Sibanye-Stillwater has successfully completed its acquisition of Reldan, a precious metals recycling company based in Pennsylvania, US.
The platinum producer has satisfied all the conditions of the transaction, with the acquisition finalised on March 15 for a final cash purchase consideration of $US155.9 million.
“We are embracing resource stewardship through secondary mining and recycling,” Sibanye-Stillwater chief executive officer Neal Froneman said.
“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.”
The deal was first announced last November and is intended to enhance Sibanye’s exposure to the circular economy, which refers to a model of production and consumption involving sharing, recycling and reusing existing materials and products for as long as possible.
Sibanye said Reldan will complement its US platinum group metals (PGM) recycling business based in Montana while providing a solid base for further expansion.
The combination of Reldan with Sibanye’s Montana PGM recycling business is expected to produce about 170,000 ounces (oz) of secondary gold and 400,000–450,000oz of secondary PGM.