Amplats to sell platinum mines, cut 20k workers

|By:, SA News Editor

Anglo American's (OTCPK:AAUKY) subsidiary, Amplats, is planning to sell its Union mine, Rustenburg operations and a joint venture in South Africa.

The move will reduce the miner's staff count by 20k, and follows a continuous five-month strike against the company by the AMCU union.

The mine is expected to be sold to Sibanye Gold (NYSE:SBGL), whose CEO Neal Froneman announced a wish for a platinum deal before the end of the year.

ETFs: PPLT, PTM, PLTM, PGM