Sibanye-Stillwater reported a sharp turnaround in its third-quarter performance for 2025, posting a near threefold increase in adjusted EBITDA to R9.9 billion (US$560 million), buoyed by stronger precious metal prices, improved operational performance, and disciplined cost management across its global portfolio.
The diversified miner said its operations in South Africa’s platinum group metals (PGM) sector and gold division delivered particularly robust results, with both regions on track to meet full-year guidance.
“This was a solid quarter operationally and financially,” the group said in a statement. “Our focus on safety, productivity, and cost control continues to yield results, supported by a recovery in commodity prices.”
Output from the South African PGM operations rose 4% year-on-year to 493,863 4E ounces, while the average 4E basket price jumped 36%. The division’s adjusted EBITDA surged 213% to R5 billion (US$281 million), helped by steady production and modest cost inflation.
The company’s gold operations, including DRDGOLD, also maintained stable production at 5,472 kg (175,929 oz), while adjusted EBITDA rose 177% to R3.7 billion (US$212 million). Sibanye attributed the improvement to higher gold prices and operational efficiencies, noting that costs were well-contained quarter-on-quarter.
In the United States, Sibanye-Stillwater’s PGM operations returned to profitability, generating US$33 million (R579 million) in adjusted EBITDA, including about US$10 million in tax credits under the US Section 45X programme. Its recycling operations contributed a further US$27 million (R475 million), supported by firmer metal prices.
In contrast, the company’s Sandouville nickel refinery in France remained loss-making, recording a US$7 million (R126 million) deficit as it prepared for care and maintenance.
Looking ahead, Sibanye reaffirmed its full-year 2025 production guidance across all major operations.
- SA PGM: 1.75 – 1.85 million oz (AISC R23,500 – R24,500/oz)
- US PGM: 255 – 270 koz 2E (AISC US$1,420 – 1,460/oz, including tax credits)
The company noted that macroeconomic uncertainty and geopolitical tensions continue to support demand for precious metals, particularly gold and palladium.
“We remain well-positioned to capitalise on favourable metal fundamentals while strengthening our balance sheet and progressing our renewable energy programme,” the group said.
