Amplats Completes Sale of 33% Interest in BRPM Joint Venture

All conditions to agreement with Royal Bafokeng Platinum and Royal Bafokeng Resources fulfilled and Amplats’ unit Rustenburg Platinum Mines completed the disposal of its 33% interest in the Bafokeng Rasimone Platinum Mine joint venture with effect from Dec. 11.

* Total purchase consideration is comprised of 1.86b rand, plus an additional 315m rand, or approximately $150m in total, which equates to the repayment of RPM’s contributions into the BRPM JV since announcement of the transaction

* The upfront purchase consideration was settled on the completion date by a cash payment by RBR of 555m rand; remainder will be deferred and left outstanding on loan account and escalated at a rate equivalent to RBPlat’s borrowing rate plus a premium of 2%

* The deferred consideration will be paid in three equal tranches after 1.5 years, 2.5 years and 3.5 years. Source: Bloomberg