Sibanye-Stillwater boosts stake in DRDGOLD to 50%
10/01/2020 07:54
JOHANNESBURG, Jan 10 (Reuters) - South African gold producer
Sibanye-Stillwater SGLJ.J has exercised an option to acquire
an additional 12% interest in DRDGOLD DRDJ.J , bringing its
total stake to 50.1%, the smaller miner announced on Friday.
The transaction marks the single largest investment ever
made by an individual shareholder in DRDGOLD, its chief
executive Niel Pretorius said in a statement.
DRDGOLD acquired the gold assets of Sibanye-Stillwater's
West Rand tailings retreatment project in July 2018 in exchange
for a 38.1% stake in the smaller firm and a 24-month option to
acquire an additional 12%.
Pretorius said the proceeds of Sibanye's stake purchase
would go "a long way" to funding the early-stage development of
phase 2 of the tailings retreatment project.
(Reporting by Helen Reid; Editing by Jan Harvey)
((Helen.Reid@thomsonreuters.com; +27 11 595 2852;))