Potential financiers are at present conducting due diligence at Sibanye, Froneman informed Reuters on the sidelines of a mining convention in London.
“We’ve bought quite a lot of events on web site doing due diligence so I’m assured inside the third quarter we’ll definitely be capable to full that course of,” Froneman mentioned in an interview.
“It might be a number of events however more than likely one.”
The metals producer’s earnings tumbled $2 billion final 12 months resulting from decrease costs and after it reported $2.6 billion of impairments at its US palladium mines, a nickel operation in France and at a gold operation in South Africa.
Sibanye and its South African rivals together with Anglo American Platinum and Impala Platinum are reducing hundreds of jobs and halting spending on new initiatives to outlive one of many worst value routs in additional than 30 years.
Earlier this month, Sibanye mentioned all of its lenders have agreed to boost the debt threshold on all amenities, in a transfer that might assist it strengthen its steadiness sheet.
The CEO mentioned Sibanye “isn’t wanting cash”, including it has about six months of working capital.
Sibanye’s earnings are being squeezed by low metallic costs and spending on its Keliber lithium mission in Finland, which Froneman mentioned, would proceed to advance regardless of falling costs of the battery metallic.
RBC Capital Markets is aiding Sibanye on the deal, he mentioned.
“We’ve run a course of and quite a lot of streamers have proven an curiosity and have made indicative proposals which now we have thought-about and they’re on web site doing due diligence,” he added.
(By Clara Denina and Felix Njini; Modifying by Alexander Smith)