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Sibanye-Stillwater has elected to redeem its $353-million June 2022 bonds on August 2.

This is in line with its capital allocation framework and will be done through its wholly-owned subsidiary, Stillwater Mining Company.

The 2022 bonds were issued by the subsidiary for an aggregate nominal value of $500-million on June 27, 2017, with a maturity date of June 27, 2022.

The issued nominal value was subsequently reduced to $353-million in September 2018, following a partial repurchase of the bonds. Given surplus liquidity within the group, the bonds will now be settled in full.

CEO Neal Froneman says a strong operational performance and commodity prices have enabled an early reduction of gross debt and related interest costs.

The group remains on track to create superior value for all stakeholders, he adds.