Sibanye announces that the acquisition of the Rustenburg operations is now unconditional
Westonaria, 19 October 2016: Sibanye - http://www.commodity-tv.net/c/mid,2697,Company_Presentation/?v=296429 - is pleased to announce that the acquisition (the “Transaction”), by Sibanye Rustenburg Platinum Mines Proprietary Limited (“SRPM”) from Rustenburg Platinum Mines Limited (“RPM”), of the Bathopele, Siphumelele (incl. Khomanani), and Thembelani (incl. Khuseleka) mining operations, two concentrating plants, an on-site chrome recovery plant, the Western Limb Tailings Retreatment Plant, associated surface infrastructure and related assets and liabilities on a going concern basis, including normalised levels of working capital (the “Rustenburg Operations”), is now unconditional. This follows amongst other things, the granting of consent in terms of Section 11 of the Mineral and Petroleum Resources Development Act, 2002 for the sale by RPM of the Mining Right and the Prospecting Right to SRPM.
As a result, the effective date of the implementation of the Transaction will be 1 November 2016, when Sibanye will take over ownership, control and management of the Rustenburg Operations.
Sibanye will further update the market upon implementation of the Transaction.
“We welcome the receipt of the Section 11 consent from the Department of Mineral Resources, which is the last regulatory condition outstanding. We look forward to now incorporating the Rustenburg Operations into our Platinum Division, which will allow us to realise cost savings across the Group and operational synergies to create a sustainable Platinum Division and to unlock value for the benefit of all stakeholders. This Transaction is consistent with Sibanye’s strategy to grow its business in order to sustain its position as an industry leading dividend paying company”, Sibanye’s CEO Neal Froneman commented.
For reference, Sibanye shareholders are referred to the announcement released on 9 September 2015 announcing the agreement of the Transaction; the announcement released on 18 January 2016 confirming that Sibanye shareholders had approved the acquisition of the Rustenburg Operations; and the announcement released on 17 March 2016 confirming that the Transaction was approved by the Competition Authorities in accordance with the Competition Act.
Corporate Advisor: Qinisele Resources Proprietary Limited
Financial Advisor: HSBC Bank plc
Sponsor: J.P. Morgan Equities South Africa Proprietary Limited
South African Legal Advisor: ENSAfrica
US Legal Advisor: Linklaters LLP
SVP Investor Relations
Sibanye Gold Limited
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