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Bank of China contributes to ZAR 6 billion syndicated revolving credit facility with Sibanye Gold Limited for working capital purposes
| Funder | Bank of China (BOC) |
|---|---|
| Recipient Organization | Sibanye Rustenburg Platinum Mines Proprietary Limited| Sibanye-Stillwater Ltd. (formerly Sibanye Gold Limited)|Aquarius Platinum (South Africa) Proprietary Limited |
| Country | South Africa |
| Start Date | Nov 14, 2016 |
| End Date | Feb 26, 2026 |
| Duration | 3,391 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 108411 |
Grant Description
Bank of China contributes to ZAR 6 billion syndicated revolving credit facility with Sibanye Gold Limited for working capital purposes in South Africa 2016 “On November 14, 2016, Sibanye Gold Limited — a special purpose vehicle that operates mines and processing facilities in South Africa and the United States focused on platinum group metals (PGMs) like platinum, palladium, and rhodium, as well as gold (including the the Beatrix, Driefontein, Kloof, and Cooke 4 mines in South Africa's Witwatersrand Basin, the Stillwater Mine and the East Boulder Mine in Montana, and the Columbus Metallurgical Complex in Columbus Montana) — signed a ZAR 6 billion syndicated revolving credit facility (RCF) agreement with Nedbank Limited, Absa Bank Limited, The Standard Bank of South Africa Limited (all acting through their respective Corporate and Investment Banking divisions), FirstRand Bank Limited (acting through its Rand Merchant Bank division) and the Johannesburg Branch of Bank of China for working capital purposes.
Each member of the syndicate contributed ZAR 1.2 billion.
Rand Uranium Proprietary Limited, Sibanye Rustenburg Platinum Mines Proprietary Limited, and Aquarius Platinum (South Africa) Proprietary Limited served as the loan’s guarantors. The 2016 RCF was retired and refinanced with a ZAR 5.5 billion RCF on October 25, 2019.
Staff Comments
- Sibanye Gold Limited, now known as Sibanye-Stillwater, is a multinational mining and metals processing company. It operates mines and processing facilities in South Africa and the United States, primarily focused on platinum group metals (PGMs) like platinum, palladium, and rhodium, as well as gold. Stillwater Mining Company was acquired by Sibanye Gold Limited for $2.2 billion in February 2017.
- The revolving credit facility agreement can be accessed in its entirety via https://www.sec.gov/Archives/edgar/data/1561694/000155837017002504/sbgl-20161231ex435f85ab4.htm and https://www.dropbox.com/scl/fi/gccxgmcyc3ltk6vck35ti/sbgl_Ex4_35.pdf?rlkey=ppw50eop4zq2horrblj5pn5f5&st=l52ycp2p&dl=03. For loan and debt rescheduling records with variable interest rates, AidData calculates the all-in interest rate at T0 based on the reference rate (such as LIBOR or EURIBOR) on the loan start date, plus any known margin. Please see the methodology for additional details.
Sources & References
- S U M M A R I S E D R E P O R T A N D N O T I C E O F A N N U A L G E N E R A L M E E T I N G
- Chinese Investments and the Committee on Foreign Investment in the United States
- Mining - AF Mpanga
- REVOLVING FACILITY AGREEMENT ZAR6,000,000,000 for SIBANYE GOLD LIMITED
- Sibanye Stillwater Limited Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.
All Grantees
Sibanye Rustenburg Platinum Mines Proprietary Limited| Sibanye-Stillwater Ltd. (formerly Sibanye Gold Limited)|Aquarius Platinum (South Africa) Proprietary Limited
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