Anglo American Platinum buys Glencore out of Mototolo joint venture

23rd Jul 2018 11:22

(Sharecast News) - Anglo American Platinum announced on Monday that its wholly-owned subsidiary, Rustenburg Platinum Mines, has signed a sale-and-purchase agreement with Glencore Operations South Africa to purchase its 39% interest in the Mototolo joint venture.The company said the Mototolo joint venture was currently operated as a 50/50 joint venture between Anglo American Platinum and a partnership between Glencore at 39%, and Kagiso Tiso Holdings at 11%."The acquisition of Glencore's stake in the Mototolo JV increases Anglo American Platinum's interest in a mechanised, low-cost, high quality resource, creating another major PGM hub for the company," said Anglo American Platinum CEO Chris Griffith."The transaction unlocks significant optionality for the company in its wholly-owned Der Brochen resource."