Sibanye’s Recycling Operations Lift PGM Volumes and Generate US$164m in Cash Flow

[SMM Flash] Sibanye-Stillwater has secured 835MW of renewable electricity capacity through agreements with independent power producers as it continues to increase renewable energy supply to its South African mining operations. The portfolio comprises 43% solar and 57% wind capacity, with 164MW already in commercial operation and a further 671MW agreed and under construction. The portfolio includes the operational 89MW Castle wind farm and 75MW Springbok solar project, while the 103MW Witberg and 140MW Umsinde wind farms are expected to come online around Q4 2026. Additional capacity includes 220MW from the Etana Energy portfolio, 138MW from the NOA portfolio and 70MW through Africa GreenCo, with these projects scheduled for 2027–28. The investment highlights the growing role of renewable power in reducing the mining sector's exposure to grid constraints and conventional electricity supply. Sibanye noted that renewables are expected to provide more than half of South Africa's energy needs by 2028. The company's 835MW portfolio is comparable to the capacity of a large conventional power-generation unit, while being developed through a diversified pipeline of solar and wind projects.

[SMM Flash] Sibanye-Stillwater’s South African PGM operations generated strong earnings and cash flow in the first half of 2026, supported by higher PGM prices, consistent production and continued cost discipline. The operations produced 790,000 oz of 4E PGMs, down 2% year on year but in line with guidance. Adjusted EBITDA increased 302% year on year to R19.2 billion, while the adjusted EBITDA margin reached 45%. The operations also generated R10.4 billion in notional free cash flow, representing a significant improvement from the same period last year. The AISC margin reached 44%, although all-in sustaining costs increased 10% year on year to R26,252/4E oz (US$1,600/4E oz), partly reflecting approximately R1 billion in higher royalties. Sibanye said brownfield investment is also strengthening its future production base. R2.6 billion was invested during H1 2026, with the K4 project expected to increase 4E PGM production by 24%. The company is also advancing several mine-life extension projects that leverage existing infrastructure and support mechanisation.