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.
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