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Sibanye wants to tap green metals boom as gold deals lack value
Sibanye wants to tap green metals noom as gold deals lack value
By Felix Njini
Thursday, September 8, 2021
Sibanye Stillwater Ltd.'s dealmaking boss said the precious metal miner's immediate priority is to expand in battery metals rather than gold.
Some of the biggest mining companies are expanding into or eying commodities tied to the green revolution, such as metals used in electric-vehicle batteries.
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Already this year, Johannesburg-based Sibanye struck deals to buy a nickel hydrometallurgical processing facility in France and acquire a stake in the owner of a lithium project in Finland.
That marked Sibanye's first foray into battery metals as Chief Executive Officer Neal Froneman looks to grow and diversify the company. The CEO has already transformed Sibanye from a gold miner focused on South Africa to a giant in platinum-group metals by expanding at home and in the United States.
"At the moment it's very difficult to find value in the gold sector," he said on an investor call today. "I don't see the gold price doubling or tripling, but I see battery metals doing that in the not too distant future." ...
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