CAPE TOWN Feb 6 Sibanye Gold is
hunting for another South African platinum asset with a focus on
smelting and refining, but a deal is unlikely this year as its
seeks to fund its acquisition of U.S. producer Stillwater
, its CEO said on Monday.
"We still have a step to do with our platinum strategy,"
Sibanye Chief Executive Neal Froneman told Reuters in an
interview on the sidelines of an African mining conference.
"Our South African asset base still needs to have a mine to
market basis. We need to add downstream processing, so that's
smelting, refining. We want to know who our end-users are and
develop the market," he said.
But he said the rights issue of up to $1.3 billion the
company was planning for its $2.2 billion Stillwater acquisition
needed to be completed first and so any new deal was unlikely in
"We think it's prudent to target the $1.3 billion. It gives
us a prudent balance sheet," said Froneman, a blunt-talking
executive with a reputation for deal making.
Sibanye, a Gold Fields' spinoff, has branched aggressively
from gold into platinum, acquiring Anglo American Platinum's
labour-intensive Rustenburg operations as the Anglo
unit pivots to mechanised mining.
(Reporting by Ed Stoddard; editing by Barbara Lewis)