This marks the precious metals miner's second entry into the battery metals sector as it looks to capitalise on the global push for green technologies.
Sibanye-Stillwater said it would pay cash to buy the refinery in France through an exclusive share purchase and put option agreement.
The deal is expected to be finalised by the year end, subject to regulatory approvals, and following a consultation process with the works council of Eramet Sandouville.
The hydrometallurgical nickel refinery has a production capacity of 12,000 tonnes per annum of high-purity nickel metal, 4,000 tonnes per annum of high-purity nickel salts and solutions and around 600 tonnes per annum of cobalt chloride.
Situated at Le Havre, France's second largest industrial port, the refinery has strategic access to extensive logistical infrastructure including shipping, rail and key motorways, supporting any future supply into the European end user markets, Sibanye said.
"The site is scaleable for nickel, cobalt and lithium battery grade products, and will enable Sibanye-Stillwater to further advance its battery metals strategy and recycling activities," the miner added.
The deal builds on the investment in the Keliber lithium hydroxide project, in partnership with the State of Finland and the Finnish Minerals Group, announced in February 2021.
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