Sibanye Gold shareholders approve Stillwater Mining takeover

Sibanye Gold shareholders approve Stillwater Mining takeover

Shareholders of Sibanye Gold have approved the company’s US$2.2 billion buyout of US-based Stillwater Mining, which was agreed back in December 2016.

Following a recent shareholder meeting, the South African miner announced that 82% of the firm’s shareholders voted in favour of the deal.

This conclusive vote in confidence of the purchase will allow Sibanye to significantly bolster its platinum portfolio, whilst cementing South Africa’s monopoly on global supplies of the platinum group metal (PGM).

Chief executive Neal Froneman said: “We thank our shareholders for their support for this transaction which represents a unique and transformative opportunity to acquire world class, low-cost international PGM assets.”

Stillwater operates in Montana and is the only US miner of PGMs, and is also the largest primary producer of PGMs outside of South Africa and Russia.

Shareholders of Stillwater are also due to meet shortly and vote on the transaction.