Sibanye-Stillwater reported 1,724,778 ounces of 4E (platinum, palladium, rhodium and gold) PGM production from its South African operations in 2025, alongside 284,069 ounces of 2E (platinum and palladium) from its US mines, making it the fourth-ranked PGM producer DailyPlatinum tracks by company-reported output. Its mines, ownership, refining accreditation and the corporate events reshaping it through 2026 follow below, each dated and sourced.
What Is Sibanye-Stillwater?#
Sibanye-Stillwater Limited is a diversified mining group, dual-listed on the JSE (SSW) and, as an American Depositary Receipt, on the NYSE (SBSW), and it reported 1,724,778 ounces of 4E PGM production from its South African operations for 2025 (Sibanye-Stillwater 2025 reporting suite). A second, separate production stream comes from its wholly owned Montana mines, reported on the narrower 2E (platinum and palladium) basket. Platinum group metal prices today, across platinum, palladium, rhodium, iridium, ruthenium and osmium, are tracked on Platinum Group Metals Market: Supply, Demand, Deficit and Outlook.
At group level Sibanye-Stillwater also discloses each metal separately: 1.2 million ounces of platinum, 1.0 million ounces of palladium, 189,000 ounces of rhodium, 258,000 ounces of ruthenium and 60,000 ounces of iridium in 2025 (Sibanye-Stillwater 2025 reporting suite). That discrete ruthenium and iridium figure is unusual; most producers fold the two minor metals into an undisclosed basket.
Ownership and Corporate Structure#
Sibanye-Stillwater is publicly listed, with no single shareholder holding a controlling stake confirmed in DailyPlatinum's facts ledger. Its shares trade on two exchanges, summarized below.
| Listing | Market | Ticker | Instrument |
|---|---|---|---|
| Primary | Johannesburg Stock Exchange (JSE) | SSW | Ordinary shares |
| Secondary | New York Stock Exchange (NYSE) | SBSW | American Depositary Receipt |
Beyond PGMs, the same listed group also holds South African gold operations (Driefontein, Kloof, Beatrix and Cooke surface, plus a stake in DRDGOLD), the Keliber lithium project in Finland (79.82%), the Sandouville nickel refinery in France, Century zinc and Mount Lyell copper in Australia, and US recycling assets, a diversification the group's own reporting frames as reducing PGM price exposure rather than adding to it.
Sibanye-Stillwater's PGM Output by Mine and Metal#
Sibanye-Stillwater reported 1,797,928 ounces of 4E PGM production across its South African operations in 2025, including attributable Mimosa output and third-party purchase of concentrate, down 2% year on year, plus 284,069 ounces of 2E from its US mines, down 33% year on year but above its own guidance range of up to 270,000 ounces for the year (Sibanye-Stillwater 2025 reporting suite). The two regions use different metal baskets and are never summed together.
| Basis | Metal basket | 2025 output | YoY | Source |
|---|---|---|---|---|
| South Africa PGM, company operations | 4E (Pt + Pd + Rh + Au) | 1,724,778 oz | -- | Sibanye-Stillwater 2025 reporting suite |
| South Africa PGM, incl. attributable Mimosa and third-party concentrate | 4E | 1,797,928 oz | -2% | Sibanye-Stillwater 2025 reporting suite |
| US PGM, Stillwater and East Boulder mined | 2E (Pt + Pd) | 284,069 oz | -33% | Sibanye-Stillwater 2025 reporting suite |
| US PGM, recycling | 3E (Pt + Pd + Rh) | 378,000 oz | -- | Sibanye-Stillwater 2025 reporting suite |
South Africa's prill split for 2025 ran 59% platinum, 30% palladium, 9% rhodium and 2% gold (Sibanye-Stillwater 2025 reporting suite), while the US mines split 78% palladium to 22% platinum, reflecting the palladium-dominant J-M Reef the Montana mines work (Sibanye-Stillwater FY2025 Form 20-F).
Mines and Operations#
Sibanye-Stillwater operates two South African PGM complexes and two Montana mines, plus a Zimbabwean joint venture, listed below with ownership and status.
| Mine or operation | Location | Ownership | 2025 output | Status |
|---|---|---|---|---|
| Rustenburg (Siphumelele, Khuseleka, Thembelani, Bathopele, Kwezi, K6, Kopaneng, Bambanani; Kroondal amalgamated) | Western Bushveld Complex, South Africa | 74% attributable | 0.955 Moz 4E (25,673 kt milled) | Operating; life of mine to 2057 |
| Marikana (K3, K4, Rowland, Saffy, E3) | Western Bushveld Complex, South Africa | 80.64% attributable | Approximately 0.6 Moz 4E (11,708 kt milled) | Operating; life of mine to 2070 |
| Stillwater (incl. Stillwater West) | Beartooth Mountains, Montana, USA | 100% | Part of the 284,069 oz 2E US total | Stillwater West on care and maintenance since end-2024 |
| East Boulder | Beartooth Mountains, Montana, USA | 100% | Part of the 284,069 oz 2E US total | Operating |
| Mimosa (joint venture) | Great Dyke, Zimbabwe | 50% (with Implats) | 254,000 oz 6E (Implats-reported basis), FY2025 | Operating |
The Rustenburg and Marikana complexes both sit on the Bushveld Complex's western limb; Rustenburg was restructured in Q4 2024 and Marikana's E4 project is under development, while the US mines were cut back by roughly a third in the same restructuring before US PGM operations returned to profitability in Q4 2025 (Sibanye-Stillwater 2025 reporting suite).
PGM Refining and Accreditation#
Sibanye-Stillwater's South African platinum concentrate is refined by its own LPPM Good Delivery-listed operation, Western Platinum (PTY) Limited, one of four South African refiners on the London Platinum and Palladium Market's Good Delivery List for platinum, alongside Impala Platinum Limited, Rustenburg Platinum Mines Limited and Heraeus PGM SA (LPPM Good Delivery List, platinum, accessed 6 August 2026). Its Montana concentrate is smelted and base-metal-refined at its own Columbus Metallurgical Complex in Montana, which also processes autocatalyst recycling feed.
Co-Product Economics#
Chrome concentrate, mined alongside platinum, palladium and rhodium in the UG2 reef at Sibanye-Stillwater's South African PGM operations, totaled 2.3 million tonnes in 2025 (Sibanye-Stillwater 2025 reporting suite). Chrome, along with the minor PGMs iridium and ruthenium, is credited against the operating cost of each 4E ounce sold, a by-product credit large enough that Sibanye-Stillwater's own FY2025 Form 20-F states it can push an operation's all-in cost below its operating cost.
Recent Corporate Events#
Sibanye-Stillwater's H1 2026 results presentation, released 1 September 2026, reported record revenue of about R90 billion, adjusted EBITDA of R31.8 billion, profit of R18.8 billion, a record R19.6 billion of net cash from operations and an interim dividend of R5.7 billion, alongside a sharp debt reduction. United Steelworkers members at the Stillwater East mine and Columbus metallurgical complex gave notice of strike action from 3 September 2026, 7:00am Mountain Time; East Boulder, under a separate agreement, was not included (IRW-Press, company release republication, 1 September 2026). Separately, Sibanye-Stillwater launched Section 189A consultations on 8 September 2026 over a proposed South African PGM shaft restructuring, putting roughly 1,114 jobs at risk (781 employees, 333 contractors) (Mining Weekly, 8 September 2026).
Where Sibanye-Stillwater Fits in the PGM Market#
On a company-reported-ounce basis, Sibanye-Stillwater ranks fourth by its own latest annual figures among the major PGM producers DailyPlatinum profiles, behind Impala Platinum's FY2025 6E output, Valterra Platinum's CY2025 5E-plus-gold output and Nornickel's CY2025 platinum and palladium tonnages, reported separately, each on a different metal basket that is never summed against the others. DailyPlatinum gives no investment guidance on this ranking; the platinum group metals supply and demand balance behind these company figures is covered on Platinum Group Metals Market: Supply, Demand, Deficit and Outlook.
Where Sibanye-Stillwater Mines#
Sibanye-Stillwater's Stillwater and East Boulder mines sit on the Stillwater Complex, a layered igneous intrusion in Montana entirely separate from South Africa's Bushveld Complex. Its geology, reef grades and mine layout are covered on their own page, Stillwater Complex: Geology, PGM Grades and Mines.
Other PGM Producers#
Sibanye-Stillwater is one of 13 PGM producers DailyPlatinum profiles by name. Valterra Platinum and Impala Platinum, the two other major integrated South African producers, both hold LPPM Good Delivery accreditation through a named operating subsidiary, the same structure Sibanye-Stillwater uses through Western Platinum. Nornickel, the other producer ranked above it by output, reports on a Russia-specific basis with restricted LPPM market access.
Sibanye-Stillwater FAQ#
What does Sibanye-Stillwater actually do?#
Sibanye-Stillwater mines and processes platinum group metals in South Africa and the United States, refines its South African concentrate through its own LPPM Good Delivery-listed subsidiary, Western Platinum, and also holds gold, lithium, nickel, zinc and copper assets outside the PGM business.
Who owns Sibanye-Stillwater?#
Sibanye-Stillwater is publicly listed on the JSE (SSW) and, as an ADR, on the NYSE (SBSW), with no single shareholder holding a controlling stake confirmed in DailyPlatinum's facts ledger.