Sibanye-Stillwater Sees Mixed PGM Output in 2024: US Down, Africa Up

Sibanye-Stillwater

US Operations Cut Output as Africa and Zimbabwe Deliver Gains

Restructuring and Metal Prices Shape Production Strategy

Sibanye-Stillwater, the South African platinum group metals (PGM) major, reported a slight decline in US PGM output in 2024 but growth in South Africa and Zimbabwe. The company’s US Stillwater and East Boulder mines produced 425,842oz of 2E PGMs for the year, down less than 1% year-on-year. In the last six months of 2024, US production dropped by 15.4% as Sibanye focused on lowering costs amid challenging metal prices.

Cost Management and US Restructuring Drive Changes

The average 2E PGM basket price in the US fell below the all-in sustaining cost, prompting Sibanye to restructure. The company put the Stillwater West mine on care and maintenance, while East Boulder and Stillwater East mines saw reduced output. Despite lower mine volumes, PGM recycling at the Columbus metallurgical complex rose by 2% to 316,470oz for 2024, including a 9.2% increase in the second half.

African and Australian Operations Report Output Increases

In South Africa and Zimbabwe, Sibanye’s 4E PGM production rose by 4.2% in H2 2024 and 4% for the full year, reaching 1.74 million ounces. Key operations are located in the Bushveld Complex, Kroondal, Rustenburg, Marikana, and Mimosa. Beyond PGMs, nickel output at the Sandouville refinery in France climbed 8.1% to 7,705 tonnes, and zinc production at Australia’s Century site increased by 8% to 82,000 tonnes.

Sibanye’s regional flexibility, ongoing cost discipline, and diversified asset base position the company to navigate volatile PGM prices and evolving market conditions.