Shares fell after the miner said it would suspend dividends until further notice, due to current restrictions to funds held at its Kyrgyz Republic subsidiary, Kumtor Gold.
Together with reducing Sibanye’s dependence on its aging South African assets, the deal will make the company the world's third largest palladium producer, the company said.
Russian-Canadian Vera Kirikova will become human resources group executive while Simone Niven will assume the corporate relations group executive post.
The move is part of the new government's strategy to rebuild trust on the project following deadly protests that halted exports from the mine in October.
While the miner is not longer being pressed to include its platinum assets in the divestment plan, the issue of how to package mines and which ones to include, remains a bone of contention.
Industry claims the U.S. Bureau of Land Management, the U.S. Forest Service, and state regulatory agencies already possess what miners contend are adequate financial guarantee programs.