Sibanye Gold Limited (Sibanye-Stillwater)
Sibanye Gold Limited (Sibanye-Stillwater)
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The prospect of a lengthy shutdown of its Century zinc mine due to intense rainstorms has forced Australian miner New Century Resources to turn to its now-controlling shareholder Sibanye-Stillwater for up to $A30M in short-term support.
The hydraulic mining operation at Lawn Hill in NW Qld has been confined to essential safety and maintenance activities for over a week due to site conditions and blocked access roads.
Australian-based New Century Resources has plunged deeper into the red in the Dec half (H1FY23) as it faces what already shapes as a successful takeover move by shareholder Sibanye.
On revenue that fell to $A162.1M from $191.7M a year earlier, NCZ has posted attributable net loss of $28.5M (H1FY22: $6.4M).
Sibanye, which holds a majority interest through on-market acceptances of its $1.10 per share offer, has warned the current board’s expansionist strategies are placing its balance sheet under strain.
South African-based international miner Sibanye has taken majority control of zinc producer New Century Resources through on-market acquisitions ahead of the opening of its formal $US103M takeover offer.
Since announcing its bid last week, Sibanye has moved its stake in the Australian-based company from 19.9% to 52.67% through acquisitions at its “best and final” offer of $A1.10 per share.
The off-market offer is not due to open before March 7.
South African multinational Sibanye-Stillwater says the $US83M off-market takeover offer it has launched for New Century Resources fits its strategy to become a global leader in tailings retreatment and recycling.
Sibanye, which is NCZ’s largest shareholder with 19.9% but is seeking to reach about 30% through an accompanying on-market offer, says the $A1.10 per share cash offer is final and will not be increased unless there is a competing proposal. The offer represents an equity value of $US103M for NCZ.
Australian-based explorer Ioneer has been offered a $US700M, 10-year loan by the US Department of Energy to back development of its planned long-life lithium and boron mining project at Rhyolite Ridge between Reno and Las Vegas in Nevada.
MD Bernard Rowe says the conditional commitment, which follows nearly two years of detailed technical, legal and market due diligence, is a significant milestone for the proposed development of North America’s only known lithium-boron deposit.
(DEVELOPMENT)
The US government has recognised the potential value of Ioneer’s Rhyolite Ridge lithium-boron project in Nevada to the national push for security of critical minerals supply with the offer of a $700M development loan.
The go-ahead by international miner Sibanye for the €588M capital development of the Kokkola lithium hydroxide refinery represents the first phase of development of its 85%-owned Keliber project in the Central Ostrobothnia region of Finland.
The refinery in the Kokkola industrial park will process concentrate from Keliber Oy’s four initial opencast and three underground mines.
Sibanye is awaiting environmental permits to commence construction of the concentrator and two openpit mines.
South African major Sibanye has commenced a formal consultation process after outlining restructuring proposals for its declining Beatrix 4 shaft and Kloof 1 plant operations in the Witwatersrand Basin that could cost close to 2,500 jobs.
Sibanye says several attempts to address productivity and operational issues at Beatrix and the depletion of mineral reserves at Kloof have been unsuccessful, and it was increasingly evident that growing costs and falling productivity could not sustain profitability at either project.
Developer West Wits Mining is preparing to mobilise mining equipment and contracting workforce in the March 2023 quarter for a restart of operations at its Witwatersrand Basin gold project in South Africa.
West Wits paused mining at the Central Rand goldfield project in March to revise its mining and equipment supply contracts.
Zimbabwe finance minister Mthuli Ncube has announced the royalty rate on platinum group metals will be doubled to 5% from January 2023.
Ncube announced the increase in a mid-term budget, saying government income from the mining industry was low due to "a generous royalty regime on some major minerals", Reuters reported. He says the new royalty rate is in line with other platinum-producing countries in Africa.