Anglo American: IPOs planned for platinum mines

THE CHIEF executive of Anglo American, Mark Cutifani, yesterday said that a listing of some South African platinum mines was the most likely route to divesting those assets. Anglo American, listed in London and Johannesburg, is looking to divest some of its costliest platinum mines in South Africa and is considering whether to list or sell them. “We are still in negotiations with some parties regarding a potential trade sale, but from our point of view, at this stage, the preferred option is an initial public offering (IPO),” Cutifani said at the company’s annual general meeting. Several of Anglo American’s platinum assets, including some in Rustenburg, the epicentre of last year’s five-month strike, have been up for sale as part the global mining house’s drive to switch to more mechanised mining. Talks between Anglo American Platinum (Amplats) and a community-owned firm Baroka Platinum were ongoing, a source familiar with the matter said. Baroka Platinum has bid R3 billion for Amplats’s stake in a four-shaft Bokoni mine that produces 170 000 ounces of platinum group metals a year. – Reuters