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The Financial Times reported that Sibanye Gold (NYSE:SBGL) will move ahead with its plans to get into South Africa’s platinum sector by the end of 2014. The miner will likely target mines owned by Anglo American Platinum (JSE:AMS), according to the Times.
The Financial Times reported that Sibanye Gold (NYSE:SBGL) will move ahead with its plans to get into South Africa’s platinum sector by the end of 2014. The miner will likely target mines owned by Anglo American Platinum (JSE:AMS), according to the Times.
As quoted in the publication:
The world’s top three platinum producers – Amplats, Impala and Lonmin – are reeling from a debilitating five-month strike that ended last week, with predictions that the industrial action will accelerate the closure of marginal shafts. The strike, which was the longest and costliest in the history of South African mining, capped two years of labour unrest in a sector that has been battling spiralling costs and subdued prices. But platinum’s woes have not dented Sibanye’s appetite to acquire platinum assets, says Neal Froneman, the company’s chief executive.
Sibanye CEO, Neal Froneman, said:
We have done a lot of analysis and there’s a couple of shortlisted opportunities that we continue to work on. I would be disappointed if we haven’t done something material in platinum by the end of the year. We are positive and bullish about platinum as a commodity and the supply and demand fundamentals.