Sibanye's R28.7 billion Stillwater takeover approved

Sibanye Gold’s shareholders have approved the company’s R28.7 billion ($2.2 billion) buyout of US-based Stillwater Mining. Some 82 percent of Sibanye shareholders voted in favour of the deal.

Pictured: Sibanye Gold CFO Charl Keyter

The deal will not only firm up South Africa's grip on global platinum supply but also further Sibanye CEO Neal Froneman's push to diversify away from gold and South Africa.

Froneman said:

"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."

Sibanye will fund the deal with a combination of debt and new equity, and anticipates the tranches of capital to be raised by the end of June.

Stillwater's shareholders have yet to meet to vote on the transaction.