https://www.miningweekly.com

Sibanye to buy back up to 5% of its shares

1st June 2021

By: Simone Liedtke

Creamer Media Social Media Editor & Senior Writer

     

Font size: - +

Precious metals miner Sibanye-Stillwater will be implementing an on-market buyback of up to, but not exceeding, 5% of its ordinary shares in issue as at May 31.

The buyback programme is consequential to the successful financial deleveraging and resumption of industry-leading dividend payments by the group during 2020 and is consistent with the strategic capital allocation framework approved by the board in February this year.

Sibanye's capital allocation framework for this year prioritises investing in operational sustainability, maintaining appropriate cash reserves, paying industry-leading dividends and prudent debt management.

CEO Neal Froneman comments that the approval of the buyback programme underpins Sibanye’s commitment to “creating value for all stakeholders through disciplined adherence to our capital allocation framework and reflects the robust financial position and positive fundamental outlook for the group”.

He adds that the company’s board considers the buyback of the undervalued shares in the market as the “most appropriate and value enhancing allocation of surplus capital at this stage”, in order to ensure ongoing delivery of superior returns to shareholders.

The buyback programme will be limited to a maximum of 147.7-million ordinary shares.

It will be implemented between June 2, 2021, and April 6, 2022.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Hanna Instruments (Pty) Ltd
Hanna Instruments (Pty) Ltd

We supply customers with practical affordable solutions for their testing needs. Our products include benchtop, portable, in-line process control...

VISIT SHOWROOM 
Iritron
Iritron

Iritron delivers advanced automation, control, and optimisation solutions to the Mining, Minerals & Metals, Consumer Package Goods and...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

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?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.044 0.071s - 110pq - 2rq
Subscribe Now