FILE PHOTO: A sign board is seen near the Sibanye gold mine in Westonaria
FILE PHOTO: A sign board is seen near the Sibanye gold mine in Westonaria

Sibanye Gold funds R959 million to Thor US Holdco

By Banela Ginindza Time of article published Aug 8, 2018

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JOHANNESBURG - Sibanye Gold is providing a further $72million (R959m) in financial assistance to its indirect wholly owned subsidiary Thor US Holdco in a bid to capitalise Stillwater Mining Company. 

This follows the R2.6billion it paid out in June last year after Sibanye and Thor US Holdco completed the acquisition of Stillwater for $2.2bn. 

In a Stock Exchange News Service announcement yesterday, Sibanye said this was to enable Stillwater to settle certain short-term debts following Sibanye’s takeover of the US’s sole provider of platinum and palladium. 

Sibanye said that following the receipt of the $500m advance payment, the company was initially applying a portion of the proceeds towards the settlement of Stillwater’s utilisations under the $600m revolving credit facility. 

JOHANNESBURG - Sibanye Gold is providing a further $72million (R959m) in financial assistance to its indirect wholly owned subsidiary Thor US Holdco in a bid to capitalise Stillwater Mining Company. 

This follows the R2.6billion it paid out in June last year after Sibanye and Thor US Holdco completed the acquisition of Stillwater for $2.2bn. 

In a Stock Exchange News Service announcement yesterday, Sibanye said this was to enable Stillwater to settle certain short-term debts following Sibanye’s takeover of the US’s sole provider of platinum and palladium. 

Sibanye said that following the receipt of the $500m advance payment, the company was initially applying a portion of the proceeds towards the settlement of Stillwater’s utilisations under the $600m revolving credit facility. 

- BUSINESS REPORT 

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