Amplats to sell stake in Union Mine, MASA Chrome | Fin24
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Amplats to sell stake in Union Mine, MASA Chrome

Feb 15 2017 13:21

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Last Updated: 01/01/0001 at 12:00. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - Anglo American Platinum (Amplats) announced on Wednesday that it agreed to sell its 85% interest in the Union Mine in SA and 50.1% interest in MASA Chrome Company to a subsidiary of Siyanda Resources.

Amplats will retain the Mortimer smelter operation.

Under the terms of the transaction, the consideration comprises an initial purchase price of R400m in cash, as well as a deferred consideration based on 35% of cumulative distributable free cash flow paid annually as an earn-out, for a period of ten years from the completion date of the Transaction.

Siyanda will sell concentrate produced by the Union Mine to Anglo American Platinum for a period of seven years from the completion date of the Transaction on pre-agreed commercial terms, thereafter Anglo American Platinum will toll treat concentrate for the remaining life of Union Mine.

The transaction is subject to conditions precedent typical of a transaction of this nature, including regulatory approval in South Africa, and is expected to complete during 2017.

The Public Investment Corporation, a substantial shareholder of Anglo American, is a 30% shareholder in Siyanda and Siyanda is the current 49.9% shareholder in MASA Chrome, a subsidiary of Anglo American.

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