https://www.miningweekly.com
Gold|Mining|Platinum|PROJECT|Resources|Maintenance|Operations
Gold|Mining|Platinum|PROJECT|Resources|Maintenance|Operations
gold|mining|platinum|project|resources|maintenance|operations

Billionaire-backed African Rainbow buys mothballed platinum mine

An underground PGM mining operation

Photo by Bloomberg

20th December 2021

By: Bloomberg

  

Font size: - +

African Rainbow Minerals, backed by South African billionaire Patrice Motsepe, agreed to buy Anglo American Platinum’s mothballed Bokoni platinum mine for R3.5-billion.

The deal comes after the world’s biggest platinum miners declared record dividends this year as rebounding demand for their metals from automakers bolstered earnings. African Rainbow, which has investments spanning manganese to gold, is looking to leverage an asset that was mothballed before the surge in platinum-group metals over the past few years.

“The acquisition and development of BPM will enable us to scale our platinum group metals portfolio,” Motsepe said in a statement on Monday.

African Rainbow plans to spend about R5.3-billion over three years, with mining operations at Bokoni restarting in 2023. The project will create about 5 000 jobs, half of them permanent, the company said.

The Bokoni mine, jointly owned by Amplats and Atlatsa Resources, was placed on care and maintenance in 2017 as the Anglo American unit wound down less profitable mines and shifted toward mechanised operations.
 

Edited by Bloomberg

Comments

Latest News

Showroom

Aqs image
AQS Liquid Transfer

AxFlow AQS Liquid Transfer (Pty) Ltd is an Importer and Distributor of Pumps in Southern Africa

VISIT SHOWROOM 
Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

PGMs and green hydrogen make headlines
PGMs and green hydrogen make headlines
19th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.116 0.152s - 110pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: