Sibanye still committed to battery metals despite lithium impairment, CEO says

Sibanye Stillwater remains committed to its battery metals business, CEO Richard Stewart said on Friday, after a further 2.46 billion rand ($152.6 million) impairment of its Keliber lithium project in Finland.

The South African miner, which started off with three gold mines in 2013 before adding platinum to its portfolio, has in recent years acquired lithium, nickel and zinc assets in a pivot to metals used in renewable energy technologies.

Sibanye logged a total of 7.8 billion rand impairments at Keliber in 2025, citing a dim long-term lithium hydroxide price outlook. The company currently values the asset at about 9 billion rand.

It cancelled plans in February 2025 to invest in the Rhyolite Ridge lithium project in the US after the price of the metal slumped.

“Our long-term strategy as a company still remains to be able to supply metals that ultimately will support decarbonization and an energy transition,” Stewart said during a results call.

Phased production

Sibanye has opted for phased production from Keliber, starting with spodumene concentrate, while weighing the production of battery-grade lithium hydroxide at a later stage depending on the price outlook.

Initiatives by the European Union and the US to reduce reliance on China for battery metals provide an incentive for projects such as Keliber, Stewart said.

“We think this will have an impact on what the ultimate pricing layout looks like in time to come,” he said.

Sibanye on Friday said its headline earnings for 2025 came in at 2.44 rand per share versus 0.64 rand the year before, buoyed by higher gold and platinum group metals prices. That helped the diversified miner declare its first dividend since 2023.

Its earnings were boosted by a 39% increase in the average rand gold price and a 28% jump in the average South African PGM basket price.

($1 = 16.1524 rand)

(By Nelson Banya; Editing by Subhranshu Sahu, Mark Potter and Jan Harvey)