South Africa: Sibanye-Stillwater Confirms Talks to Acquire Nickel and Copper Mines in Brazil That May Cost Around $1-Billion

analysis

Diversified precious metals producer Sibanye-Stillwater has confirmed a Wall Street Journal report that it is in talks regarding the acquisition of the Santa Rita nickel and the Serrote copper mines in Brazil. This would be the latest acquisition by Sibanye's CEO and arch deal-maker Neal Froneman as he targets the battery metals driving the electric vehicle revolution. And according to the WSJ, the price tag will be around $1-billion.

Sibanye issued a cautionary statement on the JSE Monday morning which was clearly in response to the Wall Street Journal (WSJ) report.

"... the company has entered into negotiations with affiliates of funds advised by Appian Capital Advisory LLP, regarding the acquisition of both the Santa Rita nickel and the Serrote copper mines, located in Brazil. If these negotiations are successfully concluded, they may have a material effect on the price of the company's securities," Sibanye said.

Sibanye, launched almost a decade ago as a Gold Fields' spin-off operating deep-level, labour-intensive gold mines in South Africa, has since diversified its asset base and geographical reach into platinum group metals (PGMs) and battery metals.

"The South Africa-based miner would acquire Atlantic Nickel, which operates the Santa Rita mine, one of the world's...

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