‘Amplats may sell Union mine’

Comment on this story


IOL BR mining PIC001

Reuters.

South Africa's Anglo American Platinum is likely to sell or shut its Union mine as part of a review of its platinum business by parent Anglo American, a person familiar with the matter said.

Anglo American will announce a revival plan for its platinum arm Amplats on Tuesday, according to a spokeswoman.

The Union mine, which is 85 percent owned by Amplats, is likely to be the “most dramatically affected” by the plan, said the source, who declined to be identified because the information is not yet public.

Amplats is unlikely to make sweeping changes at any of its 100 percent owned mines, said the source.

Union produced 254,000 ounces of platinum in 2011 and employs around 7,800 people.

A spokeswoman for Amplats said the review was due to be announced on Tuesday, but declined to comment further. - Reuters


sign up
 
 

Comment Guidelines



  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.

     

Join us on

IOL-Social networks IOL-Social networks IOL-Social networks IOL-Social networks