Sibanye to raise R1.8bn to protect itself from a potential platinum strike as gold stoppage drags on, costing more than R1.5bn
Sibanye-Stillwater is raising R1.8bn in a share placement to position itself for platinum sector wage talks and to restructure its gold mines.
Sibanye had net debt of R21.3bn at the end of December 2018 and it has extended the upper limits of its debt covenants to the end of 2019 to ensure these were in no danger of being breached because of the financial consequences of the ongoing gold strike. Sibanye, the largest producer of South African gold, said first quarter gold output had fallen to 104,000oz, roughly a third of the 291,500oz it had produced in the first quarter of 2018 due to the wage strike called on November 21 by the Association of Mineworkers and Construction Union .
Mathunjwa was in a belligerent mood at the PGM Indaba in Johannesburg on Tuesday morning, saying there was no way the union’s members would return to work without their demands for higher wages being met.
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