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Sibanye clears state barrier to buy Amplats mines

Oct 19 2016 09:44
Matthew le Cordeur

A mine worker stirs molten gold in a furnace before casting. T ransfer pricing and profit shifting by multinationals inside and outside SA compromises empowerment partners, workers, communities and the country’s economy (Simon Dawson / Bloomberg / Getty Images)

Company Data

Sibanye Gold Limited [JSE:SGL]

Last traded 34
Change 0
% Change 1
Cumulative volume 19823852
Market cap 0

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

ANGLO AMERICAN PLATINUM LIMITED [JSE:AMS]

Last traded 1328
Change 8
% Change 1
Cumulative volume 183691
Market cap 0

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

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Cape Town – Sibanye [JSE:SGL] has cleared the final regulatory hurdle for its R4.58bn acquisition Anglo American Platinum's (Amplats) [JSE:AMS] Rustenburg mines, the companies announced in separate statements on Wednesday.

Sibanye was trading 2.92% higher at R41.99 on Wednesday at 09:30, increasing its market cap to R38.79bn, while Amplats was trading 0.32% higher at R343, with its market cap at R92.5bn.

"We welcome the receipt of the Section 11 consent from the Department of Mineral Resources, which is the last regulatory condition outstanding,” Sibanye CEO Neal Froneman said in a statement.

“This transaction is consistent with Sibanye's strategy to grow its business in order to sustain its position as an industry leading dividend paying company,” he said.

The acquisition, which is now officially unconditional, includes mining operations such as Bathopele, Siphumelele (including Khomanani), and Thembelani (including Khuseleka), as well as two concentrating plants, an on-site chrome recovery plant and the Western Limb Tailings Retreatment Plant.

Sibanye, a spin-off from Gold Fields, will assume ownership on November 1.

“The deal, along with the $294m takeover of Aquarius Platinum last year, will put South Africa's second-largest gold producer by market value into the global top five producers of platinum group metals with annual output of more than a million ounces,” Reuters reported on Wednesday.

“For Anglo American Platinum, the transaction allows it to focus its strategy on newer, mechanised and less labour intensive mines.” 

Read Fin24's top stories trending on Twitter:

anglo american platinum  |  sibanye  |  rustenburg  |  mining
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