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Sibanye splashes the cash on Keliber

Posted on - 12 Jul 2022

Category - Finance/M&A

We thought that the multiple that Sibanye Stillwater (NYSE:SBSW) was prepared to spend for Ioneer’s (ASX:INR) US sedimentary project was high, until we saw the proposed takeout multiple for the second stage of its deal to secure Keliber’s Finnish lithium project. SBSW spent US$490m on 50% of Ioneer, valuing each contained resource tonne of LCE at US$785. But that pales into insignificance compared to the amount it was prepared to pay to take it up to a 50.3% share in Keliber. To be fair, Keliber is much closer to production, having secured a permit to build its processing plant, but...

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Ioneer Keliber Lithium M&A Sibanye-Stillwater