JPMorgan (NYSE: JPM) has boosted its stake in Sibanye-Stillwater (JSE: SSW; NYSE: SBSW), cementing its status as one of the South African miner’s top shareholders.
According to a securities filing on Tuesday, Sibanye said JPMorgan has acquired an amount of ordinary shares that would bring its equity stake to 5.7%. It follows the U.S. bank’s two share purchases last year (March and June) for undisclosed amounts.
JPMorgan joins South Africa’s Public Investment Corp. — a government worker pension fund that’s Africa’s largest asset manager, controlling $160 billion — as the latest major shareholder to boost holdings in recent months. In October, the fund brought its shareholding to over 20%.
BlackRock (NYSE: BLK), the world’s largest asset manager, overseeing roughly $10 trillion across equities, fixed income and alternatives, raised its stake in Sibanye-Stillwater above 5% in January.
Stock falls
Shares of Sibanye-Stillwater fell 4.6% as wider markets declined to close on Tuesday at $11.93 apiece in New York. It’s about half of its all-time high set in January following BlackRock’s purchase. The miner has a market capitalization of $8.64 billion.
The drop in the company ‘s stock comes amid further weakness in precious metals, which the company mines across five continents.
Gold fell another 2% on Tuesday, while platinum and palladium declined 2.9% and 1.5%, respectively.
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