{"id":894921,"date":"2018-08-01T22:00:53","date_gmt":"2018-08-01T22:00:53","guid":{"rendered":"https:\/\/juniorminingnews.com\/?p=894921"},"modified":"2018-08-01T22:00:53","modified_gmt":"2018-08-01T22:00:53","slug":"sibanye-successfully-acquires-stake-in-drdgold-2","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=894921","title":{"rendered":"Sibanye Successfully Acquires Stake in DRDGOLD"},"content":{"rendered":"

By Nicole Rashotte<\/a><\/span> <\/p>\n

\"gold<\/a><\/div>\n

Sibanye-Stillwater (NYSE:<\/b>SBGL<\/b><\/a>, JSE:SGL) officially owns 38.05 percent of<\/b> the issued share capital of DRDGold (NYSE:<\/b>DRD<\/b><\/a>, JSE:DRD), which is currently worth R895.7-million, Sibanye <\/b>announced<\/b><\/a> on Wednesday (Aug 1).<\/b><\/p>\n

As per the agreement, which was entered into <\/span>on <\/span>November 22, 2017<\/span><\/a>, Sibanye agreed to exchange selected surface gold-processing assets and tailing storage facilities (TSFs) for shares in DRDGold. More specifically, <\/span>Sibanye invested into DRDGold’s West Rand Tailings Retreatment project (WRTRP).<\/span><\/p>\n

\u201cWe are excited about the partnership with DRDGOLD which unlocks value for our under-utilized surface infrastructure and TSFs, while retaining upside to the West Rand Tailings Retreatment project and future growth in DRDGOLD,\u201d said Neal Froneman, CEO of Sibanye.<\/span><\/p>\n

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\u201c<\/span>Further value will be derived from the future development of this long life surface reclamation project, which will benefit all of our stakeholders, particularly those in the region<\/span>,\u201d he added. <\/span><\/p>\n

Additionally, as per terms of the acquisition, Sibanye has an option to subscribe for the option shares within 24 months in order to further attain up to a 50.1-percent shareholding in DRDGOLD.<\/span><\/p>\n

The shareholdings would be at a 10-percent discount to the 30-day volume weighted average traded price of a DRDGOLD share on the day prior to the date of exercise of the option.<\/span><\/p>\n

For its part, DRDGOLD noted that the deal is pertinent to its growth strategy, as it will increase the company’s gold reserves by 90 percent. <\/span> <\/span><\/p>\n

\u201cThe way is now clear for us to expedite Phase 1 of our phased plan for the development of WRTRP, to be known going forward as Far West Gold Recoveries,\u201d<\/span> said Ni\u00ebl Pretorius<\/span><\/a>, CEO of DRDGOLD.<\/span><\/p>\n

When addressing phase 1, <\/span>Pretorius noted,<\/span> \u201c[p]hase 1 involves the upgrading of the Driefontein 2 plant to process tailings from the Driefontein 5 dump at a rate of between 400,000 and 600,000 tonnes per meter and depositing the residue on the Driefontein 4 tailings dam.\u201d<\/span><\/p>\n

Additionally, DRDGold has secured a R300-million revolving credit facility from a South African financial institution for phase 1.<\/span><\/p>\n

The company has also stated, \u201c[DRDGOLD] <\/span>confirmed orders for most of the long lead items, and expect to be in production in the first quarter of calendar year 2019.\u201d<\/span><\/p>\n

As of 1:01 p.m. EST, Sibanye was up 0.40 percent, trading at US$2.53. Meanwhile, DRDGOLD was down 1.75 percent, trading at US$2.53.<\/span><\/p>\n

Don’t forget to follow us <\/span><\/i>@INN_Resource<\/span><\/i><\/a> for real-time news updates!<\/span><\/i><\/p>\n

Securities Disclosure: I, Nicole Rashotte, hold no direct investment interest in any company mentioned in this article. <\/b><\/p>\n

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10+ Gold Stocks to Watch<\/h2>\n

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The post Sibanye Successfully Acquires Stake in DRDGOLD<\/a> appeared first on Investing News Network<\/a>.<\/p>\n

…read more<\/a> <\/p>\n

From:: Investing News Network<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

By Nicole Rashotte Sibanye-Stillwater (NYSE:SBGL, JSE:SGL) officially owns 38.05 percent of the issued share capital of DRDGold (NYSE:DRD, JSE:DRD), which is currently worth R895.7-million, Sibanye announced on Wednesday (Aug 1). As per the agreement, which was entered into on November 22, 2017, Sibanye agreed to exchange selected surface gold-processing assets and tailing storage facilities (TSFs) […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[359],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/894921"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=894921"}],"version-history":[{"count":0,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/894921\/revisions"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=894921"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=894921"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=894921"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}