Northam wins approval for R1bn Amplats deal

The rights relate to resources at Amandelbult near Northam’s Zondereinde mine and hold an estimated 16.7 million ounces of platinum.

FILE: Northam Platinum's Zondereinde mine. Picture: Northam Platinum.

JOHANNESBURG – South African miner Northam Platinum has received government approval for its R1 billion ($76 million) mining rights acquisition of an Anglo American Platinum (Amplats) asset, the companies said on Friday.

The rights relate to resources at Amandelbult near Northam’s Zondereinde mine and hold an estimated 16.7 million ounces of platinum.

The transaction, first announced in October last year, remains subject to environmental authorisation, Amplats said in a statement.

Northam on Friday reported deeper full-year losses, squeezed by non-operational costs related to its black economic empowerment deal last year.

The headline loss per share widened to 182 cents for the year to 30 June, from 141 cents the previous year, despite higher platinum prices.