• JSE: SSW R34.71 +0.00%
  • NYSE:SBSW $8.38 -1.99%
  • GOLD:US$/oz $4,042.91 +0.39%
  • GOLD:ZAR/kg R2,172,698 +0.47%
  • PLATINUM:US$/oz $1,611.50 -0.73%
  • PALLADIUM:US$/oz $1,243.00 -0.88%
  • RHODIUM:US$/oz $8,250.00 +0.00%
  • ZAR:US$ R16.72 +0.08%
  • Last updated: Jul 28, 2026 at 10:07pm
About the bionic fingerprint

US PGM operations review

Thursday, 11 August 2022 @ 15h00 (CAT) / 14h00 BST / 08h00 (EST) / 07h00 (MDT)

Prevailing macro environment and changing palladium market conditions have prompted a strategic revision of the US PGM operations and expansion plans. Sibanye-Stillwater discusses its prudent plan to defer capital investment on original growth project and re-engineer the operations to protect margins and long-term value.

Programme

Context to the repositioning Neal Froneman
A fresh perspectiveCharles Carter
Technical review  Wayne Robinson
Cost and financial aspectsPieter Henning
Conclusion Neal Froneman

RepositionING for delivery of sustainable value through the commodity cycle

  • Delivered on strategic intent 
  • Return on investment secured – optimising future value for all stakeholders
  • Robust, de-risked plan – greater flexibility
  • Prudent response to changing environment
    • Elevated global inflation 
    • Skills shortage
    • Positioning through the commodity cycles
  • Production growth to 700,000+ 2Eoz by 2027
  • Focus on sustainable cost management – AISC below US$1,000/2Eoz in medium/long term
  • Long life assets with great optionality

*NPV– Reserve Life of Mine model at 30 June 2022 assuming long term pricing of Pd US$1,250/oz, Pt US$1,250/oz and discounted at 6.2%


Sequence of macro economic and operating challenges


Build-up in mined 2E PGM production to 700k+ 2Eoz pa by 2027

East Boulder ~230k 2Eoz pa from 2024

  • Planned hiring, training and supervision of additional miners and geologists supports turnaround in productivity in 2022
  • Production expected to normalise to historical levels by end 2022 and then build to 230koz annual rate
  • Sustain ~ 18 month developed state (ORD)
  • Increased SIB capital
    • Earlier investment in fleet replacement and upgrades to support improved safety technology and the long life production profile
    • ­Current TSF expansion transitions to new waste rock dump, followed by new tailings facility (previously planned post 2030)

Stillwater West ~300k 2Eoz pa from 2027

  • Investment in advanced proximity detection to remove standard operating procedures’ constraints
  • Increased development investment  re-establishes two additional mining fronts beyond Depression zone     & Stillwater Fault
    • Developed state to ~12 months by 2024
    • Greater flexibility drives improved productivity and mining selectivity
  • Increase developed state to ~18 months 

Stillwater East (Blitz) ~170k 2Eoz pa from 2026

  • Temporarily suspend mining in areas that require engineered (cemented) backfill solution until new plant is commissioned (2025 ~3yrs @ US$30m)
    • ~40k 2Eoz  impact in 2022
    • ­Allows for restructuring – cost and  productivity benefits
  • Increase developed state to ~12 months by end 2024
  • Increase developed state to ~18 months in the long term

REPLAY OF LIVE CONFERENCE CALL, ACCESS CODE #42758

South Africa010 500 4108
UK0 203 608 8021
USA1 412 317 0088
Australia073 911 1378
International+27 10 500 4108

Explore more

Latest news

Browse through our news archive for all announcements issued by the Group since listing on the JSE.

+ Explore more

Report suite 2025

Our 2025 report suite shows how our strategy creates shared value over the short and long term.

+ Explore more

Video library

Discover how Sibanye-Stillwater is changing lives through mining by watching the latest videos from our Youtube channel.

+ Explore more