Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
South Africa’s Sibanye-Stillwater, the world’s biggest platinum producer, said on Tuesday it will provide processing facilities at its Marikana operations to a local unit of miner Anglo American that had declared a force majeure.
Anglo American’s platinum arm, Amplats, declared a force majeure earlier this month for about 80 days and cut its production outlook after an explosion at its Rustenburg facility.
The Marikana facility will process all platinum group metals (PGMs) produced from Amplats’ Rustenburg and Platinum Mile operations and half from Kroondal operations during this period, the South African miner said.
Sibanye had said it has significant spare processing capacity in South Africa at its Marikana operations and Brakpan refinery after Amplats, the world’s second-biggest platinum producer, announced the force majeure.
“Additional material planned to be treated at the Marikana processing facilities will have no impact on forecast production from the Marikana operations,” Sibanye said on Tuesday.
Anglo American Platinum refines platinum group metals from Sibanye, African Rainbow Minerals, Royal Bafokeng Platinum and Siyanda.
(By Shanima A; Editing by Shailesh Kuber and Sherry Jacob-Phillips)
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