Majors wary of “frothy” valuations
Sibanye Stillwater (NYSE:SBSW) CEO Neal Froneman has suggested that he doesn’t expect to resume buying activity in battery raw materials assets until valuations come down to more reasonable levels. SBSW has a 30% share in Finnish lithium developer Keliber and also recently aborted an investment in the Santa Rita nickel mine after a geotechnical event. BHP (ASX:BHP) has also been disciplined regarding valuations. It backed away after a bidding war with Andrew Forrest for Noront Resources after the price went too high. Nevertheless, having shifted its global exploration office to Canada from Chile, BHP has certainly indicated the shape of...