Sibanye to Exchange Assets, Facilities for 38% Stake in DRDGOLD
November 22 2017 - 1:59AM
Dow Jones News
By Adria Calatayud
South African mining company Sibanye-Stillwater Ltd. (SBGL) said
Wednesday that it has agreed to exchange a number of
gold-processing assets and tailings storage facilities for a 38%
stake in DRDGOLD Ltd. (DRD), in a deal valued at 1.3 billion South
African rand ($92.6 million).
Sibanye will have an option to increase its interest in DRDGOLD
to 50.1% within 24 months, following the completion of the deal,
the company said.
The assets Sibanye is transferring have probable gold mineral
reserves of 3.82 million ounces, the miner said. Sibanye added that
it will retain long-term exposure to the West Rand tailings
retreatment project in South Africa under DRDGOLD's control.
DRDGOLD intends to develop the West Rand project, culminating in
a central processing plant and a regional tailings-storage
facility, Sibanye added.
Write to Adria Calatayud at
adria.calatayudvaello@dowjones.com
(END) Dow Jones Newswires
November 22, 2017 01:44 ET (06:44 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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