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Bafokeng Rasimone platinum mine to be listed

The Bafokeng
Rasimone platinum
Johannesburg, South Africa — MININGREVIEW.COM — 25 June 2010 – The Royal Bafokeng nation “’ which represents a 300 000 strong community in northern South Africa “’ plans to list its Bafokeng Rasimone platinum mine venture with Anglo Platinum Limited by October.

“Bafokeng Rasimone “’ of which Anglo Platinum owns nearly a third “’ could produce twice its current 200 000 ounces of platinum annually once it digs a second mine shaft near the town of Rustenburg in the North West province,” Royal Bafokeng Holdings Limited CEO Niall Carroll said in an interview here with Bloomberg News. His company oversees the community’s financial interests.

“We’re listing the vehicle that controls the mine,” he said. “It will be in the third quarter, we hope.”

The group “’ which also holds a 13.4% stake in Impala Platinum Holdings Limited “’ has used control of mining rights on its land to generate revenue to build roads, run schools, electrify villages and erect a stadium that is being used for matches in the soccer World Cup. By selling shares in the venture to the public, it hopes to fund expansion which will in turn boost revenue.

“Royal Bafokeng is yet to decide how much money it will seek to raise from selling stock in the R10 billion venture,” Carroll said. “The group also plans to step up efforts to use its revenue from platinum to diversify future earnings, as its mineral resources will eventually run out.”

Royal Bafokeng now has 18 investments worth over R30 billion in companies ranging from shares in mobile phone company Vodacom Group Limited to Zurich Insurance Company South Africa Limited.

“The group “’ whose lands are in a semi-arid area of South Africa approaching the Botswana border “’ may set up an office in London to help it access funding, skills and business partners as it seeks opportunities in mining, financial services and infrastructure across Africa, Carroll said.