Sibanye Rustenburg platinum deal goes through

“We look forward to now incorporating the Rustenburg operations into our platinum division, which will allow us to realise cost savings across the group and operational synergies to create a sustainable platinum division and to unlock value for the benefit of all stakeholders.”

“This transaction is consistent with Sibanye’s strategy to grow its business in order to sustain its position as an industry leading dividend paying company,” Neal Froneman Sibanye’s CEO comments.

Source: Sibanye Gold

The deal comprises RPM’s Bathopele, Siphumelele (including Khomanani), and Thembelani (including Khuseleka) mining operations, two concentrating plants, an onsite 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.

This follows amongst other things, the granting of consent in terms of Section 11 of the Mineral and Petroleum Resources Development Act, 2002 for the sale by RPM of the mining right and the prospecting right to SRPM.

Sibanye will further update the market upon implementation of the transaction. “We welcome the receipt of the Section 11 consent from the department of mineral resources, which is the last regulatory condition outstanding,” says Froneman