The Competition Tribunal has approved a large merger between a subsidiary of African Rainbow Minerals (ARM) and Bokoni Platinum, which ARM recently acquired from platinum miners Anglo American Platinum and Atlatsa Resources Corporation for a cash consideration of R3.5-billion.
The tribunal has approved the merger between the subsidiary, ARM Bokoni Mining Consortium, and Bokoni, subject to public-interest-related conditions involving broad-based black economic empowerment and employment.
Bokoni holds the mining rights to the Bokoni underground platinum mine, in Limpopo. The mine has been on care and maintenance since 2017, following several years of cash losses under difficult market conditions.
The transaction is expected to become effective from September 1.