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Platinum acquisitions progress update
Sibanye Gold Limited
Incorporated in the Republic of South Africa
Registration number 2002/031431/06
Share code: SGL
ISIN – ZAE000173951
Issuer code: SGL
(“Sibanye Gold”, “Sibanye” or “the Company”)
PLATINUM ACQUISITIONS PROGRESS UPDATE
Westonaria, 30 November 2015: Sibanye (JSE: SGL & NYSE: SBGL) is
pleased to provide stakeholders with an update on progress that
has been made towards finalising the acquisitions of Anglo
American Platinum Limited’s Rustenburg Platinum Operations
(“Rustenburg Operations”) and Aquarius Platinum Limited
(“Aquarius”), which were announced on 9 September 2015 and 6
October 2015 respectively. Significant progress has been made on
advancing the two transactions and as at 27 November 2015, the
following key material conditions precedent remained outstanding
on the respective transactions:
The Aquarius transaction:
- the approval of the transaction by a simple majority (50 plus
one) of votes cast by Aquarius shareholders. The offer
document to Aquarius shareholders is expected to be posted by
mid-December 2015 and will include the completed Independent
Expert’s Report, compiled in accordance with the ASIC
Regulatory Guide 111, on whether the Amalgamation is fair and
reasonable and in the best interest of Aquarius shareholders.
The special general meeting is expected to take place in
January 2016; and
- the approvals of the transaction by the South African
Competition Commission and Competition Tribunal. The South
African Competition Commission filing was submitted on 13
November 2015 and the approvals are expected to be obtained by
the end of March 2016. Competition Commission timelines
dictate that a merger related ruling is made within 60
business days of submission, unless an extension is requested
by the Commission.
All other conditions precedent related to regulatory and third
party consents required for the Aquarius transaction have been
obtained to the extent required. The Aquarius transaction is
still expected to be closed by the end of April 2016.
The Rustenburg Operations transaction:
- the JSE Limited (“JSE”) Category 1 circular relating to
Sibanye Shareholder approval for the acquisition of the
Rustenburg Operations is currently being finalized and is
expected to be posted to Sibanye shareholders by mid-
December 2015, with the shareholders meeting expected to
take place in mid-January 2016;
- the approval of the transaction by the South African
Competition Commission. The South African Competition
Commission filing was submitted on 13 November 2015 with
similar time guidelines to the Aquarius transaction
explained above; and
- completion of the Broad Based Black Economic Empowerment
Transaction (“BBBEE”) and all necessary consents being
obtained from the South African Department of Mineral
Resources.
Despite Platinum Group Metal prices drifting lower since the
transactions were announced, Sibanye remains committed to
expeditiously concluding both transactions, which are each
compelling in their own right.
“As highlighted when these transactions were announced; whilst
near term economic headwinds and supply side factors have
resulted in downward pressure on metal prices, the long term
outlook for PGM demand remains constructive, as evidenced by
continued growth in auto demand globally. Combining the
contiguous Rustenburg Operations with Aquarius’ Kroondal mine,
will enable us to deliver significant operational synergies,
underpinning a sustainable business in a lower-for-longer price
environment and providing leverage to a recovery in prices,
thereby enhancing value for shareholders”, Neal Froneman, CEO of
Sibanye said.
ENDS
Contact
James Wellsted
SVP Investor Relations
Sibanye Gold Limited
+27 83 453 4014
james.wellsted@sibanyegold.co.za
Sponsor
Sponsor: J.P. Morgan Equities South Africa Proprietary Ltd
FORWARD LOOKING STATEMENTS
Certain statements in this document constitute “forward looking
statements” within the meaning of Section 27A of the US
Securities Act of 1933 and Section 21E of the US Securities
Exchange Act of 1934.
These forward-looking statements, including, among others, those
relating to Sibanye’s future business prospects, revenues and
income, wherever they may occur in this document and the exhibits
to this document, are necessarily estimates reflecting the best
judgment of the senior management of Sibanye and involve a number
of known and unknown risks and uncertainties that could cause
actual results, performance or achievements of the Group to
differ materially from those suggested by the forward-looking
statements. As a consequence, these forward looking statements
should be considered in light of various important factors,
including those set forth in this document. Important factors
that could cause the actual results to differ materially from
estimates or projections contained in the forward looking
statements include without limitation: economic, business,
political and social conditions in South Africa and elsewhere;
changes in assumptions underlying Sibanye’s estimation of its
current mineral reserves and resources; the ability to achieve
anticipated efficiencies and other cost savings in connection
with past and future acquisitions as well as existing operations;
the success of exploration and development activities; changes in
the market price of gold and/or uranium; the occurrence of
hazards associated with underground and surface gold and uranium
mining; the occurrence of labour disruptions and industrial
action; the availability, terms and deployment of capital or
credit; changes in government regulations, particularly
environmental regulations and new legislation affecting water,
mining and mineral rights; the outcome and consequence of any
potential or pending litigation or regulatory proceedings or
other environmental, health and safety issues; power disruptions
and cost increases; fluctuations in exchange rates, currency
devaluations, inflation and other macro-economic factors; the
occurrence of temporary stoppages of mines for safety incidents
and unplanned maintenance reasons; Sibanye’s ability to hire and
retain senior management or sufficient technically skilled
employees, as well as its ability to attract sufficient
historically disadvantaged South Africans representation in its
management positions; failure of Sibanye’s information
technology and communications systems; the adequacy of Sibanye’s
insurance coverage; any social unrest, sickness or natural or
man-made disaster at informal settlements in the vicinity of some
of Sibanye’s operations; and the impact of HIV, tuberculosis and
other contagious diseases. These forward looking statements speak
only as of the date of this document.
The Group undertakes no obligation to update publicly or release
any revisions to these forward looking statements to reflect
events or circumstances after the date of this document or to
reflect the occurrence of unanticipated events.
Date: 30/11/2015 08:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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