Home » South African tycoon Neal Froneman’s Sibanye-Stillwater to acquire Australia’s New Century for $83 million

South African tycoon Neal Froneman’s Sibanye-Stillwater to acquire Australia’s New Century for $83 million

by Feyisayo Ajayi
Neal Froneman

Sibanye-Stillwater, a multinational precious metal mining group led by South African businessman Neal Froneman, has recently announced its off-market takeover proposal for New Century Resources.

Currently holding a 19.9-percent stake in the Australian-listed company, Sibanye-Stillwater is offering to purchase the remaining 80 percent for $83 million.

The strategic move follows the successful acquisition of a crucial environmental permit for its Keliber lithium project in Finland, further reinforcing Sibanye-Stillwater’s commitment to expanding its global presence in the mining industry.

Neal Froneman, CEO and executive director of Sibanye Stillwater, said the company’s aim to establish itself as a worldwide frontrunner in tailings retreatment and recycling aligns with the proposed takeover.

“The proposed takeover is in line with our strategy to invest in the circular economy and be a global leader in tailings retreatment and recycling,” he said.

Sibanye-Stillwater is a multinational precious metal mining company with operations in South Africa. It is involved in gold and base metal mining, as well as projects in South Africa and the Americas.

Froneman, an instrumental figure in Sibanye-Stillwater’s ascent to a leading producer of platinum, palladium, and gold, holds a 0.074-percent ownership stake in the esteemed mining group.

Despite a 2.4-percent dip from today’s opening price on the Johannesburg Stock Exchange, the company’s present share price of R38.3 ($2.1) pegs Froneman’s stake at an impressive R80-million ($4.38 million) market value.

Sibanye-Stillwater has made a significant stride towards the success of its Keliber lithium project in Finland by obtaining a crucial environmental permit earlier this month.

With this permit, the company can now embark on creating a cutting-edge facility to meet the surging demand for lithium in the thriving European battery market.

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