Wednesday, November 22, 2017

Same game, new name

Stillwater Mining Company renamed

The Stillwater Mining Company has a new name — Sibanye-Stillwater.
The announcement was made Wednesday morning by Stillwater and the Sibanye Gold Limited Company.
“The merging of the two company names is symbolic of the merging of the two companies into a leading international precious metals company,” said Sibanye-Stillwater Environmental Manager Randy Weimer in a press release. “The new name and brand…preserves the value of both the Sibanye and Stillwater brands and ensures the ongoing longevity of the Stillwater name for our employees and the State of Montana.”
The name change was characterized as a “rebranding step” of a company that until recently, was a South African gold company with assets based only in South Africa. Sibayne purchased the Stillwater Mining Company earlier this year.
The legal name remains Sibanye Gold Limited, but it will trade as Sibanye-Stillwater going forward.
“We are proud to unveil our new name and brand ‘Sibanye-Stillwater,’ which preserves the value of both the Sibanye and Stillwater Mining Company (Stillwater) brands, and better captures our international profile,” said Sibanye-Stillwater CEO Neal Froneman in a press release issued early Wednesday morning. “The new logo celebrates our South African roots and the Sibanye culture, vision and values, which remain consistent and form the core of the new Group. Sibanye-Stillwater has become a truly competitive, international mining company with a unique portfolio of world class, scalable, precious metal assets.”
Prior to the purchase of Stillwater, Sibanye recognized the strategic value of the company as both the only sizeable primary palladium producer and its significant growth opportunities, stated both press releases.
Sibanye-Stillwater has a market capitalization of $3.4 billion with an annual production profile of 1.3 million ounces of gold and 1.65 million ounces of platinum group metals. Sibanye-Stillwater remains not only one of the largest industrial employers in Montana, but also one of the largest by revenue.