Sibanye-Stillwater sets out R20bn of projects to hold PGM output steady to 2035

Sibanye-Stillwater has outlined about R20bn of projects intended to keep its South African underground platinum group metal (PGM) mines producing at scale for another quarter of a century.

At a capital markets presentation on 23 June 2026, the company said the portfolio of projects would sustain a million ounces a year of PGM output from its underground mines until 2050. In the nearer term, it aims to hold production at 1.5Moz a year until 2035 through projects already approved by the board. The group produced about 1.7Moz of PGMs in 2025.

Growth if the market wants it

Chief executive Richard Stewart said output could rise to 1.8Moz a year if markets support it, and that he would not swap Sibanye-Stillwater's PGM portfolio for any other. According to Miningmx, he told investors that investing within the company's own boundaries offered the best return available.

The comments confirm a strategic shift since Stewart succeeded Neal Froneman in October 2025. Under Froneman, the group grew through acquisitions and new ventures, including the Keliber lithium mine in Finland, which it recently opened after investing about R15bn. Stewart's emphasis is on extending existing resources.

The project list

The projects vary in maturity. Some, such as Saffy at Marikana, are still at concept stage, while others, such as the Kopaneng extension, are due for approval soon. The company expects some of them to add 300,000oz a year, keeping total production level at 1.5Moz to 2035. The figures exclude surface operations and plans to expand concentrate processing.

Chrome is part of the plan. Richard Cox, chief regional officer for the South African operations, said Sibanye-Stillwater wants to become one of the five largest chrome producers in the world, describing chrome as a strategic value driver that improves the basket. Miningmx later reported that the target is 4.5Mt of chrome a year by the turn of the decade, roughly double current output.

Gold and closures

The presentation also covered the South African gold business. Driefontein is expected to run for up to 11 more years and Beatrix for six, while Kloof is managed on a year-to-year basis. Stewart said the company would close the mines when the time came rather than sell them.

Why it matters

South Africa's PGM output has been shrinking for years, and producers have largely avoided new mines. Sibanye-Stillwater's plan follows the industry's current approach of extending shallow, infrastructure-backed resources rather than building from scratch. It will not add much net supply, but by replacing depleting shafts it would slow the decline of the country's largest source of platinum. Not every shaft will make it: in September the company began consultations to close Kwezi at Rustenburg, where an extension was delayed by objections and approvals.

Sources

• Miningmx: Sibanye-Stillwater outlines R20bn project plans for platinum, 23 Jun 2026
• Miningmx: Valterra Platinum to pay R15.1bn bumper interim dividend, 29 Jul 2026
• Miningmx: Sibanye-Stillwater to shut Kwezi platinum shaft costing 1,000 jobs, 08 Sept 2026

Photo: Sibanye-Stillwater's listing ceremony at the Johannesburg Stock Exchange in February 2020. Nabucco Fisico, Wikimedia Commons, CC BY-SA 4.0.