Amplats to sell Union mine, Masa to Siyanda
Siyanda will pay R400m upfront for the underground Union mine Amplats has turned around and the platinum miner’s 50.1% stake in Masa Chrome Company — in which Siyanda is the operating partner
Anglo American Platinum broke the back of its asset disposal programme by agreeing to sell its Union mine and its stake in a chrome company to Siyanda Resources, a black-owned company with interests in a range of commodities. Amplats, the world’s largest platinum miner, has already sold its Rustenburg mines and is exiting a number of joint ventures to focus on its mechanised, less labour-intensive operations to become one of the lowest-cost platinum producers in SA. Its workforce will fall to about 24,200 people. Amplats has sold its stake in the Pandora joint venture to Lonmin. It has five joint ventures left, including the Atlatsa Bokoni operation, which it wants to exit. It wants to dispose of its Kroondal joint venture with Sibanye, which would leave it three joint ventures with output of about 430,000oz of platinum a year. Siyanda will pay R400m upfront for the underground Union mine Amplats has turned around and the platinum miner’s 50.1% stake in Masa Chrome Company — in whic...
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