Sibanye obviously realizing that battery power is the future, so they continue their drive toward “battery” metals. So, After recently investing in a lithium project in Finland, they have taken the next step by announcing their intention to buy the nickel processing plant in Normandy in France.
The plant will cost them around 65 million Euros and according to Sibanye, the deal has been (pretty much) agreed to and is expected to be done and dusted by the end of the year.
The facility’s refinery currently has a production capacity of 12 000 tons of high grade nickel and about 4000 tons of high purity nickel salts and solutions.
So an interesting move by Sibanye but it’s nice to see them looking towards future while at the same time helping Europe become less reliant on China
What’s happening on the markets ?
- Well the market has given back all of yesterday’s gains unfortunately.
- Resources which pretty much carried the market yesterday, taking some pain with that index down nearly 2.5%.
- Industrials are lower by 0.7%.
- Financials have managed to turn positive though, some more rand strength (or dollar weakness rather) helping lift our bank stocks. So that index as I said, just trading in the green now.
- The Rand looking nice and steady at around 14.53/$