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COVER STORY | The metals rush

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Among the companies that lined up to bid for Atlantic Nickel, a company that owns the Santa Rita mine in Brazil’s Bahia state, were two car-making firms. Not normally in the mix when it comes to direct, large-scale mining sector merger and acquisition (M&A) activity, their presence speaks volumes about metals scarcity, especially in a world of strangled supply chains.

As it turned out, South Africa’s Sibanye-Stillwater placed the winning bid for Atlantic Nickel. It offered $1bn in cash to Appian Advisory Capital, a UK-based private equity fund that had picked up Atlantic Nickel and another – Minerac¸a~o Vale Verde (MVV) – out of bankruptcy in 2018. MVV owns the Serrote copper project, also situated in Brazil, which Appian Advisory redeveloped, and will become Sibanye-Stillwater’s first dedicated copper-producing asset.

For Sibanye-Stillwater, buying Santa Rita and Serrote was the company’s fourth major transaction this year in a high-risk, $2bn augmentation of its growth strategy. 

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Rand - Dollar
16.95
+0.3%
Rand - Pound
20.33
-0.1%
Rand - Euro
17.56
-0.1%
Rand - Aus dollar
11.40
-0.3%
Rand - Yen
0.12
+0.4%
Gold
1,759.67
+0.6%
Silver
21.51
+1.2%
Palladium
1,886.00
+2.5%
Platinum
1,019.05
+1.3%
Brent Crude
83.03
-0.2%
Top 40
68,053
+1.9%
All Share
74,348
+1.7%
Resource 10
72,797
+2.0%
Industrial 25
89,797
+2.0%
Financial 15
16,308
+1.2%
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