By Dimitrios Kontos
Anglo American Platinum Ltd. (AMS.JO) said Tuesday that it intends to sell up to 12.7 million shares in Royal Bafokeng Platinum Ltd. (RBP.JO) via an accelerated placement, to fund a project of a joint venture between the two companies.
Anglo American Platinum said the shares correspond to about 6.5% of the total number of Royal Bafokeng's shares in issue.
Anglo American Platinum said it will use the money to fund the share of its Rustenburg Platinum Mines Ltd. subsidiary in the funding requirements for the Styldrift project of the Bafokeng Rasimone Platinum Mine joint venture.
Rustenburg Platinum Mines Ltd. and Royal Bafokeng are partners in the Bafokeng Rasimone Platinum Mine joint venture.
Write to Dimitrios Kontos at email@example.com