Anglo American Platinum Limited
Anglo American Platinum Limited
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Amplats' wholly owned Rustenburg Platinum Mines has reached agreement to sell its 85% interest in Union Mine and 50.1% interest in MASA Chrome Co in South Africa to Siyanda Resources.
The sale, for R400M initially plus a deferred consideration of up to R6B based on free cash-flow over 10 years, as part of its strategic repositioning of its portfolio. Amplats will retain the Mortimer smelter operation and will purchase all Union mine concentrate from Siyanda for 7 years, then toll-treat the ore for the life of the mine.
South Africa's biggest individual gold producer Sibanye Gold has launched a $US2.2B cash takeover bid for Stillwater Mining, the only platinum group metals (PGMs) miner in the US and the largest primary PGM producer outside South Africa and the Russian Federation.
Big South African-focused gold/platinum miner Sibanye launches $2.2B bid for the US’s only PGM miner Stillwater Mining
Amplats to retain 20% of cash-flow from South Africa's Pandora PGM mine after agreeing to sell its 42.5% equity to Lonmin.
South African platinum giant Lonmin is studying short and long-term options for expansion of its Pandora project after reaching conditional agreement to acquire Anglo American Platinum's 42.5% JV interest. It will emerge with 92.5% interest in the project.
Lonmin will pay AAP 20% of free cash-flow from Pandora's E3 operations for six years, within a range of R400M to R1B. Pandora produced 74,019oz total PGMs in the year to Sept 2015, with all output sold to Lonmin.
South African independent gold leader Sibanye is confident of realising meaningful cost and operational synergies following the conclusion of its R4.5B acquisition of the Rustenburg operations of Anglo American Platinum.
CEO Neal Froneman says Sibanye will make a positive contribution to the sustainability of the Rustenburg PGM operations, and secure a sustainable and rewarding future by consolidating the Rustenburg and Kroondal operations.
Amplats CEO Chris Griffith says the sale will allow the company to focus on its higher-margin openpit and more mechanised operations.
CEO Chris Griffith has hailed the "constructive and collaborative" negotiations that have led to a new 3-year wage agreement with South Africa's Association of Mineworkers and Construction Union. The wage agreement also covers National Union of Mineworkers, United Association of SA and unaffiliated employees.
Basic pay increases up to 12.5% for the lowest-paid workers and higher allowances will cost the company an average 6.74% each year. Griffith says it's fair to employees while ensuring Amplats' business remains viable for the long-term.
South Africa's Association of Mineworkers and Construction Union (AMCU) has reached wage deals in principle with platinum producers Anglo American Platinum, Impala Platinum and Lonmin, subject to final approval from its members, according to the union's president, Reuters reports.
This means a strike has almost certainly been averted in South Africa's platinum sector, still recovering from a crippling 5-month stoppage led by the AMCU in 2014. Details of the deals have not been released.
Northam has gained added flexibility at its Zondereinde mine with agreement to acquire a portion of Anglo American Platinum subsidiary Rustenburg Platinum's Amandelbult mining right for R1B cash, at the same time exchanging other portions. CEO Paul Dunne says the deal will enable Northam to extend mining of higher-grade Merensky ore for low capital expenditure.
The resource, containing about 16.7Moz 4E of Merensky and UG2 mineralisation is outside Anglo's long-term LOM plans.
South Africa's Northam Platinum has acquired a PGM mining right from Anglo American Platinum (Amplats) for $US72M, Reuters reports.
The right comprises about 16.7Moz and is on the NW boundary of Northam's Zondereinde mine in SA.
Northam says “a short lead time and limited capital expenditure” are required to access the acquired resource using Zondereinde's existing infrastructure.
The proceeds will be used to further reduce Amplats’ net debt.