Diversified miner Sibanye-Stillwater's acquisition of the Reldan Group of Companies has been successfully concluded for a final cash purchase consideration of $155.9-million.
Sibanye in November 2023 entered into a purchase agreement to acquire Reldan.
The consideration was paid from the proceeds of the $500-million senior unsecured guaranteed convertible bond due in 2028, completed in November 2023, with a coupon of 4.25% a year.
The acquisition of Reldan complements Sibanye’s US platinum group metals recycling business, in Montana, and enhances its exposure to the circular economy, Sibanye states.
Reldan processes industrial and electronic waste and, in the 2022 financial year, produced 145 000 oz of gold, 19 000 oz of silver, 22 000 oz of palladium, 25 000 oz of platinum and 3.4-million pounds of copper.
“We are embracing resource stewardship through secondary mining and recycling. The addition of Reldan, at an opportune time in the recycling business cycle, is set to unlock significant value for the group.
“Reldan's commitment to responsible urban mining and sustainable waste management resonates with Sibanye's ethos, aligning closely with our business purpose to safeguard global sustainability through our metals,” says Sibanye CEO Neal Froneman.