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  1. VOR 2 STD.

    Sibanye-Stillwater's 2025 headline earnings soar 281%, R3.7bn dividend declared

    This audio is brought to you by Endress and Hauser, a global leader in process and laboratory measurement technology, offering a broad portfolio of instruments, solutions and services for industrial process measurement and automation. The 2025 headline earnings per share of Sibanye-Stillwater soared by 285% and earnings before interest, taxes, depreciation and amortisation (Ebitda) came within a hair's breadth of trebling with a 189% increase of just under R38-billion, the Johannesburg Stock Exchange-listed gold and platinum group metals (PGMs) mining company reported on Friday, February 20. Despite the complex financial accounting matters, driven primarily by impairments, the Appian settlement, fair value losses, and higher share-based payment expenses, core operational financial performance reflected a significant turnaround. (Also watch attached Creamer Media video.) Against that background, the board has declared a final cash dividend of R3.7-billion for the six months ended December 31, representing 35% of normalised earnings. This represents an increase of 146% compared with the last dividend that Sibanye-Stillwater paid in 2023. Taxes and royalties, which have also increased in proportion to profitability, rose to R4.3-billion. Without 2025's non-routine cash impacts, including gold price hedging put in place in December 2024, money available would have increased by R5.2-billion to some R14.6-billion. Liquidity headroom is at a strong R40-billion, which is roughly five-and-a-half months of operating expenditure plus capital expenditure. The next priority on the debt profile will be the upcoming renewal and downsizing of the 2026 R675-million bond, the target date for completion of which is the first half of this year, Sibanye-Stillwater CFO Charl Keyter spelt out during the very comprehensive 2025 results presentation, covered by Mining Weekly. "If I could try and summarise our strategic refresh in one word, it would be simplification," said CEO Dr Richard Stewart, who reported that Sibanye-Stillwater ended 2025 in a position of strengthened financial and operational performance, with positive momentum continuing during 2026. "Specifically, what we're really focusing on in the short term is maximising and driving operating margins. We're doing that through a keen focus on operational excellence and simplifying the operating model that we have, and then further simplification through our portfolio, such that we're focusing on the highest return cash generative assets, and ensuring an appropriate management focus in that regard. "This is all coupled with a very disciplined capital allocation framework, which we shared as being roughly a third towards shareholder returns, a third towards reducing our gross debt, and a third towards growth. "Our PGM operations and organic growth will be our immediate focus," Stewart emphasised. South Africa PGM operations produced 1 797 928 four-element ounces of PGMs despite a 29% decline in surface production owing to heavy rainfall and the transition between tailings storage facilities. All-in sustaining cost (AISC) rose 10% to R24 193/4E oz on higher PGM price-linked royalty payments and increased sustaining capital. Higher second-half PGM prices drove a 125% Ebitda increase to R16.7-billion. The US PGM operations produced 284 069 two-element ounces at an AISC of 21 516 oz, well below plan. There was a 114% Ebitda to R12.5-billion from the production of 632 341 oz of gold by South Africa gold operations. The US recycling business contributed R4.1-billion Ebitda while Keliber lithium greenfield project in Finland absorbed €299-million capital. The Century zinc operation in Australia recovered on improved production stability, zinc price support, and reduced treatment charges while the Sandouville nickel refinery in France received its last nickel matte. The site has been placed on care and maintenance.

    4 Min.

  2. VOR 1 TAG

    Kumba Iron Ore investing R11.2-billion in 'exciting' waste-to-premium-product project

    This audio is brought to you by Endress and Hauser, a global leader in process and laboratory measurement technology, offering a broad portfolio of instruments, solutions and services for industrial process measurement and automation. Anglo American group company Kumba Iron Ore is investing R11.2-billion worth of capital in its "exciting" waste-to-premium-product project that has a three-year payback. Enabled by the modular build approach that has been adopted, 37% of Kumba's overall ultrahigh dense media separation (UHDMS) project has been completed, with 90% of the engineering work already done. Slightly higher 2026 unit cost of between R530/t and R560/t is being guided to reflect lower production later in the year, when the main UHDMS tie-in is implemented, new Kumba CFO Xolani Mbambo reported during the Johannesburg Stock Exchange's full-year 2025 results presentation on Thursday, February 19. The project, with excellent earnings before interest, taxes, depreciation and amortisation (Ebitda) credentials, turns material previously binned into saleable, premium-fetching product. "The economics around the project speak for themselves. Ebitda margins above 50% and an internal rate of return of more than 30% means that payback from full production is just three years," Kumba CEO Mpumi Zikalala pointed out during the presentation covered by Mining Weekly. "But for me, what matters most is the long-term benefit. UHDMS gives Sishen meaningful life extension and strategic flexibility for years to come, fundamentally delivering long-term, sustainable value for all our stakeholders," Zikalala added. Previously, the UHDMS project was paused for engineering design uplift but as things stand now all major procurement has been completed with main tie-in scheduled for August. During main tie-in execution, use will be made of stockpiled material to keep sales going and keep sales guidance intact. Zikalala spoke of the UHDMS project remaining "one of the most exciting projects in our pipeline. The technology not only enables us to increase the volume of premium grade products; it also allows us to use low-grade material more effectively, cutting waste and improving our overall cost efficiencies, and we are reducing our cutoff grade from 48% to 40% and the economics around the project speak for themselves." "Capex for this project will be phased in line with implementation sequence," Mbambo pointed out. STRENGTH OF MINERAL ENDOWMENT Right now, Kumba has 764-million tons of mineral resources, 471-million tons of which were already confirmed from the company's 2024 resource cycle. "We've now added another 293-million tons, two-thirds at Sishen and a third at Kolomela, which really shows that our exploration programme is doing exactly what it's meant to do," said Zikalala. "We're not slowing down. Our exploration teams are actively expanding our understanding of the orebody and building options for the future. "As I've said before, the Northern Cape province is a very interesting province when it comes to iron-ore. At the same time, our mine planning engineers are enhancing pit designs to optimise the extraction of the orebody. "Our ore reserves now stand at around 802-million tons, and since 2022, we've added 175-million tons before depletion. "That's a big step forward and speaks to the long-term resilience of our business. We've just added another year to both Sishen and Kolomela, taking their life of mine to 2041. "Our ambition is to, however, increase life-of-mine, and we are working towards a value accretive pathway to improve or increase or extend Kumba life-of-mine," said Zikalala. In addition to the UHDMS project at Sishen, two important resource areas are being advanced at Kolomela, where they are making use of Kolomela's existing infrastructure, which will keep capital costs down and speed up future development timelines. In 2026, Kumba expects total production of between 31-million tons and 33-million tons, reflecting the main UH...

    4 Min.

  3. VOR 1 TAG

    Martin Creamer talks about: Exploration, scent detection, metallic minerals make headlines

    Mining Weekly Editor Martin Creamer discuses Orion Minerals looking to longer-term exploration potential in the Northern Cape; platinum’s innovative new scent detection role; and mining’s standout 2025 performance being in “other metallic minerals”.

    4 Min.

  4. VOR 2 TAGEN

    South African govt 'very supportive, great to work with', Glencore highlights

    This audio is brought to you by Endress and Hauser, a global leader in process and laboratory measurement technology, offering a broad portfolio of instruments, solutions and services for industrial process measurement and automation. Glencore's positive experience with the South African government, Nagle remarked, extended well beyond the ferrochrome discussions, which are themselves showing all the signs of enabling competitiveness. "My experience with the South African government has been positive across the board. We have challenges, not only in ferrochrome. We have challenges with Astron. We have challenges in the coal business," Nagle said response to journalist questions. "They're receptive, they're open, they understand, they're smart, they're supportive. If they can't solve the problem, it gets moved to someone who can solve the problem. I really enjoy the interactions and they're certainly far more constructive and better than some other countries that we operate in," said Nagle, who spoke of Glencore continuing to be "very pro" South Africa. "We believe South Africa's a great country to invest in" and if the right opportunity arise, Glencore will invest more. Lion Smelter in Steelpoort, Limpopo, achieved its first ferrochrome production tap on February 16, following the successful recommissioning of 50% of its operating capacity. That follows the approval by the National Energy Regulator of South Africa of a 12-month interim electricity tariff of 87.74c per kWh. The Glencore-Merafe Chrome Venture anticipates that Lion will return to full operational capacity by March 31. While the interim 87.74c per kWh tariff enables Lion to return to full operational capacity in the short term, it remains insufficient to support sustainable operations over the long term. The same position applies to Boshoek or Wonderkop smelters. All three smelter operations would require a tariff of 62c per kWh to operate on a commercially sustainable and viable basis over the long term. Engagement with all relevant stakeholders is under way while initiatives designed to compete with a very challenging global market environment are implemented to protect jobs, support local economies and secure the future of South Africa's ferroalloys industry. In response to a question on whether that would level the playing field with competitors, Fullard said: "It will definitely put us back into the ring, so that means that we'll definitely then have a fighting chance. "But is that going to be enough? We will definitely have to do additional work we are not going. To think outside the box, do investments in technology. We're also looking at our own business, making sure that we're not only competitive from an electrical perspective, but also sharpening our pencil," said Fullard while pointing out that it is not only the government that must provide help on the electricity side, but that "we, as a company, must also look at ourselves. "So, definitely yes, that will bring us into a fighting ring, but that's only the start," Fullard reiterated. GOOD 2025 PERFORMANCE Meanwhile, In Wednesday's preliminary results report, Nagle hailed 2025 as a year of significant progress, marked by a strong operational performance, continued portfolio optimisation and clear momentum for the London- and Johannesburg-listed company's copper-led growth strategy. Glencore is targeting 1.6-million tonnes of copper annual production by 2035, supported by capital-efficient copper growth options. Wednesday also saw the announcement of the finalisation of a land access package in the Democratic Republic of Congo that is destined to add 300 000 t of copper production a year. Also, for the second consecutive year, Glencore met full-year production guidance for key commodities. "Glencore's standalone investment case is strong. Our regularly updated, illustrative annualised free cash flow generation at spot commodity prices, is currently a very healthy $7-billion. "We have a well-diversifi...

    5 Min.

  5. VOR 3 TAGEN

    With BHP Xplor, Orion's looking to longer-term South Africa exploration potential

    This audio is brought to you by Endress and Hauser, a global leader in process and laboratory measurement technology, offering a broad portfolio of instruments, solutions and services for industrial process measurement and automation. Following Orion's selection from the very high number of 780 Xplor programme applicants, Lennox spoke of "launching off into 2026 with a renewed vigour around exploration". "It's a very pleasing outcome," added Lennox about Orion making it through to the final 11 BHP Xplor parties. Moreover, in the week before last, the Johannesburg – and Sydney-listed Orion also reached a binding agreement with Glencore. "We've had a very good start to the year, particularly with these two prime announcements. As the market knows, we've been working hard to get the Glencore prepayment agreement in place, and we've done that. There are a few conditions precedent that we're working through, but we're confident we'll have those largely concluded by the end of March," said Lennox, a former leading light of Palabora Mining Company, which operates a copper smelter and copper refinery complex in South Africa's Limpopo province. Lennox: Correct, I did, and the market announcement Monday last week details the facts and figures of the Glencore agreement, but we had a delay during the course of last year in reaching that agreement, and I'm sure the market understands that there was a lot of discussion in the market about Glencore late last year, even this year, and so we've had to defer that by three months. In our announcement, we said that previously we were looking at Christmas this year, but now we've said we'll be producing concentrate at the end of the first quarter of 2027. Is this trading agreement largely on Glencore taking bulks, copper and zinc concentrates from Prieska into the market? It is. We start with the bulk concentrate out of the Uppers, then we move into the copper and zinc concentrate for the Deeps. The Uppers is a smaller, getting-match-fit-ready part of the operations. The real prize is the Deeps. We have a very clear line of sight into the Uppers and into the Deeps and, pleasingly, Glencore will be marketing our concentrate off into the future. When I chatted to BHP Xplor, they really loved everything about Orion and they said what's very interesting is the possibility of deep copper-centric metal systems emerging in South Africa's Northern Cape. Yes, that's the simple detail around BHP Xplor. South Africa has, to my knowledge, been explored extensively. The issue with the Northern Cape is undercover exploration, the Kalahari and those type of deposits. Pleasingly, Orion's deposits are at surface. They are not undercover and the large amount of data we have on the Northern Cape, and in particular, our thinking, our IP, around what that region looks like, is, to my mind, what attracted BHP Xplor. They think it's a very prospective region, and Orion showed them a very clear, well-thought-out, professional understanding about how to explore in the Northern Cape. You've executed the binding prepayment agreement with a wholly owned subsidiary of Glencore for a $250-million prepayment facility, and it's linked to all these sales of concentrates. What subsidiary is this and give us a little bit more insight into that. A lot of it is in confidence, but we now have a relationship with Glencore that provides us with substantial funding, US$250-million, and that comes in two tranches. There's an initial tranche of US$40-million, which allows us to start execution of the Uppers. The second tranche, which is US$210-million, comes in two segments. There's an earlier US$50-million that allows us to address long-lead items for the Deeps and there's a subsequent US$160-million that comes a little later, when we're in the main activities of executing the Deeps and bringing it into production. So, that's the prepayment, and it is a prepayment. We have to repay that over time, but it's linked also to the offtake ag...

    6 Min.

  6. VOR 4 TAGEN

    'Other metallic minerals' South African mining's outstanding 2025 performers

    This audio is brought to you by Endress and Hauser, a global leader in process and laboratory measurement technology, offering a broad portfolio of instruments, solutions and services for industrial process measurement and automation. Mining's standout 2025 performance was in "other metallic minerals", Minerals Council South Africa reports. Owing to the exceptional 17.2% higher 2025 production performance, this sub-sector, which includes silver, cobalt, lead, titanium and zinc, is now being viewed as one which is worth monitoring. What Mineral Council South Africa describes as 'bottom line', South Africa's mining sector displayed a distinctive divergence in 2025, marked by steel-linked commodities such as iron-ore, manganese, chromium – as well as transition minerals – strengthening Chinese steel exports to record levels. Headlined is the masking of divergent trends by the marginal 0.1% overall 2 mining production increase . Lower production centres on traditional revenue anchors such as platinum group metals (PGMs), gold, and coal, while production growth was driven by bulk commodities and emerging metallic minerals. (Also see infographics accompanying this report.) Mining's resilience, Minerals Council South Africa points out, reflects structural shifts in demand and production, with implications for competitiveness, energy use, and policy. Commodities that registered production growth in 2025 over 2024 were: At the lower end of the production scale were PGMs, which were down 4.4% owing to prices negatively affecting production until May 2025 – and then rains impacting production from October to December. The 1.7% decline in gold production is viewed as being largely geological, while coal's 0.7% lower output is seen as likely reflecting slightly lower domestic demanded. Export volumes were a marginally higher 71.9-million tonnes. GOOD PRECIOUS METALS PRICES The 2025 $3 440/oz gold price was 44.1% up on that of 2024. Platinum was also a 34%-higher $1 279.8/oz, palladium a 17%-higher $1 150.4/oz, and rhodium, a 35.3%-higher $6 258/oz. At the declining end of the commodity price scale was coal at a 14.9%-lower to $90.4/t and iron-ore at a 6.6%-lower $103.7/t. One of the infographics accompanying this report show 2025 mineral sales returning to nigh 2022 levels, with gold sales 29.7% higher at R185-billion, PGMs 19.5% higher at R206.7-billion, chromium ore 3% higher at R65.4-billion, and copper 9.4% higher R7.7-billion. Coal sales were 3.1% down at R194.3 billion, iron-ore sales fell 8.7% to R83.5-billion, manganese sales were 1.8% lower at R49.1-billion, and nickel sales fell by 8.9% to R8.9-billion. iron-ore (+3.0%), manganese (+5.0%), chromium ore (+3.9%), which are commodities linked to China's 2025 steel exports reaching a record 119-million tonnes, 7.2% higher than in 2024.diamonds with the production 3.9 increase seen as a sign of slight luxury market recovery.building material production being up by 2.9% on probable construction-linked recovery.

    3 Min.

  7. 13. FEB.

    Sibanye-Stillwater secures more renewable energy in offtake agreement with NOA

    This audio is brought to you by Endress and Hauser, a global leader in process and laboratory measurement technology, offering a broad portfolio of instruments, solutions and services for industrial process measurement and automation. Renewable energy trader NOA Group on Friday clinched yet another deal. Announced on Friday is that Sibanye-Stillwater and NOA have concluded a 138 MW renewable energy power purchase agreement. This is in addition to NOA's transactions with Sereti Green, DRDGOLD, and Pan African Resources. Headed by CEO Karel Cornelissen, NOA is a renewable energy generator, aggregator and trader and is helping to transform South Africa's energy market by enabling open-market trading. The additional supply to Sibanye-Stillwater will increase the renewable energy portfolio of this platinum group metals and gold-mining company to 765 MW. In terms of this agreement, Sibanye-Stillwater's South Africa operations will be supplied from NOA's portfolio of aggregated solar and wind generation facilities under a flexible ten-year agreement, supplemented by short-term supply on a take-and-pay basis. This additional renewable energy supply to the Johannesburg Stock Exchange-listed Sibanye-Stillwater from NOA is expected to reduce the mining company's greenhouse gas emissions by 433 080 tCO₂e a year from 2028 onwards. The electricity will be delivered through a national wheeling framework using the Eskom grid. The transaction reflects the strength of NOA's growing fleet of renewable energy generation assets and underpins NOA's execution capability in structuring long-term renewable energy solutions for energy-intensive customers. Cornelissen described the transaction as reinforcing the accelerating shift toward large-scale wheeled renewable energy in the mining sector. "We have scaled to deliver 1.5 TWh per annum of renewable energy to some of South Africa's leading mining companies," Cornelissen explained in the release to Mining Weekly. The agreement was structured to meet Sibanye-Stillwater's additional energy requirements on flexible terms, which mitigate potential variations in the group's future energy demand. "Our role is to absorb complexity while delivering bespoke renewable energy solutions aligned to real operational objectives. This agreement demonstrates what can be achieved when scale, execution capability and long-term strategy converge," Cornelissen explained. Sibanye-Stillwater CEO Richard Stewart highlighted the renewable energy supply agreement with NOA as "another critical step towards reducing our carbon emissions and achieving our goal of carbon neutrality by 2040". "As we further entrench our position as the leading renewable energy user in the South African mining sector, we continue to demonstrate our commitment to creating shared value for all our stakeholders through commercially attractive, sustainable energy security, while supplying our customers with responsibly produced products," Stewart explained. Sibanye-Stillwater has secured a 765 MW renewable energy portfolio through off-balance-sheet financing with its various projects financed by Independent power producers and other third parties. By 2028, 56% of total energy demand from the South Africa operations of Sibanye-Stillwater will be met by renewable energy supply. The annual renewable energy cost is forecast to average 20% to 30% lower than forecast Eskom wholesale annual tariffs, translating into a saving of more than R1-billion per annum from 2028. Through the renewable energy portfolio, greenhouse gas emissions of 2.63 million tCO₂e a year are expected to be avoided from 2028, 41% lower compared than 2024 emissions. The recent additions to Sibanye-Stillwater's SA renewable energy portfolio. The conversion factor used is 1.08 tCO2e per megawatt hour. Sibanye-Stillwater's current portfolio of renewable energy projects comprises 89 MW of wind energy from Castle wind farm, 75 MW of solar power from Springbok solar photovoltaic, 103 MW of w...

    4 Min.

  8. 12. FEB.

    LBMA hopes Rand Refinery's gold partnership with Ghana is 'first of many'

    This audio is brought to you by Endress and Hauser, a global leader in process and laboratory measurement technology, offering a broad portfolio of instruments, solutions and services for industrial process measurement and automation. I hope it's the first of many, says London Bullion Market Association (LBMA) CEO Ruth Crowell of the strategic gold partnership that South Africa's Rand Refinery has entered into with Ghana's Gold Coast Refinery. In a major advance that enables local refining of artisanal and small-scale (ASM) gold and elevates West Africa's responsible sourcing standards to a new high, South Africa's Rand Refinery, as Africa's leading LBMA good delivery accredited refiner, will provide technical, operational and commercial supervision. Rand Refinery has also exercised major leadership in the adoption of the gold bar integrity database that traces every ounce of gold from rock to bar. LBMA is an independent precious metals authority that advances standards for the good of the global industry. Its mission is to ensure the highest levels of leadership, integrity and transparency for the global precious metals industry by advancing standards and developing market solutions. In an interview with Crowell on day three of the Investing in African Mining Indaba, Mining Weekly put a series of questions to Crowell and these were her replies: LBMA has 190 refining, mining, trading, vaulting, manufacturing and transportation member companies across 27 countries. From LBMA's perspective, what does this kind of African-to-African refining collaboration signal about the future shape of bullion markets on the continent? Crowell: I'm delighted to see this announcement, and I hope it's the first of many. I think it is an excellent case study to demonstrate not just to other African nations but to the wider world how you can source responsibly from one of the most challenging sectors of the gold market, in terms of artisanal, small scale gold. I think the work by the government of Ghana has been excellent, but I think it's also Rand Refinery taking the view that we're not going to take everything. We need some due diligence. But we've also worked with them, with NGOs, with other governments, on creating a framework that's accepted to say these are the foundations you've got to have. It's got to be legal, it's got to be free of mercury. But it is about how we improve progressively and try to change the status quo, because boycotting is just a vote for the status quo. So, it's really exciting to see Rand Refinery taking this leadership move. As new and emerging African refineries seek deeper integration into global markets, how important is alignment with LBMA standards in ensuring that partnerships like this translate into long-term credibility and international market access? Well, I think it's not just LBMA standards, it's also global standards like the OECD. That's something that I think any centre, any refiner, trying to be ambitious and successful should adopt. The good news is you've got many years of examples to look at. I would also say, what's exciting about the Rand Refinery partnership in Ghana is also that Rand Refinery sees this as a Ghana story, and ultimately they agree with the ambition that they would like to see Ghana's Gold Coast Refinery apply to be an LBMA good delivery refiner. Now, when we had the first good delivery finer in India, which wasn't that long ago, the way that was achieved was similar in terms of partnering with established players who can help you fast-track how you come up to speed, not just on the OECD guidelines on sourcing, but technical requirements, operational requirements, so being willing to learn something from people who have been doing it longer, but also being clear that they're wanting to have ownership themselves. From LBMA's vantage point, what are the most important trends you're currently seeing in precious metals, both on the physical side and in financial demand? It's hard ...

    8 Min.
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MiningWeekly.com provides real time news reportage through originated written & video material. Now you can listen to the top three articles on Mining Weekly at the end of each day.

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