South Africa’s RBPlat to fetch about $70.7 mln via rights issue

South African platinum mining company Royal Bafokeng Platinum (RBPlat) intends to fetch about 1 billion rands ($70.7 million) through a rights issue.

RBPlat aims to offer and issue about 46.8 million shares at a subscription price of $1.55 per share.

With the projected proceeds, RBPlat will fund the upgrade of the Maseven concentrator plant and related infrastructure, ramp up of its phase 1 Styldrift project to 230,000 tonnes.

Last year, RBPlat acquired the Maseven concentrator plant from mining company Platinum Group Metals for $58 million.