The Public Investment Corporation (PIC), which manages the pensions of government employees, wants to increase its shareholding in Sibanye-Stillwater from 10% to 15%, in what would make it a key investor in the leading PGM producer.

In a note to shareholders on Monday, Sibanye said it had received a formal notification from the corporation for the offer. The PIC has since 2017 been increasing its stake in the diversified mining group from 8.8% to the current level.

The corporation, which invests on behalf on government employees' pension funds, has interests in a wide range of listed and non-listed entities and manages assets over R2 trillion. 

Some other investors in Sibanye include Investec Asset Management, the Vanguard Group and  BlackRock, according to information provide by the company. Sibanye-Stillwater has positioned itself as a leading PGM producer in the world through a series of acquisitions over the past few years, including the take over of Lonmin and US firm Stillwater in 2017.

Sibanye shares gained nearly 10% in Monday trade, climbing to R51.40.

*Compiled by Sibongile Khumalo