Sibanye Gold Ltd. said it has made a recommended cash offer for Aquarius Platinum Ltd. worth about $294 million.

The South African gold miner offered 19.5 U.S. cents a share, the company said in a statement on Tuesday.

“The Aquarius operations are efficiently managed, mechanised and low-cost operations that will consolidate Sibanye’s position in the South African platinum group metals sector and also provide Sibanye with additional platinum group metals operational experience,” the company said.

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