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Sylvania Platinum to Offload South African Iron Ore Assets

By Joel ScanlonJul 11 2011

Sylvania Platinum announced on Friday that it was going to dispose of its iron ore assets in South Africa. The assets in the Bushveld Complex would be sold to focus on expansion and meeting production targets. The board issued a statement saying that it did not believe that any value was being ascribed to the company by the iron assets.

The iron assets in the Bushveld Complex had been acquired by the company in September 2009. They are held by a wholly owned subsidiary called SA Metals which was formerly known as Pan Palladium, However the divestment of the assets will bring the focus of the company on its production expansion for its platinum group metal tailings dump and the development of the Northern Limb PGM.

The company needs to optimize its plants at Lannex and Mooinooi and develop its sixth plant at Tweefontein if it hopes to meet its 2012 production targets. It currently has five platinum group metals tailings dumps in operation. The decision to sell the iron ore assets was taken after an 18 month strategic review of the position of the company and its next stage of production growth.

Sylvania Platinum's CEO Terry McConnachie said that Sylvania Platinum has had a number of quarters of record production growth from their platinum group metals operations. However, the next stage of their growth is of key importance as they significantly expand their platinum group metals dump operations and begin progress of their surface mining operation towards development.

Written by

Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

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APA
Scanlon, Joel. (2019, March 19). Sylvania Platinum to Offload South African Iron Ore Assets. AZoMining. Retrieved on November 22, 2024 from https://www.azomining.com/News.aspx?newsID=4456.
MLA
Scanlon, Joel. "Sylvania Platinum to Offload South African Iron Ore Assets". AZoMining. 22 November 2024. <https://www.azomining.com/News.aspx?newsID=4456>.
Chicago
Scanlon, Joel. "Sylvania Platinum to Offload South African Iron Ore Assets". AZoMining. https://www.azomining.com/News.aspx?newsID=4456. (accessed November 22, 2024).
Harvard
Scanlon, Joel. 2019. Sylvania Platinum to Offload South African Iron Ore Assets. AZoMining, viewed 22 November 2024, https://www.azomining.com/News.aspx?newsID=4456.