Sibanye-Stillwater says it remains committed to fair wages and supports a “dignified standard of living” after entry-level salaries in the South African operations rose to more than R28,110 in 2025.
The primary producer of platinum, palladium and gold said in its 2025 integrated annual report released on Friday that the monthly wages of entry-level category 4 underground employees in its South African operations, including guaranteed cost to company, rose from R27,248 in 2024.
“Various long-term wage agreements have been concluded at our South African operations over the past five years. During this period, entry-level category 4 employees have achieved real wage increases of 15% above the cost of living, inclusive of guaranteed cost-to-company, reflecting our commitment to fair and equitable remuneration,” it said.
The group also increased the pay of CEO Richard Stewart, who took over from Neal Froneman in October 2025. Stewart, who had served as chief regional officer for Southern Africa, was awarded R28.6m. Founding CEO Froneman, who retired in 2025, was awarded R73.73m linked to his salary, cash bonuses, share awards and the strong performance of the share price.
Sibanye said that while South Africa had a high Gini coefficient — a measure of economic inequality that ranks South Africa among the worst — the equitable income distribution across its footprint, which includes the US and Australia, was more equitable.
“This underscores the group’s role in providing inclusive economic opportunities, particularly in a country where broader income inequality remains elevated,“ it said.
It is most encouraging to see the group’s first major greenfield project nearing completion.
— Sibanye-Stillwater annual report
Spun off from Gold Fields in 2012 and pivoted from a gold player to a diversified precious metals producer, Sibanye said it was positioned to meet demand for critical minerals required for the energy transition thanks to its strategy to expand its footprint in the European and North American markets.
It said further legislation was being considered in parts of North America and Europe to incentivise local production across all stages of the mineral value chain, paving the way for Sibanye to be at the forefront of the global energy transition.
“We are uniquely positioned to supply these metals responsibly — through primary mining, secondary mining and recycling — embracing the circular economy and building partnerships across the value chain,“ said the annual report.
Critical minerals needed for the transition to a green economy include lithium, nickel, cobalt and copper.
Critical mineral producers are benefiting from tax credits in countries such as the US, which incentivise critical mineral production and processing.
Sibanye-Stillwater, whose strategy aims for a high-performing future-looking business focused on shareholder returns, said its Keliber lithium project in Finland had advanced significantly during 2025, after a capex injection of €299m.
“It is most encouraging to see the group’s first major greenfield project nearing completion. Construction, including cold commissioning, is approaching full completion; and the first mining blast at the Syväjärvi open pit took place in February 2026,” said the group.
Lithium prices were up 28% in 2025, buoyed by global growth in battery electric vehicle (BEVs) production of 28% in 2025 from 8% in 2024.
The group expects a robust lithium market in the year ahead, saying demand for 2026 is forecast to increase 19% from 2025 levels — most of this growth again resulting from greater demand for automotive batteries.
New projects remain well placed to meet market requirements in the next few years, under the right price conditions. Considering current projections for BEV penetration and BESS capacity, significant investment in new lithium supply will be required to meet forecast demand over the next decade
— Sibanye-Stillwater
Sibanye said the Zimbabwean government’s recent lithium concentrate export ban could materially tighten the lithium market, presenting prolonged price support.
“New projects remain well placed to meet market requirements in the next few years, under the right price conditions. Considering current projections for BEV penetration and BESS capacity, significant investment in new lithium supply will be required to meet forecast demand over the next decade,” it said.
Sibanye-Stillwater removed a legal hurdle after signing a settlement with Appian Capital, paying $215m (R3.57bn) to settle the dispute from its termination of a 2021 acquisition agreement for the Santa Rita nickel and Serrote copper mines.
The group had a solid 2025 after revenue rose 16% to R129.7bn, driven by platinum group metals (PGM) and gold performance in 2025. It reported better free cash flow and profitability while its debt was reduced to R22.1bn.
Ebitda (earnings before interest, taxes, depreciation, and amortisation), from the South African PGM operations more than doubled to R16.68bn, on the strong second-half recovery in 4E PGM basket prices, while revenue increased 19% to R60.88bn despite lower third-party concentrate volumes processed at Marikana due to heavy rainfall and the transition between tailings storage facilities.
South African gold revenue increased 19% to R37.06bn, driven by a 39% higher rand gold price, partly offset by lower volumes mainly due to operational disruptions at Kloof. Despite cost pressures, adjusted ebitda more than doubled to R12.51bn, benefiting from record rand gold prices in 2025.
Sibanye-Stillwater said while hybrid vehicles would extend the internal combustion engine era, the proportion of vehicles using internal combustion engines was forecast to decline steadily as BEV numbers increased.
Business Times
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