CONCENTRATOR FUNDS
Amplats cuts Royal Bafokeng interest
To raise the money, Amplats sold 17.32-million of the shares it held in RBPlat
Anglo American Platinum (Amplats) sold the majority of its 11% stake in its mining partner Royal Bafokeng Platinum (RBPlat) for R390m to fund its share of the Maseve concentrator purchase as well as capital expenditure on the new Styldrift mine. RBPlat launched a smart takeover bid for the 110,000 tonnes-per-month concentrator as well as the underground workings of the Maseve project after they were idled by Canada’s Platinum Group Metals, which had run into financial difficulties. RBPlat and Amplats, the world’s largest platinum miner, are jointly developing the Styldrift mine, which is close to Maseve. The strategy of buying a ready-built concentrator for a fraction of what it would cost to build, and without the risk of commissioning a new plant, is a major coup for the Styldrift project. RBPlat, which made the $58m purchase of the concentrator and then the $12m all-share purchase of the mothballed underground workings, said it would vend it into the partnership with Amplats that...
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