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Amplats Completes Sale of 33% Interest in BRPM Joint Venture

 In news

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

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