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Form 6-K Sibanye Stillwater Ltd For: Oct 27

October 27, 2021 7:34 AM EDT
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Dated 27 October, 2021
Commission File Number 333-234096
Sibanye Stillwater Limited
(Translation of registrant’s name into English)
Constantia Office Park
Cnr 14th Avenue and Hendrik Potgieter Road
Bridgeview House, Ground Floor
Weltevreden Park, 1709
South Africa
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of
Form 20-F or Form 40-F:
Form 20-F
Form 40-F
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation S-T Rule 101(b)(1):
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation S-T Rule 101(b)(7):
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly
caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Sibanye Stillwater Limited
Date: 27 October, 2021
By:
/s/ Charl Keyter
Name:
Charl Keyter
Title:
Chief Financial Officer
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EXHIBIT INDEX
Exhibit
Description
99.1
Press release
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Sibanye Stillwater Limited
Incorporated in the Republic of South Africa
Registration number 2014/243852/06
Share codes: SSW (JSE) and SBSW (NYSE)
ISIN – ZAE000259701
Issuer code: SSW
(“Sibanye-Stillwater”,”the Company” and/or “the Group”)
Registered Address:
Constantia Office Park
Bridgeview House • Building 11 • Ground Floor
Cnr 14th Avenue & Hendrik Potgieter Road
Weltevreden Park • 1709
Exhibit 99.1
Postal Address:
Private Bag X5 • Westonaria • 1780
Tel +27 11 278 9600 • Fax +27 11 278 9863
Website: www.sibanyestillwater.com
MARKET RELEASE

Sibanye-Stillwater invests further in the circular economy as it expands its tailings retreatment exposure
through a 19.99% investment in New Century Resources
Johannesburg, 27 October 2021:
Sibanye-Stillwater (Tickers JSE: SSW and NYSE: SBSW) (Sibanye-Stillwater) is
pleased to announce that it has entered into investment agreements to acquire a 19.99% shareholding in
New Century Resources Limited (Ticker ASX: NCZ) (New Century) through a new equity placement, and
sub-underwriting of a New Century entitlement offer, for a maximum cash consideration of US$46 million1
(the Transaction). The Transaction is expected to be completed in December 2021, with a portion (outlined
in the “Transaction details” section) subject to approval by New Century shareholders.
More about New Century
New Century is a leading tailings management and rehabilitation company which currently owns the
Century tailings zinc retreatment operations in Queensland, Australia and is listed on the Australian
Securities Exchange. The Century zinc operations were placed on care and maintenance in 2016 following
depletion of the original open pit in-situ reserves after producing and processing on average 475ktpa zinc
and 50ktpa lead concentrate for 16 years. New Century converted existing processing infrastructure to
enable re-processing of legacy tailings waste dumps. The infrastructure refurbishment was completed in
August 2018 and the operations have been re-processing tailings since.
Key operating metrics:2
Top 15 global zinc producer with annual zinc (Zn) production of 128 ktpa (FY2021)
Reserves: 51.8Mt at 3.1% Zn for 1,613kt contained Zn (including tailings of 49.3Mt at 3.1% Zn content for
1,473kt contained Zn)
Resources (incl. Reserves): 65.2Mt at 3.5% Zn for 2,306kt contained Zn (including tailings of 53Mt at 3%
Zn for 1,604kt contained Zn)
Life of Mine (LOM) to 2027, with indicated and inferred resources offering opportunity to extend LOM
to 2030+
Attractive second quartile industry cost curve position, with C1 cash costs (net of by-products) of
US$0.89/lb Zn(2)(3)
vs current spot of US$1.59/lb
1
Being a maximum subscription amount of A$61.39 million and at an assumed exchange rate of A$1.00/US$07517.
2
The information in this announcement that relates to New Century – including in relation to production, mineral resources and ore reserves estimates, costs and other
financial information or plans – is extracted from publicly available information about New Century. Sibanye‐Stillwater has not independently verified such information,
and, to the maximum extent permitted by law, makes no representation or warranty, express or implied, as to the fairness, accuracy, correctness, completeness or
adequacy of any information in relation to New Century.
3
As of the quarter ending September 2021.
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2
The New Century management team has a proven track record of best practice tailings reprocessing in
Australia and is focused on expanding the business by providing best-in-class advisory services to large-
scale, tailings reprocessing and rehabilitation operations in Australia and globally.
Investment rationale
Sibanye-Stillwater believes that the Transaction represents a unique opportunity to generate long-term
value for our stakeholders while enhancing its profile as a premier, global tailings retreatment leader,
uniquely positioned to play a key role in future supply chains for a sustainable circular economy.
This investment in New Century represents an attractive opportunity for Sibanye-Stillwater on a standalone
basis, given the ability to own 19.99% of a high-quality tailings retreatment business in Australia and
complements our existing investment in DRDGOLD Limited (DRDGOLD) in South Africa. As New Century
develops its environmental liability management advisory service to large mining clients globally, and on
the back of increased scale and visibility, we expect New Century to benefit from a re-rating in line with
recyclers and waste management providers. Therefore, the investment itself is expected to have
embedded re-rating potential as New Century grows and develops its strategy with the assistance of
Sibanye-Stillwater as a partner.
Sibanye-Stillwater took the opportunity to create an industry-leading surface mining partnership with
DRDGOLD in November 2017 by vending selected gold surface reprocessing assets and currently owns
50.7% in DRDGOLD. The investment in New Century allows Sibanye-Stillwater to expand on the success of
its investment in DRDGOLD in another tier-1 mining jurisdiction and to build a global platform for tailings
retreatment with associated complementary partnerships.
The investment in New Century further diversifies Sibanye-Stillwater geographically, providing a foothold
into Australia, a high-quality international mining jurisdiction.
The Transaction also allows for potential sharing of technological best practices and synergy realisation
across Sibanye-Stillwater's various investment platforms, further advancing Sibanye-Stillwater as a global,
ESG-focused industry leader in tailings reprocessing.
New Century’s investment in the Mt Lyell copper mine will also provide an opportunity for sustainable green
copper production, large scale tailings reprocessing and rehabilitation. Through this investment Sibanye-
Stillwater further increases its exposure to green metals.
Transaction details
Sibanye-Stillwater (through its wholly-owned subsidiary) will acquire a 19.99% ownership stake in New
Century through a phased equity investment program (expected to be completed in December 2021) in
line with New Century’s announced capital raising timetable
https://newcenturyresources.com/investor-centre/announcements. The investment in New Century will
be conducted as a subscription by Sibanye-Stillwater for newly issued New Century ordinary shares at an
issue price of A$0.155 per share. This represents a 0% discount to New Century’s market close on
30 September 2021 (being the last trading day in New Century shares before the date of this announcement),
for a total consideration of up to US$46 million(1). The phased equity investment program will comprise an
unconditional placement to (among others) Sibanye-Stillwater, the partial sub-underwriting by Sibanye-
Stillwater of a New Century entitlement offer, and a conditional placement to Sibanye-Stillwater subject
to the approval of New Century shareholders (Conditional Placement).
The Transaction will be funded through Sibanye-Stillwater’s available cash reserves. Relevant regulatory
approvals (including South African Reserve Bank and Australian Foreign Investment Review Board) have
been received for the Transaction. The Conditional Placement (only) remains subject to the approval of
New Century shareholders at its Annual General Meeting planned to be held in November 2021.
For more information on the Transaction, refer to
https://www.sibanyestillwater.com/news-investors/news/transactions/new-century-resources/.
Sibanye-Stillwater Chief Executive Officer Neal Froneman commented, “This investment in New Century
represents a significant next step in our strategy of building a leading global tailings retreatment business,
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diversified by commodity and geography and is aligned with our sustainability strategy of building a
climate change resilient business.
We have been impressed with what the New Century management team has achieved at developing a
globally significant zinc producing business through the reprocessing of tailings, whilst facilitating the
rehabilitation of an old mine site.
We are pleased to partner with New Century Resources in this exciting next phase of their growth at Mt
Lyell and support their vision of growing their Tailings Management advisory service business model
globally, to produce green metals and address environmental legacy issues.”
Investor relations contact:
Email: [email protected]
James Wellsted
Head of Investor Relations
Tel: +27 (0) 83 453 4014
Website:
www.sibanyestillwater.com

Sponsor: J.P. Morgan Equities South Africa Proprietary Limited

Advisors and counsel

Financial Advisor: Citigroup Global Markets Limited
Legal Advisors: Ashurst and Webber Wentzel
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FORWARD LOOKING STATEMENTS
The information in this document may contain forward-looking statements within the meaning of the “safe harbour”
provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements,
including, among others, those relating to Sibanye Stillwater Limited’s (“Sibanye-Stillwater” or the “Group”) financial
positions, business strategies, plans and objectives of management for future operations, are necessarily estimates
reflecting the best judgment of the senior management and directors of Sibanye-Stillwater and involve a number of
risks and uncertainties that could cause actual results 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 report.
All statements other than statements of historical facts included in this report may be forward-looking statements.
Forward-looking statements also often use words such as “will”, “forecast”, “potential”, “estimate”, “expect”, “plan”,
“anticipate” and words of similar meaning. By their nature, forward-looking statements involve risk and uncertainty
because they relate to future events and circumstances and should be considered in light of various important
factors, including those set forth in this disclaimer. Readers are cautioned not to place undue reliance on such
statements.
The important factors that could cause Sibanye-Stillwater’s actual results, performance or achievements to differ
materially from estimates or projections contained in the forward-looking statements include, without limitation,
Sibanye-Stillwater’s future financial position, plans, strategies, objectives, capital expenditures, projected costs and
anticipated cost savings, financing plans, debt position and ability to reduce debt leverage; economic, business,
political and social conditions in South Africa, Zimbabwe, the United States and elsewhere; plans and objectives of
management for future operations; Sibanye-Stillwater’s ability to obtain the benefits of any streaming arrangements
or pipeline financing; the ability of Sibanye-Stillwater to comply with loan and other covenants and restrictions and
difficulties in obtaining additional financing or refinancing; Sibanye-Stillwater’s ability to service its bond instruments;
changes in assumptions underlying Sibanye-Stillwater’s estimation of its current mineral reserves; any failure of a
tailings storage facility; the ability to achieve anticipated efficiencies and other cost savings in connection with, and
the ability to successfully integrate, past, ongoing and future acquisitions, as well as at existing operations; the ability
of Sibanye-Stillwater to complete any ongoing or future acquisitions; the success of Sibanye-Stillwater’s business
strategy and exploration and development activities; the ability of Sibanye-Stillwater to comply with requirements
that it operate in ways that provide progressive benefits to affected communities; changes in the market price of
gold and PGMs; the occurrence of hazards associated with underground and surface mining; any further
downgrade of South Africa’s credit rating; a challenge regarding the title to any of Sibanye-Stillwater’s properties by
claimants to land under restitution and other legislation; Sibanye-Stillwater’s ability to implement its strategy and any
changes thereto; the occurrence of labour disruptions and industrial actions; the availability, terms and deployment
of capital or credit; changes in the imposition of regulatory costs and relevant government regulations, particularly
environmental, tax, health and safety regulations and new legislation affecting water, mining, mineral rights and
business ownership, including any interpretation thereof which may be subject to dispute; the outcome and
consequence of any potential or pending litigation or regulatory proceedings or environmental, health or safety
issues; the concentration of all final refining activity and a large portion of Sibanye-Stillwater’s PGM sales from mine
production in the United States with one entity; the identification of a material weakness in disclosure and internal
controls over financial reporting; the effect of US tax reform legislation on Sibanye-Stillwater and its subsidiaries; the
effect of South African Exchange Control Regulations on Sibanye-Stillwater’s financial flexibility; operating in new
geographies and regulatory environments where Sibanye-Stillwater has no previous experience; power disruptions,
constraints and cost increases; supply chain shortages and increases in the price of production inputs; the regional
concentration of Sibanye-Stillwater’s operations; fluctuations in exchange rates, currency devaluations, inflation and
other macro-economic monetary policies; the occurrence of temporary stoppages of mines for safety incidents and
unplanned maintenance; Sibanye-Stillwater’s ability to hire and retain senior management or sufficient technically
skilled employees, as well as its ability to achieve sufficient representation of historically disadvantaged South Africans
in its management positions; failure of Sibanye-Stillwater’s information technology and communications systems; the
adequacy of Sibanye-Stillwater’s insurance coverage; social unrest, sickness or natural or man-made disaster at
informal settlements in the vicinity of some of Sibanye-Stillwater’s South African-based operations; and the impact of
HIV, tuberculosis and the spread of other contagious diseases, such as the coronavirus disease (COVID-19). Further
details of potential risks and uncertainties affecting Sibanye-Stillwater are described in Sibanye-Stillwater’s filings with
the Johannesburg Stock Exchange and the United States Securities and Exchange Commission, including the
Integrated Annual Report 2020 and the Annual Report on Form 20-F for the fiscal year ended 31 December 2020.
These forward-looking statements speak only as of the date of the content. Sibanye-Stillwater expressly disclaims any
obligation or undertaking to update or revise any forward-looking statement (except to the extent legally required).
These forward-looking statements have not been reviewed or reported on by the Group’s external auditors.


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