South Africa’s Sibanye-Stillwater (JSE: SSW; NYSE: SBSW) plans to acquire Metallix Refining, a U.S-based precious metals recycler with two processing and recycling plants in North Carolina, for $82 million.
Metallix, which recovered 21,000 oz. of gold, 874,000 oz. of silver and 263,000 lb. of copper last year, will add “significant value” to Sibanye-Stillwater’s U.S. operations in Montana and Pennsylvania by adding proprietary technology, processing capacity and technical expertise, the company said on Monday.
“We are excited to be adding Metallix to our existing recycling footprint,” CEO Neal Froneman said, detailing the transaction. “The scale, technology and know-how adds positively to our existing recycling operations and advances our urban mining strategy.”
Shares in Sibanye-Stillwater closed 3.5% higher on Monday at 42.45 rand apiece in Johannesburg for a company market capitalization of 120 billion rand (C$9.34 billion).
Industrial waste
Metallix recycles primarily from industrial waste. Last year, it also produced 48,000 oz, of palladium, 48,000 oz. of platinum, 4,000 oz. of rhodium and 3,000 oz. of iridium. The company services a global customer base from additional facilities in the United Kingdom and South Korea.
The move follows Sibanye’s 2023 acquisition of the Reldan Group, which marked its first major expansion into the recycling sector. The acquisition of Metallix is expected to close in the quarter ending Sept. 30.
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