Sibanye takes ownership of the Rustenburg Platinum Mines
AA – Sibanye is pleased to announce that the acquisition by a wholly owned subsidiary company, Sibanye Rustenburg Platinum Mines Proprietary Limited (“SRPM”), from Rustenburg Platinum Mines Limited (“RPM”), of the Bathopele, Siphumelele (incl. Khomanani), and Thembelani (incl. Khuseleka) mining operations, two concentrating 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 “Rustenburg Operations”) (the “Transaction”) has become effective today, 1 November 2016.
The Transaction has now been fully implemented, following settlement of the Initial Upfront Purchase Price of R1.5 billion in cash, from Sibanye’s existing cash resources and debt facilities.
Sibanye is also pleased to announce that the broad based black economic empowerment (“BBBEE”) ownership of SRPM has been agreed and implemented from 1 November 2016 such that Sibanye holds 74% of SRPM, with the remaining 26% held through Newshelf 1335
Proprietary Limited (“BBBEECo SPV”). The shareholders of BBBEECo SPV are: 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%).
“We are pleased to have concluded the Transaction and look forward, together with our BBBEE partners, to making a positive contribution to the sustainability of the Rustenburg Operations. We are confident that we will realise meaningful cost and operational synergies by consolidating the Rustenburg Operations and Kroondal Operations and secure a sustainable and rewarding future for all stakeholders” said Neal Froneman, CEO of Sibanye.
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