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.
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