Shareholders are referred to the announcement of 17 September 2015, advising that a term sheet had been signed between Sibanye and the Waterberg Coal Company Limited, Firestone Energy Limited, Sekoko Resources Proprietary Limited and Sekoko Coal Proprietary Limited (collectively the “Waterberg Coal Group”).
The key conditions precedent of the term sheet were the completion of a detailed due diligence investigation and the entering into a set of definitive transaction agreements.
Sibanye wishes to advise shareholders that the parties have been unable to agree on revised terms post completion of the due diligence and accordingly all discussions have been terminated.
In addition to the Waterberg Project, and as stated previously, Sibanye is still in the process of evaluating other potential investment opportunities in the coal sector that would add commercial value to the Company’s energy strategy. However, there are currently no negotiations that have reached an advanced level of importance or materiality that warrant an announcement or further disclosure details.