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DRDGold gets shareholder approval

DRDGold’s (SJ:DRD) shareholders have approved its acquisition of Sibanye-Stillwater’s (SJ:SGL) West Rand Tailings Retreatment project (WRTRP) assets in the greater Carletonville/Randfontein area of South Africa.
DRDGold gets shareholder approval DRDGold gets shareholder approval DRDGold gets shareholder approval DRDGold gets shareholder approval DRDGold gets shareholder approval

DRDGold's shareholders have approved the acquisition of Sibanye-Stillwater's WRTRP assets

Staff reporter

The shareholders voted in favour of all resolutions relating to the deal at a general meeting on Wednesday.

DRD will now issue about 265 million shares to Sibanye-Stillwater in return for the assets, giving the latter a 38% holding in DRD.

Sibanye-Stillwater also has a 24-month option to subscribe for enough shares to hold a 50.1% stake in DRD in exchange for cash.

The approval was the milestone DRD was waiting for, with approval from the South African Competition Authorities received on February 7. Although the acquisition is still subject to the fulfilment or waiver of other conditions.

DRD CEO Niël Pretorius said the deal doubled the company's reserves, as well as secured infrastructure to access the reserves quickly.

"After many years of consolidation, this is a major advance towards growing our company," he said.