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The significant leverage of Sibanye-Stillwater to precious metals prices is clearly illustrated by the skyrocketing of its South African gold and platinum group metals (PGMs) earnings in the three months to September 30.
The third-quarter earnings before interest, taxes, depreciation and amortisation (Ebitda) of the local PGM operations of this Johannesburg- and New York-listed mining major rose by 213% to R5-billion and the third-quarter Ebitda of South Africa gold operations were a 177%-higher R3.7-billion year-on-year.
Stability and improvement were the hallmarks of third-quarter operational performance, which is on track to achieve annual guidance.
Group third-quarter Ebitda soared 198% to R9.9-billion from R3.3-billion in the corresponding three months of 2024.
Sibanye-Stillwater's four regional PGM operations are Rustenburg, including Kroondal, Marikana and Plat Mile in South Africa, and Mimosa in Zimbabwe and its five all-South Africa gold operations are Driefontein, Kloof, Beatrix, Cooke, and DRDGOLD.
Across 12 consecutive quarters, there has been a tenfold Ebitda increase from Sibanye-Stillwater's South African gold operations from R371-million in the last quarter of 2022 to R3.7-billion in the three months to September 30.
"In an uncertain macroeconomic and sociopolitical environment, change is inevitable and heightened commodity price volatility should be expected in the near term. Despite the volatility, the outlook for precious metal prices remains constructive for the balance of 2025 and into 2026.
"The uncertain current macroeconomic and sociopolitical outlook and disruptive global changes are supportive for gold, the perennial safe haven asset, and the recent rally in PGM prices has largely been driven by increased investment demand and restocking owing to similar macro uncertainty, but the longer term is supported by positive market fundamentals," Sibanye-Stillwater CEO Richard Stewart stated in a release to Mining Weekly. This is Stewart's first official update since assuming the mantle from Neal Froneman on October 1.
GOLD CAPEX
Excluding DRDGOLD, third-quarter 2025 gold capital expenditure (capex) was a 7%-higher R1-billion than the third-quarter of 2024, and sustaining capital increased by 11% to R202-million, reflecting increased expenditure on winder upgrades, infrastructure improvement, and metallurgical plant refurbishment at the Beatrix operation in South Africa's Free State province.
Capex by DRDGOLD increased 165% year-on-year to R833-million, with planned capital investment for the Phase 2 expansion of the Far West Gold Recoveries, on the West Rand, and recommencement of deposition at tailing storage facility Ergo, on the East Rand, accounting for 94% of the total capex.
RENEWABLE ENERGY
"It's been extremely satisfying to advance our renewable-energy projects in South Africa," he said of this year's two local renewable-energy projects achieving commercial generation of 99 GWh energy, saving R45-million in direct costs and avoiding the emission of 107 000 t CO2-equivalent (CO2e).
The year-to-date provision of 164 MW of renewable-energy capacity is contributing towards a long-term target of 600 MW and is a major step towards achieving targeted carbon neutrality by 2040.
The March-commissioned 89 MW Castle Wind Farm has generated 140 GWh to date, avoiding 151 ktCO₂e and delivering R62-million in savings.
Sibanye-Stillwater is also benefiting from its first solar project, the Springbok solar project, a 150 MW plant from which Sibanye-Stillwater plans to procure 75 MW for ten years.
EUROPEAN UNION
At the Sandouville nickel refinery in France, selected downstream process areas remained operational to facilitate nickel recovery from diluted solutions generated during the ramp-down. A v...

Sibanye-Stillwater’s South Africa platinum earnings up 213%, gold earnings up 177%

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