September 25, 2017

Sibanye edges closer to the Platinum acquisitions

 
Sibanye Gold draws closer to finalizing the acquisitions of Anglo American Platinum Limited’s Rustenburg Platinum Operations and Aquarius Platinum Limited, which was announced on the 9th. September 2015 and 6th. October 2015 respectively.

Despite the fact that few issues are yet to be finalized, a significant progress has been made on advancing the two transactions, stated Sibanye Gold.

In respect of the Aquarius transaction, some of the sticky issues that are yet to be finalized include the approval of the transaction by a simple majority (50 plus one) of votes cast by Aquarius shareholders, as well as the approvals of the transaction by the South African Competition Commission and Competition Tribunal.

As for the Rustenburg Operations transaction, it is currently finalizing the JSE Category 1 circular relating to Sibanye Shareholder approval for the acquisition, the approval of the transaction by the South African Competition Commission, as well as the completion of the Broad Based Black Economic Empowerment transaction, and obtaining of all necessary consents from the South African Department of Mineral Resources.

Despite Platinum Group Metal prices drifting lower since the transactions were announced, Sibanye remains committed to expeditiously concluding both transactions, which are each compelling in their own right, added Sibanye Gold.

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