Receive our newsletter – data, insights and analysis delivered to you
  1. Market Data
December 17, 2014updated 20 Feb 2020 11:47am

Baroka to offer $385m for Amplats’ Bokoni mine stake

South African platinum producer Anglo American Platinum (Amplats) has received a ZAR4.5bn ($385m) offer from Baroka Tribal Mining for its 49% stake in Bokoni mine.

Bokoni

South African platinum producer Anglo American Platinum (Amplats) has received a ZAR4.5bn ($385m) offer from Baroka Tribal Mining for its 49% stake in Bokoni mine.

Following a five-month strike earlier this year, platinum mining companies in South Africa are said to be on a restructuring drive and plan to divest under-performing and labour-intensive mining shafts.

Amplats has put Bokoni mine and other shafts around Rustenburg up for sale in an effort to switch to mechanised mining and reduce dependency on labour, reports Reuters.

Baroka is also set to acquire Amplats’ 22.5% indirect stake in its Toronto-based joint venture partner Atlatsa Resources, the news agency reported. Reuters’ data revealed that the stake is worth about $48m.

“Platinum mining companies in South Africa are said to be on a restructuring drive and plan to divest under-performing and labour-intensive mining shafts.”

South Africa’s state-owned pension fund Public Investment is supporting Baroka.

Atlatsa is said to own the remaining portion of Bokoni, which is a four-shaft mine producing 170,000oz of platinum group metals a year.

Amplats accounts for around 40% of the world’s newly mined platinum and has eight mining operations in the Bushveld Complex, namely Bathopele, Dishaba, Khomanani, Khuseleka, Mogalakwena, Siphumelele, Thembelani and Tumela mines.

The company, which is currently developing the Twickenham Platinum mine, operates the Unki Platinum mine (100%) on the Great Dyke in Zimbabwe.


Image: Bokoni mine is located in north-east South Africa. Photo: courtesy of Atlatsa.

Related Companies

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday. A weekly roundup of the latest news and analysis, sent every Friday. The mining industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU