Sibanye Gold, the world’s tenth biggest miner, (JSE: SGL & NYSE: SBGL) which split from Gold Fields in February 2013, has announced that its acquisition of some operations of Rustenburg Platinum Mines Limited has been approved by the necessary authorities.
“Sibanye shareholders are referred to the announcement released on 18 January 2016 confirming that shareholders had approved the acquisition of the Bathopele, Siphumelele (incl. Khomanani), and Thembelani (incl. Khuseleka) mining operations, two concentrating plants, an onsite 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 Rustenburg Operations”) from Rustenburg Platinum Mines Limited (“the Transaction”).
“Sibanye is pleased to announce that on 16 March 2016 the Transaction was approved by the Competition Authorities in accordance with the Competition Act. The approval is subject to certain conditions and qualifications which Sibanye and Rustenburg Platinum Mines Limited have confirmed are acceptable,” the miner said in a statement.
It said shareholders are advised that the implementation of the Transaction is still subject to, amongst others, the fulfilment of the following key condition precedent:
• The granting of consent in terms of section 11 of the MPRDA for the sale of the Mining Right and the Prospecting Right to the Purchaser pursuant to the Transaction.
The statement added that Sibanye shareholders will be advised in due course once all outstanding conditions precedent to the Transaction have been fulfilled.
In 2015, Sibanye produced 1.54 Moz of gold, or 3% less than in 2014 (1.59 Moz), mainly because of operational disruptions at its Witwatersrand mines. Sibanye was managed to reduce AISC by 5%, from $1,080 in 2014 to $1,030 in 2015.