African Rainbow Minerals, chaired by Patrice Motsepe, approves a $973M platinum and nickel bet as platinum stocks hit a 10-year low and Nkomati restarts.
Africa · Southern
Key Facts
—The spend. ARM approved R15.2 billion (US$927 million) for the Bokoni platinum mine and R753 million (US$46 million) to restart Nkomati nickel.
—The backer. ARM is chaired by Patrice Motsepe, South Africa’s third-richest person and a central figure in post-apartheid mining.
—The market. Platinum is in its fourth consecutive annual deficit, with above-ground stocks at the lowest since 2014.
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