Accepts an Offer from Royal Bafokeng Platinum to Purchase its 33% Interest in BRPM JV
Anglo American Platinum accepts an offer from Royal Bafokeng Platinum to purchase its 33% interest in the BRPM joint venture Anglo American Platinum confirms that its wholly-owned subsidiary, Rustenburg Platinum Mines Limited (“RPM”) has accepted an offer from Royal Bafokeng Platinum Limited (“RBPlat”) to purchase its 33% interest in the Bafokeng Rasimone Platinum Mine joint venture (“BRPM JV”) for a total purchase consideration of R1.863 billion (approximately US$135 million) (the “Transaction”).
RPM entered into a sale and purchase agreement (“SPA”) on 4 July 2018 with RBPlat’s wholly-owned subsidiary Royal Bafokeng Resources Proprietary Limited (“RBR”).
Chris Griffith, CEO of Anglo American Platinum commented on the Transaction:
“Anglo American Platinum has accepted an offer from Royal Bafokeng Platinum for our 33% interest in the BRPM JV, whilst retaining the BRPM JV purchase of concentrate.
The Transaction allows RBPlat to increase its attributable resource and reserve base in BRPM, and furthers empowerment in the PGM industry with RBPlat fully owning and operating low cost, high quality assets with attractive growth optionality at Styldrift. The disposal of interest in the BRPM JV will allow Anglo American Platinum to focus its capital allocation into its own-managed mines and projects.”