JOHANNESBURG (miningweekly.com) – A revised term sheet for Sibanye Gold’s proposed refinancing of Waterberg Coal Company (WCC) is expected to emerge after the gold producer completed its legal, technical and financial due diligence.
WCC on Tuesday said in a quarterly update that Sibanye remained “desirous” of the deal; however, it planned to alter the terms proposed in the transaction with Standard Bank noteholders, which held the current funding facility.
“It is contemplated that, once the variation with the noteholders has been documented, a revised term sheet will be entered into with all of the parties,” WCC said.
In September last year, WCC and its subsidiary Firestone Energy requested a month-long extension to its voluntary suspension, which had been in effect since March 19, to allow Sibanye more time to undertake a due diligence and provide formal transaction documentation for the proposed deal.
At the time of WCC’s quarterly report, no variation had been completed or documented.