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Anglo American Platinum has confirmed the completion of the acquisition of both Glencore’s 40.2% interest and Kagiso Platinum Ventures’ 9.8% interest in the Mototolo JV.

Chris Griffith, CEO of Anglo American Platinum comments:

“The acquisition of the Glencore and Kagiso interests in the Mototolo JV results in Anglo American Platinum wholly-owning a mechanised, low-cost, high quality resource, creating another major PGM hub for the company.

“The transaction unlocks significant optionality for the company in its adjacent wholly-owned Der Brochen resource, and will increase the life-of-mine to over 30-years creating material value for Anglo American Platinum.”

With effect from 1 November 2018, Mototolo will become a wholly-owned operation of Amplats.

The upfront purchase consideration to Glencore is R0.9 billion and a deferred consideration will be settled monthly over a six-year period and will be determined based on the Rand PGM prices over the Mototolo JV life of mine to 2024.

A total purchase consideration of R267 million was paid to Kagiso, with no further deferred consideration being payable.