Sibanye restores dividend after precious-metals prices rally

Sibanye Stillwater will pay its first dividend since 2023, after prices of the precious metals it produces rallied last year.

The Johannesburg-listed miner announced a payout to shareholders of R3.7 billion ($229 million). The company’s annual net loss narrowed in 2025 to $288 million from $398 million, as higher prices eased the impact of asset writedowns, it said in a statement on Friday.

Sibanye’s gold and platinum-group metals mines in South Africa “delivered substantial earnings uplift,” while palladium operations in the US returned to profitability following a restructuring initiated in 2024, the company said.

Read: Sibanye-Stillwater impairs R14bn

Gold soared 65% last year, while PGMs recovered after a prolonged period of weak prices. Platinum doubled during 2025 and palladium climbed almost 80%. The precious-metal rally continued into this year, before pulling back since late January.

The firm’s headline earnings — which strip out some one-time items such as impairments — almost quadrupled to $387 million.

Read: World Gold Council moves to modernise gold trading as demand surges

Sibanye began life in 2013 as the owner of three aging gold mines in its home country. It’s since expanded into platinum, palladium and battery metals.

A 7.8 billion-rand impairment at the company’s Keliber lithium mine in Finland – which will enter production soon – accounted for about half of the writedowns last year.

Read: Slowly but surely, South Africa does seem to be turning the corner

“Operational financial performance reflected a significant and pleasing turnaround,” despite the impairments and a $215 million settlement with Appian Capital Advisory, Sibanye said.

Read the Sens here.

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