December 15, 2017

South African Rustenburg and Union mines to be sold


Anglo American Platinum (Amplats) company based in South Africa is planning to sell part of its Rustenburg and Union mines, this generally being due to the very low profits that the company has executed in the past six months.

The company’s CEO Chris Griffith confirmed this in a statement during an announcement of its results. He further said that the intention to exit Union mine in Limpopo and concentrators has already been announced, and it has now been concluded that Rustenburg in the North West and their Pandora JV asset will be better placed in the hands of new possessors who would be able to provide the focus and capital for the operations to have a successful future.

However, Mr. Griffith said that even though they were exiting from owning the mines, he made it clear that they will work closely with all key stakeholders to ensure best possible results for the assets, employees and the South African platinum industry as a whole.

Its earnings decreased to US$ 14m(R 157m) compared to US$123m(R 1.3bn) in 2013.
They majorly attributed the low profits to the ongoing strikes that have been experienced in South African mines this year.

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