Sibanye to become global player
The deal puts it in platinum premier league, says CEO Neal Froneman
Sibanye Gold’s shareholders gave their backing to a $2.2bn purchase of American palladium producer Stillwater Mining, leaving the company’s finances stretched and unable to follow up any time soon on CEO Neal Froneman’s stated intent of another platinum deal in SA. Sibanye won the backing of more than 80% of its shareholders for the Stillwater deal and the issue of $1bn worth of shares at about half the market capitalisation of SA’s largest domestic gold producer, which will at a stroke become a leading platinum group metals (PGM) producer. “This is a real game changer for us. It puts us in the premier league in the PGM sector. From a strategic point of view, we are now a real global company,” Froneman said on Tuesday.