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DRDGold shareholders back Sibanye assets-swap deal

DRDGold Ltd.'s shareholders approved the deal proposed by Sibanye Gold Ltd. to swap some of the latter's assets for a 38% stake in DRDGold.

Sibanye, trading as Sibanye-Stillwater, agreed in November 2017 to exchange certain surface gold processing assets and tailings storage facilities for a 38% stake in DRDGold.

The deal included portions of the West Rand Tailings treatment project, gold dumps and tailings from Kloof and Driefontein as well as the Driefontein surface and pilot plants. The deal also included the land required for a future centralized process plant and regional tailings storage facility.

DRDGold shareholders also approved a resolution to waive the obligation on Sibanye to make a mandatory offer for the remaining shareholders of DRDGOLD.

The transaction, valued at 1.3 billion South African rand, also gives Sibanye the option to buy another 12.1% stake in DRDGold.

The deal is expected to close in the second quarter, subject to DRDGold securing environmental permits to operate the Sibanye assets.