Reldan will complement Sibanye-Stillwater’s platinum group metals recycling business in Montana, US. Credit: 652234 from Pixabay.

Sibanye-Stillwater has concluded a deal to buy the Reldan Group of Companies (Reldan), a precious metals refiner headquartered in Pennsylvania, US.

The deal, announced in November 2023, was finalised for a total cash consideration of $155.9m (R2.96bn).

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The amount was funded through the proceeds from a $500m senior unsecured guaranteed convertible bond issued in November 2023. This bond, due in 2028, carries an annual coupon rate of 4.25%.

Sibanye-Stillwater said the transaction complements its US platinum-group metals recycling operations in Montana. This is said to help the company boost its foothold in the circular economy.

Reldan reprocesses waste streams such as industrial waste, including semiconductor scrap, plating waste and electronic waste such as mobile phones and tablets, to extract precious metals.

The company reported production figures for the 2022 financial year that included 145 kilo ounces (koz) of gold, 1.9 million ounces of silver, 22koz of palladium, 25koz of platinum and 3.4 million pounds of copper.

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Furthermore, Reldan’s technology can process a variety of waste streams and has several environmental certifications and authorisations, along with long-term supplier networks.

Sibanye-Stillwater CEO Neal Froneman said: “We are embracing resource stewardship through secondary mining and recycling. The addition of Reldan, at an opportune time in the recycling business cycle, is set to unlock significant value for the Group.

“Reldan’s commitment to responsible urban mining and sustainable waste management resonates with Sibanye-Stillwater’s ethos, aligning closely with our business purpose to safeguard global sustainability through our metals.”

While announcing the acquisition, Sibanye-Stillwater said it anticipates the deal to be value-accretive and positively affect its earnings and cash flow immediately.