Secondary mining has been something we’ve been part of for some time through DRDGOLD and of course more recently Century. We are looking to grow that business. Recycling or open mining is an area where we’re quite active and we have recently announced the Reldan transaction, which I’ll get to now. But those are the three operating legs of the company. And let me just provide you with a bit more detail on Reldan which is a U.S. based metals recycler based in Pennsylvania, and has joint ventures and operations in both India and Mexico spreading our footprint. So in November 2023, we announced the acquisition of Reldan at a $211 million enterprise value. And of course taking from enterprise to the cash consideration will result in a $155.4 million cash outflow.
It’s anticipated to be value accretive on day 1. That’s not a big ticket in the big scheme of things. At reprocesses, industrial and electronic waste, to produce various metals. And I think it’s important to understand the scale of these businesses. So we’ve really highlighted the amount of gold, a recycler produces. And in this case for 2022, that was a 140,000 ounces of gold. Now that compares very favorably 264,000 ounces that DRDGOLD produces. And DRDGOLD is considered a large gold mining company. It also produced just under 2 million ounces of silver, 22,000 ounces of palladium, 25,000 ounces of platinum and 3.4 million pounds of copper. So a significant producer, significant scale. As I’ve said, got a presence in Mexico and in a number of environmental certifications and accreditations, which attract blue chip suppliers.
And we expect this transaction to close during this month. So let me then move on to the bigger part of resource stewardship and just talk a little bit about our reserve and resource base as recently declared. And obviously the pie charts on the right hand side of the slide are important. What stands out before I even go into the test is the very large reserve base that we have in the U.S. And you can see why that is so strategic in terms of our own company and as I’ve said also for the United States. So really pleasing to announce a 55% increase in attributable lithium mineral resources. And we will — I do believe in the not too distant future, be able to upgrade the mineral reserve as well. We have a very sizable PGM mineral resource and reserve base with long life operations and lots of optionality.
As I’ve said, the U.S. resource and reserve base is strategic and significant. The South African PGM basis is also significant and large. The South African gold resources and reserves went down impacted mainly by the closure of Kloof 4 shaft and Beatrix 4 shaft. The new Century operations, we have an attributable zinc mineral reserve of £1.7 million which we’ve declared for the first time. And for the first time, Mount Lyell has just under or just over I should say £1.6 million of copper mineral resource, which was added. Lots of questions on uranium. As you know, we’ve been sitting on our uranium waiting for the process to be what they are. We have £32 million of uranium resources on the cooke tialings down with DRD having now finalized their regional tailings facility.
That can be brought to account, very quickly. Then of course, we’ve got the Beisa uranium mine, with £27 million of resource. And we’re actively progressing, the thinking around that. So with that, I’m going to hand over to our Chief Financial Officer to take us through the financial review. Thanks, Charl.
Charl Keyter: Thank you, Neal. Good morning and good afternoon to all participants. Having now spent almost 30 years in the mining industry, you very quickly learn that summers are short half of 2023, financially speaking, we enter a period which is beginning to feel like autumn as we saw a pullback in commodity prices, specifically PGMs. This has had a significant impact on our results, as you will see during the financial review. Our balance sheet remained strong and we maintained our financial flexibility. However, for the first time in four years, we moved into a net debt position. Net debt to adjusted EBITDA increased to 0.58x and this was driven predominantly by lower commodity prices, capital expenditure and timing of year end payments.
Now debt maturities, as can be seen on the slide, remains manageable. Gross debt, including borrowings, increased by approximately R15 billion and this was due to R4 billion drawn under the Rand revolving credit facility due to earlier payments in December 2023 associated with the South African mines closing around ’23 December. We also issued the convertible bond at the end of 2023. Cash on hand was at R25.5 billion and net debt was just under R12 billion. Liquidity still remains very strong and we have headroom of just under R50 billion which is split roughly half cash and half available facilities. Our North Star remains the capital allocation framework and the decisions taken around cost cuts and production rightsizing base testimony. Looking at project capital, Burnstone has been slowed down and we will continue to review this based on the financial position of the group.
For now, we will continue with our two major projects, K4 and Keliber. If we look at stakeholder shared value, as stated and based on the financial performance and in line with our dividend policy. No dividend has been declared at year end. If we now move to stakeholder shared value again. The Sibanye Stillwater Foundation non-profit company was conceived at the end of 2021, but it was only finally registered in 2023. The historical allocation of R212 million has flown and more on that later. At the end of 2023, we issued a convertible bond of $500 million and the proceeds will partially be utilized for the funding of Reldan. The message I want to leave you with on this slide is that we are well aware that we are on a much tighter period, but we will continue to evaluate all investments and expenditures based on this capital allocation framework.
