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Back to 2019

Completion of the acquisition of Kwanda North and Central Block prospecting rights

27 August, 2019

Shareholders are referred to the Company’s interim results announcement on 24 July 2017 announcing that the Company, through its wholly owned subsidiary, Rustenburg Platinum Mines Limited (“RPM”), had made a conditional offer to acquire the resources specified in the Kwanda North and Central Block prospecting rights for cash consideration of R300 million from Atlatsa Resources Corporation (“Atlatsa”). Shareholders are also referred to the Atlatsa announcement released on 12 December 2018, regarding its agreement with Anglo American Platinum and including the key terms agreed in relation to Atlatsa’s two-phased restructuring plan (“Composite Transaction”), implemented by way of a Canadian court-approved plan of arrangement under section 288 of the Business Corporations Act (British Columbia) (“Arrangement”).

Shareholders are advised that all conditions to effect the Arrangement have now been fulfilled and that, on 27 August 2019, 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 administrative process of registration with the Mineral and Petroleum Titles Registration Office will now follow.

The additional components of the Composite Transaction relevant to the Company include, amongst others:

  • The disposal of the Company’s 22.55% shareholding in Atlatsa for a nominal cash consideration;
  • The waiver and/or capitalisation of all of the current debt owing by Atlatsa group to the Company totaling approximately R4.8 billion. From an accounting perspective, these loans have already been fully impaired;
  • The waiver of further debt to be provided to Atlatsa until 31 December 2019 for care and maintenance costs at Bokoni Mine;
  • The waiver of all of the debt owing by Atlatsa Holdings Proprietary Limited, Atlatsa’s controlling shareholder, to the Company totaling approximately R0.5 billion. From an accounting perspective, this loan has also already been fully impaired; and
  • Atlatsa and the Company will retain their 51% and 49% respective shareholdings in the Bokoni Mine joint venture.

The Kwanda North and Central Block prospecting rights are adjacent to, and have been incorporated into the Mogalakwena mining right. The prospecting rights have not yet been classified as Mineral Resource. Shareholders may view a map of the relevant area on the Company’s website at:

Download a map of the affected area

For further information, please contact:

Investors: Media:
Emma Chapman
Tel: (SA) +27 (0) 11 373 6239
Email: [email protected]		 Jana Marais
Tel: (SA) +27 (0) 79 932 1586
Email: [email protected]

Notes to editors:

Anglo American Platinum Limited is a member of the Anglo American plc Group and is a leading primary producer of platinum group metals. The company is listed on the Johannesburg Securities Exchange (JSE). Its mining, smelting and refining operations are based in South Africa. Elsewhere in the world, the Group owns Unki Platinum Mine in Zimbabwe. Anglo American Platinum has a number of joint ventures with several historically disadvantaged South African consortia as part of its commitment to the transformation of the mining industry. Anglo American Platinum is committed to the highest standards of safety and continues to make a meaningful and sustainable difference in the development of the communities around its operations.

www.angloamericanplatinum.com

Anglo American is a leading global mining company and our products are the essential ingredients in almost every aspect of modern life. Our portfolio of world-class competitive mining operations and undeveloped resources provides the metals and minerals that enable a cleaner, more electrified world and that meet the fast growing consumer-driven demands of the world’s developed and maturing economies. With our people at the heart of our business, we use innovative practices and the latest technologies to discover new resources and mine, process, move and market our products to our customers around the world – safely, responsibly and sustainably.

As a responsible miner – of diamonds (through De Beers), copper, platinum group metals, iron ore, coal, nickel and manganese – we are the custodians of what are precious natural resources. We work together with our business partners and diverse stakeholders to unlock the sustainable value that those resources represent for our shareholders, the communities and countries in which we operate, and for society as a whole. Anglo American is re-imagining mining to improve people’s lives.

www.angloamerican.com

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