Sibanye-Stillwater demonstrated its significant leverage to precious metals prices as the company reported a dramatic surge in third-quarter earnings, driven by soaring gold and platinum group metals (PGMs) prices.
The mining giant’s South African PGM operations saw earnings before interest, taxes, depreciation, and amortisation (Ebitda) skyrocket 213% year-on-year to R5 billion ($288 million), while its local gold operations posted a 177% increase to R3.7 billion ($213 million).
This propelled group Ebitda to R9.9 billion ($570 million) – a 198% increase from the R3.3 billion ($190 million) reported in the same period last year.
The results underscore a remarkable turnaround, particularly in the gold division, where Ebitda has grown tenfold over 12 consecutive quarters, rising from R371 million ($21.3 million) in the last quarter of 2022.
In his first official update since succeeding Neal Froneman as chief executive on October 1, Richard Stewart said the volatile macroeconomic and sociopolitical landscape has fueled investor demand for safe-haven assets.
“The outlook for precious metal prices remains constructive for the balance of 2025 and into 2026,” he stated.
Operational performance across the group’s South African and Zimbabwean PGM operations, as well as its five gold mines, remained stable and on track to meet annual guidance.
The company also advanced its strategic initiatives, reporting significant progress in its renewable energy drive.
Two local projects achieved commercial generation of 99 GWh this year, saving R45 million ($2.6 million) and avoiding 107,000 tonnes of CO₂ equivalent emissions.
The recently commissioned 89 MW Castle Wind Farm has already generated 140 GWh. These projects form part of the company’s long-term target of 600 MW of renewable capacity, supporting its goal of carbon neutrality by 2040.
In Europe, the Sandouville nickel refinery in France is being placed on care and maintenance, resulting in a Q3 Ebitda loss of $7 million.
Meanwhile, construction of the Keliber lithium project in Finland remains on schedule for completion in the first half of 2026, though the company is assessing startup scenarios in response to a dampened lithium price environment.
Mathew Nyaungwa, Editor-In-Chief, Rough & Polished
