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Amplats sells Rustenburg mine for R4.5bn

The platinum firm is disposing of about 15 assets to concentrate on its most profitable mines.

An Anglo American Platinum mine in Rustenburg Picture: AFP.

JOHANNESBURG - Anglo American Platinum (Amplats) has announced that it will be selling its Rustenburg mine for at least R4.5 billion.

Amplats and Sibanye Gold will be holding a joint briefing in Johannesburg today.

Sibanye has entered into a sale and purchase agreement with the platinum producer.

Amplats is disposing of about 15 assets to concentrate on its most profitable mines.

Sibyane Gold, meanwhile, has expressed interest to enter the platinum sector.

Meanwhile, Amplats' CEO Chris Griffith says they are proud to announce the sale and purchase agreement with Sibanye Gold.

Griffith says this is part of their strategy going forward.

"We mentioned that we would exit the mines that I have spoken about, including Rustenburg, Union, Pandora and Bokoni. All of those assets we believe are still quality and long life assets, but they have a better potential in other operators' hands."

Amplats wants R4.5 billion for the Rustenburg mine, with an upfront payment of R1.5 billion in cash or shares.

Sibanye Gold's Neal Froneman says, "This is completely consistent with our strategy to enhance our cash flows".

Amplats will continue managing the mine until the transaction is complete.