Mining

South Africa: RBPlat acquires Bafokeng Rasimone mine for R1.8 billion

Friday, 06 July 2018 18:11

Royal Bafokeng Platinum (RBPlat) announced June 5 it has reached an agreement with Anglo American Platinum to acquire the remaining 33% interest it does not own yet in the Bafokeng Rasimone platinum mine in South Africa. This acquisition, estimated at R1.8 billion, will see JSE-listed RBPlat become the only owner of the project. The company intends to pay a part of the purchase price by selling shares to investors, and settling the deferred amount in three equal payments over three years. Black-dominated RBPlat led by CEO Steve Phiri sees in this takeover the opportunity to expand reserve base. According to Chris Griffith, CEO of Anglo American Platinum, the amount will help “focus its capital into its own-managed mines and projects, rather than into non-managed operations where it holds minority interests”. Let’s note that the Bafokeng Rasimone mine is located on the western flank of the Bushveld Igneous Complex in North West Province, near other RBPlat assets, such as Styldrift I and II as well as Maseveve projects.

On the same topic
Africa's air cargo rose 21% in February, led by a 61.9% surge in the Asia corridor despite global logistics shifts Ethiopian Airlines gains via new...
Tsodilo partners with U.S.-based Battelle to deploy AI at Gcwihaba project Model will prioritize high-probability drilling targets using existing...
AfDB backs $11.3 million mechanism to fund mini-grids in fragile countries Model uses advance sales of renewable energy credits to unlock...
Project cost rises to $415 million from $341 million in 2018 study Expected annual zinc output increases significantly, with added lead...
Most Read
01

Firms move beyond payments toward integrated SME platforms Services include invoicing, inve...

African fintechs are moving beyond payments - and into business operations
02

The BCEAO now allows UEMOA citizens abroad to open CFA franc accounts under the same conditions as...

West Africa Targets Diaspora Funds With New Banking Access Rules
03

Novo Nordisk cuts Wegovy prices in South Africa amid competition Move targets rival Eli Lil...

Drugmakers ramp up competition in South Africa’s obesity treatment market
04

ECOWAS, Energy China discuss regional power infrastructure cooperation Talks cover $36.3...

ECOWAS, China Discuss Cooperation on West Africa Power Projects Under $36.39B Plan
05

First investor town hall since 2021 signals renewed engagement with markets Authorities hi...

Ghana restarts investor engagement as macro recovery firms after default
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72


EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.