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Extension of notice date for disposal of concentrate agreement
ROYAL BAFOKENG PLATINUM LIMITED
Incorporated in the Republic of South Africa
Registration number 2008/015696/06
JSE share code: RBP ISIN: ZAE000149936
("RBPlat" or the "Company")
EXTENSION OF NOTICE DATE FOR DISPOSAL OF CONCENTRATE AGREEMENT
As shareholders are aware, the Company, through its wholly-owned subsidiary, Royal Bafokeng
Resources Proprietary Limited (“RBR”), is party to a Disposal of Concentrate Agreement with
Rustenburg Platinum Mines Limited (a wholly-owned subsidiary of Anglo American Platinum Limited)
(“RPM”) entered into on 4 July 2018 (the “DOCA”) (which replaced the previous longstanding
disposal of concentrate agreement), in terms of which RPM has agreed to purchase all of the PGM
concentrate produced by RBR (the “Concentrate”). The termination date of the DOCA in respect of
either 17% or 50% of the Concentrate is 11 August 2024, provided that RPM gives notice of such
termination on or before 10 August 2022, failing which the DOCA shall endure for continuous rolling
periods of 5 years unless terminated in accordance with the terms stipulated in the DOCA.
Shareholders are referred to the Company’s circular dated 27 August 2018 for further detail on the
termination rights under the DOCA.
On 10 August 2022, the Company announced that given that the Company was the subject of a
mandatory offer by Impala Platinum Holdings Limited (“the Offer”), the Company and RPM had
agreed that it would be advisable that RPM delayed its decision regarding the DOCA and that RBR
had accordingly agreed that RPM could deliver a termination notice in terms of the DOCA at any
time on or before 10 February 2023. Given that the Company remains subject to the Offer and was
notified on 9 November 2022 of Northam Platinum Holdings Limited’s firm intention to make a
conditional general offer to acquire all or a portion of the remaining shares in the Company
(excluding treasury shares), RPM and the Company have agreed that it would be advisable for RPM
to further delay its decision regarding the DOCA. RBR has accordingly agreed that RPM can deliver a
termination notice in terms of the DOCA at any time on or before 10 February 2024 on the basis that
if a termination notice is given on or before that date, the termination date of the DOCA in respect
of 17% or 50%, as the case may be, of the concentrate will remain 11 August 2024 (or such later date
as RBR may require (provided it is no later than 18 months after the date of the termination notice)).
The board of directors of the Company (the “Board”), individually and collectively, accepts
responsibility for the accuracy of the information contained in this announcement which relates to
RBPlat. To the best of the Board’s knowledge and belief, the information contained in this
announcement is true and nothing has been omitted which is likely to affect the importance of such
information.
Johannesburg
13 February 2023
JSE Sponsor
Merrill Lynch South Africa Proprietary Limited t/a BofA Securities
For further information, please contact:
Lindiwe Montshiwagae
Executive: Investor Relations and Corporate Communications
Tel: +27 (0)10 590 4510
Email: lindiwe@bafokengplatinum.co.za
Thandeka Mthembu
Manager: Investor Relations
Tel: +27 (0)10 590 4510
Email : thandekam@bafokengplatinum.co.za
Date: 13-02-2023 02:00:00
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