South Africa: Sibanye-Stillwater Digs Deep to Seal Deal for Brazillian Mining Assets


Sibanye-Stillwater said on Tuesday it had sealed the deal to acquire the Santa Rita nickel and the Serrote copper mines in Brazil for a cool $1-billion. Sibanye's diversification and growth drive, both in terms of geology and geography, shows no sign of abating under its wheeling and dealing CEO Neal Froneman.

Sibanye said on Monday, in response to a report in the Wall Street Journal, that it was in talks to acquire the assets. Under Froneman, things move quickly and the trigger has now been pulled.

"The transaction is a significant additional step in Sibanye-Stillwater's ongoing strategy to position the business for continued value creation during our transition into a climate change resilient business," Froneman said in a statement.

The latest Sibanye deal follows a trio of transactions already this year in the US, France and Finland which have raised the company's involvement in the battery or green metals space, which is seen powering the electric vehicle (EV) revolution and the wider transition to a low-carbon economy.

"Santa Rita and Serrote are both low-cost and low carbon intensity operations with strong cultural alignment with Sibanye-Stillwater's focus on health and safety, the environment and local communities," Sibanye said.

And both mines...

AllAfrica publishes around 700 reports a day from more than 100 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.