By Oliver Griffin and Dimitrios Kontos
Anglo American Platinum Ltd. (AMS.JO) said Wednesday that it sold 17.3 million shares in Royal Bafokeng Platinum Ltd. (RBP.JO) via an accelerated placement for 390 million South African Rand ($31.6 million), to fund a joint-venture project between the two companies.
On Tuesday, Anglo American Platinum said it would sell up to 12.7 million shares, corresponding to roughly 6.5% of Royal Bafokeng's shares in issue.
Anglo American Platinum, which is majority owned by Anglo American, said proceeds from the placement will be used to fund Rustenburg Platinum Mines Ltd.'s share of the Bafokeng Rasimone Platinum Mine joint venture's Styldrift project. Rustenburg Platinum Mines Ltd. is a subsidiary of Anglo American Platinum.
Rustenburg Platinum Mines Ltd. and Royal Bafokeng are partners in the Bafokeng Rasimone Platinum Mine joint venture.
Write to Oliver Griffin at [email protected] and Dimitrios Kontos at [email protected]