Thursday's announcement was the JSE-listed precious metals producer's third foray into the battery metals space this year.
Diversified mining group Sibanye-Stillwater will invest $490-million in a 50-50 joint venture with Australia's pioneer to develop a lithium mine in the US state of Nevada. It is the latest foray by the JSE-listed precious metals producer into battery metals, which are seen powering the electric vehicle (EV) revolution.
Sibanye CEO Neal Froneman is a dealmaker of note, taking the Gold Fields' spin-off into platinum group metals (PGMs) and battery metals. Thursday's announcement was the company's third foray into the battery metals space this year.
"Sibanye's battery material strategy is primarily focused on the United States and Europe in recognition of the developing need for battery metals for the transition towards greater electrification of their established automotive industries," Sibanye said in a statement.
The Rhyolite Ridge project Sibanye is taking a stake in is a large, shallow deposit, located close to existing infrastructure in Nevada.
"Rhyolite Ridge is expected to be one of the first large scale US lithium projects to enter production, currently anticipated in H2 2024," Sibanye said.
Sibanye's presence in the US includes its Stillwater PGM operation in the US...