Sibanye Stillwater Business Summary

Sibanye Stillwater Ltd (SBSW) operates as a multinational mining and metals processing group, generating revenue through the extraction, processing, and recycling of precious and green metals. The company’s primary business segments include South African Platinum Group Metals (PGM) operations, U.S. PGM operations (Stillwater and East Boulder), and South African gold operations. Recently, the firm has aggressively diversified into a "future-facing" metals segment, which includes lithium projects in Finland (Keliber) and zinc operations in Australia (Century), alongside a robust global recycling business that processes spent catalytic converters and electronic waste. Sibanye Stillwater competes directly with major miners such as Anglo American Platinum, Impala Platinum, and Gold Fields; it distinguishes itself as the world’s largest primary producer of platinum and a leading global recycler of PGMs, positioning itself as a vertically integrated supplier for the green energy transition. Originally formed in 2012 through the unbundling of Gold Fields' South African gold assets under founding CEO Neal Froneman, the company is now led by Dr. Richard Stewart, who assumed the role of Chief Executive Officer in October 2025. Stewart, a doctor of geology with over 25 years of industry experience, previously served as the group’s COO and is supported by long-standing CFO Charl Keyter and the recently appointed EVP of Business Development, Mduduzi Bhulose, formerly of the Public Investment Corporation (PIC). The leadership team is overseen by Chairman Dr. Vincent Maphai and a board that includes representatives from major institutional investors. Notable shareholders include the South African Public Investment Corporation, BlackRock, and Vanguard, reflecting a stable institutional base that supports the company’s strategic pivot from traditional gold mining toward a diversified, circular-economy-focused metals portfolio.