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Sibanye looks to acquire more platinum assets

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Sibanye looks to acquire more platinum assets

Sibanye Gold looking to purchase more platinum assets, reflecting the company's bullish outlookon the precious metal, Reuters reported May 5.

This follows the receipt of approvals in March of Sibanye's of the mining and concentratingoperations in South Africa from AngloAmerican Plc unit AngloAmerican Platinum Ltd. and proposed US$294 million takeover of Aquarius Platinum Ltd.

Platinum prices fell while wages rose following the 2014 in South Africa,but Sibanye CEO Neal Froneman is "absolutely" confident that the sectoris turning around.

"You are already seeing the platinum price move (up). Infact, I am concerned that we may even be too late (to take full advantage),"the CEO said.

Aside from platinum, Sibanye is also looking to clinch dealsin coal, gold and base metals assets, but with a more cautious approach.

"The investment thesis is sustainability of dividends andenhancing our cash flows," Froneman said.

He added that labor issues remain as South Africa's platinumsector prepares for wage talks as the two-year wage deal is due to expire end ofJune.