Sibanye-Stillwater eyes Brazil copper, nickel mines

South African platinum and gold mining giant Sibanye-Stillwater said Monday said it is in talks to acquire two Brazilian copper and nickel mines.

“The company has entered into negotiations with affiliates of funds advised by Appian Capital Advisory LLP, regarding the acquisition of both the Santa Rita nickel and the Serrote copper mines, located in Brazil,” it said in a statement.

It did not give details but US newspaper the Wall Street Journal said the deal is worth around $1 billion (861 million euros).

Sibanye-Stillwater is the world’s largest platinum producer and South Africa’s second gold miner.

It has been on a buying spree since it was established eight years ago, expanding geographically and diversifying into other metals.

The company bought most of its gold mines in 2012 from Gold Fields, one of the oldest gold mines in South Africa.

In 2019, it completed the acquisition of Lonmin — then the world’s third biggest and troubled platinum producer — whose Marikana mine was the scene of an infamous mineworkers massacre in 2012, when police gunned down 34 striking workers.

Early this year, the company ventured into the battery metals industry, investing in a lithium hydroxide project in Finland.

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