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

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.