Mining giant Sibanye-Stillwater delivered a dramatic turnaround in its financial performance for the first half of 2026, reporting record revenue, a return to profitability and a substantial interim dividend as soaring precious metals prices boosted earnings across its operations.
The diversified mining group on Tuesday announced revenue of R90-billion for the six months ended June 30, 2026, representing a 64% increase from the same period last year. Adjusted EBITDA rose to R31.8-billion, more than double the R13.4-billion recorded in the first half of 2025.
Profit for the period climbed to R18.8-billion, reversing a loss of R3.9-billion reported a year earlier.
The strong performance comes amid rising demand for gold and platinum group metals (PGMs), supported by safe-haven investment demand and increased central bank purchases against a backdrop of global geopolitical uncertainty, including tensions involving the United States and Iran.
Higher commodity prices fuel earnings growth
Sibanye-Stillwater attributed the improved results to stable operational performance combined with significantly stronger commodity prices, particularly within its South African PGM and gold businesses.
The company generated a record R19.6-billion in net cash from operating activities, with 45% of adjusted EBITDA converted into free cash flow.
The stronger cash generation also enabled the group to improve its financial position. Gross debt declined by 20% year-on-year to
R32.1-billion, while net debt more than halved to R9.7-billion. As a result, the group’s net debt-to-adjusted EBITDA ratio improved to 0.18 times.
South African operations lead the recovery
The standout contributor to earnings was the company’s South African PGM segment, which generated adjusted EBITDA of R19.2-billion, up sharply from R4.8-billion in the corresponding period last year.
Despite a slight reduction in production volumes, the division benefited from a 67% increase in the average PGM basket price.
Sibanye-Stillwater’s South African gold operations also delivered a record adjusted EBITDA of R9-billion. Although gold production declined marginally, stronger gold prices and higher sales volumes significantly boosted profitability.
The average gold price achieved during the period increased by 35%, reinforcing the division’s contribution to group earnings.
Recycling business shines internationally
The group’s international recycling operations were another major contributor to the improved performance.
Adjusted EBITDA from recycling activities rose to R2.7-billion, supported by higher production volumes, favourable precious metal prices and the successful integration of acquired assets.
The performance highlights the growing importance of recycling within Sibanye-Stillwater’s broader strategy to diversify revenue streams and capture value across the precious metals supply chain.
Safety remains a key focus
Despite the strong financial and operational results, safety remained a central concern for the company.
Sibanye-Stillwater reported its best-ever first-half safety performance based on injury indicators. However, three employees lost their lives in separate incidents at the Marikana and Kloof operations during the second quarter.
The company extended its condolences to the families, friends and colleagues of the deceased workers and reaffirmed its commitment to eliminating workplace fatalities.
Investing in future growth
The group continued to advance several growth projects aimed at strengthening future production and expanding exposure to strategic commodities.
In South Africa, development of the Burnstone gold project continued. The project is expected to add more than 130 000 ounces of gold production annually once fully operational.
In Australia, work progressed on the Mt Lyell copper-gold project in Tasmania, which is projected to produce around 26 000 tonnes of copper per year.
Meanwhile, Sibanye-Stillwater also advanced mining and commissioning activities at its Keliber lithium project in Finland as it continues to build exposure to battery metals.
R5.7bn interim dividend declared
Reflecting confidence in its financial position and cash-generating ability, the board declared an interim dividend of 201 cents per share.
The payout, amounting to approximately R5.7-billion, is at the upper end of the company’s dividend policy range.
The dividend will be paid on September 21 to shareholders on record as of September 18.
Looking ahead, Sibanye-Stillwater said it remains focused on maintaining profitability, disciplined capital allocation and investment in high-return growth opportunities while preserving a strong balance sheet through commodity price cycles.
- Sibanye-Stillwater reported a 64% increase in revenue to R90-billion and a profit of R18.8-billion for the first half of 2026, reversing a loss of R3.9-billion from the previous year.
- Adjusted EBITDA more than doubled to R31.8-billion, with the South African PGM segment's adjusted EBITDA rising to R19.2-billion from R4.8-billion.
- The company’s net debt declined by over 50% to R9.7-billion, and gross debt decreased by 20% to R32.1-billion, improving the net debt-to-adjusted EBITDA ratio to 0.18 times.
- Sibanye-Stillwater declared an interim dividend of 201 cents per share, totaling approximately R5.7-billion, payable on September 21 to shareholders on record as of September 18.
- Key growth projects include the Burnstone gold project in South Africa, the Mt Lyell copper-gold project in Australia, and the Keliber lithium project in Finland.
