It makes good sense, but it happens surprisingly seldom in major deals. When Sibanye Gold acquired fellow metals miner Stillwater Mining earlier in 2017, cheerleader Citi was involved in every step of the complex transaction. It introduced the parties, advised Sibanye on the acquisition, co-underwrote the interim finance, and then co-led sizeable rights and bond issues to refinance the bridge.
Sibanye was spun out of Gold Fields of South Africa in 2013. It took with it a number of the group's oldest, deepest gold mines, and has since added more local gold and platinum group metal (PGM) mining assets. Today it is South Africa's largest gold producer.
