Sibanye-Stillwater maintained stable production across most of its operations, although persistent challenges in its South African gold segment and weather-related disruptions in PGM surface mining weighed on performance.
It said its South African PGM operations delivered consistent output, with underground production remaining steady at 750,150 4E ounces.
However, heavy rainfall in the first quarter reduced surface production by 30%, bringing total attributable output (excluding third-party concentrate) to 804,252 4E ounces.
Despite this, cost controls and a 19% surge in PGM basket prices since May position the segment for stronger earnings in H2 2025 if the rally sustains.
South African gold operations continued to face challenges, particularly at Kloof, where operational issues resulted in a 13% year-on-year decline in H1 production to 300,191 ounces. While Driefontein and Beatrix showed recovery by mid-year, Kloof remains under intensive management focus.
The segment's second-half performance hinges on resolving these bottlenecks, with higher output expected to boost revenue if gold prices remain stable.
US PGM operations produced 141,124 2E ounces, meeting guidance under the restructured footprint. Meanwhile, recycling volumes softened as macroeconomic pressures persisted—autocatalyst feed rates fell 10% year-on-year to 9.6 tonnes per day, reflecting weaker vehicle scrappage rates.
Reldan’s recycling arm partially offset this with diversified sales, including 63,992 ounces of gold and 932,712 ounces of silver.
Mathew Nyaungwa, Editor-In-Chief, Rough & Polished
