Sibanye Gold Ltd. to Buy Aquarius Platinum

Sibanye Gold Ltd. to Buy Aquarius PlatinumOn Tuesday, Sibanye Gold Ltd, agreed to buy Aquarius Platinum for $294 million and that would push its ranks among the five of the largest platinum group metals (PGM) miners globally.

Sibanye Gold Ltd is one of the biggest miner of gold in South Africa and this recent deal comes after one month of announcing the agreement to acquire the Rustenburg mines from Anglo Platinum.

That will be two deals for Sibanye in a short span of time but with the commodities prices going down, the company will still have a lot of opportunities for more said Neal Froneman , CEO of the company on Tuesday.

'We will look at opportunities as they arise and as long as they are value-enhancing and accretive at earnings per share level, we will move on them. If there is something in the gold or the platinum sector we will do it, and we have said previously we want to do a coal deal to protect our energy exposure."

For all Aquarius Platinum's shares, Sibanye is offering cash $0.195 (R2.66) per share.

The stock of the company was up 37 percent in London. Sibanye shares increased more than ten percent to 19.74 rand. The recent offer is supported by the board members of Aquarius but still needs approval from the shareholders.