12:06 PM EST, 12/09/2024 (MT Newswires) -- Sibanye Stillwater ( SBSW ) said Monday it has agreed to sell its Beatrix 4 shaft, including the Beisa uranium project, to Neo Energy Metals in a cash-and-stock deal for 500 million South African rand ($28.2 million).

The total consideration consists of 250 million rand in cash and 250 million rand in newly issued shares, giving Sibanye Stillwater ( SBSW ) approximately 40% ownership in Neo Energy, Sibanye Stillwater ( SBSW ) said. Neo Energy will develop the Beisa uranium project while Sibanye Stillwater ( SBSW ) will retain exposure to future uranium production, the company added.

The transfer of Beatrix 4 shaft to Neo Energy is expected to be finalized by Q4 2025, Sibanye said.

Shares of Sibanye Stillwater ( SBSW ) were rising more than 9% in recent trading.

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