28 Oct Sibanye-Stillwater to expand Australian tailings footprint with New Century Resources investment
South Africa’s Sibanye-Stillwater has agreed to acquire a 19.99% stake in New Century Resources for US$46 million, expanding its tailings retreatment exposure in Australia.
The multinational gold miner will invest in New Century via a subscription for newly issued ordinary shares in the tailings management and rehabilitation company for a maximum cash consideration of $46 million.
New Century currently owns the Century tailings zinc retreatment operations in Queensland, which has been re-processing tailings since the completion of infrastructure overhaul at the property in August 2018.
Sibanye CEO Neal Froneman said: “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.”
Sibanye expects the investment in New Century to complement its existing investment in DRDGold, a gold tailings retreatment company located in its native South Africa.