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Sibanye-Stillwater implements new Chrome agreements with the Glencore Merafe Venture
Sibanye Stillwater Limited
Incorporated in the Republic of South Africa
Registration number 2014/243852/06
Share codes: SSW (JSE) and SBSW (NYSE)
ISIN – ZAE000259701
Issuer code: SSW
("Sibanye-Stillwater", "the Company" and/or "the Group")
Website: www.sibanyestillwater.com
Sibanye-Stillwater implements new Chrome agreements with the Glencore Merafe
Venture
Johannesburg, 21 October 2025: Sibanye-Stillwater (JSE: SSW and NYSE: SBSW)
is pleased to announce that all the conditions precedent, necessary for
implementation of the new chrome agreements with the Glencore Merafe Venture
(GM Venture) have been fulfilled.
The strategic and mutually beneficial enhancements to the historical contract
previously concluded between Lonmin and the GM Venture (Marikana Contract)
and the new Chrome Management Agreement (CMA) at the SA PGM operations
(announced on 19 February 2025 (refer to the Glencore Merafe announcement)),
will become effective from 1 November 2025.
Key benefits of the transaction include:
• Accelerated volumes to increase future cash flow: The enhancements to
the Marikana Contract are expected to accelerate the completion of delivery
of contracted chrome volumes by approximately 20 years, through increasing
feed and improving recoveries from the Marikana Chrome Recovery Plants
(CRPs). Accelerated delivery will, upon expiry of the Marikana Contract and
the Marikana CRPs becoming subject to the CMA, increase Sibanye-Stillwater's
share of free cash flow from chrome production from the Marikana CRPs
• Immediate benefits: Other than the Marikana CRPs, Sibanye-Stillwater
CRPs will immediately be subject to and benefit from the value-enhancing
provisions of the CMA, once the transaction becomes effective
• Operational synergies: Glencore will leverage its processing expertise
to optimise chrome production yields and is expected to reduce operational
costs across all relevant CRPs
• Project benefits: The improved economics of Sibanye-Stillwater's chrome
production resulting from the transaction, is expected to enhance the
inherent value and commercial viability of brownfield extension projects at
the SA PGM operations, which are currently being assessed
Sibanye-Stillwater CEO, Richard Stewart commented, "The closure of the
Glencore Merafe agreements marks a pivotal step in unlocking long-term value
from our significant chrome by-products at our SA PGM operations. Aligning
operational expertise and commercial interests, we are laying the foundation
for sustainability at our SA PGM operations, benefitting all stakeholders and
enhancing returns for the Group."
About Sibanye-Stillwater
Sibanye-Stillwater is a multinational mining and metals processing group with
a diverse portfolio of operations, projects and investments across five
continents. The Group is also one of the foremost global recyclers of a suite
of metals and has interests in leading mine tailings retreatment operations.
Sibanye-Stillwater is one of the world's largest primary producers of
platinum, palladium, and rhodium and is a top tier gold producer. It also
produces and refines iridium and ruthenium, nickel, chrome, copper and
cobalt. The Group has also diversified into battery metals mining and
processing and has increased its presence in the circular economy by growing
its recycling and tailings reprocessing exposure globally. For more
information, see www.sibanyestillwater.com.
Investor relations contact:
Email: ir@sibanyestillwater.com
James Wellsted
Executive Vice President: Investor Relations and Corporate Affairs
Tel: +27 (0) 83 453 4014
Website: www.sibanyestillwater.com
LinkedIn: https://www.linkedin.com/company/sibanye-stillwater
Facebook: https://www.facebook.com/SibanyeStillwater
YouTube: https://www.youtube.com/@sibanyestillwater/videos
X: https://twitter.com/SIBSTILL
Sponsor: J.P. Morgan Equities South Africa Proprietary Limited
DISCLAIMER
FORWARD LOOKING STATEMENTS
This announcement contains forward-looking statements within the meaning of
the "safe harbour" provisions of the United States Private Securities
Litigation Reform Act of 1995. All statements other than statements of
historical fact included in this presentation may be forward-looking
statements. Forward-looking statements may be identified by the use of words
such as "will", "would", "expect", "forecast", "potential", "may", "could"
"believe", "aim", "anticipate", "intend", "target", "estimate" and words of
similar meaning.
These forward-looking statements, including among others, those relating to
Sibanye Stillwater Limited's (Sibanye-Stillwater or the Group) future
financial position, business strategies and other strategic initiatives,
business prospects, industry forecasts, production and operational guidance,
climate and ESG-related targets and metrics, and plans and objectives for
future operations, project finance and the completion or successful
integration of acquisitions, are necessarily estimates reflecting the best
judgement of Sibanye-Stillwater's senior management. Readers are cautioned
not to place undue reliance on such statements. Forward-looking statements
involve a number of known and unknown risks, uncertainties and other factors,
many of which are difficult to predict and generally beyond the control of
Sibanye-Stillwater, that could cause its actual results and outcomes to be
materially different from historical results or from any future results
expressed or implied by such forward-looking statements. As a consequence,
these forward-looking statements should be considered in light of various
important factors, including those set forth in Sibanye-Stillwater's 2024
Integrated Report and annual report on Form 20-F filed with the Securities
and Exchange Commission (SEC) on 25 April 2025 (SEC File no. 333-234096).
These forward-looking statements speak only as of the date of this
presentation. Sibanye-Stillwater expressly disclaims any obligation or
undertaking to update or revise any forward-looking statement (except to the
extent legally required).
Websites
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media sites) are included as an aid to their location and such information is
not incorporated in, and does not form part of, this announcement.
Date: 21-10-2025 12:13:00
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