Amplats' R400 million sale of Union Mine and Masa Chrome complete

Amplats has completed the sale of Union Mine and Masa Chrome for some R400 million.

Anglo American Platinum (Amplats) has completed the sale of its 85-percent interest in Union Mine and its 50.1 percent interest in Masa Chrome. 

Amplats said in a statement that the upfront disposal proceeds of R400 million will be received in the form of cash on 1 February 2018, and used to reduce net debt and further strengthen the platinum miner’s balance sheet.

Chris Griffith (pictured), Amplats CEO, has said that with the sale of Union Mine, the mining group has completed a core part of its strategy in terms of repositioning the portfolio. Included in this is the disposing of other mines. Griffith further said that the transaction will allow Amplats to focus on its most competitive assets – largely open-pit and mechanised operations – which he said will result in higher margin production, a smaller and more highly skilled workforce, safer operations, and a less complex organisation.