Sibanye-Stillwater to Provide Up to A$30 Million to New Century in Emergency Financing
March 23 2023 - 4:34AM
Dow Jones News
By Joe Hoppe
Sibanye-Stillwater Ltd. said Thursday that it will provide up to
30 million Australian dollars ($20.1 million) in financial support
for takeover target New Century Resources Ltd., subject to certain
conditions.
The South African precious-metals mining company said that
record levels of rainfall in North Queensland, Australia resulted
in flooding at the Century mine and Karumba port facility in early
March, with operations expected to remain suspended for a further
two-three weeks, which will result in a production shortfall.
In mid-February, Sibanye said it was launching an off-market
takeover offer for New Century and that it will pay $83 million for
the shares it doesn't already own. As of Tuesday, Sibanye owns
87.64% of New Century, up from its holding of 19.9% on Feb. 21.
Write to Joe Hoppe at joseph.hoppe@wsj.com
(END) Dow Jones Newswires
March 23, 2023 04:19 ET (08:19 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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