Sibanye Stillwater Ltd
For the period ended Dec 31, 2025. Filed Apr 24, 2026.
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The yearly report of a company based outside the US. It covers much of what a 10-K does, and may follow accounting rules other than US ones.
FY2025 · Filed Apr 24, 2026
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Contents
36. Commitments
- Commitments
| Figures in million - SA rand | 2025 | 2024 | 2023 |
|---|---|---|---|
| Capital expenditure | |||
| Authorised | 20,326 | 18,931 | 26,439 |
| Kloof | 5,261 | 946 | 1,104 |
| Driefontein | 1,558 | 693 | 664 |
| Beatrix | 1,221 | 131 | 144 |
| SGL corporate | 327 | 297 | 359 |
| Cooke | 178 | — | — |
| Burnstone | 9 | — | 199 |
| Kroondal | — | 661 | 581 |
| Platinum Mile | 26 | 28 | 30 |
| Rustenburg operation | 567 | 2,514 | 2,280 |
| Marikana | 5,433 | 5,232 | 3,138 |
| Sandouville nickel refinery | — | 11 | 164 |
| Keliber | 1,430 | 4,404 | 13,470 |
| Other1 | 4,316 | 4,014 | 4,306 |
| Contracted for | 9,866 | 6,983 | 8,162 |
| Other guarantees2 | 6,287 | 3,918 | 3,647 |
1 Includes authorised capital expenditure relating to DRDGOLD of R 4,000 million (2024: R 3,700 million,2023: R 3,700 million)
2 Included in the amount are guarantees related to the Marikana operations of R 2.3 billion (2024: R 2.3 billion, 2023: R 2.2 billion). The Group has an insurance policy over
these guarantees which includes a pledge of non-financial and financial assets of Sibanye UK, WPL, EPL, Messina Limited and Messina Platinum Mines Limited (collectively
the insured entities) in the event that the insured entities enter liquidation. At 31 December 2025, the insured entities' total assets amounted to R 36,085 million which
includes property, plant and equipment of R 12,704 million, trade receivables of R 2,242 million, inventory of R 9,323 million and cash and cash equivalents of R 2,187 million.
Management does not expect the policy to be triggered due to the financial position and liquidity of the Group
Commitments will be funded from internal sources and to the extent necessary from borrowings. This expenditure primarily relates to mining
activities, infrastructure, hostel upgrades as well as the development of K4 and Keliber.
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