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Sibanye Gold looks to acquire platinum mines

While it won’t say which, Sibanye Gold has publicly expressed interest in acquiring platinum mines.

FILE. While it won’t say which, Sibanye Gold has publicly expressed interest in acquiring platinum mines. Picture: AFP

JOHANNESBURG - South African gold mining company Sibanye Gold Limited has publicly expressed its interest in acquiring platinum mines but says it would be premature at this stage to say which mines.

The company says it is aware of the labour unrest on the North West platinum belt but this is not a deterrent.

The Association of Mineworkers and Construction Union (Amcu) is on a five month long wage strike which has cost the industry R23.4 billion in lost earnings.

Sibanye Gold says it would be premature at this stage to say which mines it's interested in and what value they would contribute to the company.

Meanwhile platinum producers were still negotiating a wage settlement on Friday and a decision is expected on Monday.

Trade union Solidarity says it expects up to 10,000 workers to be affected by downsizing and restructuring on the platinum belt once Amcu's wage strike comes to an end.

The union says given that the companies have lost more than R20 billion, some shafts are likely to resume production.

Watch: _Platinum strike: End in sight? _