Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
JOHANNESBURG, Sept 4 (Reuters) – South African precious metals producer Sibanye-Stillwater said on Tuesday that it was launching a tender offer worth up to $400 million to buy back some of its bonds.
Sibanye, which plans to buy platinum producer Lonmin in a deal scheduled to close in the second half of the year, said the tender offer would allow it to retire around 31 percent of its long-term debt.
Up to $350 million of the tender offer applies to 6.125 percent bonds due June 27, 2022, and $50 million to 1.875 percent convertible bonds due Sept. 26, 2023.
Sibanye said in a statement that it would fund the tender offer from existing cash resources.
(Reporting by Alexander Winning; Editing by Jason Neely)
