Sibanye-Stillwater Announces Off-market Takeover Offer For New Century Resources Limited
Sibanye-Stillwater Announces Off-market Takeover Offer For New Century Resources Limited. Sibanye-Stillwater is the largest shareholder in New Century Resources Limited with an interest of 19.9% after participating in an equity capital raising that was completed in December 2021.
Today the company has launched an off-market takeover offer for all of the shares in New Century that it does not already own, in accordance with Australian takeovers requirements (Takeover). The proposed Takeover is in line with its strategy to invest in the circular economy and be a global leader in tailings retreatment and recycling.
New Century is an Australian base metal producer with significant zinc assets and a brownfield copper development project. New Century is a top-15 global and top-five domestic zinc producer, operating Australia’s largest hydraulic mine at the Century Mine in Queensland; extracting, processing and marketing zinc recovered from historical tailings. New Century is actively progressing life extension opportunities at Century and studying the potential to restart copper production at the historically significant Mt Lyell Copper Mine in Tasmania. New Century is also pursuing opportunities with industry peers to reprocess and rehabilitate contemporary and historical mineralised waste assets at operational and legacy mine sites.
The offer price implies an equity value for New Century of US$103 million (A$149 million) on a fully diluted basis. In the event that Sibanye-Stillwater acquires all of the securities in New Century that it does not already own, Sibanye-Stillwater will pay up to US$83 million (A$120 million) under the transaction.
