Sibanye-Stillwater is a global multi-national mining and metal processing group, which today holds a vast portfolio of projects, operations and investments across the globe. Across these global operations, Sibanye-Stillwater is one of the world’s largest primary producers of platinum, palladium and rhodium, as well as being a top-tier gold producer. Alongside the delivery of these metals, the company is also committed to producing a refining iridium and ruthenium, nickel, chrome, copper and cobalt, and, in recent years, has been diversifying its portfolio into the battery metals market. With a wealth of experience in the metals sector behind it, Sibanye-Stillwater is set on producing vital metals needed for modern life.
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For Sibanye-Stillwater, one of its most vital hubs of operations is in South Africa, where the company was founded. In South Africa, the company is responsible for producing platinum group metals (PGMs), including platinum, palladium, rhodium, iridium and ruthenium. In South Africa, these PGM metals are located largely across the Bushveld complex within the country, where gold is also produced as a co-product. PGMs are vital metals needed for everyday life, as their application is used across things such as autocatalysts, jewellery, chemical industries, glass manufacturers, electrical industries, and in medical applications. Thus, the application of PGMs is critical for our everyday lives, and so Sibanye-Stillwater primarily produces PGMs in South Africa through underground mining, surface sources and concentrators to deliver vital PGMs needed for global development through its three primary developments: Kroondal, Rustenberg, and Marikana.
Marikana is one of the most significant PGM operations in South Africa, spanning a large, established shallow to moderate depth mine. The mine currently has 5 main operating shafts: K3, K4, Rowland, Saffy and E3. These operating shafts span the Merensky and Upper Group 2 (UG2) reefs that are vital PGM deposits within the deposit-rich Bushveld Complex. The Merensky deposit accounts for around 75% of the world’s known platinum reserves, whilst the UG2 host accounts for approximately 50% of South Africa’s total PGM production. Across the 5 vertical shafts spanning these deposits, 4 are currently in production, whilst 1 is on care and maintenance. The mine also has 4 incline shafts, with 1 in operation and the rest on care and maintenance. Across these shafts, a mix of conventional and mechanised underground mining methods is used. Of the total mineral resources across the mine, 42% are above the shaft bottom infrastructure, whilst 58% are below the shaft bottom infrastructure. In December 2024, the mine had reached 679,245 ounces (oz) of 4E PGM resources.
Once ore is mined from the Marikana Mine, it is taken through 4 of the complex’s 8 concentrators on site. These concentrators have a combined fresh ore milling capacity of around 600,000MT per month, and the resulting concentrate is then dispatched to the complex’s smelter facilities before further processing at the Base Metal Refinery (BMR). BMR is responsible for extracting base metals such as nickel and copper, which results in PGM-rich products. These PGM products are then sent to the Precious Metals Refinery (PMR) in Brakpan. Here, PMR produces the final fine precious metal products.
As Sibanye-Stillwater continues to develop the Marikana complex, a key current development is the K4 project, which is currently undergoing a build-up phase focused on infrastructure and primary development. With these developments, Sibanye-Stillwater are aiming to deliver K4 as a steady state mine by 2031, with a planned mining production at 2.2Mtpa producing around 250Koz 4E PGMs per year.
Other developments include the E3 UG2 incline shaft, where Sibanye-Stillwater are advancing a deepening and extension project. This expansion would see an expansion of the E3 mine dip-down to current workings and serve as a replacement ore for the E3 operation. The project aims to implement a mechanised mining section as an extension of the existing conventional mine. Then, geo-technical drilling has also been completed in the area, which will support the feasibility study, which is planned to commence in the second half of 2026.
In addition, geo-technical drilling was also completed at the E4 project, which would develop a new standalone decline system from the surface. The feasibility study was expected to be completed by the end of 2025. The Saffy Deeps brownfield project pre-feasibility study work has been advanced in recent years and will continue into 2026.
The Rustenburg mine is a shallow to intermediate-level PGM operation, with both surface sources and concentrators located on the western limb of the Bushveld Complex. The site contains three intermediate-depth vertical shafts that utilise conventional mining methods, whilst another mechanised shaft utilises a shallow board and pillar method. The Rustenburg Platinum Operation was acquired from Anglo American Platinum in 2016. As of the end of December 2024, the site had produced 610,404oz of 4E PGM resources.
Within the Rustenburg lease area is Platinum Mile, a tailings retreatment facility, adjacent to the company’s Kroondal operation. The facility is responsible for recovering PGMs and chrome from the Rustenburg operations and has delivered 46,102ox of 4E PGM as of December 2024. The facility is held in 100% ownership by Sibanye-Stillwater following its acquisition from Aquarius Platinum for US $292 million in 2016, giving Sibanye-Stillwater 91.7% owning interest, and the purchase of the remaining 8.3% from non-controlling shareholders in 2021. Adjacent to the Platinum Mile facility is the Kroondal project, which features a shallow, low-cost, mechanised underground PGM mine with two concentrators located on the Western Limb of the Bushveld Complex. The site reached a production of 280,556 4E PGM as of the end of December 2024, with 0.7 Moz of Mineral Reserves and 6.2Moz of Mineral Resources.
Whilst PGMs remain a vital aspect of Sibanye-Stillwater’s operation in South Africa, gold is also key to the company’s mining operations in the country. The bulk of Sibanye-Stillwater’s gold operation in South Africa are focused on the Witwatersrand Basin, where it carries out underground mining and surface treatment facilities. One of the central gold projects carried out by Sibanye-Stillwater in South Africa is the Burnstone project located in the Mpumalanga Province. Burnstone is a shallow gold development, which Sibanye-Stillwater acquired in 2014 following its acquisition of WitsGold Ltd. Since its acquisition, Sibanye-Stillwater has been developing the site with infrastructural upgrades.
The other key project is the Southern Free State (SOFS) development, which is an advanced-stage exploration project focused on the Bloemhoek, De Bron-Merriespruit, Robijn and Hakkies areas located in the Free State province of South Africa. The site was another key development project acquired from WitsGold Ltd in 2014 and develops on the area surrounding the existing Beatrix mine. The Beatrix Mine was acquired the year before, when Gold Fields International completed its unbundling transaction in February 2013. The Beatrix Mine is a large, mature, shallow to intermediate level gold mine and processing operations, which has delivered significant gold resources for South Africa. Therefore, the acquisition of the SOFS development builds on existing infrastructure in the region to develop gold resources. In 2019, a prefeasibility study was carried out by Sibanye-Stillwater on the Bloemhoek decline project, which highlighted the economic potential for the extraction of the orebody below and to the north of the existing Beatrix Shaft 3. Thus, a positive definitive study has been completed and is now under assessment.
Alongside its vital PGM and gold operations in South Africa, Sibanye-Stillwater are focused on enhancing its operations and moving them towards a more sustainable future. Sibanye-Stillwater is achieving this through an array of vital renewable energy projects that span a portfolio totalling 765MW of renewable energy. The company is aiming to have 56% of the total energy demands from its South African operations supplied by renewable energy by 2028. Thus, today, Sibanye-Stillwater delivers multiple vital energy projects working with key partners in the energy sector to advance its operations towards a more sustainable future.
In February 2026, Sibanye-Stillwater and NOA Group announced the conclusion of a 138 megawatt (MW) renewable energy power purchase agreement (PPA). The agreement will see Sibanye-Stillwater’s operations supplied with 138MW per year of renewable energy, solidifying its position as the largest contracted private renewable energy off-taker in the South African mining industry. The addition of this renewable energy from NOA for Sibanye-Stillwater’s projects is expected to reduce the company’s greenhouse gas emissions by around 433,080 carbon dioxide equivalent units (ICO2e) per year from 2028 onwards. Speaking on the agreement announcement, Richard Stewart, CEO of Sibanye-Stillwater, outlines, “We welcome this renewable energy supply agreement with NOA, which is another critical step towards reducing our carbon emissions and achieving our goal of carbon neutrality by 2040”. As we can see from Stewart’s comments, the agreement highlights a vital step by Sibanye-Stillwater towards implementing more renewable energy into its operations in South Africa.
Across South Africa, Sibanye-Stillwater is a leading PGM and gold producer set on enhancing the metals deposits within the Bushveld Complex. Through vital mining developments and building upon the company’s acquisitions over the years, Sibanye-Stillwater is delivering vital metals needed for everyday life. However, across these developments, Sibanye-Stillwater are focused on ensuring that with the vital developments of these mining complexes, it is implementing vital sustainability measures along with key energy companies to deliver projects that are working to help its mining portfolio advance towards a more sustainable future.
