Comprehensive  Ghana Oil and Gas news, information, updates, analysis


News in Brief

Sibanye Gold’s Rustenburg acquisition approved

  • SOURCE: | Editor
  • downloadSibanye 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.


    Source: http://classfmonline.com/1.8804718

    Share this article

    Leave a reply

    Personality of the Month
    Poll

    Do You Think ExxonMobil's Arrival Is Going To Make Significant Contribution Towards Our Oil Sector?

    Follow Us Online
    About Us
    Reporting Oil and Gas project was launched on 4th June 2009 at Takoradi, Western Region, Ghana by Penplusbytes (www.penplusbytes.org) with the vision of providing a one stop online information and knowledge about Ghana’s oil and gas sector read more
    Events Calendar
    << Dec 2018 >>
    MTWTFSS
    26 27 28 29 30 1 2
    3 4 5 6 7 8 9
    10 11 12 13 14 15 16
    17 18 19 20 21 22 23
    24 25 26 27 28 29 30
    31 1 2 3 4 5 6
    Twitter Activity Stream
     

    Partners We are proud to be associated with:

    Skip to toolbar