Sibanye-Stillwater extends helping hand to New Century
PERTH (miningweekly.com) - Suitor Sibanye-Stillwater has offered a A$30-million lifeline to takeover target New Century Resources, after that company was forced to halt operations at its Queensland zinc mine in early March, following heavy rains.
Operations are expected to remain suspended for a further two to three weeks.
New Century has warned of production losses of 5 000 t to 20 000 t of zinc metal for the 2023 financial year, and has also warned that the production shortfall is likely to impact short-term liquidity.
The ASX-listed New Century said earlier this month that it was engaging with Sibanye-Stillwater on mitigating key operational and business risks, including short-term liquidity issues.
The board of JSE- and NYSE-listed Sibanye-Stillwater has now approved A$30-million in financial support, subject to certain conditions.
Sibanye-Stillwater said on Thursday that it remained committed to working with New Century to ensure the safety of the on-site team and the safe restart of operations. The company also remained committed to working with New Century to ensure that it remained in a position to meet its financial obligations while it recovered from this unforeseen event, subject to certain conditions.
Sibanye-Stillwater has made a A$1.10-a-share takeover offer for New Century, and currently holds an 87.64% interest in the company.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation