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Sibanye-Stillwater extends debt covenants

The company has been on an spending spree in a bid to diversify away from gold

Sibanye-Stillwater said on Friday that its lenders had agreed to extend its debt covenants at the upper limit of its facilities.

The company has been on an spending spree in a bid to diversify away from gold including making an all-share offer for London-listed Lonmin in 2017 in a deal worth 285 million pounds ($363 million).

Sibanye said the thirteen South African and international banks comprising its US dollar and rand revolving credit facilities had agreed to retain the upper limit of its credit facilities and the same terms for a further 12 months.

“The headroom resulting from the extension provides sufficient financial flexibility and should provide the market with additional confidence,” Chief Executive Neal Froneman said in a statement.

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