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JOHANNESBURG, Sept 9 canada goose uk shop (Reuters) Anglo American Platinum (Amplats) sold the labour intensive South African Rustenburg mine that produces about a third of its annual output for 4.5 billion rand canada goose black friday sale ($331 million) to bullion producer Sibanye Gold.
Amplats, a unit of global mining group Anglo American, is pivoting its strategy on newer and more mechanised mines and removing unprofitable canada goose coats on sale ounces following Canada Goose Online a record five month strike last buy canada goose jacket cheap year.
Canada Goose Parka Amplats has been weighing either a sale or a Canada Goose sale flotation of Rustenburg, the world top platinum mine with an annual production of over 800,000 ounces. Canada Goose Parka
Initial market reaction was positive. Shares in Amplats, Canada Goose Jackets jumped 3.8 percent while Sibanye stock rose 5.5 percent.
so much uncertainty over PGM (platinum group metal) prices in the near and medium term, the canada goose factory sale structure of the deal delivering greater value longer term seems the canadian goose jacket only unicorndesigns.ca and most sensible course of action, Investec Securities said in a note.
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Canada Goose online think Sibanye is buying a troubled asset, Johann Steyn from Citi said uk canada goose in a note to investors. Canada Goose online
canada goose coats Platinum producers have been suffering from persistent weakness in prices, which slid below $1,000 an ounce in July for the first time since early 2009. With prices canada goose store at those levels, by some estimates, nearly two thirds of the industry could be loss making. canada goose coats
cheap Canada Goose Rustenburg canada canada Goose Sale goose clearance employs about 16,000 workers in three shafts and supporting infrastructure, which include concentrating plants and a chrome recovery plant. cheap Canada Goose
canada goose clearance sale Even after the sale, Amplats retains its Canada Goose online spot as the world top producer of the metal followed cheap canada goose uk by Impala Platinum. canada goose clearance sale
Canada Goose Jackets Amplats Canada Goose Coats On Sale retains eight mines some of which are mechanised, including Mogalakwena which will now be its crown cheap Canada Goose jewel and most productive mine. Magalakwena, unaffected by last year labour stoppage, produced canada goose uk black friday 370,000 ounces in 2014. Canada Goose Jackets
Canada Goose Outlet PAYMENT PLAN Sibanye, which operates four mature gold mines, will pay 1.5 billion rand upfront in shares or cash and 35 percent of Rustenburg free cash flows over the next Canada Goose Parka six years with a minimum payment of 3 billion rand. Canada Goose Outlet
canada goose Amplats Chief Executive Chris Griffith said the firm was likely to sell its Union platinum mine as it was not large enough to list separately. One option had been to list Union and Rustenburg together. canada goose
Sibanye Chief Executive Neal Froneman said Sibanye hopes to turn around the Rustenburg assets as it did with Canada Goose Outlet aging mines it inherited from Gold Fields.
Canada Goose sale Froneman said jobs at Rustenburg were secure for now. Canada Goose sale
canadian goose jacket think jobs are safe as long as we acknowledge that the current market conditions don get worse, he said. canadian goose jacket
buy canada goose jacket Sibanye would spend between 1.2 billion and 1.4 billion per year over the next few years on buy canada goose jacket the assets while aiming to shave 10 percent from costs in the next two years. buy canada goose jacket
buy canada goose jacket cheap The mining minister advisor Mahlodi Muofhe canada goose told Reuters the approval uk canada goose outlet of the sale would depend on whether the deal meets mining charter requirements, which include a 26 percent black empowerment clause. buy canada goose jacket cheap
canada goose black friday sale Sibanye black economic empowerment partners owns 26 percent of Rustenburg canada goose clearance sale assets, the company confirmed in a statement. ($1 = 13.6010 rand) canada goose uk outlet (Additional reporting by Jan Harvey in London; Editing by Keith Weir) canada goose black friday sale.