Sibanye-Stillwater to acquire US PGM refinery for $82m
Sibanye-Stillwater announced that it has entered into a purchase agreement to acquire Metallix Refining for $82m.
Image credit: Metallix
In operation for the last 60 years, Metallix produces recycled precious metals, including gold, silver and platinum group metals (PGMs), primarily from industrial waste streams.
It operates two processing and recycling operations in Greenville, North Carolina. Metallix has a global customer base, which it services from the United Kingdom and South Korea, in addition to its customers in the United States.
For the 12 months ended 31 December 2024, Metallix processed approximately 4.2 million lbs of precious metals bearing waste materials and produced approximately 21koz of gold, 874koz of silver, 48koz of palladium, 48koz of platinum, 4koz of rhodium, 3koz of iridium and 263klb of copper.
Metallix complements Sibanye-Stillwater’s US recycling operations in Montana and Pennsylvania, adding processing capacity and proprietary technology.
Sibanye-Stillwater CEO Neal Froneman commented: “We are excited to be adding Metallix to our existing recycling footprint – the scale, technology, and know-how add positively to our existing recycling operations and advance our urban mining strategy. We expect significant value uplift through the large number of synergies with our existing recycling operations.”
The acquisition enhances the group’s global recycling reach and internal logistics capabilities, increasing its ability to source materials from multiple regions, facilitating the delivery of end-to-end solutions to customers.
Based on the latest audited financial information, Metallix has recorded positive earnings and cash flow and is expected to contribute positively to the Sibanye-Stillwater Group's earnings and cash flow immediately.
The transaction is expected to close during the third quarter of 2025, subject to receipt of applicable regulatory approvals customary to a transaction of this nature.