Sibanye-Stillwater aims to halve $2.2 billion debt by 2028

Sibanye-Stillwater is targeting a 50% reduction in gross debt in two to three years, from around $2.2 billion now, the diversified miner said on Thursday.

The company is also targeting 3 billion rand ($190.10 million) in annual cost savings by 2027, resulting mainly from an estimated 2.5% production increase and a reduction in overheads, it said in a strategy update.

CFO Charl Kayter said during a strategy update Sibanye would “aggressively target” cutting back debt. Sibanye will this year refinance $500 million of a $675 million bond due to mature in November 2026, Kayter added.

Sibanye, now under new CEO Richard Stewart who took over from the long-serving Neal Froneman in October 2025, has been buoyed by a rebound in platinum group metals (PGM) prices and record high gold prices.

The spot gold price advanced to an all-time high close to $5,600 an ounce on Thursday, on safe-haven buying and weakening economic signals in the United States.

Platinum climbed 1.4% to $2,735.15 an ounce, having hit a record high of $2,918.80 on Monday.

Sibanye plans to make a final investment decision on its Burnstone gold project during the first half of 2026.

The company had halted work on Burnstone in 2021 to conserve cash ahead of a plunge in PGM prices, but is now advancing the project as bullion prices continue to surge to record highs.

Stewart said Sibanye, which started off in 2013 with three mature South African gold mines spun off by Gold Fields and grew rapidly through acquisitions and diversification into PGMs and critical minerals, would now focus more on organic growth.

“Our immediate focus on our strategy today is unlocking the potential we have within our current resources,” he said.

($1 = 15.7814 rand)

(By Olivia Kumwenda-Mtambo, Nqobile Dludla and Nelson Banya; Editing by Barbara Lewis and Emellia Sithole-Matarise)