Anglo, Sibanye platinum deal done

Sibanye's purchase of Anglo American's Rustenburg Platinum Mines (RPM) operations is effective from today. The deal includes RPM's Bathopele, Siphumelele (incl. Khomanani), and Thembelani (incl. 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.

“This is a major step in the repositioning of Anglo American Platinum’s portfolio. The sale of the Rustenburg operations allows us to focus on our 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," says Chris Griffith, CEO: Anglo American Platinum.

The transaction has now been fully implemented, following settlement of the initial upfront purchase price of R1,5bn in cash, from Sibanye’s existing cash resources and debt facilities.