Sibanye-Stillwater

Sibanye-Stillwater Q3 2026: Strike-Hit US PGM Operations Force Guidance Cut; SA PGM and Gold Deliver Sequential Improvement

A five-week USW strike at the Stillwater operations drove a 19% production decline in the US PGM segment and forced a downward revision to full-year 2E guidance from 280k-300k oz to 245k-255k oz, with AISC rising to US$1,700-1,760/2Eoz. Group adjusted EBITDA nonetheless rose 9% year-on-year to R10.8 billion (US$662 million), supported by SA PGM delivering its best quarterly production of 2026 and zinc EBITDA more than doubling. The newly ratified multi-year CBA and introduction of team-based incentives mark a structural inflection point for US PGM, with management targeting AISC of ~US$1,000/2Eoz and a 45% production increase to approximately 410k 2Eoz by H2 2028.

Sibanye-Stillwater is a South African-headquartered precious metals mining company with operations spanning gold and platinum group metals (PGMs) across Southern Africa, the United States, Europe, and Australia. The company produces gold, platinum, palladium, rhodium, and other PGMs alongside chrome, nickel, zinc, and silver. It also operates recycling facilities and a zinc retreatment operation.

Primary products

• Gold
• Platinum
• Palladium
• Rhodium
• Iridium
• Ruthenium