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Sibanye Stillwater (NYSE:SBSW) could shut a metals streaming deal throughout Q3 that will elevate money to assist increase its steadiness sheet, CEO Neal Froneman mentioned Tuesday.
Potential financiers are conducting due diligence at Sibanye (SBSW), Froneman advised Reuters at a mining convention in London.
“We have quite a few events on web site doing due diligence so I am assured throughout the third quarter we’ll definitely have the ability to full that course of,” Froneman mentioned.
The South African miner is in search of to boost greater than $500M to shore up its steadiness after earnings plunged resulting from a rout in costs for platinum group metals.
Sibanye (SBSW) “is not in need of cash,” and has roughly six months of working capital, however earnings are underneath strain from weak metallic costs and spending on its Keliber lithium mission in Finland, which Froneman mentioned will proceed to advance regardless of falling lithium costs.
Earlier this month, the corporate received some respiratory house for its steadiness sheet after lenders of its revolving credit score services agreed to boost leverage covenant limits for all services.
