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Sibanye-Stillwater

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Sibanye-Stillwater
Company typePublic
JSE: SSW[1]
NYSE: SBSW[2]
IndustryMining
FoundedNovember 2012
Headquarters
Johannesburg
,
South Africa
Area served
South Africa
Key people
Neal Froneman
(CEO)
Vincent Maphai
(Chairman)
ProductsPlatinum
Palladium
Gold
Number of employees
84,521 (2019)
Websitesibanyestillwater.com

Sibanye-Stillwater is a multinational precious metals mining company, revealing a diverse portfolio of platinum group metals (PGM) in South Africa (SA) and the United States (US), gold and base metals operations and various mining projects in South Africa and the Americas. According to their latest annual report, the company produced 2.2 million ounces of PGM and 0.9 million ounces of gold and sales were approximately $5 billion (2019).[3] In June 2019, Sibanye-Stillwater acquired Lonmin Plc, London, UK, a top tier PGM producer. The enlarged group is the world’s largest primary producer of platinum and rhodium, one of the largest producer of palladium and the leading recycler and processor of spent PGM catalytic converter materials.[4]

The operations employ 84,521 people, mostly in South Africa (2019). Thus, Sibanye-Stillwater is one of the top four private sector employers in South Africa and the largest industrial employer in the state of Montana.[5]  

History

In 2012, Gold Fields Limited unbundled its subsidiary, GFI Mining South Africa Proprietary Limited (“GFIMSA”), which was then renamed Sibanye Gold Limited (“Sibanye Gold”), and consisted of the KDC (formerly Kloof) and Beatrix mines, as well as an array of support service entities in South Africa.[6] "Gold Fields stockholders were given one share in Sibanye for each of their Gold Fields shares."[7] The three South African mines transferred from Gold Fields to Sibanye are:

In April 2016 company acquired Aquarius Platinum.[8]

Sibanye-Stillwater’s primary listing is on the Johannesburg Stock Exchange (JSE) in South Africa. The company is trading under ticker code SSW (previously SGL) as of its relisting on February 19, 2020.

On 30 August 2017, Sibanye Gold Limited began trading as Sibanye-Stillwater and reorganized its operations by region – Southern Africa and the United States.[9]

2018 Incident

In January 2018, a power outage caused by poor weather resulted in nearly 1000 miners being trapped underground. This occurred at the Beatrix gold mine near Welkom, South Africa.[10] Some of the trapped miners were rescued the day of the incident, and the remaining 955 were rescued after around 30 hours when power was restored to one of the lifts.[11] The incident has resulted in pressure from labour unions, including the National Union of Metalworkers of South Africa, for mine management to address safety concerns before it can reopen.[12]

References

  1. ^ https://www.jse.co.za/jse/instruments/3904
  2. ^ https://www.nyse.com/quote/XNYS:SBSW
  3. ^ Sibanye-Stillwater, Financial Annual Report (2019). "Annual reports". Sibanye-Stillwater. Retrieved 2021-01-03.{{cite web}}: CS1 maint: numeric names: authors list (link) CS1 maint: url-status (link)
  4. ^ MarketScreener. "Media release: Sibanye-Stillwater changes NYSE ticker symbol from SBGL to SBSW to highlight new corporate structure and diversified asset mix | MarketScreener". Retrieved 2021-01-03.
  5. ^ Sibanye-Stillwater, Integrated Report (2019). "Annual reports". Sibanye-Stillwater. Retrieved 2021-01-03.{{cite web}}: CS1 maint: numeric names: authors list (link) CS1 maint: url-status (link)
  6. ^ Sibanye-Stillwater "Company Announcements", Sibanye-Stillwater, November 29, 2012. Retrieved April 11, 2018.
  7. ^ Minto, Rob "Gold Fields and Sibanye: low start", Financial Times, February 11, 2013. Retrieved April 11, 2018.]
  8. ^ "Sibanye Gold Agrees To Buy Aquarius Platinum For $294 Million". Kitco. 6 October 2015. Retrieved 13 May 2016.
  9. ^ Sibanye-Stillwater "History", Sibanye-Stillwater, November 29, 2012. Retrieved April 11, 2018.
  10. ^ Batchelor, Tom (1 February 2018). "Nearly 1,000 miners trapped underground in South Africa". The Independent. Retrieved 3 February 2018.
  11. ^ Heiberg, Tanisha; Macharia, James (2018). "Workers trapped underground in South Africa gold mine rescued". Reuters. Retrieved 4 February 2018.
  12. ^ Motau, Koketšo (2 February 2018). "Numsa demands closure of Sibanye-Stillwater mine amid probe". Eye Witness News. Retrieved 4 February 2018.
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