Patrice Motsepe’s African Rainbow Minerals set to buy Bokoni Platinum Mine

Johannesburg – African Rainbow Minerals (ARM), controlled by billionaire Patrice Motsepe has announced its intention to acquire Bokoni Platinum Mine (Bokoni) from Anglo-American Platinum and Atlatsa Resources Corporation.

ARM which is worth R46 billion on the Johannesburg Stock Exchange is a leading diversified mining and minerals company.

The Motsepe family owns just under 40% of ARM which employs more than 20 000 people.

ARM in a statement said, “Shareholders are advised that ARM is currently in discussions regarding the potential acquisition of Bokoni Platinum Mine (“the Transaction”), which if successfully concluded, may have a material effect on the price of ARM’s securities.

Bokoni Platinum Mine is a Platinum Group Metals…There is no certainty that the Transaction will be concluded.”

Earlier this year, media reports showed that Northam Platinum and Siyanda Resources had shown interest in acquiring the mine.

In 2017, Bokoni retrenched about 2600 of its employees while it prepared for its closure.

Anglo-American Platinum confirmed it was in discussions with ARM over the potential sale of Bokoni.

“The Bokoni Platinum Mine was placed on care and maintenance in 2017 and the objective of the sale process is to identify an appropriate owner with operational, technical and financial capacity, to restart and operate the mine in a safe and sustainable basis, to support economic growth and job creation in the area and the broader Limpopo province.”

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