Gold Fields shares fell 20% on the day of the announcement on concerns about dilution and a significant premium on Yamana's valuation.Asked if Sibanye would consider acquiring more gold assets, Froneman, who has urged gold miners to consolidate, said "the market is just not conducive at this stage to doing value-accretive transactions."
Gold remains a key mineral in Sibanye's basket of commodities, he added. "We're moving into a recession and that sort of indicates that there's going to be opportunities." Sibanye now expects its U.S PGM mines to produce 445,000-460,000 ounces of platinum and palladium this year, down from 550,000-580,000 ounces expected previously.
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