KEY POINTS
- Sibanye closes $129 million Metallix acquisition.
- Deal expands U.S. recycling hubs to three sites.
- Recycling cushions volatility in platinum-group metals.
Sibanye-Stillwater Ltd. has finalized its $129 million purchase of U.S.-based Metallix Refining, deepening the South African miner’s shift into precious metals recycling and strengthening its North American footprint.
The transaction, first announced in July, closed Sept. 4 through Sibanye’s U.S. unit Stillwater Inc. after all conditions were met. The company paid $78 million in upfront equity, with the final enterprise value rising to $129 million on a debt-free basis due to working capital adjustments.
Sibanye expands U.S. recycling operations
Metallix becomes Sibanye’s third U.S. recycling hub, adding to sites in Montana and Pennsylvania. The deal is aimed at diversifying earnings while reinforcing circular economy ambitions as platinum-group metals markets remain volatile.
Recycling is seen as a way to protect yourself
Producers have had to increase their secondary supply because the prices of palladium and rhodium are unstable and there are likely to be structural shortages of platinum soon. Sibanye said Metallix will provide stability and meet growing demand for sustainability-linked sourcing standards.
Froneman’s tenure capped with bold deal
The acquisition comes weeks before CEO Neal Froneman steps down on Sept. 30, ending more than a decade at the helm. His leadership reshaped Sibanye into a global player, expanding beyond South Africa and securing assets across the Americas. He owns about 0.12 percentt of the group, equal to 3.28 million shares.
Billlionaires Africa reports says Sibanye said the Metallix acquisition, funded internally, will reduce environmental impact while broadening its cash flow base and competitiveness.
