Edited by Sharyn Macnamara

Sibanye-Stillwater (JSE: SSW and NYSE: SBSW) has advised that it has exercised the option to acquire the Mt Lyell copper mine in Tasmania (Australia), prior to its expiry on 5 November 2023.



Sibanye-Stillwater obtained the option to acquire 100% of Copper Mines of Tasmania Pty Ltd for a consideration of USD10-million from Vedanta Limited (the Mt Lyell Transaction), through the acquisition of New Century Resources Limited (NCR) outlined in the announcement dated 27 October 2021. Mt Lyell is a previously operated underground copper mine (with gold by-products), which commenced production in 1894 and operated until it was put on care and maintenance in 2014.

A feasibility study which considers the re-establishment of the operation is underway and Sibanye-Stillwater said it will review its options upon completion of the study.

Neal Froneman, CEO of Sibanye-Stillwater commented, “We identified copper as an essential metal necessary to enable the clean energy transition. Mt Lyell potentially provides a low cost exposure to copper, adding primary production of copper to our current lithium and nickel exposure. We look forward to working with all the local stakeholders including the Tasmanian Government as we consider the potential advancement of this opportunity.”

Source: Supplied by Sibanye-Stillwater