Anglo American Platinum Buys Glencore's Mototolo JV Stake for Up to ZAR22 Billion
July 23 2018 - 3:03AM
Dow Jones News
By Oliver Griffin
Anglo American Platinum Ltd. (AMS.JO) on Monday said it has
increased its stake in the Mototolo joint-venture project after
buying out Glencore PLC's (GLEN.LN) 39% share for up to 22 billion
South African rand ($1.6 billion).
The company said its wholly owned subsidiary, Rustenburg
Platinum Mines Limited, has signed a sale-and-purchase agreement to
buy Glencore Operations South Africa Proprietary Limited's 39%
stake in Mototolo.
Anglo American Platinum is to pay ZAR800 million up front,
followed by additional monthly payments over a six-year period,
determined by the spot prices of platinum group metals and capped
at ZAR22 billion.
The project has been operated as a 50-50 joint venture between
Anglo American Platinum and a partnership of Glencore and Kagiso
Tiso Holdings Proprietary Limited, which holds an 11% stake.
The mining company, which is majority-owned by Anglo American
PLC (AAL.LN), said it swung to a profit of ZAR2.18 billion in the
six months ended June 30, away from a loss of ZAR1.19 billion in
the year-earlier period.
Revenue for the first six months of the year rose 23% to ZAR33.5
billion, Anglo American Platinum said. The company declared an
interim dividend of ZAR3.74 a share for the first half.
Write to Oliver Griffin at oliver.griffin@dowjones.com
(END) Dow Jones Newswires
July 23, 2018 02:48 ET (06:48 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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