May 11, 2026

Ghost Stories #100: Mining through the cycle - Sibanye-Stillwater's strategy

41 minutes

Sibanye-Stillwater CEO Richard Stewart has stepped into the top job at a time when the company is printing money in its gold and PGM operations. But success during the favourable times in the cycle is driven by what a mining company does through the cycle.

From cost control measures through to strategic commodity investments, there are many strategies that Sibanye-Stillwater uses to create long-term shareholder value. In this excellent discussion, Richard gives us deeper insights into the operating environment and how the group positions itself over time.

This podcast deals with topics like:

The reality behind Sibanye’s surge in EBITDA

How the gold and PGM portfolios are structured (and why it matters)

Synergies from consolidation and the economics of contiguous mining assets

The shift from deep-level to shallow gold operations and what it means for margins

Cost management, AISC, and building resilience through the cycle

Mechanisation strategy in the US and its impact on productivity and costs

Section 45X credits and the geopolitics of critical minerals

South Africa’s “green shoots” vs persistent structural challenges

Sibanye’s lithium strategy and positioning in EV supply chains

The growing importance of recycling as a stabiliser in volatile markets

Oil price impacts: what matters, what doesn’t, and what to watch

The one factor that keeps the CEO up at night (hint: it’s not commodity prices)

Sibanye-Stillwater believes strongly in the value of Ghost Mail in the South African investment ecosystem. They have sponsored this podcast for readers, but I was allowed to ask whatever I wanted to ask. Please do your own research and do not treat this podcast as an endorsement of Sibanye-Stillwater as an investment.

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