Anglo American Platinum offered $385 million for stake in Bokoni mine

Anglo American Platinum offered $385 million for stake in Bokoni mine

Bokoni mine. (Image courtesy of Atlatsa Resources)

Anglo American Platinum, the world's top miner of the precious metal seeking to shrink its business in South Africa, is said to have received a $385 million (4.5 billion rand) offer for its 49% stake in the country’s Bokoni mine.

According to Reuters, the potential buyer — community-owned firm Baroka Tribal Mining— will also acquire Amplats' 22.5% percent indirect stake in its joint venture partner, Atlatsa Resources.

Anglo American (LON:AAL), which has been reviewing its operations from Australia to Brazil, is focusing on more profitable, automated and open-pit assets in South Africa, the world’s biggest producer of platinum.

Chief executive officer Mark Cutifani, who joined the group in April last year, aims to increase return on capital to at least 15% by 2016 and has said he will sell assets that drag down the average.

South Africa, Africa’s largest economy, holds about 80% of the world's known platinum reserves, accounting for about 70% of global output, used for jewellery, catalytic converters in vehicles, and as a key source of hard currency for the country, among other applications.

Anglo American Platinum offered $385 million for stake in Bokoni mine