JOHANNESBURG (miningweekly.com) – Proudly South African gold newcomer Sibanye Gold is successfully trading its shares on the New York Stock Exchange (NYSE), corporate affairs head James Wellsted said on Friday.
The listing of its American Depositary Receipt (ADR) stock signalled the end of Sibanye's unbundling out of Gold Fields Limited as the first NYSE-listed ADR of a South African company since the listing of Sasol ten years ago.
Sibanye chairperson Sello Moloko, CEO Neal Froneman and CFO Charl Keyter performed the bell ringing tradition at the close of trading.
The ADR closed 3.5% up at $5.94 a share on a volume of 1.58-million ADRs for the day.
“It’s a positive start," said Froneman, who described the listing as a key step in building international awareness for Sibanye.
Each ADR is equal to four ordinary shares.
Prior to the unbundling, JSE-listed Sibanye's Kloof, Driefontein and Beatrix gold-mine assets were wholly owned by Gold Fields.
Sibanye announced simultaneously that Barry Davison, Timothy Cumming, Nkosemntu Nika and Susan van der Merwe had been appointed independent nonexecutive directors of the company with immediate effect.
Davison is a former executive chairperson of Anglo American Platinum; Cumming is the founder and partner of Scatterlinks, a South Africa-based company that coaches senior business executives; Nika is an independent nonexecutive director of Scaw Metals; and Van der Merwe is a Member of Parliament.