Ninety One, an Anglo-South African independent asset management firm, has acquired stake its in Sibanye-Stillwater, a mining group led by South African executive Richard Stewart, as the global mining group delivers a sharp recovery in earnings and strengthens its balance sheet.

The move, which signals continued institutional interest in the heavyweight Sibanye, positions Ninety One among one of the biggest shareholders and reaffirms its confidence in the South African mining giant amid signs of operational recovery and an improving commodity outlook.

Ninety One’s $473.8 million stake crosses 5% ownership threshold in Sibanye

Sibanye-Stillwater, a top producer of platinum, palladium, and gold, has recorded a 12.02% share price decline this year following years of financial challenges, including asset impairments and leadership transitions that befell the mining company.

Despite the double-digit decline in Sibanye shares this year, 2026, Sibanye-Stillwater ranks as the 24th most valuable stock on the Johannesburg Stock Exchange, with a market capitalization of R151 billion ($9.44 billion). However, institutional demand and safe-haven flows into precious metals are supporting long-term growth.

According to a market notification issued by Sibanye-Stillwater on September 7, 2026, on the Johannesburg Stock Exchange, the investment gives Ninety One a 5.0056% interest in Sibanye-Stillwater’s issued ordinary shares, placing the asset manager among the mining group’s significant institutional shareholders. This stake is currently equivalent to 141,658,480 ordinary shares and worth R7.58 billion ($473.77 million) in the Richard Stewart-led group.

The disclosure was made under South Africa’s Companies Act and JSE Listings Requirements, which require notification when a shareholder’s beneficial interest crosses the prescribed threshold. The transaction comes as Sibanye-Stillwater reports a significant improvement in financial performance, supported by stronger commodity prices and stable operational delivery across its portfolio.

Sibanye-Stillwater delivers record H1 earnings

For the six months ended June 30, 2026, Sibanye-Stillwater reported record revenue of R90 billion ($5.5 billion), up 64% year-on-year, while adjusted EBITDA more than doubled to R31.8 billion ($1.9 billion).

Net profit reached R18.8 billion ($1.1 billion), reversing a net loss of R3.9 billion ($211 million) in H1 2025. Net cash generated from operating activities also reached a record R19.6 billion ($1.2 billion).

The stronger cash generation allowed the group to declare an interim dividend of R5.7 billion ($352 million), equivalent to 201 South African cents per share.

Balance sheet strengthens amid operational recovery

Sibanye-Stillwater reduced gross debt by 20% year-on-year to R32.1 billion ($1.99 billion), while net debt more than halved to R9.7 billion ($593 million).

Net debt to adjusted EBITDA improved to 0.18x, strengthening the group’s capacity to invest in growth while returning capital to shareholders.

The company is also advancing high-return projects including Burnstone, which is expected to add more than 130,000 ounces of annual gold production, and Mt Lyell, targeting approximately 26,000 tonnes of annual copper production.

US PGM operations remain under pressure

Sibanye-Stillwater, one of the world’s leading producers of platinum, palladium, and gold, has evolved over the past decade from a local gold miner into a diversified multinational group with assets spanning North America and Europe.

The investment comes against challenges in Sibanye-Stillwater’s US platinum group metals operations. Members of the United Steelworkers union at the Stillwater East mine and Columbus metallurgical facility were scheduled to begin strike action on September 3 following a breakdown in collective bargaining negotiations.

The company is pursuing a productivity-led transformation focused on greater mechanisation, modernised work practices and lower unit costs. CEO Richard Stewart has warned that achieving these changes is critical to the long-term sustainability of the US PGM operations. Ninety One’s increased position therefore comes as Sibanye-Stillwater combines a substantially stronger financial position with ongoing efforts to improve operational sustainability across its global portfolio.