Froneman, a seasoned dealmaker, said he had “moved on” from the idea he floated two years ago of merging Sibanye with South African peers Gold Fields and AngloGold Ashanti to create a South African gold mining “champion”.Speaking on the sidelines of the Investing in Africa Mining Indaba in Cape Town, Froneman said he was focused on building a “geographically diverse green metals company”.
Sibanye could be more active in M&A this year thanks to an improving economic backdrop, Froneman said, adding that the miner is looking at lithium projects in Africa, though it is more focused on North America and Europe. The US Inflation Reduction Act adds an estimated $200 million to $300 million to the value of the Rhyolite Ridge lithium mine project over its lifetime, Froneman said. Sibanye has a 50% stake in the Nevada project being built by ioneer Ltd.
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