Sibanye-Stillwater's Beatrix mine. The large, mature, shallow to intermediate level gold mining and processing operation is located in the Free State goldfields. Sibanye's first quarter operational financial metrics benefited from higher precious metals prices..
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Sibanye Stillwater’s adjusted EBITDA increased by an impressive 371% to R19.4 billion in the quarter ending March 31 due to enhanced stability across all its operations and rising precious metals prices.
Investors who have more than doubled the group’s share price over the past year were vindicated by the strong first quarter operational update. The share price gained 4.78% to R51.35 on the JSE on Wednesday morning.
The South African platinum mining operations recorded an overall 2% increase in production. With focused cost controls, the earnings before interest, tax, depreciation, and amortisation (EBITDA) increased by 393% to R12.4bn, benefiting from an 87% increase in 4E PGM prices.
Production from the South African gold operations remained stable; however, all-in sustainable costs increased by 15%, primarily due to higher operating costs and elevated royalty taxes linked to the increased gold price. The South African gold operations achieved an EBITDA increase of 160% to R4.7bn.
At the US PGM business, costs rose by 14% to $1,291 per 2E oz, reflecting a 5% decrease in production and higher sustaining capital associated with the mechanisation project.
The adjusted EBITDA for these operations surged by 611% in dollar terms, driven by an 88% increase in 2E PGM prices and section 45X credits. These credits are provided by the US government to subsidise domestic production of renewable energy components and critical minerals.
“Enhanced profitability and cash flow will support the group’s capital allocation objectives, providing a solid platform for the continued execution of the simplification and performance strategy,” said Stewart.
He added that safe production had underpinned these positive operational results to March 31. Last Sunday however, two employees lost their lives in an incident at its Kloof 8 shaft, An inspection platform detached from the main winder conveyance and it fell down the shaft, resulting in the death of two contractor employees.
"Operational consistency, focused cost control and materially higher earnings in the first quarter of 2026 have strengthened the group’s financial position,” said Stewart.
The Century zinc retreatment operation delivered an adjusted EBITDA of $29m, representing a significant year-on-year increase, despite declining production.
The consolidated recycling operations contributed an adjusted EBITDA of $98m, primarily from the sale of 1,343,043 ounces of precious metals (PGMs 8%, gold 3%, and silver 89%) at higher prices.
“These results reinforce our conviction that fatality-free operations are achievable and strengthen our resolve to eliminate serious harm from our workplaces,” Stewart concluded.
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