BlackRock lifts Sibanye-Stillwater stake above 5%

BlackRock, the world’s largest fund manager with $14 trillion under management, has increased its stake in gold and platinum miner Sibanye-Stillwater to just over 5%.

Sibanye-Stillwater was the best-performing precious metals stock on the JSE last year, with a 400% gain since 1 January 2025. It gained 28% in just the last three weeks.

Mouth-watering returns like this are usually associated with cryptocurrencies. Still, they’ve been eclipsed by gold stocks riding bullion’s record-breaking rally above $5 300/oz, with platinum group metal (PGM) prices nearly doubling since mid-May 2025.

The rand price of the four key PGMs (platinum, palladium, rhodium and gold) doubled from R25 353/oz on 15 May 2025 to R50 406/oz currently.

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Much of this is driven by US President Donald Trump’s erratic tariffs and foreign policies. The recent US military intervention in Venezuela and threats to annex Greenland have unnerved investors, prompting a rush to safe-haven assets like gold.

The Public Investment Corporation (PIC) is the largest shareholder in Sibanye-Stillwater, pushing its total shareholding to 20.42% after acquiring an additional 2.4% in October last year. The PIC is SA’s largest investment fund, responsible for managing the pensions of public servants.

The second largest shareholder in Sibanye-Stillwater is Lingotto Investment Management, ultimately controlled by the Agnelli industrial dynasty, which owns or controls companies like Fiat Chrysler Automobiles, Ferrari, Juventus FC, and The Economist magazine.

BlackRock has also been loading up on AngloGold Ashanti, building a 10.1% stake, and increasing its position in Harmony Gold by more than 400% in 2025.

Read: Resources rally takes JSE to new high

Among significant investment funds, BlackRock has been the most active in the gold space, with the house taking a positive view of gold and precious metals. Sibanye-Stillwater has traditionally earned more than half its revenue from platinum group metals, with gold accounting for around a quarter, and the rest from recycling. This revenue split is expected to shift more towards gold once the 2025 financial results are published. This mix of revenue streams makes it attractive for fund managers seeking exposure to a basket of precious metals.

The outlook for platinum group metals (PGMs) turned positive over the last year, primarily due to supply constraints in SA, which supplies more than 70% of the world’s platinum, due to ongoing power issues, cost inflation and declining grades.

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“BlackRock is clearly taking a longer-term view on Sibanye-Stillwater. It’s not just the gold exposure, but the more positive outlook for PGMs in general. Almost all analysts are now positive on PGMs over the longer term,” says James Wellsted, head of investor relations at Sibanye-Stillwater.

Source: Sibanye-Stillwater

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