SIBANYE-Stillwater is set to report a sharp rise in earnings for the first half of 2026, supported by higher gold and platinum group metal (PGM) prices and steady operations.
The miner expects headline earnings per share of between 571 cents and 631 cents for the six months ended June, an increase of more than 200% from 190 cents a year earlier.
Earnings per share (EPS) are expected to be between 597 cents and 658 cents, compared with a loss of 127 cents per share in the first half of 2025.
Sibanye said the improvement was mainly due to stronger commodity prices, improved margins and stable operations.
Revenue less operating costs before depreciation and amortisation is expected to more than double compared to the same period last year, Sibanye says.
Its South African gold operations recorded a strong performance as the average rand gold price received increased by 35%. Gold sold rose 5%, helping offset a 2% decline in production and higher costs.
All-in sustaining costs (AISC) rose 14% to R1.64m/kg, partly due to inflation and higher royalties.
The group’s South African PGM operations also benefited from higher prices. The average rand 4E PGM basket price received increased 67%, while PGM sales rose 12%.
PGM production was broadly unchanged, while AISC increased 10% to R26,252/4Eoz. Sibanye said the increase was mainly due to higher royalties linked to stronger PGM prices and inflationary input cost pressures.
Its US PGM operations also benefited from a 70% increase in the average dollar PGM basket price, although production declined by 2%.
At Sibanye’s Century zinc operation, payable zinc production fell to 45,000 tonnes from 51,000 tonnes due to lower grades, adverse weather and scheduled maintenance. All-in sustaining costs rose 23% to $2,162 a tonne. However, higher zinc concentrate prices offset the lower production and increased costs.
The Keliber lithium project in Finland also moved from construction into commissioning. Mining started at the Syväjärvi open pit, where 217,500 tonnes of ore was extracted, while hot commissioning of the concentrator began during the period. Sibanye said this marked progress towards stable mining and concentrator operations ahead of the potential start-up of the refinery.
Sibanye says the “positive impacts” in its trading update were partially offset by higher royalties and mining income taxes as a result of higher profitability due to the stronger commodity prices.
Sibanye-Stillwater will release its full interim results on Tuesday, 1 September.
