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Sibanye-Stillwater, the mining group led by South African businessman Neal Froneman, has completed its acquisition of U.S.-based precious metals recycler Metallix Refining for $129 million. This strengthens Sibanye’s push into sustainable metal recovery and adds to its efforts to expand beyond traditional mining.
The deal, first announced in July, closed on Sept. 4 through Sibanye’s U.S. unit, Stillwater Inc., after meeting all regulatory and contractual conditions. The company paid an initial equity cash consideration of $78 million, with the final enterprise value reaching $129 million on a debt-free basis. Sibanye said the adjustment from the previously stated $82 million figure reflected changes in working capital at the time of closing.
Bolstering U.S. assets, advancing circular economy ambitions
With the latest move, Metallix becomes Sibanye’s third U.S. recycling hub thus expanding its North American operations and diversifying its revenue. Sibanye's other two facilities are in Columbus, Montana, and Reldan, Pennsylvania.
The latest deal comes as platinum-group metals remain volatile, palladium and rhodium prices have fluctuated, while platinum faces a structural shortage, supported by potential growth in hydrogen and fuel-cell demand. Expanded recycling capacity is being adopted to reduce supply risks and meet sustainability-linked procurement standards.
Strengthening Sibanye-Stillwater’s global position
As Neal Froneman prepares to retire on Sept. 30 after over a decade at the helm, the latest move highlights a tenure defined by resilience, bold strategy, and navigating deep market cycles. During his tenure, the company expanded beyond South Africa, developing gold and base metal projects in the Americas. Froneman holds a 0.12 percent stake, equivalent to 3,284,428 shares.
The acquisition of Metallix adds secondary PGM supply which could stabilize earnings and support Sibanye’s participation in the circular economy. The deal, funded internally, reflects Sibanye’s financial discipline, it also advances plans to reduce environmental impact, diversify cash flow and enhance long-term competitiveness.
