Sibanye terminates discussions with WCC
ASX-listed Waterberg Coal Company (WCC) on Friday announced that South African miner Sibanye Gold has terminated discussions with WCC around an A$8.5-million loan after the coal developer failed to accept an asset offer.
In September 2015, WCC entered into a nonbinding term sheet with Sibanye under which the South African firm would acquire secured convertible notes in WCC held by Standard Bank of South Africa, and providing working capital of A$8.5-million through a loan that would be subsequently converted into equity within the WCC group.