Sibanye-Stillwater confirmed its belief in the success of its acquisition of platinum miner Lonmin as it outlined two potential options to raise up to $500m to accelerate debt reduction, one of the factors behind a precipitous fall in its share price. Sibanye, which is SA’s largest domestic gold producer and a major source of platinum group metals, said its board was acutely aware of the "accelerated" drop in its already "significantly" reduced share price and so was providing an update to the market on its debt reduction plans, operational issues, particularly safety at is South African gold mines, and to reaffirm its commitment to the successful conclusion of its all-share R5bn takeover bid of Lonmin. The debt incurred by Sibanye to pay $2.2bn for the cash purchase of America’s Stillwater Mining, a palladium and platinum miner based in Montana, is one of the primary concerns among investors and analysts, who are worried about the volatility of the rand when it comes to selling Sou...
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