Billionaire-backed African Rainbow buys mothballed platinum mine
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.
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
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?
Receive 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)
➕
Recieve 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
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation