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Sibanye-Stillwater posts a $70.4 million profit in H2 2024, driven by restructuring, cost-cutting, and higher gold prices as CEO Neal Froneman nears retirement.
The deal will see Glencore’s joint venture with Merafe Resources oversee Sibanye’s chrome recovery plants in South Africa.
His departure marks the end of a transformative chapter for the multinational mining group.
In exchange for gold and platinum streams from its Marikana, Kroondal, and Rustenburg operations, Sibanye receives a $500 million upfront payment.
The two companies formalized their partnership with a Memorandum of Understanding (MoU).
The deal, announced on Monday, concludes negotiations that began on July 1, 2024, with labor unions representing workers at the Beatrix, Driefontein, and Kloof mines.
Sibanye-Stillwater’s Montana PGM operations will gain from new Section 45X regulations under the U.S. Inflation Reduction Act (IRA), ensuring vital funding for palladium and platinum mining.
Fortunately, all personnel were accounted for and unharmed as operational teams worked to mitigate the fire's impact on the site and surrounding areas.
Froneman, who serves as Sibanye’s CEO, holds a 0.12-percent stake in the Johannesburg-based mining giant, amounting to 3,284,428 shares.
The court's decision comes on the heels of Sibanye’s failed acquisition of Brazilian nickel and copper mines, specifically the Santa Rita and Serrote assets.
Sibanye receives a significant boost with a nearly $500-million investment from the South African government's wholly-owned asset management firm.
The results mark a stark contrast to the same period in 2023, when Sibanye posted a profit of R7.8 billion ($427 million).
