JOHANNESBURG, April 25 Sibanye Gold's
shareholders on Tuesday approved the South African miner's $2.2
billion buyout of U.S.-based Stillwater Mining < SWC.N>, moving
it a step closer to significantly boosting its platinum
About 82 percent of Sibanye shareholders voted in favour of
the deal which will cement South Africa's grip on global supply
of platinum and advance Chief Executive Neal Froneman's push to
diversify away from gold and South Africa.
"We thank our shareholders for their support for this
transaction which represents a unique and transformative
opportunity to acquire world class, low-cost international PGM
assets," Chief Executive Neal Froneman said.
Sibanye, which was spun off from Gold Fields in
2013, last year bought Aquarius Platinum and Anglo
American Platinum's mines in Rustenburg. The Stillwater
deal is its first venture beyond South Africa.
Stillwater, which operates in Montana, is the only U.S.
miner of platinum group metals (PGM) and the largest primary
producer of PGMs outside South Africa and Russia.
Stillwater's shareholders are due to meet on Tuesday to vote
on the transaction.
Sibanye said it would fund the deal with a combination of
debt and new equity. It expects the tranches of capital to be
raised by the end of June.
($1 = 13.0376 rand)
(Reporting by Olwethu Boso; editing by Jason Neely)