Sibanye Gold expands platinum holdings with US acquisition

HELENA (AP) — A South African gold mining company has completed a $2.2 billion acquisition of the only U.S. producer of platinum and palladium.

Thursday's announcement comes a little more than a week after shareholders of both Sibanye Gold Limited and Littleton, Colorado-based Stillwater Mining Co. approved the merger.

The U.S. government also reviewed the purchase to ensure there are no national security issues.

Stillwater operates a Montana mining complex that produces precious metals used in vehicles and in jewelry. Precious metals prices have plummeted from a high in 2008, leading to layoffs at the Stillwater mine in recent years.

This is Sibanye's third acquisition of a platinum mining company since 2016. Company officials say in documents filed with the Securities and Exchange Commission that they are optimistic about the future of the precious metals markets.