Anglo American Platinum announced on Thursday that its sale of its Rustenburg Operations to Sibanye had been approved in accordance with the Competition Act, while Aquarius Platinum on the same day announced the same news.
The implementation of the Anglo American platinum transaction, which will see Sibanye acquire the Bathopele, Siphumelele and Thembelani mines as well as the integrated Khomani and Khuseleka mining operations, two concentrating plants, an on-site chrome recovery plant and the Western Limb Tailings Retreatment plant and associated surface infrastructure and related assets, is still subject to the granting of consent in terms of section 11 of the MPRDA for the sale of the mining right and the prospecting right to Sibanye.
Simultaneously, the approval of the Aquarius Platinum takeover, which will see Sibanye acquire all of the shares in Aquarius for a cash consideration of US$0.195 for each Aquarius share, was granted by the South African Competition Commission and the Commission Tribunal.
These approvals were the final regulatory approvals required for the transaction, which was approved by Aquarius shareholders in January, to proceed.
Aquarius and Sibanye are now in the process of confirming the conditions fulfilment date. Once the date has been confirmed, Aquarius will release an updated timetable of events leading up to completion of the transaction and payment to Aquarius shareholders.
These two massive platinum acquisitions, followed by possible future deals in the coal sector, could just be the start for opportunity-seeking CEO Neal Froneman, who says there is no limit to growing the company’s portfolio, across any commodity.
Speaking to Mining Review Africa earlier this year on the transactions, Froneman said everything Sibanye does is premised on its goal to create superior value for all its stakeholders (predominantly shareholders, employees and communities) and to be an industry leading dividend payer in the mining sector by ensuring that the company has substantial free cash flow, on a sustainable basis.