Sibanye considers moving primary listing from JSE
The mining company wants to use equity to compete with its North American peers in securing more assets
Sibanye-Stillwater is considering moving its primary listing offshore to ensure it can compete for international assets, removing the perceived SA discount associated with being listed on the JSE, according to CEO Neal Froneman. While not specific about the timing or destination of a new primary listing, Froneman said at the Breakfast Indaba in Johannesburg on Wednesday that Sibanye wants to use its equity to pursue deals, and that will need a change in the listing. Froneman said the broad thinking is around looking at moving the listing in about two years. More than a third of Sibanye’s shareholders are domiciled in the US, a country, he said, that welcomes investments and where communities and labour are far less hostile towards mining operations than those in SA. Sibanye ran up $2.6bn in debt, roughly R30bn, to buy the Stillwater Mining palladium and platinum assets in the US, loading its balance sheet with debt and unsettling investors. In the future Sibanye would prefer to use ...
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