Why Sibanye Stillwater Stock Surged 15% in October
Shares of Sibanye Stillwater (NYSE: SBSW) jumped 15.1% in October, according to data provided by S&P Global Market Intelligence. Several factors fueled the precious metal mining stock's rally, including acquisition news, earnings, and an analyst note.
Sibanye Stillwater had a busy October. One of the highlights was purchasing two mines in Brazil for $1 billion. The company bought the Santa Rita nickel mine and the Serrote copper mine from a private equity fund. Those mines align with the company's focus of building a portfolio of mines that produce metals vital to cleaner energy. Copper is essential to electric vehicles and renewable energy, while nickel is crucial for battery production.
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