INTEGRATED REPORT
for the year ended 31 December 2024
OUR 2024 REPORTS
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
These reports cover the financial year from 1 January
to 31 December 2024* For more about the reports in the
suite and a glossary of abbreviations, see the Navigation
and glossary document at https://
reports.sibanyestillwater.com/navigation
This report details Sibanye Stillwater Limited's (Sibanye-Stillwater or
the Group) progress on its strategy, purpose, and vision. It shows
how we create and preserve value for stakeholders across the six
capitals#: human, financial, intellectual, natural, manufactured,
social, and relationship. The report also highlights areas where
our activities have eroded value.
This 2024 Integrated report integrates the Group’s material
sustainability, operational and financial information in a more
concise manner with more comprehensive financial and
sustainability information available in the Combined Integrated
report and other reports in the suite, including supplemental
documents published on our website at www.sibanyestillwater.com/
news-investors/reports/annual/
SUPPORTING FACT SHEETS AND SUPPLEMENTARY
INFORMATION AVAILABLE ONLINE
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
1.
Climate change supplement
2.
Sustainability scorecards for the long term incentive (LTI) awards
3.
Social and labour plans (SLPs): Summary of projects
4.
Tailings management
5.
Biodiversity management
6.
Combating illegal mining
7.
The Good Neighbor Agreement
8.
Care for iMali: Taking care of personal finance
9.
Progressing the UN’s SDGs
10. Sibanye-Stillwater’s ICMM self-assessment for 2024
11. Sustainability content index
12. Application of King IV Principles in 2024
13. Tax supplement
14. Definitions for sustainability/ESG indicators
* This report encompasses data pertaining to the financial year ended
31 December 2024. As necessary or where pertinent, certain information
from after this date has been included
# As per the International Integrated Reporting Framework, also see the Business
model on page 67 of this report
Approach, scope and boundary
As noted above, this is a concise Integrated report. For a detailed
version please refer to the Combined Integrated report available for
download at www.sibanyestillwater.com/news-investors/reports/
annual/. For the year ended 31 December 2024, annual data is
provided where possible by region, segment and at the Group level.
Material events occurring post year-end and before the date
of publication of this report are covered in this report and/or in
the Group Annual financial report (note 41) available at
www.sibanyestillwater.com/news-investors/reports/annual/.
The South African region (SA region), which includes the SA PGM
operations and the SA gold operations, accounted for 73% of total
revenue and 97% of our workforce in 2024 as well as accounting for
the bulk of our sustainability activities. Therefore, this report consists
mainly of information about our activities in the SA region. However,
we also offer detail on our American region (US region), European
region (EU region), and Australian region (AUS region). The US region
includes the US PGM operations in Montana (Stillwater mine, East
Boulder mine and the Columbus Metallurgical Complex), and Reldan
in Pennsylvania, that specialises in reclaiming and processing precious
metals. The EU region comprises the Sandouville nickel refinery in
France and the Keliber lithium project in Finland. The AUS region
comprises Century, a zinc tailings retreatment operation in
Queensland, and Mt Lyell copper project in Tasmania. We do not
report (or report minimally) on operations we do not manage/operate
and in which we are minority shareholders.
About our cover designs:
Our strategic differentiator, inclusive, diverse, and bionic, is depicted in this
image. The small markings signify computer code, highlighting the balance
between technology and human individuality. This design emphasises how
technology can enhance humanity while preserving our unique identities.
We value our employees’ contributions, each leaving their unique fingerprint
on our business, and honour their commitment to our values, which drive our
innovation and shared value.
ABOUT THIS INTEGRATED REPORT
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HOW TO READ
THIS REPORT
CONTENTS
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OUR BUSINESS AND LEADERSHIP
More about this report
2
Materiality and our material matters
3
About Sibanye-Stillwater
5
Our value journey from 2013
7
Board and executive leadership
8
Chairman and Chief Executive Officer’s review
13
Corporate governance
20
WHAT DRIVES US
Our purpose, vision and strategy
32
External environment for our business and operations
33
Unpacking our three-dimensional strategy
42
Managing our risks and opportunities within the internal
and external environment
45
How strategy interfaces with risks and opportunities
59
Engaging with our stakeholders
60
How we create value: our business model
67
Capital trade-offs: strategic management for shared
value
71
The sections below provide a view of our performance
against our strategic essentials and differentiators for the
year under review
OUR PERFORMANCE
Maintaining a profitable business and optimising capital
allocation
75
Chief Financial Officer’s report
75
Sustainability embedded as the way we do business
Social, Ethics and Sustainability Committee: Chair’s report
89
Governance in sustainability
96
ANCILLARY INFORMATION
Detail on Board committees
100
Four-year statistical review
105
Statement of assurance
114
Our material matters – determination, definitions
and references
116
Shareholder information
120
Disclaimer
123
Administrative and corporate information
124
NAVIGATING THE REPORT
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Links to supplementary information
Refers to one or more UN SDG targets, sdgs.un.org/goals –
also see Progressing the UN’s SDGs supplementary disclosure
available at www.sibanyestillwater.com/news-investors/reports/
annual/
Refers to related information available online at the URL
provided
Refers to a related fact sheet or supplementary information
available online
Refers to related information elsewhere in the report
Capital resources
Strategic icons
Your feedback and suggestions are welcome.
Please direct them to James Wellsted, EVP: Investor Relations
and Corporate Affairs at ir@sibanyestillwater.com
www.sibanyestillwater.com
SIBANYE-STILLWATER INTEGRATED REPORT 2024
1
While this Integrated report contains relevant, concise detail
for our broader set of stakeholders, detailed information are
available in the Combined Integrated report and other main
reports, see the Navigation and glossary document at https://
reports.sibanyestillwater.com/navigation
MORE ABOUT THIS REPORT
REPORTING FRAMEWORKS AND GUIDANCE
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
In compiling this report, we considered (among
others) the following:
•
International Integrated Reporting Framework
•
International Financial Reporting Standards Accounting
Standards (IFRS Accounting Standards)
•
Global Reporting Initiative (GRI) Standards and the Mining Sector
Standard
•
Johannesburg Stock Exchange (JSE) Sustainability and Climate
Disclosure Guidance
•
King Report on Corporate Governance™ for South Africa, 2016
(King IV)
•
The JSE Listings Requirements and the Listing Standards of the
New York Stock Exchange (NYSE); and US federal securities laws
applicable to foreign private issuers
•
Task Force on Climate-Related Financial Disclosures (TCFD)
•
South Africa’s Companies Act 71 of 2008, as amended
•
South Africa’s Mining Charter III and social and labour plans
(SLPs)
•
Sustainability Accounting Standards Board (SASB), Metals
and Mining Standards
•
Extractive Industry Transparency Initiative (EITI) expectations
for supporting companies
•
International Council on Mining and Metals (ICMM) assurance
and validation procedure
•
World Gold Council (WGC)’s Responsible Gold Mining
Principles (RGMPs)
•
United Nations Global Compact (UNGC) and the Sustainable
Development Goals (UN SDGs)
A separate King IV disclosure report is available online
(See Application of King IV Principles in 2024, and the
Sustainability content index supplementary disclosure,
www.sibanyestillwater.com/news-investors/reports/annual/
Furthermore, in line with our NYSE listing, we file an annual report on
Form 20-F with the US Securities and Exchange Commission (SEC).
As we are an ICMM member, this report aligns to their principles,
as it does with those of the UNGC, of which we are a participant.
See Governance in sustainability, page 96.
DIRECTORS’ STATEMENT OF RESPONSIBILITY
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As required by King IV, our Board acknowledges that it is responsible
for good governance, ethical leadership and responsible corporate
citizenship. The Board applies the principles of King IV, by which
it recognises the triple context (society, economy, environment)
in which the Group operates and its responsibility to create
value sustainably, over the long term, across the six capitals.
Notwithstanding trade-offs that may be required, we believe that,
in support of our commitment to stakeholder capitalism and
delivery of shared value, balanced appreciation for all the forms
of capital delivers superior overall results.
The Board, supported by the Audit Committee, has ultimate
responsibility for this report and for vouchsafing its integrity
and completeness.
Having applied its collective expertise, the Board confirms that
this report is a fair and transparent review of Sibanye-Stillwater,
its principal material matters, its current profile and performance,
and its ability to create value in the short, medium and long term.
Sibanye-Stillwater’s Integrated report, presented in line with the
International Integrated Reporting Framework, was approved for
release to stakeholders by the Board on 25 April 2025 and signed on
its behalf by:
Dr Vincent Maphai
Chairman of the Board
and the Nomination
and Governance Committee
Neal Froneman
Chief Executive Officer
Charl Keyter
Chief Financial Officer
Timothy Cumming
Remuneration Committee: Chairman
Harry Kenyon-Slaney
Risk Committee: Chairman
Lead Independent Director
Dr Elaine Dorward-King
Social, Ethics and Sustainability
Committee: Chairman
Keith Rayner
Audit Committee:
Chairman
Jeremiah Vilakazi
Safety and Health Committee:
Chairman
ASSURANCE
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Our Internal audit function assesses financial, governance, operational, business, compliance and risk management controls. Internal
audit is overseen by the Chief Financial Officer and reports functionally into the Audit Committee, which reports to the Board. Internal
audit assured the accuracy of the figures reported in the Mining Charter. This includes detail for various headings across our reporting
suite, including ownership, employment equity, human resource development, housing and living conditions, local/social economic
development spend, project implementation, procurement, and enterprise development. As part of its assurance activities for the
year, Internal audit also reviewed underlying processes supporting certain key indicators presented in this report. These include
indicators for safety, emergency preparedness, tailings management, water management, Mining Charter, social labour plans, metal
accounting, care and maintenance, hazardous materials, reduction of environmental footprint, and sustainability key performance
indicators (KPIs).
An external assurance provider (KPMG Inc or KPMG) provided limited assurance on selected sustainability indicators, in accordance
with the International Standards on Assurance Engagements (ISAE) 3000 (revised) and the ISAE 3410. See KPMG’s Statement of
assurance, page 114.
The financial information included in this report is derived from our Annual financial statements, independently audited by Ernst &
Young Inc (EY). EY did not, however, audit or review this report.
OUR BUSINESS
AND LEADERSHIP
WHAT
DRIVES US
OUR
PERFORMANCE
ANCILLARY
INFORMATION
SIBANYE-STILLWATER INTEGRATED REPORT 2024
2
MATERIALITY AND OUR MATERIAL MATTERS
Sibanye-Stillwater applies double materiality, i.e. impact materiality
and financial materiality. Impact materiality includes those material
factors that represent the organisation’s likely effects on the
economy, environment, and on people (including potential impacts
on their human rights) over the short, medium, or long term.
By contrast, something is considered financially material if there is a
substantial likelihood that a reasonable investor would consider it
important to their decision-making about the company. Financial
matters are considered material if they have the potential to affect
the Group’s finances in excess of R600 million for the 2024 year.
Determining material matters involves varied considerations,
including engagement with investors and other stakeholders, and
perusing media and analysts’ reports.
Our impact materiality (which includes sustainability) considers how
employees see us (derived from internal surveys), and how the
broader society sees us (derived from reputational surveys) in terms
of how we affect our all our stakeholders.
We retained the services of Deloitte – as an independent party –
to facilitate a materiality workshop in the last quarter of 2024.
Featuring the C-suite, senior executives, and operational and
functional specialists, the workshop applied the double materiality
perspective, resulting in the determination of the top material
matters for the year (M1–M15, see below). Note that the last three
related material matters were consolidated into one. M15
(Advancing core skills, inclusion and diverse talent) consolidates
three matters (Talent management and core skills; Culture and
values; Diversity and inclusion).
MATERIAL MATTERS MAP
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The map below demonstrates where our material matters plot in relation to financial
materiality and impact materiality (all scoring above 5 in importance). The colour
of the squares of the material matters represents the three-dimensional business strategy
(see page 42).
Double materiality results
OUR BUSINESS
AND LEADERSHIP
WHAT
DRIVES US
OUR
PERFORMANCE
ANCILLARY
INFORMATION
SIBANYE-STILLWATER INTEGRATED REPORT 2024
3
MATERIAL MATTERS
Score
BUSINESS
STRATEGIC PILLARS
Profitability
8.47
Maintaining a profitable
business and optimising
capital allocation
Safety and health
7.72
Ensuring safety and wellbeing
Capital allocation and
balance sheet strength
7.68
Maintaining a profitable
business and optimising
capital allocation
License to operate
7.17
Prospering in every
region in which we
operate
Tailings storage facilities
management
6.52
Sustainability embedded as
the way we do business
Water management
6.51
Sustainability embedded as
the way we do business
Nature pollution and mine
rehabilitation
6.43
Sustainability embedded as
the way we do business
Climate transition risk
6.33
Sustainability embedded as
the way we do business
Climate physical risk
6.29
Sustainability embedded as
the way we do business
Sociopolitical instability
6.26
Prospering in every region
in which we operate
Macroeconomic and
geopolitical volatility
6.23
Building a pandemic resilient
ecosystem
Inclusive, diverse and bionic
Innovation, digital
evolution and cyber
exposure
6.09
Strategic foundation
Security, crime and
extortion
6.06
Ensuring safety and wellbeing
Energy supply and
security
6.04
Building a pandemic
resilient ecosystem
Advancing core skills,
inclusion and diverse
talent
5.77
Inclusive, diverse
and bionic
Refer to
•
Page 116 for the Materiality determination
process
•
Page 117 for the Definitions and references
within the report
OUR BUSINESS
AND LEADERSHIP
About Sibanye-Stillwater
5
Our value journey from 2013
7
Board and executive leadership
8
Chairman and Chief Executive Officer’s review
13
Corporate governance
20
OUR BUSINESS
AND LEADERSHIP
WHAT
DRIVES US
OUR
PERFORMANCE
ANCILLARY
INFORMATION
SIBANYE-STILLWATER INTEGRATED REPORT 2024
4
Catalytic converters (PGMs): Help in reducing harmful vehicle
emissions and improving air quality.
ABOUT SIBANYE-STILLWATER
CORPORATE PROFILE
Sibanye-Stillwater is a multinational mining and metals processing group
with a diverse portfolio of operations, projects and investments across five
continents. The Group is also one of the foremost global recyclers of a suite
of metals and has interests in leading mine tailings retreatment operations.
Sibanye-Stillwater is one of the world’s largest primary producers of
platinum, palladium, and rhodium and is a top tier gold producer. It also
produces and refines iridium and ruthenium, nickel, chrome, copper and
cobalt. The Group has also diversified into battery metals mining and
processing and has increased its presence in the circular economy by
growing its recycling and tailings reprocessing exposure globally. For more
information, see www.sibanyestillwater.com
MINERAL RESERVES AND RESOURCES
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Global footprint with extensive precious metals Mineral Reserves of
57.1 million ounces (Moz) that support long life of mines, and Mineral
Resources of 372.3Moz. The Group has also grown its attributable lithium
Mineral Reserves by 36.6% to 471kt of lithium carbonate equivalent (LCE)
and its copper Mineral Resources by 116% to 17,604Mlb.
SUSTAINABILITY SALIENT FEATURES
Group serious injury frequency rate (SIFR) and total recordable injury
frequency rate (TRIFR) at lowest recorded levels since 2013
21% of employee promotions in SA were awarded to women,
improved our women representation to 18%
Secured €500 million green loan financing facility for Keliber
lithium project
The financial closure of our fourth renewable energy project
securing 70% of our SA region’s long-term energy requirements
Level 4 B-BBEE achieved
Renewed sustainability strategic framework underpinned with 2030
targets
OUR BUSINESS
AND LEADERSHIP
WHAT
DRIVES US
OUR
PERFORMANCE
ANCILLARY
INFORMATION
SIBANYE-STILLWATER INTEGRATED REPORT 2024
5
2024 PRODUCTION AND RECYCLING1
–––––––––––––––––––––––––––––––––––––––––––––––––
843koz gold and 1.7Moz silver
1.3Moz platinum and 1.1Moz palladium
190koz rhodium, 266koz ruthenium and
64koz iridium
2.7Mt chrome, 82kt zinc (payable) and
7.7kt nickel
2.6Mlbs copper
59.5
37.1
6
3.6
3.8
1
1
PGMs
Gold
Chrome
Nickel
Zinc
Silver
Other
2024 REVENUE PER OPERATION
R112bn (US$6bn)
51
31
9
8
6
4
3
SA PGM
operations
SA gold
operations
US PGM
underground
operations
US PGM
recycling
Reldan
operations
Century
zinc
retreatment
operation
Sandouville
nickel
refinery
2024 REVENUE PER PRODUCT (Rbn)
1 The Platinum Group Metals (PGM) production in the SA operations is platinum, palladium, rhodium and
gold, referred to as 4E (3PGM+Au) of 1.7Moz 4E PGMs for 2024, and in the US PGM operations are platinum
and palladium, referred to as 2E (2PGM) of 426koz 2E PGMs for 2024 and US PGM recycling is platinum,
palladium and rhodium referred to as 3E (3PGM) of 316koz 3E PGMs for 2024. Recycling is inclusive of the
Reldan operation from 1 March 2024 – 31 December 2024
2 See the Consolidated Income statement in the Group Annual Financial Report for the year ended
31 December 2024
3 The FTSE Russell green revenue factor is defined by FTSE Russell as the percentage of revenue that is derived
from products that have a positive environmental utility which help prevent, restore and/or adapt to issues
deriving from climate change, natural resource limitations and environmental degradation. This measure
enables precise identification of green products and services across the entire value chain and helps
investors assess revenue exposure to green activities within the Group.The FTSE Russell green revenue factor
is a non-IFRS measure and it should not be considered in isolation or as a substitute for measures of
performance prepared in accordance with IFRS Accounting Standard
OUR SUSTAINABILITY CREDENTIALS
Sustainability-related indices (not limited to these)
in which we are currently included:
LOSS FOR 2024 YEAR2
R5.7 billion (US$311 million)
73% GREEN REVENUE FACTOR3
WORKFORCE 72,423
Percentage of women at Sibanye-Stillwater
13%
14%
16%
17%
18%
2020
2021
2022
2023
2024
Water purchased at Sibanye-Stillwater (ML)
22,640
20,944
21,046
21,394
19,787
2020
2021
2022
2023
2024
A UNIQUE, PORTFOLIO OF GEOGRAPHICALLY
DIVERSIFIED ASSETS AND COMMODITIES UNDERPINNED BY GREEN METALS
OUR BUSINESS
AND LEADERSHIP
WHAT
DRIVES US
OUR
PERFORMANCE
ANCILLARY
INFORMATION
ABOUT SIBANYE-STILLWATER continued
SIBANYE-STILLWATER INTEGRATED REPORT 2024
6
* Non-managed
PGM = platinum group metals, Au = gold,
Cu = copper, LCE = lithium carbonate equivalent,
Zn = Zinc, U3O8 = uranium
Mineral Resources are inclusive of Mineral Reserves
1. Reldan is a non-mineral property, forming part of
the Group’s recycling operations. Acquisition
effective March 2024
AMERICAS ASSETS
US PGM OPERATIONS
Stillwater mine (100%)
Mineral Reserves: 11.2Moz 2E
East Boulder mine (100%)
Mineral Reserves: 7.8Moz 2E
PGM EXPLORATION
Marathon (13.85%)*
Mineral Resources: 0.8Moz 2E
RECYCLING
Columbus Met complex (100%) - PGM
autocatalysts recycling
Reldan (100%)1 - Industrial and e-scrap
recycling
COPPER EXPLORATION
Altar (48.61%)*
Mineral Resources: 15,492Mlbs Cu
SOUTHERN AFRICAN ASSETS
SA PGM OPERATIONS
Marikana (80.64%)
Mineral Reserves: 16.1Moz 4E
Rustenburg (74%)
Mineral Reserves: 9.8Moz 4E
Kroondal (87%)
Mineral Reserves: 0.7Moz 4E
Mimosa (50%)*
Mineral Reserves: 1.5Moz 4E
SA PGM EXPLORATION
Akanani (80.13%)
Mineral Resources: 31.6Moz 4E
Limpopo: Voorspoed and
Doornvlei (80.64%), and Dwaalkop
(40.32%) Mineral Resources: 19.9Moz 4E
SA GOLD OPERATIONS
Kloof (100%)
Mineral Reserves: 1.6Moz Au
Beatrix (100%)
Mineral Reserves: 0.7Moz Au
Driefontein (100%)
Mineral Reserves: 2.4Moz Au
Cooke surface (76%)
Mineral Reserves: 0.04Moz Au
DRDGOLD (50.23%)*
Mineral Reserves: 2.7Moz Au
SA GOLD DEVELOPMENT
Burnstone (100%)
Mineral Reserves: 2.5Moz Au
SA GOLD EXPLORATION
SOFS (Southern Free State project)
(100%) Mineral Resources: 6.9Moz Au
SA URANIUM EXPLORATION
Beisa (100%)
Mineral Resources: 27.0Mlb U₃O₈
Cooke (76%)
Mineral Resources: 32.2Mlb U₃O₈
EUROPEAN ASSETS
LITHIUM DEVELOPMENT
Keliber lithium project (79.82%)
Mineral Reserves: 248kt LCE
NICKEL OPERATIONS
Sandouville refinery (100%)
AUSTRALIAN ASSETS
ZINC OPERATIONS
Century (100%)
Mineral Reserves: 1,218Mlb Zn
COPPER EXPLORATION
Mount Lyell (100%)
Mineral Resources: 1,945Mlb Cu
RECYCLING
SECONDARY MINING
BATTERY METALS
GREEN METALS
OUR VALUE JOURNEY FROM 2013
OUR BUSINESS
AND LEADERSHIP
WHAT
DRIVES US
OUR
PERFORMANCE
ANCILLARY
INFORMATION
ABOUT SIBANYE-STILLWATER continued
SIBANYE-STILLWATER INTEGRATED REPORT 2024
7
•
Gold Fields unbundled its South African gold assets (Kloof, Driefontein and Beatrix), forming Sibanye Gold Limited
•
Listed on the Johannesburg and New York stock exchanges
•
Acquired Cooke operations from Gold One (August)
•
Market cap1 R10 billion US$1.2 billion
1 Source: EquityRT, with numbers quoted at the end of each year except for 2013, which represents the market
capitalisation on the day of listing
2 Source: FactSet, Year-to-date, market capitalisation as at 28 March 2025
Sibanye-Stillwater was established in 2013 as a separate entity through the unbundling of Gold Fields Limited's South African mines. The company
was created to focus on precious metals, primarily gold and PGMs. We have since expanded through various acquisitions, including the purchase
of Stillwater Mining Company in the United States in 2017. Today Sibanye-Stillwater is one of the world’s largest primary producers of platinum,
palladium, and rhodium and is a top tier gold producer. We also produce and refine iridium and ruthenium, nickel, chrome, copper and cobalt.
The Group has recently begun to diversify its asset portfolio into battery metals mining and processing, and increased its presence in the circular
economy by growing its recycling and tailings reprocessing exposure globally. Our market capitalisation at the end of March 2025, was
R57.4 billion (US$3.1 billion). Since 2013, we have returned over R46 billion (US$3 billion) in additional value to investors in the form of dividends and
share buybacks, which is over four times our initial market capitalisation on listing of R10 billion (US$1.2 billion). See Our shared value in numbers for
more shared value created, page 273 of the Combined Integrated report.
TIMELINE OF NOTEWORTHY OCCURRENCES
•
Acquired 100% of Reldan in 2024 (March)
•
Entered into a US$500m streaming agreement with Franco Nevada (December)
•
Secured up to €500m in green financing package for the Keliber lithium project (August)
•
Announced the first PGM transactions: Rustenburg assets and Aquarius Platinum PLC
•
Entered PGM sector with South African acquisitions:
–
Aquarius (April)
–
Rustenburg operations (November)
•
Acquired 38.05% stake in DRDGOLD Limited, a world leader in gold tailings retreatment, by vending certain surface
gold tailings facilities and processing assets into DRDGOLD for shares (July/August)
•
Acquired:
–
Lonmin Plc, Marikana operations (South Africa), which includes processing and smelter plants, as well as base
and precious metals refineries (June)
•
Acquired Stillwater Mining Company, Montana, US (May)
•
Rebranded as Sibanye-Stillwater (August)
•
Increased holding in DRDGOLD to 50.1% (January) through R1bn share placement (January)
•
Acquired 30% stake in Keliber Oy for €30m (February)
•
Acquired 19.99% in New Century Resources, an Australian zinc tailings reprocessing facility (December)
•
Acquired 100% of Sandouville nickel refinery (February)
•
Increased Keliber holding to 85% (November)
•
Celebrated a decade of shared value
•
Keliber rights issue results in Finnish Minerals Group holding to 20%, our share ~80% (April)
•
Acquired 100% of New Century, and executed an option to take ownership of Mt Lyell copper project (March)
•
Acquisition of 50% of Kroondal from Anglo American Platinum (November)
•
Acquired Wits Gold, including Burnstone and other projects in Free State province, South Africa
•
28 March 2025 Market cap2 R57.4 billion US$3.1 billion
•
Entered into enhanced and new chrome agreements with Glencore (February)
BOARD AND EXECUTIVE LEADERSHIP
OUR BOARD AS AT 31 DECEMBER 2024
BOARD CHARACTERISTICS1
With the roles of Chairman and CEO
separated, our Board is a unitary
Board with an appropriate balance
of relevant diversity in culture, age,
fields of knowledge, skills
and experience. Although we have
15.4% female representation on the
board, we wish to increase our
gender diversity further.
Independent Non-Executive Chairman
Lead Independent Director
85% of our directors were non-executive directors
100% of our non-executive directors were independent on 31 December 2024
64% of our non-executive directors are independent on 25 April 2025
TENURE1
The Group brings new directors
onto the Board periodically to refresh
the Group’s thinking in a manner
that supports both continuity and
appropriate succession planning.
Sibanye-Stillwater recognises that
a variety of director tenures within
the boardroom is beneficial
to ensure Board quality and
continuity of experience.
BOARD DIVERSITY1
Director rotation ensures a fresh perspective while maintaining continuity of skills and institutional experience.
In accordance with the Company’s Memorandum of Incorporation (MOI), one third of the directors shall retire from office at each annual
general meeting (AGM) and stand for election. The first to retire is the director appointed as an additional member of the Board followed by
the longest serving members. Retiring directors can be immediately re-elected by the shareholders at the AGM. Dr R Stewart, T Nombembe
and Dr P Hancock will stand for election at the AGM. K Rayner and N Froneman will stand for re-election at the AGM.
1 Statistics on this page are as at 31 December 2024
2 Historically disadvantaged persons (HDPs) as defined in the MPRDA
OUR BUSINESS
AND LEADERSHIP
WHAT
DRIVES US
OUR
PERFORMANCE
ANCILLARY
INFORMATION
SIBANYE-STILLWATER INTEGRATED REPORT 2024
8
TENURE AT SIBANYE-STILLWATER
3
4
6
Less than two years
Two to nine years
More than nine years
GENDER DIVERSITY (%)
85%
15%
Male
Female
RACE AND CULTURE (%)
38%
31%
31%
Other SA excluding HDPs²
HDP²
Other nationalities
BOARD AGE
3
11
1
Younger than 60
Between 60 and 70
Older than 70
For more detail on our board committees, focus areas, memberships etc, see page 100 of this report
OUR BOARD AS AT 25 APRIL 20253
Committees
A filled icon indicates chair of the committee
Board Chairman
Investment Committee
Remuneration Committee
Safety and Health Committee
Audit Committee
Nominating and Governance
Committee
Risk Committee
Social, Ethics and Sustainability
Committee
Independent non-executive directors and non-executive directors
DR VINCENT MAPHAI (73)
Independent Non-Executive Chairman of the Board
PhD, University of Natal; Advanced Management
Program (Harvard University)
South African citizen, appointed Independent Non-
executive Chairman of the Board on 24 February 2020
Appointment date preceding Board of Sibanye Gold
- 1 June 2019
RICHARD MENELL (69)
Lead Independent Director (until 1 January 2024) and
Non-Executive Director (as at January 2025)
MA (Natural Sciences, Geology), MSc
(Mineral Exploration and Management)
SA and US citizen, appointed to the Sibanye-Stillwater
Board on 24 February 2020
Appointment date preceding Board of Sibanye Gold
- 1 January 2013
HARRY KENYON-SLANEY (64)
Lead Independent Director (from 1 January 2024)
BSc (Hons) (Geology), International
Executive Programme
UK citizen, appointed 24 February 2020
Appointment date preceding Board of Sibanye Gold
- 16 January 2019
•
Chairman of the Board
•
Nominating and Governance Committee (Chair)
•
n/a
•
Risk Committee (Chair)
•
Corporate affairs and transformation
•
Strategy
•
An exceptional career with regards to
societal transitions, political and human science,
thereby bringing a wealth of knowledge to the
sustainability function
•
Risk management
•
All aspects of the mining industry, operationally
and at executive management and board level
•
Geology
•
Financial management
•
With a mining career of more than 40 years,
he brings a wealth of knowledge on various
sustainability matters, including climate change
and sustainability
•
Operations
•
Geology
•
Health and safety
•
Business transformation
•
With a distinguished career that includes
executive roles in energy and mining, he brings
extensive expertise on climate change
and sustainability
•
Business development
TIMOTHY CUMMING (67)
Non-Executive Director (as at February 2025)
BSc (Hons) (Engineering), BA (PPE), MA
SA citizen, appointed 24 February 2020
Appointment date preceding Board of Sibanye Gold
- 21 February 2013
DR ELAINE DORWARD-KING (67)
Independent Non-Executive Director
BSc (Chemistry), PhD (Analytical Chemistry)
US citizen, appointed 27 March 2020
JEREMIAH VILAKAZI (64)
Non-Executive Director (as at January 2025)
BA, MA, MBA
SA citizen, appointed 24 February 2020
Appointment date preceding Board of Sibanye Gold
- 1 January 2013
•
Remuneration Committee (Chair)
•
Social, Ethics and Sustainability Committee (Chair)
•
Safety and Health Committee (Chair)
•
Engineering in the mining industry
•
Leadership and strategic development
•
Financial, investment and risk management
•
Sustainability matters including the understanding
of Board duties with respect to tailings storage
facilities (TSFs), and also potential risks that TSFs
pose and the controls required to manage,
monitor and mitigate the risks
•
Mining
•
Health and safety
•
An extensive career holding various executive
sustainability positions responsible for all
sustainability matters, including climate change
and sustainability
•
Understanding of Board duties with respect to TSFs,
the potential risks TSFs pose, and the controls
required to manage, monitor and mitigate the risks
•
Risk management
•
Mining industry leadership
•
Strategic investments
•
Shaping major public service policies in post-1994
South Africa
•
Advocacy
•
Having held various executive positions in
his extensive career, his expertise in transformation
and corporate governance underpins his expertise
in sustainability matters, including climate change
and sustainability
3 Due to some remaining Board members reaching 12-year tenures, rotation of committee chairs and other rotations have been made, and four directors are classified as non-
independent non-executives. As of the issuance of this report on 25 April 2025, 64% of our non-executive directors are independent. During the CEO transition period from Neal
Froneman to Richard Stewart, we have three executive directors (from 1 March 2025 to 30 September 2025), which temporarily decreases the total number of independent
directors on the Board. We expect this to change on 1 October 2025. For more information on these changes, see page 24 of this report
OUR BUSINESS
AND LEADERSHIP
WHAT
DRIVES US
OUR
PERFORMANCE
ANCILLARY
INFORMATION
BOARD AND EXECUTIVE LEADERSHIP continued
SIBANYE-STILLWATER INTEGRATED REPORT 2024
9
Independent non-executive directors and non-executive directors3 continued
SINDISWA ZILWA (57)
Independent Non-Executive Director
BCompt (Hons), CTA, CA(SA) Chartered Director (SA)
Cybersecurity certificate programme: Managing Risk
in the Information age
SA citizen, appointed 1 January 2021
KEITH RAYNER (68)
Non-Executive Director (as at January 2025)
BCom, CTA, CA(SA)
SA citizen, appointed 24 February 2020
Appointment date preceding Board of Sibanye Gold
- 1 January 2013
PHILIPPE FRANÇOIS MARIE-JOSEPH
BOISSEAU (63)
Independent Non-Executive Director
MSc (Theoretical Physics)
French citizen, appointed 8 April 2024
•
Audit Committee (Chair)
•
Investment Committee (Chair)
•
Auditing and accounting
•
Risk management
•
Executive management and governance
•
Regulatory compliance
•
In line with the proposed U.S. Securities and
Exchange Commission (SEC) regulations, the
Board, through the Nominating and Governance
Committee, appointed Sindiswa as the Board of
Directors’ cybersecurity expert
•
Corporate finance and accounting
•
Risk management
•
Executive management and governance
•
Regulatory compliance
•
He brings extensive financial expertise to
sustainability matters, including climate change
•
In compliance with the Sarbanes-Oxley Act, the
Board has identified Keith Rayner as the Audit
Committee’s financial expert
•
Engineering
•
Executive management and governance
•
Strategic and operational knowledge of
technology, markets, investors, consumers
and regulations
•
With a distinguished career that includes executive
roles in refining, upstream, gas, retail and
renewable energy, his expertise will be of great
value to the energy transition and mining
DR PETER HANCOCK (61)
Independent Non-Executive Director
PhD, Metallurgical Engineering, McGill University, MSc,
Metallurgical Engineering and B.E. and Metallurgical
Engineering Dalhousie University
Canadian citizen, appointed 6 May 2024
TERENCE NOMBEMBE (63)
Independent Non-Executive Director
BCom, BCompt (Hons), CA(SA)
SA citizen, appointed 11 September 2024
•
Metallurgical Engineering
•
Executive management and governance
•
Strategic and operational knowledge of mining
operations, process technologies, and project
management
•
A distinguished career that includes executive roles
in nickel mining, project development, and
strategic advisory
•
Accounting and auditing
•
Executive management and governance
•
Strategic and operations knowledge of risk
management, corporate governance,
•
A distinguished career that includes executive roles
in auditing, risk management, and corporate
governance
Executive directors3
NEAL FRONEMAN (65)
Chief Executive Officer
BSc Mech Eng (Ind Opt), BCompt
SA citizen, appointed 24 February 2020
Appointment date preceding Board of Sibanye Gold
- 1 January 2013
RICHARD STEWART (49)
CEO Designate (from 1 March 2025) and Chief
Regional Officer: Southern Africa
BSc (Hons), PhD (Geology), University of the
Witwatersrand; MBA, Warwick Business School (UK);
PrSciNat
SA citizen, appointed 1 March 2025
CHARL KEYTER (51)
Chief Financial Officer
BCom, MBA, ACMA and CGMA
SA citizen, appointed 24 February 2020
Appointment date preceding Board of Sibanye Gold
- 9 November 2012
•
Operations management
•
Mergers and acquisitions
•
Risk management and strategy
•
Sustainability matters, including climate change
•
Operations and Mineral Resource management
•
Mergers and acquisitions
•
Risk management and strategy
•
Safety and health
•
Financial and corporate finance management
•
Mergers, acquisitions and integration
•
Executive management and governance
•
Risk management
3 Please refer to footnote 3 on page 9
OUR BUSINESS
AND LEADERSHIP
WHAT
DRIVES US
OUR
PERFORMANCE
ANCILLARY
INFORMATION
BOARD AND EXECUTIVE LEADERSHIP continued
SIBANYE-STILLWATER INTEGRATED REPORT 2024
10
Committees
A filled icon indicates chair of the committee
Audit Committee
Investment Committee
Nominating and Governance Committee
Remuneration Committee
Risk Committee
Safety and Health Committee
Social, Ethics and Sustainability Committee
Detailed biographies and information on other public
directorships are available on our corporate website
(www.sibanyestillwater.com) and in our Form 20-F,
available at www.sibanyestillwater.com/news-investors/
reports/annual/
C-SUITE AND SENIOR MANAGEMENT as at 25 April 2025
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
NEAL FRONEMAN (65)
Chief Executive Officer
BSc Mech Eng (Ind Opt), BCompt
RICHARD STEWART (49)
CEO Designate and Chief Regional Officer:
Southern Africa
BSc (Hons), PhD (Geology), University of the
Witwatersrand; MBA, Warwick Business School (UK);
PrSciNat
CHARL KEYTER (51)
Chief Financial Officer
BCom, MBA, ACMA and CGMA
THEMBA NKOSI (52)
Chief People and Culture Officer
BA (Hons) (Employment Relations), University
of Johannesburg; BTech (Human Resources),
Peninsula Technikon; Human Resources Executive
Program, University of Michigan
MELANIE NAIDOO-VERMAAK (50)
Chief Sustainability Officer
BSc (Hons), MSc (Sustainable Development), MBA
ROBERT VAN NIEKERK (60)
Chief Technical and Innovation Officer
National Higher Diploma (Metalliferous Mining),
Technikon Witwatersrand; BSc (Mining Engineering),
University of the Witwatersrand; South African
Mine Manager’s Certificate of Competency
MIKA SEITOVIRTA (62)
Chief Regional Officer: Europe
MSc (Econ), University of Vaasa, Finland
LERATO LEGONG (47)
Chief Legal Officer
LLB, University of Pretoria
CHARLES CARTER (61)
Chief Regional Officer: Americas
BA (Hons), University of Cape Town; D.Phil,
Oxford University
For full profiles of the members of the C-suite and senior management, see www.sibanyestillwater.com/about-us/leadership/
OUR BUSINESS
AND LEADERSHIP
WHAT
DRIVES US
OUR
PERFORMANCE
ANCILLARY
INFORMATION
BOARD AND EXECUTIVE LEADERSHIP continued
SIBANYE-STILLWATER INTEGRATED REPORT 2024
11
Executive directors
C-Suite (Prescribed officers)
Executive Vice Presidents
C-SUITE AND EXECUTIVE MANAGEMENT as at 25 April 2025 continued
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
THABISILE PHUMO (51)
Stakeholder relations
BA (Hons) (Corporate Communication) University
of Johannesburg
KEVIN ROBERTSON (59)
US PGM operations
NHD (Economic Geology), Witwatersrand Technikon;
Post-Experience Diploma in Engineering Business
Management, Warwick University (UK); Graduate
Diploma in Engineering (Mining Engineering)
University of the Witwatersrand; Master of
Engineering, University of the Witwatersrand, PrSciNat
RICHARD COX (52)
Processing operations
Stanford Executive Program, Stanford University
Graduate School of Business; MBA (cum laude),
Gordon Institute of Business Science; BSc (Mining),
University of the Witwatersrand
DAWIE VAN ASWEGEN (48)
Mining operations
ND Metalliferous Mining, NHD Metalliferous Mining,
Managers Certificate of Competency, Junior
Management Programme (JMP), Management
Development Programme (MDP), Baccalaureus
Technology, University of Johannesburg Degree:
Mining Engineering, Advanced Management – Duke
Corporate Education Programme (LIA), London
KLEANTHA PILLAY (47)
Sales and marketing
BSc.Eng (Chem) & MSc.Eng (Chem), University
of Natal; MBA, University of Cambridge
BHEKI KHUMALO (51)
Human resources
BA, BA (Hons), MA (Clinical Psychology) (University
of KwaZulu-Natal), LLB (University of South Africa)
WILLIAM TAYLOR (56)
Technical services Southern Africa (SA) region;
Group Champion Health and Safety
Bachelor of Mining Technology, University
of Johannesburg
JAMES WELLSTED (55)
Investor relations and Corporate affairs
BSc (Hons) Geology and Postgraduate Diploma in
Business Administration, Wits University
GEORGE ASHWORTH (66)
Chief of Staff
BA in Engineering and a M Phil in Control Engineering
and Operational research, Cambridge University
GREG COCHRAN (63)
Head of Uranium
BSc (Mining Engineering) and MSc (Mining Engineering
and Mineral Economics), University of the Witwatersrand;
MBA, Cranfield School of Management (UK); South
African Mine Managers’ Certificate of Competency:
Underground Coal Mines; South African Mine Managers’
certificate of competency: Underground Metalliferous
Mines (from 1 June 2024)
JACQUES LE ROUX (48)
Finance and Commercial: SA region
BCom (Hons), CA(SA)
BARRY HARRIS (40)
Australian region
B.Eng. Mining (Hons), University of Queensland; MSc
in Mineral and Energy Economics, Curtin University;
DSTA, Melbourne Business School
OUR BUSINESS
AND LEADERSHIP
WHAT
DRIVES US
OUR
PERFORMANCE
ANCILLARY
INFORMATION
BOARD AND EXECUTIVE LEADERSHIP continued
SIBANYE-STILLWATER INTEGRATED REPORT 2024
12
For full profiles of the members of the C-suite and senior management, see www.sibanyestillwater.com/about-us/leadership/
CHAIRMAN AND CHIEF
EXECUTIVE OFFICER’S
REVIEW*
We have continued to be proactive in responding to many of the
forces driving global change during 2023 and 2024. Underpinned
by our strategic diversification since 2013, this has ensured that the
Group is well positioned to sustain an extended period of low
commodity prices, and potentially benefit from opportunities
which may emerge. The global economic context may remain
challenging for some time and, accordingly, our focus for 2025
remains on our strategic essentials: optimising our operations for
profitability and long-term sustainability and protecting the Group
balance sheet in order to secure our financial health. For more on
our strategy and how we have performed against our strategic
priorities, please see the Strategy unpacked section on page 42
of this report.
The operational restructuring undertaken over the last 18 months
has secured greater operational stability and has on balance
improved the overall profitability of the Group. The SA PGM
operations were profitable for 2024, with the SA gold operations
benefiting from the increasing gold price, and the Century
operations in Australia and recycling operations in the US region all
contributing positively to the Group. The further restructuring of the
US PGM operations in Q4 2024 and ongoing restructuring at
Sandouville, are expected to significantly reduce losses from these
operations for 2025 relative to 2024, strengthening the Group’s
earnings outlook.
* Note: The discussion in this section includes a description of certain non-IFRS
financial metrics used to assess operational performance. For a further description
of Sibanye-Stillwater’s financial performance, see the Chief Financial Officer’s
Report on page 75.
SAFETY
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
The health and safety of our employees is our first priority, and we
remain committed to ensuring a safe work environment at all our
operations. Improvements in most safety indicators during 2024
maintained the positive trends established over the last five years
and confirm that we continue to reduce risk at our operations.
Although the number of fatalities reduced year-on-year from 11 in
2023 to eight in 2024 (three: SA gold; five: SA PGM), one life lost is
one too many. We mourn the eight employees tragically lost over
the year. The Board and management of Sibanye-Stillwater extend
their sincere condolences to the families, friends and co-workers of
our deceased colleagues, with support provided to the families.
All incidents have been or are currently being investigated along
with relevant stakeholders. These investigations revealed that proper
application of critical controls, and adherence to safety protocols,
behaviours and management routines, would have prevented
many of these fatalities. Despite our Fatal elimination strategy
delivering progress, we continue to experience unacceptable risk
tolerance and non-compliance in certain areas that leads to
unacceptable fatal incidents,
We encourage a bottom-up approach to safety, empowering our
workforce to take ownership of their own and their teams' safety.
Self-stoppages of work in unsafe environments and reporting near-
miss incidents continues to be encouraged. The trend is improving
with self-stoppages from operational crews now above 80% of total
reported stoppages for the month of December 2024, reflecting the
embedded safety culture for which we are striving.
OUR BUSINESS
AND LEADERSHIP
WHAT
DRIVES US
OUR
PERFORMANCE
ANCILLARY
INFORMATION
SIBANYE-STILLWATER INTEGRATED REPORT 2024
13
We remain focused on our Strategic
essentials as we navigate through a
challenging macro-economic and geo-
political environment. During 2024, we
implemented proactive measures to
optimise operational profitability and
protect and strengthen our Balance sheet.
Dr Vincent Maphai – Chairman
Neal Froneman – Chief Executive Officer
Our improving safety trends are encouraging (see graphs). From an underground deep-level gold mining perspective, our performance aligns
with industry peers. Our PGM operations also compare favourably to peers with a similar risk profile. From a Group perspective, when
comparing to our ICMM peers, we are intensifying our fatal elimination programme to follow a trajectory that achieves the current ICMM
members’ average FIFR performance by 2029.
Group – SIFR (per million hours worked)
3.50
3.88
4.68
4.16
3.57
3.70
3.03
3.03
3.77
2.91
2.61
2.21
2013
2014 2015
2016
2017 2018
2019
2020 2021
2022
2023 2024
0.00
2.00
4.00
6.00
Group – FIFR (per million hours worked)
0.10
0.12
0.06
0.10
0.07
0.16
0.04
0.06
0.13
0.03
0.07
0.05
2013
2014 2015
2016
2017 2018
2019
2020 2021
2022
2023 2024
0.00
0.05
0.10
0.15
0.20
Our employee and contractor numbers have nearly doubled (increased 99.7%) since 2013. The trends in the following graph reflect how our
strategy is delivering positive progress on 72,423 people working more safely and making values-based decisions in line with clear safety
standards.
Workforce (000) vs fatalities
8
11
7
9
8
20
6
8
18
4
6
6
1
1
0
5
3
4
0
1
3
1
5
2
36
44
46
75
66
65
85
85
85
84
83
72
Employee fatalities
Contractor fatalities
Workforce
Linear (Workforce)
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
0
25
50
0
20
40
60
80
100
Notwithstanding the progress being made, we are aware that our journey to ensuring zero harm for all employees will be challenging,
requiring constant vigilance and stricter adherence to protocols by employees along with a shift in attitudes to risk. Our key focus for 2025
is on line management's role in ensuring accountability, and equipping leaders to address errors and reinforce safe work practices.
For more detail on safety and health, see Ensuring safety and wellbeing, page 111 of the Combined Integrated report.
STRATEGIC POSITIONING – APPROPRIATE AND RELEVANT
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
The strategic importance of the Group's diversified portfolio of metals was again reinforced by the significant increase in the financial
contribution of the SA gold operations to the Group. These mature mines, buoyed by the tailwind of a strong gold price during a challenging
period for most of our other metals which are more aligned with industrial economic cycles, delivered materially better financial results for
2024, providing critical financial support for the Group.
OUR BUSINESS
AND LEADERSHIP
WHAT
DRIVES US
OUR
PERFORMANCE
ANCILLARY
INFORMATION
CHAIRMAN’S AND CHIEF EXECUTIVE OFFICER’S REVIEW continued
SIBANYE-STILLWATER INTEGRATED REPORT 2024
14
The significant increase in the profit from the SA gold operations and
restructuring of the Group operations have, on balance, stabilised
Group profitability. Group adjusted EBITDA of R6.4 billion
(US$360 million) for H2 2024 was in line with adjusted EBITDA of
R6.4 billion (US$340 million) for H2 2023, marking the third consecutive
six-month period of consistent Group adjusted EBITDA.
Due to relatively more stable operations for H2 2024 and a 26%
increase in the average rand gold price compared with H2 2023,
adjusted EBITDA from the SA gold operations increased by R2.5 billion
period-on-period to R3.6 billion for H2 2024, which was R1.0 billion or
38% higher than adjusted EBITDA from the SA PGM operations for
H2 2024, and accounted for 56% of Group adjusted EBITDA for
the period.
This was the first six-month period since 2017 that adjusted EBITDA
from the SA gold operations has exceeded the contribution from the
SA PGM operations. This marks a notable turnaround from previous
years when the SA PGM and US PGM operations comprised 80%–90%
of Group earnings and sustained the Group during a seven-year
period when the SA gold operations experienced significant
operational disruptions.
At the spot gold price of about R1,700,000/kg (17 February 2025),
all of the SA gold operations are profitable (a pro forma AISC margin
of 27% at H2 2024 average AISC of R1,253,083/kg). The SA gold
operations are highly leveraged, and should the gold price remain
elevated as we expect, profits from the SA gold operations for 2025
could increase materially.
Our strategic investment in recycling and secondary mining assets
is also proving valuable, with the US PGM and Reldan recycling
operations offering stable margins through cycles and contributing
combined adjusted EBITDA of US$32 million (R594 million) to the
Group for 2024. Our surface reprocessing assets also contributed
to Group profitability, with adjusted EBITDA from the Century
reprocessing operations in the AUS region, adding R641 million
(US$34 million) for 2024 with adjusted EBITDA from DRDGOLD for 2024
of R2.5 billion (U$S139 million).
The SA PGM operations are highly leveraged and the marginally
lower average 4E basket price of R23,892/4Eoz (US$1,333/4Eoz) and
10% increase in AISC for H2 2024 resulted in adjusted EBITDA for
H2 2024 decreasing by 55% to R2.6 billion (US$152 million) compared
to H2 2023. As per the agreement with Anglo American Platinum
Limited (Anglo American Platinum) the processing arrangement for
the Kroondal operation changed from a Purchase of Concentrate to
Toll arrangement, which resulted in no metal sales from the Kroondal
operations from 1 September 2024 (four months) due to the build-up
of inventory in the processing pipeline, with sales of 53,156 4Eoz for
H2 2024 significantly lower than production of 144,888 4Eoz,
negatively impacting profit and cash flow for the period.
The resumption of metal sales from the Kroondal operation and more
stable production from the SA PGM operations for 2025 should
preserve margins from the SA PGM operations, with the newly signed
Glencore Merafe Venture chrome agreements potentially adding
value in future.
Notably, the optimisation of our PGM operations has further
improved their competitive position on the industry PGM cost+capex
curve relative to peers. The significant reduction in cost and capex
from our US PGM operations for 2024 in particular, has resulted in a
significant shift towards the middle of the industry cost+capex curve
from its top quartile position in 2023. Post the restructuring of the US
PGM operations during Q4 2024, management is assessing various
opportunities to further reduce costs and improve productivity
through modernisation of the mining practices, application of
technology and optimisation of infrastructure. Capex at the
Marikana operation is currently elevated due to investment required
for the ongoing development of the K4 shaft project. As production
from the K4 shaft project builds up to an expected steady state level
of 250,000 4Eoz in 2030, and ore reserve development capital
normalises, K4 shaft unit costs are expected to decrease significantly
from current AISC of over R60,000/4Eoz, to about R20,000/4Eoz,
reducing average unit costs for the Marikana operations and
improving its position on the industry cost curve relative to PGM
industry peers. See the cost curve below:
Source: Nedbank
The 2E PGM basket price for the US PGM operations has remained substantially lower than AISC since 2021, despite the successful restructuring
of the US PGM operations undertaken during Q4 2023. Mined 2E PGM production of 425,842 2Eoz for 2024 was consistent with 2023 and AISC
reduced by 27% to US$1,367/2Eoz (R25,042/2Eoz). The 21% decline in the average 2E PGM basket price from US$1,243/2Eoz for 2023 to
US$988/2Eoz for 2024 largely offset this reduction and necessitated further restructuring to address ongoing losses.
This next phase of restructuring, announced in September 2024 and concluded during Q4 2024, is expected to reduce operating costs for the
US PGM operations for 2025 by approximately US$140 million and capex by US$50 million to align with the lower planned production rate
compared with 2024.
OUR BUSINESS
AND LEADERSHIP
WHAT
DRIVES US
OUR
PERFORMANCE
ANCILLARY
INFORMATION
CHAIRMAN’S AND CHIEF EXECUTIVE OFFICER’S REVIEW continued
SIBANYE-STILLWATER INTEGRATED REPORT 2024
15
The Stillwater West mine has been placed on care and
maintenance, with production focusing on lower volume, higher
margin production from the East Boulder and Stillwater East mines.
The consequent decrease of approximately 200,000 2Eoz production
from the US PGM operations (from 2024 guidance levels) to between
255,000 2Eoz and 270,000 2Eoz for 2025, while reducing absolute
losses, is, however, expected to result in AISC for 2025 between
US$1,420/2Eoz and US$1,460/2Eoz. This remains well above
US$1,000/2Eoz, which is the level required for sustainable operations.
The emphasis will now be on continuous cost optimisation and
modernisation of the mining practices, technology and infrastructure
in order to reduce AISC enabling potential restoration of
production levels.
The financial position of the US PGM and US recycling operations
could be significantly enhanced by potential payments equivalent
to 10% of operating costs arising from Section 45X of the Inflation
Reduction Act (IRA). The final Section 45X rules of the IRA, published
in Q4 2024 by the US Department of the Treasury, were amended to
include qualification of extraction and processing costs in addition
to refining costs for a 10% Advance Manufacturing Production credit.
The US PGM and recycling operations refine platinum, palladium,
and rhodium through an unrelated third party. In terms of the final
Section 45X rules issued in October 2024, a certification statement
providing that Sibanye-Stillwater is the sole party entitled to claim
the credit must be signed with the third party refiner before credits
are issued.
The change in the US administration in January 2025 has introduced
some uncertainty regarding the Section 45X regulations. The
increasing imperative for national security of critical minerals supply,
which includes palladium, through local supply chains, provides a
compelling case for continued support for domestic production in
the US.
The possible Section 45X tax credit benefit for the US PGM operations
for 2025 is estimated to be US$30 million (R547 million), equivalent to
a US$110/2Eoz reduction in AISC. The US PGM recycling operations
potentially qualify for an additional estimated credit of US$30 million
(R547 million) for 2025. In combination (US$60 million), this would
significantly improve profitability from the US PGM operations.
Furthermore, the rules are retrospective with combined credits
relating to the 2023 and 2024 financial years estimated at
approximately US$120 million (R2.2 billion) and US$90 million
(R1.6 billion) respectively.
Positive support is also being obtained from European authorities to
promote the development of a regional battery metals value chain
for the automotive industry. The GalliCam project, which aims to
produce pCAM material after demonstrating technical and
commercial feasibility, has been selected for a €144 million grant
from the EU Innovation Fund, 60% of which would be receivable after
a final investment decision is made. It has also been identified as
eligible for a possible C3IV tax credit for green industry innovation,
providing further confirmation that our strategic investments in
critical metals in chosen ecosystems (informed by multipolarity) are
attracting strategic governmental support as we anticipated.
In March 2025, Sibanye-Stillwater’s Keliber lithium project in Finland
and GalliCam project in France as 'Strategic Projects' have been
classified under the European Union (EU) Critical Raw Materials Act
(CRMA). The CRMA aims to ensure that European extraction,
processing and recycling of strategic raw materials meet 10%, 40%
and 25% respectively of the EU's demand by 2030. The recognition by
the European Commission affirms our strategic investments and
focus on regional ecosystem development and we look forward to
advancing these critical projects and delivering lasting value to our
stakeholders. For the full the announcement, see
www.sibanyestillwater.com/news-investors/news/news-releases/
Reinforcing the Group balance sheet
The initiatives announced in February 2024 to reinforce the balance
sheet were largely complete by year-end. This involved accessing
various sources of market capital not commonly utilised in the SA
mining industry. These instruments were carefully considered and
implemented to maintain balance sheet integrity, enhance liquidity
and manage risks through the cycle, but were also structured to be
flexible retaining upside exposure to metal prices and our primary
production.
The gold pre-pay agreement for instance, which was concluded in
August 2024 for delivery of 1,497kg (48,129oz) of gold in equal
monthly tranches from October 2024 to November 2026, secured the
Group R1.8 billion (US$100 million) in non-debt financing, which is the
minimum value at the floor price of R1,350,000/kg. The cap price of
R1,736,000/kg, provides up to 28% upside exposure to higher rand
gold prices, with the effect that deliveries to date have fully
benefited from the increase in the rand gold price.
On 28 February 2025, the closure of the stream financing with Franco
Nevada realised US$500 million (R9.4 billion) of additional non-debt
capital, primarily by streaming gold (a relatively minor component
of the basket of metals produced from our SA PGM operations),
and less than 2% of platinum production over a finite period
(294,000oz of platinum delivered over approximately 25 years).
The stream transaction crystallised significant future value from the
SA PGM operations at relatively low cost, while ensuring that our
SA PGM operations retain full exposure to palladium and rhodium
prices, and platinum prices for 98% of ounces produced.
It is worth noting that:
•
Since 2016, the combined value generated by the SA PGM
operations (measured as combined adjusted EBITDA generated
less total capex invested) is approximately R138 billion a material
6.5x payback on investment over a seven-year period
•
After deducting the total acquisition cost for the SA PGM
operations of R21.4 billion, the net return on investment from these
acquisitions is R117 billion
•
Furthermore, the R9.4 billion of value crystallised through the
stream is equivalent to 44% of the total R21.4 billion acquisition
cost of the SA PGM operations, and increases the cumulative
return on investment from our SA PGM operations to R147 billion,
or 7x the acquisition cost
The financial transactions concluded over the past year have added
approximately R36 billion (US$1.9 billion) of additional headroom to
the Group balance sheet and significantly enhanced the Group’s
financial liquidity, flexibility and optionality.
The Group Net debt to adjusted EBITDA ratio of 1.79x at the end of
December 2024 was well below the increased covenant level of 3.5x
agreed with the lenders, and, after adjusting for the R9.4 billion
stream proceeds received in February 2025, reduces to a proforma
level of 1.08x . This is well below net debt to adjusted EBITDA of 1.43x
at the end of H1 2024 and close to mid cycle comfort levels of 1x.
The Group's liquidity headroom of R45.7 billion (US$2.4 billion) at end
of December 2024, (consisting of R16 billion (US$853 million) cash and
R29.7 billion (US$1.6 billion) undrawn facilities), comfortably covers
the R13 billion (US$0.7 billion) November 2026 bond maturity and is
sufficient to sustain the Group for an extended period. The
US$500 million (R9.4 billion) stream proceeds have further enhanced
this position.
The Group financial position is secure, but considering the current
uncertain macro-economic environment, we plan to retain the
prudent approach outlined in the 2023 results presentation in
February 2024 to proactively mitigate increases in net debt until
positive cashflow from operations is restored.
For further financial insights, see the CFO’s report, page 75.
CONTINUED ORGANIC VALUE UNLOCK
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
The Group focus on strategic essentials has not precluded progress
on several value accretive initiatives. Our fundamental position
regarding the longer-term outlook for the metals we produce and
battery metals we will produce remains unchanged, with a
considered and measured strategic response to the cyclical
downturn in commodity prices.
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Our strategic focus is to ensure consistency through price cycles and
our decisions are not taken based on short-term factors. We are
confident that our strategic interventions to secure operational
sustainability and protect our Balance sheet will ensure that the
Group will not only prevail through the current low-price cycle, but
emerge exceptionally well positioned to benefit from a recovery in
metal prices. Our strategy remains relevant and appropriate, and we
are confident that we are well positioned for longer-term value
creation.
Keliber lithium project
We continued to invest in the development of the Keliber lithium
project (perhaps somewhat counter cyclically during a period of
oversupply as expressed by some observers) due to our
fundamentally based forecast of future lithium market deficits in the
latter half of the decade and to ensure that we are strategically
positioned to supply locally produced lithium hydroxide (LiOH)
necessary for the future development of the battery electric vehicle
(BEV) sector in Europe. We invested R6.2 billion (US$336 million) of
project capital in 2024, with final project capital expenditure
expected during 2025, and the project is on track for commissioning
during H1 2026.
Rhyolite Ridge
Despite maintaining our positive lithium market outlook, in February
2025, after reviewing updated information on the Rhyolite Ridge
project provided by ioneer, the Board resolved not to proceed with
an investment in the Rhyolite Ridge project, as among other things,
the project did not meet the Sibanye-Stillwater investment hurdle
rates at prudent pricing assumptions.
The Group nonetheless remains committed to the its battery metals
strategy and the US market and will continue to assess growth
opportunities in this space.
Glencore Merafe venture chrome value opportunity
On 19 February 2025, a strategic enhancement to the historical
Marikana chrome contract (Marikana Contract) and a new Chrome
Management Agreement (CMA) were signed with the Glencore
Merafe Venture (GM Venture).
The majority of the Chrome Recovery Plants (CRPs) at Sibanye-
Stillwater’s SA PGM operations will be operated by the GM Venture
once the CMA is effective, which intends to leverage its processing
expertise to optimise chrome production yields and reduce
operational costs across all relevant CRPs.
The enhanced Marikana Contract is expected to accelerate
completion of delivery of contracted chrome volumes agreed
between Lonmin and the GM Venture in 2011 by approximately
20 years through increasing feed and improving recoveries from the
Marikana CRPs. Upon expiry of the Marikana Contract, the Marikana
CRPs will become subject to the terms of the CMA, increasing
Sibanye-Stillwater's share of free cash flow from chrome production
from the Marikana CRPs. Together, these agreements are expected
to allow greater exposure to chrome prices and incentivise future
chrome production growth, realising significant value for Sibanye-
Stillwater and enhancing value creation opportunities for the
Marikana operation.
The improved economics of Sibanye-Stillwater's chrome production is
expected to enhance the inherent value and commercial viability of
development and extension projects at the SA PGM operations,
which are currently being assessed.
See the full announcement available at https://
www.sibanyestillwater.com/news-investors/news/news-releases/
Unlocking value from uranium assets
On 9 December 2024, the Group announced that it had agreed to
sell Beatrix 4 shaft in the Free State, which includes the Beisa uranium
project, to Neo Energy Metals1 for a total consideration of
R500 million comprising R250 million in cash and R250 million in equity
issuance. On signing, this equated to a shareholding of
approximately 40% in Neo Energy. This transaction advances the
Group uranium strategy by presenting Neo Energy with an
opportunity to develop the Beisa uranium project, while providing
Sibanye-Stillwater with exposure to future uranium production
without sole reliance on Group capital funding.
The Group is also assessing various alternatives to release value from
its significant surface uranium resources at Cooke. Further details will
be announced as appropriate.
See the full announcement available at www.sibanyestillwater.com/
news-investors/news/news-releases/
SUSTAINABILITY AND OUR SHARED VALUE CREATION
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
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17
1 Neo Energy is a uranium exploration and development company listed on the main board of the London Stock Exchange (LSE) and dual-listed in South Africa on the A2X
market
2 Taxes and royalties paid as per the consolidated statement of cash flows in the Group Annual financial report
36,274 employees
incl. contractors
R6.16 billion paid in
salaries and benefits
R1.05 billion invested
in socioeconomic
development and CSI
R554 million taxes
and royalties2
R316 million invested
in training and
development
R5.1 billion spent on
total discretionary
procurement
2024
2013
72,423 employees incl.
contractors
R31.4 billion paid in salaries
and benefits
R2.7 billion invested in
socioeconomic
development and CSI
R2.2 billion taxes
and royalties2
R1 billion invested in training
and development
R28.7 billion spent on total
discretionary procurement
in South Africa
Shared value to all stakeholders
Sibanye-Stillwater is a significant employer globally. In 2013, we
employed 36,274 people (including contractors) in South Africa;
by 2024, this had increased by 100% to 72,423 worldwide, with the
vast majority of these still in South Africa.
Salaries and benefits received by employees and contractors have
increased from R6 billion (US$0.6 billion) in 2013 to R31.4 billion
(US$1.7 billion) in 2024, with a cumulative benefit of R220 billion
(US$14.5 billion) since 2013.
The value of our socioeconomic development and corporate social
investment (CSI) programmes since 2013 has grown from just over
R1 billion (US$109 million) to over R2.7 billion (US$149 million) for 2024,
a 161% increase. This translates to a 70% increase in real terms after
accounting for inflation at CPI. The cumulative value of the benefit
to communities (e.g. improved infrastructure, businesses, jobs) since
2013 amounts to R19.7 billion (US$1.3 billion). Total local and B-BBEE
procurement expenditure increased from R5.1 billion (US$0.5 billion)
in 2013 to R28.7 billion (US$1.6 billion) in 2024. The continuous
investment in the communities where we operate aims to create
shared value within our supply chains.
Taxes and royalties paid by the Group in the jurisdictions where we
operate have increased from R554 million (US$58 million) in 2013 to
R10.7 billion (US$652 billion) for 2022, R4.1 billion (US$224 million) for
2023, and R2.2 billion (US$122 million) for 2024. Cumulatively we have
paid R50.1 billion (US$3.3 billion) in taxes and royalties in the
jurisdictions where we operate since 2013. Our shareholders have not
only benefited from significant capital growth but also received
R46 billion (US$3 billion) in dividends and share buybacks, which is
particularly noteworthy, given that our initial market capitalisation
was only R10 billion (US$1.2 billion) on listing in February 2013.
Updated Sustainability strategic framework
At Sibanye-Stillwater, we firmly believe that our business is about
sustainability – that as a mining Group we have a significant
opportunity to shape the wellbeing of generations to come by
responsibly producing the materials the world needs to develop and
transition to a low-carbon world. This is central to fulfilling our purpose
To safeguard global sustainability through our metals, and we action
our purpose through our efforts to enable shared social value,
ecological value and economic value with our stakeholders.
During 2024, we revisited our Sustainability strategy and published
an updated Sustainability strategic framework that outlined the
sustainability focused aspirations and differentiators for the business
to 2030 and beyond. We remain steadfast in meeting our
decarbonisation pathway milestones, embedding diversity, equity,
inclusion, and belonging, and prospering in the regions in which we
operate. We remain committed to the UNGC, ICMM and the
WGC responsible mining principles as these underpin our
sustainability practices.
See Social, Ethics and Sustainability Committee Chairman’s report
on page 89; see Group Impact supplement 2024.
Progress on renewable projects
On 1 April 2025, we celebrated that the 89 megawatt (MW) Castle
wind farm (Castle), a facility dedicated to supplying renewable
energy to Sibanye-Stillwater’s South African (SA) operations, has
achieved commercial operation. This marks a significant milestone
for the Group and for South Africa's private renewable energy
sector, with Castle being the largest private-offtake wind farm in
operation in South Africa to date.
We expect to see various benefits as a result of these project,
including a saving on prevailing Eskom utility rates and a reduction
of about 321,000t CO2e annually from this project only. For more on
the announcement, see www.sibanyestillwater.com/news-investors/
news/news-releases/
Castle is one of four renewable energy projects with a combined
capacity of 407MW currently under construction for our SA
operations. Of this, 267MW of capacity is anticipated to achieve
commercial operation in 2025, including 75MW from the Springbok
Solar Project and 103MW from the Witberg Wind Farm (both
announced on 7 December 2023). Up to a further 333MW is forecast
to be completed by the end of 2026, including the 140MW Umsinde
Emoyeni wind farm (announced on 30 May 2024). For more on our
carbon neutrality commitments and other renewables, please see
page 191 of the Combined Integrated report.
Making a difference in South Africa through
participation in specific business workstreams
In accordance with our Strategic essential of Prospering in every
region in which we operate, Neal Froneman, our CEO, took on the
responsibility, together with Jannie Mouton from PSG on behalf of
Business for South Africa (B4SA), of leading the crime and corruption
work stream established by business in support of the South African
government. B4SA is an alliance of South African businesses working
with the South African government, and other social partners, to step
up, lead and help create and deliver sustainable solutions for South
Africa. B4SA’s objective is to mobilise business resources and
capacity to work alongside and in support of government to address
bottlenecks impacting economic growth and social development in
South Africa. Specifically with the intent of bringing business and
government together to address challenges in energy, transport and
logistics, and crime and corruption for inclusive economic growth
Neal also serves as chairman of the board of Business against crime
South Africa (BACSA). BACSA coordinates activities being driven by
business to counter criminal and corrupt activities. These roles
present opportunities for Neal to leverage his expertise in driving
strategic objectives to address the significant risks of crime and
corruption in South Africa. The commitments that he has undertaken
underscore Neal’s passion for business to make a positive
contribution in society and foster a more secure business
environment where the private sector can contribute more
effectively to inclusive economic growth.
THE BOARD AND GOVERNANCE
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
We welcome the following new members to the Board: Philippe
François Marie-Joseph Boisseau, who was appointed on 8 April 2024
and re-elected at the 2024 AGM held on 28 May 2024. Dr Peter
Hancock was appointed as an independent non-executive director
with effect from 6 May 2024. Terence Mncedisi Nombembe was
appointed as an independent non-executive director of the Group
effective 11 September 2024.
Further, Nkosemntu Nika and Susan van der Merwe retired at the
2024 AGM, and Savannah Danson resigned on 11 March 2024, due
to an increasing external workload, after serving on the Board since
May 2017. We thank them for their commitment and contribution in
serving the Group.
Due to some remaining Board members reaching 12-year tenures,
rotation of committee chairs and other rotations have been made,
and four directors are classified as non-independent non-executives.
As of the issuance of this report on 25 April 2025, 64% of our non-
executive directors are independent. During the CEO transition
period from Neal Froneman to Richard Stewart, we have three
executive directors (from 1 March 2025 to 30 September 2025), which
temporarily decreases the total number of independent directors on
the Board. We expect this to change on 1 October 2025. For more
information on these changes, see page 24 of this report.
We recognise the importance of our Board’s diversity, particularly in
light of our global operations and the varied challenges we
encounter as a key supplier of strategically important metals. We
wish to increase the female representation on the Board to ensure
the Board strikes an appropriate balance that promotes effective
leadership. See Board and executive leadership, page 8.
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Message from the Chairman regarding the
retirement of Neal Froneman
Neal Froneman has decided to retire as Chief Executive Officer
(CEO) and executive director of the Group effective
30 September 2025.
Neal has led the Sibanye-Stillwater Group since 2013, guiding the
initial turnaround of the three mature, challenging gold mines that
the Group inherited from Gold Fields. From the significantly more
profitable and stable base, he led the strategic growth and
diversification of the Group into what it is today – a multinational
mining and metals processing company with a diverse portfolio of
operations, projects and investments across five continents.
I, along with many of my fellow Board members, have been proud to
travel this incredible and inspirational journey with Neal and his team,
and I know that my admiration for Neal’s strategic leadership and
moral candour during his tenure and gratitude for his unwavering
commitment is shared by all. I am sure that these sentiments are
echoed throughout Sibanye-Stillwater where Neal’s inspirational and
values-based leadership in the role he defined as “Chief Enabling
Officer” will be sorely missed.
Neal will depart from a business which is in good health, financially
and operationally, with a clear and consistent strategy. We welcome
Richard’s appointment from 1 October 2025, and are confident that
this internal succession will ensure continuity and a seamless
leadership transition. We look forward to Richard and the Sibanye-
Stillwater leadership team taking the Group to new heights with
continued creation of superior shared value for all stakeholders.
Neal leaves behind a proud legacy at Sibanye-Stillwater and in the
South African mining industry, which is testament to his strategic
vision and inspirational leadership. As Neal expressed to me, while he
has the same enthusiasm for what he does and has lost none of his
drive, he now wishes to spend more of his time with his family and
loved ones and on his many interests. Neal’s legacy extends far
beyond his role at Sibanye-Stillwater and he is highly regarded as a
thought leader globally. His prominent roles as Chairman of the
World Gold Council and co-lead of the Crime and Corruption
workstream for business in South Africa, amongst other high-level
engagements, suggest that he will contribute to the advancement
of the global minerals industry in various ways in future.
On behalf of the Board and the over 70,000 Sibanye-Stillwater
colleagues, we wish Neal a long and happy retirement post-
September 2025.
Vincent T Maphai
Neal Froneman
Chairman
Chief Executive Officer
25 April 2025
OUR BUSINESS
AND LEADERSHIP
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The lithium refinery in Kokkola, Keliber lithium project, Finland
CORPORATE GOVERNANCE
WHAT WE DID IN 2024
SALIENT POINTS
•
Board evolution: The tenure of six non-executive directors on
the Board exceeded nine years, and in terms of our
Governance protocols, changes to the composition of the
Board have been made. From January 2024, the retirement of
longer serving directors and appointment of new directors has
been planned to ensure a smooth transition to appropriately
capacitate the Board
•
Board Committee Changes: There were changes to Board
Committees which were aimed at enhancing governance
structures and ensuring effective oversight
•
CEO Succession: The Board concluded a vigorous succession
planning process
•
Change in External Auditor of the Annual financial statements:
The Board announced a change in auditor for the 2025
financial reporting period
•
Broad-based Black Economic Empowerment Accreditation:
Achieved level 4 accreditation in September 2024
•
Sustainability and ESG Recognition: The company was
consistently included in the FTSE4Good Index Series for its
sustainability and ESG disclosures
•
Safety performance awards: Sibanye-Stillwater received
multiple awards for its safety performance in November 2024,
showcasing the Board's commitment to ensuring a safe
working environment
CHALLENGES
•
Operational underperformance
•
Market conditions: Low PGM prices affected the Group's
financial position
•
Cybersecurity attack: Necessitated further investments in
cybersecurity measures to protect sensitive data and
maintain operational integrity
•
Although improved, the safety performance still remains a
challenge. Our key focus for 2025 is on line management's
role in ensuring accountability, and equipping leaders to
address errors and reinforce safe work practices
For a comprehensive list of governance documents refer
to www.sibanyestillwater.com/about-us/governance/
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20
RESPONSIBLE SOURCING
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
There are significant adverse impacts that may be associated with extracting, sourcing, processing, trading, handling and exporting minerals.
Sibanye-Stillwater is active in preventing abuses of human rights and actively avoids dealing with parties stoking geopolitical conflict. We also
comply with high standards of anti-money laundering practice, and to combating terrorist financing practices. Towards these ends, we have
comprehensive policies and practices on the responsible sourcing of metals. See our due diligence information, page 98.
•
Policy for the responsible sourcing of metals
•
Policy statement: responsible sourcing of metals
POLICY
CERTIFICATIONS AND REPORTS
•
Conflict-free gold report
•
Assurance report on conflict-free gold report
•
Brakpan PMR platinum sponge accreditation certificate
•
Brakpan PMR palladium sponge accreditation certificate
•
Compliance report on responsible sourcing of platinum/palladium
•
Independent practitioner’s limited assurance report
•
Sibanye-Stillwater / Western Platinum (Pty) Ltd palladium good delivery certificate
•
Brakpan PMR responsible platinum and palladium certificate
•
Brakpan PMR rhodium sponge accreditation certificate
Employees at the Ya Rona Driefontein shaft (SA gold operations)
engage with directors during a site visit in February 2025
Group strategy and Sustainability framework
The Board and C-suite have, once again, reviewed the
Group strategy and found it relevant and appropriate; refer
to our strategy on page 42. Additionally, the updated
Sustainability strategic framework (aligning to the people,
planet, prosperity and governance principles) has been
reviewed and approved by the Board; for more information,
see page 93.
COMMITMENT TO GOVERNANCE AND VALUE CREATION
The Board ensures effective, responsible, ethical leadership, and is firmly committed to upholding robust standards of corporate
governance, applied to all operations. The Board and executive management are guided by our purpose (To safeguard global
sustainability through our metals) and vision (To be a leader in superior shared value for all stakeholders).
We rely and comply with the principles of King IV Report on Corporate GovernanceTM for South Africa, 2016 (King IV), the South African
Companies Act 71 of 2008 (as amended) (the Act), the JSE Listings Requirements, principles of the NYSE Listed Company Manual and other
relevant laws and regulations. The Group further transcends these by pursuing its goals with integrity, transparency, accountability and
value-creation, as encapsulated by our iCARES values and our 3D strategy. In short, sustainability is woven into our business strategy.
ETHICAL LEADERSHIP AND COMPLIANCE
The Board is responsible for ensuring the Group adheres to high
ethical standards. It delegates oversight of compliance with
Sibanye-Stillwater’s Code of ethics (the Code) to the Audit
Committee and the Social, Ethics, and Sustainability Committee.
These committees review compliance initiatives, covering anti-
bribery, anti-corruption, sanctions, competition, fraud, market
manipulation, and anti-money laundering laws. Additionally, the
Internal Audit department conducts governance process audits
across all regions.
The Code is binding for all directors and employees, and we
encourage third parties doing business with us to adopt it. Recently,
we standardised and updated the Code to encompass a
comprehensive range of ethical considerations. In 2024, we
conducted training on the Code for management, employees, and
suppliers. Training on the Code also forms part of our induction
process. The Code is publicly accessible to our workforce, suppliers,
and external parties. We provide ethics education sessions covering
conflicts of interest, anti-corruption, and human rights, among other
topics. We also launched a new Supplier code of conduct that
incorporates extensive ethical considerations.
Breaches and suspected violations of any company policies,
including the Code, are identified through external and internal
processes and systems. External parties review our ethical practices
annually as part of the International Council on Mining and Metals
(ICMM) and World Gold Council Responsible Gold Mining Principles
(RGMP) assurance processes.
Our outgoing CEO has also indicated that he will continue to serve
on the Joint Initiative on Crime and Corruption – a partnership
between the South African Presidency and the country’s
business sector.
The Group prohibits and condemns bribery, corruption, and extortion
of any kind. Security risk assessments evaluate potential corruption
and collusion across the business and value chain. Information or
allegations of unethical behaviour, fraud, theft, and corruption are
investigated as per the Fraud response plan.
Our Risk tolerance framework integrates ethics and corporate
governance. Our Anti-bribery, Anti-money laundering, and Counter-
terrorism financing policies reinforce the Group’s zero-tolerance
stance towards malfeasance. The policies apply across all regions,
and we conduct regular training on the policies for relevant
employees. We engage only with legitimate customers, suppliers,
distributors, and agents, seeking to avoid corruption-related risks. For
example, supplier verifications and criminal record screenings for
new and promoted employees help mitigate corruption risks.
The Group collaborates with governments, NGOs, and advocacy
groups as needed. In 2024, we implemented an Anti-bribery and
corruption policy permitting legal donations to NGOs and political
structures while emphasising caution due to potential risks. Direct or
indirect donations to political entities are prohibited without prior
consultation and approval under our Group approval framework.
All donations must comply with the following principles:
•
Donations are transparently recorded and disclosed according
to legal requirements and company policies
•
We adhere to all applicable laws and industry standards
governing donations in operational jurisdictions
•
No donations will be made to gain undue influence or
preferential treatment
•
The Group ensures donations serve their intended purpose
•
Donation policies will be periodically reviewed and updated to
reflect legislative changes and best practices
See www.sibanyestillwater.com/about-us/governance/
16.5
Toll-free lines and an anonymous email address to report
irregularities, unethical or unlawful behaviour (including tax
concerns), and misconduct without fear of victimisation:
sibanyestillwater@tip-offs.com
South Africa: 0800 001 987
United States: 1-800-317-0287
Finland: 0800 772 244
France: 0805 080 544
Australia: 1 800 633 293
Our toll-free lines and anonymous email address are
accessible to employees, suppliers, and customers.
Whistleblower reports are anonymous and confidential, and
are managed by Protection Services. Reports of tip-offs are
reviewed by the Audit Committee and the Social, Ethics,
and Sustainability Committee.
Our Whistleblower policy ensures
protection and confidentiality for
those who disclose concerns.
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Managing conflicts of interest
For good ethics and stakeholder trust, it is important to identify and
manage conflicts of interest. To achieve this, our directors and key
executives are required to make comprehensive declarations of any
actual or potential conflicts of interest arising from their duties. These
declarations are submitted regularly and updated promptly as
circumstances change, ensuring transparency and accountability in
our decision-making processes.
The Board's Conflict of interest policy, outlined in the publicly
available Board Charter, mandates that all Board and committee
members declare any conflicts at the start of each meeting
concerning the agenda. Declarations as per Schedule 13 of the
JSE Listings Requirements are a standing agenda item at Board
meetings, ensuring ongoing compliance.
Conflicts of interest are documented in the minutes, and affected
directors are recused from discussing and voting on related matters.
In 2024 there were no instances requiring a non-executive director
to be recused from a meeting due to a conflict of interest.
Declarations of conflicts of interest, in the South African
operations, are updated on the electronic Employee
self service (ESS) system. Digitalisation of the process
assists in keeping an audit trail. We aim to move other
regions to the electronic system for these submissions
during 2024 and 2025 as well.
Sibanye-Stillwater is committed to conducting related-
party transactions with transparency, fairness, and
adherence to regulatory requirements. Such
transactions, which involve parties with a close
relationship to the Group, are subject to rigorous scrutiny
and oversight by our Audit Committee. These are
disclosed in detail in our Group Annual financial report.
We uphold similar ethical standards for senior managers and
employees. The Code requires all employees, directors, and officers
at D-Band or middle management levels and above to complete
annual declarations of interest or sooner if circumstances change,
unless prohibited by local laws. Additionally, any employee with an
actual or potential conflict of interest must complete the declaration
in the prescribed format.
Securities trading and Insider trading policy
Our Equities Trading Committee (an executive-level committee)
oversees our Securities trading policy and related processes. This
committee monitors compliance with the JSE Listings Requirements
and applicable laws on insider trading. It identifies prohibited
periods, including closed (blackout) and price-sensitive periods.
Prescribed officers, the Company Secretary and directors must
obtain clearance to deal in Sibanye-Stillwater securities before all
dealings. Dealings are not permitted during prohibited periods.
Clearance during open periods for a director is granted by the
Chairman of the Board in consultation with the committee.
In December 2022, the U.S. Securities and Exchange Commission
(SEC) revised rules under the U.S. Exchange Act concerning insider
trading programmes. These changes require SEC-registered
companies, including foreign private issuers like Sibanye-Stillwater,
to publicly disclose their insider trading policies. As a result, we have
included our Insider trading policy as an exhibit in our Annual report
on Form 20-F for the year ending 31 December 2024.
In the first half of 2024, we updated our globally applicable Insider
trading policy that aligns with relevant regulations and industry
standards. This policy not only enhances our compliance framework,
but also reinforces our commitment to transparency and ethical
trading practices. We are confident that these updates will
strengthen stakeholder trust and ensure adherence to
regulatory requirements.
Tax transparency and governance
We conduct our tax affairs in good faith and have a Tax risk
management framework (approved by the Board) to guide our
reporting and to monitor tax obligations. Our King IV-aligned Tax
strategy is the responsibility of the Board and is supported by a
Group tax policy, which includes information about our processes
and policies for compliance. Our tax strategy is aligned with our
intention, which is to support the principle of public-private
collaboration and good corporate citizenship.
See www.sibanyestillwater.com/news-investors/reports/regulatory/
for the Group tax policy
Please see the 2024 Tax supplement for further disclosures,
available at www.sibanyestillwater.com/news-investors/
reports/annual/
Strategy and shared value creation
In line with King IV, the Board delegates the implementation of the
approved strategy to management. The Board understands that
Sibanye-Stillwater’s core purpose, strategy, business model, risks and
opportunities, performance, and sustainable development impacts
are inseparable elements of the value-creation process. The Board is
satisfied that our strategy and business plans do not give rise to risks
that have not been thoroughly assessed by management and that
considerations relating to the long-term sustainability of the business
underpin our strategy.
During 2024, the Board convened for two strategic sessions during
which it endorsed the prevailing strategy and deliberated on the
value generated by the strategy.
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In 2024, 4,355 declarations were made
across the Group of which only 845 had
a potential conflict of interest
(2023: 853; 291, 2022: 777; 295)
The increase in declarations are due to the
new process we have implemented on ESS and
will likely increase going forward as awareness
is created and additional enhancements
are implemented.
GOVERNANCE PHILOSOPHY AND FRAMEWORK
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Philosophy and commitment to King IV and its
principles
The Board is committed to achieving King IV’s four governance
outcomes: ethical culture, good performance, effective control, and
legitimacy. We adhere to the King IV principles relating to: ethical
leadership and corporate citizenship (principles 1 to 3); strategy and
value creation (principle 4); performance and reporting (principle 5);
governance structures, effective control and delegation (principles 6
to 10); functional areas of governance (principles 11 to 15); trust and
legitimacy – stakeholder inclusivity (principle 16) (See Application of
King IV principles at www.sibanyestillwater.com/news-investors/
reports/annual/).
Approach: Corporate governance framework
In 2023, our Group implemented a cloud-based Governance, Risk,
and Compliance (GRC) system, aligning with global best practices.
This system delineates the responsibilities between the Board and
management, with 32 GRC elements divided equally between
them. The focus was on operationalising this framework across
new regions.
The assessment of the 16 governance elements revealed that the
regions are effectively governed, with a framework that is efficient
and transparent, meeting both Group and global standards. All
assessed areas were marked green, indicating strong performance.
However, a few amber areas were identified, signalling opportunities
for improvement. The areas that were slated for implementation by
the end of 2024, included business continuity management and
records and contract management.
Emergency management and business continuity: the regions have
well-defined emergency management processes. Mock
emergencies were conducted quarterly in 2024 to ensure
preparedness, and the recovery strategy was tested in real time
during the October bushfire at the Century operation. Debriefings
from each drill and actual incident were documented and shared to
support continuous improvement.
Records and contract management: Roles and responsibilities for
recordkeeping have been clearly defined and communicated.
Policies and procedures are in place to ensure records are captured
and stored in approved systems. Plans for recovering and protecting
records in the event of business interruption or disaster have been
developed, with priorities clearly indicated.
Independence, tenure, diversity and inclusivity
At the time of this report, the Board is unitary and consists of 14
members, with 7, including the Chairman, serving as independent
non-executive directors.
The Board has 4 non-executive directors and 3 executive directors.
The Board has also appointed a Lead Independent Director who
assumes responsibilities in the Chairman’s absence, offering support
and acting as a conduit between the Chairman and other Board
members when necessary. Notably, the roles of Chairman and CEO
are separate to ensure clear delineation of responsibilities.
All members of key committees, such as the Audit Committee,
Investment Committee, Remuneration Committee, and Social, Ethics
and Sustainability Committee, were classified as independent during
2024. Oversight of Board composition is delegated to the Nominating
and Governance Committee, which regularly evaluates Board
diversity, tenure, rotation, and independence of non-executive
directors together with overboarding of directors. The Nominating
and Governance Committee has tested, through an internal
evaluation, the independence of all non-executive directors in the
year under review.
Recognising the evolving discourse on the tenure of independent
non-executive directors, the Nominating and Governance
Committee acknowledges both the benefits of long-serving directors
in providing expertise and stability, as well as the importance of
refreshing the Board's perspective through periodic inclusion of new
members. Engaging with shareholders and conducting an
assessment of our governance framework, the Board has endorsed a
policy on director independence. This policy strikes a balance
between introducing fresh perspectives, succession planning,
maintaining Board expertise, and ensuring continuity of experience.
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The Deputy US Secretary was hosted by Sibanye-Stillwater at the SA PGM operations
The policy stipulates that to be deemed independent, a director's cumulative tenure must not exceed 12 years from their initial appointment.
This approach promotes ongoing renewal while leveraging the valuable expertise and stability provided by experienced directors. Due to
some remaining Board members reaching 12-year tenures, rotation of committee chairs and other rotations have been made, and four
directors are classified as non-independent non-executives. As of the issuance of this report on 25 April 2025, 64% of our non-executive
directors are independent. During the CEO transition period from Neal Froneman to Richard Stewart, we have three executive directors (from
1 March 2025 to 30 September 2025), which temporarily decreases the total number of independent directors on the Board. We expect this to
change on 1 October 2025.
The following changes were made to the composition of the Board and its committees in 2024:
Changes during
2024
•
Savannah Danson resigned from the Board on 11 March 2024
•
Harry Kenyon-Slaney was appointed as member of the Nominating and Governance Committee on 11 March 2024
•
Philippe François Marie-Joseph Boisseau was appointed on 8 April 2024, and his appointment was ratified at the 2024 AGM
held on 28 May 2024
•
Dr Peter Hancock was appointed as an independent non-executive director of the Group with effect from 6 May 2024
•
As part of the planned Board evolution process wherein long tenured directors would retire and new directors would be
appointed, Nkosemntu Nika and Susan van der Merwe retired at the 2024 AGM
•
The following changes were further made to the Board Committees in May 2024:
– Harry Kenyon-Slaney and Dr Peter Hancock were appointed as additional members of the Audit Committee
– Dr Elaine Dorward-King and Philippe Boisseau were appointed as additional members of the Remuneration Committee
– Philippe Boisseau and Dr Peter Hancock were appointed as additional members of both the Investment and Risk Committees
– Philippe Boisseau was appointed as an additional member of the Social, Ethics and Sustainability Committee
– Dr Peter Hancock was appointed as an additional member of the Safety and Health Committee
•
Terence Mncedisi Nombembe was appointed as an independent non-executive director of the Group effective
11 September 2024 and was appointed as an additional member of the Audit, Investment, Risk, and the Social, Ethics and
Sustainability Committees
To ensure compliance with the independence requirements of the Companies Act, King IV Code, JSE Listings Requirements, NYSE and SEC
Requirements, and the Terms of Reference and Board Charter, the Board, through the Nominating and Governance Committee, has approved the
following changes:
Due to the following Board members reaching 12-year tenures they are no longer regarded as independent and are now
classified as “non-executive directors”:
1. Mr. R P Menell (Richard Menell)
2. Mr. T J Cumming (Tim Cumming)
3. Mr. K A Rayner (Keith Rayner)
4. Mr. J S Vilakazi (Jerry Vilakazi)
•
Keith Rayner, the current Chairman of the Audit Committee, along with Richard Menell and Tim Cumming, will step down as
Chairman and members of the Audit Committee at the 2025 Annual General Meeting (AGM) and Terence Nombembe will be
put forward for election as the Chairman of the Audit Committee at the 2025 AGM
•
Tim Cumming will remain as Chairman of the Remuneration Committee until the AGM in May 2026. A robust succession plan
that prioritises independence and gender diversity is ongoing for this role. This is in line with the King IV recommended practices
to be considered on an apply and explain basis. Tim Cumming will also retire as a member of the Board at the 2026 AGM
•
For stability and corporate memory Richard Menell, Keith Rayner and Jerry Vilakazi will remain members of the Nominating and
Governance Committee as non-executive directors until their retirement at the 2027, 2028 and 2028 AGMs respectively. The
Board will however ensure that a majority of members of the Nominating and Governance Committee are independent by
appointing new independent members to the Nominating and Governance Committee
•
Additionally, as the Investment Committee and the Safety and Health Committees are not statutory committees, their Terms of
References were amended to permit a non-independent Chair. Keith Rayner and Jerry Vilakazi will therefore remain as
chairpersons of the Investment Committee and the Health and Safety Committee, respectively, until their retirement at the
2028 AGM. Succession for these chairpersons is underway
•
These changes are aimed at enhancing the effectiveness and continuity of the Board in line with established good
governance practices. The Board remains committed to maintaining high standards of governance and ensuring that all
regulatory requirements are met
Diversity and inclusivity
The Board acknowledges the recent decline in female representation on the Board, which has dropped to 15.4% as at 31 December 2024. We
remain steadfast in our commitment to gender diversity and its numerous benefits. The Board is working to increase female representation by
the end of 2025. This goal reflects our dedication to fostering an environment where diverse perspectives are valued and leveraged for better
decision-making and organisational success. Our Diversity policy also recognises that the directors appointed are to be diverse in academic
qualifications, industry knowledge, age, culture, experience, race and gender. The Board treats each individual on the merits of their
contribution to the organisation and their sincerity in performing their duties. As a policy of the Board, no one individual has unfettered
decision-making power. Diversity of members’ background, experience and group (race and gender) identity helps to ensure a range of
views at Board and sub-committee meetings.
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The Group’s Diversity, equity, inclusion, and belonging Council strives
to promote a diverse workforce, with leadership who are sensitive to
various cultures and group identities and who ensure protections
and safeguards for women. (See Our people, page 142 of the
Combined Integrated report).
Policy on outside directorships
It is accepted and acknowledged that independent non-
executive directors (INED) may have business interests other than
those of Sibanye-Stillwater. Any director is, while holding office at
Sibanye-Stillwater, at liberty to accept other board appointments
so long as the appointments are not in conflict with the business
and approved strategy of Sibanye-Stillwater and do not materially
interfere with his/her performance as an INED of the Group.
All appointments must first be discussed with the Chairman of
the Board before being accepted. Full compliance with the
obligations of directors in connection with conflicts of interests
and overboarding, as provided for in the Companies Act and
corporate governance principles, is expected of all directors.
As part of the vetting process for directors, a professional
commitment and a statement that he/she has sufficient time
available to carry out INED responsibilities to Sibanye-Stillwater is
required. This is a contractual arrangement that is monitored through
performance reviews. INEDs have provided the Company with
this statement.
Furthermore, the requirement for directors to provide a professional
commitment statement and assurance of sufficient time availability
aligns with governance expectations set by governance principles
outlined by King IV, JSE, and NYSE requirements. This ensures that
directors can effectively fulfil their responsibilities to Sibanye-Stillwater
while engaging in outside business interests.
Director overboarding policy
Institutional investors and proxy advisors have raised concerns about
directors serving on too many boards simultaneously, known as
overboarding. Major institutional advisors recommend a maximum
of three to four boards per director. To address this, a new policy that
proposed that directors hold no more than six mandates on listed
companies, including their commitments to Sibanye-Stillwater, was
approved during 2024. A points system outlined below is used to
calculate this limit, with different roles counting as additional
mandates. Directors have one year from policy approval to comply
with the requirements of the policy with potential for exception
through a waiver process. In the following year, the Company will
disclose the different scoring of each director.
Our Points system:
•
A non-executive directorship of a listed company counts as
one mandate
•
A non-executive chairmanship of a listed company counts as an
additional mandate
•
A Lead Independent Directorship (LID) of a listed company
counts as an additional mandate
•
A non-executive committee chairmanship of a listed company
counts as an additional
•
An executive directorship of a listed company counts as
three mandates
Governance structures, effective control and
delegation
Board committee structures
The Board Charter is reviewed annually and is aligned with relevant
legislation and listings requirements in South Africa, the US and global
best practices in governance.
See www.sibanyestillwater.com/about-us/governance/
We have the required board committees and relevant membership
as recommended in King IV, the NYSE Listed Company Manual and
the JSE. More information on the board committees, responsibilities,
members and attendance to meetings is contained in Detail about
Board committees, page 100.
The composition of board committees, and the distribution of
authority between the chair and other directors, is balanced, and
dynamics are participative. Members can comfortably challenge
each other when there are divergent views and dissenting views
are recorded. The Board encourages clear decision-making and
maintains a vigilant approach to corporate governance and
risk management.
In compliance with Section 23 of the Sarbanes-Oxley and Section 92
of the Companies Act 71 of 2008, which stipulates that the
designated auditor must rotate after five years, the Audit Committee
during 2024 had recommended to the Board and the shareholders
that Ernst & Young Inc. (EY) be re-appointed as the auditors of the
Company and that Mr Carshagen be appointed as the new
individual auditor following the retirement of Mr Tomlinson who was
the individual auditor for a five-year term.
For commercial reasons, towards the end of FY24, the Audit
Committee engaged in a formal tender process to appoint a new
firm of external auditors and following its recommendation, a new
firm of external auditors being BDO South Africa Inc.(BDO) was
appointed as the Company’s external auditors. Servaas Kranhold will
be the designated audit partner for the financial year ending
31 December 2025. This is subject to receiving the requisite
shareholder approval at the next annual general meeting which is
expected to be held during May 2025.
The CFO is responsible for the finance function. Internal audit is
predominantly in-sourced, with consultants assisting as and when
required. The CFO is responsible for the administration of the Internal
audit department. The Chief Audit Executive (CAE) reports into the
Audit Committee Chair. The effectiveness of the CFO function and
that of the CAE is annually assessed by the Audit Committee. In
terms of Para 3.84(g)(i) of the JSE Listings Requirements, the Audit
Committee noted that it was satisfied that the CFO has the
appropriate expertise and experience to fulfil his role. The
Committee was also satisfied with the performance of the finance
function as per King IV.
The Internal audit function is externally reviewed every five years as
per the Global Internal Audit StandardsTM, with the next review
expected to be performed in 2026. The last review was conducted
by PWC in 2021 and a rating of “Generally Conforms” against the
Institute of Internal Auditors Standards was achieved. In terms of
King IV, the Committee was satisfied that the CAE has the necessary
competence, gravitas and objectivity.
The Board, assisted by the Social, Ethics and Sustainability Committee
and the Safety and Health Committee has oversight of sustainability,
climate change-related matters, and stakeholder engagement. We
have dedicated executive roles for stakeholder engagement across
the regions. In interacting with stakeholders we are guided by the
Code of ethics and by our Stakeholder engagement
policy statement.
See Engaging with our stakeholders, page 60 and Managing our risks
and opportunities within the external operating environment,
page 45.
Our Memorandum of incorporation does not contain restrictions
to shareholder voting rights.
The Board ensures that reports issued by the Group are accurate
and helpful to stakeholders in assessing our performance and future
prospects. The Board has mandated the Disclosure Committee
to review and approve all regulatory announcements, media
releases, fact sheets, investor presentations and similar disclosures.
The Disclosure Committee also monitors all means of disclosure and is
chaired by the CEO.
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A detailed mandate outlines the delegation of authority and
approvals framework. This indicates matters reserved for the Board,
its committees and management. The Board is satisfied that
delegation to management contributes to an effective
arrangement by which authority and responsibilities are exercised.
The mandate is reviewed annually.
The Audit Committee reviews the Integrated report and
recommends it to the Board for approval, as it does with the
Annual financial statements, King IV disclosures and other
assurance reports.
The Board oversees and monitors performance and delivery in
the strategic focus areas, and in so doing takes accountability for
the Group’s performance. Related reporting is also overseen and
approved by the Board. All the Group’s reporting is available at
www.sibanyestillwater.com/news-investors/reports/annual/
We commit to providing stakeholders with clear, concise, accurate
and timely information on our operations, and to providing financial
performance that informs stakeholders as to how value was
enhanced or depleted across the six capitals. We further commit to
continued engagement with stakeholders.
This report, our primary report on shared value creation,
demonstrates the Board’s integrated thinking and has been
reviewed and approved by the Board.
Board effectiveness and performance evaluations
The Nominating and Governance Committee has undertaken the
Board independence assessment as required by the Companies Act
71 of 2008 (as amended), King IV and the JSE Listings Requirements.
Additionally, the Audit Committee has performed independence
assessments as per the U.S. Securities and Exchange Commission
(SEC) requirements, and confirms that for the year under review the
Audit Committee members were independent as per the SEC audit
committee independence assessments criteria.
The 2024 Internal Board Assessment report indicated that the Board is
generally effective, meeting most performance expectations, with a
few areas needing improvement. Key findings include the need for
rebalancing gender and racial diversity, particularly by increasing
female independent non-executive directors .
The committee evaluations highlighted several key areas for
improvement and commendation. The Audit Committee was noted
as well-organised and effective but requires enhanced diversity and
additional training on certain risk issues. The Risk Committee is
functioning effectively, while the Remuneration Committee also
needs greater female representation. The Nomination Committee
was commended for the work it undertook for the CEO succession
process. The Safety and Health Committee was noted as fulfilling its
duties, though safety performance needs improvement due to
ongoing fatal accidents. The Social, Ethics, and Sustainability
Committee covers a broad range of topics and has improved
meeting efficiency.
The Board shares this responsibility with the Social, Ethics, and
Sustainability Committee and collaboratively, both entities have
ensured that the Board maintains a high level of knowledge and
competence in climate change matters. The Investment Committee
recognised the need for rigorous scrutiny on investments and post
investment reviews was highlighted.
The Nominating and Governance Committee further conducted an
expanded independence assessment of directors with more than
nine (9) year tenure. The findings confirmed that NEDs maintain their
independence and objectivity, even with long tenures.
In terms of paragraph 3.84(h) of the JSE Listings Requirements, the
Nominating and Governance Committee has considered and
satisfied itself as to the performance, competence, qualifications
and experience of the Company Secretary.
Competence on sustainability
Sustainability is important to the Group and where appropriate,
training sessions and site visits are conducted to provide directors
with a more detailed understanding of these issues. See our Climate
change supplement, www.sibanyestillwater.com/news-investors/
reports/annual/
In accordance with the ICMM and the GISTM, the Board of Directors
is the final decision-making authority on issues relating to tailings
management. To satisfy the GISTM requirements, one or more
members of the Board need to have an understanding of tailings
storage facilities risks, and the controls required to manage, monitor
and mitigate the risks. Two directors on our Board members being Dr
Elaine Dorward-King and Tim Cumming qualify for this stipulation.
See www.sibanyestillwater.com/about-us/governance/
Succession planning
Board evolution and succession planning are essential components
of corporate governance, involving regularly assessing board
composition for diversity and expertise. Sibanye-Stillwater’s
retirement age for directors is 72 years. However, the Board reserves
the right to extend this age limit to 75, provided the director is fit to
carry out their duties. In 2024, Dr Maphai reached the age of 72, and
given his availability and continued ability to fulfil his duties, the
Board expressed satisfaction with his performance and leadership.
Consequently, the Board resolved to extend Dr Maphai's term for
one year, with further extensions subject to annual review.
As noted earlier Terence Nombembe was appointed as a successor
to Keith Rayner as the Chairman of the Audit Committee. Succession
planning for the chairmen with a tenure of 12 years is also underway.
The recent promotion and appointment of Richard Stewart
demonstrates the rigorous succession planning within Sibanye-
Stillwater and the benchmark strength.
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Key areas of Board deliberation in 2024
•
CEO succession planning
•
Review of the Board evolution process
•
Embedding of strategic differentiators
•
Driving innovative market development
•
Strengthening the balance sheet
Planned areas of focus for 2025
•
Continued Board evolution process
•
Appointment of female directors
FUNCTIONAL GOVERNANCE AREAS
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Risk management
Responsible governance entity: Audit Committee and Risk Committee
The Board, in line with Principle 15 of King IV, ensures that our assurance functions enable an effective control environment that
supports the integrity of information for sound internal decision-making and honest reporting to stakeholders.
Assurance structure
The Risk Management department maintains our combined assurance model, whose implementation is overseen by the Audit
Committee. Risk Management is responsible for communicating key risks and material issues to the Risk Committee and the Audit
Committee.
Materiality and reporting
Our Strategic risk register, complemented by operational risk registers, harmonises risks with material issues and our strategic goals.
It serves as the primary reference for organisational reporting purposes. The Risk Committee conducts an annual review of our
combined assurance model, with detailed consideration of our strategic risks and controls.
Committee synergy
The Chairman of the Audit Committee is also a member of the Risk Committee; cross-referencing improves risk oversight. King IV
recommends having one or more members that have joint membership on both committees. Four members serve on both the Audit
Committee and Risk Committee.
Sarbanes-Oxley Act (SOX) compliance
We have controls related to Financial reporting risks, which are subject to quarterly SOX self-assessments, forming the basis for SOX
certification. These certifications are independently verified by external auditors. Management, as of 31 December 2023, has identified a
material weakness in internal control over financial reporting which impacted cash and cash equivalents in the South African region,
platinum group metals (PGM) inventory at Stillwater Mining Company, and certain inventory in process at Western Platinum Proprietary
Limited. During 2024, management finalised the remediation plan and began implementation thereof. As a result of the remediation
efforts, management have concluded that the aspect of the material weakness impacting cash and cash equivalents was remediated
as of 31 December 2024. Management has also concluded that, whilst progress was made on remediation efforts related to PGM
inventory at Stillwater Mining Company and the inventory in process at Western Platinum Proprietary Limited, further remediation is still
required.
Management further identified control deficiencies in the South African region relating to the management of user access in the
company’s Information Technology General Controls (ITGC) environment, which in the aggregate, constituted a material weakness as
of 31 December 2024.
The material weaknesses did not result in any misstatement in respect of the consolidated financial statements for the years ended 31
December 2024 and 31 December 2023. Notwithstanding such material weaknesses in internal control over financial reporting,
management has concluded that the consolidated financial statements present fairly, in all material respects, the financial position,
results of our operations and cash flows for the periods presented in this Annual Financial Report, in conformity with International Financial
Reporting Standards Accounting Standards (IFRS Accounting Standards) as issued by the International Accounting Standards Board
(IASB).
Sustainability assurance
Both internal audit function and external assurance provider adopt a combined assurance model for assuring selected sustainability
KPIs, which are subject to annual limited assurance reviews.
Assurance
Responsible governance entity: Audit Committee and Risk Committee
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For more detail on our 2024 risks and opportunities, see Managing our risks and opportunities within the external environment, page 45.
Also see “Risk factors” in our Form 20-F, at www.sibanyestillwater.com/news-investors/reports/annual/
Assurance levels
Assurance levels are grouped as per the below diagram:
Regulatory compliance
Responsible governance entity: all Board Committees
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Line functions that
own and manage risk
•
Policies and procedures
•
Control frameworks
•
SOX management self-assessment
•
Delegation of authority
•
Management reviews and monitoring
•
Periodic self-assessment
•
Cybersecurity assessments
Internal specialist
functions providing
oversight
•
Risk management
•
Regulatory compliance
•
Legal
•
Group ICT
•
Group tax
•
SOX compliance
•
Company secretary
•
Safety inspections
Internal assurance
providers
•
Internal audit
•
Protection Services Forensic Investigators
External assurance
providers
•
External financial assurance
•
External assurance of selected sustainability indicators
•
Tailings management technical specialist assurance
•
Water management technical assurance
•
LPPM,1 responsible platinum and palladium external assurance
•
ISO certifications / IRMA / ICMM / WGC RGMP2
Regulatory inspectors
and oversight bodies
•
Minerals Council
•
National, provincial and local Government department inspections, for
example in South Africa the Department of Mineral Resources and
Energy; Department of Water, Safety inspections, Receiver of Revenue; in
Australia Department of Environment, Science and Innovation, Resources
Safety and Health Queensland and Revenue Services in all our regions
•
Board subcommittees and governance committees
1 London Platinum and Palladium Market (LPPM) 2 International standards organisation (ISO), Initiative for Responsible Mining Assurance (IRMA), International Council on
Mining and Metals (ICMM), World Gold Council Responsible Gold Mining Principles (WGC RGMP)
LEVELS OF ASSURANCE
OVERVIEW
•
Dedicated compliance officers at our US and SA regions directly monitor non-compliance. The respective Legal and Compliance Vice
Presidents within the EU and Australian regions provide quarterly input to the Risk Committee and Board on non-compliances. Discussions
regarding dedicated compliance resources are ongoing
•
The European region uses external legal advisors to ensure compliance with relevant laws
•
The Group operates in conformity with its Memorandum of Incorporation and complies with the provisions of the Companies Act (South Africa)
RESPONSIBILITIES
•
Responsible functional departments handle legislative and regulatory compliance
–
Regional compliance functions support by simplifying laws and notifying management of legislative changes
–
The compliance function manages compliance risk by distributing a compliance methodology
–
It compiles regulatory compliance risk profiles and offers advice on strategic compliance issues
•
At the US PGM operations, a Compliance committee that includes site and service Group leadership meets quarterly to discuss recent
developments and to strategise for the upcoming quarter
MONITORING
We conducted compliance risk profiling of applicable legislation with relevant departments. Based on the outcome of the Compliance Risk profile
sessions, the following legislation was identified as critical (i.e. non-compliance may potentially lead to the revocation of our licence to operate,
and/or significant financial loss or reputational damage):
•
SA region
–
Mineral and Petroleum Resources Development Act 28 of 2002
–
Mine Health and Safety Act 29 of 1996 and the Mineral and Petroleum Resources Development Act 28 of 2002
–
National Environmental Management Act 107 of 1998
–
National Environmental Management: Air Quality Act 39 of 2004
–
National Environmental Management: Waste Act 59 of 2008
–
National Water Act 36 of 1998
–
Hazardous Substances Act 15 of 1973
–
Explosives Act 13 of 1956
•
Other key legislation includes:
–
Compensation for Occupational Injuries and Diseases Act 130 of 1993
–
Occupational Disease in Mines and Works Act 78 of 1973
–
National Environmental Management Biodiversity Act 10 of 2004
–
Carbon Tax Act 15 of 2019
–
The Financial Intelligence Centre Act No 38 of 2001
•
Finland
–
Environmental Protection Act (57/2014). Water Act (587/2011) and Waste Act (646/2011)
–
Nature Conservation Act (1096/1996) and Dam Safety Act (494/2009)
–
Act on the Safe Handling and Storage of Dangerous Chemicals and Explosives (390/2005). and Rescue Act (379/2011)
–
Occupational Safety Act (738/2002) and Government Decree on the Safety of Construction Work (2005/2009)
–
Mining Act (621/2011), GDPR and The Data Protection Act (1050/2018) (based on General Data Protection Regulation (EU) 2016/679)
•
France
–
Health and Safety at Work legislation is found in Part IV of the "Code du Travail" (the Labor Code)
–
Seveso III Directive (Directive 2012/18/EU) that focuses on the control of major-accident hazards involving dangerous substances
•
AUS region
–
Work Health and Safety Act 2011 (Cth)
–
Mining and Quarrying Safety and Health Act 1999 (Qld)
–
Mineral Resources Act 1989 (Qld)
–
Environmental Protection Act 1994 (Qld)
–
Mineral Resources Development Act 1995 (Tas)
–
Environmental Management and Pollution Control Act 1994 (Tas)
–
Mines Work Health and Safety (Supplementary Requirements) Act 2012
•
The following are critical to our US PGM operations: Montana Metal Mine Reclamation Act and Federal Mine Safety and Health Act
COMPLIANCE
•
There were no material or repeated regulatory penalties, sanctions or fines for contraventions of, or non-compliance with, legislative or
regulatory obligations in 2024
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SEC’s Climate-Related Disclosures
On 6 March 2024, the SEC adopted “The Enhancement and Standardization of Climate-Related Disclosures for Investors” to standardise
climate-related disclosures by public companies beginning with annual reports for the year ending 31 December 2025. In September 2024,
the SEC voluntarily paused the implementation of its climate disclosure rules pending a review by the Eighth Circuit Court. This decision follows
numerous legal challenges from various parties, including states and industry groups.
Compliance reports
The Risk Committee received compliance reports from the regions, with no serious issues of concern. In the EU, the GDPR implementation
project was completed and implemented on schedule and within budget.
Technology and information
Responsible governance entity: Audit Committee and Risk Committee
Our ICT governance framework is aligned to COBIT 5 and ISO 27001. Our ICT risk governance framework and strategy is reviewed
annually and was approved for 2024. Our Group ICT charter, aligned with King IV and ISO 27001, was approved by the Audit
Committee, and is reviewed annually.
Operationally, the CFO, supported by executive management, provides high-level direction for our ICT strategy. The SA, EU, AUS and
US operations each have a dedicated ICT manager, all of whom report into the Group ICT function. Oversight is provided by the Audit
Committee, with the Board having ultimate responsibility. The Risk Committee monitors and provides oversight of identified ICT risks.
See Innovation, digital and technology, page 174 of the Combined Integrated report.
Remuneration
Responsible governance entity: Remuneration Committee supported by other specialist committees
Sibanye-Stillwater is committed to rewarding and encouraging ethical leadership. Our remuneration incentive framework includes
targets for safety improvement and Sustainability performance.
See Remuneration report for various ways in which safety and sustainability performance affects remuneration outcomes, from
page 231 of the Combined Integrated report.
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US PGM operations – East Boulder mine underground access
WHAT DRIVES US
Our purpose, vision and strategy
32
External environment for our business and operations
33
Unpacking our three-dimensional strategy
42
Managing our risks and opportunities within the internal and
external environments
45
How strategy interfaces with risks and opportunities
59
Engaging with our stakeholders
60
How we create value: our business model
67
Capital trade-offs: strategic management for shared value
71
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Lithium-ion batteries used for electric vehicles (EVs) are essential
for reducing carbon emissions in transportation.
OUR PURPOSE, VISION AND STRATEGY
OUR PURPOSE
TO SAFEGUARD GLOBAL SUSTAINABILITY THROUGH OUR METALS
We aspire to make a positive social and environmental impact through the commodities we mine and produce (green
metals and recycled metals) and how we do so (Sustainability embedded as the way we do business), not least through
our role in contributing to decarbonising the global economy.
OUR VISION
TO BE A LEADER IN SUPERIOR SHARED VALUE FOR ALL STAKEHOLDERS
Our strategic ambition is to make a positive difference for all stakeholders through the supply of responsibly produced
minerals that create benefits for society through their applications and through the social, environmental and economic
capital generated at our operating sites.
THE CONTEXT
In a volatile and rapidly changing world, we are cognisant that the future holds uncertainties and elevated strategic risks characterised
by the grey elephants (detailed on the page that follows). The main forces and trends that we identified in 2023 have intensified as we
moved through 2024 and into 2025. This presents both increasing threats and opportunities.
By monitoring early signals and identifying likely forces of change, and by employing anti-fragility principles, we can position our business
to actively manage critical risks and seize advantages. For our business and operations, see External environment, page 33.
OUR STRATEGY
Our strategy has a three-dimensional approach, in which our priorities are layered in terms of: strategic foundation; strategic essentials;
strategic differentiators. While we maintain a sharp focus on the strategic essentials of our business to deliver strong business outcomes,
we aim to attain distinctive positioning in the global mineral resource sector through differentiation of the company to resonate with the
most critical developing trends.
•
Decarbonisation to combat global warming continues to be the most significant global challenge for governments and businesses
worldwide. While there have been ongoing debates around global efforts to reduce carbon emissions, we expect the global
energy system to continue moving towards reduced GHG emissions. Increases in nuclear power, renewable energy (wind, solar,
battery storage), green hydrogen, and the electrification of mobility will continue although conventional energy sources may have
extended longevity. Our approach is to develop a unique portfolio of green metals and energy solutions that enable reversal of
climate change and align with global shifts in technology adoption
•
Geopolitical tensions are having a significant impact on global policies and trade. Nations and regions are prioritising security of
supply for scarce resources, and especially critical minerals. This creates opportunities for us to differentiate ourselves by
participating in resilient national and regional ecosystems that mitigate the impacts of geopolitical volatility
•
Advancements in digital technology continue to accelerate rapidly integrating intelligent advances across all aspects of life. These
developments offer transformative opportunities but also introduce new challenges that need to be managed effectively. We aim
to leverage this potential to enhance business outcomes and human performance through technology, striving to become
Inclusive, diverse, and bionic as a key strategic differentiator
•
Although Sustainability and DEIB are being challenged in some instances, stakeholders continue to demand good corporate
citizenship, which is best expressed in the Group’s sincere commitment to meeting high sustainability standards and stakeholder
capitalism. We believe that the most successful businesses are likely to be those that gain stakeholder credibility and support by
demonstrating a meaningful socioeconomic purpose beyond just providing returns to shareholders. By continuing To be a leader in
superior shared value for all stakeholders over the short- to long-term the Group will have an opportunity to differentiate itself and
be Recognised as a force for good
See Strategy unpacked
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EXTERNAL ENVIRONMENT FOR OUR BUSINESS
AND OPERATIONS
DEVELOPMENTS IN THE EXTERNAL ENVIRONMENT
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Future trends as symbolised by the grey elephants:
The grey elephants (depicted in the schematic below), which informed our 3D strategy, are highly-probable, high-impact forces driving
change and shaping the 2020s. Yet they are not always given the attention they deserve. While these forces create disruption and may
pose a threat to conventional business activity, they may also present significant opportunities for those that embrace the future, and are
bold and agile enough to respond timeously and reposition for future relevance to sustain business effectiveness.
Since 2021, we have tracked eight major global trends (grey elephants) that impact our world. These trends are driving significant societal
and economic changes, and accelerating other trends. The graphic below shows how these trends influenced our business in 2024. These
developments confirm the grey elephants as a useful tool for anticipating future conditions and ensuring our relevance.
Conflict in the world has intensified with
associated escalation in the use of trade
measures and disruption of established
trading patterns.
Ageing populations continue
to disrupt social norms and
economies with working lives
extending for longer to
maintain national productivity.
Climate indicators continue to
hit new records with extreme
weather causing increasing
disruption and threats to
traditional ecosystems.
Inequality continues to be a strong driver
of social sentiment especially among
developing nations with increasingly
strident calls for social justice.
Security of critical mineral supply and
control of mineral supply chains is
becoming an increasingly important
point of economic leverage.
National election results in 2024
demonstrated high levels of
dissatisfaction with incumbent
leadership due to perceived
shortfalls in meeting expectations.
Increasingly nationalistic policies are
being pursued by many of the world’s
major powers with the world economy
deglobalising and transforming into
coherent region ecosystems.
Digital enablement continues to impact all
aspect of human life stimulating profound
advancement. Leveraging the benefits of
digital technologies continues to be a major
thrust to enhance business effectiveness.
Adapting culture and
strategy to navigate
the grey elephants
sharply transforming
the world
Material factors in our external business environment
CLIMATE CHANGE
Climate change increases the physical risks to our operations with potential for asset damage and business interruption through more
frequent intense weather events and changed climatic conditions. While measures taken to limit carbon emissions will impose new costs
on the business, they will also create new business opportunities through the technologies required in a low carbon economy and the
associated requirements for green minerals.
Impact
Our strategic response
Related
risks
Related
opportunities
We continue to experience changing climatic
conditions such as heat and drought along with
more intense weather extremes such as flooding.
This causes asset damage and business
interruptions to varying extents across our global
operations with projected amounts quantified in
our TCFD reporting.
We are experiencing increased costs
associated with carbon emissions, though these
are being mitigated through decarbonisation of
our operations.
The technology transition required to tackle
climate change will create substantial new
business opportunities in green metals and energy
solutions with PGMs retaining sustained future
relevance. Technologies for the low carbon
economy are typically more mineral intensive than
their conventional counterparts fuelling demand
for critical minerals.
We are working at asset level to mitigate vulnerability
to weather events and changing climatic conditions
based on detailed analytical work. This specifically
includes our tailings storage facilities.
All our operations have committed to an accelerated
pathway to becoming carbon neutral by 2040 in
conformance with science-based targets with
decarbonisation initiatives underway. Secondary
mining and recycling activities are reducing the
carbon intensity of our metals production. Further,
we have signed up to major relevant protocols and
standards on reducing GHG emissions and are
committed to transparency in our disclosures on
carbon emissions.
While our existing portfolio of metal production is
relevant to clean energy, our strategy includes
building a unique portfolio of green metals and
energy solutions that contribute towards lowering
world carbon emissions.
(See Planet: Minimising our environmental impact,
page 182 of the Combined Integrated report and our
Climate change supplement for a full discussion of our
extensive response to climate change)
1,6
See
pages 50
and 53
1,2,3
See
page 59
13.2
OUTLOOK
We expect the implications of climate change and the global response to intensify as carbon concentrations in the atmosphere increase.
This will elevate the need to strengthen our work to safeguard our assets, ensure business continuity, and pursue decarbonisation initiatives
while increasing the demand for critical minerals and the imperative of security of supply in a multipolar world.
AUTOMOTIVE POWERTRAIN TRANSFORMATION
Automotive powertrains are transitioning from internal combustion engines to new energy vehicles. Barriers to adoption of new technology
are inhibiting the pace of uptake with regulatory pressure diminishing in key jurisdictions. Hybrid vehicles are increasingly representing an
effective alternative to secure reduced carbon emissions.
Impact
Our strategic response
Related
risks
Related
opportunities
Impact on mineral demand to date has been
limited as, despite high growth rates off a low
base, absolute penetration of battery electric
vehicles into the powertrain mix has been modest
except in China.
We are positioning our production profile of PGMs
to align with the longer-term market requirements
while building up capability to service the
requirements of the electrified vehicle market
through participation in automotive battery value
chains, particularly in Europe. We are also working
with partners to develop new applications for
PGMs to offset an eventual decline in the
autocatalyst market.
4,5
See
pages 52 and
53
1,3,6,8
See
page 59
OUTLOOK
While hybrid vehicles will prolong the internal combustion engine era, the proportion of vehicles that use internal combustion engines is
forecast to eventually decline steadily as battery electric vehicle numbers increase. Markets for PGMs are expected to remain stable over
the short to medium term, with increasing requirements for the supply of battery metals to service the growing demand for electrified
vehicles. Alternative powertrain technologies may stimulate demand for PGM’s in the longer term. Overall, the transportation market will
become more commodity-intensive with strong demand for battery metals and copper.
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GEOPOLITICAL DEVELOPMENTS
Following substantial recent changes in political leadership, the world trade landscape is undergoing rapid and significant transformation to
support increasingly nationalistic sentiment. This has dramatically accelerated the previously identified trend to strengthen regional supply
chains that assure security of supply especially with regard to critical minerals.
Impact
Our strategic response
Related
risks
Related
opportunities
Regulatory measures and incentives have been
implemented in several countries to promote
security of access to the critical minerals required
in clean energy technologies. The trade measures
being adopted may result in higher inflation and
interest rates with macroeconomic slowdown that
inhibits commodity demand suppressing prices.
Our strategy has included building a business footprint in
the European and North American ecosystems to supply
into vertically integrated region value chains. This has
attracted good support from governments for our
initiatives. We intend to leverage our African mineral
resource base to strengthen assurance of mineral supply
into these ecosystems.
3,4,8,10
See pages
52, 55 and
56
2, 3, 4, 6
See
page 57
OUTLOOK
We expect control over critical minerals to become more important for the world’s major economic powers with foreign relations structured
around guarantees of minerals access. Opportunities will increase for developing countries to leverage their mineral resources as catalysts
for socio-economic development.
PUBLIC AND REGULATORY ATTITUDES TO MINING
Stakeholders expect that mining should be conducted responsibly, causing no harm to society or the environment, with increasing
recognition that mining creates positive shared value through the application of the minerals produced and its economic contribution to
local economies. There is an increasing expectation from stakeholders to be actively involved in the governance of responsible mining
standards with robust independent assurance to engender trust.
Impact
Our strategic response
Related
risks
Related
opportunities
Policies and incentives are being introduced more
broadly to promote the establishment of critical
minerals supply, while stringent regulatory
frameworks remain in place around the permitting
and conduct of mining operations. The
sustainability standards landscape is evolving to
ensure that stakeholders feel properly represented.
Stakeholder attitudes are steadily becoming more
favourable as the levels of trust improve.
We subscribe to some of the world’s leading best
practice mining sustainability standards (see
Governance in sustainability, page 96), and have
regard for the value created for all stakeholders through
our business activities in line with our business ethos.
We are actively involved in developing the
consolidated mining standards initiative that moves to
multi-stakeholder governance and more intensive
independent third party assurance. Further we have
included sustainability related metrics as part of our
long-term incentive scheme, see page 244 of the
Combined Integrated report.
5,7,8
See
pages 53,
54 and 55
1, 2, 3, 6
See
page 59
OUTLOOK
Recognition that the minerals industry is an essential positive contributor to society is expected to build, with policy and regulatory
frameworks becoming more favourable to promote responsible mining. As the consolidated mining standards initiative advances into full
implementation, we expect stakeholder confidence in the mining industry to steadily improve.
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PUBLIC SERVICES IN SOUTH AFRICA
A start has been made in turning around the quality of public services in South Africa, which is starting to improve business sentiment. While
there is still a considerable gap to the quality eventually aimed for, improvements have been achieved in the reliability of electricity supply
as well as in transport and logistics as a result of active cooperation between the private sector and government. Progress is also being
made in strengthening the capacity to combat crime and corruption.
Impact
Our strategic response
Related
risks
Related
opportunities
While shortcomings in public service delivery
continue to hamper business competitiveness
stifling economic growth, the effects are being
alleviated through the measures undertaken
recently. Investment appetite remains suppressed
until there is more meaningful improvement with
confidence that this will be sustained.
Through organised business associations, we
continue to work with government to address
shortcomings that detract from the quality of key
public services and press for reform. In parallel,
where legislation allows, we are implementing
projects to address our own requirements for
services, most notably through several private
power projects that we have commissioned. to
supply renewable energy to our operations.
(See Planet: Minimising our environmental impact,
page 182 of the Combined Integrated report and
our Climate change supplement,
www.sibanyestillwater.com/news-investors/
reports/annual/)
3,5,7,8
See pages 52,
53, 54 and 55
7
See
page 59
OUTLOOK
Under the leadership of the Government of National Unity, we foresee good potential for further improvement in the quality of public
services delivery although financial constraints under a strained fiscus will require innovative financing for the required investments in
upgraded and new infrastructure. Based on promising indications, the private sector is likely to intensify its efforts to contribute in addressing
the challenges.
SOCIOPOLITICAL INSTABILITY IN SOUTH AFRICA
The socio-political context continues to be volatile as inequality and low employment prospects in a low growth economy fuel
dissatisfaction. This is perpetuating a climate conducive to high levels of protest and criminality, including the proliferation of organised
criminal syndicates. The country’s transition to a multi-party government has progressed smoothly with the principles of constitutional
democracy holding firm during a challenging phase.
Impact
Our strategic response
Related
risks
Related
opportunities
Social protest and criminal activity have significant
impacts on business effectiveness, with our South
African gold operations particularly affected by
illegal mining. With relative political stability assured
at least for the time being, progress is being
achieved on policy and regulatory reforms that
are improving the business climate.
Our work to build meaningful relationships with
local communities through social programmes is
delivering benefit with disruptive social protest at
a contained level. We have also strengthened
capacity to combat criminal activities that affect
our operations. Advocacy to government through
the key business associations is helping to secure
improved policy quality and certainty in support
of the shared goal to attain much higher levels of
inclusive growth.
5
See page 53
7
See page 59
OUTLOOK
While the socio-political context remains fragile, a good foundation has been established on which to build stronger social capital. The
extent to which political intent translates into tangible economic growth that meaningfully impacts on unemployment and poverty will be
a critical determinant of future socio-political stability.
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COMMODITY FUNDAMENTALS
GREEN METALS
PLATINUM, PALLADIUM AND RHODIUM – applications, review and outlook
PGM demand is largely driven by autocatalysts, accounting for approximately 40% of platinum demand, 90% of rhodium demand and 85% of
palladium demand. Platinum (Pt) has traditionally been used in diesel vehicles, however substitution of palladium with platinum in gasoline vehicles
has been adopted by the market as a result of the relative prices of each metal. Around 40% of platinum demand is accounted for by industrial
uses, e.g., catalysts in the chemicals and petrochemicals industries, and in the manufacture of glass. Platinum jewellery, predominantly in China,
accounts for the remaining demand. The use of platinum in fiberglass-reinforced materials in carbon reduction applications such as vehicle
lightweighting and wind power may also prove important for demand.
Palladium (Pd) is largely an autocatalyst metal, which accounts for some 85% of its demand. Palladium is also used in chemical processing.
Rhodium (Rh) is also largely an autocatalyst metal, with autocatalysts accounting for approximately 90% of its demand. Rhodium is also used in
catalysts for chemical processing. Rhodium’s use in a Rh-Pt alloy in the manufacture of glass has declined significantly in recent years due to its high
price and has been replaced to a large extent by platinum.
REVIEW OF 2024
OUTLOOK
The platinum price traded in a wide range over the year between a high of US$1,070/oz
and a low at US$874/oz, but ultimately finished 9% lower at US$914/oz. The rhodium price
appreciated modestly during 2024 ending the year 3% higher at $4,575/oz. Palladium
underperformed, falling 19% to end the year below the platinum price at $909/oz.
Global platinum supply dipped 3% to 5.4Moz mostly as a result of lower output in South
Africa. Palladium supply fell slightly in 2023 to 6.4Moz as North American and South
African production were modestly lower. Nornickel’s refined production was little
changed despite smelter maintenance. Rhodium output also fell, to just under 0.7Moz,
as a result of lower production in South Africa. Load shedding ended in the first half of
the year but there remained some excess in-process inventory stocks at the end of the
year. The further decline in the basket price meant that PGM producers continued to
cut costs and reduce capital spending.
Automotive production dipped slightly in 2024. However, BEV market share rose from
11.6% to 12.7% as BEV production increased by 1 million units to 11.5 million, although
that was not as high as initially expected. Overall production of ICE and hybrid vehicles
was more than 1 million units lower than in 2023. As a result, PGM automotive demand
fell for each of the metals, with palladium and rhodium more impacted than platinum,
which continue to benefit from more widespread use of tri-metal catalysts for light-duty
gasoline vehicles.
Net jewellery demand slipped 6% to 1Moz in 2024. India saw modestly higher demand
for platinum jewellery but this was not enough to offset declines in other regions.
Platinum jewellery was less favoured than gold in China, despite the wide price
differential, although the speed of decline in platinum jewellery sales slowed. Demand
in Japan also dipped although the weaker yen did help lift sales to wealthy tourists.
Industrial demand for platinum edged up to just over 26Moz. Gains in the chemical
and electrical sectors were partially offset by reduced usage in the petroleum and
glass industries.
Secondary supply of PGMs was little changed in 2024. New vehicle sales were
unchanged in Western Europe and only modestly higher in North America. Second-hand
vehicles remained sought after amid ongoing cost-of-living pressures and there was no
clear improvement in the number of vehicles being scrapped.
All three markets ended the year in deficit with platinum being the tightest with a 1.1Moz
deficit including investment. The palladium market had a 920koz deficit while the
rhodium market deficit was 220koz.
Overall PGM production from South Africa is forecast to
dip slightly this year even though some work-in-progress
stock that was built up during smelter maintenance is
expected to be processed.
South African producers have made significant efforts to
cut costs and reduce CAPEX spending while maintaining
output. However, rising costs and a low basket price
mean that the mines at the top of the cost curve are loss
making. If the basket price does not improve this year it
may become necessary to close out some
unprofitable areas.
Recycling of autocatalysts is expected to remain
challenging in 2025. Persistent inflationary pressures, high
interest rates, and elevated new car prices are likely to
encourage consumers to keep second-hand vehicles on
the road for longer. As a result, recycling volumes are
expected to see little improvement.
Global light vehicle production is forecast to rise in 2025.
However, the share of BEVs is expected to increase to
15.6% from 12.7% last year while production of ICE and
hybrid vehicles is predicted to decline. As a result,
autocatalyst demand is expected to fall.
Should President Trump’s tariffs on Canada and Mexico
remain in place there could be serious disruption to North
American autos and parts trade, higher costs for US
consumers and lower light vehicle sales than forecast,
further impacting automotive demand.
Industrial demand for platinum remains robust with many
of the varied uses expected to see higher demand this
year. Platinum jewellery demand is anticipated to slip this
year as consumers in China still prefer gold, favouring the
metal with an appreciating price, despite platinum’s
significant price discount.
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IRIDIUM – applications, review and outlook
Iridium (Ir) and ruthenium (Ru) are used together in several industrial chemical processes, including the manufacture of acetic acid, a key
intermediate in the manufacture of certain bulk chemicals.
Iridium and ruthenium are used in combination for electrode coatings that can withstand the harsh operating environment of a wide range of
electrochemical processes, including the production of bulk chemical intermediates such as chlorine and sodium hydroxide. In the electrical sector,
iridium’s high temperature stability and purity have led to the use of iridium crucibles in the production of crystalline materials such as sapphire for use
in LED lighting manufacturing and lithium tantalate used in the production of surface acoustic wave (SAW) filters for mobile communications.
Iridium tips improve the performance of automotive spark plugs, in turn improving combustion efficiency in gasoline engines.
Iridium (along with platinum) is also used as an alloy component in some medical devices, notably guide wires and stents. This is thanks to its
biocompatibility and mechanical properties for micro machining tiny devices.
Iridium is playing a rapidly increasing role in the hydrogen economy, as the key metal (along with platinum and ruthenium) in proton exchange
membrane (PEM) electrolysers used in the production of green hydrogen from water using renewable electricity. Significant thrifting is expected to
ensure a long-term sustainable iridium market.
REVIEW OF 2024
OUTLOOK
Global downgrades to hydrogen production capacity continued,
lowering demand for iridium catalysts in PEM electrolysers. The gap
between orders and final investment decision (FID) on electrolysers is
widening, as producing green hydrogen via water electrolysis remains
a costly process given the generally high costs of renewable electricity.
Some electrolyser manufacturers and green hydrogen users face
considerable financial pressures from high costs and limited scale.
Consolidation has already begun and is likely to continue.
Significant progress has been made in PEM catalyst technology, lowering
the iridium loadings through improved catalyst design coating
technology and some substitution with ruthenium. This lowers costs and
improves long-term sustainability.
Iridium-coated electrodes are important in a wide range of
electrochemical processes; production of copper foil for use in batteries
is a growth area.
Premium Alkaline Water Electrolysis (AWE) electrodes for green hydrogen
production are expected to use iridium and ruthenium coatings, helping
to reduce energy input and lower process costs. While loadings are
significantly lower than in PEM electrolysers, the expected global scale
of this technology is expected to contribute to PGM demand growth.
High purity crystalline materials for electronics applications continue to
be manufactured in iridium crucibles, which are key to material
performance in end uses. Price-induced substitution efforts out of iridium
continue, but with limited success so far.
RUTHENIUM – applications, review and outlook
As mentioned above, ruthenium (Ru) and iridium (Ir) are used together for several applications.
The electrical sector, specifically data storage applications, is helping drive global ruthenium demand. Ruthenium, along with platinum, forms part
of the magnetic layer in hard disk drives. In the longer term, chip resistors, which are ubiquitous in consumer and industrial electronics, rely on
compounds that contain ruthenium and this sector is becoming increasingly important for demand. The unique chemical and physical properties
of ruthenium mean that it is also used in numerous semiconductor materials and components which enable increasing miniaturisation and efficiency
in various electronic devices.
Ruthenium is taking some share of the gasoline spark plug market, where its durability exceeds that of iridium and platinum. It is also an effective
catalyst in the production of ammonia.
The hydrogen economy has long-term potential for ruthenium demand across the value chain from production, through transport and storage and
to end uses, though many projects are significantly delayed. Ruthenium is starting to be used in PEM electrolysers alongside iridium; previously
ruthenium was insufficiently stable in the PEM electrolyser environment, however improvements to catalyst design combine the activity of ruthenium
with the stability of iridium. This substitution will also help alleviate some of the pressure on iridium supply and lower the cost of the catalyst.
REVIEW OF 2024
OUTLOOK
The hard disk drive (HDD) sector has seen several quarters of growth,
rebounding from a post-Covid slowdown. Ruthenium demand has
picked up following inventory drawdowns. HDD manufacturers now have
a better view of customer requirements, helping to smooth purchasing
and reduce price volatility risk.
Chemical demand for ruthenium catalysts for caprolactam production
is growing to meet new plant capacity for nylon feedstock production
in China.
Catalyst demand is also strong for new green ammonia plants in China,
in order to lower emissions in the energy sector.
Hard disk drive demand is expected to be supported by the growth in
the AI sector, which is driving demand for data storage. While alternative
HDD storage technologies that are not based on ruthenium are
emerging, ruthenium-containing disks are expected to remain
competitive in both price and performance in the near term.
Ruthenium is increasingly being used in semiconductor applications to
drive miniaturisation and improve energy efficiency.
Growth opportunities remain in the hydrogen economy for ruthenium,
especially in transport and storage technologies; ammonia cracking and
liquid organic hydrogen carriers are developing but still rely on supportive
investors and government incentives.
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LITHIUM – applications, review and outlook
Lithium (Li) and its compounds have been used in pharmaceuticals and in the manufacturing of high-temperature lubricants, aerospace alloys,
heat-resistant glass and ceramics. More recently, they have found a major application in rechargeable lithium-ion batteries (LIBs).
The high energy-to-weight ratio, high charging speed, longevity and the possibility to recycle LIBs make them ideal for portable applications such as
battery electric vehicles (BEVs) and consumer electronics. They are also finding use for stationary large battery energy storage systems (BESS) that
provide grid resilience, and to store energy generated from renewables, that can be intermittent, to adjust electricity production to demand.
Two different lithium compounds can be used in CAM (Cathode Active Material) production: lithium carbonate and lithium hydroxide. The latter
enables the production of high-performance NMC (Nickel-Manganese-Cobalt) cells that give an increased power and driving range compared to
competing cathode chemistries. The electrolyte that separates the cathode and the anode also contains lithium chemicals.
Gross lithium demand is forecast to grow to more than 2.6 million lithium carbonate equivalent (LCE) tonnes by 2030. Given the political pressure for
EVs and battery energy storage and the decline in lithium prices in 2023 and 2024, there are concerns as to the sufficiency of lithium supply over the
long term. Furthermore, China’s dominance in the processing of lithium is also resulting in Western governments shoring up their lithium supply chains.
Chinese companies control some 80% of the supply chain of lithium-ion batteries (from battery precursor to LIB production).
BACKGROUND AND REVIEW OF 2024
OUTLOOK
Gross lithium demand is estimated to have increased by 19% last year,
mainly driven by increased global demand from the battery sector, both
from automotive and energy storage end-uses.
Lithium consumption from automotive batteries is estimated to have
grown 21% last year, primarily driven by growth in BEVs and PHEVs (plug-in
hybrid electric vehicles), including range-extended electric vehicles,
(REEVs). While year-on-year global BEV production growth slowed to 12%
last year (compared to 30% in 2023), automotive batteries were still the
end-use segment with the largest growth (in absolute terms). Demand
growth was driven by a trend of increasing battery pack sizes, a boom in
PHEVs, especially in China where production grew 65% year-on-year, and
continued, albeit moderated, growth in BEV production.
Simultaneously, demand from Battery Energy Storage Systems (BESS) is
estimated to have increased 41% last year, becoming the fastest growing
end-use segment. Growth was driven by greater solar plus storage
installations as developers leveraged lower prices for lithium-ion batteries
and solar cells. The low prices were largely a result of underutilised
capacity in China.
Primary lithium supply is estimated to have increased by 32% in response
to the growth in demand, despite declining lithium prices and high-cost
mine closures, with supply growth coming from Africa, Chile and
Argentina, primarily. As a result of slower demand growth and sizeable
inventories in China coupled with strong growth in supply globally,
battery-grade lithium carbonate prices declined again during 2024,
averaging around US$12,500/t for the year.
Lithium carbonate remains the main battery-grade lithium precursor in
China due to the resurgence of lithium iron phosphate (LFP) cathodes,
being cheaper, safer, and offering a higher cycle life. The use of LFP cells
in both BEVs and BESS extends beyond China, as demonstrated by major,
non-Chinese, BESS solution providers switching to Chinese LFP cells.
Lithium hydroxide demand growth was slower due to slower growth in
BEV production in Europe and North America. That said, nickel-
manganese-cobalt (NMC) remained the preferred cathode in these
markets. The introduction of tariffs on Chinese battery imports in the US,
and Chinese BEVs in the EU, limited the proliferation of LFP in the region,
which presents a greater opportunity for Ni-rich NMC batteries, that
require lithium hydroxide.
Lithium demand for 2025 is forecast to increase by 26% from 2024 levels,
with the majority of this growth again resulting from greater demand from
automotive batteries. The further decline in prices last year is expected to
temper the supply response somewhat, although projects continue to be
commissioned, with primary lithium production predicted to rise by only
11% in 2025, potentially tightening the market. Consequently, lithium
prices are forecast to reach a floor this year, with rising prices needed to
help incentivise new projects that will be required to meet long-term
demand growth. New projects remain well placed to meet market
requirements in the next few years, under the right conditions.
The increased focus on environmental and social factors in recent years
has added to the complexity of permitting and developing new projects,
despite efforts to simplify permitting processes in some geographies, like
the EU Critical Raw Materials Act. Considering current projections for BEV
penetration, significant investment in new lithium supply will be required
to meet forecast demand over the next decade. At the currently
depressed prices, this investment may not be forthcoming but may delay
new projects, potentially leading to a gap between demand and supply
and increasing the risk of supply deficits towards the end of the decade,
resulting in higher prices.
A shift to lithium iron phosphate, or LFP, remains a downside risk to
European lithium hydroxide demand. The deferrals, if not shuttering, of
planned NMC gigafactories in Europe, combined with recent
announcements for localised LFP production does present a risk to the
lithium hydroxide demand in the medium-term.
However, with the EU remaining steadfast in their CO2 reduction targets,
albeit with greater flexibility through to 2027, greater BEV production is
expected to offset the LFP shift and generate additional lithium hydroxide
demand. Furthermore, European policies promoting local recycling and
protectionist policies towards Chinese imports could hinder LFP uptake in
the region, in the near-term.
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NICKEL – applications, review and outlook
Nickel (Ni) has excellent physical and chemical properties that make it ideal for use in alloys – especially when used with chromium, or with iron
(ferronickel), as well as with other metals, to produce stainless steels that are heat-resistant. There are at least 3,000 nickel alloys, including stainless
steel, used in a number of industries to produce a wide range of goods, including vehicle crankshafts and axles, propeller shafts, scientific and
surgical equipment. Nickel alloys are also used in a range of household products such as kitchen sinks, cooking utensils, and washing machines.
Importantly for our green metals strategy, nickel alloys are used in PV solar panels and wind turbines (which on average use about two tonnes of
nickel). Nickel has excellent properties: a high melting point (1,454 degrees Celsius), can withstand extreme low temperatures, resistant to corrosion
and oxidation, good catalytic properties and fully recyclable.
Nickel is a key constituent in increasing the energy density of Li ion batteries with higher nickel compositions allowing for reduction in the use of
cobalt. However, around two-thirds of nickel demand still comes from stainless steel production whereas batteries use ~15% of nickel produced. This
balance is forecast to change dramatically in the coming decade with demand growth expected to be increasingly driven by the EV sector. With
global EV sales expected to exceed 30 million by 2030, demand for nickel (like lithium) is expected to grow. Further, pressure is growing on producers
to reduce the carbon footprint and physical impact of nickel mining and processing, and may result in those that offer a reliable, socially, and
environmentally assured products yielding a premium in the future.
REVIEW OF 2024
OUTLOOK
Nickel consumption in stainless steel remained subdued, especially in
China where low stainless-steel prices indicate the state of oversupply in
the market. Nickel consumption growth from stainless-steel is estimated to
have moderated compared to 2023.
Nickel demand from the battery sector is estimated to have grown by
20% in 2024 compared with 2023 with BEVs remaining the largest battery
segment for the metal. There was limited upside in nickel demand from
the boom in PHEV production in China owing to majority of these vehicles
utilising LFP cathodes.
After a significant decline in 2023, the nickel price stabilised somewhat in
2024. Disruption to supply in New Caledonia resulted in some volatility,
and there were a number of significant capacity closures in Australia.
However, these were insufficient to balance the market and the price
ultimately fell almost 8% over the course of 2024. Growth in Indonesian
nickel supply continued to outperform the rest of the world despite
delays in issuing mining permits for nickel ore producers in the country in
2024. Several high pressure acid leach (HPAL) plants established since
2020 are now comfortably operating above nameplate capacity and
there are a number of similar plants due to come online in 2025.
After very rapid growth in 2023, expansion of nickel supply slowed to
approximately 4% in 2024. Meanwhile, net demand grew by more than
8%. This contributed to the market surplus shrinking by almost 50% year-
on-year.
The nickel market is forecast to remain in a significant surplus in 2025,
marking it the third consecutive year of oversupply. This persistent market
surplus is expected to keep pressure on the nickel price in 2025.
Having slowed to 3.5% in 2024 thanks to several high-profile operational
closures, supply growth is expected to strengthen in 2025 to 10% year-on-
year.
Demand growth is forecast to grow by 9% year-on-year in 2025, resulting
in a slightly larger market surplus versus 2024. The trend of a continued
shift to LFP weighs on the outlook for automotive nickel demand. While
there was some upside from greater expectations in a recovery of
European EV production, following the introduction of tariffs on Chinese
imports and tighter CO2 emission legislation this year, the EU commission’s
plans to offer flexibility to OEMs through to 2027 could delay production,
and, therefore automotive battery demand.
ZINC – applications, review and outlook
Zinc (Zn) is the 23rd most abundant element in the earth’s crust. Its primary use is as a galvanising agent (corrosion protection) in stainless-steel alloys,
though many other industries use zinc. China is the largest source of demand for zinc, primarily because it is the largest producer of stainless-steel.
Galvanised steel is used extensively in the automotive industry in chassis components, in construction, and household appliances. Zinc compounds
also have important uses in health and nutrition. Several compounds are used in common fertilisers to increase crop yields and fortify micronutrient
levels in food. Zinc is highly recyclable and can be recovered and reprocessed with minimal losses. It fits well in our green metal strategy as zinc
coatings play an essential part in protecting solar, wind and energy infrastructure from corrosion.
REVIEW OF 2024
OUTLOOK
As a result of mine closures in 2023 and several mines underperforming
expectations during 2024, mined zinc production fell last year, tightening
the market for concentrate. Refined zinc output was impacted by
reduced concentrate availability and the market is estimated to have
been in deficit. Zinc stocks on the Shanghai Ferrous Exchange (SHFE) in
China fell during the year resulting in a price rally with the zinc price
ending the year 12% higher.
Global zinc demand is estimated to have climbed to over 14 million
tonnes in 2024 (source: International Lead and Zinc Study Group). Last
year, European zinc demand shrank owing to the stagnant German
economy and lower demand in Italy and Poland that was only partially
offset by gains in France. Zinc usage in the US is also anticipated to have
been slightly lower.
Demand in China was moderately higher year-on-year despite the
ongoing downturn in the real estate market as car and home appliance
production continued to expand. Zinc demand also increased in several
other countries including India, Korea and Brazil.
Mine supply is expected to rebound in 2025 as mines that suffered
stoppages in 2024 return to full production and restarts of Ivanhoe’s
Kipushi mine in the Democratic Republic of Congo (DRC) and Boliden’s
Tara mine in Ireland ramp up production. After experiencing delays, the
Ozernoye mine in Russia is also expected to be brought into production,
lifting zinc output. Increased mine supply should ease the tightness in the
concentrate market and enable higher refined output, moving the
market into surplus.
Global zinc demand is predicted to grow by around 2% and exceed
14 million tonnes in 2025 (Source: ILZSG). India continues to be the fastest
growing large economy and its zinc demand is projected to rise further in
2025. The Chinese economy picked up speed in the final quarter of 2024
and zinc demand is anticipated to improve this year. The situation in the
US has been clouded by uncertainty over tariffs which could see
demand drop this year. Economic growth in the EU is forecast to improve
somewhat in 2025 which could lead to a stabilization in demand.
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GOLD – applications, review and outlook
Gold (Au) has a legacy of being one of the most precious, durable and lustrous of metals, underpinning its role as a store of value. In the modern
era, gold’s properties have been innovatively applied in a number of technological, industrial and medical applications. Gold is used in catalytic
converters and in space travel to protect against radiation and heat. In the medical field, gold nanoparticles have become commonplace in rapid
diagnostic testing. Amongst a range of interesting developments, gold nanoparticles are being used to improve the efficiency of solar cells. More
recently, gold has gained traction as an essential component in the manufacturing of AI-enabled devices. Regardless of potential breakthrough
applications for gold, it remains a sought-after and precious substance for people the world over.
REVIEW OF 2024
OUTLOOK
Total annual gold demand, including over-the-counter purchases, hit a
new record high of 4,974 tonnes (+1% y/y), driven by strong, sustained
central bank buying and growth in investment demand. Total demand
combined with gold’s strong price performance also resulted in the
highest ever total value of demand at $382bn.
Central banks continued to buy gold at pace in 2024, with purchases
exceeding 1,000 tonnes for the third year in a row. Buying ramped up
significantly in Q4, bringing the annual total for central banks to 1,045t.
Global investment demand increased 25% y/y to 1,180 tonnes – a four-
year high – driven by sustained Asian demand and a revival in Western
gold ETF demand during the second half of 2024.
Unsurprisingly, high prices dampened demand in the jewellery sector,
with annual consumption decreasing by 11% to 1,877t. The decline was
driven largely by weakness in China, though Indian demand remained
resilient, dropping just 2% y/y despite a record high price environment.
The technology sector saw a rise in gold used in artificial intelligence (AI)
and electronics, contributing to a 7% y/y increase to a total of 326 tonnes
in 2024.
Total gold supply increased 1% year-on-year, driven by growth in both
mine production and recycling in 2024. Gold production grew marginally
higher to 3,661 tonnes while recycling jumped 11% y/y to 1,370 tonnes.
Source: World Gold Council, Gold Demand Trends Full Year 2024 report.
Gold had its best annual price performance in 14 years, rising 26% during
2024. Gold’s positive run has continued in 2025, with the price increasing
by nearly 9% through February.
Looking forward, concerns over tariffs, and the wide-ranging impact they
could have on global growth, continue to cast a cloud and question US
exceptionalism. This has added to already rising geopolitical risk. Recent
events have highlighted the need for greater military spending, which will
likely result in even higher deficits. There are several factors that could
reinstate the thorny problem of higher inflation, especially at a time when
deteriorating economic conditions may necessitate interest rates staying
low. Historically, each of these drivers has individually been positive for
gold. And, although they seldom occur simultaneously, their combined
effect may continue to have a positive effect for gold, despite potential
short-term headwinds.
In all, gold investment demand will likely remain strong in 2025,
complemented by above average central bank buying. A high price
environment, however, will likely continue to dampen fabrication
demand – especially through jewellery, and despite a positive (but
smaller) effect from gold’s use in technology.
Source: World Gold Council, Gold Demand Trends Full Year 2024 and
Gold Market Commentary February 2025 reports.
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Employees at the UG 2 concentrator, SA PGM
UNPACKING OUR THREE-DIMENSIONAL STRATEGY
OUR STRATEGIC FOUNDATION
Our strategic foundation defines our impact
on our operating environment and our
stakeholders. It incorporates our fundamental
approach including our purpose, vision,
values, and commitment to embedding
sustainability and shared value. The Umdoni
tree symbolises our ethos and early adoption
of stakeholder capitalism. Its roots represent
our iCARES values.
Our roots, our iCARES values, are at the heart of all that we do, the decisions we make and how we conduct our business. These values are
enshrined in our Code of ethics and form the basis of the organisational growth and culture rejuvenation programme currently underway.
iCARES VALUES
INNOVATION We find
new ways to do things
better
COMMITMENT We deliver
on our promises to all our
stakeholders
ACCOUNTABILITY We
accept responsibility and
consequences for our
actions
RESPECT We show
regard and
consideration for others
ENABLING We make it
easy for ordinary people
to deliver extraordinary
performance
SAFETY Attaining zero
harm is our foremost
priority
OUR STRATEGIC ESSENTIALS
Support attainment of operational and business excellence
We have five strategic imperatives that are instrumental for us to compete on the global stage.
OUR STRATEGIC DIFFERENTIATORS
Represent the opportunities that we have identified to be distinctive
in the global minerals industry
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We represent our business ethos through
the indigenous South African Umdoni tree
•
Our values are the roots of our organisation, which provide a solid basis for
the way we do business
•
The trunk of the tree is represented by our people, the material foundation
and strength of the Group
•
Quality results from our operations – safe production at competitive cost -
are the source of value created through our business activities and
necessary for shared value and sustainability
•
The canopy/leaves on the branches represent our stakeholders – each of
them of equal importance
•
The tree’s seeds and fruits signify the varying benefits and value that our
success allows us to share with all stakeholders
STRATEGIC DELIVERY IN 2024 AND PROGRESS TOWARDS DIFFERENTIATION
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
For detailed disclosure of the performance against our strategic essentials areas in 2024, see section 03 of this report (from page 74 onwards).
Below is a concise summary of key aspects of strategic delivery.
Performance/progress made per strategic essential to date, its status and link to area in this report
OUR STRATEGIC ESSENTIALS
Support operational and business excellence
Overall achievement
Steady performance and ongoing focus
More work to be done
Performance/advances made
Status
For detail, see these sections
Ensuring safety
and wellbeing
•
Best recorded annual performance for SIFR, LDIFR and TRIFR for the Group
•
81% of all stoppages were being initiated by frontline supervisors for the
month of December 2024 (December 2023: 59%)
•
Regrettably we lost eight of our colleagues during the year (2023: 11)
•
Strong progress on rolling out group minimum standards with focus shifting to
monitoring application in the operations
•
Values reignition programme launched with a central aim to promote safety
as a critical value
•
Chairman and CEO’s review
•
Safe production
•
Health, wellbeing and
occupational hygiene
Prospering in
every region in
which we operate
•
Improved B-BBEE score from level 8 (2021) to a level 4
•
Meaningful progress with the South African government to improve the
climate for business competitiveness
•
Undertakings obtained on European grants to support pCAM business
development
•
Tax credits made available to support domestic critical mineral production
in the United States
•
Generally constructive relationships maintained with stakeholders at all
our operations
•
Chairman and CEO’s review
•
Social, Ethics and
Sustainability Committee:
Chair’s report
•
Our people
•
People: Socioeconomic
development
Achieving operational
excellence and
optimising long-term
resource value
•
Operational challenges that have recently been inhibiting productivity
being addressed
•
Securing a more favourable position on the PGM industry cost curve
•
Realising enhanced value through implementation of our chrome strategy
•
Credible partnership established to realise value from our uranium resources
•
Work underway with the aim of securing US$1000/2E oz AISC for long-term
sustainability of the Montana mining operations
•
Sustained strong capital allocation to organic growth projects
•
Advanced a healthy pipeline of feasibility studies with prospects for
future growth
•
Chairman and CEO’s review
•
Delivering value from
operations
•
Mineral reserves and
resources
•
CFO review
Maintaining a
profitable business
and optimising
capital allocation
•
Operational restructuring implemented to secure greater operational
stability
•
Secured up to €500 million through a green loan financing facility for our
Keliber lithium project in Finland.
•
Building a credible North American recycling business through integration of
the Reldan operations
•
Balance sheet bolstered during the PGM price down cycle through
innovative raising of non-debt finance
•
Well structured debt pipeline with undemanding repayment schedule
•
Chairman and CEO’s review
•
Delivering value from
operations
•
Mineral reserves and
resources
•
CFO review
Sustainability
embedded
as the way we
do business
•
Sustainability strategic framework refresh supported by 2030 and 2050
targets and underpinned with a Pyramid for Positive Change to move
strategy to action
•
Women in management increased to 28.4% (2023:26.4%)
•
Group and regional socioeconomic study completed demonstrating shared
value benefits across the different ecosystems
•
Paid dividends of approximately R308m to several community trusts
•
7.6%1 less water purchased compared to 2023
•
Financial close of the 140MW Umsinde Emoyeni wind farm. 407MW of
dedicated renewable energy projects now in construction
•
Chairman and CEO’s review
•
Social, Ethics and
Sustainability Committee:
Chair’s report
•
People: Socioeconomic
development
•
Planet: Minimising our
environmental impact
•
Governance in sustainability
1. Excluding AUS region, Reldan and Keliber Lithium project
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OUR STRATEGIC DIFFERENTIATORS
Opportunities to distinguish ourselves in the global minerals industry
We continue to make progress on our strategic differentiators that will allow us to occupy a distinctive position in the global minerals industry.
Further key steps were taken in 2024 towards shaping a unique portfolio of green metals and energy solutions as summarised in the following
bullets. The steady progress continues to be transformational for the Group.
•
Acquisition and integration of Reldan proceeding well building our recycling footprint and generating value
•
10% of revenue earned from secondary mining activities with 12% from recycling in 2024 and contributing 24% and 5% of
EBITDA, respectively
•
Keliber lithium project advancing and set to start the ramp up into production during 2026 diversifying the Group’s metals mix
•
Mount Lyell and GalliCam feasibility study work advancing towards investment decisions on expanding the portfolio of green metals
The other three differentiators relate to how we conduct our production operations, and represent the basis for elevating our business
performance to a higher level of excellence than can be achieved solely through focusing on the business basics and fundamentals. We are
steadily embedding principles and practices that make us inclusive, diverse and bionic, that ensure we operate in concert with our
stakeholders as part of cohesive pandemic resilient ecosystems, and that will lead to us being recognised as a force for good in terms of what
our business activities deliver to all stakeholders. The differentiators are supported by our drives to foster a culture of innovation, promote trust
and transparency with stakeholders, and apply anti-fragility principles to strengthen our organisation against risks and embrace opportunities.
While not always directly linked to the strategic differentiation that we aspire to achieve, numerous examples of how this is being achieved
are presented throughout this integrated report.
Recognised as a force
for good
Inclusive, diverse and bionic
Building pandemic-resilient
ecosystems
Unique global portfolio
of green metals and energy
solutions that enable reversal of
climate change
OUR PYRAMID OF POSITIVE CHANGE
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Good Corporate Citizenship: At the base of the pyramid, good corporate
citizenship represents the minimum requirement. How we demonstrate
adherence to laws and regulations, paying liveable wages, treating
employees fairly, and acting ethically in all business dealings.
Corporate Social Investment (CSI) & Corporate Social Responsibility
(CSR): The next level involves going beyond legal obligations to
proactively contribute to societal welfare This includes philanthropy,
volunteer programmes, and partnerships with non-profit organisations.
Environmental, Social, and Governance (Sustainability): As we moves
up the pyramid, the focus broadens to encompass sustainable and
responsible business practices across all areas of operation. This
requires consideration of environmental impact, social equity, and
corporate governance in decision-making processes.
Creating Shared Value: At the apex of the pyramid, the activities we
undertake to create shared value, where business success and societal
progress are mutually reinforcing.
A framework for
operationalising our intent
to deliver superior shared
value and be Recognised
as a force for good
MANAGING OUR RISKS AND OPPORTUNITIES
WITHIN THE INTERNAL AND EXTERNAL ENVIRONMENTS
OUR APPROACH
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Sibanye-Stillwater’s enterprise-wide risk management (ERM)
approach is based on the adopted guidelines of ISO 31000
International guideline on risk management, the Committee of
Sponsoring Organisations of the Treadway Commission (COSO)
framework and the requirements of King IV South African Report on
Corporate Governance.
Our ERM process is an integral part of our business strategy, is
seamlessly integrated into strategic planning to enable informed
decisions, minimise negative impacts, and capitalise on
opportunities. Our risk management culture is aligned with our
purpose, vision, and values, and permeates all business units,
operations, and projects, including new acquisitions, with oversight
from our Risk Committee reporting directly to the Board. This structure
ensures that governance remains a priority as management handles
the implementation of our comprehensive ERM framework. An
independent review of the ERM process and adherence to adopted
guidances and best practices is performed on an annual basis.
Our ERM process encompasses both a top-down company strategic
focus as well as a bottom-up regional, operational and business
unit focus.
Risk identification and mitigation are systematically structured
throughout the organisation, with a Group strategic risk register
and regional risk registers maintained, and further supported by
operational and business unit risk registers. The C-suite has
conducted a thorough review of the Group's strategic risks,
evaluating both internal and external factors and identifying new
and/or emerging risks not currently listed, while considering the
alignment of previously identified risks with new developments
affecting the Group's long-term sustainability.
Key strategic objectives articulated in the 3D strategy link directly to
risk factors, which are evaluated not only for potential failures, but
also for their impact on various business scenarios. Each risk factor
includes detailed sections on vulnerabilities, triggers, and
consequences, clearly distinguishing inherent threats and
opportunities.
While some risks are managed at the Group corporate level, many
mitigation efforts are tailored to regional circumstances, as
documented in the regional risk registers. Management continues to
assess the effectiveness of current mitigating controls and advocates
for the integration of Group and regional risk registers using the Inclus
system to avoid duplication. Further mitigating controls in the process
of implementation are tracked on a quarterly basis in order to assess
their effectiveness once implemented.
(Also see Corporate governance, page 27).
Our risk management process
Governance
structures involved
ESTABLISHING THE CONTEXT
•
Review and update strategic and operational goals
•
Evaluate internal and external environments and the impact on strategic and operational objectives
•
Review our risk appetite per strategic risk category
•
Set and approve risk tolerance levels
•
Review and update the impact matrix
•
Review and update the role and responsibility matrix
IDENTIFY
•
Implement risk management processes in line with the ERM framework – daily at the operational and
business units
•
Identify threats or opportunities to strategic goals
•
Scan internal and external business and operating environment for new risks
•
Compile risk register – by function for Group, operating segment, operations, service departments and/or business units
ANALYSE AND EVALUATE
•
Interrogate risks to understand root causes and consequences to strategic focus areas
•
Assess the severity and likelihood of risks
•
Rank risks according to severity and likelihood
•
Assess and prioritise mitigation
ASSESSMENT AND RESPONSE
•
Identify current controls
•
Develop further enhancement plans and implement controls
•
Monitor adequacy of controls
REVIEW REPORT AND MONITOR
Roles and responsibilities matrix:
Executive management:
•
Responsible for overall risk governance, for managing and monitoring success of controls and mitigation plans, and for
determining whether risks are within the limits of our risk appetite
•
Participates in annual strategic risk workshop; reviews risk register; conducts risk analyses, e.g., PESTLE
•
Is supported by Corporate strategy and Group Risk management functions
•
Reports to the Risk Committee
Risk Committee and Board:
•
Reviews Group and regional priority risk registers submitted by executive management (twice yearly)
•
Assesses and approves Group risk appetite and tolerance levels annually
All levels of management, outside formal review cycles, are responsible for monitoring and responding timeously to risks and
material developments.
Governance structures involved
A
At operating level, business units and Group level
C
Executive management
E
Board
B
Risk management function
D
Risk Committee
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SIBANYE-STILLWATER INTEGRATED REPORT 2024
45
Risk appetite and tolerance
The Sibanye-Stillwater Board oversees risk management within the
Group, delegating implementation and monitoring to the Risk
Committee. The Board annually approves our risk appetite and risk
tolerance framework (RATF).
Risk appetite defines the level of risk we're willing to accept to
achieve goals. It includes key indicators, tolerance levels, and
triggers for remedial actions if exceeded. We factor in various
internal and external influences to gauge risk severity and likelihood.
Management reviews current controls and plans enhancements to
mitigate risks. If residual risk exceeds our appetite, additional
measures are taken to bring it within acceptable levels.
We take a moderate to high-risk approach to production variability
but continually seek long-term sustainability through cost
management, new technologies, and expertise. Our growth relies on
bold, ethical leadership, supported by research and development
for an objective market view. Significant acquisitions or projects align
with a moderate risk appetite. For financial instruments, we adopt a
low-risk strategy, maintaining prudent leverage, indebtedness, and
liquidity levels.
The 2024 Risk appetite and tolerance framework is presented
annually to Risk Committee for review and approval. The
committee consented to the proposal for risk levels of “low”,
“moderate”, and “high”; and supported the idea that the Group
should have a very low tolerance for Sustainability risks.
The Risk appetite and Risk tolerance framework is used as a
guidance by the Board to assess and monitor the mitigating controls
as to their effectiveness in managing the residual risk exposure in line
with our appetite and tolerance levels.
COMPLIANCE MONITORING
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Our Group compliance function monitors compliance with global
corporate standards and requirements associated with our stock
exchange listings, as well as regional compliance departments for
Southern Africa and Europe; noting that the Americas region has a
fully functional compliance department which mirror some of the
corporate functions based in South Africa (e.g. tax). Each region has
taken responsibility for its own regulatory compliance, information
governance, and privacy programmes and activities, within the
broader guidance and strategy of Group compliance.
Regulatory compliance
Certain legislative requirements are mission critical, by which non-
compliance could potentially lead to the revocation of our
operating licence, significant financial loss, or reputational damage.
These critical requirements include the Companies Act, JSE Listings
Requirements, U.S. Securities and Exchange Commission
requirements, Carbon Tax Act, Financial Intelligence Centre Act
(FICA), National Health Insurance Act, the Mining Charter, LPPM
Responsible Platinum Palladium Guidance (RPPG), and the King IV
Report on Corporate Governance™ for South Africa, 2016 (King IV).
Our adherence to these regulations is robust, ensuring that our
licence to operate remains secure.
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SIBANYE-STILLWATER INTEGRATED REPORT 2024
46
Early morning on the surface area of the K4 shaft, SA PGM operations
TOP 10 RESIDUALLY1 RANKED RISKS
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Change in top 10 residual risk ranking
ñ
Elevated to top 10
residual ranking
ö
Increased
÷
Decreased residual
risk ranking
ú
No change in
residual risk ranking
ø
New risk
Residual risk ranking status
Low ranking (1-6)
Medium ranking (7-19)
High ranking (20-25)
Ranking
Ranking
change
Top risks (click to detailed description)
Inherent
risk
rating
Residual
risk rating
2024
2023
1
2
ö
1. CHANGING WEATHER PATTERNS MAY CAUSE ASSETS DAMAGE AND BUSINESS
INTERRUPTION
16
12
2
11
ö
2. COMPROMISED BUSINESS AND OPERATIONS MANAGEMENT SYSTEMS
16
9
3
New
ø
3. ECONOMIC CLIMATE AND OPERATIONAL PERFORMANCE MAY INFLUENCE THE STRENGTH
OF THE BALANCE SHEET
16
9
4
12, 13
& 19
ö
4. THE COMPANY’S GROWTH IN TARGETED COMMODITIES AND REGIONS MAY DEPART
FROM INTENDED TRAJECTORY
16
9
5
9 & 15
ö
5. SHARED VALUE DELIVERY MAY FALL SHORT OF DESIRED LEVELS AS A RESULT OF PRESSURE
ON THE PROFITABILITY OF OPERATIONS
16
9
6
3
÷
6. TRANSITIONAL RISKS DUE TO CLIMATE CHANGE IMPACT
16
9
7
New
ú
7. HEALTH AND SAFETY PERFORMANCE MAY IMPAIR COMPANY BRAND
16
9
8
New
ø
8. GEOPOLITICAL DEVELOPMENTS MAY INFLUENCE THE RELIABILITY OF SUPPLY CHAINS
(UPSTREAM AND DOWNSTREAM) THAT SERVE THE CORPORATION’S OPERATIONS
16
9
9
New
ö
9. TECHNOLOGICAL DEVELOPMENTS MAY DISRUPT THE MARKETS SERVED BY THE
COMPANY AND REQUIRE STRATEGIC ADAPTATION BY THE ORGANISATION TO REMAIN
COMPETITIVE AND RELEVANT
16
9
10
6 & 10
ú
10. THE VALUE DERIVED FROM ACQUISITIONS MAY DEPART FROM THE ANTICIPATED LEVELS
12
9
1
Residual risk is the amount of risk that remains after the effectiveness of current internal controls is taken into account
2
New stand alone Group risk through aggregation of regional safety risks and consideration of the reputational impact
For more information on these risks, see page 50 of this section.
Sibanye-Stillwater risk matrix
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SIBANYE-STILLWATER INTEGRATED REPORT 2024
47
Risk dynamics – movement in Group risk rankings
In 2023 the residual risk ranking of the risks below had their risk ranking as part of the Top 10 Strategic Risks for the period. During the 2024
period, these risks were assessed and evaluated which resulted in their movement out of the top 10 strategic risks. They remain part of the top
risks on our strategic threats and opportunities register. Appropriate mitigating controls remain in place ensuring that the risk exposure is
well managed.
Previous
ranking
(2023)
Risk
Explanation for decrease in residual risk
1
Energy availability
The residual risk ranking on energy availability reduced for the 2024 financial year mainly due to effective
mitigating strategies that have been implemented through the organisation. It remains one of the risks that
have the potential to change in ranking especially in the South African region as there is still exposure to
fluctuations in Eskom’s Energy Availability Factor (EAF) and the constant increases in energy costs.
4
Failure to enable resilient
communities
Our local communities remains one of our most important stakeholders. This risk once as stand alone risk
addressing various issues of communities as a stakeholder, the risk has been consolidated to better capture
all issues relating to communities as a stakeholder. The risk name in 2024 is “ The degree to which the
company operates as an integral part of local communities may influence business effectiveness” with a risk
ranking of 14 in the 2024 period.
5
Lack of technical and
operating capability
Ensuring that we have appropriately skilled and knowledgeable personnel within the organisation remains
important. Appropriate mitigating strategies continue to be implemented for this exposure. The movement
in ranking out of the top 10 was due to the environment exposures and the addition of new threats
identified during the period.
7
Company resilience against
catastrophes and pandemics
The residual risk ranking for energy availability has decreased for the 2024 financial year, primarily due to the
effective mitigation strategies that have been developed within the organisation. Additionally, there has
been a reduction in the likelihood of such events occurring, apart from those major incidents tracked
separately through other risk categories. However, energy availability remains a risk that could suddenly
change in ranking. The Group continues to monitor both internal and external environments for any
indicators of this potential shift.
8
Rate of technological
change (In respect of current
and future operations and
energy solutions)
Rate of technological change (in respect of current and future operations and energy solutions) remains a
top strategic risk ranking 11 in 2024. Mitigating strategies remain in place to manage the risk exposure and
ensure that we are kept abreast with all technological developments and requirements in our business.
RISKS BY REGION
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Risk and opportunity management is integrated at all levels of the organisation ensuring appropriate tracking and mitigation by the
responsible leaders, who have the relevant skills and knowledge to execute on strategies defined. In addition to our Group Strategic Risk
Assessments we note at Group level the focus is on strategic threats and opportunities in line with our strategy. Regions support the Group
strategy and their potential threats and opportunities could be both strategic and operational. Regional management teams meet at
least twice a year to identify, measure, mitigate and monitor threats and opportunities that could from a regional perspective have an
impact on the Group or Region to achieve objectives of the Group or Region.
The 2024 top risks identified for each of the regions were:
Risks applicable to all operations
SA region
US region
EU region
AUS region
1. Under delivery on operational
plans
2. Continuous improvement in
health and safety objectives
3. Security and cost of electricity
supply
4. Inability to manage the costs of
declining gold production
profile
5. Water: Security of supply/
demand/quality
6. Execution of mine closure plans
7. Crime
8. Social unrest
9. Political environment in
South Africa
1. Economic impacts
2. Failure to deliver on business
plans (annual and long-term)
3. Labour/Skills shortage
4. Catastrophic mining or
processing unit / refinery
accident
5. Change in or non-compliance
with environmental, mining
regulations / operating
regulations (or social licence)
6. Labor contract negotiations
7. Supply chain challenges
8. Failure to meet stakeholder
expectations
9. Failure to realise value
accretive growth, sub-optimal
and failed acquisitions
10. IT systems
1. Safety incidents/accidents with
sites in construction phase
2. Unfavourable commodity
pricing
3. Delay and/or cost overrun in
Keliber construction
4. Unsuccessful Keliber
commissioning and/or ramp up
5. Unsuccessful delivery of the
GalliCam project
6. Environmental Incidents
7. Social action from employees
8. Attraction and retention of
required skills
9. Cyber Attack and IT risks
1. Inability to fund growth
opportunities
2. Unfavourable commodity
pricing and treatment charges
3. Failure to grow the region given
short remaining life of mine of
Century operation
4. Inability to attract and retain
skilled staff
5. Adverse climate change, and
changing weather patterns
6. Excessive dilution / poor
economics of operation as end
of operation approaches
7. IT systems and cybersecurity
event
8. Regional cashflow management
9. Catastrophic infrastructure or
asset failure
10. Century operation Estimated
Rehabilitation Cost
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SIBANYE-STILLWATER INTEGRATED REPORT 2024
48
OUTLOOK – SIGNIFICANT EMERGING RISKS AND TRENDS
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Emerging Group risks
The emerging risks currently being closely monitored are:
New acquisitions, joint
ventures (JV)
or associate investments
This is about how we ensure that new
acquisitions have good corporate
governance and responsible citizenship
that meets our expectations. It also
addresses the risk of unrealised value due
to strategic misalignment at JVs,
associates or partnerships.
This risk is managed through effective management oversight
at CxO level over the integration of acquisitions into our
operations, and our joint venture and other commercial
interests. It relates to the strategies: Unique global portfolio of
green metals and energy solutions that enable reversal of
climate change; Maintaining a profitable business and
optimising capital allocation; Sustainability embedded as the
way we do business. We hold thorough audits (if necessary
using third-party auditors) to assess compliance of newly
acquired operations to our standards and values.
Additionally, we take care to assess their skills, financial
strength and reputation in the marketplace.
Increasingly exacting
Sustainability expectations
Recently, the discourse surrounding ESG
has shifted towards a strong anti-ESG
sentiment in some jurisdictions, while in
other countries, there is a subtle push for
climate change and diversity initiatives.
Navigating the complexity of ESG and
sustainability compliance in this changing
climate and against the backdrop of the
regional divergence is becoming ever
harder, particularly given that the Group
operates in multiple territories in the
context of a complex and multifaceted
global political, regulatory and
compliance environment.
We are a sustainable company underpinned by goals of
justice and equality and our actions are informed by our
values. Thus, our controls for this risk are centred around our
sustainability strategy. Further, we have position statements
for key environmental areas (water, land, biodiversity,
energy) and policy frameworks for priority areas. We also
adhere to the ICMM, and the WGC responsible mining
principles, which are assured (limited assurance) by external
assurance providers. Our institutional structures are being
improved to define exactly who is responsible for executing
and reporting on which aspects. We are considering
sustainability across the full value chain, including mergers
and acquisitions, and closure. We are diversifying into
recycling, across all our metals. We are developing a
socioeconomic strategy (including social cohesion), as well
as science-based targets and sustainability related LTIs.
Value realisation through
capital allocation
External factors, most significantly
sustained depressed PGM prices, are
impacting on the Group’s profitability and
cash generation. Proactive review of
short term capital allocation and prudent
financial management can assist in
navigating these challenges, ensuring
resilience through a depressed phase in
the commodity cycles.
The CFO owns this risk, which relates to our strategic essential,
Maintaining a profitable business and optimising capital
allocation, and our strategic differentiator, Unique global
portfolio of green metals and energy solutions that enable
reversal of climate change. Our financial decision-making is
governed by best practice structures and mechanisms to
manage liquidity and costs, with debt well planned for the
long term, and costs planned and managed within clear
limits (See Profitable business and capital allocation,
page 75). During 2024, the Group accessed innovative non-
debt financial instruments to reinforce the balance sheet. This
involved accessing various sources of capital not commonly
utilised in the SA mining industry. These instruments were
carefully considered and implemented to maintain balance
sheet integrity, enhance liquidity and manage risks through
the cycle.
For additional information about our risks, see “Risk Factors” in our Form 20-F www.sibanyestillwater.com/newsinvestors/reports/annual/
Risk
Explanation
Our response
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SIBANYE-STILLWATER INTEGRATED REPORT 2024
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Top 10 Group strategic risks
Group strategic risks are defined as those threats with the adverse impact on the Group’s ability to deliver on our three-dimensional
strategy. The top 10 strategic risks are ranked based on their residual risk rating after the implementation of appropriate and effective
mitigating controls.
OPERATIONAL I ECONOMIC I FINANCIAL I SOCIAL
1. CHANGING WEATHER PATTERNS MAY CAUSE ASSET DAMAGE AND BUSINESS INTERRUPTION
Risk Response: Treat
Ranking Movement from prior years: Ranking
Increased
MATERIAL MATTERS:
M5, M6, M7, M8, M9
SUSTAINABILITY THEME AND PILLAR:
Planet: Climate leadership
Type of risk and strategic impact
Underlying vulnerabilities and triggers
RELATED STRATEGIC OBJECTIVE
Achieving strategic essentials, particularly
Prospering in every region in which we
operate
CAPITALS AFFECTED
Natural, Manufactured
BOARD OVERSIGHT COMMITTEES
Risk Committee; Safety and Health Committee;
Social, Ethics and Sustainability Committee.
The Chief Sustainability Officer with support
from Chief Regional Officers is ultimately
responsible for this risk.
1. Assets exhibit different degrees of vulnerability depending on geo location and global
warming scenarios (e.g. heat stresses, drought, etc.)
2. Older assets are not designed for withstanding some of the risk events
3. State of South African's national utility infrastructure
4. Low readiness of assets and communities to deal with extreme weather events
5. More erratic extreme events as a result of the warming climate
6. Changes and updates to the regulatory environment – promulgation of laws and
regulations, including carbon pricing and climate financing, to combat global warming
7. Failure to implement relevant TCFD recommendations
8. Slow to adopt better technology that improves operational resilience
9. Tailings storage facilities (TSF)– Rainfall in excess of design, high risk TSFs in close proximity
to communities
Consequences
Current control
Planned control enhancement
1. Business interruption, financial loss,
environmental and safety impact
2. Investment in asset resilience decisions made
today, could be affected by weather
variability associated with long-term climate
change in the future
3. Impacted communities – health,
infrastructure and livelihoods
4. Reduced investability, increased cost of
capital and reputational damage
5. Capital and operational costs to build
climate change resilience to changing
weather patterns and extreme events
1. Building a climate change resilient business
and operationalising the TCFD at all
operations through risk management,
finance and engineering interventions
2. Ensuring we have the necessary access to
resources to limit business disruption (e.g.
electricity, water, labour, etc.)
3. Climate change scenario analysis and the
TCFD aligned Action Plans which include
demand side energy management and
diversified energy mix (Will be revisited and
recalibrated every five years basis resilient
plans will be adjusted accordingly), see the
Climate Change supplement,
www.sibanyestillwater.com/news-investors/
reports/annual and page 189 of the
Combined Integrated report.
4. Innovation through technology and
automation for better efficiencies
5. TSF – GISTM alignment
6. TSF – rigorous surveillance programmes with
internal (Tailings Engineering) independent
review (EORs, ITRB) including management
of risks to vulnerable doorstep communities
1. Develop and implement a Sibanye-
Stillwater Climate resilience road map
2. Implementation of a Group Climate
Change strategy and/or Decarbonisation
Strategies
3. TCFD recommendations to be rolled out to
regions for implementation
4. Aligning the vulnerability assessments
with social obligations to promote the
just transition
5. Developing a carbon offsets policy,
implementing appropriate carbon trading
schemes, investigate carbon storage –
impact hard to abate emissions
6. Absolute emission reduction targets to be
ratified by SBTi
7. Development of pipeline of
decarbonisation projects and alternatives
(e.g. creating project optionality, multiple
sites, etc.)
8. Modelling tailings storage facilities climate
change risks
9. Further enhancements to tailings storage
facilities surveillance programmes through
use of new technologies
10. Rollout of the water stewardship
programme
11. TCFD represented in Short Term
Incentives (STi)
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OPERATIONAL I ECONOMIC I FINANCIAL I SOCIAL
2.COMPROMISED BUSINESS AND OPERATIONS MANAGEMENT SYSTEMS
Risk Response: Treat, Transfer and Tolerate
Ranking Movement from prior years:
Ranking Increased
MATERIAL MATTERS:
M12, M15
SUSTAINABILITY THEME AND PILLAR:
Governance: Committed and accountable
business
Type of risk and strategic impact
Underlying vulnerabilities and triggers
RELATED STRATEGIC OBJECTIVE
Instrumental in building pandemic-
resilient ecosystems
CAPITALS AFFECTED
Human, Intellectual, Social & Relationship
BOARD OVERSIGHT COMMITTEES
Risk Committee; and Audit Committee.
The Chief Financial Officer, with support
from Chief Regional Officers, is ultimately
responsible for this risk.
1. Information technology and operational technology systems dependencies and inter-
dependencies
2. Risks associated with cloud-based computing
3. Increased global cyber crimes
4. Old or obsolete IT application systems and equipment
5. Reduced or no legacy system support from OEM's
6. Inadequate disaster recover capability
7. Unknown or unsupported systems installed on user's personal computers
8. Voluminous personal information stored within IT systems
9. Multiple systems added with acquisitions and time to integrate to Sibanye-Stillwater
standards
10. Increasing global regulation relating to personal information and privacy protection
11. Digitalisation and process automation increasing exposure, ambiguity and dependence.
12. Security at home/Home Networks vulnerability – company ICT not in control of security
13. Negligence or lack of knowledge of systems users
14. Hardware/network sabotage
Consequences
Current control
Planned control enhancement
1. Loss of information/data
2. Breach of confidential information
3. Extortion (Ransomware attacks)
4. Increased costs
5. Operational disruptions
6. Extended business interruptions
7. Health and safety risk to employees –
failing/sabotage of infrastructure
8. Damaged reputation and/or image
9. Fines and/or legal expenses
10. Internal and external fraud
11. Reduced employee trust following a cyber
breach, potentially undermining a range of
employer initiatives
1. Extended detection and response (XDR)
deployment
2. Firewalls with adequate rule sets
3. Internal and external security monitoring –
Security operations centres
4. Multiple character passwords and where
applicable two-factor authentication
5. Systems and security patching
6. Closed USB/external device ports
7. Quarterly penetration/vulnerability testing
8. Scheduled system backups
9. Disaster recovery system in place and
regular testing
10. Incident response protocol
11. ICT Code of conduct, policies and
procedures
12. Employee user education and awareness
13. Segregated networks
14. Critical hardware redundancy strategy
15. Investigation response
16. POPIA Compliance Monitoring Platform
17. ISO 27001 accreditation (Group and
SA region)
1. ISO 27001 assessment and accreditation
(Europe, Australia and US Regions)
2. Dedicated Security focus in ICT department
3. Business continuity management
4. Creating a zero-trust environment
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OPERATIONAL I ECONOMIC I FINANCIAL I SOCIAL
3. ECONOMIC CLIMATE AND OPERATIONAL PERFORMANCE MAY INFLUENCE THE STRENGTH OF THE BALANCE SHEET
Risk Response: Treat and Tolerate
Ranking Movement from prior years: New
risk
MATERIAL MATTERS:
M1, M3
SUSTAINABILITY THEME AND PILLAR:
Prosperity: Shared value and domestic
prosperity
Type of risk and strategic impact
Underlying vulnerabilities and triggers
RELATED STRATEGIC OBJECTIVE
Instrumental in building pandemic-
resilient ecosystems
CAPITALS AFFECTED
Financial
BOARD OVERSIGHT COMMITTEES
Risk Committee; and Audit Committee.
The Chief Financial Officer, with support
from Chief Regional Officers, is ultimately
responsible for this risk.
1. Declining earnings profile (12-month trailing)
2. Unrealised value from acquisitions
3. US operations (cost profile exceeds revenue profile)
4. SA gold wage negotiations
5. Dependency on South Africa region
6. Volatile commodity prices
7. Under-delivery on production plan
8. Cost over-expenditure
9. Exchange rate fluctuations
Consequences
Current control
Planned control enhancement
1. Covenant breaches
2. Rescue-type refinancing
3. Unable to progress strategy
1. Dynamic forecasting
2. Supportive relationship banks
3. Monthly and quarterly reviews
4. Anti-fragility through pre-pays and streams
1. Alternative non-debt financing / additional
liquidity
2. Value realisation from current portfolio
through project developments and
partnerships
OPERATIONAL I ECONOMIC I FINANCIAL I SOCIAL
4. THE COMPANY’S GROWTH IN TARGETED COMMODITIES AND REGIONS MAY DEPART FROM INTENDED TRAJECTORY
Risk response: Treat
Ranking movement from prior years: Ranking
increased
MATERIAL MATTER:
M1, M3
SUSTAINABILITY THEME AND PILLAR:
Planet: Climate leadership
Prosperity: Shared value and domestic
prosperity
Type of risk and strategic impact
Underlying vulnerabilities and triggers
RELATED STRATEGIC OBJECTIVE
Instrumental in building pandemic-
resilient ecosystems
CAPITALS AFFECTED
Intellectual, financial, manufactured, human
BOARD OVERSIGHT COMMITTEES
Risk Committee; Audit Committee; and
Investment Committee. The Chief Executive
Officer, with the support of the Chief Regional
Officers, is ultimately responsible for this risk.
1. Competition high for green metals with unrealistic value expectations and strong
balance sheets
2. Primary mining opportunities well advanced in the mine development cycle scarce
3. Downstream value chain deploying capital indiscriminately
4. Target metals dependent on evolution of battery technology
5. Commodity price volatility
6. Permitting and approval time frames for new mines
7. Global urgency to combat climate change from policy-makers and investors (enabler)
8. Scarce opportunities with excessive valuations inhibiting smart entry into battery metals
9. Market disruptions and geopolitical instability impacting funding
Consequences
Current control
Planned control enhancement
1. Sub-optimal delivery on corporate purpose
and vision
2. Window of opportunity missed to
participate in the formation of regional
battery ecosystems
3. Loss of stakeholder confidence in our ability
to manage the pivot into battery metals
4. Risk of overpaying in cyclical industries and
destroying value with an overextended
balance sheet
5. Enhanced business portfolio robustness
through diversification not realised
1. Strategic market intelligence supported by
commodity champions
2. Comprehensive global opportunity
identification network
3. Strategic presence in key target
ecosystems for growth (Europe, North
America and Australia)
4. Adaptive business development strategy
catering for dynamic markets
5. Build through ecosystem partnerships where
possible
6. Disciplined due diligence and decision-
making process
7. Responsive and robust investment decision
framework
8. Disciplined capital allocation framework
9. Prudent financial policies on leverage and
liquidity
10. Capital project management framework
1. Formalised financial policy on targets for
key financial metrics
2. Attract new talent to the Group
3. Adopt smart commercial and financial
models for M&A activities
4. Strengthen Sibanye-Stillwater credit profile
through operational delivery and
geographical diversification
5. Improved ability to identify critical nodal
points that provide leverage over the
opportunities
6. Strengthen preferred partner status in target
ecosystems
7. Strengthen green metal value chain
integration
8. Deal structuring innovation
accommodating balance sheet pressure
9. Intensify advancement of organic growth
opportunities (uranium, feasibility studies)
OUR BUSINESS
AND LEADERSHIP
WHAT
DRIVES US
OUR
PERFORMANCE
ANCILLARY
INFORMATION
MANAGING OUR RISKS AND OPPORTUNITIES WITHIN THE EXTERNAL ENVIRONMENT continued
SIBANYE-STILLWATER INTEGRATED REPORT 2024
52
OPERATIONAL I ECONOMIC I FINANCIAL I SOCIAL
5. SHARED VALUE DELIVERY MAY FALL SHORT OF DESIRED LEVELS AS A RESULT OF PRESSURE ON THE PROFITABILITY OF OPERATIONS
Risk Response: Treat
Ranking movement from prior year: Ranking
increased
MATERIAL MATTERS:
M1, M4, M10, M14
SUSTAINABILITY THEME AND PILLAR:
Prosperity: Shared value and domestic prosperity
Type of risk and strategic impacts
Underlying vulnerabilities and triggers
RELATED STRATEGIC OBJECTIVE
Unique global portfolio of green
metals and energy solutions that
enable reversal of climate change
CAPITALS AFFECTED
Financial, Nature, Social and Relationship
BOARD OVERSIGHT COMMITTEES
Investment Committee; Audit Committee
and Risk Committee. The Chief Sustainability
Officer and Chief Regional Officers are
ultimately responsible for this risk.
1. Lack of mining flexibility and technical complexity (e.g. seismicity)
2. Onerous regulatory environments
3. Unwieldy labour relations and regulations
4. Fragility of global supply chains
5. Global disruptions e.g. pandemic, war, supply chains etc.
6. Commodity price volatility – departure from planned prices and long-term expectations
7. Critical infrastructure unavailability
8. Global inflation beyond historical/forecasted levels
9. Production interruptions arising from safety incidents
Consequences
Current control
Planned control enhancement
1.
Loss of investor confidence
2.
Reputational impact
3.
Deterioration of stakeholder relationships
4.
Difficulty delivering on community
programmes
5.
Inability to deliver on expectations for shared
value creation
6.
Negative impact on the sustainability of the
business"
1.
Social compacts to be aligned to
business planning processes and
annual reviews with stakeholders
and business
2.
Manage expectations of our
stakeholders in terms of our
contribution in social compact
3.
Reliable and credible disclosure
4.
Trust based social dialogue
1.
Securing independence from unreliable public
services in South Africa
2.
Business taking leadership position in supporting
enhanced public service delivery
3.
Application of intelligent advances in the business
4.
Instilling a strengthened culture of innovation
5.
Embedding anti-fragility and pandemic resilience
6.
Endemic trust and transparency
7.
Communicating our shared value/impact across all
stakeholders
8.
Flexibility built into social compacts to account for
the cyclical nature of our commodities
OPERATIONAL I ECONOMIC I FINANCIAL I SOCIAL
6.TRANSITIONAL RISKS DUE TO CLIMATE CHANGE IMPACT
Risk Response: Treat
Ranking movement from prior year: Ranking
decreased
MATERIAL MATTERS:
M5, M6, M7, M8
SUSTAINABILITY THEME AND PILLAR:
Planet: Climate leadership
Type of risk and strategic impacts
Underlying vulnerabilities and triggers
RELATED STRATEGIC OBJECTIVE
Unique global portfolio of green metals
and energy solutions that enable reversal
of climate change
CAPITALS AFFECTED
Financial, Natural
BOARD OVERSIGHT COMMITTEES
Audit Committee; Social, Ethics and Sustainability
Committee and Risk Committee. The Chief
Sustainability Officer, with the support of the Chief
Regional Officers, is ultimately responsible for this risk.
1.
Uncertain political and regulatory environment may impact on our climate
response programme
2.
Change in technologies and fuel sources – changing or new commodity requirements
3.
Market expectations around carbon product footprint
4.
Reputational – Failure to act or perform will erode competitiveness
5.
Decarbonisation technology availability and viability (e.g. green H2, low-profile BEVs);
6.
Climate investments and the short to medium term cost of climate financing
7.
South African national utility's ability to diversify (renewables)
8.
Multi-national with operations in litigious jurisdictions
Consequences
Current control
Planned control enhancement
1.
Financial impact – Carbon pricing (region
specific – tax versus ETS or hybrids)
2.
Increased cost and reduced availability
of materials (timber, cyanide, explosives,
lime, cement, diesel and water etc.)
3.
Anticipated carbon border taxes –
increased costs to move product and
supplies/equipment inward and outwards
4.
Compromise the ability to meet the
Group commitment to be carbon neutral
by 2040 / eroded demand for products
due to carbon intensity
5.
Reduced investability, increased cost of
capital and reputational damage
6.
Litigation and reputational risk
1.
Actively pursuing strategic opportunities
in green metals, recycling and other
energy related businesses that aid in the
global low-carbon transition
2.
Roadmap and action plans to carbon
neutrality by 2040
3.
Transparent disclosure on climate and
nature (e.g. TCFD)
4.
Climate change scenario analysis
based on the latest IPCC reports and
assessment of climate change risks and
opportunities (revisited as necessary)
5.
Committed to a climate change
response programme including regular
reviews and updates of climate risks and
opportunities
1.
Develop and implement a Sibanye-Stillwater Climate
resilience road map
2.
Development and implementation of a Group
Climate Change strategy and/or Decarbonisation
Strategies
3.
TCFD scenario analyses to assist with the financial
planning required to manage identified climate
change risks and opportunities (both physical and
transitional risks)
4.
Developing a carbon offsets policy, implementing
appropriate carbon trading schemes, investigate
carbon storage – impact hard to abate emissions
5.
Modelling tailings storage facilities climate
change risks
6.
Further enhancements to tailings storage facilities
surveillance programmes through use of new
technologies"
OUR BUSINESS
AND LEADERSHIP
WHAT
DRIVES US
OUR
PERFORMANCE
ANCILLARY
INFORMATION
MANAGING OUR RISKS AND OPPORTUNITIES WITHIN THE EXTERNAL ENVIRONMENT continued
SIBANYE-STILLWATER INTEGRATED REPORT 2024
53
OPERATIONAL I ECONOMIC I FINANCIAL I SOCIAL
7. HEALTH AND SAFETY PERFORMANCE MAY IMPAIR COMPANY BRAND
Risk Response: Treat
Ranking movement from prior year: Ranking
unchanged
MATERIAL MATTERS:
M1, M2, M4, M10
SUSTAINABILITY THEME AND PILLAR:
People: Value our people
Type of risk and strategic impact
Underlying vulnerabilities and triggers
RELATED STRATEGIC OBJECTIVE
Instrumental in building pandemic-
resilient ecosystems
CAPITALS AFFECTED
Human, intellectual, social and relationship
BOARD OVERSIGHT COMMITTEES
Social, Ethics and Sustainability Committee;
Risk Committee; Audit Committee; and Safety
and Health Committee. The Chief Regional
Officers are ultimately responsible for mitigating
against this risk.
1. Significant deep level, labour intensive mining operations
2. Seismic activity in the gold operations
3. High social risk inherent in South African society
4. Organised labour resistant to change
5. Extensive use of contractors on new project builds
6. Inability to eliminate fatal incidents from our operations
Consequences
Current control
Planned control enhancement
1. Negative impact on employee families.
2. Loss of stakeholder confidence and support
in management
3. Production and financial loss due to
regulatory stoppage and litigation
4. Loss of investor confidence
5. Negative impact on company share price
6. Inability to execute growth strategy
7. Safety lagging indicators worse than
peer companies
1. Fatal Elimination Strategy
2. C-Suite high potential incident (HPI)
Committee
3. Board Safety and Health Committee
4. External Independent advisors
5. Enhanced rock-engineering modelling
techniques
6. Investment in new safe technologies
7. Group Minimum Standards
8. Zero Harm Framework
9. Continuous safety training for employees
10. Maintenance of safety certifications
11. Voluntary work stoppages
1. Culture change programme embedding
Values based decision-making
OUR BUSINESS
AND LEADERSHIP
WHAT
DRIVES US
OUR
PERFORMANCE
ANCILLARY
INFORMATION
MANAGING OUR RISKS AND OPPORTUNITIES WITHIN THE EXTERNAL ENVIRONMENT continued
SIBANYE-STILLWATER INTEGRATED REPORT 2024
54
Employees at the Sandouville nickel refinery in France
OPERATIONAL I ECONOMIC I FINANCIAL I SOCIAL
8. GEOPOLITICAL DEVELOPMENTS MAY INFLUENCE THE RELIABILITY OF SUPPLY CHAINS (UPSTREAM AND DOWNSTREAM) THAT SERVE
THE CORPORATION’S OPERATIONS
Risk Response: Treat and Tolerate
Ranking movement from prior year: New risk
MATERIAL MATTER:
M1, M12
SUSTAINABILITY THEME AND PILLAR:
Governance: Committed and accountable
business
Type of risk and strategic impact
Underlying vulnerabilities and triggers
RELATED STRATEGIC OBJECTIVE
Unique global portfolio of green
metals and energy solutions that
enable reversal of climate change
CAPITALS AFFECTED
Financial, manufactured
BOARD OVERSIGHT COMMITTEES
Investment Committee; Audit Committee
and Risk Committee. The Chief Regional
Officers are ultimately responsible for this risk.
1. Dependency on monopoly suppliers
2. Currency fluctuations increase pricing of commodities
3. Mergers and acquisitions reduce suppliers in the market resulting in reduced supplier base
and impact on fair competition for pricing
4. Negative impact on suppliers value chain
Consequences
Current control
Planned control enhancement
1. Reduced commodities, services and logistics
supply
2. Cost of production increased as supply is
reduced and pricing increases
1. Anti-fragility – reinforcing our position in
ecosystems
2. Critical supply analysis with stock-holding
and contingency arrangements
1. Intensification of strategic procurement
2. Business support to improving national
transport and logistics in South Africa
3. Promotion of government measures to
safeguard local supply of PGM's in the US
4. Strategies to build regionally coherent
value chains for critical minerals
5. Review redundancy arrangements for
critical supplies that could be affected by
geopolitical tensions
OPERATIONAL I ECONOMIC I FINANCIAL I SOCIAL
9. TECHNOLOGICAL DEVELOPMENTS MAY DISRUPT THE MARKETS SERVED BY THE COMPANY AND REQUIRE STRATEGIC ADAPTATION
BY THE ORGANISATION TO REMAIN COMPETITIVE AND RELEVANT
Risk Response: Treat and Tolerate
Ranking movement from prior year: Ranking
increased
MATERIAL MATTERS:
M1, M12
SUSTAINABILITY THEME AND PILLAR:
Prosperity: Shared value and domestic
prosperity
Type of risk and strategic impacts
Underlying vulnerabilities and triggers
RELATED STRATEGIC OBJECTIVE
Recognised as a force for good
CAPITALS AFFECTED
Intellectual, financial
BOARD OVERSIGHT COMMITTEES
Audit Committee and Risk Committee.
The Chief Technical and Innovation Officer is
ultimately responsible for this risk.
1. Dependency on legacy industries, customers and sectors that are vulnerable to
technological disruption
2. Rapid growth in the adoption of new technologies, such as electric vehicles or energy
storage solutions
3. Changes in consumer behaviour
4. Supply chain disruptions or changes in global trade policy impacting market demands
5. Limited diversification and ability to adapt to changes in demand or new market
opportunities
Consequences
Current control
Planned control enhancement
1. Reduced demand and revenue and loss of
market share
2. Obsolescence of products and processes
resulting in stranded assets
3. Lack of investment/funding
4. Reputational damage and inability to
attract and retain talent
1. Research capability (e.g. SFA Oxford)
2. Group green metals strategy
3. Bionic Cube – R&D/Market
development fund
4. Product, market and technology innovation
1. Building a portfolio of secondary mining
and recycling
2. Integrated strategic planning along the
value chain
OUR BUSINESS
AND LEADERSHIP
WHAT
DRIVES US
OUR
PERFORMANCE
ANCILLARY
INFORMATION
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SIBANYE-STILLWATER INTEGRATED REPORT 2024
55
10. THE VALUE DERIVED FROM ACQUISITIONS MAY DEPART FROM THE ANTICIPATED LEVELS
Risk Response: Treat
Ranking movement from prior year: Ranking
unchanged
MATERIAL MATTER:
M1,M2,M3
SUSTAINABILITY THEME AND PILLAR:
Prosperity: Shared value and domestic
prosperity
Type of risk and strategic impacts
Underlying vulnerabilities and triggers
RELATED STRATEGIC OBJECTIVE
Unique global portfolio of green
metals and energy solutions that
enable reversal of climate change
CAPITALS AFFECTED
Financial
BOARD OVERSIGHT COMMITTEES
Investment Committee; Audit Committee
and Risk Committee. The Chief Technical
and Innovation Officer is ultimately
responsible for this risk.
1. Stakeholder opposition and interference
2. Loss of critical skills
3. Different requirements per jurisdictions (e.g. talent scarcity, conditions of employment,
lobbying, etc.)
4. Legacy Issues and liabilities
5. Language and cultural barriers
6. Different technology requirements impacting operational effectiveness
7. Limitations in accessing information during due diligence process to support
acquisition decisions
OPERATIONAL I ECONOMIC I FINANCIAL I SOCIAL
Consequences
Current control
Planned control enhancement
1. Reputational damage
2. Loss of stakeholder confidence
3. Diversification objectives not achieved
4. Leadership engagement compromised
5. Financial value destruction
1. Regional leadership structures
2. Strategic partnerships
3. Independent due diligence processes
4. Market intelligence
5. Robust acquisition approval with Investment
Committee oversight
6. Integration capability and capacity
7. Detailed integration plans with supporting
risk assessments
8. Close tracking and monitoring against
integration plans by Integration
Steering Committee
1. Enhanced technical due diligence by
Group Technical
2. Strengthened Regional Stakeholder
Management
3. Management of Group vulnerabilities
during integration
OUR BUSINESS
AND LEADERSHIP
WHAT
DRIVES US
OUR
PERFORMANCE
ANCILLARY
INFORMATION
MANAGING OUR RISKS AND OPPORTUNITIES WITHIN THE EXTERNAL ENVIRONMENT continued
SIBANYE-STILLWATER INTEGRATED REPORT 2024
56
Beatrix operation - 3 Shaft, SA gold operations
PURSUING OPPORTUNITIES
While the primary focus of risk is often on the threats to the business and how these can be mitigated, it is equally important to recognise the
opportunities that arise that can be capitalised on in pursuit of our Group Strategy. It is incumbent on leadership to seize opportunities and
convert them into profits and value creation for our stakeholders, especially in a world where the only constant is change. Our anti-fragile
leadership culture is rooted in a balanced view where opportunity management and threat mitigation take on similar importance.
1. Commodity
applications
and energy
solutions to
address climate
change and the
environment
This theme is woven throughout the report and is addressed by our green metals strategy, which is to build a Unique
global portfolio of green metals and energy solutions that enable reversal of climate change as a key strategic
differentiator in our corporate strategy.
While we expect vehicle electrification to advance, this may be at a slower pace than previously expected. Shortages of
critical battery metals and other factors that impede adoption are likely to cap the rate of electrification of the global
vehicle fleet with hybrid vehicles now projected to start fulfil a more significant role. There may also be a need for other
decarbonisation alternatives such as synfuels extending the life of internal combustion engine vehicles in support of a low
carbon economy, with major positive implication for PGM demand. We expect that an eventual decline in combustion
engine vehicles will be compensated by tougher emissions standards, i.e., increased loadings compensating for
decreasing volumes.
High-capacity stationary batteries will be increasingly required in a renewable energy economy using a range of
alternative technologies and mineral requirements. While lithium-ion is currently preferred for most bulk energy storage
applications as it is well proven, it is not the ideal solution as other storage technologies have preferable characteristics
in these applications.
While green hydrogen is struggling to gain the expected traction due to uncompetitive costing, we expect the
challenges will eventually be resolved with meaningful positive impact on demand for our metals as we move into the
next decade.
2. The need for
security of
supply of critical
minerals
With geopolitical developments intensifying multipolarity in the world, the imperative for obtaining security of supply of
critical minerals through regional value chains has become more pressing to dilute dominant positions that have been
built up. This will be supported by legislation already passed to incentivise local production through all stages of the
mineral value chain most significantly in North America and Europe and will be complemented by other political
initiatives. Countries that have robust and dependable trade relationships stand to benefit substantially in developing
their mineral sectors.
In addition to providing stability to already established existing operations as strategic assets in those jurisdictions, there
is significant political will to promote the formation of coherent regional supply chains from mining to manufacture of
finished goods. Becoming a meaningful partner in the North American and European ecosystems continues to
represent a compelling opportunity.
3. The imperative
of resource
stewardship
and green
production of
scarce minerals
The clean energy economy will require the use of a broader range of minerals in greater quantities, many of which are
in relatively short supply. Not only will these minerals need to be produced with a lower carbon footprint to secure the
desired reduction in global carbon emissions, they will need to be recovered for future use after their initial application
is complete. For example, many countries are starting to legislate the recycling of automotive batteries to recover the
green metals placing onerous duties on automotive manufacturers to ensure that this happens. Some manufacturing
companies are starting to specify a preference for recycled metals in their supply chain policies, as it is recognised
that this will avoid the need for carbon emissions associated with the mining, processing and refining of new metal that
would otherwise be required.
While primary mining will remain essential to satisfy growing demand for critical minerals, these developments are
expected to impose a significant requirement for growth of recycling operations and secondary mining to reprocess
mining waste from previous mining activities creating significant new business opportunities. We are already
capitalising on this opportunity through the diversification already achieved though there is substantially greater
untapped potential.
4. Strengthening the
role of investment
commodities
in the global
monetary system
The role of gold as an investment commodity providing stability to the world’s financial systems continues to be
demonstrated during periods of geopolitical turmoil despite the challenges from alternative digital financial instruments
with limited or no solid backing for their value. Despite potential for a more prolonged higher interest rate environment
due to imposition of more stringent trade measures, gold is likely to gain renewed emphasis as a preferred
investment medium.
Further, gold is a credible asset class that can be accredited under responsible mining standards, with the traceability
to source that can be provided through the application of blockchain tokens. The World Gold Council’s work on
Gold247TM to promote integrity, accessibility and fungibility through gold backed digital tokenisation is gaining momentum
to invigorate gold by tapping into broader market opportunities. Our investment in Glint (a global gold-based payments
platform) also capitalises on this opportunity with growing uptake of the offering. While traceability and ESG accreditation
functionality may lag relative to stakeholder expectations for commodities with industrial applications, this is an
increasingly important market imperative to realise gold’s opportunities as a favoured investment medium.
Opportunity
Considerations
OUR BUSINESS
AND LEADERSHIP
WHAT
DRIVES US
OUR
PERFORMANCE
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INFORMATION
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57
5. Strategic
partnership
mechanism for
building new
business activities
On the back of the successful partnership with DRDGOLD (a commercially smart environmental clean-up operator)
that leverages our gold tailings storage facilities resources in South Africa, we are extending the model of strategic
partnership into a number of other areas as an effective pathway to growth in new business areas. During 2024 we
entered into two new partnerships with Neo Energy and Glencore Merafe that leverage this business model. This
provides flexibility and optionality for us to become involved as a partner in newly emerging value chains that are
under development to meet rapidly evolving market requirements with more managed risk exposure. We have also
initiated collaborative market development exercises for critical commodities. This approach to business growth and
diversification has substantial headroom.
Our strategic partnership model to secure meaningful involvement in coherent value chains is an important element
in our strategic differentiator to Build pandemic-resilient ecosystems.
6. Developing
economies as an
emerging source
of critical minerals
Developing economies continue to represent an attractive source of critical minerals for the developed world where
the dominant demand is located. With an increasing requirement for surety of supply to support development of
clean energy economies, contestation is growing between major world powers to partner with credible developing
economies through minerals-based alliances. This represents a significant opportunity for minerals to become a
powerful catalyst for socio-economic advancement of developing economies. The geopolitics that play out in a
rapidly changing world order will be instrumental in defining new axes in an increasingly multipolar world. These
dynamics are expected to present compelling opportunities for mining companies to secure favourable positioning in
minerals projects as essential partners in realising the goals of the alliances that may be formulated. From a Sibanye-
Stillwater perspective as a western facing company, we will be looking to cooperation with western economies.
7. Stakeholder
sentiment and
regulatory
frameworks
We have long recognised that most companies with good sustainability and ESG credentials are capable of
performing better and delivering superior financial returns to their shareholders in addition to the superior shared value
that they deliver to all stakeholders. This is particularly critical in mining that carries a reputation for being extractive and
harmful to people and the planet. With recognition growing that strategic green minerals are critical in the efforts to
tackle climate change and atmospheric pollution, stakeholder and regulatory attitudes are shifting accompanied by
expectations from many quarters to uphold stringent standards for responsible mining. Through the consolidated
mining standards initiative that is set to rationalise the mining standards landscape and secure broad stakeholder
acceptance, there is opportunity to accelerate shifts in sentiment towards mining. For mining corporations that achieve
higher levels of recognition under the standards framework, this will translate into fresh opportunities to grow their
business activities and impact.
8. Becoming a
digital-first
organisation
Intelligent advances continue to progress at a remarkable pace enabling substantial opportunities for changes in work
practice that result in improved effectiveness and efficiency. We also continue to see rapid improvement in digital
tools that augment human performance. Generative artificial intelligence continues to advance exponentially with its
adoption offering significant benefits. Our strategy of digital enablement that supports pro-active decision-making to
enhance safety, productivity, working environments and ESG compliance aims to keep up with the extreme pace at
which digital technologies are developing through rapid and agile adoption. Our Inclusive, diverse and bionic
strategic differentiator is a major opportunity to enable delivery of improved business effectiveness.
Opportunity
Considerations
OUR BUSINESS
AND LEADERSHIP
WHAT
DRIVES US
OUR
PERFORMANCE
ANCILLARY
INFORMATION
MANAGING OUR RISKS AND OPPORTUNITIES WITHIN THE EXTERNAL ENVIRONMENT continued
SIBANYE-STILLWATER INTEGRATED REPORT 2024
58
Arial view of the Century TSF pumping station
HOW STRATEGY INTERFACES WITH RISKS
AND OPPORTUNITIES
Double ticks (aa) in this table represent primary linkages, with a single tick (a) representing secondary linkages
Strategic differentiators
Related strategic risk (see page 50)
Related
opportunity
Recognised
as a force
for good
a
a
aa
a
1, 3, 7
Inclusive,
diverse
and bionic
a
8
Building
pandemic-
resilient
ecosystems
aa
aa
a
2, 4, 5, 7
Unique global
portfolio of
green metals
and energy
solutions that
enable reversal
of climate
change
a
a
a
aa
a
a
1, 2, 3, 4,
5, 6, 7
Risk 1:
Changing
weather
patterns
(climatic
conditions
and weather
events) may
cause asset
damage and
business
interruptions
Risk 2:
Compromise
d business
and
operations
managemen
t systems
Risk 3:
Economic
climate and
operational
performance
may
influence the
strength of
the Balance
Sheet
Risk 4:
The
company's
growth in
targeted
commodities
and regions
may depart
from the
intended
trajectory
Risk 5:
Shared value
delivery may
fall short of
desired
levels as a
result of
pressure on
the
profitability
of operations
Risk 6:
Transitional
risks due to
climate
change
impact
Risk 7:
Health and
safety
performance
may impair
company
brand
Risk 8:
Geopolitical
developmen
ts may
influence the
reliability of
supply
chains
(upstream
and
downstream)
that serve
the
operations
Risk 9:
Technologic
al
developmen
ts may
disrupt the
markets
served by
the
company
and require
strategic
adaptation
to remain
competitive
and
relevant.
Risk
10:
The value
derived
from
acquisitions
may depart
from the
anticipated
levels
Strategic essentials
Related strategic risk (see page 50)
Related
opportunity
Ensuring safety
and wellbeing
a
a
a
1, 7, 8
Prospering
in every region
in which we
operate
aa
aa
a
a
aa
a
a
4, 6,7
Achieving
operational
excellence and
optimising long-
term resource
value
a
aa
aa
aa
4, 8
Maintaining
a profitable
business and
optimising
capital
allocation
a
aa
aa
a
aa
aa
1, 4, 5
Sustainability
embedded
as the way we
do business
aa
aa
aa
aa
1, 3, 7
1
Opportunity 1: Commodity applications and energy solutions to address climate change and the environment
2
Opportunity 2: The need for security of supply of critical minerals
3
Opportunity 3: The imperative of resource stewardship and green production of scarce minerals
4
Opportunity 4: Strengthening the role of investment commodities in the global monetary system
5
Opportunity 5: Strategic partnership mechanism for building new business activities
6
Opportunity 6: Africa as an emerging source of critical minerals
7
Opportunity 7: Stakeholder sentiment and regulatory frameworks
8
Opportunity 8: Becoming a digital-first organisation
OUR BUSINESS
AND LEADERSHIP
WHAT
DRIVES US
OUR
PERFORMANCE
ANCILLARY
INFORMATION
SIBANYE-STILLWATER INTEGRATED REPORT 2024
59
ENGAGING WITH OUR STAKEHOLDERS
WHAT WE DID IN 2024
SUCCESSES
•
Collaboration with the Department of Cooperative
Governance and Traditional Affairs (COGTA) and Wits
Business School on capacity building for traditional leaders
and local government in SA region
•
Winning national SAB/ESG Africa award in recognition for
embedding sustainability in the SA region
•
US government support to facilitate development of local
supply of critical metals through IRA S45x credit
CHALLENGES
•
Legacy trust deficit which hinders effective engagement
and creation of shared value
•
SA region: Illegal occupation of mine land and vandalism
and crime impacting made with infrastructure and
economic programmes
•
SA region: Dysfunctional municipalities leading to poor basic
service delivery
OUR APPROACH TO STAKEHOLDERS
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Rooted in our values of care and respect, we work to establish and
build the connectedness with our stakeholders to be able to
understand and prioritise the needs and interests of all parties
impacted by our.operations. Honest and transparent dialogue is key
to building trust with local communities, governments, investors, and
environmental groups, to ensure sustainable and socially
responsible practices.
Sibanye-Stillwater is committed to constructive stakeholder
engagement, aiming for transparent communication of the Group’s
strategy, performance and shared value creation to all stakeholders.
Our business relies on securing a social licence in the regions where
we operate and establishing trust. This requires social and political
acceptance from stakeholders, ensuring they view us as a
responsible economic partner fostering opportunity and stability.
Building broad-based trust is essential, as its absence jeopardises our
access to permits, talent, community support, and capital. To build
trust, we strive to align our efforts with community needs and create
mutual value. Our primary aim is to contribute to common
development goals, promoting local economic growth
and dynamism.
Sibanye-Stillwater seeks to balance the needs of local communities
with a stakeholder-inclusive approach. We maintain an open-door
policy, addressing concerns proactively. We engage on material
issues and have a grievance mechanism for raising concerns.
Stakeholder perception studies gauge attitudes toward the Group.
The canopy of our Umdoni tree represents our
stakeholders
The Umdoni tree symbolises our business ethos and our
commitment To be a leader in superior shared value for all
stakeholders: government (economic value), customers
(quality products), suppliers (fair access), employees (better
quality of life), labour (inclusive membership), communities
(upliftment), shareholders (strong returns), and the environment
(sustainability). For more on our iCARES values and Stakeholder
engagement policy, see www.sibanyestillwater.com/
sustainability/reports-policies/
OUR BUSINESS
AND LEADERSHIP
WHAT
DRIVES US
OUR
PERFORMANCE
ANCILLARY
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SIBANYE-STILLWATER INTEGRATED REPORT 2024
60
Nature of relationship in 2024: Constructive I CORDIAL I Strained
COMMUNITIES
Related strategic differentiator
Recognised as a force for good
Related residual risks
•
Shared value may fall short of desired
levels as a result of pressure on the
profitability of operations
•
Geopolitical developments may
influence the reliability of supply chains
(upstream and downstream) that serve
the corporation’s operations
•
Crime(SA region)
•
Social unrest from employees (SA and
EU region)
•
Political environment in South Africa
Related opportunities
•
Strategic partnerships mechanism for
building new business activities
•
Commodity applications and energy
solutions to address climate change and
the environment
SA region
Nature of relationship in 2024: Constructive I CORDIAL I Strained
Community pressure remains due to historical disparities, poor service delivery, poverty, and high
unemployment. While protests directed at the company have decreased year on year, robust
engagement continues around inclusive procurement and local recruitment. We engage with
communities to manage social risks and provide value by:
•
Creating shared value based on their needs and in collaboration with them
•
Contributing to parallel economic programmes in preparation for post-mining ecosystems
•
Partnering with stakeholders in the interests of ecosystem vitality, whereby we create sustainable
value over the long term
US region
Nature of relationship in 2024: CONSTRUCTIVE I Cordial I Strained
We frequently engage with residents of Sweet Grass County, home to our East Boulder mine, and
Stillwater County, home to our Stillwater mine. The Good Neighbor Agreement (GNA) is in place with
environmental protection organisations, which holds us to high environmental standards. The GNA
also serves for dispute resolution and stakeholder engagement. Local media engagement and
media tour of Stillwater mine to keep communities informed about restructuring process.
EU region
Nature of relationship in 2024: CONSTRUCTIVE I Cordial I Strained
Ongoing engagement with various actors to share its vision for operations as a leading battery metals
platform in Europe. The assets in the EU region operates in areas of good social cohesion and low
unemployment. Regular meetings are held with local stakeholders and the two sites are well
integrated and accepted. We will continue to build fruitful partnerships with the governments and
communities in Europe, noting the shared value we are creating in the region.
AUS region
Nature of relationship in 2024: CONSTRUCTIVE I Cordial I Strained
Through the Gulf Communities Agreement the Century operation shares the benefits of mining
with the traditional owners of the lands and waters impacted by the Century operation. Active
engagements continue to implement the associated initiatives in a manner agreed with
impacted communities.
How we engage
Issues that concern both parties in 2024
Our response and strategy to enhance
the quality of our relationship
Our primary methods of engagement are:
•
Meetings, dialogues and town hall
engagements with stakeholders
•
Open days
•
Pitso – a Sotho word for traditional
assembly or gathering (SA region)
•
Written communications (reports
and letters)
•
A data-free engagement app
•
Local media
•
Industry events
•
GNA routine interactions
•
AUS region: Aboriginal Development
Benefits Trust, Century Environment
Committee, Century Liaison and Advisory
Committee, and Century Employment and
Training Committee
SA region: Principle issues of concern
remains lack of procurement
opportunities, employment demands,
(M10) illegal mining’s impact (M13) and air
quality matters (M7).
US region: Priority issues are restructuring
(M1&M11), climate-related risks (M8&9),
and environmental impact (M7).
EU region: Priority issues relates to climate
risks (M8&9), biodiversity (M7), economic
contributions (M11) and licence to
operate (M4)
AUS region: Priority to implement training
plan to enhance benefits to local
Aboriginal people (M15)
See detail on community grievances at
the end of this section.
Sustainability awareness and feedback is often included
in community engagements.
SA region: Comprehensive supplier development
programme; dedication to building post-mining
economies through socio-economic compacts; GBVF
support; contribution to social infrastructure in support of
municipalities; Marikana renewal
US region: Engagement process; community giving
team dedicated to charity and collaboration with
Wheaton Precious Metals.
EU region: Engage with schools, universities and
industry event participation; at Keliber, a cooperation
agreement with local vocational institute supports
training and development.
AUS region: Formal forum engagements are
maintained with the Burke and Carpentaria Shire
Councils, landowners and interested groups from the
lower Gulf of Carpentaria.
OUTLOOK
Enhance engagements in the new jurisdictions of operations to co-create superior value for all stakeholders.
• SA region: To continue to build trust by demonstrating our shared value, and by supporting constructive partnerships between government,
business, labour, and doorstep communities
• US region: The relationship with our US community stakeholders, as well as with the neighbouring landowners is constructive as we continue
to be guided by the GNA
• EU region: Enhance engagements in the new jurisdictions of operations to co-create superior value for all stakeholders
• AUS region: Stakeholder engagement and community development initiatives at the Century operations continue; in parallel we are
engaging with a wide range of local stakeholders to address the feasibility of recommencing mining at the Mt Lyell Copper Mine
OUR BUSINESS
AND LEADERSHIP
WHAT
DRIVES US
OUR
PERFORMANCE
ANCILLARY
INFORMATION
ENGAGING WITH OUR STAKEHOLDERS continued
SIBANYE-STILLWATER INTEGRATED REPORT 2024
61
Nature of relationship in 2024: CONSTRUCTIVE I Cordial I Strained
EMPLOYEES AND ORGANISED LABOUR
Related strategic essential and differentiator
Ensuring safety and wellbeing; Recognised as a force for good;
Inclusive, diverse and bionic
Related residual risks
•
Compromised business and operational management systems
•
Shared value delivery may fall short of desired levels as a result of
pressure on the profitability of the operations
•
Health and safety performance may impair company brand
Opportunities
•
Becoming a digital-first organisation
We engage with employees and unions in order to ensure they are
adequately informed about the business and its strategy, and are
engaged and involved. Sibanye-Stillwater employed 72,423 people at
the end of 2024, with 88% of our total SA operations represented by four
recognised unions. We foster multilateralism and tolerance and have
recognition agreements in place.
How we engage
Issues that concern both parties in 2024
Our response and strategy to enhance
the quality of our relationship
The WeR1 mobile app is our digital platform
for engaging with employees and communities.
Further methods include:
•
Meetings (face-to-face and virtual)
•
Company briefs
•
Text messages
•
Podcasts
•
EVPs in operations provide quarterly
employee updates; C-suite conduct
strategic conversations to facilitate
We engage with recognised trade
unions through:
•
Formal meetings
•
Regional meetings, every quarter
•
Our US region also held a career fair in
collaboration with the local chambers of
commerce to assist employees subject to
retrenchments
Various options, formal and informal, are
available to employees to raise concerns or to
log a grievance. We encourage employees to
speak up and express themselves, particularly if
it relates to workplace safety. Also see Care for
iMali: Taking care of personal finance fact
sheet, www.sibanyestillwater.com/news-
investors/reports/annual/
•
Restructuring effecting employees and
contractors (M1and M11)
•
Safety and health (promoting compliance
and encouraging employees to speak up
about unsafe conditions) (M2)
•
Talent management and core skills
(a conducive work environment for
encouraging career growth) (M15)
•
Diversity and inclusion (a welcoming
environment for women; no discrimination)
(M15)
•
Licence to operate (credibility as a
compliant employer who cares) (M4)
•
Safety commitments to critical controls,
critical life-saving behaviours and critical
management routines (See Safe production,
page 111 of the Combined Integrated
report.)
•
EVPs in operations provide quarterly
employee updates; C-suite conduct
strategic conversations to facilitate
•
Regular consistent communication on
various formats to ensure employees
informed and engaged
OUTLOOK
Engagements with employees and organised labour are conducted in a spirit of our iCARES values.
OUR BUSINESS
AND LEADERSHIP
WHAT
DRIVES US
OUR
PERFORMANCE
ANCILLARY
INFORMATION
ENGAGING WITH OUR STAKEHOLDERS continued
SIBANYE-STILLWATER INTEGRATED REPORT 2024
62
Nature of relationship in 2024: CONSTRUCTIVE I Cordial I Strained
INVESTORS AND CAPITAL PROVIDERS
Related strategic essential and differentiator
Maintaining a profitable business and optimising capital allocation,
Ensuring safety and wellbeing; Sustainability embedded as the way we
do business, recognised as a Force for Good
Related top residual risks
•
Compromised business and operational management
systems
•
Economic climate and operational performance may
influence the strength of the balance sheet
•
Geopolitical developments may influence the reliability of
supply chains (upstream and downstream) that serve the
corporations’s operations
•
Delivering against targets
Opportunities
•
Need for security of supply of critical minerals
•
Strengthening the role of investment commodities in the global
monetary system
•
The imperative of resource stewardship and green production of
scarce minerals
To ensure investor and analysts are appropriately informed and
understand the business, the strategy and the investment case.
Investors require sufficient and relevant information to guide informed
investment decisions. By understanding the requirements of our
investors and capital providers, we build trust and may improve our
access to capital.
In line with our public disclosures, relationships with investors and
shareholders is constructive and transparent.
How we engage
Issues that concern both parties in 2024
Our response and strategy to enhance
the quality of our relationships
•
Investor and analyst meetings: one-on-one
and groups
•
Telephone and conference calls
•
Conferences
•
Formal, regular reporting
•
Company and regulatory announcements
•
Profitability and protecting the balance
sheet during the downturn in PGM prices
(M1)
•
Understanding the PGM markets and when a
price recovery is likely (M11)
•
Allocating capital wisely and preserving cash
(M3)
•
Safety and climate risks (M2, M8 and M9)
•
Concerns about the losses incurred at the
Sandouville refinery (M1)
•
Investors receive regular updates
relating to all material matters
•
Responsible management of Sibanye-
Stillwater’s financial position to ensure we
meet stakeholder expectations
•
Providing regular and clear detail on actions
taken to protect and strengthen the balance
sheet and optimise operational profitability
OUTLOOK
Neutral to positive. While largely dependent on metal prices, our restructuring and balance sheet reinforcement measures evident in the Y2024Y
results and being acknowledged.
OUR BUSINESS
AND LEADERSHIP
WHAT
DRIVES US
OUR
PERFORMANCE
ANCILLARY
INFORMATION
ENGAGING WITH OUR STAKEHOLDERS continued
SIBANYE-STILLWATER INTEGRATED REPORT 2024
63
Nature of relationship in 2024: Constructive I CORDIAL I Strained
GOVERNMENT AND REGULATORS
Related strategic essentials and differentiators
Prospering in every region in which we operate; Ensuring safety
and wellbeing; Building pandemic-resilient ecosystems
Related risks
•
Economic climate and operational performance may influence the
strength of the balance sheet
•
Shared value may fall short of desired levels as a result of pressure on
the profitability of operations
•
Geopolitical developments may influence the reliability of supply chains
(upstream and downstream) that serve the corporations operations
Opportunities
•
Strategic partnership mechanism for building new business activities
•
Africa as an emerging source of critical minerals
•
Stakeholder sentiment and regulatory frameworks
Sibanye-Stillwater fosters growth and development in the region
through our investments. We contribute to the economy, create
jobs, uplift low-income communities, provide training, and
enhance infrastructure; all of which positions us as de facto
partners with government in helping it achieve its
developmental goals. We actively engage with various
government entities, across the three levels of government
(local, provincial, national), promoting pragmatic policy-
making, the maintenance of law and order, and fair
enforcement of regulations. Our engagement in our US region
has achieved the US government’s support to facilitate
development of local supply of critical metals through IRA S45x
credit.
Our permits are contingent on meeting various sustainability
commitments and, for example, SLPs and Gulf Communities
Agreement on which we engage government bodies.
How we engage
Issues that concern both parties in 2024
Our response and strategy to enhance
the quality of our relationship
•
Monthly and quarterly meetings held with
various government departments; ad hoc
meetings when the need arises
•
Written reports
•
Through industry bodies such as the Minerals
Council in South Africa and the National
Mining Association in the US
•
Regulatory compliance (M4)
•
Delivery on SLPs (M4)
•
B-BBEE compliance (M4)
•
Policy coherence and pragmatism (M4)
•
Illegal mining and other law and order issues
(M13)
•
National strategy for critical minerals (M11)
•
Detailed project plans with defined timelines
communicated to the DMPR
•
Continue to work with industry bodies and
with government to solve regulatory
challenges
OUTLOOK
In 2024, our engagements with authorities have resulted in a positive and encouraging response. We will maintain our efforts to engage
with government at all levels – national, regional, and local. Our interactions in various regions continue to be fruitful, driven by a shared
commitment to economic prosperity, effective policing, and the maintenance of law and order.
OUR BUSINESS
AND LEADERSHIP
WHAT
DRIVES US
OUR
PERFORMANCE
ANCILLARY
INFORMATION
ENGAGING WITH OUR STAKEHOLDERS continued
SIBANYE-STILLWATER INTEGRATED REPORT 2024
64
UG2 Ore stockpiling, SA PGM operations
Nature of relationship in 2024: Constructive I CORDIAL I Strained
SUPPLIERS AND CUSTOMERS
Related strategic essentials and differentiators
Achieving operational excellence and optimising long-term
resource value
Related risks
•
Geopolitical developments may influence the reliability of supply
chains (upstream and downstream) that serve the
corporation’s operations
•
Technology developments may disrupt the markets served by the
company and require strategic adaptation by the organisation to
remain competitive and relevant
Opportunities
•
Commodity applications and energy solutions to address climate
change and the environment
•
Strategic partnership mechanism for building new business activities
We actively engage with suppliers and customers to ensure their
commitment to meeting our sustainability standards amongst others
the International Council on Mining and Metals, Initiative for
Responsible Mining Assurance and the United Nations Sustainable
Development Goals.
The automotive industry, our main PGM customer category, is
increasingly concerned about their value chain and the credentials of
suppliers. Suppliers are also a factor in reporting scope 3 emissions.
How we engage
Issues that concern both parties in 2024
Our response and strategy to enhance
the quality of our relationship
•
Frequent written and in-person
engagements as required, as well as
workshops for suppliers
•
Engage customers via our Marketing
function
•
Annual customer surveys
•
Engagements with subject experts on topics
such as emissions and community outreach
•
Engagements through membership
organisations such as the International
Platinum Association
•
Supplier days (including sustainability
awareness supplier day)
•
Small, medium and micro enterprise training
development initiatives
•
Transparency in the procurement process
(M13)
•
Market intelligence and understanding
trends (M1)
•
Complying with long-term supply
agreements with customers (M1)
•
Increasing engagements on sustainability
topics (including emissions) (M7)
•
Progressing responsible sourcing practices
(M4)
•
The Coupa procurement system in the SA
region improves tracking, cost control and
compliance, streamlining supplier
registration and helping smaller players
join our supply chain. See People:
Socioeconomic development, page 167
of the Combined Integrated report.
•
We assist companies willing to pursue
empowerment transactions to enhance
their B-BBEE status
•
Two toll-free lines for reporting irregularities
and misconduct; independently managed
to ensure confidentiality
OUTLOOK
Responsible sourcing is a Group sustainability priority; we will continue to improve assurance in this area.
Addressing stakeholder grievances
Sibanye-Stillwater has a grievance procedure and a grievance register as part of our commitment to reducing negative impacts on
stakeholders. This process allows for concerned parties to lodge complaints, questions or concerns about any issue related to sustainability.
All reported incidents are recorded, investigated, and addressed appropriately, with outcomes communicated to complainants in a timely
manner. In some cases, especially where issues are common, we share findings during stakeholder engagement forums. The procedure offers
complainants recourse which includes mediation, facilitation and in cases where parties deadlock, legal action.
All sustainability incidents that cause an impact on stakeholders are recorded and classified based on the severity of the impact. We adopt a
cross-functional model to manage grievances. This multidisciplinary strategy enhances risk management and the effectiveness of controls. We
evaluate the incidents, corrective actions, and preventive measures to mitigate unforeseen negative impacts, particularly concerning
human rights.
Awareness of our grievance reporting mechanisms is raised through social media monitoring, radio channels, and news letters. Grievances
can be logged through self-reporting by employees, and various communication channels, including email, letters, as well as walking into
Sibanye-Stillwater’s offices to register a complaint and phone calls. Our grievance and complaints mechanisms are based on Pillar 3 of the
UN Guiding Principles on Business and Human Rights, which emphasises providing access to remedies for those affected by business-related
human rights abuses.
Additionally, our anonymous tip-off line is available for stakeholders to raise concerns regarding unethical behaviour or potential violations of
our Code of ethics.
OUR BUSINESS
AND LEADERSHIP
WHAT
DRIVES US
OUR
PERFORMANCE
ANCILLARY
INFORMATION
ENGAGING WITH OUR STAKEHOLDERS continued
SIBANYE-STILLWATER INTEGRATED REPORT 2024
65
In 2024, the SA region accounted for 137 community complaints/grievances (123 in 2023) relating to various categories, as outlined in the
graph below; of which 109 were closed in 2024. Our US region also monitors grievances received and received 12 complaints (2023:13).
Notably, for 2024, there were no adverse findings of human rights breaches by the Group. The EU region has a system in place, and one
complaint was received and closed out and at our AUS region we had no community grievances during the period. Also see our Grievance
procedure available, www.sibanyestillwater.com/sustainability/reports-policies/
US REGION: TOTAL NUMBER
OF COMPLAINTS AND GRIEVANCES IN 2024
5
3
2
2
Traffic
Noise
Air Quality
Other environmental issues
SA REGION: TOTAL NUMBER OF COMPLAINTS
AND GRIEVANCES IN 2024
38
27
10
26
19
5
9
12
Procurement (local SMMEs opportunities/tender process/complaints
about non-local businesses) (2023: 16)
Community development (2023: 12)
Housing and infrastructure (2023: 3)
Environmental issues (2023: 21)
Recruitment opportunities (2023: 27)
Cultural heritage and land (2023:10)
Training and skills development (2023: 11)
Safety issues (tailings and illegal mining) (2023: 4)
Health and wellness (2023: 2)
Transport and engineering (2023: 5)
Legal related matters (2023: 12)
COMPLAINTS AND GRIEVANCE PROCEDURE FLOW-CHART
OUR BUSINESS
AND LEADERSHIP
WHAT
DRIVES US
OUR
PERFORMANCE
ANCILLARY
INFORMATION
ENGAGING WITH OUR STAKEHOLDERS continued
SIBANYE-STILLWATER INTEGRATED REPORT 2024
66
HOW WE CREATE VALUE: OUR BUSINESS MODEL
Our business model is a system that transforms inputs, through business activities into outputs and outcomes, creating shared value over the
short, medium and long term. Aligned with the International Framework, we leverage the six capitals namely natural, financial, human,
manufactured, social and relationship and intellectual to drive sustainable value creation for all stakeholders.
OUR BUSINESS
AND LEADERSHIP
WHAT
DRIVES US
OUR
PERFORMANCE
ANCILLARY
INFORMATION
SIBANYE-STILLWATER INTEGRATED REPORT 2024
67
At the heart of our value creation business model,
sits the Umdoni tree. The leaves of our Umdoni tree
represent all our stakeholders. These relationships that we
rely on are nurtured through upholding our values – the
roots of the tree, see our Strategy unpacked, page 42
THE VALUE CREATION PROCESS (references and links to relevant sections)
RISKS AND
OPPORTUNITIES
(see page 45)
STRATEGY
AND RESOURCE
ALLOCATION
(See Chairman’s and
CEO’s Review, page 13 and
CFO’s Report, page 75)
PERFORMANCE
(Section 3, see page 74)
OUTLOOK
(See Strategic
Differentiators, page 44,
Operational Outlook,
page 97 of the Combined
Integrated report , and
Future focus summaries in
each performance
sections of the Combined
Integrated report)
Value creation (preservation, diminution) over time, see Capital Trade-offs, page 71
MISSION AND VISION
Material matters and factors
in our external business
environment impact on our
ability to create and
preserve value for our
stakeholders (see page 3)
FINANCIAL
MANUFACTURED
INTELLECTUAL
HUMAN
SOCIAL AND
RELATIONSHIP
NATURAL
Page 68
Page 69
Page 69
Page 70
Grey elephants –
aspects of relevance
to our business activities
(see page 33)
Source: See https://integratedreportingsa.org/ircsa/wp-content/uploads/2017/05/13-12-08-THE-INTERNATIONAL-IR-FRAMEWORK-2-1.pdf
(see page 34)
(see page 34)
MANUFACTURED
INTELLECTUAL
SOCIAL AND
RELATIONSHIP
FINANCIAL
HUMAN
NATURAL
INPUTS* Key resources and relationships needed for value creation
NATURAL
CAPITAL
•
Mineral Reserves: 2024 Mineral Reserves 57.1Moz (2023: 65.3Moz)
•
Land under management:
63,891ha in SA (2023: 63,891ha)
1,133ha in US (2023: 1,133ha)
496ha in Europe (2023: 483ha)
58,609ha in Australia (2023: 58,609ha)
•
Volume of rock extracted:
PGM 37Mt (2023: 37.2Mt)
gold 33.5Mt (2023: 31.9Mt)
•
Resources consumed:
– 44,487Ml water (2023: 52,076Ml)
– 6.2TWh electricity (2023: 6.8TWh)
– 32,939kl diesel (2023: 41,993kl)
FINANCIAL
CAPITAL
•
Equity, debt and cash flow used to enhance other resource inputs
•
R22.5bn/US$1.2bn spent to sustain and grow the business
(2023: R22.1bn/US$1.2bn)
•
Building meaningful relationships with downstream partners to meet their supply for critical commodities
HUMAN
CAPITAL
•
An empowered workforce totalling 72,423 permanent and contract employees across the Group (2023: 82,788)
•
R1bn invested at the SA region, US$2.4m (R44.3m) at the US region, €0.37m (R7.3m) at the EU region and A$0.2m
(R2.1m) at the AUS region in training and skills development (2023: R1bn, US$3.6m (R66.3m), €0.2m (R4.3m) and
A$0.2m (R2m))
•
Fatal elimination strategy focused on critical controls, critical life saving behaviour and critical
management routines
•
Group-wide iCARES values reignition programme underway
MANUFACTURED
CAPITAL
•
Mining rights and leases and monitoring of key regulatory areas
•
Operational infrastructure, associated infrastructure and equipment
•
Production costs 2024: R96bn/US$5bn (2023: R90bn/US$5bn)
•
Capital expenditure (growth projects) 2024: R10.8bn/US$591m (2023: R7bn/US$373m)
•
Expenditure on sustaining the business and ore reserve development 2024: R11.7bn/US$638m (2023: R15.2bn/
US$825m)
SOCIAL AND
RELATIONSHIP
CAPITAL
•
Baseline of socioeconomic status of local communities in South Africa as input to post-mining planning
•
Partnerships with government on human settlements, and alternative economic programmes
•
Confidence from shareholders and investors
•
Capacity-building of local municipalities and traditional authorities
•
Responsible sourcing framework in place
INTELLECTUAL
CAPITAL
•
Optimised mining and processing processes underpinned by institutional knowledge, intellectual property,
company culture, and operating systems
•
Skills and expertise required in being one of the world’s largest PGM producers
•
New acquisition grows the talent pool and introduces new skills for continuous learning
* Inputs, as defined by the International Framework, are the key resources and relationships an organisation relies on to create value
through the six capitals. Only inputs material to understanding the sustainability and effectiveness of the business model are considered.
For more information on risks, see Managing our risks and opportunities within the external operating environment, page 45
OUR BUSINESS
AND LEADERSHIP
WHAT
DRIVES US
OUR
PERFORMANCE
ANCILLARY
INFORMATION
HOW WE CREATE VALUE: OUR BUSINESS MODEL continued
SIBANYE-STILLWATER INTEGRATED REPORT 2024
68
BUSINESS ACTIVITIES ACROSS OUR VALUE CHAIN
OUTPUTS AND BY-PRODUCTS
PRIMARY MINING / PROCESSING
SECONDARY MINING / TAILINGS TREATMENT
•
Gold 574,387oz
•
Platinum 1,186,718oz
•
Palladium 877,730oz
•
Rhodium 165,636oz
•
Ruthenium 265,508oz
•
Iridium 63,986oz
•
Nickel 7,705 tonnes
•
Chrome 2,666,384 tonnes
•
Gold 161,365oz
•
Zinc (payable) 81,597 tonnes
RECYCLING / URBAN MINING
•
Gold 107,680oz
•
Platinum 83,966oz
•
Palladium 252,142oz
•
Rhodium 24,571oz
•
Silver 1,660,299oz
•
Copper 2,590,335lbs
•
Industrial and e-scrap 4,690,801lbs
OUR BUSINESS
AND LEADERSHIP
WHAT
DRIVES US
OUR
PERFORMANCE
ANCILLARY
INFORMATION
HOW WE CREATE VALUE: OUR BUSINESS MODEL continued
SIBANYE-STILLWATER INTEGRATED REPORT 2024
69
72,423 employees incl.
contractors
R31.4 billion paid in
salaries and benefits
R2.7 billion invested in
socioeconomic
development and CSI
R2.2 billion taxes
and royalties1
R1 billion invested in
training and
development
R28.7 billion spent on
total discretionary
procurement in
South Africa
The fruits of our Umdoni tree signify the shared value we create for our stakeholders
(See Our shared value in numbers on page 273 of the Combined Integrated report)
1 Taxes and royalties paid as per the consolidated statement of cash
flows in the Group Annual financial report
2024
ACQUIRE AND MINE
ACQUIRE AND
RETREAT/RECYCLE
EXTRACT, PROCESS
AND REFINE
ENVIRONMENTALLY
MANAGE AND
REHABILITATE
SALES AND
MARKETING
•
Primary producer of
platinum, palladium
and rhodium and top-
tier gold producer
•
Producer of iridium,
ruthenium, nickel,
chrome, copper
and cobalt
•
Progress with
the growth in the EU
region
•
A leading US recycler of
autocatalysts and
precious metal bearing
waste.
•
Own and operate the
Century zinc tailings
retreatment operation
•
Acquired Reldan, a
recycling operation
which reprocesses
various precious metal
bearing waste streams,
including industrial and
electronic scrap to
green precious metals
•
The mining, recycling,
refining and marketing
of precious metals
and base metals
•
Majority shareholder in
DRDGOLD, a specialist
in the recovery of
residue metal from
retreatment of surface
tailings
•
Increased exposure
to circular economy
through our
autocatalyst
recycling facilities and
our acquisition of
Reldan in the US, and
zinc retreatment facility
in Australia
•
The unique
combination of
chemical and physical
properties of PGMs, give
them intrinsic value;
PGMs have unique
catalytic properties and
high thermal resistance;
they have important
niche technology
applications; iridium
and ruthenium have
higher-volume industrial
and medical
applications
SOURCES OF COMPETITIVE ADVANTAGE
•
Geographic and product diversity; cash-generative assets
•
Mine-to-market PGM pipeline on two continents, including recycling
•
Strategic transactions and partnerships
•
Agile and adaptable leadership, with extensive experience
OUTCOMES* The material impacts of our activities on our key resources and relationships
l Value created l Value preserved l Value eroded
See supplementary information,
Progressing the UN’s SDGs
NATURAL
CAPITAL
l Total GHG emissions (scope 1 and 2): 6,345Mt CO2e
(2023: 6.6305Mt CO2e)
l Carbon intensity: 0.14t CO2e per tonne milled
(2023: 0.14t CO2e per tonne)
l R1.53m/US$0.1m carbon tax paid (2023: R1.91m/US$0.1m)
l Two level 3 environmental incidents (2023: two level 3)
l 7,589Ml reduction in net water used (2023: 12,635Ml increase)
l 7,608 hectares disturbed by our mining activities (2023: 8,228
hectares)
ALIGNING OUTCOMES WITH THE
SUSTAINABILITY THEMES AND SDGs
Planet
Secondary SDGs 1, 2, 6, 7, 9, 11
FINANCIAL
CAPITAL
l Revenue R112bn/US$6.1bn (2023: R114bn/US$6.2bn)
l Net debt increased from R11.9bn/US$642m to (R23.4bn)/(US$1.3bn)
l Headline earnings of R1.82bn/US$0.1bn (2023: R1.78bn/US$0.1bn)
l Share price decreased by 40% to R14.98 per share
at year-end (2023: 44% decrease to R24.90 per share)
l Market capitalisation (28 Mar 2025) of R57.4bn/US$3.1bn
(31 Mar 2024: R61.4bn/US$3.3bn)
l No dividends paid for 2024 in line with the dividend policy
(2023: R5.3bn/US$289m)
Prosperity
HUMAN
CAPITAL
l Tragically, there were five fatalities at the SA PGM, and three
fatalities at the SA gold operations (2023: eleven). There were no
fatalities at the US PGM operations
l Recorded an overall decrease in the number of lost-time injuries
to 607 (2023: 766)
l R31.4bn/US$1.7bn paid in salaries and wages to employees
(2023: R30.6bn/US$1.7bn)
l Focus on gender diversity has increased: 18% of all employees
are female (2023: 17.2%)
l At our SA operations the TB rate per 1,000 employees reduced
year-on-year from 3.78 to 3.38
People
Secondary SDGs 1, 2, 3, 4, 8, 9,
10,11,17
MANUFACTURED
CAPITAL
l Construction of the Keliber lithium refinery, concentrator and
Syväjärvi open pit mine underway with hot commissioning of the
refinery expected during the first half of 2026
l Capital investment of c. R12-14bn funded through third-party power
purchase agreements (PPAs) for renewable projects at SA
operations; 407MW in construction, of which 267MW scheduled to
achieve commercial operation in 2025
Prosperity
Secondary SDGs 7, 9,
SOCIAL AND
RELATIONSHIP
CAPITAL
l R105.3bn/US$5.7bn in total economic value distributed
(2023: R104.5bn/US$5.7bn)
l Maintained the Good Neighbor Agreement
l Invested R2.7 bn/US$146m on social and labour plans
and CSI (2023: R2.6bn/US$142m)
l Responsible and preferential local BEE procurement of R22.2bn
(2023: R25bn) in South Africa
l R2.2bn/US$122m paid in taxes and royalties
(2023: R4.1bn/US$224m)
l Robust relations with the governments in South Africa, US, AUS and EU
People and prosperity
Secondary SDGs 1,2, 4, 5, 9, 10,
11,
INTELLECTUAL
CAPITAL
l Invested in developing and maintaining the Group’s mining
processes, operating systems and company culture, including
through our investments in skills development, research and
development, and increasing digitalisation of processes across
our operations
l Invested R73.6m in innovation and technology (2023: R87.8m)
l Supported 537 bursaries at tertiary level (2023: 580)
(numbers inclusive of bursaries retained from previous year)
Governance
Secondary SDGs 9, 12
*
Outcomes, as defined by the International Framework, are the internal and external effects of an organisation's activities on the six capitals. These include both positive
outcomes, which create value, and negative outcomes, which erodes it. Identifying outcomes requires considering impacts beyond the organisation, including those across
the value chain.
OUR BUSINESS
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WHAT
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HOW WE CREATE VALUE: OUR BUSINESS MODEL continued
SIBANYE-STILLWATER INTEGRATED REPORT 2024
70
CAPITAL TRADE-OFFS: STRATEGIC MANAGEMENT
FOR SHARED VALUE
1
A challenging commodity price environment required proactive initiatives to protect and strengthen the balance sheet,
optimisation of loss-making operations and slower growth into green metals and energy solutions
Links to:
2024 STRATEGIC ESSENTIAL:
Maintaining a profitable business and optimising capital allocation
2024 STRATEGIC DIFFERENTIATOR:
Unique global portfolio of green metals and energy solutions
2024 MATERIAL
MATTERS:
M1, M3, M4
SDGs
IMPACTED:
8.2, 8.5, 7.3,
9.4, 17.13
•
Weaker commodity prices impacted the profitability of the Group, prompting restructuring
–
The SA and US region underwent restructuring to reposition the operations for sustainability in a low price environment
–
The Group has reached agreement to terminate a key commercial supply contract to address the losses at the Sandouville nickel refinery
•
Proactive non-debt capital initiatives were initiated to protect and strengthen the balance sheet. These initiatives included a covenant uplift,
currency hedging geared collar, gold and chrome prepays, refinancing of revolving credit facilities (RCF), green loan financing and streams
•
The proactive non-debt measures lowers the risk of higher leverage and improves liquidity, providing upfront funding of equity in nature, but could
possibly concede a portion of future production/sales in a stronger price environment
•
Despite the low price environment the Group continued to invest in value accretive projects such as the Keliber lithium project and the K4 shaft
at the SA PGM operations
CAPITALS IMPACTED l Value created l Value preserved l Value eroded
HUMAN
CAPITAL
l When done proactively, human resources (jobs) will be preserved in future
l Able to retain skills and improve efficiency by reallocating skilled human resources from loss-making operations to
other operations
l Improving the livelihoods of employees, contractors and suppliers who have been impacted by restructuring
l Losing the skills and funds invested into upskilling employees when employees are retrenched
FINANCIAL
CAPITAL
l Low commodity prices resulting in reduced profitability and/or losses
l Able to finance the green metals projects through alternative financing mechanisms such as the €500 million green
financing package for the Keliber lithium project
l With cash preservation, the financial capital allocated to our green metals projects might be reduced
SOCIAL AND
RELATIONSHIP
CAPITAL
l Low morale in sections where rightsizing and cost reduction are required
l Working together with trade unions, employees and stakeholders to find alternatives to retrenchments preserves
and sometimes even builds relationships with job preservation as common outcome
INTELLECTUAL
CAPITAL
l Losing the skills and funds invested into upskilling employees when employees are retrenched
l May delay some non-core innovation projects as part of the cash preservation efforts, delaying creation of
potential intellectual capital
l Innovation projects increases safety and enables cost benefits, which in turn increases profitability
MANUFACTURED
CAPITAL
l Slowing or stopping construction of some projects and merger and acquisitions
l Advancing only the best and most strategic projects due to a disciplined approach
OUR BUSINESS
AND LEADERSHIP
WHAT
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SIBANYE-STILLWATER INTEGRATED REPORT 2024
71
We acknowledge that the capitals are constantly created and eroded
through daily decisions, leading to capital trade-offs. Below is a selection of
key trade-offs that impacted our capital stocks, guided by our material
matters, risk universe, and strategy. This list, though not exhaustive, shows how
we link our capital components to long-term value creation. Each trade-off is
connected to relevant strategic pillars, material matters, and SDGs. For more
information, See our Group impact supplement, www.sibanyestillwater.com/
news-investors/reports/annual/
MATERIAL MATTERS (see page 3)
M1
Profitability
M2
Safety and health
M3
Capital allocation and balance sheet strength
M4
License to operate
M5
Tailings storage facilities management
M6
Water management
M7
Nature (biodiversity) pollution and mine rehabilitation
M8
Climate transition risk
M9
Climate physical risk
M10
Sociopolitical instability
M11
Macroeconomic and geopolitical instability
M12
Innovation, digital evolution and cyber exposure
M13
Security, crime and extortion
M14
Energy supply and security
M15
Advancing core skills, inclusion and diverse talent
Navigating capital trade-offs
Value creation involves balancing trade-offs between the six capitals, as
defined by the International Framework. Enhancing one capital may
come at the expense of another, requiring strategic decisions to optimise
long-term shared value for all stakeholders.
2
Our commitment to safe production and aspiration for Zero harm overrides meeting short-term production targets
Links to:
2024 STRATEGIC ESSENTIAL:
Ensuring safety and wellbeing
2024 MATERIAL
MATTERS:
M1, M2, M3, M12,
M13
SDGs
IMPACTED:
8.8, 3.8, 9.2
•
Our commitment to maintaining a safe working environment and to delivering on our aspiration of Zero harm, underpins all our activities
•
Focus on leading indicators and risky behaviours means improved reporting and recording of high-potential injuries
•
Voluntary work stoppages are implemented when there are clearly identified risks, affirming our core principle of Zero harm over meeting
production targets
•
Investment of financial capital and workforce time to secure health and safety improvement and management across all aspects of
our operations
CAPITALS IMPACTED l Value created l Value preserved l Value eroded
HUMAN
CAPITAL
l Time invested in safety training of staff
l More effectively-trained workforce, with an embedded safety culture
l Lowest serious injury frequency rate and total recordable injury frequency rate recorded for the 2024 year
l Safeguarding the lives of our employees daily
l Eight fatalities despite our efforts
FINANCIAL
CAPITAL
l Costs incurred from capital invested in safety programmes, initiatives, and technologies
l Reduced legal stoppages (e.g., Section 54s) as a result of improved safety sustains stable production
l Reduced care and maintenance costs
l Reduced legal liabilities and remedial costs
SOCIAL AND
RELATIONSHIP
CAPITAL
l Safe production in line with ICMM requirements
l Promotion of self-stoppages of work in unsafe conditions; monthly average reached above 80% of reported
stoppages by December 2024
l Life saving behaviour
INTELLECTUAL
CAPITAL
l Technical capabilities and expertise, safety certification, Zero harm framework, deployment of new technology
MANUFACTURED
CAPITAL
l Investment in new safe technologies
l Investment in visualising of safety risks through communication technology
3
Protecting workers’ rights to a fair wage and upholding our social licence to operate, while ensuring the Group’s business viability
in an increasingly competitive environment
Links to:
2024 STRATEGIC DIFFERENTIATOR:
Recognised as a force for good
2024 MATERIAL
MATTERS:
M1, M4, M10, M15
SDGs
IMPACTED:
8.6, 10.4
•
We uphold workers’ fundamental rights to freedom of association and collective bargaining and hold wage negotiations to agree fair
remuneration and note that local laws also protect these rights
•
Fair wages and active engagement maintain productivity and social stability. Our wage dispute mechanisms minimise industrial action
•
Wages also constitute a large part of our costs and, therefore, to keep the Group competitive and profitable, we will make the case against
unreasonable wage demands that threaten the viability of our operations
•
We’ve subsequently secured five-year wage agreements at our Rustenburg, Marikana, and Kroondal PGM operations and a one-year wage agreement
at our SA gold operations supporting short to medium-term stability
CAPITALS IMPACTED l Value created l Value preserved l Value eroded
FINANCIAL
CAPITAL
l Periodic wage increases
l Costs incurred from any productivity decline during industrial action
l Longer-term viability ensured through trust-based negotiations that balance employee needs with the Group’s
competitiveness
SOCIAL AND
RELATIONSHIP
CAPITAL
l Constructive relationships built with fair labour practices and frank engagement
l Any failure to prevent industrial action results in unrest and increased distrust
l Compliance with labour legislation
HUMAN CAPITAL
l Employment opportunities protected
l Failure to reach resolution of wage negotiations
l Lost operational time and loss of income when embarking on industrial action in the short term
OUR BUSINESS
AND LEADERSHIP
WHAT
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CAPITAL TRADE-OFFS: STRATEGIC MANAGEMENT FOR OPTIMUM VALUE CREATION continued
SIBANYE-STILLWATER INTEGRATED REPORT 2024
72
4
Disrupting traditional ways of work to embrace our position as a digital-first organisation whilst mitigating cyber risks
Links to:
2024 STRATEGIC DIFFERENTIATORS:
Inclusive, diverse and bionic
Building a pandemic-resilient ecosystem
2024 MATERIAL
MATTERS:
M2, M12, M13,
M15
SDGs
IMPACTED:
8.5, 9.2,
13.3,17.17
•
By embracing digital-first we are making significant investments in new technologies, adopting modernised work systems, and supporting
more flexible remote working patterns
•
Our drive to become a digital-first organisation is disrupting traditional ways of working, resulting in some potentially significant changes in
terms of people, plant, and processes
•
Embracing digital transformation enhances efficiency and innovation, but it also increases exposure to cyber threats, requiring robust
cybersecurity measures and continuous awareness training to mitigate risks
CAPITALS IMPACTED l Value created l Value preserved l Value eroded
FINANCIAL
CAPITAL
l Financial investment in technology, innovation and cybersecurity awareness initiatives
l Delivering enhanced efficiencies and creating new market opportunities
HUMAN
CAPITAL
l Key benefits to employees: less commuting, facilitation of transnational teamwork, access to greater pool of
global talent through remote working
l Improved safety, productivity and working environment through new technologies
l Skills retention and attraction owing to ease-of-work and remote opportunities
l Potential job losses and changes to existing tasks as digital technology replaces existing work needs
l Compulsory employee training in cybersecurity
SOCIAL AND
RELATIONSHIP
CAPITAL
l Possible erosion of in-person relationship building and personal connection
l Potential to increase diversity and inclusion
NATURAL
CAPITAL
l Environmental benefits through enhanced operational efficiencies and productivity
l Environmental cost associated with e-scrap and emissions from energy-intensive data centres
INTELLECTUAL
CAPITAL
l Investing in technologies, systems and processes
l Sibanye-Stillwater iXS technology incubation and development initiative, data security and protection
l Key capacity and capability constraints limiting digital transformation
l WITS University Digimine partnership
l Launched the #CyberSafe platform and partnered with a global cybersecurity company
MANUFACTURED
CAPITAL
l Existing plant and equipment becomes obsolete
l Commitment to continuous improvement and updates maintains digital infrastructure
l Global supply chain shortage impacting the availability of technology
OUR BUSINESS
AND LEADERSHIP
WHAT
DRIVES US
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PERFORMANCE
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CAPITAL TRADE-OFFS: STRATEGIC MANAGEMENT FOR OPTIMUM VALUE CREATION continued
SIBANYE-STILLWATER INTEGRATED REPORT 2024
73
SA gold operations - Driefontein Ya Rona D4 shaft
OUR
PERFORMANCE
Maintaining a profitable business and optimising capital
allocation
75
Chief Financial Officer’s report
75
Sustainability embedded as the way we do business
89
Social, Ethics and Sustainability Committee: Chair’s report
89
Governance in sustainability
96
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SIBANYE-STILLWATER INTEGRATED REPORT 2024
74
Platinum is used in electronic components like hard drives
and multi-layer ceramic capacitors.
CHIEF FINANCIAL
OFFICER’S REPORT
"With a well-staggered debt maturity
ladder, and in a weak PGM price
environment, we will focus on meeting
production targets, capitalise on cost
saving initiatives and responsibly
preserve cash on our balance sheet."
OUR BUSINESS
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SIBANYE-STILLWATER INTEGRATED REPORT 2024
75
Charl Keyter –
Chief Financial Officer
MAINTAINING A PROFITABLE
BUSINESS AND OPTIMISING
CAPITAL ALLOCATION
WHAT WE DID IN 2024
SUCCESSES
Maintaining a profitable business
•
Repositioned operations for sustainability in low price
environment
•
SA gold operations entered into two gold hedges with
~55% of 2025 production hedged at a floor of
R1.44 million/kg and cap of ~R1.82 million/kg, protecting
the SA gold margin
•
Currency hedges entered into prior to SA national
elections to protect operational cashflows from June 2024
to May 2025 at the SA PGM operations (US$60 million floor
at R18/US$, US$120 million cap at R20.09/US$)
Maintaining strong liquidity in line with our capital allocation
framework
•
Entered into a US$500 million streaming agreement
•
SA gold operations entered into a R1.8 billion gold
prepayment agreement with ~4% of 2025 production
hedged at a floor of R1.35 million/kg and cap of
~R1.74 million/kg
•
Secured well-priced long-term €500 million Green loan
funding for the Keliber lithium project
•
Obtained debt covenant uplifts net debt: adjusted EBITDA
of 3.5x until 30 June 2025 and 3.0x until 31 December 2025
supporting improved availability of liquidity
•
Obtained shareholder approval for the US$500 million
Convertible Bonds to be convertible in shares at the
option of the bond holders, reducing debt
Operational excellence
•
Group decarbonisation accelerated with fourth
renewable energy project providing 140MW of wind
energy, financed through a third-party power purchase
agreement (PPA) which assists with capital preservation
CHALLENGES
•
Earnings and cashflow mainly impacted by continued
lower average PGM basket prices
•
Lower medium to long-term prices (PGM and nickel),
operational constraints and above-inflation increases,
resulted in an impairment of R9.2 billion (US$0.5 billion)
across the Group
•
Incurred a loss for the year of R5.7 billion (US$0.3 billion)
compared with R37.4 billion (US$2.0 billion) for 2023
•
No dividend declared due to the Group incurring a
normalised earnings loss, in line with dividend policy
From a financial perspective, the entirety of our strategy applies,
but with special emphasis on our strategic essentials: Prospering in
every region in which we operate, Achieving operational excellence
and optimising long-term resource value and Maintaining a
profitable business and optimising capital allocation. The related
material financial matters identified in our materiality determination
process are Capital allocation and Profitability.
Governance of our financial performance and reporting is overseen
and monitored by the Audit Committee, on behalf of the Board.
(See Corporate governance)
2024 – A BRIEF OVERVIEW
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
During 2024, we had to operate against a backdrop of continued
lower average PGM basket and higher gold prices as investors
sought refuge in a safe-haven amid global economic uncertainty.
At our US PGM recycling business volumes of spent autocatalysts
were affected by lower consumer demand for new vehicles as a
result of high interest rates, while South Africa was impacted by
localised operational challenges at Siphumelele and Beatrix 3 shaft.
Century zinc retreatment operation was affected by severe weather
and Sandouville nickel refinery was affected by constrained
production and lower nickel carbonate demand. The higher
average gold price during 2024 resulted in higher revenue and
adjusted EBITDA at our managed SA gold operations. The net result
was revenue earned for 2024 of R112.1 billion (US$6.1 billion),
compared to R113.7 billion (US$6.2 billion) for 2023.
On 21 August 2024, we concluded a €500 million green loan
financing facility (Green loan) for the Keliber lithium project, with a
variable interest rate linked to EURIBOR, a competitive margin and
an amortising repayment profile tied to the projected project’s cash
flows which ultimately matures between 7 to 8 years. To date we
have spent approximately R8.7 billion (€438 million) on the Keliber
lithium project.
Despite operating in a challenging lower commodity price
environment, with the exception of gold and zinc during 2024,
we have maintained our cash reserves which at year end were
R16.0 billion ($1.4 billion). In line with Sibanye-Stillwater’s dividend
policy and its Capital allocation framework, the Board resolved not
to declare a dividend for 2024.
Net debt to adjusted EBITDA ended at 1.79x for 2024 (2023: 0.58x),
well below our required covenants. The continued lower average
PGM basket prices impacted both adjusted EBITDA and free cash
flow and contributed to the deterioration in net debt to adjusted
EBITDA in 2024. During December 2024, the Group entered into a
US$500 million streaming agreement with Franco-Nevada
corporation which secured a US$500 million upfront cash. This
allowed the Group to raise non-debt capital by primarily streaming
gold, a minor component of the basket of metals produced from our
SA PGM operations and a marginal and finite amount of platinum.
Including the US$ 500 million Stream proceeds, on a pro-forma basis,
would have resulted in Net debt to adjusted EBITDA at 1.08x for 2024.
Revenue for 2024 decreased marginally by 1%, mainly due to
ongoing lower PGM prices, but partially offset by increased revenue
at both the SA gold operations and the Century zinc retreatment
operation due to higher gold and zinc in concentrate prices,
respectively, and the acquisition of the Reldan operations effective
15 March 2024. Despite above-inflation increases in almost all input
costs, cost of sales before amortisation and depreciation increased
by only 5%. Group adjusted EBITDA for 2024 decreased by 36% or
R7.5 billion (US$0.4 billion) to R13.1 billion (US$0.7 billion). The Group
ended with a loss for the year of R5.7 billion (US$0.3 billion) an 85%
improvement compared to 2023, after raising non-cash impairments
of R9.2 billion (US$0.5 billion) for 2024, and normalised earnings1 loss of
R1.5 billion (US$0.1 billion).
1 Normalised earnings is not calculated in accordance with IFRS Accounting
Standards. See – Annual financial report – Management’s discussion and analysis of
the financial statements – Non-IFRS Measures on page AFR-43 for more information
on the metrics presented by Sibanye-Stillwater
OUR BUSINESS
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WHAT
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SIBANYE-STILLWATER INTEGRATED REPORT 2024
76
Percentage of revenue per segment by geographical location of customers purchasing from Group operations
Gold 2024
36%
64%
SA
UK
Gold 2023
44%
56%
SA
UK
US and SA PGM 2024
15%
23%
41%
21%
SA
UK
USA
Other
US and SA PGM 2023
14%
22%
46%
18%
SA
UK
USA
Other
Nickel refining 2024
3%
3%
71%
6%
17%
USA
France
Luxembourg
Germany
Other
Nickel refining 2023
7%
21%
5%
14%
9%
28%
16%
Belgium
UK
USA
Luxembourg
France
Germany
Other
Zinc retreatment 2024
35%
37%
12%
16%
Singapore
Switzerland
China
Other
Zinc retreatment 2023
37%
40%
9%
14%
Singapore
Switzerland
China
Other
28%
9%
9%
29%
18%
7%
Canada
Switzerland
Italy
USA
Germany
Other
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SIBANYE-STILLWATER INTEGRATED REPORT 2024
77
Southern African
region
European
region
Australian
region
E-scrap
recycling (US)
Southern African
and American
regions
At 31 December 2024, the Group was in a net debt position1 of
R23.4 billion (US$1.2 billion) compared to a net debt position of
R11.9 billion (US$0.6 billion) at the end of 2023. In line with this, the net
debt: adjusted EBITDA ratio increased from 0.58 in 2023 to 1.79 by
2024; a deterioration but better than expected and well within the
covenant threshold of 3.5x. Adjusted free cash flow2 for 2024 was
negative R13.4 billion (US$0.7 billion), compared to R10.6 billion
(US$572 million) in 2023.
1 Net debt represents borrowings and bank overdraft less cash and cash equivalents.
Borrowings are only those borrowings that have recourse to Sibanye-Stillwater
and, therefore, exclude the Burnstone Debt and include the derivative financial
instrument. Net debt excludes cash of Burnstone
2 Adjusted free cash flow is defined as cash flows from operating activities before
dividends paid, net interest paid and deferred revenue advance received,
less additions to property, plant and equipment. Management considers adjusted
free cash flow to be an indicator of cash available for repaying debt, other
investing activities, and paying dividends
OUR MOST NOTABLE FINANCIAL MATTERS
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Liquidity
At year-end 2024 the Group had committed undrawn debt facilities
of R26.7 billion (US$1.4 billion), compared to R20.8 billion
(US$1.1 billion) in 2023, uncommitted undrawn debt facilities of
R2.9 billion (US$0.2 billion), compared to R3.3 billion (US$0.2 billion)
in 2023and available cash and cash equivalents of R16.0 billion
(US$0.9 billion) compared to R25.6 billion (US$1.4 billion) in 2023,
contributing to the available cash and undrawn debt liquidity
buffer of R45.6 billion (US$2.4 billion), compared to R49.7 billion
(US$2.7 billion) in 2023. This excluded the US$500 million stream cash,
which was received by the end of February 2025. At year-end 2024,
the Group’s total assets exceeded its total liabilities by R48.3 billion
(US$2.6 billion), compared to R51.6 billion (US$2.8 billion) in 2023.
On 21 August 2024, the Group concluded the refinancing of the
R5.5 billion revolving credit facility (RCF). The new facility is a
R6.5 billion RCF with a term of three years, with two optional one-year
extensions from the maturity date of the facility. During December
2024, Sibanye-Stillwater entered into a US$500 million streaming
agreement with the Franco-Nevada corporation,which secured a
US$500 million upfront payment that further enhances the Group’s
capital structure, improves balance sheet headroom and liquidity
placing the Group in a secure and sustainable financial position.
In line with the Group’s Commodity price hedging policy and to
safeguard the viability of its higher-cost gold operations, on
4 November 2024 and 9 December 2024, respectively, Sibanye Gold
Proprietary Limited (SGL) concluded two gold hedge agreements,
which commenced on 1 December 2024 and 1 January 2025,
respectively. The agreements are also structured using monthly
average prices, requiring the delivery of 182,000 and 168,000 ounces
of gold over 12 months, respectively. The agreements have a zero
cost collar which establishes a floor of R1.45 million/kg for both
agreements and caps of R1.88 million/kg and R1.75 million/kg,
respectively.
During the year, the Group entered into a wind energy power
purchase agreements , providing a total of 140MW clean energy
which is expected to reach commercial operation in quarter 4 of
2026. This projects will provide approximately 9% of our SA electricity
requirements and enable the Group to reduce its scope 2 emissions.
These projects will be funded, built and operated by a project
consortium, positively contributing to preserving the Group’s liquidity.
Credit ratings
The Group received revised downward credit ratings from Moody’s in May 2024, as tabled below:
Credit rating agency
Previous
Current
Most recent ratings change
Fitch
BB stable outlook
BB negative outlook
February 2024
Moody's
Ba2 positive outlook
Ba2 negative outlook
May 2024
S&P Global
BB
BB -
December 2023
Moody’s and Fitch downgraded the Group’s rating to negative outlook. The ratings reflects a combination of factors including the company’s
ambitious growth strategy with large debt-financed investments in a battery metal project and a sizeable acquisition of a PGM recycling asset
amid the weak PGM prices undermining EBITDA and cash flow generation, the high-cost profile of its gold operations consisting of mature
deep-level mines and operational risks that have materialised in a number of incidents at the company’s mines over the past several years
leading to operational disruptions and the company's exposure to macroeconomic, business, social, political and regulatory risks in South
Africa, which constrain its rating at the level not more than one notch above that of South Africa's sovereign rating. A change in credit rating,
however, has been expected given the uncertain market outlook on PGM prices.
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78
Century pit TSF, Australia
PROACTIVE BALANCE SHEET MEASURES
During the year the Group continued to proactively respond to the expected low economic environment, by:
•
Repositioned operations for sustainability in low-price environment
•
Optimised profitability and protected the balance sheet
•
Reinforced Balance sheet strength by accessing non-debt capital, as illustrated in the table below:
Funding
Value
Covenant uplift
~R13 billion (US$692 million)1 benefit2
Currency hedging geared collar
US$35 million – US$ 70 million (R18.00/US$ / R20.09/US$)
US$25 million – US$50 million (R18.00/US$ / R20.09/US$)
Gold prepay
Minimum R1.8 billion (US$96 million)1
RCF refinanced and increased
Upsized from R5.5 billion to R6.5 billion6
Keliber green loan
€500 million (R9.8 billion)1
Stream
US$500 million (R9.4 billion)1, 4
Chrome prepay
US$50 million (R938 million)1,5
Total Balance sheet reinforcement to date
~R35.8 billion (~US$1.9 billion)1,3
1.
Using the closing rate for 2024 of R18.76/US$ and R19.53/€
2.
Assuming annual adjusted EBITDA of ~R13 billion (H1 2024 annualised), the covenant uplift to 3.5x provides additional net debt headroom of ~R13 billion
3.
The total includes the covenant uplift (~R13 billion/US$705 million), the prepay (minimum of R1.8 billion/US$96 million), the refinancing of the Rand RCF (R500 million/US$27
million) and the green loan (R9.8 billion/US$521 million). The total excludes the currency hedging geared collar as the benefit will be derived at an exchange rate higher
than R20/US$
4.
Sibanye-Stillwater secured US$500 million (R9.4 billion) streaming agreement with Franco-Nevada on 19 December 2024, cash received by February 2025
5.
On 1 December 2024, Sibanye-Stillwater concluded a chrome prepayment arrangement whereby the Group received a cash prepayment of US$50 million (R938 million)
against delivery of chrome concentrate. Monthly deliveries of between 40,000 tonnes and 70,000 tonnes of chrome concentrate will be made until the prepaid amount
(including interest) is settled in full. Full ruling spot prices are received for the chrome concentrate, with the prepayment outstanding amortising on pre-agreed criteria over
the period. Deferred revenue amounting to R172 million was recognised as revenue for the 18 months ended 31 December 2024
6.
On 6 December 2024, following the RCF’s initial execution, the Bank of China, a prior funder, acceded to the ZAR RCF and increased the available facility by R500 million
(US$26.6 million)
For 2025, planned project capital for K4 is R0.8 billion (US$44 million) and Keliber lithium project is R4.3 billion (€215 million).
Total capital expenditure for 2025, is estimated at approximately R20.5 billion (US$1.1 billion) at a planned exchange rate of R18/US$.
Dividends
Our Dividend policy is to return at least 25% to 35% of normalised
earnings to shareholders and after due consideration of future
requirements the dividend may be increased beyond these levels.
For 2024, the Group incurred a normalised loss of R1.5 billion
(US$80 million), compared to normalised earnings of R1.8 billion
(US$95 million) for 2023. In line with Sibanye-Stillwater’s dividend
policy and its Capital allocation framework, the Board resolved not
to declare a dividend for the year ended 31 December 2024
(2023: 53 SA cents per share).
Cost-saving initiatives
In light of the expected volatile operating environment, with
macroeconomic and geopolitical uncertainty persisting, and the
continued lower average PGM basket prices, we have already
taken proactive and decisive actions, which tangibly address
financial losses and better position the business for future
sustainability. These actions included the further repositioning of US
PGM operations by deferring production growth, the deferral of
capital investment in Burnstone project and the restructuring at our
SA region operations. The restructuring at the SA region resulted in
the closure of end-of-life shafts and plants including Beatrix 4 shaft,
Kloof 4 shaft, Kloof 2 plant, Simunye shaft (Kroondal) and 4 Belt shaft
(Marikana) and the restructuring of loss-making shafts which
included Siphumelele (Rustenburg), Rowland (Marikana) and Beatrix
1 shafts which also necessitated the consequential right-sizing of the
SA regional services. In addition, Beatrix 1 shaft will continue
operating as long as it does not incur a net losses on an average
trailing three-month basis.
Inflation pressures
The South African Reserve Bank (SARB) has a monetary inflation
target range of 3% to 6%. The SARB’s Monetary Policy Committee
forecasted the headline Consumer Price Index (CPI) for 2024 at 4.6%,
2025 at 4.5% and 4.5% for 2026. For South Africa, the headline CPI
was an average of 4.7% up to October 2024. South Africa continued
to be affected by higher inflation rates, coupled with a weaker rand,
resulting in higher prices for imported goods which led to above-
inflation cost increases on essential input costs which include
electricity, diesel, reagents and steel costs. In the United States, the
Federal Open Market Committee (“FOMC”) at its September 2024
meeting discussed its outlook on US inflation and indicated that it
seeks to achieve maximum employment and inflation at 2% over the
longer run. The IMF forecasts the US 5 year inflation at 2.1% (2023:
2.1%), which reflects the policy of the FOMC. The CPI up to
October 2024 was at 3%. The French central bank, forecast that
inflation would average 2.5% in 2024, nearing the European Central
Bank’s 2% target towards the end of 2024. The IMF forecast the
French 5-͏year inflation at 1.8% and 2% for Finland. The Reserve Bank
of Australia forecast inflation to decline to 3.1% by December 2024,
returning to the target range of 2% to 3% in 2025, and to the midpoint
in 2026. The IMF forecast the Australian 5 years inflation at 2.5%.
Above-inflation increases put pressure on the Group’s profitability
and Sibanye-Stillwater strives to limit above-inflation cost increases to
ensuring the sustainability of operations.
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SUMMARY OF THE ANNUAL FINANCIAL
STATEMENTS
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Our PGM operations were significantly impacted by the continued
lower PGM basket prices, while our Sandouville nickel refinery faced
continued pressure with the structural shift in nickel prices which
continued during 2024. The Century zinc retreatment operation
benefited from a combination of higher zinc in concentrate prices
and record low treatment charges. Our gold operations benefited
from higher gold prices as the gold price continued its strong
uptrend and achieved record highs.
The Group proactively restructured it US PGM and its SA region,
including the SA regional services function due to lower realised
PGM prices.
In light of these challenges, the Group focused on capital
preservation opportunities which for example, included placing the
Burnstone project on care and maintenance and proactively
implemented various balance sheet reinforcement measures, whilst
maintaining liquidity which ensures that the Group is able to execute
on its planned capital commitments for 2025.
Group financial performance
Revenue
Group revenue for 2024 decreased by 1% to R112.1 billion
(US$6.1 billion) mainly due to continued lower average US$ PGM
basket prices realised during 2024, partially offset by increased
revenue at both the SA gold operations and the Century zinc
retreatment operation due to higher gold and zinc in concentrate
prices, respectively, and the acquisition of the Reldan operations
effective March 2024.
Cost of sales
Group cost of sales, before amortisation and depreciation,
increased from R89.8 billion (US$4.9 billion) in 2023 to R96.4 billion
(US$5.3 billion) in 2024. The acquisition of Reldan and Anglo
American Platinum Limited's (AAPL) 50% share of the Kroondal PSA
operations were the primary reasons for the 7% increase in Group
cost of sales before amortisation and depreciation, partially offset by
lower average PGM basket prices affecting the cost of purchasing
recycling material and third-party PoC at the US PGM Recycling and
Marikana operations (SA PGM), respectively.
Loss before royalties, carbon tax and tax
Group loss before royalties, carbon tax and tax decreased by 91% or
R35.1 billion (US$1.9 billion) to R3.7 billion (US$0.2 billion), which is
mainly attributable to the decrease in impairment loss recognised of
R38.3 billion in 2024 (R2.1 billion).
Adjusted EBITDA
Group Adjusted EBITDA of R13.1 billion (US$0.7 billion) in 2024
decreased by 36% from R20.6 billion (US$1.1 billion) in 2023. Adjusted
EBITDA from the US PGM underground operations decreased by
116% to R0.1 billion (US$9 million) mainly due to continued lower 2E
PGM basket prices. For the US PGM recycling operations adjusted
EBITDA decreased by 46% to 0.3 billion (US$17 million) mainly due to
lower 3E PGM basket prices. The US Reldan operations generated
adjusted EBITDA of R0.3 billion (US$15 million). Adjusted EBITDA for the
SA PGM operations decreased by 58% to R7.4 billion (US$0.4 billion)
due to continued lower 4E PGM basket prices. Adjusted EBITDA at
the SA gold operations increased by 66% to R5.8 billion
(US$0.3 billion) in 2024, mainly due to a 22% increase in the rand gold
price. Negative adjusted EBITDA from the Sandouville nickel refinery
decreased by 46% to negative R0.7 billion (US$41 million), mainly due
to 13% higher volumes. Adjusted EBITDA at the Century zinc
retreatment operation increased by 325% to R0.6 billion
(US$34 million) due to a 54% higher average equivalent zinc
concentrate price.
Cost of production
The All-in sustaining cost (AISC) at the US PGM operations decreased
by 27% to US$1,367/2Eoz in 2024 primarily due to reduced ore reserve
development (ORD) and reduced sustaining capital expenditure
arising from repositioning the US PGM operations for lower PGM
prices, by deferring production growth and maintaining lower levels
of production.
Despite disciplined cost containment measures, the AISC at the SA
PGM operations of R21,848/4Eoz (including third-party PoC)
increased by 8% from R20,286/4Eoz due to above inflation increases
in costs of labour, electricity and imported spares and 4% higher
production volumes.
The AISC at the SA gold operations increased by 11% to
R1,251,810/kg in 2024 and was mainly due to 13% lower production
volumes arising from the disruptions at the Kloof operation and at
Beatrix 3 shaft and above average inflationary increases in
electricity, support and consumables costs.
At Sandouville, production costs were well controlled with nickel
equivalent AISC for 2024 of R449,644/tNi, 31% lower year-on-year.
This was driven by lower feedstock prices linked to the price of nickel,
lower variable costs (reagents, energy including electricity and gas)
and 30% lower sustaining capital to R0.2 billion (US$9 million) as a
result of lower replacement costs due to the closure of current
production lines in H1 2025.
The Century zinc retreatment operation AISC of US$42,446/tZn for
2024 was 17% higher than 2023 levels as a result of 66% higher
royalties and sustaining capital which was 64% higher at R0.2 billion
(US$10 million) of which R0.1 billion (US$4 million) related to the
bushfire recovery costs, partially offset by by-product credits which
increased by 75% to R0.2 billion (US$12 million) as a result of the
higher prices of silver and increased sales.
See Chairman and CEO’s review, page 13 for more on operational
performance.
Capital expenditure
In 2024, Sibanye-Stillwater’s total capital expenditure was 4% lower at
R21.6 billion (US$1.2 billion) (2023: R22.4 billion or US$1.2 billion). The
capital spend in 2024 was mainly due to the project capital
expenditure, on the K4 project (SA PGM operations) and Keliber, as
well as Ore Reserve Development and sustaining capital
expenditure. These investments will contribute towards the future
operational sustainability of the Group and deliver significant
economic value to all stakeholders over the long term.
Capital expenditure at the US PGM operations for 2024 was
R2.8 billion (US$0.2 billion) compared to R6.8 billion (US$0.4 billion) for
2023, at the SA PGM operations for 2024 was R5.8 billion
(US$0.3 billion) compared to R5.6 billion (US$0.3 billion) in 2023, at the
managed SA gold operations for 2024 was R3.9 billion (US$0.2 billion)
compared to R5.4 billion (US$0.3 billion) in 2023. At the Sandouville
refinery capital expenditure for 2024 was R0.2 billion (US$9 million)
compared to R0.2 billion (US$13 million) in 2023 and on the Keliber
lithium project capital expenditure was R6.2 billion (US$0.3 billion)
compared to R2.5 billion (US$0.1 billion) in 2023. Capital expenditure
at the Century zinc tailings retreatment facility for 2024 was R0.2
billion (US$10 million) compared to R0.2 billion (US$9 million) in 2023. In
2024 capital expenditure at the Reldan operations was R0.01 billion
(US$1 million).
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SIBANYE-STILLWATER INTEGRATED REPORT 2024
80
US dollar
SA rand
2023
2024
Figures are in millions unless otherwise stated
2024
2023
6,172
6,121
Revenue
112,129
113,684
(5,417)
(5,743)
Cost of sales
(105,208)
(99,768)
(4,873)
(5,262)
Cost of sales, before amortisation and depreciation
(96,398)
(89,756)
(544)
(481)
Amortisation and depreciation
(8,810)
(10,012)
74
73
Interest income
1,337
1,369
(179)
(250)
Finance expense
(4,571)
(3,299)
(6)
(14)
Share-based payment expenses
(251)
(113)
13
297
Gain on financial instruments
5,433
235
107
(12)
(Loss)/gain on foreign exchange differences
(215)
1,973
(64)
12
Share of results of equity-accounted investees after tax
212
(1,174)
(318)
(258)
Other costs
(4,722)
(5,858)
67
144
Other income
2,630
1,232
6
3
Gain on disposal of property, plant and equipment
55
105
(2,576)
(501)
Impairments
(9,173)
(47,454)
(28)
(30)
Restructuring costs
(550)
(515)
(26)
(46)
Transaction and project costs
(851)
(474)
49
—
Gain on acquisition
—
898
20
4
Occupational healthcare gain
76
365
(2,106)
(200)
Loss before royalties, carbon tax and tax
(3,669)
(38,794)
(57)
(30)
Royalties
(543)
(1,050)
—
—
Carbon tax
(2)
(2)
(2,163)
(230)
Loss before tax
(4,214)
(39,846)
131
(81)
Mining and income tax
(1,496)
2,416
(2,032)
(311)
Loss for the period
(5,710)
(37,430)
Profit/(loss) for the period attributable to:
(2,051)
(398)
- Owners of Sibanye-Stillwater
(7,297)
(37,772)
19
87
- Non-controlling interests (NCI)
1,587
342
Earnings per ordinary share (cents)
(72)
(14)
Basic earnings per share
(258)
(1,334)
(72)
(14)
Diluted earnings per share
(258)
(1,334)
18.42
18.32
Average R/US$ rate
Note: The translation of the consolidated income statement into US dollar is based on the average exchange rate for the year ended 31 December 2024 of R18.32:US$1
(2023: R18.42:US$1) and is provided as supplementary information
Consolidated income statement for the year ended 31 December 2024
Interest income
Interest income for 2024 decreased by R32 million (US$1 million) to R1,337 million (US$73 million) (2023: R1,369 million or US$74 million) which was
mainly due to interest received on lower cash balances, partially offset by higher interest on rehabilitation obligation funds invested.
Interest income mainly includes interest received on cash deposits amounting to R882 million (US$48 million)(2023: R998 million or US$54 million),
interest received on rehabilitation obligation funds of R404 million (US$22 million)(2023: R339 million or US$18 million), interest earned on right of
recovery asset of Rnil (US$nil) (2023: R25 million or US$1 million) and other interest earned of R51 million (US$3 million) (2023: R7 million or US$0 million).
Finance expense
Finance expense for 2024 increased by R1,272 million (US$69 million) (2023: R460 million or US$25 million) mainly due to a R754 million (US$41 million)
increase (2023: R146 million or US$8 million) in interest on borrowings, R329 million (US$18 million) increase (2023: R143 million or US$8million) in the
unwinding of amortised cost on borrowings following an increase in average outstanding borrowings for 2024, R208 million(US$11 million) increase
(2023: R147 million or US$8 million) in unwinding of the environmental rehabilitation obligation, R44 million (US$2 million) increase (2023: R1 million or
US$0 million) in the unwinding of the finance costs on the deferred revenue transactions and an increase of R114 million (US$6 million)
(2023: R150 million or US$8 million) in sundry interest, all partially offset by a R48 million (US$3 million) decrease (2023: increase R71 million or
US$4 million) increase in the unwinding of the Marikana dividend obligation, R85 million (US$5 million) decrease (2023: R181 million or US$10 million) in
Rustenburg deferred payment, R3 million (US$0 million) decrease (2023: R15 million or US$1 million) in the Pandora deferred payment, R9 million
(US$0 million) decrease (2023: increase R12 million or US$1 million) in interest on lease liabilities and a R32 million (US$2 million) decrease
(2023: R15 million or US$1 million) in interest on the occupational healthcare obligation.
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Gain on financial instruments
The gain on financial instruments increased from R235 million (US$13 million) to R5,433 million (US$297 million) for 2024, representing a year-
on-year increase of R5,198 million (US$284 million). The net gain for 2024 is mainly attributable to a combined fair value gain of
R1,860 million (US$102 million) on the Rustenburg (R649 million or US$35 million) (2023: R346 million or US$19 million) and Marikana
(R165 million US$9 million) B-BBEE cash-settled share-based payment obligations (2023: R1,243 million or US$67 million) and the Marikana
dividend obligation (R1,046 million or US$57 million) (2023: fair value loss R548 million or US$30 million), all due to lower forecast cash flows
over the respective life-of-mines. In addition, fair value gains on the Keliber dividend obligation of R811 million (US$44 million) (2023: fair
value loss R287 million or US$16 million), SRPM contingent consideration (Kroondal acquisition) of R396 million (US$22 million) (2023: fair value
loss R137 million or US$7 million), derivative financial instrument relating to US$ Convertible Bond of R1,733 million (US$95 million) (2023: fair
value loss R2,136 million or US$116 million)and revised cash flow of the Burnstone Debt of R1,053 million (US$57 million) (2023: R32 million or
US$2 million) also contributed to the net gain on financial instruments and arose due to a decrease in these liabilities which resulted
primarily from lower consensus commodity prices. These gains were partially offset by the fair value losses on the gold hedge contract of
R448 million (US$24 million) (2023: R140 million or US$8 million) and zinc hedge contracts of R234 million (US$13million) (2023: fair value gain
R491 million or US$27 million), respectively.
Loss/(gain) on foreign exchange differences
The loss on foreign exchange differences was R215 million (US$12 million) in 2024 compared with a gain of R1,973 million (US$107 million) in
2023. The loss on foreign exchange differences in 2024 was mainly due to a net foreign currency translation loss reclassified to profit or loss
with the deregistration of foreign subsidiaries of R55 million (US$3 million), R38 million (US$2 million) loss on the Burnstone debt due to a
stronger rand, foreign exchange losses of R125 million (US$7 million) on intra-group loans with a real foreign exchange exposure, partially
offset by foreign exchange gains of R47 million (US$3 million) on receivables and payables.
Restructuring costs
Maintaining loss-making operations is not sustainable over an extended period. Cross-subsidising loss making operations erodes value, is a
drain on cash flows and, as a result, threatens the sustainability and economic viability of other operations. The Group, therefore
continually reviews and assesses the operating and financial performance of its assets. Restructuring costs of R550 million (US$30 million)
(2023: R515 million or US$28 million) were incurred during 2024 which mainly related to the SA gold operations (R144 million or US$8 million)
(2023: R114 million or US$6 million), SA PGM operations (R269 million or US$15 million) (2023: R351 million or US$19 million), Protection Services
(R11 million or US$1 million (2023: nil) and US PGM operations (R126 million or US$7 million) (2023: R41 million or US$2 million).
Transaction costs
Transaction costs were R851 million (US$46 million) in 2024 compared with R474 million (US$26 million) in 2023. The transaction costs in 2024
mainly included included project cost of the GalliCam pre-feasibility study R193 million US$11 million) (2023: nil), legal and advisory fees on
merger and acquisition activities relating to Reldan R187 million (US$10 million) (2023: R74 million or US$4 million), Appian R115 million
US$6 million) (2023: R17 million or US$1 million), acquisition related advisory and legal fees of R55 million (US$3 million) (2023: R112 million or
US$6 million) and other transaction related general legal and advisory fees of R301 million (US$16 million) (2023: R242 million or US$13 million)
and convertible bond fees of nil (2023: R29 million or US$2 million).
Share of results of equity-accounted investees after tax
The profit from share of results of equity-accounted investees of R212 million (US$12 million) in 2024 (2023: R1,174 million or US$64 million loss) was
primarily due to profit of R327 million (US$18 million) (2023: R315 million or US$17 million) relating to Sibanye-Stillwater’s 44% interest in Rand Refinery,
partially offset by share of losses of R97 million (US$5 million) (2023: R1,479 million or US$80 million) relating to Sibanye-Stillwater’s 50% attributable share
in Mimosa.
Royalties, mining and income tax
Royalties decreased by 48% to R543 million (US$30 million) in 2024 from R1,050 million (US$57 million) in 2023. The decrease in 2024 was
mainly due to the decreased revenue and profitability at the SA PGM operations as a result of the lower PGM prices in 2023, partially offset
by the increase in royalties payable by New Century which was acquired during 2023.
Mining and income tax charge increased to R1,496 million (US$82 million) in 2024 compared to a net net credit of R2,416 million
(US$131 million) in 2023 which is mainly attributable to unrecognised or derecognised deferred tax assets in 2024 compared to a loss before
tax in 2023.
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Other costs
Other costs were R4,722 million (US$258 million) in 2024 compared with R5,858 million (US$318 million) in 2023. Included in other costs for
2024 was a provision of R200 million (US$11 million) (2023: R1,865 million or US$101 million) recognised for an onerous supply contract at
the Sandouville nickel refinery which decreased in 2024 due to the realisation of onerous contract losses provided for at 31 December
2023. Other costs also included care and maintenance costs of R1,609 million (US$88 million) (2023: R1,378 million or US$75 million),
corporate social investment costs of R405 million (US$22 million)(2023: R149 million or US$8 million), cost incurred on employee and
community trusts of R204 million (US$11 million)(2023: R469 million or US$25 million), exploration costs of R36 million (US$2 million)
(2023: R183 million or US$10 million), non-mining royalties of R73 million (US$4 million) (2023: R84 million or US$5 million), service entity costs
of R466 million (US$25 million) (2023: R366 million or US$20 million), and other of R1,243 million (US$68 million) (2023: R1,364 million or
US$74 million).
Other income
Other income was R2,630 million (US$144 million) in 2024 compared with R1,232 million (US$67 million) in 2023. Other income also included
change in estimate of environmental rehabilitation obligation, and right of recovery receivable and payable of R40 million (US$2 million)
(2023: R45 million or US$2 million), service entity income of R307 million (US$17 million) (2023: R497 million or US$27 million), sundry income
of R389 million (US$21 million) (2023: R387 million or US$21 million) and gain on increase in equity-accounted investment of R2 million
(US$0 million) (2023: R5 million or US$0 million). Included in other income for 2024 were insurance proceeds of R875 million (US$48 million)
(2023: nil) which mainly related to the business interruption for an insurance claim lodged by the Group at its US PGM operations resulting
from the flood event which occurred during June 2022 amounting to R838 million (US$46 million) (2023: nil) and compensation for losses
incurred in respect of a property damage claim lodged by the Group at is Australian operations of R26 million (US$1 million) (2023: nil)
and an onerous contract provision utilisation/change in estimate of R1,017 million (US$56 million) (2023: nil) resulting from the realisation
of onerous contract losses provided for at 31 December 2023. Included in other income for 2023 was the gain on remeasurement of
previously held interest in the Kroondal PSA of R298 million (US$16 million), following SRPM's acquisition of RPM's 50% interest in the
Kroondal PSA.
Impairments
During 2024 the Group recognised impairment losses of R9,173 million (US$501 million) compared to a impairment losses in 2023 of
R47,454 million (US$2,576 million). The impairments raised of R9,173 million (US$501 million) mainly related to:
•
The carrying value of the US PGM operations (Stillwater CGU) was impaired by R1,292 million (US$78 million) at 31 December 2024, in
addition to the R7,499 million (US$401 million) recognised at 30 June 2024. The impairment is due to the resulting recoverable amount
determined from the updated life-of-mine plan which incorporates the restructure of the US PGM operations announced after
30 June 2024, and includes suspending the operations at the Stillwater West Mine for a period of time and reducing mining at East
Boulder Mine. Many of the actions relating to the restructure were implemented towards the end of the financial year. There was also
a further decrease in the expected long-term palladium and platinum prices which resulted in a decrease in the expected future net
cash flows from the Stillwater CGU, and contributed to the reduced value in use at 31 December 2024. The impairment recognised at
30 June 2024 was due to the decrease in medium to long-term forecast palladium and platinum prices which also resulted in a
decrease in the expected future net cash flows from the Stillwater CGU
•
Specific asset impairment for the year and six months ended 31 December 2024 relates to the Sandouville nickel refinery which
was impaired by R221 million (US$13 million) resulting from the settlement agreement concluded during the six months ended
31 December 2024, in terms of which the last nickel matte was delivered early January 2025 and the remaining inventory is scheduled
to be processed by the end of March 2025. The Sandouville nickel refining operation will wind-down during H1 2025. The outcome of
the pre-feasibility study to assess the potential conversion of the Sandouville plant to produce pCAM is expected by the end of 2025.
A further R34 million (US$2million) specific asset impairment was recognised at Stillwater related to assets classified as held for sale
and written down to fair value. Specific asset impairments recognised for the six months ended 30 June 2024 related to shaft 4B at
Marikana which was impaired by R112 million (US$6 million) due to closure and the Klipfontein open cast assets by R11 million
(US$1 million) due to the mining area not being economically viable.
Revenue
US dollar
SA rand
% change
2023
2024
Figures in million
2024
2023
% change
(1)
6,172
6,121
Total
112,129
113,684
(1)
(12)
569
501
US PGM (underground)
9,207
10,494
(12)
(43)
723
413
US PGM (recycled)
7,574
13,318
(43)
N/A
—
344
US Reldan operations1
6,306
—
N/A
(7)
3,019
2,799
SA PGM
51,257
55,593
(8)
4
1,267
1,316
Managed SA gold
24,077
23,327
3
22
316
386
DRDGOLD
7,068
5,816
22
(7)
164
152
Sandouville refinery
2,784
3,024
(8)
78
122
217
Century zinc retreatment operation2
3,983
2,251
77
(13)
(8)
(7)
Group corporate
(127)
(139)
(9)
18.42
18.32
Average Rand/US$ rate
1 The US Reldan operations is included in the Group results since the effective date of the acquisition on 15 March 2024
2 The Century zinc tailings retreatment operation is included in the Group results since the effective date of the acquisition on 22 February 2023
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SIBANYE-STILLWATER INTEGRATED REPORT 2024
83
Group revenue for 2024 decreased by 1% to R112,129 million (US$6,121 million) mainly due to lower sales volumes at the US PGM Recycling
operations and lower average US$ PGM basket prices.
Revenue from the US PGM underground operations decreased by 12% to R9,207 million (US$501 million) (2023: R10,494 million or US$569 million)
in 2024 due to a 21% lower average 2E basket price of US$988/2Eoz, partially offset by a 9% or 36,655 2Eoz increase in mined ounces sold,
which correlates with the higher production achieved. Revenue from US PGM recycling operation decreased by 43% to R7,574 million
(US$413 million) (2023: R13,318 million or US$723 million) in 2024, mainly due to a 46% lower average 3E basket price of US$1,266/3Eoz, partially
offset by 5% higher sales volumes.
The US Reldan operations contributed R6,306 million (US$344 million) or 6% towards total Group revenue since its acquisition on 15 March 2024.
Revenue from the SA PGM operations decreased by 8% to R51,257 million (US$2,799 million) in 2024 from R55,593 million (US$3,019 million) in
2023, due to a 16% lower average 4E basket price received of R24,213/4Eoz, partially offset by a 5% or 79,715 4Eoz increase in PGMs sold.
Revenue from the managed SA gold operations increased by 3% to R24,077 million (US$1,316 million) (2023: R23,327 million or US$1,267 million)
in 2024, mainly due to a 20% higher rand gold price of R1,373,156/kg, partially offset by a 15% or 3,125kg decrease in gold sold due to lower
production resulting from disruptions at the Kloof operation and closure of Kloof 4 shaft during H2 2023. Revenue from DRDGOLD increased by
22% to R7,068 million (US$386 million) (2023: R5,816 million or US$316 million) mainly due to a 23% higher rand gold price received of R1,407,688/
kg, partially offset by 1% lower sales volumes.
Revenue from the Sandouville nickel refinery decreased by 8% to R2,784 million (US$152 million) (2023: R3,024 million or US$164 million) in 2024,
mainly due to a 18% lower average rand nickel equivalent basket price of R360,855/tNi, partially offset by a 13% increase in sales volumes.
Revenue from the Century zinc retreatment operation increased by 77% to R3,983 million (US$217 million) (2023: R2,251 million or US$122 million)
in 2024, mainly due to a 54% higher average equivalent zinc concentrate price of R49,046/tZn and a 6% increase in sales volumes.
Cost of sales, before amortisation and depreciation
US dollar
SA rand
% change
2023
2024
Figures in million
2024
2023
% change
8
(4,873)
(5,262)
Total
(96,398)
(89,756)
7
2
(528)
(539)
US PGM (underground)
(9,848)
(9,680)
2
(43)
(690)
(396)
US PGM (recycled)
(7,248)
(12,711)
(43)
N/A
—
(329)
US Reldan operations1
(6,032)
—
N/A
18
(1,992)
(2,344)
SA PGM
(42,963)
(36,699)
17
(4)
(1,087)
(1,042)
Managed SA gold
(19,113)
(20,041)
(5)
12
(219)
(245)
DRDGOLD
(4,484)
(4,040)
11
(21)
(235)
(185)
Sandouville refinery
(3,384)
(4,329)
(22)
49
(122)
(182)
Century zinc retreatment operation2
(3,326)
(2,256)
47
18.42
18.32
Average Rand/US$ rate
1 The US Reldan operations is included in the Group results since the effective date of the acquisition on 15 March 2024
2 The Century zinc tailings retreatment operation is included in the Group results since the effective date of the acquisition on 22 February 2023
Cost of sales, before amortisation and depreciation increased by 7% to R96,398 million (US$5,262 million) in 2024 from R89,756 million
(US$4,873 million) in 2023.
Cost of sales, before amortisation and depreciation at the US PGM underground operations increased marginally by 2% to R9,848 million
(US$539 million) mainly due to the impact of restructuring undertaken which resulted in reduced production and operating costs as a result of
deferring growth arising from repositioning the US PGM operations for lower PGM prices. An increase of 2% in sales volumes to 461,662 2Eoz, in
line with production volumes which also increased by 1% year-on-year to 425,842 2Eoz, had a limited impact on cost of sales. Cost of sales,
before amortisation and depreciation at the US PGM recycling operation decreased, in line with the decrease in revenue, by 43% from
R12,711 million (US$690 million) to R7,248 million (US$396 million) mainly due to lower average PGM basket prices.
The US Reldan operations contributed R6,032 million (US$329 million) or 6% towards Group cost of sales since its acquisition on 15 March 2024.
Cost of sales, before amortisation and depreciation at the SA PGM operations increased by 17% to R42,963 million (US$2,344 million) in
2024, due to an increase of 5% in PGMs sold, the inclusion of the Kroondal operation post the acquisition of Anglo American Platinum
Limited's (AAPL) 50% share of the Kroondal PSA and above inflation increases in costs of electricity and imported spares. Mined
underground 4E PGM production decreased by 5% to 1,463,337 4Eoz and surface production volumes excluding third-party PoC were 7%
lower at 152,970 4Eoz. Third-party concentrate purchased and processed at the Marikana smelting and refining operations was flat at
96,464 4Eoz. Third-party PoC material is purchased at a higher cost, than own mined ore, due to the direct correlation to the basket price
of PGM’s.
Cost of sales, before amortisation and depreciation at the managed SA gold operations decreased by 5% to R19,113 million
(US$1,042 million) due to a 15% decrease sales volumes, partially offset by above inflationary increases in in electricity, support and
consumables costs. Cost of sales, before amortisation and depreciation from DRDGOLD increased by 11% to R4,484 million
(US$245 million) due to above inflationary cost increases in electricity due to a delay in the solar project completion and increased
security costs in response to risk.
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SIBANYE-STILLWATER INTEGRATED REPORT 2024
84
Cost of sales, before amortisation and depreciation at the Sandouville nickel refinery decreased by 22% to R3,384 million (US$185 million)
mainly due to a combination of lower variable costs correlated with lower production volumes, a decline in chemical prices and lower
labour and maintenance costs, partially offset by a 13% increase sales volumes.
Cost of sales, before amortisation and depreciation at the Century zinc retreatment operation increased by 47% to R3,326 million
(US$182 million) mainly due to a 6% increase in sales volumes.
Loss before royalties, carbon tax and tax
US dollar
SA rand
% change
2023
2024
Figures in million
2024
2023
% change
(91)
(2,106)
(200)
Total1,2
(3,669)
(38,794)
(91)
(76)
(2,427)
(589)
US PGM (underground)
(10,795)
(44,712)
(76)
(45)
33
18
US PGM (recycled)
321
603
(47)
N/A
—
1
US Reldan operations3
20
—
N/A
(70)
939
283
SA PGM
5,177
17,303
(70)
(340)
(67)
161
SA gold
2,954
(1,227)
(341)
(89)
(266)
(29)
Sandouville nickel refinery
(531)
(4,900)
(89)
(102)
(248)
4
Century zinc retreatment operation4
77
(4,575)
(102)
31
(49)
(64)
Group corporate
(1,167)
(894)
31
18.42
18.32
Average rand/US$ rate
1 Included within total Loss before royalties, carbon tax and tax for the Group is the European region corporate and reconciling items which include the Keliber project and the
Australian region corporate and reconciling items which include Mt Lyell
2 Included in total Group is Group corporate which comprises mainly the Wheaton Stream transaction, corporate tax, interest and transaction costs
3 The US Reldan operations is included in the Group results since the effective date of the acquisition on 15 March 2024
4 The Century zinc tailings retreatment operation is included in the Group results since the effective date of the acquisition on 22 February 2023
Group loss before royalties, carbon tax and tax of R3,669 million (US$200 million) for 2024 decreased by 91% from R38,794 million
(US$2,106 million) in 2023. At the US PGM underground operations, the loss before royalties, carbon tax and tax of R44,712 million
(US$2,427 million) in 2023 decreased to R10,795 million (US$589 million) in 2024, mainly due to a lower impairment recognised on property, plant
and equipment and goodwill of R8,791 million (US$473 million) (2023: R38,900 million or US$2,112 million). For the US PGM recycling operations,
profit before royalties, carbon tax and tax of R603 million (US$33 million) in 2023 decreased by 47% to R321 million (US$18 million) in 2024 mainly
due to lower 3E PGM basket prices. The US Reldan operations realised a profit before royalties, carbon tax and tax of R20 million (US$1 million).
Profit before royalties, carbon tax and tax for the SA PGM operations decreased by 70% to R5,177 million (US$283 million) in 2024 mainly due to
lower 4E PGM basket prices. The loss before royalties, carbon tax and tax at the SA gold operations in 2023 decreased by 341% to a profit
before royalties, carbon tax and tax of R2,954 million (US$161 million) in 2024, mainly due to a 20% increase in the rand gold price. At the
Sandouville nickel refinery the loss before royalties, carbon tax and tax in 2024 decreased by 89% to R531 million (US$29 million), mainly due to
a reduction in impairment recognised of property, plant and equipment of R1,385 million (US$75 million) and a net onerous contract provision
utilisation/change in estimate in 2024 of R817 million (US$46 million) (2023: R1,865 million or US$101 million), partially offset by an 18% lower
average rand nickel equivalent basket price. At the Century zinc retreatment operation, a profit before royalties, carbon tax and tax of
R77 million (US$4 million) was realised in 2024 compared to a loss before royalties, carbon tax and tax in 2024 of R4,575 million (US$248 million)
in 2023, an improvement of 102%, mainly due to a reduction in impairment recognised of property, plant and equipment of R3,689 million
(US$200 million) and a 54% higher average equivalent zinc concentrate rand price.
Adjusted earnings before interest, tax depreciation and amortisation (EBITDA)1
US dollar
SA rand
% change
2023
2024
Figures in million
2024
2023
% change
(36)
1,116
715
Total2
13,088
20,556
(36)
(126)
35
(9)
US PGM (underground)
(111)
710
(116)
(48)
33
17
US PGM (recycled)
326
607
(46)
N/A
—
15
US Reldan operations3
268
—
N/A
(58)
958
407
SA PGM
7,399
17,620
(58)
67
193
323
SA gold
5,832
3,523
66
(43)
(72)
(41)
Sandouville nickel refinery
(723)
(1,328)
(46)
(327)
(15)
34
Century zinc retreatment operation4
641
(285)
(325)
94
(16)
(31)
Group corporate
(269)
(504)
(47)
18.42
18.32
Average rand/US$ rate
1 Adjusted EBITDA is not calculated in accordance with IFRS Accounting Standards. See – Annual financial report – Management’s discussion and analysis of the financial
statements – Non-IFRS Measures on page AFR-42 for more information on the metrics presented by Sibanye-Stillwater
2 Included within total adjusted EBITDA for the Group is the European region corporate and reconciling items which include the Keliber project and Australian region corporate
and reconciling items which include Mt Lyell
3 The US Reldan operations is included in the Group results since the effective date of the acquisition on 15 March 2024
4 The Century zinc tailings retreatment operation is included in the Group results since the effective date of the acquisition on 22 February 2023
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SIBANYE-STILLWATER INTEGRATED REPORT 2024
85
Group Adjusted EBITDA of R13,088 million (US$715 million) in 2024 decreased by 36% from R20,556 million (US$1,116 million) in 2023. Adjusted
EBITDA from the US PGM underground operations decreased by 116% to an Adjusted EBITDA loss of R111 million (US$9 million) mainly due to
continued lower 2E PGM basket prices and for the US PGM recycling operations Adjusted EBITDA decreased by 46% to R326 million
(US$17 million) mainly due to lower 3E PGM basket prices. Adjusted EBITDA for the SA PGM operations decreased by 58% to R7,399 million
(US$407 million) due to continued lower 4E PGM basket prices. Adjusted EBITDA at the SA gold operations increased by 66% to R5,832 million
(US$323 million) in 2024, mainly due to a 22% increase in the rand gold price. Negative adjusted EBITDA from the Sandouville nickel refinery
decreased by 46% to a negative of R723 million (US$41 million), mainly due to 13% higher volumes. Adjusted EBITDA at the Century zinc
retreatment operation increased by 325% to R641 million (US$34 million) due to a 54% higher average equivalent zinc concentrate price. The
US Reldan operations generated adjusted EBITDA of R268 million (US$15 million).
Adjusted EBITDA (US$ billion)
Net debt: adjusted EBITDA ratio
The Group generated adjusted EBITDA despite the decrease in PGM prices, earnings¹ and gearing
0.6
2.6
2.5
1.4
-0.06
-0.17
-0.14
0.58
1.79
SA gold operations
SA PGM operations
US PGM operations
US PGM recycling
US Reldan operations
Sandouville nickel refinery
Century zinc retreatment operation
Net debt (cash): adjusted EBITDA (rhs)
2016
2017
2018
2019
2020
2021
2022
2023
2024
-1
0
1
2
3
4
5
-1
0
1
2
3
4
5
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SIBANYE-STILLWATER INTEGRATED REPORT 2024
86
1 Adjusted EBITDA is not calculated in accordance with IFRS Accounting Standards. See – Annual financial report – Management’s discussion and analysis of the financial
statements – Non-IFRS Measures on page AFR-42 for more information on the metrics presented by Sibanye-Stillwater
Päiväneva concentrator of the Keliber lithium project - Kaustinen, Finland
Consolidated statement of financial position as at 31 December 2024
US dollar
SA rand
2023
2024
Figures in million
2024
2023
Assets
4,368
4,775
Non-current assets
89,583
81,119
3,303
3,566
Property, plant and equipment
66,906
61,338
30
8
Right-of-use assets
156
560
27
110
Goodwill and other intangibles
2,058
502
385
390
Equity-accounted investments
7,323
7,148
171
187
Other investments
3,507
3,179
319
357
Environmental rehabilitation obligation funds
6,691
5,927
28
26
Other receivables
491
523
105
131
Deferred tax assets
2,451
1,942
3,328
2,580
Current assets
48,409
61,822
1,420
1,362
Inventories
25,549
26,363
479
305
Trade and other receivables
5,722
8,900
1
8
Other receivables
156
26
52
46
Tax receivable
863
973
0
4
Assets held for sale
70
—
1,376
855
Cash and cash equivalents
16,049
25,560
7,696
7,355
Total assets
137,992
142,941
Equity and liabilities
2,592
2,309
Equity attributable to owners of Sibanye-Stillwater
43,979
48,730
1361
1,361
Stated capital
21,647
21,647
2,532
2,543
Other reserves
36,149
35,553
(1,301)
(1,595)
Accumulated loss
(13,817)
(8,470)
185
264
Non-controlling interests
4,310
2,877
2,777
2,573
Total equity
48,289
51,607
2,957
3,672
Non-current liabilities
68,848
54,927
1,343
2,193
Borrowings and derivative financial instrument
41,135
24,946
21
11
Lease liabilities
203
384
673
636
Environmental rehabilitation obligation and other provisions
11,922
12,505
22
18
Occupational healthcare obligation
334
400
146
90
Cash-settled share-based payment obligations
1,686
2,718
183
97
Other payables
1,815
3,407
341
372
Deferred revenue
6,983
6,327
3
1
Tax and royalties payable
13
64
225
254
Deferred tax liabilities
4,757
4,176
1,962
1,110
Current Liabilities
20,855
36,407
834
29
Borrowings and derivative financial instrument
552
15,482
11
9
Lease liabilities
175
198
0
—
Occupational healthcare obligation
2
—
45
17
Environmental rehabilitation obligation and other provisions
327
832
23
6
Cash-settled share-based payment obligations
121
432
887
832
Trade and other payables
15,604
16,464
109
87
Other payables
1,634
2,015
16
88
Deferred revenue
1,660
305
0
24
Liabilities associated with assets held for sale
451
—
37
18
Tax and royalties payable
329
679
7,696
7,355
Total equity and liabilities
137,992
142,941
18.57
18.76
Closing R/US$ rate
Note: The translation of the consolidated statement of financial position is based on the closing exchange rate as at 31 December 2024 of R18.76:US$1 (2022: R18.57:US$1) and is
provided as supplementary information only
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SIBANYE-STILLWATER INTEGRATED REPORT 2024
87
The Group monitors capital using the ratio of net debt/(cash) to adjusted EBITDA, but does not set absolute limits for this ratio. The table below
sets out the calculation of this ratio.
US dollar
SA rand
2023
2024
Figures in million
2024
2023
2,016
2,102
Borrowings1
39,426
37,437
1,374
853
Cash and cash equivalents2
16,002
25,519
642
1,249
Net debt3
23,424
11,918
1,116
715
Adjusted EBITDA4
13,088
20,556
0.58
1.75
Net debt to adjusted EBITDA (ratio)5
1.79
0.58
18.57
18.76
Closing R/US$ rate
1 Borrowings are only those borrowings that have recourse to Sibanye-Stillwater. Borrowings, therefore, exclude the Burnstone Debt and include the derivative financial
instrument until it was derecognised on 26 June 2024
2 Cash and cash equivalents exclude cash of Burnstone
3 Net debt represents borrowings and bank overdraft less cash and cash equivalents. Borrowings are only those borrowings that have recourse to Sibanye-Stillwater
and, therefore, exclude the Burnstone Debt and include the derivative financial instrument until it was derecognised on 26 June 2024. Net debt/(cash) excludes cash of
Burnstone
4 Adjusted EBITDA is not calculated in accordance with IFRS Accounting Standards. See – Annual financial report – Management’s discussion and analysis of the financial
statements – Non-IFRS Measures on page AFR-42 for more information on the metrics presented by Sibanye-Stillwater
5 Net debt to adjusted EBITDA ratio is not calculated in accordance with IFRS Accounting Standards. See – Annual financial report – Management’s discussion and analysis of
the financial statements – Non-IFRS Measures on page AFR-43 for more information on the metrics presented by Sibanye-Stillwater
The deterioration in the Group’s net debt to adjusted EBITDA ratio from 0.58:1 in 2023 to 1.79:1 in 2024, is mainly attributable to the decrease
of adjusted EBITDA, which was impacted by the continued lower average US$ PGM basket prices realised during 2024. The 21% year-on-year
decline in the average PGM basket prices in particular, resulted in a significant decline in the profitability of the US and SA PGM operations,
which have contributed the bulk of Group earnings and cash flow.
EXTERNAL AUDITOR APPOINTMENT
A change of external auditors following a formal tender process was initiated by Sibanye-Stillwater for commercial reasons and following a
recommendation from the Audit Committee to the Board, BDO South Africa Inc. (BDO) was appointed as the Company’s external auditors.
Servaas Kranhold will be the designated audit partner for the financial year ending 31 December 2025.
The appointment of EY as external auditors will end on conclusion of its responsibilities relating to the audit for the financial year ending
31 December 2024, which is expected to be concluded during the first half of 2025. BDO’s appointment as external auditors will be effective
immediately after EY’s appointment ends, subject to receiving the requisite shareholder approval at the next annual general meeting which is
expected to be held during May 2025.
FOCUS AREAS – 2025
•
Contributing towards the Group’s strategy with a continued focus on the Strategic Essentials
•
Continued focus on maintaining a profitable business and optimising capital allocation
•
Monitor balance sheet reinforcement measures to ensure that financial stability and liquidity is maintained for the Group
•
Completing the final eligibility step in order to claim the Section 45X advanced manufacturing production tax credit
Metal prices
Our precious metal prices outlook for 2025 is positive for gold which is expected to remain at current levels but could rally further as investors
continue to view gold as a safe-haven asset in order to mitigate risk from economic uncertainty sparked by U.S. tariff wars. We are somewhat
optimistic that the PGM prices have bottomed out and is supported at current levels with the potential for upside.
Both earnings growth and cash flow generation would continue to be negatively impacted should PGM metal prices remain at current levels.
US dollar
SA rand
Average
2024
Closing prices
28 March 2025
% change
Commodity prices
Average
2024
Closing prices
28 March 2025
% change
2,378
3,084
30
Gold price US$/oz and R/kg
1,400,468
1,805,318
29
1,322
1,446
9
SA PGM average basket price/4Eoz
24,213
26,324
9
988
970
(2)
US PGM average basket price/2Eoz
18,097
17,652
(2)
Source: Equity RT
ACKNOWLEDGEMENT
I would like to express my sincere appreciation to the finance teams across the Group and to the Audit Committee for their support
and ongoing commitment and dedication during 2024. The Group was able to mitigate some of the adverse consequences and impacts of a
challenging operating environment during a time of persisting macro-economic and geopolitical uncertainty. This was achieved through the
repositioning for a changing and less supportive economic environment by taking proactive and decisive actions, which tangibly address
financial losses and better positions the business for future sustainability. We will continue to proactively manage costs and production outputs,
allocate capital in a disciplined way that is value accretive and, where practical, responsibly preserve cash on our balance sheet.
I look forward to working with the Executive Committee, the finance team and Audit Committee in 2025 as we further advance the
Group’s strategy.
Charl Keyter
Chief Financial Officer
25 April 2025
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SIBANYE-STILLWATER INTEGRATED REPORT 2024
88
SOCIAL, ETHICS
AND SUSTAINABILITY
COMMITTEE: CHAIR’S
REPORT
“We action our purpose to safeguard
global sustainability through our metals
through mining responsibly and sharing
value.”
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SIBANYE-STILLWATER INTEGRATED REPORT 2024
89
Dr Elaine Dorward-King –
Chair: Social, Ethics and Sustainability Committee
SUSTAINABILITY EMBEDDED
AS THE WAY WE DO BUSINESS
The past year has been a tumultuous one. We have seen significant
changes in government in several countries, influencing ESG,
sustainability and DEIB policies. However, sustainability is not about
ticking boxes and sustainability remains central to our business
strategy and its implementation. We realise our purpose by ensuring
that we responsibly produce materials, prioritising environmental
stewardship, social responsibility and ethical governance whilst
promoting shared social, ecological and economic value with our
stakeholders. This does not change with political posturing.
Sustainability is integrated in the business strategy and to support its
execution and delivery we refreshed our sustainability framework.
The framework focuses on 7 foundational commitments supported
by 2030 and 2050 targets. Our focus into 2025 and beyond is on
execution and delivery against our ambitions. This is how we will
maintain our licence to operate and seek to be a force for good in
the ecosystems that we operate in. See, Sustainability strategic
framework, page 93.
Our new Sustainability framework incorporates and expands on
these elements under the themes of:
•
People
•
Planet
•
Prosperity
•
Governance
PEOPLE
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Safety, health, security and wellbeing
Safeguarding the lives and wellbeing of employees is of paramount
importance. Whilst our operations have improved their safety across
almost all indicators, we tragically lost eight of our colleagues due to
mine-related incidents. See Chairman and Chief Executive Officer’s
review, page 13.
Our safety leaders have committed to empowering frontline staff to
stop work if they believe the conditions are unsafe. We are pleased
that this is becoming a part of our work culture and that by year end
for the month of December 2024, 81% of all stoppages were initiated
by frontline supervisors showing a continued improvement
compared to the 59% for the month of December 2023 and
compared to the 2024 12-month average of 71%.
Outside of the pressing issue of safety, there is much that the Group is
doing to promote health and wellbeing, including mental wellbeing
among employees, as is detailed in the chapter Health, wellbeing
and occupational hygiene, page 126 of the Combined Integrated
report.
The Group faces a range of security issues, of which illegal mining is
the most serious. Disturbingly, we are seeing our security personnel
increasingly finding themselves under attack from organised crime
gangs engaged in illegal mining. We have multiple initiatives to de-
risk the situation, reduce the risk of harm to our employees, and
protect our operations. These initiatives include extensive
collaboration with law-enforcement agencies, intelligence-led
strategies to arrest those involved in criminality, and R&D projects to
find appropriate solutions to mitigate security risk. See Combatting
illegal mining fact sheet.
In 2024 the Social, Ethics and Sustainability (SES) committee
approved a Fraud response plan, which provides comprehensive
guidelines for dealing with fraudulent activities. In a country that
suffers greatly from crime and corruption it is incumbent on the
Group to set the highest standards for good ethical behaviour and
for our leaders to model this behaviour.
We are pleased that our CEO (along with other corporate leaders)
remains committed to the fight against crime and corruption at
national level and remains involved in the joint initiative between
business-government initiative against crime and corruption in
South Africa.
For detail on these subjects, see Safe production, page 111 of the
Combined Integrated report.
Diversity, equity, inclusion and belonging
The modern workplace should be one in which equity is unwavering,
inclusion is the norm, and belonging is at the heart of the Group. In
the phrasing of Material Matter 15, as defined on pages 3 and 117,
we are committed to “Advancing core skills, inclusion and diverse
talent”. We continue to address transformation and equity gaps
where reasonable and applicable.
In 2024 we consolidated our Diversity, Equity, Inclusion and Belonging
(DEIB) oversight under our DEIB Council, which now incorporates the
previous Women of Sibanye-Stillwater leadership group. One of the
key focus areas for the Council is to create a supporting and
enabling environment for women. That said, we still have work to do
on eliminating Gender Based Violence (GBV) in the workplace and
in our communities. Our response is multi-fold, with targeted
interventions to promote inclusivity, such as Leading Inclusivity and
Women’s Voice workshops. These give managers the skills to foster a
more inclusive environment and to give effect to our ambition to
increase women’s representation across the Group and particularly
at management level. Our women in the workforce increased to
18.0% and women in management increased to 28.4% meeting our
2024 Sustainability scorecard targets. (See Our people, page 142 of
the Combined Integrated report)
We continue to address the challenge with our anti-sexual
harassment campaigns, and our GBV reporting and referral centres
at our SA PGM and SA gold operations. These provide immediate
and appropriate response to those affected by abuse and violence,
e.g. helping victims obtain protection orders, assisting with relocation
of families, and providing ongoing psychosocial support.
Human rights and indigenous rights
In 2023, the US and SA regions completed independent human rights
due diligence (HRDD) assessments, and continued to address areas
for improvement in 2024. These revealed the need to review our
policies to offer enhanced protection from harassment and
discrimination in the workplace. They also highlighted the challenges
of illegal mining and indicated that further work is required for
broader spectrum of engagement.
We reviewed and aligned our Group People and Culture policies
with the International Labour Organization’s (ILO) Decent Work
Agenda conventions and standards as well as other
associated policies.
We forged a partnership with the Department of Cooperative
Governance and Traditional Affairs and Wits Business School where,
we ran a capacity-building programme for traditional leaders who
are part of local government structures.
Sibanye-Stillwater acknowledges that the land on which we mine in
the Australian region has traditional land owners – indigenous
peoples, and we therefore continue to support first nations people
through the Aboriginal Development Benefits Trust which is designed
to enhance their economic development in the Gulf communities.
See People: Socioeconomic development, page 158 of the
Combined Integrated report.
Employee value proposition
In 2024, we restructured our operations, which impacted many
employees in the US and SA primarily. The restructuring was
necessary to ensure the viability of the business. Underpinned by
our values, we maintained open, transparent and constructive
dialogue with our employees and organised labour. See Our
people, page 149 of the Combined Integrated report.
Our employee value proposition framework has four pillars which
include social connectedness, reward and recognition and safe
working environment as well as focusing on growth and
development. To measure progress in our value proposition, as per
the framework, and the effectiveness of future-ready leadership, we
conducted an employee engagement assessment specific to SA
region and Corporate office. The results were largely positive; though
we acknowledge several areas for improvement. See Our people,
page 135 of the Combined Integrated report.
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PLANET
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We have made meaningful strides in climate leadership and
environmental stewardship. Environmental risk management is
integrated into our enterprise-wide risk management processes, with
systematic identification and mitigation strategies throughout the
organisation. Key policies, procedures, and position statements
outline our environmental requirements, while both internal and
external assurance practices ensure compliance with environmental
indicators and obligations.
Climate action and resilience
We continue to focus on building climate resilience by embedding
the recommendations of our TCFD work, which included a
comprehensive scenario risk analysis, through continuous
improvement processes. We have strengthened operational controls
and this is detailed in Planet: Minimising our environmental impact,
page 187 of the Combined Integrated report. Notwithstanding this,
our operations continue to feel the physical impacts of climate
change, having had to manage the impact of a regional bushfire
engulfing the mine at our Century operations.
The Group has climate-related targets as part of the Sustainability
scorecard. Our near- and long-term decarbonisation targets are
science-based with their achievement supported by a
decarbonisation pathway and annual targets included in the
Sustainability scorecard. In 2024 we reached financial close on our
fourth renewable energy Power Purchase Agreement (PPA). Our aim
is to have 30% renewable energy, for our SA region, by 2030. See
Climate change-related supplement.
Our strategic differentiator to build a Unique global portfolio of green
metals and energy solutions that enables reversal of climate change
is a key part of our climate change commitment. Through our green
metals presence in North America (including our recent acquisition
of Reldan) and Europe, we are bringing to market the green metals
needed for the green energy transition. Pleasingly, in 2024 the Group
secured up to €500 million in a green loan financing facility for our
Keliber lithium project in Finland. The Green loan facilities are
governed by a Green financing framework; and the Keliber lithium
project is in an integral part of the Finnish battery value chain –
Europe’s first integrated lithium project.
Tailings storage facilities (TSF) compliance
Having retained conformance to the GISTM at our SA PGM, SA gold,
and US PGM operations, we are progressing well towards achieving
compliance for the two TSFs at our Australian operations by the
5 August 2025 deadline. During the year, the business completed
sixteen vulnerability assessments and four emergency mock drills. The
comprehensive vulnerability assessments, including a door-to-door
censuses to identify at-risk individuals, help to ensure that our
emergency preparations are in order. Our geotechnical and
emergency preparations will continue, and we continue to include
these areas within our Sustainability scorecard. We missed our
Sustainability scorecard target set for 2024 to complete five tailings
facility upgrades as we completed four of the five upgrades.
The outstanding upgrade to the facility has subsequently been
completed. See Planet: Minimising our environmental impact, page
205 of the Combined Integrated report.
Water stewardship
The Group is managing three water risks: availability and quantity,
ecological (quality) and regulatory and reputational risks. Our risk
mitigation strategies include water independence, leak detection,
stakeholder collaboration and consultation, as well as the
optimisation of water treatment facilities and programmes. In
2024,we set a Sustainability scorecard target to complete seven
water stewardship assessments. We exceeded the target and
completed eight assessments. These water assessments are a
practical tool designed to enhance stewardship of shared water
resources in ways that are socially equitable, environmentally
sustainable and economically beneficial. The results have been
instrumental in building robustness in management of water.
Water availability at our water-stressed SA PGM operations remains a
risk therefore our focus is on maximising water security through water
storage solutions, desilting and research and development initiatives.
We are also steadfast in our efforts to reduce purchased water;
doing so is not only positive for the environment, but also has a
socioeconomic benefit, of freeing up water for domestic use to
communities. We have put our surplus water at our SA gold
operations to good effect to reduce our reliance on potable
purchased water. We have set a 2030 target to use 49% less
purchased water, against a 2023 base. In 2024 our total water
purchased was 19,717ML1, which bettered our sustainability
scorecard target of 19,849ML by 0.6%, translating to a year on year
reduction of 7.6% against the base.
1 Excluding AUS region, Reldan and Keliber Lithium project
Circularity
The Group is dedicated to playing a meaningful role in the rise of
“circularity”, by which resources are kept in use through recycling
and reuse, thus reducing costs and minimising the environmental
burden of production.
Sibanye-Stillwater is a leading recycler of autocatalysts for the
extraction of PGMs (platinum, palladium and rhodium) in the US, as
well as the recycling of precious metal bearing electronic waste
through the Reldan operations. We also have significant investments
in the reclamation of tailings, with our operations reclaiming gold (at
DRDGOLD in the SA Region) and zinc (at our Century operation in
the Australian region), thus contributing to our green metals strategy.
Biodiversity and ecosystems
Adhering to the “nature positive” principle, by which we aim to halt
and reverse biodiversity loss at our mine sites, resulting in a net
positive impact on nature.
We are very excited about a recent strategic initiative to address
nature loss in the Magaliesberg Biosphere Reserve (which includes
the Cradle of Humankind World Heritage Site), near our SA PGM
operations. This collaboration aims to have a regional impact
beyond direct mining operations. The project will proceed in several
phases and involve multiple stakeholders. We are in the early stages
of development of our nature positive initiatives and it will be a focal
area for 2025. See Biodiversity management fact sheet
www.sibanyestillwater.com/news-investors/reports/annual/
Our gross rehabilitation liabilities for 2024 were R16.71 billion, for which
the Group sets aside funds for rehabilitation of the environmental
impacts of our operations, assuring authorities that we will fund
rehabilitation according to our closure and rehabilitation plans.
Our current guarantee funding for SA region is R4.2 billion.
PROSPERITY
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In terms of what the Group is doing for national prosperity, I am
pleased that the SA region was recently recognised for our
contribution to society at the South African Breweries / ESG Africa
Beyond Awards (a sustainability recognition platform). Further, our
PMR facility was recognised by the Gauteng Emission Reduction
Recognition Programme Awards for dedicated efforts to reduce air
pollutant emissions.
As the economic conditions surrounding mining operations evolve,
restoring the land to its pre-mining state is not always practical nor
advisable. However, the land can still serve a positive purpose, and
alternative economies can greatly benefit the region. In South
Africa, Sibanye-Stillwater is strategically working to create lasting
value from its land. This land is designated for alternative economic
programmes that focus on job creation, regional economic
diversification, and capacity building, contributing to diversified,
sustainable local economies after mines have closed.
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The fourth socioeconomic impact report (following from 2022)
was published in 2024, communicating flows of value and
socioeconomic impacts from all our operations. See Impact report.
This year, Sibanye-Stillwater concluded an independent study to
assess the business’ global socioeconomic impact, based on 2023
economic information. Our assessment demonstrates that our
footprint, influence and impacts extend substantially beyond the
direct impacts of jobs, salaries, community development and taxes.
The study highlighted that at the end of 2023, the business supported
147,000 jobs globally (inclusive of own employees, contractors and
jobs in other sectors of the economy), and had compensation-linked
impacts of ~ R61.3bn (US$3.2bn). In addition, our operations were
responsible in 2023 for an additional R27bn (US$1.4bn) in tax, greatly
benefiting the countries where we operate, and particularly South
Africa. Through a set of implied multipliers derived from this study the
impacts based on the 2024 information is available on page 160 of
the Combined Integrated report.
As a further testament to our vision of superior shared value to all
our stakeholders, we have paid dividends of approximately R308m
to a number of the community trusts with shareholdings in our
various entities.
Further our efforts to diversify our workforce and play a more
transformational role in the South African economy have been
recognised with an improved B-BBEE rating. The rating went from
level 6 to level 4 year-on-year, reflecting significant progress from
level 8 in 2021. See People: Socioeconomic development, pages 158
and 159 of the Combined Integrated report.
GOVERNANCE
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The SES Committee monitors changes to reporting regulations and
to emerging currents of thought at sustainability and responsible
mining associations. Our memberships to the International Council on
Mining and Metals (ICMM), World Gold Council (WGC), and UNGC
and our adherence to their principles remain important to us. Our
sustainability credibility is enhanced by our inclusion in the S&P
Global Corporate Sustainability Assessment yearbook, and that we
have remained a constituent of the FTSE4Good Index Series. See
supplementary information, Sustainability content index, https://
www.sibanyestillwater.com/news-investors/reports/annual/ and
Governance in sustainability, page 96.
The Committee supports the steps being taken by ICMM, WGC, the
Copper Mark and the Mining Association of Canada’s Towards
Sustainability Mining towards convergence of responsible mining
standards. A common blueprint for responsible mining practices is
good for all parties who care about ESG and sustainability.
In the main, our operations maintained ISO 14001 and ISO 45001
certification, with the exception of our Australian region. The Keliber
lithium project obtained it’s ISO 9001,14001 and 45001 certifications in
Q4 2024. During 2024, our SA PGM operations continued to be
verified against IRMA, with the Rustenburg and Marikana operations
completing stage 2 (surveillance audit) of the independent
assessment cycle. Our US PGM operations deferred the IRMA
assessment to focus on restructuring and stabilising the business.
We welcome efforts by third parties in terms of sustainability
assurance. Our assurance processes against the London Platinum
and Palladium Market (LPPM), (ICMM),the WGC’s Conflict-Free Gold
Standard and Responsible Gold mining principles (CFGS) are in
place, as is our verification for the Sustainability scorecard and
selected performance indicators included in this report.
As part of this committees’ oversight compliance, we reviewed the
Group’s Code of ethics, including updates and changes.
The Social, Ethics and Sustainability Committee, as one of its duties,
recommends to the Remuneration Committee the arrangements
for the measurement and assessment of the sustainability
performance regarding the LTI plan. The first Sustainability scorecard
for the LTI plan came into effect in 2021. The SES Committee
reviewed and approved the sustainability targets for inclusion in the
2025 Sustainability scorecard, which remains a lever for advancing
Sibanye-Stillwater’s sustainability agenda.
For more information see Remuneration report, page 244 of the
Combined Integrated report and further detail for each of the years,
per indicator and per target is available in supplemental information,
https://www.sibanyestillwater.com/news-investors/reports/annual/
IN CLOSING AND APPRECIATION
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
The SES Committee is pleased to report to all stakeholders of the
Group that it has fulfilled its mandate as prescribed by the South
African Companies Act and that there are no instances of material
non-compliance or material Sustainability related fines to disclose.
I would like to thank Sibanye-Stillwater’s management for their
leadership, commitment and hard work, as well as the members of
the Committee and the Board for their input and support throughout
the year.
Dr Elaine Dorward-King
Chair: Social, Ethics and Sustainability Committee
25 April 2025
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OUR SUSTAINABILITY STRATEGIC FRAMEWORK
Our business is sustainability
Sustainability is integrated in our strategy and we strive to fully embed it in our business, empowering us to deliver on our strategic
differentiators and unlocking opportunities across the dimensions of planet, people, prosperity, and governance. As our three dimensional
strategy has integrated sustainability into the business strategy for growth, competitive advantage and shared value a separate sustainability
strategy would therefore be superfluous. Instead we developed a sustainability framework that enables the delivery of our business essentials
and supports differentiation for further value accretion. As responsible resource stewards, we produce quality materials required for the global
energy transition through responsible mining, processing, reclaiming, and recycling practices that mitigate impacts on both people and the
planet. Our commitment to sustainability allows us to strive to create a positive impact through decisive actions and meaningful initiatives,
generating superior value that we share with our stakeholders to eradicate poverty, curb climate change, protect ecosystems, and promote
intergenerational equity.
SUSTAINABILITY STRATEGIC FRAMEWORK
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Recognised as a force for good
Instrumental in building pandemic-
resilient ecosystems
Inclusive, diverse and bionic
Unique global portfolio of
green metals and energy solutions
that enable reversal of climate
OUR BUSINESS IS SUSTAINABILITY
We produce quality materials required for the global energy transition
We produce our materials by mining, processing, reclaiming and recycling responsibly,
mitigating impacts on people and planet
We preserve and create superior shared value supporting eradication of poverty, to curb
climate change impacts, protect ecosystems and promote intergenerational equity
As responsible
resource
stewards:
Facets of our business
Entrepreneurs for growth
and value creation
Empowered people
and respected assets
Stewardship of land and
metals for the long term
OUR COMMITMENT TO:
PLANET
PEOPLE
PROSPERITY
GOVERNANCE
Nature and circularity: by leaving net
positive benefit to land, air, water,
and nature and keeping materials
in circulation.
Climate: through low emission
materials, green and battery metals
and operating sites that are climate
resilient and net zero.
Peoples’ rights: through respecting
stakeholders, including their culture,
heritage and future.
Our own people: ensuring they are
safe and healthy, included,
respected, listened to and valued.
Social inclusion and impact: through
co-creating vibrant ecosystems for
robust social capital.
A profitable business for shared value
and a net positive legacy: through
post closure economies, natural
capital markets.
Ethical, transparent and accountable
practices: earning corporate trust by
innovating across our value chain
in the areas of safety and operational
excellence.
By 2030
•
42% reduction in scope 1 and 2 GHG emissions
•
30% renewable energy penetration in SA region
•
70% of our sales will be Green and Battery Metals*
•
15% of sales will be recycled materials*
•
49% less water purchased
•
All regions to have Net positive plans in implementation
•
Zero fatalities
•
3.17 TRIFR
•
22% Women of Sibanye-Stillwater (WoSS)
•
34.1% Women in management
•
30% female board members
•
1.5% declared dividends invested in Sibanye
Foundation
•
Direct economic contribution to GDP1, to be in the
range of +/-10% of the last five years average
•
Consolidated standard met at good practice level
•
Metal traceability of value chain*
•
Product carbon footprint
By 2050
•
Zero harm
•
Employee-led and updated value
proposition
•
Total impact value measurement of our
sites and projects
•
Stakeholder co-created enhanced
shared value
•
Net zero
•
Carbon neutrality
•
Net positive biodiversity for mining sites
•
Zero waste where possible*
* Aspirational: With all of our other targets, that
are not aspirational, we have plans to achieve
in place. Our aspirational targets are intentional
but we still need to develop and mature our
pathways.
Green metal = PGM and Battery metals =
LiCH+Pcom (conditional on GalliCam
successful outcome)
Recycling is secondary and tertiary mining
1 expressed as a percentage of Group revenue
Our Sustainability strategic framework is designed to reduce risk (reputational and physical), be beneficial for our employee value proposition,
positively engage stakeholders (e.g. investors, governments, and customers), and ultimately enhance our brand capital and enterprise value.
But most importantly, sustainability is a key enabler to deliver the group’s strategic differentiators. Interconnected targets developed for 2030
give a medium term outlook and 2050 targets provide a longer term commitment. We are developing an implementation plan to support
the framework.
Our sustainability targets are included in our Sustainability scorecard, which forms 20% of the LTI for executives (See Rewarding delivery,
page 213 of the Combined Integrated report). Our commitment to sustainability is also evidenced by our alignment to the UN’s SDG goals.
See Progressing the UN’s SDGs, www.sibanyestillwater.com/newsinvestors/reports/annual/. More detail on our commitment to sustainability
strategy can be found at www.sibanyestillwater.com/sustainability/reports-policies/
Our sustainability themes can be summed up as: people, planet, prosperity, governance.
•
Planet: includes climate leadership and environmental stewardship
•
People: respecting people’s rights; valuing our people (employees); social inclusion and community impact
•
Prosperity: shared value and domestic prosperity
•
Governance: committed and accountable business
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SUMMARY: SUSTAINABILITY PERFORMANCE TRENDS
SIFR (per million hours
worked)
Serious injury frequency rate
3.03
3.78
2.91
2.61
2.21
Group
2020
2021
2022
2023
2024
FIFR (per million hours
worked)
Fatality injury frequency rate
0.06
0.13
0.03
0.07
0.05
Group
2020
2021
2022
2023
2024
Number of cases
SA region: Occupational diseases
139
93
88
111
48
231
294
264
236
225
Silicosis
Noise-induced hearing loss
2020
2021
2022
2023
2024
%
Percentage of women at Sibanye-Stillwater
13%
14%
16%
17%
18%
Group
2020
2021
2022
2023
2024
Rm
Social economic development spend
202
352
369
613
379
Group
2020
2021
2022
2023
2024
(000tCO2e)
Total CO2e emissions scope 1 and 2
6,695
7,302
6,686
6,631
6,345
Group
2020
2021
2022
2023
2024
TWh
Electricity consumption (TWh)
6.19
6.59
6.13
6.80
6.24
Group
2020
2021
2022
2023
2024
ML
Water withdrawn and purchased
22,640
20,944
21,046
21,394
19,787
125,220
124,628
130,681
151,362
158,873
Water purchased
Water withdrawn
2020
2021
2022
2023
2024
Number
Environmental incidents level 3 and above
5
5
2
2
2
Group
2020
2021
2022
2023
2024
Score out of 5
FTSE Russel score
4.5
3.4
3.9
3.6
3.9
3.0
3.0
3.3
3.0
3.3
4.7
4.7
5.0
4.7
4.7
Environment
Social
Governance
2020
2021
2022
2023
2024
Taxes and royalties paid Rm
1,963
CDP*
A-
Employment impact
137,146
MSCI
BBB rating
*A- achieved for carbon and water in 2023. A- maintained for carbon and water achieved a B-rating in 2024, www.cdp.net/en
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GOVERNANCE
IN SUSTAINABILITY
COMMITMENT TO SUSTAINABILITY
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According to Section 72(4) of the Companies Act, the Social, Ethics
and Sustainability Committee is obliged to oversee social and
environmental contributions (or detriments). See Detail on board
committees, page 100.
Our Chief Sustainability Officer (CSO) reports directly to the CEO and
is responsible for the development of the sustainability strategic
framework and, among other things, developing the sustainability
scorecard, which provides us with an objective measure on our
progress on sustainability metrics.
The key aspect of the Sustainability scorecard informs the long-term
incentive (LTI) plan for senior management. The sustainability
component of the LTI plan is 20%. The sustainability scorecard
consists of various targets that fall under the sustainability themes of
Planet, People, and Prosperity.
See Remuneration report, page 244 of the Combined Integrated
report.
Achievement across the targets are reported quarterly to the Social,
Ethics and Sustainability Committee. Progress is also reported in this
report and is periodically reviewed by the regional management
committees. The responsibilities and accountabilities for
implementation, operationalising, and maintenance of the
sustainability programmes and delivery against the sustainability
strategic framework are with the chief regional officers, and their
sustainability management teams.
We use independent third parties to audit and certify
our sustainability credentials. Assurance activities, include self-
assessment reviews, internal audit processes and third-party
assurances. The sustainability standards and codes we subscribe to
are fit for purpose in the evolving context.
Our sustainability-related policies and position statements
are developed in alignment to international standards, and in
consultation outside experts where needed.
Annual refresher training of our employees includes sustainability-
related aspects of environment, safety, health, human rights, and
work-related policies. Sustainability training and development
programmes and thought leadership sessions are available to the
business.
The responsibilities and accountabilities for implementation,
operationalising, and maintenance of the sustainability programmes
to deliver against the sustainability strategic framework are with the
chief regional officers, and their sustainability management teams.
There are currently no material sustainability compliance issues to
highlight at Group level; and there were no material or repeated
regulatory penalties, sanctions or fines for contraventions of, or non-
compliance with, statutory obligations in 2024.
See Policies and position statements, www.sibanyestillwater.com/
sustainability/reports-policies/ and www.sibanyestillwater.com/
about-us/governance/; See Definitions for sustainability/ESG
indicators, www.sibanyestillwater.com/news-investors/reports/
annual/
ICMM (International Council on Mining and Metals)
The ICMM mandates members (of which we are one) to implement
its Mining Principles and Performance Expectations at asset level. It
also requires that we use the GRI Sustainability Reporting Standards
to publicly report on our sustainability performance and that third
party assurance must be obtained. We adhere to these
requirements and our asset level disclosure against the ICMM
requirements are available in Supplementary disclosure Sibanye-
Stillwater’s ICMM self-assessment for 2024;
www.sibanyestillwater.com/news-investors/reports/annual and
see Sustainability content index, www.sibanyestillwater.com/news-
investors/reports/annual/
Extractive Industry Transparency Initiative (EITI)
The EITI has found Sibanye-Stillwater to be aligned with its criteria,
https://eiti.org/documents/2023-assessment-eiti-supporting-
companies. For disclosure against the supporting companies
EITI expectations, see Sustainability content index,
www.sibanyestillwater.com/news-investors/reports/annual/
UNGC (United Nations Global Compact)
We participate in the UNGC, by which we communicate our
impact against the UNGC principles and report against the UN
SDGs. Due to our participant status with the UNGC, all employees
can access its online academy on sustainability matters. We
participated in the various available UNGC accelerators and youth
innovators programmes.
World Gold Council (WGC), Responsible Gold
Mining Principles (RGMP)
Using the equivalency benchmark between the WGC’s RGMPs and
the ICMM’s Mining Principles and Performance Expectations,
Sibanye-Stillwater was assessed by an external assurance provider
and found compliant to the RGMP.
See www.sibanyestillwater.com/about-us/governance/
In accordance with the WGC public disclosure requirement on gold
trade transparency, our gold from our SA region’s operating mines is
delivered to Rand Refinery (Pty) Limited, with its registered address at
Refinery road, Industries west, Germiston, 1400, South Africa.
See www.sibanyestillwater.com/about-us/governance/
International Platinum Group Metals Association
(IPA)
IPA and IRMA
The IPA is a non-profit association for companies in the PGM industry.
The IPA’s Sustainability committee encourages primary producers to
assess themselves against the Initiative for Responsible Mining
Assurance (IRMA). IRMA is a multi-stakeholder entity that offers
independent, third-party assessments of industrial-scale mines, thus
assuring for responsible mining.
During 2024, the Rustenburg and Marikana operations (SA PGM)
completed a stage 2 audit against the IRMA’s standards. The
Rustenburg operations onsite testing, which will include Kroondal
following the conclusion of the acquisition is scheduled in 2025. The
Marikana operations has opted for the corrective action period,
following stage 2 of the IRMA audit.
We are on track to complete the IRMA verification process for all our
SA PGM operations during 2025.
Due to the decline of the PGM basket price and cost reduction
programmes required to sustain our business, the East Boulder and
Stillwater operations have deferred the IRMA audit.
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SUSTAINABILITY EMBEDDED
AS THE WAY WE DO BUSINESS
International Organisation for Standardisation (ISO)
Our South African, US (including Reldan), and EU operations, are
certified as per ISO 14001 (Environmental management) and 45001
(Occupational health and safety). Reldan and Keliber are ISO 9001
certified (Quality). Group ICT achieved full ISO 27001 (information
security) certification in 2023. With ISO 27001:2022 released to the
market, Group ICT is working on completing the gaps from the 2013
version. Sandouville is compliant with ISO 50001 (Energy
management) since 2023.
ISO 17025
The PMR laboratory, as well as Reldan, has ISO/IEC 17025:2017
(the international standard for testing and calibration laboratories)
accreditation for the analysis of impurities in pure rhodium, ruthenium
sponge and PGMs in refinery effluent. The PMR laboratory is one of
the few in the world that can analyse 31 impurities in pure PGMs by
SAFT (spark analysis for trace elements). It is also one of the few that
is ISO/IEC 17025:2017 accredited to analyse impurities in all five PGMs
(Pt, Pd, Rh, Ru and Ir). The ability to deliver trusted results in any lab is
critical; which is what ISO/IEC 17025:2017 assures for as the global
standard for laboratories.
Task Force on Climate-related Financial Disclosures
(TCFD)
In 2023, we conducted a TCFD reporting gap analysis that included
scenario modelling climate-related risks (both physical risks and
transition risks). The report quantified climate-related risks on free
cash-flow forecasts and what the likely financial impacts of these
risks would be, giving us a baseline for future disclosures and other
frameworks, such as the ISSB’s IFRS S2 climate-related disclosures. See
Climate change supplement and the Sustainability content index
www.sibanyestillwater.com/news-investors/reports/annual/, see also
our CDP disclosure.
13.1
NYSE and JSE
The NYSE and the JSE provides best practice guidelines for
sustainability reporting; these guidelines encompass the GRI, ISSB S1
and S2, and the SEC’s climate-related disclosure rule, which is based
on TCFD guidelines.
Our TCFD reporting gap analysis, mentioned above, positions the
business to comply with the SEC climate-related disclosure rule,
further ensuring our robust climate-related reporting. We note that
the SEC withdrawn its legal defence on the SEC climate-related
disclosure rule and the implications of this is yet to be determined.
GRI
In early 2024, the GRI launched its updated mining disclosure
standard, effective in 2025. This standard aligns with existing GRI
standards but introduces site-specific requirements, which will mean
enhanced detail in our integrated reporting data tables and
impact report.
King IV report
The JSE requires Sibanye-Stillwater to disclose and apply the
principles of King IV, which sets the standard for corporate
governance in South Africa. King IV emphasises sustainability,
advocating for a stakeholder-inclusive approach, ethical leadership,
and responsible corporate citizenship. Sibanye-Stillwater has
aligned itself with King IV and publicly documents its commitment
to these requirements.
See application of King IV principles in 2023,
www.sibanyestillwater.com/news-investors/reports/annual/
Changing standards landscape
Sibanye-Stillwater subscribes to multiple voluntary standards,
frameworks and codes. Sibanye-Stillwater (and the mining industry in
general) welcomes the consolidation of standards, such that they
are simpler, serve the needs of stakeholders, and set a high bar for
responsible mining.
Reporting standards
Encouragingly, the International Sustainability Standards Board (ISSB)
is promoting a global baseline for sustainability reporting, and has
announced its interoperability with the European Sustainability
Reporting Standards (ESRS). Meanwhile, the ESRS is endeavouring to
avoid double reporting for companies applying IFRS and GRI
standards. The Group is part of the South African early-adopters
roundtable discussions hosted by IFRS.
The Australian Accounting Standards Board has voluntarily adopted
ASRS S1 (which aligns to ISSB S1) and mandated the climate-only
standard. This will affect Sibanye-Stillwater in the 2025 financial year.
Sibanye-Stillwater has adopted the GRI and we will progress towards
ISSB S2 as our climate-related disclosure processes mature.
Consolidated mining standard initiative
The Consolidated Mining Standard Initiative (CMSI) is a collaboration
between the Copper Mark, the ICMM, the Mining Association of
Canada (MAC) and the WGC to consolidate different mining
standards into one global standard. The proposed standard is to be
overseen by an independent, multi-stakeholder board and
underpinned by a robust assurance and audit process. For Sibanye-
Stillwater it will bring cost savings between assurance processes for
WGC and ICMM, and also offer a consolidation of leading practices.
16.10, 17.14
Awards and recognition
Sibanye-Stillwater was again included in the FTSE4Good Index Series,
achieving an 85th percentile ranking in the industry classification
benchmark super sector for basic resources, surpassing both industry
and sub-sector average scores in the main ESG pillars. We were also
included in the S&P sustainability yearbook.
In 2024, Sibanye-Stillwater won the SAB/ESG Africa awards by
winning the Beyond Large-Scale Champion category. This award
celebrates organisations that have successfully embedded
sustainability into their business models and practices, with a
significant and measurable impact.
12.6, 17.16
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AND LEADERSHIP
WHAT
DRIVES US
OUR
PERFORMANCE
ANCILLARY
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GOVERNANCE IN SUSTAINABILITY continued
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DUE DILIGENCE: METAL SOURCING
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Responsible sourcing
Sibanye-Stillwater has a comprehensive internal management
system for supply chain due diligence in the sourcing of metals;
with governance provided by the Responsible sourcing committee.
The committee oversees the responsible sourcing of PGMs, nickel
and gold. It assesses our supply chain due diligence and
approves counterparties.
Our Responsible sourcing framework commits Sibanye-Stillwater
to not use suppliers if preliminary assessments indicate serious human
rights abuses, money laundering, financing armed conflict, or
fraudulent misrepresentation of the origin of minerals. Due diligence
of metal supplying counterparties are assessed against the
framework and presented at Responsible sourcing
committee meetings.
Our Responsible sourcing of metals policy is aligned to the
requirements of the London Metals Exchange (LME), the
London Platinum and Palladium Market (LPPM) and conflict
free gold standard.
We are members of the International Lithium Association’s (ILiA)
Responsible Production and Sourcing Subcommittee and
contributed to developing the ten principles of their member
commitments. Currently, there are no specific compliance
requirements expected; if this changes we will update our
compliance programme.
Note: Century operations does not require responsible
sourcing assurance given that they do not use third-party metals.
See www.sibanyestillwater.com/about-us/governance/
London Metals Exchange (LME)
In June 2024, we submitted our responsible sourcing Red flag self-
assessment questionnaire to the LME. In July 2024, they informed us
that our nickel brand must comply with a Track A audited submission.
This requirement arose due to a red flag in our Red flag
assessment regarding the transport of nickel through Zimbabwe,
a high-risk country.
The GalliCam project in Sandouville and the termination of a key
supply contract with our nickel supplier by 31 December 2024, will
affect our status as an approved LME listed brand. For now we
remain on the approved LME brands list.
Nickel cathode production at Sandouville will cease in H1-2025. If the
plant conversion at Sandouville to produce pCAM proceeds, we will
not need to adopt a recognised standard for the pCAM product.
We will comply with the Sibanye-Stillwater responsible sourcing
framework for Nickel pCAM.
Conflict free gold standards (CFGS)
The Group has engaged an assurer PricewaterhouseCoopers (PwC)
for a limited assurance review regarding the requirements of the
Conflict-Free Gold Standard (CFGS) and the Responsible Platinum/
Palladium Guidance (RPPG). According to CFGS requirements
we have performed due diligence on two potential toll
treating counterparties.
London Platinum and Palladium Market (LPPM)
A reasonable assurance review in terms of the LPPM RPPG
(Responsible Platinum/Palladium Guidance) for the period FY2023
was concluded in March 2024 and we remain on the London Good
Delivery List of Acceptable refiners for Platinum and Palladium. See
www.sibanyestillwater.com/sustainability/
Business relationships
Due process is followed with regards to those business
relationships where our normal management controls do not apply
(e.g. Mimosa). In the case of Mimosa, a technical committee (which
includes technical experts from the managing partner, from Sibanye-
Stillwater, and board members from both) meets quarterly. The
outcome of the technical committee sessions feeds into the
quarterly Board meetings through the technical committee chair.
These sessions cover safety, health, environmental, climate change,
and labour-related matters.
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GOVERNANCE IN SUSTAINABILITY continued
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Syväjärvi borrow-pit – Keliber lithium project
ANCILLARY
INFORMATION
Detail on Board committees
100
Four-year statistical review
105
Statement of assurance
114
Our material matters – determination, definitions and references
116
Shareholder information
120
Forward-looking statements
123
Administrative and corporate information
124
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Gold’s properties have been innovatively applied in a number of
technological, industrial and medical applications. Gold is used in
catalytic converters and in space travel to protect against radiation
and heat. In the medical field, gold nanoparticles have become
commonplace in rapid diagnostic testing.
DETAIL ON BOARD COMMITTEES
OUR BOARD AND ITS COMMITTEES ON 25 APRIL 2025
BOARD
Has ultimate responsibility for providing
ethical leadership and strategic guidance,
ensuring that the principles of good
corporate governance are observed
in delivering on our strategy.
Chairman: Dr Vincent Maphai
Members: seven independent non-executive directors, four non-executive directors
and three executive directors
Number of meetings annually: four and two strategy sessions
Number of meetings in 2024: seven meetings and three training sessions. One
training session was a deep dive on TCFD and climate change reporting
requirements. Another training session was on Whistle-blowing, ABC and AML-CTF
Policies. The last training and deep dive was on cyber incidents.
All members attended all meetings in 2024
AUDIT COMMITTEE
Ensures financial sustainability of the Group
by monitoring and reviewing financial controls
and procedures, as well as the effectiveness
and integrity of internal audit and control
systems. Appoints independent, external
auditor. Oversees regulatory and legislative
compliance.
Chairman: Keith Rayner
Members: Timothy Cumming, Richard Menell, Sindiswa Zilwa, Harry Kenyon-
Slaney, Dr Peter Hancock and Terence Nombembe
Number of meetings annually: six
Number of meetings in 2024: ten
All members attended all meetings in 2024 except for Harry Kenyon-Slaney, Dr
Peter Hancock and Terence Nombembe who were only appointed to the
committee on 24 May and 8 November 2024 respectively.
INVESTMENT
COMMITTEE
Established in February 2021 to discharge
a pivotal role in guiding and overseeing
the allocation of capital and to oversee
the Group’s investment activities.
Chairman: Keith Rayner
Members:Timothy Cumming, Harry Kenyon-Slaney, Philippe Boisseau, Dr Peter
Hancock, Jeremiah Vilakazi, Terence Nombembe, and Sindiswa Zilwa
Two annual meetings scheduled and three additional ad-hoc
Number of meetings in 2024: six
All members attended all meetings in 2024 except for Philippe Boisseau,Dr Peter
Hancock and Terence Nombembe who were only appointed to the committee
on 24 May and 8 November 2024 respectively.
NOMINATING AND
GOVERNANCE
COMMITTEE
Develops our approach to corporate
governance matters and makes
recommendations to the Board on all such
matters while keeping abreast of best
practice. Monitors and evaluates the
effectiveness and composition of the Board
and director and senior executive succession
l
i
Chairman: Dr Vincent Maphai
Members: Richard Menell, Keith Rayner, Jeremiah Vilakazi, and Harry Kenyon-
Slaney (appointed on 11 March 2024)
Number of meetings annually: four
Number of meetings in 2024: eight
All members attended all meetings in 2024
REMUNERATION
COMMITTEE
Ensures payment of fair rewards to attract,
retain and motivate executive management
with the skills and experience necessary to
support and sustain the company and its
strategy, and evaluates performance in
relation to reward.
Chairman: Timothy Cumming
Members: Harry Kenyon-Slaney, Dr Vincent Maphai, Dr Elaine Dorward-King,
Philippe Boisseau and Keith Rayner
Number of meetings annually: four
Number of meetings in 2024: five
All members attended all meetings in 2024, except Dr Vincent Maphai who
missed one meeting for the year and except for, Dr Elaine Dorward-King and
Philippe Boisseau who were only appointed to the committee on 24 May 2024.
RISK COMMITTEE
Ensures Group sustainability by evaluating
and overseeing implementation of efficient
risk management processes and controls to
identify, monitor and mitigate risks and to act
on opportunities identified.
Chairman: Harry Kenyon-Slaney
Members: Timothy Cumming, Dr Elaine Dorward-King, Philippe Boisseau, Dr Peter
Hancock, Neal Froneman, Sindiswa Zilwa, Harry Kenyon-Slaney, Keith Rayner Richard
Menell and Terence Nombembe
Number of meetings annually: four
Number of meetings in 2024: four
All members attended all meetings in 2024 except for Philippe Boisseau, Dr Peter
Hancock and Terence Nombembe who were only appointed to the committee
on 24 May and 8 November 2024 respectively.
SAFETY AND
HEALTH
COMMITTEE
Ensures adherence to occupational health
and safety laws, regulations and external
standards, reviews relevant policy and
monitors performance of related key
indicators so as to minimise mining-related
accidents and their impacts. The Safety
and Health Committee analyses safety
incidents to understand the root causes and
to evaluate action plans to prevent future
occurrences.
Chairman: Jeremiah Vilakazi
Members: Dr Elaine Dorward-King, Neal Froneman, Dr Vincent Maphai, Harry
Kenyon-Slaney, Dr Peter Hancock, Sindiswa Zilwa and Richard Menell
Number of meetings annually: eight
Number of meetings in 2024: eight
All members attended all meetings in 2024, except Rick Menell who missed one
meeting for the year, Sindiswa Zilwa who missed two meetings for the year and
Dr Peter Hancock who was only appointed to the committee on 24 May 2024.
SOCIAL ETHICS
AND
SUSTAINABILITY
COMMITTEE
Supports and assists the Board in ensuring
compliance with best practice
recommendations relating to the ethical
conduct of our stakeholder engagement
together with transformation and inclusive
economy targets. Oversees and monitors anti-
corruption policy and performance, the
Group’s standing as a responsible corporate
citizen, particularly in relation to the Code of
ethics. Monitors compliance in terms of the
UNGC principles.
Chairman: Dr Elaine Dorward-King
Members: Timothy Cumming, Dr Elaine Dorward-King, Harry Kenyon- Slaney,
Philippe Boisseau, Dr Vincent Maphai, Richard Menell, Jerry Vilakazi, Keith
Rayner and Terence Nombembe
Number of meetings annually: four
Number of meetings in 2024: five
All members attended all meetings in 2024, except Dr Vincent Maphai and Tim
Cumming, both of whom missed one meeting for the year.Philippe Boisseau
and Terence Nombembe were only appointed to the committee on 24 May
and 8 November 2024 respectively.
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BOARD COMMITTEES
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Audit Committee
Member
Appointed to committee
2024 Meeting attendance
Keith Rayner (Chair)
24 February 2020
10/10
Timothy Cumming
24 February 2020
10/10
Savannah Danson (resigned 11 March 2024)
24 February 2020
1/10
Richard Menell
24 February 2020
10/10
Susan van der Merwe (resigned 28 May 2024)
24 February 2020
1/10
Nkosemntu Nika (resigned 28 May 2024)
24 February 2020
1/10
Sindiswa Zilwa
16 February 2021
10/10
Harry Kenyon-Slaney
2
4
24 May 2024
7/10 since joining
Dr Peter Hancock
2
4
24 May 2024
7/10 since joining
Terence Nombembe
8
8 November 2024
3/10 since joining
2024: Contribution to value creation
2025: Planned areas of focus
Capital allocation
•
Allocation of funds organically, inorganically and as dividends to be
monitored each quarter
•
Quarterly solvency and liquidity review to support planned capital allocation
•
Cybersecurity
IFRS Accounting Standards
•
Ensure implementation of new and revised International Financial Reporting
Standards Accounting Standards throughout the business
Internal controls and SOX
•
Group internal controls were monitored quarterly from Internal audit and SOX
quarterly reports to ensure Group controls are effective
See – Annual financial report – Report of the Audit Committee for more detail.
Continued monitoring of:
•
Solvency and liquidity review to be performed quarterly to
support planned capital allocation
•
Internal controls and SOX
•
ICT governance and cybersecurity
•
New legislation pertaining to financial reporting
•
Financial risks
•
Succession planning for committee composition
For the Audit Committee’s Terms of reference, see www.sibanyestillwater.com/about-us/corporate-governance/
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Risk Committee
Member
Appointed to the Committee
2024 Meeting attendance
Harry Kenyon-Slaney (Chair from 1 January 2024)
24 February 2020
4/4
Richard Menell
24 February 2020
4/4
Neal Froneman
24 February 2020
4/4
Timothy Cumming
24 February 2020
4/4
Keith Rayner
24 February 2020
4/4
Savannah Danson (resigned 11 March 2024)
24 February 2020
0/4
Susan van der Merwe (resigned 28 May 2024)
24 February 2020
1/4
Sindiswa Zilwa
16 February 2021
4/4
Dr Elaine Dorward-King
26 May 2023
4/4
Philippe Boisseau
24 May 2024
3/4 since joining
Dr Peter Hancock
24 May 2024
3/4 since joining
Terence Nombembe
8 November 2024
1/4 since joining
2024: Contribution to value creation
2025: Planned areas of focus
•
Annual review of Enterprise risk management (ERM) framework
•
Annual review of Group risk tolerance and risk appetite statements
•
Annual review of ERM process assurance
•
Review of Group and regional strategic risk register (review)
•
Corporate compliance reports (review)
•
Insurance renewal
•
Approval of the Risk-related disclosures for the IR (approval)
•
Continued monitoring: ERM process assurance and maturity
(review)
•
Annual review of Group risk tolerance and risk appetite
statements
•
Continued review of Group strategic risk register
For the Risk Committee’s Terms of reference see www.sibanyestillwater.com/about-us/corporate-governance/
OUR BUSINESS
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–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Nominating and Governance Committee
Dr Vincent Maphai (Chair)
24 February 2020
8/8
Richard Menell
24 February 2020
8/8
Nkosemntu Nika (resigned 28 May 2024)
24 February 2020
1/8
Jeremiah Vilakazi
24 February 2020
8/8
Susan van der Merwe (resigned 28 May 2024)
24 February 2020
1/8
Keith Rayner
16 February 2021
8/8
Harry Kenyon-Slaney
11 March 2024
7/8 since joining
Member
Appointed to the Committee
2024 Meeting attendance
2024: Contribution to value creation
2025: Planned areas of focus
•
Directors’ and officers’ insurance (review and approval)
•
Implementation of the external board evaluators’ recommendations
•
Embedding succession planning for Chairman, CEO and the C-suite
•
Corporate governance and key legislation updates
•
Embedding Board evolution principles and appointment of
new directors with particular attention to gender diversity
•
Succession planning for committee chairs
The Nominating and Governance Committee Terms of reference are available at www.sibanyestillwater.com/about-us/corporate-governance/
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Remuneration Committee
Member
Appointed to the Committee
2024 Meeting attendance
Timothy Cumming (Chair)
24 February 2020
5/5
Harry Kenyon-Slaney
24 February 2020
5/5
Savannah Danson (resigned 11 March 2024)
24 February 2020
0/5
Dr Vincent Maphai
24 February 2020
4/5
Nkosemntu Nika (resigned 28 May 2024)
24 February 2020
2/5
Keith Rayner
24 February 2020
5/5
Philippe Boisseau
5
4
3
24 May 2024
2/5 since joining
Dr Elaine Dorward-King
5
4
3
24 May 2024
2/5 since joining
2024: Contribution to value creation
2025: Planned areas of focus
•
Remuneration benchmarking in the context of increasing global
mobility and the Group’s increased geographic diversification (review)
•
Continued consideration of appropriate factors to track for
Sustainability / ESG for purposes of impacting variable pay outcomes
•
Refinement of scorecard framework for variable pay determinations
taking into regard the different contexts and operating risks and
opportunities in the various regions.
See Remuneration report for more detail.
•
Continued attention to benchmarking and appropriate
pay mix
•
Review of best practices in terms of balance between
operational and financial metrics in variable pay
assessment for mining companies
•
Continued monitoring for avoidance of gender related pay
gaps
The Remuneration Committee’s Terms of reference are available at www.sibanyestillwater.com/about-us/corporate-governance/
OUR BUSINESS
AND LEADERSHIP
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PERFORMANCE
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DETAIL ON BOARD COMMITTEES continued
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–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Safety and Health Committee
Member
Appointed to the Committee
2024 Meeting attendance
Jeremiah Vilakazi (Chair from 1 January 2024)
8
/
8
1 January 2024
8/8
Savannah Danson (resigned 11 March 2024)
24 February 2020
0/8
Neal Froneman
24 February 2020
8/8
Richard Menell
24 February 2020
7/8
Vincent Maphai
24 February 2020
8/8
Susan van der Merwe (resigned on 28 May 2024)
24 February 2020
1/8
Harry Kenyon-Slaney
24 February 2020
8/8
Dr Elaine Dorward-King
27 March 2020
8/8
Sindiswa Zilwa
16 February 2021
6/8
Dr Peter Hancock
24 May 2024
6/8 since joining
2024: Contribution to value creation
2025: Planned areas of focus
•
Converting cultural and leadership transformation work into improved
health and safety outcomes
•
Establishment of a post-incident review process to ensure actions and
lessons from incident investigation are implemented
•
Overseeing the development and ongoing implementation of the
Group's fatal elimination strategy
•
Continuing to drive the development and implementation of the Group's
new set of global safety standards and guidelines
•
Monitoring the creation of the desired Zero harm safety culture and ensuring
its practical conversion into the way all staff think, act and behave in the
workplace
•
Ensuring rigorous investigations are conducted into all serious incidents and
that the lessons learned are applied swiftly and universally across the Group
•
Encouraging the use of technological innovation to reduce risk, to distance
people from machinery where possible and to advance the ability to
identify areas at high risk of geotechnical failure
•
Continued implementation of the Noise-induced hearing loss (NIHL) and
Diesel particulate matter (DPM) strategy
•
Continued monitoring of the cultural and leadership
transformation work into improved health and safety
outcomes
•
Continued oversight of the fatal elimination strategy
•
Encouraging the use of technological innovation to
reduce risk
•
Continue to strive to make the safety and health systems
and processes as efficient, effective, clear and usable and
the implementation of the visualisation of the risk strategy
The Safety and Health Committee’s Terms of reference are available at: www.sibanyestillwater.com/about-us/corporate-governance/
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Social, Ethics and Sustainability Committee
Member
Appointed to the Committee
2024 Meeting attendance
Dr Elaine Dorward-King (Chair from 1 January 2024)
3
27 March 2020
5/5
Jeremiah Vilakazi
24 February 2020
5/5
Timothy Cumming
24 February 2020
4/5
Harry Kenyon-Slaney
24 February 2020
5/5
Richard Menell
24 February 2020
5/5
Dr Vincent Maphai
24 February 2020
4/5
Nkosemntu Nika (resigned 28 May 2024)
24 February 2020
1/5
Keith Rayner
24 February 2020
5/5
Philippe Boisseau
24 May 2024
3/5 since joining
Terence Nombembe
8 November 2024
1/5 since joining
OUR BUSINESS
AND LEADERSHIP
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OUR
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ANCILLARY
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DETAIL ON BOARD COMMITTEES continued
SIBANYE-STILLWATER INTEGRATED REPORT 2024
103
2024: Contribution to value creation
2025: Planned areas of focus
•
Continued monitoring of the journey towards carbon neutrality by 2040 and
Developing a climate change-resilient business
•
Embedded regionalised business model reporting
•
Continued focus on diversity, equity, and inclusion across all regions
•
Supporting local communities in becoming self-sustaining
•
Repositioning the business to aim to be nature positive
See Social, Ethics and Sustainability Committee: Chairman’s report for more detail
•
Continued oversight of the four sustainability themes;
emphasis on tailings management, TCFD and TNFD progress
•
Continued promotion of an inclusive economy
•
Embedding human rights due diligence results
The Social, Ethics and Sustainability Committee’s Terms of reference are available at: www.sibanyestillwater.com/about-us/corporate-governance/
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Investment Committee
Members
Appointed to Committee
2024 Meeting attendance
Keith Rayner (Chair from 1 January 2024)
16 February 2021
6/6
Timothy Cumming
16 February 2021
6/6
Harry Kenyon-Slaney
16 February 2021
6/6
Savannah Danson (resigned 11 March 2024)
16 February 2021
1/6
Richard Menell
16 February 2021
6/6
Jeremiah Vilakazi
16 February 2021
6/6
Sindiswa Zilwa
16 February 2021
6/6
Philippe Boisseau
24 May 2024
2/6 since joining
Dr Peter Hancock
24 May 2024
2/6 since joining
Terence Nombembe
8 November 2024
1/6 since joining
2024: Contribution to value creation
2025: Planned areas of focus
•
Post-investment analysis
•
Review and conclusion of investments Review and approval of the capital
allocation framework
•
Reviewed and approved reports on the strategic planning, forecasting and
sources of capital for allocation
•
Approved capital raising initiatives
•
Review of investments
•
Post-investment analysis
•
Succession planning for committee composition
•
Review and approval of the capital allocation framework
For the Investment Committee’s Terms of reference, see www.sibanyestillwater.com/about-us/corporate-governance/
OUR BUSINESS
AND LEADERSHIP
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OUR
PERFORMANCE
ANCILLARY
INFORMATION
DETAIL ON BOARD COMMITTEES continued
SIBANYE-STILLWATER INTEGRATED REPORT 2024
104
Hlanganani shaft, Driefontein, SA gold operations
FOUR-YEAR STATISTICAL REVIEW
SUSTAINABLE DEVELOPMENT STATISTICS
2024
2023
Group
US
region1
EU
region
AUS
region
SA region
Group
US
region
EU
region
AUS
region
SA region
Unit
PGM
Gold
PGM
PGM
Gold
Employment
Salaries and wages paid
R million
31,380
4,947
350
537
16,691
8,855
30,591
5,108
360
502
15,157
9,463
Employee costs share % of
cost of sales before
amortisation and
depreciation
%
37.6
5.2
0.4
0.6
17.3
9.2
34.1
5.7
0.4
0.6
16.9
10.5
No. of employees including
contractors – total3
Number
72,423
1,354
446
302
40,860
23,522
82,788
1,975
356
288
47,405
27,934
Women in the workforce/
Women of Sibanye-Stillwater
(WoSS)2,4
%
18.0
13.4
20.7
13.1
17.2
16.7
17.2
10.2
19.8
11.4
16.6
16.3
Safety
Fatalities4
Number
8
0
0
0
5
3
11
1
0
0
2
8
Lost-time injury frequency rate
(LTIFR)5
Rate
3.86
9.49
8.34
1.45
3.36
4.29
4.57
7.03
6.14
1.90
4.37
4.72
Total recordable injury
frequency rate (TRIFR)4,5
Rate
4.36
11.02
9.53
7.25
3.78
4.76
5.24 10.66
6.14
5.70
5.01
5.21
Medically treated injury
frequency rate (MTIFR)5,6
Rate
0.50
1.53
1.19
5.80
0.42
0.47
0.67
3.63
1.23
3.80
0.64
0.49
Health
No. of cases reported
Silicosis4,8
Number
48
N/A
N/A
N/A
5
43
111
N/A
N/A
N/A
18
93
Noise-induced hearing loss
(NIHL)4,8,9
Number
231
6
N/A
N/A
75
150
239
3
N/A
N/A
83
153
Chronic obstructive
pulmonary disease (COPD)4,8
Number
8
N/A
N/A
N/A
0
8
35
N/A
N/A
N/A
30
5
Cardiorespiratory tuberculosis
(TB) – new and retreatment
cases4
Number
226
N/A
N/A
N/A
102
124
299
N/A
N/A
N/A
135
164
TB incidence – new and
relapse cases4
Number
238
N/A
N/A
N/A
104
134
339
N/A
N/A
N/A
149
190
Highly-active antiretroviral
treatment (HAART) patients
on treatment and in active
employment4,10
Number
12,818
N/A
N/A
N/A 7,978 4,840 13,948
N/A
N/A
N/A 8,933
5,015
N/A = Not applicable
1
The US region includes the Reldan operations from March 2024 to 31 December 2024
2
Our percentage of women of Sibanye-Stillwater (WoSS)/women in the workforce for the SA region (inclusive of SA regional services) is 18.1% for 2024
3
For a detailed breakdown of employees and contractor numbers, See Our workforce profile on page 140 of the Combined Integrated report in the Our people section of this
report; Group total is inclusive of corporate office
4
For details on assured numbers in prior years, see prior integrated reports available at www.sibanyestillwater.com/news-investors/reports/annual/, also see our Definitions for
sustainability indicators supplementary information, www.sibanyestillwater.com/news-investors/reports/annual/. For the 2024 assured numbers as per a defined scope and
boundary, see page 109
5 Rate per million hours worked: total number of injuries x 1,000,000 hours worked
6 Also referred to as treat-and-return injury frequency rate and includes certain minor injuries
7
The SA gold operations recorded a fatal incident on 27 February 2022, this was however restated to the date of accident 21 October 2021, as per the reporting protocol
8
Includes new and resubmission cases reported
9
The NIHL testing method differs at the US and SA regions
10 HAART statistics only include employees on medical aid
OUR BUSINESS
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SIBANYE-STILLWATER INTEGRATED REPORT 2024
105
Employment
Salaries and wages paid
R million
26,544
4,438
257 13,968
7,881 26,214
3,691 13,259
9,264
Employee costs share % of cost of sales before
amortisation and depreciation
%
28.0
5.0
0.3
15.0
8.0
26.0
4.0
13.0
9.0
No. of employees including contractors – total3
Number
84,481
2,677
235 46,432 30,507 84,981
2,904 46,004 31,142
Women in the workforce/Women of Sibanye-
Stillwater (WoSS)4
%
16.2
10.0
20.0
15.6
15.2
14.4
9.8
13.5
13.5
Safety
Fatalities 4,7
Number
5
0
0
3
2
21
2
6
13
Lost-time injury frequency rate (LTIFR)5
Rate
4.41
4.03
8.88
4.36
4.48
6.02
6.77
6.21
5.72
Total recordable injury frequency rate (TRIFR)4,5
Rate
5.07
7.61
10.65
4.90
5.10
7.10
10.48
7.09
6.88
Medically treated injury frequency rate (MTIFR)5,6
Rate
0.66
3.58
1.78
0.54
0.62
1.08
3.71
0.88
1.16
Health
No. of cases reported
Silicosis4,8
Number
88
N/A
N/A
29
59
93
N/A
32
61
Noise-induced hearing loss (NIHL)4,8,9
Number
264
N/A
N/A
101
163
294
N/A
122
172
Chronic obstructive pulmonary disease4,8
Number
32
N/A
N/A
26
6
30
N/A
24
6
Cardiorespiratory tuberculosis (TB) – new
and retreatment cases4
Number
376
N/A
N/A
193
183
406
N/A
183
223
TB incidence – new and relapse cases4
Number
404
N/A
N/A
203
201
446
N/A
197
249
Highly-active antiretroviral treatment (HAART)
patients on treatment and in active employment4,10 Number
14,620
N/A
N/A
8,796
5,824 15,160
N/A
8,326
6,834
2022
2021
Group
US
region
EU
region
SA region
Group
US
region
SA region
Unit
PGM
PGM
Gold
PGM
PGM
Gold
OUR BUSINESS
AND LEADERSHIP
WHAT
DRIVES US
OUR
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ANCILLARY
INFORMATION
FOUR-YEAR STATISTICAL REVIEW continued
SIBANYE-STILLWATER INTEGRATED REPORT 2024
106
Employee at the Sandouville nickel refinery in Le Havre,France
Environment
Cyanide consumption
tonne
960
0.2
N/A
N/A
N/A
960
1,264
N/A
N/A
N/A
N/A
1,264
Total CO2e emissions:
Scope 1 and 22,3
000t
6,345
209
14
95
3,041
2,987
6,631
224
15
Not
yet
report
ed
3,045
3,347
Total CO2e emissions: Scope 32,4
000t
1,291
59
Not
yet
report
ed
Not
yet
report
ed
1006
226
1,273
53
Not
yet
report
ed
Not
yet
report
ed
942
278
Emissions intensity5
tCO2e/t
milled
0.14
0.17
N/A
N/A
0.09
0.31
0.14
0.17
N/A
Not
yet
report
ed
0.08
0.32
GHG Emissions intensity (Scope 1
and 2)5
tCO2e/oz
2.1
0.3
N/A
Not
yet
report
ed
1.8
5.5
2.1
0.3
N/A
Not
yet
report
ed
1.7
5.2
SO2 emissions2,6
tonnes
933.6
1.28
N/A
N/A
932.3
N/A
1,643.2
0.8
0.1
N/A
1,642.5
N/A
Electricity consumed2
TWh
6.24
0.35
0.05
0.21
2.82
2.80
6.80
0.37
0.04
0.41
2.90
3.08
Diesel energy2
TJ
1,239
205
71
105
746
112
1,320
242
0.6
158
802
275
Total water withdrawn2
000ML
158.9
3.19
1
11
22.07
121.74
151.4
2.8
1.0
4.6
26.6
116.3
Water used
000ML
44.49
0.25
0
9
20.39
14.27
52.08
0.29
0.04
3.21
26.07
22.47
Water use intensity7
kl/t treated
0.97
0.20
N/A
1
0.72
1.50
1.26
0.22
N/A
N/A
0.88
2.13
Environmental incidents: level 3
and higher2
Number
2
0
0
0
2
0
2
1
0
0
1
0
Gross rehabilitation liabilities
R billion
16.71
1.37
0.25
2.37
6.87
5.85
18.15
1.35
0.14
2.78
8.49
5.38
Representation (HDP South Africans)9
Top management (Board)2
%
30.8
N/A
N/A
N/A
30.8
30.8
46.2
N/A
N/A
N/A
46.2
46.2
Executive management2
%
38.1
N/A
N/A
N/A
38.1
38.1
35.9
N/A
N/A
N/A
35.9
35.9
Senior management2
%
50.0
N/A
N/A
N/A
52.7
55.6
49.5
N/A
N/A
N/A
48.1
63.2
Middle management 2
%
64.6
N/A
N/A
N/A
65.6
59.7
62.9
N/A
N/A
N/A
64.8
58.1
Junior management2
%
78.9
N/A
N/A
N/A
82.3
70.2
77.8
N/A
N/A
N/A
81.2
69.1
Social and procurement spend
Total socioeconomic
development (SED)2
R million
378.7
3.6
0.4
0.2
274.1
100.4
612.9
6.5
0.9
0.0
473.5
132.0
Social and labour plan (SLP)
projects2
R million
2,421
N/A
N/A
N/A
1,257
1,164
2,202
N/A
N/A
N/A
984
1,218
Total B-BBEE procurement
spend2,8
R million
22,153
N/A
N/A
N/A
12,039
10,113
25,018
N/A
N/A
N/A
13,676
11,341
Services8
%
75
N/A
N/A
N/A
78
70
73
N/A
N/A
N/A
77
82
Mining goods8
%
80
N/A
N/A
N/A
79
81
80
N/A
N/A
N/A
78
66
% of total procurement8
%
77
N/A
N/A
N/A
78
76
76
N/A
N/A
N/A
77
75
Other
Current tax and royalties10
R million
1,963
146
0
216
1,458
132
4,230
(343)
80
133
3,886
443
Research and development
R million
73.6
87.8
2024
2023
Group
US
region1
EU
region
AUS
region
SA region
Group
US
region
EU
region
AUS
region
SA region
Unit
PGM
Gold
PGM
PGM
Gold
1
The US region includes the Reldan operations from March 2024 to 31 December 2024
2
For details on assured numbers in prior years, see prior integrated reports available at www.sibanyestillwater.com/news-investors/reports/annual/, also see our Definitions for
sustainability indicators supplementary information, www.sibanyestillwater.com/news-investors/reports/annual/. For the 2024 assured numbers as per a defined scope and
boundary, see page 109
3 Scope 1 and 2 emissions include fugitive mine methane. We have chosen to report our scope 1 and scope 2 emissions separately from our scope 3 emissions as scope 1 and 2
emissions are under our direct control while scope 3 emissions represent the effect of our business activities across the supply chain. Although it is not a mandatory
Intergovernmental Panel on Climate Change reporting category, we are also reporting our fugitive mine methane emissions in the Free State province of South Africa in line
with the transparency principle of the ISO 14064 greenhouse gas quantification standard. Scope 2 emissions are representative of the location-based method
4 The following scope 3 categories are included, also see supplementary report, Climate change-related disclosure:
Category 1: Purchased goods and services; Category 2: Capital goods; Category 3: Fuel- and energy-related activities; Category 4: Upstream transportation and distribution;
Category 5: Waste generated in operations; Category 6: Business travel; Category 7: Employee commuting; Category 8: Upstream leased assets; Category 9: Downstream
transportation and distribution; Category 10: Processing of sold products; Category 11: Use of sold products; Category 12: End-of-life treatment of sold products; Category 13:
Downstream leased assets; Category 14: Franchises; Category 15: Investments
5 Emissions intensity (t CO2e per tonne milled or oz produced) is the intensity ratio of total scope 1 and 2 emissions to tonnes milled or ounces produced at the operations under
our operational control. The ore at the US PGM operations is of a higher grade, contributing to a higher intensity rate using tonnes milled versus ounces output
6 SA region: Sulphur dioxide (SO2) emissions are from the Marikana PGM smelters and quantified through a combination of stack measurements and mass balance.
The US region also include the emissions from the Columbus metallurgical complex
7 Water use intensity in the US operations is low due to higher grade ores being processed
8 The B-BBEE proportion of total procurement applies to procurement spend in South Africa only. The spend reflected for the SA gold operations includes Shared Service
department spend
9 HDP in management includes management classified as designated groups and employed at management levels (excluding foreign nationals and white males)
10 Current tax and royalties for the Group includes current tax on Group Corporate and Reconciling items of R18 million (2023: R34 million, 2022: R4 million, 2021: R70 million and
2020: R45 million)
OUR BUSINESS
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WHAT
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OUR
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ANCILLARY
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FOUR-YEAR STATISTICAL REVIEW continued
SIBANYE-STILLWATER INTEGRATED REPORT 2024
107
Environment
Cyanide consumption
000t
1,409
N/A
N/A
N/A
1,409
2,979
N/A
N/A
2,979
Total CO2e emissions
Scope 1 and 22,3
000t
6,686
285
6
3,123
3,272
7,302
259
3,023
4,020
Scope 32,4
000t
1,137
59
N/A
713
365
1,506
123
823
560
Emissions intensity2,5
tCO2e/t
milled
0.13
0.23
N/A
0.08
0.33
0.16
0.17
0.10
0.27
GHG Emissions intensity
(Scope 1 and 2)5
tCO2e/oz
2.0
0.29
N/A
1.7
7.4
1.4
0.08
0.97
4.51
SO2 emissions2,6
tonnes
2,578
1.5
N/A
2,576
N/A
1,747
3.83
1,743
N/A
Electricity consumed2
TWh
6.13
0.37
0.04
2.88
2.85
6.59
0.37
2.75
3.47
Diesel2
TJ
1,302
286
0
851
166
1,281
372
775
134
Total water withdrawn2
000ML
130.7
3
0.8
23.7
103.2
124.6
3.4
24.2
97.1
Water used
000ML
39.44
0.23
0
23.46
15.75
47.65
0.20
23.89
23.56
Water use intensity7
kl/t
treated
1.02
0.18
N/A
0.83
1.68
1.02
0.13
0.80
1.56
Environmental incidents
level 3 and higher2
Number
2
1
0
0
1
5
1
2
2
Gross rehabilitation liabilities
R billion
12.42
1.18
0
6.23
5.01
11.15
0.99
5.51
4.65
Representation
(HDP South Africans)9
Top management (Board)2
%
46.2
N/A
N/A
46.2
46.2
46.2
N/A
46.2
46.2
Executive management2
%
42.4
N/A
N/A
42.4
42.4
37.8
N/A
37.8
37.8
Senior management2
%
46.0
N/A
N/A
44.3
47.1
40.5
N/A
40.5
40.5
Middle management2
%
60.3
N/A
N/A
63.4
53.3
47.2
N/A
49.3
27.8
Junior management2
%
76.5
N/A
N/A
79.8
68.8
57.1
N/A
60.1
48.7
Social and procurement spend
Total socioeconomic development
(SED)2
R million
368.9
6.3
0.2
216.2
146.2
352.4
5.9
200.5
146.0
Social and labour plan (SLP)
projects2,8
R million
2,195
N/A
N/A
1,098
1,097
2,085
N/A
934
1,151
Total B-BBEE procurement
spend2,8
R million
21,415
N/A
N/A
12,684
8,731
16,442
N/A
10,637
5,805
Services8
%
73
N/A
N/A
75
70
65
N/A
62
71
Consumables8
%
78
N/A
N/A
81
77
78
N/A
82
71
% of total procurement8
%
75
N/A
N/A
77
74
70
N/A
69
71
Other
Current tax and royalties10
R million
11,106
655
0
10,145
302
16,220
1,422
14,291
437
Research and development
R million
125.1
55
2022
2021
Group
US region
EU region
SA region
Group
US
region
SA region
Unit
PGM
PGM
Gold
PGM
PGM
Gold
OUR BUSINESS
AND LEADERSHIP
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PERFORMANCE
ANCILLARY
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FOUR-YEAR STATISTICAL REVIEW continued
SIBANYE-STILLWATER INTEGRATED REPORT 2024
108
Thuthukani shaft, Kloof, SA gold operations
SELECTED KEY SUSTAINABILITY PERFORMANCE INDICATORS, ASSURED, FOR THE 2024 YEAR
The table below contains the selected key performance indicators (KPIs) which have been selected for limited assurance for the 2024 year.
See KPMG’s Statement of assurance on page 114 of this report:
Selected KPI
Boundary
Unit of measure
Number assured for the 2024
year based on the boundary
Environment
1
Total CO2e emissions: Scope 1 and 2
Group excluding Reldan
’000 tCO2e
6,342
2
Total CO2e emissions: Scope 31
Group excluding Reldan
AUS and EU regions
’000 tCO2e
202.60
3
GHG emissions intensity (Scope 1 and 2)
Group excluding Reldan
tCO2e/oz
2.1
4
Electricity consumed
Group excluding Reldan
TWh
6.24
5
Diesel energy
Group excluding Reldan
TJ
1,239
6
Number of environmental incidents: Level 3 and higher
Group excluding Reldan
Number
2
7
Total water withdrawn
Group excluding Reldan
’000 ML
158.8
Health
8
Number of new and resubmitted silicosis cases reported
SA region
Number of cases
48
9
Number of new and resubmitted noise induced hearing loss (NIHL)
cases reported
Group excluding Reldan
Number of cases
231
10
Number of new and resubmitted chronic obstructive pulmonary
diseases (COPD) cases reported
SA region
Number of cases
8
11
Number of new and retreatment cardiorespiratory tuberculosis
(TB) cases reported
SA region
Number of cases
226
12
Number of new and relapsed tuberculosis (TB) incidence cases
reported
SA region
Number of cases
238
13
Highly-active antiretroviral treatment (HAART) patients on
treatment and in active employment2
SA region
Number of patients
12,818
Safety
14
Total recordable injury frequency rate (TRIFR)3
Group excluding Reldan
Rate
4.34
15
Frontline work stoppages4
Group excluding Reldan
%
81
16
Number of fatalities
Group excluding Reldan
Number
8
Social
17
Total socioeconomic development (SED) spend
Group excluding Reldan
R million
378.7
18
Total approved social and labour plan (SLP) project spend
SA region
R million
2,421.3
19
HDP representation in
SA region
•
top management (Board)
%
30.8
•
executive management
%
38.1
•
senior management
%
50.0
•
middle management
%
64.6
•
junior management
%
78.9
20
Total B-BBEE procurement spend
SA region
R million
22,153
21
Women in the workforce/ Women of Sibanye-Stillwater (WoSS)
Group excluding Reldan
%
18.0
1
Scope 3 categories included for limited assurance: Category 1 (Purchased Goods and Services), Category 2 (Capital Goods), Category 5 (Waste Generated in Operations),
Category 6 (Business Travel), Category 7 (Employee Commuting), Category 9 (Downstream Transportation and Distribution), Category 13 (Downstream Leased Assets)
2
HAART statistics only include employees on medical aid
3 Rate per million hours worked: total number of injuries x 1,000,000 hours worked
4 Frontline work stoppages reported for the month of December 2024
OUR BUSINESS
AND LEADERSHIP
WHAT
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FOUR-YEAR STATISTICAL REVIEW continued
SIBANYE-STILLWATER INTEGRATED REPORT 2024
109
OPERATING STATISTICS
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
2024
2023
2022
2021
US PGM operations
Production
Ore milled
000t
1,129
1,174
1,154
1,469
2E PGM production
kg
13,245
13,290
13,099
17,741
000oz
426
427
421
570
Price and costs
Average PGM basket price
R/2Eoz
18,097
22,890 30482.3822041
216
31,021
US$/2Eoz
988
1,243
1,862
2,097
R/3Eoz
23,189
42,981
50,202
51,987
US$/3Eoz
1,266
2,334
3,067
3,515
Operating cost1
R/2Eoz
20,775
21,539
18,671
13,324
US$/2Eoz
1,134
1,170
1,141
901
Revenue
Rm
16,781
23,812
46,090
59,053
Adjusted EBITDA2
Rm
215
1,317
7,604
12,256
Adjusted EBITDA margin3
%
1
6
16
21
All-in sustaining cost4
R/2Eoz
25042
34465
25951
14851
US$/2Eoz
1,367
1872
1,586
1,004
Total capital expenditure
US$m
154
371
331
309
Rm
2,822
6,841
5,416
4,556
US Reldan operations21
Volume sold:
Gold
oz
107,680
Silver
oz
1,660,299
Platinum
oz
15,292
Palladium
oz
19,835
Other (Rhodium, Ruthenium, Iridium)
oz
63
Copper
Lbs
2,590,335
Mixed scrap
Lbs
4,690,801
Price and costs
Revenue
Rm
6,306
Adjusted EBITDA2
Rm
268
Adjusted EBITDA margin3
%
4
Total capital expenditure
US$m
1
Rm
10
SA PGM operations (attributable)
Production
Ore milled
000t
35,842
36,048
36,644
38,307
4E PGM production
kg
54,087
52,034
51,864
57,110
000oz
1,739
1,673
1,667
1,836
Price and costs
Average PGM basket price
R/4Eoz
24,213
28,979
42,914
47,066
US$/4Eoz
1,322
1,574
2,622
3,182
Operating cost1
R/4Eoz
23,933
21,951
19,543
16,780
US$/4Eoz
1,307
1,192
1,194
1,135
Revenue
Rm
51,257
55,593
71,665
85,154
Adjusted EBITDA2
Rm
7,399
17,620
38,135
51,608
Adjusted EBITDA margin3
%
14
32
53
61
All-in sustaining cost4,11
R/4Eoz
21,948
20,054
19,313
16,982
US$/4Eoz
1,198
1,089
1,180
1,148
Total capital expenditure
Rm
5,846
5,647
5,104
3,799
US$m
319
307
312
257
SA gold operations
Production
Ore milled
000t
33,522
31,941
36,172
44,402
Gold produced
kg
21,915
25,212
19,301
33,372
000oz
705
811
621
1,073
Price and costs
Gold price
R/kg
1,400,468
1,146,093
946,073
849,703
US$/oz
2,378
1,936
1,798
1,787
2024
2023
2022
2021
SA OPERATIONS
OUR BUSINESS
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FOUR-YEAR STATISTICAL REVIEW continued
SIBANYE-STILLWATER INTEGRATED REPORT 2024
110
Operating cost1
R/kg
1,065,070
953,118
1,074,400
669,723
Revenue
Rm
31,145
29,143
17,842
28,358
Adjusted EBITDA2
Rm
5,832
3,523
(3,546)
5,113
Adjusted EBITDA margin3
%
19
12
(20)
18
All-in sustaining cost4
R/kg
1,251,810
1,127,138
1,268,360
803,260
US$/oz
2,126
1,904
2,410
1,689
Total capital expenditure
Rm
7,253
6,708
4,559
4,380
US$m
396
364
278
296
2024
2023
2022
2021
SA OPERATIONS
2024
2023
2022
EUROPEAN OPERATIONS
Sandouville nickel refinery12
Volumes produced
Nickel Salts13
tonnes
1,156
1,411
2,003
Nickel Metal
tonnes
6,549
5,714
4,839
Total Nickel production
tNi
7,705
7,125
6,842
Nickel Cakes14
tonnes
283
320
284
Cobalt Chloride (CoCl2)15
tonnes
101
127
153
Ferric Chloride (FeCl3)15
tonnes
1,069
1,214
1,399
Volumes sales
Nickel Salts13
tonnes
1,490
1,134
1,860
Nickel Metal
tonnes
6,225
5,721
4,987
Total Nickel sold
tNi
7,715
6,855
6,847
Nickel Cakes14
tonnes
77
21
—
Cobalt Chloride (CoCl2)15
tonnes
92
116
164
Ferric Chloride (FeCl3)15
tonnes
1,069
1,214
1,399
Price and costs
Nickel equivalent average basket price16
R/tNi
360,855
441,138
458,595
US$/tNi
19,701
23,955
28,019
Revenue
Rm
2,784
3,024
3,140
Adjusted EBITDA2
Rm
(723)
(1,328)
(492)
Adjusted EBITDA margin3
%
(26)
(44)
(16)
Nickel equivalent sustaining cost4
R/tNi
449,644
653,246
527,676
US$/tNi
24,548
35,474
32,239
Total Capital expenditure
Rm
173
248
90
US$m
9
13
5
2024
2023
AUSTRALIAN OPERATIONS
Century zinc retreatment operation17
Production
Ore mined and processed
kt
6,807
6,097
Zinc metal produced (payable)18
kt
82
76
Zinc sold (payable)19
kt
82
77
Price and costs
Average equivalent zinc concentrate price20
R/tZn
49,046
31,815
US$/tZn
2,678
1,728
Revenue
Rm
3,983
2,251
Adjusted EBITDA2
Rm
641
(285)
Adjusted EBITDA margin3
%
16
(13)
All-in sustaining cost4
R/tZn
42,446
36,361
US$/tZn
2,317
1,975
Total Capital expenditure
Rm
192
165
US$m
10
9
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FOUR-YEAR STATISTICAL REVIEW continued
SIBANYE-STILLWATER INTEGRATED REPORT 2024
111
Revenue
R million
112,129
113,684
138,288
172,194
(Loss)/profit for the year
R million
(5,710)
(37,430)
18,980
33,796
Earnings per share
cents
(258)
(1,334)
651
1,140
Headline earnings per share
cents
64
63
652
1,272
Number of shares in issue at end of period
000
2,830,567
2,830,567
2,830,370
2,808,406
Statement of financial position (extract)
Cash and cash equivalents
R million
16,049
25,560
26,076
30,292
Total assets
R million
137,992
142,941
166,631
152,994
Borrowings5
R million
41,687
36,618
22,728
20,298
Total liabilities
R million
89,703
91,334
75,627
71,649
Statement of cash flows (extract)
Net (decrease)/increase in cash and cash equivalents
R million
(9,490)
(1,967)
(5,328)
9,344
Other financial data
Adjusted EBITDA2
R million
13,088
20,556
41,111
68,606
Net debt/(cash)6
R million
23,424
11,918
(5,850)
(11,466)
Net debt/(cash) to adjusted EBITDA
ratio
1.79
0.58
(0.14)
(0.17)
Net asset value per share
R
17.06
18.23
32.15
28.96
Debt to equity7
ratio
1.86
1.77
0.83
0.88
Dividends declared per share
ZAR cents
—
53
260
479
Dividend yield8
%
—
2.1
5.8
9.8
Average exchange rate9
R/US$
18.32
18.42
16.37
14.79
Closing exchange rate10
R/US$
18.76
18.57
17.03
15.94
Share data
Market capitalisation at year-end
R billion
42
70.5
126.6
137.9
US$ billion
2.3
3.8
7.5
8.8
Average daily volume of shares traded
’000
14,664
13,533
12,162
14,175
Ordinary share price – high
R/share
27.17
51.68
75.4
74.67
Ordinary share price – low
R/share
14.1
18.7
35.74
45.58
Ordinary share price at year end
R/share
14.98
24.90
44.72
49.1
GROUP FINANCIAL STATISTICS
Income statement (extract)
2024
2023
2022
2021
1
Operating cost is a non-IFRS measure see pages AFR-43 for additional information. Operating cost is the average cost of production, and operating cost per tonne is
calculated by dividing the cost of sales, before amortisation and depreciation and change in inventory in a period by the tonnes milled in the same period, and operating
cost per ounce and kilogram is calculated by dividing the cost of sales, before amortisation and depreciation and change in inventory in a period by the gold kilograms
produced or platinum group metals (PGM) 2E or 4E ounces produced in the same period
2
The Group reports adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) based on the formula included in the facility agreements for compliance
with the debt covenant formula. Adjusted EBITDA is a non-IFRS measure see pages AFR-42 for additional information. Adjusted EBITDA may not be comparable to similarly titled
measures of other companies. Adjusted EBITDA is not a measure of performance under IFRS Accounting Standards and should be considered in addition to, and not as a
substitute for, other measures of financial performance and liquidity. For a reconciliation of profit/(loss) before royalties and tax to adjusted EBITDA, see – Consolidated financial
statements – Notes to the consolidated financial statements – Note 28.10 Capital management
3 Adjusted EBITDA margin is calculated by dividing adjusted EBITDA by revenue. Adjusted EBITDA margin is a non-IFRS measure see pages AFR-42 for additional information
4 Sibanye-Stillwater presents the financial measures “All-in sustaining costs”, “All-in costs”, “All-in sustaining cost per kilogram”, “All-in sustaining cost per ounce”, “All-in sustaining
cost per tonne”,“All- in cost per kilogram”, “All-in cost per ounce” and “All-in cost per tonne”, which were introduced during the year ended 31 December 2013 by the World
Gold Council (the Council). The Council is a non-profit association of the world’s leading gold mining companies established in 1987 to promote the use of gold from industry,
consumers and investors and is not a regulatory organisation. The Council has worked with its member companies to develop a metric that expands on IFRS Accounting
Standards measures such as cost of goods sold and currently accepted non-IFRS measures to provide relevant information to investors, governments, local communities and
other stakeholders in understanding the economics of gold mining operations related to expenditures, operating performance and the ability to generate cash flow from
operations. This is especially true with reference to capital expenditure associated with developing and maintaining gold mines, which has increased significantly in recent
years and is reflected in this metric
All-in sustaining costs, All-in costs, All-in sustaining cost per kilogram, All-in sustaining cost per ounce, All-in sustaining cost per tonne, All-in cost per kilogram, All-in cost per ounce
and All-in cost per tonne metrics are intended to provide additional information only, do not have any standardised meaning prescribed by IFRS Accounting Standards and
should not be considered in isolation or as alternatives to cost of sales, (loss)/profit before tax, (loss)/profit for the year, cash from operating activities or any other measure of
financial performance presented in accordance with IFRS. All-in sustaining costs, All-in costs, All-in sustaining cost per kilogram, All-in sustaining cost per ounce, All-in sustaining
cost per tonne, All-in cost per kilogram, All-in cost per ounce and All-in cost per tonne as presented in this document may not be comparable to other similarly titled measures
of performance of other companies. Other companies may calculate these measures differently as a result of differences in the underlying accounting principles, policies
applied and accounting frameworks such as in US GAAP. Differences may also arise related to definitional differences of sustaining versus development capital activities
based upon each company’s internal policies. All-in costs excludes income tax, costs associated with merger and acquisition activities, working capital, impairments, financing
costs, one-time severance charges and items needed to normalise earnings. All-in costs is made up of All-in sustaining costs, being the cost to sustain current operations, given
as a sub-total in the All-in costs calculation, together with corporate and major capital expenditure associated with growth. For a reconciliation of cost of sales, before
amortisation and depreciation to All-in costs and Nickel equivalent sustaining cost, see – Overview – Management’s discussion and analysis of the financial statements – 2024
financial performance compared with 2023 – Cost of sales – All-in sustaining cost, All-in cost and Nickel equivalent sustaining cost
The Nickel equivalent sustaining cost, is the cost to sustain current operations. Nickel equivalent sustaining cost per tonne nickel is calculated by dividing the Nickel equivalent
sustaining cost, in a period by the total nickel products sold over the same period. Nickel equivalent sustaining cost and Nickel equivalent sustaining costs per tonne are
intended to provide additional information only, do not have any standardised meaning prescribed by IFRS and should not be considered in isolation or as alternatives to cost
of sales, profit before tax, profit for the year, cash from operating activities or any other measure of financial performance presented in accordance with IFRS. Nickel
equivalent sustaining cost and Nickel equivalent sustaining costs per tonne as presented in this document may not be comparable to other similarly titled measures of
performance of other companies. Other companies may calculate these measures differently as a result of differences in the underlying accounting principles, policies
applied and accounting frameworks such as in US GAAP. Differences may also arise related to definitional differences of sustaining versus development capital activities
OUR BUSINESS
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FOUR-YEAR STATISTICAL REVIEW continued
SIBANYE-STILLWATER INTEGRATED REPORT 2024
112
based upon each company’s internal policies. For a reconciliation of cost of sales, before amortisation and depreciation to Nickel equivalent sustaining cost, see – Overview –
Management’s discussion and analysis of the financial statements – 2024 financial performance compared with 2023 – Cost of sales – All-in sustaining cost, All-in cost and
Nickel equivalent sustaining cost
5
This represents total borrowings as per the consolidated financial statements. See the Consolidated financial statements – Notes to the consolidated financial statements –
Note 28: Borrowings and derivative financial instrument
6
Net (cash)/debt represents borrowings and bank overdraft less cash and cash equivalents. Borrowings are only those borrowings that have recourse to Sibanye-Stillwater, and,
therefore, exclude the Burnstone Debt. Net (cash)/debt excludes cash of Burnstone
7
The debt to equity ratio is a debt ratio used to measure the Group’s financial leverage and is calculated by dividing total liabilities by equity
8
The dividend yield is a financial ratio that indicates how much a company pays out in dividends each year relative to its share price. Dividend yield is represented as a
percentage and is calculated by dividing the dividends per share declared in a given year by the ordinary share price at the end of the year
9
The average exchange rate during the relevant period as reported by EquityRT.
10 The closing exchange rate at period end as reported by EquityRT. Fluctuations in the exchange rate between the rand and the US dollar will affect the US dollar equivalent of
the price of the ordinary shares on the JSE, which may affect the market price of the American Depositary Shares (ADSs) trading on the NYSE. These fluctuations will also affect
the US dollar amounts received by owners of ADSs on the conversion of any dividends paid in rand on the ordinary shares
11 The SA PGM operations excludes the production and costs associated with purchase of concentrate (PoC) from third parties at the Marikana operations from 1 January 2020
12 Amounts included since effective date of the acquisition on 4 February 2022
13 Nickel salts consist of anhydrous nickel, nickel chloride low sodium, nickel chloride standard, nickel carbonate and nickel chloride solution
14 Nickel cakes occur during the processing of nickel matte and are recycled back into the nickel refining process
15 Cobalt chloride and ferric chloride are obtained from nickel matte through a different refining process on an order basis
16 The nickel equivalent average basket price per tonne is the total nickel revenue adjusted for other income less non-product sales divided by the total nickel equivalent tonnes
sold
17 The Century operations in Queensland, Australia was acquired by the Group on 22 February 2023
18 Zinc metal produced (payable) is the payable quantity of zinc metal produced after applying smelter content deductions
19 Zinc sold (payable) is the payable quantity of zinc metal sold after applying smelter content deductions
20 Average equivalent zinc concentrate price is the total zinc sales revenue recognised at the price expected to be received excluding the fair value adjustments divided by the
payable zinc metal sold
21 The acquisition of the Reldan Group of Companies (Reldan) was concluded on 15 March 2024. The year ended 31 December 2024 include the results since acquisition
OUR BUSINESS
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FOUR-YEAR STATISTICAL REVIEW continued
SIBANYE-STILLWATER INTEGRATED REPORT 2024
113
Päiväneva concentrator in Kaustinen, Keliber lithium project, Finland
STATEMENT OF ASSURANCE
INDEPENDENT ASSURANCE PRACTITIONER’S LIMITED ASSURANCE REPORT ON SELECTED KEY
PERFORMANCE INDICATORS
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
To the Directors of Sibanye-Stillwater Limited
We have undertaken a limited assurance engagement on selected key performance indicators (KPIs), as described below, and presented in
the Sibanye-Stillwater Limited (“Sibanye-Stillwater” or “the Group”) Integrated Report 2024 for the year ended 31 December 2024 (“the
Report”). This engagement was conducted by a multidisciplinary team including health, safety, social, environmental and assurance
specialists with relevant experience in sustainability reporting.
SUBJECT MATTER
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
We have been engaged to provide a limited assurance conclusion in our report on the following selected KPIs, listed on page 109 of the
Report. The selected KPIs described below have been prepared in accordance with Sibanye-Stillwater’s Reporting Criteria included in the
Definitions for Sustainability/ESG indicators within the supplementary information 2024 and available on the Sibanye-Stillwater website (“the
Reporting Criteria”).
Selected KPI
Unit of measure
Boundary
Environment
Total CO2e emissions: Scope 1 and 2
’000 tCO2e
Group excluding Reldan
Total CO2e emissions: Scope 31
’000 tCO2e
Group excluding Reldan
AUS, and EU regions
GHG emissions intensity (Scope 1 and 2)
tCO2e/oz
Group excluding Reldan
Electricity consumed
TWh
Group excluding Reldan
Diesel energy
TJ
Group excluding Reldan
Number of environmental incidents: Level 3 and higher
Number
Group excluding Reldan
Total water withdrawn
’000 ML
Group excluding Reldan
Health
Number of new and resubmitted silicosis cases reported
Number of cases
SA region
Number of new and resubmitted noise induced hearing loss (NIHL) cases reported
Number of cases
Group excluding Reldan
Number of new and resubmitted chronic obstructive pulmonary diseases (COPD) cases reported
Number of cases
SA region
Number of new and retreatment cardiorespiratory tuberculosis (TB) cases reported
Number of cases
SA region
Number of new and relapsed tuberculosis (TB) incidence cases reported
Number of cases
SA region
Highly-active antiretroviral treatment (HAART) patients on treatment and in active employment2
Number of patients
SA region
Safety
Total recordable injury frequency rate (TRIFR)3
Rate
Group excluding Reldan
Frontline work stoppages 4
%
Group excluding Reldan
Number of fatalities
Number
Group excluding Reldan
Social
Total socioeconomic development (SED) spend
R million
Group excluding Reldan
Total approved social and labour plan (SLP) project spend
R million
SA region
Historically disadvantaged persons (HDP) representation in
SA region
•
top management (Board)
%
•
executive management
%
•
senior management
%
•
middle management
%
•
junior management
%
Total Broad-Based Black Economic Empowerment (B-BBEE) procurement spend
R million
SA region
Women in the workforce/ Women of Sibanye-Stillwater (WoSS)
%
Group excluding Reldan
1
Scope 3 categories included for assurance: Category 1 (Purchased Goods and Services), Category 2 (Capital Goods), Category 5 (Waste Generated in Operations),
Category 6 (Business Travel), Category 7 (Employee Commuting), Category 9 (Downstream Transportation and Distribution), Category 13 (Downstream Leased Assets)
2
HAART statistics only include employees on medical aid
3 Rate per million hours worked: total number of injuries x 1,000,000 hours worked
4 Frontline work stoppages reported for the month of December
DIRECTORS RESPONSIBILITIES
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
The Directors are responsible for the selection, preparation and
presentation of the selected KPIs in accordance with the Sibanye-
Stillwater reporting criteria.
This responsibility includes:
•
the identification of stakeholders and stakeholder requirements,
material matters, commitments with respect to sustainability
performance
•
the design, implementation and maintenance of internal controls
relevant to the preparation of the Report that is free from material
misstatement, whether due to fraud or error
The Directors are also responsible for determining the
appropriateness of the measurement and reporting criteria in view of
the intended users of the selected KPIs and for ensuring that those
criteria are publicly available to the Report users.
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SIBANYE-STILLWATER INTEGRATED REPORT 2024
114
INHERENT LIMITATIONS
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
The Greenhouse Gas (GHG) emission quantification is subject to
inherent uncertainty because of incomplete scientific knowledge
used to determine emissions factors and the values needed to
combine emissions of different gases.
OUR INDEPENDENCE AND QUALITY
MANAGEMENT
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
We have complied with the independence and other ethical
requirements of the Code of Professional Conduct for Registered
Auditors issued by the Independent Regulatory Board for Auditors
(IRBA Code), which is founded on fundamental principles of integrity,
objectivity, professional competence and due care, confidentiality
and professional behaviour. The IRBA Code is consistent with the
corresponding sections of the International Ethics Standards Board
for Accountants’ International Code of Ethics for Professional
Accountants (including International Independence Standards).
KPMG Inc. applies the International Standard on Quality
Management 1, which requires the firm to design, implement
and operate a system of quality management including policies
or procedures regarding compliance with ethical requirements,
professional standards and applicable legal and regulatory
requirements.
PRACTITIONER’S RESPONSIBILITY
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Our responsibility is to express a limited assurance conclusion on the
selected KPIs as set out in the Subject Matter paragraph, based on
the procedures we have performed and the evidence we have
obtained. We conducted our assurance engagement in
accordance with the International Standard on Assurance
Engagements (ISAE) 3000 (Revised), Assurance Engagements other
than Audits or Reviews of Historical Financial Information, and in
respect to the greenhouse gas emissions, in accordance with the
International Standard on Assurance Engagements 3410 (ISAE 3410),
Assurance Engagements on Greenhouse Gas Statements, issued by
the International Auditing and Assurance Standards Board. These
Standards require that we plan and perform our engagement to
obtain limited assurance about whether the selected KPIs are free
from material misstatement.
A limited assurance engagement undertaken in accordance with
ISAE 3000 (Revised) and ISAE 3410 involves assessing the suitability in
the circumstances of Sibanye-Stillwater’s use of its reporting criteria
as the basis of preparation for the selected KPIs, assessing the risks of
material misstatement of the selected KPIs whether due to fraud or
error, responding to the assessed risks as necessary in the
circumstances, and evaluating the overall presentation of the
selected KPIs.
A limited assurance engagement is substantially less in scope than a
reasonable assurance engagement in relation to both risk
assessment procedures, including an understanding of internal
control, and the procedures performed in response to the assessed
risks. The procedures we performed were based on our professional
judgement and included inquiries, observation of processes
followed, inspection of documents, analytical procedures,
evaluating the appropriateness of quantification methods and
reporting policies, and agreeing or reconciling with
underlying records.
Given the circumstances of the engagement, in performing the
procedures listed above we:
•
Interviewed management and senior executives to obtain
an understanding of the internal control environment,
risk assessment process and information systems relevant
to the sustainability reporting process;
•
Inspected documentation to corroborate the statements
of management and senior executives in our interviews;
•
Tested the processes and systems to generate, collate,
aggregate, monitor and report the selected KPIs;
•
Inspected supporting documentation on a sample basis
and performed analytical procedures to evaluate the
data generation and reporting processes against the
Reporting Criteria;
•
Evaluated the reasonableness and appropriateness of significant
estimates and judgements made by the Directors in the
preparation of the selected KPIs;
•
Evaluated whether the selected KPIs presented in the Report
is consistent with our overall knowledge and experience
of sustainability management and performance at Sibanye-
Stillwater.
The procedures performed in a limited assurance engagement vary
in nature and timing, and are less in extent than for a reasonable
assurance engagement. As a result, the level of assurance obtained
in a limited assurance engagement is substantially lower than the
assurance that would have been obtained had we performed a
reasonable assurance engagement. Accordingly, we do not express
a reasonable assurance opinion about whether the Sibanye-
Stillwater’s selected KPIs have been prepared, in all material
respects, in accordance with the accompanying Reporting Criteria.
LIMITED ASSURANCE CONCLUSION
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Based on the procedures we have performed and the evidence we
have obtained, and subject to the inherent limitations outlined
elsewhere in this report, nothing has come to our attention that
causes us to believe that the selected KPIs as set out in the Subject
Matter paragraph above for the year ended 31 December 2024 are
not prepared, in all material respects, in accordance with the
Sibanye-Stillwater Reporting Criteria.
OTHER MATTERS
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Our report includes the provision of limited assurance on Frontline
work stoppages for the month of December 2024. We were
previously not required to provide assurance on this selected KPI.
The maintenance and integrity of the Sibanye-Stillwater’s website is
the responsibility of Sibanye-Stillwater management. Our procedures
did not involve consideration of these matters and, accordingly, we
accept no responsibility for any changes to either the information in
the Report or our independent assurance report that may have
occurred since the initial date of its presentation on Sibanye-
Stillwater website.
RESTRICTION OF LIABILITY
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Our work has been undertaken to enable us to express a limited
assurance conclusion on the selected KPIs to the Directors of the
Sibanye-Stillwater in accordance with the terms of our engagement,
and for no other purpose. We do not accept or assume liability to
any party other than Sibanye-Stillwater, for our work, for this report, or
for the conclusion we have reached.
/s/ KPMG Inc.
Registered Auditor
Per Coenie Basson
Chartered Accountant (SA)
Registered Auditor
Director
25 April 2025
OUR BUSINESS
AND LEADERSHIP
WHAT
DRIVES US
OUR
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ANCILLARY
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STATEMENT OF ASSURANCE continued
SIBANYE-STILLWATER INTEGRATED REPORT 2024
115
KPMG Crescent
85 Empire Road
Parktown
Johannesburg
2193
OUR MATERIAL MATTERS – DETERMINATION,
DEFINITIONS AND REFERENCES
OUR PROCESS OF DETERMINING MATERIAL ISSUES
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
In support of the disclosure on page 3 about materiality and our material matters for this Integrated report, please see the process followed in
determining the material matters, followed by the more detailed description of each element of the process:
OUR PROCESS OF DETERMINING MATERIAL ISSUES
STRATEGIC FOCUS
We considered materiality against our three-dimensional strategy, following the changing context of business,
stakeholders’ feedback and emerging trends on the global front.
DEFINING MATERIALITY
The double materiality lens was adopted during the materiality workshop. Materiality relevance from the Group’s
financial materiality level was adopted for the financial materiality considerations, as per the IFRS S1 Practice Statement
2 (see Annual financial report, note 1.2, available at www.sibanyestillwater.com/news-investors/reports/annual).
The global macro-economic environment, the sector and the various ecosystems making up the value-chain
of economies were discussed. The enterprise value lens was applied in considering the positive and negative impacts of
the Group on the economy, society and the environment.
STAKEHOLDERS
External stakeholder perspectives, gathered through perception surveys, meeting minutes, grievance processes, informal
and formal discussions and peer group analysis were used as validation processes to material matters. ESG analysts’
reviews, the external media analysis, analysts’ research notes and investor feedback were also considered. The workshop
also considered the inputs of key internal individuals who liaise with stakeholders on a regular basis.
RISKS CONSIDERATION
The Group and regional risk registers and risk movements from the previous year were discussed in the context of material matters.
The Group’s risk management thresholds were considered as part of the review of the material matters.
VALUE DRIVER ALIGNMENT AND RANKING
The value drivers and the business model were considered as the assessment of the material matters was refined.
Relevant internal representatives participated in the workshop and scoring. They include representatives from the Group
and the regions in the form of the C-suite, senior executives, and operational and functional specialists. The material
matters were listed and scored according to their expected financial impact on Sibanye-Stillwater and also by the
expected external impact of Sibanye-Stillwater on the economies of the countries in which we operate, as well as the
societal and environmental impacts.
OUR BUSINESS
AND LEADERSHIP
WHAT
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ANCILLARY
INFORMATION
SIBANYE-STILLWATER INTEGRATED REPORT 2024
116
MATERIAL ISSUES – DESCRIPTION AND REFERENCES WITHIN THE REPORT AND SUITE OF REPORTS
1
Profitability
Various challenges impact our operational profitability, include inflationary pressures,
rising stakeholder expectations, and persistent external macroeconomic challenges. We
are assessing our operations to ensure optimal performance and sustainability throughout
economic cycles. We recognise that shared value delivery may fall short of desired levels
due to pressures on profitability. To address the commercial landscape, we are
implementing necessary restructuring and right-sizing on underperforming operations. This
strategic approach will help sustain us amid current precious metal prices.
See Chief Financial
Officer’s report, pages ,
75 . Also see the Group
Annual Financial report
www.sibanyestillwater.co
m/news-investors/reports/
annual/
Strategic essential:
Maintaining a
profitable business
and optimising
capital allocation
2
Safety and health Underground mining involves managing a hazardous work
environment: confined spaces, dynamic movement of rock, large vehicles, heavy
machinery, and the like. Additionally, in the interests of meeting global ESG standards, the
deep and labour-intensive nature of most South African mines demands ongoing
attention to employee safety and wellbeing. Our Zero harm framework involves
institutionalising our controls, behaviours and management routines to “block the path to
death”. Dealing with this material matter also includes the issue of corporate culture and
creating a safe working environment that promotes mental and physical wellbeing.
Indicators assured: number of fatalities; total recordable injury frequency rate, work
stoppages, number of noise induced hearing loss cases reported, number of new and
resubmitted chronic obstructive pulmonary diseases cases reported, number of new and
relapse tuberculosis cases reported, highly-active antiretroviral treatment patients on
treatment and in active employment page 123 of the Combined Integrated report.
See Safe production,
page 111 and Health,
wellbeing and
occupational hygiene,
page 123 of the
Combined Integrated
report
Strategic essential:
Ensuring safety
and wellbeing
3
Capital allocation and balance sheet strength
Our capital allocation framework is our guide for growth and diversification of
opportunities. Maintaining our capital discipline in weaker market conditions requires us to
be prudent with capital investments. Our sound financial decision-making structures and
mechanisms ensures that Group manages costs and remains profitable over the long
term.
See Chief Financial
Officer’s report, page 75
and 80
Strategic essential:
Maintaining
a profitable business
and optimising
capital allocation
4
Licence to operate
Without a licence to operate, we cannot undertake our business activities as a
multinational mining Group. This material matter refers to regulatory compliance with
frameworks (and other regulatory obligations) as well as our social licence. We operate
within complex regulatory environments across geographies, and we must keep abreast
of dynamic social concerns and changes in the regulatory landscape.
Indicators assured: total approved social and labour plan project spend and socio-
economic development spend, total B-BBEE procurement spend, page 114.
See Corporate
governance page 30,
see accountability,
governance and
assurance information on
pages 124, 136, and 156
of the Combined
Integrated report
Strategic essential:
Prospering in every
region in which we
operate
5
Tailings storage facilities management
Tailings facilities store a mine’s primary waste stream. Without proper management, these
facilities can pose a significant risk to local communities and to the natural environment.
There is also a circular economy opportunity to unlock value from the retreatment of
tailings, with some of our operations dedicated to this. We mitigate risk in tailings by
adhering to global standards.
See Planet: minimising our
environmental impact,
page 205 of the
Combined Integrated
report
Strategic essential:
Ensuring safety and
wellbeing
6
Water management
Water is a precious shared resource. Climate change is making droughts and floods more
severe, impacting water resources. We manage water management at an operational
level, where the different water footprints and risks at each region require their own
unique approach. Our SA PGM operations are located in a water-stressed region, while
our SA gold operations are in a water-rich location. The US and EU operations are also in
water-rich locations, with water quality the primary factor. Indicators assured: total water
withdrawn, water use, water use intensity, page 114.
Indicator assured: Total water-withdrawn
See Planet: Minimising our
environmental impact,
page 195 of the
Combined Integrated
report.
Strategic essential:
Sustainability
embedded as
the way we do
business
7
Nature, pollution & mine rehabilitation
Recognising that communities are embedded in the natural environment, and are reliant
on it for resources such as water, we note the importance of environmental sustainability,
ecosystem health and biodiversity. Concurrent rehabilitation and pollution prevention are
crucial in addressing environmental challenges. We aim for a net positive impact,
whereby our mining operations contribute to the health of ecosystems. Indicators assured:
Gross rehabilitation liabilities, page 114.
Indicator assured: Number of environmental incidents – level 3 and higher
See Planet: Minimising our
environmental impact,
page 207 of the
Combined Integrated
report
Strategic essential:
Sustainability
embedded as
the way we do
business
Material issue
For more
information
Strategic essentials
and differentiators
OUR BUSINESS
AND LEADERSHIP
WHAT
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PERFORMANCE
ANCILLARY
INFORMATION
MATERIAL MATTERS – DETERMINATION, DEFINITIONS AND REFERENCES continued
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8
Climate transitional risk
In 2023, we completed a TCFD reporting gap analysis and scenario modelling of climate
related risks, which included quantifying the business impacts associated with the
transition to a lower carbon economy. The transition may entail higher borrowing costs,
due to Sibanye-Stillwater being seen as belonging to a high-emitting industry. Carbon
emissions related costs, e.g. carbon tax, are our most significant transitional costs.
See Planet: Minimising our
environmental impact,
page 189 of the
Combined Integrated
report. and Managing
our risks and opportunities
within the external
environment, page 50
Strategic essential:
Sustainability
embedded as
the way we do
business
9
Climate physical risk
Our TCFD reporting gap analysis and scenario modelling of climate related risks noted
seven perils: coastal flood, freeze, riverine flood, temperate windstorm, tropical wind
storm, drought and heatwave. All operational assets were assessed against climate
scenarios. For the SA gold operations temperate windstorm is the main risk driver of
property damage and cost increases. For the SA PGM operations, drought is the main
driver of the risk of increases in business interruption, with significant contributions from
heatwave and riverine flood. For the US PGM operations, freeze (which is also a precursor
to potential floods) is the main risk driver of property and business interruption, although it
decreases over time. The impacts of riverine flooding and temperate windstorm increase
over time for our European operations. For the Australian operations, drought and
heatwaves are the main drivers of business interruption, increasing over time. The
Australian and US operations experienced flooding events before which evidences the
increasing volatility of unexpected climate change events.
Indicators assured: Total carbon equivalent emissions scope 1, 2 and 3 and GHG emissions
intensity (scope 1 and 2)
See Planet: Minimising our
environmental impact,
page 187 of the
Combined Integrated
report. and Managing
our risks and opportunities
within the external
environment, page 52
Strategic essential:
Sustainability
embedded as
the way we do
business
10
Sociopolitical instability
With Sibanye-Stillwater’s growing global footprint, we are increasingly exposed to
sociopolitical risks, some of which are caused by geopolitical tensions. Low economic
growth, joblessness and and poor delivery of government services exacerbate instability
in South Africa; while there are also political tensions in the US and France. Sibanye-
Stillwater has a positive role to play (articulated in our vision as shared value), whereby we
are dedicated to being part of the solution, by contributing to industrial growth and
socioeconomic recovery that is fair and just for society and for the environment. But
ultimately we rely on a certain measure of sociopolitical stability to conduct our
operations, noting the high standards of human rights and other ethical concerns to
which we hold ourselves.
Indicators assured: total socioeconomic development spend, total approved social and
labour plan project spend, total B-BBEE procurement spend, page 114.
See People:
Socioeconomic
development, page156
of the Combined
Integrated report,
External environment for
our business and
operations, page 36,
Managing our risks and
opportunities within the
external environment,
page 50
Strategic essential:
Prospering in every
region in which we
operate
11
Macroeconomic and geopolitical volatility
We are part of a complex value-chain that spans geographies. We are vulnerable
to interruptions in our supply chain, perhaps caused by geopolitical ructions.
Demand for PGMs is dependent on industry growth and automotive manufacturing.
Therefore, it is important to build resilience across our operations, our communities,
and our supply chains; as well as to diversify appropriately when opportunity presents
itself.
See External environment
for our business and
operations page 35
Strategic
differentiator:
Building a pandemic
resilient ecosystem
12
Innovation and digital evolution
As a digital-first organisation, Sibanye-Stillwater upholds global best practice in digital
technology adoption, while mitigating against ICT risks. On 8 July 2024 we experienced a
cyberattack targeting ICT infrastructure and affecting over 1,000 servers, posing a threat
to business continuity, data integrity and security. This material matter is about the need
to stay competitive and to reshape the way we work, it also speaks to the risk of cyber
threats, which demand constant vigilance and an adherence to world-class systems and
standards for countering the threats. Our strategic differentiator Inclusive, diverse and
bionic addresses the need to stay on the cutting edge of technology, and use it to
enhance productivity.
See Innovation, digital
and technology, page
174 of the Combined
Integrated report.
Our strategic
foundation:
Material issue
For more
information
Strategic essentials
and differentiators
OUR BUSINESS
AND LEADERSHIP
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MATERIAL MATTERS – DETERMINATION, DEFINITIONS AND REFERENCES continued
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13
Security, crime and extortion
This material matter is of particular concern for our SA region, where illegal mining, crime,
community unrest, and extortion are real threats to our operations, as well as to our
reputation. They also have potentially fatal consequences; and they affect South Africa’s
entire mining industry. Illegal mining is linked to organised crime, with syndicates
threatening our employees and community members with violence. Our operations are
also sometimes threatened by bogus “business forums” who try to extort tenders and
employment opportunities through illegitimate protest action. All of the above can lead
to financial losses and reputational harm. At worst, we could be forced to suspend or
close down certain operations. We have various measures in place to engage
stakeholders, collaborate with authorities, leverage technology and innovation, and
mitigate security risks before they get out of hand.
See Safe production,
Impact of illegal mining
and crime on our SA
operations, page 117 of
the Combined Integrated
report.
Strategic essential:
Ensuring safety and
wellbeing
14
Energy supply and security
Our dependence on energy poses a risk to the sustainability of our daily operations. In
South Africa our reliance on Eskom and their carbon intensive electricity is a growing risk.
In 2024, Sibanye-Stillwater continued to invest in renewable projects in South Africa. We're
targeting to have 600MW of renewable projects operational by the end of 2026, with
407MW of solar and wind capacity already nearing completion. Indicators assured:
electricity consumed, and diesel energy, page 114.
See Planet: Minimising our
environmental impact,
page 190 of the
Combined Integrated
report. and Managing
our risks and opportunities
within an external
environment, page 50
Strategic essential:
Sustainability
embedded as
the way we do
business
15
Advancing core skills, inclusion and diverse talent
The shortage of high-end mining skills hampers efficiency, making talent management
essential for value creation. There is a competitive market for technical talent and it can
be challenging to attract professionals to remote locations, particularly as younger
people are less inclined to pursue mining careers. We foster a values-based work culture,
with an emphasis on safety and wellbeing and on meeting ESG standards, including DEI.
We recognise that “diversity” should go beyond gender and race to include aptitude
and experience. Despite challenges (e.g. the relative under-representation of women at
Sibanye-Stillwater) we are dedicated to meeting our inclusivity and diversity goals through
specific initiatives, such as our DEIB Council.
Indicators assured: HDP representation: top, executive, senior, middle and junior
management, and women in the workforce, page 114.
See Our people, page
138, 142 and 146 of the
Combined Integrated
report.
Strategic
differentiator:
Prospering in every
region in which we
operate
Material issue
For more
information
Strategic essentials
and differentiators
Also see Chairman and Chief Executive Officer’s review, page 13; see Social, ethics and sustainability committee: Chairman’s 2024 report,
page 89. See also the Sustainability content index on material matters.
OUR BUSINESS
AND LEADERSHIP
WHAT
DRIVES US
OUR
PERFORMANCE
ANCILLARY
INFORMATION
MATERIAL MATTERS – DETERMINATION, DEFINITIONS AND REFERENCES continued
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119
SHAREHOLDER INFORMATION
SHARE INFORMATION
Sector
Resources
Issued share capital
at 31 December 2024
2,830,567,264
at 31 December 2023
2,830,567,264
at 31 December 2022
2,830,370,251
JSE Ticker: SSW
Market capitalisation
at 28 March 2025
R57.4 billion
at 31 December 2024
R42.4 billion
at 31 December 2023
R70.5 billion
at 31 December 2022
R126.6 billion
12-month average daily share trading volumes
year ended 31 December 2024
14,085,886
year ended 31 December 2023
14,030,137
year ended 31 December 2022
12,055,276
Share price statistics
12-month low and high for 2024
Low: R14.10 High: R27.17
12-month low and high for 2023
Low: R18.70 High: R51.68
12-month low and high for 2022
Low: R35.74 High: R75.40
closing price as at 31 December 2024
R14.98
closing price as at 31 December 2023
R24.90
closing price as at 31 December 2022
R44.72
NYSE Ticker: SBSW
Market capitalisation
at 28 March 2025
US$3.1 billion
at 31 December 2024
US$2.3 billion
at 31 December 2023
US$3.8 billion
at 31 December 2022
US$7.5 billion
12-month average daily share trading volumes
on the NYSE and other US platforms
year ended 31 December 2024
6,046,982
year ended 31 December 2023
4,454,107
year ended 31 December 2022
3,690,141
Share price statistics
12-month low and high for 2024
Low US$3.18 High US$5.69
12-month low and high for 2023
Low US$4.27 High US$12.31
12-month low and high for 2022
Low US$8.16 High US$20.32
closing price as at 31 December 2024
US$3.30
closing price as at 31 December 2023
US$5.43
closing price as at 31 December 2022
US$10.66
Free float1
100%
ADS ratio
1 ADS:4 ordinary shares
ADSs outstanding
31 December 2024
1,015,072,822
31 December 2023
808,627,726
31 December 2022
529,817,698
1
Excluding directors, prescribed officers and their relations, as well as the employee share trust
OUR BUSINESS
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SIBANYE-STILLWATER INTEGRATED REPORT 2024
120
Ownership summary at 31 December 2024 – top 10 shareholders
Rank
Investor
Current combined holding of shares in issue
% of shares in issue
1
Public Investment Corporation (PIC)1
393,904,882
13.92
2
Lingotto Investment Management, LLP1
214,319,720
7.57
3
BlackRock Inc1
142,494,663
5.03
4
Allan Gray Proprietary Limited
116,811,664
4.13
5
The Vanguard Group Inc
112,552,369
3.98
6
Global X Management Company LLC
59,753,795
2.11
7
State Street Global Advisors Ltd
52,448,806
1.85
8
Dimensional Fund Advisors
50,968,669
1.80
9
Two Sigma Investments LLC
36,477,904
1.29
10
Polunin Capital Partners Ltd
36,280,576
1.28
1 These are major shareholders in line with the JSE listings requirements 8.63(e)
Registered shareholder spread at 31 December 2024
Number of
holders
% of total
shareholders
Number of
shares2
% of shares in
issue1,3
1-1,000 shares
41,412
74.23
7,861,549
0.28
1,001-10,000 shares
11,419
20.47
36,335,999
1.28
10,001-100,000 shares
2,169
3.89
63,806,307
2.25
100,001-1,000,000 shares
618
1.11
196,112,499
6.93
1,000,001 shares and above
166
0.30
2,526,450,910
89.26
Total
55,784
100.00
2,830,567,264
100.00
1
Figures may not add due to rounding
2
As of 28 March 2024, the issued share capital of Sibanye-Stillwater consisted of 2,830,567,264 ordinary shares
3 To our knowledge: (1) Sibanye-Stillwater is not directly or indirectly owned or controlled (a) by another entity or (b) by any foreign government; and (2) there are no
arrangements the operation of which may at a subsequent date result in a change in control of Sibanye-Stillwater. To the knowledge of Sibanye-Stillwater’s management,
there is no controlling shareholder of Sibanye-Stillwater
Public and non-public shareholdings at 31 December 2024
Shareholder type
Number of
holders
% of total
shareholders
Number of
shares
% of shares
in issue
Non-public shareholders
15
0.03
25,704,534
0.91
Directors and associates
8
0.02
3,962,126
0.14
Prescribed Officers and associates
6
0.01
2,508,653
0.09
Share trust1
1
0.00
19,233,755
0.68
Public shareholders
55,769
99.97
2,804,862,730
99.09
Total
55,784
100.00
2,830,567,264
100
1 Included in the number of non-public shareholders for the Share trust are trustees who are beneficiaries of this trust
Foreign custodian holdings of 5% or more at 31 December 2024
Number of
shares
% of shares in
issue
Bank of New York Mellon (ADSs Sponsor)
1,015,072,822
35.86
State Street Bank & Trust Co.
225,812,765
7.98
JPMorgan Chase & Co.
148,414,154
5.24
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SIBANYE-STILLWATER INTEGRATED REPORT 2024
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The tables below show the change in the percentage ownership of Sibanye-Stillwater’s major shareholders, to the knowledge of Sibanye-
Stillwater’s management, between 2022 and 2024.
Investment management shareholdings of 5% or more at 31 December 20241
PIC
393,904,882
13.92
488,960,260
17.27
433,088,187
15.30
Lingotto Investment Management, LLP
214,319,720
7.57
157,104,510
5.55
—
0.00
BlackRock Inc
142,494,663
5.03
132,257,343
4.67
153391012
5.42
Allan Gray
116,811,664
4.13
181,546,600
6.41
195,293,037
6.9
2024
2023
2022
Number of
shares
% of shares in
issue
Number of
shares
% of shares
issue
Number of
shares
% of shares
issue
1.
A list of the investment managers holding, to the knowledge of Sibanye-Stillwater’s management, directly or indirectly, 5% or more of the issued share capital of Sibanye-
Stillwater as of 28 March 2025 is set forth below:
Number of
shares
% of shares in
issue
Government Employees Pension Fund (PIC)2
395,173,969
13.96
Lingotto Investment Management, LLP
219,615,264
7.76
2.
This represents funds managed by the PIC as an investment fund manager, which holds the majority of its shares on behalf of the Government Employees Pension Fund
Beneficial shareholdings 5% or more at 31 December 20241
2024
2023
2022
Number of shares
%
Number of shares
%
Number of shares
%
Government Employees Pension Fund (PIC)2
390,972,890
13.81
495,015,046
17.49
503,471,582
17.72
1 A list of the individuals and organisations holding, to the knowledge of Sibanye-Stillwater’s management, directly or indirectly, 5% or more of the issued share capital of Sibanye-
Stillwater as of 28 March 2024 is set forth below:
Number of
shares
% of shares
in issue
Government Employees Pension Fund (PIC)2
398,421,794
14.08
2 This is the aggregate shareholding for the Government Employees Pension Fund the majority of which is managed by the Public Investment Corporation (PIC)
Sibanye-Stillwater’s ordinary shares are subject to dilution as a result of any non-pre-emptive share issuance, including upon the exercise of
Sibanye-Stillwater’s outstanding share options, issues of shares by the Board in compliance with B-BBEE legislation or in connection with
acquisitions.
The principal non-United States trading market for the ordinary shares of Sibanye-Stillwater is the JSE Limited, on which they trade under
the symbol “SSW”. Sibanye-Stillwater’s American depositary shares (ADSs) trade in the United States on the NYSE under the symbol “SBSW”. The
ADRs representing the ADSs were issued by The Bank of New York Mellon (BNYM) as depositary under the ADR programme. Each ADS
represents four ordinary shares.
No public takeover offers by third parties have been made in respect of Sibanye-Stillwater’s shares or by Sibanye-Stillwater in respect of other
companies’ shares during the last and current fiscal year, other than Sibanye-Stillwater's public takeover offer for New Century Resources.
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DISCLAIMER
Forward-looking statements
The information in this report may contain forward-looking statements within the meaning of the “safe harbour” provisions of the United States Private Securities
Litigation Reform Act of 1995. These forward-looking statements, including, among others, those relating to Sibanye Stillwater Limited’s (Sibanye-Stillwater or the
Group) financial positions, business strategies, plans and objectives of management for future operations, are necessarily estimates reflecting the best judgment of
the senior management and directors of Sibanye-Stillwater and involve a number of risks and uncertainties that could cause actual results to differ materially from
those suggested by the forward-looking statements. As a consequence, these forward-looking statements should be considered in light of various important factors,
including those set forth in this report.
All statements other than statements of historical facts included in this report may be forward-looking statements. Forward-looking statements also often use words
such as “will”, “would”, “expect”, “forecast”, “potential”, “may”, “could”, “believe”, “aim”, “anticipate”, “target”, “estimate” and words of similar meaning. By their
nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances and should be considered in light of various
important factors, including those set forth in this disclaimer. Readers are cautioned not to place undue reliance on such statements.
The important factors that could cause Sibanye-Stillwater’s actual results, performance or achievements to differ materially from estimates or projections contained
in the forward-looking statements include, without limitation, Sibanye-Stillwater’s future financial position, plans, strategies, objectives, capital expenditures,
projected costs and anticipated cost savings, financing plans, debt position and ability to reduce debt leverage; economic, business, political and social conditions
in South Africa, Zimbabwe, the United States, Europe and elsewhere; plans and objectives of management for future operations; Sibanye-Stillwater’s ability to obtain
the benefits of any streaming arrangements or pipeline financing; the ability of Sibanye-Stillwater to comply with loan and other covenants and restrictions and
difficulties in obtaining additional financing or refinancing; Sibanye-Stillwater’s ability to service its bond instruments; changes in assumptions underlying Sibanye-
Stillwater’s estimation of its Mineral Resources and Mineral Reserves; any failure of a tailings storage facility; the ability to achieve anticipated efficiencies and other
cost savings in connection with, and the ability to successfully integrate, past, ongoing and future acquisitions, as well as at existing operations; the ability of
Sibanye-Stillwater to complete any ongoing or future acquisitions; the success of Sibanye-Stillwater’s business strategy and exploration and development activities,
including any proposed, anticipated or planned expansions into the battery metals or adjacent sectors and estimations or expectations of enterprise value; the
ability of Sibanye-Stillwater to comply with requirements that it operate in ways that provide progressive benefits to affected communities; changes in the market
price of gold, silver, PGMs, battery metals (e.g., nickel, lithium, copper and zinc) and the cost of power, petroleum fuels, and oil, among other commodities and
supply requirements; the occurrence of hazards associated with underground and surface mining; any further downgrade of South Africa’s credit rating; the impact
of South Africa's greylisting; a challenge regarding the title to any of Sibanye-Stillwater’s properties by claimants to land under restitution and other legislation;
Sibanye-Stillwater’s ability to implement its strategy and any changes thereto; the outcome of legal challenges to the Group’s mining or other land use rights; the
outcome of any disputes or litigation; the occurrence of labour disputes, disruptions and industrial actions; the availability, terms and deployment of capital or
credit; changes in the imposition of industry standards, regulatory costs and relevant government regulations, particularly environmental, sustainability, tax, health
and safety regulations and new legislation affecting water, mining, mineral rights and business ownership, including any interpretation thereof which may be subject
to dispute; the outcome and consequence of any potential or pending litigation or regulatory proceedings, including in relation to any environmental, health or
safety issues; failure to meet ethical standards, including actual or alleged instances of fraud, bribery or corruption; the effect of climate change or other extreme
weather events on Sibanye-Stillwater’s business; the concentration of all final refining activity and a large portion of Sibanye-Stillwater’s PGM sales from mine
production in the United States with one entity; the identification of a material weakness in disclosure and internal controls over financial reporting; the effect of US
tax reform legislation on Sibanye-Stillwater and its subsidiaries; the effect of South African Exchange Control Regulations on Sibanye-Stillwater’s financial flexibility;
operating in new geographies and regulatory environments where Sibanye-Stillwater has no previous experience; power disruptions, constraints and cost increases;
supply chain disruptions and shortages and increases in the price of production inputs; the regional concentration of Sibanye-Stillwater’s operations; fluctuations in
exchange rates, currency devaluations, inflation and other macro-economic monetary policies; the occurrence of temporary stoppages or precautionary
suspension of operations at its mines for safety or environmental incidents (including natural disasters) and unplanned maintenance; Sibanye-Stillwater’s ability to
hire and retain senior management and employees with sufficient technical and/or production skills across its global operations necessary to meet its labour
recruitment and retention goals, as well as its ability to achieve sufficient representation of historically disadvantaged South Africans in its management positions, or
maintain required board gender diversity; failure of Sibanye-Stillwater’s information technology, communications and systems; the adequacy of Sibanye-Stillwater’s
insurance coverage; social unrest, sickness or natural or man-made disaster in surrounding mining communities, including informal settlements in the vicinity of some
of Sibanye-Stillwater’s South African-based operations; and the impact of contagious diseases, including global pandemics.
Further details of potential risks and uncertainties affecting Sibanye-Stillwater are described in Sibanye-Stillwater’s filings with the Johannesburg Stock Exchange and
the United States Securities and Exchange Commission, including the 2024 Integrated Report and the Annual Financial Report for the fiscal year ended
31 December 2024 on Form 20-F filed with the United States Securities and Exchange Commission on 25 April 2025 (SEC File no. 333-234096).
These forward-looking statements speak only as of the date of the content. Sibanye-Stillwater expressly disclaims any obligation or undertaking to update or revise
any forward-looking statement (except to the extent legally required). These forward-looking statements have not been reviewed or reported on by the Group’s
external auditors.
Non-IFRS1 measures
The information contained in this report may contain certain non-IFRS measures, including, among others, adjusted EBITDA, adjusted EBITDA margin, adjusted free
cash flow, AISC, AIC, Nickel equivalent sustaining cost and normalised earnings. These measures may not be comparable to similarly-titled measures used by other
companies and are not measures of Sibanye-Stillwater’s financial performance under IFRS Accounting Standards. These measures should not be considered in
isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. Sibanye-Stillwater is not providing a reconciliation
of the forecast non-IFRS financial information presented in this report because it is unable to provide this reconciliation without unreasonable effort. The forecast
non-IFRS financial information presented have not been reviewed or reported on by the Group’s external auditors.
1 IFRS refers to International Financial Reporting Standards Accounting Standards (IFRS Accounting Standards) as issued by the International Accounting Standards Board (IASB)
Mineral Resources and Mineral Reserves
Sibanye-Stillwater’s Mineral Resources and Mineral Reserves are estimates at a particular date, and are affected by fluctuations in mineral prices, the exchange
rates, operating costs, mining permits, changes in legislation and operating factors. Sibanye-Stillwater reports its Mineral Resources and Mineral Reserves in
accordance with the rules and regulations promulgated by each of the United States Securities and Exchange Commission (SEC) and the JSE at all managed
operations, development, and exploration properties.
Websites
References in this document to information on websites (and/or social media sites) are included as an aid to their location and such information is not incorporated
in, and does not form part of, this report.
OUR BUSINESS
AND LEADERSHIP
WHAT
DRIVES US
OUR
PERFORMANCE
ANCILLARY
INFORMATION
SIBANYE-STILLWATER INTEGRATED REPORT 2024
123
ADMINISTRATIVE AND CORPORATE INFORMATION
SIBANYE STILLWATER LIMITED
(SIBANYE-STILLWATER)
Incorporated in the Republic of South Africa
Registration number 2014/243852/06
Share code: SSW and SBSW
Issuer code: SSW
ISIN: ZAE000259701
LISTINGS
JSE: SSW
NYSE: SBSW
WEBSITE
www.sibanyestillwater.com
REGISTERED AND CORPORATE OFFICE
Constantia Office Park
Bridgeview House, Building 11, Ground floor
Cnr 14th Avenue & Hendrik Potgieter Road
Weltevreden Park 1709
South Africa
Private Bag X5
Westonaria 1780
South Africa
Tel: +27 11 278 9600
Fax: +27 11 278 9863
COMPANY SECRETARY
Lerato Matlosa
Email: lerato.matlosa@sibanyestillwater.com
DIRECTORS
Dr Vincent Maphai* (Chairman)
Neal Froneman (CEO)
Charl Keyter (CFO)
Dr Elaine Dorward-King*
Harry Kenyon-Slaney* ^
Jeremiah Vilakazi*@
Keith Rayner* @
Dr Peter Hancock***
Philippe Boisseau**
Richard Menell*@#
Sindiswa Zilwa*
Terence Nombembe^^
Timothy Cumming*@
Dr Richard Stewart (CEO designate)+
* Independent non-executive
*@ Non-executive
^ Appointed as lead independent director 1 January 2024
# Resigned as lead independent director 1 January 2024
** Appointed as independent non-executive director 8 April 2024
*** Appointed as independent non-executive director 6 May 2024
^^ Appointed as independent non-executive director 11 September 2024
+ Appointed Executive Director 1 March 2025
INVESTOR ENQUIRIES
James Wellsted
Executive Vice President: Investor Relations and Corporate Affairs
Mobile: +27 83 453 4014
Email: james.wellsted@sibanyestillwater.com
or ir@sibanyestillwater.com
JSE SPONSOR
J.P. Morgan Equities South Africa Proprietary Limited
Registration number 1995/011815/07
1 Fricker Road, Illovo
Johannesburg 2196
South Africa
Private Bag X9936
Sandton 2146
South Africa
AUDITORS
Ernst & Young Inc (EY)*
102 Rivonia Road
Sandton 2196
South Africa
Private Bag X14
Sandton 2146
South Africa
Tel: +27 11 772 3000
*to resign at the 2025 AGM
AMERICAN DEPOSITARY RECEIPTS
TRANSFER AGENT
BNY Mellon Shareowner Correspondence (ADSs)
Mailing address of agent:
TMS
PO Box 43078
Providence, RI 02940-3078
Overnight/certified/registered delivery:
TMS
150 Royal Street, Suite 101
Canton, MA 02021
US toll free: + 1 888 269 2377
Tel: +1 201 680 6825
Email: shrrelations@cpushareownerservices.com
Tatyana Vesselovskaya
Relationship Manager - BNY Mellon
Depositary Receipts
Email: tatyana.vesselovskaya@bnymellon.com
TRANSFER SECRETARIES SOUTH AFRICA
Computershare Investor Services Proprietary Limited
Rosebank Towers
15 Biermann Avenue
Rosebank 2196
PO Box 61051
Marshalltown 2107
South Africa
Tel: +27 11 370 5000
Fax: +27 11 688 5248
Forms of proxy to Meeting Scrutineers
The Meeting Specialist Proprietary Limited
JSE Building
One Exchange Square
2 Gwen Lane
Sandown
Sandton, 2196
South Africa
PO Box 62043
Marshalltown, 2107
South Africa
Contact
Farhana Adam
Tel: +27 84 433 4836
Izzy van Schoor
Tel: +27 81 711 4255
Michael Wenner
Tel: +27 61 440 0654
e-mail: proxy@tmsmeetings.co.za
OUR BUSINESS
AND LEADERSHIP
WHAT
DRIVES US
OUR
PERFORMANCE
ANCILLARY
INFORMATION
SIBANYE-STILLWATER INTEGRATED REPORT 2024
124
Our strategic differentiator, inclusive, diverse, and bionic, is depicted in this image. The small markings signify computer code,
highlighting the balance between technology and human individuality. This design emphasises how technology can enhance
humanity while preserving our unique identities. We value our employees’ contributions, each leaving their unique ‘fingerprint’
on our business, and honour their commitment to our values, which drive our innovation and shared value.