Sibanye Gold took possession of a large mining complex from Anglo American Platinum on Tuesday, but it has lost a well-regarded CEO as the head of its new platinum division, with Jean Nel stepping down. Sibanye, SA’s largest producer of domestic gold, will pay R1.5bn cash from its cash holdings and debt facilities for the Rustenburg mining and concentrator business sold by the Anglo American subsidiary. Sibanye will make a further minimum payment of R3bn over six years from net cash generated at the operations. However, Nel, the former Aquarius Platinum CEO, who headed Sibanye’s platinum division as CE after Sibanye bought Aquarius, has opted to leave the company. There were no reasons given for his decision. He will be replaced by Robert van Niekerk, a long-time associate of Sibanye CEO Neal Froneman, and someone who worked at the Rustenburg mines for five years. Sibanye unveiled the empowerment partners for the newly named Sibanye Rustenburg Platinum Mines (SRPM) company housing t...
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