Amplats sells Rustenburg mines to Sibanye for R4.5bn | Fin24
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Amplats sells Rustenburg mines to Sibanye for R4.5bn

Sep 09 2015 09:44

Cape Town - Anglo American Platinum (Amplats) [JSE:AMS] on Wednesday sold Rustenburg Platinum Mines to Sibanye Gold [JSE:SGL] for R4.5bn.

"We remain committed to pursuing our strategy, continuing to reposition Anglo American Platinum as a high quality, largely mechanised operator yielding high margins," the company said in a statement on Wednesday.

“We are focusing on our core assets and exiting those assets we have identified as non-core in a responsible manner, consistent with the objectives of the Mining Charter.”

Amplats CEO Chris Griffith said in a statement that the mine has quality assets with “long-term and sustainable potential under Sibanye’s control, given their proven and successful track record of operating conventional mines in South Africa”.

“Our focus from the outset has been to identify the right option for the business, its stakeholders and shareholders and we believe we have concluded a beneficial transaction for both parties, whilst also securing a sustainable future for the Rustenburg operations.”

A five-month strike at Amplats' Rustenburg operations and at mines owned by rivals Impala Platinum [JSE:IMP] and Lonmin [JSE:LON] forced the company sell underperforming shafts, according to Reuters, who said the mines combined employ 16 000 workers.

The Rustenburg operations consist of the Bathopele, Siphumelele and Thembelani mining operations, which include the integrated Khuseleka and Khomanani mining operations. It also includes two concentrating plants, an on-site chrome recovery plant, the Western Limb Tailings Retreatment plant and associated surface infrastructure and related assets and liabilities.

amplats  |  lonmin  |  sibanye gold  |  mining  |  platinum industry


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