JSE-listed Sibanye-Stillwater has raised $500-million in a streaming deal with Wheaton Precious Metals International.
The agreement provides Sibanye-Stillwater with a long-term funding instrument that is linked to the operational performance of its US platinum-group metals operations, namely the Stillwater and East Boulder operations, and to the performance of the underlying commodities.
Sibanye’s obligations under the stream are limited to the delivery of a percentage of actualproduction, without repayment of the $500-million under any circumstances, and without minimum deliveries.
This introduces a funding instrument with limited obligations, minimising any potential for default.
The effective streaming date is July 1.