SIBANYE CREDIT LIMIT EX­TENDED

The Star Early Edition - - BUSINESS REPORT - | Di­neo Faku

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.

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