Categories: Stories

Mimosa mine to change ownership

Aquarius Platinum, which jointly owns Zimbabwe’s Mimosa Mine in Zvishavane, on Thursday said South African regulators had approved the purchase of its entire shareholding by Sibanye Gold.

The Bermuda registered Aquarius’ primary assets are its stakes in the Kroondal platinum mine and Platinum Mile, a re-treatment facility near Rusterburg in South Africa, as well as Mimosa, a 50:50 joint venture with Impala Platinum and the second largest platinum producer in Zimbabwe.

Sibanye has agreed to pay $294 million for Aquarius, with chief executive Neal Froneman describing Mimosa as a significant “low cost optionality.”

“These approvals were the final regulatory approvals required for the transaction, which was approved by Aquarius shareholders in January, to proceed,” said Aquarius on Thursday.

“Aquarius and Sibanye are now in the process of confirming the Conditions Fulfilment Date. Once the Conditions Fulfilment Date has been confirmed, Aquarius will release an updated timetable of events leading up to completion of the transaction and payment to Aquarius shareholders.”

The miner has previously said it expects the deal to be finalised by April.

The authorities also approved Sibanye’s purchase of Anglo American Platinum’s Rustenburg mining operations while the Aquarius deal provides an entry point for the miner into Zimbabwe, which hosts the second largest platinum reserves in the world after South Africa.- The Source

(219 VIEWS)

Charles Rukuni

The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.

Recent Posts

Reserve Bank of Zimbabwe expects more foreign currency sellers to join the interbank market

The gazetting into law of the payment of quarterly taxes on a 50-50 basis in…

December 4, 2024

Zimbabwe 2025 citizens’ budget

Zimbabwe has today unveiled a ZiG276.4 billion budget for 2025 during which it expects the…

November 28, 2024

To go or not to go- Mnangagwa in a quandary

Zimbabwe President Emmerson Mnangagwa has repeatedly stated that he is not going to contest a…

November 25, 2024

ZiG loses steam, falls against US dollar for five consecutive days

The Zimbabwe Gold fell against the United States dollar for five consecutive days from Monday…

November 22, 2024

Indian think tank says Starlink is a wolf in sheep’s clothing

An Indian think tank has described Starlink, a satellite internet service provider which recently entered…

November 18, 2024

ZiG firms against US dollar for 10 days running but people still do not have confidence in the currency

Zimbabwe’s new currency, the Zimbabwe Gold (ZiG), firmed against the United States dollars for 10…

November 16, 2024