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    Sibanye-Stillwater copper-gold mines: capex, output and value notes for engineers

    September 2, 2026|

    Reviewed by Tom Sullivan

    Sibanye-Stillwater copper-gold mines: capex, output and value notes for engineers

    First reported on MINING.com

    30 Second Briefing

    Sibanye-Stillwater has approved development of the Mt Lyell copper-gold restart in Tasmania and the Burnstone gold project in South Africa, budgeting $7.5 million and $5 million respectively in 2026 capex as part of a $340 million total for Mt Lyell. Mt Lyell is planned to deliver 26,000 t/y copper, 16,000 oz/y gold and 116,000 oz/y silver over 23 years at an all-in sustaining cost of $2.56/lb Cu, while Burnstone, with 2.7 Moz in reserves, targets 130,000 oz/y over 25 years. The decisions follow a threefold rise in half-year profit, with headline EPS at $0.33 and a $0.11/share interim dividend.

    Technical Brief

    • Mt Lyell restart carries total project capital of about $340 million for the historic Tasmanian mine.
    • Sibanye has allocated $7.5 million (A$11 million) to Mt Lyell in its 2026 capex guidance.
    • Burnstone has $5 million earmarked in 2026 capex as development ramps towards first ore.
    • First ore from both Mt Lyell and Burnstone is targeted for 2029, implying multi‑year pre‑production works.
    • Keliber lithium in Finland, commissioned earlier in 2026, is the group’s first offshore greenfields reference project.
    • Sibanye is evaluating a Keliber expansion to produce refined battery‑grade metal from 2027, adding downstream processing.
    • Stronger pricing saw average realised PGM prices rise 67% in southern Africa and 70% in the US.
    • Realised gold prices increased 35% year‑on‑year, underpinning internal cash flow to fund project capex.

    Our Take

    Sibanye-Stillwater’s push into copper, gold and lithium via Mt Lyell, Burnstone and the Keliber development aligns with its appearance in recent coverage on China’s projected dominance in lithium supply, signalling that the group is positioning itself as a diversified ‘critical minerals plus precious metals’ player rather than a pure PGM house.

    The relatively modest 2026 capex allocations for Mt Lyell and Burnstone, against a much larger total restart capital for Mt Lyell, suggest Sibanye-Stillwater is phasing spend to preserve cash after a volatile period in PGM pricing, even as it maintains shareholder returns via the interim dividend highlighted in the results metrics.

    With JPMorgan, South Africa’s PIC and BlackRock all recently flagged as significant Sibanye-Stillwater shareholders, the decision to advance long-life copper and gold projects in Australia and South Africa is likely to be scrutinised closely for capital discipline and risk diversification, especially after the safety and labour-related tensions seen at its Kloof gold operations.

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    Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.

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