Sibanye-Stillwater completes the acquisition of Reldan

Johannesburg: Further to the announcement released on 9 November 2023 wherein Sibanye-Stillwater advised that it had entered into a purchase agreement to acquire the Reldan Group of Companies (Reldan).

Sibanye-Stillwater is pleased to announce that all conditions for the transaction to proceed have been satisfied and that the acquisition of Reldan was successfully concluded on 15 March 2024 for a final cash purchase consideration of US$155.9 million.

The consideration was paid from the proceeds of the US$500 million senior unsecured guaranteed convertible bond due in 2028, completed in November 2023, with a coupon of 4.25% per annum.

The acquisition of Reldan complements Sibanye-Stillwater’s US PGM recycling business in Montana and enhances its exposure to the circular economy. Reldan processes industrial and electronic waste and in the 2022 financial year produced 145koz of gold, 1.9Moz of silver, 22koz of palladium, 25koz of platinum, and 3.4mlbs of copper.

Sibanye-Stillwater Chief Executive Officer Neal Froneman commented, “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-Stillwater’s ethos, aligning closely with our business purpose to safeguard global sustainability through our metals.”