Sibanye Stillwater Sees Strong Financial Rebound Amid Copper Expansion
Sibanye Stillwater Limited (NYSE:SBSW) reported strong financial results for the first half of 2026, with adjusted EBITDA climbing to nearly $2 billion. The Johannesburg-based miner benefited from steady output and high precious metals prices, which rose significantly in southern Africa and the U.S. Platinum group metals saw a 67% increase in southern Africa and 70% in the U.S., while gold gained 35%. Sibanye's debt reduction plan is also on track, with gross debt decreasing by 18%.
The company is expanding its operations beyond legacy South African underground extraction to build out offshore battery metals and copper projects. This move is aimed at capturing structural deficits in the platinum group metal sector. The firm's board approved restarting the Mt Lyell copper-gold operation in Tasmania, Sibanye's first venture into copper. The project has a total capital of $340 million and is expected to produce 26,000 tons of copper and 16,000 ounces of gold annually over a 23-year life.
Sibanye is also investing in lithium through its Keliber project in Finland, which will be Europe's first integrated lithium mine and processing venture. The company is negotiating EU protections against price dumping and volatility. Additionally, the firm signed off on Burnstone, a 25-year gold project that will replace depleted deep-level shafts.
The sector's next big opportunity may lie in the firm's core platinum group metal operations. Capturing a 20% global truck-fleet share via hydrogen fuel cells could be a significant market, equal to global primary mine production in a year. Data centers offer further upside for platinum and ruthenium, which could expand the current 300,000-ounce tech footprint.
Sibanye's shares were up 2.06% at $11.90 during premarket trading on Wednesday, according to Benzinga Pro data.