South Africa's Anglo American Platinum (Amplats) has sold its one-third stake in the Rasimone mine to its joint venture partner for $135 million, it said on Thursday, the company's latest disposal as part of a strategic overhaul.
Amplats has been selling off labour intensive mines and joint ventures since 2015 as part of a drive to focus on its mechanised mines. The 33 percent stake in Bafokeng Rasimone Platinum Mine (BRPM) would be sold to partner Royal Bafokeng Platinum (RBPlat), a mid-tier producer of platinum group metals.
"The disposal of interest in the BRPM JV will allow Anglo American Platinum to focus its capital allocation into its own-managed mines and projects," Amplats said in a statement.
For RBPlat, the deal hands it full ownership of the mine with roughly 180,000 ounces of platinum output a year.
RBPlat is a unit of Royal Bafokeng Holdings, which manages commercial assets for the Bafokeng tribe, a community of black South Africans that owns 1,200 square km in one of the world's biggest platinum deposits.
The company would fund a portion of the deal with the issue of 9.8 million shares, it said, adding it intended to pay the rest with three annual cash instalments.
- Reuters
