February 15, 2017 / 7:27 AM / 5 months ago

BRIEF-Amplats to sell its interests in Union Mine JV, Masa Chrome to Siyanda Resources

2 Min Read

Feb 15 (Reuters) - Anglo American Platinum Limited:

* Anglo American Plat announces sale of its interests in union mine joint venture & Masa Chrome to Siyanda Resources

* Announces sale of its interests in union mine joint venture and Masa Chrome to Siyanda resources

* Transaction consideration comprises an initial disposal consideration of R400 million, payable in cash

* Deferred consideration has a cap of R6 billion

* Maximum transaction consideration receivable by company is therefore R6.4 billion

* Anglo American Platinum will retain Mortimer smelter operation

* Siyanda will sell concentrate produced by Union Mine to Anglo American Platinum for a period of seven years

* Charge payable by Siyanda under toll treatment arrangement will reflect smelting and refining costs

* Transaction is expected to complete during second half of 2017

* Anglo American Platinum intends to use transaction consideration proceeds to reduce debt Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +91 806 749 1136)

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