SIBANYE CREDIT LIMIT EXTENDED
SOUTH Africa’s gold and platinum major, Sibanye Stillwater, said on Friday that all its lenders had agreed to extend its revolving credit facilities to the upper limit for a further year, giving the group more flexibility. Sibanye chief executive Neal Froneman said the extension of the revolving credit facility by the 13 local and international lenders was a vote of confidence. “The extension of the existing revolving credit facility covenant limits on the same terms as before, is a significant vote of confidence in the fundamental outlook for the group by our 13 lending banks. The headroom resulting from the extension provides sufficient financial flexibility and should provide the market with additional confidence,” said Froneman. The group, which has received approval from the country’s anti-trust authority to take over Lonmin, the world’s third-biggest platinum producer, on Thursday modestly cut its gold production forecast because of the strike at its gold operations.