Royal Bafokeng Holdings (Pty) Limited (RBH) is a community
based investment company,
which manages and develops
the commercial assets of the
Royal Bafokeng, a nation of
some 300 000 Tswana-speaking people
with extensive, minerals rich properties in
the North West Province of South Africa.
The aim of RBH’s investment activities is
to generate the income required for the
funding of sustainable projects that will
benefit the community.
To this end, the RBH entered into a
transaction with Anglo Platinum (APL) in
October 2008, through which the RBH will
increase its current shareholding in the
Bafokeng Rasimone Platinum Mine (BRPM)
Joint Venture (JV) from that of equal
shareholding (50% RBH and 50% APL) to
RBH holding majority interest (67% RBH
and 33% APL). In order to unlock value to
the shareholders, RBH established a new
company, to be listed on the Johannesburg
Stock Exchange (JSE) at the last quarter
of 2010 or first quarter of 2011, which will
become the new operator of the BRPM JV.
Therefore, another significant aspect of the
transaction is that management control of
the JV will transfer from APL to the
new company.
MAC has assisted the RBH with the
coordination of the transaction described
above.
The implementation of the
transaction is managed as a project with
two key milestone dates:
- Effective Date: the date by which all
conditions precedent for the
transaction have been obtained.
- Mine Services Commencement Date: the date that operational control
transfers from APL to the new
company (NewCo).
It is planned for Effective Date to be
achieved by the end of November 2009
and Mine Services Commencement Date to
be reached in January 2010.
The project consists of five workstreams.
The project streams and key deliverables
are listed in the table below.
The project is managed / overseen
by MAC and our role on the
project is to coordinate,
facilitate and manage the
activities in reaching the
key milestone dates.
In addition to the
management of the
transaction, MAC
has also assisted the
executive team of
the new company
in the development
of their strategic
intent, goals, as well
as vision and mission
statements.
This is certainly
both an exciting and
challenging opportunity
for the client and for MAC. In
the current economic conditions
it is a privilege to be part of a start-up
when other companies in the industry are
scaling down. We are building strong client
relationships, that we believe will benefit
both the client and MAC in the long-term,
and are pleased to contribute to the new
start for RBH / NewCo in
January 2010! |
