Published On: Wed, Sep 9th, 2015

Anglo Platinum sheds off Rustenburg stake 

SibanyeJOHANNESBURG, (CAJ News) – ANGLO American Platinum, the South African leading producer of the mineral, has sold its Rustenburg operations to Sibanye Gold for at least R4,5 billion.

The sale is part of plans to switch its focus to shallower, lower-cost and more mechanised mines in its portfolio.“We are pleased to announce a significant milestone in the repositioning of our portfolio with the disposal of the Rustenburg Operations to Sibanye.

The Rustenburg Operations are 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,” Chris Griffith, CEO of Anglo American Platinum said.

“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.” he added

Anglo American had been planning to dispose  of 15 assets to concentrate on its most profitable mines. Rustenburg formed part of these sales.

This deal comes after Amplats and Sibanye both notified the market last week that they were in talks with each other.

Sibanye is an independent, South African-domiciled mining group, which currently owns and operates four underground and surface gold operations – the Cooke, Driefontein and Kloof operations in the West Witwatersrand region, and the Beatrix Operation in the southern Free State province.

In addition to its mining activities, Sibanye owns and manages significant extraction and processing facilities at the operations where the gold-bearing ore is treated and processed before it is refined.

– CAJ News 

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