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Sibanye-Stillwater Received $ 500 Million Advance Payment for Future Gold and Palladium Production from US Mines
"Transaction Leads to Significant Reduction in Group Leverage, Improving Flexibility and reducing financial costs and risks, Neal Froneman said in a statement on Monday
that the "streaming agreement" commits Sibanye to sell to Wheaton Precious Metals International all the gold produced by the East Boulder and Stillwater mines. Sibanye throughout their useful life
.4.5% of palladium production from mines until it reaches 375,000 ounces, or 2.25% of palladium production for 175,000 additional ounces, then 1% of palladium production during the remaining life of the mines.
Wheaton will pay Sibanye a fixed percentage of spot gold and palladium prices up to that the advance payment of $ 500 million has been reduced to zero.
The announcement made Monday helped Sibanye to better get out of it.
The Sibanye stock price fell 1.22% to 7.28 R at 1:40 pm, making it the second best index of the gold mining index.
Pan African Resources is down 3.45%, Anglo Gold Ashanti was down 1.75%, and Gold Fields was down 1.73%
Harmony was the best performer with a drop of 0.57%.
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