Platinum producers Anglo American Platinum (Amplats) and Royal Bafokeng Platinum (RBPlat) have agreed to extend the notice date for their disposal of the concentrate agreement of either 17% or 50% of the former’s purchased concentrate to February 10, 2024.
RBPlat initially reached an agreement with the subsidiary of Amplats, Rustenburg Platinum Mines (RPM) in July 2018 to sell all of the platinum group metals (PGMs) produced by RBPlat.
The agreement was set to last for a continuous rolling period of five years, with the option for termination by RPM on or before August 10 last year.
The termination date for the agreement will remain August 11, 2024, or a later date that is no longer than 18 months from the date of the notice, as decided by RBPlat.
The extension of the notice date for the agreement follows Impala Platinum (Implats)’ mandatory offer for RBPlat and Northam Platinum making a conditional general offer to acquire the remaining shares in the company last November.
Given the uncertainty surrounding the ongoing acquisition process, it was agreed that it would be advisable for RBPlat and Amplats to delay their decision regarding the offtake agreement.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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