This Morning in Metals: Sibanye-Stillwater to acquire Brazil copper, nickel mines
This morning in metals news: Sibanye-Stillwater will acquire copper and nickel mines in Brazil for $1 billion; meanwhile, General Motors announced plans to expand access to electric vehicle charging stations; and, lastly, sales of single-family homes increased in September.
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Sibanye-Stillwater to acquire copper, nickel mines
South African miner Sibanye-Stillwater said it will acquire a pair of nickel and copper mines in Brazil.
The miner will purchase the sites for a total of $1 billion.
Sibanye-Stillwater plans to acquire the Santa Rita nickel mine and the Serrote copper mine.
“In line with Sibanye-Stillwater’s strategy to build an operating portfolio of green metals and related technologies, this Transaction is a further meaningful step – adding two low-cost, producing assets to its green metals portfolio,” the firm said in a release today. “Both assets have been substantially pre-capitalised and as a result the Transaction will be immediately accretive to Sibanye-Stillwater’s cash flow and earnings.
“Santa Rita is one of the largest nickel-cobalt sulphide open pit mines in the world, located in the State of Bahia, Brazil and includes a preliminary economic assessment (PEA)-stage underground project. The mine produces a sulphide concentrate suitable for downstream processing to produce battery precursors and has outstanding infrastructure resulting from significant historical investment.
“Serrote is a producing open pit copper mine, currently in ramp up, located in the State of Alagoas, Brazil and developed at a cost of US$195 million.”
GM to expand EV charging station access
Meanwhile, automaker General Motors announced plans to install up to 40,000 new Level 2 electric vehicle chargers in the U.S. and Canada.
“GM and its dealers will work together to expand access to charging in local communities including in underserved, rural and urban areas where EV charging access is often limited,” GM said.
The effort will begin in 2022, GM said, and is part of the company’s $750 million investment toward expansion of home, workplace and public charging infrastructure.
Single-family home sales rise in September
Lastly, single-family home sales reached a seasonally adjusted annual rate of 800,000 in September, the Census Bureau reported today.
The September rate marked a 14.0% increase from August. However, the September rate came in down 17.6% from September 2020.
Furthermore, the median sales price for new houses sold in September reached $408,800.
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