PRETORIA (Scrap Monster): Anglo American Platinum (Amplats) of South Africa decided to sell some of its idle mines.
Chris Griffith, CEO of the company said during Monday in a conference that the next stage of their transition was the repositioning of their portfolio.
The company plans to sell its Union and Rustenburg mine with Pandora and offloaded the mining operations there. A number of companies expressed their interest in the sale deal.
CEO said that the repositioning is to focus their present capital efficiently on the portfolio of Unki, Mogalakwena, Amandelbult, Twickenham and joint ventures such as Modikwa, Mototolo, BRPM and Kroondal.
He added that they have a portfolio of quality assets, but the management time and capital are finite and hence they had taken the decision to sell off some asset for putting it in better hands.
The company is in the early stage of the sale process, but there is no timeline. They are in talks with government and its shareholders about the sale deal. There are about 27,000 workers in the Union and Rustenburg mine and it produces about 600,000 platinum equivalent ounces.
He assured that selling of the mine would not affect their growth plans and could produce the same amount of silver from their remaining mines.