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  • Last updated

    7:14pm on Dec 08, 2021

In October 2021, Sibanye-Stillwater announced the acquisition of the Santa Rita nickel and the Serrote copper mines in Brazil. This transaction represents yet another significant step in Sibanye-Stillwater’s ongoing strategy to position itself for continued value creation as it transitions into a climate-resilient business.

This acquisition of two low-cost, producing assets is in line with Sibanye-Stillwater’s strategy to build an operating portfolio of green metals and related technologies. Both assets have been substantially pre-capitalised and as a result the acquisition will be immediately accretive to Sibanye-Stillwater’s cash flow and earnings.

Santa Rita, in the state of Bahia, is one of the largest nickel-cobalt sulphide open pit mines in the world. The mine produces a sulphide concentrate suitable for downstream processing to produce battery precursors and has outstanding infrastructure resulting from significant historical investment.

Serrote, the state of Alagoas, is a producing open-pit copper mine, developed at a cost of US$195 million. the mine is currently in its ramp up phase

Santa Rita and Serrote are both low-cost, low-carbon intense operations with strong cultural alignment with Sibanye-Stillwater’s focus on health and safety, the environment and local communities. In addition, each asset has a well-defined pipeline of organic growth opportunities including mine optimisation, on-site resource potential and regional exploration opportunities.

There is substantial long-term upside from the potential development of an underground mine at Santa Rita for which a preliminary economic assessment has been conducted. This will be further studied and evaluated over the next 18 months.

Reference

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