Sibanye-Stillwater has announced that it has signed definitive purchase and sale agreements to purchase 100 percent of Santa Rita nickel mine and the Serrote copper mine in Brazil.
On Tuesday, 26 October 2021, Sibanye-Stillwater Limited announced that it signed definitive purchase and sale agreements with affiliates of funds advised by Appian Capital Advisory, to purchase 100 percent of both the Santa Rita nickel mine and the Serrote copper mine. The company purchased the mines for a cash consideration of US$1.0 billion and a 5.0 percent net smelter return royalty over potential future underground production at Santa Rita.
CEO of Sibanye-Stillwater, Neal Froneman stated, “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.”
As the rationale behind the transaction, Sibanye noted that the transaction was in line with the company’s strategy to build an operating portfolio consisting of green metals and other related technologies. Additionally, that the transaction was a further meaningful step – adding two low-cost, producing assets to its green metals portfolio.