Billionaire-Backed African Rainbow Buys Mothballed Platinum Mine
- Bokoni mine acquired from Anglo American Platinum and Atlatsa
- African Rainbow plans to restart mining operations in 2023
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African Rainbow Minerals Ltd., backed by South African billionaire Patrice Motsepe, agreed to buy Anglo American Platinum Ltd.’s mothballed Bokoni platinum mine for 3.5 billion rand ($221 million).
The deal comes after the world’s biggest platinum miners declared record dividends this year as rebounding demand for their metals from automakers bolstered earnings. African Rainbow, which has investments spanning manganese to gold, is looking to leverage an asset that was mothballed before the surge in platinum-group metals over the past few years.