Sibanye-Stillwater's stock is experiencing a decline in after-hours trading following the announcement of a massive gold discovery in central China's Hunan Province. The discovery, reported on December 6, 2024, involves over 1,000 metric tons of gold, valued at more than $83 billion. This significant find could potentially impact global gold prices and the competitive landscape for gold producers, including Sibanye-Stillwater, which is a major player in the platinum and precious metals mining sector.
The news of this discovery comes on the heels of Sibanye-Stillwater's recent announcement to sell $500 million in bonds to acquire the precious metal refiner, Reldan. This move was perceived negatively by the market, contributing to the stock's earlier decline. The combination of these factors is likely influencing investor sentiment and contributing to the stock's downward movement.
Sibanye-Stillwater (SBSW) shares fell 1.03% to $3.85 in after-hours trading, following a 2.51% decline to close at $3.89 on December 6, 2024.