JOHANNESBURG - Anglo American Platinum (Amplats) said on Thursday that it had completed the acquisition of both Glencore Operations South Africa 40.2 percent interest and Kagiso Platinum Ventures 9.8 percent interest in the Mototolo joint venture (JV) for a total consideration of R267.9 million.
This means that Mototolo will become a wholly-owned operation of Amplats with effect from Thursday. The Mototolo mine is a large platinum mine located in Burgersfort, Limpopo. Mototolo represents one of the largest platinum reserves in South Africa, having estimated reserves of 5.5 million ounces of platinum and it produces around 57,000 ounces of platinum per year.
The Mototolo JV is currently operated as a 50/50 joint venture between Anglo American Platinum and a partnership between Glencore (39%) and Kagiso Tiso Holdings Proprietary Limited (“KTH”) (11%
Amplats paid Glencore an upfront purchase consideration of R0.9 billion and a deferred consideration will be settled monthly over a six-year period and will be determined based on the rand platinum group metals prices over the Mototolo JV life of mine to 2024.
A total purchase consideration of R267 million was paid to Kagiso, with no further deferred consideration being payable.