Angloplat said last week that approval of the Styldrift Merensky project would boost the output of Bafokeng-Rasimone Platinum Mine (BRPM) to 400 000 oz/y by 2015.

The company has also restructured the BRPM JV, with RBH assuming control.

The JV partners asserted that the restructuring would result in the creation of a historically disadvantaged South African controlled platinum-group metals (PGMs) producer, to be called NewCo, which would later be listed on the JSE.

All administrative and technical support services, which were currently being provided by Angloplat, would be migrated from Angloplat to NewCo over the next 12 to 24 months. Nevertheless, the existing sale of concentrate agreements between the BRPM JV and Angloplat would remain in place, with Angloplat continuing to smelt, refine and sell all the metal produced by the JV company.

However, in terms of the restructuring agreement, RBH would, from 2012, have the right to buy 50% of the refined metal from Angloplat at market-related prices.

“This step is in line with RBH’s strategy of maximis-ing the value of the group’s PGM interests, and creates an independent black-controlled PGM producer that can list on the JSE. “We are also excited at the prospect of acquiring and marketing our share of the platinum metal from the JV,” commented RBH CEO Niall Carroll.

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