A logo of Sibanye Stillwater is seen at a mine in Marikana, outside Rustenburg, northwest of Johannesburg, South Africa, March 14, 2024. REUTERS
Feb 26 (Reuters) – Sibanye Stillwater (SSWJ.J), said on Wednesday it will not go ahead with plans to invest in the Rhyolite Ridge lithium project in the U.S. state of Nevada because it does not meet its investment criteria.
The Johannesburg-based miner agreed to set up the lithium joint venture with Australian-listed Ioneer (INR.AX), in 2021 as part of its diversification into battery metals.
Sibanye said after reviewing updated studies on the planned lithium mine, a decision was taken not to proceed with additional investments.
The lithium project “did not meet the Sibanye Stillwater investment hurdle rates at prudent pricing assumptions”, Sibanye said.
The price of lithium, used to make batteries that power electric vehicles, has plunged over 80% from its peak in November 2022 after a supply glut, forcing companies to mothball mines and freeze projects.
Reporting by Nelson Banya and Felix Njini; Editing by Jacqueline Wong and Lincoln Feast.
