Sibanye Stillwater releases production update for H1 2024
The operational performance from the SA PGM operations for H1 2024 (including attributable production from Mimosa and third-party purchase of concentrate (PoC)) was solid, with 4E PGM production of 878,606 4Eoz, 4% higher than for H1 2023.
The acquisition of Anglo American Platinum Limited’s 50% share of the Kroondal Pool and Share Agreement from 1 November 2023 resulted in an additional 67,834 4Eoz of attributable production for H1 2024, which offset the impact of the restructuring and closure of loss-making shafts during the period, the failure of the Siphumelele shaft bin which impacted production for two months and the unprotected sit-in and industrial action at the Kroondal operation.
The US PGM operations performance improved, with H1 2024 the best production half-year result since H2 2021, confirming the effectiveness of the revised restructuring plan implemented in Q4 2023.
Mined 2E production from the US PGM operations of 238,139 2Eoz was 16% higher than for H1 2023. Despite the operational improvement, further actions to address the cost structures at the US PGM operations are being assessed, as depressed PGM prices remain a significant challenge.
Challenging recycling market conditions for H1 2024 continued to constrain the US recycling operations, resulting in recycling ounces fed decreasing by 5% to 154,938 3E*oz year-on-year.
The acquisition of the Reldan Group of Companies (Reldan) was concluded on 15 March 2024, with the consolidation of Reldan into the Group’s financial results from March 2024. Reldan processed 2 million pounds of mixed metal scrap and sold 41,868 oz gold, 855,870 oz silver, 7,143 oz platinum, 7,500 oz palladium, and 1.1 million pounds of copper for H1 2024.
Production from the SA managed gold operations (excluding DRDGOLD) declined by 21% to 8,248kg (265,179 oz) for 2024, primarily due to the closure of the Kloof 4 shaft and increased seismic activity which restricted access to high-grade panels at the Kloof and Driefontein operations.
Production rates from the Sandouville refinery have consistently improved since mid-2023, due to improved plant stability and reliability. Total nickel production for H1 2024 of 4,270 tonnes (comprised of 3,671 tonnes of nickel metal and 599 tonnes of nickel salts) was 22% higher than for H1 2023. Due to low prevailing nickel prices achieving profitability remains a challenge.
In the Australian region, the production of 42 kt of payable zinc metal from the Century zinc tailings treatment operation reflected the recovery and stabilisation of production during H2 2024 following the flooding event in Q1 2024.
- 4E: referring to four elements comprising platinum, palladium, rhodium and gold
- 2E: referring to platinum and palladium
- 3E: referring to platinum, palladium and rhodium
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 PGM autocatalysts 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 recently begun to diversify its asset portfolio into battery metals mining and processing and increase its presence in the circular economy by growing its recycling and tailings reprocessing exposure globally.
