Swiss banking powerhouse UBS Group has acquired a stake in Sibanye-Stillwater, a mining group led by South African executive Richard Stewart, as the global mining group’s share continues to decline on the Johannesburg Stock Exchange (JSE).

The move, which signals continued backing of institutional investors such as Ninety One in Sibanye, positions UBS Group among one of the biggest heavyweights with more than a 5% stake and reaffirms its confidence in the South African mining giant amid signs of operational recovery and an improving commodity outlook.

UBS’s $423 million stake crosses 5% ownership threshold in Sibanye

UBS Group has emerged as a significant shareholder in Sibanye-Stillwater after acquiring a 5.02% stake worth R6.86 billion ($422.51 million), strengthening its position in the South African mining group as it stages a sharp financial recovery.

Sibanye-Stillwater, a major producer of platinum, palladium, and gold, has faced a difficult year, with its share price falling more than 40% amid years of financial pressures, asset impairments and leadership changes. The decline has also pushed the company down the Johannesburg Stock Exchange’s rankings by market value, from 20th at the start of 2026 to 27th, with its market capitalization now at approximately R135 billion ($8.3 billion).

Against that backdrop, UBS’s increased exposure comes as Sibanye’s financial performance begins to improve, supported by stronger commodity prices, improved cash generation and more stable operational performance across its portfolio. In a September 15, 2026, market notification issued through the Johannesburg Stock Exchange, Sibanye disclosed that UBS Group now holds a 5.02% interest in its issued ordinary shares.

The position represents 142.07 million shares valued at R6.86 billion ($422.51 million), placing UBS among the company’s major institutional shareholders. The latest disclosure also marks another shift in UBS’s position in Sibanye. A June 2024 JSE filing showed that UBS had previously reported a 7.36% interest in the mining group.

More recently, the Swiss banking giant reduced its holding from 5.07% to 3.26% in May, a position valued at R1.87 billion ($103.93 million). UBS’s return above the 5% threshold comes at a markedly different point in Sibanye’s financial cycle.

The miner reported record first-half revenue of R90 billion ($5.5 billion) for the six months ended June 30, 2026, while adjusted EBITDA more than doubled to R31.8 billion ($1.9 billion). Net profit also swung to R18.8 billion ($1.1 billion), compared with a net loss of R3.9 billion ($211 million) a year earlier, while net cash generated from operating activities reached a record R19.6 billion ($1.2 billion).

The stronger financial position has given Sibanye greater room to reduce debt, fund growth projects and return capital to shareholders, potentially making the company more attractive to large institutional investors such as UBS.

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.

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. The Swiss banking giant’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.