The final condition to conclude the $70m, two-stage purchase of the Maseve mine and concentrator by Royal Bafokeng Platinum (RBPlat) from Canada’s Platinum Group Metals was met on Friday. The two-stage deal to firstly secure the new 110,000 tonnes per month concentrator for $58m and then the underground assets in a share transaction worth $12m has given RBPlat an entire new mining operation that cost $500m for just $70m. The final condition was approval from the Department of Mineral Resources to transfer mineral rights from the Canadian company to RBPlat, which had now been granted, RBPlat said on Friday. The transaction also gives RBPlat the immediate processing capacity it needs to treat the 150,000 tonnes a month coming from its new Styldrift mine and the confidence to lift output to 230,000 tonnes a month. Styldrift’s production will be treated at the Maseve concentrator — which for a cost of R450m can be expanded to 160,000 tonnes a month and fed via a conveyor belt system — a...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now