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Business model

We create and share value to improve lives through our business activities. In so doing, we invest in and optimise the responsible use of our capital inputs, to ensure sustained value creation in the long term.

A strong, principled governance framework, underpinned by our values and Code of Ethics, ensures responsible conduct of our business, secures our licence to operate and supports our aim to deliver sustainable value and ensure our long-term sustainability.

Our Board sets and guides strategy and strategic objectives and oversees policy and has ultimate accountability for Sibanye-Stillwater’s conduct as an ethical, responsible corporate citizen

How we create value


  • Developing and mining of underground and surface resources
  • Processing and refining (including PGM recycling)
  • Sale of end products and financial management
  • Environmental management, land rehabilitation and mine closure
  • Management of stakeholder relations


  • Government action
  • Socio-political instability and unrest in South Africa
  • Safety incidents and breaches of safety policies
  • Mining Charter outcome and Mineral and Petroleum Resources Development Act amendments
  • Under-delivery on plans
  • Significant PGM, gold and other commodity price decreases
  • Global economic downturn or strengthened US economy
  • Financial covenants and net debt
  • Organised labour
  • Change in regulatory requirements


What we can control
  • Grade and volumes mined safely
  • Operational efficiency
  • Cost management
  • Stakeholder relationships
What is beyond our control
  • Rand-dollar exchange rate
  • Commodity prices and demand fundamentals
  • Regulatory changes
  • Geopolitics and state of the global economy
  • Power supply insecurity
  • Seismic events


  • Strength and quality of our leadership teams
  • Employee skills and expertise
  • Product diversity
  • Regional diversity

For more information on our capital inputs, outputs and outcomes as well how we distribute value, kindly refer to the Annual Integrated Report 2018