A leading South Africa-based miner has partnered with Johnson Matthey to develop solutions to promote a low carbon future.
Sibanye-Stillwater, a leading mining company in South Africa, has entered into a strategic partnership with Johnson Matthey to identify and develop solutions to promote decarbonization. The partnership will encourage the efficient use of critical metals such as platinum group metals and metals used in battery technology. The focus will be on circularity and sustainability.
The companies stated in a press release that they will develop science and technologies for new products and markets and further support sustainable supply chains for a low carbon future, including clean hydrogen production and fuel cells.
Sibanye-Stillwater CEO Neal Froneman also mentioned that the partnership will further advance its commitment to creating a greener future by developing technologies for a better tomorrow. He said that “fast-tracking green technology and working together to achieve ESG excellence will enable us to continue to improve lives and the environment.”
Listed on the London Stock Exchange, Johnson Matthey is a multinational speciality chemical and sustainable technologies company.
Sibanye-Stillwater is a global precious metals mining company with a diverse portfolio of platinum group metals in South Africa and the United States. The Johannesburg Stock Exchange-listed company employs over 84,521 people as of 2019.
In the wake of the pandemic in 2020, a national lockdown that affected mines in South Africa forced the top platinum miner to declare “force majeure” on its contracts. All contractual agreements between Sibanye-Stillwaters and other parties were technically put on hold due to pandemics.
The pandemic drastically reduced demand for platinum from global car companies. Most partnered and pulled resources together with their various governments to tackle the virus outbreak in their countries.
Nevertheless, the company said headline earnings per share for 2020 soared to 1,068 SA cents ($0.73), compared with a headline loss of 40 SA cents ($ 0.027) in 2019, Sowetan Live reported. This means revenue increased by 75 percent year-on-year to R127 billion ($8.65 billion). Basically, solid metals prices, a depreciated rand and higher output in 2020, were the main drivers of the recorded growth.
The company is also looking to drive an immediate expansion in gold mining. According to a statement reported by Daily Maverick, Froneman said: “At $13-billion market cap, we’re still not relevant. You really need to be a company with a market cap in excess of $20-billion to be relevant. And what relevant then means is that you attract better multiples, because you appeal to a broader shareholder/investor base.”