PIC, Africa's largest asset manager, set for $46 million Sibanye-Stillwater dividend - Shore Africa

Africa’s largest asset manager, the Public Investment Corporation (PIC), is poised to receive about $46 million after Sibanye-Stillwater declared a R3.7 billion ($213 million) dividend for the year ended Dec. 31, 2025.

The payout represents a 35% distribution of normalized earnings and marks the miner’s first dividend since 2023, reflecting a strong turnaround in profitability.

Earnings rebound after 2024 loss
Sibanye-Stillwater reversed a $311 million loss in 2024 to post $591 million in normalized earnings in 2025, underscoring improved cost discipline and stronger commodity prices.

Revenue climbed to $7.3 billion from less than $6.5 billion a year earlier, supported by higher gold and platinum group metal (PGM) prices and improved operational output across its South African and U.S. operations.

Metal prices drive recovery
The average rand gold price rose 39%, while the South African PGM basket price increased 28%. The company’s predominantly palladium U.S. operations recorded a 21% rise in average metal prices.

Gold prices surged about 60% in 2025, supported by geopolitical tensions, central bank buying and expectations of U.S. interest rate cuts.

PIC remains largest shareholder
PIC holds 571.86 million ordinary shares, equivalent to 20.203% of Sibanye. This stake means PIC will receive R747.51 million ($46.41 million) dividend. The dividend translates to R1.31 per share, consistent with dividend policy and representing a 2.1% yield. The dividend which amounts to a payout of 35% of normalised earnings for the year ended 31 December 2025.

BlackRock, the world’s largest asset manager, which recently raised its stake in Sibanye, will also receive a dividend of $10.65 million.

The dividend, declared out of income reserves, will give shareholders R1.31 ($0.08) per share, with the distribution date scheduled for March. 23 2026.

Founded in 1911, PIC manages more than R3 trillion ($173 billion) in assets and remains the largest investor on the Johannesburg Stock Exchange.

The dividend underscores Sibanye’s improved earnings profile and signals renewed capital returns to shareholders after three years of suspended payouts.