JOHANNESBURG, Oct 6 (Reuters) – South Africa’s Sibanye Gold has offered to acquire Aquarius Platinum for $294 million, its latest thrust into the platinum sector which has been hammered by falling prices and rising costs.
Sibanye said in a statement that its offer valued Aquarius at $294 million, or 2.66 rand (19.5 cents) per share. Aquarius’ shares in Johannesburg soared over 40 percent to 2.40 rand on the news.
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“The board of directors of Aquarius has unanimously recommended that Aquarius shareholders vote in favour of the offer,” Sibanye said.
Sibanye in September acquired the labour-intensive and costly Rustenburg operations of Anglo American Platinum, which were at the epicentre of an often violent five-month strike last year.
The Aquarius operations, by contrast, are mechanised and low cost, which Sibanye said would help to consolidate its position in South Africa’s platinum sector.
