Sibanye Stillwater shareholders approve Rustenburg operations acquisition
Shareholders of Sibanye Stillwater Limited have approved the company's acquisition of the Rustenburg operations. The transaction includes multiple mines and processing facilities.
Sibanye Stillwater Limited announced today that its shareholders have approved the acquisition of the Rustenburg operations. The deal, which received the go-ahead at a general meeting on January 18, 2016, encompasses the Bathopele, Siphumelele (including Khomanani), and Thembelani (including Khuseleka) mining operations, along with associated processing plants and infrastructure.
The shareholder vote showed significant backing for the transaction. Approximately 86.29% of the company's issued share capital was represented at the meeting. Resolutions pertaining directly to the acquisition were passed with over 99.9% of the votes cast, while resolutions related to the share issuance component of the deal secured approximately 89.8% approval.
The acquisition, set to be completed through a combination of share issuance and cash, is expected to bolster Sibanye Stillwater's position as a major platinum producer. The company anticipates that this move will significantly expand its platinum group metals output in South Africa, reinforcing its market standing.