https://www.engineeringnews.co.za
Aggregate|Energy|Financial|Mining|OPENCAST|Petroleum|Platinum|Resources|Solar|Maintenance
Aggregate|Energy|Financial|Mining|OPENCAST|Petroleum|Platinum|Resources|Solar|Maintenance
aggregate|energy|financial|mining|opencast|petroleum|platinum|resources|solar|maintenance

Amplats clinches valuable Mogalakwena rights consolidation

27th August 2019

By: Creamer Media Reporter

     

Font size: - +

Platinum miner Anglo American Platinum (Amplats) on Tuesday said its subsidiary Rustenburg Platinum Mines (RPM) had completed the buyout of the Kwanda North and Central blocks' prospecting rights from Atlatsa Resources.

The acquisition of the blocks is facilitating the valuable rights consolidation of Amplats' rich Mogalakwena platinum group metals (PGM) mine, where metal credits resulted in platinum being produced at a minus cost of – $292/oz in the six months to June 30.

RPM bought the prospecting rights from Atlatsa for R300-million in cash and will, following implementation of the transaction, write off the R4.6-billion in debt owed to it by Atlatsa, including any current and further debt that may be incurred during the care and maintenance period of Bokoni mine, in Limpopo, until December 21, 2019.

RPM has included the resources specified in the Central Block and Kwanda North prospecting rights into its Mogalakwena mining right.

The administrative process of registration with the Mineral and Petroleum Titles Registration Office will now follow.

The transaction, first announced in December 2018, formed part of a two-phase restructuring plan by Atlatsa. The second phase will involve Atlatsa buying back all common shares held by minority shareholders for R1, or C$0.09, a share, while offering an aggregate nominal cash consideration of R1 a share to RPM.

Once this is complete, Atlatsa will delist from the TSX and the JSE, which is expected to be concluded on September 17.

Mogalakwena, located near the town of Mokopane, in Limpopo, is the largest and richest opencast PGM mine in the world.

A 75 MW photovoltaic solar energy plant is being evaluated for the mechanised Mogalakwena, where green mining is being enhanced and where improved bulk sorting and shovel performance are being advanced.

Amplats last month declared an interim dividend of R3-billion after achieving another strong financial performance in the first half of the year on the back of robust market fundamentals and an 82% surge in earnings before interest, taxes, depreciation and amortisation.

Atlatsa and Amplats' RPM will each retain their holdings in the Bokoni joint venture opencast mine in Polokwane, Limpopo.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Showroom

GreaseMax
GreaseMax

GreaseMax is a chemically operated automatic lubricator.

VISIT SHOWROOM 
John Deere (Pty) Ltd
John Deere (Pty) Ltd

In 1958 John Deere Construction made its first introduction to the industry with their model 64 bulldozer.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.073 0.123s - 139pq - 2rq
Subscribe Now