Sibanye-Stillwater may have put itself between a rock and a hard place with the $500-million (about R6.7-billion) cash injection from Wheaton Precious Metals International, which is meant to help it cut debt by a quarter to R16.5-billion. The diversified miner, which has been under immense pressure to reduce its debt, has signed a streaming deal in terms of which it will sell a percentage of palladium and all its gold production over the life of its US-based Stillwater operation in exchange for the upfront payment. For every ounce of metal delivered until the $500-million advance is repaid, Wheaton will pay Sibanye-Stillwater 18% below the spot price. Thereafter, until the end of the life of the mine, the discount for Wheaton increases to 22%. Some analysts are not convinced of the benefits of the complex deal. They say that while it does reduce debt and keep the banks happy, it is a cost to shareholders. Rene Carlo Hochreiter, an analyst at Noah Capital Markets, said the deal would...

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