Anglo American Platinum agrees sale of Union Mine to Siyanda Resources
2017-02-17 08:00:21 【Print】
BEIJING (Asian Metal) 17 Feb 17 - On February 15, 2017, Anglo American plc (“Anglo American”) noted Anglo American Platinum’s announcement of its agreement to sell its 85% interest in the Union Mine in South Africa and 50
According to the Transaction, the consideration comprises an initial purchase price of R400 million (approximately $30 million) in cash, as well as a deferred consideration based on 35% of cumulative distributable free cash flow paid annually as an earn-out, for a period of ten years from the completion date of the Transaction.
Siyanda will sell concentrate produced by the Union Mine to Anglo American Platinum for a period of seven years from the completion date of the Transaction on pre-agreed commercial terms, thereafter Anglo American Platinum will toll treat concentrate for the remaining life of Union Mine.
The Transaction is subject to conditions precedent typical of a transaction of this nature, including regulatory approval in South Africa, and is expected to complete during 2017.
. 1% interest in MASA Chrome Company to a subsidiary of Siyanda Resources (“Siyanda”) (“the Transaction”) . Anglo American Platinum will retain the Mortimer smelter operation.