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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.Asian Metal Copyright 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.Asian Metal Copyright1% interest in MASA Chrome Company to a subsidiary of Siyanda Resources (“Siyanda”) (“the Transaction”).Asian Metal Copyright .Asian Metal Copyright Anglo American Platinum will retain the Mortimer smelter operation.

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.

.Asian Metal Copyright 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.Asian Metal Copyright
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