Local News
Sibanye Gold shareholders approve takeover of Amplats’ Rustenburg operations─── 10:46 Mon, 18 Jan 2016
Supplied
Rustenburg - Sibanye Gold on Monday announced that its shareholders had voted overwhelmingly in favour of the transaction in which the gold producer will acquire the Rustenburg operations from Anglo American Platinum (Amplats).
In September, Sibanye announced that it had proposed an acquisition of Amplats’ Rustenburg operations for an upfront payment of R1.5 billion in cash or shares over a six-year period, and at least R3 billion later.
Amplats put its Rustenburg and Union mining operations up for sale as it focused on its shallower, lower-cost and more mechanised assets.
Sibanye is a South African-based independent and largest individual producer of gold.
Sibanye shareholder approval was one of the conditions precedent to the transaction.
Amplats on Monday noted that a number of other conditions now needed to be satisfied, including the approval of the transaction by the Competition Commission and the granting of consent in terms of section 11 of the MPRDA for the sale of the mining right and the prospecting right to Sibanye pursuant to the transaction.
ANA
