Sibanye-Stillwater Approves New Copper And Gold Mines In Africa And Australia

Sibanye-Stillwater has approved the development of two major mining projects in South Africa and Australia, clearing the way for its Burnstone gold project and Mt Lyell copper-gold project as stronger precious and base metal prices improve the company’s financial position.

The Johannesburg-based mining group plans to invest $7.5 million in Mt Lyell during 2026 as part of a broader $340 million restart of the historic copper-gold operation in Tasmania. First ore is targeted for 2029, with the mine expected to produce up to 26,000 tonnes of copper, 16,000 ounces of gold and 116,000 ounces of silver annually once it reaches steady-state production.

In South Africa, Sibanye-Stillwater will allocate $5 million to advance the Burnstone gold project, which contains 2.7 million ounces of gold reserves. The operation is expected to produce around 130,000 ounces of gold per year over a projected 25-year mine life, supporting the company’s strategy of shifting its South African gold portfolio towards shallower and longer-life resources.

The two projects represent an important expansion of Sibanye-Stillwater’s future production base beyond its established platinum group metals and gold operations. Mt Lyell is also the company’s second offshore greenfields development following the Keliber lithium project in Finland, which was commissioned earlier this year.

At full production, Mt Lyell is expected to operate for approximately 23 years at an all-in sustaining cost of $2.56 per pound of copper. Sibanye-Stillwater is also evaluating a potential expansion at Keliber that could allow the Finnish operation to produce refined battery-grade lithium from 2027.

The investment decisions come as stronger commodity prices provide additional financial support for Sibanye-Stillwater’s growth plans. Headline earnings per share rose to approximately $0.33 for the six months to June 30, compared with $0.10 a year earlier, while the company declared an interim dividend of around $0.11 per share.

Average realised platinum group metals prices increased by 67% at the company’s southern African operations and 70% in the United States, while its realised gold price climbed 35%. The stronger pricing environment gives Sibanye-Stillwater greater flexibility to fund new projects while maintaining investment in its existing operations.

The development of Burnstone and Mt Lyell will broaden the miner’s exposure to gold and copper at a time when demand for both metals remains strategically important to global energy, infrastructure and industrial markets. Together, the projects form a significant part of Sibanye-Stillwater’s longer-term strategy to diversify its production portfolio and create new sources of future cash flow.