Our business and leadership

Sibanye-Stillwater is a multinational mining and metals Group with a diverse portfolio of mining and processing operations and projects and investments across five continents. The Group is also one of the foremost global PGM autocatalytic recyclers and has interests in leading mine tailings retreatment operations.

Our ESG credentials include:
GEI 2022
  • Green metals
  • Circular economy

Salient features

Record adjusted EBITDA

39% higher at R68.6 billion
(US$4.6 billion)

Net cash

R11.5 billion
(US$719 million)


3.6Moz 6E PGMs
and 1.07Moz gold


employees and contractors

ESG highlights

All operations received ISO 45001 and 14001 certification and/or recommendation

Majority of workforce vaccinated against COVID-19

Re-included in the Bloomberg Gender-equality index

A path to carbon neutrality by 2040

Progress on the Marikana renewal process

‘A-’ CDP rating for water security and ‘B’ rating for climate change disclosure and efforts

Zero level 4 and 5 environmental incidents

ESG measures successfully integrated into long-term incentive programme


A Board with an appropriate balance of relevant diversity in gender, culture, age, fields of knowledge, skills and experience in areas appropriate to Sibanye-Stillwater’s business



Independent Director

independent, non-executive directors


Female directors

Historically disadvantaged persons (South Africans)

Other nationalities

Director rotation

Ensures a fresh perspective while maintaining continuity of skills, institutional and industry knowledge and experience

Neal Froneman, Susan van der Merwe, Savannah Danson, and Harry Kenyon-Slaney retire by rotation and are up for re-election at the 2022 AGM.

Board committees

  • Audit committee
  • Investment committee
  • Nominating and governance committee
  • Remuneration committee
  • Risk committee
  • Safety and health committee
  • Social, ethics and sustainability committee

A compelling strategic framework to shape a distinctive, progressive and relevant resources corporation, geared to the emerging criteria of all our stakeholders

We have adopted what we term ‘grey elephants’ as highly probable, high impact, yet neglected catalysts or forces of change that we believe are going to shape the 2020s as a decade of unprecedented disruption. Through our refreshed strategy, we are well prepared for the futures that they shape; ready to address the challenges and capitalise on the opportunities they present.


What we aspire to and why we exist


Our strategic essentials incorporate content from our previous strategic focus areas and are instrumental for us to compete on the global stage.

  • Ensuring safety and well-being
  • Prospering in every region in which we operate
  • Achieving operational excellence and optimising long-term resource value
  • Maintaining a profitable business and optimising capital allocation


We have defined four strategic differentiators that represent the opportunities we have identified to be distinctive in the global minerals industry.

  • Recognised as a force for good
  • Unique global portfolio of green metals and energy solutions that reverse climate change
  • Inclusive, diverse and bionic
  • Building pandemic-resilient ecosystems

Grey elephants

– Being future ready by understanding what we need to adapt for


The WHO predicts multiple pandemics by the end of the 2020s. While unpredictable, pandemics are highly probable world-changing events, and can take on forms other than infectious disease.


The world is ageing fast. For the first time in history there are already more old people (over the age of 60) than young (under the age of five). By 2030, older persons will outnumber children aged 0-9 years (1.4 billion vs. 1.3 billion).

Angry planet

The climate emergency has no nationality, no race, no sexual preference and certainly no political or religious affiliation. The globally concerted effort required to advance a green revolution will ripple through industry and society creating completely new global tensions.


Inequality is growing. Inequality is growing with the gap between rich and poor expanding. Africa is expected to account for nine out of ten of the poorest people in the world by 2030.

Big squeezes

The world is being squeezed. From supply shortages in fuel, microchips, water and food to squeezes in skilled talent, tax, retirement, inflation and interest rates, strategic resources are becoming an ever more critical commodity.

Angry people

Many of the other grey elephants have a profound effect on people and society. Social discontent is on the rise with social awakenings expressed differently across the world. Globally, anger is on the rise.


Globalisation is unravelling. Dominance in critical commodities, unreliable supply chains and conflict with international repercussions are leading to trading patterns being reconfigured. Power and influence will shift into cohesive regional and national.

Intelligent advances

Advances in robotics, artificial intelligence, and machine learning have ushered in a new age. The lag between technology adoption and new job creation will be highly disruptive with impacts for the broader functioning of society.


We continue to conduct our business in a world characterised by uncertainty with a succession of formative events continuing to shape new context for our operations. While we are distressed by the human tragedy associated with the COVID-19 pandemic and the conflict between Russia and Ukraine, we are embracing how these chapters in modern history have disrupted social and economic systems, changing the course of humanity, posing an existential threat to many established industries and enhancing the relevance of many others.

Dr Vincent Maphai – Chairman
Neal Froneman – Chief Executive Officer


Embedding ESG excellence in the way we do business
Focusing on safe production and operational excellence
Building a values-based culture
Optimising capital allocation
Prospering in South Africa’s investment climate
Building an operating portfolio of green metals and related technologies

Top 10 residually ranked risks

Risk management is an integral part of our strategy and our risk management culture is integrated into all our operations, new acquisitions and projects.

  1. Health and safety
  2. Cybersecurity and it risks
  3. ESG contribution and position
  4. Operational excellence
  5. Digitisation, automation and artificial intelligence
  6. Prospering in jurisdictions of operations
  7. Macro-economic dynamics
  8. Competitive landscape
  9. Investor relevance
  10. Values-based culture#

Our top 10 material issues

Material matters are those that can substantively affect the organisation’s ability to create value over time.

  1. Workplace safety
  2. Profitability
  3. Climate change, energy supply and consumption
  4. Social licence to operate
  5. Capital allocation
  6. Culture and values
  7. Licence to operate
  8. Embracing technology and digital evolution
  9. Gender diversity and transformation
  10. Water management
  1. Residual risk is the amount of risk that remains after controls are accounted for
  2. The COVID-19 pandemic was determined not to be a separate risk – its impact was rather to serve as a trigger accentuating, or in some cases suppressing, most of the identified strategic risks to the business
  3. Newly formulated group risk; not specifically identified in the top 10 of the 2020 register

Chief Financial Officer’s report

CHARL KEYTERChief Financial Officer


  • Continued strong cash flow generation
  • Capital Allocation Framework and the establishment of the Board Investment Committee – Green light for major capital projects
  • Marikana B-BBEE restructure
  • Dividends and Share buyback – return to investors
  • Early redemption of 2022 Notes at par
  • New bond issuance and early redemption of 2025 Notes – resultant interest/coupon saving
  • R500 million savings in SA supply chain
  • Exemplary cost control at SA PGM operations – continued effects of synergy realisation


  • Inflationary pressures – steel, ammonia, labour and electricity
  • Ongoing management of the financial impact of the COVID-19 pandemic

Delivering value from our operations and projects


  • Consistent operational performance from SA PGMs, with 5% lower AISC despite inflationary pressures
  • Kroondal PSA agreement with Anglo American Platinum, unlocking significant value for stakeholders
  • US PGM recycling lowers inventory, releasing US$381 million working capital


  • Increase in fatal accidents
  • Short-term challenges at US PGM operations

Mineral Resources and Mineral Reserves: a summary


  • Stable Mineral Resources (89.6Moz 2E) and Mineral Reserves (27.3Moz 2E) at our US PGM operations
  • Agreements with Anglo American Platinum (AngloPlat) enable Kroondal to immediately mine parts of the Rustenburg lease area, adding 1.3Moz 4E of attributable Mineral Reserves to the SA PGM base

The execution and delivery on the Group’s green metals strategy has led to:

  • A maiden lithium Mineral Resource of 78.5Kt of LiO2, due to the inclusion of the attributable interests in the Keliber (26.6%) and Rhyolite Ridge (through the 7.1% holding in Ioneer Ltd) projects in Finland and the US
  • A maiden company zinc Mineral Reserve of 1,016.3Mlb due to the inclusion of the attributable interest (19.9%) in the New Century tailings retreatment operation in Australia


  • Security of tenure concerns at the SA PGM Hoedspruit exploration project, due to delays at the DMRE in addressing the appeal against the declined prospecting right renewal, resulted in a 5.8Moz reduction in 4E PGM Mineral Resources
  • Expiry of the SA PGM Zondernaam exploration permit and a decision to divest, resulted in a 15.9Moz reduction in 4E PGM Mineral Resources
  • Pending an update to the pre feasibility study (PFS) at the SA gold Southern Free State (SOFS) exploration project, a reduction of 2.1Moz in the Mineral Reserves have been recorded

Harnessing continuous innovation


  • Further enactment of Continuous Innovation and Digital-First strategies, with notable progress in several areas
  • Identified over R2.4 billion in continuous innovation opportunities, including R1.4 billion in cost optimisation within shared and support services, to be implemented in 2022 and 2023
  • Launched iXS technology incubation and development initiative in September 2021
  • Enhanced digital enablement capacity in support of our Digital-First position


  • Key constraints limit digital transformation at Sibanye-Stillwater
  • Global supply chain shortages continue to impact the availability of technology

Continuous safe production


  • Group-wide safety stoppage to reaffirm our core principle of prioritising safety over production
  • The South African operations achieving ISO 45001 certification
  • SA gold operations Deployment of new technology for winch signalling devices
  • SA PGM operations: 13 million fatality-free shifts for all the PGM plants and concentrators
  • US PGM operations Recommended for ISO 45001 certification through the Guide, Educate and Train (G.E.T) Safe system


  • Regrettable loss of life at our operations

Health, well-being and occupational hygiene


  • Ensured business continuity whilst managing three COVID-19 waves
  • Administration of one or more doses of COVID-19 vaccine to 81.9% of employees including contractors
  • Transitioned all employees at our SA gold operations to a medical scheme


  • Integration of private healthcare and the seamless transitioning between state and private healthcare funding

Empowering our workforce


  • Fast-tracked leadership development through online development conversations
  • Inflation-linked wage agreement at East Boulder mine
  • Total percentage of female employees increased to 14.4% (2020: 13.3%), with female board members increasing from 25.0% to 30.8%
  • No industrial action recorded across the Group in 2021
  • Launched the virtual COO round-table initiative, bringing relevant topics to all those in leadership positions


  • SA gold operations wage negotiations
Jerry Vilakazi

Social, Ethics and Sustainability Committee: Chairman’s report

Jerry VilakaziChairman: Social, Ethics and Sustainability Committee

As a global, diversified precious metals miner, we impact our countries of operation in a myriad ways: jobs, taxes, social upliftment, green metals, biodiversity protection, improvement of water infrastructure, etc. We employ (including contractors) close to 85,000 people worldwide, and we economically empower many thousands more through our supply chains. And in South Africa, this empowerment contributes to equality and restitution.

Minimising our environmental impact


  • Earned A- rating from CDP for Water Security (first-time participation in 2021; higher than both the Africa and sector averages)
  • Earned B rating from CDP for climate change (no metallic mineral miners earned an A rating)
  • ISO 14001:2015 certification achieved for SA gold, SA PGM and US PGM operations
  • Implemented an Adaptive management plan as part of the US PGM operations’ GNA, which established tiered trigger levels for water quality that are more protective than state and federal standards
  • Publication and approval of various environmental position statements


  • Continuation of permitting efforts of the US PGM tailings storage facilities
  • Geographical concentration of SA operations – with our majority Scope 2 emissions stemming from electricity consumption attributable to South Africa’s coal based utility Eskom

Socioeconomic development


  • Commencement of the implementation of the Marikana Renewal Programme
  • Integration of social philanthropy approach
  • Invested R346.49 million in socioeconomic development


  • Instability in the operating environment due to local government elections
  • Delays in regulatory approval of Social and Labour plans

Our remuneration philosophy is aimed at:

  • Delivery of our purpose, strategy and targets, ensuring Sibanye-Stillwater creates value for stakeholders over the short to long term
  • Recognition and reward for excellent performance
  • Pay parity for comparable roles (internally and externally) and fair differentiation of pay as per levels of responsibility

The Remuneration Committee approved the following additions and changes to our remuneration policy for 2022:

  • Cross-jurisdiction remuneration benchmarking to support internationalisation of the Group and of senior leadership
  • Harmonised policy on incentives for safety and ESG performance
  • Malus and clawback provisions for senior management incentive plan
  • Minimum shareholding requirements plan for senior leadership

Summary of remuneration policy

Total guaranteed pay (TGP) Short-term incentives (STI) Long-term incentives (LTI)
our aim
Attract and retain skills Delivery on operational and functional strategies and targets Delivery on longer-term shareholder value creation
All permanent employees All permanent employees VPs and and above
WHEN paid / performance period Monthly Annual, combined with an eighteen-month deferral Three years
is measured
Market aligned (peer benchmarking) Personal performance scorecard and operational delivery scorecard Sustainable shareholder value delivery scorecard
Cash (base salary and benefits) Cash and share-based cash Share-based cash

Guiding principles inform our remuneration policy

The key guiding principles that underpin our remuneration philosophy and which provide the framework for the design of our remuneration policies and practices, are:


Accommodate diverse employment market practices across a multi-region corporation with remuneration reflecting evolving job requirements and embracing global mobility in a digital first world of work.


Provide executives and staff with clarity on their roles and performance expectations and ensure that they understand how the remuneration practices and structures apply to them.


Adopt appropriate pay levels and structures for comparable jobs within the employment markets where we operate.


Apply remuneration practice that ensures similar jobs are paid equitably across the corporation within relevant employment markets without discrimination on the basis of factors not related to the role performed.


Reward performance through appropriate base pay progression, STls (bonuses) and, where applicable, LTls. Extraordinary performance and contributions are rewarded at a level that signifies the value of the employee to the organisation and encourages retention and further commitment.

Planned on-target remuneration mix for CEO, CxO and EVP

  • TGP
  • STI (cash bonus component)
  • STI (deferred share-based component)
  • LTI (ordinary stretch)
  • LTI (max vesting)

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Forward looking statements

The information in this report may contain forward-looking statements within the meaning of the “safe harbour” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements, including, among others, those relating to Sibanye Stillwater Limited’s (“Sibanye-Stillwater” or the “Group”) financial positions, business strategies, plans and objectives of management for future operations, are necessarily estimates reflecting the best judgment of the senior management and directors of Sibanye-Stillwater and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. As a consequence, these forward-looking statements should be considered in light of various important factors, including those set forth in this report.

All statements other than statements of historical facts included in this report may be forward-looking statements. Forward-looking statements also often use words such as “will”, “would”, “expect”, “forecast”, “potential”, “may”, “could” “believe”, “aim”, “anticipate”, “target”, “estimate” and words of similar meaning. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances and should be considered in light of various important factors, including those set forth in this disclaimer. Readers are cautioned not to place undue reliance on such statements.

The important factors that could cause Sibanye-Stillwater’s actual results, performance or achievements to differ materially from estimates or projections contained in the forward-looking statements include, without limitation: Sibanye-Stillwater’s future financial position, plans, strategies, objectives, capital expenditures, projected costs and anticipated cost savings, financing plans, debt position and ability to reduce debt leverage; economic, business, political and social conditions in South Africa, Zimbabwe, the United States and elsewhere; plans and objectives of management for future operations; Sibanye-Stillwater’s ability to obtain the benefits of any streaming arrangements or pipeline financing; the ability of Sibanye-Stillwater to comply with loan and other covenants and restrictions and difficulties in obtaining additional financing or refinancing; Sibanye-Stillwater’s ability to service its bond instruments (including high yield bonds and convertible bonds, if any); changes in assumptions underlying Sibanye-Stillwater’s estimation of its current mineral reserves; any failure of a tailings storage facility; the ability to achieve anticipated efficiencies and other cost savings in connection with, and the ability to successfully integrate, past, ongoing and future acquisitions, as well as at existing operations; the ability of Sibanye-Stillwater to complete any ongoing or future acquisitions; the success of Sibanye- Stillwater’s business strategy and exploration and development activities, including any proposed, anticipated or planned expansions into the battery metals or adjacent sectors and estimations or expectations of enterprise value; the ability of Sibanye- Stillwater to comply with requirements that it operate in ways that provide progressive benefits to affected communities; changes in the market price of gold, PGMs, battery metals (e.g., nickel, lithium, copper and zinc) and the cost of power, petroleum fuels, and oil, among other commodities and supply requirements; the occurrence of hazards associated with underground and surface mining; any further downgrade of South Africa’s credit rating; a challenge regarding the title to any of Sibanye-Stillwater’s properties by claimants to land under restitution and other legislation; Sibanye-Stillwater’s ability to implement its strategy and any changes thereto; the occurrence of labour disputes, disruptions and industrial actions; the availability, terms and deployment of capital or credit; changes in the imposition of industry standards, regulatory costs and relevant government regulations, particularly environmental, sustainability, tax, health and safety regulations and new legislation affecting water, mining, mineral rights and business ownership, including any interpretation thereof which may be subject to dispute; the outcome and consequence of any potential or pending litigation or regulatory proceedings, including in relation to any environmental, health or safety issues; failure to meet ethical standards, including actual or alleged instances of fraud, bribery or corruption; the effect of climate change on Sibanye-Stillwater’s business; the concentration of all final refining activity and a large portion of Sibanye-Stillwater’s PGM sales from mine production in the United States with one entity; the identification of a material weakness in disclosure and internal controls over financial reporting; the effect of US tax reform legislation on Sibanye-Stillwater and its subsidiaries; the effect of South African Exchange Control Regulations on Sibanye-Stillwater’s financial flexibility; operating in new geographies and regulatory environments where Sibanye-Stillwater has no previous experience; power disruptions, constraints and cost increases; supply chain disruptions and shortages and increases in the price of production inputs; the regional concentration of Sibanye-Stillwater’s operations; fluctuations in exchange rates, currency devaluations, inflation and other macro-economic monetary policies; the occurrence of temporary stoppages or precautionary suspension of operations at its mines for safety or environmental incidents (including natural disasters) and unplanned maintenance; Sibanye-Stillwater’s ability to hire and retain senior management or sufficient technically skilled employees, as well as its ability to achieve sufficient representation of historically disadvantaged South Africans in its management positions; failure of Sibanye-Stillwater’s information technology, communications and systems; the adequacy of Sibanye-Stillwater’s insurance coverage; social unrest, sickness or natural or man-made disaster at informal settlements in the vicinity of some of Sibanye-Stillwater’s South African-based operations; and the impact of HIV, tuberculosis and the spread of other contagious diseases, such as the coronavirus disease (COVID-19).

Further details of potential risks and uncertainties affecting Sibanye-Stillwater are described in Sibanye-Stillwater’s filings with the Johannesburg Stock Exchange and the United States Securities and Exchange Commission, including the Integrated Annual Report 2021 and the annual report on Form 20-F filed with the United States Securities and Exchange Commission on 22 April 2022 (SEC File no. 333-234096).

These forward-looking statements speak only as of the date of the content. Sibanye-Stillwater expressly disclaims any obligation or undertaking to update or revise any forward-looking statement (except to the extent legally required). These forward-looking statements have not been reviewed or reported on by the Group’s external auditors.