Published On: Tue, Nov 1st, 2016

Anglo American completes sale of operations to Sibanye

‘New’ Anglo American under creationJOHANNESBURG, (CAJ News) – SIBANYE Rustenburg Platinum Mines Proprietary Limited has acquired Anglo American Platinum’s Rustenburg operations in South Africa for R4,5 billion.

Sibanye has now taken over ownership, control and management of those operations.

Chris Griffith, Chief Executive Officer of Anglo American Platinum, is a major step in the repositioning of his company.

He says the sale of the Rustenburg Operations allows them to focus on their most competitive assets, consisting of largely open-pit and more mechanised operations which will result in higher margin production, a smaller and more highly skilled workforce, safer operations and a less complex organisation.

“As a result, our core operations stand to benefit from dedicated management attention and technical expertise, as well as our disciplined capital allocation model.”

The Rustenburg Operations comprise the Bathopele, Siphumelele (including Khomanani), and Thembelani (including Khuseleka) mining operations, two concentrating plants, an on-site chrome recovery plant, the Western Limb Tailings Retreatment Plant, associated surface infrastructure and related assets and liabilities on a going concern basis, including normalised levels of working capital.

The upfront disposal proceeds of R1,5 billion received in the form of cash will reduce net debt and further strengthen Anglo American Platinum’s balance sheet. As set out in the announcement in September, Sibanye will also pay minimum deferred proceeds of R3 billion.

CAJ News

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