Anglo American Platinum (Amplats) has confirmed that it has not received any offers for its South African assets, as stated by the mining company’s chief executive on Wednesday. Speculation arose following comments made by parent company Anglo American’s CEO, Duncan Wanblad, in February, when he indicated that “nothing is off the table” amid a review of the group’s assets. This review was initiated subsequent to a decline in profits and writedowns in its diamond and nickel businesses.
Amplats’ CEO, Craig Miller, informed that the mining company has not garnered interest in its Amandelbult complex or its mothballed Twickenham platinum mine. He noted that the current market environment has prioritized safeguarding the balance sheet over pursuing asset acquisitions, indicating a lack of credible offers for any of their assets.
In response to concerns over higher costs at the Amandelbult complex, Amplats is taking measures to address expenses and enhance production efficiency, while also undergoing a restructuring process. Despite the challenges, the assets remained net cash flow positive last year, and the company believes that with improved productivity, they can continue to be part of the Anglo portfolio.
However, Miller acknowledged the need to reassess the assets’ fit within the portfolio if efforts to reset the cost base and improve operational performance prove unsuccessful.