[miningmx.com] – AFRICAN Rainbow Minerals (ARM) was seeking to merge platinum assets in South Africa in order to improve profit margins, said Bloomberg News citing the empowerment group’s CEO, Mike Schmidt.
“The platinum industry is ring-fenced by little boundaries and no one is making any money,’ Schmidt said in an interview with the newswire service.
There are “duplication of capital, duplication of infrastructure, duplication of resources, power, water, people. It’s not very sensible,’ he said.
ARM’s platinum unit operates the Modikwa mine, a venture with Anglo American Platinum Ltd., and the Two Rivers venture with Impala Platinum in the eastern part of the Bushveld Complex.
ARM is owned by billionaire businessman, Patrice Motsepe.
Click here to read the full article
