JOHANNESBURG - Anglo American Platinum said on Wednesday its wholly-owned subsidiary Rustenburg Platinum Mines (RPM) had completed the disposal of its 33 percent interest in the Bafokeng Rasimone Platinum Mine joint venture after all conditions for the sale and purchase agreement with Royal Bafokeng Platinum (RBPlat) and Royal Bafokeng Resources were been fulfilled.
The total purchase consideration is comprised of R1.863 billion, plus an additional R315 million (approximately US$150 million in total), which equates to the repayment of RPM's contributions into the BRPM JV since announcement of the transaction.
Rustenburg Platinum Mines will retain its right to purchase 50 percent of the joint venture concentrate for the life of mine, and Royal Bafokeng Platinum will retain its termination right on the remaining 50 percent of the concentrate every five years, with the earliest possible termination date being in August 2022.
"The completion of the sale of RPM's 33 percent interest in the BRPM joint venture allows Anglo American Platinum to further simplify its portfolio and focus its capital allocation into own-managed mines and projects," Anglo American Platinum Chris Griffith said.
"The transaction allows RBPlat to increase its attributable resource and reserve base and furthers empowerment in the PGM (platinum group metals) industry."