Sibanye-Stillwater (JSE:SSW, NYSE:SBSW) is a global mining and metals processing group with a diverse portfolio of operations, projects and investments across five continents. The Group is also one of the foremost global recyclers of a suite of metals and has interests in leading secondary mining operations.
Sibanye-Stillwater is one of the largest producers and refiners of platinum group metals (PGMs: platinum, palladium, rhodium, iridium and ruthenium) and is a top-tier gold producer. It also produces nickel, chrome, copper, silver, cobalt and zinc. The Group has also diversified into mining and processing battery metals and has increased its presence in the circular economy by expanding its recycling and secondary-mining exposure globally.
SA PGMs
US PGMs
SA Gold
Battery metals
Secondary mining
Recycling
* Non-managed
1. All recycling operations and Sandouville are non-mineral properties
Our purpose
Creating a better future for people and planet through our metals
Our vision
To be a leader in creating shared value for all stakeholders
Our iCARES values
- Innovation: We intentionally finding new ways to do things better.
- Commitment: We deliver on our promises to all our stakeholders.
- Accountability: We accept responsibility and consequences for our actions.
- Respect: We show regard and consideration for others.
- Enabling: We make it easy to work productively and safely.
- Safety: We prioritise the safety of ourselves and our colleagues.
The Sibanye-Stillwater Umdoni tree
The Sibanye-Stillwater Umdoni tree symbolises our approach to stakeholder capitalism. The roots of the tree hold our values, signifying that below the surface of success and competition, Sibanye-Stillwater iCARES.
How the indigenous South African Umdoni tree represents our business ethos:
- Our values are the roots of our organisation, which provide a solid basis for the way we do business
- The trunk of the tree is represented by our people, the material foundation and strength of the Group
- Quality results from our operations – safe production at competitive cost – are the source of value created through our business activities and necessary for shared value and sustainability
- The canopy/leaves on the branches represent our stakeholders – each of them of equal importance
- The tree’s seeds and fruits signify the varying benefits and value that our success allows us to share with all stakeholders
Our strategy centres on performance excellence, delivering future-focused metals that power clean energy and drive global progress. We’re uniquely positioned to supply these metals responsibly — through primary mining, secondary mining, and recycling — embracing the circular economy and building partnerships across the value chain.
Our approach will enhance capital returns for our shareholders, ensure long-term supply resilience for customers, deliver sustainable growth and shared value for all our stakeholders, while driving returns today and positioning us to deliver into the economy of tomorrow.
We will strengthen our fundamentals…
Short term (immediate focus)
Performance excellence
Increase operating margins through operational excellence
Increase efficiency through simplified operating model
Simplify our portfolio towards highest return assets
Underpinned by enabling systems and our performance culture of care
Solidify business essentials
Disciplined capital allocation framework to drive shareholder returns, balance sheet strength and sustainability
…to deliver flexibility for growth
Medium to longer term
Delivering value accretive growth
Sustain a precious metals underpin with growth in commodities enabling the energy transition
Geographies in which we have a competitive advantage
Build on our resource stewardship across primary mining, secondary mining and recycling
Unlock inherent resource value through organic growth projects
The four pillars of our refreshed strategy prioritise unlocking unrealised value
Simplification
Simplification of operating model and asset portfolio to enhance accountability, agility and management focus
Performance excellence
Through holistic improvement to drive higher margins
Growth
Focused on value creation that is anchored in returns and unlocking organic value as a priority
Capital allocation
Prioritising returns and securing sustainability through a disciplined framework
Operational excellence
- Productivity enhancements
- Cost efficiency
- Consistent, reliable delivery
- Capital project execution
Safe production
- Fatal Elimination programme
- Critical controls, behaviours and management routines
- Empowered and enabled teams
- Best-practice systems
- Instilling a values-driven and safe performance culture
Embedded sustainability
- Social compacting (GNA, Marikana renewal)
- Sustainable water strategies
- ~765MW planned renewable energy portfolio
- Subscribe to global best sustainability practices
- Development of local economies, fixed capital investment
Resource optimisation
- Enhance strategic mine planning process
- Digital and technology innovation
- Value chain optimisation
JSE: SSW
Latest trade: 4,316c at 12:00am on 28 September 2026
Geographical distribution
2025 PRODUCTION AND RECYCLING1
Platinum
1.2Moz
Palladium
1Moz
Rhodium
189koz
Ruthenium
258koz
Iridium
60koz
Gold
856koz
Silver
2.3Moz
Chrome
2.3Mt
Zinc (payable)
101kt
Nickel
1.1kt
Copper
3.2Mlbs
2025 REVENUE PER PRODUCT (Rbn)
2025 REVENUE PER OPERATION (Rbn)
REDUCED NET LOSS
FOR 2025 YEAR2
R4.7 billion
(US$264 million)
(2024: R5.7 billion/US$311 million)
NORMALISED EARNINGS
FOR 2025 YEAR3
R10.6 billion
(US$577 million)
(2024: -R1.5 billion/-US$79 million)
GREEN REVENUE FACTOR3
74%
WORKFORCE
72,668
2025 PGM & GOLD
MINERAL RESERVES
2025 PGM & GOLD EQUIVALENT MINERAL RESOURCES
2025 battery & other metals mineral reserves
2025 battery & other metals mineral resources
- The Platinum Group Metals (PGM) production in the SA PGM operations is platinum, palladium, rhodium, and gold, referred to as 4E (3PGM+Au), totalling 1.7Moz 4E PGMs for 2025. Mined production of platinum and palladium, referred to as 2E (2PGM) from the US PGM operations, was 284koz 2E PGMs for 2025. Production from the US PGM recycling operation (platinum, palladium, and rhodium, referred to as 3E (3PGM)) was 378koz 3E PGMs. Recycling is inclusive of the Montana and Pennsylvania sites and the North Carolina site from 1 September 2025 to 31 December 2025
- See the Consolidated Income statement in the Group Annual financial report for the year ended 31 December 2025 Normalised earnings is a pro forma performance measure and is not a measure of performance under IFRS Accounting Standards. This measure should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. See the reconciliation in the Group Annual financial report for the year ended 31 December 2025
- The FTSE Russell green revenue factor is defined by FTSE Russell as the percentage of revenue that is derived from products that have a positive environmental utility which help prevent, restore and/or adapt to issues deriving from climate change, natural resource limitations, and environmental degradation. This measure enables precise identification of green products and services across the entire value chain and helps investors assess revenue exposure to green activities within the Group.
- The FTSE Russell green revenue factor is a non-IFRS measure and it should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards
Full conformance with the Global Industry Standard on Tailings Management (GISTM) on all active tailings storage facilities across the Group
SA gold: 94% independent of municipal water — meaning more water is available for stakeholder needs
Restored 5,303 hectares of land to date
A year-on-year decrease in scope 2 emissions of 8.6%
Castle wind farm and Springbok solar farm prevented 316,875 CO2 emissions; a renewable energy portfolio of 765MW
Women representation across the Group increased to 18.8% with women in management at 29.4%
Safe production
Lowest serious injury frequency rate (SIFR) and total recordable injury frequency rate (TRIFR) recorded in the history of Sibanye-Stillwater
Indices
ESG-related indices (not limited to these) in which we are currently included:
FTSE/JSE Responsible
Investment Index
