Union Mine sale good for transformation
As part of Anglo American's strategy to dispose of some of its noncore assets, subsidiary Amplats this week announced the long-awaited sale of its Union Mine and MASA Chrome stake to Siyanda Resources
Observers have been vocal about the group's asset sales benefiting empowered miners in South Africa . Siyanda Resources had been doing business with Amplats since 2006. Amplats CEO Chris Griffith said Siyanda was a partner Amplats could do business with whether it was black or not. It knew Union Mine well. "It's a really good company that we have faith in to actually deliver and keep this mine sustainable. Is it great? I think it's a great story for transformation, so we are very proud of that," Griffith said. Making sure empowered miners were considered in the group's asset sales was always part of the disposal process - to see how it could improve transformation. Last month, Bloomberg reported that Anglo American shortlisted companies bidding for its coal assets, among which were companies led by Mike Teke, president of South Africa's Chamber of Mines, Phuthuma Nhleko, chairman of the Phembani Group and former CEO of MTN Group, and Sandile Zungu, executive chairman of Zungu Invest...
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