Amplats to sell its stake in Bafokeng Rasimone mine to partner RBPlat
Anglo American Platinum (Amplats), the world’s biggest miner of the metal, is exiting another venture in SA as part of its strategy to focus on mechanised, low-cost mines that it operates and controls. Amplats has agreed to sell its 33% stake in the RBPM Rasimone joint venture to partner Royal Bafokeng Platinum (RBPlat) for R1.863bn at a discount of 15% based on the company’s current share price. RBPlat will pay for the transaction through the issue of new shares, which is expected to raise about R200m. The bulk of the money will be payable in three tranches by the end of 2021. Amplats, which will earn interest of about 12% per year on the outstanding amount, will continue to purchase concentrate from the mine. Since the end of 2015 Amplats has sold its Rustenburg operations, Union mine, a portion of its Amandelbult operations and its stake in the Pandora venture with Lonmin and placed its Bokoni mine on care and maintenance. It said the benefits of mechanised, open-pit mines includ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.