Sibanye Stillwater agrees to R14.77 bln deal for nickel, copper mines in Brazil

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South Africa Headlines News

Sibanye Stillwater has continued its push into battery metals with an announcement on Tuesday it would buy the Santa Rita nickel mine and Serrote copper-gold mine in Brazil, its biggest investment yet in the sector.

The precious metals miner said it had signed agreements with affiliates of funds advised by Appian Capital Advisory to buy both mines for $1 billion and a 5% net smelter return royalty over potential future underground production at Santa Rita.

Sibanye shares climbed 2.9% after the announcement. Sibanye has been diversifying into metals used in electric vehicle batteries in a bid to transform the company from a gold and platinum group metals producer to a diversified miner. CEO Neal Froneman called the deal, which is subject to conditions including approval from the South African Reserve Bank, a significant step in Sibanye's transition into a climate change resilient business.

Sibanye kicked off its shift into battery metals earlier this year with the purchase of a nickel processing plant in France and a minority stake in a lithium project in Finland. Last month it bought a 50% interest in a joint venture with a U.S. company to develop a lithium-boron project.

Source: News Formal (newsformal.com)

 

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