Sedibelo Resources, a platinum group metals miner in South Africa, filed on Friday with the SEC to raise up to $100 million in an initial public offering. It plans to list on the NYSE under the symbol SED, as well as the Johannesburg Stock Exchange under the symbol SDB three business days after its US pricing.
Sedibelo Resources is a South African producer of platinum group metals (PGMs) with a portfolio of projects throughout the Southern Africa region. In 2021, the company produced and sold 98 thousand ounces (koz) of platinum, palladium, rhodium, and gold (-24% y/y). Sedibelo operates the Pilanesberg Platinum Mine, an open pit mining operation located on the Western Limb of the Bushveld Complex that commenced production in 2008. South Africa's Bushveld Complex contained approximately 91% of the world’s PGM-bearing ore as of 2020.
The Johannesburg, South Africa-based company was founded in 1999 and booked $223 million in revenue for the 12 months ended March 31, 2022. Evercore ISI, J.P. Morgan, and RBC Capital Markets are the joint bookrunners on the deal. No pricing terms were disclosed.
