Sibanye-Stillwater Successfully Concludes Acquisition of Reldan Group
Sibanye-Stillwater has completed the acquisition of the Reldan Group of Companies, finalizing the transaction with a cash purchase consideration of $155.9 million.
The purchase agreement between Sibanye and Reldan was initiated in November 2023 and has now been successfully executed.
Funding for the acquisition was sourced from the proceeds of a $500 million senior unsecured guaranteed convertible bond, which was completed in November 2023, carrying an annual coupon rate of 4.25%.
The acquisition of Reldan marks a strategic move for Sibanye, enhancing its presence in the circular economy and complementing its US platinum group metals recycling business located in Montana.
Reldan specializes in processing industrial and electronic waste, boasting impressive production figures in the 2022 financial year, including 145,000 ounces of gold, 19,000 ounces of silver, 22,000 ounces of palladium, 25,000 ounces of platinum, and 3.4 million pounds of copper.
Neal Froneman, CEO of Sibanye, emphasized the company’s commitment to resource stewardship and sustainability through secondary mining and recycling. He expressed confidence in the value that Reldan brings to the group, particularly in the current recycling business cycle.
Froneman highlighted Reldan’s dedication to responsible urban mining and sustainable waste management, aligning closely with Sibanye’s overarching business purpose of promoting global sustainability through its metal operations.
