WRTRP acquisition approved by DRDGOLD

WRTRP acquisition approved by DRDGOLD

DRDGOLD announced that shareholders voted in favour of all resolutions relating to the company’s proposed acquisition of certain of Sibanye-Stillwater West Rand Tailings Retreatment Project (WRTRP) assets.

In terms of the key resolutions approved:

  • DRDGOLD will issue about R265-million shares to Sibanye-Stillwater in return for the WRTRP assets, resulting in Sibanye-Stillwater holding about 38% of DRDGOLD;
  • Sibanye-Stillwater has the option to subscribe for so many shares for cash to increase its holding in DRDGOLD to 50.1% within 24 months; and
  • A mandatory offer by Sibanye-Stillwater to DRDGOLD’s other shareholders is waived.

DRDGOLD CEO Niël Pretorius says, “This transaction is a step-change for DRDGOLD. We have doubled our reserves and secured infrastructure to access these very quickly. After many years of consolidation this is a major advance towards growing our company.”

Besides DRDGOLD shareholder approval, implementation of the acquisition is subject to the fulfilment or waiver of other conditions.


 

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