JOHANNESBURG, FEB 2 (Reuters) – Anglo American
Platinum, the world’s largest producer of the precious
metal, has agreed to help boost production at Anooraq Resources’
Bokoni Platinum Mine through a new 2.6 billion rand
($325 million) capital development programme.
This capital means the mine can now target 245,000 ounces by
2016, an increase of 100,000 ounces.
The new spending on the mine forms part of a restructuring,
refinancing and recapitalisation deal unveiled by the companies
on Thursday.
Essentially a lifeline for Anooraq, the new strategic plan
ensures that Amplats shares in the mine’s potential, which is
promising given longer-term prospects for the platinum price.
A series of interrelated transactions will see Amplats
acquire Anooraq’s Boikgantsho project and the eastern section of
the Ga-Phasha project for 1.7 billion rand.
While this will be put towards repaying Anooraq’s 3 billion
rand debt to Amplats, the smaller company will still recieve up
to 1.3 billion rand under a consolidated debt facility.
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