Ashurst advises Sibanye-Stillwater on significant strategic investments in Australia
05 November 2021
The equity raising is being undertaken by New Century as part of a transformational ESG focussed growth transaction aimed at accelerating its growth trajectory as a leading economic rehabilitation and tailings management company. The transaction includes the strategic investment from Sibanye-Stillwater, the entry into a two year option agreement for New Century to acquire the Mt Lyell Copper Mine in Tasmania, and the refinancing of New Century's environmental bonding facility.
Sibanye-Stillwater's investment in New Century represents a significant next step in its strategy of building a leading global tailings retreatment business, diversified by commodity and geography, and is aligned with Sibanye-Stillwater's sustainability strategy of building a climate change resilient business.
The Ashurst team was co led by Corporate Transactions partners Roger Davies and Antonella Pacitti. Antonella comments, "We are delighted to have assisted Sibanye-Stillwater on another important transaction in Australia – one which represents a unique opportunity to generate long-term value for Sibanye-Stillwater's stakeholders while enhancing its profile as a premier, global tailings retreatment leader. This investment into New Century further diversifies Sibanye-Stillwater geographically and provides a foothold into Australia, which Sibanye-Stillwater sees as a high-quality international mining jurisdiction."
The investment in New Century follows Sibanye-Stillwater's recent USD 70 million investment in ASX-listed ioneer Limited (ASX: INR) and accompanying joint venture arrangements to develop the Rhyolite Ridge Lithium-Boron Project. Ashurst was pleased to have also acted for Sibanye-Stillwater on its strategic investment in ioneer.
Roger and Antonella were assisted on the New Century investment by senior associate Ben Stewart (Corporate Transactions), partner Gaelan Cooney (Projects), partners Ian Kellock and Geoffrey Mann, Bronwyn Kirkwood and associate Alice Kim (Tax) and partner Andrew Gay (Planning, Access and Environment).
Sibanye-Stillwater's investment in New Century represents a significant next step in its strategy of building a leading global tailings retreatment business, diversified by commodity and geography, and is aligned with Sibanye-Stillwater's sustainability strategy of building a climate change resilient business.
The Ashurst team was co led by Corporate Transactions partners Roger Davies and Antonella Pacitti. Antonella comments, "We are delighted to have assisted Sibanye-Stillwater on another important transaction in Australia – one which represents a unique opportunity to generate long-term value for Sibanye-Stillwater's stakeholders while enhancing its profile as a premier, global tailings retreatment leader. This investment into New Century further diversifies Sibanye-Stillwater geographically and provides a foothold into Australia, which Sibanye-Stillwater sees as a high-quality international mining jurisdiction."
The investment in New Century follows Sibanye-Stillwater's recent USD 70 million investment in ASX-listed ioneer Limited (ASX: INR) and accompanying joint venture arrangements to develop the Rhyolite Ridge Lithium-Boron Project. Ashurst was pleased to have also acted for Sibanye-Stillwater on its strategic investment in ioneer.
Roger and Antonella were assisted on the New Century investment by senior associate Ben Stewart (Corporate Transactions), partner Gaelan Cooney (Projects), partners Ian Kellock and Geoffrey Mann, Bronwyn Kirkwood and associate Alice Kim (Tax) and partner Andrew Gay (Planning, Access and Environment).