Multinational metals and mining company Sibanye-Stillwater has reported a quarterly improvement in operating performance across its South African platinum group metals (PGM) and gold operations.

Reporting on its activities for the quarter ended September 30, the company says output at the Century zinc retreatment operation, in Queensland, Australia, also remained steady.

However, its PGM operations in the US were negatively impacted on by industrial action. Despite the industrial action in the US, Sibanye-Stillwater remains on track to achieve its output guidance for the full year.

Sibanye-Stillwater’s earnings before interest, taxes, depreciation and amortisation (Ebitda) increased by 9% year-on-year to R10.8-billion for the quarter, supported by higher commodity prices.

The company's South African PGM operations recorded a 16% year-on-year increase in adjusted Ebitda to R5.8-billion in the third quarter, driven by positive sales volumes and a 15% increase in the platinum, palladium, rhodium and gold (4E) PGM basket price to R37 200/oz.

Gold operations continue to advance their transition to a shallower, higher-margin and longer-life portfolio, with Sibanye-Stillwater highlighting a 17% increase in surface production to 1 712 kg of gold and a 14% higher gold price.

The total capital expenditure (capex) for the company in the third quarter ended September 30 increased by 33% year-on-year to R1.9-billion, ore reserve development capex increased by 4% to R672-million, while sustaining capex increased by 46% to R961-million, driven mainly by the Thembelani extension project in the North West province and the refurbishment work at the precious metals refinery in Gauteng.

Project capex for South African PGM operations has also increased by 97% to R303-million as the Marikana K4 project in the North West province advanced towards steady-state production and development commenced at the Siphumelele UG2 project at the company’s Rustenburg operation.

Meanwhile, third-quarter capex for Sibanye-Stillwater’s gold operations in South Africa decreased by 23% year-on-year to R792-million, largely reflecting the cessation of capitalisation at the Kloof gold mine in Gauteng.

For the company’s US PGM operations, Ebitda increased by 9% year-on-year to $36-million, primarily driven by a 19% increase in the two element (2E) PGM basket price to $1 411/2E oz, with all-in sustaining costs also increasing by 39% year-on-year to $1617/2E oz, reflecting lower production and higher capex.

The total capex for the US PGM operations increased to $38-million and sustaining capex rose to $16-million from $3-million in the previous corresponding quarter, and in line with Sibanye-Stillwater’s mechanisation strategy, primarily driven by investments in mobile and underground equipment, including boilers, transport equipment, surface fleet and supporting infrastructure.

The company says improvements have continued across key safety metrics for the quarter ended September 30 and a finalisation of the US PGM labour agreement, adding that the introduction of team-based incentives represents a significant milestone in the transition to a more productive and sustainable mechanised operating model at its US PGM operations.

Sibanye-Stillwater CEO Dr Richard Stewart has reflected on these results by noting the continued improvements in the Group’s injury-frequency metrics, including year-on-year reductions in both serious and total reportable injuries.

He also says that a disciplined investment in organic growth projects for the company requires focused execution, but laments the volatility associated with global geopolitics.

“The macroeconomic outlook remains volatile, with weaker global growth expectations, persistent inflation and higher interest rates continuing to weigh on economic activity and consumer spending, including vehicle demand.

“Precious metals mixed during the third quarter of 2026, with gold spot prices strengthening towards quarter-end on continued geopolitical uncertainty and investment demand, while platinum and rhodium spot prices rallied despite softer automotive demand expectations.

“PGM market development remains important, and we continue to progress strategic market development initiatives with our partners,” Stewart explains.

Further, he notes that lithium prices remain under pressure as global lithium supply forecasts were upgraded, thereby outpacing demand growth and resulting in a larger-than-expected market surplus for 2026.

Despite this occurrence, Sibanye-Stillwater remains resolute in its purpose to produce the key metals the world needs, and deliver sustainable value for all its stakeholders.

“As we enter the final quarter of 2026 and finalise our life-of-mine plans for 2027, we remain focused on creating long-term stakeholder value through portfolio and operational simplification, safe and sustainable production, operational excellence, disciplined capital allocation, and the delivery of our value-accretive life extension projects,” Stewart says.