Anglo American Platinum (Amplats) and Atlatsa have completed the acquisition and inclusion of the resources specified in the Central Block and Kwanda North prospecting rights into Rustenburg Platinum Mines (RPM)’s Mogalakwena mining right.
The administrative process of registration with the Mineral and Petroleum Titles Registration Office will now follow.
The additional components of the Composite Transaction relevant to Amplats include, amongst others:
- The disposal of the Amplats’ 22.55% shareholding in Atlatsa for a nominal cash consideration
- The waiver and/or capitalisation of all of the current debt owing by Atlatsa group to Amplats totaling approximately R4.8 billion. From an accounting perspective, these loans have already been fully impaired
- The waiver of further debt to be provided to Atlatsa until 31 December 2019 for care and maintenance costs at Bokoni Mine
- The waiver of all of the debt owing by Atlatsa Holdings, Atlatsa’s controlling shareholder, to Amplats totaling approximately R0.5 billion. From an accounting perspective, this loan has also already been fully impaired; and
- Atlatsa and the company will retain their 51% and 49% respective shareholdings in the Bokoni Mine JV
The Kwanda North and Central Block prospecting rights are adjacent to, and have been incorporated into the Mogalakwena mining right.
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