Sibanye Gold’s appetite for platinum and gold remains undiminished as it makes a R30bn friendly takeover bid for US palladium and platinum miner Stillwater Mining Company. It seeks to issue shares for up to $1bn to give it firepower for more deals, says Sibanye CEO Neal Froneman. Froneman, who is easily the most prolific dealmaker in SA’s mining industry, said at Friday’s unveiling of the Stillwater deal, which needs shareholder approval from both companies and regulatory clearance, that Sibanye wanted to add refining capacity to its South African platinum business as well as to add a sizeable amount of gold production to its portfolio. Sibanye’s board was considering a separate chrome division that could form the core of its entrance into base metals, he said in an interview. Catching many in the market off-guard, Sibanye launched the $2.2bn cash bid for Stillwater, the US’s only platinum group metal (PGM) producer and the largest source of the metals outside SA and Russia. The dea...
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