Sibanye-Stillwater to Provide Up to A$30 Million to New Century in Emergency Financing

By Joe Hoppe

Sibanye-Stillwater Ltd. said Thursday that it will provide up to 30 million Australian dollars ($20.1 million) in financial support for takeover target New Century Resources Ltd., subject to certain conditions.

The South African precious-metals mining company said that record levels of rainfall in North Queensland, Australia resulted in flooding at the Century mine and Karumba port facility in early March, with operations expected to remain suspended for a further two-three weeks, which will result in a production shortfall.

In mid-February, Sibanye said it was launching an off-market takeover offer for New Century and that it will pay $83 million for the shares it doesn't already own. As of Tuesday, Sibanye owns 87.64% of New Century, up from its holding of 19.9% on Feb. 21.

Write to Joe Hoppe at [e-mail]

(END) Dow Jones Newswires

03-23-23 0419ET