South Africa state raises Sibanye stake above 20%

Public Investment Corp. (PIC), South Africa’s state-owned asset management firm, has raised its shareholding in Sibanye-Stillwater (JSE: SSW; NYSE: SBSW) to above 20%, further cementing its states as the miner’s largest investor.

PIC’s purchase of an additional 2.4% of equity brings its total holding to 20.4%, the Johannesburg-based mining group said on Friday. 

Established in 2013 through the spin-off of a Gold Fields (NYSE, JSE: GFI) subsidiary, Sibanye-Stillwater operates mines across five continents. In addition to precious metals, it also produces nickel, chrome, copper and cobalt.

Sibanye Stillwater is showing signs of recovery this year as higher platinum-group metal (PGM) prices and U.S. production tax credits help narrow losses and stabilize operations. Palladium and platinum have both rebounded from 2024 lows, lifting margins at the company’s Stillwater mine in Montana and offsetting earlier impairments tied to weak metal prices.

Combined with restructuring gains in South Africa and growing by-product revenue from chrome and gold, the turnaround positions Sibanye for stronger cash flow heading into 2026, the company says. Sibanye is entering a new era after Neal Froneman, the founder and longtime CEO retired Sept. 30 after 12 years at the helm. He’s succeeded by Richard Stewart, former head of the company’s operations in Southern Africa. 

Gradual build

PIC, which has over 3 trillion rand (US$165.62 billion) in assets under management as of September, has invested heavily in South Africa’s resource sector and gradually built its stake in Sibanye, one of the nation’s largest by market capitalization.

In the 2024/25 financial year, PIC’s precious metals and mining investment gained 43% as geopolitical tensions boosted safe-haven demand.

Last week, the firm unveiled plans to invest 1.35 billion rand in early stage mining companies. At least half of those investments would be in South Africa, with a focus on energy transition minerals such as copper and lithium, it said.

Shares in Sibanye-Stillwater were down about 1.4% at $11.63 apiece on Tuesday morning in New York for a market capitalization of $8.1 billion.