The Royal Bafokeng Nation would take control of the Bafokeng Rasimone mine and a proposed expansion of the project, Anglo Platinum (Angloplat) said yesterday.
The firm said the Bafokeng planned to list shares in a new controlling company for the mine. The company and the Bafokeng people each hold half of Rasimone.
The Bafokeng will own 65 percent of a holding company for the site once shares have been listed about three years after completion of the deal with Angloplat, expected by year-end.
The deal "creates an independent black-controlled platinum group metal producer", said Royal Bafokeng Holdings chief executive Niall Carroll.
It "will focus on both organic and acquisitive growth".
Angloplat will shift administrative and technical support services to the new entity, temporarily called NewCo Platinum, in the next one or two years. - Bloomberg