Sibanye’s platinum asset acquisitions nearing completion
JOHANNESBURG (miningweekly.com) – Significant progress has been made on advancing and finalising the acquisitions of Anglo American Platinum’s (Amplats’) Rustenburg operations and Aquarius Platinum, Sibanye Gold said on Monday.
Aquarius and Sibanye in October entered into an implementation agreement under which a wholly owned Sibanye subsidiary would, subject to the satisfaction of certain conditions, acquire all of the shares in Aquarius for a cash consideration of $0.195 for each Aquarius share.
The transaction still required approval by the competition authorities, which was expected to occur by March, and Aquarius shareholders, who would vote on the deal in January.
The acquisition of Amplats’ Rustenburg operations, meanwhile, also still required approval by the competition authorities, shareholders and the completion of a broad-based black economic-empowerment transaction and all necessary consents being obtained from the South African Department of Mineral Resources.
Although platinum group metal (PGM) prices had decreased since the transactions were announced, Sibanye remained committed to expeditiously concluding both transactions, which were “compelling in their own right”.
“As highlighted when these transactions were announced, while near-term economic headwinds and supply-side factors have resulted in downward pressure on metal prices, the long-term outlook for PGM demand remains constructive, as evidenced by continued growth in auto demand globally.
“Combining the contiguous Rustenburg operations with Aquarius’ Kroondal mine will enable us to deliver significant operational synergies, underpinning a sustainable business in a lower-for-longer price environment and providing leverage to a recovery in prices, thereby enhancing value for shareholders,” Sibanye CEO Neal Froneman said.
Comments
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation