(Ecofin Agency) - 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.