Amplats likely to sell or shut Union mine – source
Anglo American Platinum is likely to sell or shut its Union mine as part of a review of its platinum business by parent Anglo American, a source familiar with the matter has said.
Anglo American will announce a revival plan for its platinum arm Amplats tomorrow, according to a spokesperson.
The Union mine, which is 85% owned by Amplats, is likely to be the “most dramatically affected” by the plan, said the source, who declined to be identified because the information is not yet public.
Amplats is unlikely to make sweeping changes at any of its 100%-owned mines, said the source.
Union produced 254 000 ounces of platinum in 2011 and employs around 7 800 people.
A spokesperson for Amplats said the review was due to be announced tomorrow, but declined to comment further.