Amplats sells Rustenburg mining operations
Anglo American Platinum announced on Wednesday that it had sold its Rustenburg mining and concentrating operations to Sibanye for at least R4.5 billion.
The purchase price consists of an upfront payment in cash or Sibanye shares of R1.5 billion and a minimum deferred consideration dependent on cash flow at Rustenburg Operations of at least R3 billion with the total maximum consideration payable R20 billion.
The deal is part of restructuring after a 2012 review at Amplats, which had already seen the consolidation of Rustenburg from five to three mines and Union from two to one mine, removing 350koz of unprofitable platinum production.
Amplats chief executive Chris Griffith said: “The Rustenburg Operations are quality assets with long-term and sustainable potential under Sibanye’s control … 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.”