Northam Platinum will buy part of Anglo American Platinum’s (Amplats’s) Amandelbult property for R1bn cash to grow production at its Zondereinde mine and add more than 10 years of life to its flagship mine by adding valuable, low-cost reef. Northam, a R24.6bn company, is on an aggressive drive to bulk up its portfolio, having bought the Everest South mine and concentrator from Aquarius Platinum for R450m cash to add to its Booysendal property, and has started building a R750m furnace at its Zondereinde processing complex as part of its growth strategy. In a recent black economic empowerment transaction, Northam topped up its cash reserves by about R4bn, giving it a healthy war chest to pursue its "aspirational target" of producing 1-million ounces of platinum group metals a year. Northam shares outpaced those of its peers, adding 4% and extending its gain so far in 2016 to 83%. The nearly 17-million ounces of platinum group metal (PGM) resources it is buying from neighbouring Amande...
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