Burnstone is a near-term gold project located near Balfour in Mpumalanga. The project supports the transition of Sibanye-Stillwater’s SA gold operations towards shallower, lower-risk and longer-life production.
Expected statistics at steady state
Life of mine
25 years
Annual gold production
at steady-state
>130koz
Mineral Reserve
at 31 December 2025
2.7Moz
Mineral Reserve
at 31 December 2025
8.9Moz
Workforce
>2,500
employees and contractors
Following completion of a restated feasibility study and internal assurance review, the Burnstone gold project received Board approval. An initial R98 million budget for 2026 has been approved and project setup has commenced.
The current development plan provides for pre-production capital during 2027 and 2028, with the processing plant expected to commence operating in 2029. Gold production is expected to build progressively towards steady-state output rather than reaching full capacity immediately.
Burnstone will mine the Kimberley Reef at an average depth of approximately 550 metres, with a maximum planned depth of approximately 1,050 metres. Its shallower mining profile and substantial existing infrastructure support safer, more efficient and longer-life production.
A closer look
| Metric | Current project basis |
|---|---|
| Average annual steady-state gold production | ~130,000 oz |
| Average AISC at steady state | ~R872,000/kg |
| Net present value | ~R19.2 billion at a 10% discount rate |
| Internal rate of return | ~36.1% |
| Project infrastructure capital | ~R3.5 billion over six years |
| Pre-production capital | ~R2.5 billion through 2028 |
| Approved project budget for 2026 | R98 million |
| Workforce at steady state | Build-up to ~ 2,500 employees |
- Supports the transition of the SA gold portfolio towards shallower, lower-risk and longer-life production
- Establishes future gold Mineral Reserves for the Group and partially offsets depletion from mature deep-levell South African gold operations
- Adds ~130,000 oz of annual gold production at steady state from an asset already owned within the portfolio
- Avoids an acquisition premium and benefits from extensive existing surface and underground infrastructure
- Reduces remaining development requirements and capital intensity relative to a comparable greenfield project
- Will be advanced through disciplined, stage-gated execution, aligned with project readiness, affordability and the Group’s capital-allocation framework
- Burnstone is expected to build progressively towards approximately 2,500 employees during steady-state operations
- Employment and procurement opportunities will increase as project execution and production ramp-up advance, with local and empowered supplier participation, training and stakeholder engagement forming part of implementation planning.
Sibanye-Stillwater acquired Burnstone through its acquisition of Wits Gold in 2014 and has advanced development and infrastructure upgrades since 2016. The Board approved continuation of project construction in February 2021, with execution commencing in June 2021. Further investment was curtailed in 2024 as part of Group-wide capital preservation measures, and Burnstone was placed on care and maintenance while the feasibility study was restated.
Burnstone is an advanced brownfield project with substantial underground and surface infrastructure already established. Completed work includes underground development, connected decline and vertical-shaft infrastructure, ore-handling and hoisting systems, and supporting surface facilities. This pre-development supports a progressive production build-up.
Burnstone strengthens the Group’s precious-metals underpin through a high-return project already owned within the portfolio.
An initial R98 million budget for 2026 has been approved and project setup has commenced.
Existing infrastructure and extensive pre-development reduce the remaining execution requirements and capital intensity relative to a comparable greenfield project.
The project will be advanced through disciplined, stage-gated execution, with capital deployed in line with project readiness, affordability and Sibanye-Stillwater’s capital-allocation framework.
Existing infrastructure and previously disturbed areas will be used where practiable to limit additional disturbance. Environmental management, water stewardship, tailings management, progressive rehabilitation and closure planning will be incorporated into project execution and future operations.
