Sibanye bets on 130-year-old Australian copper mine
Mt Lyell option is taken while the miner’s chances of buying the Mopani copper mine in Zambia dwindle
Sibanye-Stillwater is forging ahead with its feasibility study on the idle Mt Lyell copper mine in Australia after exercising an option to buy the asset for $10m, as its plans to acquire Zambia’s Mopani Copper Mine come under pressure from deep-pocketed Emirati suitors.
Sibanye CEO Neal Froneman, who is renowned for his deal-making skill, said the group will review its options upon completion of the feasibility study. “We identified copper as an essential metal necessary to enable the clean energy transition. Mt Lyell potentially provides a low-cost exposure to copper, adding primary production of copper to our current lithium and nickel exposure...
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