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Sep. 9, 2015, 7:52 AM
- Sibanye Gold (NYSE:SBGL) agrees to acquire the Rustenberg platinum mining and concentrating operations in South Africa from Anglo American Platinum (OTCPK:AGPPY, OTCPK:AGPPF) for at least 4.5B rand ($331M).
- The deal involves an upfront payment of 1.5B rand, with a minimum deferred payment of 3B rand, equal to 35% of cash flow generated by the operations, making 20B rand the maximum potential value of the deal.
- The sale allows Amplats, which had considered separately listing the mines, to focus on shallower, lower cost and more mechanized operations as platinum prices fall to multi-year lows.
- For SBGL, the deal will boost future cash flow to pay dividends if the miner can lower costs and raise production as has happened at four aging gold mines.
- SBGL +3.9% premarket.
Anglo Platinum Ltd. is the holding company for a group of companies which operate platinum mines. In addition to platinum, the group mines and produces platinum group metals such as palladium, rhodium, iridium, ruthenium, osmium, nickel, copper and cobalt.
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