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Sibanye-Stillwater acquires R685m Australian mining stake

Sibany-Stillwater Chief executive Neal Froneman. Photographer: Halden Krog, Bloomberg.

Sibany-Stillwater Chief executive Neal Froneman. Photographer: Halden Krog, Bloomberg.

Published Dec 9, 2021

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SIBANYE-STILLWATER now holds a 19.99 percent equity interest in Australia’s New Century Resources, after overwhelming shareholder support for the A$61 million deal (R685m), the group said yesterday.

It received the green light from shareholders at its annual general meeting held last month, the group said yesterday. The partnership with New Century aims to assist Sibanye meet its aspirations of becoming a leading investor in tailings re-treatment.

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Chief executive Neal Froneman said: “We are deliberately focused on increasing our exposure to the circular economy through both recycling and tailings re-treatment. Our investment in New Century complements our successful partnership with DRDGold Limited, and we look forward to supporting New Century to build a leading global tailings retreatment business, uniquely positioned to play a key role in green metal supply chains.”

Sibanye has been criticised by labour unions for plans to introduce a mandatory vaccine from February 2022. The National Union of Mineworkers (NUM) said from the start of February 2022, any person entering Sibanye workplaces in South Africa would require proof of vaccination or a valid test showing they are negative for Covid-19.

“Given the costs of such tests, it is effectively a mandatory policy. This the NUM rejects with contempt,” said NUM.

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BUSINESS REPORT ONLINE

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Related Topics:

miningCovid-19

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