South Africa's Amplats sells Rustenburg mines to Sibanye for $331 mln - CNBC Africa

South Africa's Amplats sells Rustenburg mines to Sibanye for $331 mln

Mining

by By Trust Matsilele 0

South Africa's Amplats sells Rustenburg mines to Sibanye for $331 mln. PHOTO: Amplats

[DATA AMS:Anglo American Platinum Limited]on Wednesday sold its labour-intensive South African mines to bullion producer Sibanye Gold for 4.5 billion rand ($331 million) to focus on newer, mechanised mines.

A record five-month strike at Amplats' Rustenburg operations and at mines owned by rivals Impala Platinum and Lonmin forced the company sell underperforming shafts.

The mines combined employ 16,000 workers.

"We remain committed to pursuing our strategy, continuing to reposition Anglo American Platinum as a high quality, largely mechanised operator yielding high margins," the company said in a statement.

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