Sibanye-Stillwater has agreed to buy Reldan Metals, a US-based recycler of green precious metals, in a nearly R4bn deal that bulks up its presence in the world’s most established market for platinum group metal (PGM) recycling and demonstrates its commitment to burnish its environmental credentials.

Under the transaction, Sibanye will pay $155m in cash, valuing Reldan at $211.5m on an enterprise value basis and at about five times its 2022 core profit, or earnings before interest, tax, depreciation and amortisation (ebitda). It is expected to be wrapped up in the first quarter of 2024, subject to regulatory approval...

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