DRDGOLD Limited announced today that South Africa’s Competition Authorities yesterday approved the company’s proposed transaction with Sibanye-Stillwater.
Johannesburg, South Africa. 8 February 2018, DRDGOLD Limited (DRDGOLD; JSE, NYSE: DRD) announced today that South Africa’s Competition Authorities yesterday approved the company’s proposed transaction with Sibanye-Stillwater.
In terms of the proposed transaction, announced on 22 November 2017, DRDGOLD will acquire from Sibanye-Stillwater portions of the latter’s West Rand Tailings Retreatment Project (WRTRP) assets in exchange for approximately 38% of DRDGOLD’s ordinary share capital.
In addition, DRDGOLD and Sibanye-Stillwater have entered into an option agreement in terms of which Sibanye-Stillwater will be granted an option to increase its shareholding in DRDGOLD to 50.1% during the 24 months following implementation of the acquisition.
The approval of the Competition Authorities is subject to the following:
Implementation of the proposed transaction remains conditional on the fulfilment or waiver of certain conditions precedent, including the approval by DRDGOLD shareholders.
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