Events & AwardsJun 06, 2025
Here Are the 2025 Retailer Hall of Fame InducteesThis year’s honorees include a Midwest retailer and two multi-store independents, one in New York and the other in New England.
SourcingFeb 16, 2017
Anglo American Sells One of Its Platinum Mines
The news comes one day after the diamond and precious metal miner announced that Chairman John Parker will be stepping down this year.
Workers exiting the Union platinum mine in South Africa. Anglo American Platinum is selling its stake in the mine to Siyanda Resources but said that all 5,100 employees of the mine will keep their jobs. (Photo courtesy of Anglo American)
London--Anglo American plc, which is the world’s leading producer of platinum group metals and majority owner of De Beers, announced Wednesday that it is selling one of its platinum mines.
Anglo American Platinum (Amplats) is selling its 85 percent stake in the Union Mine in Rustenburg, South Africa, along with its 50.1 percent interest in MASA Chrome Company to a subsidiary of Siyanda Resources for R400 million (about $30 million) in cash, as well as share of future earnings for a period of 10 years.
Amplats is retaining its Mortimer smelter operation.
Under the agreement, Siyada will sell ore concentrate from Union to Amplats on pre-agreed commercial terms for a period of seven years after the transaction closes. After that, Amplats said it will toll treat concentrate for the remaining life of the mine.
British daily newspaper The Times reported that Amplats, which was hit hard by labor strikes in South Africa in 2014 and 2015, is selling Union in order to focus on more modern, automated platinum mining operations.
Johann Wiebe, an analyst with Thomson Reuters based in London, added that mining companies like Amplats are operating on thin, or in some cases nonexistent, margins due to the drop in the price of platinum and cost inflation, and are looking to sell off non-core assets to become more financially sound.
Amplats will use the money from the Union Mine sale to pay down debt, he said.
An Anglo American spokesperson said that the mine employs 5,100 people and that, under South Africa’s Labour Relations Act, they all will retain their jobs and become employees of Siyanda.
Union is one of 15 platinum group metal mines that Amplats has a stake in or owns. Other include the Dishaba, Mogalakwena and Tumela mines in South Africa as well as the Unki Concentrator Plant in Zimbabwe.
Union accounted for about 7 percent of Amplats’ total production in 2016.
The transaction is subject to regulatory approval in South Africa and is expected to close this year.
He
will stay on as chairman until the company finds a replacement. Sir Philip Hamilton, Anglo’s senior independent director, is leading the search to replace Parker.
Anglo American plc is scheduled to release its preliminary full-year financials, which will include results for De Beers, on Feb. 21.
Anglo American plc is scheduled to release its preliminary full-year financials, which will include results for De Beers, on Feb. 21.
More on Sourcing
The Latest
CollectionsJun 06, 2025
Piece of the Week: Harwell Godfrey’s ‘Granny Squares Eleanor’ Necklace As an homage to iconic crochet blankets, the necklace features the nostalgic motif through a kaleidoscope of cabochon-cut stones.
Events & AwardsJun 05, 2025
The 12 Fresh Faces in Couture’s Design AtelierDiscover the dozen up-and-coming brands exhibiting in the Design Atelier for the first time.
Brought to you by
The True Power Behind the Counter: Why Sales Associates Are the Heart of the Jewelry BusinessWhen investing in your jewelry business, it's important not to overlook the most crucial element of success: the sales associates.
Events & AwardsJun 05, 2025
Daymond John to Give Keynote at JCK Las VegasThe entrepreneur and “Shark Tank” star will share his top tips for success.
Weekly QuizJun 05, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsJun 05, 2025
Platinum Guild International Updates Leadership TeamTwo existing executives have been given new roles.
Events & AwardsJun 05, 2025
Zillion Announces 'Women in STEM' Scholarship RecipientMeredith Tiderington, an electrical engineering student, was selected for the award.
Brought to you by
Clienteling Isn’t a Buzzword. It’s an Essential Business Model.More shoppers are walking out without buying. Here’s how smart jewelers can bring them back—and the tool they need to do it right.
Lab-GrownJun 04, 2025
GIA Reverting to More General Terminology for Lab-Grown DiamondsIt will quit assigning the stones specific color and clarity grades in favor of applying “new descriptive terminology.”
Events & AwardsJun 04, 2025
As JCK Talks Returns, Don’t Miss These 12 SessionsFrom design trends to sustainability, here’s a roundup of can’t-miss education sessions at JCK Las Vegas.
CrimeJun 04, 2025
10 Safety Tips for the Las Vegas Shows The Jewelers’ Security Alliance offers advice for those attending the annual trade shows.
MajorsJun 04, 2025
Amy Curran Promoted at Hill & Co.Her new role is director of strategic initiatives.
CollectionsJun 03, 2025
In Her Latest Collection, Viviana Langhoff Is Leaning Into GoldThe designer is embracing bold pieces with weight to them in “AU79,” a collection she celebrated with a creative launch party.
FinancialsJun 03, 2025
Signet Jewelers Sees Turnaround in Q1 With Sales Ticking Up 2%On an earnings call, CEO J.K. Symancyk discussed what’s working for the company and how it’s preparing for the potential impact of tariffs.
SurveysJun 03, 2025
Consumer Confidence Improves in May The index partially rebounded after months of decline, due in part to the U.S.-China deal to temporarily reduce import tariffs.
CollectionsJun 03, 2025
Dakota Johnson Is Roberto Coin’s New Brand AmbassadorThe actress stars in the latest campaign set in Venice, Italy, and is set to participate in other creative initiatives for the jeweler.
GradingJun 03, 2025
Mason-Kay Jade Adds ‘Fei Cui’ to Jade ReportsThe company has joined other labs, including GIA and Lotus Gemology, in adopting the Chinese term for "jadeite jade."
GradingJun 02, 2025
GSI Opens New Lab in Thailand Located in Bangkok, the laboratory is Gemological Science International’s 14th location worldwide.
TrendsJun 02, 2025
Amanda’s Style File: Three Gems for June Those born in June have a myriad of options for their birthstone jewelry.
SourcingJun 02, 2025
David Allouche Joins Grandview Klein DiamondsThe diamond industry veteran has been named its senior sales executive.
FinancialsMay 30, 2025
Movado’s Q1 Sales Slip Amid ‘Challenging’ Retail Environment The company plans to raise the prices of select watches to offset the impact of tariffs.
Policies & IssuesMay 30, 2025
Tariffs & Designers: Navigating Pricing in an Unstable EnvironmentBetween tariffs and the sky-high cost of gold, designers enter this year’s Las Vegas shows with a lot of questions and few answers.
CollectionsMay 30, 2025
Piece of the Week: Renato Cipullo’s ‘Hematite Blaze’ NecklaceDesigned by founder Renato and his daughter Serena Cipullo, it showcases a flame motif representing unity and the power of gathering.
Policies & IssuesMay 30, 2025
Trade Court Declares Trump’s Tariffs InvalidHowever, the tariffs remain in effect in the short term, as an appeals court has stayed the U.S. Court of International Trade’s decision.
CollectionsMay 29, 2025
Britney Spears Files Trademark for New Jewelry LineThe pop icon is one step closer to launching her “B Tiny” jewelry collection, a collection she first began posting about last fall.
Supplier BulletinMay 29, 2025
Inoveo Platinum Grain, Exclusively Distributed by StullerSponsored by Stuller
SourcingMay 29, 2025
Grizzly Auctions 6,620-Carat EmeraldIt was featured in the miner’s latest sale, which brought in $24.8 million.
