By Sabela Ojea
Sibanye-Stillwater Ltd. said Thursday that it has created a joint venture with ioneer Ltd. for the U.S.-based Rhyolite Ridge Lithium-Boron project.
The South African mining company said it has also agreed to subscribe for a placement of shares in ioneer equal to 7.1% of the Australian mining development company's ordinary share capital.
The placement is valued at around $70 million at an issue price of 655 Australian cents (48 U.S. cents) a share, it said.
Sibanye-Stillwater said it will contribute $490 million for a 50% interest in the joint venture, while ioneer will retain operational management responsibility.
Write to Sabela Ojea at firstname.lastname@example.org; @sabelaojeaguix
(END) Dow Jones Newswires