Practice Motsepe’s African Rainbow Minerals Acquires Bokoni Platinum Mines
Practice Motsepe’s African Rainbow Minerals Acquires Bokoni Platinum Mines. Patrice Motsepe’s African Rainbow Minerals has acquired Bokoni Platinum Mines for R3. 5 billion. It was also reported that this sale would allow local communities, employees and black industrialists to own 15% of the company while ARM retained 85%.
This sale is also aimed at creating more employment for the people of South Africa. The company had been in negotiations with Bokoni Platinum Mines in the past year and have now secured the deal which will also be beneficial to local people and communities. When companies are sold to bigger companies, it creates an environment for the bought company to be innovative and create more value to impact the world ast they would have more investment and resources to see most of their projects to completion.
Bokoni Platinum Mines was previously owned by Anglo American Platinum, which held a 49% stake in the mine. African Rainbow Minerals seeks to make sure that it equips itself to compete at a global stage. Through acquiring Bokoni Platinum Mines, the company is setting its plan in motion in achieving this goal. By creating a significant presence on the international stage, African Rainbow Minerals will be able to have a huge positive impact in the communities that it operates in.
African Rainbow Minerals (ARM) is a leading South African diversified mining and minerals company with operations in South Africa and Malaysia. ARM mines and beneficiates iron ore, manganese ore, chrome ore, platinum group metals (PGMs), nickel and coal and also has a strategic investment in gold through Harmony Gold Mining Company (Harmony).
“We are pleased to have completed the acquisition of Bokoni Platinum Mines which includes a significant high grade resource and existing infrastructure. The acquisition and development of BPM will allow us to expand our portfolio of platinum group metals and improve ARM’s competitiveness globally, ” Patrice Motsepe, executive chairman of the company told Archyde.
