Sibanye Stillwater reports impairments but forecasts significant earnings growth

SIBANYE Stillwater’s share price gave up some of its sharp 12-month gains and fell 3.5% on Friday after it reported impairments for its US platinum operations and on its Keliber lithium project, and despite forecasting a 19-times increase in headline earnings per share (HEPS).

- EDWARD WEST

The multinational mining and metals processing group headquartered in South Africa with gold and platinum and other operations on five continents said HEPS for the six months to June 30 was expected to be between 180 cents and 200 cents, representing an increase of more than 100% compared with the 10 cents reported last year.

The basic earnings per share loss was expected to be between 120 cents and 133 cents, a 55% to 60% improvement compared to an EPS loss of 259 cents in the first half of 2024. Friday’s closing share price of R36.32 was up 90% from R19.11 a year before.

The difference between positive HEPS and the basic loss per share was mainly due to the impairment losses on the US PGM operations and the Keliber project.

The impairment of non-financial assets at the US PGM operations was a consequence of the One Big Beautiful Bill Act (OBBBA) signed into US law on July 4, 2025. The OBBBA amended the treatment of credits for critical minerals, which was previously assumed to be evergreen.