October 11, 2016 / 6:56 AM / a year ago

Northam Platinum acquires mining right from Amplats for $72 mln

JOHANNESBURG, Oct 11 (Reuters) - South Africa’s Northam Platinum has acquired a mining right from Anglo American Platinum (Amplats) for 1 billion rand ($72 million), the companies said on Tuesday.

* “The proceeds will be used to further reduce net debt and strengthen Anglo American Platinum’s balance sheet,” Amplats Chief Executive Chris Griffith said.

* The right comprises around 16.7 million ounces and is on the northwestern boundary of Northam’s Zondereinde mine. Northam says it will be able to extract higher-grade ore for longer.

* The resource is similar in character to that of the Zondereinde ore body.

* “A short lead time and limited capital expenditure are required to access the acquired resource from Zondereinde’s existing infrastructure,” Northam says.

* The transaction remains subject to the consent of the Minister of Mineral Resources.($1 = 13.8542 rand) (Reporting by Ed Stoddard; Editing by Adrian Croft)

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