HomeNewsSibanye takes control of Rustenburg Platinum Mines

Sibanye takes control of Rustenburg Platinum Mines

The company’s wholly owned subsidiary company, Sibanye Rustenburg Platinum Mines (SRPM) has taken ownership of the Bathopele, Siphumelele and Thembelani mining operations, two concentrator plants, an on-site chrome recovery plant, the Western Limb Tailings Retreatment Plant, associated surface infrastructure and related assets and liabilities on a going concern basis, including normalised levels of working capital.

The transaction has been fully implemented, after Sibanye paid the initial upfront purchase price of R1.5 billion in cash form its existing cash resources and debt facilities.

The broad-based black economic empowerment stake in SRPM has also been agreed and is effective from today. Sibanye now holds 74% of SRPM and the remaining 26% of the company is held by Newshelf 1335 Proprietary Limited (BBBEECo SPV).

The BBBEE player’s shareholders include the Rustenburg Mine Employees Trust (30.4%), Rustenburg Mine Community Development Trust (24.8%), Bakgatla-Ba-Kgafela Investment Holdings (24.8%) and Siyanda Resources Proprietary Limited (20%).

Sibanye CEO Neal Froneman, commented that the company is confident that it will achieve meaningful cost and operational synergies through the consolidation of the Rustenburg and Kroondal Operations.

Management appointments at Sibanye’s Platinum Division

Following the successful integration of the platinum assets previously owned by Aquarius Platinum into Sibanye, Jean Nel has tendered his resignation as CEO of the Platinum Division, effective 1 November 2016.

Robert van Niekerk, previously EVP: Organisational Effectiveness at Sibanye, has been appointed as CEO of the Platinum Division. Robert has significant operating and integration experience across the mining industry, including five years in senior operational roles at Anglo American Platinum’s Rustenburg operations.

Dawie van Aswegen has also been appointed SVP: Technical Services for the Platinum Division. Dawie has 20 years’ experience working for AAP in the Rustenburg Operations in various roles. Between January 2012 and September 2015, he was the General Manager (GM) of the Bathopele mine (mechanised section) and from September 2016, the GM of RPM’s East Mine, which consisted of the Bathopele and Siphumelele mechanised sections and the Siphumelele conventional sections.