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 approximately 40% ownership in Neo Energy, Sibanye Stillwater said. Neo Energy will develop the Beisa uranium project while Sibanye Stillwater 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 were rising more than 9% in recent trading.

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