The mining company wants to use equity to compete with its North American peers in securing more assets
Sibanye-Stillwater is considering moving its primary listing offshore to ensure it can compete for international assets, removing the perceived SA discount associated with being listed on the JSE, according to CEO Neal Froneman.
Sibanye ran up $2.6bn in debt, roughly R30bn, to buy the Stillwater Mining palladium and platinum assets in the US, loading its balance sheet with debt and unsettling investors. In the future Sibanye would prefer to use competitive equity to compete with its North American peers in securing more assets, Froneman said.
Talking specifically about Sibanye’s three gold mines, Froneman said the large Driefontein mine near Carletonville was “for all intents and purposes mined out”.
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