Amplats concludes R3.5bn sale of Bokoni to ARM
JSE-listed Anglo American Platinum (Amplats) and Canada-based joint venture (JV) partner and platinum miner Atlatsa Resources Corporation have completed all conditions precedent for the sale of their 49% and 51% interests, respectively, in Bokoni Platinum Mines.
Bokoni is being sold to a subsidiary of diversified miner African Rainbow Minerals (ARM) for a cash consideration of R3.5-billion.
The transaction will include employees and local communities in the new ownership structure alongside ARM, effective from September 1, when ARM takes control of Bokoni.
“Together with Atlatsa, we wanted to ensure the sustainability of the mine by selling Bokoni to an operator with the technical and operational capability and access to funding to successfully restart and operate the mine,” says Amplats CEO Natascha Viljoen.
The Bokoni mine, located in the eastern limb of the Bushveld Complex, in Limpopo, has been on care and maintenance since 2017, following several years of significant cash losses under difficult market conditions.
The JV between Atlatsa and Amplats was established in 2007.
While the companies commissioned an independent technical study in 2019 to evaluate the options that would allow the mine to be restarted, the JV partners decided it would be best to sell the mine to a buyer that would be in a position to allocate the capital required for its restart.
Amplats also concluded a purchase of concentrate agreement with ARM, whereby Amplats will buy concentrate produced from the Bokoni mine on commercially agreed terms for 23 years from the delivery of first concentrate.
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