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Amplats to sell stake in Union Mine, MASA Chrome

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Johannesburg - Anglo American Platinum (Amplats) announced on Wednesday that it agreed to sell its 85% interest in the Union Mine in SA and 50.1% interest in MASA Chrome Company to a subsidiary of Siyanda Resources.

Amplats will retain the Mortimer smelter operation.

Under the terms of the transaction, the consideration comprises an initial purchase price of R400m in cash, as well as a deferred consideration based on 35% of cumulative distributable free cash flow paid annually as an earn-out, for a period of ten years from the completion date of the Transaction.

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