African Rainbow Minerals (ARM) has acquired 100% shares of Bokoni Platinum Mine from Anglo American Platinum and Atlatsa Resources.
It has cost the company R3.5 billion rand to acquire the shares of the platinum mine at Atok outside Burgersfort in Limpopo.
The negotiations started in October this year and the transaction was concluded on Monday.
Bokoni Platinum Mine was shut down in 2017 and put under care and maintenance, leaving over 2 600 mine workers unemployed.
African Rainbow Minerals, which is owned by the mining magnate and billionaire, Patrice Motsepe, will start with mining operations in 2023.
ARM CEO, Mike Schmidt says they will start infrastructure development and maintenance of the mine shafts for the next 12 months.
Schmidt says, “ARM will eventually create a new name, a subsidiary of ARM Platinum is ARM BMC, which will own 85% and 15% then goes into an SPV which held 5% by employees 5% by communities and 5% by identified industrialists we’ve also concluded the sale of the concentrated agreement for a 23-year term and obviously that would be renewable at the time.”
In September, ARM said it was confident about the platinum group metals market: