Sibanye tying up New Century strings

30th March 2023 By: Esmarie Iannucci - Creamer Media Senior Deputy Editor: Australasia

PERTH (miningweekly.com) – Suitor Sibanye-Stillwater Resources has started the compulsory acquisition of the remaining shares in takeover target New Century Resources after gaining a 90% interest in the ASX-listed company.

Sibanye-Stillwater in February launched a A$1.10-a-share takeover offer for Australian zinc miner New Century Resources, in which it held an initial 19.9% interest.

In its takeover offer, the JSE- and NYSE-listed company expressed concern about the change in the strategic direction of New Century under its current management, with the building of a tailings asset management services business no longer a focus.

The suitor has subsequently offered New Century a A$30-million lifeline after the company was forced to halt operations at its Queensland zinc mine in early March, following heavy rains.

In a letter to New Century’s remaining shareholders, Sibanye-Stillwater urged the acceptance of the takeover offer before the closing date of April 11.