The amended agreement, signed on 18 January 2022, confirms Rainbow's shareholding in the Joint Venture the Phalaborwa at 70%, with the remaining 30% held by Bosveld.
TechMet Option
TechMet Limited has been granted an option to invest US$50 million as part of the equity funding component for the Phalaborwa capital cost, which will see TechMet take a direct ownership stake at project level. The TechMet stake will be dependent on the net present value set out in the definitive feasibility study for the project. Based on the agreed formula, the equity stake will be within a range of 15-33%, underpinning a valuation of the project equity at between US$151.5 million and US$333.3 million.
- subscription is required.