August 27, 2019 / 5:07 PM / 23 days ago

Anglo American Platinum completes buyout of prospecting rights from Atlatsa

JOHANNESBURG (Reuters) - Anglo American Platinum (Amplats) said on Tuesday its subsidiary Rustenburg Platinum Mines (RPM) had completed the acquisition of the Kwanda North and Central Block prospecting rights for 300 million rand from Atlatsa Resources Corp..

“Anglo American Platinum and Atlatsa completed the acquisition and inclusion of the resources specified in the Central Block and Kwanda North prospecting rights into RPM’s Mogalakwena mining right,” the company said in a statement.

As part of the deal, the platinum miner said it would waive debt owing by Atlatsa of about 4.8 billion rand ($315 million) and further debt by Atlatsa for care and maintenance costs at Bokoni Mine until Dec. 31, 2019.

The Kwanda North and Central Block prospecting rights are adjacent to Amplats’ Mogalakwena mining rights.

In 2018 Atlatsa announced a restructuring plan, including agreements with RPM, and its plans to delist from the Toronto Stock Exchange and the Johannesburg Stock Exchange.

Reporting by Tanisha Heiberg; editing by David Evans

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