Sylvania Platinum to sell iron ore assets in South Africa.

By bne IntelliNews July 11, 2011
Platinum group metals producer Sylvania Platinum said it would sell its iron ore assets in the Bushveld Complex in South Africa to focus on reaching its production targets. Subject to the receipt of any necessary shareholder or regulatory approvals, the Sylvania Platinum board proposes to dispose of these assets, in a way that would be beneficial to its shareholders, the company said in a statement. The magnetite layers, and in particular the main magnetite layer, of the Bushveld Complex are mined for iron ore and vanadium. The assets were acquired by the company in September 2009. The board of Sylvania Platinum has decided to divest its iron assets in order to realise value for them independently and to allow the company to concentrate purely on the production expansion from its (platinum group metals) PGM tailings dumps and the development of the Northern Limb PGM and base metal surface mining operations.

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