Sibanye-Stillwater, one of the platinum group metals (PGM) and gold producers in South Africa is not in a hurry to conclude battery metal deals until fears of a recession diminish, according to media reports.
MiningMx reports that the caution was due to weak PGM prices and the miner was also facing a $1.2 billion legal suit, launched by Appian Capital Advisory, the UK private investor from which Sibanye-Stillwater had agreed to buy two mines in Brazil.
It walked out of the deal last December claiming a “material adverse advent”, but Appian was not happy with the decision.
Production at Sibanye-Stillwater’s US PGM mines was also halted due to flooding while a three-month strike at its gold mines in South Africa led to production losses.
Meanwhile, MiningMx quoted company chief executive Neal Froneman as saying that they are not interested in being a contract miner to electric vehicle battery manufacturers.
Sibanye-Stillwater prefers commercial relationships, which allows it to participate in the downstream industry.
“Are we going to invest in a car company, no! But we do want strategic formal relationships because we want to work in ecosystems with like-minded people and become pandemic-resilient,” Froneman said.
“I think you are going to see more of it. The supply of metal is going to be the key constraint in just about any of these transformations, so those that have the metal are going to have the leverage.”
Mathew Nyaungwa, Editor in Chief of the African Bureau, in Zimbabwe, Rough&Polished
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