https://www.miningweekly.com

Gemfields simplifies stake in Sedibelo Platinum Mines

7th January 2022

By: Donna Slater

Features Deputy Editor and Chief Photographer

     

Font size: - +

With ongoing plans to dispose of its entire interest in Sedibelo Platinum Mines (SPM), gemstone miner Gemfields confirms that interposed vehicle Pallinghurst Ivy Lane Capital (Ivy Lane), which held an interest of 27.64% interest in SPM, has been unbundled.

By November 2020, Gemfields had held its stake in SPM through Ivy Lane – a company incorporated in Luxembourg.

Ivy Lane’s 27.64% shareholding in SPM, as well as Ivy Lane’s surplus net assets, have been transferred to Ivy Lane’s shareholders in accordance with their respective equity holdings in Ivy Lane.

Gemfields, therefore, now holds its 6.54% stake in SPM directly.

SPM is a public (unlisted) company incorporated in Guernsey and owns and operates the Pilanesburg Platinum Mines located in South Africa’s Bushveld Igneous Complex in the North West.

SPM dispatched and sold about 128 800 oz of platinum, palladium, rhodium and gold, generating earnings before interest, taxes, depreciation and amortisation of about $113-million in the financial year ended December 31, 2020.

Gemfields understands that SPM is planning an initial public offering this year, and says in a statement that SPM is not considered a core part of Gemfields’ strategy.

As such, Gemfields invites interested parties to contact Liberum Capital, which has been appointed by Gemfields to manage an orderly disposal of Gemfields’ remaining interest in SPM.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

The functionality you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

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?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION