HomeBusiness and policyAnglo American Platinum completes acquisition of Mototolo JV

Anglo American Platinum completes acquisition of Mototolo JV

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.

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