Ramatlhodi to sell his platinum interests

Minister Ngoako Ramatlhodi. Photo: Simphiwe Mbokazi

Minister Ngoako Ramatlhodi. Photo: Simphiwe Mbokazi

Published Jun 30, 2014

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The minister of mineral resources will sell his shares in platinum producer Atlatsa Resources, which were bought before he was appointed.

Ngoako Ramatlhodi, who was made mineral resources minister last month, held the interest in Atlatsa through a stake bought by his former wife in Legakabje Mining and Exploration, his spokesman Mahlodi Muofhe said on Friday.

Anglo American Platinum, the largest producer of the metal, also has a 22.5 percent holding in Atlatsa, whose main asset is the Bokoni mine in Limpopo, where Ramatlhodi served as premier for two terms from 1994 to 2004.

Ramatlhodi had instructed his attorney to transfer his business interests to a blind trust when he took office, Muofhe said. The lawyer then advised “it would be more appropriate to dispose of these interests completely” to avoid “any conflict of interests”.

In his first month of office, Ramatlhodi mediated wage talks between the three largest platinum producers and the main union at their mines in the Rustenburg area to break a five-month strike that contributed to a contraction in gross domestic product in the first quarter.

He also asked President Jacob Zuma to hold off on signing a new mining law so that the bill, which is opposed by companies including Exxon Mobil and Total, can be reviewed.

Ramatlhodi’s stake was estimated at R20 million, the Mail & Guardian reported on Friday. Muofhe was unable to confirm the value.

Ramatlhodi had declared all his business interests when he was elected as an MP in 2009 after an absence from public office for five years, Muofhe said.

Deputy President Cyril Ramaphosa has combined his interest in Shanduka Group with a company controlled by Phuthuma Nhleko, who built MTN Group into Africa’s biggest cellular operator, as he focuses on politics. – Bloomberg

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