Union Section is an unincorporated joint venture with Anglo Platinum Limited (“Anglo Plats”), the world largest platinum producer. The mine is one of the larger and more profitable operations under the Anglo Platinum stable and is duly operated by the Anglo Plats subsidiary, Rustenburg Platinum Mines (“RPM”). The operation is owned by Anglo Plats and the Bakgatla-Ba-Kgafela tribe. Anglo Platinum has an 85% equity stake while Bakgatla has a 15% stake in the operation. Using a Net Asset Value (NAV) valuation for Union, the Bakgatla’s attributable stake in Union is R435 million, payable within three years.
Consolidated NEWCO: The BBKTA is currently involved in extending the reach of Platmin through the consolidation of three neighbouring mines, namely Pilanesberg Platinum, Sedibelo West and the Magazynskraal Platinum Project. The consolidation was made possible through joint investment by Platmin, the BBKTA, Pallinghurst, and the Industrial Development Corporation (IDC). The venture is expected to provide long-term community benefits including the creation of 9000 permanent jobs, in addition to the 1500 people already employed at the site.