{"id":52091,"date":"2023-11-18T19:22:54","date_gmt":"2023-11-18T19:22:54","guid":{"rendered":"https:\/\/www.africa-press.net\/zambia\/all-news\/sibanye-brings-in-chinese-partner-for-mopani-bid-3"},"modified":"2023-11-18T19:39:30","modified_gmt":"2023-11-18T19:39:30","slug":"sibanye-brings-in-chinese-partner-for-mopani-bid-3","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/zambia\/all-news\/sibanye-brings-in-chinese-partner-for-mopani-bid-3","title":{"rendered":"Sibanye brings in Chinese partner for Mopani bid"},"content":{"rendered":"

Africa-Press – Zambia. <\/strong><\/span>South Africa\u2019s Sibanye Stillwater plans to bring in a Chinese investor to form a partnership if it wins its bid to buy Mopani Copper Mines, its Chief Executive Neal Froneman told Reuters.<\/p>\n

The Johannesburg-based precious metals producer is on the shortlist of potential buyers for the copper mines owned by a unit of the Zambian government. The government had expected to have chosen the winning bidder by the end of July.<\/p>\n

\u201cWe are bringing in a partner we\u2019ve already identified and are working with, but we didn\u2019t want to complicate the transaction by having two buyers negotiate with the government,\u201d Froneman said, without naming the investor or detailing the terms of the possible investment.<\/p>\n

The Chinese company has a presence in copper mining and would be joining Sibanye as an investment partner, Froneman said. \u201cWe will bring in the partner as soon as we\u2019ve been successful and concluded the negotiations,\u201d he added. Sibanye is competing with China\u2019s Zijin Mining Group in the bid.<\/p>\n

The South African mining veteran, famed for his dealmaking, has grown Sibanye, spun out of some of Gold Fields\u2019 South African mines, into a diversified producer with platinum, lithium and nickel assets in Southern Africa, Europe and the U.S.<\/p>\n

The CEO wants new assets as output from South African gold and platinum mines has been reduced by electricity blackouts and rising crime. Sibanye earlier reported a 37% slump in first-half profit to 7.8 billion rand ($421 million) due to operational challenges and lower metal prices, sending its shares down more than 11%.<\/p>\n

Platinum and palladium output at its Stillwater operations in the U.S., that were hit by flooding, dropped by 11%. The Chinese investor could help derisk the investment at Mopani, Froneman said.<\/p>\n

\u201cThey are an investment partner but technically they understand the copper business and smelting, so it\u2019s managing risk,\u201d he said.<\/p>\n

Switzerland-based commodities group Glencore (GLEN.L) sold a 73% stake in Mopani to ZCCM in 2021 for $1.5 billion in a deal funded by debt, but retained offtake rights of Mopani\u2019s copper production until the debt had been repaid in full.<\/p>\n

The winner of Mopani\u2019s assets in a process that\u2019s being managed by Rothschild & Co would likely be known in about three weeks, the CEO said. The Mopani assets require significant investment but spending would be spread over a number of years, Froneman said.<\/p>\n

\u201cWe prefer working with partners and prefer earning-in so don\u2019t factor into your thinking a large capital outlay for Mopani,\u201d he added. ($1 = 18.5332 rand)<\/p>\n

For More News And Analysis About Zambia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zambia. South Africa\u2019s Sibanye Stillwater plans to bring in a Chinese investor to form a partnership if it wins its bid to buy Mopani Copper Mines, its Chief Executive Neal Froneman told Reuters. The Johannesburg-based precious metals producer is on the shortlist of potential buyers for the copper mines owned by a unit […]<\/p>\n","protected":false},"author":84,"featured_media":52089,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[234,235,233],"class_list":["post-52091","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-zambia","tag-zambia"],"yoast_head":"\nSibanye brings in Chinese partner for Mopani bid - Zambia<\/title>\n<meta name=\"description\" content=\"South Africa\u2019s Sibanye Stillwater plans to bring in a Chinese investor to form a partnership if it wins its bid to buy M ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zambia\/all-news\/sibanye-brings-in-chinese-partner-for-mopani-bid-3\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sibanye brings in Chinese partner for Mopani bid\" \/>\n<meta property=\"og:description\" content=\"South Africa\u2019s Sibanye Stillwater plans to bring in a Chinese investor to form a partnership if it wins its bid to buy M ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zambia\/all-news\/sibanye-brings-in-chinese-partner-for-mopani-bid-3\" \/>\n<meta property=\"og:site_name\" content=\"Zambia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-18T19:22:54+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-11-18T19:39:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zambia\/sites\/35\/2023\/11\/sm_1700323555.439298.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/sibanye-brings-in-chinese-partner-for-mopani-bid-3#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/sibanye-brings-in-chinese-partner-for-mopani-bid-3\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Sibanye brings in Chinese partner for Mopani bid\",\"datePublished\":\"2023-11-18T19:22:54+00:00\",\"dateModified\":\"2023-11-18T19:39:30+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/sibanye-brings-in-chinese-partner-for-mopani-bid-3\"},\"wordCount\":438,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/sibanye-brings-in-chinese-partner-for-mopani-bid-3#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/zambia\/sites\/35\/2023\/11\/sm_1700323555.439298.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Zambia\",\"Zambia\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/zambia\/all-news\/sibanye-brings-in-chinese-partner-for-mopani-bid-3#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/sibanye-brings-in-chinese-partner-for-mopani-bid-3\",\"url\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/sibanye-brings-in-chinese-partner-for-mopani-bid-3\",\"name\":\"Sibanye brings in Chinese partner for Mopani bid - 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