Sibanye-Stillwater’s adjusted EBITDA rose 9% year-on-year to R10.8-billion in the third quarter of 2026, supported by higher commodity prices and stronger contributions from its South African platinum group metals (PGM), gold and recycling operations.
In its operating update released on 5 November, the mining group reported improved results from its South African operations, while a five-week strike disrupted production at its US PGM operations.
CEO Richard Stewart attributed the increase in earnings to higher commodity prices and steady operational performance across several of the group’s businesses.
“Adjusted EBITDA was up 9% year-on-year to R10.8 billion (US$662 million), underpinned by higher commodity prices and steady operational performance from the SA PGM, SA gold, Recycling and Century zinc retreatment operations,” Stewart said.
South African operations support earnings
The company’s South African PGM operations recorded their strongest quarterly production of 2026, with output increasing 8% quarter-on-quarter to 439,802 4E ounces.
According to the update, the average PGM basket price rose 15% to R37,250 per 4E ounce, contributing to a 16% year-on-year increase in adjusted EBITDA to R5.8-billion.
Production at the Marikana K4 shaft reached 30,453 4E ounces, up 8% from the previous quarter.
Gold production, however, declined 12% year-on-year to 155,449 ounces, while adjusted EBITDA fell 8% to R3.4-billion. The company said lower underground output at Beatrix, Driefontein and Kloof affected production.
DRDGOLD increased its production by 10% to 42,021 ounces, supported by a 15% improvement in yield.
In the US, industrial action that began on 3 September affected the Stillwater mine and Columbus processing facilities. The strike ended after employees ratified a new collective bargaining agreement and returned to work on 9 October.
The disruption contributed to a 19% year-on-year decline in US PGM production to 59,417 2E ounces. All-in sustaining costs increased 39% to US$1,617 per 2E ounce.
Sibanye-Stillwater subsequently revised its 2026 production guidance to between 245,000 and 255,000 2E ounces, from the previous forecast of 280,000 to 300,000 ounces.
Recycling and growth projects advance
The group’s recycling operations recorded a 54% increase in adjusted EBITDA to US$40-million (R652-million), supported by higher precious metal prices and improved output at its Pennsylvania and North Carolina facilities.
At the Keliber lithium project in Finland, mining and concentrator commissioning continued during the quarter, with an ore stockpile of 330,000 tonnes accumulated. Capital expenditure reached €726-million by the end of September, against an approved project budget of €783-million.
In Australia, the Mt Lyell copper project moved into execution preparation following board approval of the restart investment.
On safety, the company reported a 10% improvement in its serious injury frequency rate to 2.05 during the first nine months of 2026. Its total recordable injury frequency rate declined by 9% to 3.61.
However, two employees died at Beatrix during the quarter.
Looking ahead, Stewart said the group would remain focused on safe and sustainable production, operational excellence and disciplined capital allocation.
“As we head into the final quarter of 2026 and finalise our life-of-mine plans for 2027, we are focused on creating long-term stakeholder value,” he said.
