for the year ended 2022

Celebrating 10 years of shared value

At a glance

Chairman’s and Chief Executive Officer’s review

Dr Vincent Maphai
Dr Vincent Maphai – Chairman

“While there were many notable achievements to celebrate in 2022, our most fulfilling was the marked improvement in our safety performance and in particular the sharp reduction in the number of fatal incidents.”

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Neal Froneman
Neal Froneman – Chief Executive Officer

Salient features

Profit [icon]

R19 billion
(US$1.2 billion)

Profit [icon]


Profit [icon]


Profit [icon]

R41.1 billion
(US$2.5 billion)

2022 Production
  • Gold: 621koz
  • SA 4E PGMs: 1.7Moz
  • US 2E PGM: 421koz
  • 3E PGM recycling: 599koz
  • Nickel: 6.8kt
(tonnes milled %)
Profit [icon]
Profit [icon]

ESG salient features

  • 23% of employee promotions in SA were awarded to women
  • A positive improvement in the biodiversity footprint for East Boulder mine (13%) and Stillwater mine (10%)3
  • Safety trends improved with lowest fatal injury frequency rate in the Group’s history at 0.033
  • Achieved 97% disclosure score in the Bloomberg gender equality index
  • 9.4% year on year decrease in scope 1 and 2 emissions
  • SA operations reduced their purchased potable water by 37% from the 2020 base
  • Promoted 1,030 employees from our internal talent pool
  • Innovation delivered an annualised R650m (US$40m) allocated cost optimisation
  1. The FTSE Russell green revenue factor is defined by FTSE Russell as the percentage of revenue that is derived from products that have a positive environmental utility which help prevent, restore and/or adapt to issues deriving from climate change, natural resource limitations and environmental degradation. Based on the criteria developed by FTSE Russel, Sibanye-Stillwater utilised revenue from the following operations in determining its FTSE Russell green revenue factor: SA gold (limited to the Cooke operation); SA PGMs (excluding Mimosa and Kroondal); and US PGMs (including recycling). The FTSE Russell green revenue factor is a non-IFRS measure and it should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS
  2. For Adjusted EBITDA reference note, please see CFO review, page 101
  3. Due to the significant expansion in the area of assessment to resettle the baseline

ESG-related indices in which we are currently included, but are not limited to:
  • FTSE/JSE Responsible
    Investment Index

A unique global portfolio
of geographically diversified assets underpinned by green metals

Sibanye-Stillwater’s operations around the world [map]
  •       US PGMs
  •       SA PGMs
  •       SA gold
  • Green metals
  • Circular economy
  • Battery metals


US PGM operations

  • Stillwater mine (100%)**
    Mineral Reserves: 15.3Moz 2E
  • East boulder mine (100%)**
    Mineral Reserves: 11.0Moz 2E

PGM exploration

  • Marathon project (18.19%)*
    Mineral Resources: 1.0Moz 2E

PGM recycling

  • Columbus Met complex (100%)

Lithium exploration

  • Rhyolite-Ridge project (6.95%)
    Mineral Resources: 86.8kt LCE

Copper exploration

  • Altar project (100%)
    Mineral Resources: 13.138Mlb Cu
  • Rio Grande project (17.59%)
    Mineral Resources: 119.1Mlb Cu

Southern Africa

SA PGM operations

  • Marikana (80.64%)**
    Mineral Reserves: 17.4Moz 4E
  • Rustenburg (74%)**
    Mineral Reserves: 10.2Moz 4E
  • Kroondal (50%)**
    Mineral Reserves: 0.7Moz 4E
  • Mimosa (50%)*
    Mineral Reserves: 3.2Moz 4E

SA PGM exploration

  • Akanani (80.13%)
    Mineral Resources: 31.6Moz 4E
  • Limpopo: Voorspoed and Doornvlei (80.64%) and Dwaalkop (40.32%)
    Mineral Resources: 19.9Moz 4E
  • Blue Ridge (50%)
    Mineral Resources: 1.6Moz 4E

SA gold operations

  • Kloof (100%)**
    Mineral Reserves: 3.4Moz Au
  • Driefontien (100%)**
    Mineral Reserves: 3.0Moz Au
  • Beatrix (100%)
    Mineral Reserves: 0.8Moz Au
  • Cooke surface (76%)
    Mineral Reserves: 0.1Moz Au
  • DRDGOLD (50.33%)
    Mineral Reserves: 3.0Moz Au

SA gold development

  • Burnstone (100%)
    Mineral Reserves: 2.7Moz Au

SA gold exploration

  • SOFS (Southern Free State project) (100%)
    Mineral Resources: 6.9Moz Au

SA uranium exploration

  • Belsa (100%)
    Mineral Resources: 27.0Mlb U2O8
  • Cooke (76%)
    Mineral Resources: 39.6Mlb U2O8


Lithium development

  • Keliber project (84.96%)
    Mineral Reserves: 193.6kt LCE

Nickel operations

  • Sandouville refinery (100%)


Zinc operations

  • New Century (31 Dec 2022: 19.89%)*
    (as at 21 April: 95.5%)

    Mineral Reserves: 445.5Mlb Zn
  • Non-managed
  • Material properties: under SK-1300
  • PGM = platinum group metals, Au = gold, Cu = copper, LCE = lithium corbonate equivalent, Zn = Zinc, U208 = Uranium Oxide
  • Verkor is a planned French gigafactory in which Sibanye-Stillwater participates through a convertible bond
  • Circular economy operations: These refer to our operations which produce commodities by recycling or re-processing waste in the form of mine tailings or automotive catalyts (autocats)

Advancing our three-dimensional strategy

Strategic foundation

This defines the impact we aspire to make in the global economy and in local societies influenced by our operations; it is the difference our business makes. It embraces our purpose, vision and values, as well as the core principles that guide our decisions, including our commitment to ESG excellence and shared value. Our Umdoni tree is at the heart of our strategic foundation and represents our fundamental approach to business.

The Sibanye-Stillwater Umdoni tree symbolises our approach to stakeholder capitalism. The roots of the tree hold our values, signifying that below the surface of success and competition, Sibanye-Stillwater iCARES.

Our strategic essentials

Performance/advances made
Ensuring safety and wellbeing [icon]
Ensuring safety and wellbeing
Performance/advances made
  • Lowest fatal injury frequency rate in the Group’s history of 0.033 per million hours worked
  • Unfortunately, we still lost five of our colleagues (2021:21)
  • Achieved our annual benchmark for the Group TRIFR, setting us on a positive trajectory to meet our 2025 benchmark
  • Most employees at SA operations (99%) are now on a medical scheme
Steady performance and ongoing focus
Prospering in every region in which we operate
Performance/advances made
  • Implementing the Marikana renewal programme
  • Ongoing engagement in line with Good Neighbor Agreement (GNA) in the US region
  • Certified as a level 7 B-BBEE contributor; an improvement from level 8 in 2021
  • Concluding a five-year wage agreement at Rustenburg and Marikana PGM operations bringing stability at these operations, which will be beneficial for all stakeholders
Steady performance and ongoing focus
Achieving operational excellence and optimising long-term resource value
Performance/advances made
  • SA PGM operations continue to move down the industry cost curves despite load curtailment impact on production
  • SA gold operations and SA PGM operations signed inflation-linked three- and five-year wage agreements, respectively, positioning operations for stability
  • Significant improvement in safety performance
Steady performance and ongoing focus
Maintaining a profitable business and optimising capital allocation [icon]
Maintaining a profitable business and optimising capital allocation
Performance/advances made
  • Third-highest annual adjusted EBITDA despite some operational headwinds in 2022
  • Positive adjusted free cash flow generated with net cash position maintained and gearing at 0.14x net cash: adj EBITDA
  • Dividend yield of 6%* and total dividend R7.36bn (US$421m) for 2022
  • Refinancing of US dollar revolving credit facility (RCF) successfully completed in April 2023
Overall achievement
ESG embedded
                                as the way we do business [icon]
ESG embedded as the way we do business
Performance/advances made
  • Aligning governance processes and auditing ability to understand and to improve reporting against the Task Force on Climate-related Financial Disclosures (TCFD) recommendations
  • Continued success with SA region’s water management strategy (reduced potable water use)
  • ESG scorecard, as part of long-term incentive (LTI) performance conditions, matured in line with newly developed sustainability themes and indicators
  • Incorporation of economic impact considerations to the sustainability framework, and setting Group and regional priorities
  • Continued high ESG compliance
Steady performance and ongoing focus
  • Based on the closing share price of R44.72 using R2.60 dividend per share for interim and final dividends for the year ended 31 December 2022
  • Overall achievement Overall achievement
  • Steady performance and ongoing focus Steady performance and ongoing focus
  • More work to be done More work to be done

Our strategic differentiators

In the first year after defining our strategic differentiators, we have made meaningful progress. In the table below, we highlight some noteworthy achievements that advance our differentiation.

Performance/advances made
Recognised as a force for good
Recognised as a force for good
Short term advances achieved
  • 1.5% of dividend payment allocated for pursuit of social impact projects
  • Good progress towards meeting our goal of carbon neutrality by 2040
  • Innovative mechanisms adopted to enhance the socioeconomic impact of our business activities
  • Socioeconomic impact report published for our SA operations detailing our shared value creation
Inclusive, diverse and bionic
Inclusive, diverse and bionic
Short term advances achieved
  • Diversity, Equity and Inclusivity Council established to provide group leadership on DEI
  • Digital-first operations becoming established as routine practice and delivering benefits to the corporation and its employees
  • Several digital tools adopted as initial delivery on our intentions to augment human performance through building bionic capability
  • Meaningful progress in building a culture of innovation and creating a framework for effective innovation management
  • Innovation partnerships with strategic suppliers and academia sustained and expanded
  • iXS programme to stimulate technology development (See Harnessing innovation) supporting 19 innovators and entrepreneurs to solve mining-related challenges
Building pandemic-resilient ecosystems [icon]
Building pandemic-resilient ecosystems
Short term advances achieved
  • Strong strategic relationships being developed along the value chain in the North American and European battery supply ecosystems
  • Significant reset of stakeholder relations in Marikana through the Letsema engagement process and the 10th anniversary commemoration
  • Stakeholder cohesion amplified in Montana through the concerted flood responses
  • Supplier commitments obtained to co-invest in community development programmes at Marikana and Rustenburg
Unique global portfolio of green metals and energy solutions that reverse climate change [icon]
Unique global portfolio of green metals and energy solutions that reverse climate change
Short term advances achieved
  • Strategy advanced for growth of the Europe and Americas regions, and the recycling and tailings re-processing businesses
  • Meaningful developments towards liberating value at Sandouville through recapitalisation, business improvement and feasibility studies on new business activities
  • Stake in Keliber increased to 86% and all key permits obtained with refinery construction initiated
  • Positive developments in securing funding and offtake commitments on the Rhyolite Ridge project with US$700m conditional loan secured from US DOE
  • Majority stake obtained in New Century tailings retreatment business
  • Good progress on the BioniCCubE portfolio of investments

A decade of shared value

Value distributed 2013 vs Value distributed 2022
  • 1. Taxes and royalties paid as per the consolidated statement of cash flows in the Group Annual financial report

Our timeline

  1. 1 Source: IRESS, with numbers quoted at the end of each year except for 2013, which represents the market capitalisation on the day of listing
  2. 2 Source: FactSet, Year-to-date, market capitalisation as at 31 March 2023

Maintaining a profitable business and optimising capital allocation

Chief Financial Officer’s report

“Despite the challenges we endured during 2022, which resulted in lower volumes together with lower commodity prices (except for gold) our finances are resilient.”

Charl Keyter – Chief Financial Officer

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Charl Keyter

Achieving operational excellence and optimising long-term resource value

Sibanye-Stillwater has established itself as one of the world’s largest primary producers of platinum, palladium, and rhodium and is a top-tier gold producer. It also produces and refines iridium and ruthenium, nickel, chrome, copper and cobalt. The Group has recently begun to build and diversify its asset portfolio into battery metals mining and processing and is increasing its presence in the circular economy by growing and diversifying its recycling and tailings reprocessing operations globally.

What we did in 2022

Delivering value from our operations and projects


  • Significant improvement in safety performance; all indicators improved with the fatal injury frequency rate (FIFR) reducing by 75%
  • SA PGM operations continue to move down the industry cost curves despite load curtailment impact on production
  • Inflation-linked three- and five-year wage agreements signed at the SA gold operations and SA PGM operations respectively, positioning operations for stability
  • Repositioned the US PGM operations for long-term sustainability, operational flexibility and cost competitiveness in the context of longer-term market demand for palladium


  • Industrial action at SA gold for three months and subsequent rampup – on the upside, agreement formed the base for successful PGM negotiations
  • Regional flood impact to US PGM operations and national skills shortage impacting operations

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Mineral Resources and Mineral Reserves


  • Declared a maiden lithium (Li) Mineral Reserve of 193.6kt of lithium carbonate equivalent (LCE), following the Board approval of the Keliber lithium project in Finland
  • Achieved a 133% increase in Li Mineral Resources to 452.9kt of LCE
  • Maintained stable Mineral Reserves at our SA PGM and SA Gold operations, where depletion has been offset by additional Mineral Reserves from the completion of a successful feasibility study at the Mimosa PGM operations and increases at DRDGOLD


  • The repositioning of our US PGM operations and consequent update of the life of mine (LoM) plans, has resulted in minor decreases in Mineral Reserves (3.6%) and Mineral Resources (6.1%)
  • At the Akanani PGM exploration project our mining right application was rejected on a technicality; the Group launched internal appeal proceedings, in accordance with the MPRDA; although confident in our legal position and that we acted within the guidelines during our application, the rejection of our application could impact up to 10% of total Group PGM Mineral Resources

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Ensuring safety and wellbeing

Workplace safety is one of our material matters and is underpinned by our iCARES values. Ensuring safety and wellbeing is a strategic essential to our business.

What we did in 2022

Continuous safe production


  • Embedding safety as an operating philosophy with a particular focus on reducing high energy risk associated with serious and fatal injuries. All jurisdictions saw 98% of employees voluntarily sign a moral commitment to uphold critical controls, critical life-saving behaviours and critical management routines to block the path to death
  • Achieved our annual benchmark for the Group TRIFR, setting us on a positive trajectory to meet our 2025 target benchmark
  • Completed the development of 19 Group minimum standards (GMS)
  • Lowest fatal injury frequency rate in the Group’s history of 0.033 per million hours worked


  • Regrettable loss of five lives at our operations
  • To sustain the positive momentum on the safety performance and embed a safe culture

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Health, wellbeing and occupational hygiene


  • Over 99% of our employees have medical insurance
  • Psychological wellbeing assessments completed
  • SA operations:
    • Reduction in the number of workplaces exceeding 31°C
    • Buy quiet strategy, to reduce noise levels, implemented
  • US operations:
    • DPM strategy with a three-pronged approached developed


  • Challenges in implementing DPM given worldwide semiconductor shortage

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Inclusive, diverse and bionic

Sibanye-Stillwater is a people-centric organisation, with a compelling employee value proposition to current and potential employees.

What we did in 2022

Empowering our workforce


  • Reached a five-year wage settlement at Rustenburg and Marikana SA PGM operations, without strike action
  • Leading inclusively workshops to understand biases
  • Total percentage of female employees increased to 16.2% (2021: 14.4%), with 30.8% female board representation (2021: 30.8%)
  • Employee share option schemes dividend payouts
  • SA gold operations wage negotiations
  • Integration of EU region


  • SA gold operations wage negotiations
  • Integration of EU region

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Harnessing innovation


  • Delivered an annualised R650 million (US$40 million) allocated cost optimisation benefit leveraging the continuous improvement process
  • Three-fold increase in capacity for the now distinct focus areas of innovation, digital transformation, and technology, positioning the Group for significant progress over the medium- to long-term
  • Innovation ecosystem enhanced through partnerships with academia, research programmes, service providers and through our iXS initiative
  • Progress with ICT’s utilisation of artificial intelligence (Alice) which automated over 50 existing governance controls during 2022. We expect to expand on its capability and to automate our control environment
  • ISO 27001 certification awarded on 14 April 2023


  • Evolving innovation and technology demands, coupled with rapidly evolving technology, dramatically increases the scope of research and application
  • Global shortage of chips has effected rollout of technology, in some cases causing delays of 6-9 months
  • Worldwide threat of cyber attacks on companies, where attackers are becoming more sophisticated. The proliferation of technology and the rise of remote work have also expanded the attack surface and increased the difficulty of defending against cyber-attacks

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ESG embedded as the way we do business

Social, Ethics and Sustainability Committee: Chairman’s report

“Sibanye- Stillwater is part of the social and environmental ecosystem surrounding our operational areas, therefore we must play our role as a socioeconomic partner within the communities where we operate.”

Jerry Vilakazi – Chairman: Social, Ethics and Sustainability Committee

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What we did in 2022

Minimising our environmental impact


  • Achieved an A-score for our 2022 CDP climate change submission
  • Achieved a B-score for our Water CDP and submitted the Forest CDP
  • The Group limited greenhouse gas (GHG) emissions below the carbon budget
  • In 2022 we put 23ML per day back into the Integrated Vaal river system, which serves communities in the West Rand
  • Significant cumulative reduction of 4,061 Ml of potable water from the 2020 baseline at our SA operations – translating into a 37% reduction from the 2020 baseline
  • An in-depth assessment resulting in a positive improvement in the biodiversity footprint for East Boulder mine (13%) and Stillwater mine (10%)


  • Physical impact of climate change at our US operations
  • Geographical concentration of SA operations – with the majority of scope 2 emissions stemming from coal-based utility provider

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Socioeconomic development


  • Implementation of the Marikana renewal programme
  • Established a social closure framework across the business
  • Increased collection of ESG information from suppliers
  • Rebuilding the communities post the devastating flood in the US operating region
  • Keliber operations sponsored lifestyle, health, education and general welfare activities in Kokkola and Kaustinen
  • Invested R362.38 million in socioeconomic development


  • Sociopolitical instability in South Africa
  • Communities have limited adaptive capacity to the effects caused by climate change

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