Sibanye-Stillwater, on October 27, 2021 announced 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 million* (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.
- * Being a maximum subscription amount of A$61.39 and at an assumed exchange rate of A$1.00/US$0.7517.
Sibanye-Stillwater Chief Executive Officer Neal Froneman
“This investment in New Century represents a significant next step in our strategy of building a leading global tailings retreatment business, 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.”