Anglo Platinum to list assets earmarked for exit – UASA

Miner to announce further details on exit route this quarter.

Anglo American Platinum, the largest producer of the metal, will spin off South African mines it has been seeking to dispose of into a separately listed company, according to the UASA labor union.

The Johannesburg-based unit of Anglo American Plc known as Amplats told the union of its decision June 17, Franz Stehring, head of mining at the UASA, said by phone Tuesday. The organization mainly represents higher-skilled workers at the mining company. A listing will take about nine months to complete, he said.

Amplats erased losses of as much as 1.1% to trade little changed at R293 by 2:31 pm in Johannesburg, falling the least among the six members of the FTSE/JSE Africa Platinum Mining Index, which declined as much as 2.3% and was trading 1.8% lower at 28.92.

The company has been seeking to exit four aging, labor- intensive mines in South Africa amid a 39% plunge in platinum prices since 2011. It has previously said it’s still deciding whether to sell the mines or list them separately.

“We’ll be making an announcement this quarter on which exit route we will be taking,” Amplats spokeswoman Mpumi Sithole said by phone.

©2015 Bloomberg News

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