JOHANNESBURG (miningweekly.com) – Precious metals mining company Sibanye has secured the South African Reserve Bank’s (SARB’s) approval for its R30-billion acquisition of US-based platinum group metals producer Stillwater Mining Company.
Triple-listed Sibanye on Tuesday said the transaction remained on schedule for a second-quarter close.
“We are extremely pleased to have received another important regulatory approval, which takes us another step closer to concluding this transformative transaction,” said CEO Neal Froneman, adding that focus remained on ensuring the remaining conditions were met.
The deal remains subject to the approval of the holders of a majority of Stillwater’s outstanding shares, the approval of the holders of a majority of Sibanye’s shares, the approval of the related issuance of shares by Sibanye in the context of a potential rights issue by the holders of at least 75% of the shares present and voting, clearance by the Committee on Foreign Investment in the United States, and other customary conditions.