South Africa's Sibanye-Stillwater H1 revenue jumps on strong commodity prices

Sibanye Stillwater

01/09/2026 12:09

Overview
South Africa precious metals miner's H1 revenue rose 64% yr/yr to record R90 bln
Adjusted EBITDA more than doubled, net profit swung from loss to R18.8 bln
Company declared interim dividend of R5.7 bln, supported by strong cash generation

Outlook
Burnstone project expected to produce about 130,000oz gold annually at steady state
Mt Lyell project targeted to produce 26kt copper, 16koz gold and 116koz silver annually at steady state
Company aims to reduce US PGM all-in sustaining cost to about $1,000/2Eoz by end-2028

Result Drivers
STRONGER COMMODITY PRICES - Co said significantly higher platinum group metals and gold prices contributed to record revenue and earnings
DISCIPLINED COST MANAGEMENT - Co attributed improved margins and earnings to cost controls and operational efficiency in SA operations
RECYCLING BUSINESS SCALE-UP - Increased scale and successful integration of new recycling facilities drove higher volumes, margin expansion and strong cash generation

Company press release: ID:nJseA0050a

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
H1 HEPS
 
ZAR 6.01
 

Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 3 "strong buy" or "buy", 3 "hold" and 1 "sell" or "strong sell"
The average consensus recommendation for the non-gold precious metals & minerals peer group is "buy."
The stock recently traded at 5 times the next 12-month earnings vs. a P/E of 4 three months ago

Reuters Recommended Reads
Sept 1 - South Africa's Shoprite annual earnings rise 12.2%
Aug 31 - Eskom doubles annual profit, but weak sales and municipal debt cloud outlook

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)