• 10 tips to find bargains

    Susan Erasmus gives advice on how bargain hunters can get the most bang for their buck.

  • Inside Labour

    Labour's bitter breaches need to be seen in historical context, says Terry Bell.

  • Rich getting richer

    Economists differ on how to tackle the chasm between rich and poor, says Leopold Scholtz.

Loading...
See More

Anooraq gets lifeline from Amplats

Feb 02 2012 17:12

Related Articles

Amplats warns profit hit by BEE deal costs

Amplats gives Zimbabweans 10% stake

Amplats in R3.5bn BEE deal

Amplats on track to meet output targets

Amplats staff to get free houses

 
Johannesburg - Anglo Platinum [JSE:AMS] the world’s largest producer of the precious metal, has agreed to help boost production at Anooraq Resources [JSE:ARQ] Bokoni Platinum Mine through a new R2.6bn 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 R1.7bn.

While this will be put towards repaying Anooraq’s R3bn debt to Amplats, the smaller company will still recieve up to R1.3bn under a consolidated debt facility.

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

Brought to you by BizNews

More from BizNews

We're talking about:

SMALL BUSINESS

Johannesburg has been selected to host the Global Entrepreneurship Congress in 2017. "[The congress] will ensure that small business development remains firmly on the national agenda and the radar screen of all stakeholders, the Small Business Development minister said.
 
 

10 most expensive cars In the world

This is car porn at its best!

 
 

Luxury living

Seven of the most expensive children's toys ever made
5 millionaires turned murderers
The youngest billionaires in the world and how they made it
Watch: Flying first class has never been this luxurious!

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

How do you see your boss? He/sheis:

Previous results · Suggest a vote

Loading...