• 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.
    Sep. 9, 2015, 7:52 AM
  • Jul. 21, 2014, 4:36 AM
    • 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.
    Jul. 21, 2014, 4:36 AM
  • Nov. 4, 2011, 4:47 AM

    Anglo American (AGPPY.PK) agrees to buy the Oppenheimer family's 40% stake in De Beers for $5.1B, thereby increasing its stake to 85%. However, the Botswana government has a pre-emption right over the Oppenheimer holding that would lift its stake to 25% and limit Anglo American to 75%. (PR)

    Nov. 4, 2011, 4:47 AM | 3 Comments