JOHANNESBURG, South Africa, Nov. 15 (UPI) -- South Africa's Lonmin PLC is paying $441 million to buy AfriOre Ltd., the world's third-largest platinum mining company.
Acquiring AfriOre, which owns a 74 percent stake in the big Akanani deposit north of the South African Bushveld, would add significant value to Lonmin, the Guardian reported Wednesday.
"The deposit fits into our portfolio of high-quality growth projects and will be another step in our strategy to build growth into Lonmin to take advantage of our confidence in the continued strength of the platinum market," said Brad Mills, Lonmin's chief executive.
Even though production from Akanani is seven years away, the acquisition is seen as potentially exciting takeover interest in Lonmin itself, the Guardian said.
