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 sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

September 16, 2021 02:06 ET (06:06 GMT)

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