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Sibanye hands over assets for stake in DRD
In an asset swop deal worth R1.3bn, Sibanye-Stillwater will exchange some surface gold processing assets and tailings storage facilities (TSF) for a 38% stake in DRDGold.
The assets include mine at Driefontein 2 and 3 and the West Rand Tailings Retreatment Project as well as tailings dams in Driefontein 3 and 5, Kloof 1, Venterspost North and South and Libanon.
Driefontein operations. Photo: Sibanye-Stillwater
Sibanye will also have the option to increase its stake in DRDGold to 50.1% within 24 months, it said.
“We are excited about the inherent potential in the investment and look forward to partnering with DRDGold in growing an international, industry leading, surface retreatment business,” Neal Froneman, Sibanye-Stillwater CEO said in a statement.
“Sibanye-Stillwater will realise immediate value for underutilised surface infrastructure and TSFs, while retaining upside to the West Rand Tailings Retreatment Project and future growth in DRDGold.”
The mine dumps and tailings dams have probable gold mineral reserves of 3.82-million ounces and probable uranium reserves of 42.9-million pounds, the company said.
