Stillwater finalises R6.5 billion stream deal
File picture: Itumeleng English/African News Agency (ANA) Archives File picture: Itumeleng English/African News Agency (ANA) Archives
JOHANNESBURG - Sibanye-Stillwater said yesterday that it had concluded the $500 million (R6.5 billion) gold and palladium stream agreement with Canada-based pure precious metals streaming company Wheaton Precious Metals International.
Sibanye-Stillwater received the $500m from Wheaton International in exchange for an amount of gold and palladium equal to a percentage of gold and palladium from its US platinum group metals operations.
The operations are comprised of its East Boulder and Stillwater mining operations. The transaction took effect on July 1.
Sibanye-Stillwater said last week that the deal would reduce its current group leverage ratio to a level well below the current debt covenant.