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Sibanye-Stillwater enters into Section 189A consultations regarding the proposed restructuring of Kwezi shaft at its SA PGM operations
Sibanye Stillwater Limited
Incorporated in the Republic of South Africa
Registration number 2014/243852/06
Share codes: SSW (JSE) and SBSW (NYSE)
ISIN – ZAE000259701
Issuer code: SSW
(“Sibanye-Stillwater” or the “Group” or the “Company”)
Website: www.sibanyestillwater.com
Sibanye-Stillwater enters into Section 189A consultations regarding the proposed
restructuring of Kwezi shaft at its SA PGM operations
Johannesburg, 8 September 2026: Sibanye-Stillwater (JSE: SSW and NYSE: SBSW) advises that it
will enter into consultations in terms of Section 189A of the Labour Relations Act, 66 of
1995 (Section 189A) with organised labour and affected non-unionised employees through their
representatives regarding the proposed restructuring of Kwezi shaft at its Southern Africa
platinum group metals (SA PGM) operations.
Kwezi is a mature underground PGM shaft within the Rustenburg operation where mining has
reached the limits of the approved mining license area. As such, and in line with expectations,
the shaft is approaching the end of its economic life.
The Company has implemented various initiatives over several years to extend the shaft's
life, including reserve optimisation and boundary adjustments. A recently proposed Kwezi
Shallows project that had an opportunity to access available shallow up-dip mineral resources
was expected to add reserves and support future production; however, stakeholder objections,
appeals and delays in required approvals have prevented the project from progressing as
planned. The absence of these additional reserves has accelerated depletion of the remaining
mining inventory and weakened the shaft's sustainability.
Kwezi reported losses of approximately R208 million in 2024 and R91 million in 2025. Although
stronger PGM prices supported positive margins during the first half of 2026, Kwezi is
forecast to return to losses during the second half of 2026 as production declines.
Based on the outcome of a detailed operational and financial review of Kwezi shaft, the
Company considers it necessary to commence a Section 189A consultation process regarding the
proposed restructuring of Kwezi shaft. The consultation process will, among other things,
consider measures to avoid or minimise job losses, mitigate the impact on affected employees
and evaluate alternatives that may improve the shaft's viability. No final decision has been
made.
The proposed restructuring could potentially affect approximately 781 employees and 333
contractor employees.
In H1 2026, Kwezi produced 20,658 4E ounces, representing less than 3% of total managed and
attributable SA PGM production of 734,645 4E ounces for the period.
"We acknowledge and are sensitive to the uncertainty that consultation processes create for
employees and their families and remain deeply committed to engaging constructively throughout
the process. Unfortunately, given the depletion of economically mineable reserves and the
corresponding declining financial outlook, it is necessary to commence consultations regarding
the future of Kwezi shaft," said Richard Stewart, Chief Executive Officer.
About Sibanye-Stillwater
Sibanye-Stillwater is a global mining and metals processing group with a diverse portfolio of operations,
projects and investments across five continents. The Group is also one of the foremost global recyclers
of a suite of metals and has interests in leading secondary mining operations.
Sibanye-Stillwater is one of the largest producers and refiners of platinum group metals (PGMs: platinum,
palladium, rhodium, iridium and ruthenium) and is a top-tier gold producer. It also produces nickel,
chrome, copper, silver, cobalt and zinc. The Group has also diversified into mining and processing
battery metals and has increased its presence in the circular economy by expanding its recycling and
secondary-mining exposure globally. For more information, see www.sibanyestillwater.com.
Investor relations contact:
Email: ir@sibanyestillwater.com
Website: www.sibanyestillwater.com
LinkedIn: https://www.linkedin.com/company/sibanye-stillwater
Facebook: https://www.facebook.com/SibanyeStillwater
YouTube: https://www.youtube.com/@sibanyestillwater/videos
X: https://twitter.com/SIBSTILL
Sponsor: J.P. Morgan Equities South Africa Proprietary Limited
DISCLAIMER
FORWARD LOOKING STATEMENTS
This announcement contains forward-looking statements within the meaning of the “safe harbour” provisions
of the United States Private Securities Litigation Reform Act of 1995. All statements other than statements
of historical fact included in this presentation may be forward-looking statements. Forward-looking
statements may be identified by the use of words such as “will”, “would”, “expect”, “forecast”,
“potential”, “may”, “could”, “believe”, “aim”, “anticipate”, “intend”, “target”, “estimate” and words of
similar meaning.
These forward-looking statements, including among others, those relating to Sibanye Stillwater Limited’s
(Sibanye-Stillwater or the Group) future financial position, business strategies and other strategic
initiatives, business prospects, industry forecasts, production and operational guidance, climate and
ESG-related targets and metrics, and plans and objectives for future operations, project finance and the
completion or successful integration of acquisitions, are necessarily estimates reflecting the best
judgement of Sibanye-Stillwater’s senior management. Readers are cautioned not to place undue reliance
on such statements. Forward-looking statements involve a number of known and unknown risks, uncertainties
and other factors, many of which are difficult to predict and generally beyond the control of Sibanye-
Stillwater that could cause its actual results and outcomes to be materially different from historical
results or from any future results expressed or implied by such forward-looking statements. As a
consequence, these forward-looking statements should be considered in light of various important factors,
including those set forth in Sibanye-Stillwater’s 2025 Integrated Report and annual report on Form 20-F
filed with the Securities and Exchange Commission (SEC) on 24 April 2026 (SEC File no. 333-234096). These
forward-looking statements speak only as of the date of this presentation. Sibanye-Stillwater expressly
disclaims any obligation or undertaking to update or revise any forward-looking statement (except to the
extent legally required).
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announcement.
Date: 08/09/2026 09:15:00
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