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South African mining giant Sibanye-Stillwater, under the leadership of the outgoing CEO Neal Froneman, has narrowed its losses in a challenging year, reporting a reduced R3.91 billion ($211 million) loss for H1 2025. The improvement marks a significant recovery from the prior year’s R7 billion ($372 million) loss across South African gold (SA gold) and PGM assets.
A year ago, the diversified miner faced operational setbacks and weakening commodity prices. However, a rebound in gold prices and aggressive restructuring since early 2024 helped stem the decline. The latest results reflect stronger operational control and commodity price support ahead of Froneman’s retirement.
Sibanye trims losses ahead of Froneman’s retirement
In its latest half-year report, revenue slipped slightly by 0.79 percent to R54.77 billion ($2,95 billion) from R55.2 billion ($3.17 billion), largely due to operational disruptions at SA gold and PGM sites. However, this decline was partially offset by higher metal prices, operational stability across US PGM and recycling units, and S45X credits under the US Inflation Reduction Act, which boosted profitability and cash flow.
Adjusted EBITDA climbed 127 percent to R15.1 billion ($818 million), driven primarily by operational improvements across the Group, and effective cost management, particularly in the SA gold and US PGM segments.
Strategic projects and global positioning
SA gold operations saw a 13 percent production decline, primarily at Kloof, but adjusted EBITDA rose 118 percent to R4.8 billion ($260 million) on stronger gold prices.
Elsewhere, the Century zinc retreatment operations in Australia achieved higher production and lower costs, producing adjusted EBITDA of R657 million ($36 million), while the US recycling operations added $129 million (R2.4 billion) thanks to S45X credits. The European nickel Sandouville refinery continued its ramp-down toward care and maintenance, limiting losses.
The Keliber lithium project nears completion of its construction phase, with capex expected to conclude in H1 2026. Sibanye-Stillwater’s Marikana K4 project and chrome JV with Glencore/Merafe are set to unlock additional operational synergies and chrome exposure.
Strengthening Sibanye-Stillwater’s global position
Beyond South Africa, Sibanye-Stillwater continues to expand its global footprint with gold and base metal projects in the Americas. As CEO Neal Froneman prepares to retire in September after over a decade at the helm, the latest results mark a tenure defined by resilience, bold strategy, and navigating deep market cycles.
Froneman holds a 0.12 percent stake—equivalent to 3,284,428 shares—in the company. Total assets expanded by 7.07 percent from R135.14 billion ($7.33 billion) to R144.7 billion ($8.14 billion) while accumulated losses climbed from R13.86 billion($1.59 billion) to R17.41 billion($1.79 billion).
