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Commodities
Sibanye-Stillwater eyes moves into copper, 'high tech metals,' CEO says
Jan. 22, 2020 6:30 PM ET|About: Sibanye Gold Limited (SBGL)|By: Carl Surran, SA News Editor
Sibanye-Stillwater (NYSE:SBGL) wants to expand beyond precious metals, through acquisitions, into copper, cobalt and other metals used in electric vehicles, CEO Neal Froneman tells WSJ.
"We are considering what we call a move into the high-tech metals, which includes copper," Froneman says, citing a future auto market that will change as "electric vehicles are becoming sizable in terms of their market penetration."
Froneman says any move into these metals would occur through acquisitions of operating miners rather than through exploration or developing greenfield sites, although the company will prioritize paying down debt and dividends before turning to strategic moves.
Prices have been surging for palladium, rhodium and platinum - which automakers use to remove toxic pollutants from exhaust fumes to meet tightening emissions regulations - but Froneman says Sibanye will not to raise production to take advantage, fearing such a move would flood the relatively weaker platinum market with excess supply.
Sibanye also aims to make a decision later this year on moving its primary listing from South Africa to an exchange in New York, London or Toronto, which Froneman says would help it access international investors and grow its business outside of South Africa.
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