Sibanye-Stillwater delivered a strong operational and financial performance for the third quarter of 2025, with adjusted EBITDA soaring 198% year-on-year to R9.9 billion (US$560 million), supported by higher precious metal prices and stable output across its global operations.
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New CEO Richard Stewart, in his first report since taking office in October, described the quarter as “pleasing,” citing improved operational stability and cost control across all major operations.
South African platinum group metal (PGM) operations led the performance, reporting a 213% increase in adjusted EBITDA to R5 billion (US$281 million), boosted by a 36% rise in the 4E basket price and a 15% quarter-on-quarter increase in production to 493,863 ounces.
The US PGM operations also returned to profitability, generating US$33 million (R579 million) in adjusted EBITDA, a significant turnaround from losses a year earlier. The recovery was driven by higher PGM prices, Section 45X tax credits, and improved cost control following last year’s restructuring.
Gold operations in South Africa, including DRDGOLD, posted an impressive 177% rise in adjusted EBITDA to R3.7 billion (US$212 million), underpinned by a 35% increase in the average gold price and stronger production from the Driefontein and Beatrix mines.
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In Australia, the Century zinc operation maintained steady output despite planned maintenance, while in Europe, the Sandouville nickel refinery continued its transition to care and maintenance, with completion expected by year-end. The Keliber lithium project in Finland remained on track for completion in the first half of 2026.
Sibanye also advanced its decarbonisation efforts, bringing two renewable energy projects online in 2025—the Castle Wind Farm and Springbok Solar Project—which together saved R45 million in energy costs during the quarter and avoided over 100,000 tonnes of CO₂ emissions.
The group reaffirmed that all operations remain on track to meet full-year guidance, despite ongoing global market volatility.
“Our strong operational delivery and disciplined cost control have positioned the group to benefit from improving commodity prices,” Stewart said. “We are now focused on sustaining this momentum into 2026 while continuing to prioritise safe production.”