Anglo American Platinum (Amplats) subsidiary Rustenburg Platinum Mines (RPM) has completed the disposal of its 33% interest in the Bafokeng Rasimone Platinum Mine joint venture (JV) to Royal Bafokeng Platinum (RBPlat) and Royal Bafokeng Resources (RBR).
RBR took ownership of the operation on December 11.
The purchase consideration comprised R1.8-billion and an additional R315-million, which equate to the repayment of RPM’s contributions into the JV since the announcement of the transaction.
RPM will retain its right to buy 50% of the JV’s produced concentrate for the life of mine, and RBPlat will retain its termination right on the remaining 50% of the concentrate every five years, with the earliest possible termination date being August 2022.
Amplats CEO Chris Griffith said last month the sale allowed Amplats to further simplify its portfolio and focus its capital allocation on own-managed mines and projects.
In turn, the transaction allows RBPlat to increase its attributable resource and reserve base and advances empowerment in the platinum-group metals industry.