Aug 12 2002
The proposed 50:50 joint venture between Anglo Platinum and Royal Bafokeng Nation (RBN) has been concluded. The joint venture was first agreed to in principal on July 31, 2001.
The joint venture will mine the Boschkoppie and Styldrift farms, owned by the two participants. The sites are located near Rustenburg in the North-West Province in South Africa. The joint venture is worth R.4 billion.
Aside from the mineral reserves of both farms, RBN will purchase half of the mining infrastructure invested at the Bafokeng Rasimone Platinum Mine, which will be used to access the Styldrift deposits. A new decline shaft and concentrator upgrade with 230,000 tons per month capacity will also be invested in. These improvements will see the operation able to handle an anticipated 485,000 ounces of refined platinum per year. This is the target figure for 5 years from commencement.
For more information on platinum, click here.