Sibanye Gold considers moving primary listing to New York from 2021

[Jopie Fourie]

Sibanye Gold [JSE:SGL] Chief Executive Officer Neal Froneman is considering moving the South African miner’s primary listing to New York from 2021, after he curbs the company’s debt.

The surge in palladium and rhodium prices has put Sibanye on track to meet its debt-to-earnings target by the end of 2020, Froneman said in an interview at Bloomberg’s office in Johannesburg on Friday. While the rally has strengthened South Africa’s platinum industry, power and water shortages, rising crime and onerous regulations are deterring investment, the CEO said.

The plan to move Sibanye’s primary listing isn’t immediate and could still be two years out, after the company has sufficiently paid down its debt. The move is driven by commercial considerations and shouldn’t be construed as leaving South Africa, where some of Sibanye’s platinum mines could operate for more than 40 years, Froneman said.

“Looking offshore for growth is just a logical extension of where we are now,” Froneman said. “No firm decision has been made, but I think if we are to grow, we would have to change our primary listing because there is no real growth in South Africa.”

Sibanye Gold considers moving primary listing to New York from 2021 | Business

The group's Chief Executive Officer Neal Froneman says the move would be driven by commercial considerations.

www.fin24.com

 

[Jopie Fourie]

Should have followed the other big companies and did this years ago. Looking forward to 2021 and will stock up on their shares then.

 

[maumau]

@Jopie Fourie please let me know if you want me to delete this post.

AngloGold Ashanti too:

AngloGold says it’s assessing bids for South African asset sales

Sale will complete the miner's retreat from SA.

www.moneyweb.co.za

AngloGold Ashanti said it has advanced its South African asset-sale process and is currently examining a number of bids from investors interested in buying its remaining mines in the country.
The no 3 gold producer is on course to meet its production forecast this year of 3.25 million ounces to 3.45 million ounces this year and has advanced plans to restart operations at the Obuasi mine in Ghana that was previously overrun by illegal miners. The company is also engaging with prospective investors for the sale of two mines in Argentina and Mali, AngloGold said in a statement Monday.
Key insights
The sale of the remaining South African assets could complete AngloGold’s withdrawal from South Africa, allowing it to focus on more profitable operations in West Africa, Australia and South America. It would also allow the gold miner to potentially shift its primary listing away from Johannesburg to London or Toronto.
AngloGold said it would update investors on South African asset sales by the end of the year. Investors are particularly keen to see the producer exit South Africa because that would remove a discount that AngloGold trades at to global peers such as Barrick Gold.
AngloGold said it’s on track to pour first gold at the Obuasi mine in Ghana by the end of the year. Chief executive officer Kelvin Dushnisky has called the Obuasi mine a “spectacular orebody.” AngloGold has made extraordinary progress to bring the mine back into production, Dushnisky said.
Earnings before interest, tax, depreciation and amortisation rose to $468 million in the third quarter ended September 30 from $355 million a year earlier.