Sibanye-Stillwater CEO Neal Froneman
Photo by: Creamer Media
JSE- and NYSE-listed precious metals miner Sibanye-Stillwater has placed 108.93-million new ordinary shares at R15.50 apiece with existing and new institutional investors, raising gross proceeds of about R1.7-billion, or $120-million.
The shares represent around 5% of the company’s issued ordinary share capital.
“While we remain confident that the current operating and economic conditions will support our deleveraging plans during the course of the year, the enhanced balance sheet flexibility provided by this transaction will ensure the company is appropriately positioned and sufficiently robust to endure any exogenous socioeconomic challenges,” said CEO Neal Froneman.