Amplats advances platinum strategy on Glencore exit
Competition Tribunal gives unconditional approval of sale of stake in Mototolo mine and the chrome plant to Anglo American Platinum
Glencore’s exit from platinum group metals (PGMs) was all but finalised on Wednesday with the Competition Tribunal giving its unconditional approval of its sale of a stake in Mototolo mine and the chrome plant to Anglo American Platinum in a deal worth about R1.5bn. For Amplats, the world’s largest producer of platinum, the deal marks another step in tidying up its portfolio and securing the infrastructure it needs to mine the untouched neighbouring resource at Der Brochen. Amplats has sold its deep-level, labour-intensive mines at Rustenburg to Sibanye-Stillwater, while Union mine was sold to Siyanda Resources. It has, with its partner Atlatsa, closed the Bokoni mine. It is selling its stake in Bafokeng Rasimone mine to its partner Royal Bafokeng Platinum.
Amplats is focused on open-pit or shallow mines that are mechanised and profitable. For Glencore, it is the end of an ill-starred venture into PGMs that was launched by Xstrata CEO Mick Davis, who oversaw the $1bn purchase ...