INTEGRATED 
REPORT 
for the year ended 2022 
CELEBRATING 10 YEARS OF SHARED VALUE 
INNOVATION 
COMMITMENT 
ACCOUNTABILITY 
RESPECT 
ENABLING 
SAFETY

USING THIS INTEGRATED REPORT
This Integrated report (report) describes the progress of Sibanye Stillwater Limited (Sibanye-Stillwater or the Group) in delivering on its strategy, 
purpose and vision. It shows how we create and preserve value for our stakeholders over the short, medium and long term, across the six capitals: 
human, financial, intellectual, natural, manufactured, social and relationship, noting that value creation in some areas can lead to value erosion 
in others. This report also includes all relevant and material information where our activities eroded value. 
In compiling this report, we considered (among others) the following frameworks, standards, and guidelines
International Integrated Reporting Framework 
Global Reporting Initiative (GRI) Standards
King Report on Corporate GovernanceTM for South Africa, 2016 (King IV)
International Council on Mining and Metals (ICMM) assurance and validation procedure 
The Listings Requirements of the Johannesburg Stock Exchange (JSE) and the Listing Standards of the New York Stock Exchange (NYSE) 
and US federal securities laws applicable to foreign private issuers
JSE Sustainability and Climate Disclosure Guidance
South Africa’s Companies Act 71 of 2008, as amended
United Nations Global Compact (UNGC) Principles and the Sustainable Development Goals (SDGs)
South Africa’s Mining Charter III and social and labour plans (SLPs) 
International Financial Reporting Standards (IFRS)
Sustainability Accounting Standards Board (SASB) Metals and Mining Standards
World Gold Council (WGC)’s Responsible Gold Mining Principles (RGMPs)
Task Force on Climate-Related Financial Disclosures (TCFD)
Extractive Industry Transparency Initiative (EITI) expectations for supporting companies
OUR 2022 REPORTS
These reports cover the financial year from 1 January to 31 December 2022*
INTEGRATED 
REPORT 
 NOTICE OF ANNUAL 
GENERAL MEETING AND 
SUMMARISED FINANCIALS
GROUP ANNUAL 
FINANCIAL REPORT 
COMPANY FINANCIAL 
STATEMENTS 
MINERAL RESOURCES 
AND MINERAL 
RESERVES REPORT 
About our cover designs: The artistic design of the covers speaks to the drive and potential of our people to innovate and find better ways to harness the value of our resource 
base, fulfilling our purpose to safeguard sustainability through our metals. The contrasting mesh of natural and industrial landscapes indicates how human progress and prosperity 
are made possible by the majesty of nature, which demands our respect. 
¸ All of our 2022 reports, together with supporting documents, are available on our website: www.sibanyestillwater.com/newsinvestors/reports/annual
*
This report contains information for the financial year ended 31 December 2022. Where relevant or otherwise required, additional information is included up to date 24 April 2023 
SUPPORTING FACT SHEETS AND SUPPLEMENTARY 
INFORMATION AVAILABLE ONLINE
•
Progressing the UN’s SDGs
•
Environmental incidents in 2022
•
Biodiversity management
•
Social and labour plans (SLPs): Summary of projects in South Africa
•
Care for iMali: Taking care of personal finance
•
Sustainability content index 
•
Tailings management
•
Combating illegal mining
•
Sibanye-Stillwater’s ICMM self-assessment for 2022
•
The Good Neighbor Agreement
•
Definitions for sustainability/ESG indicators
•
Application of King IV Principles in 2022
•
Climate change related disclosure
LEGEND OF ICONS USED IN THIS REPORT
Links to supplementary information
UN’s SDGs, shown on pages that relate to the indicated 
one or more SDG targets – also see Progressing the 
UN’s SDGs supplementary disclosure available at 
¸ www.sibanyestillwater.com/news-investors/reports/annual
¸ Refers to related 
information 
available online 
at the URL 
provided
2 Refers to a related 
fact sheet or 
supplementary 
information 
available online
Ã Refers to related 
information 
elsewhere in 
the report 
Capital resources
HUMAN 
CAPITAL
FINANCIAL 
CAPITAL
NATURAL 
CAPITAL
MANUFACTURED 
CAPITAL
SOCIAL AND 
RELATIONSHIP 
CAPITAL
INTELLECTUAL 
CAPITAL

CONTENTS AND HOW TO READ THIS REPORT
Core Integrated report
While the full report contains supplemental detail relevant to our 
broader set of stakeholders, these demarcated sections comprise 
our core Integrated report. The remaining content within the 
broader report provides additional detail relating to our 
sustainability performance.
The green-shaded sections provide a view of our 
performance against the Group’s stated strategic 
essentials and differentiators for the year under review
 1  OUR BUSINESS AND LEADERSHIP
About Sibanye-Stillwater
2
Our timeline
6
Board and executive leadership
7
Chairman and Chief Executive Officer’s review
13
Corporate governance
19
 2  WHAT DRIVES US
Our purpose, vision, strategy and values
32
Advancing our three-dimensional strategy
35
Managing our risks and opportunities 
within the external environment
37
How strategy interfaces with risks and opportunities
67
Our material matters
69
Engaging with our stakeholders
74
A decade of shared value 
83
How we create value: our business model
84
Capital trade-offs: strategic management 
for optimum value creation
87
 3  OUR PERFORMANCE
Maintaining a profitable business and optimising 
capital allocation
91
Chief Financial Officer’s report
92
Achieving operational excellence and optimising 
long-term resource value
104
Delivering value from our operations and projects
105
Mineral Resources and Mineral Reserves: a summary
116
 3  OUR PERFORMANCE  CONTINUED
Ensuring safety and wellbeing
125
Continuous safe production
126
Health, wellbeing and occupational hygiene
137
Inclusive, diverse and bionic
148
Empowering our workforce
149
Harnessing innovation
172
ESG embedded as the way we do business
179
Social, Ethics and Sustainability Committee: 
Chairman’s report
180
Minimising our environmental impact
184
Socioeconomic development
214
Governance in sustainability: our considered 
decision-making
231
 4  REWARDING DELIVERY
Remuneration report
234
Part 1: Background statement
236
Part 2: Remuneration policy
240
Part 3: Implementation report
252
 5  ANCILLARY INFORMATION
Detail on Board committees
268
Four-year statistical review
273
Statement of assurance
281
Shareholder information
284
Forward-looking statements
287
Administrative and corporate information
288
We welcome your feedback
Your feedback and suggestions are welcome. Please direct them to James Wellsted, Head of Investor Relations and Corporate Affairs: 
ir@sibanyestillwater.com                                                                                                                                         ¸ www.sibanyestillwater.com
DIRECTORS’ STATEMENT 
OF RESPONSIBILITY
As required by King IV, our Board acknowledges that it is responsible 
for good governance, ethical leadership and responsible corporate 
citizenship. The Board applies the principles of King IV, by which 
it recognises the triple context (society, economy, environment) 
in which the Group operates and its responsibility to create 
value sustainably, over the long term, across the six capitals. 
Notwithstanding trade-offs that may be required, we believe that, 
in support of our commitment to stakeholder capitalism and 
delivery of shared value, balanced appreciation for all the forms 
of capital delivers superior overall results.
The Board, supported by the Audit Committee, has ultimate 
responsibility for this report and for vouchsafing its integrity 
and completeness. 
Having applied its collective expertise, the Board confirms that 
this report is a fair and transparent review of Sibanye-Stillwater, 
its principal material matters, its current profile and performance, 
and its ability to create value in the short, medium and long term.
Sibanye-Stillwater’s Integrated Report, presented in line with the International 
Integrated Reporting Framework, was approved for release to stakeholders 
by the Board on 24 April 2023 and signed on its behalf by:
Dr Vincent Maphai
Chairman of the Board 
and the Nomination 
and Governance Committee
Neal Froneman
Chief Executive Officer
Charl Keyter
Chief Financial Officer
Timothy Cumming
Remuneration Committee: Chairman
Harry Kenyon-Slaney
Safety and Health 
Committee: Chairman
Richard Menell
Risk Committee: Chairman
Keith Rayner
Audit Committee: 
Chairman
Jeremiah Vilakazi
Social, Ethics and Sustainability 
Committee: Chairman
SIBANYE-STILLWATER INTEGRATED REPORT 2022
1

ABOUT THIS REPORT
APPROACH AND PHILOSOPHY
This report describes performance across the operational, 
financial, social, environmental and governance activities 
of Sibanye-Stillwater for the financial year 1 January 2022 
to 31 December 2022. Where relevant or otherwise required, 
additional information is included up to 24 April 2023. 
Sibanye-Stillwater’s material sustainability, 
governance and remuneration information is included 
as part of this report, with further information made available 
in supplemental documents published on our website.
This report shows how our strategy creates shared value over 
the short to long term and how performance and governance 
during the year helped deliver on this strategy. It also sets out 
facts, figures and narrative on how value was created or 
depleted across the six capitals: human, financial, intellectual, 
natural, manufactured, and social and relationship. 
Our process in compiling this report has been guided by, 
among other things, the frameworks and guidelines described 
earlier. Ã See Using this report. A separate King IV disclosure 
report is available online (2 See Application of King IV 
Principles in 2022, and the Sustainability content index 
supplementary disclosure, www.sibanyestillwater.com/news-
investors/reports/annual/). Furthermore, in line with our listing 
on the NYSE, an annual report on Form 20-F (Form 20-F) is filed 
with the US Securities and Exchange Commission (SEC). We are 
a member of the ICMM, and the report aligns to its principles as 
it does with those of the United Nations Global Compact, of 
which we are a participant.
MATERIALITY
This report provides detail of material relevance to investors 
and to interested stakeholders, including government, doorstep 
communities and unions. 
It informs these stakeholders – and particularly investors – about 
our approach to value creation over the short, medium and long 
term and how we delivered on this approach during the year.
Twelve material matters were identified after independently 
facilitated discussions involving all relevant decision-makers. 
Due consideration and reference have been given to the 
materiality principles contained in the aforementioned reporting 
frameworks. Our materiality review considered all key matters, 
with a particular focus on: our business model (how we create 
value), our operating context (risks and opportunities presented 
by global trends), our stakeholders and our strategy. 
The material matters for the 2022 report are: workplace safety, 
licence to operate, profitability, sociopolitical instability in 
South Africa, water and energy management, talent management 
and core skills, macroeconomic and geopolitical volatility, 
climate change, culture and values, innovation and digital 
evolution, capital allocation and gender diversity and 
transformation. These matters are woven throughout the report. 
(Ã See Our material matters, page 69).
DETAIL AND INCLUSION
In the interest of conciseness not all detail is included here. 
However, we reference other financial and non-financial 
documents, available on our website at 
¸ www.sibanyestillwater.com. 
Scope and boundary
For the 2022 financial year annual data is provided where possible 
by region, segment and at the Group level.
Material events occurring post year-end and before the date 
of publication of this report is covered in this report and/or in 
the Group Annual financial report (note 41) available at 
¸ www.sibanyestillwater.com/news-investors/reports/annual.
Given that our South African (SA) region (which includes the SA 
PGM operations and the SA gold operations) accounts for 83% 
of total production (in tonnes) and 97% of our workforce, and 
that the bulk of our material ESG-related activities take place 
in South Africa, the major emphasis of this report is on our SA 
activities. However, we also offer extensive detail on our American 
region (referred to as the US region, where our material operations 
comprise the US PGM operations), as well as the European region 
(EU region for short which includes the Sandouville nickel refinery 
and Keliber lithium project) where information is relevant. We do 
not report (or report minimally) on operations we do not manage/
operate and in which we are minority shareholders. 
ASSURANCE
Our Internal audit function assesses financial, governance, 
operational, business, compliance and risk management controls. 
Internal audit is overseen by the Chief Financial Officer and reports 
functionally into the Audit Committee. This committee reports, 
in turn, to the Board. 
Specifically, Internal audit assured the accuracy of the figures 
reported in the Mining Charter which appear in the report under 
Employment Equity, Human Resources Development, Housing 
and Living Conditions, Project spend and Implementation as well 
as Procurement and Enterprise Development. As part of other 
assurance performed during the financial year, Internal audit 
reviewed the underlying processes supporting certain of the key 
indicators presented (such as Safety, Emergency Preparedness , 
Management of tailings, Water management, Management of 
Energy, Mining Charter, Social Labour Plans and Succession 
Planning).
Independent external assurance provider, PwC Inc., provided 
limited assurance on selected sustainable development 
performance indicators, in accordance with the International 
Standards on Assurance Engagements (ISAE) 3000 (revised) and 
the ISAE 3410. Ã See PWC’s Statement of assurance, page 281.
The financial information included in this report is derived from 
our Annual financial statements, independently audited by EY. 
EY did not, however, audit or review this report.
In respect of environmental, social and governance (ESG) matters, 
we embrace various global standards, guidelines, indices 
and principles. Ã See Governance in sustainability: Considered 
decision-making, page 231.
SIBANYE-STILLWATER INTEGRATED REPORT 2022
2

About Sibanye-Stillwater
4
Our timeline
6
Board and executive leadership
7
Chairman and Chief Executive Officer’s review
13
Corporate governance
19
SIBANYE-STILLWATER INTEGRATED REPORT 2022
3

ABOUT SIBANYE-STILLWATER
CORPORATE PROFILE
Sibanye-Stillwater is a multinational mining and metals processing group with a diverse portfolio of projects 
and investments across five continents. The Group is also one of the foremost global recyclers of PGM 
autocatalysts and has controlling interests in leading mine tailings retreatment operations.
Sibanye-Stillwater has established itself as 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 recently begun to build and diversify its asset portfolio into 
battery metals mining and processing and is increasing its presence in the circular economy by growing 
and diversifying its recycling and tailings reprocessing operations globally.
MINERAL RESERVES AND RESOURCES
Global footprint with extensive precious metals Mineral Reserves of 70.6 million ounces (Moz) that support long life of mines 
(which is only 18.1% of our Mineral Resources, 389.5Moz). Maiden Mineral Reserves declared in 2022 for lithium in line with 
our battery metals strategy.
PRODUCTION
2022 Production: 621koz 
gold, 1.7Moz 4E PGMs, 
421koz US 2E PGM, 
599koz 3E PGM recycling, 
and 6.8kt nickel
2022 TONNES 
DISTRIBUTION (%)
49.5
48.9
1.6
ADJUSTED EBITDA3
2022 adjusted EBITDA of 
R41.1 billion (US$2.5 billion)
ADJUSTED EBITDA
PER OPERATION (Rbn)
38
6
1
(0.5)
(4)
SA gold
(milled tonnes % and Rbn)
SA PGMs
(milled tonnes % and Rbn)
US PGMs
(milled tonnes % and Rbn)
Sandouville nickel
(Rbn) 
PGM recycling
(Rbn)
PROFIT FOR 2022 YEAR
R19 billion 
(US$1.2 billion)
77%
GREEN REVENUE 
FACTOR1
WORKFORCE
84,481
ESG SALIENT FEATURES
23% of employee promotions 
in SA were awarded to women 
A positive improvement 
in the biodiversity footprint 
for East Boulder mine (13%) 
and Stillwater mine (10%)2
Safety trends improved 
with lowest fatal injury 
frequency rate in the 
Group’s history at 0.033
Achieved 97% disclosure 
score in the Bloomberg 
gender equality index
9.4% year on year decrease 
in scope 1 and 2 emissions
SA operations reduced 
their purchased potable water 
by 37% from the 2020 base
Promoted 1,030 employees 
from our internal talent pool 
Innovation delivered 
an annualised 
R650m (US$40m) 
allocated cost optimisation 
OUR ESG CREDENTIALS
ESG-related indices (not limited to these) 
in which we are currently included:
 1   The FTSE Russell green revenue factor is defined by FTSE Russell as the percentage of revenue  that is derived from products that have a positive environmental utility which help prevent, restore and/or 
adapt to issues deriving from climate change, natural resource limitations and environmental degradation. Based on the criteria developed by FTSE Russel, Sibanye-Stillwater utilised revenue from the 
following operations in determining its FTSE Russell green revenue factor: SA gold (limited to the Cooke operation); SA PGMs (excluding Mimosa and Kroondal); and US PGMs (including recycling). 
The FTSE Russell green revenue factor is a non-IFRS measure and it should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS
 2     Due to the significant expansion in the area of assessment to resettle the baseline
 3   For adjusted EBITDA reference note. Ã See the page 101
SIBANYE-STILLWATER INTEGRATED REPORT 2022
4

ABOUT SIBANYE-STILLWATER continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
5

OUR TIMELINE
Since inception in 2013, Sibanye-Stillwater has created value for stakeholders as it has evolved by diversifying its portfolio by commodity and 
by geography. The Group has transformed from a South African gold mining company into a multinational, diversified mining and metals 
processing Group with a portfolio of operations, projects and investments across five continents and with a market capitalisation more 
than 12-fold larger than it was in 2013. Notably, in addition to the significant capital growth, we have returned over R41 billion (US$2.8 billion) 
in additional value to investors in the form of dividends and share buybacks, just over four times our initial market capitalisation on listing.
OUR VALUE CREATION JOURNEY
1  Source: IRESS, with numbers quoted at the end of each year except for 2013, which represents the market capitalisation on the day of listing
2  Source: FactSet, Year-to-date, market capitalisation as at 31 March 2023
ABOUT SIBANYE-STILLWATER continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
6

BOARD AND EXECUTIVE LEADERSHIP
OUR BOARD AS AT 24 April 2023 
DR VINCENT 
MAPHAI (71)
Independent Non-executive 
Chairman of the Board
BA (Hons), BPhil (cum laude), 
MAPhil, PhD, Advanced 
Management Programme, 
Finance Certificate
South African citizen, 
appointed Independent 
Non-executive Chairman of 
the Board on 24 February 2020
Appointment date to 
predecessor Board of Sibanye 
Gold 1 June 2019
RICHARD 
MENELL (67)
Lead Independent Director 
MA (Natural Sciences, 
Geology), MSc (Mineral 
Exploration and Management)
SA and US citizen, appointed 
to the Sibanye-Stillwater 
Board on 24 February 2020
Appointment date to 
predecessor Board of Sibanye 
Gold on 1 January 2013
BOARD 
CHARACTERISTICS1
Independent Non-executive Chairman
A unitary Board with an appropriate 
balance of relevant diversity in 
gender, culture, age, fields of 
knowledge, skills and experience. 
The offices of Chairman and CEO are 
not occupied by the same person.
Lead Independent Director
Independent, non-executive directors
85%
Female directors
31%
TENURE1
Average tenure at Sibanye-Stillwater
2.8
years
The Group believes it is beneficial 
for new directors to be brought onto 
the Board periodically to refresh 
the Group’s thinking in a manner 
that supports both continuity and 
appropriate succession planning. 
Sibanye-Stillwater recognises that 
a variety of director tenures within 
the boardroom is beneficial to ensure 
board quality and continuity of 
experience. It further recognises 
that excessively long tenure can, 
however, be an impediment to 
an individual director’s independence. 
Two - four years
12
directors
Less than two years
1
directors
Average tenure at Sibanye Gold 
(preceding entity)
5.6
years
More than four years
8
directors
Two - four years
1
directors
Less than two years
2
directors
Average combined tenure at 
Sibanye-Stillwater and Sibanye Gold
8
years
More than nine years 
8
directors (2 being 
executive directors)
Less than nine years 
5
directors
Independence
Our Board is comprised of majority independent non-executive directors
Executive directors
2
Independent non-executive directors
11
BOARD 
DIVERSITY1
Gender
The Board aims to maintain a balance 
between male and female Board members 
and promotes gender diversity
9
Male
The Board promotes diversity attributes 
of gender, race, culture, age, field 
of knowledge, skills and experience.
4
Female
Race and culture
The Board promotes the appointment of directors 
from different races and cultures 
6
HDP
11
South African
2
Other nationalities
Average age of directors
The Board promotes an appropriate mix of ages to 
ensure that there are young voices to complement 
the experienced directors. Currently, the approved 
retirement age for directors is 72 years of age. 
The Board has reserved the right to extend this to 
75, provided the member concerned is available 
and fit to carry out their duties.
63
years
1
younger than 50
2
between 50 and 60
10
older than 60
Director rotation ensures a fresh perspective while maintaining continuity of skills and institutional experience.
Vincent Maphai, Charl Keyter, Tim Cumming and Nkosemntu Nika 
retire by rotation and are up for re-election at the 2023 annual 
general meeting (AGM). In terms of the Companies Act 71 of 2008, 
the election of members of the Audit Committee (Keith Rayner, 
Timothy Cumming, Richard Menell, Nkosemntu Nika, Savannah Danson, 
Susan van der Merwe and Sindiswa Zilwa) will be put to a shareholder 
vote at the AGM.
The Nominating and Governance Committee has undertaken the 
Audit Committee independence assessments as per the U.S. Securities 
and Exchange Commission (SEC) requirements, and confirms that 
for the year under review the Audit Committee members were and 
are all independent as per the SEC audit committee independence 
assessments criteria. 
1  All information as at the date of this report
SIBANYE-STILLWATER INTEGRATED REPORT 2022
7

TIMOTHY CUMMING (65)
BSc (Hons) (Engineering), BA (PPE), MA
SA citizen, appointed 24 February 2020
Appointment date to predecessor Board 
of Sibanye Gold 21 February 2013
SAVANNAH DANSON (55)
BA (Hons) Communication Science and Finance, 
MBA, Strategic Planning and Finance
SA citizen, appointed 24 February 2020
Appointment date to predecessor Board 
of Sibanye Gold 23 May 2017
DR ELAINE DORWARD-KING (65)
BSc (Chemistry), PhD (Analytical Chemistry) 
US citizen, appointed 27 March 2020
NKOSEMNTU NIKA (65)
BCom, BCompt (Hons), Advanced Management 
Programme, CA(SA)
SA citizen, appointed 24 February 2020
Appointment date to predecessor Board 
of Sibanye Gold on 21 February 2013
HARRY KENYON-SLANEY (62)
BSc (Hons) (Geology), International 
Executive Programme
UK citizen, appointed 24 February 2020
Appointment date to predecessor Board 
of Sibanye Gold on 16 January 2019
KEITH RAYNER (66)
BCom, CTA, CA(SA)
SA citizen, appointed 24 February 2020
Appointment date to predecessor Board 
of Sibanye Gold on 1 January 2013
SUSAN VAN DER MERWE (68)
BA
SA citizen, appointed 24 February 2020
Appointment date to predecessor Board 
of Sibanye Gold on 21 February 2013
JEREMIAH VILAKAZI (62)
BA, MA, MBA
SA citizen, appointed 24 February 2020
Appointment date to predecessor Board 
of Sibanye Gold on 1 January 2013
SINDISWA ZILWA (55)
BCompt (Hons), CTA, CA(SA) Chartered Director (SA)
SA citizen, appointed 1 January 2021
Executive directors
Independent non-executive directors
NEAL FRONEMAN (63)
Chief Executive Officer 
BSc Mech Eng (Ind Opt), BCompt
SA citizen, appointed 24 February 2020
Appointment date to predecessor Board
of Sibanye Gold on 1 January 2013
CHARL KEYTER (49)
Chief Financial Officer
BCom, MBA, ACMA and CGMA
SA citizen, appointed 24 February 2020
Appointment date to predecessor Board 
of Sibanye Gold on 9 November 2012
¸ For full profiles of the directors including
other details on directorships, see
www.sibanyestillwater.com/about-us/leadership/
Committees
BOARD AND EXECUTIVE LEADERSHIP continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
8

C-SUITE AND SENIOR MANAGEMENT as at 24 April 2023
NEAL FRONEMAN (63)
Chief Executive Officer
CHARL KEYTER (49)
Chief Financial Officer
LERATO LEGONG (44)
Chief Legal Officer
RICHARD STEWART (47)
Chief Regional Officer: Southern Africa 
DAWIE MOSTERT (53)
Chief Organisational Growth Officer
THEMBA NKOSI (50)
Chief Sustainability Officer
ROBERT VAN NIEKERK (58)
Chief Technical and Innovation Officer
MIKA SEITOVIRTA (61)
Chief Regional Officer: Europe
LAURENT CHARBONNIER (48)
Chief Commercial and Development Officer
Executive directors
C-Suite (Prescribed officers)
Executive Vice Presidents
CHARLES CARTER (60)
Chief Regional Officer: Americas
¸ For full profiles of the members of the C-suite and senior management, see www.sibanyestillwater.com/about-us/leadership/
BOARD AND EXECUTIVE LEADERSHIP continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
9

C-SUITE AND SENIOR MANAGEMENT as at 24 April 2023 continued
NASH LUTCHMAN (60) 
Protection services
WAYNE ROBINSON (60)
US PGM operations
THABISILE PHUMO (49)
Stakeholder relations
DAWIE VAN ASWEGEN (46)
SA PGM operations
BHEKI KHUMALO (49) 
Human resources
RICHARD COX (50)
SA gold operations
KLEANTHA PILLAY (45)
Sales and marketing
JAMES WELLSTED (53)
Investor relations and Corporate affairs
WILLIAM TAYLOR (54)
Technical services Southern Africa (SA) region; 
Group Champion Health and Safety
Executive directors
C-Suite (Prescribed Officers)
Executive Vice Presidents
¸ For full profiles of the members of the C-suite and senior management, see www.sibanyestillwater.com/about-us/leadership/
BOARD AND EXECUTIVE LEADERSHIP continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
10

Board members, expertise and committee membership
Independent non-executive directors
Member
Expertise
Committee membership
Vincent Maphai
•
Corporate affairs and transformation
•
Strategy
•
ESG matters, including climate change and sustainability
•
Chairman of the Board
•
Nominating and Governance Committee (Chairman)
•
Remuneration Committee
•
Safety and Health Committee
•
Social, Ethics and Sustainability Committee
Timothy Cumming
•
Engineering in the mining industry
•
Leadership and strategic development
•
Financial and risk management
•
ESG matters including climate change and sustainability
•
Understanding of Board duties with respect to tailings 
storage facilities (TSFs), and also potential risks that TSFs
pose and the controls required to manage, monitor 
and mitigate the risks
•
Remuneration Committee (Chairman)
•
Investment Committee (Deputy Chairman)
•
Audit Committee
•
Risk Committee
•
Social, Ethics and Sustainability Committee
Savannah Danson
•
Strategic communication
•
Financial and risk management
•
Mining
•
Infrastructure management
•
Audit Committee
•
Risk Committee
•
Remuneration Committee
•
Safety and Health Committee
•
Investment Committee
Elaine Dorward-King
•
Mining
•
Health and safety
•
ESG matters, including climate change and sustainability
•
Understanding of Board duties with respect to TSFs, 
the potential risks TSFs pose, and the controls required
to manage, monitor and mitigate the risks 
•
Risk management
•
Mining industry leadership
•
Safety and Health Committee
•
Social, Ethics and Sustainability Committee
Harry Kenyon-Slaney
•
Operations
•
Geology
•
Health and safety
•
Business transformation 
•
ESG matters, including climate change and sustainability
•
Business development
•
Safety and Health Committee (Chairman)
•
Social, Ethics and Sustainability Committee
•
Risk Committee
•
Investment Committee
•
Remuneration Committee
Richard Menell
•
Risk management
•
All aspects of the mining industry, operationally 
and at executive management and board level
•
Geology
•
Financial management
•
ESG matters, including climate change and sustainability
•
Risk Committee (Chairman)
•
Investment Committee (Chairman)
•
Audit Committee
•
Nominating and Governance Committee
•
Safety and Health Committee
•
Social, Ethics and Sustainability Committee
BOARD AND EXECUTIVE LEADERSHIP continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
11

Independent Non-executive Directors continued
Member
Expertise
Committee membership
Nkosemntu Nika
•
Finance and accounting at both private 
and public sector organisations
•
Risk management
•
ESG matters, including climate change and sustainability
•
Audit Committee
•
Nominating and Governance Committee
•
Remuneration Committee
•
Social, Ethics and Sustainability Committee
Keith Rayner
•
Corporate finance and accounting
•
Risk management
•
Executive management and governance
•
Regulatory compliance 
•
ESG matters, including climate change and sustainability
•
In compliance with the Sarbanes-Oxley Act, the Board
has identified Keith Rayner as the Audit Committee’s 
financial expert
•
Audit Committee (Chairman)
•
Risk Committee
•
Remuneration Committee
•
Social, Ethics and Sustainability Committee
•
Investment Committee
•
Nominating and Governance Committee
Susan van der Merwe
•
Diplomacy
•
Foreign affairs, liaison at highest levels of government
and regulators 
•
Risk management
•
Audit Committee
•
Risk Committee
•
Nominating and Governance Committee
•
Safety and Health Committee
Jeremiah Vilakazi
•
Strategic investments
•
Shaping major public service policies in post-1994 
South Africa
•
Advocacy 
•
ESG matters, including climate change and sustainability
•
Social, Ethics and Sustainability Committee (Chairman)
•
Nominating and Governance Committee
•
Investment Committee
Sindiswa Zilwa
•
Auditing and Accounting 
•
Risk management
•
Executive management and governance
•
Regulatory compliance
•
In line with the proposed U.S. Securities and Exchange 
Commission (SEC) regulations, the Board, through the 
Nominating and Governance Committee, appointed 
Sindiswa as the Board of Directors’ cybersecurity expert. 
•
Audit Committee
•
Risk Committee
•
Safety and Health Committee
•
Investment Committee
Executive Directors
Member
Expertise
Committee membership
Neal Froneman
•
Operations management
•
Mergers and acquisitions
•
Risk management and strategy
•
ESG matters, including climate change and sustainability
•
Risk Committee
•
Safety and Health Committee
Charl Keyter
•
Financial and risk management
•
Mergers and acquisitions
•
Executive Committee and sub-committees as outlined
in governance and delegation above
¸ Detailed biographies and information on other public directorships are available on our corporate website (www.sibanyestillwater.com)
and in our Form 20-F, available at www.sibanyestillwater.com/news-investors/reports/annual
BOARD AND EXECUTIVE LEADERSHIP continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
12

CHAIRMAN’S AND CHIEF EXECUTIVE 
OFFICER’S REVIEW
Dr Vincent Maphai – Chairman
Neal Froneman – Chief Executive Officer 
Early in 2023, we celebrated a decade since the incorporation of the Group – a 10-year 
journey of transformation from a gold-only South African company to a multinational diversified 
mining and metals processing Group and a decade of shared value benefiting all stakeholders. 
The journey has not always been smooth and we have had to overcome many obstacles 
along the way, but we are confident that we have the right people and strategy to continue 
delivering superior shared value for our stakeholders.
While there were many notable achievements to celebrate in 2022, our most fulfilling was 
the marked improvement in our safety performance and in particular the sharp reduction 
in the number of fatal incidents.  
The year 2022 was a challenging one, during which the Group 
proved its resilience. In spite of industrial action and electrical load 
curtailment at our SA operations, and extreme weather-related 
regional flooding which affected our US operations, we still 
delivered our third-highest annual adjusted EBITDA. Through capital 
discipline, we sustained a net cash balance (net cash to adjusted 
EBITDA of 0.14 times) at year end, while continuing to deliver value 
accretive growth through our investments in battery metals and 
returning a full year dividend of R7.4 billion (US$421million), which 
represented a dividend yield of 6%, 
We advanced our battery metal strategy by building an initial 
presence in Europe. The acquisition of Sandouville and the increase 
of our holding in Keliber Oy (Keliber) to 85% provide a credible 
platform for expanding into the European battery metals 
ecosystem. We continued to advance our interest in the circular 
economy by increasing our shareholding in New Century Resources 
Limited (New Century) from 19.9% to more than 95.5% by way of a 
successful takeover offer to New Century shareholders in early 2023.
SAFETY
During 2022, the implementation of our fatal elimination strategy 
resulted in our fatal injury frequency rate (FIFR) improving by 75% 
compared to 2021.  With ongoing improvements in all Group safety 
indicators continuing throughout the year, this is an achievement 
that we are very proud of. 
Comparing our safety metrics for 2022 to 2021, we achieved a 
23% improvement in the serious injury frequency rate (SIFR), a 27% 
improvement in the lost time injury frequency rate (LTIFR), and a 29% 
improvement in the total recordable injury frequency rate (TRIFR). 
Our TRIFR has moved from 6.69 in 2020 to 5.07 in 2022, putting us in 
line with several of our ICMM peers who operate in less challenging 
environments and with fewer people. 
Despite this progress, we were deeply saddened to report five 
fatal accidents during the year. Every serious or fatal accident 
has profound consequences for the families and friends of those 
killed or injured. We will never waver in our aim to eliminate all 
fatalities and injuries from the workplace. We extend our thoughts 
and prayers to the family and friends who lost their loved ones. 
SIBANYE-STILLWATER INTEGRATED REPORT 2022
13

Since 2013, our employee and contractor numbers increased by 
133%, mainly as a consequence of acquisitions. Our safety track 
record demonstrates the progress we are making in ensuring that 
84,481 people work safely and continue to make values-based 
decisions in line with clear safety standards. 
Post the 2022  year end (as at 14 April 2023), the Group had 
recorded five fatalities during two separate incidents at the SA gold 
operations’ Driefontein operation (one employee) and the 
Burnstone project (four contractors). 
A safety review by an independent safety expert has noted that we 
are securing buy-in for our safety protocols and philosophies from all 
levels of the organisation, with leadership playing its part in driving 
the change. We believe that our focus will continue to embed a 
strong safety culture, particularly among frontline employees, and 
drive sustainable safety improvement. Ã See Ensuring safety 
and wellbeing, page 126. 
WORKFORCE VS FATALITIES
9
12
7
14
11
24
6
9
21
5
36
44
46
75
66
65
85
85
85
85
Fatalities
Workforce
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
0
25
50
75
100
CELEBRATING A DECADE OF SHARED VALUE 
Our decade-long journey of growth and diversification has been 
associated with significant value creation for all stakeholders. 
From the outset, creating superior value for all stakeholders has 
been central to our business approach. This is captured by our 
Umdoni tree, which symbolises our business ethos, reflecting a 
culture that embraces stakeholder capitalism and shared value. 
Shared value 
The impact that Sibanye-Stillwater has made – and the value we 
have created for all stakeholders during this journey – is evident 
when comparing the value we shared with stakeholders at 
inception in 2013 to that shared in 2022.
Notably, in addition to the significant capital growth in the business, 
we have distributed R41 billion (US$2.8 billion) in additional value 
in the form of dividends and share buybacks. This amount alone is 
four times greater than our initial market capitalisation on listing of 
R10 billion (US$1.2 billion).  
The Group is a significant employer globally. In 2013, we employed 
36,274 people, including contractors, in South Africa alone. By 2022 
this  increased by 133% to 84,481 worldwide, although the vast 
majority of our workforce continues to be in South Africa. 
In a country with extreme levels of unemployment and poverty, 
there is distinct value in giving people a dignified wage, 
a progressive career path, and an opportunity to engage 
in challenging and incentivised work as part of a team driven 
by purpose and values.
Salaries and benefits paid to employees and contractors have 
increased from R6 billion (US$0.6 billion) in 2013 to R26.5 billion 
(US$1.6 billion) in 2022, a more than four-fold increase. Employee 
and contractor benefits paid amount to R158 billion (US$11 billion) 
cumulatively over the past 10 years. In addition to these salaries 
and benefits, approximately R1.4 billion in the form of dividends 
and other employee share option scheme payments have 
been distributed among 46,000 employees over the last two years. 
Entry-level salaries at our SA gold operations have increased by 
over 105% since 2013, significantly ahead of inflation, contributing 
to a decent living wage and reducing wage disparity. 
The value we have shared with our communities through 
socioeconomic development and corporate social investment (CSI) 
programmes has also increased significantly over the last 10 years, 
from just over R1 billion (US$109 million) in 2013 to over R2.3 billion 
(US$141 million) in 2022, a 120% increase. This translates to a 55% 
increase in real terms after accounting for inflation at CPI. 
The cumulative value flow to communities over the last 10 years 
amounts to R13.9 billion (US$1 billion). We have recently gone 
beyond these investments by committing 1.5% of the equivalent 
value of dividends paid to shareholders to fund infrastructure 
development projects in our local communities.
Our economic contribution goes well beyond these investments 
though, with taxes and royalties paid to governments in the 
jurisdictions where we operate increasing from R554 million 
(US$58 million) in 2013 to around R17.9 billion (US$1.2 billion) in 2021 
and R10.7 billion (US$653 million) in 2022, almost a twentyfold 
increase. Cumulatively over the last 10 years, we have paid a total 
of R44 billion (US$3 billion) in taxes, representing a substantial 
contribution to the fiscus in jurisdictions where we conduct business. 
Our quest to deliver superior shared value is informed by the codes, 
standards and frameworks that we subscribe to for responsible 
conduct of our business, including our commitment to the ten 
principles of the United Nations Global Compact (UNGC).
Ã See A decade of shared value, the Social, Ethics and 
Sustainability Committee Chairman’s report on pages 83 and 180, 
respectively.
CHAIRMAN’S AND CHIEF EXECUTIVE OFFICER’S REVIEW continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
14

Our strategic evolution 
Our track record of shared value for all stakeholders was realised through the journey of value accretive growth that we have pursued 
since 2013. The sigmoid curves depict the evolution of the group, including our latest strategic pivot towards green metals and energy 
solutions for ongoing delivery of future value.
We built the business from a base of gold, turning around the three 
mature South African gold assets that had been regarded as non-
core in the Gold Fields portfolio of operations. This provided the 
platform for our initial entry into green metals through a series of 
platinum group metals (PGM) acquisitions. In a short period of time, 
we established a leading position as one of the largest global PGM 
producers. 
In 2016, we secured our exposure to PGMs through the acquisition 
of Aquarius Platinum Limited in South Africa, including the Mimosa 
joint venture with Impala Platinum Holdings Limited (Implats) in 
Zimbabwe. This was followed by the acquisition of the Rustenburg 
operations from Anglo American Platinum Limited. 
In May 2017, we acquired the US-based Stillwater Mining Company 
which, at US$2.2 billion, was the largest PGM transaction globally 
in over a decade. This deal facilitated the geographic 
diversification of the Group’s operating portfolio into the Americas 
and resulted in us rebranding as Sibanye-Stillwater. This acquisition 
included a PGM recycling operation recovering the greenest PGMs 
from spent autocatalysts with a small operating footprint and limited 
draw on natural resources.
In mid-2019, we concluded our fourth step in our PGM growth 
by acquiring Lonmin, which comprised the Marikana PGM mining 
operations and associated processing and base metal and 
precious metal refining operations. This established Sibanye-
Stillwater as one of the leading mine-to-market PGM companies 
in the world.
In 2018, we strengthened our involvement in the circular economy 
through the initial 38.05% shareholding and later increased holding 
to 50.1% in DRDGOLD, a publicly listed leading tailings retreatment 
business. This acquisition liberated value from resources that were 
secondary in our operating portfolio while contributing positively 
to our environment and to DRDGOLD's portfolio of assets.
Our most recent phase of value growth – through the expansion 
of our business into the rapidly expanding battery metals sector – 
occurred in 2021, with a series of strategic transactions. 
These included the acquisitions of: (i) an initial 30% stake in Finland’s 
Keliber, the developer of the Keliber lithium project, which has since 
increased to 85%; (ii) 100% of Sandouville, a nickel 
hydrometallurgical processing facility in France; (iii) an interest in 
ioneer, the owner of the Rhyolite Ridge project in Nevada, United 
States as well as a 50% participation right in the project once all 
permits have been approved and other conditions met; and (iv) a 
19.9% investment in New Century, an Australian tailings reprocessing 
business, that is set to become a wholly owned subsidiary in 2023, 
and in which the Group currently holds a 95.5% stake. These interests 
have augmented our exposure to the circular economy and 
battery metals, thus advancing our pivot into green metals and 
energy solutions. 
OPERATIONAL PERFORMANCE
Our operating results for 2022 were strongly influenced by two 
significant events: the industrial action and lockout at the SA gold 
operations; and the extreme weather-related regional flooding 
which severely disrupted our US PGM operations during H2 2022. 
Elevated levels of load curtailment, and the increased intensity of 
criminal activity orchestrated by syndicates, raised the operational 
challenges in South Africa above the expected risk level.
The three-month industrial action and lock out at the SA gold 
operations, which ended in June 2022, was a regrettable though 
necessary outcome of unreasonable wage demands. The long-
term sustainability of these operations required us to secure an 
inflation-related wage agreement. With the phased production 
build-up from the SA gold operations completed by November 
2022, and the closure of the Beatrix 4 and the Kloof 1 plant now 
complete, prospects are good for a more stable operating period 
in 2023 with improvements in production and operating costs. 
The next gold wage negotiation is expected in July 2024. 
CHAIRMAN’S AND CHIEF EXECUTIVE OFFICER’S REVIEW continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
15

The industrial action at the SA gold operations laid the foundation 
for the SA PGM operations to secure a five-year inflation-linked 
wage agreement, without disruption, for the Rustenburg and 
Marikana operations. This underpins the prospects for operational 
continuity and stability over the extended term of the wage 
agreement. 
Production from the SA PGM operations remained relatively 
consistent, given the challenges. All-in sustaining cost (AISC) 
at just over R19,000 per 4E ounce (US$1,180 per ounce) was 
14% higher than 2021 – mainly due to reduced volumes as a result 
of loadshedding and copper cable theft. This is a commendable 
achievement with South African mining inflation running at 
18% in 2022.   
A further increase in cash flow and profits should arise from the 
Rustenburg operation following the final deferred payment of 35% 
of cash flow to Anglo American Platinum in Q1 2023. These factors in 
combination put our SA PGM business in a good position for 
sustained strong delivery in the near-term.  
The US PGM operations lost seven weeks of production in mid 2022 
due to severe regional flooding in Montana. This incident reaffirms 
our strategic consideration that global warming will  make extreme 
weather events more likely. The experience affirms the importance  
of re-evaluating weather-related risks in line with our TCFD 
commitments and reviewing design parameters to cater for 
weather and climate. These developments elevate our resolve 
to play our part in mitigating climate change. Ã See Minimising 
our environmental impact, page 187. 
With the objective of ensuring long-term sustainability, operational 
flexibility and cost competitiveness in the context of longer-term 
market demand for palladium, we repositioned our US PGM 
operations in mid-2022. These operations are now intended to 
achieve a steady-state production level of 700,000 2E ounces at 
a cost structure of less than US$1,000 per 2E ounce by 2027. 
Regrettably, we experienced a shaft overwind incident at the 
Stillwater mine in March 2023 that caused the suspension of 
production operations, temporarily interrupting momentum.
In 2022, our PGM recycling volumes were down to 600,000 ounces, 
from 755,000 ounces in 2021 in line with global PGM recycling trends. 
The global economic downturn combined with continued pressure 
on automotive manufacturing volumes as a result of the extended 
chip shortage suppressed consumer demand for new vehicles. 
This was compounded by Russia's invasion of Ukraine that further 
disrupted global supply chains, and negatively affected economic 
growth. The net result is that fewer vehicles were being scrapped 
as older vehicles continue in service for longer. 
A second factor that affected recycling throughput relates to our 
principled approach to for an assured chain of custody for recycled 
material. This resulted in us declining to accept material from certain 
sources pending proof of authenticity. In this regard, we are working 
with the International Precious Metals Institute to promote policies 
regarding the prevention of catalytic theft, which is a growing 
challenge in the US. Our ESG commitments as a values-based 
organisation dictate that we will not put long-term business 
sustainability at risk for the sake of short-term gain.
In the European region, meaningful progress was realised in building 
a significant green metals business by securing our initial presence in 
a key target market. The Keliber project in Finland has received the 
majority of its permits, although some of the conditions applicable 
at the concentrator and Rapasaari mine are  being appealed. 
Construction of the lithium hydroxide refinery commenced in the first 
quarter of 2023. 
The target nameplate capacity to be achieved by 2025 remains 
15,000 tonnes per annum with a life of mine of 16 years and upside 
potential from resources that are the subject of exploration 
activities. As one of Europe’s first integrated producers of lithium 
hydroxide from its own ore, Keliber is projected to be among the 
greenest lithium hydroxide producers in the world. This is because 
the electricity grid in Finland has exceptionally low carbon emissions 
and our value chain will be mainly in Europe, which means less 
emissions for transportation. 
The Sandouville nickel refinery in France is being integrated 
and the feasibility studies into PGM and battery recycling facilities 
are underway. Despite challenges in sustaining refinery throughput 
at Sandouville during H2 2022, operational and commercial 
improvement initiatives are being implemented which is expected 
to result stronger operational and financial results in 2023.
Ã See Operational excellence, page 104; and for year-end results, 
see ¸ www.sibanyestillwater.com/news-investors/reports/
quarterly/2022/
FINANCIAL PERFORMANCE AND CAPITAL 
ALLOCATION
During 2022, we generated R138 billion (US$8.4 billion) in revenue. 
This was down 20% year-on-year driven by lower volumes affected 
by the disruptions to operations and reduced commodity prices. 
While robust compared with historical levels, PGM prices were lower 
compared to the record highs of 2021. 2E prices were 11% lower 
year-on-year at US$1,862/oz, while the 4E PGM basket price was 9% 
down at R42,914/oz. Rand gold prices firmed year on year to be 
11% higher. 
Adjusted EBITDA for 2022 was R41 billion (US$2.5 billion) and taxes 
and royalties were correspondingly down in line with lower margins. 
Profit for the 12 months was just under R19 billion with normalised 
earnings at R21 billion. Using our dividend pay-out ratio of 35%, the 
final dividend declared was R1.22 per share, bringing the full year 
pay-out to R2.60 share. This represent a 6% yield. 
Our healthy  balance sheet  positions us to deliver on our capital 
allocation priorities during 2023 with cash reserves maintained at 
year end at  R26 billion (US$1.5 billion).
We have invested approximately R1.9 billion in capital into growth 
projects in South Africa, at just under R1 billion each on Burnstone 
and K4. Our Board has also approved capital expenditure on 
Keliber of €588 million, which will be funded through a split of 50% 
debt and 50% equity. A total of €176 million in equity has already 
been secured following our investment in Keliber and a further 
€104 million in equity will be raised through a proportionate rights 
issue during 2023. The debt funding process is well underway, 
with lenders showing keen interest in the project. 
For Rhyolite Ridge, our commitment to provide capital is only 
triggered once all permits have been obtained. We are pleased 
with the support from the US government provided through a 
conditional loan of up to US$700 million by the US Department 
of Energy.
CHAIRMAN’S AND CHIEF EXECUTIVE OFFICER’S REVIEW continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
16

Capital expenditure is forecast to decline from peak levels during 
2023 and 2024 with ore reserve development capital and stay in 
business capital at our SA gold operations expected to reduce in 
line with the declining production profile of our operations, while 
capital at the SA PGM operations is forecast to stabilise at lower 
levels following the ramp up of K4. At our US PGM operations, limited 
further growth capital will be spent following the repositioning of the 
operations. 
In short, our planned capital expenditure is currently expected to 
peak during 2023 and 2024 and decline thereafter, and is 
undemanding based on our current commodity price outlooks and 
strong balance sheet, and is provided for in our capital allocation 
framework.
THE BOARD AND GOVERNANCE
The composition of the Board remained consistent in 2022. 
The Board oversees the corporate strategy and sets the overall 
direction for sustained delivery of shared value to all stakeholders, 
in line with the Group’s purpose to safeguard global sustainability 
through its metals. As the ultimate authority, the Board is the 
custodian of governance and ethics, providing oversight 
and support for our values-based culture.  It ensures that we remain 
consistent with our core principles, operate in accordance with the 
Group’s Code of ethics, and abide by our ESG commitments.
To cater for the complex dynamics involved in decision-making, 
Board diversity is essential to enable issues to be approached from 
the different perspectives of directors from different cultural, racial, 
gender and age groups. The Board is considered to have a 
balanced composition that is conducive to effective leadership. 
Ã See Board and executive leadership, page 7. 
In 2022, the Board and its sub-committees enjoyed 100% 
attendance from members, which demonstrates the commitment 
of the Group’s directors.
THE CHANGING ENVIRONMENT FOR 
OUR BUSINESS
The global perspective
We continue to conduct business in a world that is in intense flux 
as the pace of change accelerates at an exponential rate. 
The grey elephants (pandemics, ageing, inequality, angry planet, 
the big squeeze, angry people, multipolarity and intelligent 
advances) that we introduced last year are making themselves felt 
more strongly creating a challenging context with rising complexity 
and uncertainty. The operational disruptions  experienced in 2022 
referenced earlier in our report, can be directly attributed to at 
least one of the grey elephants.
Importantly, the grey elephants also create significant new 
opportunities to develop businesses that are able to position with 
agility and foresight. We are alert to the significant developments 
that are shaping significant opportunities for sustainable growth of 
our business.
The most critical development is the intensifying war on climate 
change. In this respect, critical minerals are going to be required 
in increasing quantities to service technologies for a low carbon 
economy. Social and regulatory attitudes towards mining are 
adjusting to confront this reality in which deficits in green metals –
lithium in particular – will slow the pace of technology development, 
particularly in vehicle electrification. Security of supply of critical 
minerals is becoming a national imperative for many governments 
with active support building for the establishment of local and 
regional value chains. Innovative energy storage systems requiring 
a broader range of minerals will become increasingly important. 
We are confident that PGMs, as important green metals, will remain 
highly relevant in this unfolding scenario, both in their conventional 
applications as well as in new roles in the green hydrogen 
economy.
Taken in conjunction, these factors strongly validate the strategy 
that we are pursuing to become a central player in the North 
American and European new energy ecosystems by building a 
unique portfolio of green metals and energy solutions. Through our 
activities in 2022, we are well-positioned to capitalise on these 
opportunities.
While the pivotal need to confront climate change creates new 
business opportunities, we are also mindful that the impact of 
climate change on weather patterns is generating significant new 
risks for our business. As part of our TCFD work, we are 
comprehensively reviewing the physical risks and updating 
operating protocols where necessary to cater for more extreme 
climate and weather. 
Without detracting from other significant trends that have relevance 
for our business, we would like to highlight the exponential adoption 
of intelligent advances in 2022 with rapid emergence of generative 
artificial intelligence into mainstream application. The fifth industrial 
revolution is gaining real traction. As part of our Inclusive, diverse 
and bionic strategic differentiator, our quest to create a digital-first 
organisation is rapidly becoming a practical reality. This includes 
harnessing digital methods to augment human performance and 
leveraging the advantages of virtual and remote working. While  
delivering a step change in operational efficiency, the 
developments are also expected to  enhance the working lives of 
our employees. 
In 2022, we made significant progress in embedding innovation as 
the sixth Group value. This includes instilling the behaviours, habits 
and routines through which innovation becomes an integral part of 
how we conduct business. We have also conducted work to define 
what the mine of the future will look like. We are dedicated to 
pioneering this new reality, and we continue to work on a fully-
integrated digital mining enterprise.
Ã See Harnessing innovation, page 172.
Additional information on how we are responding to the dynamic 
external environment. Ã See Managing our risks and opportunities 
within the external environment, page 37.
Load curtailment and crime in South Africa
As reflected in our strategic risk register and our material issues, 
the deteriorating quality of public services and the economic 
climate in South Africa has become an increasing concern.
Eskom’s decreasing energy availability factor is having a major 
impact on the mining industry and South Africa’s economy as 
loadshedding measures are regularly disrupting our operations. 
While load curtailment is managed by re-scheduled energy 
intensive activities to lower demand periods which mitigates the 
impact of these constraints, such measures are less effective during 
periods of long-duration loadshedding. With limited improvements in 
the national electricity supply expected in the short term, a more 
substantial impact on production from our SA operations could 
eventuate in 2023.
CHAIRMAN’S AND CHIEF EXECUTIVE OFFICER’S REVIEW continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
17

As there are no immediate solutions to improve national energy 
security, we are pursuing self-generation projects that will improve 
the reliability of energy supply. We are also working with 
stakeholders to remove red tape and alleviate other obstacles like 
limited network access, with the aim of commissioning additional 
generation as quickly as possible. This will de-risk this aspect of 
our operations, significantly reducing our dependence on Eskom, 
and the carbon emissions attributable to a reliance on coal-fired 
generation, which dominate our current scope 2 emissions. 
Ã See Minimising our environmental impact, page 190. 
Another factor that had a marked impact on production in 2022, 
particularly at the SA PGM operations, was copper cable theft. 
At our Marikana operations we experienced almost a fourfold 
increase in the number of cable theft incidents between Q1 to Q4 
2022, which resulted in significant disruption to production while 
power was restored. Illegal mining is also a persistent threat, 
especially at our SA gold operations. (2 See Combatting illegal 
mining factsheet, ¸ www.sibanyestillwater.com/newsinvestors/
reports/annual). While the production implications are significant, 
our primary concern relates to the safety of our employees, given 
that criminal elements present in our mine workings are prepared 
to engage in violence and sabotage of assets.  
With highly-organised syndicates orchestrating these criminal 
activities, it requires a more concerted multi-stakeholder effort 
to deal with the scourge. 
LOOKING TO THE FUTURE
Our three-dimensional strategy 
In last year’s report, we introduced our three-dimensional strategy 
which is intended to support delivery of our purpose of safeguarding 
global sustainability through our metals. This strategy is described in 
some detail on following pages of this report, and continues to 
provide the basis for delivery of superior shared value for all 
our stakeholders.
We recognise the critical importance of our strategic essentials 
to sustain the quality and quantity of delivery from our operations, 
especially in the increasingly challenging contexts that are being 
encountered across the world. Under our newly-established 
regionalised leadership configuration, our Chief Regional Officers –
supported by their experienced leadership teams – are closer 
to issues at grassroots level and have the requisite level of 
understanding to navigate the critical issues. Functional expertise 
is available as required from the broader C-suite. This is an 
effective recipe to sustain operational excellence at operations 
spanning a broader range of jurisdictions and commodities.
Our strategic differentiator to build a unique portfolio of green 
metals and energy solutions is building a platform on which to 
augment our impact on climate change through the increased 
presence secured in battery metals during 2022. While the projects 
we will be bringing into production over the next few years will have 
meaningful impact in the European and North American new 
energy ecosystems, we are confident of securing further meaningful 
advances over the forthcoming year that will extend our influence 
in critical minerals and clean energy technologies. Ã See Our 
purpose, vision and strategy, page 32. 
IN CLOSING 
We are an organisation that produces metals and materials 
necessary for a sustainable society in support of our purpose to 
safeguard global sustainability though our metals. We are confident 
in our ability to deliver on our goals and on our vision to lead in 
delivery of shared value for all stakeholders. Our strategic 
differentiators provide the clear pathway to distinguish ourselves in 
the global metals industry: to be Recognised as a force for good, to 
be Instrumental in building pandemic-resilient ecosystems, doing so 
in a way that is Inclusive, diverse and bionic, and building a Unique 
global portfolio of green metals and energy solutions that reverse 
climate change.  
As is the norm for conducting business in the 2020s, we expect 
to encounter significant disruption and challenges. These include 
social unrest, industrial action, pandemics, extreme weather events, 
rapid change in technology and more. The manner in which 
we have faced and overcome past challenges and seized the 
opportunities that have come with them, however, demonstrates 
that we have the right team to deliver optimum growth. 
It takes enormous effort and diligence from tens of thousands of 
people to sustain our operations and our ESG credentials, and to 
deliver to investors and stakeholders. Our gratitude goes to our 
84,481 colleagues, and to partners and supporters within local 
communities, the investment community, and governments in 
various parts of the world for enabling our activities. We will continue 
to work collaboratively with those who share our vision for global 
sustainability in mining that delivers superior shared value. 
We also salute members of the Board and the Executive Committee 
for their guidance and their steadfastness in pursuing our strategy. 
Dr Vincent Maphai
Chairman
Neal Froneman
Chief Executive Officer 
24 April 2023
CHAIRMAN’S AND CHIEF EXECUTIVE OFFICER’S REVIEW continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
18

CORPORATE GOVERNANCE
COMMITMENT TO GOVERNANCE AND VALUE CREATION
The Sibanye-Stillwater Board provides effective, responsible and ethical leadership and is committed to ensuring that sound standards 
of corporate governance guide all that we do. Our discussions and decisions are guided and framed by our vision and purpose: to be 
a leader in superior shared value for all stakeholders, and to safeguard global sustainability through our metals. 
Sibanye-Stillwater subscribes to the principles of the King IV Report on Corporate GovernanceTM for South Africa, 2016 (King IV), the South 
African Companies Act 71 of 2008 (as amended) (the Act), the JSE Listings Requirements, the NYSE Listed Company Manual and other 
relevant laws. The Board also subscribes to the principles of the International Council on Mining and Metals (ICMM), United Nations 
Global Compact (UNGC), World Gold Council (WGC), and the International Labour Organisation Protocol on decent work and 
working conditions. While the Board is unwavering in its adherence to legislation, regulations and codes, the Group’s commitment to 
good governance goes beyond compliance and is underpinned by our iCARES values. 
Sibanye-Stillwater has created value for stakeholders in the past year by 
•
Delivering a sound financial performance
•
Significantly improving safety performance
•
Returning value to shareholders through dividends
•
Promoting technology and innovation to improve on safety and production
•
Progressing the green metals strategy
•
Promoting the principles of a values-driven organisation that is a force for good
•
Overseeing the elevation of ESG as a critical imperative underpinning the legitimacy of our business
•
Overseeing the formalisation of the sustainability strategy
•
Formalising the regionalisation model
•
Delivering a multi-stakeholder, collaborative Marikana Renewal programme
•
Concluding the inflation-linked three- and five-year wage agreements signed at the SA gold operations and SA PGM operations
respectively, positioning operations for stability
•
Reducing risk by maintaining ISO certification for our operations
ETHICAL LEADERSHIP AND CORPORATE 
CITIZENSHIP 
Ethical leadership
The Board assumes ultimate responsibility for the Group’s ethical 
performance and holds management accountable for 
implementing Sibanye-Stillwater’s Code of ethics (the Code) and 
ensuring that the organisation is a values-driven one. The Code is 
binding on directors and employees (full-time and part-time) and 
we encourage all third-parties who do business with us to adopt it. 
As part of the integration process of acquisitions in the European 
region (Sandouville and Keliber), we undertook a gap analysis of 
the Code against Sandouville and Keliber’s ethics policies and 
compared all three against international best practice. All policies 
met the standard of international best practice. New regions will 
align with the Code.  
We hold ethics induction training across the regions, which 
employees and all third-parties who do business with us complete 
when they join the Group. This induction covers topics such as 
conflicts of interests, anti-corruption, human rights, procurement 
policies, amongst other ethics-related topics (Ã See Empowering 
our workforce, page 161). With the aim of combatting corruption 
and fostering anti-corruption behaviour, we extended our anti-
corruption and ethics training to our suppliers, with 367 of them 
completing the online training video. Ã See Socioeconomic 
development, page 228.
The Board, through the Audit Committee and the Social, Ethics 
and Sustainability Committee, oversees compliance with Sibanye-
Stillwater’s Code of ethics. These two committees assist the Board 
in reviewing adherence to compliance and ethics programmes, 
including anti-bribery, anti-corruption, sanctions, competition, 
fraud, market manipulation, and anti-money laundering laws and 
regulations. The Internal audit department performs, at a Group 
level, annual audits on various governance processes such as 
ethics. During 2022 Internal audit performed an audit on all 
operating regions, with the exception of Europe, which it will do 
in 2023. 
Breaches of company policy (including transgressions of the Code) 
are not only picked up in audits, but also detected and reported 
through internal systems. All incidents of unethical behaviour, 
fraud, theft and corrupt activities are investigated. Included in 
our Risk tolerance framework are ethics and corporate governance. 
The framework helps management track the effectiveness of risk 
tolerance levels and mitigate strategic risks. We have drafted 
policies for anti-bribery, anti-money laundering, and counter-
terrorism financing. These policies confirm the Group’s zero-
tolerance approach to fraud and theft, including bribery, 
corruption, extortion, money laundering, and terrorist financing of 
any kind. To this end, we will only conduct business with customers, 
suppliers, distributors, counterparties and agents who are involved 
in legitimate business activity and whose funds are derived from 
legitimate sources.
SIBANYE-STILLWATER INTEGRATED REPORT 2022
19

Our ethical practices are reviewed annually by external parties as 
part of the ICMM and WGC assurance processes. In respect of 
suppliers, we have verification and vetting processes to minimise the 
risk of non-compliance with our ESG requirements and the Code. 
Verifications of qualifications and criminal record screening of new 
employees (as well as those being promoted) are part of our 
practice to mitigate risks relating to corruption, or other unethical 
acts (Ã See Socioeconomic development, page 228).
We have toll-free lines and an anonymous email address 
(sibanyestillwater@tip-offs.com) to facilitate the reporting of non-
compliance to the Code across the Group; 0800 001 987 
(SA region), 1-800-317-0287 (US region), 0800 772 244 (Finland), 
0805 080 544 (France). Employees, suppliers and customers can 
use the toll-free lines and anonymous email address to report 
irregularities and misconduct without fear of victimisation. 
Whistleblower reports, which are anonymous and confidential, 
are managed by Protection services. These reports are reviewed 
by the Audit Committee and the Social, Ethics and Sustainability 
Committee. We have a Whistleblower policy available that is 
designed to offer protection and confidentiality to those who 
disclose concerns.
The Group works openly with governments, NGOs and advocacy 
groups. However, it does not make and has not made, contributions 
to political parties, government affiliates or candidates, whether in 
cash or in kind, as per the Code’s requirement. 
¸ See www.sibanyestillwater.com/about-us/governance
Declarations and conflicts of interest and related-party 
transactions
Board members must inform the Board timeously of actual or 
potential conflicts of interest concerning particular items of business 
or other directorships. The Board’s Conflict of interest policy is 
contained in the Board Charter, publicly available on our website. 
This policy requires that at all Board and committee members 
declare at the start of the meeting any conflicts of interest in 
respect of the agenda. In addition, as per the Code, King IV, 
the Companies Act of 2008 (as amended), the JSE Listings 
Requirements, and the NYSE Listed Company Manual, directors and 
prescribed officers must submit a declaration of all their material 
interests at least once a year or at any time their circumstances 
change. Declarations required as per schedule 13 of the JSE Listings 
Requirements are a standing agenda item of the Board. Directors 
are also annually required to confirm the statements and declare 
whether any change has occurred to their statements as per 
schedule 13.
Conflicts of interests are minuted, and affected directors are 
recused from debating and voting on matters on which they are 
conflicted. There were no conflicts of interest during the year that 
warranted non-executive directors to be recused from a meeting.
The Board also holds senior managers and employees to similar 
standards of ethics. The Code requires that all designated sensitive 
positions complete annual declarations of interest in the prescribed 
format, or earlier if circumstances change. Over and above the 
designated sensitive positions, any employee that has a conflict, or 
perceived conflict, of interest should also complete the declaration 
in the prescribed format. The designated sensitive positions are 
as follows
•
Group executive members
•
Regional Exco/Manco members
•
Vice presidents and above not covered in the aforementioned
•
All procurement employees
•
All Business development employees
•
All staff in a financial processing role – reporting, accounts
payable/accounts receivable, treasury
•
Internal audit employees
•
Risk and insurance employees
•
Medical employees
•
Sarbanes Oxley employees
•
Payroll employees
•
Legal employees
•
Stakeholder relations employees
•
D-band and above HR employees
•
Protection services employees
•
PAs and executive PAs
Declarations in the South African operations are updated on the 
electronic Employee self service (ESS) system. Digitalisation of the 
process assists in keeping an audit trail. During 2022, 826 conflicts 
of interest were declared on the ESS system.
The Audit Committee monitors and oversees significant related 
party transactions and relationships. These are disclosed in detail 
in our Group annual financial report (AFR).
Securities trading and insider trading policy
Our securities trading policy and related information is overseen by 
the Equities Trading Committee, which is an executive committee. 
This committee monitors compliance to the JSE Listings 
Requirements and applicable laws on insider trading. In addition, 
the committee determines when the Group is in a prohibited period, 
being either a closed (blackout) period and/or a price-sensitive 
period. In terms of the policy, prescribed officers, the Company 
Secretary, directors of Sibanye-Stillwater, directors of major 
subsidiaries, and senior managers require clearance to deal in 
Sibanye-Stillwater securities (deal or dealings). Clearance to deal 
may not be given during prohibited periods. Directors’ clearance 
for dealing during open periods is provided by the Chairman of 
the Board, or the Lead Independent Director, as the case may be, 
in consultation with the Equities Trading Committee.  
Good corporate citizenship
As part of embedding ESG excellence in the way we do business , 
Sibanye-Stillwater recognises the importance of practising good 
corporate citizenship. This strategic essential acknowledges the 
partnerships and collaborations necessary to co-exist with society 
and contribute towards social needs in all jurisdictions where we 
operate. It is reinforced by the drive to be locally relevant, build 
robust business ecosystems, create shared value, and to be a good 
corporate citizen (Ã See Social, Ethics and Sustainability 
Committee: Chairman’s report, page 180).
Tax transparency and governance
We conduct our tax affairs in good faith and have a Tax risk 
management framework (approved by the Board) to guide our 
reporting and monitor tax obligations. Our King IV-aligned tax 
strategy is supported by a Group tax policy, which includes 
information about our processes and policies for compliance. 
¸ See www.sibanyestillwater.com/news-investors/reports/
regulatory/2022/
CORPORATE GOVERNANCE continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
20

The Tax Cuts and Jobs Act, a federal tax legislation, was enacted in 
the US from 1 January 2018, resulting in significant changes to US 
federal tax law. The US PGM operations have internal tax specialists 
and external tax consultants who monitor regulation as it becomes 
law and advise the US region and the Group on the expected 
impact. Status reports are reviewed by the Audit Committee at least 
half-yearly, or as and when necessary.
The Group tax strategy resides with the Group’s Board of Directors, 
recommended by the Audit Committee, who provide oversight and 
review the effectiveness of the strategy. This strategy is reviewed on 
an annual basis, and when considered necessary. The tax strategy 
is fully aligned with our Group's overarching purpose. Our 
contributions support our commitment to public-private partnerships 
and the national fiscus’ broader infrastructure and socioeconomic 
development objectives. We foster and maintain constructive 
engagement with our stakeholders to deliver on our vision, to 
maintain our licence to operate and, ultimately, for the long-term 
success and sustainability of the business.
In line with our business strategy, we aim to achieve five key tax 
objectives.
Embedding ESG excellence through tax
We conduct our tax affairs in an ethical and responsible manner 
for the benefit of and to generate long-term value for all our 
stakeholders, including employees, the communities in which 
we operate, governments and shareholders, in accordance 
with the Group’s Risk management framework.
Mining royalties and revenues are a means by which we directly 
and indirectly (depending on the region or operation) share value 
with our stakeholders. They are not, however, the only recipients. 
We are committed to both long-term shareholder return and 
socioeconomic value for the countries in which we operate. 
Focusing on operational excellence in tax
We are committed to align our structures, processes and policies 
with applicable laws, international standards and best practices 
as these evolve and develop globally. This includes optimised tax 
processes and procedures to drive efficiency and effectiveness, 
reduce complexity and mitigate adverse and or unexpected 
financial or reputational consequences.
Providing value-based tax support
A strong values-based, ethical culture when considering tax, 
provides a solid foundation for decision-making and conduct 
in support of our purpose. To bolster this position we endorse 
the Extractive Industries Transparency Initiative (EITI) and we 
participate in ICMM working groups to improve transparency 
on mineral revenues. 2 See Sustainability content index at 
¸ www.sibanyestillwater.com/news-investors/reports/annual. 
Furthermore, our Transparency of mineral revenues position 
statement articulates our commitments to transparent disclosure. 
Managing tax risk
It is essential to manage and mitigate any tax risks and challenges 
arising as a result of the local regulatory, legislative, and 
socioeconomic context. This will assist in protecting the Group's 
assets, its reputation and the interest of all stakeholders, in order to 
achieve the Group’s strategic objectives. We maintain sound tax 
risk management practices and systems that are consistent with 
international best practice in line with the Group's Enterprise Risk 
Management Framework (ERMF).
Engaging with stakeholders regarding tax
We promote transparent and open working relationships with tax 
authorities and early engagement in advance of undertaking 
transactions and filing tax returns. We continue to monitor ongoing 
developments and formalisation of tax legislation and regulation 
and will engage with stakeholders where appropriate to ensure the 
Group’s interests are appropriately represented in the shaping of 
the changing tax landscape.
The following graph illustrates the Group’s current tax and royalty 
contributions on a country-by-country basis for 20221:
2022 CURRENT TAX AND ROYALTIES 
BY COUNTRY (%)
94%
6%
SA
US
1 
The European region did not have current tax and royalty contributions 
due to an initial loss before tax for 2022
The following graph illustrates the Group’s current tax and royalty 
contributions on an operational basis for 2022:
2022 CURRENT TAX AND ROYALTIES 
BY OPERATION (%)
91%
3%
6%
SA PGM
SA Gold
US PGM
Carbon tax
Carbon tax is a tax in response to climate change, which is aimed 
at reducing greenhouse gas emissions in a sustainable, cost 
effective and affordable manner. In South Africa the Carbon Tax 
Act of 2019 came into effect on 1 June 2019. The South African 
Government introduced Carbon tax based on a polluter-pays-
principle and the aim of which is to help ensure that companies 
and consumers take the negative adverse costs (externalities) 
of climate change into account in their future production, 
consumption and investment decisions. Phase 1 of the Carbon 
Tax has been extended by three years to 31 December 2025. 
The Carbon Tax Rate increases from R144/tonne CO2e in 2022 
to R159/tonne CO2e from 1 January 2023. Sibanye-Stillwater’s final 
carbon tax liability is determined by its gross GHG emission output 
as reported on in terms of the GHG reporting regulations and the 
extent to which it is able to make use of the full suite of allowances 
CORPORATE GOVERNANCE continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
21

that are built into the carbon tax design. Sibanye-Stillwater’s net 
GHG emissions (gross GHG emissions less applicable allowances) 
is then multiplied by the applicable carbon tax rate to determine 
its carbon tax liability (Ã See Minimising our environmental impact, 
page 189).
For more specific taxation and royalty disclosures see the 
Group Annual financial report at note 2 Segment reporting, note 
11.1 Royalties, note 11.2 Mining and income tax, note 11.3 Deferred 
tax, and note 11.4 Net tax, carbon tax and royalties (receivable)/
payable.
See ¸ www.sibanyestillwater.com/news-investors/reports/annual
Strategy and value creation 
The Board provides vision and guides the Group in setting its 
strategy. In line with King IV, the Board understands that Sibanye-
Stillwater’s core purpose, strategy, business model, risks and 
opportunities, performance, and sustainable development impacts, 
are inseparable elements of the value-creation process. The Board 
is satisfied that the strategy and business plans do not give rise to 
risks that have not been thoroughly assessed by management and 
that considerations relating to the long-term sustainability of the 
business underpin strategy formulation. 
In 2022, the Board held a strategy refresh meeting wherein it was 
noted and affirmed that the renewed emphasis on green metals 
is key to our ESG and sustainability commitments. Additionally, 
that we have a meaningful role to play in the global effort to 
mitigate climate change.
GOVERNANCE PHILOSOPHY AND FRAMEWORK
Philosophy and commitment to King IV and its principles
The Board is committed to achieving the four governance 
outcomes (ethical culture, good performance, effective control 
and legitimacy) in all the Group’s operational jurisdictions and as 
defined by King IV. We adhere to the King IV principles relating to: 
ethical leadership and corporate citizenship (principles 1 to 3); 
strategy and value creation (principle 4); performance and 
reporting (principle 5); governance structures, effective control 
and delegation (principles 6 to 10); functional areas of governance 
(principles 11 to 15); trust and legitimacy – stakeholder inclusivity 
(principle 16) (2 See Application of King IV principles in 2022 at 
www.sibanyestillwater.com/news-investors/reports/annual).
Approach: Corporate governance framework
We have adopted a cloud-based governance, risk and 
compliance (GRC) system for our Group Corporate governance 
framework. For compliance with international best practice, 
adopting the new system involves assessing 32 GRC elements, 
broken up between Board governance and performance elements, 
and management responsibility elements. This is to clearly separate 
the Board’s accountability and responsibility from management 
responsibility. 
Board governance and performance elements
Board of Directors and committees
Memorandum of Incorporation, charters and delegation
Vision and mission
Board and organisational Culture
Board evaluation
Board succession rotation
Key legislation and regulation
Key policies
Integrated reporting
Executive performance
Business structure governance
Stakeholder engagement and communication
Risk setting
Business strategy
Group performance and quality assurance
Management responsibility elements
Planning
Operational performance
Risk management
Ethics
Compliance
Monitoring & evaluation reporting
Internal controls and audit
Information security
IT governance
Business continuity management
Business processes
Business intelligence & knowledge management
Records and contracts management
Standards and quality management
Group wellness and skills
The Corporate governance framework presents a governance 
picture of the organisation in the shape of a diamond with four 
sides: Board governance and performance; organisational 
accountability; management responsibility; operational 
governance and performance. The 32 GRC elements are 
represented as blocks within the diamond, showing how different 
governance, risk and compliance elements interrelate. 
From the assessment, Sibanye-Stillwater has been found to be 
a well-governed organisation that is efficient, transparent and 
complies with global standards. Recommendations in the Board 
governance and performance areas have been addressed 
through the Spencer Stuart external Board evaluation (see above). 
Recommendations on the management responsibility elements 
are being reviewed for implementation by the C-Suite. 
CORPORATE GOVERNANCE continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
22

Independence, tenure, diversity and inclusivity
The Board is a unitary board, comprising 13 members, 11 of whom 
are independent non-executive directors. In addition to an 
independent chairman, the Board appointed a lead independent 
director who leads in the absence of the chair and serves as a 
sounding board for the chair and, when necessary, acts as an 
intermediary between the chair and other members of the 
governing body. The roles of the Chairman and CEO are separate. 
All members of the Audit Committee, the Investment Committee, 
the Remuneration Committee, and the Social, Ethics and 
Sustainability Committee are independent. 
The Board has delegated the duty to review the composition of 
the Board to the Nominating and Governance Committee on an 
ongoing basis. This includes the application of the diversity policy, 
tenure policy, the rotation policy and monitoring the independence 
of non-executive directors.
The Nominating and Governance Committee recognises that the 
length of service of an independent non-executive director is 
increasingly being scrutinised with arguments that long-tenured 
directors provide invaluable expertise, experience, continuity, and 
stability to a board, as well as a historical perspective that can be 
indispensable in determining a company's strategy. Others believe 
that directors with many years of service may be entrenched, lack a 
fresh perspective, stop becoming objective or curious in their 
challenge of management’s activities and inhibit healthy Board 
turnover and refreshment. It is beneficial for new directors to be 
brought onto the board periodically to refresh the group’s thinking  
in a manner that supports both continuity and appropriate 
succession planning together with the Company’s strategy.  
Further to engagement with shareholders, and through the 
assessment of our Governance framework, the Board approved a 
revised policy on director independence, which balances 
introducing new thinking, succession planning, continued Board 
expertise, and continuity of experience. The policy specifies that to 
be regarded as independent, a director must have cumulative 
tenure of fewer than 12 years from the date of first appointment, 
with no independence extension permissible and includes a 
requirement for a more intensive assessment of continued 
independence for directors with longer than 9 years tenure.
The Nominating and Governance Committee has robustly tested, 
through an independent evaluation and a self-evaluation process, 
the independence of all non-executive directors in the year under 
review. The process was two fold, with the first part being a self-
assessment questionnaire by the independent non-executive 
directors. The second part comprised an assessment by a special 
committee led by the Chairman and comprising more recently 
appointed non-executive directors to assess the independence of 
directors with more than 9 years cumulative tenure. 
As a consequence of the way the company was originally 
established in 2013, the Board currently includes 6 non-executive 
directors with a tenure of over 9 years. In order to manage a smooth 
transition to a more balanced profile ensures independence is 
maintained, the Board is looking to make changes to the 
composition of the Board which would be communicated before 
the 2024 Annual General Meeting.
Given the Group’s varied regions of operation, and our 
commitment to diversity and inclusion, our Board has a policy 
wherein the directors are diverse in academic qualifications, 
industry knowledge, age, culture, experience, race and gender.  
The Board treats each individual on the merits of their contribution 
to the organisation and their sincerity in performing their duties, 
and no one individual has unfettered decision-making power. 
Diversity of members’ background, experience and group 
(race and gender) identity, helps to ensure a range of views 
at Board and sub-committee meetings.  
The Board adopted the Mining Charter III race and gender targets, 
effective March 2019, to be implemented within five years, by which 
time the Board should comprise a minimum of 50% HDPs, 
additionally 20% of the before mentioned 50% should be women. 
The female representation at our Board level is 31%. 
Our Women-in-mining (WiM) initiative at the SA and US operations 
addresses inequalities and barriers to female employment and 
ensures our organisation treats women fairly, acknowledging that 
we must play our part in balancing what has historically been 
a male-dominated industry. (Ã See Empowering our workforce, 
page 156). In 2022, we constituted a Diversity Equity and Inclusion 
Council (DEIC) to accelerate   building of an inclusive business, 
whereby people of all nationalities, races, genders, sexual 
preferences, political and religious affiliations and other personal 
distinguishing features will be recognised in the Sibanye-Stillwater 
Group for the distinctive value that they contribute. We are 
committed to making pay a function of role and responsibility and 
not of group identity. The Remuneration Committee is satisfied that 
there is no institutional pattern of a gender pay gap and, where 
there are small discrepancies, these are being resolved. The Social, 
Ethics and Sustainability Committee continued to focus on WiM, 
and on promoting women in management and executive 
leadership. 
Governance structures, effective control and delegation
Board committee structures
Our Board is led by an independent non-executive chairman whose 
role is separate from that of the CEO. The Chairman is supported by 
the Lead Independent Director. The Board Charter is reviewed 
annually and is aligned with relevant legislation and listings 
requirements in South Africa and the US. 
¸ See www.sibanyestillwater.com/about-us/governance
We have the required board committees and relevant membership 
as recommended in King IV, NYSE Listed Company Manual and 
the JSE. More information on the board committees, responsibilities, 
members and attendance to meetings is contained in Ã Detail 
about board committees page 268.
The composition of board committees, and distribution of authority 
between the chairperson and other directors, is balanced, and 
dynamics are participative. Members can comfortably challenge 
each other when there are divergent views. The Board encourages 
clear decision-making and maintains a vigilant approach to 
corporate governance and risk management. 
The Audit Committee is satisfied that the auditor is independent. 
We are aligned to section 23 of the Sarbanes-Oxley Act stipulating 
that the lead audit partner and concurring partner is subject to 
rotation after five years. No non-audit services were performed 
without the approval of the Audit Committee. The audit firm has 
been appointed, with the designated partner having oversight of 
the audit and reappointed at the AGM. The CFO is responsible for 
the finance function. Internal audit is predominantly in sourced. 
There are outsourced arrangements for minimal processes. The CFO 
is responsible for the administration of the Internal audit department. 
The Chief Audit Executive (CAE) reports into the Audit Committee 
Chair. The effectiveness of the CFO function and that of the CAE is 
annually assessed by the Audit Committee. In terms of Para 3.84(g) 
(i) of the JSE Listings Requirements, the Audit Committee noted that
it was satisfied that the CFO has the appropriate expertise and
experience to fulfil his role. The Committee was also satisfied with
the performance of the finance function as per King IV.
Internal audit was externally reviewed in 2021 and rated as 
Generally Conforms against the Institute of Internal Auditors 
Standards. The external review was performed by PwC and the 
next review will be performed in 2026.
The Board, assisted by the Social, Ethics and Sustainability 
Committee and the Safety and Health Committee has oversight 
of ESG, climate change-related matters, and stakeholder 
engagement. We have dedicated executive roles for stakeholder 
engagement in South Africa and the US. In interacting with 
stakeholders we are guided by the Code of ethics and by our 
Stakeholder engagement policy statement. 
Ã See Engaging with our stakeholders, page 74 and Managing our 
risks and opportunities within the external operating environment, 
page 37.
CORPORATE GOVERNANCE continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
23

Our Memorandum of incorporation does not contain restrictions 
to shareholder voting rights.
The Board ensures that reports issued by the Group are accurate 
and helpful to stakeholders in assessing our performance and future 
prospects. The Board has mandated the CEO to review and 
approve all regulatory announcements, media releases, fact sheets, 
investor presentations and similar disclosures through the Disclosure 
Committee. The Disclosure Committee also monitors all means of 
disclosure. 
A detailed mandate outlines the delegation of authority and 
approvals framework. This indicates matters reserved for the Board, 
its committees and management. The Board is satisfied that 
delegation to management contributes to an effective 
arrangement by which authority and responsibilities are exercised. 
The mandate is reviewed annually.
In developing our Integrated report, we are guided by the Value 
Reporting Foundation’s <IR> Framework, and we aim to report on 
the various components of value creation and value depletion. 
This includes our business model and strategy, how we respond to 
our external environment, risks and opportunities, how we respond 
to the needs and interests of our key stakeholders, our activities 
and performance, and our outlook in the medium to long term.
The Audit Committee reviews the Integrated report and 
recommends it to the Board for approval, as it does with the 
annual financial statements, King IV disclosures and other 
assurance reports.
The Board oversees and monitors performance and delivery in 
the strategic focus areas, and in so doing takes accountability for 
the Group’s performance. Related reporting is also overseen and 
approved by the Board. All the Group’s reporting is available at 
¸ www.sibanyestillwater.com/news-investors/reports/annual
We commit to providing the investment community with clear, 
concise, accurate and timely information on our operations, and to 
providing financial performance that informs stakeholders as to how 
value was enhanced or depleted across the six capitals. We further 
commit to listening to our stakeholders and undertake continued 
engagement with stakeholders. 
This report, our primary report on value creation, demonstrates the 
Board’s integrated thinking and has been reviewed and 
approved by the Board.
Policy on outside directorships and overboarding 
(sitting on an excessive number of boards)
It is accepted and acknowledged that independent non-
executive directors (INED) may have business interests other than 
those of Sibanye-Stillwater. Any director is, while holding office at 
Sibanye-Stillwater, at liberty to accept other board appointments 
so long as the appointments are not in conflict with the business 
and approved strategy of Sibanye-Stillwater and do not materially 
interfere with his/her performance as an INED of the Group. 
All appointments must first be discussed with the Chairman of 
the Board before being accepted. Full compliance with the 
obligations of directors in connection with conflicts of interests 
and overboarding, as provided for in the Companies Act and 
corporate governance principles, is expected of all directors.
As part of the vetting process for directors, a professional 
commitment and a statement that he/she has sufficient time 
available to carry out INED responsibilities to Sibanye-Stillwater is 
required. This is a contractual arrangement that is monitored 
through performance reviews. INEDs have provided the Company 
with this statement. 
Board effectiveness and performance evaluations 
In line with Principle 9 of King IV, good governance requires that the 
Board schedule regular opportunities to have its effectiveness and 
performance reviewed by an external evaluator, with every two 
years considered an appropriate frequency. In scoping the review 
(commissioned in December 2021) cognisance was given to 
Sibanye-Stillwater’s strategy to extend its business activities into a 
broader range of green metals and energy solutions, with a more 
diversified geographic footprint, serving critical minerals 
requirements in the North American and European low carbon 
economy ecosystems. It was therefore important that, in addition to 
evaluating the Board’s effectiveness in governance and oversight 
of current business activities, the review consider how well 
positioned the Board is to provide direction and oversight to the 
transition to a green metals and geographically-diversified strategy.  
Spencer Stuart, a global leader in corporate governance and 
board advisory services, was appointed to undertake this holistic 
review. The report, with recommendations, was released and 
approved in August 2022. The findings were that the Board is 
functioning at a generally high level of effectiveness. 
Recommendations to enhance this effectiveness further are 
summarised in the table below.
1.  Board succession planning for future composition and options 
 for future governance structures
a. As per the recommendations, in the future the Board will be more 
global, with an increasingly internationalised composition to 
oversee the geographic diversification of the Group. Without 
increasing the overall size of the Board, it will be critical for the 
Board to have appreciation for the European and North American 
markets to oversee the establishment of new business activity in 
those regions. This will need to include a specific focus on the 
battery metals and clean energy markets. With innovation 
adopted as an additional value, the suggested capacity would 
also likely be well-suited to oversight of the Group’s innovation 
strategy. This will be achieved through effective succession 
planning that considers intended resignation and rotation of 
current directors.
Recommendations from external evaluators
Progress to date
CORPORATE GOVERNANCE continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
24

2.  Board and Committee Mechanics: The Chairman and the 
Nominating and Governance Committee to review the frequency
of Board and committee meetings and the timings and length of 
the same with a view to
a. Potentially extending the length of scheduled Board meetings in 
order to accommodate longer Board and committee meetings 
discussions
b. Potentially adding one scheduled Board meeting to the annual 
calendar which is solely focused on strategy, called the ‘strategy
off-site’
c. Scheduling time for ‘deep-dive’ sessions in order to assist directors
in building their understanding of the business
a. Two committee meetings are held virtually in the week before the 
Board meetings to provide the Board meetings with sufficient time 
for deliberations
b. More clinical reporting to the Board and committees on material
issues at the appropriate level of granularity has been adopted
c. Every quarterly meeting considers strategic developments in the 
business to be dynamic in a rapidly-changing world context
d. Annual special meetings for in-depth review of strategy would
complement these practices
3.  Committees
a. Chairman of the Safety and Health Committee to consider
increasing the frequency and extending the length of the 
Safety and Health Committee meetings
b. Risk Committee to consider extending the length of the 
Risk Committee meetings
c. The Social, Ethics and Sustainability Committee to consider
extending the length of the Committee meetings as they 
are currently viewed as being time-constrained
d. The committee chairs to consider instituting a committee chairs
meeting which would ideally take place before the Board 
meeting; if the overall timing of the Board and committee 
meetings is extended, there should be an opportunity to 
accommodate this
e. As an integral part of Board succession planning, the Chairman 
and the Nominating and Governance Committee to also 
consider committee chair succession planning, both with 
respect to expertise and to diversity and build this into 
committee chair rotation, development of current directors 
and future Board appointments
a. Health and Safety Committee
i.
To alleviate time pressure on the scheduled Health and Safety 
Committee meetings, fatal and high-potential incident reviews
are conducted through special meetings convened 
when required
b. Risk Committee
i.
An additional fourth meeting has been included in the Risk
Committee work plan
c. Social, Ethics and Sustainability Committee
i.
The preferred approach to resolving pressure on the agenda is
through more focused reporting with management 
representation updated to comprise strategic representation 
in line with the leadership portfolio updates that have 
been effected
ii.
Deep dives on selected ESG and sustainability topics are 
included on each agenda
d. Cross committee coordination has been implemented where 
necessary 
e. Nominating and Governance Committee has approved the 
Board, CEO and C-suite succession plans; committee’s 
chairmanship succession planning is being finalised
5.  The Board’s oversight of culture and safety: review of the overall
culture and culture as it applies more specifically to safety should
be an annual topic
a. Culture deep dives on a rotational basis at quarterly Board
meetings have been implemented
b. The Health and Safety Committee reviews safety culture on an 
ongoing basis, by learning from how ‘culture’ (in terms of 
unconscious behaviour) contributed to fatalities and high-potential
incidents; this has become a significant factor informing priorities 
for culture development
6.  Post-mortems on past critical decisions: the Chairman of 
the Investment Committee to draw up criteria and a structure 
for conducting post-mortems on past investments
a. This is supported as a good practice that is a hallmark of a learning 
organisation. While Investment Committee decisions is the major 
focus, the practice has been adopted on a broader range of 
critical decisions 
b.
The full Board is involved in a post-mortem review
7.  Format and quality of Board papers: The Chairman and CEO
to consider how to introduce quality control for information 
coming to the Board; could there be merit in considering a 
Chief of Staff type role to support the CEO?
a. Elevating reporting to a more strategic level, while providing 
sufficiently granular information for the Board and committees 
to understand the business, has helped to make meetings more 
efficient 
b. Rotational reporting to the Board on key strategies driven by the 
functional C-suite portfolios (CITO, COGO, CSO, CLO, CCDO) 
assists in promoting meaningful strategic conversation; revisiting 
each area on an annual basis would be useful for ascertaining 
progress; the CROs and CFO would continue to provide quarterly
updates on strategic developments, along with performance 
dashboard
c. A Chief of Staff role in support of the CEO was appointed
Recommendations from external evaluators
Progress to date
CORPORATE GOVERNANCE continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
25

In terms of paragraph 3.84 (h) of the JSE Listings Requirements, the Board of Directors considered, and satisfied itself on, the competence, 
qualifications and experience of the Company Secretary.
In terms of King IV, the Committee was satisfied that the interim head of Internal audit had the necessary competence, gravitas and 
objectivity. The new head of IA joined the Group in January 2023. 
In addition, the following evaluations were conducted during 2022: 
Chairman
•
Leads the Board and ensures integrity
and effectiveness of the Board and 
committees, and high standards of 
governance and ethical behaviour
•
Members of the Board were satisfied with 
the performance and leadership of the 
Chairman
•
Succession 
planning of 
the Chairman 
are under 
consideration 
and in hand 
CEO
•
Provides leadership in the area of policy
and strategic direction, and provides 
management with comprehensive 
information, analysis and timely advice 
on all aspects of the business
•
Leads and manages daily operations
•
The Board was satisfied with the 
performance of the CEO against agreed 
upon performance measures and targets
•
The Remuneration Committee 
further performed an annual review of the 
CEO’s dual contract and approved it for the 
ensuing year
•
Succession 
planning 
options for the 
CEO are under
consideration 
and in hand
CFO and the 
finance function
•
Financial management of the Group
•
Provides leadership, direction 
and management of the finance 
and accounting team
•
Provides strategic recommendations to 
the CEO and members of the executive 
management team
•
Manages the processes for financial 
forecasting and budgets, and oversee 
the preparation of all financial reporting
•
Advises on long-term business
and financial planning
•
Reviews all formal finance and IT-
related procedures
•
In terms of the JSE Listings Requirements 
and King IV, the Audit Committee was 
satisfied that the financial director has the 
appropriate expertise and experience to 
fulfil his role and that the finance function 
was effective
•
Succession 
planning for the 
CFO was noted 
Leadership role
Description of responsibilities
Outcome and recommendations
Succession 
planning
Key areas of Board deliberation in 2022
•
Oversight of ethical and values-driven culture
•
Supervision of safe production strategy
•
Implementation of the Board external evaluation recommendations
•
Safety performance and embedding the safe production strategy
•
Implementing the revised Group strategy
•
Implementing the Sustainability strategy
•
Labour relations
•
Overseeing the Group Risk strategic register to include new operational regions
Planned areas of focus for 2023
•
Continued implementation of the regionalised operational model
•
Continued director training and development
•
Climate change and sustainability
•
Extending the safety performance improvement attained in 2022
•
Accelerating progress on recently acquired growth projects
•
Championing further progress in diversity and inclusion
•
Overseeing development of new strategies to mitigate Eskom’s unreliable power supply
CORPORATE GOVERNANCE continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
26

FUNCTIONAL GOVERNANCE AREAS 
Risk Management
Responsible governance entity: Audit Committee and Risk Committee
The Board sets the direction for assurance and is ultimately responsible for it, as per Principle 15 of King IV: “The governing body should 
ensure that assurance services and functions enable an effective control environment, and that these support the integrity of information 
for internal decision-making and of the organisation’s external reports.” The Risk Management department develops the combined 
assurance model, with the Audit Committee responsible for overseeing its implementation.
Risk Management is responsible for reporting key risks and material issues to both the Risk Committee and the Audit Committee. 
Our Strategic risk register, supported by operational risk registers, aligns risk with material issues and strategy. It is the recognised materiality 
reference for organisational reporting purposes. The combined assurance model, as applied to strategic risks and controls, is presented 
to the Risk Committee annually for noting.
The Audit Committee chairman also serves as a member of the Risk Committee, while the Risk Committee chairman serves on the 
Audit Committee. This allows for cross-referencing and thus more effective oversight of risks.
Sarbanes-Oxley Act (SOX) risks and controls have been identified and implemented in relation to the Group’s internal control over 
financial reporting. Quarterly SOX self-assessment provides the foundation for SOX certification by management, which is independently 
verified by external auditors. Internal and external audit have adopted a combined assurance model for the auditing of sustainability 
KPIs, which are assured annually. 
Ã For more detail on our 2022 risks and opportunities, see Managing our risks and opportunities within the external environment, page 37.
¸ Also see “Risk Factors” in our Form 20-F, at www.sibanyestillwater.com/news-investors/reports/annual
Assurance
Responsible governance entity: Audit Committee and Risk Committee
CORPORATE GOVERNANCE continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
27

Assurance levels 
Assurance levels are grouped as per the below diagram:
Regulatory compliance
CORPORATE GOVERNANCE continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
28

Responsible governance entity: all Board Committees
OVERVIEW
•
Dedicated compliance officers at our US and SA operations directly monitor non-compliance
•
The EU region (also referred to as European region) uses external legal advisors to ensure compliance
with relevant laws
•
We comply with the Companies Act, including the Memorandum of Incorporation (2022 financial year)
RESPONSIBILITIES
•
Legislative and regulatory compliance is the responsibility of respective functional departments.
The regional compliance functions assist by simplifying legislation and alerting management
to changes or pending changes to legislation or regulation. The compliance function facilitates
the management of compliance risk by distributing a compliance methodology, compiling
regulatory compliance risk profiles and by providing advice and guidance relating to strategic
compliance issues. At the US PGM operations, a Compliance Committee comprising site and
service group leadership meets quarterly to discuss developments and resolve on a strategy
for the upcoming quarter
MONITORING
•
Compliance risk profile sessions are held with business units biannually to assign responsibility
for all relevant compliance commitments, and to furnish the business with fit-for-purpose regulatory
risk profiles
•
There are 278 regulatory requirements pertinent to Sibanye-Stillwater. The following are critical to
our SA operations
–
Mine Health and Safety Act 29 of 1996
–
Mineral and Petroleum Resources Development Act 28 of 2002
–
National Environmental Management Act 107 of 1998
–
National Environmental Management: Air Quality Act 39 of 2004
–
National Environmental Management: Waste Act 59 of 2008
–
National Water Act 36 of 1998
–
Hazardous Substances Act 15 of 1973
–
Explosives Act 13 of 1956
•
The following are critical to our US PGM operations
– Montana Metal Mine Reclamation Act and Federal Mine Safety and Health Act
•
Other key legislation includes
–
Compensation for Occupational Injuries and Diseases Act 130 of 1993
–
Occupational Disease in Mines and Works Act 78 of 1973
–
National Environmental Management Biodiversity Act 10 of 2004
–
Protection of Personal Information Act 4 of 2013
–
Carbon Tax Act 15 of 2019
COMPLIANCE
•
There were no material or repeated regulatory penalties, sanctions or fines for contraventions of,
or non-compliance with, legislative or regulatory obligations in 2022
KEY CHANGES
•
In 2022 there were 778 updates to laws, regulations, supervisory and other requirements impacting
the SA region; this compares to 735 for 2021. These 778 updates had 1,785 (1,910 for 2021) impacts
on various departments, noting that a regulatory update usually impacts more than one department.
The leading areas of regulatory updates for the year were Sisonke Health (227), Health services (200)
and Corporate tax (190)
CORPORATE GOVERNANCE continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
29

Biannual profiling 
Although biannual (twice yearly) profiling is not a regulatory requirement, we have adopted this protocol to help keep track of laws 
and regulations. We hold compliance risk profile sessions twice a year, with the objective to assign accountability and responsibility for all 
relevant compliance commitments, and to develop regulatory risk profiles that highlight areas of weakness. Management assesses risk 
for their department and feeds the information to the compliance risk profile sessions. 
Threats to our licence to operate 
Our second material matter is Licence to operate. During 2022, we did not encounter any material issue that poses a real risk of revocation 
of our licence to operate. Certain key regulatory areas are monitored closely. These include the Mining Charter; Carbon Tax Act (2019); 
Protection of Personal Information Act (2013) (POPIA); Companies Amendment Bill (2021); National Climate Change Bill (2018); National 
Health Insurance Bill (2018) in South Africa and the Montana Metal Mine Reclamation Act, the Federal Mine Safety and Health Act (1977), 
the Occupational Safety and Health Act (1970), the Clean Water Act (1972), and the Clean Air Act (1970) in the US. The SOX Compliance 
Office is aware of the proposed rule released by the SEC on ESG, referred to as the Proposed Expansive Mandatory Climate Disclosure with 
Audit and Attestation Requirements. We are awaiting the final rule from the SEC.
Information governance 
We amended the terms of reference for the Information governance steering committee to reflect the change in operating model, and to 
reflect the shift from project implementation oversight to providing oversight on compliance monitoring activities. We are compliant with 
privacy jurisdictional legislation and requirements and have introduced technical and operational measures to safeguard the integrity and 
confidentiality of personally identifiable information.  For the Southern African region, we drafted and implemented the Southern African 
region privacy programme components. 
Marizaan Siegert, Group Manager Compliance, is the Data Protection Officer under the GDPR, until such time as a dedicated Compliance 
Manager is appointed for the European region.
CEO, Neal Froneman, in his capacity as Information Officer, has delegated his duties and responsibilities and formally appointed Peter 
McElligott, VP Legal and Compliance Southern Africa Region, as Deputy Information Officer of Sibanye-Stillwater Limited in terms of POPIA 
and PAIA. Peter replaces Marizaan Siegert, previous Deputy Information Officer, who is now responsible for Group Compliance. 
Technology and information
Responsible governance entity: Audit Committee and Risk Committee
Our ICT governance framework is aligned to COBIT 5 and ISO 27001. Our ICT risk governance framework and strategy is reviewed annually 
and was approved for 2022. Our Group ICT charter, aligned with King IV and ISO 27001, was approved by the Audit Committee, and is 
reviewed annually by the Audit Committee.
Operationally, the CFO, supported by executive management, provides high-level direction for our ICT strategy. The SA, EU and 
US operations each have a dedicated ICT manager, all of whom report into the Group ICT function. Oversight is provided by the Audit 
Committee, with the Board having ultimate responsibility. The Risk Committee monitors and provides oversight of identified ICT risks. 
Ã See Harnessing innovation, page 172.
Remuneration
Responsible governance entity: Remuneration Committee supported by other specialist committees
Sibanye-Stillwater is committed to rewarding and encouraging ethical leadership. Our remuneration incentive framework includes targets 
for safety improvement and ESG performance. 
Ã See Remuneration report, page 227. 
Competence on sustainability
ESG and sustainability are of material concern to the Group, and relate specifically to the material matters: License to operate; 
Climate change; and Gender diversity and transformation. After receiving climate-related training in 2021, in 2022 the Board undertook 
a sustainability competence review as per the Global Industry Standard for Tailings Management (GISTM) and TCFD recommendations.
General ESG competence and oversight
•
The level of skills and experience on the Board varies from >10 years to irregular exposure, and in some sustainability areas some
directors have extensive experience.
•
Where appropriate, tailored in-depth and high-level training sessions are conducted on an ongoing basis to provide directors
with a more detailed ESG and sustainability
In accordance with the ICMM and the GISTM, the Board of Directors are the final decision-making authority on issues relating to tailings 
management. To satisfy the GISTM requirements, one or more members of the Board need to have an understanding of tailings storage 
facilities  risks, and the controls required to manage, monitor and mitigate the risks. Two directors on our Board qualify for this stipulation. 
The 2023 Social, Ethics and Sustainability Committee work plan includes an in-depth discussion into climate-related disclosures. 
¸ See www.sibanyestillwater.com/about-us/governance/
CORPORATE GOVERNANCE continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
30

Our purpose, vision, strategy and values
32
Advancing our three-dimensional strategy
35
Managing our risks and opportunities within the external environment
37
How strategy interfaces with risks and opportunities
67
Our material matters
69
Engaging with our stakeholders
74
A decade of shared value
83
How we create value: our business model
84
Capital trade-offs: strategic management for optimum value creation
87
SIBANYE-STILLWATER INTEGRATED REPORT 2022
31

OUR PURPOSE, VISION, STRATEGY AND VALUES
OUR PURPOSE
To safeguard global sustainability 
through our metals 
This purpose statement reflects our 
aspiration to make a positive social 
and environmental impact through 
the commodities we mine and produce 
(green metals) and how we do so (ESG 
embedded as the way we do business), 
not least through our role in contributing 
to decarbonising the global economy.
OUR VISION
To be a leader in superior 
shared value for all stakeholders 
This vision statement speaks to our 
conviction that responsibly-derived 
minerals (mining that minimises harm 
to people and the planet) are the 
source of significant economic, social 
and environmental benefit to society, 
both globally and locally. 
OUR STRATEGY
Our strategy speaks to our ambition 
to secure for the Group a position 
in the global resources sector as a 
progressive, forward-thinking provider 
of green metals and energy solutions.
OUR REFRESHED STRATEGY
Our strategy has a 
three-dimensional 
approach, in which 
our priorities are 
layered in terms of: 
strategic foundation; 
strategic essentials; 
strategic differentiators. 
The context for our refreshed strategy 
The Group must adapt itself to the demands and opportunities posed by the transition to a green 
metals and clean energy solutions. We need to stay agile so as to capitalise on emerging opportunities 
and challenges. We have isolated three key trends that shape the context for our business activities 
(Ã See Managing our risks and opportunities within the external environment, page 37).
•
Decarbonisation and reducing energy generation is a key concern for governments and business across
the world. In response, the world’s energy mix is moving towards reduced green house gas (GHG)
emissions. Notwithstanding the temporary return to coal in parts of Europe as a response to their war-
induced energy crisis, we expect that current trends toward nuclear power, green hydrogen, wind
and solar renewables, and the electrification of mobility, will intensify. Our response is to build a Unique
portfolio of green metals and energy solutions that reverse climate change, as a strategic differentiator
contributing towards the world’s critical needs
•
Secondly, stakeholder expectations of business are growing. Large companies face ever-greater
scrutiny in respect of their ESG and sustainability credentials. Stakeholders are increasingly expecting
business to show a meaningful socioeconomic purpose beyond making profits for their shareholders.
We recognise this  as an opportunity to distinguish ourselves in the market by being Recognised as a
force for good as another strategic differentiator by creating superior shared value through our business
activities. As a further strategic differentiator, our ambition to be Instrumental in building pandemic-
resilient ecosystems across all our spheres of activity. This underscores our commitment to stakeholder
capitalism
•
Thirdly, we are in the midst of the fourth industrial revolution, with digital systems now permeating our
work and social lives, and artificial intelligence (AI), becoming ever-more sophisticated. This presents
opportunities to ‘rewire’ our business to embrace the global values of human rights and environmental
stewardship in distinctive ways. New technology applied in an inclusive culture to augment human
capacity can help us save lives, uplift communities, reduce emissions and protect the environment.
We are committed to our quest to become inclusive, diverse and bionic (as our fourth strategic
differentiator)
We use the term ‘grey elephant to refer to highly-probable, high-impact, yet often neglected catalysts 
of change set to shape the 2020s as a decade of unprecedented disruption. COVID-19 was one of the first 
examples of a grey elephant in the 2020s. Russia’s invasion of Ukraine in 2022 is another example with 
global repercussions. Additionally, the deterioration in the reliability of public services – and the economic 
climate for conducting business in South Africa – is a more localised example with significant implications 
for our business. While grey elephants signal disruption and threats to conventional business activity, the 
greater risk is in ignoring them. What’s more, they also present significant opportunities for organisations 
that embrace the future and are bold and agile enough to capture the moment. Early awareness of grey 
elephants and decisive strategic responses are required to sustain business effectiveness. 
SIBANYE-STILLWATER INTEGRATED REPORT 2022
32

Future trends identified – as illustrated by the grey elephants:
We presented in last year’s report the grey elephants that will shape context for our business in the 2020’s decade. The grey elephants cover 
seven major global trends that we expect to have a pronounced impact on the fabric of global society and economy. Acute disruptive 
events with global implications, which we have characterised as pandemics, are an important additional component of the grey elephant 
framework. These are sometimes referred to as ‘black swans’. Such events have a dramatic impact on society and the economy, creating 
conditions conducive to change and stimulating acceleration in the major global trends represented by the other seven grey elephants.
The graphic below identifies how the grey elephants have played out in 2022 with a focus on aspects of specific relevance to our business 
activities. These developments validate the grey elephants as a compelling framework through which to anticipate the future world in which 
we will operate and conduct business, assisting us in remaining relevant to future conditions.
OUR PURPOSE, VISION, STRATEGY AND VALUES continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
33

OUR STRATEGIC FOUNDATION
This defines the impact we aspire to make 
in the global economy and in local societies 
influenced by our operations; it is the difference 
our business makes. It embraces our purpose, 
vision and values, as well as the core principles 
that guide our decisions, including our 
commitment to ESG excellence and shared 
value. Our Umdoni tree is at the heart of our 
strategic foundation and represents our 
fundamental approach to business. 
The Sibanye-Stillwater Umdoni tree symbolises 
our approach to stakeholder capitalism. 
The roots of the tree hold our values, signifying 
that below the surface of success and 
competition, Sibanye-Stillwater iCARES. 
Our roots, our iCARES values, are at the heart of all that we do, the decisions we make and how we conduct our business. These values are enshrined 
in our Code of ethics and form the basis of the organisational growth and culture rejuvenation programme currently underway.
iCARES VALUES
INNOVATION 
We intentionally find 
new ways to do things 
better. We will all 
understand the need 
to innovate, develop 
innovators, encourage 
innovation, 
invite everyone to 
innovate; and we 
recognise innovation. 
COMMITMENT 
We are committed 
to the protection of life, 
health and the 
environment; to 
operational excellence, 
to high standards of 
governance, to ethical 
conduct and regulatory 
compliance, and to 
adhering to best practice 
industry disclosure and 
reporting standards.
ACCOUNTABILITY 
We are accountable 
to our stakeholders for 
delivering on our key 
operational targets and 
strategic objectives; for 
identifying, managing 
and mitigating the risks 
inherent in our business; 
and for maximising the 
return on capital 
deployed.
RESPECT 
We treat people fairly, 
respect each other, 
value the richness of 
human diversity and 
support employees 
in realising their 
full potential. 
ENABLING 
We enable prosperous 
and sustainable 
operations by engaging 
with our stakeholders, 
empowering our 
employees in their 
professional 
development, and 
offering doorstep 
communities skills and 
resources to thrive post-
mining. 
SAFETY 
We acknowledge 
that working at depth, 
with heavy machinery, 
presents risks to life 
and limb; therefore 
we prioritise all practical, 
technical and 
behavioural measures 
to reduce safety and 
health risks to near zero.
 OUR STRATEGIC ESSENTIALS
Support attainment of operational and business excellence
We have five strategic imperatives that are instrumental for us to compete on the global stage
 OUR STRATEGIC DIFFERENTIATORS 
Represent the opportunities that we have identified to be distinctive 
in the global minerals industry
Our four strategic differentiators represent our opportunities to be distinctive in the global minerals industry
OUR PURPOSE, VISION, STRATEGY AND VALUES continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
34

The graphic below summarises  our  strategic foundation,  essentials, and differentiators, which constitute a powerful three-dimensional 
blueprint for execution of our business strategy.
ADVANCING OUR THREE-DIMENSIONAL STRATEGY
STRATEGIC DELIVERY IN 2022 AND PROGRESS TOWARDS DIFFERENTIATION 
Ã For detailed disclosure of the performance against our strategic essentials areas in 2022, see section 03 of this report (from page 91 onwards). 
Below is a concise summary of key aspects of strategic delivery.
Performance/progress made per strategic essential to date, its status and link to area in this report
 OUR STRATEGIC ESSENTIALS
Support attainment of operational and business excellence
Performance/advances made 
Status
Ã For detail, see these sections
Ensuring safety 
and wellbeing
•
Lowest fatal injury frequency rate in the Group’s history of 0.033 per million hours worked
•
Unfortunately, we still lost five of our colleagues (2021:21)
•
Achieved our annual benchmark for the Group TRIFR, setting us on a positive trajectory 
to meet our 2025 benchmark 
•
Most employees at SA operations (99%) are now on a medical scheme 
•
Continuous safe production
•
Health, wellbeing 
and occupational health
•
Empowering our workforce
•
Leadership view
Prospering in every region 
in which we operate
•
Implementing the Marikana renewal programme 
•
Ongoing engagement in line with Good Neighbor Agreement (GNA) in the US region 
•
Certified as a level 7 B-BBEE contributor; an improvement from level 8 in 2021
•
Concluding a five-year wage agreement at Rustenburg and Marikana PGM operations 
bringing stability at these operations, which will be beneficial for all stakeholders
•
Socioeconomic development
•
Empowering our workforce
•
Leadership view
Achieving operational 
excellence and optimising 
long-term resource value
•
SA PGM operations continue to move down the industry cost curves despite load
curtailment impact on production 
•
SA gold operations and SA PGM operations signed inflation-linked three- and five-year 
wage agreements, respectively, positioning operations for stability 
•
Significant improvement in safety performance
•
Leadership view
•
Delivering value from operations 
and projects
•
Mineral resources and reserves
•
Optimising capital allocation
Maintaining a profitable 
business and optimising 
capital allocation
•
Third-highest annual adjusted EBITDA despite some operational headwinds in 2022
•
Positive adjusted free cash flow generated with net cash position maintained 
and gearing at 0.14x net cash: adj EBITDA
•
Dividend yield of 6%* and total dividend R7.36bn (US$421m) for 2022
•
Refinancing of US dollar revolving credit facility (RCF) successfully completed in April 2023
•
Leadership view
•
Optimising capital allocation
ESG embedded 
as the way we do business
•
Aligning governance processes and auditing ability to understand and to improve 
reporting against the Task Force on Climate-related Financial Disclosures (TCFD) 
recommendations 
•
Continued success with SA region’s water management strategy (reduced
potable water use) 
•
ESG scorecard, as part of long-term incentive (LTI) performance conditions, matured in line 
with newly developed sustainability themes and indicators 
•
Incorporation of economic impact considerations to the sustainability framework, and
setting Group and regional priorities
•
Continued high ESG compliance
•
Social, Ethics and Sustainability 
Committee Chairman – 
ESG summary
•
Minimising our environmental
impact
•
Socioeconomic development
•
Governance in sustainability
•
Optimising capital allocation
* Based on the closing share price of R44.72 using R2.60 dividend per share for interim and final dividends for the year ended 31 December 2022
 Overall achievement  
  Steady performance and ongoing focus  
 More work to be done
OUR PURPOSE, VISION, STRATEGY AND VALUES continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
35

OUR STRATEGIC DIFFERENTIATORS 
Opportunities to distinguish ourselves in the global minerals industry
In the first year after defining our strategic differentiators, we have made meaningful progress. In the table below, 
we highlight some noteworthy achievements that advance our differentiation. 
We have also focused our effort on developing our longer-term ambition and conducting diagnostics of 
our operating practices. This has resulted in the definition of strategic drivers to promote adoption of the culture 
and behaviours through which the differentiators become the way we conduct business at Sibanye-Stillwater. 
Short term advances achieved
Recognised as a force 
for good
•
1.5% of dividend payment allocated for pursuit of social impact projects
•
Good progress towards meeting our goal of carbon neutrality by 2040
•
Innovative mechanisms adopted to enhance the socioeconomic impact of our business activities
•
Socioeconomic impact report published for our SA operations detailing our shared value creation
Inclusive, diverse 
and bionic
•
Diversity, Equity and Inclusivity Council established to provide group leadership on DEI
•
Digital-first operations becoming established as routine practice and delivering benefits
to the corporation and its employees
•
Several digital tools adopted as initial delivery on our intentions to augment human performance 
through building bionic capability
•
Meaningful progress in building a culture of innovation and creating a framework for effective 
innovation management
•
Innovation partnerships with strategic suppliers and academia sustained and expanded
•
iXS programme to stimulate technology development (2 See Harnessing innovation) supporting 19 
innovators and entrepreneurs to solve mining-related challenges
Building pandemic-resilient 
ecosystems 
•
Strong strategic relationships being developed along the value chain in the North American 
and European battery supply ecosystems
•
Significant reset of stakeholder relations in Marikana through the Letsema engagement process
and the 10th anniversary commemoration
•
Stakeholder cohesion amplified in Montana through the concerted flood responses
•
Supplier commitments obtained to co-invest in community development programmes 
at Marikana and Rustenburg
Unique global portfolio 
of green metals and energy 
solutions that reverse 
climate change
•
Strategy advanced for growth of the Europe and Americas regions, and the recycling 
and tailings re-processing businesses
•
Meaningful developments towards liberating value at Sandouville through recapitalisation, 
business improvement and feasibility studies on new business activities
•
Stake in Keliber increased to 86% and all key permits obtained with refinery construction initiated
•
Positive developments in securing funding and offtake commitments on the Rhyolite Ridge 
project with US$700m conditional loan secured from US DOE
•
Majority stake obtained in New Century tailings retreatment business
•
Good progress on the BioniCCubE portfolio of investments
Branded sign at the construction site of the Keliber lithium refinery in Kokkola, Finland 
ADVANCING OUR THREE-DIMENSIONAL STRATEGY continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
36

MANAGING OUR RISKS AND OPPORTUNITIES 
WITHIN THE EXTERNAL ENVIRONMENT
OUR APPROACH
Risk and opportunity management is an integral component of our 
business strategy. Our risk management culture cascades into all 
our operations and projects, and is actively introduced into any 
acquisitions during their  integration into the Group. In line with risk 
management best practice, we have a dedicated Risk Committee 
that reports to the Board. 
Our enterprise risk management (ERM) framework follows the 
principles outlined in best practice standards, including ISO 31000, 
COSO (Committee of Sponsoring Organizations of the Treadway 
Commission), and King IV, which positions risk as a key area of 
governance. Our ERM process undergoes an annual independent 
external review against best practice ERM frameworks. 
Our Group Strategic risk register outlines our top strategic risks 
to the future of the business with detail on triggers, underlying 
vulnerabilities, consequences, existing controls and planned future 
control enhancements. The aim is to lower residual risk to target 
levels, which are informed by our risk appetite and tolerance 
frameworks. Our Group strategic risk register follows the 5X5 risk 
matrix (five levels of impact along the Y axis, and five levels of 
probability along the X axis). We rate both inherent risk and residual 
risk (the latter is defined as the risk that remains after taking into 
account the effectiveness of current controls in mitigating 
inherent risk).  
In addition to the Group strategic risk register, each region (SA, 
US and Europe) as well as the operating segments within the regions 
(SA PGM and SA gold) have their own risk registers. Within our 
operations we regard the primary risk areas as 
•
Safety
•
Health
•
Environmental management
•
Human resources
•
Business plan delivery
•
Financial sustainability
•
Regulatory and legal compliance
•
Ethics and corporate governance
These key risk areas are covered in our risk tolerance framework, 
which defines our tolerance for key risks in each area. 
Our Risk Committee oversees risk management on behalf of 
the Board, which has ultimate oversight responsibility over risk 
management. Implementation and execution of effective 
risk management has been delegated to management. 
(Ã See Corporate governance, page 27). 
Hydro mining of tailings at the SA PGM operations 
SIBANYE-STILLWATER INTEGRATED REPORT 2022
37

Our risk management process
Governance 
structures involved
ESTABLISHING 
THE CONTEXT
•
Review and update strategic and operational goals
•
Evaluate internal and external environments and the impact on strategic
and operational objectives
•
Review our risk appetite per strategic risk category
•
Set and approve risk tolerance levels
•
Review and update the impact matrix
•
Review and update the role and responsibility matrix
IDENTIFY
•
Implement risk management processes in line with the ERM framework –
daily at the operational and business units
•
Identify threats or opportunities to strategic goals
•
Scan internal and external business and operating environment
for new risks
•
Compile risk register – by function for Group, operating segment, operations,
service departments and/or business units
ANALYSE 
AND EVALUATE
•
Interrogate risks to understand root causes and consequences to strategic
focus areas
•
Assess the severity and likelihood of risks
•
Rank risks according to severity and likelihood
•
Assess and prioritise mitigation
ASSESSMENT 
AND TREATMENT
•
Identify current controls
•
Develop further enhancement plans and implement controls
•
Monitor adequacy of controls
REVIEW REPORT 
AND MONITOR
Roles and responsibilities matrix:
Executive management:
•
Responsible for overall risk governance, for managing and monitoring success
of controls and mitigation plans, and for determining whether risks are within
the limits of our risk appetite
•
Participates in annual strategic risk workshop; reviews risk register; conducts
risk analyses, e.g., PESTLE
•
Is supported by Corporate strategy and Group Risk management functions
•
Reports to the Risk Committee
Risk Committee and Board:
•
Reviews (twice yearly) priority risk registers submitted by executive
management
•
Assesses and approves Group risk appetite and tolerance levels annually
All levels of management, outside formal review cycles, are responsible for 
monitoring and responding timeously to risks and material developments.
Governance structures involved
A
At operating level, business units 
and Group level 
C
Executive management 
E
Board
B
Risk management function 
D
Risk Committee 
MANAGING OUR RISKS AND OPPORTUNITIES WITHIN THE EXTERNAL ENVIRONMENT continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
38

Risk appetite and tolerance
Our risk appetite and risk tolerance framework are approved by the 
Board annually. Risk appetite is a strategic statement of the amount 
of risk we are willing to accept in key risk categories in pursuit of our 
goals. Our risk tolerance framework has key indicators, with triggers 
for remedial action, to ensure key identified risks remain within our 
risk appetite by setting appropriate risk tolerance levels.   
There are multiple factors, all subject to uncertainty, that may affect 
both the quantum and the cost of producing our metals. We are 
prepared to conduct mining operations where there is a relatively 
high degree of uncertainty – such as regulatory change, unreliability 
of bulk infrastructure, and sociopolitical instability – provided this 
can be justified in terms of commercial returns. In terms of business 
plan delivery, we take a moderate to high-risk approach to 
variability in production and financial delivery from our operations. 
Generally, we do not try to mitigate risk caused by commodity price 
or exchange rate, which fluctuate according to circumstances 
beyond our control. We will, however, consider all mitigating 
measures to keep our operations sustainable. We tightly manage 
factors within our control, such as input costs, new technologies 
and know-how, and the availability of critical expertise and skills.
Our competitive advantage and growth prospects depend on 
bold, ethical leadership guiding the Group to achieve strategic 
goals. To ensure boldness does not become rashness, we invest in 
research and development and in intelligence, to provide, among 
other things, an objective view on commodity markets. We conduct 
in-depth due diligence on productivity and cost structures. 
Large acquisitions or major organic growth projects are kept 
within a moderate risk appetite. 
Further, when contemplating the use of financial instruments, 
our posture is low-risk. Leverage, indebtedness, and liquidity 
are kept at prudent levels. 
When it comes to ESG, we have a low to zero-risk appetite. 
This includes safety, health, environmental, regulatory and legal 
compliance, and ethics and corporate governance. Similarly, 
for financial sustainability of the Group, we have a low-risk appetite. 
Innovation as a critical tool for risk management
We modified our CARES to iCARES values in 2022 to include 
innovation as a core value. We recognise that an important way of 
confronting risks and leveraging opportunities is through new 
solutions that keep us ahead of the market. Our commitment to 
innovation is not only about improving efficiency and effectiveness 
of our production operations; it is also about becoming active in the 
marketplace in terms of promoting sustainable demand for 
our metals. 
In this regard, it is worth noting some important instances of progress 
made in 2022
•
In partnership with Impala Platinum, we sponsored BASF
in launching a new tri-metal catalyst; ¸ See www.basf.com/
global/en/media/news-releases/2020/03/p-20-134.html
•
We entered into a partnership with Heraeus to develop and
commercialise novel electrolyser catalysts for the production of
green hydrogen; ¸ See www.heraeus.com/en/hpm/company/
hpm_news/2022_hpm_news/
sibanye_stillwater_and_heraeus_enter_into_a_partnership.html)
•
We invested in Enhywhere, a French startup that has developed
a novel hydrogen refuelling technology for all vehicles;
¸ See seekingalpha.com/article/4537545-sibanye-stillwater-
challenging-h1-2022
COMPLIANCE MONITORING 
Given the increasing complexity, and growth in, regulation, and in 
line with our regionalisation strategy, we restructured our corporate 
compliance function in 2022. We instituted a new Group 
compliance function to monitor compliance with global corporate 
standards and requirements associated with our stock exchange 
listings, as well as regional compliance departments for Southern 
Africa and Europe; noting that the Americas region already had a 
fully functional compliance department, which mirrored some of 
the corporate functions based in South Africa (e.g., tax). Each 
region has taken responsibility for its own regulatory compliance, 
information governance, and privacy programmes and activities, 
within the broader guidance and strategy of Group compliance. 
Regulatory compliance 
As per our compliance risk profile sessions, we identified legislative 
requirements as being mission critical (whereby non-compliance 
could lead to revocation of our licence to operate, and/or 
significant financial loss or reputational damage). These include the 
Companies Act, JSE Listings Requirements, U.S. Securities and 
Exchange Commission requirements, Carbon Tax Act, FICA, 
LPPM Responsible Platinum Palladium Guidance (RPPG), and Report 
on Corporate Governance for South Africa (King IV). It should be 
noted that FICA was amended in December 2022, and we initiated 
a gap analysis to determine functional responsibility for the new 
requirements. (Noting that there is an 18-month transitional grace 
period for the new FICA regulations to be embedded before fines 
will be issued for non-compliance). Our compliance with the above 
is sound, and our licence to operate is not at risk. 
Our management sessions into regulatory compliance also 
highlighted the following South African legislation for special risk 
focus: the Mining Charter, Carbon Tax Act (2019), Companies 
Amendment Bill (2021), Climate Change Bill (2022), National Health 
Insurance Bill (2019), General Laws Act (Anti-money Laundering and 
Combatting of Terrorism Financing, 2022). 
While the Americas region and the Europe region do potentially 
represent regulatory risk in terms of Group compliance, for now the 
risk is being assessed regionally. For next year’s report we will, if 
applicable, include assessments of their regulatory compliance as 
per potential impacts on Group risk. See the list of regulations on 
page 29 for more information. 
MANAGING OUR RISKS AND OPPORTUNITIES WITHIN THE EXTERNAL ENVIRONMENT continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
39

EXTERNAL ENVIRONMENT FOR OUR BUSINESS 
AND OPERATIONS
Developments in the external environment
This section provides an overview of the critical factors that are 
creating context for Sibanye-Stillwater’s current and future business, 
leading to evolution of the risks and opportunities that we are 
exposed to. As indicated by our grey elephants presented earlier 
in this report, the world is subject to ever more dynamic change 
as we move into the 2020s, requiring agility to capitalise on the 
opportunities that present themselves, as well as the evolving risks 
that need to be managed.
The global economy continued to be under severe pressure in 2022, 
with the war on inflation by central banks through higher interest 
rates representing a severe cap on economic growth. Towards the 
end of 2022, promising signs were emerging in major economies 
that inflation is being brought under control, although we are not 
yet at the end of the interest rate hike cycle. Prognoses suggest that 
the risk of a major global recession in 2023 is receding, with instead 
a shorter and less severe downturn than had been anticipated.
The global economy was further disrupted due to Russia’s invasion 
of Ukraine in February 2022. The repercussions for international 
supply chains and global logistics have been significant, with 
energy security in Europe coming under severe threat. A mild 
winter in Europe fortunately staved off some of the more 
severe implications.
The continued pursuit of a zero Covid policy in China represented 
a major overhang on economic activity for the whole of 2022. 
The abrupt relaxation of controls in December 2022 resulted in a 
sharp wave of infections that appear to have been of much shorter 
duration than expected. Post the lunar new year, social and 
economic activity in China appears to have returned to normal, 
with the latest indicators of economic activity surprising to the 
upside. This mitigates in favour of a return to strong Chinese growth 
in 2023, with positive implications for the trend in global GDP. 
These factors have restrained industrial demand for commodities in 
general, including PGMs. Although this has been balanced by some 
extent by pressure on commodity supply, development of the 
supply demand balance has caused an overhang on commodity 
prices. This is discussed in more depth later in our detailed reviews of 
the commodities that we produce.
The urgency of confronting climate change, with the imperative 
of moving rapidly towards a low carbon economy, continues to 
be a dominant factor despite some of the pragmatic temporary 
measures taken to assure security of energy supply in the aftermath 
of the Russia-Ukraine conflict. There is recognition that global 
carbon emissions reductions are falling behind the trajectory 
needed to restrict global warming to 1.5°C.  
This has led to major economies introducing more intense measures 
to promote or legislate a low carbon economy. The Inflation 
Reduction Act in the United States, and more assertive regulation in 
the EU are two notable examples. China is continuing to spearhead 
the global movement towards adoption of battery electric vehicles, 
although progress in 2022 may have been artificially stimulated by 
the impending reduction in subsidies. We have also experienced, 
as a consequence of global warming, an increased frequency of 
extreme weather events, as well as a systematic change in climatic 
conditions that are affecting all our operations and our supply 
chains to a varying extent.  
With accelerated vehicle electrification, concerns are mounting 
about the supply of critical raw materials – lithium in particular – 
to enable the manufacturing of batteries in the quantity that will be 
required. It appears that overall global availability of critical 
minerals will be the limiting factor for penetration of battery electric 
vehicles into the global automotive pool in the latter half of the 
2020s. While the EU is contemplating a complete ban on new 
internal combustion engine (ICE) vehicles by 2035, there is 
increasing recognition that new energy vehicles cannot be the sole 
solution. Other low carbon alternatives, such as ICEs running on 
carbon neutral synfuels, may need to be considered. These 
developments are significant, not only for battery metals but also for 
PGMs, whose role will be substantially shaped by shifts in 
automotive technology.
There is increasing global concern relating to China’s dominance 
in the critical minerals value chain, with western economies striving 
to secure domestic or regional control of the supply chain (which 
would create new business opportunities). This is a manifestation of 
the multi-polarity grey elephant that we identified in 2021. Critical 
minerals legislation in the United States and policy in Europe is 
starting to actively promote establishment of national or regional 
value chains through various mechanisms, including 
preferential financing. 
In line with these trends, we are witnessing a substantial shift in 
stakeholder attitudes towards the mining of critical minerals. 
While there is continued strong insistence that mining should be 
conducted responsibly, there is increasing recognition that a 
substantial increase in green minerals supply is critical to realising 
a low carbon future. The Global Commission on Mining 2030 
(launched early 2023) explicitly recognises these imperatives. 
We see this as heralding a more enlightened approach from 
environmental and social activists, who now tend to be less 
opposed to mining.
Taken in conjunction, these factors create a more conducive 
context for the establishment of the green metals mining operations 
needed to service global mineral requirements. The opportunities 
created through these developments strongly validate our strategy 
of growth in the key target regions of North America and Europe, 
while not discounting extensions into Africa for supply of green 
metals building out from our established base in South Africa.
MANAGING OUR RISKS AND OPPORTUNITIES WITHIN THE EXTERNAL ENVIRONMENT continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
40

With the dominance of revenue and earnings from South Africa in 
our commodity mix, developments that are specific to South Africa 
also need to be unpacked. During 2022, we experienced a marked 
deterioration in several factors that make for a more difficult 
operating context. 
The reliability of electricity supply from the national grid worsened 
considerably during the course of 2022, with the trend extending 
into 2023. Long-term outages of major generating plants, some of 
which are necessary for planned maintenance, have exacerbated 
the general deterioration in availability of Eskom’s mature coal-fired 
generation fleet. The possibility of a total blackout due to collapse 
of the grid, while remote, cannot be ignored and requires a 
contingency plan in preparation for such an eventuality. A degree 
of relief may be experienced as generating units at Koeberg, Kusile 
and Medupi come back on line, though these will be insufficient to 
counter the historical under-investment in new generating capacity. 
Group initiatives are being undertaken through private power 
arrangements to compensate for the shortcomings in public 
electricity service delivery; and this will also assist in decarbonising 
our electricity supply.
Increased levels of organised crime, including illegal mining of gold 
and copper cable theft, are perhaps related to increasing social 
distress as unemployment rates reach unprecedented highs. With 
public security services stretched to contain the surge in criminal 
activity, additional measures are required to safeguard our people 
and our assets, and to preserve business continuity.
These factors not only impede productivity but also impose an 
additional cost burden to support operating continuity. 
(Ã See Our performance, page 91.) 
SA gold, Driefontein operation
MANAGING OUR RISKS AND OPPORTUNITIES WITHIN THE EXTERNAL ENVIRONMENT continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
41

Material factors in our external business environment
CLIMATE CHANGE
While climate change increases the likelihood of existing risks to our operations, it also creates new business opportunities through 
the technologies required in a low carbon economy. 
Climate disaster, although destructive, can be ameliorated with sound physical and social infrastructure. Adaptation to climate 
change is as important as mitigation; importantly, our TSFs will continue to follow the most stringent standards of weather resilience. 
Human development and advances in the provision of housing and disaster management remain the most important factors, 
particularly for sub-Saharan Africa, in defending populations against non-optimal weather. The World Economic Forum’s Global Risks 
Report 2023 ranks ‘failure to mitigate climate change’ and ‘failure of climate change adaptation’ within the top ten global risks.  
Environmental lobby groups in the US, Europe, and indeed globally (as well as the administrations who are sympathetic to them) have 
prioritised climate change as the number one environmental issue. We can assure them that Sibanye-Stillwater is a climate change-
resilient business. 
Technologies for the low carbon economy generally involve increased electrification based on the use of renewable and other carbon 
neutral electricity generation. The implications for commodity demand are substantial, creating new opportunities for green metals and 
new applications for PGMs, which will remain relevant in conventional automotive power trains for some time to come. Limitations on 
supply of critical minerals are likely to require alternative innovative low-carbon solutions.
Impact
Our strategic response
Related 
risks
Related 
opportunities
In June 2022 record flooding (perhaps 
exacerbated by global warming) affected the 
civic infrastructure serving our Stillwater 
operations, causing significant interruption to 
production operations. While we need to be 
prepared for more frequent and intense extreme 
weather events at our operations, reputation 
and compliance are the more urgent climate 
risks we face. 
The technology transition required to fight the 
war on global warming will create substantial 
new business opportunities in green metals and 
energy solutions with PGMs retaining sustained 
future relevance. Decarbonisation technologies 
are emerging as the big climate winners. Electric 
mobility is the new oil-rush. 
We live in the age of ESG auditing. Sibanye-
Stillwater takes the position that, as with issues like 
diversity and gender fairness, your values define 
your reality. While our Group emissions have little 
material bearing on the global climate, we 
intend to do the right thing by reducing our 
carbon footprint on an accelerated pathway to 
becoming carbon neutral. To this end, we 
prioritise reducing pollution (of all types) across 
the organisation and we invest in appropriate 
technologies and innovations to do so. Further, 
we have signed up to the major relevant 
protocols and standards on reducing GHG 
emissions and are gearing our auditing capacity 
to deliver reliable and current data on carbon. 
(For a full discussion of our extensive response to 
climate change, Ã See Minimising our 
environment impact, page 187.)
Our business strategy includes building a unique 
portfolio of green metals and energy solutions 
that will be instrumental in contributing towards 
lowering the carbon intensity of the global 
economy.
3
Ã See 
pages 59 
1, 3, 4, 5, 
Ã See 
page 65
OUTLOOK
Russia’s invasion of Ukraine temporarily put climate change on the back-burner while immediate energy-security challenges were 
addressed in Europe. Notwithstanding the temporary re-opening of some coal operations in Europe (in response to their energy crisis), 
coal will face increasing pressure, as will the dirtier fossil fuels, like diesel. We will see more nuclear, more gas, more renewables, and more 
electromobility.
Climate will continue to divide public opinion across the world with voters in the US polarised, and some populist backlash in Europe. 
Changes of administration could result in changes to climate policy. We expect increasing pressure on mining companies to consistently 
take an ethical line in mitigating emissions and improving both the natural environment and the socioeconomic environment around the 
resources they have been granted a licence to extract.  
China’s dominance in solar and battery production, and in certain strategic mineral value chains (with its pre-eminent position in rare 
earths) is a cause of increasing concern to western nations. We can, therefore, expect more moves from them to assure supply. 
MANAGING OUR RISKS AND OPPORTUNITIES WITHIN THE EXTERNAL ENVIRONMENT continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
42

PUBLIC AND REGULATORY ATTITUDES TO MINING
Stakeholders expect that mining should be conducted responsibly, causing no harm to society or the environment. However, there is also 
increasing recognition that critical minerals are essential for the required move towards a low carbon economy. Policies and incentives 
are being introduced by governments of several major economies to promote the establishment of critical minerals supply, while stringent 
regulatory frameworks remain in place around the permitting of mining operations.
Impact
Our strategic response
Related 
risks
Related 
opportunities
We are exposed to capital markets in the US and 
Europe, with their stringent position on ESG and 
sustainability. Our legitimacy to conduct our 
operations is derived from the state, from 
communities neighbouring our operations, and 
from society at large. A failure to secure, or to lose, 
our mining permits would represent an extreme 
outcome. 
While not affording any scope for relaxation of 
standards for ESG and sustainability, changing 
stakeholder attitudes towards critical and strategic 
minerals mitigate in favour of reduced opposition 
to mining permits; with regulatory support 
forthcoming to promote security of mineral supply. 
We subscribe to some of the world’s leading ESG 
indices and to the best of industry standards. 
(Ã See Governance in sustainability: Our 
considered decision making, page 231). Priority 
ESG issues are part of our risk matrices, as 
is stakeholder sentiment. Our long-term incentive 
payments are weighted 20% toward ESG. 
Our overall brand rationale is that we are crucial 
to a new green supply chain; we are also crucial 
to job-creation and economic empowerment. 
We subscribe to the values, culture and standards 
of western-based multinationals, with the UNGC 
providing a strong sustainability framework. 
Our listings (on the JSE and NYSE) commit us to 
stringent governance standards. From this we 
derive much of our moral licence to operate. 
In terms of our newer regions of operation, we are 
well integrated in these ecosystems as a strategic 
partner who will contribute towards building supply 
chain security. 
4, 6, 8
Ã See 
pages 59, 61 
and 63
2, 5
Ã See 
page 65
OUTLOOK
Stakeholder expectations will become more exacting as the principle of green financing drives investor decisions, with ESG performance 
facing increasing scrutiny from third-party auditors and those who set standards. Stakeholders are expected to demand a greater voice 
in setting standards; while stakeholder attitudes are also being shaped by the recognition that responsibly-mined minerals are necessary 
for a sustainable future. Regulators will promote the mining of strategic minerals, while doubling down on requirements for this to be done 
responsibly. While rating systems are starting to standardise, there is also increasing expectations for corporations to demonstrate that they 
are contributing meaningfully towards local socioeconomic and environmental priorities in the areas in which they operate.
MANAGING OUR RISKS AND OPPORTUNITIES WITHIN THE EXTERNAL ENVIRONMENT continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
43

MACROECONOMIC AND GEOPOLITICAL VOLATILITY 
Geopolitical volatility in Eastern Europe has driven up prices of commodities and rattled our trust in global political order. The South African 
government’s neutrality on the issue raises concerns relating to South Africa’s geopolitical alignment. For the global picture, we must 
consider an ageing Chinese population, the US clashing with China over Taiwan, and ideological divisions (partisanship) in the US and 
Europe. Supply chain resilience has become a geopolitical issue, particularly now because of the Russia-Ukraine war and a global 
shortage of computer chips. There is also rising inflation and greater government debt to be concerned about. The US and Europe are 
both using social spending as their fix-all policy instrument. Demand for our PGMs relies on the growth of industry and automotive 
manufacturing. Low economic growth can result in worrying price pressure for our PGMs. On the upside, a more fragile financial system 
sustains healthy gold margins. 
Impact
Our strategic response
Related 
risks
Related 
opportunities
The most significant implication is for green metals 
and the establishment of BEV supply chains, where 
China currently has a level of dominance that is of 
concern in many countries. There is opportunity for 
us to become embedded in European and US 
value chains, as they try counter China in the 
electromobility, battery, and solar markets. 
In terms of our supply chain, we are relatively 
independent of critical supplies from specific 
sources. In other words, we enjoy relative supply 
chain resilience. Automotive manufacturing 
volumes have still not recovered to pre-pandemic 
levels. The global chip shortage remains indicative 
of general supply chain imbalances that have 
set in.
Post-pandemic, the gold price has been firm. 
The impact of reducing inflation and interest rates 
with increased state spending bodes well for gold. 
One of our strategic focus areas is on building a 
pandemic-resilient business. This thrust is not only 
about pandemics, but about resilient supply 
chains, functional logistics, and secure local 
communities. 
In Europe and North America, we are building 
meaningful relationships with downstream partners 
to ensure that their supply requirements for critical 
commodities can be met. This includes potentially 
expanding our recycling operations, which offer 
excellent ESG performance, while contributing to 
the overall resilience of the Group. 
3, 4, 8
Ã See pages 59 
and 63
1, 2, 3
Ã See 
page 65
OUTLOOK
Global trading patterns are continuing to evolve, with the increase in local strategies to shore up supply chain resilience. This creates new 
opportunities for Sibanye-Stillwater to partner with other parties in building a pandemic-resilient business. Such a type of business is one that 
has a resilient supply chain and can guarantee the supply of critical metals to customers. Given the strategic importance of metals, 
our customers will be inclined to think of us as a strategic partner, as opposed to being simply another vendor. 
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SIBANYE-STILLWATER INTEGRATED REPORT 2022
44

WATER MANAGEMENT AND ENERGY SUPPLY IN SOUTH AFRICA 
Our strategic focus on building a pandemic-resilient business is a response to the material concern of infrastructure and supply chain 
resilience. It was another good year for improving the water situation at our areas of operation in South Africa. In terms of energy supply, 
our reliance on Eskom, and their reliance on coal, is a growing risk. 
Impact
Our strategic response
Related 
risks
Related 
opportunities
The provision of electricity, water and logistic 
services, and their underlying infrastructure, 
continues to deteriorate in South Africa. Eskom’s 
system performance was the lowest on record in 
2022, resulting in extensive national loadshedding 
and load curtailment for large power users. 
Our operations are reliant on national 
infrastructure and thus the non-delivery of critical 
services creates material risk for our business and 
its sustainability.
Eskom’s continued reliance on coal-fired 
electricity results in extensive GHG emissions and 
an associated high-carbon footprint for our 
operations and products, threatening their 
investability and product placement in certain 
markets. 
To address the challenge of unreliable and 
carbon-intensive public electricity supply, we are 
commissioning several private power projects to 
supply renewable energy to our operations. 
(Ã See Minimising our environmental impact, 
page 192). In addition, we have advanced 
protocols and processes to deal with the potential 
safety implications of electricity supply 
interruptions, including standby generating 
capacity. Additionally, we deploy security 
management to preserve the integrity of our 
assets and ensure operational continuity. 
Water presents an opportunity to improve 
environmental conditions, help local communities, 
and reduce costs. We have excess water at 
our SA gold operations that we treat and return 
to help local communities with their supply. 
We are committed to recycling and the circular 
economy. Two examples of this commitment 
are our PGM recycling business in the US and our 
equity interests in DRDGOLD and New Century, 
the tailings recycling includes dedicated 
environmental clean-up and rehabilitation 
operations. We intend to increase the scope 
of these operations significantly. 
1, 6
Ã See pages 57 
and 61
1
Ã See 
page 65
OUTLOOK
The outlook for electricity policy and supply in South Africa is uncertain, although there is a high probability of ongoing electricity deficits. 
Large energy users will need to invest in private generation capacity to protect themselves against the intermittency of the national grid 
and help resolve the national disaster.
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45

SOCIOPOLITICAL INSTABILITY IN SOUTH AFRICA
Our outlook on the sociopolitical challenges in South Africa necessitates that we consider ‘sociopolitical instability’ a material matter 
and a risk to our operations. Elections in 2024 could see a coalition come to power that drives policy changes. Those could be favourable 
for our business, or not, depending on which parties make up the new government. Sibanye-Stillwater will continue to work with whomever 
is setting government policy, reminding them of the important role that private business, and mining, has to play in bringing jobs and 
socioeconomic development to communities, and in contributing to the fiscus. 
Impact
Our strategic response
Related 
risks
Related 
opportunities
Our SA gold operations are particularly vulnerable 
to illegal mining. Illegal mining and other forms of 
attack on our property, remain a threat at our 
South African operations. While South Africa’s laws 
are fair and just and aim to uplift disadvantaged 
communities, there is often a lack of institutional 
capacity to enforce legislation. There is also the 
threat of a regulatory environment not ideally 
designed to attract investment. All these factors  
increase the cost of doing business and, 
understandably, leave investors concerned about 
a state that is ambivalent about enforcing 
property rights. Lack of investment in, and sound 
management of, infrastructure – like roads, rail, 
and electricity – are key risks to the Group, given 
that we rely on the functioning of basic 
infrastructure for our operations. 
Across all six capitals, we create value for 
stakeholders at our South African operations. 
In the spirit of stakeholder capitalism, we affirm our 
legitimacy to operate a profit-making business 
that cares about people and planet. Our 
strategic focus is on building a pandemic-resilient 
business, which has a future-ready business model. 
Our approach is not to take a political stance, or 
to try do the government’s job for them; rather our 
approach is to work with communities and other 
partners, motivated by shared interests. We will 
also keep reminding political leaders that 
economic growth will only be achieved through 
policy certainty, accountable government and 
investment. 
2,7,8
Ã See pages 
58,62,63
5
Ã See 
page 65
OUTLOOK
The ANC elective conference at Nasrec (December 2022) saw President Ramaphosa given another term, effectively securing him the 
presidency of the country until the next general elections in 2024. This ensures that a business-friendly figure remains head of state until 
then. However, there is uncertainty as to what will follow, given the possibility that, in 2024, the ANC will form a coalition with the EFF 
(an avowedly anti-capitalist party) in order to retain its parliamentary majority. There is also the possibility that a moderate, pro-business, 
coalition of parties (possibly including ANC centrists), prevails in 2024. Whichever way it goes, Constitutional values will be important for 
contextualising debate within the frame of human rights and free speech.  
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COMMODITY FUNDAMENTALS
GREEN METALS
PLATINUM, PALLADIUM AND RHODIUM – applications, review and outlook 
PGM demand is largely driven by autocatalysts, accounting for approximately 40% of platinum demand, 91% of rhodium demand and 87% 
of palladium demand. Platinum (Pt) is mainly used in diesel vehicles. Substitution of palladium, however, with platinum in gasoline vehicles is 
being adopted by the market, a trend that is set to grow in the coming decade. Around 40% of platinum demand is accounted for by industry, 
e.g., catalysts in the chemicals and petrochemicals industries, and in the manufacture of glass. Platinum jewellery, predominantly from China, 
accounts for the remaining demand. The use of platinum in “glass fibre reinforced materials in carbon reduction applications like vehicle 
lightweighting and wind power” may also prove important for demand. (¸ See Johnson Matthey’s PGM Market Report). 
Palladium (Pd) is largely an autocatalyst metal, which accounts for some 87% of its demand. Palladium is also used in chemicals processing. 
Rhodium (Rh) is also largely an autocatalyst metal, with autocatalysts accounting for 91% of its demand. Rhodium is also used in catalysts for 
chemicals processing. Rhodium’s use in the manufacture of glass has declined significantly in recent years due to its high price, and has been 
replaced by platinum. 
REVIEW OF 2022
PGM prices were volatile during 2022, impacted by the Russian invasion of Ukraine during H1 2022, causing temporary supply security concerns 
amongst end users and by ongoing uncertainty about the global macroeconomic outlook. 
Russia accounts for approximately 40% of global primary palladium supply (2.7 million ounces) and the incursion into Ukraine resulted in 
the palladium price surging to record levels at well over US$3,000/oz in March 2022, fuelled by expectations of sanctions being imposed on Russia. 
Despite US and EU sanctions and Russian refineries being removed from the LPPM Good Delivery list, Russian metal continued to flow to other regions. 
Production from Norilsk was slightly ahead of guidance for 2022, due to the repairs of its furnace No.2 at the Nadezhda Metallurgical Plant being 
postponed until 2023 and sufficient inventory and spares to maintain production. Norilsk has already indicated that the outlook will be more 
challenging as access to capital, equipment, parts and skills become an increasing issue due to sanctions by western countries and companies. 
The palladium price ultimately retreated, ending the year 5% lower at US$1,794/oz.
The platinum price began the year at US$961/oz, peaking at US$1,181/oz in March 2022, before contracting below US$850/oz by mid-year. 
Concerns about the outlook of supply from South Africa due to escalating power disruptions and increased imports into China, resulted in a recovery 
in the price, which ended the year 11% higher at US$1,073/oz. 
The rhodium price rallied sharply early in 2022, exceeding US$20,000/oz after Russia invaded Ukraine, but similarly to palladium, the rhodium price 
pulled back to US$12,250/oz at the end of the year, a 13% decline year-on-year. 
Automotive production grew 7.8% year-on-year in 2022, to just over 80 million light duty vehicles (LDV), driven by an easing of the global chip 
shortage and the relaxation of COVID-19 restrictions in the west. Auto production was still well below pre-COVID-19 levels of 86.6 million units in 2019, 
as China's zero COVID-19 policy and worsening macroeconomic conditions impacted consumer demand. Heavy-duty vehicle production 
contracted year-on-year, primarily as a result of reduced orders from China, which remained under strict COVID-19 restrictions until late 2022.
Demand for platinum in automotive applications increased by 17% year-on-year to 2.8Moz as a result of the increase in auto production but mainly 
due to the substitution of palladium with platinum in gasoline autocatalysts.
Net jewellery demand remained flat at 1.1Moz, well below the 2Moz last seen in 2015, as China remained closed and competition for customers’ 
disposable income abounds. Similarly, industrial demand for platinum dropped 7% year-on-year, largely as a result of China.
Gross automotive demand for palladium rose by 1% year-on-year to 8.5Moz due to the recovery in LDV production. Demand was, however, 
also impacted by substitution of platinum for palladium in gasoline autocatalysts, along with increased loadings on catalytic converters in 
commercial vehicles associated with tighter emissions standards in China and India. Substitution of palladium by platinum in gasoline ICEs 
increased to approximately 490koz during 2022 through increased adoption of tri-metal catalysts, primarily in China and the US. 
Industrial demand for palladium rose modestly as continued strong growth in the glass and petroleum industries offset a decline in demand from 
the chemical industry. 
Recycling of autocatalytic converters was constrained by lower scrappage rates of vehicles due to the ongoing constraints to auto production, 
higher interest rates, macro-economic uncertainty and supply chain constraints. 3E recycling was down 8% year-on-year.
Overall, 2022 ended with a bigger platinum surplus (~700koz), a bigger palladium deficit (~350koz) and a rhodium market in balance. 
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PLATINUM, PALLADIUM AND RHODIUM – applications, review and outlook continued
 OUTLOOK
Despite the stability provided by most mining companies concluding five-year wage agreements, supply from South Africa is at risk due 
to ongoing load curtailment by Eskom and the worsening operating environment (e.g., cable theft, crime). Russian supply is also expected 
to scale back, with Norilsk Nickel already indicating lower production for 2023 and delays to its projects as access to capital equipment 
and spare parts becomes more challenging due to sanctions, resulting in increased unavailability of equipment. 
Recycling is expected to increase by 8% year-on-year, with 2023 recycling output forecast to recover to 2021 levels as new car sales 
increase, allowing for older vehicles to be scrapped.
LDV production is forecast to increase to 82.5 million units (80.6 million in 2022) due to the ongoing reopening of the Chinese economy 
from COVID-19 restrictions, a more constructive outlook and a softer macroeconomic landing. As China re-opened at the end of 2022, 
it was hit by a wave of COVID-19 infections, shortly followed by the Lunar New Year holidays, which began in January 2023. As a result, 
a recovery in the Chinese market is expected to materialise from Q2 2023, with some risk to the downside, depending on the economic 
outlook. We expect PGM prices to remain muted, particularly during Q1 2023.
We expect further positive demand increments for PGMs due to increased loadings on autocatalysts. Euro 6e emissions regulations 
were published in December 2022 and come into force in September 2023. Under the new regulations, the conformity factors for RDE 
(real driving emissions) testing tighten to 1.1 for NOx and 1.34 for PN (particle number), which should be positive for loadings.
In contrast, we anticipate further growth in market share of BEVs, from 10% in 2022 to approximately 12% in 2023. 
We expect substitution to increase in line with further adoption of the tri-metal catalysts and auto sales (~730koz Pd replaced with Pt in 
gasoline autocatalysts in 2023).
For 2023 we forecast a smaller platinum market surplus of 100 koz, a small deficit of 100koz for palladium, and rhodium projected to be 
close to balance.
SA PGM Marikana K4
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IRIDIUM – applications, review and outlook 
Iridium (Ir) and ruthenium (Ru) are used together in several industrial chemical processes, including the manufacture of acetic acid, a key 
intermediate in the manufacture of certain bulk chemicals. 
Iridium and ruthenium are used in combination for electrode coatings that can withstand the harsh operating environment of a wide range of 
electrochemical processes, including the production of bulk chemical intermediates chlorine and sodium hydroxide. In the electrical sector, iridium’s 
high temperature stability and purity have led to the use of iridium crucibles in the production of crystalline materials such as sapphire for use in LED 
lighting manufacture and, more recently, lithium tantalate used in surface acoustic wave (SAW) filter production, which are found in smartphones 
and other digital devices. 
Iridium tips improve the performance of automotive spark plugs, in turn improving combustion efficiency in gasoline engines, and further 
strengthening the link between ICE vehicles and PGMs. 
Iridium (along with platinum) is also used as an alloy component in some medical devices, notably guide wires and stents. This is thanks to its 
biocompatibility and mechanical properties for micro machining tiny devices.
Iridium is playing a rapidly increasing role in the hydrogen economy, as the key metal (along with platinum) in proton exchange membrane (PEM) 
electrolysers for the production of green hydrogen from water using renewable electricity. Significant thrifting is expected to ensure a long-term 
sustainable iridium market. 
REVIEW OF 2022
OUTLOOK
Investment in new iridium crucibles by crystal material manufacturers 
was kept to the minimum necessary while the iridium price was at 
historically high levels.
PEM electrolyser orders and installations continued to be strong, 
especially integrated with renewables and downstream low-carbon 
products providing green hydrogen for industrial uses.
Thrifting the iridium content of PEM electrolysers continued, with reported 
success from several industrial and laboratory groups. 
Demand for iridium crucibles for SAW filters (used in digital devices) 
remains robust. 
Smartphone sales are expected to remain weak in 2023, especially in 
China, capping demand growth for iridium crucibles as lithium tantalate 
demand slows with smartphones. 
Decarbonisation continues to drive demand for iridium (along with 
platinum) in PEM (polymer electrolysis membrane) electrolysers to 
produce green hydrogen. Government incentives are important 
when companies are deciding where to locate both electrolyser and 
hydrogen production facilities. 
RUTHENIUM – applications, review and outlook 
As per above, ruthenium (Ru) and iridium (Ir) are used together for several applications. 
The electrical sector in data storage is helping drive global ruthenium demand. Ruthenium, along with platinum, forms part of the magnetic layer in 
hard disk drives. Longer term, Chip resistors, which are ubiquitous in consumer and industrial electronics, rely on compounds that contain ruthenium, 
and this sector is becoming increasingly important for demand. The unique chemical and physical properties of ruthenium mean that it is also utilised 
in numerous semiconductor materials and components, which enable increasing miniaturisation and efficiency in various electronic devices.
Ruthenium is taking some share of the gasoline spark plug market, where its durability exceeds that of iridium and platinum. It is also an effective 
catalyst in the production of ammonia.
The hydrogen economy is also a growing area of demand for ruthenium, both in the production and use of hydrogen. It is used in proton exchange 
membrane (PEM) fuel cells; it is particularly important where only slightly impure hydrogen is available, as the carbon monoxide contaminants 
deactivate the platinum electrodes. Ruthenium is starting to be used also in PEM electrolysers, alongside iridium; previously ruthenium 
was insufficiently stable in the PEM electrolyser environment, but improvements to catalyst design are showing long term stability. This substitution is 
expected to help alleviate some of the pressure on iridium supply.  
REVIEW OF 2022
OUTLOOK
Macroeconomic headwinds in most regions slowed consumer demand, 
with hard disk manufacturers reporting lower shipments in the second half 
of 2022.
Hard disk supply chain companies reported production slowdowns to 
keep pace with weakening product demand and high inventory 
Weakness was seen in the electrochemical sector – demand for 
ruthenium and iridium electrode coatings in the chloralkali process 
slowed as downstream product demand weakened with the economic 
slowdown.
Ruthenium is an effective catalyst across a range of chemical processes, 
particularly in ammonia production where its current use in the fertiliser 
sector and its further potential in the hydrogen economy are of great 
interest. 
Substitution of ruthenium for iridium is increasing in some automotive 
(gasoline) spark plugs.
Ruthenium has been successfully substituted for some iridium in PEM 
electrolyser catalysts and commercial rollout is beginning, with several 
Research and Development projects continuing too. 
Ru-based HDD technologies are increasingly likely to be phased out in 
late 2020s, as storage likely moves to HAMR and solid state technologies. 
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LITHIUM – applications, review and outlook 
Lithium (Li) and its compounds have been used in a variety of commercial applications since the 1920s. They have been used in the manufacture 
of high-temperature lubricants, high strength-to-weight alloys, heat-resistant glass and ceramics and, more recently, in the the synthesis of the 
cathode of lithium-ion batteries (LIBs). 
The high energy-to-weight-ratio of lithium-ion batteries, the fact they can be recharged multiple times, and their ability to retain charge, make them 
ideal for EVs, and consumer electronics. They are also becoming important for large battery energy storage systems (BESS) to provide grid resilience 
for renewable electricity generation. 
Two lithium chemicals are used in LIB synthesis: lithium carbonate and lithium hydroxide. Traditionally, LIB fabrication required the former but the latter 
is expected to become the dominant lithium chemical as nickel-rich LIBs become the preferred chemistry in EVs.
The growth in electro-mobility and in rechargeable digital devices shows no signs of abating. Total lithium demand is forecast to grow to almost 
2.5 million lithium carbonate equivalent (LCE) tonnes by 2030, and to over 4.2 million LCE tonnes by 2040. Notably, between 2020 and 2022 the price 
of lithium carbonate rose from US$6,000 per tonne to a peak of US$84,000 per tonne. Given the political and consumer pressure for EVs and battery 
electric storage, there are concerns as to the sufficiency of lithium supply. Further, China’s dominance in the processing of lithium is also causing 
western governments to shore up their lithium supply chain. Chinese companies control some 80% of the supply chain of lithium-ion batteries 
(from battery precursor to LiB production).
BACKGROUND AND REVIEW OF 2022
OUTLOOK
China continues to be the primary driver of global BEV demand and 
production. BEV production from China almost doubled during 2022 to 
5.5 million units, meaning that one fifth of light-duty vehicles (LDVs) 
produced in China are now BEVs. The extension of ‘new energy vehicle’ 
subsidies was the major factor incentivizing increased production of EVs 
during the year. Globally, production of BEVs in 2022 exceeded 
expectations, increasing to 8.4 million units or 10% of global LDV 
production, with strong growth also recorded in Europe (+59%) and the 
USA (+95%). As a result of this increase in BEV demand, particularly in 
China, battery grade lithium carbonate prices reached record highs in 
2022 and remained well supported throughout the year, averaging over 
$70,000/t LCE for the year, nearly 300% higher than for 2021. 
Gross lithium demand is estimated to have increased by 46% last year, 
mainly driven by increased global demand from the battery sector. 
BEVs are estimated to have been responsible for almost 70% of this 
growth in gross demand, with Chinese BEV production and sales in 
particular exceeding market expectations. 
Primary lithium supply is estimated to have increased by 29% in response 
to the growth in demand, with almost all of the supply growth coming 
from brownfield mine and brine expansions in Australia and Chile.
There has been a preferential shift in battery-grade lithium precursors 
towards lithium carbonate due to the resurgence of lithium iron 
phosphate (LFP) cathodes in China. Lithium hydroxide remains the source 
of demand growth in Europe and North America, however, as nickel-rich 
cathodes continued to dominate in those regions. 
Lithium demand for 2023 is forecast to increase by 21% from 2022 levels, 
with the majority of this growth coming from growth in demand from 
automotive batteries. Sustained higher prices and an improved long-term 
outlook for lithium demand has prompted a supply response as 
highlighted, and lithium prices are expected to pull back from the record 
levels seen in 2022 but remain well above the long-term historic average 
prices. This is a necessary market dynamic which incentivizes new 
projects that will be required to meet demand growth. Primary lithium 
supply growth is still expected to lag demand over the next decade, 
but new projects are well placed to meet market requirements in the 
next few years, under the right conditions. 
The increased focus on environmental and social factors in recent years 
has added to the complexity of permitting and developing new projects, 
with timelines significantly extended. Considering current projections 
for BEV penetration into the global automotive market, significant 
investment in new lithium supply will be required to meet forecast 
demand over the next decade. In our view, new supply is unlikely 
to keep pace with forecast demand, resulting in deficits in lithium supply 
in the second half of the decade, which will maintain higher prices for 
longer. 
It is worth noting that while lithium-iron phosphate remains a risk to our 
lithium hydroxide demand outlook, it will likely be more than offset by 
higher overall EV production volumes, and therefore overall lithium 
demand.
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NICKEL – applications, review and outlook 
Nickel (Ni) has excellent physical and chemical properties that make it ideal for use in alloys – especially when used with chromium, or with iron 
(ferronickel), as well as with other metals, to produce stainless steels that are heat-resistant. There are at least 3,000 nickel alloys, including stainless 
steel, for use in a range of industries, to produce a range of goods, including vehicle crankshafts and axles, propeller shafts, scientific and surgical 
equipment, and pipelines. Nickel alloys are also used in a range of household products such as kitchen sinks, cooking utensils, and washing 
machines. Importantly for our green metals strategy, nickel alloys are used in PV solar panels and wind turbines (which use about two tonnes of 
nickel). Nickel has excellent properties: a high melting point (1,454 oC); can withstand extreme low temperatures; resistant to corrosion and oxidation; 
good catalytic properties; fully recyclable.
Nickel is an essential component in Li-ion batteries, enabling batteries to store greater amounts of energy and to reduce the use of more expensive 
cobalt. However, around 68% of nickel demand still comes from stainless steel production; whereas batteries capture under 15% of the nickel market 
production. This balance is forecast to change dramatically in the coming decade when demand is expected to be driven increasingly by the EV 
sector. With global EV sales expected to exceed 30 million by 2030, demand for nickel (like lithium) is expected to grow. Further, producers will be 
pressured to reduce the carbon footprint of nickel; giving an advantage to mines and refineries that offer reliable, socially and environmentally 
assured supply of product. 
REVIEW OF 2022
OUTLOOK
Nickel demand from the battery sector is estimated to have grown by 
40% in 2022 compared with 2021, primarily driven by strong BEV sales.
However, an 8% contraction in stainless steel demand during 2022, offset 
this increased demand. Stainless steel has been affected by the real 
estate downturn in China and a deterioration in the European economy. 
The tightness in the class 1 nickel market also eased over the year, 
despite strong demand from EV batteries. The bifurcation between 
class 2 and class 1 nickel markets has somewhat disappeared, owing 
to the ramp up of nickel pig iron (NPI) to matte conversion capacity in 
Indonesia. While this conversion has a higher carbon intensity than 
traditional class 1 nickel production routes, this is not thought to be an 
issue for the Asian market. Furthermore, new generation HPAL plants in 
Indonesia are ramping up more smoothly than previously anticipated, 
further easing concerns over the availability of suitable feedstock for the 
battery supply chain.
Nickel prices averaged $26,300/t on the LME in 2022, 42% higher than 
2021. A short squeeze in Q1 led to a price rally in early March, before 
receding to around $20,000/t by Q3, reflecting the nickel’s market’s 
weaker fundamentals. Price volatility following Russia’s invasion of Ukraine 
subsided as the commodity and associated producers remained absent 
from sanction lists, and anticipated supply chain disruptions did not 
materialise.
Following a small deficit in 2021, the nickel market is estimated to have 
shifted into a surplus owing to strong supply growth from Indonesia. Total 
nickel supply is estimated to have risen 13% in 2022, while demand is 
estimated to have contracted by 3% (net of recycling). 
The nickel market is predicted to remain in surplus in 2023. Primary supply 
is projected to grow by 17% this year (2023) as mines continue to ramp 
up output in Indonesia, compared to a more modest 6% growth for 
demand. Owing to stainless steel’s majority share of nickel demand, 
there is upside risk to the demand forecast but that will be reliant on a 
strong economic rebound from China this year.
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GOLD – applications, review and outlook 
Gold (Au) has historically enjoyed a reputation for being one of the most precious and lustrous of metals; hence its use as a store of value and for 
jewellery. In the modern era, gold’s properties have been innovatively applied in a number of technological, industrial and medical applications. 
Gold is used in catalytic converters and in space travel to protect against radiation and heat. In the medical field, gold nanoparticles have become 
commonplace in rapid diagnostic testing. Amongst a range of interesting developments, gold nanoparticles are being used to improve the 
efficiency of solar cells; while research into the use of gold in fuel cell catalysts could also prove fruitful. Regardless of potential breakthrough 
applications for gold, it remains a sought-after and precious substance for people the world over. 
REVIEW OF 2022
OUTLOOK
2022 was the strongest year for gold demand in over a decade. 
Colossal central bank purchases, aided by vigorous retail investor buying 
and slower ETF (exchange-traded funds) outflows, lifted annual demand 
to an 11-year high.
Annual gold demand (excluding OTC, over-the-counter) jumped 18% to 
4,741t, almost on a par with 2011 – a time of exceptional investment 
demand. 
Jewellery consumption softened a fraction in 2022, down by 3% at 2,086t. 
Much of the weakness came through in the fourth quarter as the gold 
price surged. 
Investment demand (excluding OTC) reached 1,107t (+10%) in 2022. 
Demand for gold bars and coins grew 2% to 1,217t, while holdings of gold 
ETFs fell by a smaller amount than in 2021 (-110t vs. -189t), which further 
contributed to total investment growth. Quarterly fluctuations in OTC 
demand largely netted out over the year. 
Demand for gold in technology saw a sharp Q4 2022 drop, resulting in a 
full-year decline of 7%. Deteriorating global economic conditions 
hampered demand for consumer electronics. 
Total annual gold supply increased by 2% in 2022, to 4,755t. 
Mine production inched up to a four-year high of 3,612t. 
2022 saw a record annual average London bullion market gold price of 
US$1,800/oz. The gold price closed the year with a marginal gain, despite 
facing notable headwinds from the strong US dollar and rising global 
interest rates. 
¸ Source: World Gold Council, 2022 full year report
Strong economic data in February 2023 reversed the four-month trends 
of most assets, including gold.
While a bout of economic strength can’t be dismissed, arguments that it 
was an exception and the US economy is on course for a more material 
slowdown are convincing.
This should reinforce a solid case for gold for the remainder of 2023. 
Surprisingly, strong US economic data has driven a rebound in the dollar 
and bond yields. Markets seem to be taking the data at face value, with 
fears that more aggressive monetary policy is needed to tame 
inflationary pressures.
Whilst this looks bad for risk assets and gold, which promptly reversed their 
respective four-month trends, there are compelling arguments for why 
January data is no more than a blip and the prospect of an economic 
slowdown remains on the table.
Though not without risks, a good case for gold remains in place for 2023, 
driven by elevated geopolitical risk, a developed market economic 
slowdown, a peak in interest rates, and risks to equity valuations. 
In addition, continued central bank buying can’t be ruled out.
¸ Source: World Gold Council, February 2023 report
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TOP 10 RESIDUALLY1 RANKED RISKS2
Risk description
Ranking
Ranking
change
Residual 
risk rating
Related strategic 
objectives
2022
2021
1. ENERGY AVAILABILITY
Risk of energy shortages; loadshedding in SA (including risk of 
a total blackout) and curtailment in Europe
1
New
£
Achieving strategic essentials 
and Prospering in every 
region in which we operate 
2. FAILURE TO ENABLE RESILIENT COMMUNITIES
Of particular relevance to SA region; insufficient infrastructure 
and measures to support communities; collapse of social cohesion; 
high youth unemployment
2
3
ö
Building pandemic-resilient 
ecosystems
3. INABILITY TO FUND EXPANSION
Organisational performance and/or economic factors impact
ability to raise funding 
3
1, 9
ö
Unique global portfolio of 
green metals and energy 
solutions that reverse climate 
change
4. FAILURE TO GROW IN TARGETED COMMODITIES AND REGIONS
Increased competition in green metals space; scarcity and expense 
of green metals leads to tech innovations that displace them 
4
6
ö
Unique global portfolio of 
green metals and energy 
solutions that reverse climate 
change
5. NOT GENERATING SUFFICIENT RETURNS TO DELIVER
ON FORCE FOR GOOD STRATEGY
Organisational profitability falling short of planned/expected levels, 
resulting in below expected returns/cash flow.
5
4
÷
Recognised as a force 
for good
6. IMPACT OF CLIMATE CHANGE
Extreme weather events (of particular concern for TSFs); 
and transitional risks: transitioning to a lower-carbon economy 
could involve disruptions in policy and regulatory environment; 
and disruptions in the market
6
3
÷
Building pandemic-resilient 
ecosystems 
7. DIVERSE STAKEHOLDER EXPECTATIONS
Recognise stakeholders with different objectives (as the global
footprint of the organisation grows); misaligned expectations 
with stakeholders 
7
8
ö
Recognised as a force 
for good
8. WORKING IN AND DEVELOPING HOMOGENOUS ECOSYSTEMS
Inherent dependency on partners; insufficient agility to 
the accelerated change; misalignment between our intent 
and the polarisation of politics
8
9
ö
Building pandemic-resilient 
ecosystems 
9. LACK OF TECHNICAL AND OPERATING CAPABILITY
Highly competitive closed environment (well established networks
that we would need to break through)
9
11
ñ
Unique global portfolio of 
green metals and energy 
solutions that reverse climate 
change 
10. FINANCIAL IMPACT OF A PANDEMIC
Pandemics and response to pandemics impact financial
performance of the organisation
10
7
÷
Building pandemic-resilient 
ecosystems
1 Residual risk is the amount of risk that remains after current internal controls are taken into account
Change in top 10 residual risk ranking
ñ
Elevated to top 10 
residual ranking
ö
Increased
÷ 
Decreased residual 
risk ranking
ú
No change in 
residual risk ranking
£
New risk
Residual risk ranking status
Low ranking (1-6)
Medium ranking (7-19)
High ranking (20-25)
Ã For more information on these risks, see page 57 of this section.
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Risk ranking 
based on 
residual 
risk rating
Risk description
Inherent 
risk 
rating
Residual 
risk 
rating
1
Risk of energy shortages; loadshedding in SA (including risk of a total blackout) and curtailment 
in Europe
16
14
2
Insufficient infrastructure and measures to support communities (SA region); collapse of social 
cohesion; high youth unemployment 
16
12
3
Organisational performance and/or economic factors impact ability to raise funding
12
12
4
Increased competition in green metals space; scarcity and expense of green metals leads to tech 
innovations that displace them 
16
12
5
Organisational profitability falls short of planned or expected levels, negatively impacting cash flow 
and returns 
12
12
6
Climate change compromises integrity of TSFs and other infrastructure; the transition to a lower-
carbon economy causes disruption in the regulatory environment, and in the market environment 
16
12
7
As global footprint grows, we encounter stakeholders with different and, sometimes, competing 
interests; misaligned expectations lead to resistance from stakeholders 
16
9
8
Adverse strategic actions by competitors and other role-players
16
9
9
Failure to maintain an attractive equity and credit investment case
16
9
10
Values-based culture is insufficiently functional to secure operational performance outperforming 
peer benchmarks
16
9
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Risk dynamics – movement in Group risk rankings
Energy availability (Risk 1) was identified as new standalone risk, in the previous risk this was considered a trigger for many other risks that 
the Group faces. Lack of technical and operating capability (Risk 9) has elevated for inclusion in the top 10 ranking. Rising global inflation 
driving an increase in interest rates is part of Failure to enable resilient communities (Risk 2), Inability to fund expansion (Risk 3) and Not 
generating sufficient returns to deliver on “force for good” strategy (Risk 5) in 2022. Health and safety remains our top material risks from a 
strategic and operational perspective. The residual risk on Cyber and IT risks (Risk 2 in 2021), Failure to transform into a digital-first organisation 
(Risk 5 in 2021) and Values based culture (Risk 10 in 2021), declined in significance and these risks are no longer included in the top 10 risk, 
they however remain part of the top strategic risks of the Group. These three risks, together with an explanation for the change in their risk 
status, are:
Previous
ranking (2021) Risk
Explanation for decrease in residual risk
2
Cyber and 
IT risks
As a digital-first organisation, Sibanye-Stillwater aims to uphold global best practice in digital technology adoption, 
while mitigating against ICT risks.
The residual risk ranking for this risk has declined due to the ongoing improvement in the mitigating strategies that 
have been implemented over the past two years. 
During 2021-2022, the Group embarked on the journey to aim for ISO 27001 accreditation where controls where 
further enhanced to meet the requirements of this ISO standard. ISO 27001 accreditation review has progressed well 
and formal certification was obtained on 14 April 2023.
Our disaster recovery plan (DRP) addresses business continuity and address data protection, data restoration, off-
site backups, system reconstitution, configurations and logs. The DRP is continuously reviewed and updated, 
with guidance from internal and external specialists. 
5
Failure to 
transform into 
a digital-first 
organisation 
Technology, digital and innovation are key enablers to our three-dimensional strategy. Innovation is core to the 
delivery of our strategy and is reflected in the addition of the i (for innovation) in our iCARES strategy. 
The research capability of the group through SFA Oxford has enabled the group to perform continuous case studies 
relevant technology change. The energy and decarbonisation strategy and the green metals strategy are being 
implemented. The Group’s internal knowledge of novel technology and technical competencies are amongst the 
mitigating actions put in place for the updated risk description of “Rate of technological change (In respect of 
current and future operations and energy solutions)”. 
10
Values based 
culture
Culture and values are enshrined in our Code of ethics and form the basis of the organisational growth and culture 
rejuvenation programme. Achieving a values-based culture through aligned leadership and trust has various knock-
on benefits: enhanced compliance in safety and risk; retaining top talent; better alignment to the growing demands 
of ESG. 
Strategic objectives of 2021 aligned with the three-dimensional strategy in 2022. The residual risk ranking declined 
from the previous year, this risk remains part of our strategic risks and material issues. Training and development and 
transformation initiatives have been at the forefront of the mitigating actions for the risk of “Failure to create a culture 
that supports a diverse, inclusive, bionic organisation”. 
Ã See Culture assessments, page 152
TOP RISKS BY OPERATING SEGMENT
In addition to the Group strategic risks, we maintain risk registers at the operating segment level for our managed operations. This ensures 
that those operational risks that could be material to the delivery of Group outcomes are tracked and mitigated by the responsible 
segment leadership, with their appropriate understanding and line of sight on a segment specific basis. Certain risks are generic to all 
segments, while other risks are specific to certain operations. Only segments with a risk exposure material to Group outcomes are 
included in our disclosure. 
The top risks identified for our managed operations and those identified as specific to each of our major operating segments for 2022 were:
Risks applicable to all operations
ESG performance (decline in safety and health performance and business disruptions due to social unrest). This includes the inability to meet global 
governance standards and targets, as well as the Mining Charter, Mineral and Petroleum Resources Development Act (MPRDA) and Social and 
Labour Plan (SLP) requirements for the SA operations; mine incidents and accidents: underground fires (ignition of flammable gas or combustible 
material and/or explosives); under-delivery on plans/expectations; expected returns not realised from expansion projects. 
SA PGM operations
SA gold operations
US PGM operations
•
Theft of copper and infrastructure
•
Mine incidents and accidents
•
Misaligned community expectations
•
Attraction and retention of skills
•
Total power outage/load curtailment
•
Seismicity
•
Health, Safety and environmental
performance
•
Illegal mining
•
Labour relations/wage negotiations
•
Total power outage/load curtailment
•
Labour/skills shortage
•
Supply chain challenges
•
Inability to execute on the annual
business plan
•
Non-compliance with relevant laws, 
regulations, adopted non-binding rules 
and guidelines (including amendments)
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OUTLOOK – SIGNIFICANT EMERGING RISKS AND TRENDS
Specific emerging Group risks
The emerging risks currently being closely monitored are:
Management oversight 
over joint venture (JV) 
or associate investments
How do we ensure that new acquisitions 
have the same good corporate governance 
and responsible citizen procedures as the 
Group? There is also the risk of unrealised 
value due to strategic misalignment at JVs, 
associates or partnerships. 
This risk is overseen by our Chief Commercial Development 
Officer and relates to the strategies: Unique global 
portfolio of green metals and energy solutions that reverse 
climate change; Maintaining a profitable business and 
optimising capital allocation; ESG embedded as the way 
we do business. We hold thorough audits (if necessary 
using third-party auditors) to assess compliance of these 
companies to our standards and values. Additionally, 
we take care to assess their skills, financial strength and 
reputation in the marketplace. 
Global trend in replacing 
ICE vehicles with EVs
We are heavily reliant on sales of PGM to the 
automotive sector for use in catalytic 
converters. It is common cause that 
throughout the developed world, and 
including China, EV sales are rising faster 
than ICE sales, their zero tailpipe emissions 
being a distinct advantage. 
Demand for PGM for use in autocatalysts will hold in the 
short to medium term (indeed, stiffer emissions standards 
could even see it rise), but the long-term prospect is that 
EVs will one day completely replace ICEs. Our green 
metals strategy addresses this risk, as do the investments 
and acquisitions we are making in green metals and 
battery metals. Our research (through SFA Oxford) suggests 
exciting opportunities in the green hydrogen economy. 
This represents an attractive new application area for 
platinum and the minor PGM elements.
Increasingly exacting 
ESG expectations
Ever-growing ESG stringency from investors 
and bourses threatens our ability to raise 
finance. Navigating the complexity of ESG 
and sustainability compliance is becoming 
ever harder, particularly given that the 
Group operates in multiple territories in the 
context of a complex and multifaceted 
global regulatory and compliance 
environment. 
Our controls for this risk are centred around our 
sustainability strategy. Further, we have position statements 
for key environmental areas (water, land, biodiversity, 
energy) and policy frameworks for priority areas. We are 
committed to adhering to ICMM, and the WGC 
responsible mining principles, which are assured by 
external auditors. Additionally, we have embedded 
our Rules of life philosophy across all jurisdictions. 
Our institutional structures are being improved to define 
exactly who is responsible for executing and reporting on 
which aspect. We are considering ESG across the full value 
chain, including mergers and acquisitions, and closure. 
We are diversifying into recycling, across all our metals. 
We are developing a socioeconomic strategy (including 
social cohesion), as well as science-based targets and 
ESG related LTIs. 
Value realisation through 
capital allocation
The Group has attained a cash positive 
position and decent cash flows, now the risk 
is of sub-optimal returns from capital 
allocation.
The CFO owns this risk, which relates to our strategic 
essential, Maintaining a profitable business and optimising 
capital allocation, and our strategic differentiator, Unique 
global portfolio of green metals and energy solutions that 
reverse climate change. Our financial decision-making is 
governed by best practice structures and mechanisms to 
manage liquidity and costs, with debt well planned for the 
long term, and costs planned and managed within clear 
limits. (Ã See Profitable business and capital allocation, 
page 92.) On 16 November 2021, the Group completed 
a two-tranche corporate bond offering of US$675 million; 
4.0% notes due on 16 November 2026 (the 2026 notes), 
and US$525 million 4.5% notes due on 16 November 2029 
(the 2029 notes). A portion of the proceeds were applied 
toward the early redemption of the 2025 notes on 
6 December 2021.
For additional information about our risks, ¸ see “Risk Factors” in our Form 20-F www.sibanyestillwater.com/newsinvestors/reports/
annual
Risk
Explanation
Our response
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Top 10 Group strategic risks: description, likely impact and related mitigating action
Strategic risks are the risks that could threaten the Group’s ability to deliver on expected outcomes, with a negative impact 
on our ability to grow and prosper. The top 10 Group strategic risks are ranked according to their residual risk and potential to 
negatively impact our ability to deliver on our three-dimensional strategy. The residual risk ranking is based on exposure levels, 
once current controls have been implemented and applied. 
OPERATIONAL  I  ECONOMIC  I  FINANCIAL  I  SOCIAL
1. ENERGY AVAILABILITY
Risk of energy shortages; loadshedding in SA (including risk of a total blackout) and curtailment in Europe
Type of risk and strategic impact
Underlying vulnerabilities and triggers
Related strategic objectives
Achieving strategic essentials, particularly 
Prospering in every region in which we 
operate
Capitals affected 
Human resources, social and relationship, 
financial
Board oversight committees 
Risk Committee; Audit Committee; 
Safety and Health Committee; Social, Ethics 
and Sustainability Committee; and Investment 
Committee. The Chief Technical and Innovation 
Officer is ultimately responsible for this risk.
Our greatest exposure remains in the SA region, which is facing challenges on energy supply. 
We continue to have high reliance on Eskom for energy supply, and insufficient geographical 
diversification (80% of EBITDA is SA-dependant). For both the Europe and SA regions, the inability 
to adapt to frequent and significant load curtailments remains a major challenge. Land claims 
disputes have also caused delays in our renewable projects in South Africa.
Consequences
Current control
Planned control enhancement
The consequences of energy availability 
include: 
1. Risk of energy shortages and national load
shedding / curtailment (EU / RSA)
2. Increase production costs
3. Production interruptions
4. Closing of operations
5. Retained or increased carbon intensity, 
reduced demand for products
6. Failure to deliver on our carbon neutrality or
STBi targets
7. ESG underperformance and reputational
damage
8. Total blackout, risk to personnel and
infrastructure, and social unrest
Operational protocols have been 
communicated and implemented to ensure 
that all responsible teams understand load 
curtailment requirements, as well as evacuation 
procedures at affected sites. Other controls 
include:  
1. Utility generation performance monitoring
2. Emergency power supply
3. Energy and decarbonisation strategy 
implementation, including renewable 
portfolio (RSA)
4. Industry advocacy,  including engagement
with Government, NERSA and Eskom and 
participation in the NRS048-9 electricity 
emergency standard review (RSA)
We continue to look for, and implement, 
alternative solutions to reduce dependence 
on Eskom power. Our planned enhancement 
actions include
•
Alternative dispatchable or baseload 
energy solutions assessment (gas, hydro, 
biomass, etc.)
•
Enhanced load curtailment scenario 
planning, including a case of prolonged
blackout
•
Investigating energy storage solutions
•
Development of regional carbon neutrality
roadmaps
•
Develop a group green and energy
solutions strategy
•
BioniCCubE – R&D/Market development
fund
•
Building energy management and
technical competencies
•
Stakeholder engagements on land claims
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OPERATIONAL  I  ECONOMIC  I  FINANCIAL  I  SOCIAL
2. FAILURE TO ENABLE RESILIENT COMMUNITIES
Insufficient infrastructure and measures to support communities, collapse of social cohesion and high youth unemployment
in South Africa
Type of risk and strategic impact
Underlying vulnerabilities and triggers 
Related strategic objective
Instrumental in building pandemic-resilient 
ecosystems 
Capitals affected
Intellectual, financial, manufactured, 
human
Board oversight committees
Risk Committee; Audit Committee; 
Safety and Health Committee; and Social, 
Ethics and Sustainability Committee. 
The Chief Sustainability Officer is ultimately 
responsible for this risk. 
1. Prevailing community expectations not aligned to the Group’s shared value principles
2. South African context
a. Prevailing community expectations not aligned to current SLP/community delivery, and/
or CSI initiatives; inability to sustain local economic development projects
b. Perception that SLP requirements and community spending not being met; slow tangible 
movement on projects
c. Community leadership inhibiting flow of benefit to community members
d. High youth unemployment
e. Community and youth activism
f.
Dysfunctional local government and inability to deliver basic community services
g. High crime rates, rampant organised criminal activities
h. Illegal mining
3. Clash of vested interests from communities
4. Challenging social context; impact of strike action; mines placed on care and maintenance/
community health (leading to long-term care and maintenance plans which are costly)
5. Elevated ESG awareness
6. Political events that mobilise communities
7. Political ideologies in various jurisdiction fragmenting society
8. Lack of economic growth
Consequences
Current control
Planned control enhancement
1. Operational disruptions and
mine blockages
2. Interests of stakeholders not aligned, 
leading to elevated conflict levels
3. Negative investor sentiment
4. Pressure from NGOs and other regulatory
and governmental stakeholders 
5. Unproductive workforce
Our stakeholders are an integral part of our 
business. It is our intent to ensure appropriate 
and meaningful stakeholder engagements 
throughout all aspects of our business. Our 
stakeholders have the ability to contribute to 
the success and sustainability of our business.
1. Consistent and effective stakeholder
engagement
2. Communicate the positive socioeconomic 
impact derived from our mining
3. Public relations campaigns
4. Investment in local economic development, 
through strategic partnerships
5. Socioeconomic compact with multiple 
stakeholders
6. Central engagement forum
7. South African context
a. Deliver Social and labour plans (SLPs)
b. Enterprise and supplier development
programme
c. Local recruitment strategy
8. ESG Strategic framework
The following planned control enhancements 
have been committed to
1. Pursue partnerships to build modern towns
around our operations 
2. Helping communities design pandemic 
reaction plans
3. Assume a leading role in district 
development models/programmes in 
South Africa
4. Embedding ESG Strategic framework
within communities
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OPERATIONAL  I  ECONOMIC  I  FINANCIAL  I  SOCIAL
3. INABILITY TO FUND EXPANSION
Organisational performance and/or economic factors impact ability to raise funding
Type of risk and strategic impact
Underlying vulnerabilities and triggers 
Related strategic objective
Unique global portfolio of green metals and 
energy solutions that reverse climate change
Capitals affected
Natural, social and relationship
Board oversight committees Risk Committee; 
Social, Ethics and Sustainability Committee; 
Health and Safety Committee; and 
Investment Committee. The Chief Financial 
Officer is ultimately responsible for this risk. 
1. Global recession
2. Market disruptions (e.g., wars, pandemics) impacting funding
3. Credit downgrade – sovereign and/or Sibanye-Stillwater
4. Operational underperformance
5. Temporary high leverage
6. Affordability of funding costs, global inflation driving up interest rates
7. Credit rating anchored to South Africa’s sovereign credit rating
8. Perception by credit rating agencies
9. Volatility of commodity prices
10. Perception by credit rating agencies
Consequences
Current control
Planned control enhancement
1. Insufficient funding capacity
2. High cost of funding
3. Strategy/expansion failure
1.
Operational planning, realistic targets, flexibility
2.
Capital allocation framework
3.
Capital planning and scheduling
4.
Operational business and technical review
processes
5.
Quarterly segment reviews
6.
Recovery planning to address production
shortfalls
7.
Quarterly Board review and oversight of
operational performance
8.
Operating model – Organisational structure 
that has strengthened leadership capacity for 
focus on operations management at segments, 
business units and shafts
9.
Strong segment operational leadership
10. Long-term strategic planning (life of mine
planning)
11. Credit ratings agency interaction
12. Prudent financial policies
Our planned control enhancements include
1. Formalised financial policy on targets for key
financial metrics
2. Strengthen Sibanye-Stillwater credit profile 
through
•
Geographical and commodity
diversification
•
Reducing reliance, specifically in 
South Africa, on unreliable public services
and utilities
•
Delivering on our anti-fragility and pandemic 
resilient ecosystem work programmes
OPERATIONAL I  ECONOMIC  I  FINANCIAL  I  SOCIAL
4. FAILURE TO GROW IN TARGETED COMMODITIES AND REGIONS
Increased competition in green metals space; scarcity and expense of green metals lead to tech innovation that displace them
Type of risk and strategic impact
Underlying vulnerabilities and triggers
Related strategic objective
Unique global portfolio of green metals and 
energy solutions that reverse climate change
Capitals affected
Manufactured, human and financial.
Board oversight committees 
Risk Committee; Audit Committee; Health and 
Safety Committee; and Investment Committee. 
The Chief Commercial and Development 
Officer and the Chief Regional Officers (CROs) 
are ultimately responsible for this risk. 
1. China Inc is 20 years ahead
2. Growing interest of global diversified majors with strong balance sheets
3. End-customers (carmakers) panicked and deploying capital unconventionally
4. Limited number of opportunities chased by too many buyers
5. Global awareness about the urgency of climate change, at policy-maker, corporate 
and investor levels
Consequences
Current control
Planned control enhancement
1. Failure to deliver on our growth strategy
2. Integration risk and brand management
issues
3. Risk of overpaying in cyclical industries and
destroying value
1. Comprehensive global networking effort
to identify opportunities
2. Building meaningful partnerships instead
of only seeking straight acquisitions
3. Disciplined due diligence and decision-
making process
4. Leverage knowledge synergies between 
partnerships/acquisitions
Our planned control enhancements includes 
continuing to make investments in ecosystems 
and attracting new talent to the Group. 
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OPERATIONAL  I  ECONOMIC  I  FINANCIAL  I  SOCIAL
5. NOT GENERATING SUFFICIENT RETURNS TO DELIVER ON FORCE FOR GOOD STRATEGY
Organisational profitability falling short of planned/expected levels, resulting in below expected returns/cash flow
Type of risk and strategic impacts
Underlying vulnerabilities and triggers
Related strategic objective
Recognised as a force for good 
Capitals affected
Intellectual, financial
Board oversight committees
Audit Committee and Risk Committee. 
The Chief Financial Officer is ultimately 
responsible for this risk.
1. PGM exposure to economic vulnerabilities
2. PGMs are industrial metals
3. PGMs currently form a significant portion of the Sibanye-Stillwater portfolio
4. High fixed cost to variable cost ratio (a function of medium to deep level underground mines)
5. Labour intensive operations at SA gold and SA PGM operations
6. Marginal assets within portfolio
7. Lack of mining flexibility and technical complexity (e.g., seismicity)
8. Large community presence around operations
9. Reliance on third-party suppliers for bulk services such as water and electricity
10. Availability of technical skills
11. Geographically concentrated operations
12. Unwieldy labour relations and regulations
13. Global supply chains
14. Inability to exit/closure of operations
15. Global disruptions (such as a pandemic, war or supply chains instability)
16. Commodity price volatility – departure from planned prices and long-term expectations
17. Critical infrastructure unavailability
18. Global inflation beyond historical/forecasted levels
19. Unrealistic wage expectations
20. Bulk electricity and water supply disruption
21. Production interruptions arising from safety incidents
22. Shortage of skills
23. Sub-optimal integration of acquisitions
24. Unrealistic regulatory expectations/onerous regulatory environments, including forced
procurement policies
25. National/local unrest
26. Lack of community support for growth ambitions
27. Metallurgical disruptions within the commodity sector at other operations (force majeure)
Consequences
Current control
Planned control enhancement
1. Reduced cash flow
2. Sup-optimal credit ratings
3. Inability to raise equity capital
4. Loss of investor confidence
5. Downscaling and asset restructuring
6. Domino-effect as downscaling passes fixed
costs on to other operations
7. Reputational impact
8. Failure to meet stakeholder expectations
9. Deterioration of stakeholder relationships
10. Difficulty delivering on community
programmes
11. Inability to deliver on value creation
12. Negative impact on the sustainability
of the business
1. Operational planning (monthly, quarterly
and yearly), with realistic targets and 
flexibility 
2. Detailed capital planning and scheduling
3. Operational monthly business and technical
review process
4. Quarterly operating segment reviews
5. Recovery planning to address production 
shortfalls
6. Quarterly Board review and oversight of 
operational performance
7. Operating model – Organisational structure 
that has strengthened leadership capacity 
for focus on operations management at 
segments, business units and shafts
8. Strong segment operational leadership
9. Stakeholder engagement programmes
10. Improved data analytics and digital systems
11. Technological capability enhancement
12. Long-term strategic planning (life of mine 
planning)
13. COVID-19 standard operating procedures
14. ISO 45001 certification
•
US PGM replanning
•
Pursue ISO 45001 certification for
outstanding operations
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OPERATIONAL  I  ECONOMIC  I  FINANCIAL  I  SOCIAL
6. IMPACT OF CLIMATE CHANGE
Extreme weather events (of particular concern for TSFs); and transitional risks: transitioning to a lower-carbon economy
could involve disruptions in policy and regulatory environment, and disruptions in the market
Type of risk and strategic impacts
Underlying vulnerabilities and triggers
Related strategic objective
Instrumental in building pandemic-resilient 
ecosystems 
Capitals affected
Social and relationship, financial, 
manufactured, human
Board oversight committees
Social, Ethics and Sustainability Committee; 
Risk Committee; and Audit Committee. 
The Chief Financial Officer, with support 
from Chief Regional Officers, is ultimately 
responsible for this risk.
Physical risks
1. Vulnerable asset base with large carbon footprint
2. Energy intensive South African mines dependent on upstream carbon intensive power
from the national utility, Eskom 
3. Eskom's ability to diversify (renewables)
4. State of Eskom infrastructure and ability to integrate into the grid
5. Production interruption and community impacted by changing weather and climate 
conditions
6. Increased input costs
7. Inadequate global response to reverse climate change
8. Supporting infrastructure damage and supply chain disruptions
Transitional risk 
1. Policy and legal: new climate change-related mandatory business requirements
2. Change in technologies and fuel sources: changing or new commodity requirements
3. Market: ESG requirements, with carbon as a focal point
4. Market: carbon taxes, increased input costs
5. Reputational: failure to act or perform will erode competitiveness
6. South Africa's restrictive and bureaucratic legislation 
7. Ensuring a just transition/impoverished communities
8. Decarbonisation technology availability and viability (e.g., green H2, low-profile BEVs)
Tailings storage facilities (TSFs)
1. Instability: elevated phreatic surface, earthquakes
2. Rainfall in excess of design (insufficient freeboard and related infrastructure capacity)
Consequences
Current control
Planned control enhancement
1.
Region specific carbon tax (financial impact) 
with significant impact in SA from 2026, given 
Eskom risk exposure (pass on of carbon 
footprint cost)
2.
Increased cost and reduced availability of 
materials (timber, cyanide, explosives, lime, 
cement, diesel and water)
3.
Anticipated carbon border taxes
4.
Ability to meet the Group commitment to be 
carbon neutral by 2040 compromised/ eroded
demand for products due to carbon intensity 
5.
Investment decisions made today, could be 
affected by weather variability associated with
long-term climate change in the future
6.
Impacted communities (basic services, 
hygiene, displacement, food security); angry 
people and political environment surrounding
the mines
7.
Financial, production, environmental and 
safety impact; flooding, TSF impacts, 
environmental incidents , incremental weather
effects, etc.
8.
Reduced investability, increased cost of capital
and reputational damage 
TSFs 
1.
Reputational damage
2.
Financial impact: change in operational 
methodology and infrastructure expansion, 
cessation of operations
3.
Impacted communities: lives and livelihoods
affected due to catastrophic failure
Our risk mitigation actions remain centered around 
our Sustainability strategy. The following current 
controls are in place to manage the risk exposure
1.
Green metals and energy solutions strategy
implementation
2.
Roadmap to carbon neutrality by 2040
3.
Energy and decarbonisation strategy
4.
ICMM aligned Group climate change and 
energy and decarbonisation position statements
(Strategy and execution)
5.
GHG interventions: renewables implementation, 
onsite coal independence, methane sealing 
initiatives and supplier engagements
6.
Monitoring, measurement and reporting of
carbon emissions against rolling five-year 
carbon budgets
7.
Carbon emissions; Board and executive-aligned
Long term incentive (LTI) metrics 
8.
Standardised group reporting system for energy
and GHGs 
9.
Disclosure through participation in the CDP 
initiative
10. Alignment and reporting to Task Force on 
Climate-related Financial Disclosure (TCFD) 
recommendations
11. Climate change scenario analysis based on the
latest IPCC reports and assessment of climate 
change risks and opportunities
12. Compliance with air quality legal emission
requirements with abatement initiatives 
(NOx, SO2)
13. The implementation of energy-efficiency
projects 
14. TSFs: Global Industry Standard on Tailings
Management (GISTM) alignment 
15. Rigorous surveillance programmes with internal
(Tailings engineering) independent review 
•
With ESG and sustainability being central to our
Group ambitions we have identified further 
planned mitigating actions to enhance our 
controls over climate change 
•
We are in the process of developing and 
implementing a Climate change strategy, 
and will continue to actively pursue strategic 
opportunities in green metals, recycling and 
other energy-related businesses that aid in the
global low-carbon transition
•
Undertaking the TCFD scenario analysis will 
assist with appropriate financial planning 
required to manage unidentified climate 
change risks and opportunities. As a Group we
are committed to a climate change response 
programme which will include regular reviews 
and updates of climate change risks and 
opportunities 
•
We will continue to develop decarbonisation
projects and alternatives, and consider 
appropriate carbon trading schemes
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OPERATIONAL  I  ECONOMIC  I  FINANCIAL  I  SOCIAL
7. DIVERSE STAKEHOLDER EXPECTATIONS
Recognise stakeholders with different objectives (as the global footprint of the organisation grows); misaligned expectations
with stakeholders
Type of risk and strategic impact
Underlying vulnerabilities and triggers
Related strategic objective
Recognised as a force for good
Capitals affected
Financial
Board oversight committees
Audit Committee; Risk Committee; and 
Social, Ethics and Sustainability Committee. 
The Chief Regional Officers and Chief 
Sustainability Officer are the risk owners.
1. Investor capitalism
2. Lack of understanding (by key stakeholders, employees, communities, union leadership, 
regulators) of what is meant by "Force for good"
3. Lack of understanding of the various requirements of the different stakeholders
4. Community engagement structures making commitments on behalf of the Company
5. Politically globally aligned Non governmental organisations (NGOs)
6. Unclear guidelines on regulations and/or amendments
7. Political aspirations and agendas of union leadership
8. Socioeconomic climate prevailing in operating regions
9. Global legacy misconceptions of mining
10. Lack of robust social ESG data metrics
11. Unclear guidelines from regulators on their interpretation of effective engagements
12. Inconsistency in dealing the expectations that do not get managed
13. Lack of communication/branding/marketing
14. Misaligned understanding by stakeholders
15. Poor delivery on past commitments
16. Management not aligned to the meaning of "Force for good"
Consequences
Current control
Planned control enhancement
1. Social unrest
2. Loss of investor support
3. Loss of confidence from the customer base
4. Loss of licence to operate
5. Loss of confidence in leadership
6. Financial losses due to business disruptions
7. Loss of morale/disengaged workforce
8. Litigation by NGOs against so-called
‘sustainability whitewashing’
9. Disruption by extortion rackets
10. Unclear guidelines from regulators on their
interpretation of effective engagements
11. Inconsistency in managing expectations
12. Lack of communication/branding/marketing
13. Misaligned understanding by stakeholders
14. Poor delivery on past commitments
15. Management not aligned to the meaning 
of "Force for good"
Stakeholders are an integral part of our business 
and have a part to play in the success and 
sustainability of our business. Our current controls 
ensure open and constructive engagements 
with our stakeholder. These controls include
1. Stakeholder engagement framework
and strategy
2. Alignment to local legislation in all
jurisdictions 
3. Delivery on commitments
4. Disclosure committee; quality assurance 
on sustainability
Our planned enhancement controls are 
focused on creating clear communication 
and engagement channels between the Group 
and various stakeholders. 
1. Clear definition and communication of 
the strategic differentiators (management
congruency in terms of execution aligned 
to the strategic differentiator definitions)
2. Establishment of multimedia messaging 
channels such as social media
3. Develop a database on sustainability 
litigation cases (in terms of claims of so-
called ‘whitewashing’ and ‘greenwashing’)
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OPERATIONAL  I  ECONOMIC  I  FINANCIAL  I  SOCIAL
8. WORKING IN AND DEVELOPING HOMOGENOUS ECOSYSTEMS
Inherent dependency on partners; insufficient agility to handle accelerated change; misalignment between our intent
and the polarisation of politics
Type of risk and strategic impact
Underlying vulnerabilities and triggers 
Related strategic objective
Instrumental in building pandemic-resilient 
ecosystems 
Capitals affected
Financial, Human
Board oversight committees
Audit Committee; Risk Committee; 
and Investment Committee. This risk is 
overseen by our Chief Regional Officers. 
1. Dependence on ecosystem partners
2. Transient shared ecosystem interests in a climate of rapid technology and policy change
3. Insufficient robustness of ecosystem partnerships
4. Rapid evolution of markets served by the ecosystem
5. New entrant in Europe and America ecosystems
6. Formative period for ecosystem establishment creating volatility
7. Ability to demonstrate value as a preferred partner in the ecosystem
8. Significant developments that change the preferred form of the ecosystem
a. Technology advances
b. Geopolitical shifts
c. Policy and regulatory developments
9. Ecosystem not realising expected value for partners, leading to conflict
10. Ecosystem cohesiveness compromised during disruptions
11. Ecosystem partners failing to honour commitments
12. Supply chain disruptions adversely affecting ecosystem integrity
Consequences
Current control
Planned control enhancement
1. Stranded investment without supportive 
ecosystem partners
2. Failure to secure diversification into new 
markets and geographies
3. Reputational damage from failure to deliver
on strategic intent 
1. Region-based leadership with solid 
networks and sound understanding of 
region dynamics
2. Initial commitments that demonstrate 
intent towards building sincere ecosystem
involvement
Further planned control enhancement to 
mitigate the risk
1. Develop systems to assure quality delivery
on ecosystem commitments
2. Establish ecosystem governance 
arrangements supported by compacts 
among partners
3. Market evaluation to determine durability
of market opportunities served by the 
ecosystem
4. Working with credible ecosystem partners
supported by due diligence 
5. Durable role for Sibanye-Stillwater in 
the ecosystem
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OPERATIONAL  I  ECONOMIC  I  FINANCIAL  I  SOCIAL
9. LACK OF TECHNICAL AND OPERATING CAPABILITY
Highly competitive closed environment (well-established networks that would require breaking through)
Type of risk and strategic impacts
Underlying vulnerabilities and triggers
Related strategic objective
Unique global portfolio of green metals and 
energy solutions that reverse climate change 
Capitals affected
Financial
Board oversight committees
Investment Committee; Audit Committee 
and Risk Committee. The Chief Technical 
and Innovation Officer is ultimately 
responsible for this risk.
1. Behavioural competencies required to lead teams
2. Necessary skill set required
3. Entry into new operating regions
4. Highly competitive market for technical skills
5. No business track record to rely on 
6. Reliance on third parties commodities and regions we are unfamiliar with
7. Cultural and procedural fluency across different regions
8. Inability to attract technical and operational capability required
9. Inability to form partnerships needed with third parties
10. Neglecting to focus on the cultural and procedural requirements
Consequences
Current control
Planned control enhancement
1. Lack of growth
2. Operating failure
3. Safe performance consequences
4. Not meeting the requirements of off 
take agreements
5. Inability to execute our strategy
6. Financial impact
7. Lack of investor confidence
1. Small office, home office (SOHO) and 
digital workplace philosophy (allows for 
global skills sourcing (wider talent pool))
2. Positioning within supply chains 
and developing credible partnerships
3. Business intelligence research 
(business development, including market
development and SFA Oxford)
1. Implement a competitive strategy
to attract and retain key talent
2. Development of our central technical
capacity
3. Strategically planned change 
management
10. FINANCIAL IMPACT OF A PANDEMIC
Pandemics and response to pandemics impact financial performance of the organisation
Type of risk and strategic impacts
Underlying vulnerabilities and triggers 
Related strategic objective 
Instrumental in building pandemic-resilient 
ecosystems
Capitals affected
Human, intellectual, social and relationship
Board oversight committees
Social, Ethics and Sustainability Committee; 
Risk Committee; Audit Committee; and Safety 
and Health Committee. The Chief Regional 
Officers are ultimately responsible for mitigating 
against this risk. 
1. Labour intensive mines
2. Geographic concentration of production
3. High fixed cost
4. Employees living in informal accommodation/settlements
5. Uncertain country response to a pandemic
6. Supply chain dependence
7. Supply-demand impacted
8. National/regional/global pandemic
9. National/regional/global pandemic-like event, e.g., war, climate change
10. Slow to react appropriately when pandemic-like events identified
OPERATIONAL  I  ECONOMIC  I  FINANCIAL  I  SOCIAL
Consequences
Current control
Planned control enhancement
1. Insufficient liquidity and cash flow
2. Decreased productivity
3. Limited cash inflow to offset fixed/committed
outflows during a pandemic
4. Elevated leverage
5. Employee financial hardship
6. Higher costs of onerous pandemic health 
requirements
7. Demand destruction
The following controls are in place
1. Conservative financial policies
2. Capital allocation framework
3. Revolving credit facilities and other sources
of liquidity (overnight facilities)
4. Well-constructed debt maturity profile
5. Lessons learnt during COVID-19 
6. Commodity and geographical diversification
Commodity and geographical diversification
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PURSUING OPPORTUNITIES
In business, every risk comes with opportunity and vice versa. It is incumbent on leadership not only to mitigate against risk but also to 
convert opportunities into profits and value creation. Broadly, our focus on ESG and green metals is our strategic pivot to embrace the 
new green economy and to supply the primary resources it demands. 
Opportunity
Considerations
1. Commodity 
applications and 
energy solutions to 
address climate 
change and the 
environment
This theme is woven throughout the report and is addressed by our green metals strategy, which is to build a Unique 
global portfolio of green metals and energy solutions that reverse climate change as a key strategic differentiator in 
our refreshed corporate strategy. 
While we expect vehicle electrification to proceed on an exponential trajectory, shortages of critical battery metals are 
likely to cap the rate of electrification of the global vehicle fleet in the second half of this decade. This will create the 
need for decarbonisation alternatives such as synfuels extending the life of internal combustion engine vehicles in support 
of a low carbon economy, with major implication for PGM demand. We expect that an eventual decline in combustion 
engined vehicles will be compensated by tougher emissions standards, i.e. increased loadings compensating for 
decreasing volumes. 
High-capacity stationery batteries will be increasingly required in a renewable energy economy using a range of 
alternative technologies and mineral requirements. While lithium ion is currently preferred for most bulk energy storage 
applications as it is well proven, it is not the ideal solution as other battery technologies have preferable characteristics 
in these applications. Vanadium redox flow and other technologies are exciting prospects with significant potential. 
A further exciting development that is gaining traction is green hydrogen, which we expect will impact demand for our 
metals from midway through this decade and sustain it for decades to come. Our exposure to iridium is an excellent 
opportunity as polymer electrolyte membranes (PEM) become a standard electrolyser technology for generating green 
hydrogen and fuel cells will create substantial new platinum demand. 
Our acquisitions and partnerships at Keliber, Sandouville and New Century have launched our pivot to capitalise on these 
opportunities with substantial further progress expected to expand our involvement in new energy opportunities. We are 
also engaging in market development initiatives to stimulate new applications for the strategic commodities in 
our portfolio. 
2. Strengthening the 
role of investment 
commodities in the 
global monetary 
system
The role of gold as an investment commodity providing stability to the world’s financial systems continues to be 
demonstrated despite the challenges from alternative digital financial instruments with limited or no solid backing for 
their value. The crypto currency developments in 2022 have aptly demonstrated they do not represent a viable 
alternative being subject to extreme volatility. As the global economy navigates challenging times with the battle on 
inflation steadily being won through an interest rate hiking cycle that is close to peaking, gold is likely to gain renewed 
emphasis as a preferred investment medium.
Further, gold is a credible asset class that can be accredited under responsible mining standards, with the traceability 
to source that can be provided through the application of blockchain tokens. The World Gold Council’s work on Gold247 
to promote integrity, accessibility and fungibility through gold backed digital tokenisation is expected to invigorate gold 
in broader markets with our investment in Glint (a global gold-based payments platform) also speaking to this 
opportunity. While traceability and ESG accreditation functionality may lag relative to stakeholder expectations for 
commodities with industrial applications, this is an increasingly important market imperative to realise gold’s opportunities 
as a favoured investment medium. 
3. Critical mineral value 
chain partnerships
On the back of the successful partnership with DRDGOLD (a commercially smart environmental clean-up operator) 
that leverages our gold tailings resources in South Africa, we are extending the model of strategic partnership into a 
number of other areas as an effective pathway to growth in new business areas. This provides flexibility and 
optionality for us to become involved as a partner in newly emerging value chains that are under development to 
meet rapidly evolving market requirements. Recent strategic partnerships include a 30% stake in Keliber that we 
extended to a controlling majority stake during 2022, a 20% stake in New Century Resources that has also been 
increased to majority holding early in 2023, and a 50% interest in the joint venture with ioneer to develop the Rhyolite 
Ridge project along with a 7% investment in ioneer. We have also initiated collaborative market development 
exercises for critical commodities and taken up stakes in energy solution businesses through our BioniCCubE portfolio 
to leverage off our green metals.
Our strategic partnership model to secure meaningful involvement in coherent value chains, is an important element 
in our strategic differentiator to Build pandemic-resilient ecosystems. 
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Opportunity
Considerations
4. Africa as an 
emerging source 
of critical minerals
While South Africa’s investment climate remains constrained by a broad range of challenges, several African countries 
have taken active measures to create an environment conducive to attracting foreign investment in mining. Across 
the African continent, there are plentiful untapped minerals resources and established mineral industries in need of 
reinvigoration that contain critical minerals required to meet the world’s low carbon economy requirements, with 
Zambia affording a prime example. With Africa uniquely positioned between the western and eastern worlds, there is 
significant contestation between major world powers to gain control of Africa’s resource base. This shapes substantial 
opportunity for companies with their roots in Africa to discharge meaningful roles in realising value from the mineral 
resources.
Despite unreliable bulk services, high levels of crime and corruption, regulatory uncertainty and socio-political instability 
that create an elevated hurdle rate for investment, South Africa is still a rich source of mineral resources with significant 
untapped potential and limited competition for the available resources. Limited prudent investment in organic growth is 
justified, with our capital investments in Burnstone (gold), K4 and Klipfontein (PGM) continuing to represent sound business 
cases, along with commitments to captive energy supply for our operations. Should a more favourable socio-political 
environment develop through meaningful reform in line with the intensive business advocacy that is being pursued, 
substantial additional investment could be liberated in opportunities with returns that would then exceed a lower 
investment hurdle rate. 
5. Stakeholder sentiment 
and regulatory 
frameworks
We have long recognised that companies with good sustainability and ESG credentials deliver superior financial returns 
to their shareholders in addition to the superior shared value that they deliver to all stakeholders as a Force for Good. 
This has been particularly critical in mining that has attracted a reputation for being extractive and harmful to people 
and the planet. With the recognition growing that strategic green minerals are critical in the war on climate change 
and atmospheric pollution, a significant shift in stakeholder and regulatory attitudes is in progress. While expectations 
around upholding stringent standards for responsible mining remain intact, social sentiment towards mining has 
improved with regulatory support mechanisms, including preferential funding and incentives, starting to be enacted. 
For mining corporations that are committed to strong sustainability and ESG frameworks, these developments represent 
a significant opportunity to establish activities in jurisdictions where significant obstacles to permitting were encountered. 
Securing recognition from stakeholders and regulators for our business activities as a Force for Good allows us to capitalise 
most effectively on these opportunities.
6. Becoming a digital-
first organisation
Intelligent advances continue to progress at a remarkable pace enabling substantial opportunities for change in work 
practice that afford improved effectiveness and efficiency, along with digital tools for the augmentation of human 
performance. 
Following the trigger of the COVID-19 pandemic to adopt remote working arrangements, the quality of virtual interaction 
has improved allowing for new ways of working to be adopted as a sustainable approach. While safeguards with 
appropriate guidelines are required to protect against pitfalls, embracing virtual engagement as the basis for a 
substantial majority of our internal and external interactions is conferring substantial advantages both to the company as 
well as to our employees, particularly in a geographically distributed organisation spanning multiple time zones. We are 
also mindful that digital-first working arrangements will remove some of the barriers that inhibit realisation of our diversity 
and inclusion aspirations. Full adoption of a human resources culture and related work practices that leverage the 
advantages of virtual working presents substantial opportunity for improved effectiveness and quality of life. 
We also continue to see rapid improvement in digital tools, with the emergence of generative artificial intelligence into 
mainstream application representing a significant step in 2022. While we have piloted applications and successfully 
applied digital tools to enhance safety, productivity, the working environment and ESG compliance, we recognise that 
more intense and widespread adoption of the digital technologies that are becoming available affords substantial 
untapped opportunities in support of our Inclusive, diverse and bionic strategic differentiator.
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HOW STRATEGY INTERFACES WITH RISKS 
AND OPPORTUNITIES
Strategic 
differentiators
Related strategic risk
Related 
opportunity
Recognised 
as a force 
for good
a
a
aa
a
a
a
a
aa
1, 3, 5
Inclusive, 
diverse 
and bionic
a
a
aa
a
aa
6
Building 
pandemic-
resilient 
ecosystems 
a
aa
a
a
a
a
aa
a
a
3, 5
Unique global 
portfolio 
of green metals 
and energy 
solutions 
that reverse 
climate change
aa
aa
aa
a
a
1, 2, 
4, 5
Risk 1: 
Energy 
Availability
Risk 2: 
Failure to 
enable 
resilient 
communities
Risk 3: 
Inability 
to fund 
expansion
Risk 4: 
Failure to 
grow in 
targeted 
commodities 
and regions
Risk 5: 
Not 
generating 
sufficient 
returns to 
deliver on 
force for good 
strategy
Risk 6: 
Impact of 
climate 
change
Risk 7: 
Diverse 
stakeholder 
relations
Risk 8: 
Working 
in and 
developing 
homogenous 
ecosystems
Risk 9: 
Lack of 
technical 
and 
operating 
capability
Risk 10: 
Financial 
impact of a 
pandemic
Double ticks (aa) in this table represent primary linkages, with a single tick (a) representing secondary linkages
1
Opportunity 1: Commodity applications and energy solutions to address climate change and the environment
2
Opportunity 2: Strengthening the role of investment commodities in the global monetary system
3
Opportunity 3: Critical mineral value chain partnerships
4
Opportunity 4: Africa as an emerging source of critical minerals
5
Opportunity 5: Stakeholder sentiment and regulatory frameworks
6
Opportunity 6: Becoming a digital-first organisation
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Risk 1: 
Energy 
Availability
Risk 2: 
Failure to 
enable 
resilient 
communities
Risk 3: 
Inability 
to fund 
expansion
Risk 4: 
Failure to grow 
in targeted 
commodities 
and regions
Risk 5: 
Not 
generating 
sufficient 
returns to 
deliver on 
force for good 
strategy
Risk 6: 
Impact of 
climate 
change
Risk 7: 
Diverse 
stakeholder 
relations
Risk 8: 
Working 
in and 
developing 
homogenous 
ecosystems
Risk 9: 
Lack of 
technical 
and 
operating 
capability
Risk 10: 
Financial 
impact of a 
pandemic
Strategic 
essentials
Related strategic risk
Related 
opportunity
Ensuring safety 
and wellbeing
a
a
a
a
aa
5
Prospering 
in every region 
in which we 
operate
aa
a
a
a
a
a
a
aa
a
2, 3
Achieving 
operational 
excellence and 
optimising long-
term resource 
value
aa
a
a
a
a
a
a
aa
a
2, 4
Maintaining 
a profitable 
business and 
optimising 
capital 
allocation
a
aa
a
a
a
a
a
aa
2, 4
ESG embedded 
as the way we 
do business
a
a
a
aa
a
a
a
3, 5
Double ticks (aa) in this table represent primary linkages, with a single tick (a) representing secondary linkages
1
Opportunity 1: Commodity applications and energy solutions to address climate change and the environment
2
Opportunity 2: Strengthening the role of investment commodities in the global monetary system
3
Opportunity 3: Critical mineral value chain partnerships
4
Opportunity 4: Africa as an emerging source of critical minerals
5
Opportunity 5: Stakeholder sentiment and regulatory frameworks
6
Opportunity 6: Becoming a digital-first organisation
HOW STRATEGY INTERFACES WITH RISKS AND OPPORTUNITIES continued
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OUR MATERIAL MATTERS
Material matters are those that can substantively affect the 
organisation’s ability to create value over time. Material matters 
are also about disclosing information which focuses on the needs 
of primary stakeholders. According to the Global Reporting Initiative 
our reporting should cover topics that reflect our impacts in terms 
of economic, environmental and social (inclusive of human rights) 
issues. Embedding and considering ESG impacts is essential to 
Sibanye-Stillwater’s business. Our outside-in approach to 
sustainability means focusing on known social and environmental 
issues, as well as on emerging trends to protect and enhance 
shared value.
We also have an inside-out approach to managing the Group’s 
societal and environmental impact over the short, medium 
and long term. It is through this approach that we consider the 
purpose of Sibanye-Stillwater and how we create value for 
stakeholders, noting that value creation can be viewed from 
different angles, such as purpose, profitability, competitive 
advantage, operating excellence and innovation of the Group, 
as well as its social licence to operate. Thus, determining material 
matters involves multifaceted consideration which includes input 
from stakeholders (including investors, as well as other primary 
stakeholders interested in our disclosures).
Feedback from each stakeholder was summarised by our 
employees who work closest with them, with priority being given to 
elements of the feedback including concerns, the Group’s effort to 
address the highlighted concerns and then suggested opportunities 
or suggestions raised by stakeholders.  
Additionally, we contracted Deloitte – as an independent party – 
to facilitate a materiality workshop in the last quarter of 2022. 
Featuring the C-Suite, senior executives, and operational and 
functional specialists, the workshop addressed the summarised 
stakeholder feedback, as well as other issues from a largely double 
materiality perspective, with the initial list of issues further reduced 
by the C-Suite. Final approval of the list was given by the CEO and 
the CFO.
K4 SA PGM Marikana 
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OUR PROCESS OF DETERMINING MATERIAL ISSUES
STRATEGIC FOCUS
The starting point to our workshop is reflecting on our purpose, vision, values, and strategy. We considered materiality 
against our three-dimensional strategy, following the changing context of business, stakeholders’ feedback and emerging 
trends on the global front. ESG is a key theme (and a strategic essential) in all this and is therefore given primary emphasis 
in discussions about materiality. 
DEFINING MATERIALITY
The double materiality theory has been unpacked during the workshop. Different materiality definitions were 
considered. Materiality relevance from the Group’s financial materiality level was discussed, as per the IFRS S1 Practice 
Statement 2 (see Annual financial report, note 1.2, available at ¸ www.sibanyestillwater.com/news-investors/reports/
annual). Global macro-economic environment, the sector and the various ecosystems making up the value-chain 
of economies were discussed. The enterprise value lens was applied in considering the positive and negative impacts 
on the economic, society and environment. 
STAKEHOLDERS
Noting the plethora of reporting frameworks and definitions to materiality the discussions were refined by considering 
the primary stakeholders of an integrated report. External stakeholder perspectives and peer group analysis were used 
as a validation process to material matters. It included peer group analysis highlighting the ‘war on talent’ to be 
considered as a material matter. The analysis also indicated that the material issue of ‘macro-trends’ has not necessarily 
been part of the historical material matters of Sibanye-Stillwater. 
“Part of the answer is that they’ve conceptualised climate change, energy supply and consumption with a much
broader view of how it impacts the business because it has a systemic impact on many aspects of our business. 
Part of that is it shapes the macro trends in terms of the technologies, the commodities that are going to be needed. 
It's primarily the long-term part, but climate change is the biggest single driver for what commodities we need 
to produce and the energy solutions one need to be involved in to remain relevant in the longer term,” 
says one of the workshop participants. 
ESG analysts reviews highlighted material topics of workplace safety, socio-political context associated with unrest 
and energy as well as water management. Various analysis of stakeholder consumption of company information 
indicated that digital-first is key, safeguarding employees and strong balance sheet are all important matters. 
Media analysis, tracking more than 320,000 online editorial sources and global social media platforms were considered 
as part of the inputs to the workshop. Also, part of the inputs to the workshop considered the ongoing engagement 
Sibanye-Stillwater have throughout the year with multiple stakeholders. A survey circulated pre-workshop asked workshop 
participants their perspective and engagement with stakeholders what they see as material to the stakeholders. 
The survey highlighted the material matters per stakeholder group as per the Umdoni tree, the results of the survey 
informed the material matters list. 
RISKS AND OPPORTUNITIES
The Group risk registered and risk movements from the previous year were discussed in the context of material matters. 
Sectorial risks and trends indicated good correlation between previous identified material matters, risks and opportunities. 
The workshop participants had the opportunity to rank the opportunities previously disclosed to market as well as indicate 
emerging opportunities being considered. 
VALUE DRIVER ALIGNMENT AND RANKING
The value drivers and the business model were considered as the assessment of the material matters were refined. 
The material matters were listed by considering all the different inputs and reviews that formed part of the workshop. 
The workshop participants ranked and scored of the material matters with further C-suite refinement resulting in the most 
material matters list for 2022.
OUR MATERIAL MATTERS continued
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MATERIAL MATTERS RELATIONSHIP MAP
This relationship map demonstrates material matters in relation to our opportunities as defined on Ã page 65 (X-axis) and our top risks 
Ã page 57 (Y-axis). The material matter can be linked to more than one risk or ESG theme, but the map demonstrates the most obvious link. 
The colour1 of the circle of each material issue is representative of the four sustainability themes.
  Develop a climate change resilient business  
  Embedding human rights and ethics: Inside and out  
  Data driven and considered decision-making  
  Entrenching long term economic sustainability: Integrated post-mining economy
Workplace safety
Processing and particularly underground mining involve (rock mass management, 
high temperatures, equipment and/or people intensive). Therefore, it is crucial that 
we focus on real risk reduction and blocking the path to death. The Zero Harm 
framework has a risk approach that includes institutionalising our controls, behaviours 
and management routines. 
Indicators assured: number of fatalities; total recordable injury frequency rate, 
Ã page 281
See Continuous 
Safe production, 
page 126
Our strategic foundation
Strategic essential: 
Ensuring safety 
and wellbeing
Licence to operate
Without a licence to operate we cannot undertake our business activities as a 
multinational mining Group. ‘Licence’ refers to both regulatory licence and social 
licence. It goes without saying that we operate within complex regulatory 
environments across geographies, wherein we must keep abreast of dynamic 
social concerns and changes in the regulatory landscape. We are unwavering 
in our adherence to legislation, regulations and codes.
Indicators assured: total approved social and labour plan project spend, total B-BBEE 
procurement spend, Ã page 281
See Corporate 
governance, 
page 19, and 
Socioeconomic 
development, 
page 215
Strategic essential: 
Prospering in every region 
in which we operate
Material issue
For more 
information, Ã 
Strategic essentials 
and differentiators
OUR MATERIAL MATTERS continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
71

Profitability
Operations achieved lower production levels in 2022. Lower PGM prices, and 
sociopolitical instability in South Africa (a factor in load curtailment and copper cable 
theft) as well as the floods at the US PGM operations had their impact. Wage 
negotiations and current skills shortages all impacted our ability to remain profitable. 
In spite of this, we returned a sizeable profit and declared a good dividend to our 
investors. Profitability of the Group and achieving our long-term vision is effected by 
various factors: inflationary pressures, rising expectations from stakeholders, as well as 
the external macroeconomic ‘grey elephants’. 
Audit of consolidated financial report(AFR)
See Chief Financial 
Officer’s report, 
pages 92 and 93
Strategic essential:
Maintaining a profitable 
business and optimising 
capital allocation
Sociopolitical instability in South Africa
Although Sibanye-Stillwater has a global footprint, we are still a South African-based 
business and are nested within the society here. While South Africa’s laws are fair and 
just and aim to uplift disadvantaged communities, there is often a lack of institutional 
capacity to enforce legislation. There is also the threat of a regulatory environment 
not ideally designed to attract investment. That said, Sibanye-Stillwater is dedicated 
to being part of the solution for the country’s challenges, to participating 
in socioeconomic recovery and to investing in the sustainability of post-mining 
communities.
Indicators assured: total socioeconomic development (SED) spend, total approved 
social and labour plan project spend, total B-BBEE procurement spend, Ã page 281
See Socioeconomic 
development, page 
215; Continuous safe 
production, page 130 
and Managing our 
risks and opportunities 
within the external 
environment, 
page 58
Strategic essential:
Prospering in every region 
in which we operate
Water management and energy supply
Our dependence on water and energy poses a risk to the sustainability of our daily 
operations. In South Africa, our reliance on Eskom and their carbon intensive 
electricity is a growing risk. Challenges in water and energy are also opportunities 
for us to improve environmental conditions, specifically relating to energy. 
Our response is to build a unique portfolio of green metals and energy solutions. 
Water management is performed at operational level, where the different water 
footprints and risks at each region require their own unique approach and mitigation 
measures. 
Indicators assured: electricity consumed, diesel usage, municipal water consumption, 
Ã page 281
See Minimising our 
environmental 
impact, page 185, 
191, 195 and 
Managing our risks 
and opportunities 
within the external 
environment, pages 
45 and 57
Strategic essential:
ESG embedded as 
the way we do business
Talent management and core skills 
The general shortage of high-end mining skills impacts our ability to optimise efficiency. 
A highly-competitive market for technical skills and difficulty attracting and retaining 
key talent would challenge the execution of our growth strategy. Therefore, strategies 
to widen the talent pool and create an environment in which people can thrive, 
are key. We recognise that each employee supports dependants (in South Africa 
a single employee could be supporting as many as 10 dependents) and there is 
a multiplier effect of up and downstream job creation. Therefore, our ability to 
impact skills is crucial in supporting community resilience. 
Indicators assured: total socioeconomic development (SED) spend (this is inclusive 
of HRD) Ã page 281
See Empowering our 
workforce, page 149 
and 161
Strategic differentiator:
Inclusive, diverse 
and bionic
Macroeconomic and geopolitical volatility 
We are part of a complex value-chain that spans geographies. Geopolitical volatility 
in Eastern Europe has driven up prices of commodities. We are also vulnerable 
to interruptions in our supply chain, perhaps caused by geopolitical ructions. 
Demand for PGMs is dependent on industry growth and automotive manufacturing. 
Therefore, it is important to build resilience across our operations, our communities, 
and our supply chains. 
See Managing our 
risks and opportunities 
within the external 
environment, 
page 44
Strategic differentiator:
Building a pandemic 
resilient ecosystem
Material issue
For more 
information, Ã 
Strategic essentials 
and differentiators
OUR MATERIAL MATTERS continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
72

Climate change
Climate change is a defining issue of our time. The challenge of climate change 
involves considering both mitigation (reducing GHGs) and adaptation (adjusting 
to expected impacts of climate change). While climate change presents a risk to 
Sibanye-Stillwater, it creates business opportunities through the technologies required 
in a low carbon economy. Thus, one of our strategic differentiators commits us 
to being a Unique portfolio of green metals and energy solutions that reverse 
climate change. 
Indicators assured: total CO2e emissions: Scope 1, 2 and 3, Ã page 281
See Minimising our 
environmental 
impact, pages 185 
and 187; Managing 
our risks and 
opportunities 
within the external 
environment, 
pages 42 and 61 
Strategic differentiator:
Unique global portfolio of 
green metals and energy 
solutions that reverse 
climate change
Culture and values
Culture and values are at the heart of all that we do. The values are enshrined in 
our Code of ethics and form the basis of the organisational growth and culture 
rejuvenation programme. A values-based culture is one in which the universal 
application of rules and standards are at play. As such, achieving a values-based 
culture through aligned leadership and trust has various knock-on benefits: enhanced 
compliance in safety and risk; retaining top talent; better alignment to the growing 
demands of ESG. 
See culture assessments, Ã page 152
See Empowering our 
workforce, page 149 
and 152
Our strategic foundation
Innovation and digital evolution
Technology, digital evolution and innovation is a key enabler to our three-dimensional 
strategy. Innovation is core to the delivery of our strategy and is reflected in the 
addition of the i (for innovation) in our iCARES strategy. As a digital-first organisation, 
Sibanye-Stillwater aims to uphold global best practice in digital technology adoption, 
while mitigating against ICT risks. This material matter is about the need to stay 
competitive and to reshape the way we work if needs be, as reflected in the 
strategic differentiator Inclusive, diverse and bionic. Research and development 
remains a priority. 
Ã See research and development partnerships, strategic initiatives and future focus, 
page 173 - 177
See Harnessing 
innovation, page 172
Our strategic foundation
Capital allocation
A disciplined focus on capital allocation is essential to operational excellence 
and long-term value creation. The disciplined application of our capital allocation 
framework also relates to our green metals strategy and to our commitment to good 
governance. Noting that governing oversight of capital allocation is prioritised at 
Board level that seen the approval to capital projects at Burnstone and K4 shaft as 
well as approved capital expenditure on Keliber. Sound financial decision-making 
structures and mechanisms are essential for the Group to manage costs and ensure 
long-term sustainability. 
See ¸ Audit of consolidated financial statements, AFR
See Chief Financial 
Officer’s report, 
page 93 and 95
Strategic essential: 
Maintaining a profitable 
business and optimising 
capital allocation
Gender diversity and transformation
Mining remains a male-dominated industry, owing to the nature of underground work, 
dependent on physical strength. The strategic differentiator Inclusive, diverse, and 
bionic speaks to embracing a culture of inclusivity and to harnessing the power of 
diversity in all its forms. We contribute to this end by enabling and supporting female 
employees at Sibanye-Stillwater and promoting a more inclusive environment 
fostering appreciation for broad perspectives. 
Indicators assured: HDP representation: Top, senior, middle and junior 
management, Ã page 281.
See Empowering our 
workforce, pages 149 
and 156
Strategic differentiator: 
Inclusive, diverse 
and bionic
Material issue
For more 
information, Ã 
Strategic essentials 
and differentiators
OUR MATERIAL MATTERS continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
73

ENGAGING WITH OUR STAKEHOLDERS
WHAT WE DID IN 2022
SUCCESSES
•
Socioeconomic profiling of our communities in South Africa 
•
Building a coalition of development partners and funders 
in Marikana
•
Measuring our social impact in South Africa 
•
Collaborative stakeholder support during Montana flooding
CHALLENGES
•
Trust deficit which hinders effective engagement and creation 
of shared value 
•
Diverse stakeholder perspectives and expectations
The canopy of our Umdoni tree 
denotes our stakeholders
Our iCARES values and Stakeholder engagement policy statement 
(¸ www.sibanyestillwater.com/sustainability/reports-policies/) guide 
our approach to engagement. Our commitment to trust 
and transparency with stakeholders is part of our business ethos. 
Our vision is to be a leader in superior shared value for all 
stakeholders. As per our Umdoni tree icon, our stakeholders 
(and what our relationship with them promises) are: government 
(economic value), customers (assured product), suppliers 
(fair market access), employees (better lives), organised labour 
(membership), communities (upliftment), shareholders (total returns), 
environment (clean water, air, land).  
In 2022, we continued to build a social compact with stakeholders 
at our South African operations as we endeavour to emulate 
aspects of the Good Neighbor Agreement (GNA) in the US. In the 
22 years of the GNA’s existence, there has been no formal conflict, 
no arbitration, and no environmental litigation – a significant 
achievement for any mining company. 2 See fact sheet, 
The Good Neighbor Agreement. 
We also believe we can only improve our stakeholder relationships 
by responding to local sensitivities or crises. In June 2022, our US 
Stillwater mine was severely affected by a significant flooding event. 
Our employees at the Stillwater mine site provided refuge and 
support to campers arriving from the nearby Woodbine camp 
ground. We collaborated with all stakeholders in the area, including 
landowners, community members, and local and state authorities 
to effectively restore infrastructure and services. At our SA 
operations we recently signed an agreement with Gift of the Givers 
Foundation (a disaster response NGO) to provide support should 
unwanted events (e.g., flooding) occur at our operations.
Stakeholder relations are an important matter to Sibanye-Stillwater 
and we will always take our decisions to benefit our stakeholders 
by considering the impact on other stakeholders and the long-term 
sustainability of our operations.  To illustrate
•
K4 at the SA PGM operations hoisted its first tonnes in May 2022,
since the resumption of the project. This project will create
significant value for all stakeholders, providing over 4,000 direct
jobs over its operating life and create opportunities for local
businesses, help develop SMMEs, and promote skills transfers for
local communities
•
Inflation linked wage agreements to promote longer term
sustainability  to ensure shared value to more than one
stakeholder
•
In January 2022 we reached an agreement with Anglo American
Platinum to fully consolidate Kroondal operations under the
Rustenburg operations. This will enable efficiencies in extraction
and infrastructure, doubling the life of the operations. This will not
only sustain employment and community development but will
ensure significant value creation for all stakeholders
•
Our battery metals strategy is primarily focused on the US and
EU regions in recognising the developing need for battery metals
for the transition towards electrification of their automotive
industries. We have been encouraged by the US Department
of Energy’s support for the development of the Rhyolite ridge
project
We also consider the environment to be a stakeholder 
(sharpening our focus on environmental matters). We partnered 
with the Endangered Wildlife Trust and National Business and 
Biodiversity Network, in using the Biological Diversity Protocol to 
show our biodiversity footprint in terms of hectare equivalent. 
Ã See Minimising our environmental impact, page 209.  
SIBANYE-STILLWATER INTEGRATED REPORT 2022
74

Nature of relationship in 2022: Constructive  I  CORDIAL  I  Strained
COMMUNITIES: SA
Why we engage
Related strategic differentiator 
Recognised as a force for good 
Related residual risks
•
Vulnerability of stakeholders to climate change
•
Diverse stakeholder expectations
•
Misaligned community expectations (SA PGM operations)
•
Illegal mining (SA gold operations)
Related opportunities
•
Strategic partnerships
•
ESG as an investment imperative
Related material matters
•
Licence to operate
•
Sociopolitical instability in South Africa
•
Talent management and core skills
South African, companies face pressure from  communities to deliver 
socioeconomic opportunities. Increasing community pressure is partly 
due to historical disparities, poor delivery of basic services, social 
infrastructure challenges and high levels of unemployment. Communities 
protests often disrupt operations 
We engage with our communities to ensure that we manage the social 
risks and deliver tangible value for communities by 1) helping them 
take advantage of available opportunities that we offer; 2) learning 
from them how we can help to expand socioeconomic opportunities; 
3) planning for post-mining economies by considering the 
socioeconomic conditions once a mine has reached end of life.
We conduct research and engage with representatives of the various 
communities to understand their legitimate needs and expectations.
We also have a complaints/grievance mechanism in place for 
communities to raise concerns. 
How we engage
Material issues to both parties in 2022
What we are doing to enhance 
the quality of our relationship
Our primary methods of engagement are
•
Meetings with stakeholders (workshops
and training sessions)
•
Open days
•
Pitso – a Sotho word for traditional
assembly or gathering
•
Written communications (reports and letters)
•
Data-free digital information app, Ulwazi
•
Local media
The principal issues of concern for stakeholders 
remains the  perceived lack of procurement
opportunities for local suppliers, and demands 
for employment. 
See the detail on our community grievances 
at the end of this section.
We have an open-door policy to stakeholders 
and attempt to be as proactive as we possibly 
can in dealing with issues that are pertinent to 
them. We have also completed socioeconomic 
profiles in all our operating regions (per 
municipality) in order to better understand the 
dynamics of the ecosystems in which we 
operate. Our Stakeholder perception and 
satisfaction index (instituted early 2022) takes 
the temperature on attitudes toward the Group. 
The Letsema Process (facilitated by Reimagine 
South Africa) continues to foster regular and 
transparent engagement at Marikana. ESG 
awareness is a standing item in community 
engagement forum agendas. We instituted a 
broad-based livelihoods (BBL) programme, 
which promotes self-sustaining food security 
programmes. We also initiated a capacity 
support programme for municipalities; which 
started in 2022.
OUTLOOK
Sibanye-Stillwater will continue to build on a foundation of trust by demonstrating the positive impact of its shared value, and by supporting 
constructive partnerships between government, business, labour, and doorstep communities; partnerships that are underpinned by a respect 
for the rule of law and the furtherance of democratic norms. 
 ENGAGING WITH OUR STAKEHOLDERS continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
75

Nature of relationship in 2022: CONSTRUCTIVE  I  Cordial  I  Strained
COMMUNITIES: US
Why we engage
Related strategic differentiator
Recognised as a force for good 
Related residual risks
•
Failure to enable resilient communities
•
Diverse stakeholder expectations
•
Not generating sufficient returns to deliver on Force for good strategy
•
Failure to grow in targeted commodities and regions
•
Working in and developing homogenous ecosystems
•
Non-compliance with relevant laws, regulations, adopted
•
non-binding rules and guidelines (including amendments)
Related opportunities
•
Strategic partnerships
•
ESG as an investment imperative
Related material matters
•
Licence to operate
•
Water and energy management
•
Climate change
Our US operations are located in a pristine region of the state of 
Montana. Our mining and processing activities impact nearby 
landowners and our rural communities. It is on this basis that we regularly 
engage with the local residents of Sweet Grass country, in which our 
East Boulder mine is located and Stillwater County, where our Stillwater 
mine is located. 
In 2000 an agreement between the US operations, the Northern Plains 
Resource Council, the Stillwater Protective Association and the 
Cottonwood Resource Council was reached through a GNA.
It remains a legally-binding agreement holding us to a higher 
environmental standard than is required by federal and state regulation. 
The GNA can be utilised as a vehicle for dispute resolution and positive 
stakeholder engagement.
How we engage
Material issues to both parties in 2022
What we are doing to enhance 
the quality of our relationship
Our engagement methods include:
•
Town hall engagements
•
GNA routine interactions
•
Local platforms such as TEDxBillings
•
Workplace safety
•
Talent management and core skills
•
Climate change 
•
Emergency preparedness
•
Environmental impacts
•
A stakeholder engagement map and 
engagement process formalised, as 
aligned to the Initiative for Responsible 
Mining Assurance (IRMA) requirements
•
Community giving team committed to 
support charitable and non-profit interests
OUTLOOK
The relationship with our US community stakeholders, as well as with the neighbouring landowners is anticipated to remain constructive as we 
continue to be guided by the tenets of the GNA.
 ENGAGING WITH OUR STAKEHOLDERS continued
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76

Nature of relationship in 2022: CONSTRUCTIVE  I  Cordial  I  Strained
EU COMMUNITY AND EMPLOYEES
Why we engage
Related strategic essential and differentiator
Prospering in every region in which we operate; Unique global portfolio 
of green metals and energy solutions that reverse climate change
Related residual risks
•
Diverse stakeholder expectations
•
Not generating sufficient returns to deliver on Force for good strategy
•
Failure to grow in targeted commodities and regions
•
Working in and developing homogenous ecosystems
•
Non-compliance with relevant laws, regulations, adopted non-
binding rules and guidelines (including amendments)
 Related opportunities
•
Strategic partnerships
•
ESG as an investment imperative
•
Commodity application to help to address climate change, 
energy and transport and air pollution
Related material matters
•
Workplace safety
•
Talent management and core skills
•
Licence to operate
•
Climate change
As Sandouville recapitalisation is gathering momentum, and prospects 
are good for establishing PGM and in time battery metals recycling 
operations on a meaningful scale in Europe. We understand the 
importance to continued engagement with our host community, 
particularly in the city of Le Havre. 
We acquired an 85% interest in Keliber and received the permits to 
advance the Keliber lithium project; with construction of the refinery 
commencing in 2023. It is important to keep engaging with communities 
from  western Finland, in central Ostrobothnia, as the hosts to our 
operations.
How we engage
Material issues to both parties in 2022
Our response and strategy to enhance 
the quality of our relationship
In the case of Sandouville (France), our 
stakeholder engagement includes winning over 
the trust of employees for their new employer. 
This is being achieved through meetings, 
trainings, and negotiations. Sandouville 
management is also engaging with 
stakeholders (particularly in the host city of Le 
Havre) to promote the reputation of the Group. 
Keliber identifies those who are affected by it’s 
operations and ensures adequate information 
is communicated. When planning significant 
changes we collect views beforehand. 
We actively collaborate with our stakeholders. 
We want to be a neighbour and partner who is 
open and engages in discussion. We seek 
solutions and dialogue, even on difficult issues.
•
Workplace safety
•
Profitability
•
Talent management and core skills
•
Culture and values
•
Water management
•
Safety measures
•
Talent attraction, development and
retention
•
Community management, 
•
CO2 emissions management
•
Biodiversity; and economic contribution
•
Key leaders from the Group visited 
Sandouville and met with employees, unions, 
and management 
•
Local management (on behalf of the Group)
negotiated a branch collective agreement 
in Le Havre 
•
Participated in the job fair in Le Havre
•
Local management promoted the Group 
to stakeholders, including Chimie, Carbon 
Capture and Storage or Collective 
Consciousness Society (CCS), and Synerzip
•
Maintain membership of industry bodies 
(metallurgy and chemicals), and involve 
unions in all important decision-making 
•
Public consultation events held
•
Participated in media events and seminars
OUTLOOK
Enhance engagements in the new jurisdictions of operations to co-create superior value for all stakeholders.
 ENGAGING WITH OUR STAKEHOLDERS continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
77

Nature of relationship in 2022: CONSTRUCTIVE  I  Cordial  I  Strained
EMPLOYEES AND ORGANISED LABOUR
Why we engage
Related strategic essential and differentiator
Ensuring safety and wellbeing; Recognised as a force for good 
Related residual risks
•
Diverse stakeholder expectations
•
Working in and developing homogenous ecosystems
•
Not generating sufficient returns to deliver on force for good strategy
•
Lack of technical and operating capability
•
Financial impact of a pandemic
Opportunities
•
Digital-first organisation embracing modernised work system
•
Organic growth in a conducive South African investment climate
Material matters
•
Workforce safety
•
Licence to operate
•
Sociopolitical instability in South Africa
•
Talent management and core skills
•
Culture and values
Sibanye-Stillwater employs  84,481 people at its operations. As part of 
sound Human Resources practices and constructive relationships with 
unions, it is imperative we build trust and understanding with employees 
through engagement. 
How we engage
Material issues to both parties in 2022
Our response and strategy to enhance 
the quality of our relationship
The WeAreOne app is our digital platform 
for engaging with employees. Further 
methods include
•
Face-to-face or virtual engagement/
meetings
•
Company briefs
•
Text messages
•
Podcasts
We engage with recognised trade unions 
through
•
Formal meetings
•
Regional meetings, every quarter
Various options, formal and informal, are 
available to employees to raise concerns or to 
log a grievance. As part of our culture, and 
particularly as it relates to safety, we encourage 
employees to speak up and express themselves. 
•
Creating a values-based organisational
culture
•
The target of zero harm has yet to be 
achieved; a safe and healthy working 
environment remains a pressing concern 
for both parties
•
Working conditions and wage negotiations 
(Including the right of collective bargaining, 
freedom of association and adherence to 
collective agreements)
•
Diversity, equity and inclusion (to be non-
discriminative  in respect of employment and
occupation)
•
Group-wide culture growth programme, 
the aim of which is to unite and align 
employee behaviours and actions behind
a shared, values-based culture
•
Safety awareness and philosophy 
embedded through moral commitments 
to critical controls, critical life-saving 
behaviours and critical management 
routines (Ã See Safe production, page 126)
•
Quarterly employee updates are provided 
by EVPs in operations; strategic conversations
are held by the C-suite to allow for 
interaction on performance and strategic 
focus areas
OUTLOOK
The nature of engagement with employees and organised labour remains cordial.
 ENGAGING WITH OUR STAKEHOLDERS continued
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Nature of relationship in 2022: CONSTRUCTIVE  I  Cordial  I  Strained
INVESTORS AND CAPITAL PROVIDERS
Why we engage
Related strategic essential and differentiator
Ensuring safety and wellbeing; Maintaining a profitable business 
and optimising capital allocation
Related top residual risks
•
Energy availability
•
Inability to fund expansion
•
Failure to grow in targeted commodities and regions
•
Not generating sufficient returns to deliver on force for good strategy
•
Financial impact of a pandemic
Opportunities
•
Strategic partnerships
•
Strengthening the role of investment commodities in the global
monetary system
Our material matters
•
Workplace safety
•
Profitability
•
Capital allocation
•
Macroeconomic and geopolitical volatility
•
Climate change
•
Water management and energy supply
It is important that we understand the requirements and concerns of 
investors and providers of capital and that we are aligned on our long-
term vision. By understanding the requirements of our investors and 
capital providers, and meeting their value expectations, we grow trust in 
our organisation, which, in turn strengthens our access to capital. 
During 2022, our relationship with our investors and shareholders has 
remained constructive; all management proposals brought to the AGM 
were approved, except Ordinary resolution 16 (non-binding vote on 
remuneration implementation report) did not receive the requisite >75% 
support, thus shareholders were invited to raise concerns and 
recommendations. The remuneration committee addressed these 
concerns.
How we engage
Material issues to both parties in 2022
Our response and strategy to enhance 
the quality of our relationships
•
Investor meetings: one-on-one and groups
•
Telephone and conference calls
•
Conferences
•
Formal, regular reporting
•
Company and regulatory announcements
•
Workplace safety
•
Market demand for our commodities
•
Capital allocation
•
Climate change
•
Responsible management of Sibanye-
Stillwater’s financial position to ensure 
that we continue to meet stakeholder 
expectations
•
Investors receive regular updates
relating to all material matters
OUTLOOK
Positive, with a focus on increasing the understanding of our new strategy and the role green metals will play in the Group. Expect to receive 
an increase of interest in the diversified/general investor pool. 
 ENGAGING WITH OUR STAKEHOLDERS continued
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Nature of relationship in 2022: Constructive  I  CORDIAL  I  Strained
GOVERNMENT AND REGULATORS
Why we engage
Related strategic essentials and differentiators 
Prospering in every region in which we operate; Building pandemic-
resilient ecosystems 
Related  risks
•
Energy availability
•
Failure to enable resilient communities
•
Failure to grow in targeted commodities and regions
•
Working in and developing homogenous ecosystems
Opportunities
•
Strategic partnerships
•
Organic growth in a conducive South African investment climate
Material matters
•
Workplace safety
•
Licence to operate
•
Sociopolitical instability in South Africa
As a South-African based company, Sibanye-Stillwater is committed to 
seeing South Africa remain an attractive investment option. As a large 
mining corporation which aims to contribute to the fiscus, provide jobs, 
uplift poor communities, train people, improve infrastructure, and so on, 
we have a role to play in engaging with government. We do so to 
encourage them to bring policy certainty, and to be accountable 
to the needs of their people. 
Stringent regulatory frameworks remain in place around the permitting 
of mining operations in all our jurisdictions, and therefore it is important 
that we engage government wherever we operate. 
How we engage
Material issues to both parties in 2022
Our response and strategy to enhance 
the quality of our relationship
•
Monthly and quarterly meetings held with 
various government departments; ad hoc 
meetings when the need arises
•
Written reports
•
Engagement is also undertaken through 
industry bodies such as the Minerals Council
in South Africa and the National Mining 
Association in the US
•
Engagement on critical minerals strategy
•
Compliance and pace 
•
Delivery on Social and labour plans
commitments
•
B-BBEE compliance
•
Regulatory uncertainty
•
Illegal mining 
•
Detailed project plans with defined timelines
communicated to the DMRE
•
Continued to work with industry bodies
to solve regulatory challenges
OUTLOOK
Engagement with the SA government will continue at different levels: national, regional and local. Other operating regions’ engagement 
will continue, with the common goal to improve economic prosperity.
 ENGAGING WITH OUR STAKEHOLDERS continued
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Nature of relationship in 2022: Constructive  I  CORDIAL  I  Strained
SUPPLIERS AND CUSTOMERS
Why we engage
Related strategic essentials and differentiators 
Achieving operational excellence and optimising long-term resource 
value 
Related risks
•
Failure to enable resilient communities
•
Diverse stakeholder expectations
•
Working in and developing homogenous ecosystems
Opportunities
•
Commodity applications to help to address climate change, 
energy and transport and air pollution
Material matters
•
Climate change
•
Culture and values
•
Licence to operate
•
Sociopolitical instability in South Africa
Given increasing third-party focus on value chains, it’s important to 
support suppliers in improving their ESG credentials.  
In terms of customers, the automotive industry is our main PGM 
customer category. These customers are becoming increasingly 
concerned about their value chain and the ESG credentials of suppliers. 
We also need to consider our scope 3 emissions (i.e. the emissions of 
suppliers in delivering to us). Ideally, we want our suppliers to embrace 
the same values that we care about. 
How we engage
Material issues to both parties in 2022
Our response and strategy to enhance 
the quality of our relationship
•
Frequent written, verbal and in-person 
engagements as required, as well as 
workshops for suppliers
•
Customers are engaged through the 
marketing function 
•
Conducting annual customer surveys to 
ensure we are meeting requirements and
improving our service
•
Broadening engagement with customers to 
include access to experts on specific topics 
of interest such as carbon, communities, etc.
•
Engagements through membership 
organisations such as the International
Platinum Association
•
Supplier days (including ESG awareness
supplier day)
•
Small, medium and micro enterprise training 
development initiatives
•
Transparency in the procurement process
•
Maintaining close relationship with key 
customers, we acquire market intelligence 
and an understanding of trends. 
•
Complying with long-term supply
agreements with customers
•
Increasing number of engagements on 
ESG topics, responsible sourcing, security, 
social topics and carbon in particular 
•
Progressing responsible sourcing practices
•
The Coupa procurement system at our SA 
operations improves tracking, cost control
and compliance, streamlining supplier 
registration and helping smaller players 
join our supply chain. Ã See 
Socioeconomic development, page 224
•
We assist companies willing to pursue 
empowerment transactions to enhance 
their B-BBEE status. 
•
Two toll-free lines are available to report 
any irregularities and misconduct; these lines
are independently managed to ensure 
confidentiality
OUTLOOK
Responsible sourcing is a Group sustainability priority.
 ENGAGING WITH OUR STAKEHOLDERS continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
81

SA stakeholder grievances
All operations have a grievance register and there are grievance mechanisms for employees and external stakeholders to report 
complaints, escalate complaints, report non-compliance, and seek redress. Complaints received can be done by phone, email, via the toll-
free line, openly, directly, verbally, in writing or anonymously. In 2022, the Group attended to 171 (172: 2021) complaints relating to various 
categories, as outlined in the graph below. One of our ESG-related long-term incentives (LTI) performance conditions is an improvement 
in our stakeholder perception index, from 30% to 40%. The stakeholder perception index study was not completed in 2022 and the study 
will be concluded in 2023. ¸ Also see our grievance procedure available, www.sibanyestillwater.com/sustainability/reports-policies/.
PERCENTAGE (%) ALLOCATION 
OF THE NUMBER OF COMPLAINTS AND GRIEVANCES IN 2022
PER CATEGORY: CLOSED AND PENDING
46
45
8
10
37
2
3
7
9
8
Procurement (local SMMEs opportunities/tender process/complaints 
about non-local businesses)
Community development
Housing and infrastructure
Environmental issues
Recruitment opportunities
Cultural heritage and land
Training and skills development
Safety issues (tailings and illegal mining)
Health and wellness
Transport and engineering
Legal related matters
PERCENTAGE (%) ALLOCATION 
OF THE NUMBER OF COMPLAINTS AND GRIEVANCES IN 2021
PER CATEGORY: CLOSED AND PENDING
28
22
17
3
5
4
8
7
2
1
3
Procurement (local SMMEs opportunities/tender process/complaints 
about non-local businesses)
Community development
Housing and infrastructure
Environmental issues
Recruitment opportunities
Cultural/Heritage: Protection and resettlement of graves
Training and skills development
Safety issues (tailings and illegal mining)
Health and wellness
SLP compliance
Legal-litigation against Founder of Lonplats Marikana Community 
Development trust
ISSUES OPEN AND CLOSED PER OPERATIONS
Issue open 2022
Issue closed 2022
Issue open 2021
Issue closed 2021
Burnstone
Driefontein
Kloof & 
Cooke
Beatrix
Rustenburg
Limpopo
Marikana
Brakpan
0
10
20
30
40
50
60
70
80
 ENGAGING WITH OUR STAKEHOLDERS continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
82

A DECADE OF SHARED VALUE
Leaves of the Umdoni tree
Fruits of the Umdoni tree
Represents all our stakeholders
Signify the value to our stakeholders
Unit
2013
2022
% change
Cumulative 
(10 years)
Employees and 
organised labour
Employees including contractors
Number
36,274 
84,481 
 133 %
84,481 
Salaries and benefits
Rbn
6.2 
26.5 
 331 %
158.2 
US$bn
0.6 
1.6 
 153 %
11.1 
Average salaries and benefits per employee
R
169,708 
314,201 
 85 %
US$
17,678 
19,194 
 9 %
Communities
Invested in socio-economic development 
and CSI
Rbn
1.0 
2.3 
 120 %
13.9 
US$bn
0.1 
0.1 
 29 %
1.0 
Government and regulators
Taxes and royalties paid1
Rbn
0.6 
10.7 
 1,829 %
43.7 
US$bn
0.1 
0.7 
 1,031 %
2.9 
Shareholders
Dividends and share buybacks
Rbn
0.3 
9.2 
 3,282 %
41.1 
US$bn
0.03 
0.6 
 1,884 %
2.8 
Suppliers
BEE procurement - SA specific
Rbn
2.9 
21.4 
 649 %
106.4 
US$bn
0.30 
1.3 
 339 %
7.4 
Customers
Green revenue factor
%
— 
 77 
 100 %
 77 %
Environment
Water used (from 2015 to 2022)
000Ml
42.0 
39.4 
 (6) %
384.2 
Water use intensity (from 2015 to 2022)
kl/t treated
2.09 
1.02 
 (51) %
Company
Total capital expenditure/investment
Rbn
2.9 
15.9 
 448 %
72.8 
US$bn
0.3 
1.0 
 221 %
5.1 
Exchange rate
R/US$
9.60
16.37
 71 %
1 Taxes and royalties paid as per the consolidated statement of cash flows in the Group Annual financial report
SIBANYE-STILLWATER INTEGRATED REPORT 2022
83

HOW WE CREATE VALUE: OUR BUSINESS MODEL
INPUTS  Key resources and relationships needed for value creation 
BUSINESS ACTIVITIES
ACROSS OUR VALUE CHAIN
•
Primary producer of platinum, 
palladium and rhodium and 
top-tier gold producer
•
Meaningful progress with 
the growth in the EU region, 
increased investment in New 
Century and development of 
Rhyolite Ridge project in Nevada
•
Our value chain for 2022 included 
the mining, refining and marketing 
of precious metals
•
Majority shareholder in DRDGOLD, 
a specialist in the recovery of 
residue metal from retreatment 
of surface tailings
•
Increased exposure to circular 
economy through our autocatalyst
recycling facility in the US
•
The particular combination of 
chemical and physical properties
of PGMs, means they retain 
intrinsic value to end-markets. 
PGMs have unique catalytic 
properties, and high thermal 
resistance. Their uses of  in higher-
volume industrial and medical 
application with iridium and 
ruthenium, give it them an 
important niche technology 
application
•
Mineral Reserves: 2022 Mineral Reserves 70.6Moz (2021: 72.5Moz)
•
Land under management: 
63,891ha in SA (2021:63,891ha)
1,089ha in US (2021: 650ha)
•
Volume of rock extracted:
PGM 37.80Mt (2021: 39.7Mt)
gold 36.17Mt (2021: 44.4Mt)
•
Resources consumed:
– 39,441Ml water (2021: 47,649Ml)
– 6.13TWh electricity (2021: 6.59TWh)
– 34,985kl diesel (2021: 34,105kl)
•
Equity, debt and cash flow used to enhance other resource inputs
•
R15.9bn/US$971m spent to sustain and grow the business
(2021: R12.7bn/US$862m)
•
Building meaningful relationships with downstream partners to meet
their supply for critical commodities
•
An empowered workforce totalling 84,481 permanent and contract
employees across the Group (2021: 84,981)
•
R1,077m invested at the SA operations and US$5.21m (R85.2m) 
at US operations in training and skills development (2021: R969m
and US$5.7m)
•
Fatal elimination strategy focused on critical controls, critical life 
saving behaviour and critical management routines
•
Group-wide cultural transformation programme underway
•
Mining rights and leases and monitoring of key regulatory areas
•
Operational infrastructure, associated infrastructure and equipment
•
Production costs 2022: R95bn/US$6bn (2021: R101bn/US$7bn)
•
Capital expenditure (growth projects) 2022: R4bn/US$264 
(2021: R3bn/US$208m)
•
Expenditure on sustaining the business and ore reserve development
2022: R11.6bn/US$707m (2021: R9.7bn/ US$653m)
•
Baseline of socioeconomic status of host communities in South Africa
as input to post-mining planning
•
Partnerships with government on human settlements, and
alternative economic programmes 
•
Confidence from shareholders and investors
•
Capacity-building of local municipalities and traditional authorities
•
Responsible sourcing framework in place
•
Optimised mining and processing processes underpinned by 
institutional knowledge, intellectual property, company culture, 
and operating systems
•
Skills and expertise required in being one of the world’s largest PGM
producers
•
New acquisition grows the talent pool and introduces new skills
for continuous learning
Ã For more information on risks, see Managing our risks and opportunities within the external operating environment, page 37
SIBANYE-STILLWATER INTEGRATED REPORT 2022
84

OPERATING CONTEXT
SENSITIVITY ANALYSIS
Material matters and factors in our external business 
environment 2022
•
Foreign currency sensitivity on borrowings – a one
percentage point change in the SA rand closing
exchange rate of R17.03/US$ and R18.22/€ would
have changed the profit for the 2022 year by
R31 million
•
US PGM operations royalties paid – every
US$100/2Eoz oz increase in the basket price
resulted in a US$9/2Eoz oz royalty increase in all-in-
sustaining cost
•
Interest rate sensitivity – the Group had R2,424 million
of borrowings, which were exposed to changes in the
London Inter-bank Offered Rate (LIBOR), and a 1%
change in the LIBOR rate would change the Group’s
interest expense by R24 million
•
Workplace safety (Ã See material matters 1, page 69)
•
Licence to operate (Ã See material matters 2, page 69)
•
Profitability and capital allocation
(Ã See material matters 3 and 11, page 69)
•
Sociopolitical instability (Ã See material matters 4, page 69)
•
Water and energy management and in particular
the electricity supply uncertainties in South Africa
(Ã See material issue 5, page 69)
•
Talent management and core skills
(Ã See material matters 6, page 69)
•
Macroeconomics and geopolitical volatility
(Ã See material matters 7, page 69)
•
Physical and transition impacts of climate change
(Ã See material matters 8, page 69)
•
Innovation and digital evolution
(Ã See material matters 10, page 69)
•
Gender diversity and transformation
(Ã See material matters 12, page 69)
OUTPUTS AND BY-PRODUCTS
OUTPUTS1
MINING BY-PRODUCT
•
Platinum 1,124,891oz (2021: 1,251,708oz)
•
Palladium 841,330oz (2021: 1,007,495oz)
•
Rhodium 153,401oz (2021:165,454oz)
•
Gold 652,860oz (2021: 1,115,348oz)2
•
3E PGMs recycled 598,774oz (2021: 755,149oz)
•
Nickel 6,842tNi (2021: nil)
•
Tailings 41.31Mt (2021: 47.88Mt)
•
Waste rock 3.44Mt (2021: 3.73Mt)
•
Hazardous waste to landfill 30,426.5t (2021: 68,796.01t)
OUR PROFIT FORMULA
REVENUE STREAMS (2022)
KEY COST DRIVERS
•
Platinum sales 13% of revenue (2021: 12%)
•
Palladium sales 31% of revenue (2021: 31%)
•
Rhodium sales 34% of revenue (2021: 35%)
•
Gold sales 14% of revenue (2021: 17%)
•
Nickel sales 3% of revenue (2021: 1%)
•
Ore reserve development (R6.6bn/US$406m)
•
Production costs (R95bn/US$6bn)
•
Capital expenditure (growth projects) (R4.3bn/US$264m)
SOURCES OF COMPETITIVE ADVANTAGE
•
Geographic and product diversity; cash-generative assets
•
Mine-to-market PGM pipeline on two continents, including recycling
•
Ability to deliver strategic transactions and partnerships
•
Agile and adaptable leadership, with extensive experience
1   Excluding 3E recycled ounces
2   From PGM and SA gold operations
 HOW WE CREATE VALUE: OUR BUSINESS MODEL continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
85

OUTCOMES  The material impacts of our activities on our key resources and relationships
l
Total GHG emissions (scope 1 and 2): 6,686Mt CO2e 
(2021: 7.302Mt CO2e)
l
Carbon intensity: 0.13t CO2e per tonne milled
(2021: 0.16t CO2e per tonne)
l
R3.4m/US$0.2m carbon tax expense (2021: R4m/US$0.3m)
l
One level 4 and one level 3 environmental incident (2021: 5 level 3)
l
8,208 Ml reduction in net water used (2021: 1,697 Ml)
l
6,048 hectares disturbed by our mining activities (2021: 6,042)
ALIGNING OUTCOMES WITH THE 
SUSTAINABILITY THEMES AND SDGs
2 See supplementary information, 
Progressing the UN’s SDGs
l
Revenue R138bn/US$8.4bn (2021: R172bn/US$11.6bn)
l
Net cash decreased from R11.5bn/US$719m to R5.9bn/US$344m
l
Headline earnings of R18.4bn/US$1.1bn (2021: R36.9bn/US$2.5bn)
l
Share price decreased by 9% to R44.72/US$2.73 per share 
at year-end (2021: 18% decrease to R49.10/US$3.32 per share)
l
Market capitalisation (31 Mar 2023) of R104bn/US$5.9bn 
(2021: R169bn/US$11.5bn)
l
Total dividends of R9.5bn/US$578m paid/declared for 2022 
(2021: R18.1bn/US$1.2bn)
2 See supplementary information, 
Progressing the UN’s SDGs
l
Tragically, there were three fatalities at the SA PGM, and two
fatalities at the SA gold operations (2021: 21) 
l
Recorded an overall decrease  in the number of lost-time injuries
to 668 (2021:951)
l
R26.5bn/US$1.6bn paid in salaries and wages to employees
(2021: R26.2bn/US$1.8bn)
l
Focus on gender diversity has increased: 16.2% of all employees
are female (2021: 14.4%) and female board members
remained 31% in 2022 (2021: 31%)
l
At our SA operations the TB rate per 1,000 employees reduced
year-on-year from 5.12 to 4.95
2 See supplementary information, 
Progressing the UN’s SDGs
l
Off-market takeover for all of the shares in New Century Resources
Ltd (zinc tailings reprocessing) 
l
Capital investment of c. R11-13bn funded through third-party power
purchase agreements (PPAs) for renewable projects at SA
operations; development of a diverse fleet of battery-electric 
and semiautonomous vehicles 
2 See supplementary information, 
Progressing the UN’s SDGs
l
R120bn/US$7.3bn in total economic value distributed
(2021: R140bn/US$9.5bn)
l
Maintained the Good Neighbor Agreement
l
Invested R2.3 bn/US$141m on social and labour plans
and CSI (2021: R2.2bn/US$149m)
l
Responsible and preferential local procurement of R21,415 million
(2021: R16,442m) in South Africa
l
R10.7bn/US$0.7bn paid in taxes and royalties
(2021: R17.9bn/US$1.2bn)
l
Robust relations with the governments in South Africa and in the US
l
SA gold operations protected strike resolved after 95 calendar days
(costs incurred as a result of the strike is R258 million)
2 See supplementary information, 
Progressing the UN’s SDGs
l
Invested in developing and maintaining the Group’s mining
processes, operating systems and company culture, including 
through our investments in skills development, research and 
development, and increasing digitalisation of processes across
our operations
l
Invested R125.1m in innovation and technology (2021: R55 million)
l
Supported 563 bursaries at tertiary level (2021: 691) 
(numbers inclusive of bursaries retained from previous year)
2 See supplementary information, 
Progressing the UN’s SDGs
l Value created    l  Value preserved    l  Value eroded
 HOW WE CREATE VALUE: OUR BUSINESS MODEL continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
86

CAPITAL TRADE-OFFS: STRATEGIC MANAGEMENT 
FOR OPTIMUM VALUE CREATION
We recognise that there is a constant flow between and within capitals as they are created or eroded. Daily decisions which result in capital 
trade-offs are causal to these interdependencies. The following captures a selection of key trade-offs through which various capital stocks 
were enhanced or depleted through our operations. Further, the decision to select the following key trade-offs was informed by our material 
matters, risk universe, and 2022 strategy. Although this is not an exhaustive list, the below provides an overview of how we draw the links 
between our capital components that influence value creation over time.
1
Our commitment to Zero Harm overrides meeting short-term production targets 
•
Our commitment to maintaining a safe working environment and to delivering on our aspiration of Zero Harm, underpins all
our activities
•
Focus on leading indicators and risky behaviours means improved reporting and recording of high-potential injuries
•
Voluntary work stoppages are implemented when there are clearly identified risks, affirming our core principle of Zero Harm
over meeting production targets
•
Investment of financial capital and workforce time to secure health and safety improvement and management across all
aspects of our operations
2022 Strategic 
essential
 Ensuring safety and wellbeing
SDGs 
impacted
Capitals impacted
l
Time invested in safety training of staff
l
More effectively trained workforce, with an embedded safety culture
l
Improvements in all safety indicators with lowest fatal injury frequency rate in the Group’s history of 0.033
per million hours worked
l
Safeguarding the lives of our employees daily
l
Five fatalities despite our efforts
l
Potential for fewer jobs if safer technologies replace certain high-risk activities
l
Costs incurred from capital invested in safety programmes, initiatives, and technologies
l
Reduced legal stoppages (e.g Section 54s) as a result of improved safety sustains stable production
l
Reduced care and maintenance costs
l
Reduced legal liabilities and remedial costs
l
Safe production in line with ICMM requirements
l
Increased trust or perception with improved safety results
l
Life saving behaviour
l
Technical capabilities and expertise, safety certification, zero harm framework, deployment
of new technology
l
Investment in new safe technologies
l
Investment in visualising of safety risks through communication technology
l Value created    l  Value preserved    l  Value eroded
SIBANYE-STILLWATER INTEGRATED REPORT 2022
87

2
Disrupting traditional ways of work to embrace our position as a digital-first organisation
•
By embracing digital-first we are making significant investments in new technologies, adopting modernised work systems,
and supporting more flexible remote working patterns
•
Our drive to become a digital-first organisation is disrupting traditional ways of working, resulting in some potentially significant
changes in terms of people, plant, and processes
2022 Strategic 
differentiator
 Inclusive, diverse and bionic
 Building a pandemic-resilient ecosystem
SDGs 
impacted
Capitals impacted
l
Substantial financial investment in technology innovation
l
Delivering enhanced efficiencies and creating new market opportunities
l
Key benefits to employees: less commuting, facilitation of transnational teamwork,
access to greater pool of global talent through remote working
l
Improved safety, productivity and working environment through new technologies
l
Skills retention and attraction owing to ease-of-work and remote opportunities
l
Potential job losses and changes to existing tasks as digital technology replaces existing work needs
l
Possible erosion of in-person relationship building and personal connection
l
Potential to increase diversity and inclusion
l
Environmental benefits through enhanced operational efficiencies and productivity
l
Environmental cost associated with e-waste and emissions from energy-intensive data centre
l
Investing in technologies, systems and processes
l
Sibanye-Stillwater iXS technology incubation and development initiative, data security
and protection
l
Key capacity and capability constraints limiting digital transformation
l
WITS University Digimine partnership
l
Existing plant and equipment becomes obsolete
l
Commitment to continuous improvement and updates maintains digital infrastructure
l
Global supply chain shortage impacting the availability of technology
l Value created    l  Value preserved    l  Value eroded
 CAPITAL TRADE-OFFS: STRATEGIC MANAGEMENT FOR OPTIMUM VALUE CREATION continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
88

3
Mining non-renewable mineral resources to advance our green metals strategy 
•
To position Sibanye-Stillwater as a key resource player in the emerging low-carbon economy, we are making substantial
investments in exploration, mining and acquisition through our green metals strategy
•
These investments and activities carry financial risks and have associated social and environmental impacts, but offer significant
long-term benefits in providing the resources necessary to effect the transition to a low-carbon economy
2022 Strategic 
differentiator
Unique global portfolio of green 
metals and energy solutions that 
reverse climate change
SDGs 
impacted
Capitals impacted
l
Costs incurred in investment in green metals strategy
l
Protecting share price through improved reputation and fulfilling the ESG agenda
l
Potential access to green financing
l
Financial sustainability and agility in the face of volatile global dynamics
l
Negative environmental impacts associated with exploration and extraction of ‘green metals’
l
Role of metals in supporting the transition to a lower-carbon economy
l
Employment opportunities through growth
l
Supplying the green economy with metals – supports wider value chain and new growth
opportunities relating to green technology
l
Perceived negative social/local community impact of mining
l
Investment in new plant, equipment and technologies
l
Increased geographical and product diversity
l
Stimulating innovation in green energy and battery metal intelligence
l
Upskilling as pioneers in the sector
l
Employment opportunities and opportunities to upskill
l
Potential long-term health impacts on employees through occupational hygiene exposure
l Value created    l  Value preserved    l  Value eroded
 CAPITAL TRADE-OFFS: STRATEGIC MANAGEMENT FOR OPTIMUM VALUE CREATION continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
89

4
Protecting workers’ rights to a fair wage and upholding our social licence to operate, while ensuring the Group’s business viability 
in an increasingly competitive environment
•
We recognise and protect workers’ fundamental rights to freedom of association and collective bargaining, and hold periodic
wage negotiations to agree fair remuneration (noting that legislation in our countries of operation also affords these rights to
workers)
•
We recognise that paying fair wages and building trust through proactive employee engagement is key to maintaining
productivity and fostering broader social stability. Our wage dispute resolution mechanisms help to minimise disruptive
industrial action
•
Wages also constitute a large part of our costs and, therefore, to keep the Group competitive and profitable, we will make the
case against unreasonable wage demands that threaten the viability of our operations
•
In March 2022, two unions (NUM and AMCU) at our SA gold operations embarked on protected strike action after rejecting our
wage offer; the strike lasted three months, ending in June, after which we signed a three-year agreement with the unions (NUM,
AMCU, UASA and Solidarity)
•
In September and October of 2022 we concluded five-year wage agreements with the unions (NUM, AMCU and UASA) at our
Rustenburg and Marikana PGM operations, ensuring stability for these operations over the short- to medium-term
2022 Strategic 
differentiator
 Recognised as the force for good
SDGs 
impacted
Capitals impacted
l
Periodic wage increases
l
Costs incurred from any productivity decline during industrial action
l
Longer-term viability ensured through trust-based negotiations that balance employee needs
with the Group’s competitiveness
l
Constructive relationships built with fair labour practices and frank engagement
l
Any failure to prevent industrial action results in unrest and increased distrust
l
Compliance with labour legislation
l
Employment opportunities protected
l
Failure to reach resolution of wage negotiations
l
Lost operational time and loss of income when embarking on industrial action in the short term
l
Preserving jobs and livelihoods in the medium to long term
l Value created    l  Value preserved    l  Value eroded
 CAPITAL TRADE-OFFS: STRATEGIC MANAGEMENT FOR OPTIMUM VALUE CREATION continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
90

Maintaining a profitable business and optimising capital allocation
92
Chief Financial Officer’s report
92
Achieving operational excellence and optimising long term resource value
104
Delivering value from our operations and projects
105
Mineral Resources and Mineral Reserves: a summary
116
Ensuring safety and wellbeing
125
Continuous safe production
126
Health, wellbeing and occupational hygiene
137
Inclusive, diverse and bionic
148
Empowering our workforce
149
Harnessing innovation
172
ESG embedded as the way we do business
179
Social, Ethics and Sustainability Committee: Chairman’s report
180
Minimising our environmental impact
184
Socioeconomic development
214
Governance in sustainability: our considered decision-making
231
SIBANYE-STILLWATER INTEGRATED REPORT 2022
91

SIBANYE-STILLWATER INTEGRATED REPORT 2022
92

CHIEF FINANCIAL OFFICER’S REPORT
CHARL KEYTER – Chief Financial Officer
WHAT WE DID IN 2022
SUCCESSES
•
Third highest annual adjusted EBITDA, despite operational headwinds
•
Positive adjusted free cash flow generated, with net cash position maintained and gearing at 0.14x net cash: adjusted EBITDA
•
Dividend yield of 6% and total dividend of R7.4bn (US$421m) for 2022 
•
SA PGM operations continue to move down the industry cost curves despite load curtailment impact on production
•
Refinancing of US dollar revolving credit facility (RCF) successfully completed in April 2023
CHALLENGES
•
Operational volumes down from SA and US region 
•
Profit for the period of R19bn (US$1.2bn) compared to R33.8bn (US$2.3bn) for 2021
•
Lower PGM commodity prices during 2022 compared to standout prices in 2021
From a financial perspective, the entirety of our strategy applies, 
but with special emphasis on our strategic essential: Achieving 
operational excellence and optimising long-term resource value. 
The related material financial matters identified in our materiality 
determination process are Capital allocation and Profitability.
Governance of our financial performance and reporting is overseen 
and monitored by the Audit Committee, on behalf of the Board. 
(Ã See Corporate governance).
2022 – A BRIEF OVERVIEW
Despite the challenges we endured during 2022, which resulted 
in lower volumes together with lower commodity prices (except 
for gold) our finances are resilient. Strike action at our SA gold 
operations, regional floods affecting our US PGM operations, 
reduced deliveries of used autocatalysts to our PGM recycling 
business in the US, and lower PGM prices (particularly when 
considered in dollar terms), saw revenue for 2022 down to 
R138.3 billion (US$8.4 billion), compared to R172.2 billion 
(US$11.6 billion) for 2021. 
Importantly, we have delivered on our capital allocation 
framework. In terms of project capital to date, we have spent 
approximately R2.2 billion, roughly R1.1 billion each on both 
Burnstone and K4. Our Board has also approved the Keliber lithium 
project comprising capex of €588 million, targeting a split of 50% 
debt and 50% equity. €176 million of equity has already been 
secured following our investment in Keliber and a further €118 million 
equity will be raised through a proportionate rights issue at the asset. 
Crucially, we have maintained our cash reserves, which at year 
end were R26.1 billion ($1.5 billion). We also paid out R7.4 billion 
(US$421 million) in dividends; a healthy 6% yield at a 35% of 
normalised earnings dividend pay-out ratio. 
Net cash to EBITDA ended at 0.14x for 2022, after continuing to 
invest in our battery metals strategy. We increased our holding in 
Keliber to 85%, and at the start of 2023 we acquired a controlling 
interest in New Century Resources. 
On 6 April 2023, the Group had successfully refinanced and 
increased its United States dollar Revolving credit facility (USD RCF) 
from US$600 million to US$1 billion thereby providing enhanced 
liquidity for the Group.
MAINTAINING A PROFITABLE BUSINESS AND OPTIMISING CAPITAL ALLOCATION – CFO REPORT continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
93

Lower revenues for 2022 is primarily  a result of lower volumes due to strike action in South Africa and extreme weather related floods in 
the US, as well as lower commodity prices. Pleasingly, despite above inflation increases across almost all input costs, driven by higher global 
inflation, cost of sales before amortisation and depreciation was down 6%. Adjusted EBITDA for 2022 was R41.1 billion or US$2.5 billion. 
Taxes and royalties were in line with lower profitability. Profit for the 12 months was just under R19 billion (US$1.2 billion) and normalised 
earnings1 was R21 billion (US$1.3 billion). 
Percentage of revenue per segment by geographical location of customers purchasing from the Group operations
GOLD
DECEMBER 2022
39%
61%
SA
UK
PGM
DECEMBER 2022
12%
22%
47%
19%
SA
UK
USA
Other
BATTERY METALS
DECEMBER 2022
63%
8%
8%
4%
4%
13%
Switzerland
Belgium
Netherlands
France
Japan
Other
GOLD
DECEMBER 2021
33%
67%
SA
UK
PGM
DECEMBER 2021
14%
16%
54%
16%
SA
UK
USA
Other
At  year-end 2022, we were in a net cash position2 of R5.9 billion (US$357 million) compared to a net cash position of R11.5 billion 
(US$775 million) at the end of 2021. In line with this, the net (cash): adjusted EBITDA ratio went from (0.17) in 2021 to (0.14) in 2022; 
a slight deterioration but still above the 2020 ratio (0.06). Adjusted free cash flow3 for 2022 was R9.5 billion (US$581 billion) as compared 
to R37.4 billion (US$2.5 billion) in 2021.
1  Normalised earnings is defined as earnings attributable to the owners of Sibanye-Stillwater excluding gains and losses on financial instruments and foreign exchange 
differences, impairments, gain/loss on disposal of property, plant and equipment, occupational healthcare expenses, restructuring costs, transactions costs, share-based 
payment expenses on B-BBEE transactions, gain on acquisitions, net other business development costs, share of results of equity-accounted investees, all after tax and the 
impact of non-controlling interest, and changes in the estimated deferred tax rate
2  Net (cash)/debt represents borrowings and bank overdraft less cash and cash equivalents. Borrowings are only those borrowings that have recourse to Sibanye-Stillwater and, 
therefore, exclude the Burnstone Debt. Net (cash)/debt excludes cash of Burnstone
3  Adjusted free cash flow is defined as cash flows from operating activities before dividends paid, net interest paid and deferred revenue advance received, less additions to 
property, plant and equipment. Management considers adjusted free cash flow to be an indicator of cash available for repaying debt, other investing activities, and 
paying dividends
MAINTAINING A PROFITABLE BUSINESS AND OPTIMISING CAPITAL ALLOCATION – CFO REPORT continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
94

OUR MOST MATERIAL FINANCIAL MATTERS
Liquidity 
At year-end 2022 the Group had committed undrawn debt facilities of R16.4 billion (US$1 billion), as compared to R15.7 billion (US$1 billion) 
in 2021; and available cash and cash equivalents of R26.4 billion (US$1.5 billion) compared to R30.3 billion (US$1.9 billion) in 2021, contributing 
to the liquidity buffer of R44.9 billion (US$2.6 billion), compared to R44.3 billion (US$2.8 billion). At year-end 2022, the Group’s total assets 
exceeded its total liabilities by R91.0 billion (US$5.3 billion), compared to R81.3 billion (US$5.1 billion) in 2021. 
The refinancing of the US$600 million revolving credit facility has successfully been completed by upsizing to US$1 billion, on a three-year 
tenure, plus two optional one-year extensions as a tenure. The refinancing includes an option for Sibanye-Stillwater to increase the facility 
size by a further US$200 million to US$1.2 billion, through the inclusion of additional lenders. 
Credit ratings 
The Group received improved credit ratings from Moody’s and S&P Global as tabled below
Credit rating agency
Previous
Current
Most recent ratings change
Fitch
BB stable outlook
BB stable outlook
November 2020
Moody's
Ba3 positive outlook
Ba2 positive outlook
May 2022
S&P Global
BB- positive outlook
BB stable outlook
May 2022
The Moody’s upgrade reflects a business underpinned by a degree of diversified metal production, geographic diversification, strong credit 
metrics and cash flows that have benefited significantly from elevated precious metal prices, and a seasoned management team with a 
strong execution track record. The S&P’s upgrade reflects elevated gold and PGM prices extending strong cash generation and raising 
financial resilience, alongside an expectation that leverage will remain below 1.0x and a successful track record of acquiring well-priced 
operating assets and extracting value and efficiencies. An improved credit rating gives us access to lower interest rates for future financing.
CAPITAL ALLOCATION
•
Investing in value accretive operational sustainability
•
Approved SA project capital ~R6.3bn (US$423m2) and Keliber ~€588m 
(approx. 50% Debt: 50% Equity)
•
Project capex to date – Burnstone: R1.1bn (US$70m); K4: R1.1bn (US$69m), 
using FY2022 rate of R16.37/US$
•
2023 planned project capital – Burnstone ~R2,0bn (US$122m), K4 ~R0.9bn 
(US$57m) and Keliber ~R3.9bn (€237m)
•
Cash reserves of R26.1bn/US$1.5bn
•
Provides flexibility and optionality
•
R7.4 bn (US$450m#) dividends declared for 2022 year (2021: R13.8bn 
(US$933m#))2
•
Returning cash to shareholders – 25-35% of normalised earnings
•
Equivalent of 1.5% of declared dividends allocated to social upliftment projects
via the Sibanye Foundation NPC¹
•
Net cash: adjusted EBITDA of 0.14x notwithstanding battery metal investments
and high dividend yield
•
2021 Bond refinancing concluded on favourable terms ahead of rising interest
rate cycle
•
Refinanced the US$600m RCF to a US$1bn facility in April 2023
•
Financing capacity and flexibility a strategic differentiator
•
Less dilution on employee share scheme – move from equity to cash settled
share-based incentives
•
Attractive re-investment opportunities available 
•
Increased shareholding in Keliber to ~85%
•
Post year-end increased investment in New Century Resources to a controlling 
shareholding in Feb 2023 (53%)3 and by 14 April 2023  increased to 95.5%
•
BioniCCubE – budget for 2023 of up to R617m (~US$34m) based on 1.5% of 
2022 EBITDA
1 The principal objective of the Sibanye Foundation NPC (registration number:2022/734923/08) shall be to perform public benefit activities for the benefit of the beneficiaries, 
with a particular emphasis on conservation, environment, healthcare, education, skills development, welfare, humanitarian, access to digital media, sports, infrastructure 
and cultural initiatives
2 FY2022 plan rate of R15.00/US$ and for # using the average rate for FY2022 of R16.37/US$ (FY2021: R14.79/US$)
3  Sibanye-Stillwater increased its holding to 95.47% as at 21 April 2023. For any further updates on current holding please see ¸ www.sibanyestillwater.com/business/new-
century-resources-australia/
MAINTAINING A PROFITABLE BUSINESS AND OPTIMISING CAPITAL ALLOCATION – CFO REPORT continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
95

For 2023, our planned project capital for Burnstone is R2 billion (US$122 million), R0.9 billion (US$57 million) for K4, and R3.8 billion (€231 million) 
for Keliber, noting that €176 million of equity has already been secured following our investment in Keliber and a further €118 million equity to 
be raised through a proportionate rights issue at the asset level. Our commitment to Rhyolite Ridge will only be activated once all permitting 
has been satisfied. 
For 2023, total capital expenditure is estimated at approximately R20.5 billion (US$1.3 billion) at a planned Rand/US$ rate of 16:1. 
Our finances are in a sound state to conclude on our major projects, with special focus on completing Burnstone and the K4 project, 
which will build up over a four to eight year period; K4 being shorter and Burnstone being slightly longer. 
Rbn
EXPECTED CAPITAL EXPENDITURE (EXCLUDING RHYOLITE RIDGE)
SA PGM operations 
US PGM operations
SA gold operations (excl. DRD)
Burnstone
PGM recycling (Columbus Met)
Sandouville nickel refinery
Keliber lithium project (incl. funded portion)
Keliber - already funded (illustrative)*
2022 
Actuals
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
0
5
10
15
20
25
Dividends
Our policy in terms of dividends is to return at least 25% to 35% of normalised earnings to shareholders. For 2022, the Group reported 
normalised earnings of R21 billion (US$1.3 billion), compared to R38.9 billion (US$2.6 billion) for 2021. In line with Sibanye-Stillwater’s capital 
allocation framework, the Board of Directors resolved to pay a final dividend of 122 (2021:187) SA cents per share. Together with the interim 
dividend of 138 (2021:292) SA cents per share, which was declared and paid, it brings the total dividend for the year ended 31 December 
2022 to 260 (2021:479) SA cents per share and this amounts to a payout of 35% (2021:35%) of normalised earnings.
Profitability
Cost-saving initiatives
AISC per unit for 2022 was generally higher than 2021, mainly due to lower volumes caused by strike action (SA gold operations), mining 
through adverse ground conditions (Hex River Fault at Rustenburg and Shear Zone at Kroondal), copper cable theft (SA PGM operations), 
electricity curtailment (SA operations) and floods (US PGM operations). However, in absolute terms, AISC at the SA gold operations was well 
managed, reducing by 11% from (R26.8 billion) (US$1.8 billion) in 2021 to (R23.9 billion) (US$1.5 billion) in 2022. While the SA PGM operations 
AISC increased by 1% from (R32.1 billion) (US$2.2 billion) in 2021 to (R32.4 billion) (US$2 billion) in 2022 and was well controlled. However, 
AISC at the US PGM operations increased by 17% in US dollar terms from (US$573 million) (R8.5 billion) in 2021 to (US$668 million) (R10.9 billion) 
in 2022. 
For our US PGM operations, we have set a target of AISC below $1,000/2Eoz over the medium to long term. 
Inflation pressures
The South African Reserve Bank (SARB) has a monetary inflation target range of 3% to 6%. The SARB’s Monetary Policy Committee forecasts 
the headline Consumer Price Index (CPI) for 2023 at 5.4%, 2024 at 4.8% and 4.5% for 2025. For South Africa, the headline CPI was at 6.9% for 
2022. With this in mind, the Group continues to experience pressures of above inflation increases on steel, diesel and electricity costs. In the 
United States, the Congressional Budget Office (CBO) projects inflation slow gradually in 2023 reaching 3.3% for 2023, 2.4% for 2024 and 
approaching the Federal Reserve’s long term goal of 2% by 2026. According to the governor of the French central bank, inflation in France 
is likely to peak in the first half of 2023 and should be back to around 2% (the European Central Bank’s target) by the end of 2024 or, at the 
latest, the end of 2025. More recently, the annual inflation rate in France rose to 6.3% in February of 2023, the highest rate since May of 1985. 
Inflation in Finland climbed to 8.8% during February 2023 and, according to the Bank of Finland, inflation is expected to fall to 5% in 2023 and 
to less than 2% in 2024. Above-inflation increases put pressure on the Group’s profitability. Through Group-wide initiatives, Sibanye-Stillwater 
strives to limit above-inflation cost increases and ensure the sustainability of our operations.
MAINTAINING A PROFITABLE BUSINESS AND OPTIMISING CAPITAL ALLOCATION – CFO REPORT continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
96

SUMMARY OF THE ANNUAL FINANCIAL 
STATEMENTS
All our operations achieved lower production levels during 2022. 
Lower PGM prices, and sociopolitical instability in South Africa 
(a factor in load curtailment and copper cable theft) had their 
impact, as did floods at our US PGM operations. 
Despite these challenges, we returned a sizeable profit, such that 
we were able to pay a dividend at the upper range of the Group’s 
Dividend policy and remain on track with our current capital 
commitments and our strategic commitments to establish a strong 
presence in battery metals. 
Group financial performance
Group revenue for 2022 was R138.3 billion (US$8.4 billion), down 
from R172.2 billion (US$11.6 billion), due to aforementioned reasons. 
Group cost of sales, before amortisation and depreciation, 
reduced from R101 billion (US$6.8 billion) in 2021 to R94.5 billion 
(US$5.8 billion) in 2022. 
The lower sales volumes and lower average PGM basket prices, 
which impacts the cost of purchasing third-party concentrate (PoC) 
and recycling material at the SA PGM and US PGM Recycling 
operations, were the primary reasons for the 7% decrease in 
the Group cost of sales, before amortisation and depreciation. 
At the managed SA gold operations, the strike resulted in lower 
underground production which contributed to the decrease in 
cost of sales.
Group adjusted EBITDA for 2022 decreased by 40% or R27.5 billion 
(US$1.7 billion) to R41.1 billion (US$2.5 billion). Group amortisation 
and depreciation decreased by 15% to R7.1 billion (US$433 million) 
following lower production volumes at both the SA and US PGM 
operations and the SA gold operations. 
Adjusted EBITDA
Adjusted EBITDA for the SA PGM operations decreased by 26% to 
R38.1 billion (US$2.3 billion) due to lower sales volumes and lower 
PGM basket prices. Adjusted EBITDA from the US PGM underground 
operations decreased by 41% to R6.3 billion (US$386 million) mainly 
due to lower sales volumes and for the US PGM recycling operations 
decreased by 14% to R1.3 billion (US$78 million) mainly due to lower 
sales volumes and lower PGM basket prices. The adjusted EBITDA 
decreased by 169% at the SA gold operations to negative 
R3.5 billion (US$219 million), mainly due to lower volumes sold 
resulting from the strike at the managed SA gold operations which 
was partially offset by an 11% increase in the rand gold price. 
The battery metals operations contributed a negative adjusted 
EBITDA of R578 million (US$35 million). 
The main contributor to adjusted EBITDA was the SA PGM operations 
which contributed 93% (2021: 75%). This was followed by the US PGM 
operations that contributed 18% (2021: 18%) and the SA gold 
operations and battery metals recorded negative adjusted EBITDA.
Cost of production
For 2022, AISC at the SA PGM operations (excluding PoC) was 
R19,313/4Eoz (US$1,180/4Eoz) compared to 2021 which was 
R16,982/4Eoz (US$1,148/4Eoz). The 14% rise (in rand terms) is 
predominantly due to reduced volumes as a consequence of 
load curtailment and copper theft. 
AISC at the US PGM underground operations was US$1,586/2Eoz 
(R25,951/2Eoz), a 58% increase from the US$1,004/2Eoz (14,851/2Eoz) 
for 2021. This was mostly attributable to lower volumes following the 
flood, but also includes the impact of skills shortages, higher 
contractor costs and rising inflation. 
While AISC in absolute terms was down at our SA gold operations, 
cost per kg increased in 2022 to R1,268,360/kg (US$2,410/oz), 
compared to R803,260/kg (US$1,689/oz) in 2021 following the 
impact of the strike action on production volumes. 
Ã See Chairman and CEO’s review, page 13 for more on 
operational performance. 
Capital expenditure 
Total capital expenditure for 2022, was R15.9 billion (US$971 million), 
up from R12.7 billion (US$862 million) in 2021. 
Capital expenditure at the SA PGM operations for 2022 was 
R5.1 billion (US$311 million), compared to R3.8 billion (US$258 million) 
in 2021, US PGM operations for 2022 was R5.4 billion (US$330 million), 
compared to R4.6 billion (US$308 million) for 2021 and managed SA 
gold operations was R3.8 billion (US$232 million), compared to 
R4.0 billion (US$271 million) in 2021.
In 2022 our capital expenditure on battery metals was R819 million 
(US$50 million), with no comparative figure for 2021. 
MAINTAINING A PROFITABLE BUSINESS AND OPTIMISING CAPITAL ALLOCATION – CFO REPORT continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
97

US dollar
SA rand
2021
2022
Figures are in millions unless otherwise stated
2022
2021
11,643 
8,448 
Revenue
138,288 
172,194 
(7,391) 
(6,208) 
Cost of sales
(101,624) 
(109,306) 
(6,830) 
(5,775) 
Cost of sales, before amortisation and depreciation
(94,537) 
(101,013) 
(561)
(433)
Amortisation and depreciation
(7,087) 
(8,293) 
81 
73 
Interest income
1,203 
1,202 
(169)
(173)
Finance expense
(2,840) 
(2,496) 
(26)
(13)
Share-based payment expenses
(218) 
(383) 
(425)
(261)
Loss on financial instruments
(4,279) 
(6,279) 
78 
38
Gain on foreign exchange differences
616 
1,149 
134 
79 
Share of results of equity-accounted investees after tax
1,287 
1,989 
(205)
(225)
Other costs
(3,679) 
(3,018) 
52 
68
Other income
1,110 
764 
2 
10 
Gain on disposal of property, plant and equipment
162 
36 
(348)
—
Reversal of impairments/(impairments)
6 
(5,148) 
(7)
(22)
Restructuring costs
(363) 
(107) 
(9)
(9)
Transaction costs
(152) 
(140) 
(13)
—
Early redemption premium on the 2025 Notes
— 
(196) 
1 
13
Occupational healthcare gain
211 
14 
3,398 
1,818 
Profit before royalties, carbon tax and tax
29,728 
50,275 
(184)
(112)
Royalties
(1,834) 
(2,714) 
— 
1 
Carbon tax
10 
(4) 
3,214 
1,707 
Profit before tax
27,904 
47,557 
(930)
(545)
Mining and income tax
(8,924) 
(13,761) 
2,284 
1,162 
Profit for the period 
18,980 
33,796 
Profit for the period attributable to:
2,234 
1,126 
- Owners of Sibanye-Stillwater
18,396 
33,054 
50 
36 
- Non-controlling interests (NCI)
584 
742 
Earnings per ordinary share (cents) 
77 
40 
Basic earnings per share 
651 
1,140 
76 
40 
Diluted earnings per share
650 
1,129 
14.79 
16.37 
Average R/US$ rate
Note: The translation of the consolidated income statement into US dollar is based on the average exchange rate for the year ended 
31 December 2022 of R16.37:US$1 (2021: R14.79:US$1) and is provided as supplementary information.
Consolidated income statement for the year ended 31 December 2022
MAINTAINING A PROFITABLE BUSINESS AND OPTIMISING CAPITAL ALLOCATION – CFO REPORT continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
98

Interest income 
Interest income was flat at R1,203 million (US$73 million) 
(2021: R1,202 million, US$81 million). 
Interest income mainly includes interest received on cash deposits 
amounting to R910 million (US$56 million)(2021: R948 million or 
US$64 million), interest received on rehabilitation obligation funds of 
R235 million (US$14 million)(2021: R174 million or US$12 million), 
interest earned on right of recovery asset of R31 million (US$2 million) 
(2021: R32 million or US$2 million) and other interest earned of 
R27 million (US$2 million) (2021: R48 million or US$3 million).
Finance expense 
Finance expense for 2022 increased by R344 million (US$21 million) 
(2021: decrease R656 million or US$44 million) mainly due to a 
R245 million (US$15 million) increase (2021: decrease R489 million or 
US$33 million) in interest on borrowings following an increase in 
average outstanding borrowings for 2022, R108 million (US$7 million) 
increase (2021: decrease R29 million or US$2 million) in unwinding of 
the Rustenburg deferred payment, R78 million (US$5 million) 
(2021: R87 million or US$6 million) increase in the unwinding of the 
Marikana dividend obligation, R17 million (US$1 million) increase  
(2021: decrease R40 million or US$3 million) in the unwinding of the 
finance costs on the deferred revenue transactions, R8 million 
(US$0.5 million) increase (2021: decrease R19 million or US$1 million) in 
interest on the occupational healthcare obligation, R2 million 
(US$0.1 million) increase (2021: decrease R5 million or US$0.3 million) in 
interest on lease liabilities and an increase of R12 million (US$1 million) 
(2021: decrease R5 million or US$0.3 million) in sundry interest, all 
partially offset by an R86 million (US$5 million) (2021: R92 million or 
US$6 million) decrease in the unwinding of amortised cost on 
borrowings, R36 million (US$2 million) decrease (2021: increase 
R5 million or US$0.3 million) in the Pandora deferred payment and 
R4 million (US$0.2 million) (2021: R69 million or US$5 million) decrease in 
unwinding of the environmental rehabilitation obligation. 
Loss on financial instruments
The net loss on financial instruments decreased from R6,279 million 
(US$425 million) to R4,279 million (US$261 million) for 2022, representing 
a year-on-year decrease of 32% or R2,000 million (US$164 million). 
The net loss for 2022 is mainly attributable to fair value losses on the 
revised cash flows of the Rustenburg deferred payment to Anglo 
American Platinum Limited (Anglo) of R773 million (US$47 million) 
(2021: R4,653 million or US$315 million), the Burnstone debt of 
R776 million (US$47 million) (2021: R2 million or US$0 million), the 
Rustenburg and Marikana operations B-BBEE cash-settled share- 
based payment obligations of R1190 million (US$73 million) 
(2021: R671 million or US$45 million) and R965 million (US$59 million) 
(2021: R593 million or US$40 million) respectively, and the Marikana 
dividend obligation of R650 million (US$40 million) (2021: R468 million or 
US$32 million), mainly due to higher forecasted 4E PGM basket prices, 
and fair value losses on the Palladium hedge contract of R241 million 
(US$15 million) (2021: fair value gain R234 million or US$16 million). 
These losses were partially offset by a fair value gain on Sibanye-
Stillwater's investment in Verkor of R145 million (US$9 million) 
(2021: Rnil).
Gain on foreign exchange differences 
The gain on foreign exchange differences was R616 million 
(US$38 million) in 2022 compared with a gain of R1,149 million 
(US$78 million) in 2021. The gain on foreign exchange differences 
in 2022 was mainly due to foreign exchange gains of R447 million 
(US$27 million) on intra-Group loans with a real foreign exchange 
exposure, foreign exchange gains of R284 million (US$17 million) 
on receivables and payables, partially offset by a R109 million 
(US$7 million) loss on the Burnstone debt due to a weaker rand.
Restructuring costs
Maintaining loss-making operations is not sustainable over an 
extended period. Cross-subsidising loss making operations erodes 
value, is a drain on cash flows and, as a result, threatens the 
sustainability and economic viability of other operations. Therefore, 
the Group consistently reviews and assesses the operating and 
financial performance of its assets. Restructuring costs of R363 million 
(US$22 million) (2021: R107 million or US$7 million) were incurred during 
2022 which mainly related to the SA gold operations R330 million 
(US$20 million) (2021: R69 million or US$5 million) and the SA PGM 
operations R26 million (US$2 million) (2021: R27 million or US$2 million). 
Restructuring costs include actual costs amounting to R315 million 
(US$19 million) for voluntary separation packages, voluntary early 
retirement packages and involuntary retrenchments mainly relating 
to the S189 process at the SA gold operations (Beatrix and Kloof of 
R287 million (US$18 million) and R28 million (US$2 million), respectively). 
Transaction costs 
Transaction costs were R152 million (US$9 million) in 2022 compared 
with R140 million (US$9 million) in 2021. The transaction costs in 2022 
mainly included acquisition-related advisory and legal fees of 
R80 million (US$5 million) (2021: R103 million or US$7 million) and 
general advisory and legal fees of R72 million (US$4 million) (2021: Rnil).
Share of results of equity-accounted investees after tax
The profit from share of results of equity-accounted investees after 
tax of R1,287 million (US$79 million) in 2022 (2021: R1,989 million or 
US$134 million) was primarily due to share of profits of R1,061 million 
(US$65 million) (2021: R1,702 million or US$115 million) relating to 
Sibanye-Stillwater’s 50% attributable share in Mimosa and R236 million 
(US$14 million) (2021: R287 million or US$19 million) relating to its 44% 
interest in Rand Refinery.
Royalties, mining and income tax
Royalties decreased by 32% to R1,834 million (US$112 million) in 2022 
from R2,714 million (US$184 million) in 2021. The decrease in 2022 
was mainly due to the decreased revenue and profitability at the 
SA operations.
Mining and income tax charge decreased from R13,761 million 
(US$930 million) to R8,924 million (US$545 million) which is mainly 
attributable to the decrease in profit before tax, partially offset by the 
impact of deferred tax assets not recognised or derecognised during 
2022 of R631 million (US$39 million) (2021: US$1,133 million or 
US$77 million). 
Dividends
Sibanye-Stillwater’s Dividend policy is to return at least 25% to 35% 
of normalised earnings to shareholders; noting that after due 
consideration of future requirements the dividend may be increased 
beyond these levels. The Board declared a final dividend of 
R3,453 million (US$211 million) (2021: R5,252 million or US$355 million), 
translating to 122 SA cents) (2021: 187 SA cents) per share. 
The interim dividend paid for 2022 was R3,905 million (US$239) million 
(2021: R8,347 million or US$564 million) translating to 138 SA cents 
(2021: 292 SA cents) per share). This brings the total dividend for 
the year ended 31 December 2022 to R7,359 million (US$450 million) 
(2021: R13,599 million or US$919 million) or  260 SA cents 
(2021: 479 SA cents) per share or 35% (2021: 35%) of normalised 
earnings.
Reversal of impairments/(impairments)
During 2022 the Group recognised a net reversal of impairments 
of R6 million (US$0 million) compared to impairments recognised in 
2021 of R5,148 million (US$348 million) on Driefontein (R212 million 
or US$14 million), Kloof (R3,642 million or US$246 million) and Beatrix 
(R1,293 million or US$88 million).
MAINTAINING A PROFITABLE BUSINESS AND OPTIMISING CAPITAL ALLOCATION – CFO REPORT continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
99

Revenue
US dollar
SA rand
% change
2021
2022
Figures in million
2022
2021
% change
 (27)
11,643
8,448 
Total
138,288 
172,194 
 (20) 
 (24)
5,757
4,378 
SA PGM
71,665 
85,154 
 (16) 
 (32)
1,240
844 
US PGM (underground)
13,823 
18,343 
 (25) 
 (28)
2,753
1,971 
US PGM (recycled)
32,267 
40,710 
 (21) 
 (52)
1,594
768 
Managed SA gold
12,568 
23,568 
 (47) 
 (1)
324
322 
DRDGOLD
5,274 
4,790 
 10 
 100 
—
192 
Sandouville refinery
3,140 
— 
 100 
 8 
(25)
(27) 
Group corporate
(449) 
(371)
 21
14.79
16.37
Average Rand/US$ rate
Group revenue decreased by 20% to R138,288 million (US$8,448 million) in 2022 from R172,194 million (US$11,643 million) in 2021, driven 
by lower sales volumes across all operations and lower average PGM basket prices at the SA PGM, US PGM and US Recycling operations 
during 2022.
Revenue from the SA PGM operations decreased by 16% to R71,665 million (US$4,378 million) in 2022 from R85,154 million (US$5,757 million) 
in 2021, due to a 13% or 224,259 4Eoz decrease in PGMs sold and a 9% lower average 4E basket price received of R42,914/4Eoz. 
Revenue from the US PGM underground operations decreased by 25% to R13,823 million (US$844 million) in 2022 from R18,343 million 
(US$1,240 million) in 2021 due to an 11% lower average 2E basket price of US$1,862/2Eoz and a 24% decrease in mined ounces sold which 
correlates with the lower production achieved. Revenue from US recycling operations decreased by 21% to R32,267 million (US$1,971 million) 
in 2022 from R40,710 million (US$2,753 million) in 2021, due to 18% lower sales volumes and a 13% lower average 3E basket price of 
US$3,067/3Eoz. The impact of lower sales volumes and average PGM basket price for the US operations was partially offset by the 11% 
weaker rand.
Revenue from the managed SA gold operations decreased by 47% to R12,568 million (US$768 million) in 2022 from R23,568 million 
(US$1,594 million) in 2021, mainly due to the 52% or 14,481 kg decline in gold sold volumes, a result of the strike during 2022, partially offset 
by an 11% higher rand gold price of R946,813/kg. Revenue from DRDGOLD increased by 10% to R5,274 million (US$322 million) in 2022 mainly 
due to a 11% higher rand gold price received of R944,315/ kg, partially offset by 1% lower sales volumes.
Cost of sales, before amortisation and depreciation
US dollar
SA rand
% change
2021
2022
Figures in million
2022
2021
% change
 (15)
(6,830)
(5,775) 
Total
(94,537) 
(101,013) 
 (6) 
 (9)
(2,161)
(1,971) 
SA PGM
(32,280) 
(31,971) 
 1 
 (11)
(512)
(456) 
US PGM (underground)
(7,459) 
(7,567) 
 (1) 
 (29)
(2,652)
(1,893) 
US PGM (recycled)
(30,993) 
(39,220) 
 (21) 
 (22)
(1,279)
(1,002) 
Managed SA gold
(16,394) 
(18,908) 
 (13) 
 2 
(226)
(231)
DRDGOLD
(3,780)
(3,347)
 13 
100
— 
(222)
Sandouville refinery
(3,631)
— 
100
14.79
16.37
Average Rand/US$ rate
Cost of sales, before amortisation and depreciation decreased by 6% to R94,537 million (US$5,775 million) in 2022 from R101,013 million 
(US$6,830 million) in 2021. 
Cost of sales, before amortisation and depreciation at the SA PGM operations increased by 1% to R32,280 million (US$1,971 million). 
Mined underground 4E PGM production decreased by 11% to 1,402,270 4Eoz and surface production volumes excluding third-party PoC 
were 1% higher at 149,660 4Eoz. Costs were negatively impacted by above inflationary increases on steel, diesel and electricity and the 
additional costs incurred resulting from engineering stoppages, electricity curtailment/load shedding and copper cable theft. Third-party 
concentrate purchased and processed (PoC) at the Marikana smelting and refining operations increased by 5% to 63,344 4Eoz. PoC 
material is purchased at a higher cost, than own mined ore, due to the direct correlation to the basket price of PGMs.
Cost of sales, before amortisation and depreciation at the US PGM underground operations decreased marginally by 1% to R7,459 million 
(US$456 million). A decrease of 24% in sales volumes to 418,556 2Eoz, in line with production volumes which also decreased by 26% year-on-
year to 421,133 2Eoz, resulted in lower cost of sales which was partially offset by 6% lower head grade achieved, additional costs incurred 
due to the flood event, above inflationary cost increases (peaked at 9.1%) and an 11% weaker rand. Lower production at the US PGM 
underground operations was due to the June flooding events, labour shortages of miners, lower face availability and an unplanned 
concentrator outage at Stillwater, while at East Boulder a safety stoppage due to nitrogen dioxide gas exposure, lower grades achieved 
and cold weather conditions contributed to lower production. Cost of sales, before amortisation and depreciation at the US PGM recycling 
MAINTAINING A PROFITABLE BUSINESS AND OPTIMISING CAPITAL ALLOCATION – CFO REPORT continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
100

operation decreased, in line with the decrease in revenue, by 21% from R39,220 million (US$2,652 million) to R30,993 million (US$1,893 million) 
mainly due to a 21% decrease in volumes, which were impacted by the constrained autocatalyst market, and the lower average 
basket price. 
Cost of sales, before amortisation and depreciation at the managed SA gold operations decreased by 13% to R16,394 million 
(US$1,002 million) due to a 50% decrease in production volumes, a consequence of the strike during 2022, partially offset by annual salary 
increases and above inflationary increases on input costs such as diesel and electricity. Mined underground volumes decreased by 53% to 
11,736 kg (377,321 oz) mainly attributable to the strike during 2022. Cost of sales, before amortisation and depreciation from DRDGOLD 
increased by 13% to R3,780 million (US$231 million) due to above-inflationary cost increases on steel, diesel and electricity.
Adjusted earnings before interest, tax depreciation and amortisation (EBITDA)1
US dollar
SA rand
% change
2021
2022
Figures in million
2022
2021
% change
 (46)
4,639
2,510
Total
41,111
68,606
 (40) 
 (33)
3,490
2,330
SA PGM
38,135
51,608
 (26) 
 (47)
727
386
US PGM (underground)
6,330
10,766
 (41) 
 (23)
101
78
US PGM (recycled)
1,274
1,490
 (14) 
 (163)
346
(219)
SA gold
(3,546)
5,113
 (169) 
 100 
0
(35)
Battery Metals
(578)
0
 100 
 20 
(25)
(30)
Group corporate
(504)
(371)
 36
14.79
16.37
Average rand/US$ rate
Group Adjusted EBITDA of R41,111 million (US$2,510 million) in 2022 decreased by 40% from R68,606 million (US$4,639 million) in 2021. 
Adjusted EBITDA for the SA PGM operations decreased by 26% due to lower sales volumes and lower PGM basket prices. Adjusted EBITDA 
from the US PGM underground operations decreased by 41% to R6,330 million (US$386 million) mainly due to lower sales volumes and for the 
US PGM recycling operations decreased by 14% to R1,274 million (US$78 million) mainly due to lower sales volumes and lower PGM basket 
prices. The adjusted EBITDA decreased by 169% at the SA gold operations to negative R3,546 million (US$219 million), mainly due to lower 
volumes sold resulting from the strike at the managed SA gold operations which was partially offset by an 11% increase in the rand 
gold price.
Adjusted EBITDA (US$ billion)
Net debt: adjusted EBITDA ratio
THE GROUP GENERATED SOLID EARNINGS DESPITE SA GOLD INDUSTRIAL ACTION AND US EXTREME WEATHER EVENTS
Earnings¹ and gearing
0.6
2.4
2.5
1.3
-0.06
-0.17
-0.14
SA gold 
SA PGM
US PGM
Sandouville
Recycling
Net debt (cash): adjusted EBITDA (rhs) 
2016
2017
2018
2019
2020
2021
2022
-1
0
1
2
3
4
5
-1
0
1
2
3
1    The Group reports adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) based on the formula included in the facility agreements for 
compliance with the debt covenant formula. For a reconciliation of profit/(loss) before royalties, carbon tax and tax to adjusted EBITDA, see – Annual financial report – 
Consolidated financial statements – Notes to the consolidated financial statements – Note 28.7: Capital management
MAINTAINING A PROFITABLE BUSINESS AND OPTIMISING CAPITAL ALLOCATION – CFO REPORT continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
101

Consolidated statement of financial position as at 31 December 2022
US dollar
SA rand
2021
2022
Figures in million
2022
2021
Assets
5,531 
6,216 
Non-current assets
105,867 
88,163 
3,921
4,516
Property, plant and equipment
76,909 
62,494 
14
16 
Right-of-use assets
279 
222 
485
489
Goodwill and other intangibles
8,322 
7,727 
476
497
Equity-accounted investments
8,471 
7,594 
211
196
Other investments
3,340 
3,367 
326
312
Environmental rehabilitation obligation funds
5,306 
5,202 
41
47
Other receivables
798 
651 
57
143
Deferred tax assets
2,442 
906 
4,067
3,567 
Current assets
60,764 
64,831 
1,573
1,549
Inventories
26,384 
25,080 
465
440 
Trade and other receivables
7,500 
7,411 
33
5
Other receivables
81 
523 
78
42
Tax receivable
723 
1,245 
18
0
Asset held for sale
— 
280 
1,900
1,531
Cash and cash equivalents
26,076 
30,292 
9,598 
9,783 
Total assets
166,631 
152,994 
Equity and liabilities
4,972
5,155
Equity attributable to owners of Sibanye-Stillwater
88,101 
79,393 
1361 
1,361
Stated capital
21,647 
21,647 
3,009
2,801
Other reserves
32,673 
30,332 
602
993
Accumulated profit
33,781 
27,414 
130
187
Non-controlling interests
2,903 
1,952 
5,102
5,342
Total equity
91,004 
81,345 
3,206
3,254
Non-current liabilities
55,408 
51,108 
1,267
1,327
Borrowings
22,606 
20,191 
11
12
Lease liabilities
208 
177 
518
502
Environmental rehabilitation obligation and other provisions
8,552 
8,263 
64
46
Occupational healthcare obligation
781 
1,017 
177
293
Cash-settled share-based payment obligations
4,991 
2,829 
289
147
Other payables
2,500 
4,599 
389
376
Deferred revenue
6,399 
6,204 
1
1
Tax and royalties payable
11 
10 
490
550
Deferred tax liabilities
9,360 
7,818 
1,290
1,187
Current Liabilities
20,219 
20,541 
7
7
Borrowings
122 
107 
7
7
Lease liabilities
111 
104 
0
3 
Occupational healthcare obligation
44 
— 
4
17
Cash-settled share-based payment obligations
284 
58 
951
919
Trade and other payables
15,653 
15,162 
299
228
Other payables
3,891 
4,765 
10
1
Deferred revenue
21 
156 
12
5
Tax and royalties payable
93 
189 
9,598
9,783
Total equity and liabilities
166,631 
152,994 
15.94
17.03
Closing R/US$ rate
Note: The translation of the consolidated statement of financial position is based on the closing exchange rate as at 31 December 2022 of R17.03:US$1 
(2021: R15.94:US$1) and is provided as supplementary information only.
MAINTAINING A PROFITABLE BUSINESS AND OPTIMISING CAPITAL ALLOCATION – CFO REPORT continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
102

US dollar
SA rand
2021
2022
Figures in million
2022
2021
1,179 
1,185 
Borrowings1
20,188 
18,791 
1,898 
1,529 
Cash and cash equivalents2
26,038 
30,257 
(719)
(344) 
Net (cash)/debt3
(5,850) 
(11,466) 
4,639 
2,510 
Adjusted EBITDA4
41,111 
68,606 
(0.15) 
(0.14) 
Net (cash)/debt to adjusted EBITDA (ratio)5
(0.14) 
(0.17) 
15.94 
17.03 
Closing R/US$ rate
1  Borrowings are only those borrowings that have recourse to Sibanye-Stillwater. Borrowings, therefore, exclude the Burnstone Debt
2  Cash and cash equivalents exclude cash of Burnstone
3  Net (cash)/debt represents borrowings and bank overdraft less cash and cash equivalents. Borrowings are only those borrowings that have recourse to Sibanye-Stillwater 
and, therefore, exclude the Burnstone Debt. Net (cash)/debt excludes cash of Burnstone
4  The adjusted EBITDA calculation is based on the definitions included in the facility agreements for compliance with the debt covenant formula, except for impact of 
new accounting standards and acquisitions, where the facility agreements allow the results from the acquired operations to be annualised. Adjusted EBITDA may not 
be comparable to similarly titled measures of other companies. Adjusted EBITDA is not a measure of performance under IFRS and should be considered in addition to, 
and not as a substitute for, other measures of financial performance and liquidity. For a reconciliation of profit/(loss) before royalties, carbon tax and tax to adjusted 
EBITDA see – Annual financial report – Consolidated financial statements – Notes to the consolidated financial statements – Note 28.7: Capital Management
5  Net (cash)/debt to adjusted EBITDA ratio is a pro forma performance measure and is defined as net (cash)/debt as of the end of a reporting period divided by adjusted 
EBITDA of the 12 months ended on the same reporting date. This measure constitutes pro forma financial information in terms of the JSE Listings Requirements, and is the 
responsibility of the Board
The net debt to adjusted EBITDA history is summarised as follows:
2022
2021
2020
2019
2018
Net (cash)/debt to 
adjusted EBITDA
(0.14)
(0.17)
(0.06)
1.40
2.54
The marginal deterioration in the Group’s adjusted EBITDA ratio 
to (0.14):1 from (0.17):1 in 2021, is mainly attributable to decrease 
of adjusted EBITDA driven by lower PGM basket prices and lower 
sales volumes at the SA PGM, SA gold and US recycling operations 
during 2022.
EXTERNAL AUDITOR REAPPOINTMENT
The Audit Committee has satisfied itself in terms of paragraph 3.86 
of the JSE LR that Ernst & Young Inc. is accredited and recorded on 
the JSE list of Auditors and Accounting Specialists, and the reporting 
accountant Lance Ian Neame Tomlinson, does not appear on the 
list of disqualified individual auditors. Based on the results of the 
Auditor Suitability Review and a review of the independence of 
Ernst & Young Inc. and the designated individual audit partner, the 
Audit Committee recommended to the Board that Ernst & Young 
Inc. be re-appointed as the auditors of the Company and that 
Lance Ian Neame Tomlinson be reappointed as the designated 
individual partner. The Board concurred with the recommendation.
FOCUS AREAS – 2023
•
Maintaining a profitable business and optimising capital
allocation
•
Contributing to the scoping, definition and action plans of the
following strategic differentiators
– recognised as a force for good
– unique global portfolio of green metals and energy solutions
that reverse climate change
– inclusive, diverse and bionic
– anti-fragility unique global portfolio of green metals and
energy solutions that reverse climate change
– inclusive, diverse and bionic
Metal prices
Precious metal prices face both headwinds and tailwinds in 2023. 
A more aggressive tightening of monetary policy in response 
to elevated inflation would dampen prices, while an end to – 
or a reversal of – interest rate hikes and an intensification of 
geopolitical tensions could provide support for prices. Both earnings 
growth and cash flow generation would be positively impacted 
should higher precious metal prices continue.
US dollar
SA rand
Average
2022
Closing prices 
31 March 2023
% change
Commodity prices
Average
2022
Closing prices 
31 March 2023
% change
1,798 
1,937 
 8 
Gold price US$/oz and R/kg
946,073
1,129,496 
 19 
2,622 
1,782 
 (32) 
SA PGM average basket price/4Eoz
42,914
32,320 
 (25) 
1,862 
1,353 
 (27) 
US PGM average basket price/2Eoz
30,482
24,542 
 (19) 
Source: IRESS
ACKNOWLEDGEMENT
I would like to express my sincere appreciation to the finance teams across the Group and to the Audit Committee for their support 
and ongoing commitment and dedication during 2022. Our strategy, designed to manage and harness opportunities in the complex 
environment we operate, and regionally focused executive management structure position us well to be a leader in superior shared value 
for all our stakeholders whilst ensuring the sustainability of the Group. We will continue to proactively manage costs and production outputs, 
allocate capital in a disciplined way that is value accretive and further optimise our undemanding capital profile and cash generative 
assets to provide the capacity for our continued growth.
I look forward to working with the Executive Committee, the finance team and Audit Committee in 2023 as we further advance the Group’s 
strategy.
Charl Keyter
Chief Financial Officer
24 April 2023
MAINTAINING A PROFITABLE BUSINESS AND OPTIMISING CAPITAL ALLOCATION – CFO REPORT continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
103

SIBANYE-STILLWATER INTEGRATED REPORT 2022
104

DELIVERING VALUE FROM OUR OPERATIONS
AND PROJECTS
WHAT WE DID IN 2022
SUCCESSES
•
Significant improvement in safety performance; all indicators 
improved with the fatal injury frequency rate (FIFR) reducing by 75% 
•
SA PGM operations continue to move down the industry cost 
curves despite load curtailment impact on production
•
Inflation-linked three- and five-year wage agreements signed 
at the SA gold operations and SA PGM operations respectively, 
positioning operations for stability
•
Repositioned the US PGM operations for long-term sustainability, 
operational flexibility and cost competitiveness in the context of 
longer-term market demand for palladium
CHALLENGES
•
Industrial action at SA gold for three months and subsequent ramp-
up – on the upside, agreement formed the base for successful 
PGM negotiations 
•
Regional flood impact to US PGM operations and national skills 
shortage impacting operations
OVERVIEW OF THE OPERATIONAL PERFORMANCE FOR THE YEAR
This section provides a synopsis of the operational performance for the 2022 year.
US PGM operations
During 2022, the US PGM operations lost seven weeks of production 
due to severe flooding affecting Montana that was classified at 
between a 200- and 500-year flood event based on historical 
statistics.
As a result of (i) the flood event and other operational constraints; 
(ii) East Boulder geological and geotechnical complexity
associated with mining west;(iii) critical skills shortages; and
(iv) elevated nitrous oxide levels, mined 2E PGM production from
the US PGM operations of 421,133 2Eoz declined by 26% compared
with 2021.
As mentioned in the Chairman and Chief Executive Officer’s 
review earlier in the report, the US PGM operations have been 
repositioned for sustainability and profitability in a changing 
environment and are planned to produce about 700,000 2E ounces 
at AISC of less than US$1,000 per 2E ounce from 2027. 
The implementation of the repositioned operational plan and 
accelerated development to restore flexibility is underway. 
Productivity, however, continues to be impacted by high employee 
turnover, which is compounded by the low unemployment rate 
in Montana and associated skills shortages in the region. 
More specifically for the US PGM operations, productivity is 
impacted by a shortage of mining, geological and artisan skills. 
The Group maintains a strong focus on sourcing, training and 
retaining the required skills, whilst simultaneously improving the 
conditions of employment. For example, revised shift rosters (seven 
days on/seven off) are being trialled at East Boulder to reduce 
travel and extend shift times for employees, which should lead to 
improved productivity. The high turnover statistics have begun 
to improve but will take several months to turnaround. 
The US PGM operations’ AISC for 2022 increased by 58% to 
US$1,586/2Eoz (R25,951/2Eoz), primarily due to the decline in 
production. In addition, costs increased as a result of general 
inflation affecting the industry; a 93% increase in ore reserve 
development (ORD) costs to US$176 million (R2.9 billion) due to 
the change in classification of Stillwater East development from 
growth capital to ORD; greater support and equipment costs; 
continued reliance on contractor development at East Boulder; 
and the ramp up of ORD across the operations to increase mining 
flexibility. Sustaining capital (including expenditure on underground 
mining equipment and remote sensing and environmental 
monitoring equipment to ensure a safer operating environment) 
increased by 35% year-on-year to US$72 million (R1.2 billion). 
The decision to suspend further growth capital at Stillwater East 
resulted in project capital expenditure declining by 50% in 2022 to 
US$82 million (R1.3 billion). In line with many other industries in the 
USA and globally, the US PGM operations continue to experience 
underlying inflationary pressures, supply chain issues, input cost 
inflation and higher labour costs due to skills shortages, which 
increases reliance on contractors at a higher cost. 
The decline in production in 2022, combined with an 11% year-on-
year lower average 2E PGM basket price of US$1,862/2Eoz 
(R30,482/2Eoz), were the main drivers of a 47% decline in adjusted 
EBITDA from the US PGM operations to US$386 million (R6.3 billion). 
SIBANYE-STILLWATER INTEGRATED REPORT 2022
105

PGM recycling operations
For  2022, recycled production declined to 600,000 ounces, 
from 755,000 ounces in 2021. There are various factors behind this 
decrease. Russia's invasion of Ukraine sent shock waves through 
global supply chains and together with the global chip shortages 
experienced, resulted in less car production and increases in used 
car prices. The net result is that people are keeping their cars for 
longer, with fewer available for scrapping. 
Another factor that affected production is our principled approach 
to ensure a vouchsafed chain of custody for recycled material. 
In this regard, we are working with the International Precious Metals 
Institute to promote policies regarding the prevention of catalytic 
theft, which is a growing challenge in the US. 
We reiterate our ESG commitments, and our commitment to being 
a values-based organisation. We will not countenance ESG risk, and 
with it the threat to long-term profits, for the sake of short-term gain. 
The average 3E PGM basket price for the US PGM recycling 
operations decreased by 13% year-on-year to around US$3,000 
(R50,000) per 3E ounce. Notwithstanding lower production and 
lower prices, we delivered an adjusted EBITDA US$78 million. 
Additionally, in terms of profit, after financing income, the recycling 
operation delivered a healthy US$92 million (R1.5 billion). 
In the longer-term recycled supply is likely to grow faster than total 
PGM supply, given that the historical jump in emission standards 
means spent autocatalysts with high loadings increasingly enter the 
recycling pipeline. 
US PGM operations: production and recycling
Ounces
2022
2021
Mined 2E production1
Stillwater
260,206 
346,557 
East Boulder
160,927 
223,843 
Total mine
421,133 
570,400 
Recycling 3E¹ at Columbus Metallurgical Complex
PGM fed
598,774 
755,149 
PGM sold
643,200 
782,552 
PGM tolled returned
7,336 
12,630 
1  2E refers to platinum and palladium, 3E refers to platinum, palladium and rhodium
SA PGM operations
Our South African PGM business remained a solid performer. AISC 
came in at just over R19,000 per 4E ounce (US$1,180 per ounce). 
This is 14% higher than 2021, which is mainly due to reduced volumes 
as a result of loadshedding, geotechnical challenges  related to  
the Hex river fault and copper cable theft. We did, however, 
achieve a 53% adjusted EBITDA margin on these operations, 
equating to approximately R38 billion (US$2.3 billion). Accordingly, 
our South African PGM business remains in a robust position. It should 
also be noted that mining CPI for South Africa was around 18% in 
2022, significantly higher than the 14% increase experienced at our 
operations.   
Sociopolitical risk is a factor for our SA operations, and we see it 
playing out with issues like copper cable theft, particularly at our 
conversional  operations, where we saw an almost fourfold increase 
in the number of cable theft incidents from the first quarter to the 
fourth quarter. Highly organised crime syndicates are behind these 
activities however plans are in place to mitigate the risk. We will 
continue to pursue a concerted multi-stakeholder effort in dealing 
with illegal mining, theft and sabotage. 
In 2022, our Marikana an Rustenburg operations negotiated an 
inflation-linked five-year wage settlement without any operational 
disruption.
Rustenburg operations has now settled its earn out arrangement 
from the sale and purchase agreement with Anglo American 
Platinum, and from 2023 onwards, the net cash inflows – 35% of 
which have historically been paid to Anglo American Platinum – 
will now accrue to the shareholders of Rustenburg operations.
SA gold operations
In 2022, after significant disruption in Q2, our SA gold operations 
negotiated an inflation-linked three-year wage settlement. 
A decision to close down some loss-making and end-of-life 
operations, namely the Beatrix 4 shaft and the Kloof 1 processing 
plant, was made during the fourth quarter.
We saw production ramp up in the latter part of the year, 
with steady state operational levels achieved during Q4 2022, 
contributing to the year’s production of 620,541 ounces. AISC was 
negatively impacted by lower production although absolute cost 
control during the industrial action, was well managed. Production 
at our SA gold operations, however, is now stabilised, and is set to 
contribute positively to the Group during 2023.
Our SA gold operations include DRDGOLD’s mine tailings 
processing. DRDGOLD, a global leader in mine tailings reprocessing, 
produces some of the greenest gold in the world. Additionally, it is 
removing the negative environmental legacies of South African 
gold mining by restoring hundreds of hectares of land back to its 
natural state and offering it up for redevelopment.
DRDGOLD’s production was down 1% year-on-year, with an AISC 
of R800,000 per kilogram, some 20% higher than 2021. This was due 
to exceptionally high costs relating to fuel, steel, ammonia, and 
electricity. In the first half of the year we incurred R3.1 billion 
(US$202 million) EBITDA loss, directly as a result of the industrial 
action, which narrowed to R440 million (US$17 million) during the 
second half of the year, with the third quarter experiencing lower 
production output and therefore only realising a portion of our 
revenue, while operations ramped up after the industrial action, but 
incurring full costs.
DELIVERING VALUE FROM OUR OPERATIONS AND PROJECTS continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
106

The Burnstone project was also impacted by the industrial action, 
with first production from Burnstone now forecast for 2024.
European operations 
The European region consists of our Sandouville nickel refinery in 
France and our lithium hydroxide project at Keliber, Finland. In both 
these countries the governments have prioritised securing a hold 
over the critical minerals value chain, in support of European Union 
objectives for decarbonisation of the economy. This attitude leads 
to a supportive environment for doing business in these regions.
We acquired Sandouville in February 2022. After a good start to the 
year, we ran into technical challenges, which led to maintenance 
breaks and lost production.
This was a challenge for the short term, but for the medium to long 
term the story is very positive. Sandouville was acquired not for what 
it is, but for the role it is to play in our ambition to acquire a unique 
portfolio of green metals and energy solutions that reverse climate 
change. Sandouville is a foundation for our PGM recycling and 
battery recycling business in Europe. In some respects, we are still 
working on this foundation, recapitalising the business and bolstering 
the management team. Once certain foundational work has been 
done, Sandouville will be set to become a significant contributor to 
the Group. 
Keliber has received the majority of its permits with the some of 
the conditions of the Concentrator and Rapasaari mine being 
appealed, while the construction of the lithium hydroxide refinery 
has commenced in the first quarter of 2023. The capacity, 15,000 
tonnes per annum, is unchanged from earlier forecasts, with a life of 
mine of 16 years. It is an exciting prospect to become Europe’s first 
producer of lithium hydroxide from its own ore. We are on track to 
do so by 2025, noting that it will be one of the greenest lithium 
hydroxide producers in the world. This is because the electricity grid 
in Finland is run on low-emissions sources and because our value 
chain will be mainly in Europe, which means fewer emissions related 
to transportation. 
Sandouville nickel refinery, France
DELIVERING VALUE FROM OUR OPERATIONS AND PROJECTS continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
107

SA and US PGM operations (2022)
Total PGM 
operations1
SA PGM operations
US 
PGM2
operations
Total1
Marikana1
Kroondal
Mimosa
Platinum
Mile Rustenburg
Production (attributable)3
Ore milled
000t
37,799
36,644
10,013
3,251
1,387
10,345
11,647
1,154
Underground
000t
18,145
16,991
6,315
3,251
1,387
—
6,037
1,154
Surface
000t
19,653
19,653
3,698
—
—
10,345
5,610
—
Plant head grade
g/t
2.28
1.96
2.63
2.35
3.52
0.70
2.21
12.51
Underground
g/t
3.86
3.27
3.67
2.35
3.52
—
3.30
12.51
Surface
g/t
0.83
0.83
0.86
—
—
0.70
1.04
—
Plant recoveries
%
75.26
72.16
79.41
82.13
73.58
20.77
75.95
90.40
Underground
%
86.15
84.97
86.81
82.13
73.58
—
86.44
90.40
Surface
%
28.54
28.54
25.49
—
—
20.77
40.11
—
Yield
g/t
1.72
1.42
2.09
1.93
2.59
0.15
1.68
11.31
Underground
g/t
3.32
2.78
3.19
1.93
2.59
—
2.85
11.31
Surface
g/t
0.24
0.24
0.22
—
—
0.15
0.42
—
PGM production (4E/2E)
000oz
2,089
1,667
673
202
116
48
629
421
Underground
000oz
1,939
1,518
647
202
116
—
554
421
Surface
000oz
150
150
26
—
—
48
75
—
PGM sales (4E/2E)
000oz
2,081
1,662
677
202
110
48
625
419
Price and cost4
Average PGM basket 
price received5
R/oz
40,276 
42,914 
43,035 
45,795 
33,494 
34,237 
42,525 
30,482 
US$/oz
2,461 
2,622 
2,629 
2,798 
2,046 
2,092 
2,598 
1,862 
Adjusted EBITDA margin6
%
 52 
 53 
 53 
 56 
 54 
 31 
 54 
 46 
All-in sustaining cost7
R/oz
20,730 
19,313 
20,500 
15,514 
18,817 
10,835 
19,914 
25,951 
US$/oz
1,267 
1,180 
1,253 
948 
1,150 
662 
1,217 
1,586 
All-in cost7
R/oz
21,886 
19,916 
21,891 
15,514 
18,817 
10,835 
19,914 
29,145 
US$/oz
1,337 
1,217 
1,337 
948 
1,150 
662 
1,217 
1,781 
Capital expenditure4
Ore reserve 
development
Rm
5,010 
2,123 
1,436 
— 
— 
— 
687 
2,887 
Sustaining capital
Rm
3,240 
2,056 
1,072 
273 
864 
21 
690 
1,184 
Growth projects
Rm
2,270 
925 
924 
— 
— 
— 
— 
1,345 
Total
Rm
10,520 
5,104 
3,432 
273 
864 
21 
1,377 
5,416 
US$m
643 
312 
210 
17 
53 
1 
84 
331 
The average rand:dollar exchange rate for 2022 was R16.37/US$
Figures may not add as they are rounded independently
1   Total PGM operations and Total SA PGM operations and Marikana excludes the production and costs associated with the purchase of concentrate (PoC) from third parties 
2  The US PGM operations’ underground production is converted to metric tonnes and kilograms, and performance is translated into rand. In addition to the US PGM operations’ 
underground production, the operation treats various recycling material which is excluded from the statistics shown above
3  Kroondal and Mimosa represent 50% attributable production while Platinum Mile is 100% owned and incorporated
4  Total PGM operations and Total SA PGM operations’ unit cost and capital expenditure totals exclude the financial results of Mimosa, which is equity accounted, 
and excluded from revenue and cost of sales
5  The average PGM basket price is the PGM revenue per 4E/2E ounce prior to a purchase of concentrate adjustment
6  Adjusted EBITDA margin is calculated by dividing adjusted EBITDA by revenue
7  All-in cost is calculated in accordance with the World Gold Council guidance. All-in cost excludes income tax, costs associated with merger and acquisition activities, 
working capital, impairments, financing costs, one-time severance charges and items needed to normalise earnings. All-in cost is made up of All-in sustaining cost, being the 
cost to sustain current operations, given as a sub-total in the All-in cost calculation, together with corporate and major capital expenditure associated with growth. All-in 
sustaining cost per ounce (and kilogram) and All-in cost per ounce (and kilogram) is calculated by dividing the All-in sustaining cost and All-in cost, respectively, in a period 
by the total 4E/2E PGM produced in the same period
DELIVERING VALUE FROM OUR OPERATIONS AND PROJECTS continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
108

SA and US PGM operations (2021)
Total PGM 
operations1
SA PGM operations
US 
PGM2
operations
Total1
Marikana1
Kroondal
Mimosa
Platinum
Mile Rustenburg
Production (attributable)3
Ore milled
000t
39,776
38,307
10,671
3,525
1,422
10,636
12,053
1,469
Underground
000t
19,559
18,090
6,802
3,525
1,422
—
6,341
1,469
Surface
000t
20,217
20,217
3,869
—
—
10,636
5,712
—
Plant head grade
g/t
2.45
2.03
2.78
2.40
3.58
0.67
2.29
13.33
Underground
g/t
4.14
3.39
3.87
2.40
3.58
—
3.38
13.33
Surface
g/t
0.82
0.82
0.87
—
—
0.67
1.07
—
Plant recoveries
%
76.78
73.31
80.19
83.28
72.86
22.91
75.93
89.71
Underground
%
86.80
85.59
87.11
83.28
72.86
—
87.72
89.71
Surface
%
27.90
27.90
26.11
—
—
22.91
34.57
—
Yield
g/t
1.88
1.49
2.23
2.00
2.61
0.15
1.74
11.96
Underground
g/t
3.59
2.90
3.37
2.00
2.61
—
2.96
11.96
Surface
g/t
0.23
0.23
0.23
—
—
0.15
0.37
—
PGM production (4E/2E)
000oz
2,407
1,836
765
227
119
52
672
570
Underground
000oz
2,258
1,687
737
227
119
—
604
570
Surface
000oz
149
149
28
—
—
52
68
—
PGM sales (4E/2E)
000oz
2,434
1,886
822
227
109
52
675
548
Price and cost4
Average PGM basket price 
received5
R/oz
43,281 
47,066 
47,251 
51,938 
35,628 
35,852 
46,077 
31,021 
US$/oz
2,926 
3,182 
3,195 
3,512 
2,409 
2,424 
3,115 
2,097 
Adjusted EBITDA margin6
%
 60 
 61 
 58 
 66 
 63 
 32 
 64 
 59 
All-in sustaining cost7
R/oz
16,451 
16,982 
17,394 
12,943 
14,549 
9,486 
18,460 
14,851 
US$/oz
1,112 
1,148 
1,176 
875 
984 
641 
1,248 
1,004 
All-in cost7
R/oz
17,599 
17,108 
17,675 
12,943 
14,549 
9,486 
18,460 
19,078 
US$/oz
1,190 
1,157 
1,195 
875 
984 
641 
1,248 
1,290 
Capital expenditure4
Ore reserve development
 Rm
2,931 
1,577 
947 
— 
— 
— 
629 
1,354 
Sustaining capital
Rm
2,810 
2,019 
1,104 
268 
499 
28 
619 
791 
Growth projects
Rm
2,614 
203 
203 
— 
— 
— 
— 
2,411 
Total
Rm
8,355 
3,799 
2,254 
268 
499 
28 
1,248 
4,556 
US$m
565 
257 
152 
18 
34 
2 
84 
308 
Average exchange rate in 2021 was R14.79/US$
Figures may not add as they are rounded independently
1  The Total PGM operations, Total SA PGM operations and Marikana exclude the production and costs associated with the purchase of concentrate (PoC) from third parties
2  The US PGM operations’ underground production is converted to metric tonnes and kilograms, and performance is translated into rand. In addition to the US PGM operations’ 
underground production, recycled material is treated, which is excluded from the statistics
3  Kroondal and Mimosa represent 50% attributable production while Platinum Mile is 100% owned and incorporated
4  The Total PGM operations and Total SA PGM operations’ unit cost benchmarks and capital expenditure exclude the financial results of Mimosa, which is equity accounted, 
and excluded from revenue and cost of sales
5  The average PGM basket price is the PGM revenue per 4E/2E ounce prior to a purchase of concentrate adjustment
6  The Adjusted EBITDA margin is calculated by dividing adjusted EBITDA by revenue
7  All-in cost is calculated in accordance with the World Gold Council guidance. All-in cost excludes income tax, costs associated with merger and acquisition activities, 
working capital, impairments, financing costs, one-time severance charges and items needed to normalise earnings. All-in cost is made up of All-in sustaining cost, being the 
cost to sustain current operations, given as a sub-total in the All-in cost calculation, together with corporate and major capital expenditure associated with growth. All-in 
sustaining cost per ounce (and kilogram) and All-in cost per ounce (and kilogram) is calculated by dividing the All-in sustaining cost and All-in cost, respectively, in a period 
by the total 4E/2E PGM produced in the same period
DELIVERING VALUE FROM OUR OPERATIONS AND PROJECTS continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
109

SA gold operations (2022)
Unit
Total
Driefontein
Kloof
Beatrix
Cooke
DRDGOLD
Production
Ore milled
000t
36,172
1,534
2,946
1,053
4,074
26,565
Underground
000t
2,761
840
992
929
—
—
Surface
000t
33,411
694
1,954
124
4,074
26,565
Yield
g/t
0.53
3.19
1.67
2.77
0.25
0.21
Underground
g/t
4.25
5.45
4.34
3.08
—
—
Surface
g/t
0.23
0.46
0.32
0.41
0.25
0.21
Gold production
kg
19,301
4,893
4,920
2,913
1,010
5,565
000oz
621
157
158
94
32
179
Underground
kg
11,736
4,574
4,300
2,862
—
—
000oz
377
147
138
92
—
—
Surface
kg
7,565
319
620
51
1,010
5,565
000oz
243
10
20
2
32
179
Gold sales
kg
18,859
4,751
4,743
2,808
972
5,585
000oz
606
153
152
90
31
180
Price and costs
Gold price received
R/kg
946,073
944,222
945,815
954,772
941,358
944,315
US$/oz
1,798
1,794
1,797
1,814
1,789
1,795
Adjusted EBITDA margin1
%
 (20) 
 (22)
 (46)
 (50)
 (68)
 29 
All-in sustaining cost2
R/kg
1,268,360
1,378,868
1,592,030
1,573,006
907,407
804,297
US$/oz
2,410
2,620
3,025
2,989
1,724
1,528
All-in cost2
R/kg
1,341,588
1,378,868
1,636,306
1,574,430
907,407
826,500
US$/oz
2,549
2,620
3,110
2,992
1,724
1,571
Capital expenditure
Ore reserve development
Rm
1,630
794
620
216
—
—
Sustaining capital
Rm
1,615
358
455
155
—
647
Growth projects3
Rm
1,314
—
210
4
—
124
Total
Rm
4,559
1,152
1,285
375
—
771
US$m
279
70
79
23
—
47
Average exchange rate in 2022 was R16.37/US$ 
Figures may not add as they are rounded independently
1  Adjusted EBITDA margin is calculated by dividing adjusted EBITDA by revenue
2  All-in cost is calculated in accordance with the World Gold Council guidance. All-in cost excludes income tax, costs associated with merger and acquisition activities, 
working capital, impairments, financing costs, one-time severance charges and items needed to normalise earnings. All-in cost is made up of All-in sustaining cost, being the 
cost to sustain current operations, given as a sub-total in the All-in cost calculation, together with corporate and major capital expenditure associated with growth. All-in 
sustaining cost per kilogram (and ounce) and All-in cost per kilogram (and ounce) is calculated by dividing the All-in sustaining cost and All-in cost, respectively, in a period 
by the total gold sold over the same period
3  Project expenditure for 2022 includes corporate project expenditure to the value of R976 million (US$60 million) – the majority of which was related to various IT projects and to 
the Burnstone project
DELIVERING VALUE FROM OUR OPERATIONS AND PROJECTS continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
110

SA gold operations (2021)
Unit
Total
Driefontein
Kloof
Beatrix
Cooke
DRDGOLD
Production
Ore milled
000t
44,402
2,037
6,003
2,476
4,642
29,244
Underground
000t
5,162
1,474
1,862
1,826
—
—
Surface
000t
39,240
563
4,141
650
4,642
29,244
Yield
g/t
0.75
4.55
1.82
2.58
0.25
0.19
Underground
g/t
4.79
6.11
5.13
3.37
—
—
Surface
g/t
0.22
0.45
0.33
0.36
0.25
0.19
Gold production
kg
33,372
9,265
10,936
6,380
1,166
5,625
000oz
1,073
298
352
205
37
181
Underground
kg
24,719
9,013
9,558
6,148
—
—
000oz
795
290
307
198
—
—
Surface
kg
8,653
252
1,378
232
1,166
5,625
000oz
278
8
44
7
37
181
Gold sales
kg
33,374
9,314
10,961
6,305
1,175
5,619
000oz
1,073
299
352
203
38
181
Price and costs
Gold price received
R/kg
849,703
851,621
847,915
847,423
850,213
852,465
US$/oz
1,787
1,791
1,783
1,782
1,788
1,793
Adjusted EBITDA margin1
%
 18 
 27 
 15 
 13 
 (42)
 29
All-in sustaining cost2
R/kg
803,260
793,000
858,316
857,256
742,979
665,065
US$/oz
1,689
1,668
1,805
1,803
1,562
1,399
All-in cost2
R/kg
821,358
793,000
876,380
858,366
742,979
673,429
US$/oz
1,727
1,668
1,843
1,805
1,562
1,416
Capital expenditure
Ore reserve development
Rm
2,604
1,177
930
497
—
—
Sustaining capital
Rm
1,304
322
488
164
—
330
Growth projects3
Rm
472
—
198
7
—
47
Total
Rm
4,380
1,499
1,616
668
—
377
US$m
296
101
109
45
—
25
Average exchange rate in 2021 was 14.79/US$
Figures may not add as they are rounded independently
1  Adjusted EBITDA margin is calculated by dividing adjusted EBITDA by revenue
2  All-in cost is calculated in accordance with the World Gold Council guidance. All-in cost excludes income tax, costs associated with merger and acquisition activities, 
working capital, impairments, financing costs, one-time severance charges and items needed to normalise earnings. All-in cost is made up of All-in sustaining cost, being the 
cost to sustain current operations, given as a sub-total in the All-in cost calculation, together with corporate and major capital expenditure associated with growth. All-in 
sustaining cost per kilogram (and ounce) and All-in cost per kilogram (and ounce) are calculated by dividing the All-in sustaining cost and All-in cost, respectively, in a period 
by the total gold sold over the same period
3  Project expenditure for 2021 included corporate project expenditure to the value of R220 million (US$15 million), the majority of which was related to various IT projects and 
the Burnstone project
DELIVERING VALUE FROM OUR OPERATIONS AND PROJECTS continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
111

Sibanye-Stillwater Sandouville refinery (2022)
Battery metal split
Unit
Total
Sibanye-Stillwater Sandouville refinery1
Volumes produced
Nickel Salts2
tonnes
2,003
Nickel Metal
tonnes
4,839
Total Nickel production
tNi
6,842
Nickel Cakes3
tonnes
284
Cobalt Chloride (CoCl2)4
tonnes
153
Ferric Chloride (FeCl3)4
tonnes
1,399
Volumes sales
Nickel Salts2
tonnes
1,860
Nickel Metal
tonnes
4,987
Total Nickel sold
tNi
6,847
Cobalt Chloride (CoCl2)4
tonnes
164
Ferric Chloride (FeCl3)4
tonnes
1,399
Nickel recovery yield5
%
95.54
Price and costs
Nickel equivalent average basket price6
R/tNi
458,595
US$/tNi
28,019
Adjusted EBITDA margin7
%
(16)
Nickel equivalent sustaining cost8
R/tNi
527,676
US$/tNi
32,239
Capital expenditure
Ore reserve development
Rm
Sustaining capital
Rm
90
Growth projects
Rm
Total
Rm
90
US$m
5
Average exchange rate in 2022 was R16.37/US$ 
Figures may not add as they are rounded independently
1
The Sandouville refinery processes nickel matte and includes results since the effective date of the acquisition on 4 February 2022
2
Nickel salts consist of anhydrous nickel, nickel chloride low sodium, nickel chloride standard, nickel carbonate and nickel chloride solution
3
Nickel cakes occur during the processing of nickel matte and are recycled back into the nickel refining process
4
Cobalt chloride and ferric chloride are obtained from nickel matte through a different refining process on an order basis
5
Nickel recovery yield is the percentage of total nickel recovered from the matte relative to the nickel contained in the matte received
6
The Nickel equivalent average basket price per ton is the total nickel revenue adjusted for other income - non-product sales divided by total nickel equivalent tonnes sold
7
Adjusted EBITDA margin is calculated by dividing adjusted EBITDA by revenue
8
The Nickel equivalent sustaining cost, being the cost to sustain current operations. Nickel equivalent sustaining cost per tonne nickel is calculated by dividing the Nickel 
equivalent sustaining cost, in a period by the total nickel products sold over the same period. Nickel equivalent sustaining cost and Nickel equivalent sustaining costs per ton 
are intended to provide additional information only, do not have any standardised meaning prescribed by IFRS and should not be considered in isolation or as alternatives to 
cost of sales, profit before tax, profit for the year, cash from operating activities or any other measure of financial performance presented in accordance with IFRS. Nickel 
equivalent sustaining cost and Nickel equivalent sustaining costs per ton as presented in this document may not be comparable to other similarly titled measures of 
performance of other companies. Other companies may calculate these measures differently as a result of differences in the underlying accounting principles, policies 
applied and accounting frameworks such as in US GAAP. Differences may also arise related to definitional differences of sustaining versus development capital activities 
based upon each company’s internal policies. For a reconciliation of cost of sales, before amortisation and depreciation to Nickel equivalent sustaining cost, see - Overview 
- Management’s discussion and analysis of the financial statements - 2022 financial performance compared with 2021 - Cost of sales - All-in sustaining cost, All-in cost and
Nickel equivalent sustaining cost
DELIVERING VALUE FROM OUR OPERATIONS AND PROJECTS continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
112

FUTURE FOCUS – OPERATIONAL OUTLOOK
In addition to the 2023 production guidance, the Group continue to share material updates with the market, see 
¸ www.sibanyestillwater.com/news-investors/news/news-releases
2023 Production guidance
Production
All-in sustaining costs
Total capital
US PGM operations (2E mined)
500 - 535 koz
US$1,400 - 1,500/oz¹
US$285m - US$300m
(incl. US$25m project capital)
US Recycling (3E)
450 - 500 koz
n/a
R41.9m (US$2.6m)²
SA PGM operations (4E PGMs)
1.70 - 1.80 moz³
R20,800 - 21,800/4E oz 
(US$1,300 -1,363/4E oz)²
R5,400m (US$338m)² 
(incl. R920 million (US$58m) for K4)
SA gold operations 
(excluding DRDGOLD)
23,500 - 24,500kg
(756 - 788 koz)
R950k - 1,020k/kg
(US$1,882 – 1,940/oz)²
R5,900m (US$237m)
(incl. R1,950m (US$122m) Burnstone project 
capital and R150m (US$9m Kloof 4 project)²
EU battery metals 
Sandouville refinery
9.5 -10.1 kt
€24,813/t (R409k/t)² Nickel
equivalent sustaining cost 
€15.9m (R262.9m)²
EU battery metals 
Keliber project
n/a
n/a
€231m (R3,807m)²
Source: Company forecasts as announced on 28 February 2023
Note: Guidance does not take into account the impact of unplanned events
1 US PGM AISC are impacted by tax and royalties paid based on PGM prices, current guidance was based on spot 2E PGM prices of US$1,500/oz
2 Estimates are converted at an exchange rate of R16.00/US$ and R16.50/€
3 SA PGM operations production guidance and costs includes third-party POC (exclude cost of purchasing third-party material). Production includes 50% of the attributable 
Mimosa production, while Mimosa is excluded from AISC and capital due it being equity accounted
US PGM Columbus Metallurgical complex
DELIVERING VALUE FROM OUR OPERATIONS AND PROJECTS continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
113

MAJOR INVESTMENT IN OPERATIONAL SUSTAINABILITY
SA projects
Marikana K4 project (investment in vertical shaft infrastructure) 
The Marikana K4 project, a long-life and low-cost PGM project, 
which was approved by the Board in early 2021, continued to 
perform well. The project’s first stoping production commenced 
during the year, with Q4 production reaching 3,984oz, and 
development also increasing in line with expectations.
K4 was acquired as part of the Lonmin acquisition and forms part 
of the Marikana operation at the SA PGM operations. At acquisition 
date, most of the major infrastructure was already in place 
including:
•
Equipped and functional vertical shaft to a depth of 1,332m
•
Equipped and functional ventilation shaft to a depth of 1,078m
•
Functional 130,000 tonnes per month (tpm) concentrator
•
Existing surface infrastructure such as offices, change houses,
refrigeration plants, and grout plants
•
Emergency power supply commissioned December 2022
•
Multi-level underground development infrastructure
The project remains ahead of schedule, with overall progress at 34% 
against a plan of 33%, and on track to achieve steady state 
production levels (~250koz per annum) from 2030 - 2064. with the 
following milestones achieved
•
First reef tonnes were hoisted in May 2022
•
Reef tonnes hoisted for H2 2022 of 48,670 tonnes with production
of 3,984 4Eoz
•
K4 development build-up in support of the steady state
operation is progressing well. The Merensky ore pass
rehabilitation is ongoing
•
Surface infrastructure is well advanced
•
Over 1,000 employees on site which is set to double in the
next year
•
Project capital spent in 2022 was R924 million (US$56 million) in
line with budget, with R1.1 billion (US$69 million) spent to date.
K4 has another year of planned high capital expenditure in 2023,
(R920 million/US$58 million) which will then begin to taper off
K4 is incorporating several innovations aimed at developing a 
‘modern flagship’ underground mine, such as
•
Electric Hydraulic drill rigs and loaders (replacing hand held
drilling and compressed air throw loading of flat development
ends) for improved safety, productivity and energy efficiency
•
Lithium Battery Locomotives (replacing lead acid batteries)
reducing the required charging infrastructure, improving energy
efficiency and battery life
•
Wi-Fi underground to enable better communication, equipment
monitoring and the use of other digital systems
•
Intelligent refuge bays monitored for life sustainability through
a fully automated system
•
Redesigned surface areas to reduce the risk of pedestrian
and vehicle interaction
•
Multi-blast conditions on 28 level return-airway to ensure that
the ventilation grid is properly maintained
•
Interactive self-service kiosks where employees can print payslips
and update personal information etc.
Kloof projects (infrastructure optimisation)
The Group has advanced the Kloof Integration Project, which aims 
to optimise and rationalise the infrastructure between No. 3 and 
No. 4 shafts, and between No. 1 and No. 3 shafts, resulting in 
operating cost savings. This projects also facilitates access to 
additional mineral resources which will support the Kloof LoM from 
2025 onwards with an additional 0.7Moz mineral reserves. 
Rationalisation of infrastructure between No. 3 and No. 4 Shaft has 
allowed for the phased closure of No. 3 sub-vertical Shaft. The final 
phase requires the closure of the main barrel in 2023. This phase 
entails the re-opening of old development between No. 1 and No. 3 
shafts which will allow the mining of the remaining VCR  at No. 3 
Shaft, as well as the secondary reefs (the LR and KR) from No.1 
Shaft, well into the latter part of the Kloof LoM. 
The Kloof Integration Project also involves the development of 
inclined access between 41 level at No. 4 Shaft up to 40 Level at 
No. 7 Shaft. The development of this phase is complete and 
equipping is in progress. An additional phase of the same project 
entails a similar access to link 42 and 43 levels. This project will allow 
access via No. 7 Shaft resulting in more face time for crews, 
increasing productivity, and will secure the planned efficiency 
improvement at No. 4 Shaft and underpin the annual production 
level comfortably above 0.15Moz/year. The access development 
for this phase is already underway.
Burnstone project 
The Burnstone project, located near Balfour, 80km southeast of 
Johannesburg in the Mpumalanga province, is a shallow- to 
medium-depth gold operation which will mine the Kimberley Reef to 
about a kilometre below surface for more than 20 years. The project 
re-start was approved in 2021. Our productivity investments will help 
better extract Burnstone’s Mineral Resources and Reserves, at 
production rates of ~138koz per annum, and will create 2,500 
sustainable jobs. Further, we are creating opportunities for 
procurement, SMME development, and skills transfer in the area.
The Burnstone project is 47% complete against a plan of 55%. 
Good progress has been made on several fronts but development 
has fallen behind. The development was impacted by the 
extended delivery time of TMM due to global supply chain 
shortages related to Covid-19 and the NUMSA strike, the scrapping 
of old TMM that was deemed unserviceable, the three month gold 
strike, and difficulty in recruiting critical TMM skills locally.
Project capital expenditure in 2022 was R934 million (US$57m) and 
is expected to increase in 2023 to R1,950 million (US$122m) as the 
rate of development increases.
Projects in Europe 
Keliber lithium hydroxide (LiOH) project
In early 2021, Sibanye-Stillwater entered the battery metals industry 
after buying 26.6% of Keliber. Keliber is located in Finland, which 
hosts some of the most significant lithium-bearing deposits in Europe. 
After funding a large portion of project capital, the Group 
increased its stake from 26.6% to 84.96% in Keliber oy., the Finnish 
mining and chemical company that owns and manages 
the project. This is important in terms of our strategy, in that 
(combined with Sandouville and our investment in Verkor 
Gigafactory) it enhances our presence in Europe. Keliber offers the 
Group a range of advantages, helping to initiate the Group’s 
battery metals strategy, and does so in a secure and efficient 
business environment. 
During 2022, the Sibanye-Stillwater Board approved the Keliber 
project at a project capital cost of €588 million and approved the 
immediate construction of the Keliber Lithium Refinery at a project 
DELIVERING VALUE FROM OUR OPERATIONS AND PROJECTS continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
114

capital cost of €359 million (included in the €588 million). 
First production from Keliber is expected in 2025, with annual 
production of approximately 15,000 tonnes of lithium hydroxide 
(LiOH) at full production. 
Permitting and study optimisation activities are ongoing, the 
construction of the Keliber lithium  refinery kicked off in Q1 2023.
¸ See www.sibanyestillwater.com/news- investors/news/
transactions/Keliber
Sandouville nickel refinery (Normandy, France) 
On 4 February 2022 we bought the Sandouville nickel 
hydrometallurgical processing facility from Eramet SA at a cost of 
approximately €87 million. The integration of Sandouville is now at 
a mature state with notable progress in the areas of safety, energy 
management, human capital, commercial, ICT, financial and 
management accounting. Sandouville’s production was severely 
hampered by plant availability. Multiple opportunities for 
improvement have been identified and scopes of work developed 
aimed at stabilising key operating sections and processes. 
The acquisition was done on the grounds that it is an opportunity to 
supply critical metals into key regional ecosystems. We are exploring 
opportunities to expand Sandouville into a supplier of other activities 
like PGM auto catalyst recycling, and battery metals recycling. 
Our feasibility studies in this respect are ongoing. 
¸ See www.sibanyestillwater.com/news-investors/news/
transactions/sandouville
Projects in the Americas
Rhyolite Ridge (Esmeralda County, Nevada, USA) 
Rhyolite Ridge is an advanced stage exploration project located 
in Esmeralda County, Nevada, US. Rhyolite Ridge aims to extract 
a large, shallow lithium-boron deposit, located close to existing 
infrastructure, in between  Las Vegas and Reno, Nevada. It is 
expected to be one of the first large-scale US lithium projects to 
enter production.
The 50:50 JV agreement between Sibanye-Stillwater and ioneer 
Limited, whereby ioneer would maintain the operational 
management responsibility, is subject to the satisfaction of certain 
conditions precedent before Sibanye-Stillwater will commit funding 
to the project.
During 2022, ioneer submitted its Mine plan of operations (MPO) 
application for stage 1 mining, for review by the Bureau of Land 
Management (BLM). The BLM published a Notice of intent in the 
Federal Register during November 2022, which marked the 
commencement of work on the environmental impact statement 
(EIS) and public engagement process in accordance with the 
requirements of the National Environmental Policy Act (NEPA). 
The NEPA process culminates in the BLM’s Record of decision (ROD), 
a positive ROD will allow the company to commence construction 
of the Rhyolite Ridge Project. Ioneer’s best estimate is that an ROD 
would be received in Q1 2024. On completion of the NEPA process, 
once the MPO has been finalised, a NDEP-BMRR Reclamation 
Permit will be applied for, which would be the final major permit 
required. 
In the meantime, study work in support of the MPO is ongoing, also 
aimed towards fulfilling some of the conditions precedent, which 
will enable the Group to make a final investment decision.
Altar
The Altar exploration project is a shallow to intermediate depth 
copper-gold porphyry deposit located in San Juan province, 
Argentina, approximately 10km from the Argentine-Chile border 
and 180km west of the city of San Juan. Sibanye-Stillwater acquired 
the Altar project in 2017 as part of the Stillwater acquisition. 
Aldebaran Resources entered into a JV agreement with Sibanye-
Stillwater in 2018 to acquire a 60%, and eventually 80%, interest in 
the Altar project, subject to funding certain exploration 
expenditures. Aldebaran Resources also assumed management 
of the JV. Sibanye-Stillwater currently holds a 17.59% stake in 
Aldebaran. As at 31 December 2022, Aldebaran may have spent 
the required expenditure for the initial 60% earn-in purposes. The 
legal process of reporting, assessing and confirming this, is still 
outstanding. Therefore, legally the earn-in has not been confirmed 
or implemented.
As at 31 December 2022, Altar contained 1,408.6 million tonnes of 
declared attributable mineral resources at 0.4% copper and 0.1 g/t 
gold (13.1 billion pounds of copper and 4.3 million ounces of gold).
Rio Grande
The Rio Grande (north-west Argentina) exploration stage project 
(owned and managed by Aldebaran) is a copper-gold porphyry 
deposit with an associated iron oxide copper-gold (IOCG) style 
alteration. Sibanye-Stillwater holds a 17.59% interest in the project 
through its shareholding in Aldebaran Resources. As at 
31 December 2022, Rio Grande contained 19.7 million tonnes of 
declared attributable mineral resources at 0.3% copper and 0.3 g/t 
gold (119.1 million pounds of copper and 0.209 million ounces 
of gold).
Marathon
The Marathon project is an advanced-stage PGM-gold-copper 
exploration project, at feasibility study level, located approximately 
10km north of the town of Marathon, Ontario, Canada. The project 
is managed and operated by Generation Mining. 
In Q1 2022, the former JV parties and Generation Mining Ltd. 
reached an agreement with the Group whereby Sibanye-Stillwater 
exchanged its project level ownership for a combined corporate 
level equity interest. As at 31 December 2022, Sibanye-Stillwater 
owned an effective attributable share of 18.19%, via its equity 
interest in Generation Mining. A March 2021 feasibility study, based 
on open-pit mining of the principle Marathon deposit, has indicated 
the project could have a robust rate of return at forecast palladium 
prices, and could produce an average of 245,000 ounces of 
palladium equivalent annually over a minimum 13-year mine life. 
Approximately 58% of the revenue will come from palladium, 
and a further 26% from copper, based on prices of US$1725/oz 
for palladium and US$3.20 for copper. 
During 2022, Generation Mining continued the environmental 
approval process, while advancing detailed engineering 
on the project as well as arranging the production financing. 
The environmental assessment approvals from the Federal Minister 
of Environment and Climate Change, and the Ontario Minister of 
Environment were received on 30 November 2022.
Denison
The Denison project was a non-core PGM exploration project on 
the Sudbury Igneous Complex, Sudbury, Canada, acquired as 
part of the Lonmin transaction in June 2019. During November 2022, 
the Group concluded the sale to Magna Mining of 100% of Lonmin 
Canada Inc. (Sibanye UK limited shareholding equated to 63.8%) 
including the Denison project for an aggregate (100%) purchase 
price of Canadian (CAD)$16 million, comprised of a closing 
payment of CAD$13 million in cash and a deferred payment of 
CAD$3 million payable on or before the 12-month anniversary of 
the closing of the acquisition. 
Other projects
The Group also has a considerable number of projects in South 
Africa (at various stages) which could potentially be developed 
depending on developments in the economic and regulatory 
environment. More information about these projects is available in 
the Mineral Reserves and Resources report.
¸ See www.sibanyestillwater.com/news-investors/reports/annual
DELIVERING VALUE FROM OUR OPERATIONS AND PROJECTS continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
115

MINERAL RESOURCES AND MINERAL RESERVES:
A SUMMARY
WHAT WE DID IN 2022
SUCCESSES
•
Declared a maiden lithium (Li) Mineral Reserve of 193.6kt of 
lithium carbonate equivalent (LCE), following the Board approval 
of the Keliber lithium project in Finland
•
Achieved a 133% increase in Li Mineral Resources to 452.9kt of LCE
•
Maintained stable Mineral Reserves at our SA PGM and SA Gold 
operations, where depletion has been offset by additional Mineral 
Reserves from the completion of a successful feasibility study at the 
Mimosa PGM operations and increases at DRDGOLD
CHALLENGES
•
The repositioning of our US PGM operations and consequent 
update of the life of mine (LoM) plans, has resulted in minor 
decreases in Mineral Reserves (3.6%) and Mineral Resources 
(6.1%)
•
At the Akanani PGM exploration project our mining right 
application was rejected on a technicality; the Group launched 
internal appeal proceedings, in accordance with the MPRDA; 
although confident in our legal position and that we acted 
within the guidelines during our application, the rejection of 
our application could  impact up to 10% of total Group PGM 
Mineral Resources
As a dual-listed company, on the JSE and the NYSE, Sibanye-Stillwater’s Mineral 
Resources and Mineral Reserves are reported in accordance with the SAMREC Code 
and subpart 1300 under Regulation S-K of the US Securities Act of 1933 (S-K 1300).
APPROACH AND SALIENT FEATURES
The statement of Mineral Resources and Mineral Reserves, as at 
31 December 2022, outlines the attributable Mineral Resources 
and Mineral Reserves at each of our operating mines and projects. 
The Mineral Resources and Mineral Reserves are compared to the 
last full declaration made, as at 31 December 2021, and therefore 
include a 12-month period of production depletion due to 
mining activity. 
The statement is underpinned by appropriate Mineral Resources 
management processes and protocols that ensure adequate 
corporate governance.
This section is a condensed overview of the Mineral Resources 
and Mineral Reserves Report 2022, which comprises a high-level 
review of Mineral Resources and Mineral Reserves, as at 
31 December 2022, and details the location, geology, mining, 
processing, operational statistics and changes at each of the 
Group’s mining operations and projects. The detailed statement 
of Mineral Resources and Mineral Reserves is available online at 
¸ www.sibanyestillwater.com/news-investors/reports/annual/
Sibanye-Stillwater has extensive Mineral Resources and Mineral 
Reserves, the majority of which are precious metals located 
in the Americas and Southern Africa, as well as battery metals 
in Europe and the Americas.
SIBANYE-STILLWATER INTEGRATED REPORT 2022
116

2021 PRECIOUS METALS MINERAL RESERVES  
 (72.5Moz)
27.3
32.2
7.8
2.6
2.6
US PGM operations
SA PGM operations
SA Gold operations
SA Gold projects
DRDGOLD
2022 PRECIOUS METALS MINERAL RESERVES
(70.6Moz)
26.3
31.4
7.3
2.7
3.0
US PGM operations
SA PGM operations
SA Gold operations
SA Gold projects
DRDGOLD
2021 PRECIOUS METALS MINERAL RESOURCE
(398.0Moz)
89.6
6.2
174.7
52.9
53.6
16.0
5.0
US PGM operations
Americas PGM&Au projects
SA PGM operations
SA PGM projects
SA Gold operations
SA Gold projects
DRDGOLD
2022 PRECIOUS METALS MINERAL RESOURCE
(389.5Moz)
84.2
5.6
177.3
53.1
48.4
16.0
4.9
US PGM operations
Americas PGM&Au projects
SA PGM operations
SA PGM projects
SA Gold operations
SA Gold projects
DRDGOLD
Additional Reserves
LCE
Zinc
U₃O₈
Cu
(kt)
(mlb)
(mlb)
(mlb)
Lithium (Europe)
194
Zinc (Australia)
446
Additional Resources
LCE
Zinc
U₃O₈
Cu
(kt)
(mlb)
(mlb)
(mlb)
Lithium (Europe)
366
Lithium (US)
87
Zinc (Australia)
799
Uranium (SA)
67
Copper (Americas)
13468
The Group reports in accordance with both the JSE and the US Securities and Exchange Commission (SEC) rules and guidelines on 
commodity prices used for the estimation of Mineral Resources and Mineral Reserves at all managed operations, development, and 
exploration properties.
We use forward-looking prices, based on extensive market research, that reflect “through the cycle” pricing. Mineral Resource price 
assumptions, which focus on longer timeframes, are based on moderately higher prices than for Mineral Reserves to reflect the ore-body 
flexibility. The US$ based, forward-looking commodity prices used for the 2022 LOM process has largely been retained from 2021, with only 
minor changes. The Mineral Reserve gold price has been adjusted marginally downwards by US$9 (-0.5%), whilst the uranium price has been 
adjusted upwards to reflect the growing recognition of the role nuclear power will play in securing baseload, low-carbon, green 
energy supply.
The exchange rate used for the Mineral Resources and Mineral Reserves Declaration as at 31 December 2022 is R16.00/US$, up from R15.00/
US$ at year end 2021, reflecting the deteriorating long-term ZAR outlook.
MINERAL RESOURCES AND MINERAL RESERVES: A SUMMARY continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
117

31 December 2022
31 December 2021
MINERAL RESOURCES
MINERAL RESERVES
MINERAL RESERVES
Precious metals
US$/oz
R/oz
R/kg
US$/oz
R/oz
R/kg
US$/oz
R/oz
R/kg
Gold
1,800
28,800
925,941
1,650
26,400
850,000
1,659
24,885
800,000
Platinum
1,500
24,000
771,617
1,250
20,000
643,014
1,250
18,750
602,826
Palladium
1,500
24,000
771,617
1,250
20,000
643,014
1,250
18,750
602,826
Rhodium
10,000
160,000
5,144,116
8,000
128,000
4,115,292
8,000
120,000
3,858,084
Iridium
3,000
48,000
1,543,235
2,500
40,000
1,286,029
2,500
37,500
1,205,651
Ruthenium
350
5,600
180,044
300
4,800
154,323
300 
4,500
144,678
Base metals
US$/lb
US$/tonne
R/tonne
US$/lb
US$/tonne
R/tonne
US$/lb
US$/tonne
R/tonne
Nickel
7.94 
17,500
280,000
7.35 
16,200
259,200
7.35
16,200
243,000
Copper
4.54 
10,000
160,000
4.06 
8,950
143,200
4.06
8,950
134,250
Cobalt
25 
55,116
881,848
22 
48,502
776,026
22
48,502
727,525
Uranium oxide (U³O8)¹
55 
121,254
1,940,066
50 
110,231
1,763,696
40
88,185
1,322,772
Chromium oxide (Cr2O3),
(42% concentrate) 1
0.07 
165 
2,640
0.06 
150 
2,400
0.07
150
2,250
1  Long-term contract prices
AMERICAS
Platinum Group Metals
US PGM operations
•
Total 2E PGM Mineral Resources of 84.2Moz, a year-on-year
decrease of 6.1%
•
Total 2E PGM Mineral Reserves of 26.3Moz, a year-on-year
decrease of 3.6%
During 2022, a comprehensive update of the Mineral Resource and 
Mineral Reserve estimation methodology at the Montana operations 
was undertaken, which also included an update to the mine plan 
and scheduling. This repositioning of the US PGM operations 
culminated in a revision to the Mineral Reserves which now supports 
a 42 year LoM, building up to +700koz of annual production 
from 2027.
A detailed reconciliation of the 2021 to 2022 US PGM operations’ 
Mineral Reserves is shown in the table below:
Factors
2E PGM (Moz)
Dec 2021 Reserves
27.3
Depletion
(0.5)
Post depletion
26.8
Area inclusion/exclusion
0.4
Geological interpretation
(3.9)
Estimation methodology
2.5
Modifying factors
0.5
Dec 2022 Reserves
26.3
PGM Exploration projects in the Americas
In January 2022, the Group reached an agreement with Generation 
Mining Ltd. to dispose of its 16.5% direct project level interest in the 
Marathon project, held via Stillwater Canada Inc., a subsidiary of 
the Group, in exchange for 21,759,332 common shares in 
Generation Mining, bringing the Groups' shareholding in Generation 
Mining to 18.19%. This has resulted in an associated 4.46% decrease 
in attributable Mineral Resources to 45.3Mt, grading 0.7g/t PGM, 
0.2% Cu, 1.6 g/t Ag and 0.1 g/t Au.
On 7 November 2022, the transaction for the sale of Lonmin 
Canada Inc., including the Denison project, to Magna Mining Inc. 
(Magna) was completed, for an aggregate disposal consideration 
of US$16 million, resulting in the related attributable Mineral 
Resources being removed from our inventory.
Battery Metals
Lithium exploration projects
•
Total Mineral Resources of 10.2Mt grading 0.2% Li (for 86.8kt LCE)
and 8.1% H3BO3
The attributable Mineral Resources in the Rhyolite Ridge Lithium-
Boron project (Rhyolite Ridge project), via the Group's shareholding 
in ioneer Ltd., were largely unchanged, and only impacted by a 
minor change in shareholding from 7.1% to 6.95%.
The Group has an agreement with ioneer Ltd. to establish a 50:50 JV 
with respect to the Rhyolite Ridge project in Nevada, subject to 
the fulfilment of all conditions precedent. During 2022, the project 
advanced to the final stage of permitting, with the U.S. Bureau of 
Land Management (BLM) publishing a Notice of Intent (NOI) in the 
Federal Register.
Copper exploration projects
•
Total copper Mineral Resources of 13,257.1Mlb, a decrease
of 0.1%
The Group's attributable total copper Mineral Resources were 
impacted by a minor change in shareholding in Aldebaran 
Resources Ltd. from 19.99% to 17.59%. As of 31 December 2022, 
Aldebaran has unofficially completed expenditures to gain a 60% 
interest in the Altar project, as per the earn in agreement, however 
official notification with audited expenditures is still outstanding.
MINERAL RESOURCES AND MINERAL RESERVES: A SUMMARY continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
118

SOUTHERN AFRICA
Platinum Group Metals
SA PGM operations
•
Total 4E PGM Mineral Resources of 177.3Moz, a year-on-year
increase of 1.5%
•
Total 4E PGM Mineral Reserves of 31.4Moz, a year-on-year
decrease of 2.3%
Mineral Resources were positively impacted (+5.0Moz) by the re-
incorporation of the Hoedspruit Mineral Resources into the 
Rustenburg operation, which was previously (2021) excluded 
subject to the final approval of the prospecting right renewal.
Mineral Reserves depletion (-1.9Moz) was positively offset by the 
inclusion of the Mimosa North Hill project following the completion 
of a positive feasibility study (+1.5 Moz), with minor LoM extensions, 
due to tail end optimisation at all operations, adding a further 
0.5Moz.
Marginal decreases in LoM grades at the Rustenburg operation 
and Marikana operation resulted in evaluation losses of 0.3Moz, 
whilst increased geological complexity (faulting) at the 
Kroondal and Rustenburg operations impacted a further 0.2Moz. 
An adjustment in modifying factors (-0.3Moz) contributed further 
to the overall decline of 0.8Moz.
A detailed reconciliation of the 2021 to 2022 SA PGM operations 
Mineral Reserves is shown below.
SA PGM operations – Mineral Reserves reconciliation
Factors
4E PGM (Moz)
31-Dec-21
32.2
2022 Depletion
(1.9)
Economic valuation
1.9
Evaluation
(0.3)
Geological changes
(0.2)
Technical factors
(0.3)
31-Dec-22
31.4
SA PGM exploration projects
•
Total 4E PGM Mineral Resources of 53.1Moz, an increase of 0.5%
The only year-on-year change relates to the Limpopo project area, 
where a positive "reasonable prospect for eventual economic 
extraction (RPEEE)" assessment of a wider, mechanised mining cut 
was completed. As a result, a revised geotechnical mining cut was 
accepted and this resulted in the addition of 0.3Moz.
The Group, through its subsidiary Akanani Mining Proprietary Limited 
(Akanani), held a prospecting right over the Akanani project area. 
Akanani duly applied for a mining right, which application has been 
rejected, related to an interpretation on the expiry date of the 
prospecting right. To secure its position, the Group has launched 
internal appeal proceedings in accordance with the Minerals and 
Petroleum Resources Development Act, 2002. The Group has also 
requested the Minister of Mineral Resources and Energy to suspend 
the further processing of a third-party prospecting right application 
over the same area, pending the finalisation of the appeal. 
The internal appeal process is progressing within the prescripts of 
the MPRDA. The Group will resort to court action in order to enforce 
its rights should the internal appeal not be successful.
GOLD
SA gold operations 
•
Total gold Mineral Resources of 53.3Moz, a year-on-year
decrease of 9.1%
•
Total gold Mineral Reserves of 10.3Moz, a year-on-year decrease
of 1.5%
•
The change in Mineral Resources can be attributed to the Kloof
operations where a re-interpretation of the Ventersdorp Contact
Reef (VCR) geological facies resulted in a reduction of 5.7Moz,
predominantly in the Inferred category, situated below the shafts
infrastructure
Mineral Reserves depletion (-0.8Moz), were positively offset by the 
extension of the Beatrix LoM by one year, and minor increases at 
Driefontein and Kloof (+0.3Moz), while our attributable interest in 
DRDGOLD contributed a further 0.7Moz. Notable other changes 
relate to the closure of Beatrix 4 shaft and the curtailment of 
operations on 47 level at Kloof 4 shaft (-0.4Moz). 
A detailed reconciliation of the 2021 to 2022 SA gold operations' 
Mineral Reserves is provided below.
SA gold operations – Mineral Reserves reconciliation
Factors
Gold (Moz)
31-Dec-21
10.5
Depletion
(0.8)
Post depletion
9.7
Area inclusions/exclusions
0.3
Attributable adjustment
0.7
Geological interpretation
0.05
Economic parameters
(0.4)
Modifying factors
(0.04)
31-Dec-22
10.3
SA gold development project
•
Total gold Mineral Resources of 9.1Moz, unchanged
•
Total gold Mineral Reserves of 2.7Moz, a year-on-year increase
of 2.8%
The increase in Mineral Reserves at the Burnstone project was 
driven by an optimisation of the tail-end production profile.
SA gold exploration projects
•
Total gold Mineral Resources of 6.9Moz, remained unchanged
at the Southern Free State (SOFS) project
Uranium
SA Uranium exploration projects
•
Total U3O8 Mineral Resources of 66.6Moz, remain unchanged
year-on-year
The uranium Mineral Resources are classified under exploration, 
but occur within gold operational footprints.
MINERAL RESOURCES AND MINERAL RESERVES: A SUMMARY continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
119

EUROPE
Battery Metals
Lithium development project
•
Lithium carbonate equivalent (LCE) Mineral Resources of 366.1kt,
a year-on-year increase of 248%
•
Maiden LCE Mineral Reserves of 193.6kt
During 2022, Sibanye-Stillwater increased its shareholding in Keliber 
(2021: 26.6%) to 84.96%, enabling Sibanye-Stillwater to act decisively 
and fast-track the Keliber project. A feasibility study completed by 
Keliber in February 2022 and updated in October 2022, confirmed 
the project economics, and on 28 November 2022 the Board 
approved development of the Keliber lithium project in Finland, 
beginning with the construction of the lithium-hydroxide refinery. 
The reported Mineral Reserves reflect the open-pit portion of the 
project only.
Ongoing exploration activities have also added 30.4kt of LCE to 
the Mineral Resource Inventory. The increased Mineral Resources 
are related to the maiden resource estimates of the Tuoreetsaaret 
and Leviakangas deposits.
AUSTRALIA
Zinc operation
•
Zinc Mineral Resources of 798.5Mlb, a year-on-year decrease
of 21.4%
•
Zinc Mineral Reserves of 445.5Mlb, a year-on-year decrease
of 31.4%
The year-on-year changes in Mineral Resources and Mineral 
Reserves were driven by depletion.
CORPORATE GOVERNANCE
This Mineral Reserve and Mineral Resource declaration represents 
a condensed and consolidated summary of the full Sibanye-
Stillwater Mineral Resource and Mineral Reserve declaration 
available in the Group Mineral Resource and Mineral Reserve 
Report, which was published on 24 April 2023 and available at 
¸ www.sibanyestillwater.com/news-investors/reports/annual
The Mineral Resources and Mineral Reserves are estimates at a 
particular date, and are affected by fluctuations in mineral prices, 
exchange rates, operating costs, mining permits, changes in 
legislation and operating factors. By-product metals that do not 
provide a material contribution to potential revenue flows are 
typically excluded from the statements. 
Sibanye-Stillwater prepares and reports its Mineral Resources and 
Mineral Reserves in accordance with the SAMREC Code, the 
updated Section 12 of the JSE Listings Requirements, and S-K 1300. 
For non-managed mineral properties, Mineral Resources and 
Mineral Reserves are in certain cases prepared under different 
codes, such as JORC and NI-43-101. These codes are closely 
aligned with SAMREC, form part of the Committee for Mineral 
Reserves International Reporting Standards (CRIRSCO), and the 
estimates are therefore deemed to be consistent with SAMREC 
and S-K1300.
All financial models used to determine the managed Mineral 
Reserves are based on current tax regulations as at 
31 December 2022. Rounding of figures may result in minor 
computational discrepancies. Where this happens, it is not 
deemed significant. 
There are teams of Competent Persons (CPs or QPs), designated 
in terms of the respective national reporting codes, who take 
responsibility for the reporting of Mineral Resources and Mineral 
Reserves. Corporate governance on the overall compliance of 
the Group’s figures and responsibility for the generation of a Group 
consolidated statement has been overseen by the lead CPs, 
included below. The Group has the written confirmation of the lead 
CP’s that the information, as disclosed in this report, is compliant 
with the relevant security exchanges’ listing requirements 
(Section 12 of the JSE Listings Requirements, SAMREC Table 1 and S-
K1300), and that it may be published in the form and context in 
which it was intended. 
For the managed operations, Stephan Stander is the Group Lead 
CP for Mineral Resources; and Tom van den Berg is the Group Lead 
CP for Mineral Reserves. Stephan is a registered member of the 
South African Council for Natural Scientific Professions (SACNASP 
400089/96). Tom is a registered member of the South African Institute 
of Mining and Metallurgy (SAIMM 700497).
Keliber – starting earthworks for the lithium refinery in Kokkola, Finland
MINERAL RESOURCES AND MINERAL RESERVES: A SUMMARY continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
120

Mineral Resources Inclusive of Mineral Reserves
31 Dec 2022
31 Dec 2021
PGM
Tonnes 
Grade 
PGM
PGM 100%
Tonnes 
Grade 
PGM
PGM 100%
(Mt)
(g/t)
(Moz)
(Moz)
(Mt)
(g/t)
(Moz)
(Moz)
Americas¹
Operations
Measured
42.6 
13.7 
18.7 
18.7 
39.9
14.7
18.9
18.9
Indicated
50.4 
12.8 
20.7 
20.7 
59.1
13.8
26.1
26.1
Measured + Indicated
93.0 
13.2 
39.4 
39.4 
99.0
14.1
45.0
45.0
Inferred
114.0 
12.2 
44.8 
44.8 
113.6
12.2
44.6
44.6
Exploration
Measured
18.8 
0.8 
0.5 
2.8 
23.5
0.9
0.7
2.8
Indicated
21.5 
0.6 
0.4 
2.3 
27.8
0.7
0.6
2.4
Measured + Indicated
40.3 
0.7 
0.9 
5.1 
51.3
0.8
1.3
5.2
Inferred
5.0 
0.5 
0.1 
0.4 
7.5
0.9
0.2
0.6
Southern
Operations
Measured
419.7 
4.3 
58.2 
81.8 
440.4
4.2
59.7
83.7
Africa²
Indicated
644.1 
4.3 
89.3 
113.7 
624.4
4.3
85.8
110.0
Measured + Indicated
1,063.7 
4.3 
147.6 
195.5 
1,064.8
4.2
145.4
193.7
Inferred
212.3 
4.4 
29.7 
38.5 
209.6
4.3
29.3
38.1
Exploration
Measured
1.8 
4.2 
0.2 
0.3 
1.8
4.2
0.2
0.3
Indicated
253.7 
4.1 
33.5 
47.0 
247.3
4.2
33.3
46.6
Measured + Indicated
255.4 
4.1 
33.7 
47.3 
249.0
4.2
33.5
46.9
Inferred
165.4 
3.7 
19.4 
27.5 
162.4
3.7
19.4
27.3
Total Measured + Indicated
1,452.4 
4.7 
221.5 
287.3 
1,464.1
4.8
225.2
290.9
Grand total 
1,949.1 
5.0 
315.6 
398.5 
1,957.2
5.1
318.7
401.5
GOLD
Tonnes
Grade
Gold
Gold 100%
Tonnes
Grade
Gold
Gold 100%
(Mt)
(g/t)
(Moz)
(Moz)
(Mt)
(g/t)
(Moz)
(Moz)
Americas
Exploration
Measured
656.7 
0.1 
2.5 
2.6 
661.4 
0.1 
2.5 
2.7 
Indicated
614.2 
0.1 
1.7 
2.5 
622.2 
0.1 
1.7 
2.6 
Measured + Indicated
1,270.9 
0.1 
4.1 
5.2 
1,283.6 
0.1 
4.2 
5.2 
Inferred
202.7 
0.1 
0.5 
0.8 
206.1 
0.1 
0.5 
0.8 
Southern 
Operations
Measured
483.5 
1.8 
28.5 
31.4 
496.6 
1.8 
29.3 
32.3 
Africa
Indicated
401.8 
1.4 
18.2 
20.6 
409.2 
1.4 
18.4 
20.8 
Measured + Indicated
885.3 
1.6 
46.7 
51.9 
905.9 
1.6 
47.7 
53.1 
Inferred
35.4 
5.8 
6.6 
6.7 
41.3 
8.2 
10.9 
11.0 
Development
Measured
1.1 
6.2 
0.2 
0.2 
1.1 
6.2 
0.2 
0.2 
Indicated
25.5 
5.6 
4.6 
4.6 
25.5 
5.6 
4.6 
4.6 
Measured + Indicated
26.6 
5.7 
4.8 
4.8 
26.6 
5.7 
4.8 
4.8 
Inferred
31.5 
4.2 
4.3 
4.3 
31.5 
4.2 
4.3 
4.3 
Exploration
Measured
— 
— 
— 
— 
— 
— 
— 
— 
Indicated
44.1 
4.5 
6.4 
6.4 
44.1 
4.5 
6.4 
6.4 
Measured + Indicated
44.1 
4.5 
6.4 
6.4 
44.1 
4.5 
6.4 
6.4 
Inferred
4.0 
3.6 
0.5 
0.5 
4.0 
3.6 
0.5 
0.5 
Total Measured + Indicated
2,226.9 
0.9 
62.1 
68.4 
2,260.2 
0.9 
63.2 
69.6 
Grand total 
2,500.5 
0.9 
73.9 
80.6 
2,543.1 
1.0 
79.3 
86.1 
LITHIUM
Tonnes
Li
LCE
LCE 100%
Tonnes
Li
LCE
LCE 100%
(Mt)
(%)
(kt)
(kt)
(Mt)
(%)
(kt)
(kt)
Europe³
Development
Measured
3.7 
0.55 
106.4 
125.3 
1.1 
0.55 
33.3 
125.3 
Indicated
8.0 
0.48 
202.4 
238.3 
2.4 
0.48 
62.0 
232.9 
Measured + Indicated
11.6 
0.50 
308.9 
363.5 
3.6 
0.50 
95.3 
358.2 
Inferred
2.8 
0.38 
57.2 
67.4 
0.4 
0.42 
9.8 
36.9 
Americas³
Exploration
Measured
2.7 
0.17 
24.8 
356.8 
2.8 
0.17 
25.4 
356.8 
Indicated
6.1 
0.16 
50.4 
725.2 
6.3 
0.16 
51.6 
725.2 
Measured + Indicated
8.8 
0.16 
75.2 
1,082.0 
9.0 
0.16 
77.0 
1,082.0 
Inferred
1.4 
0.16 
11.6 
166.8 
1.4 
0.16 
11.9 
166.8 
Total Measured + Indicated
20.4 
0.35 
384.1 
1,445.5 
12.6 
0.26 
172.3 
1,440.2 
Grand total 
24.6 
0.35 
452.9 
1,679.7 
14.4 
0.25 
194.0 
1,643.9 
MINERAL RESOURCES AND MINERAL RESERVES: A SUMMARY continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
121

URANIUM
Tonnes
Grade
U₃O₈
U₃O₈ 100%
Tonnes
Grade
U₃O₈
U₃O₈ 100%
(Mt)
 (kg/t)
 (Mlb)
 (Mlb)
(Mt)
 (kg/t)
 (Mlb)
 (Mlb)
Southern
Exploration
Measured
158.0 
0.1 
40.4 
50.5 
159.5 
0.1 
40.5 
50.6 
Africa
Indicated
49.1 
0.2 
26.1 
28.5 
47.5 
0.2 
25.9 
28.3 
Measured + Indicated
207.0 
0.1 
66.5 
79.0 
207.0 
0.1 
66.4 
78.8 
Inferred
0.04 
1.1 
0.1 
0.1 
0.04 
1.1 
0.1 
0.1 
Grand total 
207.1 
0.1 
66.6 
79.1 
207.1 
0.1 
66.5 
78.9 
COPPER
Tonnes
Grade
Copper
Copper 
100%
Tonnes
Grade
Copper
Copper 
100%
(Mt)
(%)
(Mlb)
(Mlb)
(Mt)
(%)
(Mlb)
(Mlb)
Americas
Exploration
Measured 
656.7 
0.4 
6,179.2 
6,558.0 
661.4 
0.4 
6,200.9 
6,559.5 
Indicated
614.2 
0.4 
5,477.1 
6,320.5 
622.2 
0.4 
5,544.1 
6,368.7 
Measured + Indicated
1,270.9 
0.4  11,656.3 
12,878.5 
1,283.6 
0.4  11,745.0 
12,928.2 
Inferred
202.7 
0.4 
1,812.1 
2,098.4 
206.1 
0.4 
1,856.9 
2,150.3 
Grand total 
1,473.6 
0.4  13,468.4 
14,976.9 
1,489.7 
0.4  13,601.8 
15,078.5 
ZINC
Tonnes
Grade
Zinc
Zinc 100%
Tonnes
Grade
Zinc
Zinc 100%
(Mt)
(%)
(Mlb)
(Mlb)
(Mt)
(%)
(Mlb)
(Mlb)
Australia
Operations
Measured
7.3 
3.1 
490.7 
2,467.0 
10.6 
3.0 
706.9 
3,536.2 
Indicated
— 
— 
— 
— 
— 
— 
— 
— 
Measured + Indicated
7.3 
3.1 
490.7 
2,467.0 
10.6 
3.0 
706.9 
3,536.2 
Inferred
— 
— 
— 
— 
— 
— 
— 
— 
Exploration
Measured
0.2 
4.8 
21.0 
105.8 
0.2 
4.8 
21.2 
105.8 
Indicated
1.8 
5.7 
221.0 
1,111.1 
1.8 
5.7 
222.1 
1,111.1 
Measured + Indicated
2.0 
5.6 
242.1 
1,217.0 
2.0 
5.6 
243.3 
1,217.0 
Inferred
0.5 
6.5 
65.8 
330.7 
0.5 
6.5 
66.1 
330.7 
Total Measured + Indicated
9.2 
3.6 
732.7 
3,683.9 
12.6 
3.4 
950.2 
4,753.2 
Grand total 
9.7 
3.7 
798.5 
4,014.6 
13.0 
3.5 
1,016.3 
5,083.9 
Mineral Resources Exclusive of Mineral Reserves
31 Dec 2022
31 Dec 2021
PGM
Tonnes 
Grade 
PGM
PGM 100%
Tonnes 
Grade 
PGM
PGM 100%
(Mt)
(g/t)
(Moz)
(Moz)
(Mt)
(g/t)
(Moz)
(Moz)
Americas¹
Operations
Measured
19.3 
10.4 
6.4 
6.4 
15.1
14.3
6.9
6.9
Indicated
19.1 
7.9 
4.8 
4.8 
19.9
13.7
8.8
8.8
Measured + Indicated
38.3 
9.1 
11.3 
11.3 
35.0
14.0
15.7
15.7
Inferred
114.0 
12.2 
44.8 
44.8 
113.6
12.2
44.6
44.6
Exploration
Measured
18.8 
0.8 
0.5 
2.8 
23.5
0.9
0.7
2.8
Indicated
21.5 
0.6 
0.4 
2.3 
27.8
0.7
0.6
2.4
Measured + Indicated
40.3 
0.7 
0.9 
5.1 
51.3
0.8
1.3
5.2
Inferred
5.0 
0.5 
0.1 
0.4 
7.5
0.9
0.2
0.6
Southern 
Operations
Measured
262.8 
4.7 
39.3 
54.6 
257.2
4.7
38.5
53.5
Africa²
Indicated
499.9 
4.2 
67.4 
86.0 
488.7
4.2
65.4
83.9
Measured + Indicated
762.6 
4.4 
106.7 
140.6 
745.9
4.3
103.9
137.4
Inferred
205.3 
4.4 
28.8 
37.4 
209.3
4.3
29.2
38.1
Exploration
Measured
1.8 
4.2 
0.2 
0.3 
1.8
4.2
0.2
0.3
Indicated
253.7 
4.1 
33.5 
47.0 
247.3
4.2
33.3
46.6
Measured + Indicated
255.4 
4.1 
33.7 
47.3 
249.0
4.2
33.5
46.9
Inferred
165.4 
3.7 
19.4 
27.5 
162.4
3.7
19.4
27.3
Total Measured + Indicated
1,096.7 
4.3 
152.6 
204.3 
1,081.3
4.4
154.4
205.3
Grand total 
1,586.4 
4.8 
245.7 
314.4 
1,574.1
4.9
247.8
315.8
MINERAL RESOURCES AND MINERAL RESERVES: A SUMMARY continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
122

GOLD
Tonnes
Grade
Gold
Gold 100%
Tonnes
Grade
Gold
Gold 100%
(Mt)
(g/t)
(Moz)
(Moz)
(Mt)
(g/t)
(Moz)
(Moz)
Americas
Exploration
Measured
656.7 
0.1 
2.5 
2.6 
661.4 
0.1 
2.5 
2.7 
Indicated
614.2 
0.1 
1.7 
2.5 
622.2 
0.1 
1.7 
2.6 
Measured + Indicated
1,270.9 
0.1 
4.1 
5.2 
1,283.6 
0.1 
4.2 
5.2 
Inferred
202.7 
0.1 
0.5 
0.8 
206.1 
0.1 
0.5 
0.8 
Southern 
Operations
Measured
203.2 
3.0 
19.4 
20.0 
220.4 
2.8 
19.8 
20.2 
Africa
Indicated
344.5 
1.5 
16.2 
17.9 
396.6 
1.3 
16.3 
18.8 
Measured + Indicated
547.7 
2.0 
35.6 
37.9 
617.0 
1.8 
36.2 
39.0 
Inferred
35.4 
5.8 
6.6 
6.7 
41.3 
8.2 
10.9 
11.0 
Development
Measured
0.3 
13.4 
0.1 
0.1 
0.3 
13.8 
0.1 
0.1 
Indicated
5.8 
11.1 
2.1 
2.1 
5.8 
11.5 
2.1 
2.1 
Measured + Indicated
6.0 
11.2 
2.2 
2.2 
6.0 
11.6 
2.2 
2.2 
Inferred
31.5 
4.2 
4.3 
4.3 
31.5 
4.2 
4.3 
4.3 
Exploration
Measured
— 
— 
— 
— 
— 
— 
— 
— 
Indicated
44.1 
4.5 
6.4 
6.4 
44.1 
4.5 
6.4 
6.4 
Measured + Indicated
44.1 
4.5 
6.4 
6.4 
44.1 
4.5 
6.4 
6.4 
Inferred
4.0 
3.6 
0.5 
0.5 
4.0 
3.6 
0.5 
0.5 
Total Measured + Indicated
1,868.8 
0.8 
48.3 
51.7 
1,950.7 
0.8 
49.0 
52.9 
Grand total 
2,142.4 
0.9 
60.1 
63.9 
2,233.6 
0.9 
65.2 
69.4 
LITHIUM³
Tonnes
Li
LCE
LCE 100%
Tonnes
Li
LCE
LCE 100%
(Mt)
(%)
(kt)
(kt)
(Mt)
(%)
(kt)
(kt)
Europe
Development
Measured
0.5 
0.47 
13.5 
15.8 
1.1 
0.55 
33.3 
125.3 
Indicated
3.3 
0.48 
86.1 
101.4 
2.4 
0.48 
62.0 
232.9 
Measured + Indicated
3.9 
0.48 
99.6 
117.2 
3.6 
0.50 
95.3 
358.2 
Inferred
2.8 
0.38 
57.1 
67.3 
0.4 
0.42 
9.8 
36.9 
Americas
Exploration
Measured
2.7 
0.17 
24.8 
356.8 
2.8 
0.17 
25.4 
356.8 
Indicated
6.1 
0.16 
50.4 
725.2 
6.3 
0.16 
51.6 
725.2 
Measured + Indicated
8.8 
0.16 
75.2 
1,082.0 
9.0 
0.16 
77.0 
1,082.0 
Inferred
1.4 
0.16 
11.6 
166.8 
1.4 
0.16 
11.9 
166.8 
Total Measured + Indicated
12.7 
0.26 
174.8 
1,199.2 
12.6 
0.26 
172.3 
1,440.2 
Grand total 
16.9 
0.27 
243.5 
1,433.3 
14.4 
0.25 
194.0 
1,643.9 
URANIUM
Tonnes
Grade
U₃O₈
U₃O₈ 100%
Tonnes
Grade
U₃O₈
U₃O₈ 100%
(Mt)
 (kg/t)
 (Mlb)
 (Mlb)
(Mt)
 (kg/t)
 (Mlb)
 (Mlb)
Southern 
Exploration
Measured
158.0 
0.1 
40.4 
50.5 
159.5 
0.1 
40.5 
50.6 
Africa
Indicated
49.1 
0.2 
26.1 
28.5 
47.5 
0.2 
25.9 
28.3 
Measured + Indicated
207.0 
0.1 
66.5 
79.0 
207.0 
0.1 
66.4 
78.8 
Inferred
0.04 
1.1 
0.1 
0.1 
0.04 
1.1 
0.1 
0.1 
Grand total 
207.1 
0.1 
66.6 
79.1 
207.1 
0.1 
66.5 
78.9 
COPPER
Tonnes
Grade
Copper
Copper 
100%
Tonnes
Grade
Copper
Copper 
100%
(Mt)
(%)
(Mlb)
(Mlb)
(Mt)
(%)
(Mlb)
(Mlb)
Americas
Exploration
Measured 
656.7 
0.4 
6,179.2 
6,558.0 
661.4 
0.4 
6,200.9 
6,559.5 
Indicated
614.2 
0.4 
5,477.1 
6,320.5 
622.2 
0.4 
5,544.1 
6,368.7 
Measured + Indicated
1,270.9 
0.4  11,656.3 
12,878.5 
1,283.6 
0.4  11,745.0 
12,928.2 
Inferred
202.7 
0.4 
1,812.1 
2,098.4 
206.1 
0.4 
1,856.9 
2,150.3 
Grand total 
1,473.6 
0.4  13,468.4 
14,976.9 
1,489.7 
0.4  13,601.8 
15,078.5 
ZINC
Australia
Tonnes
Zinc
Zinc
Zinc 100%
Tonnes
Zinc
Zinc
Zinc 100%
(Mt)
(%)
(Mlb)
(Mlb)
(Mt)
(%)
(Mlb)
(Mlb)
Exploration
New Century
Measured
0.2 
4.8 
21.0 
105.8 
0.2 
4.8 
21.2 
105.8 
Indicated
1.8 
5.7 
221.0 
1,111.1 
1.8 
5.7 
222.1 
1,111.1 
Measured + Indicated
2.0 
5.6 
242.1 
1,217.0 
2.0 
5.6 
243.3 
1,217.0 
Inferred
0.5 
6.5 
65.8 
330.7 
0.5 
6.5 
66.1 
330.7 
Grand total 
2.4 
5.8 
307.8 
1,547.6 
2.4 
5.8 
309.4 
1,547.6 
MINERAL RESOURCES AND MINERAL RESERVES: A SUMMARY continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
123

Mineral Reserves
31 Dec 2022
31 Dec 2021
PGM
Tonnes 
Grade 
PGM
PGM 100%
Tonnes 
Grade 
PGM
PGM 100%
(Mt)
(g/t)
(Moz)
(Moz)
(Mt)
(g/t)
(Moz)
(Moz)
Americas¹
Operation
Proved
10.0 
13.5 
4.3 
4.3 
8.2 
15.4 
4.1 
4.1 
Probable
50.3 
13.6 
22.0 
22.0 
60.1 
12.0 
23.2 
23.2 
Proved + Probable
60.2 
13.6 
26.3 
26.3 
68.3 
12.4 
27.3 
27.3 
Southern Africa²
Operation
Proved
128.9 
3.5 
14.7 
21.4 
124.6 
3.5 
14.2 
20.0 
Probable
151.2 
3.4 
16.7 
21.6 
171.0 
3.3 
18.0 
23.1 
Proved + Probable
280.0 
3.5 
31.4 
43.0 
295.6 
3.4 
32.2 
43.2 
Grand total Proved + Probable
340.3 
5.3 
57.7 
69.3 
363.9 
5.1 
59.4 
70.5 
GOLD
Tonnes
Grade
Gold
Gold 100%
Tonnes
Grade
Gold
Gold 100%
(Mt)
(g/t)
(Moz)
(Moz)
(Mt)
(g/t)
(Moz)
(Moz)
Southern Africa
Operation
Proved
227.8 
0.9 
6.6 
8.7 
149.6 
1.4 
6.8 
8.0 
Probable
124.6 
0.9 
3.7 
4.5 
154.8 
0.7 
3.7 
5.0 
Proved + Probable
352.4 
0.9 
10.3 
13.2 
304.4 
1.1 
10.4 
13.0 
Development
Proved
— 
— 
— 
— 
— 
— 
— 
— 
Probable
20.5 
4.0 
2.7 
2.7 
20.6 
3.9 
2.6 
2.6 
Proved + Probable
20.5 
4.0 
2.7 
2.7 
20.6 
3.9 
2.6 
2.6 
Grand total Proved + Probable
373.0 
1.1 
12.9 
15.9 
325.0 
1.2 
13.0 
15.6 
LITHIUM
Tonnes
Li
LCE
LCE 100%
Tonnes
Li
LCE
LCE 100%
(Mt)
(%)
(kt)
(kt)
(Mt)
(%)
(kt)
(kt)
Europe³
Development
Proved
3.3 
0.48 
85.4 
100.5 
— 
— 
— 
— 
Probable
4.9 
0.42 
108.2 
127.3 
— 
— 
— 
— 
Grand total Proved + Probable
8.2 
0.44 
193.6 
227.9 
— 
— 
— 
— 
ZINC
Tonnes
Grade
Zinc
Zinc 100%
Tonnes
Grade
Zinc
Zinc 100%
(Mt)
(%)
(Mlb)
(Mlb)
(Mt)
(%)
(Mlb)
(Mlb)
Australia
Operation
Proved
6.8 
3.0 
445.5 
2,239.9 
9.9 
3.0 
649.2 
3,247.4 
Probable
— 
— 
— 
— 
— 
— 
— 
— 
Grand total Proved + Probable
6.8 
3.0 
445.5 
2,239.9 
9.9 
3.0 
649.2 
3,247.4 
Note: Mineral Resources and Mineral Reserves are attributable, based on legal equity interest, and metal content is additionally stated on a 100% 
basis. Details on attributable interests can be found in the Mineral Resource and Mineral Reserves Report 2022.
1 For the US PGM operations, PGM is represented by the 2E (Pt and Pd)
2 For the SA PGM operations, PGM is represented by the 4E (Pt, Pd, Rh and Au)
3 For the Lithium Mineral Resources, LCE content was calculated by multiplying the Li (%) content by a factor of 5.323. Lithium Hydroxide Monohydrate 
(LiOH.H2O)) can be derived from LCE by dividing by a factor of 0.88
MINERAL RESOURCES AND MINERAL RESERVES: A SUMMARY continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
124

SIBANYE-STILLWATER INTEGRATED REPORT 2022
125

CONTINUOUS SAFE PRODUCTION
WHAT WE DID IN 2022
SUCCESSES
•
Embedding safety as an operating philosophy with a particular 
focus on reducing high energy risk associated with serious and fatal 
injuries. All jurisdictions saw 98% of employees voluntarily sign a 
moral commitment to uphold critical controls, critical life-saving 
behaviours and critical management routines to block the path 
to death
•
Achieved our annual benchmark for the Group TRIFR, setting 
us on a positive trajectory to meet our 2025 target benchmark
•
Completed the development of 19 Group minimum standards 
(GMS)
•
Lowest fatal injury frequency rate in the Group’s history of 0.033 
per million hours worked
SA region
•
Significant performance improvement of lagging indicators
•
The development of leading indicators as the primary risk and 
analytical measure to proactively reduce key risk areas
US region
•
Training database utilised for formal tracking and distribution 
of the Fatal elimination commitment book
EU region
•
Progressing the safety performance at the Sandouville refinery, 
resulting in Q4 2022 being injury-free
•
Keliber project focused on building safe operations; started 
HAZOP (Hazard and Operability Analysis) assessments and three-
dimensional safety walks for enhancing process and lay-out 
safety; developed and commissioned tools for safety reporting 
and monitoring
CHALLENGES
•
Regrettable loss of five lives at our operations
•
To sustain the positive momentum on the safety performance 
and embed a safe culture
BENCHMARKS
Status
See Ã
ALIGNMENT WITH SDGs
•
All operations maintained ISO 45001 certification
Achieved
Page 128
Ã See the supplementary disclosure 
– Progressing the UN’s SDGs
¸ www.sibanyestillwater.com/
news-investors/reports/annual
•
Zero harm
In progress
Page 128
•
A Group TRIFR benchmark of 4.0 per million hours worked to be 
achieved by the end of 2025
In progress
Page 134
•
TRIFR benchmarks for 2022 – Group: 5.37 per million hours worked
•
SA gold operations: 5.52 per million hours worked
•
SA PGM operations: 4.99 per million hours worked
•
US operations: 8.52 per million hours worked
Achieved
Page 134
APPROACH
We are committed to maintaining a working environment that is 
safe and that fosters the health and wellbeing of our employees 
and contractors. Workplace safety is one of our material matters 
and is underpinned by our iCARES values. Ensuring safety and 
wellbeing is a strategic essential to our business.
Mining and processing activities present various hazards that can 
be of significant consequence to our workers. Continuously 
improving our safety performance, through risk mitigation, is vital 
and we remain committed to eliminating fatal accidents and 
achieving our goal of Zero harm.
During 2022, we invested R768 million at our SA PGM operations 
(2021: R616 million), R649 million at our SA gold operations 
(2021: R338 million) and US$32 million at our US PGM operations 
in safety management initiatives, including personal protective 
equipment (PPE), capital outlay and training. As a minimum 
requirement, all employees receive training on our safety standards 
and safe work procedures through the annual refresher and 
induction programme, specifically we have invested 422,736 hours 
on safety and health-related training. (Ã See Training and 
development, page161).  
SIBANYE-STILLWATER INTEGRATED REPORT 2022
126

While Zero Harm remains our ultimate objective, our immediate goal is focused on eliminating high-energy fatal and serious incidents 
through our Fatal Elimination Strategy that comprises the key pillars of critical controls, critical life saving behaviours, and critical 
management routines.  Integrating these pillars into our leading indicator analysis, facilitates the identification of ineffective controls or risky 
behavior before it results in a fatal or serious injury incident.  Through our Zero Harm framework we aim to humanise, institutionalise and 
systemise these controls, to mitigate risk and embed an operational safety culture that enables our teams to work to standards and to stop 
any unsafe work without hesitation.
ACCOUNTABILITY, GOVERNANCE AND ASSURANCE
GOVERNANCE
ACCOUNTABILITY
Our Safe production strategy is driven by 
the CEO and senior leadership with support 
from the Board. We encourage a bottom-up 
approach to safety, empowering our workforce 
to take responsibility for safety. 
Board
•
Safety and Health Committee
•
Audit Committee
•
Risk Committee
Executive Committee and C-suite
•
Our Safe production strategy is driven by
the CEO and senior leadership
•
High-potential incidents and fatal incidents 
are reviewed by the Group high-potential 
incident and fatal review committee. 
Lessons and subsequent actions are shared
throughout the Group
Operational
•
The operational Senior Vice President (SVP), 
assisted by the Vice President (VP) at each 
site, assumes the first line of responsibility 
and is supported by the operational safety 
department
•
The Group champion for Health and Safety
provides support to the Chief regional 
officers
•
At the SA operations, managers and mine 
overseers are responsible for safety tracking 
and monitoring 
•
At the SA and US PGM operations the joint
health and safety committees meet 
monthly at each operation to address 
safety concerns 
•
Our SA PGM operations have 2,806 
workplace safety representatives and 46 
full-time safety representatives, our SA gold 
operations have 1,803 workplace safety 
representatives and 40 full-time safety 
representatives; our US operations have 
100 safety representatives these employees 
monitor safety performance through 
inspections, and they participate in incident
investigations. Figures in this paragraph 
include alternatives
Ã For more details see Board and executive 
leadership, page 7. 
RELEVANT LEGISLATION 
AND REGULATIONS
(list not exhaustive, only key regulations listed) 
South Africa
•
Mine Health and Safety Act and
Regulations 29 of 1996
•
Occupational Health and Safety Act 85 
of 1993
United States
•
Federal Mine Safety and Health Act of 1977
•
The Occupational Safety and Health Act
of 1970
•
Other US’ governmental divisions such as 
the Bureau of Alcohol, Tobacco, Firearms 
and Explosives, the Nuclear Regulatory 
Commission, and the Department of 
Homeland Security also regulate operations
in the interests of public security
Europe
 Finland 
•
Occupational Safety Act 738 of 2002
•
Rescue Act 379/2011 
•
Act on the Safe Handling and Storage 
of Dangerous Chemicals and Explosives 390 
of 2005
France 
•
Code du Travail (Labor Code)
•
Code de la Santé Publique (Public Health 
Code)
ASSURANCE AND REVIEWS
•
Ongoing workplace inspections are 
conducted to assess conformance to 
standards, procedures, guidelines, and
legal requirements
•
Internal audit and the multidisciplinary 
PIVOT system monitor various parameters; 
several external agencies (e.g., DMRE) 
conduct safety inspections and 
unscheduled audits
•
External and internal audits are facilitated
by the Group’s internal audit department 
and include safety audits that measure 
compliance, reporting on leading and 
lagging indicators, including ICMM and 
WGC requirements
•
ISO 45001:2018 Occupational Health 
and Safety system gap audits are also
conducted to measure compliance 
for certification. Certification audits 
are conducted by external parties
•
At the US PGM operations various internal 
safety audits are conducted as is 
emergency response testing and external
assurance on compliance and indicators
•
High-potential incident and fatality reviews
are conducted and serve as another layer 
of oversight
•
A formal agreement that covers safety and
health is in place with the majority union, 
which defines how full-time and part-time 
safety representatives are elected, trained 
and appointed
•
Independent review of our safety 
programme, by a leading industry
safety expert
Key supporting policies and policy statements
Health and safety policy statement (¸ see www.sibanyestillwater.com/about-us/governance), Emergency mandatory code of practices, 
Group minimum standards, Critical controls, Critical life-saving behaviours, Critical management routines
CONTINUOUS SAFE PRODUCTION continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
127

ZERO HARM STRATEGIC FRAMEWORK
Our Zero Harm strategic framework provides the basis for embedding our Safety strategy:
OVERVIEW 
In 2022, our health and safety focus was on the elimination of 
fatalities in our operations and the management and mitigation of 
high-potential incidents (HPIs). Following the tragic 21 fatal incidents 
in 2021, our safety priority shifted focus from total recordable injury 
frequency rate (TRIFR) to prioritising the elimination of fatalities, 
encapsulated in a fatal elimination strategy. The fatal elimination 
strategy was formulated on fundamental risk management 
practices to mitigate against high-energy risks in our operations. 
The strategy is benchmarked against global industry best practice 
and its effectiveness was reviewed by an independent third-party 
safety expert, Stephen Eichstadt.  
Despite a significant year on year improvement in all safety metrics, 
the tragic loss of life in 2022, where five of our colleagues passed 
away in mine related incidents, is a reminder that we still have a 
journey to travel to sustainably eliminate fatal incidents from our 
operations. Our sincere condolences go to the families and friends 
of our departed colleagues.
Within the South African mining industry there were 49 fatal 
accidents in 2022, a 34% improvement compared to the previous 
year (79). Sibanye-Stillwater’s decrease of 75% in fatal accidents 
compares favourably with industry trends, however Fatal elimination 
remains our number one safety priority. A notable achievement 
during 2022, was the first time where the Company did not record a 
single fatal accident due to a fall of ground, traditionally one of our 
highest risk areas. 
During 2022, the Company adopted the ICMM safety reporting 
protocols, including integrating their safety definitions into our 
critical controls. We are active participants in the ICMM Health and 
Safety working group and have provided the working group with an 
update on progress made towards our Fatal elimination strategy. 
Regular comparison against third-party benchmarks are also 
undertaken and the majority of our operations have been ISO 45001 
certified, including the South African and US operations as well as 
the recently-acquired Sandouville refinery. 
While our immediate focus is on high-energy risk mitigation to 
sustainably  eliminate fatal incidents, our Zero Harm framework 
remains relevant to implement this strategy and underpins our 
ultimate objective of achieving Zero Harm.  
Despite the focus being on high-energy risk mitigation, all our 
lagging indicator trends continued to progress, with significant  
year-on-year improvements. This demonstrates that our risk 
mitigation approach, driven by line management, benefits all injury 
metrics. Further, it provides a measure of confidence that the Fatal 
elimination strategy and safety focus in 2022 significantly 
contributed towards achieving the intended safety results.
Our initial Group TRIFR benchmark (noting that  injury frequency 
rates are measured using this metric) is 4.0 per million hours worked, 
which is to be achieved by 2025, is a milestone on our journey to 
Zero Harm. We saw our TRIFR reduce from 7.10 in 2021 to 5.07 in 
2022. Similarly, our lost time injury frequency rate (LTIFR) reduced 
from 6.02 to 4.41, and our serious injury frequency rate (SIFR) 
reduced from 3.78 to 2.91. Our fatal injury frequency rate (FIFR) 
reduced from 0.13 in 2021 to 0.033 in 2022 – the lowest rate during 
the 10 years of the Group’s existence. 
Fatal elimination strategy
Significant progress on our Fatal elimination strategy was achieved 
in 2022. The strategy considers line management taking 
responsibility for safety, through a focused and calculated risk 
reduction approach by defining and applying critical controls, 
CONTINUOUS SAFE PRODUCTION continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
128

critical life saving behaviours, and critical management routines, 
with the aim of “blocking the path to death”.
This Fatal elimination strategy emphasises a focus on leading 
indicators and behaviours, rather than lagging or historical 
measures and in addition to the implementation of our critical 
controls and life saving behaviours through our management 
routines also encourages the improved reporting and recording of 
HPIs. HPI’s are defined in terms of incidents where an injury occurred 
with the potential for loss of life (IPLL) and incidents where no injury 
occurred but had the potential for loss of life (NIPLL), i.e. near misses. 
The enhanced reporting of HPI’s by operational teams has not only 
driven greater awareness of risk, but has also facilitated a more 
proactive approach in anticipating and mitigating risk through  
intensive investigations and applications of learnings from such 
incidents prior to loss of life occurring.
In addition to the enhanced HPI reporting introduced during 2022, 
we have enhanced our incident investigation methods by 
incorporating a behaviour analysis model and implementing a 
simplified “Learning from Incident (LFI)” process that shares incident 
learnings across the group in an efficient and easy to implement 
manner. We have further engaged with The Minerals Council of 
South Africa’s LFI task team to play an active role in further 
developing this novel approach with our South African peers. 
The Fatal Elimination Strategy is essentially a culture change initiative 
driven throughout our operations that requires management teams 
to continually assess the appropriateness and effective 
implementation of our critical controls to reduce risk but also to 
understand the reason for unsafe behaviour.  In addition it 
encourages frontline employees to exercise their right to call for 
safety stoppages. Through initiatives of engaging and training 
employees to recognise risk and understand their rights, not to 
undertake unsafe acts, has led to an increased ratio of frontline 
employees calling for safety stoppages compared to safety officers 
and senior management. For H2 2022 we achieved our initial target 
of 20% of frontline employees initiating safety stoppages, a ratio we 
will strive to see increase as our strategy is further embedded across 
the operations. 
Our renewed focus on leading indicators and behavioural analysis 
has demonstrated that despite the significant progress we have 
made during 2022, reflected in vastly improved year on year 
lagging safety indicators, we still have  a journey to follow, to 
embed our strategy throughout all 84,481 employees and 
sustainably reduce risk in our operations to eliminate fatal incidents. 
Group minimum safety standards
While Sibanye-Stillwater has always maintained a set of safety 
standards, the incorporation of different operating entities into the 
group over the years has resulted in these standards lacking 
consistency, standardisation and the ability to be universally 
implemented. 
In the year under review, management refined and documented a 
universal set of Group Minimum Standards (GMS) for safety. This 
included the identification of 19 standards, with critical controls and 
behaviours associated with each standard benchmarked against 
both local and international peer groups. Each standard has a 
designated technical owner who are responsible for any deviation 
from the GMS and have supporting implementation plans for each 
operation to achieve full compliance which each standard. Each 
GMS is defined with implementation tools and monitoring systems, 
and it is expected that these standards will be fully implemented 
Group-wide during 2023. 
Humanising safety by ‘visualising the risk’ 
Visual aids, animated video presentations, live performances 
through industrial theatre and other visual depictions of the GMS 
are important for communicating the GMS message to all 
employees.  This ensures a full understanding of the GMS such that 
the anticipated behavioural change within the workplace may be 
realised. This engagement and communication approach is 
referred to as ‘humanising safety’. 
During 2022, industrial theatre performances relating to rock fall 
hazards effectively demonstrated the consequences of 
uncontrolled energy release, contributing to the decrease in Fall 
of Ground related incidents and the first year ever that the group 
did not experience a rock fall related fatal incident. The visualisation 
of other hazards associated with uncontrolled releases of high-
energy, are key to assisting an understanding of the consequences 
of unaddressed risk and thus driving our intended culture change. 
The Company has invested in visualisation packages 
to demonstrate such incidents, fatal accidents, and selected HPIs. 
These animations are used during workplace orientation sessions, 
safety meetings, operational meetings and training programmes. 
Sibanye-Stillwater is also a founding partner to the International 
mining safety (IMS) hub where this important work on eliminating 
workplace fatalities is developed and shared with peer companies. 
Critical controls 
As part of the Fatal elimination strategy, 50 critical controls have 
been identified to mitigate high-energy risk and are applied 
universally across the Group. These have been embedded into our 
safety management system and are continuously measured in 
terms of their appropriateness for site specific fatal elimination plans. 
Deviations or non-conformance to critical controls are an important 
leading indicator in identifying both areas and tasks that are not 
conforming to our minimum standards and allow management 
teams to investigate the reasons thereof and apply mitigating 
actions to address such non-conformance.   
Behaviour model and leadership
A critical aspect of the Fatal elimination strategy is understanding 
human behaviour that leads to high risk activities and how this can 
and should be addressed. This also institutes a fair and just outcome 
for behavioural violations. In 2022, 216 employees from the SA 
operations were dismissed for safety violations. Although it is always 
regrettable to dismiss employees, we are compelled to draw a strict 
line on unsafe behaviour.
In reviewing our safety related incidents, we consider a detailed 
behavioural model that considers three broad categories of 
behaviour, namely:
1. Lapses/mistake which requires training and/or coaching of an
employee
2. Violations (be it routine, cultural, or situational) that is driven by a
situational or broader cultural shortcoming which requires change
management or a revisions/addition of operating practices
3. Reckless or wilful violations, possibly for personal gain or as an act
of sabotage, that requires appropriate disciplinary action
This behaviour model is fully integrated into all investigations and 
guides supervisors on how to deal with each case on its merits, as 
well as instituting learning and action therefrom to ensure such 
incidents are not repeated. Our behaviour model is aimed at 
promoting both management and individual accountability, while 
enabling employees to operate safely. This model is complimented 
CONTINUOUS SAFE PRODUCTION continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
129

by management culture assessments (“Mirror Assessments”) 
that facilitate the identification of individual leaders and wider 
operational areas where there is poor alignment to our safety 
practices, highlighting the need for interventions. 
Shifting behaviour 
To facilitate the roll out of the Fatal Elimination Strategy and 
promote life saving behaviour, the following initiatives have been 
implemented:
•
A personalised Life-saving commitment booklet, which includes
a description of the19 GMS’s, as well as associated critical
controls, behaviours and routines has been voluntarily signed by
more than 98% of employees
•
One-page summaries of all high-potential incidents has been
designed and implemented to effectively and efficiently
communicate incident learnings across the group
•
A review and continuous improvement process has been
embedded into the HPI investigation process to enhance critical
controls, critical life-saving behaviours and routines
•
An optimised induction process for new employees to include a
commitment to uphold critical controls, critical life-saving
behaviours and routines
•
Treating contractors like employees with the same responsibilities
and rights. This includes the development of a compliance portal
to ensure that all legal, medical and training documentation for
contractors is up to date and compliant
Incentive/bonus systems to encourage safe behaviour
The drive to eliminate fatalities has included reviewing and aligning 
incentives for the right behaviours that drive mitigation of high risk, 
including reporting of HPI incidents, and recognising the rights of 
front line employees to stop work for safety reasons. During 2022, this 
included once off bonuses during known historical periods of high 
risk (for example the December / January period in the SA 
operations).    
The Company is currently reviewing all short-term incentives for 
operating teams, to ensure alignment between our safety and 
operational objectives. These incentive objectives are aimed at 
aligning compliance requirements for production teams, based on 
leading indicators, while safety officers incentives  will  be wholly 
independent of production targets. The implementation of these 
revised incentive targets will be completed by Q2 2023. 
Ã See Remuneration policy, page 241
Emergency planning
The Group crisis management plan guides the implementation of 
management structures, key responsibilities, and general 
procedures to follow during and after a crisis.  
Management has been trained in emergency control, including 
established mandatory codes of practices for emergency 
preparedness and response plans. In the event of a major incident, 
senior management establish and manage an emergency control 
room from which the event is coordinated and tracked. 
All employees are trained in emergency protocols and drills are 
regularly conducted. All supervisors are trained in first aid and have 
full access to first aid equipment. In total, in excess of 61,000 
employees have received first aid training. 
All underground workings are equipped with secondary escape 
routes and emergency refuge bays, regularly inspected by 
management teams. The most senior supervisor will take charge of 
an emergency situation to inform workers of the evacuation plan. 
Rescue proto teams will be deployed during a major or high-risk 
emergency rescue situation. Across the SA operations we have 154 
rescue team members, 21 proto teams, 18 medical practitioners, 
and 100 registered nurses. We have Rescue 911 paramedic 
deployments to all our operations. At our US operations we have 21 
mine rescue team personnel, and 16 emergency medical services 
team personnel. Additionally we have 15 employees that are both 
equipped to perform mine rescues and provide emergency 
medical services.
SAFETY FOCUS AREAS FOR 2023
The key safety focus areas for 2023 are aimed at continuing to 
enhance and improve our Fatal Elimination Strategy as well as to 
embed the strategy and understanding of our controls at all levels 
of the organisation. Key initiatives include: 
•
Embedding the critical controls, and critical behaviours into
Standard Operating Procedures such as pre-shift checklists and
enhancing supervision quality through the implementation of a
leadership program focused on Critical management routines.
•
Visualisation and simplification of our Group Minimum  Standards
to assist in contextualising risk and understanding the link to
mitigating risk through controls and behaviours.
•
Rolling out our “what good looks like” initiative to promote team
learning and sharing of best practice across the group.
•
To advance our “leadership mirrors” to promote engagement
and transparency between operating teams and supervisors,
ultimately to strengthen relationships amongst  our teams
•
To continue to expand the capture and analysis of leading
indicators to evaluate performance and mitigate risk before
harm has occurred.
•
To continue to develop and adopt technologies that engineer
out risk, especially in our highest risk areas of Rock Mass
Management, Rail Bound Equipment, Scrapers/Winches and
Rigging and Trackless Mobile Machinery. The Company is
already well advanced in the installation of Personal and Vehicle
Detection Systems (Level 9 PDS/VDS) on its trackless machinery
and is developing similar technology for Rail Bound equipment
and Winches and rigging. In addition, a seismicity roadmap has
been developed after having completed a comprehensive
seismicity study, involving international experts, to further improve
our Rock Mass Management technologies already implemented
such as permanent mesh and lace netting to mitigate rock-burst
support in stopes.
IMPACT OF ILLEGAL MINING AT THE SA OPERATIONS
Sociopolitical instability in South Africa (one of our material matters) 
manifests itself in various ways, specifically through the breakdown 
of the rule of law and the wanton disrespect of property rights. 
Illegal mining, and the inability of the authorities to prevent it, is one 
of the most pernicious manifestations of this. 
Illegal mining poses a major risk to the sustainability and safety of our 
operations, as a result of attacks on employees and security 
personnel as well as the damage and theft of property. Employee 
safety is threatened through being offered financial inducements to 
assist illegal miners, or directly threatened and forced into doing so. 
CONTINUOUS SAFE PRODUCTION continued
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130

In addition to direct personal safety, indirect threats to employees 
also exist such as the  increased risk of of employees to toxic fumes 
as a result of illegal miners burning cables underground to remove 
plastic casing, or the threat of electricity or communication 
disruptions due to illegal theft of copper cable. 
While illegal mining initially impacted primarily the SA gold 
operations, where illegal activities targeted the recovery and theft 
of gold, increasingly our SA PGM operations, are exposed to 
criminals accessing remote underground concessions to steal  
copper cable. This is in addition to surface substations being 
targeted by criminals where sadly an employee was killed during an 
armed attack by illegal copper thieves at our Cooke operations.
The greatest challenge in combatting illegal mining is the fact that 
South Africa’s criminal justice system is ill-equipped to adequately 
address and prosecute these actions. Surface illegal miners are 
generally only charged with trespassing, for which they are required 
to only pay a R300 admission-of-guilt fine. Additionally, reported 
incidents of illegal mining are reduced by the bribery – or coercion – 
of employees, contractors and officials in an effort to have them 
turn a blind eye to illicit activity in return for the equivalent of up to 
four-months’ salary in cash.
Several initiatives are currently considered to combat illegal mining.  
Random searches are conducted on employees to identify easily 
concealed low volume / high value material (e.g. precious metal 
concentrates) and are supplemented by body scanners in strategic 
locations.  Enhanced scanning facilities are being further 
investigated and commisioned.   
Where possible, copper for communication purposes is being 
replaced by fibre and wireless technology to reduce 
communication loss risk and disincentive criminal activity. 
In respect of contractors who are complicit with illegal miners, our 
response is to tighten our integrity testing for outsourced companies. 
Should our own employees be found to be involved in abetting 
criminal activity, disciplinary processes are followed, which can 
lead to dismissal an criminal charges being laid. We encourage 
employees to report illegal activities and we reward employees for 
information that leads to the arrest and prosecution of criminals.
The Social, Ethics and Sustainability Committee is aware that 
increased illegal mining activities are jeopardising the safety of 
assets and employees. The committee has recommended for 
an awareness campaign to highlight the costs of criminality. 
The committee is also assured that management are conducting 
detailed risk assessments to strengthen the Protection services 
strategy to improve safety and security. 
We are improving fencing around our property, adopting 
technology solutions (including video analytics, thermal cameras, 
and drones) around our operations to develop reliable early-
warning signals for intrusions and have established a Central 
command and control centre at our Rustenburg operations, from 
where our different technologies can be monitored and managed. 
We work with the Minerals Council to promote a unified industry 
response to the illegal mining crisis. It is our preference that mining 
companies in the same jurisdiction work together (sharing 
intelligence and resources) in combatting illegal mining. We will 
continue to urge other companies to work with us in defending 
our assets and in defending the rule of law. 
During 2022 we recorded 363 incidents of illegal mining and 1,115 
arrests of illegal miners. 
2 See Combating illegal mining fact sheet 2022,
¸ www.sibanyestillwater.com/news-investors/reports/annual
Intelligent fatigue management
The SA PGM operations partnered with EC Blaauw, our largest transporter of raw materials, to launch an intelligent fatigue 
management system. The system uses technology to monitor drivers in real-time for signs of fatigue. This enables us to improve driver 
safety, and we will send replacement drivers if needed. This intervention not only supports the Fatal elimination strategy but monitors the 
wellbeing of drivers. Driver fatigue alerts are tracked per hour and the intelligence drawn from the analysis informs safety and wellbeing 
improvement measures.
CONTINUOUS SAFE PRODUCTION continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
131

17 million 
Total Marikana processing (Smelting, refining and concentrators)
5 December 2022
 6 million 
Marikana west operations
18 July 2022
 5 million 
SA PGM mining operations
7 August 2022
 4 million 
Marikana conventional mining operations
18 August 2022
SA PGM operations
4 August 2022
SA PGM mining operations
21 June 2022
Marikana K3 shaft operations
2 June 2022
Kroondal and Rustenburg operations
9 December 2022
Kroondal and Rustenburg plants and concentrators
26 November 2022
Kroondal and Rustenburg mining operations 
1 November 2022
 3 million 
Kroondal surface operations
14 August 2022
Marikana operations
5 July 2022
 2 million 
Thembelani shaft operations
4 September 2022
Asset management
8 August 2022
Marikana mining operations
22 June 2022
Marikana Saffy shaft operations
10 January 2022
Rustenburg mining operations
1 September 2022
 1 million 
Rustenburg concentrators unit 1
22 August 2022
Kroondal mining operations
11 August 2022
Rustenburg operations
24 June 2022
Kroondal operations
9 June 2022
Rowland shaft operations
24 February 2022
Kroondal and Rustenburg security department 
8 February 2022
Khuseleka operations
20 December 2022
Bathopele operations
13 December 2022
Fatality-free shifts worked
SA and US PGM operations
Date achieved
Fatality-free shifts worked
SA gold operations
Date achieved
3 million shifts
Kloof Ikamva shaft
18 September 2022
2 million shifts
SA gold operations
27 August 2022
Total Kloof 
4 October 2022
1 million shifts
Total Kloof
14 February 2022
SA gold operations
9 July 2022
Total Driefontein
20 September 2022
SA gold operations 
25 November 2022
Beatrix operations 
14 December 2022
CONTINUOUS SAFE PRODUCTION continued
PERFORMANCE
Our safety models and investigations now clearly address failures as they relate to critical controls, critical life saving behaviours, and critical 
management routines. Our behaviour model provides a fair reflection of management accountability and of whether individual behaviour 
constitutes wilful disregard. The marked improvements in safety performance during 2022 on the back of our Fatal Elimination Programme 
demonstrate the importance of instituting a robust safety culture and of spending quality time with frontline teams embedding the right 
behaviour and risk management . 
Leading indicators show that non-compliance to critical lifesaving behaviours is by far our biggest challenge, which highlights the need for 
leadership to facilitate a change in behaviour and prioritise critical controls and routines. 
SIBANYE-STILLWATER INTEGRATED REPORT 2022
132

In memoriam
We extend our heartfelt condolences to the families and friends of those who lost their lives during 2022 while working in our operations. 
19 January 2022
SA gold - Driefontein - Pitseng shaft
Mr Thabile Cele
Employee
Loco Driver Main 
Haulage MW
RBE Tramming 
Operations 
14 February 2022
SA PGM - Surface service - K2 
Offloading area
Mr Mmboniseni Mphaphuli Employee
Train Driver Assist SF
Surface RBE Operations
29 August 2022
SA PGM - Marikana - Saffy shaft
Mr Stanford Tyobeka
Employee
General Production UG
Scraper Cleaning 
Operations
30 August 2022
SA PGM - Marikana - Rowland shaft Mr Mzolisi Msiya
Employee
Artisan Fitter UG
Mud Rush 
8 October 2022
SA gold - Kloof - Thuthukani shaft
Ms Fezeka Ntlekisana
Contractor
Loco Driver Battery MW
RBE Tramming Operation
Date
Operation
Name
Employee/ 
contractor
Occupation
Incident
CONTINUOUS SAFE PRODUCTION continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
133

Safety performance
2022
2021
2020
Group
US 
region
EU 
region
SA region Group5
US
operations
SA operations
Group
US 
operations
SA operations
PGMs
PGMs
Gold
PGMs
 PGM
Gold
PGMs
PGMs
Gold
Fatalities
5
0
0
3
2
21
2
6
13
9
0
5
4
Fatal injury frequency 
rate1
0.03
0.00
0.00
0.03
0.04
0.13
0.44
0.07
0.19
0.06
0.00
0.06
0.06
Number of lost-time
injuries
668
18
5
420
225
951
31
529
391
840
34
441
365
Lost-time injury frequency 
rate (LTIFR)1
4.41
4.03
8.88
4.36
4.48
6.02
6.77
6.21
5.72
5.56
7.98
5.37
5.65
Total injury
frequency rate4
6.29
23.07
71.01
5.63
5.34
9.8
33.8
9.89
7.4
8.52
12.67
9.5
6.99
Number of serious
injuries
441
18
1
262
160
598
27
297
274
458
27
200
231
Serious injury frequency 
rate (SIFR)1
2.91
4.03
1.78
2.72
3.19
3.78
5.90
3.49
4.01
3.03
6.34
2.44
3.57
Medically treated injury 
frequency rate (MTIFR)1, 2
0.66
3.58
1.78
0.54
0.62
1.08
3.71
0.88
1.16
2.95
4.69
4.13
1.35
Total recordable injury 
frequency rate (TRIFR)1
5.07
7.61
10.65
4.90
5.10
7.10
10.48
7.09
6.88
6.69
12.67
6.30
6.81
Total recordable
injuries
768
34
6
472
256
1,122
48
604
470
1,011
54
517
440
Number of Section 54/ 
regulator work stoppages
105
3
0
77
25
82
3
42
37
68
2
29
43
Production shifts lost 
owing to Section 54/
regulator stoppages
43
0
0
39
4
179
 6
106
67
200
30
154
46
Total hours worked
(millions)
151.49
4.47
0.56
96.24
50.22
158.1
4.6
85.1
68.3
151
4.3
82.1
64.6
Note: Safety statistics include contractors. 
1 Per million hours worked: total number of accidents x 1,000,000 hours worked
2 Also referred to as treat-and-return injury frequency rate, which includes certain minor injuries
3 The US PGM operations have not tracked this figure before 2021
4 These US operations’ statistics include instantaneous gas exposure without consideration of a 15 minute time weighted average
5 The SA gold operations recorded a fatal accident on 27 February 2022, this was however restated to the date of accident 21 October 2021, as per reporting protocol. 
Mr Madie (a contractor)) was injured during a scraping and rigging accident on  21 October 2021 and passed away as a result of his injuries on 27 February 2022
Our performance in perspective: SA peer comparison1
Company
Serious injury 
frequency 
rate
Serious injury 
frequency rate
ranking
Lost time
injury 
frequency 
rate
Lost time 
injury 
frequency 
rate ranking
Fatal injury 
frequency 
rate
Fatal injury 
frequency 
rate
ranking
PGM
Sibanye-Stillwater SA PGM operations
2.72
2
4.36
2
0.03
3
Peer
3.78
3
5.18
3
0.02
2
Peer
1.24
1
1.95
1
0
1
Gold
Sibanye-Stillwater SA gold operations
3.19
1
4.48
1
0.04
1
Peer 
3.83
2
5.72
2
0.1
2
1 Rates are per million hours worked. Peers include: Harmony Gold, Anglo American Platinum and Impala Platinum
CONTINUOUS SAFE PRODUCTION continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
134

SA gold operations
Tragically, we suffered two fatalities in 2022. These fatalities 
both involved rail-bound equipment and occurred at Driefontein 
(Pitseng shaft) and Kloof (Thuthukani shaft). All fatal accidents are 
investigated in line with the Group incident investigation standard in 
order to identify the root causes of the incident through an initial in 
loco investigation and, thereafter, causation model including 
assessments against the critical control, critical life-saving behaviour 
and management routines. The Executive Committee reviews the 
investigation and findings are delivered to the Safety and Health 
Committee of the Board for analysis.
Learning from these incidents, we implemented a number of 
controls at our SA gold operations, including
•
Level 9 vehicle detection and pedestrian detection systems on
trackless mobile equipment
•
New technology for winch-signalling devices
•
Interactive incident reporting, including simulation of HPIs to
enhance learning from incidents
•
Industry-leading practice behaviour model as part of accident/
incident investigations
In 2022, our SA gold operations progressed its risk management 
process and completed the ICMM aligned critical control selection 
process. This was a key milestone in the fatal prevention plan. 
SA PGM operations
Tragically, our SA PGM operations recorded three fatalities in 2022. 
The fatalities were caused by surface rail-bound equipment 
operations, scraper cleaning operations and a mud rush that 
occurred at a box front.
The following control enhancements were implemented to prevent 
similar accidents
•
Surface railways – enhanced lock out controls to prevent
unauthorised equipment operation
•
Scraper cleaning – enhanced interventions implemented for risk
assessment competency in abnormal situations. Revised
standard for cable installation to winches to mitigate the risk of
cables being damaged during blasts
•
Mud rush – Enhanced escalation procedures for significant risk
Operational teams continued to develop fatal elimination plans at 
VP and Mine Overseer levels to address significant risks identified 
through leading indicators for critical controls and critical life-saving 
behaviour.
US PGM operations
We are pleased that there were no fatalities at our US operations 
and that we achieved a reduction of approximately 51% on fall 
of ground incidents.
The US operations are now commencing with formal auditing 
and analysis of safety data. A revised commitment programme 
and measures were finalised in late 2022.  
Sites introduced a new tracking system to improve the capturing 
of operator level work stoppages.   
We are using the training database to communicate safety 
messages and instructions, as well as to promote the Life-saving 
commitment booklet. All employees have received these booklets 
and we are encouraging supervisors and employees to discuss the 
purpose and significance of signing them. 
Leadership teams at our US operations will initiate mirror assessments 
during 2023.
EU region
The relatively high injury rate of the EU region is partly a function of 
how injuries are recorded. Legislation requires that relatively minor 
incidents are recorded as lost workday incidents. Sandouville 
management is looking at normalising safety reporting data to align 
it with Group and ICMM reporting methodology and make it 
directly comparable to other operations. 
Sandouville refinery employees received training on Sibanye-
Stillwater’s safety methods and models. The EU will require a full gap 
analysis on the GMS and a fatal elimination plan to ensure 
alignment to the Critical control, Critical lifesaving behaviours and 
Management routine to support the humanisation of our Group 
risk areas.
A perception study at Sandouville revealed that stress levels 
and burnout among employees could be contributing to safety 
violations. We will address this, and continue to embed our safety 
approach as we further integrate the European region in 2023. 
Keliber began its construction phase in 2023. All employees undergo 
compulsory occupational safety training. Additionally, any person 
visiting or working at the site must attend site safety orientation 
training. Firsts aid and usage of fire extinguishing trainings are in 
place. A reporting system to report safety, environmental or a 
quality incident or observation is under development. The work to 
be ISO 45001 certified has started.
US PGM operations: injuries by category
2022
2021
2020
Struck by objects (tools, 
equipment and others)
4
13
14
Strains/soft tissue injuries
4
4
10
Slips/trips/falls
7
6
10
Caught in/between
7
12
8
Rockfall
3
5
3
Operating equipment
5
2
2
Operating jackleg
2
0
2
Eye injuries
0
4
0
Chemical burns/other
0
0
0
Other
2
2
3
Total
34
48
52
EU region: injuries by category
Struck by objects (tools, 
equipment and others)
0
0
0
Strains/soft tissue injuries
1
1
0
Slips/trips/falls
2
2
0
Caught in/between
0
0
0
Rockfall
0
0
0
Operating equipment
1
1
0
Operating jackleg
0
0
0
Eye injuries
0
0
0
Chemical burns
0
0
0
Other
2
2
0
Total
6
6
0
2022
EU region Sandouville
Keliber
CONTINUOUS SAFE PRODUCTION continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
135

FUTURE FOCUS
GROUP
•
Focused effort on fatality prevention through the application of the three pillars: critical controls, critical life 
saving behaviour and critical management routines
•
Evaluating leading indicators for critical management routines
•
Implementing a system for personal accountability in improvement of leaders and supervision performance 
through mirror surveys
•
Training with visualisation of risks, supported by communication through all levels of operations
•
Investigate the incentive models to align with the Fatal elimination strategy
•
Institutionalise Sibanye-Stillwater’s safety approach through improved leadership
•
Embedding of  the Fatal elimination strategy
SA GOLD 
OPERATIONS
•
Critical controls, life-saving behaviours and management activities incorporated into checklists at various levels
•
Implementation and monitoring of specific requirements for key risk areas
•
Emphasis on closing out issues in line with requirements by operations and line management, to promote 
accountability for safe work
•
Identification of injuries and incidents with potential for loss of life and the tracking of key learnings
•
Leadership mirror accountability
SA PGM 
OPERATIONS
•
Focused effort on line management self-auditing
•
Critical controls, life-saving behaviours and management activities incorporated into checklists at various levels
•
Leading indicator transmission and data transformation to direct senior management proactive intervention
•
Promote awareness on MSHA Section 22 and 23 requirements (the right to withdraw from unsafe work)
•
Leadership mirror accountability
EU REGION
•
Gap analysis on Group minimum standards
•
Alignment to Group fatal elimination methodology to priority unwanted events and principles of critical controls, 
critical lifesaving behaviours and critical management routines
•
Developing measures for leading indicators
US REGION
•
Complete work on ISO 45001 accreditation
•
Complete bowties on 19 Group minimum standards, implement critical controls, Standard Operating Procedures
review based on risks
•
Embed critical controls and critical life-saving behaviours into operator checklists
•
Audit effectiveness reviews on critical controls and correction actions
•
Health management plan development; sampling schedule and health risk assessment
process; sampling methodology
•
Leading indicators: near-miss reporting, tracking high risk (Class A) hazards; these indicators to inform quarterly
safety focus
CONTINUOUS SAFE PRODUCTION continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
136

HEALTH, WELLBEING AND OCCUPATIONAL 
HYGIENE
WHAT WE DID IN 2022
SUCCESSES
•
Over 99% of our employees have medical insurance
•
Psychological wellbeing assessments completed
SA operations
•
Reduction in the number of workplaces exceeding 31oC
•
Buy quiet strategy, to reduce noise levels, implemented
US operations
•
DPM strategy with a three-pronged approached developed
CHALLENGES
•
Challenges in implementing DPM given worldwide semiconductor 
shortage 
BENCHMARKS
Status
See Ã
ALIGNMENT WITH SDGs
•
Diesel particulate filter fitment for PGM diesel fleet; expected
completion Q4 2023
In progress
Page 146
2 See the supplementary disclosure – 
Progressing the UN’s SDGs 
¸ www.sibanyestillwater.com/news-
investors/reports/annual/
•
Development of mental health resilience 
In progress
Page 141
•
Universal health coverage across the business
In progress
Page 139
•
100% annual re-measurement of WHO-5 against 2022 baseline, 
determination across all operating jurisdictions
In progress
Page 141
APPROACH
Our iCARES values guide our approach to health and wellbeing. 
We participate in the health working group of the ICMM. 
As mandated by the Mine Health and Safety Act (MSHA) all 
employees and contractors whose jobs expose them to risk undergo 
annual medical examination. Our care to employees includes
•
Occupational health resources that assess risks, determine fitness
to work, and manage disease and rehabilitation
•
Primary health care centres with doctors and nurses managing
cases 24/7
•
Shaft clinics within walking distance from the workplace offering
primary health care facilities, including health assessments and
treatment for communicable diseases and chronic ailments
•
Satellite primary health care clinics
•
Employee assistance programme (EAP) that includes counselling
for employees and immediate family, provided by ICAS via 24/7
multilingual toll-free call centre and on-site social workers
•
Emergency medical services equipped with paramedics and
24/7 rescue capability
•
Hospital network with specialised care for trauma and for
occupational injuries and diseases
SIBANYE-STILLWATER INTEGRATED REPORT 2022
137

ACCOUNTABILITY, GOVERNANCE AND ASSURANCE
GOVERNANCE
ACCOUNTABILITY
Board
•
Social, Ethics and Sustainability Committee 
•
Audit Committee
Executive Committee and C-suite
•
The ESG Committee reports into the Social, 
Ethics and Sustainability Committee
•
Chief Regional Officers
Regional
•
EVP and Head of Group Human Resources
Operational
•
The SA Senior Vice President: Health and 
Employee Well-being has oversight of the 
health and well-being programmes at 
Sibanye-Stillwater. Health has a central 
oversight with unit managers at the SA 
operations
•
The Senior Safety Manager has central 
oversight at the US operations for 
occupational health and employee 
wellbeing. Site Safety Managers provides
support to the Senior Safety Manager
•
Health and safety full-time representation 
see to it that the health and safety 
programmes are agreed to and are 
effective
RELEVANT LEGISLATION 
AND REGULATIONS
(list not exhaustive, only key regulations listed) 
South Africa
•
Mine Health and Safety Act of 1996
•
Occupational Diseases in Mines and Works
Act of 78 of 1973
•
Compensation for Occupational Injuries
and Diseases Act 130 of 1993
•
National Nuclear Regulator Act 1999, 
Act 47 of 1999, and Regulations
•
Mine Health and Safety Council milestones
United States
•
Federal Mine Safety and Health Act
of 1977
•
Occupational Safety and Health Act
of 1970
Europe
Finland
•
Occupational Safety Act (738/2002) 
•
Occupational Health Care Act (1383/2002)
•
Workers’ Compensation Act (459/2015)
France 
•
REACH Regulation (1272/2008 EC) 
•
CLP Regulation (1272/2008) 
•
Occupational risk assessment document
(DUERP) is compulsory 
The Group also adheres to the ICMM and WGC 
Responsible Mining principles on safety and 
health.
ASSURANCE AND REVIEWS
•
Sibanye-Stillwater’s health performance is 
monitored and verified by several external
agencies such as Registrar for Medical 
Schemes, Department of Health and the 
DMRE 
•
Audits relating to the Compensation for 
Occupational Injuries and Diseases Act 
(COIDA), in terms of compensation for 
occupational injuries and diseases; external
assurance on performance indicators by 
PwC (Ã page 281); Occupational diseases
in Mines and Works Act audits for TB and 
silicosis cases
•
At the US PGM operations, health 
performance is verified and monitored by 
the Mine Safety and Health Administration, 
Montana Department of Labor and 
Industry, as well as by the US Department 
of Labor; the Blue Cross Blue Shield of 
Montana and the Brokers and actuaries at 
Hub International’s consultants also review 
our performance
•
In France, compliance with occupational 
health laws is enforced by representatives
of the state itself, called the labour 
inspectorate
•
In Finland the compliance with 
occupational safety and health laws are 
enforced by occupational safety and 
health authorities that operate under 
Regional State Administrative Agencies. 
The main method of enforcement is 
workplace inspections
Key supporting policies and policy statements
•
Health and safety policy statement (¸ see www.sibanyestillwater.com/sustainability/reports-policies/)
•
Medical surveillance programme and ISO 45001 
•
Alcohol, drugs and prohibited substances policy
•
Mandatory code of practices covering, among others fitness to work, COVID-19, noise, thermal stress and occupational health programmes
•
Radiation protection quality management policy
Sibanye-Stillwater’s approach to health and occupational hygiene is guided by UN SDG 3.
In terms of the wide-ranging SDG 3, sections 3.3 and 3.7 are the most relevant for Sibanye-Stillwater. The former (communicable diseases) aims to ‘End the 
epidemics of AIDS, tuberculosis, malaria and neglected tropical diseases and combat hepatitis, water-borne diseases and other communicable diseases.’ 
The latter (sexual and reproductive health) aims to “Ensure universal access to sexual and reproductive health-care services, including for family planning, 
information and education, and the integration of reproductive health into national strategies and programmes.” SDG 3.4 (Promoting mental health) is 
also of significance for us. Ã See page 142 (HIV/Aids); page 141 (tuberculosis); page 139 (universal health cover); and page 141 (mental health services). 
2 See supplementary disclosure: Progressing the UN’s SDGs ¸ www.sibanyestillwater.com/news-investors/reports/annual/
HEALTH, WELLBEING AND OCCUPATIONAL HYGIENE continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
138

SA OPERATIONS’ HEALTH STRATEGY
2019-2020
2021-20231
2024-20301
•
Align medical scheme(s)
•
Standardisation of SA operations’ health 
and wellness
•
People, processes and systems focus
for efficiency
•
Intentional bias towards in-house medical
scheme
•
Sustaining efficiency of health and wellness
•
ISO 45001 certification of in-house health 
systems 
•
Focus on clinical governance and audit
•
Align to National Health Insurance (NHI)
•
Focus on service provider networks
•
Enhanced occupational health services
and wellness efficiency
Integral wellbeing 
We are committed to furthering the ‘integral wellbeing’ of our employees. By this we mean wellbeing that goes beyond basic mental and physical 
health, encompassing the full potential and purpose of the human personality. Among other things, this involves a commitment to
•
Promote a safe and healthy working environment in pursuit of optimum productivity and preservation of human life and wealth
•
Enhance our employee value proposition with a workplace culture that is holistic (integral) and that prioritises wellbeing
•
Encourage employees to take responsibility for their own wellbeing
•
Enable the Group to better oversee the wellbeing of employees, particularly when this impacts organisational objectives
•
Reduce health and wellbeing costs
•
Integral wellbeing policy include mental health
1   Timelines could potentially be impacted due to government rollout regressions
Medical schemes
In 2013, only 8% of our employees had a medical scheme membership, as of 2023, 99% of our SA employees are on medical schemes.
Sources of health care funding (R million)
2022
2021
2020
Total
US PGM
EU region
PGMs
Gold
Total
US PGM
PGMs
Gold
Total
PGMs
Gold
Medical schemes
539
539
0
1,008
719
1,629 
— 
952 
677 
989 
661 
328 
Company-funded
444
444
0
131
145
762 
423 
130 
210 
431 
126 
305 
Compensation for 
occupational injuries 
and diseases1 (Rand 
Mutual Assurance)
289
NA
NA
144
145
291 
NA
125 
166 
371 
199 
172 
Occupational 
diseases in Mines and 
Works Act dust levies1
31
NA
NA
4
27
40 
NA
6 
34 
32 
3 
29 
Total2
1,304
983.6
0
1,287
1,036
2,722 
423 
1,213 
1,087 
1,823 
989 
834 
1  Care funding costs exclude Occupational Diseases in Mines and Works Act dust levies for gold (R392 million from 2013 to 2018) and PGM operations (R4.8 million 
from acquisition to 2018)
2  Excludes COVID-19-related expenditure
Funding employee health care (number of employees)
2022
2021
2020
Total
US PGM
EU 
region2
PGMs
Gold
Total
US PGM
PGMs
Gold
Total
PGMs1
Gold1
Principal medical 
scheme members
63,656
1,774
230
35,170
26,482
66,544
1,867
35849
28828
49,740
35301
6173
Employees on 
medical schemes – 
Principal members (%)
 99 
 97 
 100 
 98 
 100 
 98 
 95 
 99 
 97 
 62 
 96 
 22 
1  Medical scheme data has been automated and, through this process, the 2020 data has been updated    2  For Sandouville refinery and Keliber
HEALTH, WELLBEING AND OCCUPATIONAL HYGIENE continued
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Health care provision at the US PGM operations
The US government does not provide universal health cover. We have partnered with a local hospital in Montana to assist employees 
with infertility treatment, family planning, and artificial insemination. This gives credence to our commitment to UN SDG 3.7, which supports 
universal access to sexual and reproductive health. 
Finland’s health care
All of our Keliber employees are covered by occupational health care at no cost to the employee. It covers a wide range of treatments. 
In addition, all Finnish citizens are covered by the public healthcare system.
Health care at Sandouville 
In France, employees are covered by health insurance, which is compulsory. This health insurance is contracted by the employer, who 
passes it on to all these employees in return for a participation fee. In addition, all French people are also covered by a public health system.
PERFORMANCE
COVID-19
Emerging statistics are encouraging for protection against COVID-19, demonstrating 97% antibody protection, high vaccine immunity, 
and natural immunity within the general population and among Sibanye-Stillwater employees. The mandatory COVID-19 Code of practice 
remains in place and Sibanye-Stillwater continues to apply a risk-based approach to managing any pandemic in the workplace, including 
COVID-19. The vaccination sites will remain accessible at designated locations, including at some public health facilities. Health and safety 
remain our priority; protocols will be revisited and reapplied should the risk level increase. 
SA operations: chronic disease risk classification1 
2022
2021
1 Criteria 
group
2 Criteria 
groups
3 Criteria 
groups
More than 
3 criteria 
groups
Total
%
1 Criteria 
group
2 Criteria 
groups
3 Criteria 
groups
More than 
3 criteria 
groups
Total
%
SA gold
4,387 
3,171 
1,955 
500 
10,013 
 27 
4,708 
3,857 
2,268 
640 
11,473 
 30 
SA PGM
7,219 
6,020 
3,384 
1,188 
17,811 
 36 
7,233 
6,681 
3,622 
1,237 
18,773 
 38 
Total
11,606 
9,191 
5,339 
1,688 
27,824 
 32 
11,941 
10,538 
5,890 
1,877 
30,246 
 35 
1  Chronic disease risk criteria categories include, amongst others, diabetes, hypertension, TB, occupational lung diseases, HIV, heart diseases, being overweight, 
age, kidney failure and carcinomas
US PGM operations – Montana
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SA OPERATIONS
MENTAL HEALTH SERVICES
We take an integral approach to mental health and wellbeing. By this we acknowledge the role of community, culture, and value-system in 
shaping how we respond to the challenges of life. Our user-friendly wellbeing resources assist employees to reflect on their own mental 
health. Sibanye-Stillwater’s MyWellness application provides support for the physical wellbeing of all our employees, by providing a hands-on 
clinical rehabilitation facility to ensure safe return to work following illness or injury. It also comprises a virtual platform to encourage healthy 
lifestyle behaviour. Our employee assistance programme (EAP) at our SA and US operations spreads awareness about our various mental 
health initiatives, including integral wellbeing and trauma counselling. In 2022, we measured the psychological wellbeing of employees at 
our SA gold and PGM operations; we will continue this practice annually. Employees at our US operations and at Sandouville were, for the 
first time, assessed against psychological wellbeing principles.
For 2022, the off-site EAP engagement rate at our SA operations was 4.2%. High-risk cases for 2022 constituted 3.7% of the total engagement 
rate (including employee dependents). This compares to the high-risk rate of 2021 which was at 3.9%. The key drivers for high-risk cases in 
2022 were mental health, relationship difficulties and financial problems. Counselling services offer emotional support and psychological 
empowerment techniques to help employees. We offer (in conjunction with a third-party provider) a toll-free hotline that employees can 
call for psychological support. Our SA operations invested R4,9 million in our Employee wellbeing programme. Our operations in Europe and 
the United States also have access to EAP services.
Furthermore, victims of gender based violence (GBV) have access to free and confidential psychosocial support at our SA PGM and SA gold 
operations through GBV reporting and referral centres.
Tuberculosis
Since embarking on our objective to eradicate tuberculosis (TB) at our SA operations, we reduced active TB cases from 832 in 2014 to 201 in 
2022 (2021: 249). At our SA PGM operations year-on-year active cases increased from 197 to 203. This equates to a TB rate of 5.72 per 1,000 
employees at the SA gold operations and 4.37 per 1,000 employees at the SA PGM operations.
In pursuit of our goal of TB elimination from our operations we will continue with annual compulsory TB screening and compulsory case 
management. We have a post-employment TB programme in partnership with TEBA that manages patients on exiting the mine. This 
guarantees laboratory follow up, and medication.
SA operations: TB rates per 1,000 employees (new and retreatment cases) 
2022
2021
2020
Total
PGMs
Gold
Total
PGMs
Gold
Total
PGMs
Gold
Total TB
4.95
4.37
5.72
5.12
3.99
6.61
6.26
5.36
6.64
Pulmonary TB
4.19
3.94
4.53
3.97
3.46
5.17
5.41
4.69
4.73
Extra pulmonary TB
0.76
0.43
1.20
0.86
0.53
1.43
1.27
0.33
2.04
Cardiorespiratory TB
4.61
4.16
5.21
4.66
3.70
5.92
5.41
4.69
5.55
Multidrug-resistant TB
0.07
0.06
0.09
0.08
0.04
0.13
0.19
0.23
0.11
SA operations: number of new and retreatment cases of TB
2022
2021
2020
Total
PGMs
Gold
Total
PGMs
Gold
Total
PGMs
Gold
TB
404
203
201
446
197
249
494
257
237
Cardiorespiratory TB
376
193
183
406
183
223
427
225
202
New cases of drug resistant TB
11
4
7
11
2
9
11
11
New cases of multidrug-resistant TB
6
3
3
7
2
5
15
11
4
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HIV/Aids
In keeping with the 2025 UNAIDS HIV targets (which aligns with our commitment to meeting the UN SDG goals related to AIDS, notably SDG 3, 
ending Aids by 2030), our targets for HIV/AIDS are as follows
•
95% of people living with HIV (PLHIV) using combination prevention
•
95% of PLHIV knowing their status
•
95 % of people who know their status initiating treatment
•
95% on treatment being virally suppressed
•
95% coverage of services
•
95% of women having access to HIV and reproductive health services
We have various initiatives to achieve these targets
•
Compulsory HIV counselling and screening offered annually at all occupational health centres for all employees
•
Medical schemes reporting on linkages to treatment and status of viral suppression
•
Monitoring disease management programmes run by medical schemes, relating to highly-active antiretroviral therapy (HAART)
•
On average, 84% of HIV positive employees receive first line antiretroviral treatment
•
For those employees that exit the organisation – our HIV/HAART patients are transferred to the state programme or they remain on the
medical schemes disease management programme on leaving the organisation
SA operations: HIV, VCT1 and HAART (highly-active antiretroviral therapy)
2022
2021
2020
Total
PGMs
Gold
Total
PGMs
Gold
Total
PGMs
Gold
VCT offered
92,127 
50,577 
41,550 
88,187
44,511
43,676
76,819
42,986
33,833
VCT conducted
28,675 
23,335 
5,340 
29,041
23,036
6,005
30,606
22,125
8,481
VCT test-positive
660 
393 
267 
803
449
354
831
326
505
Proportion of workforce tested2
— 
— 
— 
0
0
0
0
0
0
New recipients of HAART3
3,844 
1,712 
2,132 
1,845
959
886
1,063
509
554
HAART patients alive and on treatment, total 
employees including category 3-8 employees4
14,620 
8,796 
5,824 
15,160
8,326
6,834
15,163
7,960
7,203
Employees who have left HAART programme5
817 
577 
240 
142
92
50
289
266
23
Note: Sibanye-Stillwater recognises the right of employees not to disclose their HIV status. 
1  Voluntary counselling and testing
2  VCT conducted as a percentage of total workforce (employees and contractors)
3  Previously the information only reflected Category 4-9 employees, but for 2020 those employees with medical schemes have been added
4  Entry-level mining employees (Category 4-9) of the SA gold operations
5  Employees who left HAART programme within 12 months of starting antiretroviral therapy (including retrenched employees with ill health and any other labour-related 
terminations)
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OCCUPATIONAL HYGIENE and MEDICINE
HEAT-RELATED ILLNESS 
Given the depth of some of our mines, thermal stress and heat-
related illness are serious risks for our SA operations. Our policy 
focuses on minimising exposure to temperatures above 31oC 
(wet bulb), which is 1.5oC below the legally allowed exposure of 
32.5oC (wet bulb). To do so we use underground ventilation and 
refrigeration systems, which are reviewed annually against planned 
production targets and their performance optimised to achieved 
acceptable conditions. 
All underground employees are trained, as part of the annual 
refresher training, on standards and procedures regarding thermal 
stress, including safe declaration, withdrawal temperature limits, 
stopping work without hesitation when temperatures exceed 
the limit. 
In 2022, we installed a cooling water system at the Siphumelele 
shaft (SA PGM); this and other measures has reduced the number 
of areas that exceed our temperature threshold. 
Temperature is included in the life-saving behaviours (our non-
negotiable rules that address risk areas), which instruct employees 
to withdraw if the temperature reaches 32.5oC. For our SA 
operations, the average wet bulb temperatures and air velocities 
were within acceptable limits for the year under review.
Our US PGM operations do not generally experience heat-related 
issues. 
Degrees Celsius
AVERAGE STOPE WET BULB TEMPERATURE
SA gold
SA PGM
Legal Limit
Action Level
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
0
5
10
15
20
25
30
35
Radiation exposure
Radiation hazards in our mines arise from naturally occurring 
radioactive uranium associated with the gold bearing reef. 
Our SA gold operations are regulated by the National Nuclear 
Regulator (NNR) in terms of the NNR Act (Act 47, 1999), which 
mandates us to have a nuclear certificate of registration (COR).
The NNR routinely conducts audits during the year to ensure 
compliance with various conditions and procedures of the COR. 
These cover a range of issues, including: managing radiation 
exposure, radioactive waste, decommissioning of projects, physical 
security and access control at regulated sites, medical surveillance 
of employees, radiation protection programmes. All the SA 
operations comply with COR conditions. The graph below shows 
our levels of compliance as per the NNR inspection audits 
conducted in 2020, 2021 and 2022. All mines achieved 100% 
compliance in 2022. Beatrix was not audited in 2021.
NNR AUDITS/INSPECTIONS
2020
2021
2022
Acceptable compliance index
DRF
KLF
BTX
Cook
Ezulweni
Burnstone
0
20
40
60
80
100
120
Our SA gold operations have a Radiation protection quality 
management policy. This demonstrates a commitment to integrate 
the management of radiological exposure into our business 
philosophy, ensuring adequate resources for compliance with 
all legal requirements (both national and international legal 
requirements), and to communicate all relevant matters regarding 
radiation to the relevant parties. 
The NNR national dose register steering committee oversees the 
rollout and implementation of the recording system of radiation 
exposure doses nationwide. All our SA gold operations upload 
their quarterly radiation exposure on to the national dose register. 
Our accumulated 2022 radiation exposure doses are well below 
the dose limit as set by regulation (R388 of April 2006, 20 mSv/a 
for workers).
In terms of radioactive contamination of waste, this is negligible 
at our operations. However, all hazardous waste is disposed of 
responsibly. During 2022, 4,752 tonnes of contaminated scrap metal 
were released to NNR authorised scrap dealers. (Ã See Minimising 
our environmental impact, page 205).
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SA operations: occupational diseases (number of cases reported and rate per 1,000 employees)2
2022
2021
2020
Total
PGMs
Gold
Total
PGMs
Gold
Total
PGMs
Gold
Silicosis1
88
29
59
93
32
61
139
66
73
Silicosis rate per 1,000 employees
1.09
0.62
1.90
1.2
0.7
1.9
1.8
1.4
2.4
Chronic obstructive pulmonary disease (COPD)
32
26
6
30
24
6
39
34
5
COPD rate per 1,000 employees
0.40
0.56
0.19
0.37
0.50
0.19
0.49
0.71
0.16
Noise-induced hearing loss (NIHL)
264
101
163
294
122
172
231
138
93
NIHL rate per 1,000 employees
3.28
2.18
5.26
3.66
2.54
5.31
2.93
2.83
3.01
Cardiorespiratory TB (CRTB)
376
193
183
406
183
223
427
225
202
CRTB per 1,000 employees
4.68
4.16
5.90
5.05
3.81
6.88
5.41
4.69
6.54
1  Number of cases reported includes new and resubmission cases
2  Rates calculated based on at-risk employee population
SA operations: occupational health management
2022
2021
2020
Total
PGMs
Gold
Total
PGMs
Gold
Total
PGMs
Gold
Medical surveillance and certificate 
of fitness examinations – total1
171,455
106,787
64,668
169,647
97,125
72,522
235,736
96,934
138,802
Employees
123,742
73,646
50,096
125,960
69,283
56,677
188,321
74,634
113,687
Contractors
47,713
33,141
14,572
43,687
27,842
15,845
47,415
22,300
25,115
Days lost due to health-related 
absenteeism
892,980
586,982
305,998
1,229,355
689,941
539,414
804,986
420,651
384,335
1  Excludes heat tolerance screening (HTS) testing in 2021, post-COVID assessments and vulnerability assessments
SA operations: new and resubmitted cases of occupational diseases
2022
2021
2020
Silicosis
88
93
139
Gold
59
61
73
PGM
29
32
66
Chronic obstructive pulmonary disease
32
30
39
Gold
6
6
5
PGM
26
24
34
Cardiorespiratory TB
376
406
427
Gold
183
223
202
PGM
193
183
225
Noise-induced hearing loss
264
294
231
Gold
163
172
93
PGM
101
122
138
Cases and claims: Medical Bureau for Occupational Diseases, and Compensation Commissioner for Occupational Diseases
2022
2021
2020
Cases assessed by Medical Bureau for Occupational Diseases (certification)
8,706 
5,848
16,964
Sibanye-Stillwater's claims processed by Commissioner for Occupational Diseases
789 
1,247
1,107
Claims processed by Compensation Commissioner for Occupational Diseases
6,086 
6,171
5,881
Total paid only to Sibanye-Stillwater beneficiaries (R million)
18 
25
30
Total paid to industry beneficiaries including Sibanye-Stillwater beneficiaries (R million)
136 
126
201
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Noise-induced hearing loss
Our SA operations follow the MHSC milestone of all process noise 
(including machinery) below 107dB(A) by 2024. Our noise-induced 
hearing loss (NIHL) strategy says that by reducing these operational 
noise levels and with the use of hearing protection devices, 
employees should not be exposed to noise levels above 85dB(A), 
which is the statutory limit. 
We have various actions across our SA operations to ensure we 
meet the target
1. Implemented buy quiet strategy as per Minerals Council, with
initial target of 105dB(A)
2. Moulded hearing protection devices roll out
3. Auditing and monitoring of critical controls for noise
4. Tightened access control to areas with high noise levels
5. Hearing protection compliance is being monitored in noise
demarcated areas
Our hearing conservation programme is aligned with the 
Mandatory Code of Practice for noise and includes silencing of 
equipment, risk assessments, monitoring and measurement, 
personal protective equipment, investigation of any deterioration in 
hearing above 5%, and medical surveillance. 
Non-compliance to noise levels is mainly a result of damaged (or 
absent) mufflers on mechanical equipment, e.g., rock drills. At our 
US operations, some equipment, such as jackleg drills, exceed 
107dB(A) and a few ventilation main fans exceed 115dB(A). These 
areas are designated as ‘restricted access’.
In 2022 our SA PGM and SA gold operations recorded 101 and 163 
NIHL cases respectively. This compares to the 2021 figures of 122 
NIHL cases at our SA PGM operations and 172 NIHL cases at our SA 
gold operations. 
We are continuing with the rollout of moulded hearing protection 
devices at our SA operations, with the expectation that the SA gold 
rollout will be complete early 2023 and the SA PGM rollout towards 
the later part of 2023. 
In 2022, at our SA operations, we conducted a review for the 
silencing of certain equipment (such as pumps, fans and rock drills) 
We enhanced signage at high noise level areas, and instituted daily 
checks on hearing protection usage. Meanwhile, at our US 
operations we focused on training of employees on usage of 
hearing protection devices, reduction of equipment noise levels, 
and the use of double hearing protection where needed.
Silica, dust and airborne pollutants 
Dust at our SA PGM and our US operations has very low silica 
content and is well controlled, presenting negligible regulatory or 
health risks. 
Silicosis (an occupational lung disease caused by long-term 
inhalation of dust particles) is of concern at our SA gold operations. 
South Africa’s deep-level gold mines, where quartz concentrations 
are high, present a risk for silicosis, and increased susceptibility to TB. 
Early in 2022, we reviewed our internal target for silica dust exposure 
and reduced it to no more than 5.6% (from 7.0% in 2021) of samples 
to exceed 0.05mg/m3. South Africa’s legislated occupational 
exposure limit is almost double this (i.e. 0.1mg/m³). Our new target 
aligns with our long-term strategy to meet the MHSC standard of 
<5% samples exceeding 0.05mg/m3 by 2024 at SA gold operations. 
In 2022, at our SA gold operations, 5.87% samples exceeded 
0.05mg/m³. 
In 2022, we recorded 59 silicosis cases at our SA gold operations; this 
is an improvement on 2021 (61 cases) and the culmination of 
sustained improvement over the previous years. For 2022, our silicosis 
rate at our SA operations was 1.09 per 1,000 employees (1.2 in 2021). 
The downward trend in the number of submitted silicosis cases is 
encouraging, suggesting that the investment in dust suppression 
and management strategies around dust has led to this trending in 
the right direction. 
At our SA operations, employees’ exposure to airborne pollutants is 
monitored in line with the relevant DMRE codes of practice. To date, 
50 real-time dust monitors have been installed. The data from these 
dust monitors is collated automatically and daily reports are 
generated and distributed through QlikView. 
Continuous real-time monitoring (CRTM) for silica and dust is now in 
place across our SA gold operations. The data is available on our 
SCADA data system, and reported daily on QlikView. 
Sustained focus and ongoing action plans are in place and 
monitored to reduce the dust load across all operations. 
Investigations are conducted for each exposure that exceeds 
0.05mg/m³. Our action plans include improving awareness through 
campaigns and developing and tracking leading indicators that will 
mitigate the dust load in the ambient air.
Soluble platinum salts (chloroplatinates) 
While dust and silica are not a problem at our platinum mines, 
soluble platinum salts (or chloroplatinates) can cause platinum 
salt sensitivity. 
Chloroplatinate salts are potent skin and respiratory sensitisers that 
can result in the clinical syndrome of platinum salt sensitivity. This 
induces symptoms typical of a type I allergy, the most significant of 
which is asthma. Once sensitised, the concentration that elicits an 
adverse response is lower and the sensitised worker may need to be 
removed from an area where chloroplatinates are present. 
Symptoms of sensitisation do not appear immediately, and a 
subsequent platinum salt exposure that elicits a response may occur 
much later, making it more difficult to find the exact exposure 
conditions that cause sensitisation. We have developed a five-year 
action plan to achieve the voluntary guideline value of 100 
nanograms/m3 set by the International Platinum Association (IPA). 
As per our existing controls, average exposure levels have been 
trending well below the national occupational exposure limit 
of 2,000mg/m³.
Several reduction initiatives have been implemented, including 
stringent housekeeping standards and spillage management. For 
2023 we plan to conduct real-time monitoring for chloroplatinates 
at our SA PGM precious metals refinery.  
Our five-year action plan to achieve the voluntary guidelines 
includes
•
Real-time monitoring for ventilation airflow and pressure
•
Real-time dust monitoring
•
Local extraction and dilution ventilation
•
Resin technology for PGM separation
•
Chemical reduction of salts
•
Alternative filtration technology
•
Gas and fume containment technology
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Dust management at SA PGM
At our SA PGM operations, dust on surface (e.g., blown off TSFs and 
from haul roads) is a nuisance and a potential health problem to 
employees and community members. It is made worse by the fact 
that our SA PGM operations are in dry parts of the country. 
Although there are no serious risks posed by the problem 
(regulatory or otherwise) we have a five-year dust management 
plan (starting 2020) for our Rustenburg and Kroondal operations. The 
plan includes netting barriers on the side slopes and application of 
chemical dust suppressants on the crest areas of the Paardekraal 
and Kroondal tailings storage facilities. It also includes propagation 
of tamarisk to act as wind barriers.
Ã For more information see Minimising our environmental 
impact, page 195.
Tshiamiso Trust
The Tshiamiso Trust was set up to carry out the terms of a 
December 2019 settlement between six mining companies and 
claimants suffering from silicosis and work-related TB. The trust, 
worth R5 billion, was instituted in February 2020. Claimants can 
make use of numerous lodgement centres across various 
countries, and medical centres carrying out medical benefit 
examinations. As one of the six companies involved, Sibanye-
Stillwater helped in setting up the operating structures and 
claims system. To date (February 2023) almost R1 billion has 
been paid out, with claimants coming forward and claims 
being paid regularly. The website provides real-time statistics on 
appointments, registrations, claims lodged and claimants paid. 
Sibanye-Stillwater assisted the Department of Health in launching 
their Tshiamiso Trust campaign at our Andrew Saffy Memorial 
hospital. See ¸ www.tshiamisotrust.com
Diesel particulate matter
The use of diesel-powered equipment in underground operations 
leads to health risks posed by over-exposure to diesel particulate 
matter (DPM). South Africa currently has no legislated occupational 
exposure limit for DPM. Our internal DPM target is 0.16mg/m3 
(measured as total carbon), which is in line with US law. 
For our PGM operations we follow the ICMM guidelines on DPM 
management. 
In 2022, we took 1,449 personal DPM exposure samples at our SA 
gold operations, 125 of which exceeded our target (in 2021 it was 
187 out of 1,602). Of the 359 personal DPM exposure samples taken 
at our SA PGM operations in 2022, 111 exceeded our target (in 2021 
it was 131 out of 312). This shows a year-on-year improvement in 
DPM levels. 
The Group continues to roll out diesel particulate filters. Diesel 
particulate filter fitment for the SA PGM diesel fleet began in Q2 
2022. By the end of 2022, 352 of 490 filter units (71.5%) had been 
installed. For our SA gold operations, diesel particulate filter fitment 
for the selected diesel fleet began in Q1 2022 and is expected to be 
completed by H1 2023.
Current controls for DPM exposure include: vehicle maintenance, 
the use of low-sulphur diesel, occupational hygiene monitoring, 
personal protective equipment (including respiratory protection), 
and dilution ventilation. Update on the controls to reduce DPM 
exposure at our SA PGM and gold operations are tabulated below.
Control implementation update
SA gold
SA PGM
Working with OEMs to improve maintenance 
and engine performance
Ongoing maintenance on existing diesel 
fleet
Ongoing maintenance on existing diesel 
fleet
Rollout of diesel particulate filters (DPF)
In progress
To be completed early 2023 
(semiconductor shortages causing delays)
US PGM OPERATIONS
US legislation stipulates DPM to be below 160 micrograms per cubic 
metre (0.16mg/m3) for total carbon. To ensure compliance, each 
mining operation has an industrial hygienist to monitor engineering 
controls, administrative controls, and employee exposures. Further, 
we developed a DPM reduction strategy (called the ‘P reduction 
strategy), which has a three-pronged approach to reducing diesel 
particulates: diesel engine maintenance, provision of adequate 
dilution ventilation, and operational discipline such as 
traffic management. 
The two mine sites (East Boulder and Stillwater) have a total of 
10 Pinssar units to provide continuous real-time measurement, 
and 20 Maestro units to measure mine gases. Five additional Pinssar 
units and five additional Maestro units were purchased (Q4 2022) 
for East Boulder. Our US PGM operations will purchase more units 
for Stillwater. As the units arrive, installation will be determined based 
on active mining areas and traffic patterns, to determine their 
optimal positioning in terms of generating leading indicators for 
mine air quality. We will also correlate the Pinssar and Maestro units 
for better air quality tracking in the future. 
Clean fuel initiatives are being implemented at both mines, 
including filtering closed-loop systems in storage areas. Work 
continues at both mines to reduce emissions on the small vehicle 
fleet engines, including traffic management measures. We are 
testing battery-electric LHDs and are investing in lower or zero 
emissions utility vehicles to replace legacy vehicles.
Routine sampling was conducted throughout 2022, and sample 
results continue to demonstrate improvement in DPM mitigation 
practices.  
Radiation exposure
All the US operations have a radiation safety programme. 
A dedicated radiation safety officer monitors radiation levels by 
means of nuclear gauges. We comply with guidelines issued by 
the Nuclear Regulatory Commission. 
Noise-induced hearing loss
A dedicated hearing conservation programme, which provides 
training on the effects of noise as well as the use of personal 
protective equipment, has been underway for several years. 
The effectiveness of this programme is evidenced by the fact that 
no elevated exposures were recorded in 2022 at our US operations. 
HEALTH, WELLBEING AND OCCUPATIONAL HYGIENE continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
146

EU region
Sandouville 
A compulsory medical review is required for all employees at the 
refinery and a hearing test is part of the review. Several choices of 
protective equipment are available to employees. In addition, 
many of our training and awareness programmes inform employees 
about occupationally-related risk and what rules to apply to 
mitigate the risk.  
Keliber
With the Keliber operations in planning stage, risk assessments and 
workplace surveys have been done and will continue in co-
operation with the occupational health service provider. The key is 
to eliminate or separate the exposing processing aspects, in design 
and planning phase, to reduce occupational exposure. 
Noise-induced hearing loss
Noise prevention programme has been started and people working 
at risk areas, such as construction site supervisors are offered 
personal hearing protection. The planning of facilities considers 
noise risks. For example machines and process parts producing 
noise can be separated or encased. 
Dust
The key risk related to both construction stage and operations is 
the crystalline silica that is classified as carcinogenic. The process 
planning considers this and dusting parts of process can be 
separated or encased. The construction sites will have separate dust 
prevention programmes.
We have commenced a study with the Finnish Institute of 
Occupational Health to analyse all process fractions and ore for 
harmful substances and any fibrous minerals. This work will provide 
further information for the workplace surveys in the operations, we 
will also get recommendations for personal protective equipment 
and monitoring once the operations start.
Radiation
Use of radiation equipment in Finland requires a permit according 
to Radiation Act (2859/2018). We are preparing a radiation safety 
management system for utilisation at the operations.
FUTURE FOCUS
SA REGION
•
Enhance occupational health risk management by leveraging technology
•
Continued focus on DPM, heat-related and mental health disorders across all our operations
in South Africa, whilst also managing other occupational injuries and diseases
•
Funding of healthcare benefits arrangements to ensure financial risk protection and access
to healthcare for all employees and families in the context of government’s planned National
Health Insurance
•
Alignment of all stakeholders to our three-dimensional strategy
EU REGION
Finland
•
To complete workplace surveys including exposure assessments for operations
France
•
To update and maintain our workplace risk assessments to feed into a prioritised risk reduction action
plan at the source
•
As projects are progressed, integrate health aspects during the design stage of the installations
US REGION
•
Continue to progress and enhance understanding from Pinssar DPM monitors and develop the criteria
for triggering timely corrective actions to reduce exposure; conduct side by side sampling to further
define data relationship
•
Develop an integrated health management plan, including a sampling schedule and health risk
assessment process
•
Further refine and act upon the installed gas and airflow monitoring equipment
HEALTH, WELLBEING AND OCCUPATIONAL HYGIENE continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
147

SIBANYE-STILLWATER INTEGRATED REPORT 2022
148

EMPOWERING OUR WORKFORCE
WHAT WE DID IN 2022
SUCCESSES
•
Reached a five-year wage settlement at Rustenburg 
and Marikana SA PGM operations, without strike action
•
Leading inclusively workshops to understand biases
•
Total percentage of female employees increased to 16.2% 
(2021: 14.4%), with 30.8% female board representation (2021: 30.8%) 
•
Employee share option schemes dividend payouts
CHALLENGES
•
SA gold operations wage negotiations 
•
Integration of EU region
BENCHMARKS
Status
See Ã
ALIGNMENT WITH SDGs
Group
In progress – 
target is being 
re-evaluated
The sustainability theme: Human rights 
and ethics inside and out, is underpinned 
by SDG 5. Ã See Our Sustainability 
strategy: a summary
2 See the supplementary disclosure – 
Progressing the UN’s SDGs 
¸ www.sibanyestillwater.com/news-
investors/reports/annual/
•
30% of the Group’s entire workforce to be women by 2025
Page  157
SA operations
•
As per the Mining Charter III, increased representation of 
historically disadvantaged persons (HDPs) and women per
management and core skill levels by 2023
In progress
Page  158
•
Representation of employees with disabilities to be 1.5% by 2023
In progress
Page  158
•
Increase human resource development expenditure to 5% of 
total payroll by 2023
In progress
S
e
e
Page  162
US operations
•
Ongoing evaluation of Learning management system and
initiating search for Human capital management system
In progress
Page  161
•
Progressing the implementation of UKG time and
attendance system
In progress
Page  171
•
Implemented diversity, equity and inclusivity training programme
Completed
Page  153
APPROACH
As a key component of our strategic foundation, we continue to 
evolve and develop our values-based organisational culture, 
underpinned by an inclusive leadership style focused on achieving 
just outcomes. To this end we are committed to developing the 
following focus areas, (which are also of material concern to the 
success of the Group – material matters 6,9 and 12)
•
robust organisational architecture and a talented global
leadership and core skills pool
•
a learning environment that incubates a values-based
organisational culture and empowered employees to fulfil our
corporate vision
•
organisation-wide transformation that delivers future-fit, system-
wide enablement to facilitate a diverse, inclusive and bionic
organisation
•
comprehensive organisational integration and culture
inculcation across all regions and platforms
SIBANYE-STILLWATER INTEGRATED REPORT 2022
149

Our Employee value proposition
Sibanye-Stillwater provides employment, enabling employees to earn a living, acquire and improve skills through training and development, 
in an environment where their safety, health and well-being is a priority. We are a people-centric organisation, with a compelling employee 
value proposition to current and potential employees.
EMPOWERING OUR WORKFORCE continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
150

ACCOUNTABILITY, GOVERNANCE AND ASSURANCE
GOVERNANCE
ACCOUNTABILITY
Board
•
Remuneration Committee
•
Audit Committee
•
Social, Ethics and Sustainability Committee
•
Health and Safety Committee
•
Nominating and Governance Committee
Executives and C-suite
•
Chief Organisational Growth Officer
•
EVP: Head of Human Resources
•
The ESG Committee (reports into the Social, 
Ethics and Sustainability Committee) 
•
Transformation Committee and a Diversity, 
equity and inclusion Council 
Regional
•
Chief Regional Officers and operational 
heads are supported by SVPs for human 
resources and organisational development
•
The SA region appointed a VP 
transformation having the responsibility 
to oversee the process change to be 
inclusive of race, gender and economy
Operational
•
HR Transactional service centres are 
decentralised
•
VP Transformation supports and drives
transformation
•
VP Inclusivity supports and drives diversity
and inclusion
•
Employment equity committees at each 
mining right area, with a centralised 
employment equity oversight committee
•
Gender-related matters progressed 
through various WiM committee structures 
within the Group; all operations have 
gender working groups to address gender
equality
RELEVANT LEGISLATION 
AND REGULATIONS
(list not exhaustive, only key regulations listed) 
•
UNGC principles
•
International Labor Organization (ILO)
Conventions on Labor Standards
South Africa
•
Revised Broad-Based Black Socio-
Economic Empowerment Charter for the 
South African Mining and Minerals Industry
(Mining Charter III), 2018
•
Labour Relations Act
•
Employment Equity Act
United States
•
Montana Human Rights Bureau
•
Fair Labor Standards Act
•
National Labor Relations Act
•
Civil Rights Act
•
Equal Pay Act
•
Age Discrimination in Employment Act
  France
•
Code du Travail (Labor Code)
ASSURANCE AND REVIEWS
Sibanye-Stillwater’s HR performance is 
monitored and audited by several external 
agencies such as the Department of 
Employment and Labour (and in the US by the 
Department of Labor and Industry) and the 
DMRE. The South African Commission on 
Gender Equality, and the Human Rights 
Commission also externally review certain 
practices.
Employment equity KPIs are externally assured 
by PwC (Ã page 281).
We conducted audits as per South African 
business policy and procedures, to create a 
baseline for our HR service delivery framework.
As part of our comprehensive strategy to 
enhance diversity, equity and inclusivity, the US 
PGM operations report demographic workforce 
data, including race, ethnicity, sex and job 
categories, to the US Equal Employment 
Opportunity Commission on an annual basis.
Key supporting policies 
Group
iCARES values, Human Rights policy, including our commitment to no child labour and no forced labour, Code of ethics, and Remote working 
policy, Diversity and inclusivity policy guideline.
SA region
Harassment policy, Procedure for dealing with harassment, Leave policy (includes parental leave), Overtime policy (which is aligned to the Basic 
Conditions of Employment Act), and the Restructuring policy.
*Our policies have been externally reviewed and benchmarked against best practices including the international labour organisation’s standards.
Our Group policies are signed by the Chief Organisational Growth Officer and SA region policies are signed off by the EVP for human resources.
EMPOWERING OUR WORKFORCE continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
151

CULTURE GROWTH PROGRAMME
In support of our strategic foundation, we continue to develop a 
values-based organisational culture. This culture requires an inclusive 
leadership style focused on achieving just outcomes. To this end our 
process involves diagnosing, designing, delivering, and delineating 
(re-measuring) region-specific programmes.
Culture assessments 
We have implemented a culture assessment protocol at all 
operating regions. This measure progress in developing future-ready 
leaders, in promoting our workplace culture, and in diagnosing the 
work-related wellbeing of employees. Our assessment instrument is 
built on a predictive job-demands-job-resources model. Given the 
global nature of our business, this instrument is globally 
benchmarked, culturally sensitive and supported by norms which 
took 20 years to develop.
In 2022, the following numbers of employees participated in our 
culture assessments: for SA PGM, 336 (50% of the total) C-upper and 
higher bands; 649 (10%) C-lower, B and A-band employees; and for 
SA gold, 667 (49%) C-upper and higher, and 2,378 (10%) C-lower, 
B and A-band. 
At our US PGM operations 1,402 employees (72% of total employees 
at the time) participated in the assessment. At Sandouville refinery 
149 employees (77% of total employees) participated. 
The various operations have identified initiatives to address 
development areas, which will be progressed in 2023.
Accelerated development initiative (ADI) 
and Enhanced leadership development (ELD) 
The Group-wide ADI training was initiated to enhance collective 
and individual capacity for values-based decision-making and to 
build leadership depth and capacity for E-band and higher leaders. 
The intention is to develop leaders such that they can navigate 
a complex work environment, helping them deal with complexity 
and uncertainty. 37 Leaders completed the ADI 1 journey in 2022 
(118 leaders in total since 2020*). ADI 1 will continue in 2023.
A second phase of the journey, ADI 2, further shapes the role and 
impact of leaders during organisational culture change; with 
40 leaders completing the journey in 2022 (69 leaders in total since 
2021*). The ADI 2 journey will continue in 2023. 
The Group-wide ELD programme was designed to build leadership 
capacity in the D and E-lower bands. In short, these programmes 
develop future-ready leaders who can fulfil the vision and translate 
the strategy of Sibanye-Stillwater. 
51 leaders completed the ELD programme in 2022 (115 leaders in 
total since 2021). The programme will continue in 2023. 
* Data refinement to historical numbers
Group-wide interactive emotional intelligence (EQ) 
master-classes
According to various thinkers (e.g., Goleman, Boyatzis, and McKee) 
effective leaders share a common trait: emotional intelligence. 
While IQ and technical skills are indeed basic requirements for 
executive positions, EQ is the differentiator. Further, given the 
complexity of culture and values, it is increasingly important to have 
leaders who are empathetic and aligned with the people around 
them and able to successfully manage multiple relationships in 
complex and dynamic environments. 20 leaders completed the 
10 EQ masterclasses in 2022 and a further 87 will continue in 2023.
Leaders from D-band and higher across all operating regions are 
identified to attend the series of EQ master-classes.  
Management of Technology and Innovation (MOTI) 
programme)
The MOTI programme is delivered by the Da Vinci Institute for 
Technology and Management and is aimed at supervisory staff 
across our SA region. The programme covers technology, safety, 
diversity and inclusion, entrepreneurship, project management, 
innovation, people, and systems. Attendees earn a higher 
certificate in the management of technology and innovation 
(MOTI, NQF 5). 41 participants are currently enrolled in the MOTI 
course and a further 89 will be enrolled in 2023.  
Virtual academy strategic conversations
The virtual academy strategic conversations are aimed at 
deepening understanding of Sibanye-Stillwater’s strategic goals and 
building trust in leadership. The series of strategic conversations take 
place between C-suite and all organisational managers (supervisors 
and higher) and are delivered via the Sibanye-Stillwater virtual 
academy. This allows for optimal participation, with over a 1,000 
leaders able to attend a single meeting. The digital platform allows 
the CEO and C-suite to explain nuances in the strategy, and how to 
translate it into practice, to various parts of the business. We see the 
evidence of the impact of these meetings by how managers (at all 
levels) are able to have sophisticated discussions about our three-
dimensional strategy at operational meetings. This creates a solid 
foundation for the rollout of the strategy and for aligning culture 
and values. 
Team workshops
While most of our values-based interventions are focused on the 
individual, team mechanics and team dynamics workshops (started 
in 2021), role clarity and team strategic sessions  are focused on 
teamwork. These follow a structured approach to embed 
organisational values within teams and to promote a culture of 
values-based decision-making. We have conducted  95 workshops 
for management teams at our SA PGM operations and 53 
workshops for management teams at our SA gold operations; 
completing team mechanics and dynamics  workshops for all 
teams up to the level of mine management. 13 Workshops for 
management teams at our US operations and 17 workshops for 
management teams from corporate office were also conducted. 
From 2023 team mechanics and dynamics workshops will be 
available on request, for newly-formed teams. 
Frontline team development
In 2022, frontline crews at our SA operations continued with the 
Team reconnect programme, which is delivered in two phases. 
The programme focuses on team cohesion (connection) and safe 
production. In 2022 the following completed the programme: 
SA PGM phase 1: 100% (1,954 teams); SA gold phase 2: 89% 
(402 of 451 teams). 
Assessment results show that attendees display an enhanced 
appreciation about safety and reporting; and employees enjoy 
the experiential (hands on) nature of the training. 
EMPOWERING OUR WORKFORCE continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
152

Diversity, equity and inclusion (DEI)
Our commitment to DEI relates to how we view gender diversity 
and transformation, which is a material matter for the Group. 
Sibanye-Stillwater leadership is dedicated to embracing a culture 
of inclusivity and to harnessing the power of diversity in all its forms. 
It also relates to one of our strategic differentiators: Inclusive, diverse 
and bionic. To help us achieve this, we developed a DEI framework 
as an overarching guide that considers all aspects of our DEI 
commitments, ensuring best case practice and shared learnings 
across the Group. The pillars of the framework are culture and 
change management, diversity, learning and development, and 
women of Sibanye-Stillwater. 
It is the aim that persons of all nationalities, races, genders, sexual 
preferences, political and religious affiliations and other personal 
distinguishing features will be recognised in the Sibanye-Stillwater 
ecosystem for the distinctive value that they contribute.  
It is against this background that the Diversity, equity and inclusivity 
council (DEIC) was constituted in 2022, with the primary aim of 
driving the inclusivity agenda and giving effect to the DEI 
framework. The DEIC will align and integrate regional participation 
in our corporate strategy. Further, its purpose is to promote a more 
inclusive environment and support initiatives that improve 
understanding, promote listening, and foster appreciation for 
broad perspectives. 
It is up to each region to take ownership of their DEI strategy; 
regional DEI specialists (accountable to their chief regional officer) 
will design, operationalise and track progress on DEI, providing 
feedback to the DEIC. 
Leading inclusively workshops
Diversity is about improved representation – getting the numbers 
right. But diversity without inclusion is not enough. Inclusion deals 
with psycho-social initiatives whereby individuals are valued and 
respected (whereby they feel included) and have access to the 
same opportunities. Leaders are crucial in creating a more inclusive 
organisational culture, and therefore inclusivity relies heavily on 
inclusive leaders. Inclusive, diverse and bionic is for us a strategic 
differentiator. 
In September 2022 we launched a series of transformative 
workshops (Leading inclusively) for the SA region, with 406 senior 
leaders, including the Chief Regional Officer, completing the 
course. We will continue this course in 2023 with internal trainers, 
and we will offer a master level course to senior managers.
We established a culture initiatives group in 2022, whereby senior 
leaders facilitate change initiatives related to DEI and 
organisational culture. The initial project, completed in cooperation 
with the US PGM WiM group, involved instituting specialised 
lactation rooms for nursing mothers at our US PGM operations. 
SOHO
Small office, home office (SOHO) applies to eligible roles and is governed through our Remote working policy. It was implemented 
in response to hard lockdown in 2020, but is now a permanent feature for those who can work remotely (which is about *1,128 of 
our employees). Ã See page177 for more information.
*
1,128 SOHO employees is based on the average number of employees who logged a work from home shift during the course of 2022
SOHO – adopting a new way of working for historically office-based employees
EMPOWERING OUR WORKFORCE continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
153

OUR WORKFORCE PROFILE
The composition of our workforce is outlined below. There were no forced retrenchments during 2022. We have concluded the consultation 
processes with relevant stakeholders in terms of Section 189A of the Labour Relations Act, 66 of 1995 (LRA), regarding the restructuring 
at our Beatrix 4 Shaft and Kloof 1 Plant. We are pleased that the majority of affected Beatrix employees have been transferred to vacancies 
at our Driefontein and Kloof operations, while the majority of affected employees from the Kloof processing plants have been transferred to 
the other processing plants in the SA gold operations. This was done in accordance with the Retrenchment Avoidance Measures Agreement 
in an attempt to minimise job losses and address skills shortages at our operations.
Workforce by operation at December 2022
2022
2021
2020
1Employees
2Contractors
Total
1Employees
Contractors
Total
1Employees
Contractors
Total
SA region
Beatrix 
6,218
1,694
7,912
6,555
1,868
8,423
6,577
1,579
8,156
Driefontein 
8,373
1,557
9,930
8,481
1,690
10,171
8,609
1,537
10,146
Kloof 
8,685
1,759
10,444
9,407
1,982
11,389
9,549
2,055
11,604
Burnstone 
765
490
1,255
168
76
244
98
33
131
Cooke
480
486
966
487
428
915
480
426
906
SA gold operations 
24,521
5,986
30,507
25,098
6,044
31,142
25,313
5,630
30,943
Kroondal (100%)
5,312
2,832
8,144
5,397
3,139
8,536
5,489
3,155
8,644
Rustenburg6
12,648
2,980
15,628
12,809
3,283
16,092
12,378
3,047
15,425
Marikana
18,800
3,860
22,660
17,963
3,413
21,376
18,461
3,855
22,316
SA PGM operations 
36,760
9,672
46,432
36,169
9,835
46,004
36,328
10,057
46,385
Group and Integrated services³
2,593
1,936
4,529
2,671
2,164
4,835
2,682
1,852
4,534
SA region – total
63,874
17,594
81,468
63,938
18,043
81,981
64,323
17,539
81,862
US region
Stillwater
1,081
492
1,573
1,219
494
1,713
1,163
462
1,625
East Boulder
449
263
712
454
262
716
446
264
710
Columbus Metallurgical 
Complex
199
89
288
199
177
376
217
233
450
Regional services4
104
0
104
99
0
99
55
2
57
Other5
0
0
0
0
0
0
0
0
0
US region – total
1,833
844
2,677
1,971
933
2,904
1,881
961
2,842
EU region
Sandouville refinery
200
0
200
Keliber project
30
0
30
EU region – total7
235
0
235
Corporate office6
101
0
101
96
0
96
71
71
Group – total
66,043
18,438
84,481
66,005
18,976
84,981
66,275
18,500
84,775
1  Employees include permanent and fixed-term employees
2  Contractors exclude ‘free’ contractors (i.e. those paid for work performed as opposed to being paid per head) 
3  Previous years’ data (before 2020) was split between Regional services and SA other. As of 2020 figures are combined, with the Property employees incorporated in the 
operations. Regional services includes executive management of the SA operations and employees providing a service to all SA operations
4  Regional services in the US includes executive management located in the Columbus and Montana offices
5  Other represents two employees at Marathon, Canada (no contractors at 31 December 2020)
6  Blue Ridge included
7  Inclusive of European platform office
EMPOWERING OUR WORKFORCE continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
154

Workforce by age3
SA region
18<30 years
3,525
4,037
7,562
 9 %
2,964
4,614
7,578
 9 %
2,823
4,411
7,234
 9 %
30-50 years
45,246
11,328
56,574
 69 %
45,878
11,328
57,206
 70 %
47,187
11,102
58,289
 71 %
>50 years
15,204
2,229
17,433
 21 %
15,192
2,101
17,293
 21 %
14,384
2,026
16,410
 20 %
US region2
19<30 years
254
0
254
 14 %
311
0
311
 16 %
265
265
 13 %
30-50 years
1,040
0
1,040
 57 %
1,096
0
1,096
 56 %
994
994
 50 %
>50 years
539
0
539
 29 %
564
0
564
 29 %
622
622
 32 %
EU region4
Keliber
18<30 years
0
0
0
0
30-50 years
18
0
18
0
>50 years
12
0
12
0
Sandouville
18<30 
20
0
20
0
30-50 
130
0
130
0
>50 years
50
0
50
0
2022
2021
2020
1Employees Contractors
Total
%
Employees Contractors
Total
%
Employees Contractors
Total
%
1   Employees include permanent and fixed term employees
2   Ages of contractors at US PGM operations not available
3  Including Corporate   4EU platform office - five employees all above 50 years of age.
EMPLOYEE TURNOVER
The annual turnover for management level employees at our SA operations in 2022 was 1,123 (2022: 1.75%; 2021: 0.21%), including 805 for 
HDPs (2022: 1.25%) and 206 for women in management (2022: 0.32%). The total turnover for the SA operations was 5,881 (2022: 9.2%;), with 
2,301 and 3,371 recorded at the SA gold and PGM operations respectively (2022: 9.3% and 9.2%; 2021: 9.1 and 6.8%). Of our total turnover 
rate,1.39% were women. 
Annualised attrition in the US PGM operations was 18.06%, while the attrition rate among miners was 12.97% (2021: 13.92% and 12.74% 
respectively). High rates are attributed to low unemployment rate and skills shortage in the state of Montana and the country as a whole - 
a shortage of mining, geological and artisan skills. A strong focus on sourcing, training and retaining the required skills whilst simultaneously 
improving the conditions of employment are being prioritised. 
The Sandouville refinery turnover was 13.62%. At our SA operations a total of 2,049 (35.19%) women were hired out of a total 5,822 hires. 
The new hires age group distribution - 2,239 are below the age of 30, 3,349 are between the ages of 30 and 50 years old and 234 are over 
50 years of age.
ABSENTEEISM
Absenteeism is monitored monthly via an attendance management programme. Employees who are struggling with personal, health 
or work-related issues, impacting their ability to be at work can seek assistance through our Employee Assistance Programme (EAP). 
The annual average absenteeism at the Sandouville refinery was 4.35%.
SA operations: shifts not worked including absenteeism (average %)
ABSENTEEISM AS AT DECEMBER YEAR-ON-YEAR
1%
1%
0%
1%
1%
0%
8%
7%
8%
7%
7%
6%
0%
0%
0%
0%
0%
0%
5%
5%
5%
4%
5%
4%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
0%
0%
0%
0%
0%
0%
Absent without permission
Leave
Mine Accident
Sick
Training
Other
COVID
SA Operations
(Dec 21)
SA PGM
(Dec 21)
SA gold
(Dec 21)
SA Operations
(Dec 22)
SA PGM
(Dec 22)
SA gold
(Dec 22)
0%
10%
20%
EMPOWERING OUR WORKFORCE continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
155

PERFORMANCE
Noting that culture transformation is handled by organisational growth within the Group, Human Resources focuses on operational 
excellence and strategic workforce planning.  
Our SA PGM operations spent R668 million on learning and development in 2022, while our SA gold operations spent R409 million. 
Training spend for our US PGM operations was US$5.21m (R85.2m). Our Keliber operations are in the planning phase and engaged with 
local vocational training institutes to commence with training when needed. The annual training spend at our Sandouville refinery was 
R2.5 million*.
*
 R17.17/€
PROMOTING GENDER DIVERSITY AND INCLUSIVITY
Gender diversity and transformation is one of our twelve material matters. It is imperative that we meet the new ethical norms about 
female representation in the workplace, and that we ensure women are valued in the organisation and that they have a safe work  
environment .We fully endorse LGBT rights, but at the same time the biological framing of gender is important for safety and health 
considerations. We are determined to eliminate violence, and sexual abuse throughout our operations. Our interventions include creating 
spaces for women to speak and be heard about shared vulnerabilities in what is still a mostly male environment. 
The Group has policies and procedures to increase female representation across all levels of the organisation. Key policies focus on: (i) the 
attraction, retention, promotion and development of females in the Group; (ii) addressing and combating gender-based violence issues; 
(iii) cultural transformation within the workplace encouraging an inclusive and diverse environment across all levels within the Group.
Targets are linked to management performance and ratings.
The overall female representation for the Group1 increased from 14.4 in 2021 to 16.2 in 2022. Female Board representation remained at 31%. 
Ã See Board and executive leadership, page 7 for more information.
SA operations: Gender diversity per level in 2022
Female (number) excluding 
foreign employees
%
Female (number) including 
foreign employees
%
Board
3
 23.1 
4
 30.8 
Executive2
5
 15.2 
5
 15.2 
Senior management1
31
 15.5 
32
 16.0 
Middle management1
293
 27.7 
300
 28.4 
Junior management1
2,347
 22.9 
2,380
 23.2 
Core and critical skills3
7,121
 12.9 
7,371
 13.3 
Non-core3
3,033
 35.1 
3,597
 41.6 
1  South African operations including Corporate office
2  Three females are senior vice presidents included in the executive level 3 The definition for core and non-core to has changed to align to the Department of Employment 
and Labour’s definitions
Gender diversity of employees (2022)
2022
2021
2020
Female
%
Male
%
Female
%
Male
%
Female
%
Male
%
SA region
10,454
 16.3 
53,521
 83.7 
9,300
 14.5 
54,734
 85 
8,645
 13.4 
55,749
 87 
SA gold operations
3,729
 15.2 
20,792
 84.8 
3,398
 13.5 
21,700
 86 
3,126
 12.3 
22,187
 88 
SA PGM operations
5,718
 15.6 
31,042
 84.4 
4,900
 13.5 
31,269
 86 
4,536
 12.5 
31,792
 88 
SA regional services and other3
1,007
 37.4 
1,687
 63.8 
1,002
 36.2 
1,765
 64 
983
 35.7 
1,770
 64 
EU region
47
 20.0 
188
 80.0 
US region 2
183
 10.0 
1,650
 90.0 
193
 9.8 
1,779
 90 
171
 9.1 
1,710
 91 
Group1
10,684
 16.2 
55,359
 83.8 
9,493
 14.4 
56,513
 85.6 
8,816
 13.3 
57,459
 86.7 
1  As at December 2022, we have 4,328, (22.34%) women employed at entry level (A-band)
2    Includes services and other
3  Includes Corporate office
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Women-in-Mining (WiM) and GBV
WiM is an initiative to encourage more women to join the mining 
industry and aims to increase the percentage of female employees 
and encourage higher female representation in leadership roles. 
WiM are guided by the UN SDG 5 (achieve gender equality and 
empower all women and girls). 
Our aim to have 30% female workforce by 2025 has proved a 
worthy goal but various challenges remain, and the target is being 
reviewed. An ergonomic study is underway to gain insight to how 
the physical aspects of the working environment can be improved. 
To make change rooms more amenable for woman, the rooms 
are being retrofitted while new change houses (for example at the 
K4 project) have been constructed to allow for these requirements. 
We also continue to evolve PPE for women, to ensure proper fit, 
comfort, and protection. We are also using the 4B shaft decline 
operation at the SA PGM: Marikana operations as a training area for 
WiM trainees with the intention to deploy and integrate women to 
the vertical operational teams over time.
We continue to focus on technology and innovation as a means to 
promote women in the workforce. Our US PGM operations have 
designed and built a prototype lactation pod for use underground 
at our East Boulder mine, in addition to the surface on-site lactation 
rooms. At the SA operations we have two semiautonomous LHDs 
operated by women.
Our Cadetship programme creates an opportunity to expose 
women to the mining industry and 49% of our cadets are women.
Progress has been made of which the most material step is 
promoting women’s safety underground. GBV is a profound 
and widespread problem in South Africa. Sibanye-Stillwater 
affirms that this is totally unacceptable and we are deeply 
committed to protecting women. In 2022, we continued our anti-
sexual harassment campaigns and included anti-sexual harassment 
training in our induction training. Our Harassment procedure 
governs how to deal with sexual harassment cases. A sexual 
misconduct unit of Protection services handles all reported sexual 
harassment cases, and counselling is provided to affected 
employees.
In 2022, we established GBV reporting and referral centres at our 
SA PGM and SA gold operations. Further, we introduced online 
GBV training, and launched a GBV sexual harassment reporting 
platform (app, email, phone). We had 19 GBV related cases which 
is inclusive of 16 reported sexual harassment cases of which six  
cases are closed and ten cases under investigation. Ã See our 
diversity training information on page 153.
SA operations: Women’s voice workshops 
The Women’s voice workshops are part of the WiM programme, 
offering women employees a supportive platform to consider more 
effective ways of operating and being successful in the mining 
environment. Since June 2022, 224 women have attended these 
two-day workshops. Based on the demand for workshops and the 
encouraging anecdotal feedback received from participants, it is 
evident that the workshops are adding value.  
Attraction, retention, promotion and development
At our SA operations the steel woman programme was launched 
as part of the WiM roadshow. Sibanye-Stillwater has partnered 
with Henley Africa to provide an opportunity to women employees 
to enrol for various qualifications, from a higher certificate in 
management practice to an international MBA. The programme 
allowed for 100 women candidates to attend a learning journey 
(consisting of 4 x 2-hour masterclasses), concluding with an 
assignment. 26 women were awarded level-appropriate 
scholarships with Henley Africa. We will continue with a second 
phase of this initiative in 2023, with 32 additional level-appropriate 
scholarships to be awarded to women.
For our SA operations 22.98% of promotions approved in 2022 
were women, and 35.19% of new recruits in SA were women. 
Pay-parity
The status of pay-parity has been tracked and corrected where 
required. We have dealt with legacy issues of disparity of  
pay based on race and gender; pay gaps are linked to legacy-
related aspects largely stemming from the impact of mergers and 
acquisitions; it is also related to more men in employment and 
longer years of service. Of our top 10% compensated employees, 
15.84% are women. Ã For further information see Remuneration 
report, page 254.
Parental leave
We offer parental leave, which include adoption and maternal 
leave, for all our SA operations employees. During 2022, at our SA 
operations 492 employees (471 women and 21 men) took parental 
leave. Eight employees terminated their employment during the 
year following return from paternal leave. Our retention rate after 
a 12-month period, post parental leave, is 94.1%.
Discrimination
Grievance processes allow for employees to lodge discrimination 
complaints formally or informally. Discrimination cases are referred 
to the Dispute Resolution Unit (DRU), which appoints an investigator. 
An employee can choose to lead their own grievance or ask the 
DRU to lead. A presiding chairperson makes a ruling, which 
management ratifies. 
There was one case of discrimination in 2022 (2021: two). The case 
has been closed and no evidence was found that any intimidation 
or discrimination occurred. 
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157

TRANSFORMATION (ALIGNED WITH MINING CHARTER III)
Our transformation journey in South Africa is guided by the country’s Mining Charter. The Mining Charter (now in its third iteration) is a 
regulatory instrument that promotes socioeconomic good across seven elements: ownership, mine community development, procurement, 
beneficiation, housing and living conditions, human resource development, and employment equity. 
The main objectives of the Mining Charter are to deracialise ownership of the industry, expand business opportunities for HDPs, redress 
the imbalances of historical injustices, and enhance the social and economic welfare of employees and mine communities. The third 
iteration of the Mining Charter came into effect in 2019, containing transformation targets to be achieved by 2023. In terms of ownership, 
we meet the Mining Charter targets. In terms of procurement, we are falling somewhat short in meeting the Mining Charter targets for 
youth*- and women-owned companies, see page 224 in socioeconomic development on initiatives we have undertaken to address the 
shortfall. 
*The definition for youth as defined within the Mining Charter is those South African citizens between the ages of 18 to 35.
Employment Equity
A significant feature of Mining Charter III is its focus on women and of increasing the representation of women across the workforce. 
The Group has achieved the following against the Mining Charter and employment equity targets 
SA operations employment equity by category as at December 2022
Measure
Target for 2023
1Actual % achieved 
SA operations
2Actual % achieve 
SA operations 
(Mining Charter III)
Representation of HDP3
Board: 50%
 46.15 %
 46.15 %
Executive management: 50%
 42.42 %
 42.42 %
Senior management: 60%
 46.00 %
 44.79 %
Middle management: 60%
 60.26 %
 60.32 %
Junior management: 70%
 76.51 %
 75.99 %
Core and critical skills: 60%
 75.30 %
 75.40 %
Representation of HDP women as % of total HDPs
Board: 20%
 50.00 %
 50.00 %
Executive management: 20%
 35.71 %
 35.71 %
Senior management: 25%
 33.70 %
 18.60 %
Middle management: 25%
 46.00 %
 39.74 %
Junior management: 30%
 29.87 %
 26.96 %
Employees with disabilities
Disabilities 1.5%
 2.58 %
 2.61 %
1  Includes Integrated Services and Corporate office
2  Excludes Integrated Services and Corporate office
3  The definition of the DMRE categorisation has changed to align to DOEL categories
People with disabilities
Given the Mining Charter’s 1.5% target for people with disabilities we are making efforts to recognise employees who may be suffering 
from long-term chronic conditions. This equity target is an opportunity to integrate those affected by illness, mental challenges, physical 
impairment and other non-normative conditions. We have enhanced our medical processes so that people with disabilities are picked up 
in the system and then this information is shared with human resources. As such, we are better placed to recognise those with disabilities. 
Women in mining
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158

LOCAL EMPLOYMENT
Some 81% of our SA workforce is made up of South African citizens (2021: 79%), and of those, 49.58%, are from our doorstep communities. 
The remaining come from southern African countries: Lesotho, Mozambique, Eswatini, Botswana and Zimbabwe. 
In the US, the majority of the workforce is made up of Montana residents. However, many supervisory roles and specialised positions 
are filled by people from other states, predominantly Nevada, Washington and Alaska. 
SA operations: origin of employees (2022)1
Province
Gold
PGMs
Services
Total
%
Eastern Cape
7,105
10,487
358
17,950
 28 
Free State
3,015
1,307
314
4,636
 7 
Gauteng
3,348
2,511
1,115
6,974
 11 
KwaZulu-Natal
2,398
810
192
3,400
 5 
Limpopo
772
2,167
165
3,104
 5 
Mpumalanga
986
701
60
1,747
 3 
North West
621
12,467
302
13,390
 21 
Northern Cape
39
365
13
417
 1 
Western Cape
15
22
9
46
 0 
Non-South Africa
6,222
5,923
166
12,311
 19 
Total
24,521
36,760
2,694
63,975
 100 
1  Including Corporate office
SA operations: citizenship of non-South Africans (2022)1 
Country
Gold
PGM
Services
Total
%
Australia
0
0
1
1 
 0.01 
Botswana
145
16
5
166 
 1.35 
Canada
0
1
0
1 
 0.01 
China
0
1
0
1 
 0.01 
Congo
1
2
3
6 
 0.05 
England
0
1
2
3 
 0.02 
Eswatini
555
70
22
647 
 5.26 
Ethiopia
1
0
0
1 
 0.01 
France
0
0
1
1 
 0.01 
Germany
1
1
0
2 
 0.02 
Ghana
1
0
1
2 
 0.02 
India
1
1
1
3 
 0.02 
Lesotho
2,635
1,814
78
4,527 
 36.77 
Malawi
2
4
0
6 
 0.05 
Mozambique
2,864
3,961
39
6,864 
 55.76 
New Zealand
0
0
1
1 
 0.01 
Nigeria
0
1
0
1 
 0.01 
Peru
0
0
1
1 
 0.01 
Zambia
3
5
2
10 
 0.08 
Zimbabwe
13
45
9
67 
 0.54 
Total non-South African
6,222
5,923
166
12,311 
 100 
1  Including Corporate office
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159

SA operations: local1 community recruitment2
2022
2021
2020
PGM
Gold
PGM
Gold
PGM
Gold
Appointments
3,914
1,779
2,305
2,089
937
1,271
Local recruits
2,617
1,193
787
1,072
411
542
%
 67 %
 67 %
 34 %
 51 %
 44 %
 43 %
1  Within a 50 kilometre radius of the mines
2  Excluding Corporate office and Integrated Services
% LOCAL RECRUITED WOMEN AND BY OPERATION
33.7
50.2
42.3
36.5
20.0
14.5
53.0
20.9
47.3
Beatrix
Driefontein
SG Eastern Operations
Kloof
Rand Uranium
Burnstone
Kroondal
Limpopo
Platinum mile
Marikana: EPL
Rustenburg 
Marikana: WPL
US operations: 
employee distribution by county (Montana)
2022
2021
2020
Stillwater
549
575
596
Yellowstone
661
714
623
Sweet Grass
131
140
152
Park
164
168
166
Carbon
157
170
158
Other locations
171
203
186
Total
1,833
1,970
1,881
EU region – Sandouville: 
Employee distribution by region (France)
2022
Normandy (Sandouville)
200
EU region – Keliber: 
Employee distribution by province (Finland)
2022
Central Ostrobothnia
15
Bordering provinces
9
Other
6
SA PGM Marikana K4
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UPSKILLING OUR WORKFORCE 
Training and development
SA operations
All new employees undergo induction training and all employees 
undergo refresher training every 18 months, which covers important 
policies, standards and processes. During 2022, 74% of employees 
completed induction/refresher training.
Ã See Continuous safe production, page 129 for more about 
safety-related training.
English language proficiency
Proficiency in English is important for our learning programmes, 
given that South Africa is home to many languages and that, for the 
vast majority of our employees, English is a second language. Part of 
the challenge is to ensure that our courses and assessments are 
designed to test competency, without prejudging someone whose 
form of English expression and understanding is that of the second 
language speaker. Our learnings around language have been 
integrated across our materials and our learning and development 
facilitators are being trained to develop cross-curriculum English 
language programmes. We are also introducing a special online 
glossary which has been built into our learning material which will 
allow learners to click on a hyperlink where they will have access to 
the explanation for specified complex terms or difficult to 
comprehend words or phrases. However, that it is a long-term 
project to improve English proficiency. 
During 2022, after completing a number of design-thinking 
workshops and utilising the information gained from the diagnostic 
language proficiency study conducted for our SA operations, we 
rolled out a new approach to bridging the language divide, under 
guidance of professional language development consultants. 
To date we have implemented an English language skills assessment 
tool (ELSA) for measuring all learners language proficiency, utilised 
as guidance to facilitators in terms of understanding learners ability 
and to inform where specific learners may require additional 
language capacity building development. 
In enhancing professional development support for the facilitators, 
facilitators will be attending an internationally recognised teaching 
qualification, the certificate in English language teaching to adults 
(CELTA) to improve their teaching practice.    
In addition, a full instructional design review of the core mining 
technical skills programmes and learnerships has been launched, 
which will ensure the integration of language proficiency building 
across the entire curriculum. 
Provision has been made for the establishment and staffing of our 
own department, which will become responsible for instructional 
design of multi-discipline learning programmes into the future. 
US PGM operations
In 2022, our US PGM operations focused on sustaining and 
increasing participation in our ongoing leadership development 
courses. Participation increased by 80%, climbing from 88 
participants in 2021 to 158 in 2022. Given the significant number of 
new additions to the operations supervisory group in 2022, focus in 
this area was on introductory supervisory training, introduction to 
managing in the union environment and broad training in 
regulatory compliance.   
Progress continued in 2022 on the path to developing e-learning 
capability in the US region. Usage of LinkedIn learning continued to 
grow and learning paths were created to support our leadership 
competencies. Implementation efforts for a learning management 
system (LMS) were paused during the realignment of US operations 
in the first half of 2022 and then restarted with a broader scope in 
the second half of the year. Implementation of an LMS is expected 
be completed in the second half of 2023.
Training and the Fourth Industrial Revolution
Our SA operations now have a Smart Learning Hub, which is our 
LMS platform for employees. Courses can be done on online, or 
downloaded to be completed offline (across various devices). 
Further, e-learning courses are linked to job profiles and integrated 
with standalone e-learning modules. 
The Smart learning hub is also useful for induction, which can be 
done online. The results were fed to Symplexity for record and 
reporting purposes.
The Academy e-Library (S-Tube portal) continues to grow each year 
as new material is being developed as part of course content 
reviews and for addressing critical learning identified out of the 
accident/incident investigation process.
In 2022, we rolled out WiFi-connected tablets for learner assessment 
to all our SA operations. Trainers moderate the assessments using the 
same tablet technology.
Audience response tools (clickers)
An audience response system (clickers) complements our learning 
and development across the SA operations. In 2022, we expanded 
the functionality of clickers as an integral part of learner assessment.
Interactive virtual reality mining environment
Our virtual reality technology (which allows for multiple users) 
simulates the workplace environment, including mining-related 
hazards. In 2022, we expanded this technology to include the 
conventional stoping production areas of both SA gold and PGM 
operations, promoting learnings in hazard identification, safe 
workplace examination procedure, rock-related risk classification 
and critical life-saving behaviour.
Talent management and career growth
SA operations
We aim to fill 80% of vacant positions with internal talent. In 2022, 
64% of our vacant positions were filled by internal talent.
To help us meet the target, we support the career paths of 
employees and we identify and nurture talent. Employees are 
encouraged to set career development goals, or individual 
development plans (IDPs) as we call them. In 2022, 4,405 
(2021: 3268) identified successors had IDPs for succession purposes. 
1,030 successors were promoted during 2022 (2021: 868).
Talent management helps us address the shortage of mining skills in 
South Africa, which is felt particularly acutely in engineering, mining, 
rock engineering, surveying and geology. The situation is made 
worse by the high demand for historically disadvantaged persons 
(HDPs) with engineering skills, who are often lured by competitors, 
negatively impacting our employment equity ratings. 
It should be noted that career development is included in our SLP 
targets. 
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161

Our performance management process requires that employees 
set performance deliverables (aligned to the Group’s strategy), 
which are tracked quarterly. During 2022,100% of management 
completed their performance contracts. 
SA operations: talent pool
2022
2021
2020
Talent pool size (A-D band)
5,422
3,714
3,186
Successors promoted
1,030
868
403
US PGM operations
Our US operations have a challenge of high turnover rates in the first 
year of employment. In response, we implemented retention 
strategies. One of the key focus areas is to ensure we have regular 
touchpoints (opportunities for communication) with new hires to 
ensure they are settling into their roles and that they have the tools 
they need to do their job. 
Workforce planning is key to providing our operations with a steady 
stream of talent. We expanded our outreach to prospective 
employees at high schools, middle schools, and colleges. We held 
career fairs, and ‘lunch and learn’ sessions where we inform 
students about Sibanye-Stillwater and the opportunities we offer. 
This has become an important part of our long-term approach. 
We are also working with two-year colleges, developing new 
programmes with them and working closely with them on 
existing ones.
In 2022 we paused additions to our High Potential Accelerated 
Development Programme while restructuring and operational 
challenges were addressed in the operations. The US operations 
recorded 100,895 total training hours.
Human resource development
Mining Charter III requires companies spend 5% of their total payroll 
on essential skills and HR development (HRD), both for employees 
and community members. HRD spend across the SA operations 
amounted to 5.1% of total payroll in 2022, (4.3% in 2021). 
Despite disruptions caused by the three-month strike at SA gold 
operations in 2022, further progress was made in resolving previous 
five-year legacy SLP backlogs for HRD. While we still have a high 
number of adult education commitments, it was decided that the 
best approach would be to integrate the outstanding numbers into 
the next four-year SLP commitments. In 2022, with the exception of 
Beatrix, all operations achieved their SLP targets for HRD. We took a 
decision not to have cadet intake at Beatrix, given the risk that this 
creates unfulfillable expectations of employment. 
In 2022, we spent R409 million on training at our SA gold operations 
and R668 million at our SA PGM operations. 
A large number of learners who began in 2022 will carry over into 
the 2023 financial year; and as such the HRD provision for 2023 will 
remain above the R1 billion mark.
SA operations: Human resource development R million
2022
2021
2020
Operation
SLP financial 
provision
Actual 
training 
expenditure 
% of Payroll
SLP financial 
provision
Actual 
training 
expenditure
% of Payroll
SLP financial 
provision
Actual 
training 
expenditure
% of Payroll
Beatrix
80.0 
118.0 
7.50
126.0 
136.0 
 6.60 
120.0 
100.0 
5.70
Burnstone
0.4 
10.0 
8.90
0.0 
1.0 
 1.40 
16.0 
4.0 
1.40
Cooke
0.0 
2.0 
1.80
0.0 
2.0 
 1.30 
0.0 
1.0 
0.80
Driefontein
80.2 
126.0 
5.70
121.0 
131.0 
 5.00 
113.0 
102.0 
4.40
Kloof
90.0 
153.0 
6.80
122.0 
152.0 
 5.40 
108.0 
114.0 
4.50
Total gold operations
250.6
409.0 
369.0 
422.0 
357.0 
321.0 
3.40
Kroondal
85.0 
130.0 
5.20
74.0 
86.0 
 4.40 
51.0 
79.0 
4.60
Rustenburg
118.0 
279.0 
5.30
233.0 
229.0 
 5.30 
136.0 
165.0 
4.30
Marikana
87.4 
259.0 
3.60
288.0 
232.0 
 4.20 
172.0 
228.0 
3.60
Total PGM operations
290.3 
668.0 
595.0 
547.0 
359 
472 
4.10
Total
541.0 
1,077.0 
5.10
964.0 
969.0 
 4.30 
716 
793 
3.70
Total opportunities for 2022 were 472,981 (up from 258,156 in 2021). Sibanye-Stillwater has made provision for an HRD budget of R1.06 billion 
for 2023 to ensure outstanding commitments are achieved.
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162

SA operations: Human resource development1
Group: Human resources development 2022
Expenditure  
(Rand)
Number of 
learners
Female 
learners (%)
Total training 
hours (number 
of learners x 
average 
training days 
per learner)
Average rand/
learner
2Average hour/
learner
Internships1
111,404,843 
374
 33 
753,984
297,874
1555
Bursaries1
16,745,180 
563
 42 
1,135,008
29,743
1923
AET (employees)
62,029,481 
906
 19 
326,160
68,465
968
AET (community)
4,366,391 
212
 66 
95,400
20,596
968
Engineering learnerships
155,908,561 
767
 27 
1,546,272
203,271
1555
Mining learnerships
132,636,177 
847
 25 
1,707,552
156,595
634
LO A-Stream
21,015,664 
62
 26 
124,992
338,962
1334
Portable skills (employees)
8,487,147 
497
 30 
23,856
17,077
271
Portable skills (community)
6,375,072 
379
 51 
36,384
16,821
271
Leadership development
45,163,136 
19,100
 10 
764,000
2,365
8
Core skills training
490,282,123 
405,048
 14 
25,923,072
1,210
18
Cadet training
8,208,802 
1,048
 49 
67,072
7,833
502
Coaches/mentorship training
884,720 
500
 36 
4,000
1,769
12
Employee indebtedness (CARE for iMali)
2,520,000 
37,797
 15 
302,376
67
8
Community maths and science
— 
0
 — 
0
—
0
Support and research (METF)
— 
0
 — 
0
—
0
Other
11,448,690 
3,998
 13 
31,984
2,864
8
Total
1,077,475,986
472,098
 15 
32,842,112
2,282
677
1  The numbers include new bursars and internships that are still part of the programmes from previous years as education programmes
2  The ‘2016’ average hours in several cells relate to the full year or multi-year programmes (12 months). The 2,016 is the actual hours spent during available days for training 
in the year, excluding weekends, public holidays and  institution vacation periods
In 2022 we awarded bursaries to an additional 14 top matriculants from disadvantaged schools from around our SA operations. The Group 
launched this bursary scheme in 2019, which provides top performers from disadvantaged schools in host communities with full scholarships 
to pursue tertiary education. 
It has benefited 38 learners (22 male and 16 female) since its inception.
SA operations: Employees trained per gender and HDP
Patterson grade
% Women trained
% HDP trained
A Band 
 19 
 99 
B Band
 10 
 99 
C Band
 16 
 79 
D Band
 21 
 58 
E Band
 17 
 52 
Non-graded learners
 25 
 100 
% of Total trained
 17 
 94 
EMPOWERING OUR WORKFORCE continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
163

SA operations: Employees per category by training type (average hour per learner)
A-band
B-band
C-band
D-band
E-band
F-band
NG-band
Internship
0
2,968
5,277
0
0
0
2,356
Bursaries
563
2,138
2,253
1,942
1,826
0
2,372
AET
954
1,784
0
0
0
0
113
Engineering learnerships
1,847
4,435
0
0
0
0
2,764
Mining learnerships
628
3,483
0
0
0
0
2,080
LO A-stream
600
0
0
0
0
0
2,737
Portable skills
356
324
112
56
0
0
166
Leadership development
44
18
38
123
260
355
63
Core skills training
27
26
25
19
16
8
32
Cadet training
315
1,943
0
0
0
0
382
Coaches/mentorship training
22
11
16
49
208
0
12
Employee indebtedness (Care for iMali)
8
8
8
8
8
0
8
Other
8
8
8
8
8
8
8
Adult education and training (AET)
Sibanye-Stillwater offers AET for employees and members of doorstep communities, equipping participants with basic numeracy and 
communication skills to enhance their educational capacity and provide the basic skills they need to fully participate in further education 
and training, work, and life in general. AET is part of the HRD requirement of the SLPs and it also supports UN SDG 4.6, which aims to ensure 
that all youth and a substantial proportion of adults, both men and women, achieve literacy and numeracy by 2030.
We offer full-time and part-time classes to employees at the SA operations  and we have also partnered with host communities to afford 
community members to travel short distance to the centres where necessary.
In 2022 we modernised our AET programme to include digital literacy and introduced technologically advanced teaching methodology. 
For 2022 we have had 13 AET learners (2021: 28) progress into full qualification learnership; 13 gained acceptance for the mining learnership 
programme (2021: 19). 
SA operations: adult education and training
2019
969
118
851
213
122
91
1,182
2020
870
94
776
294
186
108
1,164
2021
1,295
208
1,087
463
297
166
1,758
2022
906
174
732
212
139
73
1,118
Year
Number of 
employees 
trained
Gender
Number of 
community 
members 
trained
Gender
Total number 
trained
Female
Male
Female
Male
EMPOWERING OUR WORKFORCE continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
164

LABOUR RELATIONS
We endorse UN SDG 8.8 (Protect labour rights and promote safe and secure working environments of all workers, including migrant workers, 
particularly women migrants, and those in precarious employment.) 
All employees are subject to vetting procedures, including the verification of age, criminal record, and medical fitness. We support 
collective bargaining and freedom of association, and we comply with all national labour legislation applicable to each region.
Union representation at SA operations (2022)1
Services and 
other
Gold
PGMs
Total
Membership
22,565
31,700
1,980
56,245
Representation (%)
 92 %
 86 %
 73 %
 88 %
1  Including Corporate office
In 2022, 87.9% (2021: 91%) of the total permanent workforce at our SA operations were represented by four recognised unions: AMCU, NUM, 
Solidarity and UASA. On average 98% of our SA employees are covered by collective bargaining units (category 4-9 up to official level).
Given the challenges of union rivalry – particularly between AMCU and NUM – we are committed to fostering a culture of multilateralism and 
tolerance. At our Rustenburg and Kroondal operations, AMCU and NUM co-exist as rivals but without serious incidents of conflict. 
At Marikana, AMCU is the only recognised union at 73.7%. Our recognition agreements are formal joint commitments between the company 
and the majority union setting out, inter alia, relationship rights, respect for freedom of association, bargaining rights, workings of shaft and 
full-time stewards, industrial action procedures, and dispute procedures. Our Human rights policy also stipulates that all employees have 
freedom of association and of movement as well as freedom to join, or to refrain from joining, labour organisations of their choice and 
collective bargaining without discrimination or retaliation. Our wage agreements provide more favourable conditions than SA labour-
related legislation in terms of health coverage, sick leave, and wages. We also provide additional rights to full time shop stewards as defined 
in our recognition agreements. 
At our US PGM operations, a total of 73% (2021: 75%) of employees are members of the United Steel Workers International Union (USW). 
Labour relations in the US PGM operations continue to be constructive. 
SA operations: membership by union1
2022
2021
2020
Total
Gold
PGMs
Services 
and other
Total
Gold
PGMs
Services  
and other
Total
Gold
PGMs
Services 
and other
Membership
AMCU
34,854
10,852
23,831
171
36,434
11,808
24,428
198
37,463
11,650
25,592
221
NUM
15,443
9,131
5,122
1,190
16,927
10,889
4,552
1,486
16,825
11,146
4,156
1,523
UASA
4,646
2,122
2,064
460
3,212
852
2,041
319
3,336
902
2,111
323
Solidarity
1,171
458
554
159
1,256
466
638
152
1,427
533
729
165
CEPPWAWU
131
2
129
0
134
0
134
0
139
0
139
0
Non–unionised
7,730
1,956
5,060
714
6,071
1,083
4,376
612
5,204
1,082
3,601
521
Total
63,975
24,521
36,760
2,694
64,034
25,098
36,169
2,767
64,394
25,313
36,328
2,753
Membership representation (%)
AMCU
 54 
 44 
 65 
 6 
 57 
 47 
 68 
 7 
 58 
 46 
 70 
 8 
NUM
 24 
 37 
 14 
 44 
 26 
 43 
 13 
 54 
 26 
 44 
 11 
 55 
UASA
 7 
 9 
 6 
 17 
 5 
 3 
 6 
 12 
 5 
 4 
 6 
 12 
Solidarity
 2 
 2 
 2 
 6 
 2 
 2 
 2 
 5 
 2 
 2 
 2 
 6 
CEPPWAWU
 0 
 0 
 0 
 0 
 — 
 — 
 — 
 — 
 — 
 — 
 — 
 — 
Non–unionised
 12 
 8 
 14 
 27 
 9 
 4 
 12 
 22 
 8 
 4 
 10 
 19 
Total
 100 
 100 
 100 
 100 
 100 
 100 
 100 
 100 
 100 
 100 
 100 
 100 
1  Including Corporate
Union representation at US PGM operations in 2022
Total
Stillwater 
(including Blitz)
Columbus 
Metallurgical 
Complex
East Boulder
Administrative 
support staff
United Steel Workers (USW)
1,329
844
144
341
0
Non-unionised
504
237
55
108
104
EMPOWERING OUR WORKFORCE continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
165

Wage negotiations and industrial action
Sibanye-Stillwater maintains that given the national minimum wage 
in South Africa (R5,000 per month), our average entry-level, 
category 4, employee wage of R22,806* per month (which includes 
benefits) is reasonable and just (ratio of 1:4). Since 2013, wages for 
entry-level underground employees at our SA gold operations have 
risen at consistently above-inflation rates. By 2023 (as per the current 
agreement), entry-level wages will be 106% above 2013 levels as 
compared to inflation (CPI) for the same period of 64%. While we 
are committed to paying a dignified wage and  benefits, continued 
above-inflation increases impact on our financial sustainability; 
this negatively impacts all stakeholders who rely on us, including 
employees themselves. The ratio of the average annual 
compensation of the top 10% of top earners to the bottom 10% of 
the lowest earners is 1:5. The median for the annual compensation 
for all employees is R299,511 with an average of R388,143. 
The lowest annual compensation is R129,174 per annum.
In the US, Montana’s minimum wage is US$9.95 per hour. By 
comparison, entry-level pay at our Metallurgical Complex and 
Stillwater operations is US$25.97 per hour and at East Boulder 
operations is US$25.28 per hour.
* This is for entry level Category 4 employees  and includes bonus and all allowances.
It is total remuneration per month.
US PGM operations
On 16 February 2022, a new collective bargaining agreement was
ratified at our East Boulder operations with the USW. This agreement
included wage increases and revisions to equipment allowances to
offset inflation trends. It reconfigured personal leave and overtime
provisions to encourage optimal attendance. This agreement will
expire on 31 July 2024.
SA PGM operations
In late September 2022 NUM and UASA accepted our offer of a
five-year fixed average annual wage increase of 6% and above
for bargaining unit employees for a three-year period, followed by
CPI-linked agreements in years four and five, as well as notable
increases in benefits. In late October 2022 we concluded a five-year 
wage agreement with AMCU (the largest of the unions at SA PGM 
operations), along much the same lines as the agreement with NUM 
and UASA. 
SA gold operations
In 2022, a strike at our South African gold operations saw workers 
(22,328 employees participating) belonging to AMCU and NUM 
down tools for 76 workdays, 93 calendar days (10 March to 
11 June). The total work-hours lost were 1,4423,888. During the strike 
period, continued communication with striking workers via the WeR1 
app, website and briefs, remained important. To this end, the Group 
kept workers informed about the unions’ wage demands in 
comparison with the Group’s responding wage offers, the wages 
lost per worker per day, as well as where and how to report any 
incidents of intimidation, violence or breach of the picketing rules.
The strike was resolved after the unions accepted an offer in a 
process that was mediated by the Commission for Conciliation, 
Mediation and Arbitration (CCMA). Unfortunately, forfeited worker 
wages (some R1.2 billion in total) largely eliminate the gains of wage 
increases. On 13 June 2022, a three-year wage agreement was 
signed, uplifting the lockout that had been instituted to avoid any 
risk violence or intimidation to be lifted. In addition, a hardship 
allowance consisting of a R1,200 cash payment and a further R1,800 
allocated to the reduction of debt or loans owing to the Company 
incurred as a result of medical aid contributions and risk benefits 
which continued to be paid by the Company during the lockout 
period. Pleasingly, the levels of violence and intimidation which 
characterised previous industrial action were significantly reduced, 
which can be largely attributed to the lockout effected by 
management at the start of the strike as well as reduced rivalry 
between the unions. The proactive implementation of strike plans 
and management of fixed costs to contain the financial cost and 
preserve value, further mitigated the impact.
Sandouville refinery
Two trade unions have representation at the refinery. CGT, holding 
the majority members, and CFE-CGC. A one-year wage agreement 
is in place.
SALARIES AND WAGES
Key salary and wage metrics (31 December 2022)
SA
US
EU: Sandouville
EU: Keliber
Employee wages and benefits paid R/US$ million
21,849 
279.4
257
3.971 M€
Average salary per entry level employee 1
R22806p/m
US$106,680 gross 
(R1,746 351)
€ 37143 per annum 
(R637,745)
Entry level operators 
not yet employed 
Annual training spend R/US$/€ million1
1,077.48
US$5.21m (R85.2m)
€ 0.15 (R2.5)
NA
1  Exchange rate for US$: ZAR 16.37, and €:ZAR 17.17 for Sandouville; Ã See Remuneration report, part 3, page 254
We pay competitive wages and our employees in South Africa 
have access to financial and non-financial benefits exceeding 
those specified in the Basic Conditions of Employment Act. 
These include
•
Retirement or provident funds for all employees
•
Care for iMali financial literacy training
•
Medical insurance
•
Housing ownership help desk
•
Employee assistance programme
•
Holiday leave allowance
US PGM operations have a variety of personal leave benefits 
relating to personal and family medical needs, public or military 
service, as well as paid time off for leisure or other personal matters. 
These leave options are defined within our benefit plans and 
collective bargaining agreements. Leave is provided within the limits 
of these plans and is not to be exceeded as a condition of 
continued employment. 2 See Care for iMali: Taking care of 
personal finances fact sheet.
EMPOWERING OUR WORKFORCE continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
166

Employee share ownership programme (ESOP)
The purpose of ESOPs is to create shared value for employees, 
in keeping with our vision to be a leader in superior shared value for 
all stakeholders. We have three main ESOP schemes: Lonplats ESOP, 
Rustenburg Mines Employee Trust, and the Thusano Share Trust. 
The Thusano Trust is for employees at our gold operations, 
and was set up following an agreement with organised labour. 
The vesting period of the Trust is 2026. Thusano holds 19,233,755 
Sibanye-Stillwater shares for its 10,119 participants. Beneficiaries 
were paid out R50 million in 2022 (R94 million in 2021). 
Rustenburg Mines Employee Trust
When Sibanye-Stillwater acquired the Rustenburg (PGM) operations 
in 2016, we concluded a broad-based black economic 
empowerment (B-BBEE) transaction whereby 26% of the Rustenburg 
entity is held jointly by four parties: the Rustenburg Mines Community 
Development Trust (24.8% share), the Rustenburg Mine Employees 
Trust (30.4%), Bakgatla-ba-Kgafela Investment Holdings (24.8%), 
and Siyanda Resources (20%).
The Rustenburg Mines Employee Trust has 12,106 beneficiaries who 
were paid out R98 million (R49 million in 2021) in total dividends 
in 2022. 
Lonplats ESOP 
This ESOP was founded by Lonmin and taken over by Sibanye-
Stillwater when we bought Lonmin. The scheme offers employees 
(mainly those at Marikana) a direct stake in the Group’s profits. In 
2022 Lonplats ESOP paid out a total R689 million (2021: R398 million) 
to 16,486 beneficiaries. 
US operations 
There is no share ownership programme equivalent at our US PGM 
operations.
Employee indebtedness
Financial over-indebtedness is a burden for many at our SA 
operations. Sibanye-Stillwater offers a financial literacy and personal 
debt management programme, Care for iMali, to help alleviate 
financial stress. 
2 See Care for iMali fact sheet, ¸ www.sibanyestillwater.com/
news-investors/reports/annual/
HOUSING AND LIVING CONDITIONS
This section mostly focuses on South Africa, given that employee 
housing and living conditions is not a major challenge at our other 
areas of operation. 
Housing and accommodation for our employees in broad terms 
for the US operations is as follows
•
US PGM operations provide basic housing accommodation at
a minimal cost to employees who maintain primary residences
beyond ordinary daily commuting distances.
SA region
We aspire to transform Sibanye-Stillwater’s land and housing assets 
as enablers of a diversified sustainable economy that leads to social 
improvement around our operations. This concerns the areas at our 
SA PGM operations in the North West province – Sibanye Rustenburg 
Platinum Mines, Marikana, and Kroondal Pooling and Sharing Area; 
and at our gold operations – Beatrix (Free State), Burnstone 
(Mpumalanga), Driefontein, and Kloof (both Gauteng).
Our aspiration for housing is underpinned by the Sibanye-Stillwater 
Integrated Housing and socioeconomic strategy. 
The aim of the strategy is to enable employees to meet their 
accommodation needs and aspirations in a way that is affordable 
and sustainable. The strategy dovetails with the extensive work 
done on developing Housing and Living Conditions Plans (HLCPs) 
for six of the aforementioned SA region operations (excluding 
Marikana). These plans were a requirement of the Mineral and 
Petroleum Resources Development Act: Housing and Living 
Conditions Standard for the South African Minerals Industry (2009). 
This Act is part of Government’s attempt to respond justly to the 
problematic history of labour migrancy and single-sex hostels. 
The HLCPs have been incorporated into our housing strategy, 
ensuring an integrated approach to land and housing issues. 
Further, Sibanye-Stillwater is in the process of developing a Land 
management master plan, which will be underpinned by the 
principles and strategic programmes of the Integrated housing 
and socioeconomic strategy. 
Legal framework for housing
The regulatory and legal environment that surrounds housing is 
complex and multilayered. It includes national legislation, mining 
sector directives, national policy frameworks and imperatives, as 
well as standards. These are founded on the fundamental right to 
housing that is granted in South Africa’s Bill of Rights: ‘Everyone has 
the right to have access to adequate housing. The state must take 
reasonable legislative and other measures, within its available 
resources, to achieve the progressive realisation of this right. No one 
may be evicted from their home, or have their home demolished, 
without an order of court made after considering all the relevant 
circumstances. No legislation may permit arbitrary evictions.’ Clearly 
this accords with UN SDG 11 (Adequate, safe, and affordable 
housing). 
Government (through the Human Settlements ministry) has sought 
to bring coherence to housing, with its Human Settlements 
Framework for Spatial Transformation and Consolidation (2019), 
in terms of which it can declare Priority Human Settlements and 
Housing Development Areas (PHSHDAs). These gazetted areas 
coincide with most of our housing areas, and will help guide 
decisions around where to build, informal settlement upgrading, 
how to treat mine assets in preparation for closure, and bulk 
infrastructure. In 2019, the South African cabinet adopted the 
district-based model of development and service delivery, called 
the District Development Model (DDM). The idea is that ‘One Plan’, 
informed by all three spheres of government (national, provincial, 
local) as well as by the public and by mining houses, should align 
spatial development in the overall interests of the district. 
Local government 
Dysfunctional municipalities complicate our efforts. For a start, none 
of the municipalities (where our operations are located) is properly 
accredited to deal with housing, and here the provincial housing 
authority must be consulted, which involves dealing with four 
different provincial housing departments (North West, Gauteng, 
Free State, Mpumalanga). Most of the municipalities we deal with 
have been classified by the National Department of Cooperative 
Governance and Traditional Affairs as being dysfunctional (or under 
administration). They lack capacity (be it resources or expertise) 
which inevitably causes delays and undermines trust. Further, given 
their inadequate management of illegal occupation, risks of land 
invasion are exacerbated.
EMPOWERING OUR WORKFORCE continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
167

Land invasion
Sibanye-Stillwater (and all businesses in South Africa) face a 
generalised risk of the undermining of property rights and rule 
of law. Our housing strategy promotes the benefits of secure 
tenure and title deed, by which families can growth their wealth 
within a secure rules-based society. There are, however, many 
challenges that stand in the way. There are informal settlements 
and/or land invasions across most of our mining rights areas. 
Further, all operations (besides Beatrix and Burnstone) have at least 
some of their land subject to land claims. 
HOME OWNERSHIP
30%
21%
At place of origin
At place of work
Employees’ housing needs 
Our housing survey shows that we have relatively low levels of 
homeownership at both our SA gold and PGM operations (although 
the rate is higher for PGM). The majority of respondents want to get 
on the property ladder. Additionally, for those who do own a house, 
around a quarter would like to upgrade it. The majority of our 
employees have access to adequate municipal services. 
We found that less than 50% of employees at any of our operations 
live in proclaimed towns. More encouraging is that at least 88% of 
SA gold employees live in ‘adequate’ accommodation (as defined 
by the Department of Human Settlements) and for the SA PGM, it is 
between 63% and 79%. Nearly a third of SA PGM employees live in 
an informal settlement (it is only 10% for SA gold). This is a worryingly 
high percentage and coincides with another figure, which is that 
11%-25% of SA PGM employees live rent free (which suggests that 
there are attractions to informal living arrangements). Around 50% 
of all employees want to spend their retirement in their host 
community, while the other half would prefer to be elsewhere 
for retirement. About a fifth of employees are interested in buying 
a house in another area. Somewhere between 12% and 27% 
of employees indicated that they own land and would like to 
build a dwelling on that land, but lack the finances to do so. 
Creditworthiness is a significant challenge for many employees.
ACCESS TO DECENT HOUSING
23%
77%
Inadequate  
Decent
ACCESS TO SERVICES
98%
99%
87%
Portable water
Adequate
Formal Electricity
INVESTMENT PREFERENCES
28%
26%
20%
12%
Affordable housing  
Owner upgrader
Owner builder
Buy current rental
Employee homeownership
Employee homeownership programme is aligned to the Housing 
and socioeconomic improvement strategy and complies with the 
Housing and Living Conditions Standard for the Minerals Industry 
(2019). The programme responds to the desire of employees to 
invest in property. We aim to assist employees to upgrade tenure 
security, while contributing to the general improvement of 
communities, and ensuring decent living conditions for all 
employees. 
Part of the Homeownership programme involves the sale of 
available housing stock to employees at discounted prices. 
The programme has three phases: phase one is only open 
to employees currently residing in the houses; phase two is open to 
all other employees; phase three will be open to the general public. 
EMPOWERING OUR WORKFORCE continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
168

In 2022, at Marikana 52 homeownership transactions were 
concluded, with another 37 homeownership transactions lodged 
for transfer.
At the Rustenburg operations the momentum seen since 2019 
continued and we concluded another 52 homeownership 
transactions with another 42 lodged for transfer. 
Since the inception of the overall Homeownership programme, 
Sibanye-Stillwater has sold a total of 1,711 houses of which 1,363 or 
80% were sold to our employees. This programme has been a very 
successful story and we believe it will continue to benefit employees 
in the future.
SA PGM operations
During 2022 we continued to support Government-led projects 
around Marikana, notably the revitalisation of distressed mining 
communities interventions (overseen nationally by the Department 
of Human Settlements). 
Sibanye-Stillwater continues to work closely with the municipalities of 
Madibeng and Rustenburg in helping with spatial development 
frameworks (SDFs), housing sector plans as well as integrated 
development plans (IDPs) of both municipalities. Additionally, this 
partnership with Government contributes to our Generation III SLP 
for the mineral rights of Western Platinum Limited (WPL) and Eastern 
Platinum Limited (EPL). 
Marikana Ext 13 and Nkaneng UISP 
The rezoning of Marikana Extension 13 (which falls under Rustenburg 
local municipality) and Nkaneng informal settlement (Madibeng 
local municipality) into formal townships has progressed well. 
We have donated land parcels totalling 253ha to Marikana Ext. 13, 
with the target to provide 6,500 housing units, with suitable 
amenities. 
Marikana Ext 13 dovetails with our Marikana Renewal programme 
and includes aspects of honouring and restitution for the families of 
those who died in the Marikana massacre. We provide access to 
our bulk services (potable water and waste water treatment works 
(WWTW)). The WWTW is to be shared by us and the community and 
then revert to the municipality when the mine closes. 
In partnership with the Madibeng local municipality we have 
embarked on an Upgrading of Informal Settlements Programme 
(UISP) for Nkaneng informal settlement (between Marikana and 
Rustenburg).  
Both Ext. 13 and Nkaneng projects are far advanced, with roads, 
electricity infrastructure, promenade, water tanks, recreational 
areas, community hall, and ECD centre near completion. 
Geographic Information Systems (GIS) 
Our land management strategy includes a digitalisation element, 
whereby we are putting all relevant information (e.g., title deeds) 
on a database linked to our GIS. 
SA operations: housing and accommodation
Number of employees living in
Single accommodation complexes (mine employees)
8,129
1,333
6,796
8,479
9,051
Family accommodation (houses and on-mine residence)
10,076
5,253
4,823
10,191
9,796
Private/other (balance of total workforce)
30,174
30,174
xx
41,703
42,781
Number of company-owned houses sold
Total
306
104
202
284
290
Employees
300
101
199
267
307
Private
6
3
3
17
3
Number of company-owned houses sold since programme inception (2015): 
cumulative total
Total
1,711
360
1,351
1,405
1,699
Employees
1,363
348
1,015
1,063
1,225
Private
348
12
336
342
474
Number of houses built during the year
5
5
0
0
16
Number of houses built since programme inception (2015)
57
5
52
52
52
Spend on accommodation maintenance/renovations1 (Rm)
Family
298
213
85
209
219
Single
181
110
71
178
92
Spend on accommodation maintenance/renovations (excluding labour costs) (Rm)
Family 1
153
117
36
107
156
Single
84
61
23
84
36
2022
2021
2020
SA Total
PGMs
Gold
Total SA
Total SA
1   The cost of accommodation, maintenance and renovation is comprehensive (not only painting). Spend on maintenance and renovation of single accommodation 
has decreased year-on-year as a result of planned closure of some of the units at Beatrix
EMPOWERING OUR WORKFORCE continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
169

CARING FOR INJURED EMPLOYEES AND THEIR DEPENDANTS
At Sibanye-Stillwater we provide phycological and financial support to the dependants of injured and deceased employees. 
The Matshediso programme, Lonmin Memorial Fund and the Sixteen-Eight Memorial Trust, provides financial assistance to the families 
and dependants of employees who are severely disabled or fatally injured in mine accidents. Funeral assistance such as transport, 
accommodation and support to memorial services are provided.
Matshediso programme
Sibanye-Stillwater supported 136 Matshediso dependants at the SA gold operations in 2022 at a total cost of R1,587,799. In addition, 
100 families of employees fatally injured or disabled. A total of 10 beneficiaries of RPM and Kroondal from the SA PGM operations benefited 
from the Matshediso programme, at a total cost of R103,408.
Benefit
2022
2021
Host schools
R12,500 (primary); R17,500 (secondary) 
R12,500 (primary); R17,500 (secondary)
Boarding schools
R30,000
R30,000
Uniform, stationery, text books and transport
Primary R2,500  and secondary school R3,500
Primary R7,000 and secondary school R9,000
Extra classes at host schools
R2,500 extra mural activities , R2,000 transport, 
R1,000 school trips, R2,500 career counselling, 
R5,500 from boarding school to home, R2,500 
primary and R3,000 secondary school 
R2,500 primary and R3,000 secondary school -
career counselling R2,500; extra mural activities  
R2,500
Christmas voucher or hamper
R1500 per family
R500 per family
Total amount paid to beneficiaries
R1.58 million
R1.31 million
Home adaptation programme
We also undertake home modification and maintenance projects to provide the families of severely disabled injured employees 
with functional housing
•
The building or renovation of houses
•
Connection to water supplies (if municipal infrastructure is not available, two water tanks are installed)
•
The widening of doorways, ramps and pathways; bathrooms and toilets made wheelchair-friendly
A total of 18 widows or beneficiaries of the SA gold operations and 3 from SA PGM benefited during 2022 from the home adaptation 
programme and 31 from the SA gold and 20 from the SA PGM operations are on the project list for renovations, adaptations or a home. 
Lonmin Memorial Fund
Through the Lonmin Memorial Fund, Sibanye-Stillwater supported 90 dependants in 2022 at a total cost of R4.3 million. Five of these 
dependants completed their final year of school in 2022 with nine at tertiary level.
Sixteen-Eight Memorial Trust
Sibanye-Stillwater, through the Sixteen-Eight Memorial Trust, continues supporting 139 beneficiaries, (previously 141 – unfortunately two 
beneficiaries passed away), by providing psychosocial support and educational assistance in the form of paying for school fees, uniform, 
stationery, textbooks, excursions, transport, tertiary tuition fees, accommodation allowances and meal allowances. Twenty five beneficiaries 
are at tertiary level of education, two beneficiaries are pursuing postgraduate studies, and 12 have joined the company as interns in 
experiential training programme in 2022.
See ¸ www.sibanyestillwater.com/features/marikana-commemoration
EMPOWERING OUR WORKFORCE continued
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FUTURE FOCUS
SA REGION
•
Enhance productivity through engaged employees
•
Enabled line management to take greater leadership with regards to people-related issues
•
Standardised employee-shared scheme across the SA region
•
Design and implement a holistic remuneration philosophy linked to productivity
•
Develop and integrate an inclusive, diverse, and bionic human resource regional team
•
Designing and implementing a regional health and wellness plan
•
Proactive and scientific management of senior talent to strengthen regional management deployment
and development in the defined eco-systems underpinned by our values-based culture
•
Creating a learning organisation through purpose and evidence based development of culture
•
Facilitating organisational transformation that leads diverse, inclusive and bionic differentiation
•
Leading comprehensive organisational integration to enable culture inculcation and safeguard
sustainable growth
EU REGION
•
Continue with the EU region’s integration – aligning policies and practices
•
For Sandouville refinery, support the business from a people perspective through talent attraction,
retention and development
•
Embedding the Sibanye-Stillwater culture and values
•
Strengthening the Keliber team - recruiting to support project execution
US REGION
•
Implementation of a Learning Management System enabling digital learning
•
Organisational culture survey results inform Human Resources of progress and programme needs
•
Develop internal trainers to deliver diversity, equity and inclusion immersion workshops while senior
and executive leaders complete master-level workshops
•
Deliver EQ training programmes for identified leaders
•
Continued intensive training of new and existing supervisory personnel to ensure clarity
of role expectations and proficiency in use of available tools
•
Focus on the culture growth programme
•
Continue digital transformation of the Human Resource functions including implementation of a new time
and attendance system and selection of a Human Capital Management system
•
Streamline Human Resource function through improved processes, policies and programmes
•
Adjust the Human Resource service delivery model to enhance the whole employee lifecycle
•
Align diversity, equity and inclusion efforts with the Group goals
•
Continue exploring new and innovative ways to attract and retain talent
•
Focus on and promote all aspects of employee wellness (physical, mental, financial, social)
EMPOWERING OUR WORKFORCE continued
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HARNESSING INNOVATION
The Group aspires to lead the industry with technology, digital and innovation as key enablers 
to our strategic essentials and differentiators
WHAT WE DID IN 2022
SUCCESSES
•
Delivered an annualised R650 million (US$40 million) allocated 
cost optimisation benefit leveraging the continuous 
improvement process
•
Three-fold increase in capacity for the now distinct focus areas 
of innovation, digital transformation, and technology, positioning 
the Group for significant progress over the medium- to long-term
•
Innovation ecosystem enhanced through partnerships with 
academia, research programmes, service providers and 
through our iXS initiative
•
Progress with ICT’s utilisation of artificial intelligence (Alice) 
which automated over 50 existing governance controls during 2022. 
We expect to expand on its capability and to automate our 
control environment
•
ISO 27001 certification awarded on 14 April 2023
CHALLENGES
•
Evolving innovation and technology demands, coupled with 
rapidly evolving technology, dramatically increases the scope 
of research and application
•
Global shortage of chips has effected rollout of technology, 
in some cases causing delays of 6-9 months
•
Worldwide threat of cyber attacks on companies, where attackers 
are becoming more sophisticated. The proliferation of technology 
and the rise of remote work have also expanded the attack surface 
and increased the difficulty of defending against cyber-attacks
ALIGNMENT WITH SDGs
INNOVATION, DIGITAL TRANSFORMATION, TECHNOLOGY DEVELOPMENT AND ADOPTION
The 2022 year proved to be a pivotal year for innovation, 
with several changes to the portfolio as a result of being included 
as one of our values and identified as a key enabler to our strategy 
(Ã See Our three-dimensional strategy, page 32) for more 
information). Digital transformation, and technology development 
and adoption, previously subsets of innovation, were elevated 
to distinct portfolios aligned with, but independent of innovation. 
New senior leadership was appointed to take charge of the 
three portfolios within the Group Technical and Innovation 
function with the following objectives
•
Innovation: establish an innovation culture and capability
that helps embed innovation as a value
•
Digital transformation: embed digital as an enabler to our
strategic objectives
•
Technology development and adoption: drive industry
leading technology development and adoption in support
of our strategic objectives
Progress is already evident in the development and strategic 
repositioning of the three portfolios. 
In 2022, we spent R125 million (US$7.6million) on strategic innovation, 
digital transformation and technology adoption initiatives, of which 
R72.6 million (US$4.4 million) was distributed via the BioniCCube 
capital allocation mechanism. (R55 million (US$3.7 million) in 2021). 
See ¸ www.sibanyestillwater.com/business/innovation-technology
INNOVATION
Objective: establish an innovation culture and capability 
that helps embed innovation as a value
Our value definition for  innovation is ‘We intentionally find new ways 
to do things better.’ This statement is supported by five behaviours
•
We will all understand the need to innovate
•
We will invite everyone to innovate
•
We will encourage innovation
•
We will develop innovators
•
We will recognise innovation
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172

To this end (in 2022) we developed a programme of objectives and 
activities to establish an innovation culture and capability. The initial 
phase of the programme, which will commence in Q1 2023, consists 
of five strategic drivers to achieve our medium-term objectives
•
Purpose driven innovation – define a clear and common
innovation purpose that helps guide innovation efforts and
creates meaning for our organisation
•
Shared understanding – engage meaningfully on our innovation
purpose and key messages to ensure understanding of our
innovation objectives
•
Innovation structure and process – reimagine organisational
structures to enable collaboration and implement appropriate
processes which encourage innovation
•
Innovation capability with accountability – build capable
leaders that drive meaningful innovation and establish
appropriate measurements that encourage the right innovation
behaviours
•
Innovation mechanisms – enhance existing, and implement new,
innovation initiatives; create safe spaces for experimentation
Strategic innovation initiatives 
DigiMine, Simulacrum and MMP
We continue to support DigiMine, a digital mining laboratory at 
the University of the Witwatersrand (Wits), Johannesburg, run in 
partnership between Sibanye-Stillwater and the Wits Mining Institute 
(WMI). Its primary objective is to research digital technologies 
that will enable the mine of the future. 2022 marked the eighth year 
of the partnership, over which time Wits has received R68.5 million 
in funding from the Group, with a further R5.5 million committed 
for 2023. 
Under a similar partnership model to DigiMine, we help fund the 
University of Johannesburg’s (UJ) Simulacrum, a state-of-the-art 
training facility (with virtual reality capabilities) that gives 
undergraduate students practical experience. To date we have 
contributed R38.5 million to this partnership, with a further R5.5 million 
committed for 2023. 
Sibanye-Stillwater is an active participant in the Mandela Mining 
Precinct (MMP) which is a public-private-partnership involving 
government and several other mining companies facilitated by the 
Minerals Council of South Africa and the Department of Science 
and Industry. 
In 2022, the MMP funded centre of excellence programmes for Wits 
and UJ. Wits was allocated the centre of excellence programmes 
for Real Time Information Management Systems and the Successful 
Adoption of Technology Centred Around People initiatives 
(RTIMS and SATCAP respectively). UJ was allocated the centre of 
excellence programme for the Longevity of Current Mining initiative. 
We are proud to be part of these initiatives, creating shared value 
through research and development. 
 iXS initiative (innovate, accelerate and scale) 
The iXS initiative is a Sibanye-Stillwater-led investment programme 
that supports innovators and entrepreneurs. It has three primary 
objectives: develop non-core expertise to solve mining-related 
challenges through entrepreneurial and innovative solutions; 
progress technology development to proof of concept level 
through seed funding; support startup businesses (focusing on 
mining-related technology) to become commercially viable and 
globally applicable. 
iXS comprises two key components
•
An incubation and development centre focused on
entrepreneurial management and innovation skills; including
internship programmes (for innovators and entrepreneurs)
•
An investment programme to help startups scale up their
operations; capital investment of up to US$1 million for early
stage opportunities and US$5 million for later stage opportunities
In its first year (November 2021 to November 2022), iXS achieved: 
the establishment of a full cohort of entrepreneurs and innovators; 
a pipeline of 19 early stage investment opportunities; investment in 
two early stage ventures. 
Besides benefitting budding entrepreneurs, iXS is helping to establish 
an ecosystem of partners to solve industry challenges. The initiative 
also helps bridge the gap between concept and implementation 
for certain research from adjacent programmes. iXS is managed in 
partnership with an external service provider, but is wholly funded 
by Sibanye-Stillwater. 
Continuous improvement 
The SA region initiated an allocated cost intervention in 2021. 
This involves a portfolio of 83 initiatives, with a 36-month target, 
with the potential for annualised cost reduction of R1.34 billion, 
to be achieved through leveraging the Group’s continuous 
improvement process. 
Cost-reduction for the initial 12 months was approximately 
R650 million (US$40 million) at annualised run-rate, despite 
unforeseen challenges, including the three-month strike at our gold 
operations. The SA region will continue to drive the initiative, with the 
aim of achieving annualised total cost reduction of R1.34 billion for 
the remaining 24 months. 
DIGITAL TRANSFORMATION
Objective: Embed digital as a key enabler to our 
strategic objectives
We developed an international partnership model for digital 
transformation. The model supports the adoption of novel and 
competitive digital solutions that meet two imperatives: the ability 
to execute with agility, while maintaining a flexible organisational 
structure, and the ability to deploy internationally across our 
organisation. In 2023 the underlying model for our digital capability 
will be executed under the Digital transformation banner . 
The Digital transformation team developed the following 
infographic to show how the Group will achieve its digital 
transformation objectives.
HARNESSING INNOVATION continued
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In 2023, we will start implementing the above enablers and 
foundational building blocks, while pursuing various digital 
transformation initiatives.
Strategic digital initiatives 
Enhanced metallurgical process management and automation 
The Group continues to evolve and apply manufacturing execution 
systems (MESs) and advanced process control (APC) to improve the 
digital maturity of our metallurgical operations. 
MESs are software systems that document and control 
manufacturing processes. Similarly, APC increases the levels of 
autonomy in our processing and metallurgical environments, 
improving responses to process variability and optimising 
process stability. 
We continue to make progress in the areas of MES and APC 
across the Group. In 2023 we aim to have MES implemented across 
the full metallurgical environment at our SA PGM operations. 
The US region is currently in the process of determining the 
appropriateness of MES and APC implementation. Similarly, 
we initiated a maturity assessment for Sandouville, concluding 
the preliminary assessment in November 2022 with 
recommendations for enhancement in 2023.
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Operational technology (OT) architecture 
For digital transformation to be successful it needs a robust 
technology architecture. During H2 2022 we mapped out the 
OT landscape, and formulated a set of key architecture principles 
and disciplines. 
Work continues into 2023 to include the business technology 
landscape and establish an architecture management capability.
TECHNOLOGY DEVELOPMENT AND ADOPTION 
Objective: drive industry leading technology development 
and adoption in support of our strategic objectives
In 2022, we researched the key technological trends which should 
be adopted over a 10-year period. A multidisciplinary team 
formulated six primary technology themes and 
11 organisational themes. 
Primary technology themes include platform technology, additive 
manufacturing, and electrification; organisational themes include 
utility and resource independence; zero-waste; and enabling 
beyond the business boundary. 
We will prioritise a number of smaller initiatives within each theme 
for execution in the short-term. In addition, the current portfolio of 
initiatives will be re-prioritised and positioned within our broader 
technology and organisational themes. 
Strategic technology initiatives 
Integrated mining enterprise (IME)
We are continuing to develop towards becoming a digitally 
integrated mining enterprise. By this we mean that operational 
planning and execution, combined with interrelated technical 
and non-technical aspects of mining, are digitally integrated.  
To this end, we conducted pilot projects at Saffy and Thembelani 
shafts (SA PGM) in 2022. This work involves not only changing 
systems and technology, but also changing the culture of work-
practices. The pilots focused on enabling line management 
with digital tools, accessible through the IME platform, allowing 
them to determine whether their assets are operating at the 
correct capability. 
Ultimately, the IME presents a digital system capable of reducing 
dependency on human reporting and making visible, key 
dependencies for our key assets. This will enable proactive task 
management and adequate resource scheduling, resulting in safe 
and predictable production, and sustainable performance. 
The Saffy and Thembelani pilots will be monitored into 2023, after 
which our business plan makes provision to scale the solution for 
other shafts, which have already been prioritised. The 36-month 
rollout begins in H2 2023.
Battery-electric and semiautonomous vehicles 
The Group has assembled a diverse fleet of BEVs (battery-electric 
vehicles) for trial purposes. The adoption of BEVs in mining is an 
ongoing global trend, one in which – given the technical 
complexity and diversity of our operations – we can be 
considered industry leading. 
There are five ongoing BEV trials within the Group. The trials cover 
a range of applications in utility, load and haul, and personnel 
carriers. A key priority is to establish a broad body of knowledge 
to support the decarbonisation of our operations.
Besides electrification, we are also exploring remote and 
autonomous vehicle operation. We have completed initial tests of 
an industry-leading low-profile battery-electric remote and semi-
autonomous load-haul-dumper (LHD), known as BEVerly. 
The remote and autonomous nature will provide a more safe, 
conducive, and inclusive operating environment. 
Remotely operated battery-electric LHD at the Bathopele operation at SA PGM 
Trackless mobile machinery (TMM) level-9 proximity detection/
collision avoidance
The Group has made significant, industry-leading progress with 
respect to the implementation of collision avoidance technology 
on its TMM. Our approach is to implement TMM safety measures 
beyond the regulatory requirements, for both SA and US regions. 
In 2022, for the SA region, we completed the implementation of 
level-9 collision avoidance on all underground TMMs (excluding 
projects), regardless of their risk profile. Considering the scale of our 
fleet by number, the initiative was both complex and ambitious, 
and we are proud to be at the forefront of this global objective.
The US region is on track to have all equipment at level-7 
(detection) in 2023; planning for level-9 implementation in Q2 2024 
is well advanced. The operational team continues to develop 
ancillary technology to enable the application of level-9 collision 
avoidance on its fleet of machinery. 
FUTURE FOCUS 
Beyond a continued effort to identify and deliver strategic initiatives 
that unlock tangible value across our Continuous Innovation 
portfolio, focus in the medium- to long-term is to further develop 
and embed the respective strategies into our organisational DNA, 
and includes the following
•
The establishment of an embedded innovation culture
and capability
•
The implementation of digital enablers and foundational
capabilities that drive sustainable digital transformation
•
The development and adoption of industry-leading technology
in support of our strategic objectives
HARNESSING INNOVATION continued
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INFORMATION AND COMMUNICATION TECHNOLOGY (ICT)
ICT STRATEGY 
STRATEGIC PLAN
Purpose
Delivering secure, reliable and agile ICT services to Sibanye-Stillwater
Key objectives 
Customer engagement 
Business unit delivery
Innovation/hyper 
automation
Project delivery
Governance/security
Ensure on-time/always-on 
ICT services and be the 
supplier of choice
In support of the Group 
strategy and delivery, the 
effective deployment of ICT 
applications
To learn and 
continuously innovate
On-time, within cost 
and highly governed 
project delivery
Management of a secure 
and resilient enterprise 
infrastructure
Initiatives 
•
Expand the Service 
Efficiency Centre (SEC)
•
Introduce chat bots to
our global call centre
•
Central monitoring of 
ICT systems and 
applications
•
Adopt 24/7 operating 
model and implement
the follow the sun 
strategy
•
Establish an agile ICT
training function
•
Continuous optimisation
•
Reduce application 
footprint
•
Reduce cost baseline
•
Optimise licence 
structures
•
Optimise support 
structures globally
•
Ensure scalability
•
Establish global support 
operating model
•
ERP One consolidation for
SA operations
•
JDE upgrade for the US
operations
•
Adopt fit-for-purpose 
hybrid cloud strategy
•
Expand datacentre 
footprint at Teraco
•
Enable enterprise mobility
•
Continuously drive 
automation – hyper
automation
•
Establish support structure 
for robotic process 
automation (RPA) 
•
Introduce 5G LTE services
•
Introduce Starlink satellite 
networks
•
Compliance to project 
management 
framework
•
Project governance in 
all initiatives
•
All business ICT initiatives
channelled through ICT 
project management 
office (PMO)
•
Introduce programme 
management 
framework
•
Digitize the ICT PMO
function
•
Ensure ICT policies
support strategy
•
Streamline ICT controls
and align to business 
processes
•
Ensure high level of 
security architecture 
and control
•
Ensure high level of 
governance and 
compliance to 
regulatory requirements
•
ISO 27001 certification
•
Manage efficient data
governance
Key performance indicators 
•
Customer experience
•
Increase productivity
•
Process efficiencies
•
Time/effort
•
Governance, risk and
compliance
•
Financial management
•
Strategic delivery
•
% Increased efficiencies
•
% increased quality
•
Customer engagement
•
Delivery in scope/time
•
Financial management
•
Governance and
compliance
•
SOX/Internal audit
reports
•
Management of security
control framework
Update on ICT strategic projects for 2022 
In 2022, we continued to upgrade and consolidate our digital 
infrastructure. We are committed to a hybrid cloud model, whereby 
we deliver ICT services by seamlessly combining public cloud 
capabilities, such as Microsoft, with private cloud services and on-
premises infrastructure. 
Our operating model is dedicated to ensuring on-time/always-on 
ICT services (globally), and being the supplier of choice for our users. 
Data centre and footprint consolidation 
The centralisation of our footprint remains a strategic priority. ICT 
continues with its build of a hybrid cloud-based platform. This entails 
establishing a global data centre facility in each one of the major 
regions of our operations. We have consolidated the SA operations’ 
data centres at Teraco, and work continues to do the same for the 
US operations at Billings Data Centre (in Montana). Our hybrid cloud 
strategy and consolidation of data centres supports our ESG 
initiatives and out commitments in driving footprint reduction.
Office 365
Office 365 is a key enabler to support our work-from-anywhere 
architecture. By 2022 we had migrated around 10,289 users, and we 
plan to migrate the last users during 2023 and complete the rollout. 
ISO 27001 certification
In 2022 we addressed the gaps identified by PwC and implemented 
ISO 27001 (information security) for our SA operations and Group 
systems. We contracted a third-party for ISO 27001 certification, 
which was accomplished in the last quarter of 2022. The formal ISO 
27001 certification was obtained on 14 April 2023. This certification 
provides us assurance around information security and the 
management of privacy risks. 
Alice
Alice, is a platform we introduced to fully automate the current ICT 
control environment, giving robotic process automation (RPA) 
capabilities to the ICT team. This is especially useful for complying 
with SOX and other governance needs. 
The first phase (the introduction) of the Alice rollout was completed 
in 2022, in sync with and supportive of, our implementation of ISO 
27001. There are at least 750 controls in the ICT environment and 
HARNESSING INNOVATION continued
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automating these controls remains a priority and Alice has proved 
very useful thus far in doing so. 
ERP One program
The team completed the technical upgrade of JDE 9.2, thus 
signalling completion of the first phase of the US ERP One program. 
Meanwhile, the Marikana operation was integrated onto the ERP 
One SAP platform for the SA region. 
Service delivery 
In 2022 our Service delivery teams managed 149,000 calls (130,000 in 
2021) with a 99.03% SLA score (99.7% for 2021). The ICT service 
delivery team continues to render a cost-effective quality service to 
users across all operations. The focus remains on availability, first 
time call resolution and professional conduct. We continue to assist 
with individualised training needs (both in group sessions and virtual 
face-to-face on Microsoft Teams). 
We are implementing an IT service management (ITSM) tool that 
covers our global footprint. This will be fully implemented for the US, 
SA and Europe regions. Given that our current Cherwell system is 
reaching end-of-life (EOL), we will institute a new system by June 
2023. 
SOHO project
During COVID-19 lockdowns we adopted the policy of small office, 
home office (SOHO), whereby around 1,500 employees could work 
from home. Our Office 365 rollout continues to support SOHO. Given 
our strategy to be on the cutting-edge of change, the ICT team will 
continue to support the Group in facilitating SOHO. We are 
introducing enhanced and secure technologies that enable SOHO 
as a future way of working for the Group.
WeAreOne and Ulwazi mobile app
WeAreOne is Sibanye-Stillwater’s digital employee engagement 
app. Since its launch in 2021, the platform has grown from strength 
to strength. Currently 48,000 employees (52%) are registered on the 
platform, with (46%) accessing WeAreOne via the mobile site; 45% 
use it through unstructured supplementary service data (USSD), 
which enables users without smartphones to access information 
using their feature phones to receive small bite-sized pieces of 
information similar to SMS.
In 2022, we sent over 23 million SMS messages to keep employees 
aware of key updates and events across the organisation with a 
63% increase in active users from 2021. WeR1 also surpassed 
1.2 million unique interactions.
The focus for the platform in 2022 was to deliver initiatives that 
generated awareness and cultivated active users. The platform 
played a critical role supporting the SA gold wage negotiations with 
over 650,000 content views.
The upcoming year will see a focus on continued active user growth 
and unique interactions as we provide more functional and uplifting 
content and develop our digital HR offering.
Ulwazi is Sibanye-Stillwater’s community engagement app that has 
been deployed across all SA communities within Sibanye-Stillwater’s 
operations. Initially, the platform was developed to deliver Public 
participation process (PPP) requirements to ensure all stakeholders 
could access information and provide feedback and commentary 
as needed. 
The platform has subsequently taken on a broader community 
focus, bringing awareness to key topics such as community and 
environmental awareness (Marikana 10-year anniversary, tailings 
and cholera), job opportunities and vendor requirements. Members 
can access information at no cost via the web or USSD.
2023 will see a focus on growing the user base, while providing 
current and relevant content through targeted campaigns.
Ã See Empowering our workforce, page 149, Engaging with our 
stakeholders, page 74.
Project HoneyComb (SharePoint upgrade) 
We deployed data loss prevention toolsets on the new SharePoint 
architecture in 2022, to detect and manage the flow of classified 
information. The aim is to migrate SharePoint 2019 sites to SharePoint 
Online. Thus far, various sites have been migrated and sites are 
being standardised, with governance configured accordingly. 
Business engagements and refresher training is ongoing. The 
migration will support better governance.
Microsoft Digital PMO platform 
A key focus, in the interests of improving our project management 
capability, was the roll out the Microsoft Digital PMO platform during 
2022, to ICT and to the wider business. The platform was enhanced 
to cater for various project types. It is also proving useful for working 
with project leads in completing the US Modernisation program. 
AT4SS for automating our control environment
The automation technology for Sibanye-Stillwater (AT4SS) training 
project continues in various forms, including drop-in and lunch-
break sessions, as well as taking on interns (three to date). In 2022, 
the US ICT team was incorporated into our AT4SS training, as well as 
other training initiatives. 
Restructure of US ICT team 
A key focus of 2022 was the restructuring of the US ICT team to align 
with the Group structure and to ensure standardisation of work and 
execution practices. We instituted Project Mentos in Q3 2022 to 
mitigate against risks associated with the US infrastructure and to 
introduce best practices for the US region, including resource 
management and staff development. 
Sandouville integration 
We finalised the integration of Sandouville into Sibanye-Stillwater 
ICT. We completed the SAP system carve out, thus separating 
Sandouville ICT from their previous owner. 
Windows 11 upgrade 
The upgrade to Windows 11 is in readiness for Windows 10 coming 
to an end (in terms of being able to support it) in 2025. Windows 11 
readiness testing has been initiated on all desktops and laptops for 
all operations. 
Wireless network capabilities and backup
In the SA region, vandalisms results in disruption of part of our ICT 
infrastructure. One of the solutions is to install a wireless network. To 
this end, a tender was put out and we are vetting the applicants. 
Site assessments for the work have been completed. 
We are focused on providing a dedicated wireless backup network 
capability to our SA and US regions. Networking capability to 
support our growing organisation is a strategic imperative. All new 
digital programs and solutions provide more data than ever. Our 
network architecture must meet the high, and growing, demands of 
our business; new and enhanced solutions that can do so will be 
constantly evaluated. The team will start introducing the Starlink 
networking satellites at both the SA and US regions.
HARNESSING INNOVATION continued
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Critical telephonic infrastructure
Critical telephonic infrastructure replacement (to replace outdated 
equipment) was carried out as planned in 2022. Marikana and 
Driefontein received new telephone infrastructure.  
Digital risk and protection tool protection 
ICT implemented world class digital risk protection tools for 
combatting online scammers, be they social media impersonators, 
counterfeiters, trademark infringers, or online phishers. 
Ongoing training and development 
Training and development (and employee growth) is a priority. 
Exposure to, and training in, new software and systems (supporting 
employees in their certification) is critical to support our growing 
company. In 2022, close to 60% of ICT staff completed level one 
of our Digital Transformation training development programme. 
We also trained non-ICT staff in the Microsoft Enterprise project 
management platform. We continued with SharePoint business 
engagements and refresher training on a needs basis. 
Supporting IME (Integrated mining enterprise)  
ICT, in support of Group technology and innovation’s efforts 
around IME (Ã See Harnessing innovation, page 172) is 
implementing MineRP’s digital enterprise software. MineRP is a 
world leader in technical software for mines. 
Cost management 
The implementation of our global support model (as a function 
of scaling and rationalisation) has helped reduce ICT costs. 
Our aspiration is to be the lowest cost service provider in the mining 
sector. For 2022, our overall ICT operational costs came in at 
R551 million (US$33 million) for South Africa, US$6.1 million 
(R100 million) for the US PGM operations, and €1.3 million 
(R22 million) for the Sandouville refinery. 
Risks
We face an emerging risk of the physical safety of employees who 
perform maintenance on ICT infrastructure. The ICT team is working 
with Protection services to establish protocols and procedures for 
high-risk areas and high-risk times of the day. According to the risk 
register, ICT faces no high/catastrophic risks (i.e. coded red, with 
score 20-25). All our risks have either been coded green (low and 
negligible) or are on the low end of yellow (moderate and 
significant). The only exception here is the aforementioned risk of 
damage to ICT infrastructure due to theft or due to power surge/
outage (coded yellow and given a residual risk rating score of 15). 
The high score here is primarily for vandalism (as opposed to 
outages). 
As mentioned earlier, implementing wireless infrastructure will help 
mitigate this risk, as will engaging Protection services to use smarter 
technologies to detect and prevent vandalism on core 
network infrastructure. 
Ã See Corporate governance, page 30; Managing our risks and 
opportunities within the external environment, page 37.
System failures 
There were no major failures that had a negative impact on 
business for either the SA, US or EU region in 2022. We also 
conducted our annual disaster recovery for our systems in SA 
and the US. 
FUTURE FOCUS – ICT
•
Automation and digital opportunities prioritised; each business
unit within ICT to prioritise the acceleration of digital and
innovative platforms
•
Enterprise mobility in all areas of our business to be accelerated;
expand on use of Wyzetalk platform (WeR1)
•
Community and social projects in the SA region to be supported
with free and secure Wi-Fi for employees and free Wi-Fi for
surrounding schools and communities
•
Our newly created Information management business unit will
execute on critical projects, including the modernisation of our
SharePoint platform as a priority
•
The rollout and implementation of Office 365 is an element of
our strategic focus and needs to be accelerated; the usability
and adoption of Office 365 will be accelerated
•
Continuous enhancement of our Group SOHO strategy
•
Reporting and Consolidation and our SAP S4 Roadmap will be
executed with the aim to create one consolidated system for
Sibanye-Stillwater to do financial budgeting, forecasting,
reporting and the Group financial consolidations
•
The Keliber integration project, to fully integrate our Keliber
operations into the Group ICT operating model; the aim is to
align ICT standards, principles and frameworks to that of the
Group by executing a full ICT integration
HARNESSING INNOVATION continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
178

SIBANYE-STILLWATER INTEGRATED REPORT 2022
179

SOCIAL, ETHICS AND SUSTAINABILITY COMMITTEE: 
CHAIRMAN’S REPORT
JERRY VILAKAZI – Chairman: Social, Ethics and Sustainability Committee
The Social, Ethics and Sustainability Committee has an important 
role to play in helping the Group achieve its purpose: To safeguard 
global sustainability through our metals. Being a leader in superior 
shared value for all stakeholders (our vision) demands a careful 
balancing of the expectations of different groups. However, in 
general terms, from government, through to investors and host 
communities, stakeholders expect mining to address broader 
socioeconomic challenges facing the world. We agree. Sibanye-
Stillwater is part of the social and environmental ecosystem 
surrounding our operational areas, therefore we must play our role 
as a socioeconomic partner within the communities where we 
operate. This is what we mean by our strategic differentiator, 
as demonstrated in our comprehensive and all-inclusive response 
to COVID-19 in 2020, building pandemic-resilient ecosystems.
Our SA operations face the greatest socioeconomic challenges, 
where we encounter rising expectations in areas such as job 
creation, social infrastructure, and provision of basic services (areas 
which are normally within the ambit of government). It is, therefore, 
critical that our sustainability strategy takes short-term impacts into 
account, while anchoring our work in long-term value creation.
Our four sustainability themes involve embedding human rights, 
climate resilience, promoting long-term economic sustainability and 
post-mining economies, and good decision-making based on 
objectivity and data. How exactly we plan to achieve this relates to 
our Group priorities, which provide clear organisational goals, linked 
to ESG-related long-term incentives (LTI) performance conditions. In 
short, our sustainability themes have been prioritised, at Group level, 
as: responsible sourcing, the circular economy, Task Force on 
Climate-related Financial Disclosures (TCFD) for 
financial reporting, embedded governance framework, global 
standards on tailings, and implementing the Initiative for Responsible 
Mining Assurance (IRMA). 
To allow for diversity in operating environments, the Group has 
pivoted toward a regionalised business leadership. Each region 
enjoys some latitude in responding appropriately to its unique 
context. This also applies to sustainability and ESG, whereby the 
needs and expectations of stakeholders differ from one region to 
the next. As per the strategic essential, Prospering in every region 
in which we operate, it is incumbent on us to uphold the global 
standards and principles of Sibanye-Stillwater, while showing 
sensitivity to the unique conditions on the ground. In the 
sustainability and ESG domain, this requires each region to pursue 
a strategy designed to optimise impact on priority issues within the 
aforementioned themes.
Group strategic oversight falls under the Chief Sustainability Officer, 
who guides and supports the regions to meet the global standards 
and codes to which we – as a leading global mining Group – 
subscribe. 
We are a values-based organisation. This means that leadership 
derives its governance credibility not from force of character, 
but from their willingness to apply our values, even in the most 
testing of circumstances. Our Chief Sustainability Officer, and the 
Group as a whole, is guided by our Group sustainability strategy, 
which falls under the auspices of our Social, Ethics and Sustainability 
Committee. This strategy is modified over time in response to 
emerging trends. 
SIBANYE-STILLWATER INTEGRATED REPORT 2022
180

HUMAN RIGHTS AND ETHICS INSIDE AND OUT
Health, safety and employee wellbeing 
For 2022 our health and safety strategy centred around eliminating 
fatalities by implementing our fatal elimination plan across all 
regions. This involves extra attention on preventing high-potential 
incidents. Our systems of reporting now put more emphasis on 
including those incidents whereby there was a potential for loss of 
life. The Fatal elimination strategy has been designed for maximum 
short-term impact, taking into consideration the level of safety 
maturity at our operations, while ensuring our teams are 
empowered and held accountable for driving a sustainable safety 
culture. Ã See Continuous safe production, page 126.
Responsible sourcing
Responsible sourcing across all areas of operations is a priority. 
The mandate of our Responsible sourcing committee has been 
updated to include a wider range of commodities, which entails 
adopting new standards. The committee has the policies, due 
diligence philosophies, and the monitoring process to track the 
integrity of the counterparties from which the material is received. 
Our precious metals refinery at our SA PGM operations has 
the Responsible Sourcing accreditation of the London Platinum 
and Palladium Market (LPPM). This year has also seen further 
engagements with our suppliers – 367 suppliers completed our 
online ethics training on our anti-bribery and anti-corruption 
practices.
Diversity, equity, and inclusion
Through job creation, social and labour plans (SLPs), and various 
other initiatives (as mentioned in the workforce section of this 
report), our mining contributes to reducing inequality and 
promoting inclusion for diverse peoples. The Group embraces 
diversity and is dedicated to improving representation beyond the 
numbers, while creating opportunities for a culture of inclusivity. 
Therefore, we have launched a series of transformative workshops 
at our SA operations to bed down this approach. 
Broader society is placing increased emphasis on protecting the 
vulnerable, particularly women and children, from abuse and 
degradation. We fully subscribe to this attitude and remain deeply 
committed to protecting women (as well as vulnerable men) from 
violence, sexual abuse, and sexual harassment. We will continue 
to roll out anti-sexual harassment campaigns and training. 
We established gender-based violence (GBV) reporting and 
referral centres at our SA PGM and SA gold operations. In 2022 
we constituted a Diversity Equity and Inclusion Council (DEIC), 
chaired by the Chief Organisational Growth Officer, to accelerate 
the cause of building an inclusive business.
Community engagement
Given South Africa’ legacy of socioeconomic challenges, it is 
incumbent on the Group to not only comply with government 
regulation, but also to go beyond compliance in supporting 
host communities in becoming self-sustaining. We are committed 
to hearing complaints and grievances from local communities. 
(Ã See Engaging with our stakeholders, page 82 for more on 
our grievance processes mechanisms.) We maintain cordial and 
constructive relationships with our stakeholders in local communities, 
and we will continue to build on these relationships through fact-
based social dialogue. 
Social impacts
In 2022, we launched a Social impact report, which communicates 
the flows of value and socioeconomic impacts from our SA 
operations. We are pleased that the Sibanye Foundation, which 
houses the Social Impact Fund, was established and registered in 
February 2023. The fund is endowed through donations equivalent 
to 1.5% of our dividend flows. The Fund will contribute towards our 
strategic impact of making a difference in the ecosystems in which 
we operate, and embed our shared value ethos.
DEVELOPING A CLIMATE CHANGE RESILIENT 
BUSINESS 
One of our strategic differentiators is to build a  of green metals and 
energy solutions that reverse climate change. It is common cause 
that the green transition away from fossil fuels and toward cleaner 
alternatives, requires technology that is reliant on green metals. 
The Group is well-placed to benefit from rising demand for certain 
metals that underpin the green transition. Further, we are 
committed to meeting the challenge of promoting climate 
resilience in the ecosystems in which we operate. 
In 2022, we saw the impact of an extreme weather event at our 
US operations, alerting us of the risks of climate change. We are all 
dependent on the natural environment in terms of the resources we 
draw down from it and the impacts that human activity has on it. 
In terms of external factors  impacting our natural capital, are the 
burning of diesel, the use of electricity (powered mainly by Eskom 
coal in South Africa), reliance on third-party water suppliers, and 
deposits in the form of tailings. Therefore, reducing our reliance on 
Eskom, and reducing our reliance on third-party water suppliers, 
remains critical. We recycled 64% of our water and we have 
achieved our target for a 15% reduction (against 2020 base) of 
purchased potable water usage at our SA operations. By 2025, 
we aim to be fully l compliant with the standards of the Global 
Industry Standard on Tailings Management (GISTM) which sets 
the precedent for safe design and management.  
Our goal is to be carbon neutral by 2040 and carbon zero by 2050. 
We are investing some R12 billion in renewable energy for our own 
operations, funded through third-party Power purchase agreements 
(PPAs). At the regional level, there is work to be done in ascertaining 
the impact of the just energy transition, by which socioeconomic 
needs for electricity are balanced with environmental needs for 
carbon reduction. 
We are part of the mitigation solution to climate change as we 
respond to growing green metal supply by building our green 
metals presence in North America and Europe. With Keliber, 
work is progressing on our ambition to become the first integrated 
European lithium producer with direct access to the European 
battery electric vehicle (BEV) market. Keliber is expected to 
have one of the lowest GHG emission intensities of seven existing, 
or planned, lithium production facilities, in Europe. 
We are advancing the role we play in the circular economy 
through the recycling of autocatalytic converters for the extraction 
of PGMs (platinum, palladium and rhodium), critical precious metals 
designed to clean vehicle emissions by converting harmful toxins 
and pollutants into less harmful carbon dioxide (CO2) and water 
vapour. The reclamation of historic tailings is also central to our 
green metals strategy. Historical tailings are reprocessed for the 
recovery of PGMs, gold (DRDGOLD) and zinc. 
SOCIAL, ETHICS AND SUSTAINABILITY COMMITTEE: CHAIRMAN’S REPORT continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
181

We recently increased our stake in New Century, a top-15 global 
(and top-five domestic) zinc producer. It is Australia's largest 
hydraulic mine, based at Century Mine in Queensland, where zinc 
is recovered from historical tailings. 
Following the success of recycling autocatalysts in the Americas, 
we are completing studies in Europe to expand our Sandouville 
footprint to include the recycling of European sourced 
autocatalytic converters in alignment with the EU Critical Raw 
Materials Act, to secure the critical and strategic raw materials 
essential for an effective green transition.
ENTRENCHING LONG-TERM ECONOMIC 
SUSTAINABILITY: INTEGRATED POST-MINING 
ECONOMY 
In terms of biodiversity, we are proud to be the first mine globally 
to adhere to the Biological Diversity Protocol (BD Protocol), 
a standardised accounting framework for disclosing our impact 
on biodiversity. 
2 See Biodiversity management fact sheet 
¸ www.sibanyestillwater.com/news-investors/reports/annual/
Our performance target for reducing closure liabilities across all 
SA operations is a 4% reduction. This was achieved for 2022. 
Mine closure, particularly in South Africa, is a complex issue. We 
have a detailed social closure strategy to address this complexity 
and the multi-disciplinary nature of planning for post-mining. Given 
that the economic conditions of the operations change during the 
life of the mine, returning the land to its pre-mining state is neither 
viable nor advisable. We will continue to partner with like-minded 
institutions to invest in alternative economies (other than mining) 
and use our assets for sustainable impact that endures postmining.  
DATA DRIVEN AND CONSIDERED DECISION-
MAKING
We remain ISO 14001 and ISO 45001 certified across our business. 
We already align with the disclosure requirements of GRI reporting, 
the UNGC communication on progress, and of the ICMM; we are 
working towards alignment to SASB standard on Metals and 
Mining and Coal operations (which fall under the Value Reporting 
Foundation). It must be noted that as of August 2022, the Value 
Reporting Foundation (VRF), and the Climate Disclosure Standards 
Board (CDSB) were consolidated into the IFRS Foundation, which 
established the International Sustainability Standards Board (ISSB) to 
consolidate ESG standards. The IFRS Foundation advises that until 
the ISSB implements its standards, we should align with the SASB. 
Further, we are aligning to the recently-released JSE Sustainability 
Disclosure Guidance and the JSE Climate Disclosure Guidance 
(noting that these are mostly aligned to the global standards 
mentioned above). For our European operations, where applicable, 
we will follow the Corporate Sustainability Reporting Directive 
(CSRD). 2 See supplementary information, Sustainability content 
index.
The level of our disclosure requirements are significant and grow 
every year. We welcome efforts by third parties to promote global 
consolidated disclosures and to reduce red tape and duplication 
in the standards environment. 
IN CLOSING AND APPRECIATION
The Committee is pleased to report to all stakeholders of the Group 
that it has fulfilled its mandate as prescribed by the South African 
Companies Act and that there are no instances of material non-
compliance to disclose. I would like to thank the members of the 
Committee and the Board for their input and support throughout 
the year. 
Jerry Vilakazi
Chairman: Social, Ethics and Sustainability Committee
24 April 2023
SOCIAL, ETHICS AND SUSTAINABILITY COMMITTEE: CHAIRMAN’S REPORT continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
182

OUR SUSTAINABILITY STRATEGY: A SUMMARY
PREAMBLE
The purpose, vision and the three-dimensional strategy of the Group puts sustainability front and centre of our operations. 
The strategic themes of our sustainability strategy are anchored in our commitment to the SDGs. (2 See Progressing the UN’s SDGs, 
¸ www.sibanyestillwater.com/newsinvestors/reports/annual). Our sustainability themes and considerations help define our ESG scorecard, 
which forms part of the LTI for executives. (Ã See Rewarding delivery, page 261). Our Sustainability strategy can be found at  
¸ www.sibanyestillwater.com/sustainability/reports-policies.
SUSTAINABILITY ANCHORS
Promoting natural resources and improving life; sustainable use 
through increased environmental consciousness and continual 
improvement, minimising environmental impacts and a measured 
transition to a low-carbon future
COMMUNITY: Aspire to create value through socioeconomic 
development, by unlocking the potential of communities hosting our 
operations; institutional capacity building and creating local benefit 
that enables sustainable livelihoods and positive legacy beyond 
mining
STAKEHOLDER ENGAGEMENT: Constructive engagement allowing 
for participative and informed decision-making
SAFETY AND HEALTH: Improving the holistic wellbeing of our 
workforce by monitoring safety and health factors and improving 
safety and health performance
Respecting human rights of stakeholders and conducting business 
with integrity, based on an ethical foundation, adhering to good 
governance principles and legal compliance
SUSTAINABILITY THEMES
GROUP PRIORITIES
REGIONAL PRIORITIES
•
Responsible sourcing and supply value chain 
integrity implemented across all operational 
areas and tracked
•
Diversity, equity and inclusion
•
Safety SA: Fatal elimination 
protocols 
•
Safety EU: Safety culture 
and management routine 
protocols established
•
Safety US: Embedding critical
controls, and critical life-saving 
behaviour
•
Reduction in GHG emissions and intensity
•
Reduction in water intensity across all our metals
•
Reduction in reliance for potable water
from high-value water
•
Define and promote recycling 
across all of our metals
•
Maintain global standing on tailings 
management operating standards and principles
•
No net loss of biodiversity as a result of our
investments
•
US: Increase in water quality
•
US: Development of climatic 
predictive capability for short
and long-term emergency 
preparedness and response 
and mitigation strategies 
•
Leveraging our assets for impact post-mining; 
planning across all our areas of operation
•
SA: Social performance 
roadmap
•
SA: Socio-environmental
closure and alternative 
economic growth
•
TCFD reporting strategy and assessment globally
•
IRMA disclosure: deliberate and detailed
across all business
•
Embed governance across all areas of operation
•
EU: Data validation and integrity
SIBANYE-STILLWATER INTEGRATED REPORT 2022
183

MINIMISING OUR ENVIRONMENTAL IMPACT
WHAT WE DID IN 2022
SUCCESSES
•
Achieved an A-score for our 2022 CDP climate change submission 
•
Achieved a B-score for our Water CDP and submitted the Forest CDP
•
The Group limited greenhouse gas (GHG) emissions below 
the carbon budget
•
In 2022 we put 23ML per day back into the Integrated Vaal river 
system, which serves communities in the West Rand
•
Significant cumulative reduction of 4,061 Ml of potable water 
from the 2020 baseline at our SA operations – translating into 
a 37% reduction from the 2020 baseline
•
An in-depth assessment resulting in a positive improvement 
in the biodiversity footprint for East Boulder mine (13%) 
and Stillwater mine (10%)
CHALLENGES
•
Physical impact of climate change at our US operations
•
Geographical concentration of SA operations – with the majority 
of scope 2 emissions stemming from coal-based utility provider
ALIGNMENT 
WITH SDGs
Our sustainability themes: 
Develop a climate-resilient business is anchored by UN SDG 13 
Entrenching long term economic sustainability: integrated post 
mining economy anchored by UN SDG 15
2 See Progressing the UN’s SDGs, 
¸ www.sibanyestillwater.comnewsinvestors/reports/annual
BENCHMARKS
Status
See Ã
•
Zero level 4 or 5 environmental incidents
Did not meet
Page 204 
•
10% reduction in level 3 environmental incidents year-on-year
Met
Page 204 
•
65% of active ‘very high’ and ‘extreme’ consequence tailings storage facilities aligned to the Global Industry
Standard ion Tailings Management (GISTM) by end December 2022
Met
Page 206 
•
Group carbon neutral to be achieved by 2040; Science-based target initiative (SBTi) – approved scope 1 
and 2 carbon emissions-reduction target of 27.3% by 2025 (2010 baseline)1; limiting GHG emissions to the 2022 
adjusted carbon budget of 6.9 tCO2e (scope 1 & 2)
In progress; 
achieved
Page 188 
SA operations 
•
A 2-3% reduction in electricity consumption per year against budget
Met
Page 191 
•
Increase in SO2 capturing and cleaning efficiency from 80% to 90% by 2027 and to 99% by 2030 at the 
Marikana operations
In progress
Page 194 
•
International Cyanide Management Code certification
Did not meet
Page 187 
•
A 15% reduction in purchase of potable water by SA gold operations in 2022 compared to 2020
Met
Page 196 
•
A 3% reduction in the purchase of potable water by SA PGM operations in 2022 compared to 2020
Met
Page 196 
•
A 4% reduction of closure liability through footprint reduction initiatives and concurrent rehabilitation
Met
Page 211 
•
A 3% reduction of closure liability through footprint reduction initiatives and concurrent rehabilitation by 2023
In progress
Page 211 
•
For 2022, a reduction in our dependence on the Vaal River System by 15% compared to 2020 baseline
Met
Page 195 
SIBANYE-STILLWATER INTEGRATED REPORT 2022
184

BENCHMARKS (continued)
Status
See Ã
•
To reduce reliance of operations on external potable water infrastructure, in water-rich jurisdictions to 10%, 
and in water-poor jurisdictions to 40% by 2030
In progress
Page 195 
•
Water treatment plants optimised to become independent of purchased potable water by 2024
In progress
Page 195 
•
SA gold to achieve a water-use intensity target of 1.71 kl/tonne, and for SA PGM to achieve a water use 
intensity target of 0.79 kl/tonne (combined water use intensity target for SA operations: 1.10 kl/tonne) by 2023
In progress
Page 195 
•
Risk-reduction through compliance of tailings dams to the Global Industry Standard on Tailings Management
(GISTM) by August 2023
In progress
Page 206 
US PGM operations
•
Complete the closure plan for the MET complex, in 2022
Met
Page 211 
•
To improve water quality, install a moving bed bioreactor at East Boulder Mine in 2022 
Met
Page 204 
1   SBTi was set prior to the acquisition of the Marikana operations. Revised short-, medium- and long-term emission-reduction targets for the Group will be set and 
validated by the SBTi during 2023. The 2010 base year will also be reviewed to a more recent year. This is to ensure that emission-reduction targets are in line with the 
latest climate science and reflect on our carbon-neutral commitments
APPROACH
We are committed to minimising environmental degradation and to 
being stewards for natural capital, while promoting environmental 
consciousness and sustainable resource use. Two of our material 
matters (Climate change, and Water management and energy 
supply) relate to our environmental commitments.
The metals we mine play vital role to enable a lower carbon, 
and overall more environmentally-friendly future. We are also 
committed to limiting our impact on the environment though 
the way we operate. Sibanye-Stillwater is a dedicated partner in 
the transition to a low-carbon future, given that we invest in 
green metals; these are metals needed for renewable energy 
(solar and wind), batteries, and hydrogen. This is encapsulated 
in our strategic differentiator: Unique global portfolio of green 
metals and energy solutions that reverse climate change. 
It is a priority for our SA operations to reduce reliance on/
extraction from municipal water systems, both for cost and 
security of supply reasons, whilst at the same time increasing 
access to potable water for other users who rely on municipal 
water systems. Our SA PGM operations in particular are located 
in a water stressed region, therefore securing sufficient and 
sustainable water supplies for operational needs and human 
WASH (water, sanitation and hygiene) services is critical. 
Mitigation of the energy supply deficit at our SA operations 
remains critical. We continue to mitigate the impact of load 
curtailment where possible and we continue to accelerate our 
decarbonisation efforts.
Our Group sustainability strategy calls for (i) building a climate 
change resilient business, and (ii) data-driven and considered 
decision-making. Targets include
•
Define and embed recycling and the circular economy
•
GHG emissions baseline across all operations
•
Maintain global standing on tailings operating standards
and principles
•
TCFD reporting strategy and assessment globally
•
Reduction in GHG emissions and intensity
•
Reduction in water intensity across all our metals
•
Reduction in reliance for the use of portable water
•
Not net loss of biodiversity as a result of investment
(following closure and rehabilitation activities)
The following indicators are linked to the long-term incentive (LTI) 
performance conditions 
•
Reduce absolute GHG emissions
•
Reduce water consumption (SA operations)
•
Improvement in water quality
•
Reduce tailings risk
•
Enhance concurrent rehabilitation (includes environmental
closure)
MINIMISING OUR ENVIRONMENTAL IMPACT continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
185

ACCOUNTABILITY, GOVERNANCE AND ASSURANCE
GOVERNANCE
ACCOUNTABILITY
Board
•
Social, Ethics and Sustainability Committee 
•
Risk Committee
•
Audit Committee
Executive Committee and C-suite
•
The Environmental department reports
to the executive technical officers of 
each region
•
Vice President (VP) for tailings storage 
facilities (TSFs) 
•
Group Head of Energy and 
Decarbonisation reports to the Chief 
Technical and Innovation Officer (CTIO)
•
US PGM operations’ environmental 
aspects are coordinated and reported
on by VP: Legal, Environmental and 
Government Affairs
•
ESG Committee 
Regional
Operational
•
Each operation is supported by a 
dedicated segment-focused compliance 
team, headed by an environmental 
manager; the compliance teams are 
guided by a centralised team of 
environmental specialists who provide 
technical guidance across a range of 
disciplines: closure and  rehabilitation; 
biodiversity; waste; land and heritage; air; 
water conservation and water demand 
management (WC&WDM)
•
The SA operations have Water steering 
committees to promote sound water 
management 
RELEVANT LEGISLATION 
AND REGULATIONS
(list not exhaustive, only key regulations listed) 
South Africa
•
Minerals & Petroleum Resources 
Development Act, 2002 (and all its related
amendments, regulations and guidelines) 
•
National Environmental Management Act, 
1998 (and all its related amendments, 
regulations and guidelines)
•
National Heritage Resources Act, 1999
•
National Water Act, 1998
•
Spatial Planning and Land Use 
Management Act, 2013
United States
•
US Clean Water Act
•
US Clean Air Act
•
Montana Metal Mines Reclamation Act
Europe
Finland
•
Environmental Protection Act (57/2014)
•
Water Act (587/2011) 
•
Waste Act (646/2011
•
Land Use and Building Act 132/1999
 France
•
Environmental liability regime regulated
by the Environmental Code
•
Environmental authorisations for e.g. 
safeguarding of water and the installation 
classée pour la protection de 
l’environnement – ‘ICPE’ is provided for 
under the Environmental Code
•
EU Air Quality Directives (2008/50/EC)
•
EU’s Emission Trading System Directive 
(2003/87/EC) 
•
EU Directive on the Geological Storage 
of CO2 (2009/31/EC)
ASSURANCE AND REVIEWS
•
Sibanye-Stillwater’s environmental 
compliance to legal authorisations/
permits/licences and obligations is 
verified by an external service provider
•
Regulatory inspections and external 
audits on licences and authorisations 
(environmental management plans, 
environmental authorisations, water-use 
licences, waste licences, atmospheric 
emissions licences and the like) are 
performed by the DMRE, Department 
of Forestry, Fisheries and the Environment, 
and Department of Water and Sanitation 
•
Progress against performance indicators
and ICMM requirements are audited 
through an external assurance process 
(Ã see page 281)
•
ISO audits to maintain ISO 14001 
certification 
Policies: 
ESG policy; Tailings stewardship
Position statements:
Air quality; Biodiversity; Heritage; Climate change; Land management; WCDM/Water stewardship; Energy and decarbonisation; 
Mineral and non-mineral waste; Water health management. ¸ see www.sibanyestillwater.com/about-us/governance
Third-party protocols:
ISO 14001: 2015 (environmental management standard); Biodiversity Disclosure Project; ICMM; IRMA; UN SDGs; WGC; International Cyanide 
Management Code
MINIMISING OUR ENVIRONMENTAL IMPACT continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
186

EMERGENCY PREPAREDNESS MANAGEMENT
Environmental emergency preparedness is managed on site 
according to ISO14001: 2015. Emergency mock drills are undertaken 
as per the emergency drill schedule at operations. These drills 
include scenarios related to significant environmental risks (where 
practically possible), including hydrocarbon spills.
In addition, emergency preparedness and response plans have 
been finalised for all active tailings facilities, as have annual mock 
drills, with the first completed in 2022. Also Ã see Continuous safe 
production on emergency planning, page 130.
CYANIDE
The International Cyanide Management Code (Cyanide Code) is 
a voluntary certification programme for managing cyanide in silver 
and gold mines. We have been experiencing delays in the 
scheduling our accreditation audits to the Cyanide Code which 
initially were interrupted by the industrial action at the SA gold 
operations. We expect Driefontein, Beatrix and Kloof plants to be 
audited in 2023. However, all our gold processing plants follow the 
rules and guidelines of the International Cyanide Management 
Institute (ICMI), who governs the code which should position us well 
for the upcoming audits. 
CLIMATE CHANGE AND CARBON MANAGEMENT
Our climate change, energy, and decarbonisation position 
statements are aligned to the climate change commitments of the 
ICMM, to UN SDGs 7 and 13, and to the UNFCCC (United Nations 
Framework Convention on Climate Change), the parent treaty 
of the 2015 Paris Agreement. Sibanye-Stillwater is one of 28 global 
mining and metals companies that committed to the updated 
ICMM Climate Change Position Statement (2021), which includes 
a commitment to net zero by 2050. 
We support the global response to climate change in two primary 
ways: reducing our own carbon footprint and by delivering 
commodities needed for mitigating carbon emissions. 
As part of our climate change response programme, we have set 
the following strategic objectives
•
Implement the recommendations of the TCFD, including aligning
our governance, strategy, risk management, metrics and targets
and disclosures
•
Understand and proactively address the risks and opportunities
presented by climate change
•
Execute our energy and decarbonisation strategy to achieve
carbon neutrality by 20401 and net zero by 2050
•
Track our GHG emissions against targets approved by the SBTi
•
Build operational resilience to the effects of climate change and
support our stakeholders affected by climate change, including
host communities
Climate disclosure, TCFD, and CDP 
One of our strategic risk-mitigation objectives is to provide 
comprehensive disclosure on climate-related issues. We continue to 
align our reporting and disclosures to the recommendations of the 
TCFD and other frameworks provided by regulatory bodies such as 
the JSE and SEC. 
We also provide climate-related disclosure through our annual 
submissions to the CDP, across climate, water and for the first time 
forests. The CDP runs the foremost global disclosure system for 
investors, companies, cities, states and regions to manage their 
environmental impacts. The CDP’s disclosure platform also provides 
the mechanism for reporting in line with the TCFD 
recommendations, by translating the TCFD recommendations 
and pillars into actual disclosure questions through a standardised 
annual format in a comparable and consistent way. 
Our climate CDP score for the 2022 reporting year was ‘A-’, 
improving from ‘B’ for 2021. This rating places us in the CDP’s 
Leadership band, and in the top few percent of the 18,700 
companies that participated in the 2022 CDP submission. 
See 2 2022 Water and climate change CDP disclosure submission, 
¸ www.sibanyestillwater.com/sustainability/environment; and 
¸ www.cdp.net/en
Climate change risk management
Climate and other environment-related risks are identified through 
our various risk management processes. A climate-related 
occurrence that has an impact of R1,300 million or more on the 
Company’s income statement or balance sheet is considered 
to be material. However, managing climate risk (from an ESG 
perspective) also means anticipating regulatory trends and 
consumer trends, and the market risks associated with being a 
high emitter. 
Therefore, we also consider climate change risks as having potential 
strategic impacts, for example related to market risks, and for this 
reason too it is a substantive risk. The Group’s operations are also 
impacted by transitional risks, primarily through regulations such as 
the South African Carbon Tax Act 15 of 2019. (Ã See page 61). 
These risks, and their potential financial impact, are discussed in our 
2022 climate change and water CDP submissions. 
2 See Climate change-related disclosure, 
¸ www.sibanyestillwater.com/news-investors/reports/annual
MINIMISING OUR ENVIRONMENTAL IMPACT continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
187
1  Scope 1 and 2 emissions based on current assets and operations’ life of mine plans. Baselines will be adjusted for any material acquisitions and divestment. 
Carbon offsets may be used to offset hard-to-abate emissions

Measuring carbon emissions
For determining carbon emissions, we follow the GHG protocol, developed by the World Resources Institute (WRI) and the World Business 
Council for Sustainable Development (WBCSD). The GHG Protocol is the world’s most widely used GHG accounting and reporting standard. 
As per the GHG protocol, we use the market-based method for scope 2 (emissions from purchased electricity). Our scope 1 and 2 emissions 
are assured by PwC (Ã see Statement of assurance, page 281). 
We track carbon emissions and decarbonisation performance monthly against our targets or internal ‘carbon budgets’, at both Group and 
individual operations. In 2022, an online carbon inventory platform was developed and implemented. The platform will be used to simplify 
carbon reporting, improve data integrity, enhance carbon budget monitoring and drive decarbonisation. 
In 2022, 79.1% of the Group’s emissions stemmed from electricity consumption (scope 2), almost exclusively (96.2%) attributable to South 
Africa’s power utility, Eskom, which derives the vast majority of its electricity from coal. In South Africa we are beholden to Eskom, which has 
a legislated monopoly on power generation. However, new electricity regulation in 2021 has allowed us to progress our renewable energy 
projects more expeditiously. Our SA operations are extensively electrified (with electricity accounting for 93% of operational emissions), which 
means our investment in renewables will yield rapid decarbonisation results. 
Direct emissions (scope 1) made up 6.3% of overall emissions, while indirect emissions related to our value chain (scope 3) contributed the 
balance of 14.5%. In 2022, our scope 1 emissions (including fugitive mine methane) decreased by 1.6%, largely attributable to a decrease in 
fugitive mine methane, which decreased by 2.2% year-on-year. This was partially offset by a net increase in the quantity of diesel consumed 
across the SA gold and SA PGM operations (24% and 8%, respectively) due to the use of diesel generators in some areas of the business to 
offset Eskom load curtailment. 
Overall, there was a decrease in scope 1 emissions, in scope 2 market-based emissions (9.0%), and in scope 3 emissions (24.5%); primarily 
related to the three months of industrial action during H1 2022 at our SA gold operations. There was a slight increase in scope 1 and 2 
emissions at our SA PGM operations due to increased diesel and electricity consumption, largely attributable to the ramp-up of K4. 
Total CO2e emissions: scope 1, 2 and 3 (000t CO2e)6 
2022
2021
2020
5Group
US 
region
EU 
region
SA region
5Group
US 
region
SA region
5Group
US 
region
SA region
Total
PGMs
PGMs
Gold
Total
PGMs
PGMs
Gold
Total
PGMs
PGMs
Gold
Scope 1 (excluding fugitive 
mine methane)1
223
50
5
129
39
225
56
110
59
217
56
93
68
Scope 1 (fugitive mine 
methane)1
272
0
0
0
272
278
0
0
278
300
0
0
300
Total scope 1
495
50
5
129
311
503
56
110
337
517
56
93
368
Scope 2 location-based2
6,157
201
1
2,994
2,961
6,799
203
2,913
3,683
6,178
203
2,508
3,467
Scope 2 market-based2
6,191
235
1
2,994
2,961
6,806
210
2,913
3,683
6,170
195
2,508
3,467
Scope 33
1,137
59
N/A
713
365
1,506
123
823
560
1,245
124
692
429
Total scope 1, 2 (market 
based) and scope 3
7,823
344
6
3,836
3,637
8,815
389
3,846
4,580
7,932
375
3,293
4,264
CO2e intensity (per tonne 
milled) for scope 1 and 24
0.13
0.23
N/A
0.08
0.33
0.16
0.17
0.10
0.27
0.17
0.17
0.10
0.29
1  Scope 1 emissions include fugitive mine methane separately. We are reporting our fugitive mine methane emissions in the Free State province of South Africa in line with the 
transparency principle of the ISO 14064 GHG quantification standard. Scope 1,2 and scope 3 emissions include the emissions from the Marikana operations for the 2020, 2021 
and 2022 calendar years following the operation’s integration in June 2019
2  The decrease in total Group scope 2 emissions is attributable to the decreased use of electricity due to the SA gold industrial action in H1 2022, as well as the impact of the 
1.9% decrease in the Eskom grid emission factor (GEF) used for the SA operations over the 2022 reporting period
The market-based method reflects scope 2 emissions that a company is responsible for from the electricity purchased, which may be different from the electricity generated 
locally. This method derives emission factors from contractual instruments. The location-based method, on the other hand, reflects the average emissions intensity of the grid, 
based on the company’s location. This method allows companies to calculate emissions that are physically being emitted into the atmosphere, based on average energy 
generation emission factors for defined locations, which may include local and national boundaries. Sibanye-Stillwater uses both the location-based and market-based 
methods to calculate scope 2 GHG emissions as they provide crucial information about our scope 2 emissions, emission reduction strategies, and provide better 
understanding of the risks and opportunities related to our electricity consumption
3  Scope 3 emissions decreased in 2022 as compared to 2021 due to the overall decrease in energy consumption (fuel and electricity), less waste generated, lower processing 
of sold products, fewer consumed goods and services and reduced emissions by our investments
4  The ore at the US PGM operations is of a higher grade, contributing to a higher intensity rate for milling. The US PGM increase in intensity is due to lower production owing to 
the Stillwater flood and an increased grid emission factor. The SA gold increase in intensity is due to lower production as a result of the H1 2022 industrial action. EU region 
excluded from PwC assurance scope
5  Group total is inclusive of corporate-related emissions
6  Excludes Mimosa and DRDGOLD as we are not the operators (they are managed by other companies)
MINIMISING OUR ENVIRONMENTAL IMPACT continued
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Science-Based Target Initiative (SBTi)
The SBTi helps companies set emissions reduction targets. The SBTi is a partnership between CDP, the UNGC, the WRI, and the World Wide 
Fund for Nature (WWF). Sibanye-Stillwater’s carbon emissions reduction SBTi target is 27.3% by 2025 (2010 baseline). The table below indicates 
progress made in 2022 towards achieving this target. It is important to note that the approved SBTi 2025 target is for our scope 1 and 2 
market-based emissions only. 
Progress to achieve the SBTi
Scope
2025 target
2022 emissions
2021 emissions
Scope 1
N/A
495,085
503,296 
Scope 2 location-based
N/A
6,156,661
6,798,529 
Scope 2 market-based
N/A
6,190,314
6,805,920 
Scope 1 and 2 location-based
N/A
6,651,746
7,301,826 
Scope 1 and 2 market-based (excluding Marikana)1 
5,676,919
5,092,9102 
6,527,998 
1  The only emissions scope with an approved SBTi target (scope1 and 2). We actively track 12 of the GHG Protocol’s 15 scope 3 emission categories, 
  which will allow us to set a realistic scope 3 science-based target in the near future
2   Marikana operations excluded from the SBTi target as it was set prior to the acquisition of Lonmin, hence not included in this figure
During 2022, our Group scope 1 and 2 carbon emissions, excluding the Marikana operations, decreased by 9% compared to 2021, primarily 
due to industrial action in H1 2022 at our SA gold operations. As a result of this anomalous reduction in GHG emissions, we achieved the SBTi 
target for 2025 (Group scope 1 and 2 emissions reduction). We however anticipate 2023 emissions to be above the 2025 target, but we 
remain on track to meet it by 2025. 
In H1 2023, we will announce the update to our SBTi target, including the Marikana, Sandouville and Keliber operations. We will also 
announce our Group scope 3 baseline and target in line with the recommendations of the SBTi and ICMM.
SA region 
Year-on-year scope 1 emissions (including fugitive mine methane) at our SA operations (SA gold and SA PGM operations) decreased by 3%. 
This can be attributed to the SA gold strike and marginally lower methane concentrations in the fugitive gas encountered at the Beatrix gold 
mine. This was partially offset by higher diesel consumption due to the use of diesel generators in mitigating Eskom load curtailment. Year-on-
year, scope 2 emissions at our SA operations decreased by 10%, reflecting the impact of the SA gold strike and reduced electricity 
consumption in Q2 2022. Energy efficiency achievements also contributed in driving scope 2 emissions downwards (Ã See Demand-side 
energy management, page 191). Overall scope 1 and 2 emissions for our SA operations decreased by 9% year-on-year; although it is 
anticipated our GHG emissions in 2023 will increase with the return to normal production levels for the SA gold operations.  
South African carbon tax – a transitional risk
South Africa’s Carbon Tax Act of 2019 levies a tax on GHG emissions. The effective carbon tax rate at the time of the promulgation of the 
Act (May 2019) was R120 per tonne of CO2e, raised to R144 per tonne for the 2022 tax year. 
On 5 January 2023, Government gazetted the Taxation Amendment Act 20 of 2022, which included, inter alia, the effective carbon tax rates 
through to 2030. The carbon tax rate will increase from R159 per tonne of CO2 in 2023, potentially up to R463 per tonne of CO2 in 2030. These 
rates are subject to tax-free transition allowances. Phase 2 of the Carbon Tax Act, which includes taxes on scope 2 emissions, will only come 
into effect in 2026. This suggests that our carbon tax liability will increase significantly from 2026 onwards. Sibanye-Stillwater has incorporated 
its own projections for future carbon tax liabilities, based on projected life of mine production data, GHG emission forecasts, and other 
indicators. 
Sibanye-Stillwater participates in discussions with the Minerals Council and in engagements with the National Treasury, with the objective 
to better understand the Phase 2 implementation of the Carbon Tax Act.
In 2022, we paid R1.9 million in carbon tax (R1.6 million in 2021). The carbon tax liability for the 2022 financial year is payable in July 2023, 
and is currently being calculated and verified. 
US region
Year-on-year scope 1 decreased by 11% at our US PGM operations, due to lower diesel consumption, partially as a result of the Montana 
flooding. Whilst electricity consumption was flat year-on-year, an increase in the grid emission factor of the electricity supplied to the 
Stillwater mine and to the metallurgical plant resulted in a 16% increase in scope 2 emissions. Overall, scope 1 and 2 emissions increased 
10% year-on-year. 
EU region
Scope 1 and 2 GHG emissions of the Sandouville nickel refinery were incorporated into the Group carbon inventory in 2022. The operation 
was also the first to be loaded onto our new online carbon inventory platform. A life-cycle assessment (LCA) for the operation will be 
conducted in 2023, in accordance with ISO 14040, and be assessed by an independent assessor.
Building on the footprint assessment conducted during the Keliber feasibility studies, a full LCA will be conducted by the project in the course 
of 2023. 
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189

GROUP ENERGY AND DECARBONISATION STRATEGY
Our Energy and decarbonisation strategy is designed to deliver on carbon neutrality by 2040 and is supported by aligned policies, interim 
targets, carbon budgets, and linked incentive programmes. The strategy will also help us meet UN SDGs 7, 9 and 13 and achieve security 
of energy supply, reduced energy and carbon costs, and a just energy transition through the co-development of local electricity 
supply industries. 
Our Group GHG emissions forecast is depicted in the graph below. As Eskom is responsible for 89% of Group scope 1 and 2 emissions, 
our SA renewable projects forms our primary decarbonisation lever. The US and European regions, currently representing under 4% of Group 
emissions, will develop their own regional carbon neutrality pathways in 2023. Several projects are underway to realise opportunities to 
eliminate our second largest emission contributor, diesel, through battery electric vehicles and fuel switching, among other programmes. 
Given the current Eskom system performance and growing electricity supply deficit in South Africa, we are actively developing several 
energy solutions to mitigate energy security risk, and aid Eskom and the country where possible. These solutions are embedded within our 
energy decarbonisation strategy, as outlined below. 
Sibanye-Stillwater GHG emissions profile (Scope 1 and 2)
Five levers support the achievement of our energy objectives and decarbonisation pathway 
1. Energy intelligence and active advocacy
2. Demand-side energy management
3. Strategic energy sourcing
4. Technology adoption
5. Scope 3 offsets
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Energy advocacy
Sibanye-Stillwater advocates for accelerated decarbonisation and a just energy transition through engagements with national and local 
government regulators and utilities in the jurisdictions where we operate. In South Africa we are part of the Energy Intensive User Group 
(EIUG), the Industrial Task Team on Climate Change (ITTCC) and the Minerals Council. Through these industry bodies we engage with 
government, the national energy regulator (NERSA) and with Eskom. This engagement has helped bring about positive reforms and 
regulatory amendments to help close the electricity supply deficit, mitigate the impact of load curtailment, and accelerate 
decarbonisation. 
Demand-side energy management
Our SA operations achieved a reduction of 120.13 GWh (2.0%) in 2022 against a production-adjusted energy plan, equating to avoided 
scope 2 emissions of 124,935 tCO2e. 
Ongoing demand-side energy management interventions, as one of mitigation and adaptation measures, include, amongst other things, 
digital twinning, supervisory control and data acquisition (SCADA) automation, real-time monitoring, dynamic control initiatives, energy 
waste elimination, and energy awareness initiatives. Demand-side energy management interventions, together with operational emergency 
protocols, were also used to minimise risk and production losses during Eskom load curtailment in 2022.
As an example, six inlet guide vane control units were installed on Driefontein shaft 8, reducing consumption by 61.25% or 8.9GWh per 
year/9,434tCO2e per year. The Driefontein shaft 8 project was awarded the 2021 energy project of the year by the South African Energy 
Efficiency Confederation. An additional project is now being implemented at Driefontein shaft 5.
All operations have five-year demand-side management programmes in place. 
Our energy consumption is accounted for through our carbon inventory, in line with the requirements of the GHG Reporting Protocol. 
SA region
SA gold operations
The SA gold operations 2022 electricity consumption was impacted by the strike in Q2 and Eskom load curtailment events throughout the 
year. Although 57 load curtailment events occurred, with the required load reduction ranging between 10-20%, the operations were able to 
minimise production losses through demand management and the use of the standby diesel generators. 
2022 electricity consumption was 7.5% below the strike-adjusted electricity budget, driven in part by energy savings, load curtailment and 
lower than expected production. Total energy savings amounted to 89GWh (2.8% of budget). 2022 energy intensity increased to 1.05GJ/
tonne milled (2021: 0.83GJ/tonne milled), driven by the fixed power consumption during the strike and lower year-on-year production (-35%). 
Total energy consumption for 2022 was 10.4 petajoules (PJ) (2021:12.6 PJ), primarily in the form of electricity from Eskom (99%).
SA PGM operations
SA PGM operations’ 2022 electricity consumption was 3.1% below budget, driven in part by energy savings, load curtailment and lower than 
expected production. Total energy savings amounted to 31GWh (1.0% of budget). 2022 energy intensity decreased to 0.30GJ/tonne milled 
(2021: 0.37GJ/tonne milled), including the less energy intensive Platinum Mile operations. Excluding Platinum Mile, the energy intensity 
increased to 0.42GJ/tonne milled. Total energy consumption for 2022 was 11.6 petajoules (2021: 11.1), primarily in the form of electricity from 
Eskom (89%). Notably, electricity contributes 96% of SA PGMs scope 1 and 2 emissions, with diesel and coal contributing the vast majority of 
the balance. 
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US region
Energy demand at our US PGM operations decreased year-on-year 
by 4% to 2.0 petajoules, following a 21% decrease in tonnes milled. 
This largely resulted from operational disruptions owing to the flood 
event. Year-on-year energy intensity increased by 17% to 1.58GJ/
tonne milled (2021: 1.35GJ/tonne milled). Energy consumption was 
primarily in the form of grid-supplied electricity (77%). 
EU region
In 2022, Sandouville consumed 0.48PJ of energy, primarily in the 
form of steam(66%) and electricity 31%. The operation achieved 
ISO 50001: Energy management systems certification early 2023. 
TOTAL ENERGY CONSUMPTION BY OPERATION (PJ)
10.43
11.62
2.00
0.48
SA gold
SA PGM
US PGM
EU region
TOTAL ENERGY CONSUMPTION BY SOURCE (PJ)
18.7, 
76.2%
2.15, 
8.8%
1.24, 
5.1%
1.3, 
5.3%
0.02, 
0.1%
1.13, 
4.6%
Grid-supplied electricity (Non-renewable) 18.70
Grid-supplied electricity (Renewable) 2.15
Grid-supplied electricity (Nuclear) 1.24
Diesel 1.30
Biodiesel 0.02
Other 1.13
13.9% of Group energy consumption is supplied by renewable 
and nuclear sources. 
Strategic energy sourcing
Sourcing energy from low-emissions sources is our most important 
lever for reducing our footprint, particularly for the SA operations 
given that Eskom is responsible for 89% of Group scope 1 and 2 
emissions. Importantly, the Group has been given SIP status for its 
SA gold solar PV project and three wind projects. (SIP stands for 
Strategic Integrated Project, and is part of Government’s National 
Infrastructure Plan). This will help accelerate the regulatory process 
and solve bottlenecks. 
SA region
The SA gold solar PV project (50 MW) has been held up by land 
claims over the permitted site. A land claim is when an individual 
or family, as per the Restitution of Land Rights Act (1994), claims 
ownership of a piece of land, arguing that it belonged to their 
ancestors. Through a legal process and an investigation, we've 
overcome the issue, and are now progressing our projects. It did, 
however, create a significant delay. We are not, however, alone in 
the delays on our renewable energy projects and our peers 
encounter the same challenges.
The three wind projects (collectively 328MW), secured through 
the appointment of local project developers on 15-year PPAs, 
remain largely on track. However, the Eskom grid access process 
and additional environmental permits have pushed financial close 
into H1 2023. The project remains on track for commercial operation 
in late 2024/early 2025.  
The three SA PGM solar PV projects (collectively 175MW) are on 
track for completion by H1 2025. 
Once the renewable projects are all operational (by 2025), they will 
reduce our scope 2 emissions by 25% and surpass our commitment 
for 20% renewable energy production by 2030. (By ‘renewable 
energy’ we mean energy that is created by renewable sources that 
won’t run out, including sun, wind, bioenergy and hydroelectric.) 
US region renewable energy
The US PGM operations are exploring additional self-generation 
of renewable power to add to the existing solar array at the 
metallurgical complex; and are also exploring supply 
opportunities within the rural electric cooperative framework.
EU region
Keliber (Finland) and Sandouville (France) reside in countries 
with some of the lowest grid emission factors in the world, at 0.060 
tCO2e/MWh and 0.075 tCO2e/MWh respectively. This is highly 
favourable and as a result will contribute very little to overall Group 
emissions. An assessment of renewable energy and technology 
opportunities will however be conducted in 2023 to mitigate the 
other sources of emissions. 
A stock image of solar panels
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Scope 3 and carbon offsets
Our scope 3 emissions contribute 14.5% to our total emissions and 
primarily stem from the transmission and distribution of our grid-
supplied electricity, third-party processing, and our investments. 
Our renewable projects will decrease emissions associated with 
transmission and distribution. In 2022, we engaged extensively with 
our value chain partners, including suppliers, third-party processors, 
customers, and investment companies, on their emission targets, 
decarbonisation plans, and mutual opportunities for collaboration.  
In 2022, we completed our carbon offset strategy. The strategy 
identified how offsets would help achieve carbon neutrality by 2040, 
including agri-industrial and forestry programmes, as well as carbon 
market opportunities. Offsets will be used as a last resort to neutralise 
remnant, hard-to-abate emissions and achieve full carbon 
neutrality. We envision these offsets would be less than 2% of current 
scope 1 and 2 emissions. However, we intend to reduce our 
absolute emissions in line with the requirements of the Paris 
Agreement and the latest climate science.
Electricity consumption (TWh)
2022
2021
2020
SA region
5.73
6.22
5.81
Gold
2.85
3.47
3.39
Beatrix
0.42
0.53
0.5
Cooke
0.34
0.36
0.37
Driefontein
0.97
1.18
1.16
Kloof
1.10
1.39
1.36
Burnstone
0.02
0
0
SA PGMs 
2.88
2.75
22.42
Kroondal
0.35
0.37
0.26
Rustenburg
1.08
1.04
0.98
Marikana2
1.38
1.28
1.18
Messina
0.07
0
0
EU region
0.04
Sandouville
0.04
Keliber
NA
US region
0.37
0.37
0.37
Stillwater1
0.28
0.28
0.28
East Boulder
0.08
0.09
0.09
Group
6.13
6.59
6.19
1  Includes the Columbus Metallurgical Complex. With the build-up in production 
at Stillwater East mine, the increase year-on-year (only stabilising after 2024) 
is expected
2  In 2020 Marikana operations included, with the operational electricity usage 
of the PMR and Limpopo
Energy intensity (GJ/tonne milled)2 
2022
2021
2020
SA region
0.45
0.52
0.56
Gold
1.05
0.83
0.93
Beatrix
1.47
0.8
1.03
Cooke
0.24
0.22
0.23
Driefontein
2.36
1.53
2.32
Kloof
1.73
1.29
1.31
SA PGMs
0.30
0.37
0.37
Kroondal
0.25
0.23
0.2
Rustenburg
0.35
0.33
0.36
Marikana
0.53
0.49
0.49
Platinum Mile4 2,3
0.03
EU region
NA
Sandouville
NA
Keliber
NA
US region3
1.58
1.35
1.4
Stillwater1
1.67
1.51
1.41
East Boulder
0.78
0.61
0.72
Group
0.48
0.56
0.6
1  Includes the Columbus Metallurgical Complex
2  The energy intensity factor takes into consideration purchased electricity and direct 
fuels used, which includes petrol, diesel, aviation fuel, liquid petroleum gas, 
acetylene, coal, paraffin, propane, natural gas, heavy fuel oil and methane
3  The ore at the US PGM operations is of a higher grade, contributing to a higher 
energy intensity rate
4  Platinum Mile was included in the 2022 calculation, following management 
integration mid-2021
AIR QUALITY
In terms of air quality, different jurisdictions have different legislative 
conditions. Over and above complying to these, we have our own 
strategic objectives, as stipulated in our Air quality position 
statement, whose objectives are
•
Demonstrate thought leadership in air emissions and quality
management practices
•
Drive business sustainability through continuous improvement
and effective governance in air quality management
•
Use technology (and other enabling factors) for emissions
reduction and a cleaner environment
•
Manage and reduce risks through adequate air emission
monitoring and measurement strategies
•
Maintain a licence to operate through proactive
stakeholder engagement
These strategic objectives are supported by strategic initiatives 
and detailed action plans.
MINIMISING OUR ENVIRONMENTAL IMPACT continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
193
2
3

SA operations
All SA operations use a standardised procedure for managing air 
quality and dust.
Annual external audits determine compliance to our atmospheric 
emission licence (AEL). All operations with AELs submit annual 
reports to South Africa’s National Atmospheric Emission Inventory 
System. For the 2022 reporting period, the SA gold operations 
achieved AEL compliance of 96%, an overall improvement in 
performance compared to 2021 (95%). For 2022, we achieved 100% 
AEL compliance at our SA PGM operations (including the smelter, 
assay laboratory, base metal refinery, and precious metals refinery). 
The SA PGM smelter has a range of installed technologies to assist 
with emissions management and abatement, including 
electrostatic precipitators, variable throat scrubbers and sulphur 
fixation plants. 
Our SA PGM operations comply with the national Minimum Emissions 
Standards (MES). For our smelter operations, we are on target to 
meet our aim of improving SO2 capturing and cleaning efficiency 
from 80% to 90% by 2027 and to 99% by 2030, while maintaining full 
compliance with our AEL. The PMR continues with implementation 
of its Emission reduction plan, by which we aim to surpass the 
standards of compliance.  
As part of our environmental authorisation for our SA gold 
operations, we monitor VOCs (volatile organic compounds) on a six 
monthly basis at Driefontein and Kloof.
Stakeholder engagement
Sibanye-Stillwater participates in local air quality management 
forums. These include, among others, air quality forums in the 
Highveld priority area and the Waterberg-Bojanala priority area. 
We also engage with communities to identify and resolve air 
quality concerns, and during the year we provided and resolved 
two dust-related concerns. We share air quality data at 
community engagement forums.
Nitrogen oxide and sulphur dioxide emissions (tonnes and intensity per tonne milled/treated)
2022  
Emissions (in gram 
per tonne milled/
treated)
2022  
Emissions in 
tonnes
2021  
Emissions (in gram 
per tonne milled/
treated)4
2021  
Emissions in 
tonnes
2020  
Emissions (in gram 
per tonne milled/
treated)
2020  
Emissions in 
tonnes
Nitrogen oxides (NOx)
SA region1
31.6
1,529.0
30.9
 1,388
30.5
1,186.0
SA PGM operations1
33.6
1,294.0
40.2
 1,198
38.0
970.0
SA gold operations 
23.7
235.0
12.5
190.0
16.1
216.0
EU region
N/A
N/A
US PGM operations3
331.0
418.0
344.9
530.0
351.7
524.0
Group
39.1
1,947.0
41.3
1,918.0
41.5
1,710.0
Sulphur dioxides2 (SO2)
SA region
53.2
2,576.0
38.8
 1,743
59.3
2,310.0
SA PGM operations 
66.9
2,576.0
58.5
 1,743
90.5
2,310.0
SA gold operations
N/A
N/A
N/A
N/A
N/A
N/A
EU region
N/A
N/A
US PGM operations
1.2
1.5
2.5
3.8
2.8
4.0
Group
51.9
2,577.5
37.6
 1,746.83
57.2
2,314.1
1   Nitrogen oxide emissions for SA are derived by the multiplication of fuels (diesel, petrol, liquid petroleum gas, coal, helicopter fuel and paraffin) 
by the corresponding emission factors
2   Sulphur dioxide emissions are from the Marikana PGM smelters and quantified through a combination of stack measurements and mass balance. 
 The US PGM operations also include SO2 emissions from the Columbus Metallurgical Complex
3   The ore at the US PGM operations is of a higher grade, contributing to a higher intensity rate using tonnes milled versus ounces output
4   Our 2020 and 2021 US PGM NOx emissions and intensities have been updated from previous disclosure (IAR 2021) due to correction in calculation
We monitor VOCs on a six monthly basis at Driefontein and Kloof as part of an environmental authorisation.
MINIMISING OUR ENVIRONMENTAL IMPACT continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
194

Year-on-year, there was an increase of 1.5% in absolute NOx 
emissions at Group level. In terms of NOx, the SA operations showed 
a year-on-year increase of 10.15% due to increased diesel use, 
primarily to offset load curtailment through the use of diesel standby 
generators. The US operations showed a decrease of 21.1% in NOx 
emissions for 2022. The Group’s overall NOx intensity (grams of NOx 
emission emitted per tonne milled/treated) decreased year-on-year 
by 5%. 
In respect of SO2 emissions, the 47.6% increase in Group SO2 
emissions can mainly be attributed to the 47,7% increase in SO2 
emissions at our SA PGM compared to 2021, whilst the US operations 
has had 60.5% less absolute SO2 emissions than in 2021. The Group’s 
overall SO2 intensity (grams of SO2 emitted per tonne milled/treated) 
increased year-on-year by 38%. 
US region
During the year under review our US PGM operations emitted a 
record annual low of 1.5 tonnes of SO2, which is only 1.3% of the 
metallurgical complex permit limit. In addition, this was a record 
low of SO2 emitted per tonne fed. This record low was attributed to 
improved planned maintenance, process improvements, 
redundant circuits and an overall heightened focus on the SO2 
scrubbing system. The scrubber system at the US metallurgical 
complex continues to be effective in capturing and treating more 
than 99% of the SO2 produced.
EU region
Air monitoring at Sandouville refinery is related to nickel content. 
It is measured through a continuous on-site measurement. Nickel 
content is also monitored through a global dust measurement for 
the total industrial area.
Dust
During 2022, our dust fallout levels were maintained at a 
compliance level of 97% for our SA gold operations and 96% for 
our SA PGM operations. Compliance levels are measured by dust 
buckets, monitored according to ASTM (American Society for 
Testing and Materials) standards and in compliance with South 
African legislation, as per the National Dust Control regulations. 
Exceedances are investigated and reported to authorities. 
We have a Group-wide dust fallout monitoring system. We also 
have various control and mitigation measures, including canon-
spraying, ridge ploughing on TSFs, application of chemical dust 
suppressants, use of netting, and planting of indigenous 
tamarisk trees. 
At our SA PGM operations, which are located in a dry part in 
South Africa, we are implementing a five-year dust management 
plan at our Rustenburg and Kroondal sites. Phase 1 (begun in 2020) 
included installing of netting barriers on the side slopes of TSFs, 
applying chemical dust suppressants on the crest sections of the 
TSFs, and the propagation of tamarisk to act as wind barriers were 
all part of Phase 1 of this plan. 
In Phase 2 (begun in 2022) we are propagating a mix of grass 
species on dusty areas and we are improving dust mitigation 
measures on unpaved roads. Ã See Health, wellbeing 
and occupational hygiene, page 145 for more on dust as 
an occupational health concern.
WATER USE MANAGEMENT
Our operations are dependent on water for drilling and blasting, 
milling and processing, cooling of equipment, and for hydraulic 
tailings re-mining. Our employees and surrounding communities also 
depend on our water for domestic purposes.
Our Southern African operations (particularly PGM) are in water-
scarce areas and constitute our main focus in terms of conserving 
this precious resource. In terms of the US PGM operations and other 
water positive regions, there is an emphasis on water quality metrics 
as the key focus.
Water management is part of the Group’s environmental planning 
processes and we are committed to global best practice in water 
conservation and water demand management (WCWDM). 
Our main goal is to reduce potable water reliance (from municipal 
sources) to 40% for our SA PGM operations and 10% for our SA gold 
operations by 2030, with 2020 as the baseline. (The different 
percentages reflect the fact that our SA gold operations are 
located in a relatively water-rich area compared to our SA PGM 
operations). 
The 2022 goal for reaching this target was for a 15% reduction 
(against 2020 base), i.e. a 1,000 megalitres(Ml) reduction in potable 
water use at the SA gold operations, and a 300Ml reduction at the 
SA PGM operations. These targets were achieved for 2022, putting 
us on track to meet our 2030 water-use goals. 
Water risk management
As in other parts of the business, we benchmark our water standards 
against global third-party evaluators. Our SA PGM operations 
are situated in water-stressed areas in South Africa’s North West 
province. Here we rely on municipal utilities for some 63% of our 
water needs.
By contrast, our SA gold operations in the West Rand are overlain 
by dolomitic aquifers and are largely water-positive. Our operations 
require that we pump large volumes of ingress water (fissure/
extraneous water) from deep workings. This is an energy-intensive 
and expensive process, particularly for mines with small profit 
margins. Ingress water at our SA gold operations is more than 
double the water requirements for these operations.
A large portion of excess water is treated and discharged, which 
is generally positive for the environment and for surrounding 
communities. In 2022 we put 23Ml per day back into the Integrated 
Vaal River System, which serves communities in the West Rand of 
Johannesburg.
From 2020 to 2022, the accumulated reduction of purchased 
potable water at our SA operations amounts to 4,061.44Ml; and it 
constitutes a 37% reduction from the 2020 baseline.  
MINIMISING OUR ENVIRONMENTAL IMPACT continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
195

US PGM operations 
Our US PGM operations are largely water independent and water 
positive. The greatest risk to water quality in the US is nitrogen in our 
mine water (from explosive residue), which we treat with a natural 
biological process. 
Regulatory water quality standards for nitrogen are being revised 
in Montana. In anticipation of more stringent standards in our water 
discharge permits, our US operations have planned for a series 
of capital improvements to the water treatment plants. For 2022, 
we had planned for a biological nitrification circuit that reduces 
nitrogen in the form of ammonia. Supply-chain delays beyond the 
control of the Group meant that this will only be accomplished 
in 2023. 
While the environmental implications of this delay are minor, it does 
effect the 2022 ESG-related LTI target of 10% improvement in 
ammonia reduction for the US PGM operations, which was not met. 
Our strategic mitigation 
Our strategic aims are aligned to UN SDG 6 (Clean water and 
sanitation) and particularly 6.2 (End open defecation and provide 
access to sanitation and hygiene), and 6.3 (Improve water quality, 
wastewater treatment and safe reuse). Our strategy is to continue 
to demonstrate thought leadership in WCWDM practices, while 
promoting business sustainability through ensuring water security 
and, where applicable, water independence. By doing so, we are 
playing our part in promoting SDG 6, providing cleaner water for 
downstream users and promoting water stewardship (including 
water system quality, ecosystem functionality, and flow 
management). 
Stakeholder engagement
We participate in various external stakeholder forums that include 
a variety of group: industry, government, research institutions, 
and community organisations. These forums include, but are not 
limited to
•
Water catchment management forums hosted by the
Department of Water and Sanitation
•
Water forums hosted by the Rand Water Board
•
Water working groups hosted by the ICMM, with links to the
ICMM biodiversity working group
•
SA Mineral’s Council engagement opportunities
Integrated catchment management discussions have 
commenced for the West Rand and Rustenburg areas, where 
future projects are being determined. We have also participated 
in establishing several inter-company partnerships to collaborate 
on improving catchment management.
At our US PGM operations, the GNA includes an adaptive 
management plan (AMP). The AMP is an independent water 
monitoring plan and triggers appropriate responses to water 
quality. Monthly AMP monitoring reports are generated by GNA 
technical consultants, keeping GNA stakeholders informed about 
water quality issues. 
2 See Social and labour plans: summary of projects in 
South Africa; The Good Neighbor Agreement, 
¸ www.sibanyestillwater.com/news-investors/reports/annual
SA region
In 2022, for our SA operations, we sourced 17.4 Ml/day from 
municipal and water boards (mainly Rand Water Board and 
Sedibeng Water Board). This includes grey water recycled from 
Rustenburg Waste Water Treatment Works, which comprises 5% of 
total usage at our SA operations.
In 2022, the SA operations spent R96 million (2021: R281 million) 
buying potable water.
SA gold operations
Our SA gold operations used a total of 15,752.36Ml, 61% for industrial 
purposes and 39% for domestic purposes. 
We have various projects to leverage our excess ground water and 
reduce dependence on external suppliers. We have a 4ML/day 
water treatment facility (based on a build-own-operate transfer 
model) at our Kloof operations. The plant was ramped up in 2022 
and can now meet 36% of Kloof’s potable water demand, reducing 
our reliance on external suppliers significantly. A second phase 
to the project will see Kloof become 85-95% independent.
Our SA gold operations can produce over 35Ml/day of potable 
water, resulting in cost savings of some R14.2 million per month. 
We reduced our reliance on purchased potable water at our SA 
gold operations reduced by -937Ml year-on-year (2022: 5,351Ml; 
2021: 6,288Ml); this is a 15% reduction, which well surpasses our 
target for a 7.5% reduction. 
SA PGM operations
In 2022, industrial usage at our SA PGM operations accounted 
for the majority of the potable water use with the remainder 
utilised for domestic purposes. These litres are precious to 
Rustenburg, given that the Rand Water Board struggles to meet 
the demands of a growing city. We have a number of initiatives 
to manage the impact of water restrictions imposed by them
•
Investigate alternative groundwater sources
•
Optimise water recovery from TSFs
•
Integrate Marikana with the Kroondal-Rustenburg footprint, thus
balancing water requirements across the footprint. Integrating
Marikana allows us to transfer water from water-richer areas
during the wet season to storage and to drier parts, noting that
the Pandora pipeline supplies 6Ml/day to our Karee operations
•
Continued desilting of water containment facilities
Our reliance on purchased potable water at our SA PGM operations 
reduced by 321Ml (3%), against a targeted reduction of 3% 
compared to 2020 (2022: 12,051Ml; 2021: 12,027Ml; 2020: 12,372).
Effective governance and continuous improvement: 
reducing water loss
We continue to use smart monitoring across our South African 
operations, ensuring accurate water accounting. Since 
implementing this technology in 2016 we have expanded it to over 
400 monitoring sites; this has helped to reduce our reliance on the 
Integrated Vaal River System by 35% compared to 2016. 
MINIMISING OUR ENVIRONMENTAL IMPACT continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
196

Potable water purchased (Ml)
2022
2021
2020
Gold operations
Beatrix
2,090
2,181
2,179
Cooke
310
397
1,008
Driefontein
525
241
343
Kloof
2,426
3,469
4,037
Gold – total
5,351
6,288
7,567
PGM operations
Kroondal
1,165
1,134
1,503
Rustenburg
3,632
3,496
3,591
Marikana
7,254
7,397
7,278
PGM – total
12,051
12,027
12,372
SA region
17,402
18,315
19,939
EU region
9,100
US region
69
73.35
140
Group total
26,502
18,388
20,079
Responsible water stewardship
It is standard practice for all our operations to recycle water
•
Underground operations: once suspended solids have been removed, recycled water feeds underground operations
•
Water re-cycled from tailings facilities: all our tailings facilities are designed so that water decants and seeps into containment facilities,
from where it is recycled for use in processing plants
•
Treated sewage effluent: 90% of water at our SA PGM operations is recycled
•
Recycled water from the western basin: we reuse impacted water at our Cooke surface operations
Percentage water recycled 2022
2022
2021
Group
 64 %
 65 %
SA gold
 70 %
 70 %
SA PGM
 58 %
 57 %
EU region
0
n/a
US region
 69 %
 61 %
Water treatment plant located at the SA gold operations' Cooke 1 shaft area
MINIMISING OUR ENVIRONMENTAL IMPACT continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
197

Group water performance summary
Total water 
withdrawn1 (Ml)
 138,996 
3,001 
9,100  126,895  23,691  103,204  124,628 
3,383  121,245  24,185  97,060  125,220 
3,458  23,297  98,465 
Water 
discharged2 (Ml)
 84,102 
2,901 
36  81,165 
229  80,936  76,490 
2,696  73,795 
297  73,498 4  76,302 
3,517 
246  72,539 
Water used3 (Ml)
 39,441 
227 
—  39,214  23,462  15,752  47,649 
198  47,451  23,888  23,563  49,346 
369  23,051  25,926 
Total water 
purchased4 (Ml)
 29,361 
69 
9,100  20,192  14,842 
5,350  20,944 
73  20,871  14,583 
6,288  22,640 
140  14,934 
7,566 
Water purchased 
from water 
services 
authorities %
 74 
 30 
 — 
 51 
 63 
 34 
 44 
 37 
 44 
 61 
 27 
46
38
65
29
Tonne treated5 
(Mt)
38.82 
1.25 
— 
37.57 
28.22 
9.35 
46.49 
1.57 
44.92 
29.77 
15.15 
41.86 
1.75 
25.51 
14.6 
Intensity (kl/tonne 
treated
1.02 
0.18 
N/A
1.04 
0.83 
1.68 
1.02 
0.13 
1.06 
0.80 
1.56 
1.18 
0.216
0.90 
1.78 
2022
2021
2020
Group
US 
region
EU 
region
SA region
Group
US
operati
ons
SA
SA 
operations
Group
US
operati
ons
SA 
operations
Total
PGMs
Total
Total
PGMs
Gold
Total
PGMs
Total
PGMs 
Gold
Total
PGMs
PGMs6
Gold
1  Total water withdrawn: water abstracted from ground- and surface-water sources and total purchased
2  Water discharged into environment at licensed discharge points (2 see incident management on page 198). Water Discharged for 2020 for SA gold operations was restated 
due to measurement correction and to include DRD DP2 consumption as a discharge. DRD consumption contributed a significant portion of water used, but is not included 
in tonne treated, causing a skewed water use intensity. This adjustment results in changes in “Water discharged”, “Water used”,” Purchases from water services authorities %” 
and “Intensity (kl/tonne treated)”
3  Water used: for SA operations total withdrawn minus water discharged; for US operations water added to concentrator plus potable water purchased
4  Total water purchased: potable water purchased and wastewater purchased at the Rustenburg operation
5  Tonne treated: dry tonnes processed in Sibanye-Stillwater metallurgical plants and concentrators
Water use in the context of quality 2022 (by Ml)
Group
US operations
SA PGM operations
SA gold operations
Source/ 
destination
Water 
with-
drawal
Water 
discharge
Water 
used
Water 
with-
drawal
Water 
discharge
Water 
used
Water 
with-
drawal
Water 
discharge
Water 
used
Water 
with-
drawal
Water 
discharge
Water 
used
Ground water
Fresh water1
81,948 
2,901  23,666 
2,933 
2,901 
178 
1,861 
— 
77,154 
 23,488 
Other water2
20,923 
 14,562 
7,020 
7,020 
13,903 
7,542 
Total
 102,871 
2,901  38,228 
2,933 
2,901 
178 
8,881 
—  7,020 
91,057 
—  31,030 
Purchased water Fresh water
19,993 
—  19,973 
69 
49 
414,574
 14,574 
5,350 
5,350 
Other water
— 
Total
19,993 
 19,973 
69 
— 
49 
14,574 
—  14,574 
5,350 
—  5,350 
Surface water
Fresh water
236 
74,804 
7 
236 
229 
7 
74,576 
Other water
6,361 
6,361 
Total
236 
81,166 
7 
— 
— 
— 
236 
229 
7 
— 
80,937 
— 
Total
 123,100 
84,067  58,208 
3,002 
2,901 
227 
23,691 
229  21,601 
96,407 
80,937  36,380 
Tonnes treated 
(Mt)3
38.82 
1.25 
28.22 
9.35 
Total fresh 
water used
 43,646 
227 
 14,581 
 28,838 
Fresh water used 
per (kl)/ton 
processed
1.12 
0.18 
0.52 
3.08 
1  Fresh water is water with a general total dissolved solids content of 1,000mg/l or less
2  Other water is water with a general total dissolved solids content of more than 1,000mg/l
3  Tonne treated: dry tonnes processed in Sibanye-Stillwater metallurgical plants and concentrators
4  Includes waste water purchased at the Rustenburg operation
MINIMISING OUR ENVIRONMENTAL IMPACT continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
198
4

The table below represents the proportionate volumes of water we withdraw, use and discharge according to water stress categories.
2022 Water stress (Ml) 
Ground 
water
High
— 
0
9,641
9,641
90,498
0
Medium 
to high
— 
0
0
2,933
2,901
178
0
0
0
Low
0
0
6,817
6,817
Total
0
0
0
2,933
2,901
178
0
0
0
9,641
0
9,641
97,315
0
6,817
Purchased 
water
High
17,834
0
114,574
14,345
3,260
3,260
Medium 
to high
69
0
69
49
0
0
Low
2,090
0
9,100
2,090
0
Total
19,993
0
0
69
0
49
9,100
0
0
1 14,574
0
14,345
5,350
0
3,260
Surface 
water
High
236
0
0
236
229
236
49,906
Low to 
medium
0
0
0
29,167
Low
0
0
0
710
Total
236
0
0
0
0
0
0
0
0
236
229
236
0
79,783
0
Total
20,229
0
0
3,002
2,901
227
9,100
0
0
24,451
229
24,222
102,665
79,783
10,077
Group
US region
EU region
SA PGM operations
SA gold operations
Source/ 
destination
Water 
stress 
area
Water 
with- 
drawal
Water 
discharge
Water 
used
Water 
with- 
drawal
Water 
discharge
Water 
used
Water 
with- 
drawal
Water 
discharge
Water 
used
Water 
with- 
drawal
Water 
discharge
Water 
used
Water 
with- 
drawal
Water 
discharge
Water 
used
1  Includes waste water purchased at the Rustenburg operation 
Water treatment 
Water is a critical input in our mining operations. We use water for 
primary mining activities, mineral processing, cooling, ore, waste 
conveyance, and human consumption. South Africa’s potable 
water challenges require innovative water management strategies 
from big industrial users. Water supply instability, the ever-increasing 
costs of water, and the impacts of climate change could put 
the sustainability of a mining operation at risk. Thus, we must 
optimise our internal water consumption and water use efficiency. 
These external pressures require innovative water management; 
technology strategies for recycling and potable water production 
plants will contribute to building operations that are water-smart, 
water-efficient, and water conscious, ultimately leading to a 
climate-change resilient business.
Water treatment plants
Our SA operations’ water treatment plants consist of 23 waste-water 
treatment works, two environmental compliance treatment 
facilities, and four potable water production facilities. The 
wastewater treatment plants have a total production capacity 
of 50.7Ml/day, of which we use 53% capacity. The discharge 
compliance plants treat 55Ml/day and the potable water plants 
produce 35.7Ml/day.
Our efforts to reduce our impact on the Integrated Vaal River 
System will make more potable water available for the greater 
community where we operate. 
In 2022, we increased our production capacity of potable water 
by 24% for our SA gold operations. Besides the aforementioned 
upgrade of the Kloof water treatment plant facility, we have various 
waste water treatment systems to boost production
•
New nanofiltration plant at the Driefontein; plus a zero-liquid
discharge closed circuit ion-exchange system
•
Kloof and Burnstone have reverse osmosis systems
•
Ezulwini has a zero-liquid discharge fluidised bed cold-lime
softening plant
These plants achieved 100% SANS 241: 2015 drinking water 
compliance in 2022; saving the Group R143 million for the year. 
Social benefits of water production
In total, our SA operations produce 35.7Ml/day. This means that 
our actions contribute by freeing up an extra 35.7 million litres of 
potable water per day into the municipal water network for 
domestic use by members of the community. At an average daily 
potable water demand of 200ℓ/person, and an average household 
size of 5 people, our water production projects equate to the 
potable water demand of 178,500 people or 35,700 households. 
This speaks to the heart of UN SDG 6.
Water treatment research and development work
In 2022 various research and development (R&D) projects 
contributed to improving water quality, reducing operational water-
related costs, and developing sustainable water solutions for post-
mining. A total of R3.01 million was spent on the R&D initiatives.
Nitrogen (in the form of nitrate, nitrites and ammonia) is a main 
contributor to eutrophication (the over-enrichment of nutrients) in 
South Africa’s river systems. Nitrogen components not only pose an 
environmental risk but also a safety risk to underground miners, 
should these nitrogen components become volatile. 
To mitigate this risk, we commissioned a nitrate/ammonia 
scavenging pilot facility at our Marikana Karee 3 shaft. The plant 
uses a unique ion exchange flow-sheet to strip nitrates and 
ammonia from the mine water-body. Our analysis shows that this 
technology removes 98% of nitrogen nutrients. In 2023 we will 
embark on a project that will produce a simple fertilizer from the 
sodium nitrate waste product, again contributing to our circular 
economy goals.
MINIMISING OUR ENVIRONMENTAL IMPACT continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
199

Sulphates are one of the main components that exceed our water 
discharge limits. Standard industry technologies to remove sulphates 
require membranes, or large-scale waste-generating systems, which 
are expensive and create additional downstream waste 
management challenges. In 2022, we researched a closed circuit 
continuous ion filtration product, which generates saleable gypsum 
as a by-product. Small-scale tests based on our Cooke water body 
showed that, using this technique, we should be able to remove 
sulphates from our mine water at a cost of less than R1.20/m3, which 
is less than 10% of the common industry cost. The technology will be 
scaled in 2023 and operated for two months, which will give our 
research team sufficient data to complete the final designs.
In 2022, additional research and development work was started 
to recover rare earth elements from the solid waste generated 
from these projects. This work will be concluded in 2023 and should 
further contribute to the sustainability of this water treatment 
programme for mine closure. 
One of the most promising projects relating to closure that we 
are exploring uses patented ion-exchange water treatment 
technology, which treats the contaminated mine water, resulting 
in potable water. It then separates out heavy metal solid 
concentrate, and ammonium sulphate and potassium nitrate 
(which are saleable). The ammonium sulphate and potassium 
nitrate are valuable by-products which could ensure that the 
capital investment for the system is repaid in five years. In 2023, 
the pilot project will test water from all our water-positive mines 
to create a fully scalable post-closure solution. 
Compliance 
Our water quality non-conformance procedure applies to all 
discharges but is mainly relevant to our SA gold operations, given 
that the SA PGM operations are zero effluent/discharge operations, 
but for Marikana, which discharges sound quality water against 
the water use licence limits. Our non-conformance procedure 
mandates monthly examination of downstream water quality 
to various limits, keeping official water use licence limits as the 
minimum standard. Water qualities and other water-related matters 
are presented at Catchment management forums in which local 
communities are represented. As presented to our regulators, many 
of our licence limits are erroneous, unclear, unachievable, and 
unscientific. As a result we have undertaken setting science-and 
risk-based limits for the protection of downstream water users (by 
‘users’ we include the environment, i.e. flora and fauna). Based on 
these amendments we achieved 96% average compliance to the 
limits in 2022 for all operations, excluding Rand Uranium and Ezulwini, 
and 93% compliance including Rand Uranium and Ezulwini. Our 
ideal target is to achieve 95% compliance for all, excluding Rand 
Uranium and Ezulwini whose discharge in any case we aim to cease 
in the near future.
The SA gold operations are associated with sulphide rich rock 
material which poses a risk of acid mine drainage at all sites. 
These risks are actively monitored and mitigated, however due to 
the historic nature of the mining sites areas of latent risks have been 
identified and are quantified in a risk-based manner to determine 
the risk to current and future land and water users. All gold sites 
have action plans in place including interception systems, 
amelioration of sediments and soils as well as removal of sources 
and treatment as needed.
For our US PGM operations, water quality compliance is measured 
against the Montana Pollutant Discharge Elimination System 
(MPDES), whose standards our operations routinely surpass. 
Water monitoring
MINIMISING OUR ENVIRONMENTAL IMPACT continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
200

A compliance summary of each discharge compared to legal limits in 2022 is provided below: 
Operation
Compliance (%) to WUL 
(water use licence) limits
Comment1
2022
2021
BEATRIX
Treated effluent
70
75 Actions: The detailed action plans executed resulted in a net improvement in sewage-
related parameters, including a 16% reduction in the average free chlorine 
concentration, 42% reduction in E. coli counts, 69% reduction in average nitrates, 
and 32% reduction in average phosphate concentration. The decline in compliance 
(from 75% in 2021 to 70% in 2022) is largely attributed to the presence of salts. This will 
be addressed via the WUL limit amendment, and by long-term closure intervention 
measures to reduce seepage across the Beatrix footprint.
Exceedances: As noted above, the bulk of exceedances relate to salts, most of 
which have inappropriate and unachievable WUL limits.
Impacts: As mentioned in our Biodiversity management fact sheet, a notable 
increase in salts throughout the Theronspruit has likely contributed to ecological stress, 
while the Boschluispruit and Doring River catchments have shown a maintained to 
improved state. 2 See Biodiversity management fact sheet, 
¸ www.sibanyestillwater.com/news-investors/reports/annual
BURNSTONE
Groundwater
94
91 Actions: Ongoing focus on pollution prevention and improvement of water 
management measures in anticipation of mining and processing recommencing.
Exceedances: Fluoride, aluminium and iron were not noted as parameters of concern 
in the discharge; likely due to improved basal cover in the catchment following 
sustained rainfall.
Impacts: Fluoride remains below toxicity values and presents no risk (environmental 
or human); therefore requiring an amendment of the WUL limits. 
DRIEFONTEIN
Underground water
95
99 Actions: Continued execution of the controls in place, including weekly monitoring 
of critical points and evaluation as per monthly Water quality non-conformance 
procedure.
Exceedances: No notable repeat exceedances.
Impacts: Improvement of the water quality in the Wonderfonteinspruit, which is 
impacted by untreated sewage discharges.
DRIEFONTEIN
Treated effluent
90
85 Actions: The detailed action plans implemented in 2022 to 2023 have yielded 
favourable results. Investigation into the appointment of external contractors and 
the ongoing pursuance of the amended licence limits will be continued in 2023.
Exceedances: Nitrates and phosphates, notwithstanding a 21% improvement on the 
average nitrate quality achieved in 2022 as compared to 2021. E.coli counts 
showed a net deterioration from 2021 (this due to strike action which resulted in less 
waste) with a reduction in operational control, but free chlorine concentrations 
were well maintained.
Impacts: Some eutrophication may occur in the Kraalkopspruit, where only treated 
sewage water is discharged. However, as demonstrated in the Biodiversity fact 
sheet, the Kraalkopspruit (into which the discharge occurs) shows near pristine 
conditions, except under flood conditions, in terms of biomonitoring data. We 
expect a positive impact for Wonderfonteinspruit, as above.
MINIMISING OUR ENVIRONMENTAL IMPACT continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
201

Operation
Compliance (%) to WUL limits
Comment1
2022
2021
EZULWINI
Underground water
60
58 Actions: Continue to seek approval for rewatering, which would allow for the 
cessation of discharge and the rehabilitation of the water resources. Additional 
treatment intervention measures were implemented and resulted in marginal 
improvement. Ongoing investigations into improving management of treatment.
Exceedances: Salt exceedances are a function of erroneous licence limits; iron 
and manganese exceedances require attention.
Impacts: Iron and manganese accumulate in the licensed Peter Wright dam; this dam 
acts as a passive treatment system, capturing impacted mine water and run-off. 
The dam outlet is compliant to all limits; impact on the Klein Wes Rietspruit, and on 
downstream water users is limited. 
KLOOF
Combined 
underground and 
treated effluent
92
91 Actions: Actions executed in 2021 and 2022 resulted in a continued improvement in 
quality year-on-year. New impacts on quality relate to the fact that underground 
activities have started up following the end of strike action; these are being addressed 
by way of an improved procedure.
Exceedances: Nickel, iron and manganese exceedances were addressed via the 
action plans mentioned above. Nutrient exceedances are a function of unrealistic 
licence limits, a position that is supported by technical studies and specialist 
evaluation. We initiated an additional licence application to fast-track the issue.
Impacts: It is evident that impacts on the downstream environment and on water 
users are limited. Nevertheless, sediment studies have been completed and areas to 
be targeted for rehabilitation coincide with deteriorated sites noted in the 
biomonitoring assessments. Approval continues to be sought via an IWULA 
(integrated water-use licence application) process.
KLOOF
Treated effluent
84
85 Actions: Beyond licence limit amendments, which continue to be sought, additional 
interventions were required at the Kloof waste water treatment works; interventions 
commenced late in 2022 and will continue into 2023.
Exceedances: Largely related to nutrients, a function of erroneous licence limits as 
well as issues with plant sludge carry-over at 4 Shaft, a result of poor plant design. 
Impacts: As explained in our Biodiversity fact sheet, the downstream environment 
shows near pristine conditions in terms of biomonitoring and no major impacts are 
expected for downstream users.
MINIMISING OUR ENVIRONMENTAL IMPACT continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
202

Operation
Compliance (%) to WUL limits
Comment1
2022
2021
COOKE
Underground water
50
53 Actions: Detailed and extensive action plans ongoing, but treatment challenging 
and exacerbated by erroneous and unachievable licence limits (amendment has 
been applied for). High incidence of illegal activities impacting discharge and ability 
to manage quality. 
Exceedances: Sulphate and several metal exceedances. Ongoing improvements 
in treatment process; alternative methods being sought to reduce illegal activities, 
which negatively impact the flows, and negatively impact our ability to manage the 
treatment and discharge systems.
Impacts: Currently the Cooke 1 discharge dilutes acutely toxic manganese and 
ammonia from upstream water users. The Cooke 2 discharged into an endorheic 
system that is planned to be fully restored upon the cessation of discharge.
MARIKANA
Treated effluent
97
93 Actions: Following interventions executed in 2021, excellent compliance was shown 
in 2022. Future focus areas include improving nutrient removal and reducing standing 
time following loadshedding at certain plants.
Exceedances: Mainly related to nutrients.
Impacts: Due to the nature of the catchment (i.e. limited natural flows) within which 
the discharges occur, the systems are sensitive to eutrophication. While compliance 
was generally good, investigations into improvements are ongoing. Further, as 
supported by the WCWDM (water conservation and water demand management) 
plans, the effluent should ideally be used in the mining processes.
KELIBER
Treated open pit 
water
100
N/A Our environmental permit (which has a specified limit for solids) is tracked for the open 
pit water at the planned Syväjärvi mine; no exceedances for 2022 reporting period 
exists.
SANDOUVILLE
Treated effluent
93
88 Action: A wastewater treatment process is treating all effluent from the refinery, as well 
as site rainfall before discharging it to the channel. 
Exceedances: Some parameters are over the limits as set in the licence to operate. 
These include nickel and suspended solids which is mostly seasonal related.
Impact: A project has been initiated to maintain compliance, achieve high water 
quality levels and minimise water consumption.
STILLWATER MINE
Treated
underground water
100
100 Actions: A nitrification (ammonia reduction) circuit was planned for 2022 but was 
delayed due to supply chain issues. 2023 water management activities will include 
a focus on long-term planning for water treatment capacity and installation of 
additional in-situ treatment wells for groundwater.
Exceedances: None
Impacts: Point source and non-point source discharges from mine operations result 
in a detectable increase (within regulatory standards) of nitrogen in Stillwater River. 
However, there is no measurable impact to aquatic life or to downstream users.
EAST BOULDER 
MINE
Treated
underground water
100
100 Actions: During 2022, a moving bed bioreactor (MBBR) was added to the treatment 
circuit in order to increase long-term treatment capacity. An additional MBBR is 
planned for construction in 2023.
Exceedances: None
Impacts: Point source and non-point source discharges from mine operations result in 
a detectable increase (within regulatory standards) of nitrogen in East Boulder River. 
However, there is no measurable impact to aquatic life or to other downstream users.
1  Compliance classes are defined as follows: Excellent >95%; Very good  >90% but <95%; Moderate >80% but less <90% and poor <80%. These classes define descriptive 
categories regarding water quality, informing management and aligning to national standards
MINIMISING OUR ENVIRONMENTAL IMPACT continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
203

During 2022, Sibanye-Stillwater discharged 84,102.42Ml into various 
catchments at our operations, as per our licence conditions, for 
which (in the SA context) we provided frequent reporting to the 
DWS (Department of Water and Sanitation). We participate in, and 
facilitate, catchment management forums at our SA operations. 
Our US operations engage with their catchments through the GNA, 
the Boulder River Watershed Association, and the Stillwater Valley 
Watershed Council. We participate in numerous other regional and 
national efforts to improve our water stewardship. 
Types of engagements and contributions include: expert 
knowledge for national policies, best practice and guidelines on 
water monitoring, restoration and mine closure, reaching out to 
South Africa’s Minister of the DWS, playing our part in resolving 
pollution in the Integrated Vaal River System, involvement in the 
Freshwater Ecosystem Network.
US PGM operations
In 2022, our US PGM operations discharged 2,901ML of treated 
water to groundwater resources near the operations. Excess mine 
water is treated to drinking water standards prior to discharge.
Our primary water quality concern is nitrogen, a residual 
component of explosives that enters groundwater inside mine 
workings. The US PGM operations employ advanced biological 
nutrient reduction technology to reduce soluble nitrogen 
compounds to nitrogen gas.
Continuous improvement is an objective that is well demonstrated 
by our water treatment plants. During 2022, we designed a 
nitrification circuit to be constructed at the Stillwater Mine water 
treatment plant to further improve treatment efficiency. Supply 
chain delays have forced us to push this project out to 2023. 
We are developing a long-term strategy for increased water flows 
as the underground mines expand. This will result in, a multi-year 
project, at both mines, to increase capacity for biological treatment 
by replacing older fixed bed bioreactors with moving bed 
bioreactors (MBBR). The latter afford ten times the treatment 
capacity of the former. One MBBR was installed at the East Boulder 
mine in 2022 and another is planned for 2023.
The US PGM operations have an adaptive management plan (AMP) 
as part of their GNA. The plan sets more stringent requirements than 
the regulatory ones and triggers responses based on these strict 
water quality parameters. The AMP is reviewed annually and 
adjusted to anticipate changing conditions and 
changing regulation. 
In order to protect groundwater quality at our US operations, all TSFs 
are lined to prevent impact on groundwater. In addition, liner and 
leachate collection systems were installed beneath the waste rock 
facilities at each operation. During 2022, phase 4 of the high-density 
polyethylene (HDPE) lining system was installed at the Stillwater mine 
east side waste rock facility.
CDP disclosure
For the 2022 CDP water security disclosures (our second round of 
participation), the Group received a B rating. in terms of the CDP’s 
scoring system. This falls within the “Management” band of CDP 
scoring, meaning that the Group is “taking coordinated action on 
water issues”. Our B rating, albeit it slightly lower than in 2021 (A-
minus), is higher than the Africa regional average of B- (B minus), 
and higher than the metallic mineral mining sector average of also 
B-minus. Our 2022 score is furthermore on par with that of the global
average of B. Within the scoring system itself, we achieved A/A-
scores for the following categories: business impacts, business
strategy, governance, integrated approaches to environmental
challenges, water policies and water-related opportunities,
respectively and B/B- scores for water-related targets and goals,
water accounting, water risk assessment and water-related risk
exposures & responses, respectively. “Value chain engagement”
for which we have received a C score, was identified as an area
for improvement. We will continue to participate in the CDP water
security category going forward. Our CDP is available at
¸ www.sibanyestillwater.com/sustainability/environment/
INCIDENT MANAGEMENT
All environmental incidents are classified and evaluated monthly 
according to our incident and non-conformance management 
procedure; and reported externally to regulators when required. 
While we consider all environmental incidents as serious, we disclose 
all level 3 (short-term impact), level 4 (medium-term impact), and 
level 5 (long-term impact) environmental incidents to the relevant 
authority/regulator. Our target remains the achievement of zero 
environmental incidents. In 2022 we had one level 4 incident at the 
SA gold operations and one level 3 environmental incident in the 
US operations.
The level 4 incident at our Beatrix operations in the Free State 
occurred on 19 January 2022, where the Rietpan evaporation dam 
overflowed onto adjacent farmland. This incident followed the 
30 December 2021 incident, where Wolwepan #2 evaporation dam 
also overflowed onto adjacent farmland. 
The spilt water from the Wolwepan incident, run-off from severe 
rainfall recorded in December 2021, and the uncontrolled flow of 
water from the municipal-managed Toronto pan in Welkom into our 
evaporation pan system flowed into Rietpan and filled it to 
capacity, which then also started overflowing onto adjacent 
farmland and pans. Independent specialist studies computed a 
spilled volume of 16,500Ml and the spillage from Rietpan inundated 
an area of 5.5km2. 
Water and soil sampling were done and the initial results indicate 
that the surface water downstream of Rietpan had increased 
salinity. In terms of salt load enrichment, the spill contributed to 
elevated salt concentration in the inundated areas. Several of the 
borehole samples show elevated nitrate which could be from 
natural or anthropogenic sources. None of the samples exceeded 
the livestock watering limits and therefore do not pose a health risk 
to animals.
In general, the risk of contamination from the spill (in terms of 
impacting overall groundwater supply to local farms) is very low. 
Some salt enrichment of soils was observed, but none of the soil 
samples showed excessive metal accumulation when compared to 
national screening values. Rietpan stopped overflowing in July 2022, 
and the inundated areas reduced, but the impact has not 
completely stopped, as significant areas below Rietpan are still 
inundated with a mixture of rainwater and high-salinity water from 
Rietpan. The impact on the soils and groundwater will thus continue 
for a current undetermined period, and further monitoring will be 
required to determine that impact. The DWS established a task 
team with all impacted stakeholders. Frequent interactions are 
taking place, either through formal direct meetings or through a 
dedicated social media group of the task team.
2 See Environmental incidents supplementary information
¸ www.sibanyestillwater.com/news-investors/reports/annual
MINIMISING OUR ENVIRONMENTAL IMPACT continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
204

RESOURCE UTILISATION 
Materials consumption
Timber (t)
30,358 
1,334 
— 
21,024 
8,000 
85,018 
324 
21,443 
63,251 
71,338 
256 
19,680 
51,402 
Cyanide (t)1
1,409 
N/A
— 
N/A
1,409 
2,979 
N/A
N/A
2,979 
2,244 
N/A
N/A
2,244 
Explosives (t)
35,867 
3,792 
180 
30,115 
1,781 
30,525 
4,443 
22,321 
3,761 
24,5363
4,410 
17,554 
2,572 
Hydrochloric acid (t)
1,087 
4 
— 
— 
1,083 
1,714 
5 
— 
1,709 
3,726 
5 
0
3,721 
Caustic soda (t)
10,210 
2,582 
6,223 
— 
1,405 
4,308 
3,195 
— 
1,113 
5,261 
2,903
0
2,358 
Lime (t)
74,749 
5,975 
— 
— 
68,774 
71,438 
7,426 
— 
64,012 
69,241 
7,137
0
62,104 
Cement (t)
39,259 
21,527 
— 
9,959 
7,773 
45,768 
29,245 
9,648 
6,875 
29,468 
15,462 
7,746 
6,260 
Diesel (kl)2
34,985 
8,310 
— 
22,335 
4,340 
34,105
10,264
20,364
3,477
29,539 
10,141 
16,345 
3,053 
Lubricating and 
hydraulic oil (Kl)3
8,014 
736 
— 
6,812 
466 
8,476 
680 
6,637 
1,159 
7,293 
656 
5,542 
1,095 
Grease (t)
96 
17 
— 
2 
78 
127 
21 
8 
98 
121 
22 
13 
86 
2022
2021
2020
Group
US 
region
EU 
region
SA region
Group
US 
operations
SA 
operations
Group
US 
operations
SA 
operations
Total
PGMs
PGMs
Gold
Total
PGMs
PGM
Gold
Total
PGMs1
PGMs
Gold
1  Based on the 2021 Carbon inventory 
2   Updated from previous disclosures to be the sum of the operational areas
3  SA PGM volume for 2020 updated to include Kroondal and RPM consumption 
Most of the categories of materials consumed in 2022, as depicted in the table, show a marked net decrease. These include a net decrease 
for cyanide (53%), timber (64%), lubricating oil (5%), cement (14%), grease (24%), and hydrochloric acid (37)%. Caustic soda and diesel 
shows an increase of 137% and 2%, respectively. Caustic soda is an input product to our Sandouville refinery, explaining the 2022 increase. 
WASTE MANAGEMENT
We are committed to maximising the segregation, recycling, 
and reuse of general and hazardous waste streams, and for these 
waste streams to become part of the waste hierarchy, and 
ultimately of the circular economy. Our operations have an 
electronic waste data capturing system, which records type and 
quantity of waste recovery, reuse, recycling, treatment, and 
disposal for each operation. This database is supported by waste 
inventories and is used to inform targets and decision-making. It is 
our ongoing process to check the integrity of the data, to ensure 
our systems are sound at the date accurately reflects the reality on 
the ground. We are committed to reducing non-mineral waste to 
landfill and promoting the development of circular economies. 
Our Waste position statement commits us to being a leader in the 
area, as we reduce environmental impact and promote local 
economic growth.  
¸ See Waste position statement, www.sibanyestillwater.com/
sustainability/reports-policies/
Non-mineral waste (general and hazardous waste) 
Our SA operations comply with the Waste Management Act (2008), 
and its relevant amendments, regulations and guidelines, as well as 
with the National Waste Management Strategy (2020). There are 
various norms and standards applicable to waste and waste 
management in South Africa (as advocated in the strategy), 
including waste minimisation, circular economy, waste 
management hierarchy, and compliance, enforcement and 
awareness. Amongst other things, waste management regulations 
require that hazardous waste generators and landfill owners register 
with the national and regional (e.g., Gauteng) waste information 
systems. Our operations, where required, are registered as per the 
regulations. The regulations highlight the importance of accurate 
waste information and waste record-keeping, as is the case for the 
landfills we operate.
At our US PGM operations, the Environmental Protection Agency 
(EPA) designates the Stillwater mine as a small quantity generator, 
East Boulder mine as a very small quantity generator, and Columbus 
Metallurgical Complex as a large-quantity generator. This last 
designation (large-quantity generator) is to account for lead waste 
generated from the fire-assay analytical lab process. Both mines 
generate small quantities of hazardous waste from aerosol can 
contents and small quantities of other waste chemicals.
The US PGM operations have a chemical review procedure for all 
new products, rejecting chemicals with safety and environmental 
risk, thus keeping hazardous waste generation low.
For our SA operations, 74.8% of general waste is recycled, 
refurbished or reused. Our ESG indicators included in our LTI 
performance conditions have a waste component, which will 
inform waste reduction targets for 2023 to 2025. 
MINIMISING OUR ENVIRONMENTAL IMPACT continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
205

Our various waste minimisation initiatives include
•
The US PGM metallurgical complex is in the process of evaluating
the feasibility of installing a gypsum dryer; during 2022, the design
and engineering was completed with plans to advance to
construction during Q4 2023 and complete in Q1 2024; once
the dryer installation is complete, dried gypsum will be sold as
a cement additive. During 2022, 7,248 tonnes of gypsum were
delivered for agricultural ameliorant
•
Our US operations refined their reporting controls on used steel
being recycled. This resulted in a positive upward trend on
general waste recycled, reused and refurbished; from 403 tonnes
in 2021 to 2,891 tonnes in 2022
•
A pilot project at our Marikana smelter converts calcium sulphite
(CaSOx) waste stream into gypsum via a treatment oxidation
process. The gypsum can be used by the fertiliser industry, or as
a neutraliser on gold mining tailings dams with high-acidity
challenges. The feasibility study for a full-scale plant to convert
CaSOx to gypsum is on hold until the completion of the pilot SO2
capturing plant and feasibility study. A waste licence application
was submitted to continue with the pilot study to convert the
CaSOx to gypsum
•
Sewage sludge treatment operation at our Marikana operations
(SA PGM): a windrow facility at the Wonderkop waste water
treatment turns sewage sludge into compost at an average rate
of ~900kg/month; in 2022, approximately 86.33 tonnes of
compost was produced
•
For 2022 the SA PGM precious metals refinery (PMR) diverted
away from landfill and treated for sewer disposal 28,038 kilolitres
of liquid hazardous waste (effluent)
•
Diverting acidic and alkaline liquid waste streams at our SA PGM
PMR averts, on average, 2,264 kilolitres/month of hazardous
waste from landfill; in addition, remaining solids are subjected
to further tests to determine suitability for disposal to landfill
•
The general waste recycled, reused and refurbished significantly
increased due to our Footprint Reduction Project, resulting in
32,910 tonnes of building rubble being diverted away from
landfill at the SA PGM operations and 63,538 tonnes at the SA
gold operations
Stakeholder engagement
Effective and participatory internal and external stakeholder 
engagement and raising awareness to promote responsible 
waste management and waste minimisation is a priority. 
We hosted several internal waste management workshops as 
well as ‘Know your area’ campaigns with our operational teams 
with the aim of re-enforcing our strategic intent regarding waste 
and waste minimisation as well as emphasising the importance 
of recording accurate and verifiable waste data. 
Throughout 2022, we participated in various external stakeholder 
forums, including the Rand West City Local Municipality 
Environmental forum and Bojanala Platinum District forum. 
In an effort to identify waste minimisation opportunities, from 
collaborative partnerships and benchmark on principles and 
standards, engagements with Merafong local municipality, 
Rustenburg local municipality and Matjhabeng local municipality 
took place and will be continued in 2023. In addition, we’ve 
also participated, through the CSIR, in the Industrial Symbiosis 
Workshop and had collaborative discussions the National Cleaner 
Production Centre South Africa (NCPC-SA) on waste 
minimisation initiatives.
Mineral waste (tailings) 
Sibanye-Stillwater has 37 tailings storage facilities (TSFs) between our 
SA and US operations. As a member of the ICMM we are in the 
process of aligning tailings management with the Global Industry 
Standard on Tailings Management (GISTM). The process involves us 
producing monthly GISTM conformance self-assessments performed 
by multi-disciplinary teams. This is managed on a digital platform, 
which also tracks actions. Consolidated reports are shared with the 
executive team. 
Our SA operations have 34 upstream TSFs, of which 30 are classified 
(according to GISTM) as having either a very high or extreme 
consequence classification; 19 of which are active. Our US 
operations have three downstream TSFs, all classified as extreme 
consequence, two of which are active.
All our facilities in South Africa (SA) are built in an upstream 
direction. While building in the upstream direction remains an 
option, specific countries have banned upstream construction (for 
example, Chile, due to earthquakes and Brazil, due to high rainfall). 
Upstream facilities do pose a higher risk and, thus, require an 
increased level of management which has been practised for 
decades in South Africa.
Aligned with our focus on GISTM compliance and our drive to 
enhance surveillance, we have implemented Decipher (a cloud-
based tailings management platform owned by K2Fly) across all 
operations. Decipher includes satellite deformation monitoring and 
geo-referenced surveillance data; it improves risk identification and 
mitigation across our footprint and facilitates GISTM compliance. 
Our tailings journey thus far includes the following milestones
•
Implementation of the Group tailings management system
•
Finalisation of internal governance and appointments
•
Finalisation of external governance and appointments
•
Achieving GISTM compliance for 18 out of 21 active TSFs
(all with very high or extreme consequence classification)
•
Identification of impacted communities and tailings awareness
training to key community members
•
Socialisation (i.e. communication and engagement)
of emergency response plans with relevant authorities
Our equity interest in DRDGOLD (50.1% shareholding) gives us 
an opportunity to extend their successful tailings retreatment, 
reclamation and environmental clean-up into our SA PGM 
operations. 
Approximately 55% of the tailings produced in the US were re-used 
for backfill in underground mining operations. The US operations 
continue to look for opportunities to optimise underground backfill 
and minimise the volume of tailings stored in TSFs.
East Boulder mine continued construction of the Stage 6 TSF 
expansion. This is expected to increase site tailings capacity through 
to 2029. Design and permitting of two new TSFs, the Lewis Gulch TSF 
(East Boulder mine) and the Hertzler Stage 4/5 TSF (Stillwater mine), 
continued in 2022. The regulatory Environmental Impact Statement 
for the Lewis Gulch TSF was drafted in 2022.
MINIMISING OUR ENVIRONMENTAL IMPACT continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
206

Main TSF risks 
Our journey to GISTM compliance is on track for completion in 
August 2023, as planned. Tailings risks are being managed by 
rigorous surveillance, following norms of global best practice set by 
the Independent Tailings Review Boards (ITRB) and by respective 
engineers of record. This applies to our SA and US operations. 
The main tailings risk is rainfall in excess of design; with the potential 
to stop operations; and the potential to affect surrounding 
communities. All TSFs are managed to accommodate a 1:10,000 
year flood event, as prescribed by the GISTM for extreme 
consequence TSFs.  
2 See Tailings management fact sheet,  
¸ www.sibanyestillwater.com/news-investors/reports/annual; also 
¸ See www.sibanyestillwater.com/sustainability/environment/
tailings-management/
EU region
Sandouville
A solid waste recycling facility is planned for 2023 to decrease our 
waste output at the refinery.
Keliber
Apart from some waste rock quarried which has been repurposed 
for road construction. Keliber has not commenced with mining 
activities and therefore there have been no deposition to date. 
TAILINGS STORAGE FACILITIES (TSFs)
As an ICMM member company, Sibanye-Stillwater is required to implement the GISTM. Both our US and SA operations are well on track 
to meet the August 2023 deadline to align their policies and procedures. For more information, see 2 Tailings management fact sheet.
East Boulder Mine drainage
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US PGM OPERATIONS: RECYCLING OF PGMs
Sibanye-Stillwater is a global leader in recycling of spent 
autocatalysts, which fed 599koz of 3E in 2022, placing it as one of 
the world’s largest recyclers of PGMs from spent autocatalysts. 
Recycling’s green underpin and excellent ESG credentials provide 
Sibanye-Stillwater with the ability to deliver premium pricing, green 
funding options, and rerating potential. To produce the same 
amount of metal, our recycling segment emits 6x less CO2, uses 63x 
less water and generates 90x less rock waste than the US PGM 
mining operations. The recycling segment is self-funded and delivers 
favourable free cash conversion rates. Recycled tonnes and 
ounces fed to the furnace during 2022 were 18.8 and 598,774, 
respectively.
To enhance the Group’s exposure to a circular economy, 
the recycling segment continues to investigate growth options 
across geographies and commodities. Also see the life-cycle 
assessment the International Platinum Association performed using 
the cradle-to-gate approach for primary and secondary 
production. (¸ See ipa-news.de/assets/sustainability/
IPA_Guidance/2022-06-21-LCA%20Fact%20Sheet%202022_IPA.pdf) 
Summary of waste streams 2022
Material (tonnes)
Total 2022
US PGM
EU region
SA PGMs
SA gold
Total 2021
Total 2020
General waste to landfill
41,025.1
2,468.0
0.0
23,442.9
15,114.2
58,840.5
28,027.1
Hazardous waste to landfill
30,426.5
93.1
0.0
30,042.2
291.2
68,796.0
48,918.2
General and hazardous waste incinerated
25.9
3.1
0.0
17.6
5.2
50.6
10,507.0
General waste recycled, reused and refurbished
122,072.9
2,891.0
0.0
46,436.3
72,745.6
31,878.8
20,372.9
Hazardous waste recycled, reused and treated
42,454.4
1.0
2,241.0
34,794.0
3,177.4
31,073.9
39,124.1
Percentage general waste recycled, reused and refurbished
74.8
66.5
42.1
Percentage hazardous waste recycled, reused and refurbished
58.2
53.6
39.7
Material (Mega tonnes)
Tailings storage facility deposition (Mt)
41.3
0.6
0.0
35.1
5.6
47.9
37.8
Tailings deposition into pits (Mt)
3.9
0.0
0.0
0.0
3.9
4.4
0.1
Waste Rock/DMS deposition (Mt)
3.4
1.1
0.0
2.3
0.0
3.7
4.2
Total mineral waste
48.7
1.7
0.0
37.4
9.5
56.1
42.2
Retreated mineral waste from waste-rock
2.9
0.0
0.0
0.0
2.9
5.6
6.1
Retreated mineral waste from tailings dams
16.0
0.0
0.0
16.0
0.0
16.4
21.3
Waste intensity (tonnes milled/total waste)
0.005
0.005
0.004
0.009
Spent autocatalysts are recycled at the US PGMs Columbus metallurgical complex to output PGMs
MINIMISING OUR ENVIRONMENTAL IMPACT continued
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BIODIVERSITY
On 19 December 2022 the Kunming-Montreal Global Biodiversity 
Framework was adopted as an outcome of the COP 15 UN 
Biodiversity Conference. The framework aligns to, and improves 
upon, the Biodiversity Convention (a multilateral treaty signed in 
1993 to which we are aligned). 
The targets contained in the framework relate to halting and 
reversing species loss, enhancing the protection and expansion of 
protected areas to preserve ecosystems, and promoting the 
equitable and sustainable use of biological and ecological 
resources and services. We were already committed to these aims 
and we welcome their adoption as a global standard. 
Despite the acknowledgement of the urgent actions required to 
achieve these aims, there is still extensive development underway 
globally to arrive at industry targets, measurement and assessment 
criteria. For this reason Sibanye-Stillwater undertook a world-first 
for mining companies when we conducted a comprehensive
assessment of our biodiversity footprint using the Biological Diversity 
Protocol (BDP) as spearheaded by the Endangered Wildlife Trust 
(EWT). This assessment makes use of both total footprint and 
ecosystem health criteria to arrive at hectare equivalents in order 
to assess and track our biodiversity impacts and opportunities. 
The first global disclosure was made in early 2022 as based on 
our 2021 data. This allowed us to set and track numerical targets 
in terms of our Nature Stewardship aims, namely: net gain in existing 
projects (brownfields, specifically all SA operations) and no net loss 
for new projects (greenfields, the US operations).
2 See Biodiversity management fact sheet, 
¸ www.sibanyestillwater.com/news-investors/reports/annual
A snapshot of our journey in ensuring continuous responsible biological diversity management is provided below.
CATCHMENT WATER BALANCES
Riverine ecology 
We implement biomonitoring across all operations to determine 
impacts on riverine ecology. Biomonitoring is a legal requirement 
in South Africa and in Montana and includes monitoring of water 
quality, habitat (vegetation, stones, mud, and so on) and aquatic 
life. Findings are submitted to the relevant authorities and published 
on our website.
Wetlands
Wetland assessments involve the integration of several indicators 
to identify and delineate the wetland, evaluate the state of the 
wetland as compared to expected baseline conditions, and to 
determine the services provided by the wetland and, thus, its 
function and importance in the ecosystem. Once a wetland has 
been delineated and its hydrogeomorphic unit determined (for 
example: pan, hill slope sleep or temporary wetland), we rate it 
according to present ecological status (PES) and ecological 
integrity and sensitivity (EIS), as per guidelines supplied by the 
Department of Water and Sanitation (DWS) and Water 
Research Commission. 
EU region
Sandouville
Considering future expansions, a biodiversity study close to the plant 
has been undertaken.
Keliber
In Finland, an environmental permit imposes certain requirements 
on us for the monitoring and protection of stipulated species of flora 
and fauna found within the operational site and within the potential 
impact zone of our operations. To monitor and protect these 
species (as per the permit directives), Keliber is implementing a 
Biodiversity management plan (BMP). 
The focus of actions has been directed to the surroundings of the 
Syväjärvi and Rapasaari mine sites as mining will commence at 
these locations first. The BMP will in future address other mine sites as 
well. The lithium chemical plant in Kokkola is sited in an industrial 
area, and hence the biodiversity directives here are less.) 
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To sustain biodiversity in surrounding areas, Keliber will cooperate 
on monitoring programmes with other companies in the area. 
These monitoring programmes include monitoring of coastal waters, 
of air quality, and of noise monitoring in the Kokkola industrial area. 
The programmes also include groundwater and bioindicator survey 
monitoring every five years.
For 2022, related biodiversity management activities at Keliber 
include monitoring endangered and protected species, and 
cooperating on restoring spawning ground for trout. During the road 
construction at the mining areas, culverts were equipped with 
shelves to allow otters safe passage under the road.
INTEGRATION WITH STAKEHOLDERS
We participate in catchment management forums and we offer 
support to the DWS. We have developed site-specific biodiversity 
action plans in collaboration with local communities. (2 See 
Biodiversity fact sheet for more on integrated catchment initiatives 
with stakeholders). Further, education and awareness initiatives 
were driven internally as well as externally in both local and 
international platforms. These included, but were not limited to, 
information on wetlands, training on the Biological diversity 
procedure, video animation on biodiversity and what it means, 
launch of our BDP results.
LAND AND HERITAGE
Heritage
Sibanye-Stillwater has 851 heritage sites across its SA and US 
operations, including grave sites, iron age and stone age 
archaeological finds, and historical mine buildings. In South Africa, 
heritage sites are governed by the Constitution (mainly Section 24), 
by the National Heritage Resource Act (NHRA), and by the South 
African Heritage Resource Agency, which manages heritage 
resources under the auspices of the NHRA. 
Frameworks to which we subscribe (e.g., ICMM, the WGC, and the 
UNGC) promote the protection of cultural heritage. Our internal 
governance documentation includes a position statement on 
heritage, ISO-based heritage resource procedures, as well as a 
chance find protocol (for archaeological/heritage finds during 
construction/operation). 
In 2020, we initiated a baseline assessment for heritage 
management at our SA gold and SA PGM operations, and in 2021 
we developed action plans. We have heritage site inventories for 
our SA operations, with location mapping in a Geographic 
information system (GIS). We launched our heritage webpage 
on 18 July 2022 (Mandela Day) firstly to increase awareness around 
our heritage and culture within Sibanye-Stillwater and with our key 
stakeholders, but also to mainstream heritage and culture as a 
critical human rights and sustainability issues within the organisation. 
See ¸ www.sibanyestillwater.com/sustainability/heritage/
introduction/
In 2022, we commenced with the development of monitoring 
checklists and maintenance protocols, to align ourselves with legal 
and strategic requirements pertaining to heritage resource 
management. These include
•
Mapping, numbering and documentation of heritage sites
•
Monitoring the status of fencing and demarcation of
heritage sites
•
Monitoring and maintaining the accessibility of heritage sites
(for example, the condition of access roads and the granting
of access by the relevant stakeholders)
•
Maintenance and cleaning of heritage sites (e.g., vegetation
clearance)
•
Recording and reporting of any apparent damage to
heritage sites
•
Compliance with ‘chance-find’ protocol
Land management 
A pilot project at our Beatrix operations in the Free State makes 
some of our unused property available for livestock husbandry for 
local community members and employees. If successful, the project 
would address the challenge of livestock roaming unmanaged on 
our property, and it would constitute a way to benefit employees 
and the doorstep communities in an environmentally sustainable 
manner. In addition, the lessons learnt on this pilot project could be 
replicated at other SA operations with similar livestock challenges. 
Strike action in H1 2022 presented challenges in terms of negotiating 
with livestock owners whose animals were illegally roaming on 
Beatrix mine property. However, we did still manage to conduct 
extensive engagement with a number of livestock owners. On a 
number of issues it proved challenging to reach consensus between 
management and the livestock owners, and amongst the livestock 
owners themselves. However, the engagement proved useful in 
terms of deriving fair and just principles with which to approach the 
issue. The point being that for various reasons, not least of all safety 
of animals and herders, we cannot allow animals to roam in 
restricted areas. Yet, we are committed to making other land 
available for grazing. 
We issued a Management directive in Q4 2022, with a guidance 
note on the urgency and process for the removal of all livestock off 
Beatrix mine property. We identified land parcels for phase 1 of the 
Beatrix animal husbandry project, which can only accommodate 
a pre-determined number of cattle. These land parcels are 
earmarked for the development of agricultural infrastructure such 
as fencing and boreholes.  
Stakeholder engagement is a key part of our closure planning 
process and we participate in various internal and external forums 
that include various stakeholders. 
Our closure working groups at our SA operations focus on social, 
land and environmental aspects of closure planning. The working 
groups are developing closure and rehabilitation plans (which 
include supporting social closure plans) for all operations.
In 2020 we established a Leveraging land for impact steering 
committee. Its primary objective is to make determinations on 
the positive socioeconomic impact of the use of land owned by 
Sibanye-Stillwater, by which this land contributes to sustainable 
development so that economic activity continues beyond our 
mining operations.
We also have footprint-reduction working groups, which focus 
on minimising liability associated with closure of operations. 
This includes looking at demolition projects and the potential re-
purposing of infrastructure; and it includes engagement with 
relevant internal and external stakeholders. 
We also discuss closure-related issues with other mining houses 
at Mineral’s Council forums. The ICMM also affords us opportunity 
(through their working groups) to consider different perspectives 
on closure management. 
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Managing our footprint and closure liability
As per the National Environmental Management Act (NEMA), Sibanye-Stillwater sets aside funds for the management and rehabilitation 
of the environmental impacts of our operations. We ensure there are sufficient assets to cover rehabilitation. These funds are held in trusts, 
and cannot be accessed by the Company; the balance is in guarantees. These funds assure the DMRE that we will fund rehabilitation, 
according to the closure and rehabilitation plan.
Land under Sibanye-Stillwater management (2022)
Total
US PGM
EU region
SA PGMs
SA gold
Total land disturbed by waste rock and stockpiles (ha)
1,191
35
6
686
463
Total area covered by tailings (ha)
4,857
141
0
2,799
1,917
Total land area protected
0
0
0
Not applicable to SA
Not applicable to SA
Total land rehabilitated1
72
43
6
0
23
1  SA gold operations total land rehabilitated – still in care and maintenance phase
SA operations
As of 2022, Sibanye-Stillwater owned 47,015 hectares of land around 
our SA gold operations and 16,876 hectares of land around our SA 
PGM operations. The footprint-reduction programme, to sustainably 
close mining impacts, is a vital component of reducing our total 
closure liability, which as at 31 December 2022 was R11.2 billion 
(2021: R10.2 billion). Of this, R6.2 billion (2021: R5.5 billion) was for the 
PGM operations, inclusive of the Marikana operations, and 
R5.0 billion (2021: R4.6 billion) for the SA gold operations. 
We successfully executed on the planned demolition of surface 
infrastructure as identified for 2022. Focus areas include the 
complete demolition of Driefontein 6 Shaft, Driefontein 7 Shaft 
(excluding the head gear), various buildings at the Cooke 
operations, selected redundant hostel buildings at our SA gold 
operations, the Siphumelele 2 Shaft and hostel area, Khomanani 1 
Shaft, and selected infrastructure at the Kroondal Marikana 
concentrator (PGM operations). We also completed the 
rehabilitation of the Middelvlei opencast pits; the first seasonal 
round of rehabilitation maintenance is scheduled for Q1 2023.
The demolition of the above-mentioned infrastructure and revision 
of rehabilitation methodologies and unit rates resulted in a 
reduction of R716.99 million in closure liability (2021 assessment as 
the baseline). 
US PGM operations
Total land under management is 1,089 hectares. In 2022, we 
continued a multi-year project for closure of the Nye TSF. To date, 
approximately 20 acres of the 40-acre impoundment have been 
capped; closure of the Nye TSF is scheduled for completion by 2025. 
Concurrent reclamation at Stillwater, East Boulder, and Benbow 
occurs annually. During 2022, this included shaping, soil placement, 
and revegetation activities associated with stage six construction 
activities at East Boulder. At the Stillwater mine, 2022 activities 
included project reclamation activities associated with pipeline 
installation, waste rock placement, and periodic fertilizer addition 
to enhance growth and plant diversity. Additionally, capping of the 
Stillwater mine Nye TSF continued throughout the year. While at 
Benbow, 2022 reclamation was completed at the former office 
area and lay down yards; reinforcing access road slopes, 
enhancing stormwater drainage around the waste rock facility, 
and reclaiming the toe buttress on the topsoil stockpile.
Noxious weed management occurs annually at the Stillwater 
and East Boulder mines, Benbow Project, Metallurgical Complex, 
and the numerous private land holdings. This includes over 8,000 
acres of management area.
Closure liability3
SA region
Gross liability 
R million
Cash funded 
R million
Guarantee Funding
R million
SA gold operations1
5,011
2,896
2,282
SA PGM operations
6,227
655
4,891
Total SA operations
11,238
3,551
7,173
Closure liability3
US region
Gross liability
US$ million
Cash funded 
US$ million
Guarantee Funding
US$ million
US PGM operations2
72
0
0
Total
72
0
0
Closure liability3
EU region
Gross liability 
€ million
Cash funded 
€ million
Guarantee funding
 € million
Sandouville
7
0
0
Keliber
N/A
N/A
N/A
Total
7
0
0
1  Numbers exclude DRDGOLD
2  Our financial assurance for the liability is in the form of surety bonds held by various insurance companies. None of the assured funds are held in cash, trust funds, 
or other corporate guarantees
3  Represents unscheduled gross closure cost and guarantee funding excludes 2022/3 top-up guarantees
MINIMISING OUR ENVIRONMENTAL IMPACT continued
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211

FUTURE FOCUS
GROUP
For the foreseeable future, the aspects defined as “Future focus” will always be determined and influenced by a 
broad range of sustainability themes and specific environmental themes aligned to our ESG strategy. These include, 
but are not limited to: building a climate change resilient business, climate change and decarbonisation, the 
circular economy, social closure with an emphasis on post-mining economies and regional approach to closure 
where applicable, sustainability data integrity and reporting, and so forth. The following themes and activities will 
be prioritised
•
Re-alignment and roll-out of key environmental and sustainability targets for 2023; integration of new assets and
projects in terms of sustainability/environmental alignment and standardisation; reset our Group 
decarbonisation pathway aligned to SBTi
•
Development of regional energy solutions to lower relative carbon intensity, including the development and/or
construction of renewable energy projects in line with the our strategies, procurement of greener electricity 
supply and switching to lower-carbon energy sources, such as biofuels 
•
Leveraging new technologies for step change reductions in our GHG profiles and enable our bionic vision 
through electrification, digitalisation and automation (e.g., battery-electric vehicles and digital twins)
•
Planning and trialling large-scale storage and green hydrogen technologies to facilitate higher penetration 
of renewables as part of our energy mix
•
The roll-out of the carbon offset strategy, including assessing offset opportunities beyond our operational and
regional boundaries, whilst being a Force for good and to creating resilient ecosystems
•
Completion of a climate change risk scenario analysis that is aligned to TCFD requirements
•
Roll-out and embedding of both the automated carbon inventory and the waste inventory in line with our 
digital first philosophy as well as to enhance sustainability data integrity and reporting; further operational and 
research and development work in terms of understanding our global and regional environmental footprint(s) 
and designing appropriate strategies to mitigate and/or reduce same; ongoing conformance and certification 
to relevant environmental and sustainability frameworks (e.g., ISO 14001: 2015), and where appropriate, 
complete gap analyses and self-assessments for those frameworks/management standards; the alignment 
process for Keliber, Sandouville and other new assets to the frameworks and standards to which we subscribe
•
Ensure alignment of TSF governance requirements and TSF good engineering practices with the GISTM, 
supported by an industry leading surveillance system to enable proactive risk management and risk reduction. 
Key focus areas: assisting operations with the development and management of site-level road maps for 
compliance with the GISTM; to be sufficiently detailed to enable accurate tracking of closing out of non-
conformances for active, very high or extreme consequence TSFs by end 2022, and the remaining TSFs by 
5 August 2023 in accordance with Board approved targets. Development of performance-based risk-informed
tailings management skills, systems and standards to ensure continuous and appropriate levels of surveillance 
to proactively identify, assess and manage any unacceptable risks that may transpire
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SA REGION
•
Data integrity and ownership at site level for appropriate disclosure and evaluating performance improvement
•
Clearly defined performance targets for each functional area measured at site level
•
Digitisation, integration and standardisation of systems supporting effective reporting at site level
•
Maintain ISO 140001 certification at our various operations/sites, by achieving unqualified second-round
surveillance audits
•
An estimated 40% - 45% real risk reduction in the Residual Risk Ratings (RRRs) at the end of Q4 2023 for all 
identified environmental risks. This formed part of our environmental risk reduction strategy first implemented at
the beginning of 2022, and which will continue into 2023 
•
Limiting GHG emissions, through various initiatives and interventions, to below the 2023 stated carbon budgets
for the respective operations
•
For SA gold, achieve a water use intensity target of 1.71 kl/tonne, and for SA PGM a water use intensity target of 
0.79 kl/tonne (combined water use intensity target for SA operations: 1.10 kl/tonne) while reducing overall 
reliance on the Integrated Vaal River System in respect of external potable water infrastructure by a further 
margin 
•
Drive water security, water independence and water conservation water demand management (WCWDM)
initiatives and projects contemplated for 2023 to its full implementation 
•
3% reduction (translated into a Rand-value) of closure liability from the 2022 base year in accordance with 
regional socially integrated and aligned closure plans adjusted for operational anomalies 
•
Establish baselines to qualitatively measure % loss/gain based on hectare equivalents measured in annual BDP
•
The development and setting of science-based limits for discharges and instream monitoring points downstream
of our operations, to improve overall water health in the catchments where we operate 
•
Drive the implementation of the Waste management hierarchy and introduction of the concept of a circular 
waste economy, through the implementation of waste reduction targets for selected waste streams - enhance 
the accuracy, consistency and verification of waste data and its reporting through the implementation of an 
automated waste inventory 
•
Further instilling a heritage consciousness and awareness at both operational and community level
•
Ongoing focus by environmental specialists and project managers on contracting strategies, contract
efficiencies and realistic and measurable cost savings
EU REGION
France
•
Waste water treatment to improve water quality and quantity (solid content, nickel content)
•
Improved nickel dust emissions monitoring 
Finland
•
Achieving ISO 14001 certification
•
Completing life cycle inventory study for lithium chemical products from Finnish ore assets
US REGION
•
Data integrity and ownership at site level for appropriate disclosure and evaluating performance improvement
•
Clearly defined performance targets for each functional area measured at site level
•
Digitisation, integration and standardisation of systems supporting effective reporting at site level
•
Continuous improvement in water quality and water management through 2023 initiatives including in-situ
treatment wells, mixed-bed bioreactor installation, and long-term planning for treatment and discharge
•
Maintain ISO 140001 certification through surveillance audits in 2023
•
Effective risk management practices: identification of risks and mitigating actions to drive risk to acceptable 
residual risks levels; development of risk reduction targets supported by appropriate risk mitigation strategies
•
Limiting GHG emissions to the 2023 carbon budget for the US region
•
Progress closure activities outlined in the Benbow and Nye TSF closure plans
•
Progress environmental impact assessments associated with future tailings storage and waste rock
storage facilities
•
GISTM conformance of all TSFs including the Nye TSF that is in the closure-capping process
•
Drive the implementation of the Waste Management Hierarchy and introduction of the concept of a circular 
waste economy through initiatives that include construction of a gypsum dryer that will secure future recycling 
of the gypsum by-product
MINIMISING OUR ENVIRONMENTAL IMPACT continued
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213

SOCIOECONOMIC DEVELOPMENT
WHAT WE DID IN 2022
SUCCESSES
•
Implementation of the Marikana renewal programme
•
Established a social closure framework across the business 
•
Increased collection of ESG information from suppliers 
•
Rebuilding the communities post the devastating flood in the US 
operating region
•
Keliber operations sponsored lifestyle, health, education 
and general welfare activities in Kokkola and Kaustinen
•
Invested R362.38 million in socioeconomic development 
CHALLENGES
•
Sociopolitical instability in South Africa 
•
Communities have limited adaptive capacity to the effects 
caused by climate change
•
To roll out a capacity building programme based on regulatory
requirements for our Community engagement forums
In progress
Page 221
Our sustainability theme: Entrenching long-
term economic sustainability: Integrating 
post-mining economies (2 See Progressing 
the UN’s SDGs)
•
Mining Charter III: minimum of 70% of total mining goods 
procurement spend on SA-manufactured and SABS-approved
goods
In progress
Page 224
•
Mining Charter III: 5% (of the 70%) of total mining goods 
procurement spend on women- or youth-owned or -controlled
companies
In progress
Page 224
•
Equivalent of 1.5% of declared dividends to be invested in social
upliftment projects
In progress
Page 181
BENCHMARKS
Status
See Ã
ALIGNMENT WITH SDGs
SIBANYE-STILLWATER INTEGRATED REPORT 2022
214

APPROACH 
We are guided by our sustainability theme of entrenching long-term 
economic sustainability: Integrated post-mining economies. We 
create value (aligning with our purpose of safeguarding global 
sustainability through our metals) by unlocking the potential of 
communities affected by our operations. We do so through 
socioeconomic development, institutional capacity building, and 
creating local benefit that enables sustainable livelihoods and a 
positive legacy beyond mining.
Our US operations, in Montana, are characterised by stable and 
relatively affluent surrounding communities. Further, Montana has a 
sophisticated tax structure that supports local communities. The net 
result is that our US operations are not under pressure to uplift local 
communities; however, out of goodwill and to sustain positive 
relationships with host communities, they engage in various 
corporate social responsibility initiatives. By contrast, the 
sociopolitical context in South Africa is such that the mining industry 
is under great pressure to participate in socioeconomic upliftment 
for host communities and to justify their mining rights by contributing 
to job creation and to the fiscus. 
We have identified sociopolitical instability in South Africa as a 
material matter for the business. This material matter also relates to 
some of our other material matters, notably water management 
and energy supply, and licence to operate. South Africa suffers 
from high levels of unemployment, poverty and inequality. Property 
rights and rule of law are at times undermined by populist political 
posturing; and by criminality, which thrives in the context of a 
weakening state. Sibanye-Stillwater will continue to make the case 
for stakeholder capitalism and for fruitful relations between the 
private and public sectors, in the interests of improving South Africa.
Ultimately, Sibanye-Stillwater’s ability to meet its socioeconomic 
commitments is largely dependent on an enabling sociopolitical 
environment, in which state institutions fulfil their Constitutionally-
enshrined responsibilities, and enforce their rules and regulations for 
the private sector in a fair and rational manner.  
(Ã See Social, Ethics and Sustainability Committee, Chairman’s 
report, page 180). 
SOCIAL AND LABOUR PLANS AND MINING CHARTER
In South Africa our commitment to socioeconomic development is 
regulated through social and labour plans (SLPs). According to 
South Africa’s Mineral and Petroleum Resources Development Act 
(2002), minerals resources belong to the nation and the state is the 
custodian thereof. The role of the Department of Mineral Resources 
and Energy (DMRE) is to ensure that mining benefits the people of 
the country, specifically employees and the surrounding 
community. In other words, the DMRE manages mining rights, and 
one of the ways it does so is through SLPs. When a company applies 
for a mining right it must include a SLP in its application, explaining 
how it plans to benefit local communities and/or labour sending 
areas. In drawing up the SLP, the mining company must consult with 
those communities whom it plans to benefit. Once the DMRE 
approves the application, then the SLP becomes a legally binding 
commitment. The mine owner must then submit annual reports to 
the DMRE on SLP progress, and it must submit new SLPs every five 
years, noting that SLPs have a five-year lifecycle. The SLP should be 
aligned to Municipal Integrated Development Plans and to the 
National Development Plan.
On closure of the mine, or scaling back of mine activity, the mine 
owner should ensure its SLPs are complete, and it should impart skills 
for its workforce and communities to build a sustainable economy 
post-mining. 
The main areas of the SLP are: mine community development 
(MCD); human resources development (HRD); employment equity; 
procurement, enterprise and supplier development; and 
management of downscaling and retrenchment. In keeping with 
SLP requirements, the Group prioritises skills development, social 
infrastructure, health, education, and economic development. 
Although we make other socioeconomic contributions that fall 
outside of SLPs, SLPs are the most important aspect (in terms of funds 
spent and reputation earned) of our socioeconomic commitments. 
Given the varying cycles of SLPs attached to individual mining rights, 
out of the 94 mine community development projects at the SA PGM 
operations, 71 have been completed, 20 are in progress and three 
have not yet started. At our SA gold operations, out of 17 projects, 
six have been completed, and 11 are in progress. In addition, three 
new SLPs have been submitted to the DMRE, with a total of seven 
projects pending approval. 2 See Social and labour plans: 
Summary of projects in South Africa fact sheet.  
Mining companies must also adhere to targets in the Mining Charter 
III (a guiding policy to transform the South African mining industry), 
and to the Broad-Based Black Economic Empowerment Act (Act 
53, 2003) to facilitate inclusive participation of Historically 
disadvantaged people (HDPs) in the economy. Unfortunately, this 
creates a burden of double compliance reporting for the industry, 
and compliance to one does not guarantee compliance with the 
other. BEE certificates are not obtained in terms of the Mining 
Charter, but in terms of the B-BBEE Codes of Good Practice (which 
specify requirements for each industry). 
Consultation process
There is a difference between how consultations were structured 
between Mining Charter II and Mining Charter III. In Mining Charter 
II, consultations happened with local municipalities and 
government departments with the understanding that they 
represented community needs through their annual IDP (integrated 
development planning) consultation process with local 
communities. 
With Mining Charter III, the engagement has been broadened to 
include segments of communities such as women, youth, traditional 
leaders, NGOs, business forums, people living with disabilities, in 
addition to government. Whenever there is a plan to initiate new 
projects, a stakeholder engagement plan must be put in place. 
This plan includes a process of stakeholder mapping (ensuring we 
contact all relevant parties), which involves community consultation 
committees, and special processes for including vulnerable groups. 
Together with communication plans, this ensures we keep all 
relevant parties updated on how the project is developing.
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Project-steering committees assist with planning, engagement, execution and monitoring of the projects. The Group has recognised forums, 
both at regional and local level. At local level we have Community Engagement Forums (CEF), which comprise community representatives, 
elected by the community. At regional level there is an advisory committee which comprises the executive mayor, local mayors, traditional 
leaders (e.g., Bapo ba Mogale/Royal Bafokeng Nation), an independent facilitator, and two representatives from the Group. Once the 
structure is set, together with a social specialist, we identify local, provincial and national individuals and groups, as well as analyse and 
profile them. Vulnerable groups are also recognised and engaged as a separate grouping. 
Moreover, the Group promotes an open door policy. Under this policy, any member of the community has access to the Group. They are 
able to call and ask for support or advice, and request information and support. CEF meetings are scheduled every quarter. The agenda for 
the CEF is determined by CEF members. However, Sibanye-Stillwater may also include standard items such as social management of TSFs, 
grievances/complaint/Human Resources and SLPs are translated into Setswana, Sepedi, Isixhosa and other local languages, and shared 
with stakeholders at different platforms. 2 See Social and Labour Plans: Summary of projects in SA, ¸ www.sibanyestillwater.com/news-
investors/reports/annual  
B-BBEE VERIFICATION
The Group is committed to inclusion, and it is committed to contributing to the diversification of the South African economy. In 2022, 
Sibanye-Stillwater was certified as a level 7 B-BBEE contributor. This in an improvement from level 8 in 2021. Our priority is to continue 
contributing to socioeconomic development, and continue to prove our enhanced performance in this area to stakeholders, by which 
giving effect to our vision of superior shared value for all stakeholders.
B-BBEE Scorecard
Element
Points
2022 Scoring
2021 Scoring
Comment
Ownership
25
15.73
15.09
+0.64
Management control
19
8.84
7.99*
+0.85
Skills development
20 + 5 bonus points
10.87
6.18*
+4.69
Procurement
27+2 bonus points
26.24
22.45
3.79
Supplier development
10+1 bonus point
0.70+1*
0.44 +1*
+ 0.26
Enterprise development
5+1
0.70+1*
0.12*
+ 1.58
Socioeconomic development
5
5
2.14
+2.86
Total
119+9
70.08
55.41
+ 14.67
B-BBEE level
6
7
Discounting applied
YES
YES
Recognised B-BBEE level
7
8
* Indicates scores below minimum targets, Ã see page 224 relating to our enterprise development and supplier development programme 
 MONTANA’S HARD-ROCK MINING IMPACT ACT
Social upliftment is part of US and Montana regulatory structures, and is included in permitting requirements and tax structures. 
Every ounce of metal we produce provides specific financial benefits to local counties. Montana’s Hard-Rock Mining Impact Act (HRMIA, 
1981) ensures that large-scale mineral developments do not burden local taxpayers. As the Montana.gov website explains it: ‘In the 
impact plan, the developer must identify and commit to pay all increased local government capital and net operating costs that will 
result from the development.’
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ACCOUNTABILITY, GOVERNANCE AND ASSURANCE
GOVERNANCE
ACCOUNTABILITY
Board
•
Social, Ethics and Sustainability Committee
•
Audit Committee
Executive Committee and C-suite
•
The Chief Sustainability Officer holds the 
Group accountable for social performance 
and reports to the CEO. The Executive Vice 
President for stakeholder relations has the 
oversight responsibility for our South African 
socioeconomic development 
programmes, corporate social responsibility 
(CSR) initiatives and host community 
stakeholder relations
•
The management-led Social licence to 
operate committee, which reports to SA 
region management is responsible for 
monitoring the impact of Sibanye-
Stillwater’s socioeconomic activities at all 
SA operations and ensuring that we secure 
our social licence to operate
•
The internal governance of SLPs is 
undertaken through multi-stakeholder 
forums at our mining operations, which 
monitor and evaluate implementation 
and Mining Charter obligations
Region
•
The Stakeholder relations department, 
under the leadership of an EVP, implements
the social agenda and the social 
commitments of the ESG policy in the 
SA region
•
Each region has an implementation 
structure for the social commitments
within that particular context
RELEVANT LEGISLATION 
AND REGULATIONS
(list not exhaustive, only key regulations listed) 
South Africa
•
Mineral and Petroleum Resources 
Development Act (Act 28 of 2002)
•
Broad-Based Black Socio-Economic 
Empowerment Charter for the South 
African Mining and Minerals Industry 
(Mining Charter III), 2018
•
Codes of Good Practice on Broad-
Based Black Economic Empowerment
(B-BBEE Codes)
United States
Hard-Rock Mining Impact Act, of 1981
Europe
•
German Act on Corporate Due Diligence 
Obligations for Prevention of Human Rights
Violations in Supply Chains 
(Lieferkettensorgfaltspflichtengesetz or “LkSG”) 
ASSURANCE AND REVIEWS
Regulatory inspections are performed by 
the DMRE on various regulatory elements.
Audits relating to specific material social 
performance areas are performed by 
Internal audit and externally assured by PwC 
(Ã See Statement of assurance, page 281).
Various independent and self-assessment 
reviews are performed against responsible 
mining principles, including ICMM and WGC.
The social performance advisory committee 
comprising external experts that independently 
review the implementation of the social 
sustainability strategy.
Key supporting policies and policy statements
•
ESG policy
•
Position statements on partnerships for development, and on indigenous people and mining, detailing technical requirements for policy
commitments. ¸ see www.sibanyestillwater.com/about-us/governance
•
A stakeholder engagement policy statement guides engagement
•
Social performance toolkit
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STRATEGY
One of the four pillars of our sustainability strategy is entrenching 
long-term economic sustainability and integrating post-mining 
economies. In this regard our strategy involves
•
Leveraging assets for impact
•
Begin with the end in mind (post-closure design)
•
Economic sustainability
•
Stakeholder engagement
Indicators of our long-term incentive (LTI) performance 
conditions for this area are
•
Absolute reduction in closure liability as a result of sustainable
resolution methods
•
Rebuild and rebase the relationship with all communities across
our footprint
•
Deliver socioeconomic development strategy in South Africa for
all areas of operation
Our objectives are
1. Support communities to deliver local socioeconomic benefits
through economic empowerment and delivery on Mining
Charter and SLP commitments
2. Strengthen institutional capacity; unlock and mobilise
partnerships and resources to resolve collective challenges
3. Deliver on programmes that retain sustainable benefits, as well
as social impacts that are well understood by all stakeholders
4. Create shared value beyond compliance
5. Facilitate integrated spatial development by improving the living
conditions and surrounding amenities of our workers
Strategic intent and roadmap
PERFORMANCE
SA operations
Facilitating a just transition to sustainable post-mining economy
Consistent with our vision and strategy (superior shared value, force 
for good, ESG embedded as the way we do business) and as per 
our social performance roadmap, Sibanye-Stillwater is committed to 
facilitating a just transition towards a post-mining economy for the 
communities where we operate. Our roadmap notes that the 
nature of these economies should be low carbon, climate resilient 
and digitally transformed. Over decades, mining – while 
contributing immensely to livelihoods – has created dependency, 
whereby mine closure leaves communities with limited 
economic prospects. 
Our vision for post-mining is shared value, which includes 
socioeconomic upliftment and sustainable alternative economies. 
In this regard we have a number of sustainability projects at 
different stages of implementation, which are part of a broader 
thrust to surpass compliance requirements around social closure, 
and to help diversify the economies of mining towns. 
The Bokamoso Ba Rona Agri-industrial Development (BBR) seeks to 
build a globally competitive, inclusive, environmentally sustainable 
and diversified economy with the people of the West Rand. This is to 
be done by facilitating large-scale socioeconomic empowerment, 
thereby contributing to the aims of the UN SDG 17.17, namely to 
encourage and promote effective public, public-private and civil 
society partnerships, and building on the experience and resourcing 
strategies of partnerships. 
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BBR is primed to become the benchmark for empowerment, 
climate-resilience and low carbon development. In addition, to 
primary agricultural production, it will be supported by renewable 
energy, create jobs and fast-track access to markets for smallholder 
farmers. 
As part of our economic renewal efforts in mining communities 
where we operate the Marikana Agri-Hub managed and operated 
by the Mineworkers Development Agency (MDA), is a model 
agribusiness operation. It focuses on egg production, vertical 
farming using hydroponics and agriculture training. The MDA is also 
managing a presidential social employment programme which 
employs 1,500 people providing community projects focusing on 
greening the environment, fixing roads, agriculture, health and 
home based care. These projects received co-funding from our 
strategic partners who continue support our efforts of building 
sustainable post mining economy. 
Additional projects that will be implemented as part of Marikana 
Renewal include a Safe Hub and a regenerative agriculture project. 
The Safe Hub is a youth and economic development space that 
bring sport and entrepreneurial development together. It aims to 
address challenges faced by the young people such as poverty, 
unemployment, violence and crime.
Animal husbandry at the Beatrix operations in the Free State 
province is another opportunity we are pursuing. (Ã See Land 
management, page 210).
Mine closure is a dynamic process and requires clearly defined 
steps to reach the desired objective. The first step is to establish a 
baseline of the socioeconomic status of the communities and the 
state of the natural environment. Our socioeconomic status 
assessments consider population size, employment levels, migration 
patterns, education levels, poverty and inequality, service delivery 
of basic needs (water and electricity), priorities of the municipalities, 
as well as the land and spatial aspects of the area. This provides 
insight into what is required to crease a feasible, substitutive 
economy post-mining, dovetailing with UN SDG 1 (the eradication 
of poverty in all forms, everywhere), and with UN SDG 1a which calls 
for the mobilisation of resources for developing countries to 
end poverty. 
The mine closure strategy includes a detailed roadmap to closure 
planning, integrating social closure. We also consider land use 
scenarios and the utilisation of land for alternative economies.
PROJECT SPEND AND IMPLEMENTATION
Sibanye-Stillwater’s socioeconomic development spend is guided 
by our shared value ethos as well as the requirements of the Mining 
Charter and SLP (in South Africa) and other relevant stakeholder 
requirements in ecosystems where we operate. 
In 2022, we spent R362 million on socioeconomic development 
(SED). This amount is for SA operations and includes all our spend on 
communities and charities, while it excludes what we spent on 
employees’ human resource development and accommodation. 
In 2022 we spent R2,194.8 million on the SLPs. (2021: R2,084.9 million 
spent on SLPs). 2 See Social and labour plans: Summary of projects 
in South Africa fact sheet. 
We have also committed an additional R115.7 million over and 
above our mandatory SLP programmes to CSR; this is inclusive of 
our US community giving. Through this CSR we benefited 101 
organisations (i.e. NGOs, NPOs, NPC, schools and early childhood 
development organisations).  
SOCIAL UPLIFTMENT AND COMMUNITY DEVELOPMENT
Marikana Renewal
Marikana Renewal was launched in 2020, under the patronage of Archbishop Thabo Makgoba (Anglican Archbishop of Cape Town), 
to create a shared legacy of healing and hope in the wake of the tragic events of August 2012. Sibanye-Stillwater’s commitment included 
the provision of 16 houses to the widows, who had not benefited from the AMCU trust; 15 houses have been delivered with one family no 
longer wishing to be part of the programme. 
Through the 1608 Memorial Trust, 139 beneficiaries are enjoying educational opportunities. Currently, 29 students are studying at tertiary 
institutions, 27 are in primary school, 44 are in secondary school, and 17 beneficiaries graduated from tertiary level education. We have 
seven beneficiaries in the experiential programme and two are in employment post internship. In August 2022, we held a youth camp for 
the beneficiaries of the trust, giving opportunity for closure and further support in the form of mentoring and psychosocial support.
We continue to assist those widows and family members who have not received their due state compensation, in processing their claims. 
As CEO Neal Froneman said in a Business Day article (16 August, 2022), “The Marikana Renewal programme, supported by the Letsema 
process, is I believe unlike any that has ever been sponsored by the private sector. It aims to come to terms with and learn from tragedy, 
while actively building on the seeds of hope and reconciliation.”
As part of the Letsema process, which lies at the heart of the Marikana Renewal Programme, Archbishop Thabo Makgoba visited the 
families. In May 2022 we held a ‘pitso’, which included family customs and rituals, Socio Economic Rights Institute of South Africa 
presentations on matters of justice, the SixteenEight memorial trust administration and memorial plans. It brought forward the path to 
memorialisation. Six core themes were discussed: justice, memorial site, livelihoods, health, education, and housing.
¸ See www.sibanyestillwater.com/features/marikana-commemoration
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Measuring our social performance
Socioeconomic development projects are complex and must account for multiple dimensions. Our evaluation framework takes into 
account the depth, reach and scope of a project. It also considers the change experienced by beneficiaries as a result of the projects. 
A social value impact score is calculated based on benefits and vulnerabilities. In 2022 we have assessed the healthcare projects. The clinic 
scores are medium to high in nature, rather than high, as the potential impact can be higher. This is as a result of a combination of factors 
such as understaffing by government, a lack of supplies and medical equipment, unreliable operating hours, and so on. Overall, the 
healthcare portfolio impacted positively on the lives of people. Enhanced benefits will be delivered should staffing, equipment and 
medicine shortages be resolved by the Department of Health.
Theme
Project
Social value 
score
Project 
investment Impact drivers/risk factors
Infrastructure
Sonop clinic
73.2
R5,677,874 The Sonop clinic (with the highest social value score) offers the added benefit 
of the Sonop old age home 
Mfidikwe clinic
63.8
R4,272,960 Sibanye-Stillwater’s contribution assisted in ensuring the clinic enjoys Ideal 
Clinic status (as part of a National Department of Health campaign); 
however, shortages of medicines, and other issues, mean that the full benefits 
of the clinic are not being realised
Majakaneng clinic
66.8
R9,377,266 Majakaneng offers important health, and other, support to the community; 
it would score even higher, but for the challenge of staff shortages 
Blybank clinic
64.8
R4,587,000 Blybank clinic, a new build, serves a large community, including those 
who previously had no easy access to a medical facility; its social value is 
on the wane, as it now becomes too small for the community and certain 
maintenance issues reduce its impact
Equipment
Maternal and 
obstetric units, 
two ambulances
61
R1,216,576 The project feedback results showed high benefits for the ambulances; 
they fill an important need and they save lives. But, compared to a building, 
the lifespan of an ambulance is shorter and therefore the somewhat lower 
score for the project scores slightly lower. The size of the investment is however 
relatively low.
Resourcing
HIV mobile clinic
65.5
R378,000 This project served multiple communities including those with a high 
vulnerability index; the benefits of the project (direct, indirect, immediate and 
longer term) for the residents of these communities were well-evidenced.
During 2022, we used our social value assessment to align with the UN SDGs; this suggested that the following UN SDGs are relevant in terms 
of potential gaps in addressing SDGs; our CSI investments have been refocused to address these gaps
UN SDG 3.5 and SDG 5.1 (Prevent substance abuse): substance abuse is a recurring concern of stakeholders
UN SDG 4.2 (Equal access to quality pre-primary education): feedback suggests that investment in early childhood development should be 
prioritised
UN SDG 9.8 (Universal access to ICT): we’ve identified a disconnect between the need for ICT and the provision of basic access to internet 
and digital literacy.
UN SDG 12.4 (Responsible management of chemicals and waste): surrounding communities have limited service delivery for waste 
collection, and therefore a business opportunity for income generation remains a potential option.
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Corporate social investment (CSI)
As distinct from our legislated SLP commitments, we also benefit 
communities through CSI (also referred to as CSR). In 2022 our CSI 
focus areas were: welfare of vulnerable people (women, children, 
and persons living with disabilities); education; youth development; 
health; sports; and food security. We delivered the following 
programmes
•
A broad-based livelihoods and prevention of gender based
violence (GBV) programme at Marikana (SDG 3.5 and 5.1)
•
Donated ECD education material in Lejweleputswa
and Reedville (SDG 4.2)
•
Donation of ICT equipment for traditional authorities
and schools in Messina (SDG 9.8)
•
Donation of new waste picker trucks to Merafong and
Dipaleseng municipalities.(SDG 12.4)
•
Supply and installation of furniture and medical equipment
in Sonop and Majakaneng clinics (SA PGM)
•
Lay out paving at the Majakaneng School
•
Rehabilitation of roads in Marikana
•
Donation of farming inputs and equipment to three traditional
authorities in Messina
•
Renovation of Mphatlalatsane disability centre in Sunrise Park
•
The renovation of Ikemeleng clinic and the provision of
an industrial generator for alternative power supply
•
Swimming lessons (to help prevent drowning incidents)
•
Donation of new prefab/modular structures to three clinics
in Matjhabeng and Masilonyana
•
Donation of food tunnels and water tank to three NGOs in
Merafong, Dipaleseng, and Rand West
•
Donation of a prefabricated structure to a special needs school
in Rand West
•
Donation of vegetable seedlings to NGOs in Rustenburg,
Kroondal, Marikana, Rand West, Merafong, Dipaleseng and
Masilonyana
•
Youth employment programmes in Marikana and the West Rand
•
Installation of Wi-Fi for 18 schools in Marikana and Rustenburg
•
Provision of maths and science programme at 17 schools
in Rustenburg and Marikana
•
Donation of schools’ kitchen equipment in Rand West
•
Donation of dignity packs (for women and girls facing GBV)
in Eastern Cape, Brakpan and Dipaleseng
•
Donation of sports equipment in communities across
SA operations
•
Refurbishment of the community skills centre in Bapong
•
Donation of school shoes and bags in Rustenburg, Kroondal
and Brakpan
•
Donation of seedlings and farming equipment to women groups
in Messina
•
Built school ablution facilities in Eastern Cape, as part of the
Presidential Sanitation Appropriate for Education (SAFE)
programme
•
Built tunnel for vegetable farming in Eastern Cape (Ngcobo)
Capacity and institution programme
Sibanye-Stillwater’s prospective social compacting partners, 
including local government and local businesses, suffer from 
capacity shortages, affecting their ability to act as sustainable 
development partners. To overcame this barrier we have 
stakeholder engagement activities to build capacity.  
At our SA gold operations, in collaboration with other mining houses, 
we have helped facilitate that members of the Merafong 
community engagement forum undergo capacity building to equip 
them with the knowledge to fulfil their roles effectively. We have 
also partnered with the Thabo Mbeki Foundation, with the aim to 
build capacity of the Matjhabeng municipality.
Capacity building of local SMMEs are also taking place; one such 
example is the five-day programme presented to 82 local SMMEs 
from the Dipaleseng local municipality, who are receiving skills on 
business ethics, marketing, and accounting.
At both the SA gold and SA PGM operations we have trained NGOs, 
CEF, municipal officials and councillors, school learners and 
teachers, farmers and farm workers on tailings management in 
accordance with the social requirements of the Global Industry 
Standard on Tailings Management.
We recently entered into a partnership with Gift of the Givers 
(a humanitarian NGO) to grow the capacity of our SA region to 
respond to disasters like flooding, which might occur as a result of 
climate change.
Employee volunteering
Our employee volunteering scheme is not a financial scheme, but 
a call to action for social activism where employees can lend their 
skills, time and resources to deliver programmes in areas around our 
operations. It is also about encouraging employees to lead goodwill 
programmes in host communities. In 2022, we collected a total of 
R446,184 to support these volunteer programmes. Of this amount, 
employee contributions totalled R222,842 with the Group matching 
this with the balance: R223,342. Employees volunteered 36,022 
minutes of their own time to provide support and care to others. 
In 2022, 37 organisations were supported through the employee 
volunteer scheme with seedlings and farming equipment to 
promote food security as well as sport equipment for community 
sporting activities.
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SA operations: socioeconomic development (SED) expenditure (R million)
2022
2021
2020
Total
Gold
PGMs
Total
Gold
PGM
Total
Gold
PGM
Local economic development projects1
122.4
49.9
72.5
139.1
63.3
75.8
77.8
18.2
59.6
Human resource development
Communities1
130.9
54.9
76.0
93.9
49.9
44.0
71.6
36.3
35.3
Health
21.1
17.6
3.5
11.3
10.6
0.7
7.5
7.0
0.5
Education
28.3
2.4
25.9
8.6
2.2
6.4
5.6
3.3
2.3
Arts and culture support
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.1
Sport
12.9
9.6
3.3
9.7 
9.7 
— 
12.3
5.7
6.6
Conservation and environment
6.6
0.0
6.6
6.7 
— 
6.7 
Donations and charitable gifts
34.1
10.1
24.0
70.2 
8.2 
62.0 
Community development
6.2
1.8
4.4
6.9 
2.1 
4.7 
20.2
8.2
12.1
Total SED
362.4
146.2
216.2
346.5
146.0
200.5
195.1
78.6
116.4
1 Line item also included in the SLP definition
SA operations: SLP spend 2022 (R million)
2022
2021
Total
Gold
PGMs
Total
Gold
PGM
Local economic development projects
122.4
49.9
72.5
139.1
63.3
75.8
Human resource development – communities
130.9
54.9
76.0
93.9
49.9
44.0
Human resource development – employees1
946.6
354.5
592.1
900.7
372.1
528.6
Housing and living conditions expenditure1
993.0
636.8
356.2
951.0
666.1
285.0
Management of downscaling and retrenchments (provision 
of alternative skills training)2
1.9
0.94
1.0
0.1
0.0
0.1
Total SA SLP spend
2,194.8 
1,097.0 
1097.8
2,084.9
1,151.3
933.5
1 Excluded from the updated definition from the SED expenditure on the previous table
Corporate social responsibility in 2022 (R million)1
Group
1US PGM
EU region
2 SA region
Gold
PGMs
2022
115.7
6.3
0.2
109.2
41.4
67.7
2021
119.41
5.92
113.49
32.84
80.65
2020
52.23
6.60
45.63
24.10
21.53
1  The annual CSR investment by the US PGM operations of US$388,000 is over and above the social spend by the US government enabled by taxes paid. Exchange rates used 
to convert US PGM expenditure per year in 2022 is R/US$16.37, ,2021 is R/US$14.79; and in 2020 it was R/US$16.46. For EU region, Keliber exchange rate used to convert to rand 
is R/€ 17.20
2  CSR investment for the SA operations is included in the socioeconomic development table above
COMMUNITY TRUSTS
In line with mining right requirements, we have community 
empowerment trusts (independently run by trustees) and 
representing the interest of communities and of Sibanye-Stillwater. 
Our BEE (Black economic empowerment) scheme for Marikana 
includes a 0.9% stake for the Lonplats Marikana Community 
Development Trust (MCT) and a 0.9% stake for the Bapo Ba Mogale 
Local Economic Development Trust.  
With the acquisition of the Rustenburg operations in 2016, Sibanye-
Stillwater concluded a 26% B-BBEE transaction. In terms of this 
transaction, 26% of the Rustenburg entity is held jointly by the 
Sibanye-Stillwater Rustenburg Mines Community Development Trust 
(24.8%), the Rustenburg Mine Employees Trust (30.4%), Bakgatla-ba-
Kgafela Investment Holdings (24.8%), and Siyanda Resources (20%).
During 2022, dividends to the value of R177.54 million were paid out 
to the Sibanye Rustenburg Mine Community Development (SRMCD) 
Trust and Sibanye Rustenburg Mine Employees Trust. The SRMCD 
Trust's primary objective is to carry out public benefit activities 
through development programmes that empower communities 
adjacent to our mines. In Marikana, dividends to the value of R225 
million were paid out to Bapo Ba Mogale LED Trust, Lonplats 
Marikana Community Development Trust and Lonplats Employee 
Share Ownership Trust. The trusts play a key role in community 
upliftment through offering bursaries to local learners and support 
for small business development, agriculture and early childhood 
development projects.
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US PGM OPERATIONS
Social operating context
Our US operations are in two pristine rural counties of Montana. 
The context here is starkly different to that of South Africa, with 
contrasting levels of socioeconomic development. Montana’s Hard 
Rock Mining Impact Act (HRMIA) legislates for large-scale mining to 
address the needs of the host community before or as they arise. 
Through our compliance to the HRMIA we meet infrastructure needs 
for schools and other public services.
The US PGM operations significantly contribute to the local 
economy. An independent economic impact study undertaken by 
the Bureau of Business and Economic Research in 2022, based on 
2021 financial data, noted that we create an output of US$6 billion, 
which is over 5% of Montana’s entire economic output. 
Our CSR initiatives include the Community Giving Team, led by 
employees committed to supporting charitable and non-profit 
interests in and around the communities where our employees live 
and work. In 2022, the team provided US$388,000 to support local 
non-profit organisations. In addition to Sibanye-Stillwater’s support, 
we worked collaboratively with financing partner Wheaton Precious 
Metals, who contributed US$168,653 to our local community non-
profit organizations. The US PGM operations continue to focus on 
rural emergency and health care services, education, community 
improvement, and environmental stewardship. The Community 
Giving Team meets once a month to review submitted requests and 
select a ‘Community giving spotlight’ within the four focus areas.  
In mid-June 2022 we experienced a devastating 500-year flood that 
caused catastrophic damage in the region, destroying homes, 
roads, and bridges, and isolating entire communities. Assisting local 
communities to recover and rebuild became an added focus of our 
community giving.
In addition to financial support, employees are encouraged to 
participate in local fundraisers. To foster this participation, tickets are 
provided to employees to sponsored events, like the Chase Hawks 
Memorial Rodeo, which provides financial support for families 
experiencing crisis. Employees are encouraged to give their time 
and talents by volunteering. This is championed by the Volunteer of 
the Year award. This award is given to three employees from a pool 
of nominees of fellow employees and non-profit organisations. Each 
winner is awarded funding to give to their non-profit of choice.
Stakeholder engagement
In 2022 our US PGM operation put a formal stakeholder 
engagement process in place.
Good Neighbor Agreement (GNA)
The GNA, established in 2000, is an agreement between our US 
operations and the surrounding communities represented by the 
Northern Plains Resource Council, the Stillwater Protective 
Association, and the Cottonwood Resource Council.
The GNA is a framework for collaboration in protecting the natural 
environment while encouraging responsible economic 
development. It legally binds us to certain commitments and holds 
us to a higher standard than that required by federal and state 
regulation. Although the GNA is a legally binding contract, it has 
over the years evolved into a dynamic document that can be 
adapted to meet new needs and improve delivery. 
Our commitments include transparent and productive interaction 
with all affected stakeholders, using the GNA as a vehicle for 
dispute resolution and positive stakeholder engagement. 
For further information, 2 see The Good Neighbor Agreement fact 
sheet ¸ www.sibanyestillwater.com/news-investors/reports/annual
US operations: social activities and related expenditure (US$)
2022
2021
2020
Community projects (36%)
141,010 
148,000
198,050
Education (37%)
143,740 
100,000
59,730
Emergency and rural healthcare services (21%)
81,500 
92,000
124,720
Environmental stewardship (6%)
21,750 
60,000
17,500
Total
388,000 
400,000
400,000
US local procurement expenditure
Total procurement 
(US$m)
Local procurement 
spend (US$m)
% of local 
procurement
2022
459
212
 46 
2021
439
173
39
2020
399
93
23
2019
335
103
31
SOCIOECONOMIC DEVELOPMENT continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
223

EU REGION
Social operating context and stakeholder engagement 
Keliber
In 2022, Keliber’s stakeholder co-operation has been proactive and 
systematic to ensure that stakeholders have access to information. 
We have engaged in active dialogue with landowners and other 
neighbours in our areas of operations as part of our environmental 
impact assessment. The assessment involves reporting the results of 
our findings, and ensuring we keep the community well-informed 
about our plans and the expected impacts. We sponsored 13 
activities (relating to environmental issues) as part of Keliber’s 
community outreach for 2022. 
We organised two public events: an EIA event relating to the 
analcime sand storage, and a public community meeting in 
Kaustinen in March. A media event relating to the investment 
decision was held in November, raising great interest in the national 
media. Keliber also participated in the Kokkola Material Week, 
FinnMateria (mining and metals), Pohjoinen teollisuus and MinePro 
events; as well as in seminars relating to recruitment, employment 
and lithium markets. Keliber also participates in the KokkolaWorks 
advertising campaign to enhance our visibility.
As the number of employees grows, recruitment and related co-
operation in the area have become material and we have also 
involved educational institutions in our consideration of our future 
talent pool. 
Keliber uses the services, where possible, of Finnish companies, 
and particularly local ones.
Sandouville 
During 2022 Sandouville has supported activities to raise funds 
to help fight breast cancer. In 2023 Sandouville will be supporting 
the local La Havre soccer team and promoting breast cancer 
awareness. 
EU region: social activities and related expenditure (€)
EU region
2022
Sandouville
Keliber
Community projects 
10,218 
0
10218
PROCUREMENT, ENTERPRISE and SUPPLIER 
DEVELOPMENT
Through the purchase of goods and services we have an 
opportunity to include marginalised people into the mainstream 
economy and to promote socioeconomic development. In South 
Africa, Mining Charter III calls for the inclusion of HDPs (historically 
disadvantaged persons), women, and youth in the economy 
through procurement. 
With the gazetting of the third iteration of the Mining Charter in 
September 2018, the procurement targets, particularly as they 
relate to goods and services spend with women- and youth-owned 
companies, was considerably revised. The targets are to be 
achieved over a five-year period for mining goods and within a 
two-year period for services rendered.
The five-year transitional targets include 
•
A minimum of 70% of mining goods procurement must be spent
on South African manufactured goods, of which 70% shall
be allocated as follows
– 21% allocated to South African manufactured goods produced
by HDP-owned companies
– 5% allocated to women- or youth-owned companies
– 44% on B-BBEE-compliant companies
•
A minimum of 80% of services rendered must be spent by
sourcing from South African-based suppliers, of which 80% shall
be allocated as follows
– 50% spent on services supplied by HDP-owned companies
– 15% spent on services supplied by women-owned companies
– 5% spent on youth-owned companies
– 10% spent on B-BBEE-compliant companies
Mining Charter III targets for mining goods were achieved for the 
majority of our operations; while targets for services were not 
achieved, except for our Kroondal operation. Achieving these 
procurement targets is important for regulatory compliance and 
to give meaning to our ESG commitments. However, suppliers 
who fit the criteria are not always available. Through preferential 
procurement of services we have improved our HDP services 
supplied by black women and youth-owned companies from 43% 
(2021)to 48%. Below we detail various initiatives to address the 
shortfall that remains.
COUPA BUSINESS SPEND MANAGEMENT PLATFORM 
Our Coupa business spend management platform handles a range 
of functions, including procurement. Our database includes some 
900 doorstep suppliers, helping to ease these entrepreneurs and 
small companies into our procurement process and encourage 
the growth of micro-, small- and medium-sized enterprises. In 2022, 
a total of R 2,905 million of the procurement budget was spent 
through our doorstep suppliers and doorstep JVs.
In 2023 we began implementing phase 2 of Coupa, which involves 
the modernisation of our warehouses, whereby the use of barcodes 
we link to stock levels and ordering. The advantages of having one 
standardised system for all our suppliers are numerous; including the 
fair and transparent process for dealing with suppliers who fall short 
on our governance criteria.
SOCIOECONOMIC DEVELOPMENT continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
224

SA operations: discretionary BEE procurement1 (%)
2022
2022
2021
Total Mining 
Goods Spend
Total Services 
Spend
Valid Mining 
Goods Spend
Valid Services 
Spend
Mining 
goods
Services
Mining 
goods
Services
R'm
R'm
R'm
R'm
Target 
70%
Target 
80%
Target 
70%
Target 
80%
Gold 
Beatrix
440.02
792.06
316.22
471.59
72
60
70
76
Cooke 1, 2 and 3
255.97
272.28
138.1
167.67
54
62
55
65
Cooke 4
157.01
246.98
103.69
140.43
66
57
70
40
Driefontein
683.58
947.91
506.55
608.34
74
64
69
73
Kloof
950.45
1230.14
721.51
927.2
76
75
75
76
PGM 
Kroondal
1,027.36 
2,147.10 
879.25 
1,909.69 
86
89
89
82
Rustenburg
2,075.26 
4,631.68 
1,661.50 
3,752.56 
80
81
85
51
Marikana
2,361.37 
3,833.51 
1,857.48 
2,237.38 
79
58
77
65
Total 
7,951.01 
14,101.66 
6,184.30 
10,214.86 
78
72
79
65
1  The Mining Charter’s procurement targets apply to procurement that ‘excludes non-discretionary procurement expenditure’ – this excludes expenditure that cannot be 
influenced, such as procurement from the public sector and state enterprises. Procurement targets therefore apply to discretionary expenditure over which Sibanye-Stillwater 
has influence
SA operations: total empowerment spend
2022
2021
Black-owned1 (historically disadvantaged South African) businesses 
R million
% of total spend
R million % of total spend
Male-owned
13,713 
48
9,416
40
Women-owned
6,299 
22
4,753
20
Total
20,012 
70
14,169
60
1  Ownership greater than 51%
SA local discretionary and BEE procurement expenditure
Total discretionary 
procurement (Rm)
1 HDP Local BEE 
procurement spend 
(Rm)
% of BEE 
procurement
2022
R28,373
R21,415
75
2021
R23,496
R16,442
70
2020
R17,649
R12,656
72
2019
R19,622
R14,529
74
1  HDP ownership greater than 25%
SOCIOECONOMIC DEVELOPMENT continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
225

Supplier development
In support of our strategy and objective at Sibanye-Stillwater, where 
we want to develop sustainable suppliers from within host 
communities, the following have been included into our supplier 
development programme
•
Dedicated support from the supplier development team
and operations
•
Contract support including onboarding, and contract price
adjustments
•
Business funding through the Sibanye-Stillwater CEO fund
and the supply chain fund
•
Preferential payment terms for certain suppliers
•
Mentorship and coaching is available, if required
We have engaged two companies (Phakamani and Black Deal) 
to offer coaching in a range of areas including financial 
management, business acumen, business planning and proposal 
writing. They also provided a business accelerator programme (BAP) 
NQF level 2 training made up of five training modules; 453 people 
from host communities participated in this training in 2022. The five 
modules are:
In 2022, 1,216 individuals participated in the different training 
programme and 321 loans were disbursed, totalling R97.3 million.
Enterprise development
We executed two enterprise development initiatives in 2022. 
The Start-up programme identifies 100 entrepreneurs within our host 
communities, who are then given an opportunity to present their 
business case, where the successful applicants will participate in 
the following
•
Mentorship programme
•
Practical skills development on technology
•
Business support grants
•
Opportunities to participate at Sibanye-Stillwater and other
external companies
•
Development of future plans and pipeline opportunities
We have a six-step approach to gaining traction in meeting the services targets of the Mining Charter
We advertise all tender opportunities on our website. We hold bi-weekly meetings with small-, medium- and micro-enterprises to discuss 
opportunities and to provide support as needed. We include, where possible, tender conditions to source labour from local communities, 
and to sub-contract to local enterprises where possible.
SOCIOECONOMIC DEVELOPMENT continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
226

CEO Enterprise Development Fund 
Our CEO Enterprise Development Fund helps local entrepreneurs join our supply chain. The fund is mainly for SMMEs who need capital to 
purchase assets or goods to fulfil an order. The fund is capitalised to the value of R65.5 million.
2022
Supply chain 
fund
CEO Fund
Total
Loan target
72 
— 
72 
Number of loans approved
297 
24 
321 
Funds approved by investment committee Rmillion
R85
R13
R97
Number of jobs created and sustained
2,473 
248 
2,721 
Number of SMMEs supported
106 
18 
124 
Female entrepreneurs supported
110 
14 
124 
Youth entrepreneurs supported
123 
18 
141 
Enterprise development transactions
22 
9 
31 
Total funds disbursed (Sibanye-Stillwater and IDF) Rmillion
R95
R65
R161
New venture creation (NVC) training
71 
— 
71 
Business accelerator programme (BAP) training
2,314 
— 
2,314 
Coupa training
1,125 
— 
1,125 
New enterprise development supplier introduced
— 
— 
— 
Enterprise development validation
— 
— 
— 
Funds recovered (2020 transaction) Rmillion
R49
R1
R50
Funds recovered (total for Sibanye-Stillwater) Rmillion
R202
R83
R284
Recovery rate
 0.00 %
 0.00 %
 94.86 %
One of the beneficiaries of the CEO Enterprise Development Fund, 25-year-old Paballo Khenene, Founder of Panonollo Trading, 
which provides transportation of mining materials, says the opportunity has been life-changing, especially for her 
as a woman  in a largely male-dominated industry. 
“The funding has helped my business a lot. 
I went from barely making it as a supplier, to now being a truck owner.”
SOCIOECONOMIC DEVELOPMENT continued
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227

Human rights and ethics: inside and out
Human rights
Respect for human rights is fundamental to the culture of the Group 
and is reflected in our iCARES values. As a basic minimum to respect 
human rights, we adhere to national legislation and to International 
Labor Organization (ILO) guidelines. Our commitment to the ICMM 
principles (specifically principle 3) requires that we respect the 
human rights of employees and communities affected by our 
activities. It is the responsibility of our Social, Ethics and Sustainability 
Committee to ensure that the Group monitors and reports on 
whether it produces social benefits and whether it violates 
human rights. 
Our Human Rights policy statement is aligned to the ICMM, 
to the UNGC, and to the WGC Responsible Mining Principles. 
Our Harassment procedure, anti-harassment guidelines, leave 
policy and disciplinary procedure are examples of other human 
rights-related internal policies that guide behaviour. These include 
provisions for: eliminating harassment, bullying and discrimination, 
freedom of association, eradication of forced labour, ending 
modern slavery and human trafficking; prohibition of child labour. 
This aligns us with UN SDG 8.7 (Eradicate forced labour, modern 
slavery, and human trafficking). In 2022, we conducted diversity 
training, which includes unconscious bias aspects, as well as other 
themes: e.g., discrimination, harassment, and equality. For more 
on this and on gender equality Ã see Empowering our workforce, 
page156.  
Human rights and ethics training was rolled out on the learning 
management system for employees to capacitate them on 
Sibanye-Stillwater’s human rights obligations in line with the UN 
Guiding Principles on Business and Human Rights. We developed 
three modules on ethics, fraud awareness, and the basics of human 
rights. As of 2022, 5,619 employees completed the training. Further 
to this, all employees receive annual refresher training on our 
Human rights policy, on safety and healthy working requirements, 
and on working conditions.
Human rights due diligence
Our human rights impact assessment identified the following 
concerns:
•
Despite the good level of community engagement, there
is a need for the Group to consider establishing separate
engagement platforms to cater for marginalised and
vulnerable people whose voices may be overshadowed
by more outspoken community members
•
The need for more community involvement on emergency
planning
The human rights due diligence was not completed, due to a delay 
in the formal request for proposal process that had to be reissued, 
significantly impacting the timeline. This remains an area of focus 
and included in the ESG scorecard for the LTI performance 
conditions.
Human rights: Responsible sourcing due diligence
Our Responsible sourcing framework commits Sibanye-Stillwater 
to stop refining or processing metals from suppliers if preliminary 
assessments indicate serious human rights abuses, money 
laundering, financing armed conflict, or fraudulent 
misrepresentation of the origin of minerals. Due diligence of metal 
supplying counterparties are assessed against the framework 
and presented at Responsible sourcing committee meetings. 
(Ã See Governance in sustainability: Considered decision-making, 
page 231)
Supply chain
Our terms and conditions for suppliers require that they follow 
human rights legislation and adhere to our policy statements and 
Code of ethics. See ¸ www.sibanyestillwater.com/suppliers/
We continued our efforts to ask suppliers to respond to our ESG-
related questionnaire. To date 1,928 suppliers responded to the 
questionnaire, which is a coverage of 80% of our discretionary 
spend. Our coverage of the ESG survey by spend in 2021 was 
R2 billion and with a focused approach we moved the spend 
coverage to R15.8 billion, in 2022. We also continued our verification 
of suppliers (50 suppliers) against a range of ESG criteria which 
include carbon management, water management, human rights 
practices, fair labour practices as well as adherence to our terms 
and conditions. We also host an annual sustainability supplier day 
which covers various aspects. 92 of our suppliers signed up to our 
anti-gender based violence pledge #notinmyname. Additionally, 
over 367 suppliers have completed our ethics training video, 
available online, to educate suppliers about anti-corruption and 
anti-bribery.
SOCIOECONOMIC DEVELOPMENT continued
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228

Security and human rights
Sibanye-Stillwater’s protection services for the SA region (as well as the security function for our US operations) is aligned to the Voluntary 
Principles on Security and Human Rights (a multi-stakeholder initiative to guide best practice on human rights in mining and other industry). 
During the contracting process, security service providers must show that they adhere to the Code of Conduct for Security Service Providers 
(prescribed under South Africa’s Private Security Industry Regulation Act, 2003) and that their employees are trained in human rights. 
They must also adhere to our Human rights policy statement and our Code of ethics (among other stipulations) which is managed within 
the terms and conditions agreed to between the parties. Security service providers are audited annually regarding compliance. 
Security staff training on human rights
2022
2021
2020
Employees
Contractors
Employees
Contractors
Employees
Contractors
SA PGM
699 
514 
264 
408 
73 
701
SA Gold
167 
259 
615 
194 
257 
432 
US PGM
N/A
26 
N/A
26 
NA
NA
Total
866
799
879 
628 
330 
1,148 
Whistleblower reports, non-compliance, bribery and corruption 2022
We have a whistleblowing toll-free number, as well as postal address, website and email to report unethical or undesirable behaviour. 
Communication is handled by an independent third party and identities are protected. We also have a Whistleblowing policy and Fraud 
response plans, applicable to the jurisdiction of operation. 
Our risk assessments include screening suppliers and the investigation of anonymous bribery and corruption tip-offs. We report the outcome 
of these investigations. 
Investigators (including Internal audit staff) may not, without prior authorisation, disclose the nature of the investigation, or any content 
related to it, to persons other than those who instructed them to carry out the investigation.
Performance
In all, 348 incidents (2021: 416) relating to employee dishonesty (fraud and assisting illegal mining) were reported at Sibanye-Stillwater’s gold 
operations, leading to 368 (2021: 433) employees, including contractors, being subject to discipline. At the SA PGM operations, 108 incidents 
of corruption (2021: 54) were reported, with 69 employees (2021: 29) charged and disciplined in terms of our Code of ethics.
A total of 284 anonymous calls (2021: 312) were received during 2022 at the SA operations, with most of these relating to fraud and 
corruption. Many of the calls provided valuable leads, which were investigated.
Those concerned were charged and disciplined in terms of our Code of ethics, as well as being subject to criminal investigation if their 
misdemeanour included law-breaking. Crimes are recorded on the crime incident and investigation management system, and are 
investigated. 
The US PGM operations had nine incidents: four for breach of company policy (BOCP), one for theft, one Human Resource related, and 
three other incidents relating to mine noise and a social and ethics query.
SOCIOECONOMIC DEVELOPMENT continued
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229

Anonymous calls in SA and US operations
Area
20221
20211
Fraud
79
114
Breach of company policy
68
85
Procurement fraud
10
10
Corruption
16
22
Illegal mining
25
11
Theft of mine property
19
13
Time and attendance fraud
2
2
Industrial action
1
0
Theft of GBM
4
7
Arson
0
0
Trespassing
0
1
Human resource related issues
3
13
Theft of PGM2
4
3
Copper theft
17
2
Other
41
29
Total
289
312
1  Includes US PGM operations – five incidents: one for theft of MP, one for  
BOCP (breach of company policy), two are HR-related and one for assault 
2  Theft of PGM, as category added
Heritage
Sibanye-Stillwater has over 851 heritage sites across its SA 
operations, including grave sites, iron age and stone age 
sites, historical mine buildings and infrastructure over 60 years old. 
(Ã See Minimising our environmental impact, page 210).
Resettlements
While there have been no resettlements or plans to resettle 
communities, the Group notes that in the life of its operations it 
might need to resettle communities. To this end, and when 
resettlement cannot be avoided, the Group commits to undertake 
resettlement constructively and treat parties fairly. A resettlement 
framework is included in our social performance toolkit.
Fair labour practices 
We commit to promoting the aims of UN SDG 8.8 (Protect labour 
rights and promote safe and secure working environments of all 
workers, including migrant workers, particularly women migrants, 
and those in precarious employment). 
All employees are subject to vetting procedures, including the 
verification of age, criminal record checks, and medical fitness 
assessments. We support collective bargaining and freedom of 
association, as per the labour legislation in the areas that we 
operate and as per the ILO Protocol on decent work and working 
conditions. Ã See Empowering our workforce, page 165. 
Our Leave policy for our SA operations makes provision for maternal 
leave, paternal leave, and adoption leave. In terms of various 
collective agreements, the SA region gives female employees four 
months fully paid maternity leave. This is more favourable than what 
is legally required, and employees enjoy the option to spread the 
four months paid maternity leave over a period of six months. 
Our Overtime policy for the SA operations sets out the control 
mechanism to monitor overtime work, which includes overtime work 
planning, and authorisation practices of overtime, ensuring we 
comply with the Basic Conditions of Employment Act thresholds.
We also have an anonymous and independently managed tip-off 
line. Ã See Corporate governance, page 19.
FUTURE FOCUS
SA REGION
•
Continue to build sustainable relationships with all stakeholders (government, local communities,
NGOs, other companies) to ensure that we rebuild trust and promote collaboration
•
Operationalise Sibanye Foundation
•
Operating areas to have a social closure plan mainstreamed into social performance and rehabilitation
programmes
EU REGION
•
Identification of social programme investment through the Sibanye Foundation
US REGION
•
Leaders in environmental and social collaboration
•
Fully functioning stakeholder engagement and grievance process
•
Systems engaged to create workplaces and communities of inclusion
SOCIOECONOMIC DEVELOPMENT continued
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230

GOVERNANCE IN SUSTAINABILITY:   
OUR CONSIDERED DECISION-MAKING
COMMITMENT TO ESG PERFORMANCE
According to Section 72(4) of the Companies Act, the Social, Ethics 
and Sustainability Committee is legally obliged to oversee social 
and environmental contributions (or detriments).
Our governance framework and structures are appropriate and 
management continues to give oversight in so far as leading 
sustainability practices, reporting requirements, compliance to listing 
regulations and legislation. The Chief Sustainability Officer reports 
directly to the CEO. 
ESG performance targets and measures have been included as 
part of our long-term incentive scheme applicable to senior 
management, which aims to align interests and actions across the 
Group. Ã See Remuneration report, pages 250 and 261. Targets 
included in the ESG scorecard that forms part of the long-term 
incentives (LTI) performance conditions, as well as all other 
sustainability-related targets (internal and external targets) are 
reviewed on a quarterly basis and reported to the Social, Ethics 
and Sustainability Committee. Progress is also reported publicly 
in this Integrated report.
Our ESG commitments are verified through various third-party 
associations. Our ESG-related policies and position statements 
are developed in alignment to international standards, and in 
consultation with expertise from inside and outside the Group. 
See policies and position statements at 
¸ www.sibanyestillwater.com/sustainability/reports-policies 
and www.sibanyestillwater.com/about-us/governance/; 
2 See Definitions for sustainability/ESG indicators, 
¸ www.sibanyestillwater.com/news-investors/reports/annual
Training, awareness and competence forms an integral part of 
embedding ESG. Our annual refresher training, in both US and SA 
regions, includes sustainability-related aspects such as environment, 
safety, health, human rights, and work-related policies.
We continue to monitor our areas of impact and respond 
appropriately to the changing landscape; we do so by adopting 
leading practices as prescribed by industry bodies; and by 
adhering to voluntary codes like the UNGC, and certification 
standards such as IRMA. We also have access to external 
consultants such as PwC and EY, who audit, verify and certify 
our sustainability credentials, mining principles, and performance 
reports. The sustainability standards and codes we subscribe to 
are fit for purpose in the evolving context. Additionally, as a matter 
of process, we review this annually.  
ICMM (International Council on Mining and Metals)
The ICMM mandates members to implement its Mining Principles 
and Performance Expectations. It also requires that we use the 
Global Reporting Initiative (GRI) Sustainability Reporting Standards 
to publicly report on our sustainability performance. 
Additionally, this must be assured annually by a third party.  
We were accepted as a member of ICMM in 2020 and were given 
two years to resolve our reporting gaps. These gaps were addressed 
and stage 5 of the ICMM membership was concluded. We continue 
to assess ourselves against the ICMM principles and performance 
expectations (2 see Supplementary disclosure Sibanye-Stillwater’s  
ICMM self-assessment for 2022, ¸ www.sibanyestillwater.com/news-
investors/reports/annual).
Global Reporting Initiative (GRI)
Our membership of the ICMM requires that we report against the 
GRI Standards. The GRI provided the world’s first global framework 
for sustainability reporting and today offers the world’s most widely 
used sustainability disclosure standards. 2 See Sustainability content 
index, ¸ www.sibanyestillwater.com/news-investors/reports/annual 
Extractive Industry Transparency Initiative (EITI)
Membership of the ICMM requires that we endorse the EITI. We align 
to the EITI expectations for supporting companies. 2 For disclosure 
against the supporting companies EITI expectations, see 
Sustainability content index, ¸ www.sibanyestillwater.com/news-
investors/reports/annual 
UNGC (United Nations Global Compact)
In October 2020 we joined the UNGC at Participant engagement 
level. We have completed the SDG Ambition and Acceleration 
programme (2021), which commits us to making their 17 SDGs part 
of our core business decisions. During 2022 we participated in two 
programmes, the UN Youth Innovators programme and the UN 
gender SDG 5 accelerator programme. Our participants in the 
youth innovators programme were selected to speak at the Future is 
Now event, during September 2022, hosted at the UN Headquarters 
as part of the UNGC Uniting Business Live sessions. 
Our membership enables us to drive impact on specific goals and 
to communicate our progress by referencing their trusted reporting 
framework. For our scorecard on performance against the SDGs 
2 see Progressing the UN’s SDGs supplement.
WGC’s Responsible Gold Mining Principles (RGMPs)
We are making use of the equivalency benchmark between the 
WGC’s RGMPs and the ICMM’s Mining Principles and Performance 
Expectations. In 2022 we were given third-party assurance of our 
adherence to the RGMPs. 
¸ See www.sibanyestillwater.com/about-us/governance/
International Platinum Group Metals Association (IPA)
The IPA is a non-profit association for companies in the PGM 
industry. While the IPA does not provide accreditable standards, 
they do promote progress in the improvement of health, safety 
and the environment and are a useful resource for following 
best practice. 
SIBANYE-STILLWATER INTEGRATED REPORT 2022
231

Initiative for Responsible Mining Assurance (IRMA)
East Boulder and Stillwater (US PGM operations) are working towards 
IRMA stage 1 independent audit by 2023. 
Our SA PGM operations, the Rustenburg operations, completed an 
IRMA self-assessment during 2022 and will continue with the stage 1 
independent audit process during 2023. Our aim is for IRMA 
verification of all our SA PGM operations by end of 2025.
International Organisation for Standardisation (ISO)
All our South African and US operations, as well as Sandouville, 
remain certified as per ISO 14001 and 45001. In 2022, ICT achieved 
full ISO 27001 (information security) certification. Formal certification 
was obtained on 14 April 2023.
Task Force on Climate-related Financial Disclosures 
(TCFD) 
In 2021 we completed a TCFD diagnostic assessment. 
Recommendations from the assessment formed the basis of our 
TCFD project we embarked on early 2023. The focus is on climate-
related risks, considering climate-related scenarios (our previous 
scenarios are from 2019) and enhancing our resilience to climate 
change. Our annual disclosure to the CDP is the mechanism by 
which we took the first steps to align with TCFD compliance. 
2 See Climate change related disclosure and Sustainability content 
index ¸ www.sibanyestillwater.com/news-investors/reports/annual, 
see also our CDP disclosure and our Sustainability content index.
FTSE4Good 
We are a constituent of the FTSE4Good Index Series, which 
demonstrates our strong ESG practices. ¸ See 
 www.sibanyestillwater.com/sustainability 
Bloomberg Gender-Equality Index (GEI) 
The GEI tracks companies committed to disclosing efforts to 
support gender equality. The index helps companies improve 
reporting on gender and benchmark themselves against a global 
standard. In 2022 we were included in the Bloomberg GEI, one 
of 484 companies globally and one of only eight in South Africa. 
Our inclusion is evidence of a high level of disclosure and overall 
performance across the framework’s five pillars. 
¸ See www.sibanyestillwater.com/sustainability
Integrated Reporting & Assurance Services (IRAS) review 
IRAS’s 2022 review ranked Sibanye-Stillwater top in their Sustainability 
Data Transparency Index (SDTI) among South Africa’s metals and 
mining sector. Our SDTI score was 93.9% (up from 89.2% in 2021), 
placing us first in the sector and fifth overall among JSE-listed 
companies. 
DUE DILIGENCE
Considered decision-making is embedded in our due diligence 
process prior to acquiring new assets. Our ESG due diligence 
includes, among others, environmental licence to operate, usage of 
scarce resources, clean energy solutions, labour practices, safety 
and health, community and related stakeholder engagements, 
anti-bribery and anti-corruption practices, accounting standards, 
and sanctions relating to ESG. 
Responsible sourcing 
Sibanye-Stillwater has set up an internal management structure and 
system to support supply chain due diligence. The system defines 
the governance, roles and responsibilities, procedures, 
communications and senior management review for due diligence 
practices in our responsible sourcing of metals. Our Responsible 
sourcing committee governs responsible sourcing practices. The 
committee oversees the responsible sourcing of platinum, palladium 
and rhodium; it reviews and assesses supply chain due diligence 
and approves the counterparties after discussion and appropriate 
risk mitigation. 
We expanded the scope of our Responsible Sourcing policy and 
framework to cater for other commodities such as nickel and gold. 
The Responsible Sourcing of Metals policy and framework have 
been aligned with London Metals Exchange and Conflict free gold 
standard guidelines and the London Platinum and Palladium Market 
guidelines. The amended policy and framework was adopted by 
our Responsible Sourcing Committee.
¸ See www.sibanyestillwater.com/about-us/governance/
London Platinum and Palladium Market (LPPM)
The LPPM has established a responsible sourcing programme to 
adopt high standards of due diligence to combat abuses of human 
rights, avoid contribution to conflict, apply anti-corruption practices 
such as anti-money laundering, and combat terrorist financing 
practices.  
The LPPM issued updated requirements for its Responsible Platinum 
and Palladium Sourcing programme. These requirements are being 
reviewed and will be implemented as part of the Group’s 
Responsible sourcing policy, and our Responsible sourcing 
framework, in Q2 2023. We note that the modifications (version 4) 
include, among other things, strengthened ESG guidelines, stiffer 
guidelines around ensuring access to whistleblowing mechanisms, 
and clarification in terms of assurance around country of origins. 
The LPPM limited assurance review for 2022 has commenced and 
was completed by the end of March 2023. 
Our precious metals refinery retained its Responsible 
Sourcing accreditation from LPPM for our platinum and palladium 
sponge. This year we have also achieved accreditation for our 
rhodium sponge. ¸ See www.sibanyestillwater.com/sustainability
London Metals Exchange (LME)
Sibanye-Stillwater has successfully submitted our first Red flag 
assessment to the LME in June 2022. The LME added Sibanye-
Stillwater Sandouville refinery to the LME approved brands list.
Conflict free gold standard
Following the expansion of scope of the Group’s Responsible 
Sourcing policy, due diligence and risk assessments have been 
carried out for all sources of gold-bearing material at the SA Gold 
operations. The Responsible Sourcing Committee approved four 
gold depositing toll treating counterparties.
Business relationships
Due process is followed with regards to those business 
relationships where our normal management controls do not apply 
(e.g., Mimosa). In the case of Mimosa, a technical committee 
(which includes technical experts from the managing partner, from 
Sibanye-Stillwater, and board members from both) meets quarterly. 
The outcome of the technical committee sessions feeds into the 
quarterly Board meetings through the technical committee 
chairperson. These sessions cover safety, health, environmental, 
climate change, and labour-related matters.
GOVERNANCE IN SUSTAINABILITY: OUR CONSIDERED DECISION MAKING continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
232

Remuneration report
234
Part 1: Background statement
236
Part 2: Remuneration policy
240
Part 3: Implementation report
252
SIBANYE-STILLWATER INTEGRATED REPORT 2022
233

REMUNERATION REPORT
REMUNERATION AT A GLANCE
Our remuneration philosophy is aimed at
•
Rewarding those who deliver on our purpose, strategy
and targets so as to ensure that Sibanye-Stillwater creates
value for stakeholders progressively over time
•
Recognition and reward for excellent performance
•
Pay parity for comparable roles (internally and externally)
and fair differentiation of pay as per levels of responsibility
•
Fair remuneration, recognising the complex nuances and
practicalities what is deemed fair
Shareholder feedback
Dissenting votes at the 2022 AGM on remuneration-related 
resolutions
Remuneration 
policy
Implementation 
report
Non-executive 
directors’ fees
21.3%
26.6%
5.0%
REMUNERATION 
POLICY CHANGES – 
2023
The Remuneration Committee approved the following additions and changes to our 
remuneration policy for 2023
•
Introduced a new methodology for moderating the applicable share price used in LTI awards
and vestings with further provision for discretion by the Remuneration Committee to deal with
anomalous LTI outcomes
•
Effected minor updates to the Minimum shareholding requirements (MSR) plan, clarifying the
position for individuals who are promoted between roles where different MSR target levels apply
Summary of remuneration policy
Total guaranteed 
pay (TGP)
Short-term 
incentives (STI)
Long-term 
incentives (LTI)
Minimum shareholding
requirement (MSR)
WHY 
Attract and 
retain skills
Delivery on operational 
and functional strategies 
and targets
Delivery on longer-term 
shareholder value 
creation
Drive a culture of co-investment 
and accountability through further 
personal exposure to the share price
WHO 
All permanent 
employees
All permanent 
employees
VPs and above
Senior VPs and above
WHEN 
Monthly
Annual, combined with 
an eighteen-month 
deferral
Three years
Participants have five years to build up 
to the target minimum shareholding
WHAT 
Market 
aligned (peer 
benchmarking)
Linked to scoring on 
Personal performance 
and Operational delivery 
scorecards
Sustainable shareholder 
value delivery scorecard
Shareholding is measured through 
‘committed shares’. Committed shares 
qualify for matching awards in the 
form of MSUs (with the same 
performance conditions as CSU’s)
HOW 
Cash (base salary 
and benefits)
Cash and share-based 
cash
Share-based cash
Target shareholding is built up 
through personal share purchases plus 
shares already held. Matching shares 
are settled in share-based cash
Planned on-target remuneration mix for CEO, CxOs (Prescribed officers) and EVPs
CEO (%)
100
28
10
24
18
16
12
32
30
30
Threshold
On-target
Maximum
0
50
100
Axis Title
CxO (%)
100
32
13
24
19
16
13
29
28
28
Threshold
On-target
Maximum
0
50
100
All EVP roles (%)
100
37
16
24
20
16
13
24
25
25
Threshold
On-target
Maximum
0
50
100
TGP
STI (cash bonus component)
STI (deferred share-based component)
LTI (ordinary stretch)
LTI (max vesting)
SIBANYE-STILLWATER INTEGRATED REPORT 2022
234

IMPLEMENTATION 
IN 2022
In addition to its routine duties, the Remuneration Committee oversaw progress in the 
following areas in 2022
•
Enhancing remuneration fairness disclosures to provide greater transparency to stakeholders
•
Facilitating global mobility, conducting peer aligned  remuneration benchmarking and setting
executive remuneration levels
•
Applying appropriate ESG deductions to the LTI award vesting applicable to executive leadership
in March 2022 taking into account the poor fatality-record experienced in 2021
•
Implementation of the Minimum Shareholding Requirements (MSR) plan for senior leadership
•
Approval of shareholding commitments made by participants in the MSR plan
Total remuneration for executive directors and prescribed officers – aggregated (R 000)
Salary
Pension 
scheme total 
contributions
Cash bonus
accrued
Accrual of 
forfeitable
share
award
Other cash 
payment
Conditional
share 
proceeds
Other 
benefits
Termination/ 
Separation 
benefits
Total single 
figure of 
remuneration
2022
69,214
6,957
52,976
35,318
4,805
418,261
547
0
588,078
2021
51,446
4,421
30,532
20,354
8,201
679,531
0
0
794,485
In 2021 the aggregate remuneration was paid to a total of nine executive directors and prescribed officers, one of whom was 
appointed based in Europe within the final month of the year, rising to 10 in 2022 including one new appointment based in the United States 
from May 2022. 
STRUCTURE OF THE REMUNERATION REPORT
This report is presented in three parts, in compliance with King IV specifications
See Ã
PART 1
BACKGROUND 
STATEMENT
Background to our workings and activities over the 2022 year and our 
approach going forward 
Pages 236 – 239
PART 2
REMUNERATION 
POLICY
Information on our current and amended remuneration practices 
and how the main components of our executive pay packages will 
be determined for the 2023 remuneration cycle – as informed by our 
remuneration philosophy 
Pages 240 – 251
PART 3
REMUNERATION 
IMPLEMENTATION
How we applied our remuneration policy and practices to the payment 
and rewarding of executive directors and prescribed officers since last 
year’s report, and disclosure of the fees paid to non-executive directors 
Pages 252 – 266
REMUNERATION REPORT continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
235

PART 1
BACKGROUND STATEMENT
Dear shareholders
As I reported in last year’s remuneration report, in line with our commitment to taking ESG into account in a meaningful way in 
determining remuneration outcomes, the Remuneration Committee had decided to apply a 20% deduction to the STI payments for 
the 2021 cycle and on the LTI award vestings in March 2022 in respect of the high number of fatalities that were experienced in 2021. 
I am pleased to report the very significant turnaround in this respect in 2022, with a general improvement in safety lagging indicators 
year-on-year upwards of 20% and a lowest ever number of fatalities experienced in a calendar year since Sibanye-Stillwater was 
established. This is despite the substantial growth of the Group that now employs nearly three times the number of people than in its 
early days. These are remarkable achievements. While ensuring that we have an adequate weighting towards ‘Safety KPIs’ in the 
scorecards of management, we are confident that management nonetheless adopted an intense focus on safety as a moral and 
business imperative and succeeded in delivering a remarkable turnaround.
Due to the exceptional share price performance over the three years from the LTI share awards date in March 2019 to the vesting 
date in March 2022 (and notwithstanding the ESG deduction imposed to the fullest extent enabled by the LTI contracts), the 2022 
remuneration received from the 2022 vesting of LTI awards was again high and at comparable levels to 2021. The share price had 
increased over this 3-year period from a 20-day VWAP (volume-weighted average price) of R14.26 to R57.74, representing a total 
shareholder return — including dividends — of 354% over the three years, or an annual return of 67%. These are exceptional 
investment return outcomes enjoyed by shareholders and executives alike. While we recognise that commodity prices were a large 
factor in the outcome, Sibanye-Stillwater’s performance exceeded that of all but one of its peers by a substantial margin. We 
consider this to be a valid demonstration of pay for performance and alignment of outcomes for management with those of 
shareholders as per the intention of the LTI scheme.
Although by far the majority of shareholders appreciated the correlation between pay and shareholder value and regarded the LTI 
pay outcomes as acceptable, a meaningful minority of shareholders voted against the 2021 Remuneration Implementation report, 
largely due their view of the LTI vesting outcome being ‘excessive remuneration’. Following consultation with concerned 
shareholders as well as major shareholders despite their having voted in favour of the Implementation report, the Remuneration 
Committee robustly interrogated the long-term linkage between pay and performance, the results of which are presented later on 
in this report - and which conclusively demonstrate that rewards for the executive management of Sibanye-Stillwater are strongly 
related to the performance that they deliver. Despite this, we have implemented some refinements to our remuneration policies to 
ensure that the share prices used in share price-linked remuneration are representative of the Group’s long-term value, and not 
influenced by short-term anomalies. The details of this moderating approach are outlined below.
From an operational perspective, 2022 proved to be a challenging year, with major external disruptions affecting delivery against 
targets amid a global economic downturn that dampened commodity prices. This included the regional flooding in Montana, 
the protracted strike in pursuit of unsustainable wage demands at our South African gold operations, escalating power unreliability, 
and the progressive increase of organised criminal activities in South Africa that disrupted business continuity. Management is to 
be commended for dealing with these factors while also pursuing the strategy to build Sibanye-Stillwater’s green metals business in 
Europe and the Committee was mindful of relevant factors beyond their control when assessing performance such that the rewards 
for 2022 are appropriately in line with the performance achieved.
Based on thorough reviews conducted on an ongoing basis by the Remuneration Committee together with necessary refinements 
from time to time, I am confident that Sibanye-Stillwater’s remuneration philosophy and policies are appropriately suited to reward 
executive management fairly in respect of the value that they deliver to all stakeholders, and to shareholders in particular. 
REMUNERATION REPORT continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
236

Key remuneration disclosure drivers
ESG as a factor in remuneration
To support our efforts to embed ESG as a central component to the 
way we do business, management has further intensified its focus in 
this regard during the past two years. 
After a considered review of ESG shortcomings in 2021, we decided 
to implement a 20% discretionary reduction, both on the STI payout 
for 2021 and the LTI payout for March 2022, due to the high number 
of fatalities in 2021. Despite some good operational outcomes in 
other areas on the Operational Delivery scorecard, the 20% 
deduction on both STI and LTI outcomes was considered 
appropriate and one that signals to stakeholders that safety and 
other aspects of ESG remain prominent as a primary consideration 
in determining remuneration.
We are confident that, through the inclusion of the ESG scorecard in 
the LTI share-unit vesting methodology together with the 
incorporation of ESG as a trigger event for malus and clawback, our 
approach to incorporating ESG in remuneration policy remains 
aligned with global best practice. The Board retained the weighting 
of 20% for ESG performance in the Performance Conditions 
applicable to LTI awards made in the 2023 cycle. 
We believe that our evolving Remuneration policy is having the 
desired effect, with the many aspects of ESG entering our lexicon, 
and with concomitant improvements in overall ESG outcomes. Of 
course, this is notwithstanding the deeply regrettable spike in 
fatalities that occurred in 2021. 
Remuneration fairness disclosure
In their pursuit of equity and fairness, stakeholders are calling 
for more transparent and consistent disclosure on remuneration 
practices. The pay ratio between top and bottom earners remains 
the most prominent feature in the remuneration fairness 
conversation. Further, issues of race and gender feature strongly in 
calls for remuneration equity. 
To ensure that pay practice at Sibanye-Stillwater is in line with our 
expectations of equal pay for equal work, we appointed an 
external advisor to conduct a pay-parity study per functional 
discipline of our business. While no issues of material unfairness were 
found, as per recommendations we made some adjustments and 
refinements to improve our overall remuneration environment. The 
outcome of this was an upward adjustment in pay, totalling an 
extra R42 million (per year) for middle management and functional 
specialist level staff. 
Sibanye-Stillwater has for several years reported on the Gini 
coefficient and the Palma ratio to reflect the degree of pay 
inequality across income bands. While we recognise the 
emergence of other standard indicators, we will continue to report 
on these, as they allow for comparison on previous years. 
We have augmented our disclosures relating to remuneration 
fairness and pay-parity from previous cycles with additional analyses 
in the implementation section (part 3) of the remuneration section 
of the report.
Remuneration Committee activities
SUMMARY OF ACTIVITIES IN 2022
In addition to the standard governance and approval items on the 
Remuneration Committee’s annual work plan, the following matters 
were addressed
•
Introduced a new methodology for moderating the share price 
that will be used for making share price-linked LTI awards and for 
processing LTI vestings with effect from the 1 March 2023 awards. 
This provides for smoothing of the share price to determine 
representative value, removing volatility that would result in 
remuneration being distorted by anomalous effects; and ensuring 
remuneration is more closely tied to actual performance delivered, 
rather than incidental consequences of short-term commodity 
price movements, and other short-term factors affecting the share 
price
•
Further incorporated into the Senior management incentive 
plan rules an overriding Remuneration Committee discretion 
to apply further downward modification to the LTI vesting outcome 
in exceptional circumstances; the Remuneration Committee has 
the discretion to apply the amount ‘deducted’ in terms of this 
provision towards suitable community-related causes
•
Considered the ESG deductions applicable to the LTI award
vestings to executives in March 2022, taking into account 
2021 fatalities
•
Conducted a more stringent analysis of historical remuneration, 
demonstrating the linkage of pay with performance 
•
Implemented the Minimum shareholding requirements (MSR)
plan for senior leadership, and approved shareholding 
commitments made by participants in the MSR plan
•
Effected minor updates to the MSR plan to clarify arrangements
applicable on promotion
•
Monitored remuneration trends by gender and race and 
strengthened remuneration fairness disclosures to provide greater
transparency to stakeholders on remuneration fairness
•
Evaluated implications of increasing global mobility and 
geographic diversification for remuneration benchmarking and
setting remuneration levels
•
In collaboration with the Social, Ethics and Sustainability 
Committee, enhanced the maturity of the ESG scorecard for
evaluation of sustainability and ESG performance in 2023
FOCUS AREAS FOR 2023
•
Review remuneration benchmarking in the context of increasing 
global mobility and the Group’s increased geographic 
diversification
•
Continue to review the fairness of Sibanye-Stillwater’s remuneration 
practice and further advance the maturity of remuneration fairness
disclosure in the context of global trends and regulatory 
developments
•
Critical and technical skills retention programmes
•
Continued focus on appropriateness and extent of ESG as a factor
in incentive determinations
REMUNERATION REPORT continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
237

Non-binding advisory votes
Shareholders will once again be given the opportunity to vote on two separate non-binding advisory resolutions at the forthcoming AGM 
(26 May 2023): one on the Remuneration policy report (part 2 of the remuneration section), and the second on the Remuneration 
implementation report (Part 3 of the remuneration section of this report).
In the event that either or both are voted against by more than 25% of entitled voting rights exercised by shareholders, Sibanye-Stillwater 
commits to implement measures, including engagement with dissenting shareholders, in an attempt to address all legitimate and 
reasonable objections and concerns, and to disclose how these objections and concerns would be addressed in next year’s Integrated 
report.
At the AGM held in May 2022, 21.3% and 26.6% of shares voted were against the Remuneration policy and Remuneration implementation 
reports respectively. Since the resolutions on the Remuneration implementation report did not receive votes above the required majority, 
we engaged with concerned shareholders, institutional shareholder advisory services as well as with some major shareholders who had 
voted ‘in favour’, in order to understand their reservations and concerns relating to how we implemented remuneration in 2021. Based on 
the information obtained, I wrote an open letter to concerned shareholders on 28 September 2022, providing a detailed statement of all 
the concerns raised and our position on the issues, including the actions that we intended to take to address their concerns.
The table below provides an overview of the main points arising from these shareholder engagements and a summary of our responses.
The very high value achieved 
by the executives on the 
vesting of their LTI awards 
(awarded in March 2018, 
vested in March 2021), with 
specific reference to the value 
of the vesting of the CEO’s LTI 
awards, which vested in 2021
The March 2018 LTI awards were made and vested in accordance with the remuneration policy that had 
been consistently supported by shareholders, and the outcomes reflect the exceptional performance that 
was delivered over the period, with Sibanye-Stillwater well exceeding the total shareholder returns delivered 
by all but one of the peers over that time. Our review confirms that the arrangements in place result in a 
strong pay for performance linkage and are effective in aligning executive management with shareholder 
interests, who were the beneficiaries of a 67% per annum total shareholder return over the 3 years.
However, we have recognised a need for refinements to avoid the impact of anomalous short-term share 
price fluctuations distorting the outcomes. Going forward, we will adopt a price smoothing mechanism that 
ensures that we use a share price which represents longer-term value delivery to shareholders. In addition, 
the rules have been updated to include provision for Remuneration Committee discretion in respect of the 
value on vesting to cater for exceptional circumstances which we did not have in the past given the 
contractual nature of the LTI awards once granted..
High levels of executive pay 
in general when, in particular, 
contrasted against post-Covid 
and other economic 
challenges in South Africa and 
to the recent performance of 
the Group
We continue to maintain that our approach to remuneration benchmarking is well founded, well applied, 
and represents common market practice – albeit that we favour paying a slightly lower base pay compared 
to ‘market’, combined with a slightly higher than ‘market’ potential variable pay. We will continue to apply 
this basis until changes in market practice warrant otherwise. 
We do so in the interests of paying a fair and competitive price as well as offering appropriate incentive pay 
opportunities in order to attract, employ and retain the executive talent we seek such that they will be 
suitably engaged and rewarded for their efforts in driving forward the company’s strategies, outcomes and 
stakeholder value.
The level of disclosure relating 
to pay differentials as well as 
KPIs and performance 
outcomes
Readers of our Integrated report will readily appreciate the difficulty faced in ensuring the right balance 
between detail and conciseness for the purposes required. Our Integrated report is already a very extensive 
and detailed document and the remuneration report comprises a considerable portion of it.
There are indeed further disclosures we will have to make should the South African Companies Act be 
amended in the form that was last circulated for comment. We have considered carefully the specific 
suggestions or requests made to add further granularity in future and have made some further changes.
Apparent inconsistency 
in retirement ages in the Group
There is no policy or requirement that the retirement age needs to be the same everywhere across the 
Group and, in fact, the retirement age is different for every region/domicile where we operate according 
to local practices, needs and employment legislation. With the executive leadership of the Group becoming 
more global, international peer comparisons provide the most appropriate reference points on which to 
base retirement ages.
A concern that union member 
employees should be given 
the same percentage increase 
as workers on other mines
The Group applies a remuneration policy that pays attention to both external and internal parity in terms of 
remuneration levels, in order to avoid discrimination and unfairness. When it comes to applying this 
comparative principle to the pay levels of unionised employees, the focus is on the actual and potential 
levels of pay rather than the percentage increases being made in any one year by other companies. 
As such, our emphasis is on the absolute figures that are (or can be) earned and not on the percentage 
increases being applied elsewhere. 
Furthermore, annual increases in pay are also influenced by financial sustainability considerations at the units 
where collective bargaining is conducted. These vary across the Sibanye-Stillwater operations according to 
their particular circumstances and are taken into account through the wage negotiation process.
Shareholder concerns 
and feedback
RESPONSE
REMUNERATION REPORT continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
238

Remuneration consultants
During the year, management and the Committee consulted with remuneration experts at PwC to assist with remuneration-related aspects 
including, among others, benchmarking of remuneration for the executive directors and non-executive directors, design and benchmarking 
of the C-Suite remuneration structure, review of market practice on the application of fatalities, modifiers to incentives, and finalisation of 
design of the Minimum Shareholding Requirements plan.
The Remuneration Committee, separate from management, continues to engage with its expert remuneration advisor, Martin Hopkins: 
Head of Reward Advisory Services at Bowmans.
We are satisfied that these consultants are independent, objective, well qualified, and suitably experienced for our purposes.
Appreciation
Lastly, I would like to thank my Remuneration Committee colleagues for their assistance in ensuring that we pay proper attention to the key 
aspects of remuneration in the Group (both the development of policy and practice as well as its implementation) and that we deliver on 
our mandate appropriately.
I also extend my thanks to the members of the management team for their hard work and dedication during another challenging year. 
We also acknowledge and appreciate those shareholders and proxy advisors who gave us constructive and candid feedback on our 
policies and practices.
Tim Cumming
Chairman: Remuneration Committee 
24 April 2023
REMUNERATION REPORT continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
239

PART 2
REMUNERATION POLICY
Function of the Remuneration Committee
The Remuneration Committee assists the Board in discharging its 
responsibilities for setting and administering remuneration policies 
and practices in line with the Group’s strategies, objectives and 
long-term interests. It has a particular focus on the remuneration 
of executive directors and the CxOs (our prescribed officers), 
while also considering the next layers of leadership. Our prescribed 
officers are members of the C-suite, which serves as the Group’s 
Executive Committee (Group Exco), constituting what King IV refers 
to as ‘executive management’. The Remuneration Committee 
also exercises oversight over the broader remuneration philosophy 
and practice with particular reference to remuneration fairness 
and internal pay-parity. 
We are mandated through, and act on the basis of, the 
Remuneration Committee’s Terms of reference. (See 
¸ www.sibanyestillwater.com/about-us/governance) These Terms 
of reference are fully compliant with the requirements and 
principles of King IV.
The Remuneration Committee is responsible for
•
Considering and recommending the remuneration
philosophy for all employment levels in the Group, with a
particular focus on the remuneration of the Group Exco
•
Recommending to the Board the remuneration payable
and conditions of employment for executive directors, and
approving the remuneration payable to prescribed officers
The Terms of reference did not change in any substantial manner 
during the year under review.
The Remuneration Committee is satisfied that, throughout 2022, 
Sibanye-Stillwater complied with its Remuneration policy and that 
no material deviations were noted.
Composition and operation of the Remuneration 
Committee
•
There were no changes to the committee’s membership during
the year
•
The committee members comprise Timothy Cumming
(Chairman), Savannah Danson, Harry Kenyon-Slaney, Vincent
Maphai, Nkosemntu Nika and Keith Rayner
•
All members are independent non-executive directors
•
The committee meets formally at least four times a year but met
five times during 2022, including a special meeting to consider
the revised incentive design; between meetings, it also reviews
and agrees on numerous resolutions via round robin, which are
recorded at the next committee meeting
•
All meetings were quorate, and attendance by committee
members is recorded in the section. Ã See Detail about Board
committees, page 268
•
In addition to committee members, the CEO, the Chief
Organisational Growth Officer (who has accountability for Group
leadership development, organisational culture and senior talent
mobility and growth) and SVP: Corporate Strategy (who supports
the alignment of incentive remuneration with delivery of the
Group’s strategic priorities and outcomes) typically attend our
meetings, with the Company Secretary performing committee
administration
•
None of the executive management in attendance at meetings,
all of whom provide material assistance to the committee, do so
as of right; and they are recused when their own remuneration is
being discussed
•
Independent consultants include Martin Hopkins (Head of
Reward Advisory Services at Bowmans) and remuneration
specialists from PwC who attend meetings to provide
expert advice
•
We agree on an annual work plan that guides our agendas and
areas of focus for our four meetings over the year
Remuneration philosophy vs remuneration policy
Sibanye-Stillwater’s remuneration philosophy aims to underpin the 
development and delivery of the strategic ambitions of the Group 
while reinforcing the desired corporate culture, consistent with our 
iCARES values. As a priority, it supports the attraction and retention 
of talent in support of the Group’s strategic workforce plan as 
well to reward employees fairly and appropriately across the 
organisation.
It remains key as an objective that the Group be regarded as an 
organisation that encourages, recognises and rewards high 
performance and delivery on our business plans and strategic focus 
areas, Ã see Advancing our three-dimensional strategy, page 35. 
Our pay positioning strategy strives to ensure fairness and parity 
across all remuneration decisions and offer employees a rewarding 
work environment where they can develop their careers and earn a 
good living. We seek at all times to make sure that our remuneration 
policies allow us to attract, develop, retain and motivate talented 
and skilled people, particularly at senior and top management 
levels, taking into account our multinational footprint. We want our 
systems to encourage value accretion, to reward opportunities 
harnessed and to recognise continuous improvement while at the 
same time enjoying an appropriate work-life integration. We 
benchmark our remuneration policies and structures regularly 
against relevant peer groups to ensure reasonable external parity 
and competitive remuneration in the context of the global market 
for talent. In addition, employee remuneration levels and potential 
are compared internally to ensure appropriate parity or 
differentiation. We value the insights that benchmarking provides, 
which we recognise offers important data points to remain 
competitive and ensure fairness in our overall remuneration 
structure.
Sibanye-Stillwater’s remuneration philosophy is founded upon the 
simple recognition that various forms of capital are engaged in 
delivering business performance over time and that each seeks a 
fair return. Shareholders and creditors (financial stakeholders) have 
provided the financial capital which, along with the retained 
income from internal capital generation, is applied in acquiring and 
developing resources/reserves (mining assets), physical assets (plant 
and equipment), and human capital (employees, including 
executives). In addition, the countries and the communities in which 
the mines operate should also be seen as seeking a return on their 
provided capital – which is afforded to them through mining 
royalties, income taxes, employee taxes, property rates and other 
levies, and expenses paid by the Group. However, although some 
mining assets are clearly superior to others (in terms of the potential 
for extraction of value), the success of a mining business 
strategically depends on the skills and application of its employees 
REMUNERATION REPORT continued
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to deliver financial and shared value to all stakeholders. 
Furthermore, in order to drive and motivate exceptional 
performance, the financial stakeholders believe in the principle of 
sharing gains achieved on a basis that is fair and competitive. 
The consideration of fair and responsible pay is an inherent 
component of Sibanye-Stillwater’s remuneration philosophy, 
particularly in light of the diverse demographic of employees within 
the various jurisdictions in which the Group operates. In applying 
Sibanye-Stillwater’s remuneration philosophy and principles to our 
design of incentives, we are cognisant that there is no ‘one size fits 
all’ approach and that the expected result must be contextualised 
to ensure that appropriate value is derived for both executives and 
financial stakeholders.
GUIDING PRINCIPLES INFORM OUR REMUNERATION POLICY
The key guiding principles that underpin our remuneration philosophy and which provide 
the framework for the design of our remuneration policies and practices, are
FLEXIBILITY
Accommodate diverse employment market practices across a multi-regional 
group with remuneration reflecting evolving job requirements and, where 
relevant, embracing global mobility in a digital-first world of work.
TRANSPARENCY
Provide executives and staff with clarity on their roles and performance 
expectations and ensure that they understand how the remuneration practices 
and structures apply to them.
EXTERNAL 
COMPETITIVENESS
Adopt appropriate pay levels and structures for comparable jobs within the 
employment markets where we operate being mindful also to take into account 
the multi-regional responsibilities of some executives.
INTERNAL 
COMPARABILITY
Apply remuneration practice that ensures similar jobs are paid equitably across 
the Group within relevant employment markets without discrimination on the 
basis of factors not related to the role performed.
RECOGNITION
Reward performance through appropriate base-pay progression, STIs (bonuses) 
and, where applicable, LTIs. Extraordinary performance and contributions are 
rewarded at a level that signifies the value of the employee to the organisation 
and encourages retention and further commitment.
Fair and responsible remuneration
We remain committed to remuneration fairness across all levels 
of the organisation.
Fairness in remuneration is a complex matter which must be 
considered from the perspectives of different stakeholders – 
employees, shareholders and the broader community in which we 
operate. Different groups often hold conflicting opinions on what 
constitutes fairness and we welcome feedback as we continually 
seek to balance these differences and strive to carry out our 
responsibilities to the Group.
The two key criteria in considering what is fair are external parity 
and internal parity. By this we mean
•
External parity: how does remuneration compare relative to
other people who undertake a similar role, have similar levels of
skill, experience and responsibility in comparable organisations
within the applicable country or regions?
•
Internal parity: how does remuneration compare relative to other
people who are also working at Sibanye-Stillwater, in the same or
similar roles in terms of their respective levels of work, skills,
experience and responsibilities?
REMUNERATION REPORT continued
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241

Accordingly, through application of appropriate policy, we seek to 
ensure that we are fair and equitable in this regard, with no 
discrimination that could be attributed to differences in race, 
gender or any other personal factor that has no bearing on the 
person’s ability to perform.
Sibanye-Stillwater is committed to annually assessing its Gini 
coefficient (initiated four years ago), as well as analysing pay 
discrepancies. We also determine our Palma ratio and monitor our 
internal pay gap. As in previous years, this exercise included 
monitoring pay at the operator level (lowest level of pay) and the 
total rewards offered to employees to determine how to improve 
their wellbeing.
We also recognise the need to pay attention to the challenges of 
unreasonable, or disproportionate, income disparity in terms of 
executive pay versus pay for workers at the lower end of the scale. 
We also note that, with upward fluctuations in the ‘war for talent’, 
we are compelled to follow and compete with the remuneration 
trends of global business. 
Part 3 of this report provides a comprehensive review of 
remuneration fairness across our operations, with key indicators to 
track our progress in terms of fair and responsible remuneration, 
including gender pay-parity initiatives. As noted in the background 
statement, the disclosure is augmented in certain respects for this 
reporting cycle.
Remuneration practices and benchmarking
Sibanye-Stillwater integrates remuneration policies and practices 
with organisational development strategies, to ensure employee 
focus is aligned to the purpose and goals of the Group. At a 
transactional level this is achieved when employees are provided 
with meaningful and value-adding work, as well as developmental 
opportunities supported by a clear understanding of how their work 
contributes to business performance.
Engaged employees who identify with the culture and strategic 
goals of the business should, through application of their 
discretionary efforts, deliver good performance which is a 
cornerstone of our vision. The Group takes care to design and 
implement remuneration structures which calibrate realistic 
performance targets with clear long-term sustainable value 
creation objectives that will enable earnings deferral for the senior 
leadership group as necessary. Superior value for our stakeholders is 
created through the attainment of both short- and long-term 
operational, financial and sustainability goals, and variable pay 
plans are specifically designed to avoid one being favoured over 
the other. Our remuneration practices prioritise the sustainability of 
the business, development of leaders and the management of 
emerging talent.
Benchmarking approach
The Group has evolved markedly through various acquisitions in 
recent years and this caused the organisation to alter the way in 
which it benchmarks its remuneration practices from 2020. We seek 
to ensure that we draw comparisons with companies of similar size 
and scale using broadly comparable remuneration practices. 
Our approach also takes into account that Sibanye-Stillwater has 
now evolved into a multinational group and that the relevant 
‘market’ includes companies from the US, South Africa, Europe, 
Canada, and Australia.
The benchmarking process compares key financial and operating 
metrics to local and international companies of comparable 
portfolios and applies industry standards in terms of weightings and 
cost of living adjustments (COLA) in order to develop appropriate 
benchmark data. It covers both guaranteed and variable 
components, providing for a total reward structure.
Recognition of performance
Sibanye-Stillwater’s pay mix
As disclosed in previous reports, Sibanye-Stillwater aims to be slightly 
more geared towards ‘pay for performance’ than the typical 
market practice by providing for more exposure on its variable pay 
(STI, deferred STI and LTI components) and setting the TGP (total 
guaranteed package) levels slightly lower. While market practice is 
used as a reference point, due consideration is given to jurisdiction 
and market differences insofar as they pertain to Sibanye-Stillwater.
The Sibanye-Stillwater pay mix design aims to reward management 
in support of outcomes that will deliver sustainable stakeholder 
value. This comprises a progressive increase in incentive pay with 
greater weighting towards LTI at the more senior roles. This is 
reflective of the expected timescale and impact of roles 
discharged by incumbents at the respective levels. A geared 
approach weighted towards incentive remuneration affords 
employees the opportunity to earn their variable remuneration 
aligned to their strategic contribution based on timescale and 
scope of impact of the role. Consequently, the variable pay of the 
CEO and CxO roles has a greater weighting towards the LTI 
(shareholder value delivery scorecard) supported by operational 
EVPs who have a more balanced approach between LTI and STI, 
and SVP and VP roles having a greater weighting towards the 
STI component.
Ensuring the link between strategy and remuneration
Sibanye-Stillwater continues to evolve as an enterprise in 
commodity type, size, reach, jurisdictions and complexity and we 
regularly assess whether our remuneration scorecards remain 
properly aligned with the Group’s goals and objectives. We take 
care to ensure that the scorecards resonate meaningfully with our 
employees and that they are aligned with a reasonable set of 
achievable, though challenging, personal and business outcomes.
Embedding ESG excellence in the way we conduct business is a 
core priority for our Group as a whole and we continue to enhance 
the ways in which we target, measure and reward our overall ESG 
performance.  
Values-based decision-making is also at the core of our culture 
and we want our incentive systems to promote this approach to 
leadership, management and work. We regularly interrogate our 
incentive measures, reflecting on what behaviours they tend to 
promote and whether these support our business objectives. Safety, 
production quality and efficiency as well as cost reduction are key 
drivers. As part of this assessment we not only consider ‘what’ we 
measure but ‘how’ we measure, to ensure that there is always a 
strong link between pay and performance.
Corporate strategy development and how it relates to operational 
planning are covered in Ã Our purpose, vision and strategy, 
page 32, Ã Advancing our three-dimensional strategy, page 35, 
Ã Managing our risks and opportunities within the external 
operating environment, page 37. 
REMUNERATION REPORT continued
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242

Performance-based remuneration
Sibanye-Stillwater uses three scorecards to guide and then measure the success of the organisation (collectively) and executives 
(individually) in delivering on business plans and on our strategy. These are the primary inputs to determining variable pay.
The first two scorecards relate to measuring short-term performance and evaluate delivery on 
our business plan and personal KPIs as well as our strategic focus areas. 
OPERATIONAL DELIVERY
Covers the four key operational metrics for the Group: safety, cost, production and orebody developed state; 
these are described in more detail later
PERSONAL PERFORMANCE
A mix of key result areas to judge how the executive performed as a manager and leader within their specific area, 
noting their range of responsibilities in terms of their contribution towards fulfilment of the corporate strategy
SUSTAINABLE SHAREHOLDER VALUE DELIVERY
Value to shareholders over a rolling three-year period; the scorecard reflects the key leading indicators of shareholder 
value: social legitimacy to operate, represented by the Group’s ESG performance, and financial legitimacy to 
operate, represented by the Group’s capital efficiency; complemented by shareholder returns as a lagging indicator
STI and LTI remuneration is determined by performance against these scorecards
Changes to the remuneration policy
Following deliberations during 2022, our remuneration policy was enhanced in the following ways
•
Introduction of the Minimum shareholding requirements (MSR) plan, effective from 1 March 2022
•
Adoption of share price moderation for determination of a more representative share price when determining the LTI awards - both at
the time that the share price linked awards are made and then again when the LTI awards vest three years later
•
In addition to the LTI share price moderation process mentioned above, the Remuneration Committee will also have additional discretion
to exercise further moderation on LTI outcomes should the circumstance deem it warranted on awards made from March 2023 onwards
REMUNERATION REPORT continued
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243

Remuneration elements
Sibanye-Stillwater’s remuneration structure includes the following elements
ALIGNMENT WITH REMUNERATION PHILOSOPHY
Total guaranteed pay (TGP): base salary and allowances 
including provision for medical and retirement contributions
With reference to the relevant market benchmark, as revealed 
in remuneration surveys; this provides the foundational element 
of the remuneration mix
Short-term incentives (STI): annual incentive based 
on a combination of operational delivery and execution 
of approved business strategies (split between cash and 
a deferred portion)
Performance-based reward providing immediate recognition 
for superior performance during the year principally linked to 
KPI factors (operational and personal) within management’s 
control
A deferred performance-based reward (for retention 
purposes), incorporating a limited alignment with delivery of 
value to shareholders through medium-term exposure to share 
price movement
Long-term incentives (LTI): share price linked awards, with 
the value on vesting being determined through leading 
and lagging indicators of shareholder value delivery 
(Performance conditions)
Motivation and retention, with a strong performance 
component rewarding sustained delivery of superior shareholder 
value over the longer term. Aligns outcomes for management 
with outcomes for shareholders
Minimum shareholding requirements (MSR)
Drive a culture of co-investment and accountability 
through personal exposure to the share price
All remuneration elements, including those that are share-based, 
have been cash-settled as from the 2020 remuneration cycle. 
Further, this exposure to fluctuations in Sibanye-Stillwater’s equity 
value is bolstered by share price-related performance conditions on 
the LTI awards. In addition, the personal holdings that many of our 
executives and senior managers elect to hold in the Group (by 
investing cash remuneration in open market dealings) reflects their 
confidence in the Group. As of March 2022, the MSR plan further 
ensures that executives are significantly invested in the Group and 
aligned with other shareholders in that regard.
Composition of total remuneration package – 
executive directors and management
As mentioned above, there are three performance pillars that 
determine remuneration: the personal performance scorecard, the 
operational delivery scorecard and the shareholder value delivery 
scorecard. The personal performance and operational delivery 
scorecards influence STI rewards, including the deferred share-
based component. Additionally, the personal performance and 
shareholder value delivery scorecards influence the share price 
linked LTI. 
Note: the impact of share price appreciation is not taken into 
account in the analysis presented here. 
In setting the KPI targets used with the different scorecards to 
evaluate scoring the organisation’s or executive’s performance 
against those planned targets, three levels are specified: threshold, 
on-target and maximum (stretch). 
The diagrams that follow indicate the composition of total pay 
made up by the various elements under three different scenarios.
Threshold performance relates to the minimum acceptable level 
of performance expected. If this is not achieved for any particular 
KPI then that KPI carries a zero scoring for purposes of determining 
the STI or LTI score. Additionally, if, on aggregate, the threshold 
performance level is not attained then only the TGP would be paid.
On-target performance relates to where the executive’s targets, 
set in terms of the operational delivery scorecard and personal 
performance scorecard, have been met, and correspond with a 
performance rating of 3 (on a scale of 1-5). On target performance 
achieved corresponds with paying a 100% of the incentive award 
value. In terms of the Shareholder value delivery scorecard, on-
target performance corresponds with a 100% vesting score. 
Maximum performance relates to where stretch performance 
outcomes have been achieved on all three performance 
scorecards. (A highly unusual achievement). This results in an STI 
reward that is 200% of the on-target STI. The performance share unit 
profile is adjusted for stretch personal performance at allocation 
(e.g., a 5 rating on the personal performance scorecard is regarded 
as a ‘top performer’). This results in an additional quantum of share 
units being awarded (i.e. an on award multiple of 200% of the 
‘good performer’ allocation). Further to the personal performance 
enhancement outlined above, an additional vesting quantum may 
also be earned as a consequence of top delivery on the 
shareholder value delivery scorecard (which consists of total 
shareholder return, return on invested capital, and ESG) which 
would result in a 250% performance condition. The maximum 
remuneration outcomes for the LTI component in the diagrams 
distinguish the remuneration based on achieving a 250% 
performance condition at an on-award multiple of 100%, and the 
additional remuneration that could be earned through an on-
award multiple of 200%. 
REMUNERATION REPORT continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
244

Range of performance-related pay by executive
CEO (%)
100
28
10
24
18
16
12
32
30
30
Threshold
On-target
Maximum
0
25
50
75
100
CxO (%)
100
32
13
19
24
13
16
28
29
28
Threshold
On-target
Maximum
0
25
50
75
100
EVP (%)
100
37
16
20
24
13
16
25
24
25
Threshold
On-target
Maximum
0
25
50
75
100
TGP
LTI (ordinary stretch)
STI (cash bonus component)
LTI (max vesting)
STI (deferred share-based component)
Percentages in stacked bars may not add up to 100% due to rounding.
Total guaranteed pay (TGP)
TGP levels are reviewed against market benchmarks at least every 
24 months, or as required. The benchmark for TGP tracks the market 
median, derived from independent remuneration surveys of peer 
mining companies, with differentiation by territory. The median is the 
first point of reference as a benchmark, and other factors taken into 
consideration include the time spent in role and the extent to which 
the executive fulfils all aspects commensurate with the role. At the 
time of assessment, an executive’s actual remuneration may well 
be different to the median level, for reasons mentioned above. 
For consistency in application, the Group makes use of a 
comparator peer group of companies, using surveys by 
Mercer and Hay (US PGM) and PwC (SA operations), backed 
by independent advice from external consultants. Further 
verification is also obtained from competitor company proxy 
statements. This practice of benchmarking is also used extensively 
for sub-executive levels. 
Sibanye-Stillwater’s international expansion is mirrored by an 
increase in responsibilities for the executive director and the CxO 
roles. Accordingly, our benchmarking methodology has 
progressively taken into account the executives’ growing 
international responsibilities, focus of attention, and involvement. 
Noting our remuneration philosophy (i.e. a larger variable pay 
component, with TGP positioned slightly below the market median), 
each executive’s TGP benchmark reference point is derived by 
retrofitting Sibanye-Stillwater’s pay mix on the weighted in-role total 
reward benchmark reference point. 
With regard to the Chief Regional Officer (CRO) roles, the 
benchmark considers the CRO’s regional and international in-role 
exposure from a total reward perspective. However, to ensure our 
pay is competitive, CRO pay mix is assessed relative to the 
jurisdiction where they work. In instances where significant 
anomalies were identified between these two data points, we did 
a calibration analysis to ensure the fixed remuneration component 
was consistent with the CRO’s in-role jurisdictional exposure. This was 
particularly relevant for the CRO Europe position, where the market 
favours a greater share of fixed remuneration. 
The comparator group for this purpose was determined in 2019, 
and during 2021 we added Sasol as one further constituent to 
balance the mix between SA-domiciled and international 
companies. The table sets out the comparator group constituents. 
South Africa-focused
Anglo American Platinum Ltd
Impala Platinum Holdings Ltd
Gold Fields Ltd
Kumba Iron Ore Ltd
Sasol Ltd
International (global)-focused
AngloGold Ashanti Ltd
Newmont Corporation
Barrick Gold Corporation
South32 Limited
Fresnillo Plc
Turquoise Hill Resources Ltd
Kinross Gold Corporation
Yamana Gold Inc
Newcrest Mining Ltd
The benchmarking methodology considers the median (and 
spread) of the relevant role under consideration for the same or 
similar job types at both South Africa-focused companies and 
international-focused companies and then further considers the 
extent to which the particular executive’s current responsibilities 
and involvement are split between regional/local matters and 
international matters. Once the benchmark ‘price’ has been 
determined, we consider the extent to which the executive 
warrants being paid above or below that benchmark figure, 
depending on the other factors mentioned above.
REMUNERATION REPORT continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
245

Performance-based incentive plans
Short-term incentives (STI)
The focus of the STI is to incentivise management to achieve safe, sustainable, and cost-effective delivery and to progress the Group’s 
strategic goals.
While the STI component of the incentive plan rewards those elements of performance that are mostly within the control and line-of-sight of 
employees, the LTI is conditional on the achievement of longer-term financial hurdles that are aligned with shareholder value creation. 
See below for a graphic of how STI is calculated and settled.
For 2022, weightings of operational performance versus personal performance are as follows:
Deployment
Operational 
performance
(%)
Personal 
performance
(%)
South Africa: those with direct line responsibility for production operations
80
20
Operating segment management, services functions and all US management
70
30
Group executives and corporate office
70
30
Operational delivery performance
As indicated earlier, performance on operational delivery is 
determined by KPIs on safety, production, cost, and readiness for 
future production. For 2023, the measures used will be similar to 
those adopted for 2022, as provided in the implementation section 
of this report, with evolution of the safety measures to secure 
greater focus on how well leading indicators are managed. 
Provision will also be made for the performance of the Group’s 
European operations to be included with a weighting 
commensurate to their contribution to Group financial outcomes 
and their strategic significance. 
The forthcoming year’s targets (as per business plan) are used to set 
operational delivery targets. The Board pursues an intensive process 
to review and approve business plan commitments that are a fair 
statement of what Sibanye-Stillwater’s orebodies are capable of 
delivering. In determining the targets, consideration is given to 
performance that is realistically achievable, given the levels of 
operational risk that would normally be experienced, while allowing 
for an element of ongoing improvement in safe production.
The on-target level of operational delivery therefore represents 
expected performance of diligent and assiduous management. 
Monthly variability in operational delivery is used to determine a 
suitable performance range, spanning from the threshold to 
maximum/stretch performance levels for the year. Maximum 
performance reflects exemplary management of operational risks 
to substantially below the historical exposure. It represents the 
performance that can be achieved through an exceptional 
management effort, with monthly operating results nearing 
maximum potential. 
Bearing in mind that losses from disruptive risks tend to be more 
substantial than outperformance when risk is controlled, the 
threshold target is therefore typically positioned further from on-
target than is maximum/stretch target. 
At the start of each performance cycle the Remuneration 
Committee approves the KPIs, target performance levels and KPI 
ranges (i.e. threshold to maximum/stretch) for the Group’s 
operational delivery.
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Overall Group operational delivery is a weighted aggregate of the 
performance of the major operating areas of the business. 
The threshold and stretch targets are set with threshold 
performance resulting in a 0% rating for each measure, on-target 
resulting in 100% and a maximum/stretch performance outcome 
resulting in a 200% rating for each measure.
Criteria to determine and adjust performance targets
The Remuneration Committee has the discretion to adjust targets 
during the year in response to anomalous events beyond 
management control, or where there are conscious value-adding 
(or loss-saving) operational departures from the Board-approved 
plan, and where these events cause material deviations from 
approved targets. Examples of such events may be instances of 
force majeure, such as unavailability of services from national 
utilities, or extreme weather events.
Personal performance
The Remuneration Committee and the Audit Committee have 
oversight of the personal performance scorecards of the CEO and 
the CFO. On conclusion of each annual cycle, the Remuneration 
Committee reviews the performance determinations of the 
executive directors and the rest of the Group Exco as the basis of 
approving STI payments and LTI awards.
The personal performance scorecards are largely structured around 
the strategic focus areas as well as their leadership responsibilities. 
As mentioned above, the Group uses a rating scale of 1 - 5 where 
on-target rating is scored as a 3, corresponding to a 100% 
performance component rating, with 5 resulting in a 200% rating 
for this component. If the personal performance evaluation of any 
executive falls below 2.5, then no STI (cash or deferred share price 
linked incentive) is awarded.
Maximum STI achievable
If maximum/stretch targets are achieved on both the operational 
and personal performance scorecards, the maximum incentive 
would be double the on-target bonus level for those elements.
Deferral of a portion of STI into share price-based 
remuneration
All VPs (and above) have 40% of their overall STI awarded to them 
as a deferred share-linked award, which will be settled in cash in 
two equal tranches after 9 and 18 months from the award date. 
The value of the cash received will vary directly according to how 
much the share price varied between the date of the award and 
the date it becomes payable. 
To ensure use of a share price more representative of the 
sustainable value of the Group (without undue influence of short-
term fluctuations), a revised methodology has been adopted for 
determining the applicable share price for both STI and LTI awards 
and their vesting with effect from the 2023 incentive cycle. The 30-
day VWAP at the award or vesting date as applicable will be the 
price used to determine the number of share units to be awarded, 
as well as the cash-settled value to be paid when awards vest. The 
price will be subject to a cap and floor above and below the 200-
day moving average set at one-and-a-half standard deviations of 
the daily closing prices over the 200-day moving average period. 
This ‘cap and floor’ technique is applied in the same way as one 
uses Bollinger bands when doing technical analysis (or ‘charting’) in 
portfolio management. This price determination mechanism will also 
be used for MSU awards made under the MSR plan.
In the event of an employee resigning or being terminated for 
cause after the award has been made, the deferred portion of the 
incentive will be forfeited, with a pro-rata payout applicable in the 
case of no-fault terminations. In the case of retirement at normal 
retirement age, the awards will run to the scheduled date for 
vesting.
Long-term incentives (LTI) 
Determining allocation quantum
Annual LTI awards follow the current Sibanye-Stillwater senior 
management incentive plan for VP level and above. The value of 
the award is a function of annual TGP multiplied by a factor related 
to job grade (on-target percentage) and further multiplied by a 
factor related to their personal performance score as determined 
through their scorecards. The performance factor applied in this 
latter case is determined by reference to the figure and table 
below. This approach was revised for awards made in 2021 as an 
improvement on the previous basis, which had used discrete 
stepped intervals in the payout curve as opposed to a continuous 
payout curve, which allows linear interpolation across the range of 
performance levels.
%
ON AWARD MULTIPLE (%)
Personal performance rating
2
2.5
3
3.5
4
4.5
0
50
100
150
200
REMUNERATION REPORT continued
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247

Personal performance rating
Value as a % of value 
for on-target performance
1.0 – 2.5
0
2.6 – 2.9
20 - 80
3.0 – 3.5
100 - 150
3.6 – 4.1
157 - 193
4.2 – 5.0
200
The LTI awards vest on the third anniversary of the award date, 
dependent on the extent to which the performance conditions 
have been met. 
The award is forfeited in the event of resignation of an executive or 
termination for cause. In the case of no-fault terminations, a pro-
rata payout will be applicable, except in the case of retirement at 
normal retirement age, whereby the awards run to the scheduled 
date for vesting.
Performance conditions for vesting
The proportion of the LTI awards that vest after the three-year period 
depends on the extent to which Sibanye-Stillwater has performed 
relative to the three performance conditions over the applicable 
performance period. As part of the incentive redesign, a detailed 
process was performed to align the performance conditions with 
the refreshed strategy of Sibanye-Stillwater, with a strong focus on 
effective capital allocation. 
Following the review of the incentive design during 2020, 
the Remuneration Committee introduced the use of a third 
performance condition for the 2021 cycle that measures ESG 
factors. The three conditions that we now use to determine the 
extent to which LTI awards will vest are: Relative TSR , ROIC and ESG 
– which are weighted 50%, 30% and 20% respectively. These
weightings apply to the 2023 award cycle but may be adjusted for
future award cycles if deemed appropriate for improved strategic
alignment. For the 2023 awards, the performance conditions will be
evaluated over two trailing years and three prospective years
concluding the build up to the design parameters of the plan.
Relative TSR (total shareholder return), the greatest weighting, 
represents the ‘lagging indicator of value delivery’ and market 
sentiment, with ROIC (return on invested capital) and ESG providing 
a counterbalance, representing a set of factors that can be 
considered as ‘leading indicators’ of market performance.
ROIC enables a more agile and simple approach in measuring 
performance than ROE or ROCE, which are quite common 
performance conditions in assessing LTI vesting. ROIC focuses on the 
extent to which one ‘sweats’ the assets and on generating cash 
and quality earnings. Good ESG performance has become widely 
recognised as a critical leading indicator of sustainable superior 
returns by many investors, and is now commonly tracked as a 
performance measure in both LTI as well as STI schemes. 
The proportion of the LTI award that will vest at the end of each 
award cycle ranges from 0% to 250% of the initial award amount, 
dependent on the evaluation of the performance conditions. 
Achieving the upper end of that range would be very rare and 
would depend on stellar outcomes on all fronts. To ensure the use 
of share prices representative of the Group’s sustainable value on 
award and on vesting, the same price determination mechanism as 
described for deferred STI will be used for LTI awards as from the 
March 2023 award cycle.
More detail and further rationale for each of these performance 
conditions are set out below.
Relative TSR – 50% contribution to the performance 
condition
One of the important aspect of determining the TSR comparator 
group is catering for the fact that we mine gold and PGMs with an 
increasing exposure to ‘battery metals’ while many of the 
constituents of a comparator group are single-commodity 
companies. To better reflect Sibanye-Stillwater’s commodity 
exposure it was decided in 2020 that for future LTI awards the TSR will 
be assessed against a market-cap weighted reference TSR. This is 
determined with a two-year trailing performance period and a 
three-year prospective performance period, resulting in a five-year 
window for assessing this performance condition. The trailing 
performance period has been phased in to ensure that awards are 
not based on performance periods which were already partly 
underway when this arrangement was introduced in 2021. 
The weighted reference TSR is constructed - for now - from two 
comparator groups, a PGM comparator group and a gold 
comparator group, as reflected in the below table, with 
performance measured over a three-year prospective period. Each 
constituent’s associated contribution to the reference TSR will be 
determined with reference to the market cap of the constituent 
company at award date relative to cumulative market cap of all 
constituents in the respective platinum and gold peer group, with a 
cap of 25% on any single company’s contribution to the index.
REMUNERATION REPORT continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
248

PGMs
Gold
Anglo American Platinum
AngloGold Ashanti
Impala Platinum
Gold Fields
Northam Platinum
Harmony Gold
Fresnillo
Kinross Gold Corporation
Sibanye-Stillwater’s TSR over the performance period will be 
evaluated against the reference TSR on the following four levels
•
Threshold: performance at reference TSR or below,
resulting in 0% vesting
•
Target: performance at reference TSR (measured as a CAGR)
+ 4%, resulting in 100% vesting
•
Stretch: performance at reference TSR (measured as a CAGR)
+ 8%, resulting in 200% vesting
•
Super stretch: performance at reference TSR (measured as
a CAGR) + 10%, resulting in 250% vesting
Where the TSR lies between these levels, the percentage will 
be determined on a linear proportional basis. The new basis for 
evaluating TSR replaced the previous version with effect from all LTI 
awards made from March 2021 onwards.
%
rTSR PERFORMANCE CONDITION OUTCOME (%)
Reference TSR outperformance
-2
0
2
4
6
8
10
12
0
50
100
150
200
250
ROIC – 30% contribution to the performance condition
In 2020 it was determined that the ‘financial returns’ measure using 
ROCE should be reconfigured to a somewhat simpler but more 
appropriate measure. ROIC was considered the best option – where 
ROIC is determined by dividing net operating profit after tax 
(NOPAT), using EBIT x (1 – effective tax rate) by the invested capital 
in the Group, quantified as total assets – current liabilities – cash.
ROIC is a capital efficiency measure which calculates how 
efficiently a company allocates its capital. It, therefore, indicates 
quality of earnings and risk categorisation of the company’s 
underlying asset portfolio. ROIC measures management’s ability to 
sweat operational assets; and it accounts for the outcome of 
investment decisions. In terms of performance period, we use the 
same approach for ROIC as we do for TSR (two-year trailing period 
and three-year prospective performance period), with 
performance being evaluated on the following levels
•
Threshold: performance below or equal to five to 10-year SARB
long bond rate + 2%, resulting in 0% vesting
•
Target: performance below or equal to 5 to 10-year SARB long
bond rate + 4% – resulting in 100% vesting
•
Stretch: performance below or equal to 5 to 10-year SARB long
bond rate + 6% – resulting in 200% vesting
•
Super stretch: performance below or equal to 5 to 10-year SARB
long bond rate + 7% – resulting in 250% vesting
Where the ROIC outcome is determined at a value between these 
levels, the percentage vesting will be determined on a linear 
proportional basis. ROIC replaced the ROCE metric with effect from 
all LTI awards made from March 2021 onwards.
%
ROIC PERFORMANCE CONDITION OUTCOME (%)
Outperformance of SA 5 to 10-year long bond yield  as reported by SARB
0
2
4
6
8
10
0
50
100
150
200
250
ESG scorecard – 20% contribution to the performance 
condition
When the Remuneration Committee introduced an ESG 
component as a third LTI performance condition with effect from 
all LTI awards made from March 2021 onwards, we chose a 
phased approach to the implementation of the various ESG 
priorities. The initial ESG scorecard contained 15 indicators 
organised under 10 strategic thrusts, with the priority areas being 
water management, carbon emissions and tailings management, 
amongst other areas. 
After further review, a ‘sustainability’ scorecard was 
developed by grouping the array of ESG factors into four 
sustainability themes under which 12 indicators were 
deemed those most appropriate to track our priorities. Some 
further small refinement were made for use in 2023 and the 
table below sets out the four themes and the 12 indicators 
that are being tracked.
The assessment of each indicator along a continuum of 
achievement determines an outcome on a range of 0 to 
250%. The results are aggregated on a weighted basis in 
order to determine the overall result for the ESG component 
to be used as the LTI performance condition for that 
particular year. This annual result is then aggregated with 
the two trailing-year and three prospective year results to 
derive an overall outcome.
REMUNERATION REPORT continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
249

SUSTAINABILITY MEASURES: 2023 ESG ELEMENT OF PERFORMANCE CONDITION
DEVELOP A CLIMATE CHANGE RESILIENT BUSINESS
Group reduction in GHG emissions and intensities (scope 1+2) 
TARGET: Limiting GHG emissions (scope 1+2) to the annual carbon budget (tCO2e) and reducing GHG emission intensities 
Reduction in water use 
TARGET: Reducing reliance on the Integrated Vaal River System through reducing extraction from municipal water systems, 
thus increasing access to quality water for our areas of jurisdiction
Reduction in risk presented by tailings
TARGET: Real risk reduction in tailings impact on business to nil by 2025
Nature Stewardship
TARGET: Limit net reduction in biodiversity footprint
Responsive, proactive and responsible supply chains: resiliency, relevance and responsibility
TARGET: To create and encourage a network of like-minded suppliers, partners and providers who actively commit to reducing 
their GHG emissions, and their water-use, and who adhere to and uphold our standards and ethos
EMBEDDING HUMAN RIGHTS AND ETHICS: INSIDE AND OUT
Influence the increase in health resilience indicators of our employees and door-step communities (as measured by a health index)
TARGET: To progressively develop and influence the ultimate health of our employees through a health resilience indicator and to 
influence a healthy and safe environment for our communities in order to facilitate the building of a healthy ecosystems that enable 
the ongoing resilience of Sibanye-Stillwater operations
Increase our prioritised human rights inside out engagement indicator
TARGET: To have embedded human rights inside and outside the organisation, to enhance social and ethical value and protect 
our social licence to operate 
Increase equity and inclusion through increase in indicators related to engagement, relevance and inclusion
TARGET: To build an organisation where diversity and inclusion are appreciated for the value add by indicators 
Increase in awareness of safety as a philosophy and system in order to reduce fatalities within all areas of jurisdiction
TARGET: Through increased granularity of measurement, to implement a system to highlight problem areas within the organisation, 
with suitable measures, enabling timeous intervention to reduce the risk
ENTRENCHING LONG TERM ECONOMIC SUSTAINABILITY: INTEGRATED POST MINING ECONOMIES
Increase in concurrent rehabilitation
TARGET: Increase in the alignment and presence of concurrent rehabilitation and absolute reduction in closure liability (cost and risk) 
as a result of sustainable resolution methods 
Socioeconomic development economies
TARGET: To ensure that all operating areas have viable social closure plans, integrated into social performance, concurrent rehabilitation 
programmes and economic activities
DATA-DRIVEN AND CONSIDERED DECISION-MAKING
To increase the robustness and integrity of the global governance framework
TARGET: To increase the robustness of governance ethos globally and enable a diligent, agile and responsive governance environment 
across all our areas of operation 
REMUNERATION REPORT continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
250

Minimum shareholding requirement plan (MSR)
The MSR plan is intended to encourage leadership to take on further 
exposure to the Sibanye-Stillwater share price, thereby increasing 
the extent of alignment with shareholder interests. 
The design of the MSR plan was finalised early in 2022 and has been 
implemented effective from March 2022. To qualify for awards of 
matching share units (MSUs), SVPs and above will be encouraged to 
achieve the target minimum shareholding, as set out below, within 
five years from March 2022 (or from their appointment into a 
designated role). 
CEO – 200% of TGP
CxO – 150% of TGP
EVP – 125% of TGP
SVP – 100% of TGP
MSUs are awarded on a 1:1 basis once the target minimum 
shareholding has been met, up to a maximum qualifying level of 
double the target minimum shareholding.
The MSUs will be subject to the same terms and conditions as those 
applicable to conditional share units (CSUs) awarded under the 
incentive plan, including the performance conditions applicable 
in the relevant award cycle, the three-year vesting period and the 
updated share price determination mechanism applicable on 
award and vesting as from the 2023 incentive cycle. Furthermore, 
it will be an additional vesting condition that the committed shares 
which formed the basis for the award are retained. 
Participants must commit to holding the target minimum 
shareholding for the duration of their employment with the Group, 
and may be subject to clawback provisions should they fail to meet 
this requirement.
Malus and clawback
For LTI and STI awards (both cash and deferred) in the senior 
management incentive plan, the Remuneration Committee has the 
discretion to invoke malus and clawback. Malus will be invoked 
where a trigger event is discovered before payment/settlement. 
Clawback can be invoked three years after payment/settlement 
date (provided the trigger event happened before the payment/
settlement). 
Trigger events include
•
A material misstatement of the financial results resulting in an
adjustment or restatement in the audited consolidated accounts
of the Group, or the audited accounts of any member of
the Group
•
Erroneous or misleading information used to determine awards
•
Serious misconduct or gross negligence
•
Participant’s decision or actions contribute to censure of the
Group by a regulatory authority, or to significant
reputation damage
•
For Malus only, an ESG event (or fatalities) can be designated as
a trigger event after consultation with the Safety and Health
Committee and/or the Social, Ethics and Sustainability
Committee
As described in the section above, an additional clawback 
provision applies to MSUs.
Non-executive director fees
In terms of our Memorandum of incorporation, fees for non-
executive directors are determined by the Group’s shareholders at 
AGMs, which is usually based on recommendations made by the 
Remuneration Committee.
The appropriate level of fees and increases are determined through 
benchmarking exercises in a similar manner to assessing executive 
remuneration. A detailed benchmarking analysis was performed in 
2019 and a further review was undertaken in 2020. More detail on 
the approach can be found in the 2019 report, see 
¸ www.sibanyestillwater.com/news-investors/reports/annual/2019
No further benchmarking was done during 2022, so for 2023 the 
Remuneration Committee is recommending a nominal inflationary 
increase of 5.5% on all fees, including the per diem allowance for 
international travel for non-SA directors. This is in line with inflationary 
increases granted to executive management. It is lower than the 
average salary increases of the Group’s broader employee base. 
The proposed increases will be put to shareholders for approval at 
the AGM.
Executive director contracts of employment
Employment will continue until terminated upon (i) 24 or 12-months’ 
notice by either party for the CEO and CFO, respectively, or 
(ii) retirement of the relevant executive director (currently provided
for at age 65 in the contract). Sibanye-Stillwater can also terminate
an executive director’s employment summarily for any reason
recognised by law as justifying summary termination.
Except for the current two executive directors, none of the 
prescribed officers have employment contracts with compensation 
for severance because of change of control.
The service agreements of the two executive directors contain 
‘change of control’ conditions, set out below. These conditions will 
be honoured until they terminate. However, any future 
appointments of executive directors will be made without provision 
for compensation for severance because of change of control.
The employment contracts for the current two executive 
directors provide that, in the event of their employment being 
terminated as a result of a ‘change of control’, within 12 months 
of the ‘change of control’, the executive director is entitled to
•
For the CEO, payment of an amount equal to two and a half
times TGP and for the CFO, payment of an amount equal to
twice TGP
•
Payment of an amount equal to the average of the incentive
bonuses paid to the executive director during the previous
two completed financial years
•
Any other payments and/or benefits due under the contracts
•
Payment of any annual incentive bonus he has earned during
the financial year notwithstanding that the financial year is
incomplete
•
An entitlement to awards, in terms of the Sibanye-Stillwater
incentive plan, shall accelerate on the date of termination of
employment and settle with the full number of shares
previously awarded
The employment contracts further provide that payments will cover 
any compensation or damages the executive director may have 
under any applicable employment legislation.
Change of control in terms of the above is defined as the 
acquisition by a third party or concerned parties of 30% or more of 
Sibanye-Stillwater ordinary shares. In the event of the consummation 
of an acquisition, merger, consolidation, scheme of arrangement or 
other re-organisation, whether or not there is a change of control, 
if the executive director’s services are terminated, the ‘change of 
control’ provisions summarised above also apply.
Going forward, we will not include any contractual provisions in any 
employment contracts or variable pay contracts that allow for 
accelerated vesting without the testing of performance conditions.
Non-binding vote on Remuneration policy
The Remuneration policy, as set out here in Part 2 of this report, will 
be tabled for a separate non-binding advisory vote at the AGM.
REMUNERATION REPORT continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
251

PART 3
IMPLEMENTATION REPORT
TGP outcomes
Adjustments during 2023
Our remuneration practice makes provision for annual salary 
increments in March. Annual increases for members of the C-suite 
are treated as cost-of-living adjustments, with personal performance 
not included as a factor, although market adjustments are 
implemented where pay benchmarking indicates a discrepancy.
The relevant base-pay increase parameters in the South African 
market ranged between 5.0% and 6.5% (which is the expected 
increase in CPI for 2023) with an average expected salary increase 
of around 5.5% for 2023. For the USA, the corresponding figures 
indicated a range between 3.1% and 4.6%, between 5.0% and 7.4% 
for the United Kingdom and around 3.4% and 6.6% for Europe 
(Finland). CPI increases were granted across all jurisdictions. 
In addition, market adjustments were implemented in accordance 
with the benchmarking analysis presented by PwC respectively 
during the November 2021 and February 2022 Remuneration
Committee meetings, whereby the implementation of the target 
guaranteed remuneration for certain positions was proposed over 
a period of three years, 2023 is the second year of this transitional 
period and the market adjustments are accordingly equally 
proportioned so that the target guaranteed remuneration is 
reached by 2024.
For employees below the Group Executive Committee, we remain 
mindful of the challenge regarding the wage gap and generally 
TGP increases are, and will be, higher for those lower in the 
organisation than at the top. In South Africa, the increase in total 
guaranteed package for middle management and supervisory 
level employees ranged from 5% to 6% and at operator level from 
6% to 7%. In the US, the base salary for senior employees was 
increased by 3% plus 1% as a once off allowance calculated on 
the pre increase basic  and at supervisory and operator levels the 
increases also averaged 3% plus 1% as a once off allowance 
calculated on the pre-increase basic. The UK the increases were 5%.
Executive
2022 cycle guaranteed 
remuneration (000's)
Annual increase
2023 cycle guaranteed 
remuneration (000's)
Neal Froneman1
R7,176
 6.58 %
R7,648
US$462
 3.00 %
US$475
Charl Keyter
R7,920
 5.50 %
R8,355
Charles Carter
US$720
 3.00 %
US$741
Dawie Mostert
R5,414
 8.02 %
R5,848
Laurent Charbonnier
£503
 5.00 %
£528
Lerato Legong
R4,519
 5.50 %
R4,768
Mika Seitovirta
€448
 5.00 %
€471
Richard Stewart
R6,578
 11.31 %
R7,321
Robert van Niekerk
R6,527
 5.50 %
R6,885
Themba Nkosi
R4,638
 5.50 %
R4,892
Remuneration fairness
In part 2 we set out our policy and the principles for fair and 
responsible remuneration. Since 2013 we have implemented 
a programme to address income inequality, while retaining a 
competitive total reward construct at management levels. This, in 
short, involves higher salary increases for lower employee levels, as 
well as job enlargement and job enrichment to stimulate upward 
mobility and upward job re-grading. 
All employees across Sibanye-Stillwater (both the US and SA 
operations) have been included in the analysis. In performing the 
calculations, a COLA (cost of living adjustment) has not been 
applied to the dollar-based salaries, as US-based employees are 
employed in accordance with US laws, regulations and the market. 
As with the 2021 report, a calculation of both the Gini coefficient 
and Palma ratio was performed on total remuneration paid 
(including LTIs awarded to senior staff). In prior years the calculation 
had been done only with respect to guaranteed base-pay (TGP);  
the comparable TGP based outcomes are also presented for 2020 
and 2021, to preserve the integrity of the trend. 
Considering the higher proportion of at risk incentive pay in the 
remuneration mix for senior staff, it is to be expected that a less 
equal outcome is attained when computing remuneration disparity 
indicators based on total remuneration.
Palma ratio
The Palma ratio, when used in assessing differences in earnings 
between the ‘top’ and the ‘bottom’ of a company, is determined 
by taking the aggregate amount earned by the top 10% of a group 
of employees, divided by the aggregate amount earned by the 
bottom 40%. 
Based on the modified approach (i.e. using total remuneration as 
opposed to only guaranteed base-pay (TGP), employees 
comprising the top 10% of the payroll were earning total 
REMUNERATION REPORT continued
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252
1 The CEO’s dual service arrangement will be maintained in separately denominated rates for the respective portion of his local and offshore service, 
with effect from 1 March 2023

remuneration, in aggregate, about 1.55 times that of the bottom 
40% in 2022. As illustrated below, the Palma ratio has decreased 
from 1.60 in 2021 to 1.55 in 2022.
In terms of an external comparison, Sibanye-Stillwater compares 
somewhat more favourably to the REMchannel® database for the 
‘mining’ and ‘nation-wide’ categories, where ratios of 1.81 and 2.36 
respectively are observed.
Gini coefficient
The Gini coefficient is an internationally accepted measure of the 
distribution of income within a society or within a group. A value of 
nil indicates complete equality and one indicates that one person 
receives all the income.
The data below indicates that the Gini coefficient based on total 
remuneration improved from 0.37 in 2021 to 0.35 in 2022. The Gini 
coefficient for the Group is lower than that applied to REMChannel® 
data, which indicates Gini coefficients of 0.40 for the mining industry 
and 0.45 for all industries nationwide. 
While not directly comparable, it is also interesting to note by way of 
contrast that South Africa’s sovereign Gini coefficient, as reported 
by the OECD, is 0.62, one of the most unequal in the world, although 
this is primarily due to high levels of unemployment. 
The outcomes in terms of progression of the Palma ratio and Gini 
coefficient are presented below. The seven-year trend on both 
indicators, based on TGP figures, demonstrates meaningful progress 
in reducing pay disparities over this time frame. On the other hand, 
although the analysis based on total remuneration is expected to 
follow suit, there will be occasions during periods of above average 
levels of performance and share price-based variability which will 
have a disproportionate effect on the top earners compared to the 
bottom earners. This will likely result in ratios increasing to a degree 
over those periods. 
2022
2021
2020
2019
2018
2017
2016
2015
Palma ratio
based on TGP only
1.31 
1.38 
1.38 
1.40 
1.46 
1.51 
1.62 
1.75 
based on total remuneration
1.55 
1.60 
1.64 
1.58 
Gini coefficient
based on TGP only
0.31 
0.33 
0.33 
0.34 
0.34 
0.35 
0.36 
0.38 
based on total remuneration
0.35 
0.37 
0.37 
0.36 
REMUNERATION DIFFERENTIAL INDICATORS
Palma ratio (left axis) (based on TGP only)
  (based on total remuneration)
Gini coefficient (right axis) (based on TGP only)
  (based on total remuneration)
2015
2016
2017
2018
2019
2020
2021
2022
1
1.2
1.4
1.6
1.8
0.30
0.32
0.34
0.36
0.38
0.40
Gender parity analysis
A pay-parity audit was undertaken in 2019 for senior officials which indicated that, where disparities in salary levels across gender and race 
existed, these were predominately linked to longer lengths of service between the persons being compared as opposed to factors of race 
or gender. On further analysis of some of the roles, it was evident that the disparities mostly arose from legacy issues, largely stemming from 
the impact of mergers and acquisitions; e.g., there were some differences in promotion and benefit policies between the SA gold operations 
and the SA PGM operations, and even between different operations within the same segments.
The 2020 pay-parity audit established a better foundation for equitable and fair pay practices. The pay-parity project established a 
framework and a pay model which included targets for adjusting differences as required. The model integrates objective criteria 
(experience, skills, performance and talent retention) and serves as a guide for HR and line management when setting pay levels during the 
annual increase. The status of pay-parity will continue to be tracked, and corrected where required and the model refined as needs be. 
Our audit of gender parity in particular over the past year showed that there is scant evidence women are paid less because of their 
gender. Any apparent pay gaps that were identified were considered, on closer inspection, to be reasonably justified based on the 
assessment of key factors such as work experience and time spent in the particular role. 
REMUNERATION REPORT continued
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253

Income distribution analysis 
During 2022, we continued to progress our work on remuneration fairness and performed an analysis to evaluate how our income distribution 
has evolved over the past four years. The outcome of this analysis is illustrated in the graph below which shows what percentage of all 
remuneration was earned within each of the five indicated remuneration bands - which range from ‘Less than R250k’ to ‘above R1.5m’. 
INCOME DISTRIBUTION ANALYSIS (SIBANYE-STILLWATER)
67%
20%
9%
2%
2%
33%
49%
12%
2%
4%
29%
54%
12%
2%
4%
14%
69%
11%
1%
4%
2019
2020
2021
2022
Up to 250,000
250,001 - 500,000
500,001 - 1,000,000
1,000,001 - 1,500,000
Above 1,500,000
0%
25%
50%
75%
We are encouraged to see a substantial migration in the number of employees who historically earned below R250,000 per annum 
(the median amount required to support a family of five in terms of PwC’s living wage analysis which was published in the 15th edition of 
their annual non-executive directors report) into the next income band of R250,000-R500,000 per annum. This is showcased in the reduction 
of the number of employees earning below R250,000 from 67% in 2019 to 14% in 2022 with a similar increase in the number of employees 
earning between R250,000 to R500,000 from 20% in 2019 to 69% in 2022. This illustrates the progress in our commitment to ensure dignified pay 
for all levels of employment, particularly at union level and is a manifestation to our purpose to Safeguard global sustainability through our 
metals. .
Compelling benefits at lower levels
Our people are our most important asset. We aim to deliver value to our people through a combination of approaches, centred around 
‘empowering our workforce’, and constantly reassess and revisit our offerings. While offering a competitive take-home pay is central/
primary/the foundation to these efforts, there are many other aspects which contribute to caring for our employees financially. We pride 
ourselves on the benefits which we offer to our on-site employees, and are undertaking efforts to ensure these are fair and optimised across 
operations. We also aim to assist employees in maximising their take-home pay, through financial wellness education. We also emphasise 
retirement planning as an important part of our EVP. This is all within an environment in which our people are valued and can reach their full 
potential, and we undertake great efforts to provide opportunities for a rewarding career as well as learning and skills development. 
Determining and overseeing ‘fair pay’ is a complex issue and requires clear rules and principles, aligned to a talent strategy and supported 
by a policy and governance framework. We remain committed to refining these in pursuit of ensuring equity and fairness, starting from all 
new hires and promotions as and when these occur. In South Africa, each segment is subject to independent wage negotiations at pre-
determined and agreed frequencies. At the operator level (Category 4-8), the average earnings are indicated in the table below, taking 
into consideration guaranteed and variable pay as well as the average training cost per employee (Ã see further details available on page 
162, reflecting effort and cost for developing and empowering employees) against an annual wage bill of R27 billion.
Average Cat 4-8:
Base pay plus guaranteed 
benefits (per month)
Variable pay (Allowances, 
Overtime, Bonus per month)
Other benefits 
(Training per month)
Total Cost to company 
per month
Annual Cost lo company 
(Cat 4-8)
21,839
3,414
1,728
26,982
323,782
Included in the above:
Basic pay
Shift allowance
Avg. Training cost based 
on all type of training 
intervention (learnerships, 
leadership, core training 
iMali etc.)
Holiday leave allowance
Stand by allowance
Medical subsidy
Skills allowances
Living out allowance
Transport allowances
Retirement fund contribution
Bonuses (all)
Risk contributions
Overtime (all)
REMUNERATION REPORT continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
254

Discretionary 20% modifier applied to STI and LTI pay outs due to high fatalities in 2021 
As has been addressed elsewhere in this report and remarked upon in last years report, the level of fatalities across the Group was 
unacceptably high during 2021 and did not accord with our intention to progressively work towards Zero Harm. In the light of this and 
despite the many levels of operational success in the Group, the Remuneration Committee, during the review in March 2022, deliberated 
long and hard as to what would be the most appropriate manner to address this shortcoming in terms of remuneration outcomes. Using the 
discretion allowed in the rules of the incentive schemes and as has been done in the past, the Remuneration Committee determined that 
we would apply a substantial downward modifier and cut the STI payouts in respect of 2021 as well as the LTI vestings due in March 2022 
by 20%. 
STI outcomes
As set out in Part 2 of this report, STI payments are based on measuring and rating the performance of the Group Exco against operational 
measures, as itemised in the Operational delivery scorecard and in the personal performance of each executive based on their Personal 
performance scorecards.
Operational delivery scorecard for 2022
When considering the operational performance for 2022, in terms of the outcome relative to the various KPIs in the Operational scorecard, 
we considered and, where appropriate, took into account various unforeseen impacts that were considered anomalous and were either 
beyond the control of management and outside of foreseeable plan scope or were due to decisions to alter plans during the course of the 
year in order to ensure better safety or longer term sustainability. These included the regional flooding event in Montana, excessive load 
curtailment of electricity availability, progressively increased impact of organised criminal copper theft at levels substantially above those 
allowed for in the plans which unavoidably disrupted operations, impacts of the protracted strike at the South African gold operations and 
unanticipated and anomalous seismicity at Siphumelele shaft that required a re-plan of production for safety reasons. The largest of these 
adjustments was for the gold production KPI but the final rating of that KPI - after adjustment - was still 0% (see below). The Remuneration 
Committee is satisfied that the allowance of these budget adjustments was warranted and allows for a fair assessment of management’s 
operational results relative to the targets. The overall evaluation of operational delivery for 2022 is presented in the table below.
Sibanye-Stillwater operational delivery scorecard evaluation 2022
South African gold operations (25% contribution to Group)
Safety
 30 %
Serious  Injury Frequency Rate (per 
million hours)
 40 %
3.72
3.38
3.21
3.19
 200.0 %
Fatal Risk focus on ½ year critical 
control, defined, implemented, 
measured.  Fatal elimination plan 
approved per VP area by end of 
June.  20% reduction in 3yr  rolling 
average FIFR. 
 60 %
0.065
0.065 & full 
implementation 
half-year fatal 
risk critical 
controls
ICMM second 
quartile & 20% 
actions 
executed of 
approved fatal 
elimination plan 
by year-end
FIFR 0.040, full 
implementation of 
critical controls, ICMM 
third quartile and 81% 
of fatal elimination 
plan actions 
executed
 150.0 %
Production
 30 % Gold produced (kg)
 100 %
14,365
15,961
16,360
13,690
 0.0 %
Cost
 20 %
Underground operating cost (R/
underground tonne milled) (ORD 
expensed, excluding capex and 
non controllables)
 50 %
6,502
5,911
5,763
6,135
 62.1 %
Total operating cost (R/kg 
produced) (Surface and U/G kg's) 
(ORD expensed, excluding capex 
and non controllables)
 50 %
1,346,382
1,223,983
1,193,384
1,362,987
 0.0 %
Developed 
state
 20 %
Primary on reef development (m)
 50 %
4,891
5,434
5,570
4,223
 0.0 %
Primary off reef development 
(including Capex) (m)
 50 %
15,395
17,105
17,533
13,929
 0.0 %
KPI
Weight 
Parameter
Sub-weight 
(%)
Threshold 
0%
On target 100%
Maximum 200%
Actual
Rating 
(%)
REMUNERATION REPORT continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
255

SA gold operations overall result
57.2%
South African PGM operations (40% contribution to Group)
Safety
 30 %
Serious  Injury Frequency Rate (per 
million hours)
 40 %
2.83
2.57
2.44
2.72
 41.6 %
Fatal Risk focus on ½ year critical 
control, defined, implemented, 
measured.  Fatal elimination plan 
approved per VP area by end of 
June.  20% reduction in 3yr  rolling 
average FIFR. 
 60 %
0.051
0.051 & full 
implementation 
half-year fatal 
risk critical 
controls
ICMM second 
quartile & 20% 
actions 
executed of 
approved fatal 
elimination plan 
by year-end
FIFR 0.031, full 
implementation of 
critical controls, ICMM 
third quartile and 80% 
of fatal elimination 
plan actions 
executed
 150.0 %
Production
 30 % Ounces produced ('000 4E oz)
 100 %
1,719
1,910
1,958
1,749
 15.6 %
Cost
 20 %
Underground operating cost (R/
underground reef tonne hoisted) 
(ORD capitalised, excluding capex 
and non controllables)
 50 %
1,677
1,524
1,486
1,558
 77.7 %
Total operating cost (R/4E oz 
produced) (Surface and U/G oz's) 
(ORD expensed, excluding capex 
and non controllables)
 50 %
20,217
18,380
17,920
19,402
 44.4 %
Developed 
state
 20 %
Primary on reef development (m)
 50 %
57,978
64,420
66,031
67,324
 200.0 %
Primary off reef development (m)
 50 %
37,042
41,158
42,187
35,814
 0.0 %
SA PGM operations overall result 
68.9%
US PGM operations (25% contribution to Group)
Safety
 30 %
Serious  Injury Frequency Rate (per 
million hours)
 40 %
6.17
5.61
5.33
4.03
 200.0 %
Fatal Risk focus on ½ year critical 
control, defined, implemented, 
measured.  Fatal elimination plan 
approved per VP area by end of 
June.  20% reduction in 3yr  rolling 
average FIFR. 
 60 %
0.000
0.000 & full 
implementation 
half-year fatal 
risk critical 
controls
ICMM first 
quartile & 20% 
actions 
executed of 
approved fatal 
elimination plan 
by year-end
FIFR 0.000, full 
implementation of 
critical controls, ICMM 
first quartile and 47% 
of fatal elimination 
plan actions 
executed
 200.0 %
Production
 30 % Returnable 2E PGM produced ('000
oz)
 100 %
430.5
478.3
490.3
421.1
 0.0 %
Cost
 20 %
Underground operating cost ($/
underground reef ton milled) (ORD 
capitalised, excluding capex and 
non controllables)
 50 %
254
231
225
255
 0.0 %
Total operating cost ($/oz 
produced excluding recyc) (ORD 
expensed, excluding capex and 
non controllables)
 50 %
1,180
1,073
1,046
1,428
 0.0 %
Developed 
state
 20 %
Primary development advance 
(equivalent 000 ft)
 40 %
36.0
39.9
40.9
44.9
 200.0 %
Secondary development advance 
(equivalent 000 ft)
 40 %
35.7
39.6
40.6
38.1
 60.4 %
Diamond Drilling ('000 drill ft)
 20 %
775
861
882
878
 181.8 %
US PGM operations result
88.1%
Recycling operations (10% contribution to Group)
Production
 40 %
Recycling throughput (tonnes 
smelted per day)
 25 %
23.0
25.5
26.2
18.8
 0.0 %
Recycling receipts (tonnes received 
per day)
 25 %
23.0
25.5
26.2
18.9
 0.0 %
Total ounces Fed ('000 3E oz) (post 
96% recovery factor)
 50 %
649.1
752.4
739.3
598.8
 0.0 %
Cost
 30 %
Net profit margin (%)
 50 %
 3.5 %
 3.9 %
 4.5 %
 4.6 %
 200.0 %
Recycling EBITDA (US$ million)
 50 %
72.2
80.2
82.2
74.6
 30.2 %
Developed 
state
 30 % Inventory / working capital 
management (tons)
 100 %
450
300
150
54
 200.0 %
Recycling operations result
 94.5 %
Group result
 73.3 %
KPI
Weight 
Parameter
Sub-weight 
(%)
Threshold 
0%
On target 100%
Maximum 200%
Actual
Rating 
(%)
REMUNERATION REPORT continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
256

Personal performance outcomes for the executive directors during 2022
As set out in part 2 of this report, a performance scale of 1 - 5 is used for each factor on the executives’ scorecard, and then a weighted 
average score is determined based on the outcomes for each factor. A performance of three is considered on-target and equates to a 
rating of 100%, whereas a performance of five represents exceptional achievement and is rated 200%.
Neal Froneman – CEO 
Neal achieved a personal performance rating of 4.0, which translated to a score of 150% for the personal performance component of his STI 
payment. Below is a brief summary of his achievements.
Objective
Weighting (%)
Performance
rating
Building a unique portfolio of green metals and energy solutions
20%
3.5
Being instrumental in forming Pandemic resilient ecosystems
20%
3.5
Shaping an Inclusive, diverse and bionic organisation
20%
4.5
Securing recognition as a Force for good
20%
4.0
Refining the Enabling environment for strategic and operational delivery
20%
4.3
Performance highlights for 2022
•
Updated strategies for growth of the Europe and Americas regions and the recycling and tailings re-processing businesses
•
Good progress in building the battery metals business in Europe and in expanding tailings re-processing involvement
•
Meaningful developments towards liberating value at Sandouville through recapitalisation, business improvement and feasibility studies
on new business activities
•
Stake in Keliber increased to 85.90% and all key permits obtained
•
Positive developments in securing funding and offtake commitments on the Rhyolite Ridge project
•
Good progress on the BioniCCubE portfolio of investments
•
Strong strategic relationships being developed along the value chain in the North American and European battery supply ecosystems
•
Significant reset of stakeholder relations in Marikana through the Letsema engagement process and the 10th anniversary
commemoration
•
Stakeholder cohesion amplified in Montana through the concerted flood responses
•
Supplier commitments obtained to co-invest in community development programmes at Marikana and Rustenburg
•
Percentage females increased from 14% to 16% and HDSA (historically disadvantaged South Africans) in management increased from
55% to 58% in South Africa
•
Inclusivity programmes launched and starting to shift attitudes to diversity
•
Digital-first operations becoming established as routine practice, delivering benefits to the Group and its employees
•
Several digital tools adopted to augment human capabilities
•
Meaningful progress in building a culture of innovation and creating a framework for effective innovation management
•
Innovation partnerships with strategic suppliers and academia sustained and expanded
•
Conformant in all material respects with the sustainability and ESG codes to which we subscribe
•
Good progress towards meeting our goal of carbon neutrality by 2040
•
Several innovative approaches adopted to enhance socioeconomic impact of our business
•
Socioeconomic impact report published for our South African operations, demonstrating shared value creation
•
Regionalised leadership configuration implemented consistent with providing effective leadership for the more geographically and
commodity diversified profile of the Group
•
Regional leadership teams established, with clear strategies to operationalise corporate strategic intent
•
Key strategic drivers defined to embed the strategic differentiators as the Group’s way of conducting business
REMUNERATION REPORT continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
257

Charl Keyter – CFO 
Charl achieved a personal performance rating of 3.8, which translated into a score of 140% for the personal performance component of his 
STI payment. A summary of his achievements against his personal performance scorecard is set out below.
Objective
Weighting (%)
Performance
rating
Prosper in every region in which we operate and achieve operational excellence and optimise long term 
resource value
20%
4.0
Force for good (Embed ESG as the way we do business)
10%
4.5
Maintain a profitable business and optimise capital allocation
30%
3.5
Inclusive, diverse and bionic
10%
3.0
Adopt anti-fragility into our business processes
30%
4.0
Performance highlights for 2022
•
Strong financial performance, despite operational disruptions
•
Disciplined delivery on all elements of capital allocation framework
•
Net cash position maintained
•
Credit ratings upgrade to Ba2/BB (Moody’s, S&P and Fitch)
•
Resourcing of key regional and corporate senior financial leadership
•
Preparation of sustainability-linked framework for future financing started
•
Meticulous variable cost-control aligned with lower output
•
ISO 27001 certification preparation, audit outcome obtained on 14 April 2023
•
Financial integration completed (Sandouville nickel refinery) and in progress (Keliber lithium project) in respect of 2022 acquisitions
•
Exemplary governance credentials supporting the Group’s ESG positioning
Overall STI outcomes for executive directors and prescribed officers for 2022
The following table provides the 2022 performance assessments, together with the cash and deferred share-based incentive STI awards. 
Overall performance is weighted 70% for operational delivery and 30% for personal performance.
Executive
Operational 
delivery 
performance
Personal 
performance
Overall 
performance
Approved annual 
TGP (incentive 
attracting for STI) 
(000’s)
Cash incentive 
(000’s)
Value of 
deferred share-
based award 
(000’s)
Neal Froneman
RSA
 73.3 %
 150.0 %
 96.3 %
 R7 176
R5 875
R3 916
USA
US$462
US$378
US$252
Charl Keyter
 73.3 %
 140.0 %
 93.3 %
R7 920
R5 542
R3 695
Charles Carter
 89.9 %
 130.0 %
 101.9 %
US$720
US$336
US$224
Dawie Mostert
 73.3 %
 140.0 %
 93.3 %
R5 414
R3 789
R2 526
Laurent Charbonnier
 73.3 %
 135.0 %
 91.8 %
£503
£347
£231
Lerato Legong
 73.3 %
 125.0 %
 88.8 %
R4 519
R3 010
R2 007
Mika Seitovirta
1 Apr - 30 Jun 2022 (part time)
 73.3 %
 150.0 %
 96.3 %
 € 233
 € 42
 € 28
1 Jul - 31 Dec 2022 (full time)
 € 449
 € 163
 € 109
Total
 € 205
 € 137
Richard Stewart
COO
 73.3 %
 150.0 %
 96.3 %
R6 578
R1 966
R1 310
CRO
 70.9 %
 150.0 %
 94.6 %
R2 737
R1 825
Total
R4 703
R3 135
Robert van Niekerk
 73.3 %
 145.0 %
 94.8 %
R6 527
R4 641
R3 094
Themba Nkosi
 73.3 %
 135.0 %
 91.8 %
R4 638
R3 193
R2 129
REMUNERATION REPORT continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
258

LTI outcomes
LTI awards made in March 2022
As disclosed in the 2021 Integrated report, LTI awards were made to executive directors and prescribed officers in March 2022, based on the 
relevant parameters and their personal performance during 2021. Details for the determination of the conditional (performance) share-
based LTI awards made to executive directors and prescribed officers on 1 March 2022 are shown below. These fair value awards are 
subject to the performance conditions in effect at the time when vesting is due and this will result in only a portion of these share unit awards 
actually vesting, in a range between 0 and 250% of the units awarded. This will be evaluated over the performance period from the date 
the awards were made in 2022 up until the date to vesting on 1 March 2025.
Executive
LTI on target award
% of on target 
award based on 
2021 personal 
performance rating
% of annual TGP
awarded
Value of share- 
based long term 
incentive award
(000’s)
Number of share 
units awarded
Neal Froneman
 115.0 %
 192.9 %
 222 %
R31,831
459,554 
Charl Keyter
 90.0 %
 192.9 %
 174 %
R13,746
198,456 
Dawie Mostert
 90.0 %
 164.3 %
 148 %
R8,005
115,571 
Laurent Charbonnier
 90.0 %
 185.7 %
 167 %
£841
249,596 
Lerato Legong
 90.0 %
 164.3 %
 148 %
R6,682
96,474 
Themba Nkosi
 90.0 %
 171.4 %
 154 %
R7,155
103,299 
Richard Stewart
 90.0 %
 200.0 %
 180 %
R11,839
170,932 
Robert van Niekerk
 90.0 %
 185.7 %
 167 %
R10,909
157,498 
LTI awards made in March 2023
The details for the determination of share price-linked, cash-settled LTI awards for executive directors and prescribed officers on 
1 March 2023 are shown below. The basis on which these share-based awards are determined is explained in part 2 of this report.
LTIs are awarded in accordance with the on-target percentages as stipulated in the senior management incentive plan approved by the 
Board, as moderated by personal performance ratings using the on-award multiples as presented in part 2 of this report. The fair value 
awards presented in the table below are determined based on annual TGP post the approved March 2023 increases, and will be subject to 
the assessment of the performance conditions which will determine the actual number of share units vesting in March 2026 (in the range 
from 0 to 250%). The awards will be cash-settled after three years, taking into account the performance conditions and share price 
appreciation by the time of settlement.
Executive
LTI on target award
% of on target 
award based on 
2022 personal 
performance rating
% of annual TGP
awarded
Value of share- 
based long term 
incentive award
(000’s)
Number of share 
units awarded
Neal Froneman
 115.0 %
 185.7 %
 213.6 %
R16,334
381,839
US$1,016
105,026
Charl Keyter
 90.0 %
 171.4 %
 154.3 %
R12,890
301,338
Charles Carter
 90.0 %
 157.1 %
 141.4 %
US$1,048
108,386
Dawie Mostert
 90.0 %
 171.4 %
 154.3 %
R9,023
210,924
Laurent Charbonnier
 90.0 %
 164.3 %
 147.9 %
£781
398,482
Lerato Legong
 90.0 %
 150.0 %
 135.0 %
R6,436
150,467
Themba Nkosi
 90.0 %
 164.3 %
 147.9 %
R7,234
169,104
Mika Seitovirta
 90.0 %
 185.7 %
 167.1 %
€787
356,864
Richard Stewart
 90.0 %
 185.7 %
 167.1 %
R12,237
286,063
Robert van Niekerk
 90.0 %
 178.6 %
 160.7 %
R11,066
258,692
Number of share units for US$ denominated awards refers to ADR’s, while for other non-South African currencies, the awards are made in terms of SSW shares and converted into 
foreign currency.
REMUNERATION REPORT continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
259

Vesting outcomes for 2019 LTI conditional (performance) share awards vesting in March 2022
Over the three-year performance period to March 2022, the TSR vesting percentage was reported in the 2021 remuneration report, and 
carries a 70% weight in the total vesting determination. Sibanye-Stillwater’s annualised TSR of 66.3% exceeded the TSR of seven companies in 
the peer group and, based on linear interpolation between the first and second peer companies, this element of the performance condition 
was evaluated at 97.17%.
Since March 2021, the ‘Return on Capital’ metric used as a Performance condition is the ROIC (as explained above) but for the 2019 awards 
the ROCE metric remained applicable. As such, the ROCE over the 2019, 2020 and 2021 financial years has been determined as 37.5% 
against a cost of equity of 17.3%. Since this return on capital employed exceeded the cost of equity by 20.2%, the ROCE element of the 
vesting conditions – which carries 30% weighting in the overall performance assessment – was evaluated at 100%.
As explained above, in applying its discretion to the ESG condition, and considering the company’s ESG outcomes during the period, it was 
concluded by the Remuneration Committee that the incidence of fatalities in 2021 warranted the imposition of a 20% deduction on the 
vesting of the conditional shares. As such, by combining the components of the TSR and ROCE using their respective weightings and then 
reducing that by the 20% modifier resulted in a vesting of 78.4% of the shares awarded in March 2019 for the executive directors and 
prescribed officers.
Vesting outcomes for 2020 LTI conditional share unit awards vesting in March 2023
Over the three-year performance period to March 2023, the TSR vesting percentage was evaluated at 12.46%, as illustrated below, and 
carries a 70% weight in the total vesting determination. Sibanye-Stillwater’s annualised TSR of 22.5% exceeded the TSR of three companies in 
the peer group and, based on linear interpolation between the fifth and sixth peer companies, was evaluated at 35.0% of the market 
capitalisation in the peer group.
TSR Performance condition
The ROCE over the 2020, 2021 and 2022 financial years has been determined as 39.3% against a cost of equity of 21.9%. Since the ROCE 
exceeded the cost of equity by 17.4%, the ROCE element, which carries 30% weighting in the overall Performance condition, was evaluated 
at 100%.
In applying its discretion to the ESG condition, and considering the Group’s ESG outcomes during the prior year, it was concluded by the 
Remuneration Committee that there were no need for any ESG-related deduction on the vesting of the LTI share units. As such, by 
combining the components of the TSR and ROCE, using the respective weightings, resulted in a vesting of 38.72% of the share units awarded 
in March 2020 to the executive directors and prescribed officers.
REMUNERATION REPORT continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
260

Progress on the ESG performance condition applicable to in progress LTI awards
An ESG element was introduced into the Performance conditions with a 20% weighting for LTI awards made in March 2021. With those 
awards now two years into their vesting period but with one more year to run, we considered it useful to report on the outcome achieved in 
the first two years of this three-year performance period based on evaluation of performance on the ESG scorecards for 2021 and 2022.  
ESG performance was determined using the evaluation frameworks presented in our 2020 and 2021 remuneration reports. Performance was 
evaluated by comparing the outcomes achieved with targets that had been set objectively. Meeting the target results in a 100% outcome, 
with a shortfall resulting in 0%. Exceeding the targeted delivery results in a 200% performance rating, while exceptional achievement 
translates to a 250% performance rating. This aligns with the 0 to 250% range for performance conditions applicable to LTI awards, as 
specified in our remuneration policy. 
The overall score for 2021 was 147.5%  and 116.4% for 2022 as set out in the tables below showing the performance rating per element. These 
outcomes will be aggregated with the 2023 ESG scorecard result to determine the ESG element of the performance condition applicable on 
vesting of the March 2021 awards in March 2024.
2021 ESG scorecard outcome
Environmental 
(30%)
Carbon and climate
Energy and fuel efficiency
100%
158.3%
Land management and closure
Concurrent rehabilitation
133%
Tailings management
200%
Water conservation and demand management
Water intensity
200%
Social (40%)
Safety and wellness
Healthcare strategy
100%
112.5%
Community partnerships
Social compact/GNA
150%
Transformation
Community development
100%
100%
Diversity and inclusion
100%
Human rights
No human rights infringements
100%
Governance 
(30%)
Ethics
Code of conduct
200%
183.3%
Corporate governance
Management policies, systems and disclosure
250%
Compliance
IT Governance, cyber security and data privacy
100%
100%
Approval frameworks
0%
Social and labour plans
100%
Environmental
200%
Overall outcome
147.5%
Element
Strategic thrust
Indicator
Performance
2022 ESG scorecard outcome
Climate change resilient 
business (40%)
Group reduction in GHG emissions
200%
114.5%
Water intensity and quality management
125%
Responsive, proactive and responsible supply chains
33%
Reduction in risk presented by tailings
100%
Integrated post-mining 
economies (30%)
Increase in concurrent rehabilitation
175%
91.7%
Increase in stakeholder perception matrix
0%
% Aligned socioeconomic alternatives
100%
Human rights inside 
and outside (25%)
Increase in Human rights engagement indicators
50%
163.0%
Increase in equity and inclusion indicators – WiM, pay-parity, bursaries and learnerships
150%
Increase in awareness of safety as a philosophy and system to reduce fatalities
250%
Increase in health resilience indicators of our employees and door-step communities
175%
Governance (5%)
Increase in robustness integrity of global Governance framework
50%
50.0%
Overall outcome
116.4%
Sustainability theme
Indicators
Performance
REMUNERATION REPORT continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
261

Summary of equity settled and share price-linked cash-settled awards
The table below sets out values of those remuneration elements comprised from shares or share-priced linked units per executive.
Executive Directors
Neal 
Froneman
Conditional Share Awards
PS - 1 March 2019
01-Mar-2019
R0.00
01-Mar-2022
2,926,591 
— 
631,676 
2,294,915 
—  162,303,764 
44,971,031  32,690,021 
— 
Conditional Share Unit Awards
CSU - 2 March 2020
02-Mar-2020
R0.00
02-Mar-2023
1,530,927 
— 
— 
— 
1,530,927 
— 
53,387,099  27,189,264 
24,877,564 
CSU - 1 March 2021
01-Mar-2021
R0.00
01-Mar-2024
348,463 
— 
— 
— 
348,463 
— 
24,699,580  28,249,895 
9,875,441 
CSU - 1 March 2022
01-Mar-2022
R0.00
01-Mar-2025
— 
459,554 
— 
— 
459,554 
— 
31,831,054  35,757,897 
13,708,496 
Matching Share Unit Awards
MSU - 1 March 2022
01-Mar-2022
R0.00
01-Mar-2025
— 
934,296 
— 
— 
934,296 
— 
57,408,659  72,697,572 
27,870,050 
Forfeitable Share Unit Awards
FSU - 1 March 2021
01-Mar-2021
R0.00
01-Sep-2022
60,158 
— 
— 
60,158 
— 
2,266,538 
4,264,089 
4,330,774 
— 
FSU - 1 March 2022
01-Mar-2022
R0.00
01-Dec-2022
— 
38,169 
— 
38,169 
— 
1,765,670 
2,643,780 
2,862,675 
— 
FSU - 1 March 2022
01-Mar-2022
R0.00
01-Sep-2023
— 
38,170 
— 
— 
38,170 
— 
2,643,849 
2,862,750 
1,706,962 
Total
4,866,139 
1,470,189 
631,676 
2,393,242 
3,311,410  166,335,972  221,849,140  206,640,848 
78,038,513 
Charl Keyter
Conditional Share Awards
PS - 1 March 2019
01-Mar-2019
R0.00
01-Mar-2022
1,276,041
—
275,421
1,000,620
—
70,265,037 
19,584,558  14,253,378 
— 
Conditional Share Unit Awards
CSU - 2 March 2020
02-Mar-2020
R0.00
02-Mar-2023
681,415
—
—
—
681,415
— 
23,762,576  12,101,930 
11,072,994 
CSU - 1 March 2021
01-Mar-2021
R0.00
01-Mar-24
172,214
—
—
—
172,214
— 
12,206,787
13,961,389
4,880,545 
CSU - 1 March 2022
01-Mar-2022
R0.00
01-Mar-25
—
198,456
—
—
198,456
— 
13,746,075
15,441,861
5,919,942 
Matching Share Unit Awards
MSU - 1 March 2022
01-Mar-2022
R0.00
01-Mar-2025
—
200,000
—
—
200,000
—
12,289,180
15,562,000
5,966,000
Forfeitable Share Unit Awards
FSU - 1 March 2021
01-Mar-2021
R0.00
01-Sep-2022
30,690
—
—
30,690
—
1,179,260 
2,175,353 
2,209,373 
— 
FSU - 1 March 2022
01-Mar-2022
R0.00
01-Dec-2022
—
20,233
—
20,233
—
952,661
1,401,441
1,517,475
—
FSU - 1 March 2022
01-Mar-2022
R0.00
01-Sep-2023
—
20,234
—
—
20,234
— 
1,401,510 
1,517,550 
904,864 
Total
2,160,360
438,923
275,421
1,051,543
1,272,319
 72,396,958  86,567,480  76,564,957 
28,744,345 
Prescribed officers
Charles 
Carter
Conditional Share Unit Awards
CSU - 1 June 2022
01-Jun-2022
R0.00
01-Jun-2025
—
148,732
—
—
148,732
— 
30,325,729  24,811,472 
18,338,656 
Total
—
148,732
—
—
148,732
— 
30,325,729
24,811,472
18,338,656 
Dawie 
Mostert
Conditional Share Awards
PS - 1 March 2019
01-Mar-2019
R0.00
01-Mar-2022
708,333
—
152,887
555,446
—
39,004,251 
10,871,437 
7,912,080 
— 
Conditional Share Unit Awards
CSU - 2 March 2020
02-Mar-2020
R0.00
02-Mar-2023
378,255
—
—
—
378,255
— 
13,190,660 
6,717,809 
6,146,644 
CSU - 1 March 2021
01-Mar-2021
R0.00
01-Mar-2024
84,220
—
—
—
84,220
—
5,969,640
6,827,715
2,386,795
CSU - 1 March 2022
01-Mar-2022
R0.00
01-Mar-2025
—
115,571
—
—
115,571
— 
8,005,037 
8,992,580 
3,447,483 
Matching Share Unit Awards
MSU - 1 September 2022
01-Sep-2022
R0.00
01-Sep-2025
—
134,500
—
—
134,500
— 
8,264,474 
3,698,750 
4,282,480 
Forfeitable Share Unit Awards
FSU - 1 March 2021
01-Mar-2021
R0.00
01-Sep-2022
17,213
—
—
17,213
—
661,408 
1,220,083 
1,239,164 
— 
FSU - 1 March 2022
01-Mar-2022
R0.00
01-Dec-2022
—
12,464
—
12,464
—
586,861 
863,320 
934,800 
— 
FSU - 1 March 2022
01-Mar-2022
R0.00
01-Sep-2023
12,464
—
—
12,464
— 
863,320 
934,800 
557,390 
Total
 1 188 021 
 274 999 
 152 887 
 585 123 
 725 010 
 40 252 520 
 49 247 971 
 37 257 697 
 16 820 792 
Laurent 
Charbonnier
Conditional Share Unit Awards
CSU - 1 December 2020
01-Dec-2020
R0.00
01-Dec-2023
68,962
—
—
—
68,962
— 
3,577,431
1,999,208
1,117,874 
CSU - 1 March 2021
01-Mar-2021
R0.00
01-Mar-2024
83,251
—
—
—
83,251
— 
5,900,956
6,749,159
2,359,333 
CSU - 1 September 2021
01-Sep-2021
R0.00
01-Sep-2024
26,878
—
—
—
26,878
—
1,589,777
1,546,291
816,016
CSU - 1 March 2022
01-Mar-2022
R0.00
01-Mar-2025
—
249,596
—
—
249,596
— 
17,288,292
19,421,065
7,445,449 
Retention Share Unit Awards
RSU - 16 November 2020
16-Nov-2020
R0.00
16-Nov-2022
35,913
—
—
35,913
—
1,629,003 
— 
— 
— 
RSU - 16 November 2020
16-Nov-2020
R0.00
16-Nov-2023
17,955
—
—
—
17,955
—
918,923
727,178
735,975
Forfeitable Share Unit Awards
FSU - 1 March 2021
01-Mar-2021
R0.00
01-Sep-2022
3,596
—
—
3,596
—
138,176 
254,890 
258,876 
— 
FSU - 1 March 2022
01-Mar-2022
R0.00
01-Dec-2022
—
23,688
—
23,688
—
1,115,338
1,640,752
1,776,600
—
FSU - 1 March 2022
01-Mar-2022
R0.00
01-Sep-2023
—
23,688
—
—
23,688
— 
1,640,752 
1,776,600 
1,059,327 
Total
236,555
296,972
—
63,197
470,330
2,882,516  32,811,772  34,254,977 
13,533,975 
Award
Award date
 Award 
price 
Vesting date
 Long Term 
Incentive 
awards at 31 
December 
2021 
 Number of 
shares or 
share units 
awarded 
inclusive of 
performance 
condition 
award 
 Long Term 
Incentive 
awards 
forfeited 
during the 
year 
 Long Term 
Incentive 
awards 
exercised 
during the 
year 
 Unvested 
Long Term 
Incentive 
awards at 
31 
December 
2022 
 Cash Flow 
 Face value 
at award 
date 
 Fair value 
at award 
date 
 Fair value 
at 31 
December 
2022 
REMUNERATION REPORT continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
262

Lerato 
Legong
Conditional Share Unit Awards
CSU - 1 June 2020
01-Jun-2020
R0.00
01-Jun-2023
131,253
—
—
—
131,253
— 
4,289,991
2,361,241
2,586,997 
CSU - 1 September 2020
01-Sep-2020
R0.00
01-Sep-2023
17,109
—
—
—
17,109
— 
877,471
521,482
306,593 
CSU - 1 March 2021
01-Mar-2021
R0.00
01-Mar-2024
53,926
—
—
—
53,926
— 
3,822,356 
4,371,781 
1,528,263 
CSU - 1 September 2021
01-Sep-2021
R0.00
01-Sep-2024
497
—
—
—
497
—
29,397
28,592
15,089
CSU - 1 March 2022
01-Mar-2022
R0.00
01-Mar-2025
—
96,474
—
—
96,474
— 
6,682,281 
7,506,642 
2,877,819 
Forfeitable Share Unit Awards
FSU - 1 March 2021
01-Mar-2021
R0.00
01-Sep-2022
8,922
—
—
8,922
—
342,827 
632,405 
642,295 
— 
FSU - 1 March 2022
01-Mar-2022
R0.00
01-Dec-2022
—
10,547
—
10,547
—
496,600
730,539
791,025
—
FSU - 1 March 2022
01-Mar-2022
R0.00
01-Sep-2023
—
10,548
—
—
10,548
— 
730,608 
791,100 
471,707 
Total
211,707
117,569
—
19,469
309,807
839,427  17,795,048  17,014,159 
7,786,468 
Mika 
Seitovirta
Conditional Share Unit Awards
CSU - 1 September 2022
01-Sep-2022
R0.00
01-Sep-2025
—
116,231
—
—
116,231
— 
4,558,336
3,196,353
3,700,795 
Total
—
116,231
—
—
116,231
— 
4,558,336
3,196,353
3,700,795 
Richard 
Stewart
Conditional Share Awards
PS - 1 March 2019
01-Mar-2019
R0.00
01-Mar-2022
832,221 
— 
179,627 
652,594 
— 
45,826,130 
12,772,856 
9,295,909 
— 
Conditional Share Unit Awards
CSU - 2 March 2020
02-Mar-2020
R0.00
02-Mar-2023
380,925 
— 
— 
— 
380,925 
— 
13,283,769 
6,765,228 
6,190,031 
CSU - 1 March 2021
01-Mar-2021
R0.00
01-Mar-2024
131,277 
— 
— 
— 
131,277 
— 
9,305,111  10,642,626 
3,720,390 
CSU - 1 March 2022
01-Mar-2022
R0.00
01-Mar-2025
— 
170,932 
— 
— 
170,932 
— 
11,839,622  13,300,219 
5,098,902 
Matching Share Unit Awards
MSU - 1 September 2022
01-Sep-2022
R0.00
01-Sep-2025
— 
321,140 
— 
— 
321,140 
— 
19,732,736 
8,831,350 
10,225,098 
Forfeitable Share Unit Awards
FSU - 1 March 2021
01-Mar-2021
R0.00
01-Sep-2022
17,253 
— 
— 
17,253 
— 
662,945 
1,222,919 
1,242,043 
— 
FSU - 1 March 2022
01-Mar-2022
R0.00
01-Dec-2022
— 
15,645 
— 
15,645 
— 
736,637 
1,083,652 
1,173,375 
— 
FSU - 1 March 2022
01-Mar-2022
R0.00
01-Sep-2023
— 
15,645 
— 
— 
15,645 
— 
1,083,652 
1,173,375 
699,644 
Total
1,361,676 
523,362 
179,627 
685,492 
1,019,919  47,225,712  70,324,318  52,424,125 
25,934,065 
Robert van 
Niekerk
Conditional Share Awards
PS - 1 March 2019
01-Mar-2019
R0.00
01-Mar-2022
1,169,008 
— 
252,319 
916,689 
— 
64,371,277 
17,941,833  13,057,819 
— 
Conditional Share Unit Awards
CSU - 2 March 2020
02-Mar-2020
R0.00
02-Mar-2023
611,519 
— 
— 
— 
611,519 
— 
21,325,135  10,860,577 
9,937,184 
CSU - 1 March 2021
01-Mar-2021
R0.00
01-Mar-2024
135,230 
— 
— 
— 
135,230 
— 
9,585,305  10,963,096 
3,832,418 
CSU - 1 March 2022
01-Mar-2022
R0.00
01-Mar-2025
— 
157,498 
— 
— 
157,498 
— 
10,909,115  12,254,919 
4,698,165 
Matching Share Unit Awards
MSU - 1 September 2022
01-Sep-2022
R0.00
01-Sep-2025
— 
200,000 
— 
— 
200,000 
— 
12,289,180 
5,500,000 
6,368,000 
Forfeitable Share Unit Awards
FSU - 1 March 2021
01-Mar-2021
R0.00
01-Sep-2022
25,800 
— 
— 
25,800 
— 
991,362 
1,828,743 
1,857,342 
— 
FSU - 1 March 2022
01-Mar-2022
R0.00
01-Dec-2022
— 
15,660 
— 
15,660 
— 
737,343 
1,084,691 
1,174,500 
— 
FSU - 1 March 2022
01-Mar-2022
R0.00
01-Sep-2023
— 
15,661 
— 
— 
15,661 
— 
1,084,761 
1,174,575 
700,360 
Total
1,941,557 
388,819 
252,319 
958,149 
1,119,908  66,099,983  76,048,763  56,842,829 
25,536,127 
Themba 
Nkosi
Conditional Share Awards
PS - 1 March 2019
01-Mar-2019
R0.00
01-Mar-2022
662,698 
— 
143,037 
519,661 
— 
36,491,375 
10,171,037 
7,402,337 
— 
Conditional Share Unit Awards
CSU - 2 March 2020
02-Mar-2020
R0.00
02-Mar-2023
303,330 
— 
— 
— 
303,330 
— 
10,577,845 
5,387,141 
4,929,113 
CSU - 1 March 2021
01-Mar-2021
R0.00
01-Mar-2024
64,724 
— 
— 
— 
64,724 
— 
4,587,734 
5,247,175 
1,834,278 
CSU - 1 March 2022
01-Mar-2022
R0.00
01-Mar-2025
— 
103,299 
— 
— 
103,299 
— 
7,155,016 
8,037,695 
3,081,409 
Matching Share Unit Awards
MSU - 1 June 2022
01-Jun-2022
R0.00
01-Jun-2025
— 
131,000 
— 
— 
131,000 
— 
8,049,413 
5,688,020 
4,095,060 
Forfeitable Share Unit Awards
FSU - 1 March 2021
01-Mar-2021
R0.00
01-Sep-2022
14,943 
— 
— 
14,943 
— 
574,183 
1,059,182 
1,075,747 
— 
FSU - 1 March 2022
01-Mar-2022
R0.00
01-Dec-2022
— 
11,444 
— 
11,444 
— 
538,835 
792,670 
858,300 
— 
FSU - 1 March 2022
01-Mar-2022
R0.00
01-Sep-2023
— 
11,444 
— 
— 
11,444 
— 
792,670 
858,300 
511,776 
Total
1,045,695 
257,187 
143,037 
546,048 
613,797  37,604,393  43,185,567  34,554,714 
14,451,636 
Award
Award date
 Award 
price 
Vesting date
 Long Term 
Incentive 
awards at 31 
December 
2021 
 Number of 
shares or 
share units 
awarded 
inclusive of 
performance 
condition 
award 
 Long Term 
Incentive 
awards 
forfeited 
during the 
year 
 Long Term 
Incentive 
awards 
exercised 
during the 
year 
 Unvested 
Long Term 
Incentive 
awards at 
31 
December 
2022 
 Cash Flow 
 Face value 
at award 
date 
 Fair value 
at award 
date 
 Fair value 
at 31 
December 
2022 
REMUNERATION REPORT continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
263

Executive directors’ and prescribed officers’ single figure of remuneration
The tables below provide an aggregated view of the outcome of all the remunerations elements for the executive directors and prescribed 
officers for 2022. The outcomes for 2021 are also included for comparison and were shown in the report for 2021. 
During 2021, Sibanye-Stillwater moved to a C-suite leadership configuration. Richard Stewart was appointed COO before 2021, with the 
result that operating segment EVPs were no longer regarded as prescribed officers, resulting in their remuneration no longer being disclosed. 
(However, their remuneration was disclosed in 2020.) Other EVPs who were appointed into CxO positions during 2021 participated in Group 
Exco proceedings throughout the year and are therefore treated as prescribed officers.
Two perspectives are provided, the first is a single total figure of remuneration that reflects earnings attributable during the relevant cycle; 
the second, total cash remuneration, reflects earnings received by each executive director and prescribed officer during the cycle. 
This should be considered in conjunction with the table of unvested awards, which provides a view of the in-flight LTI share-based awards 
for each executive during the cycle.
In this report, both the cash portion of the STI and the deferred portion of the STI, (which are in proportion to the cash incentive with 
deferred vesting), are reported on an accrued basis in the single total figure of remuneration. The LTI awards (made in Conditional share 
units), are reported at vesting. To determine cash earnings in the cycle, amounts of shares accrued in 2021 but not settled are subtracted, 
while shares accrued in previous years and which were settled in 2021 are added back in. Finally, adjustments are included to take account 
of market movements on shares that were settled in 2022.
Remuneration paid to Sibanye-Stillwater executive directors and prescribed officers for the year ended 31 December 2022
2022 (R000)
Salary
Pension 
scheme total 
contributions
Cash bonus 
accrued
Accrual of 
forfeitable 
share 
award
Other 
cash 
payment
Conditional 
share 
proceeds 
Other 
benefits
Termination
/Separation 
benefits
Total single 
figure of 
remuneration
Less: 
Amount 
accrued 
not settled 
in 2022
Plus: 
Amount of 
previous 
accruals 
settled in 
2021
Adjustment
s for market 
movements 
on accruals 
settled
Total cash 
remuneration
Executive directors
Neal 
Froneman 1
Paid in SA
6,621 
736 
5,875 
3,916 
143 
102,171 
— 
— 
119,462 
(9,791) 
9,069 
(1,686) 
117,054 
Paid in US
7,203 
532 
6,191 
4,128 
99 
60,133 
284 
— 
78,570 
(10,319) 
5,619 
(1,177) 
72,693 
Total
13,824 
1,268 
12,066 
8,044 
242 
162,304 
284 
— 
198,032 
(20,110) 
14,688 
(2,863) 
189,747 
Charl Keyter
6,875 
982 
5,542 
3,695 
123 
70,265 
— 
— 
87,482 
(9,237) 
7,781 
(1,445) 
84,581 
Prescribed officers
Charles Carter ²
7,160 
511 
5,505 
3,670 
— 
— 
162 
— 
17,008 
(9,175) 
— 
— 
7,833 
Dawie Mostert
4,728 
645 
3,789 
2,526 
73 
39,004 
— 
— 
50,765 
(6,315) 
4,673 
(835) 
48,288
Laurent Charbonnier ³
10,067 
81 
6,995 
4,663 
2,296 
— 
— 
— 
24,102 
(11,658) 
6,751 
(628) 
18,567
Lerato Legong
3,947 
538 
3,010 
2,007 
51 
— 
— 
— 
9,553 
(5,017) 
3,555 
(524) 
7,567
Mika Seitovirta 4
6,896 
1,242 
3,532 
2,355 
1,773 
— 
101 
— 
15,899 
(5,887) 
— 
— 
10,012
Richard Stewart
5,734 
644 
4,703 
3,135 
83 
45,826 
— 
— 
60,125 
(7,838) 
5,557 
(907) 
56,937
Robert van Niekerk
5,784 
643 
4,641 
3,094 
99 
64,371 
— 
— 
78,632 
(7,735) 
6,168 
(1,185) 
75,880
Themba Nkosi
4,199 
403 
3,193 
2,129 
65 
36,491 
— 
— 
46,480 
(5,322) 
4,230 
(739) 
44,649
Total
69,214 
6,957 
52,976 
35,318 
4,805 
418,261 
547 
— 
588,078 
(88,294) 
53,403 
(9,126) 
544,061 
1 
Dual service contract entered into with effect 1 May 2018. Remuneration paid in US$ was converted at the average exchange rate of R16.37/US$ applicable for the 12-month period 
ending 31 December 2022
2 
Assumed a prescribed officer role on 23 May 2022, remuneration paid in US$ converted at the average exchange rate of R16.37/US$ applicable for the 12-month period ending 
31 December 2022
3 
Remuneration paid in GBP was converted at the average exchange rate of R20.18/GBP applicable for the 12-month period ending 31 December 2022
4 
Remuneration paid in Euro was converted at the average exchange rate of R17.20/€ applicable for the 12-month period ending 31 December 2022
Remuneration paid to Sibanye-Stillwater executive directors and prescribed officers for the year ended 31 December 2021
2021 (R000)
Salary
Pension 
scheme total 
contributions
Cash 
bonus 
accrued
Accrual of 
forfeitable 
share 
award
Other cash 
payment
Conditional 
share 
proceeds
Other 
benefits
Termination/
Separation 
benefits
Total single 
figure of 
remuneration
Less: 
Amount 
accrued 
not settled 
in 2021
Plus: 
Amount of 
previous 
accruals 
settled in 
2021
Adjustments 
for market 
movements 
on accruals 
settled
Total cash 
remuneration
Executive directors
Neal Froneman1
Paid in SA
7,425 
825 
4,898 
3,265 
658 
171,663 
— 
— 
188,734 
(8,163) 
12,537 
722 
193,830 
Paid in US
5,002 
— 
2,895 
1,930 
406 
92,615 
— 
— 
102,848 
(4,825) 
8,147 
314 
106,484 
Total
 12,427 
825 
7,793 
5,195 
1,064 
264,278 
— 
— 
291,582 
(12,988) 
20,684 
1,036 
300,314 
Charl Keyter
6,601 
943 
4,204 
2,803 
529 
128,348 
— 
— 
143,428 
(7,007) 
10,366 
388 
147,175 
Prescribed officers
Dawie Mostert
4,206 
573 
2,590 
1,727 
297 
62,341 
— 
— 
71,734 
(4,317) 
5,816 
219 
73,452 
Laurent Charbonnier ²
 10,084 
81 
4,870 
3,247 
5,190 
— 
— 
— 
23,472 
(8,117) 
1,030 
(77) 
16,308
Lerato Legong
3,447 
470 
2,192 
1,461 
109 
— 
— 
— 
7,679 
(3,653) 
1,577 
(185) 
5,418
Mika Seitovirta ³
245 
— 
— 
— 
— 
— 
— 
— 
245 
— 
— 
— 
245
Richard Stewart
5,175 
575 
3,251 
2,167 
298 
71,545 
— 
— 
83,011 
(5,418) 
5,834 
222 
83,649
Robert van Niekerk
5,331 
592 
3,254 
2,169 
456 
102,884 
— 
— 
114,686 
(5,423) 
8,837 
402 
118,502
Themba Nkosi
3,930 
362 
2,378 
1,585 
258 
50,135 
— 
— 
58,648 
(3,963) 
5,045 
187 
59,917
Total
 51,446 
4,421 
30,532 
20,354 
8,201 
679,531 
— 
— 
794,485 
(50,886) 
59,189 
2,192 
804,980 
1 
Dual service contract with effect 1 May 2018, remuneration paid in US$ was converted at the average exchange rate of R14.79/US$ applicable for the 12-month period ending 
31 December 2021
2 
Remuneration paid in GBP was converted at the average exchange rate of R21.10/GBP applicable for the 12-month period ending 31 December 2021
3 
Assumed a prescribed officer role on 14 December 2021, remuneration paid in Euro was converted at the average exchange rate of R17.49/€ applicable for the 12-month period ending 
31 December 2021
REMUNERATION REPORT continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
264

Pay for performance analysis
The analysis below illustrates how the variable remuneration outcomes for the CEO over the past five years compare to the three-year rolling 
TSR performance for the Group (measured over a March to February vesting period) relative to the JSE All Share index and the JSE Resource 
index. The variable pay elements are shown in the bar chart in three portions: ‘Cash portion of STI’; ‘Accrual of deferred STI value’ and ‘LTI  
proceeds’
R'000
LINKING PAY WITH THE DELIVERY OF LONG-TERM SHAREHOLDER VALUE 
-14.89%
-23.07%
24.96%
86.40%
73.29%
3.00%
22.37%
14.45%
29.01%
29.92%
6.08%
7.35%
3.15%
7.57%
14.80%
JSE All Share 3 year CAGR @ March to Feb
JSE Basic Materials 3 year CAGR @ March to Feb
Sibanye-Stillwater TSR 3 year CAGR @ Feb
LTI proceeds
Accrual of deferred STI
Cash portion of STI
2018
2019
2020
2021
2022
0
100,000
200,000
300,000
-30%
0%
30%
60%
90%
The next graph illustrates the split in the total value of the LTI proceeds for the CEO between the value at the time of the grant and 
the value that was added due to share price performance over the three-year period until vesting.
R'000
CSU PROCEEDS SPLIT: GRANT DATE RELATIVE TO SHARE PRICE IMPACT
Grant date value of vested shares
Change in value due to share price growth
2018
2019
2020
2021
2022
-100,000
0
100,000
200,000
300,000
The graphs clearly indicate that there is a fundamental and appropriate correlation between Sibanye-Stillwater’s variable pay and 
shareholder value delivery, and also highlights that Sibanye-Stillwater’s three-year rolling TSR performance, measured from March to 
February for alignment with the respective vesting periods, significantly outpaces the performance of the JSE All Share and JSE Resource 
indices from 2020 to 2022. Sibanye-Stillwater’s TSR is c.11.4 times and c.3 times greater than that of the respective indices at the peak of the 
Group’s performance in 2021. This significant TSR outperformance also meant that a substantial component of LTI vesting proceeds were 
attributable to Sibanye-Stillwater’s share price growth outcomes - which is in line with the intention to align the outcomes for the executives 
with those of the shareholder via the LTI awards. 
REMUNERATION REPORT continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
265

Non-executive director fees
Fees and reimbursements paid in respect of directors’ 2022 Board and committee duties are presented in the table below reflecting the 
total amount paid to each non-executive director (exclusive of 15% VAT where applicable), as approved by shareholders.
R000’s
Non-executive director
Directors’ 
fees
Committee 
fees
Expenses 
reimbursed
Total
Timothy Cumming
1,127 
982 
103 
2,212 
Savannah Danson
1,127 
774 
0 
1,901 
Richard Menell
2,288 
232 
215 
2,735 
Nkosemntu Nika
1,127 
690 
26 
1,843 
Keith Rayner
1,127 
1,169 
0 
2,296 
Susan van der Merwe
1,127 
690 
13 
1,830 
Jeremiah Vilakazi
1,127 
535 
0 
1,662 
Dr Vincent Maphai
3,405 
0 
0 
3,405 
Harry Kenyon-Slaney
1,296 
1,095 
151 
2,542 
Dr Elaine Dorward-King
1,296 
531 
976 
2,803 
Sindiswa Zilwa
1,127 
694 
0 
1,821 
Total
16,174 
7,392 
1,484 
25,050 
As indicated in part 2 above, the Remuneration Committee believes that non-executive directors fees remain suitably aligned following 
the benchmarking exercise done in 2019. We, therefore, recommend an across-the-board increase of 5.5% for the coming year 
(effective 1 June 2023), which is in line with the CPI rate in South Africa and lower than SA-based salary inflation. It is also less than the 
standard increase generally applied.
The table below shows the current and proposed fee levels that will be put to the shareholders for approval at the AGM. These amounts 
are exclusive of 15% VAT, which will be added where applicable according to the circumstances of the directors involved.
Note: given the ad hoc nature of meetings of the Investment Committee and given the recommended ‘per meeting’ fees (see below) 
then as before, should the Lead Independent Director and/or Chairman be members of the Investment Committee, they would earn the 
appropriate ad hoc Investment Committee fees on top of their all-inclusive fees shown in this table.
Per year
2022
2023
% year-on-
year 
increase
2023  fees 
converted at 
R16/US$
Chair of the Board, who is not eligible to receive fees in respect of committee 
chairmanship or membership except in the event of being a member of the Investment 
Committee which meets on an ad hoc basis and is remunerated on that basis
R3,471,000
R3,662,000
 5.5 %
US$228,875
Lead independent director, who is not eligible to receive fees in respect of committee 
chairmanship or membership except in the event of being a member of the Investment 
Committee which meets on an ad hoc basis and is remunerated on that basis
R2,332,000
R2,460,000
 5.5 %
US$153,750
Chair of the Audit Committee
R416,000
R439,000
 5.5 %
US$27,438
Chair of the Remuneration Committee
R293,000
R309,000
 5.5 %
US$19,313
Chairs of the Nominating and Governance Committee, Risk Committee, Social, Ethics 
and Sustainability Committee, and Safety and Health Committee
R256,000
R270,000
 5.5 %
US$16,875
Members of the Board
R1,149,000
R1,212,000
 5.5 %
US$75,750
Members of the Audit Committee
R216,000
R228,000
 5.5 %
US$14,250
Members of the Nominating and Governance Committee, Risk Committee, 
Remuneration Committee, Social, Ethics and Sustainability Committee and Safety and 
Health Committee
R162,000
R171,000
 5.5 %
US$10,688
Foreign currency payments of directors’ fees will be converted at the relevant exchange rate at the time of payment.  US$ equivalents are shown for illustrative purposes only.
The per meeting fees for the Investment Committee chair are proposed to increase from R79,000 in 2022 to R83,000 in 2023, effective 
from 1 June 2023, with the per meeting fee for members of the Investment Committee increasing from R42,000 to R44,000. The per diem 
allowance paid to non-SA resident non-executive directors (in respect of each day for which they have to be away from their home 
country to attend a committee meeting, a board meeting, or visits to the Group’s operations in support of their director responsibilities, 
with an additional day to be allowed for travel time) is proposed to increase from R21,000 to R22,000 on the same time frame.
REMUNERATION REPORT continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
266

Detail on Board committees
268
Four-year statistical review
273
Statement of assurance
281
Shareholder information
284
Forward-looking statements
287
Administrative and corporate information
288
SIBANYE-STILLWATER INTEGRATED REPORT 2022
267

DETAIL ON BOARD COMMITTEES
OUR BOARD AND ITS COMMITTEES
BOARD
AUDIT COMMITTEE
INVESTMENT COMMITTEE
Has ultimate responsibility for providing 
ethical leadership and strategic guidance, 
ensuring that the principles of good 
corporate governance are observed 
in delivering on our strategy.
Ensures financial sustainability of the Group 
by monitoring and reviewing financial controls 
and procedures, as well as the effectiveness 
and integrity of internal audit and control 
systems. Appoints independent, external 
auditor. Oversees regulatory and legislative 
compliance.
Established in February 2021 to discharge 
a pivotal role in guiding and overseeing 
the allocation of capital and to oversee 
the Group’s investment activities.
Chairman: Vincent Maphai
Chairman: Keith Rayner
Chairman: Richard Menell
Members: eleven independent non-executive 
directors and two executive directors
Members: Timothy Cumming, Savannah 
Danson, Richard Menell, Nkosemntu Nika, 
Susan van der Merwe and Sindiswa Zilwa
Members: Timothy Cumming, Harry Kenyon-
Slaney, Keith Rayner, Jeremiah Vilakazi, 
Savannah Danson and Sindiswa Zilwa
Number of meetings annually: four and one 
strategy session
Number of meetings annually: six
Meets on an ad hoc basis 
Number of meetings in 2022: eight
Number of meetings in 2022: six
Number of meetings in 2022: four
All members attended all meetings in 2022
All members attended all meetings in 2022
All members attended all meetings in 2022
NOMINATING AND GOVERNANCE COMMITTEE
REMUNERATION COMMITTEE
RISK COMMITTEE
Develops our approach to matters relating to 
corporate governance and makes 
recommendations to the Board on all such 
matters, while keeping abreast of best practice. 
Monitors and evaluates effectiveness and 
composition of the Board and for director and 
senior executive succession planning.
Ensures payment of fair rewards to attract, 
retain and motivate executive management 
with the skills and experience necessary to 
support and sustain the company and its 
strategy, and evaluates performance in 
relation to reward.
Ensures Group sustainability by evaluating 
and overseeing implementation of efficient 
risk management processes and controls to 
identify, monitor and mitigate risks and to act 
on opportunities identified. 
Chairman: Vincent Maphai
Chairman: Timothy Cumming
Chairman: Richard Menell
Members: Richard Menell, Nkosemntu Nika, 
Keith Rayner, Jeremiah Vilakazi and Susan van 
der Merwe
Members: Savannah Danson, Harry Kenyon-
Slaney, Vincent Maphai, Nkosemntu Nika and 
Keith Rayner
Members: Timothy Cumming, Savannah Danson, 
Neal Froneman, Sindiswa Zilwa, Harry Kenyon-
Slaney, Keith Rayner and Susan van der Merwe
Number of meetings annually: four
Number of meetings annually: four
Number of meetings annually: four
Number of meetings in 2022: four
Number of meetings in 2022: five
Number of meetings in 2022: three
All members attended all meetings in 2022
All members attended all meetings in 2022
All members attended all meetings in 2022
SAFETY AND HEALTH COMMITTEE
SOCIAL ETHICS AND SUSTAINABILITY COMMITTEE
Ensures adherence to occupational health and 
safety laws, regulations and external standards, 
reviews relevant policy and monitors 
performance of related key indicators so as to 
minimise mining-related accidents and their 
impacts. The Safety and Health Committee 
analyses safety incidents to understand the root 
causes and to evaluate action plans to prevent 
future occurrences.
Supports and assists the Board in ensuring 
compliance with best practice 
recommendations relating to the ethical 
conduct of our stakeholder engagement 
together with transformation and inclusive 
economy targets. Oversees and monitors anti-
corruption policy and performance, the 
Group’s standing as a responsible corporate 
citizen, particularly in relation to the Code of 
ethics. Monitors compliance in terms of the 
UNGC principles.
Chairman: Harry Kenyon-Slaney
Chairman: Jeremiah Vilakazi
Members: Savannah Danson, Neal Froneman, 
Vincent Maphai, Sindiswa Zilwa, Richard Menell 
and Susan van der Merwe
Members: Timothy Cumming, Harry Kenyon- 
Slaney, Vincent Maphai, Richard Menell, 
Nkosemntu Nika and Keith Rayner
Number of meetings annually: four
Number of meetings annually: four
Number of meetings in 2022: nine
Number of meetings in 2022: four
All members attended all meetings in 2022
All members attended all meetings in 2022
Committees
AC
Audit Committee
N&G
Nominating and
Governance Committee
RC
Risk Committee
SESC
Social, Ethics and
Sustainability Committee
IC
Investment Committee
REM
Remuneration Committee
S&H
Safety and Health 
Committee
SIBANYE-STILLWATER INTEGRATED REPORT 2022
268

BOARD COMMITTEES 
Audit Committee
Member
Appointed to Committee
Meeting attendance
Keith Rayner (Chairman)
24 February 2020
6/6
Timothy Cumming
24 February 2020
6/6
Savannah Danson
24 February 2020
6/6
Richard Menell
24 February 2020
6/6
Nkosemntu Nika
24 February 2020
6/6
Susan van der Merwe
24 February 2020
6/6
Sindiswa Zilwa
16 February 2021
6/6
2022: Contribution to value creation
2023: Planned areas of focus
Capital allocation
•
Allocation of funds organically, inorganically and as dividends to be 
monitored each quarter
•
Solvency and liquidity review to be performed quarterly to support planned
capital allocation 
IT projects
•
Implementation of various IT projects throughout the Group
IFRS
•
Ensure implementation of new and revised International Financial Reporting 
Standards throughout the business
Internal controls and SOX
•
Group internal controls were monitored quarterly from Internal audit and SOX
quarterly reports to ensure Group controls are effective
Ã See the Audit Committee  report for more detail.
Continued monitoring of
•
Solvency and liquidity review to be performed quarterly to
support planned capital allocation
•
Monitoring of internal controls and SOX
•
ICT governance and cybersecurity
•
New legislation pertaining to financial reporting 
•
Monitoring of financial risks
For the Audit Committee’s Terms of reference, see ¸ www.sibanyestillwater.com/about-us/corporate-governance
Risk Committee
Member
Appointed to the Committee
Meeting attendance
Richard Menell (Chairman)
24 February 2020
3/3
Harry Kenyon-Slaney
24 February 2020
3/3
Neal Froneman
24 February 2020
3/3
Timothy Cumming
24 February 2020
3/3
Keith Rayner
24 February 2020
3/3
Savannah Danson
24 February 2020
3/3
Susan van der Merwe
24 February 2020
3/3
Sindiswa Zilwa
16 February 2021
3/3
2022: Contribution to value creation
2023: Planned areas of focus
•
Annual review of Enterprise Risk Management (ERM) framework
•
Annual review of Group risk tolerance and risk appetite statements
•
Annual ERM process assurance review
•
Strategic risk register review
•
Corporate compliance reports (review)
•
Insurance renewal
•
Segment strategic risk registers (review and approval)
•
Approval of risk-related disclosures for the IR 
•
ERM process assurance and maturity review 
•
Annual review of Group risk tolerance and risk appetite 
statements 
•
Group strategic risk register review
•
Corporate compliance reports (review)
•
Insurance renewal
•
Review of the regional risk registers
•
Review and approval of new segment risk registers
For the Risk Committee’s Terms of reference see ¸ www.sibanyestillwater.com/about-us/corporate-governance
DETAILED ON BOARD COMMITTEES continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
269

Nominating and Governance Committee
Vincent Maphai (Chairman)
24 February 2020
4/4
Richard Menell
24 February 2020
4/4
Nkosemntu Nika
24 February 2020
4/4
Jeremiah Vilakazi
24 February 2020
4/4
Susan van der Merwe
24 February 2020
4/4
Keith Rayner
16 February 2021
4/4
Member
Appointed to the Committee
Meeting attendance
2022: Contribution to value creation
2023: Planned areas of focus
•
Review and approval of the directors’ and officers’ insurance 
•
Implementation of the external board evaluators’ recommendations
•
Embedding succession planning for Chairman, CEO and the C-Suite
•
Corporate governance and key legislation updates
•
Implementation of the independence of non-executive director policy
•
Review of Board tenure
•
Review and approval of the directors’ and officers’ insurance 
to cater for new operational jurisdictions
•
Corporate governance and key legislation updates and
implementation 
•
Succession planning for committee chairs
The Nominating and Governance Committee Terms of reference are available at ¸ www.sibanyestillwater.com/about-us/corporate-governance
Remuneration Committee
Member
Appointed to the Committee
Meeting attendance
Timothy Cumming (Chairman)
24 February 2020
5/5
Harry Kenyon-Slaney
24 February 2020
5/5
Savannah Danson
24 February 2020
5/5
Vincent Maphai
24 February 2020
5/5
Nkosemntu Nika
24 February 2020
5/5
Keith Rayner
24 February 2020
5/5
2022: Contribution to value creation
2023: Planned areas of focus
•
Adopted an enhanced basis for determining the share price applicable to
cash-settled share-price linked remuneration to ensure that management 
rewards are based on representative sustained value generation
•
Determined ESG deductions applicable to LTI award vestings to executives
in March 2022 taking into account the number of fatalities experienced 
in 2021
•
Conducted a more stringent analysis of historical remuneration 
demonstrating the linkage of pay with performance
•
Implemented the Minimum shareholding requirements (MSR) plan for senior 
leadership and approved shareholding commitments made by participants
in the MSR plan
•
Monitored remuneration trends by gender and race and strengthened
remuneration fairness disclosures for enhanced transparency 
•
Commenced evaluating the implications of increasing global mobility and
geographic diversification for remuneration benchmarking and setting 
remuneration levels
•
In collaboration with the Social, Ethics and Sustainability Committee, 
enhanced the maturity of the ESG scorecard for evaluation of sustainability
and ESG performance in 2023
Ã See the Remuneration report for more detail.
•
Review remuneration benchmarking in the context of 
increasing global mobility and the Group’s increased 
geographic diversification
•
Continue to review the fairness of Sibanye-Stillwater’s 
remuneration practice and further advance the maturity 
of remuneration fairness disclosure in the context of global
trends and regulatory developments
•
Critical and technical skills retention programmes
•
Continued focus on appropriateness and extent of ESG as
a factor in incentive determinations
The Remuneration Committee’s Terms of reference are available at ¸ www.sibanyestillwater.com/about-us/corporate-governance
DETAILED ON BOARD COMMITTEES continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
270

Safety and Health Committee
Member
Appointed to the Committee
Meeting attendance
Harry Kenyon-Slaney (Chairman)
24 February 2020
9/9
Savannah Danson
24 February 2020
9/9
Neal Froneman
24 February 2020
9/9
Richard Menell
24 February 2020
9/9
Vincent Maphai
24 February 2020
9/9
Susan van der Merwe
24 February 2020
9/9
Sindiswa Zilwa
16 February 2021
9/9
2022: Contribution to value creation
2023: Planned areas of focus
•
Converting cultural and leadership transformation work into improved
health and safety outcomes
•
Establishment of a post-incident review process to ensure actions and
lessons from incident investigation are implemented
•
Overseeing the development and successful implementation of the 
Group's fatal elimination strategy
•
Continuing to drive the development and implementation of the Group's
new set of global safety standards and guidelines
•
Monitoring the creation of the desired zero harm safety culture and ensuring 
its practical conversion into the way all staff think, act and behave in the 
workplace
•
Ensuring rigorous investigations are conducted into all serious incidents and 
that the lessons learned are applied swiftly and universally across the Group
•
Encouraging the use of technological innovation to reduce risk, to distance 
people from machinery where possible and to advance the ability to 
predict areas at high risk of geotechnical failure
•
Oversight of the roll out of the safety booklet
•
Continued monitoring of the cultural and leadership 
transformation work into improved health and safety
outcomes
•
Continued implementation of the Noise-induced hearing 
loss (NIHL) and Diesel particulate matter (DPM) strategy
•
Continued oversight of the fatal elimination strategy
•
Encouraging the use of technological innovation to
reduce risk
•
Continue to strive to make the safety and health systems 
and processes as efficient, effective, clear and usable and
the implementation of the visualisation of the risk strategy
The Safety and Health Committee’s Terms of reference are available at: ¸ www.sibanyestillwater.com/about-us/corporate-governance
Social, ethics and Sustainable Committee
Member
Appointed to the Committee
Meeting attendance
Jeremiah Vilakazi (Chairman)
24 February 2020
4/4
Timothy Cumming
24 February 2020
4/4
Harry Kenyon-Slaney
24 February 2020
4/4
Richard Menell
24 February 2020
4/4
Vincent Maphai
24 February 2020
4/4
Nkosemntu Nika
24 February 2020
4/4
Keith Rayner
24 February 2020
4/4
2022: Contribution to value creation
2023: Planned areas of focus
•
Continued monitoring of the journey towards carbon neutrality by 2040 and
building a climate change resilient business
•
Embedded regionalised business model reporting 
•
Continued focus on diversity, equity, and inclusion across the regions
•
Supporting host communities in becoming self-sustaining
•
We are committed to enabling local stakeholders to raise grievances
and ensuring their resolution 
Ã See Social, Ethics and Sustainability Committee: Chairman’s report 
for more detail
•
Continued focus on the four sustainability themes
•
Continued promotion of an inclusive economy
•
Focus on biodiversity, tailings management and TCFD
•
Embedding human rights
–
climate change resilience
–
promoting long-term economic sustainability and post-
mining economies
–
good decision-making based on objectivity and data
The Social, Ethics and Sustainability Committee’s Terms of reference are available at: ¸ www.sibanyestillwater.com/about-us/corporate-governance
DETAILED ON BOARD COMMITTEES continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
271

Investment Committee
Members
Appointed to Committee
Meeting attendance
Richard Menell (Chairman)
16 February 2021
4/4
Timothy Cumming (Deputy Chairman)
16 February 2021
4/4
Harry Kenyon-Slaney
16 February 2021
4/4
Savannah Danson
16 February 2021
4/4
Keith Rayner
16 February 2021
4/4
Jeremiah Vilakazi 
16 February 2021
4/4
Sindiswa Zilwa
16 February 2021
4/4
2022: Contribution to value creation
2023: Planned areas of focus
Conclusion of the following investments
•
BioniCCubE – investment vehicle
•
Hydrogen refuelling project
•
Keliber project
•
Investment in Verkor
•
Investment in Glint
•
Increased investment in Keliber
•
Post-investment analysis of the Montana operations
•
Review of investments under the BioniCCubE
•
Review of investments
•
Post-investment analysis
For the Investment Committee’s Terms of reference, see ¸ www.sibanyestillwater.com/about-us/corporate-governance
DETAILED ON BOARD COMMITTEES continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
272

FOUR-YEAR STATISTICAL REVIEW
SUSTAINABLE DEVELOPMENT STATISTICS
2022
2021
Group
US region
EU 
region
SA 
region
Group
US 
region
SA region
Unit
PGM
PGM
Gold
PGM
PGM
Gold
Employment
Salaries and wages paid
R million
26,544
4,438
257
13,968
7,881
26,214
3,691
13,259
9,264
Employee costs share % of cost of sales before 
amortisation and depreciation
%
28
12
7
44
37
26
8
41
42
No. of employees including contractors – total2
Number
84,481
2,677
235
46,432
30,507
84,981
2,904
46,004
31,142
Women in the workforce/Women in Mining (WiM)1
%
316.2
 10.0 
 20.0 
 15.6 
15.2
 14.4 
 9.8 
 13.5 
 13.5 
Safety
Fatalities23
Number
35
0
0
3
2
21
2
6
13
Lost-time injury frequency rate (LTIFR)4
Rate
4.41
4.03
8.88
4.36
4.48
6.02
6.77
6.21
5.72
Total recordable injury frequency rate (TRIFR)4
Rate
35.07 
7.61
10.65
4.90
5.10
7.10  10.48 
7.09 
6.88 
Medically treated injury frequency rate (MTIFR)4, 6
Rate
0.66
3.58
1.78
0.54
0.62
1.08
3.71
0.88
1.16
Health
No. of cases reported
Silicosis7
Number
388
N/A
N/A
29
59
93
NA
32
61
Noise-induced hearing loss (NIHL)7, 8
Number
3264
0
101
163
294
0
122
172
Chronic obstructive pulmonary disease7
Number
332
N/A
N/A
26
6
30
NA
24
6
Cardiorespiratory tuberculosis (TB) – new 
and retreatment cases
Number
3376
N/A
N/A
193
183
406
NA
183
223
TB incidence – new and relapse cases
Number
3404
N/A
N/A
203
201
446
NA
197
249
Highly-active antiretroviral treatment (HAART) 
patients on treatment and in active employment
Number
314,620
N/A
N/A
8,796 
5,824 
15,160 
N/A
98,326  6,834 
1 
Our percentage of women in mining/women in the workforce for the SA operations is 16.3% 
2
For a detailed breakdown of employees and contractor numbers, Ã See Our workforce profile on page 158 in the Empowering our workforce in this report; total is inclusive 
of corporate office
3
The sustainable development indicators for 2022 have been externally assured by PwC Ã See the Statement of Assurance on page 281 of this report. For details on similar 
assurance in prior years, see prior integrated reports available at ¸ www.sibanyestillwater.com; also see our Definitions for sustainability/ESG indicators supplementary 
information, ¸ www.sibanyestillwater.com/news-investors/reports/annual/
4 Rate per million hours worked
5
These indicators in 2019 were restated due to rounding and the re-application of the Group definition
6
Includes certain minor injuries
7
Includes new and resubmission cases
8
The NIHL testing method differs at the US and SA operations
9
HAART statistics for 2019 exclude Marikana operation
SIBANYE-STILLWATER INTEGRATED REPORT 2022
273

Salaries and wages paid
R million
23,851 
3,991  11,773 
8,087 
21,163 
3,144  10,601 
7,418 
Employee costs share % of cost of sales before 
amortisation and depreciation
%
31 
12 
48 
42 
38 
16 
58 
40 
No. of employees including contractors – total2
Number
84,775 
2,842  46,385  30,943 
84,775 
Women in the workforce / Women in Mining (WiM)
%
 13.3 
 9.3 
 12.0 
 12.0 
13.0 
9.3 
11.0 
14.0 
Safety
Fatalities
Number
9
0
5
4
6
0
6
0
Lost-time injury frequency rate (LTIFR)4
Rate
5.56
7.98
5.37
5.65
5.23
10.13
4.77
5.62
Total recordable injury frequency rate (TRIFR)4
Rate
6.69
12.67
6.30
6.81
Not previously reported
Medically treated injury frequency rate (MTIFR)4, 6
Rate
2.95
4.69
4.13
1.35
3.17
22.24
3.06
2.14
Health
No. of cases reported
Silicosis7
Number
139
NA
66
73
131
N/A
60
71
Noise-induced hearing loss (NIHL)7, 8
Number
231
0
138
93
358
3
189
166
Chronic obstructive pulmonary disease7
Number
39
NA
34
5
68
N/A
39
29
Cardiorespiratory tuberculosis (TB) – new 
and retreatment cases
Number
427
NA
225
202
491
N/A
270
221
TB incidence – new and relapse cases
Number
494
NA
257
237
553
N/A
284
269
Highly-active antiretroviral treatment (HAART) patients 
on treatment and in active employment9
Number
15,163 
NA  7,960 
7,203 
10,744 
N/A  3,731 
7,013 
2020
2019
Group
US
operations 
PGM
SA
operations
Group
US Group 
operations 
PGM
SA
operations
Employment
Unit
PGM
Gold
PGM
Gold
FOUR-YEAR STATISTICAL REVIEW continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
274

Environment
Cyanide consumption
tonne
 1,409
N/A
0
N/A
1,409
2,979
N/A
N/A
2,979
Total CO2e emissions:
Scope 1 and 210
000t
36,686
285
6
3,123
3,272
7,302
259
3,023
4,020
Scope 311
000t
31,137
59
N/A
713
365
1,506
123
823
560
Emissions intensity12
tCO2e/t milled
30.13
0.23
N/A
0.08
0.33
0.16
0.17
0.1
0.27
SO2 emissions13
tonnes
2,577.5
31.50
N/A
 32,576
N/A
1,747
3.83
1,743
n/a
Electricity consumed
TWh
36.13
0.37
0.04
2.88
2.85
6.59
0.37
2.75
3.47
Diesel
TJ
31,302
286
0
851
166
1,281
372
775
134
Total water withdrawn
000ML
3139.0
3.00
9
23.69
103.2
124.6
3.4
24.2
97.1
Water used
000ML
39.44
0.23
0
23.46
15.75
47.65
0.20
23.89
23.56
Water use intensity18
kl/t treated
1.02
0.18
N/A
0.83
1.68
1.02
0.13
0.80
1.56
Environmental incidents: level 3 
and higher
Number
32
1
0
0
1
5
1
2
2
Gross rehabilitation liabilities
R billion
12.42
1.18
0.00
6.23
5.01
11.15
0.99
5.5
4.7
Representation (HDP South Africans)19
Top management (Board)
%
 346.2
N/A
N/A
46.2
46.2
 46.2 
N/A
 46.2 
 46.2 
Executive management
%
 342.4
N/A
N/A
42.4
42.4
 37.8 
N/A
 37.8 
 37.8 
Senior management 
%
 346.0
N/A
N/A
44.3
47.1
 40.5 
N/A
 40.5 
 40.5 
Middle management 
%
 360.3
N/A
N/A
63.4
53.3
 47.2 
N/A
 49.3 
 27.8 
Junior management 
%
 376.5
N/A
N/A
79.8
68.8
 57.1 
N/A
 60.1 
 48.7 
Social and procurement spend
Total socioeconomic development (SED)
R million
3368.9
6.3
0.2
216.2
146.2
352.4
5.9
200.5
146.0
Social and labour plan (SLP) projects
R million
32,194.8
N/A
N/A
1,098
1,097
2,085
934
1,151
Total BEE procurement spend17
R million
321,415
N/A
N/A
12,684
8,731
16,442
10,637
5,805
Capital goods17
%
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Services17
%
73
N/A
N/A
75
70
65
62
71
Mining goods17
%
78
N/A
N/A
81
77
78
82
71
% of total procurement17
%
75
N/A
N/A
77
74
70
69
71
Other
Current tax and royalties31
R million
11,106
655
0
10,145
302
16,220
1422
14291
437
Research and development
R million
125.1
55
2022
2021
Group
US 
region 
EU 
region
SA region
Group
US 
operations
SA
operations
Unit
PGM
PGM
Gold
PGM
PGM
Gold
1 
Our percentage of women in mining/women in the workforce for the SA operations is 16.3% 
2  For a detailed breakdown of employees and contractor numbers, see Ã Our workforce profile on page 158 in the Empowering our workforce in this report; total is inclusive 
of corporate office
3  The sustainable development indicators for 2022 have been externally assured by PwC. Ã See the Statement of Assurance on page 281 of this report for details on similar 
assurance in prior years, see prior integrated reports at ¸ www.sibanyestillwater.com
4  Rate per million hours worked
5  These indicators for 2019 were restated due to rounding and the re-application of the Group definition
6  Includes certain minor injuries
7 Includes new and resubmission cases
8  The NIHL testing method differs at the US and SA operations
9  HAART statistics for 2019 exclude the Marikana operations
10 Scope 1 and 2 emissions include fugitive mine methane. We have chosen to report our scope 1 and scope 2 emissions separately from our scope 3 emissions as scope 1 and 
2 emissions are under our direct control while scope 3 emissions represent the effect of our business activities across the supply chain. Although it is not a mandatory 
Intergovernmental Panel on Climate Change reporting category, we are also reporting our fugitive mine methane emissions in the Free State province of South Africa in line 
with the transparency principle of the ISO greenhouse gas quantification standard. Scope 2 emissions are representative of the market-based method. 2020 Group scope 1 
emissions have been adjusted due to minor amendments to the emission calculation procedure and emission factors. The increase in total Group scope 2 emissions is 
attributable to the increased use of electricity, as well as the impact of the 3.8% increase in the Eskom grid emission factor (GEF) used for the SA operations over the 2021 
reporting period
FOUR-YEAR STATISTICAL REVIEW continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
275

Environment
Cyanide consumption
000t
2,244
N/A
N/A
2,244
2,509
NA
NA
2,509
Total CO2e emission
Scope 1 and 210
000t
6,695
259
2,601
3,835
7,413
251
3,148
4,014
Scope 311
000t
1,245
124
692
429
1,597
211
953
433
Emissions intensity12
tCO2e/t milled
0.17
0.17
0.10
0.19
0.16
0.18
0.1
0.27
SO2 emissions13
tonnes
2,314
54.14
2,310
N/A
1,893
3.7
1,889
0
Electricity consumed
TWh
6.19
0.37
2.42
3.39
5.98
0.35
2.22
3.41
Diesel
TJ
1,108
367
623
117
1,135
368
662
105
Total water withdrawn
000ML
125.2
3.5
23.3
98.5
123.9
3.6
19.5
100.8
Water used
000ML
1449
0.37
23
25.9
49.95
0.95
19.3
29.7
Water use intensity18
kl/t treated
1.18
150.21
0.9
1.78
1.17
0.63
0.74
1.97
Environmental incidents level 3 and higher
Number
5
1
2
2
5
0
2
3
Gross rehabilitation liabilities
R billion
10.76
0.76
5.5
4.5
10.9
0.59
5.63
4.68
Representation (HDP South Africans)19
Top management (Board)
%
42.0
N/A
42.0
40.0
45.0
N/A
 45.5 
 45.5 
Executive management
%
N/A
38.0
N/A
 38.5 
 38.5 
Senior management 
%
41.0
N/A
41.0
41.0
43.0
N/A
 42.5 
 42.5 
Middle management 
%
48.0
N/A
49.0
33.0
 45.5 
N/A
 47.8 
 43.3 
Junior management
%
54.0
N/A
56.0
47.0
 52.3 
N/A
 54.9 
 49.8 
Social and procurement spend23
Total socioeconomic development (SED)
R million
16201.65
6.6
116.4
78.6
158
5.76
59
93
Social and labour plan (SLP) projects17
R million
161,734.5
N/A
772.70
961.75
1,584
N/A
639
945
Total BEE procurement spend17
R million
12,656
N/A
8,211
4,444
14,592
N/A
9,186
5,406
Capital goods17
%
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Services17
%
75
N/A
79.3
59
70
N/A
78
60
Consumables17
%
70
N/A
81
81.9
80
N/A
79
80
% of total procurement17
%
72
N/A
75
67
74
N/A
79
67
Other
Current tax and royalties31
R million
7,139
976
5,483
635
2,279
481
1,661
137
Research and development
R million
52
50
2020
2019
Group
US 
operations
SA Operations
Group
US 
operations
SA operations
Unit
PGM
PGM
Gold
1 PGM
PGM
Gold
FOUR-YEAR STATISTICAL REVIEW continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
276

OPERATING STATISTICS
2022
2021
2020
 2019
US PGM operations 
Production
Ore milled
000t
1,154
1,469
1,487
1,411
2E PGM production
kg
13,099
17,741
18,758
18,475
000oz
421
570
603
594
Price and costs
Average PGM basket price
R/2Eoz
30,482
31,021 
31,373
20,287
US$/2Eoz
1,862
2,097
1,906
1,403
R/3Eoz
50,202
51,987
36,821
19,174
US$/3Eoz
3,067
3,515
2,237
1,326
Operating cost20
R/2Eoz
18,671
13,324
12,829
9,978
US$/2Eoz
1,141
901
779
690
Adjusted EBITDA21
R million
7,604
12,256
13,083
7,291
Adjusted EBITDA margin22
%
16
21
29
27
All-in sustaining cost24
R/2Eoz
25,951
14,851
14,385
11,337
US$/2Eoz
1,586
1,004
874
784
All-in sustaining cost margin24
%
13
54
56
45
Total capital expenditure
US$ million
331
308
269
235
R million
5,416
4,556
4,419
3,393
SA PGM operations (attributable) 
Production
Ore milled
000t
36,644 
38,307 
32,416 
31,624 
4E PGM production
kg
51,864 
57,110 
47,475 
50,025 
000oz
1,667 
1,836 
1,526 
1,608 
Price and costs
Average PGM basket price
R/4Eoz
42,914 
47,066 
36,651 
19,994 
US$/4Eoz
2,622 
3,182 
2,227 
1,383 
Operating cost20
R/4Eoz
19,543 
16,780 
18,019 
14,699 
US$/4Eoz
1,194 
1,135 
1,095 
1,017 
Adjusted EBITDA21
R million
38,135 
51,608 
29,074 
8,796 
Adjusted EBITDA margin22
%
 53 
 61 
53
 32 
All-in sustaining cost24, 32 
R/4Eoz
19,313 
16,982 
17,792 
14,857 
US$/4Eoz
1,180 
1,148 
1,081 
1,027 
All-in sustaining cost margin24
%
48 
58 
46 
20 
Total capital expenditure
R million
5,104 
3,799 
2,197 
2,248 
US$ million
312
257
133
155
11 The following scope 3 categories are included, also see supplementary report, Climate change related disclosure
•
Category 1: Purchased goods and services
•
Category 2: Capital goods
•
Category 3: Fuel- and energy-related activities
•
Category 4: Upstream transportation and distribution
•
Category 5: Waste generated in operations
•
Category 6: Business travel
•
Category 7: Employee commuting
•
Category 8: Upstream leased assets
•
Category 9: Downstream transportation and distribution
•
Category 10: Processing of sold products
•
Category 11: Use of sold product
•
Category 12: End-of-life treatment of sold products
•
Category 13: Downstream leased assets
•
Category 14: Franchises
•
Category 15: Investments
FOUR-YEAR STATISTICAL REVIEW continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
277

SA gold operations
Production
Ore milled
000t
36,172
44,402
41,226
41,498
Gold produced
kg
19,301
33,372
30,561
29,009
000oz
621
1,073
983
933
Price and costs
Gold price
R/kg
946,073 
849,703 
924,764 
648,662 
US$/oz
1,798 
1,787 
1,747 
1,395 
Operating cost20
R/kg
1,074,400 
669,723 
634,596 
637,681 
Adjusted EBITDA21
R million
(3,546)
5,113
7,771
(970)
Adjusted EBITDA margin22
%
(20)
18
28
(5)
All-in sustaining cost23
R/kg
1,268,360
803,260
743,967
717,966
US$/oz
2,410
1,689
1,406
1,544
All-in sustaining cost margin24
%
(34)
5
20
(11)
Total capital expenditure
R million
4,559 
4,380 
2,997 
2,066 
US$ million
279
296
182
143
2022
2021
2020
 2019
SA OPERATIONS
12 Emissions intensity (t CO2e per t milled) is the intensity ratio of total scope 1 and 2 emissions to tonnes milled at the operations under our operational control. The ore at the US  
PGM operations is of a higher grade contributing to a higher intensity rate using tonnes milled versus ounces output
13 Sulphur dioxide (SO2) emissions for the SA and US operations are from the PGMs smelting operation. In 2019, Sibanye-Stillwater acquired Marikana operations and SO2 from 
PGM smelting has been identified as a key performance indicator for assurance. SO2 from smelting is applicable to the Marikana operations at the SA operations and the 
smelter of the metallurgical complex at the US operations
14 In 2019 we reported on the volume of water used rather than on the volume recycled and reused. Sibanye-Stillwater operates mines that generate almost zero effluent and 
mines that must discharge certain volumes of water in terms of their water-use licences to satisfy the requirements of the environmental reserve and/or to satisfy dewatering 
requirements. Nevertheless, Sibanye-Stillwater continues to practice effective water conservation and water demand management in accordance with the requirements of 
each of its water-use licences. 2020 water discharged for SA gold operations was restated due to measurement correction and to include DRD DP2 consumption as a 
discharge. DRD consumption contributed a significant portion of water used, but is not included in tonne treated, causing a skewed water use intensity. This adjustment results 
in changes in “Water discharged”, “Water used”,” Purchases from water services authorities %” and “Intensity (kl/tonne treated)”
15 Water use intensity in the US operations is 0.63kL/tonne treated for 2019. The US mines are relatively dry and water use is low, given that most of the water withdrawn is 
discharged through the water recycle/reuse systems in place. In addition, given the high rainfall, water is collected and a significant amount of storm water is used in the 
process facilities. Almost all the water discharged is treated.
16 Ã Definitions have changed from 2018 to 2019, for a breakdown please see page 222
17 The BEE proportion of total procurement applies to procurement spend in South Africa only; from 2019 onwards the total BEE procurement spend includes spend on services; 
and excludes capital goods from 2019 onwards. The spend reflected for the Gold operations include Shared Service department spend
18 Ã For detail on these figures see page 198 in Minimising our environmental impact
19 HDP in management includes management classified as designated groups and employed at management levels (excluding foreign nationals and white males) as at 
financial year-end 2020 and 2021. Previous years the senior management and executive level of management representation of designated groups were combined as one 
figure; however, this has been split from 2021 and historical data adjusted to make provision for the management split per level. The definition of the DMRE categorisation has 
changed to align to DOEL categories
20 Operating cost is the average cost of production, and operating cost per tonne is calculated by dividing the cost of sales, before amortisation and depreciation and change 
in inventory in a period by the tonnes milled in the same period, and operating cost per kilogram and ounce is calculated by dividing the cost of sales, before amortisation 
and depreciation and change in inventory in a period by the gold or platinum group metals (PGM) produced in the same period
21 The Group reports adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) based on the formula included in the facility agreements for compliance 
with the debt covenant formula. Adjusted EBITDA may not be comparable to similarly titled measures of other companies. Adjusted EBITDA is not a measure of performance 
under IFRS and should be considered in addition to, and not as a substitute for, other measures of financial performance and liquidity. For a reconciliation of profit/(loss) 
before royalties, carbon tax and tax to adjusted EBITDA, see – Consolidated financial statements – Notes to the consolidated financial statements – Note 28.7: Capital 
management
22 Adjusted EBITDA margin is calculated by dividing adjusted EBITDA by revenue
23 The SA gold operations recorded a fatal accident on 27 February 2022. This was, however, restated to the date of accident 21 October 2021, as per reporting protocol. 
Mr Madie (a contractor) was injured during a scraping and rigging accident on 21 October 2021 and passed away as a result of his injuries on 27 February 2022
FOUR-YEAR STATISTICAL REVIEW continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
278

2022
EUROPEAN OPERATIONS
Sibanye-Stillwater Sandouville refinery33
Volumes produced
Nickel Salts34
tonnes
2,003
Nickel Metal
tonnes
4,839
Total Nickel production
tNi
6,842
Nickel Cakes35
tonnes
284
Cobalt Chloride (CoCl2)36
tonnes
153
Ferric Chloride (FeCl3)36
tonnes
1,399
Volumes sales
Nickel Salts34
tonnes
1,860
Nickel Metal
tonnes
4,987
Total Nickel sold
tNi
6,847
Cobalt Chloride (CoCl2)36
tonnes
164
Ferric Chloride (FeCl3)36
tonnes
1,399
Price and costs
Nickel equivalent average basket price37
R/tNi
458,595
US$/tNi
28,019
Adjusted EBITDA21
Rm
(492)
Adjusted EBITDA margin22
%
(16)
Nickel equivalent sustaining cost23
R/tNi
527,676
US$/tNi
32,239
Total Capital expenditure
Rm
90
US$m
5
23 Sibanye-Stillwater presents the financial measures “All-in sustaining costs”, “All-in costs”, “All-in sustaining cost per kilogram”, “All-in sustaining cost per ounce”, “All-in cost per 
kilogram” and “All-in cost per ounce”, which were introduced during the year ended 31 December 2013 by the World Gold Council (the Council). The Council is a non-profit 
association of the world’s leading gold mining companies established in 1987 to promote the use of gold from industry, consumers and investors and is not a regulatory 
organisation. The Council has worked with its member companies to develop a metric that expands on International Financial Reporting Standards (IFRS) measures such as 
cost of goods sold and currently accepted non-IFRS measures to provide relevant information to investors, governments, local communities and other stakeholders in 
understanding the economics of gold mining operations related to expenditures, operating performance and the ability to generate cash flow from operations. This is 
especially true with reference to capital expenditure associated with developing and maintaining gold mines, which has increased significantly in recent years and is 
reflected in this metric
  All-in sustaining costs, All-in costs, All-in sustaining cost per kilogram, All-in sustaining cost per ounce, All-in cost per kilogram and All-in cost per ounce metrics are intended to 
provide additional information only, do not have any standardised meaning prescribed by IFRS and should not be considered in isolation or as alternatives to cost of sales, 
profit before tax, profit for the year, cash from operating activities or any other measure of financial performance presented in accordance with IFRS. All-in sustaining costs, 
All-in costs, All-in sustaining cost per kilogram, All-in sustaining cost per ounce, All-in cost per kilogram and All-in cost per ounce as presented in this document may not be 
comparable to other similarly titled measures of performance of other companies. Other companies may calculate these measures differently as a result of differences in the 
underlying accounting principles, policies applied and accounting frameworks such as in US GAAP. Differences may also arise related to definitional differences of sustaining 
versus development capital activities based upon each company’s internal policies
All-in costs excludes income tax, costs associated with merger and acquisition activities, working capital, impairments, financing costs, one-time severance charges and items 
needed to normalise earnings 
All-in costs is made up of All-in sustaining costs, being the cost to sustain current operations, given as a sub-total in the All-in costs calculation, together with corporate and 
major capital expenditure growth
For a reconciliation of cost of sales, before amortisation and depreciation to All-in costs, see - Overview -Management’s discussion and analysis of the financial statements - 
2022 financial performance compared with 2021 - Cost of sales–All-in costs
  The Nickel equivalent sustaining cost, being the cost to sustain current operations. Nickel equivalent sustaining cost per tonne nickel is calculated by dividing the Nickel 
equivalent sustaining cost, in a period by the total nickel products sold over the same period. Nickel equivalent sustaining cost and Nickel equivalent sustaining costs per 
tonne are intended to provide additional information only, do not have any standardised meaning prescribed by IFRS and should not be considered in isolation or as 
alternatives to cost of sales, profit before tax, profit for the year, cash from operating activities or any other measure of financial performance presented in accordance with 
IFRS. Nickel equivalent sustaining cost and Nickel equivalent sustaining costs per tonne as presented in this document may not be comparable to other similarly titled 
measures of performance of other companies. Other companies may calculate these measures differently as a result of differences in the underlying accounting principles, 
policies applied and accounting frameworks such as in US GAAP. Differences may also arise related to definitional differences of sustaining versus development capital 
activities based upon each company’s internal policies. For a reconciliation of cost of sales, before amortisation and depreciation to Nickel equivalent sustaining cost, see - 
Overview - Management’s discussion and analysis of the financial statements - 2022 financial performance compared with 2021 - Cost of sales - All-in sustaining cost, All-in 
cost and Nickel equivalent sustaining cost
FOUR-YEAR STATISTICAL REVIEW continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
279

Revenue
R million
138,288 
172,194
127,392
72,925
Profit for the year
R million
18,980 
33,796
30,622
433
Earnings per share
cents
651 
1,140
1,074
2
Headline earnings per share
cents
652 
1,272
1,068
(40)
Number of shares in issue at end of period
000
2,830,370 
2,808,406 
2,923,571 
2,670,030 
Statement of financial position (extract)
Cash and cash equivalents
R million
26,076 
30,292 
20,240 
5,619 
Total assets
R million
166,631 
152,994 
134,103 
101,072 
Borrowings 25
R million
22,728 
20,298 
18,383 
23,736 
Total liabilities
R million
75,627 
71,649 
63,387 
69,934 
Statement of cash flows (extract)
Net (decrease)/increase in cash and cash equivalents
R million
(5,328) 
9,344 
14,969 
3129
Other financial data
Adjusted EBITDA21
R million
41,111 
68,606 
49,385 
14,956 
Net (cash)/debt26
R million
(5,850) 
(11,466) 
(3,087) 
20,964 
Net (cash)/debt to adjusted EBITDA
ratio
(0.14) 
(0.17) 
(0.06) 
1.40 
Net asset value per share
R
32.15 
28.96 
24.19 
11.66 
Debt to equity27
ratio
0.83 
0.88 
0.90 
2.25 
Dividends declared per share
ZAR cents
2.60 
4.79 
371 
— 
Dividend yield28
%
5.8 
9.8 
6.2 
— 
Average exchange rate29
R/US$
16.37
14.79 
16.46 
14.46 
Closing exchange rate30
R/US$
17.03 
15.94 
14.69 
14 
Share data
Market capitalisation at year-end
R billion
126.6
137.9
175.4
95.8
US$ billion
7.5
8.8
11.6
6.6
Average daily volume of shares traded
’000
12,162 
14,175 
19,488 
21,383 
Ordinary share price – high
R/share
75.40
74.67
60.4
35.89
Ordinary share price – low
R/share
35.74
45.58
16.53
16.76
Ordinary share price at year end
R/share
44.72
49.10
60
35.89
GROUP FINANCIAL STATISTICS
Income statement (extract)
2022
2021
2020
2019
24All-in sustaining cost margin is defined as revenue minus All-in sustaining costs divided by revenue. All-in cost margin is defined as revenue minus All-in costs Sibanye-Stillwater 
presents the financial measures “All-in sustaining costs”, “All-in costs”, “All-in sustaining cost per kilogram”, “All-in sustaining cost per ounce”, “All-in cost per kilogram” and “All-
in cost per ounce”, which were introduced during the year ended 31 December 2013 by the World Gold Council (the Council). The Council has worked with its member 
companies to develop a metric that expands on International Financial Reporting Standards (IFRS) measures such as cost of goods sold and currently accepted non-IFRS 
measures to provide relevant information to investors, governments, local communities and other stakeholders in understanding the economics of gold mining operations 
related to expenditures, operating performance and the ability to generate cash flow from operations. This is especially true with reference to capital expenditure associated 
with developing and maintaining gold mines, which has increased significantly in recent years and is reflected in this metric
All-in sustaining costs, All-in costs, All-in sustaining cost per kilogram, All-in sustaining cost per ounce, All-in cost per kilogram and All-in cost per ounce metrics are intended to 
provide additional information only, do not have any standardised meaning prescribed by IFRS and should not be considered in isolation or as alternatives to cost of sales, 
profit before tax, profit for the year, cash from operating activities or any other measure of financial performance presented in accordance with IFRS. All-in sustaining costs, 
All-in costs, All-in sustaining cost per kilogram, All-in sustaining cost per ounce, All-in cost per kilogram and All-in cost per ounce as presented in this document may not be 
comparable to other similarly titled measures of performance of other companies. Other companies may calculate these measures differently as a result of differences in the 
underlying accounting principles, policies applied and accounting frameworks such as in US GAAP. Differences may also arise related to definitional differences of sustaining 
versus development capital activities based upon each company’s internal policies. All-in cost excludes income tax, costs associated with merger and acquisition activities, 
working capital, impairments, financing costs, one-time severance charges and items needed to normalise earnings. All-in costs is made up of All-in sustaining costs, being the 
cost to sustain current operations, given as a sub-total in the All-in costs calculation, together with corporate and major capital expenditure growth. For a reconciliation of 
cost of sales, before amortisation and depreciation to All-in costs, see Overview - Management’s discussion and analysis of the financial statements - 2022 financial 
performance compared with 2021 - Cost of sales - All-in costs
25 This represents total borrowings as per the consolidated financial statement. See the Consolidated financial statements – Notes to the consolidated financial statements – 
Note 28: Borrowings
26 Net (cash)/debt represents borrowings and bank overdraft less cash and cash equivalents. Borrowings are only those borrowings that have recourse to Sibanye-Stillwater, 
and, therefore, exclude the Burnstone Debt. Net (cash)/debt excludes cash of Burnstone
27 The debt to equity ratio is a debt ratio used to measure the Group’s financial leverage and is calculated by dividing total liabilities by equity
28 The dividend yield is a financial ratio that indicates how much a company pays out in dividends each year relative to its share price. Dividend yield is represented as a 
percentage and is calculated by dividing the dividends per share declared in a given year by the ordinary share price at the end of the year
29 The average exchange rate during the relevant period as reported by IRESS. Based on the average share price of R48.83 for the year ended 31 December 2022
30 The closing exchange rate at period end. The closing exchange rate on 14 April 2023, as reported by IRESS, was R18.08/US$. Fluctuations in the exchange rate between the 
rand and the US dollar will affect the US dollar equivalent of the price of the ordinary shares on the JSE, which may affect the market price of the American Depositary 
Receipts (ADRs) on the NYSE. These fluctuations will also affect the US dollar amounts received by owners of ADRs on the conversion of any dividends paid in rand on the 
ordinary shares
31 Current tax and royalties for the Group includes current tax on Group Corporate and Reconciling items of R4 million (2021: R70 million, 2020: R45 million and 2019: Rnil)
32 The SA PGM operations excludes the production and costs associated with purchase of concentrate (PoC) from third parties at the Marikana operations from 1 January 2020
33 Amounts included since effective date of the acquisition on 4 February 2022
34 Nickel salts consist of anhydrous nickel, nickel chloride low sodium, nickel chloride standard, nickel carbonate and nickel chloride solution
35 Nickel cakes occur during the processing of nickel matte and are recycled back into the nickel refining process
36 Cobalt chloride and ferric chloride are obtained from nickel matte through a different refining process on an order basis
37 The Nickel equivalent average basket price per tonne is the total nickel revenue adjusted for other income - non-product sales divided by the total nickel equivalent tonnes 
sold 
FOUR-YEAR STATISTICAL REVIEW continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
280

STATEMENT OF ASSURANCE
INDEPENDENT PRACTITIONER’S LIMITED ASSURANCE REPORT ON THE SELECTED SUSTAINABILITY 
INFORMATION IN SIBANYE-STILLWATER’S INTEGRATED REPORT
To the directors of Sibanye-Stillwater
We have undertaken a limited assurance engagement in respect of the selected sustainability information, as described below, 
and presented in the 2022 Integrated Report of Sibanye Stillwater Limited (the ‘Company’, ‘Sibanye-Stillwater’ or ‘you’) for the year ended 
31 December 2022 (“the Report”). This engagement was conducted by a multidisciplinary team including health, safety, social, 
environmental and assurance specialists with relevant experience in sustainability reporting.
SUBJECT MATTER
We have been engaged to provide a limited assurance conclusion in our report on the following selected sustainability information, 
referenced by footnote 3 on Ã pages 273 and 275 of the Report. The selected sustainability information described below has been 
prepared in accordance with the Group’s reporting criteria that accompanies the sustainability information on the relevant pages of the 
Report (the accompanying Reporting Criteria). 
Selected sustainability information
Unit of measurement
Boundary
Environment
Total CO2 equivalent emissions: scope 1 and 2
’000 tCO2e
Sibanye-Stillwater Group
GHG emissions intensity (Scope 1 + 2)
tCO2e /oz
Sibanye-Stillwater Group
Total CO2 equivalent emissions: scope 3
’000 tCO2e
Sibanye-Stillwater Group
Electricity consumed
TWh
Sibanye-Stillwater Group
Number of environmental incidents: Level 3 and higher
Number
Sibanye-Stillwater Group
Total water withdrawn
’000 ML
Sibanye-Stillwater Group
Diesel
TJ
Sibanye-Stillwater Group
SO2 emissions
Tonnes SO2
United States PGM and South 
Africa PGM smelting operations
Health
Number of new and resubmitted silicosis cases reported
Number of cases
South African operations
Number of new and resubmitted noise induced hearing loss (NIHL) cases reported
Number of cases
Sibanye-Stillwater Group
Number of new and resubmitted chronic obstructive pulmonary diseases (COPD) 
cases reported
Number of cases
South African operations
Number of new and retreatment cardiorespiratory tuberculosis (TB) cases reported
Number of cases
South African operations
Number of new and relapsed tuberculosis (TB) incidence cases reported
Number of cases
South African operations
Highly-active antiretroviral treatment (HAART) patients on treatment and in active 
employment
Number of patients
South African operations
Safety
Total recordable injury frequency rate (TRIFR)
Rate
Sibanye-Stillwater Group
Number of fatalities
Number
Sibanye-Stillwater Group
Social
Total socioeconomic development (SED) spend
R million
Sibanye-Stillwater Group
Total approved social and labour plan (SLP) project spend
R million
South African operations
Women in the workforce / Women in Mining (WiM)
%
Sibanye-Stillwater Group
HDP representation in
South African operations
•
top management (Board)
%
•
executive management
%
•
senior management
%
•
middle management
%
•
junior management
%
Total BEE procurement spend
R million
South African operations
We refer to this information as the “selected sustainability information”.
SIBANYE-STILLWATER INTEGRATED REPORT 2022
281

YOUR RESPONSIBILITIES
The directors are responsible for the selection, preparation and 
presentation of the selected sustainability information in 
accordance with the accompanying reporting criteria available on 
the website ¸ www.sibanyestillwater.com/newsinvestors/reports/
annual (the ‘Reporting criteria’). 
This responsibility includes
•
the identification of stakeholders and stakeholder requirements,
material matters, commitments with respect to sustainability
performance
•
the design, implementation and maintenance of internal control
relevant to the preparation of the Report that is free from
material misstatement, whether due to fraud or error
The directors are also responsible for determining the 
appropriateness of the measurement and Reporting Criteria in 
view of the intended users of the selected sustainability information 
and for ensuring that those criteria are publicly available to the 
Report users.
INHERENT LIMITATIONS
Non-financial performance information is subject to more inherent 
limitations than financial information, given the characteristics of the 
subject matter and the methods used for determining, calculating, 
sampling and estimating such information. The absence of a 
significant body of established practices on which to draw allows for 
the selection of different but acceptable measurement techniques 
which can result in materially different measurements and can 
impact comparability. Qualitative interpretations of relevance, 
materiality and the accuracy of data are subject to individual 
assumptions and judgements. The precision of different 
measurement techniques may also vary. Furthermore, the nature 
and methods used to determine such information, as well as the 
measurement criteria and the precision thereof, may change over 
time.
In particular, where the information relies on carbon, other emissions 
or energy conversion factors derived by independent third parties, 
or internal laboratory results, our assurance work did not include 
examination of the derivation of those factors and other third-party 
or laboratory information.
OUR INDEPENDENCE AND QUALITY CONTROL
We have complied with the independence and other ethical 
requirements of the Code of Professional Conduct for Registered 
Auditors, issued by the Independent Regulatory Board for 
Auditors’ (IRBA Code), which is founded on fundamental principles 
of integrity, objectivity, professional competence and due care, 
confidentiality and professional behaviour. The IRBA Code is 
consistent with the corresponding sections of the International Ethics 
Standards Board for Accountants’ International Code of Ethics for 
Professional Accountants (including International Independence 
Standards).
The firm applies the International Standard on Quality Control 1, 
and accordingly maintains a comprehensive system of quality 
control including documented policies and procedures regarding 
compliance with ethical requirements, professional standards and 
applicable legal and regulatory requirements.
OUR RESPONSIBILITY
Our responsibility is to express a limited assurance conclusion on 
the selected sustainability information based on the procedures 
we have performed and the evidence we have obtained. 
We conducted our assurance engagement in accordance with the 
International Standard on Assurance Engagements 3000 (Revised), 
Assurance Engagements other than Audits or Reviews of Historical 
Financial Information (ISAE 3000 (Revised)), and, in respect of 
greenhouse gas emissions, International Standard on Assurance 
Engagements 3410, Assurance Engagements on Greenhouse Gas 
Statements (ISAE 3410) issued by the International Auditing and 
Assurance Standards Board. These standards require that we plan 
and perform our engagement to obtain limited assurance about 
whether the selected sustainability information is free from material 
misstatement.
A limited assurance engagement undertaken in accordance with 
ISAE 3000 (Revised), and ISAE 3410, involves assessing the suitability 
in the circumstances of the Company’s use of its Reporting 
Criteria as the basis of preparation for the selected sustainability 
information, assessing the risks of material misstatement of the 
selected sustainability information whether due to fraud or error, 
responding to the assessed risks as necessary in the circumstances, 
and evaluating the overall presentation of the selected 
sustainability information. A limited assurance engagement is 
substantially less in scope than a reasonable assurance 
engagement in relation to both risk assessment procedures, 
including an understanding of internal control, and the procedures 
performed in response to the assessed risks. The procedures we 
performed were based on our professional judgement and included 
inquiries, observation of processes followed, inspection of 
documents, analytical procedures, evaluating the appropriateness 
of quantification methods and reporting policies, and agreeing or 
reconciling with underlying records.
Given the circumstances of the engagement, in performing the 
procedures listed above we
•
interviewed management and senior executives to obtain
an understanding of the internal control environment,
risk assessment process and information systems relevant
to the sustainability reporting process
•
inspected documentation to corroborate the statements
of management and senior executives in our interviews
•
tested the processes and systems to generate, collate,
aggregate, monitor and report the selected sustainability
information
•
performed a controls walkthrough of identified key controls
•
inspected supporting documentation on a sample basis
and performed analytical procedures to evaluate the data
generation and reporting processes against the Reporting
Criteria
•
evaluated the reasonableness and appropriateness of significant
estimates and judgements made by the directors in the
preparation of the selected sustainability information
•
evaluated whether the selected sustainability information
presented in the Report is consistent with our overall knowledge
and experience of sustainability management and performance
at the Company
STATEMENT OF ASSURANCE continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
282

The procedures performed in a limited assurance engagement vary 
in nature and timing and are less in extent than for a reasonable 
assurance engagement. As a result, the level of assurance obtained 
in a limited assurance engagement is substantially lower than the 
assurance that would have been obtained had we performed a 
reasonable assurance engagement. Accordingly, we do not 
express a reasonable assurance opinion about whether the 
Company’s selected sustainability information has been prepared, 
in all material respects, in accordance with the accompanying 
Reporting Criteria.
LIMITED ASSURANCE CONCLUSION
Based on the procedures we have performed and the evidence we 
have obtained, and subject to the inherent limitations outlined 
elsewhere in this report, nothing has come to our attention that 
causes us to believe that the selected sustainability information as 
set out in the subject matter paragraph above for the year ended 
31 December 2022 is not prepared, in all material respects, 
in accordance with the Reporting Criteria.
OTHER MATTERS
Our report includes the provision of limited assurance on the 
Greenhouse gas emissions intensity (tCO2e / oz) - Sibanye-Stillwater 
Group scope 1and 2 emissions per oz produced. We were 
previously not required to provide assurance on this selected 
sustainability information.
The maintenance and integrity of Sibanye-Stillwater’s website is the 
responsibility of Sibanye-Stillwater’s directors. Our procedures did not 
involve consideration of these matters and accordingly we accept 
no responsibility for any changes to either the information in the 
Report or our independent assurance report that may have 
occurred since the initial date of presentation on Sibanye-
Stillwater’s website.
RESTRICTION OF LIABILITY
Our work has been undertaken to enable us to express a limited 
assurance conclusion on the selected sustainability information to 
the directors of the Company in accordance with the terms of our 
engagement, and for no other purpose. We do not accept or 
assume liability to any party other than the Company, for our work, 
for this report, or for the conclusion we have reached.
PricewaterhouseCoopers Inc. 
Director: Oswald Wentworth
Registered Auditor
PWC Johannesburg, 4 Lisbon Lane, Waterfall City, 2090
24 April 2023
STATEMENT OF ASSURANCE continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
283

SHAREHOLDER INFORMATION
SHARE INFORMATION
Sector
Resources
Issued share capital
at 31 December 2022
2,830,370,251
at 31 December 2021
2,808,406,269
at 31 December 2020
2,923,570,507
JSE Ticker: SSW
Market capitalisation
at 31 March 2023
R103.7 billion
at 31 December 2022
R126.6 billion
at 31 December 2021
R137.9 billion
at 31 December 2020
R175.4 billion
12-month average daily share trading volumes
year ended 31 December 2022
12,055,276
year ended 31 December 2021
14,175,442
year ended 31 December 2020
19,291,940
Share price statistics
12-month low and high for 2022
Low: R35.74 High: R75.40
12-month low and high for 2021
Low: R45.58 High: R74.67
12-month low and high for 2020
Low: R16.53 High: R60.40
closing price as at 31 December 2022
R44.72
closing price as at 31 December 2021
R49.10
closing price as at 31 December 2020
R60.00
NYSE Ticker: SBSW
Market capitalisation
at 31 March 2023
US$5.8 billion
at 31 December 2022
US$7.5 billion
at 31 December 2021
US$8.8 billion
at 31 December 2020
US$11.6 billion
12-month average daily share trading volumes 
on the NYSE and other US platforms
year ended 31 December 2022
3,690,141
year ended 31 December 2021
2,848,586
year ended 31 December 2020
3,344,698
Share price statistics
12-month low and high for 2022
Low US$8.16 High US$20.32
12-month low and high for 2021
Low: US$11.51 High: US$20.56
12-month low and high for 2020
Low: US$3.68 High: US$16.30
closing price as at 31 December 2022
US$10.66
closing price as at 31 December 2021
US$12.54
closing price as at 31 December 2020
US$15.89
Free float1
100%
ADS ratio
1 ADS:4 ordinary shares
ADSs outstanding
31 December 2022
529,817,698
31 December 2021
395,607,358
31 December 2020
441,815,262
1  Excluding Gold One (as a corporate holding) directors, prescribed officers and their relations, as well as the employee share trust
SIBANYE-STILLWATER INTEGRATED REPORT 2022
284

Ownership summary at 31 December 2022 – top 10 shareholders
Rank
Investor
Current combined holding of shares in issue
% of shares in issue
1
Public Investment Corporation (PIC)1
433,088,187 
15.30 
2
Allan Gray Proprietary Limited1
195,293,037 
6.90 
3
BlackRock Inc1
153,391,012 
5.42 
4
The Vanguard Group Inc
111,510,458 
3.94 
5
M&G plc
82,397,824 
2.91 
6
GIC Asset Management Pte Ltd
71,387,333 
2.52 
7
State Street Global Advisors Limited
65,299,236 
2.31 
8
Sanlam Investment Management Proprietary Limited
51,116,861 
1.81 
9
Old Mutual Limited
45,240,976 
1.60 
10
Dimensional Fund Advisors
42,649,488 
1.51 
1 These are major shareholders in line with the JSE listings requirements 8.63(e)
Registered shareholder spread at 31 December 2022
Number of 
holders
% of total 
shareholders
Number of 
shares2
% of shares in 
issue1,3
1-1,000 shares
42,827 
 75.30 
8,789,552 
0.31 
1,001-10,000 shares
11,019 
 19.38 
33,436,702 
1.18 
10,001-100,000 shares
2,002 
 3.52 
63,209,088 
2.23
100,001-1,000,000 shares
797 
 1.40 
256,533,080 
9.06
1,000,001 shares and above
227 
 0.40 
2,468,401,829 
87.21
Total
56,872 
 100.00 
2,830,370,251 
100.00
1   Figures may not add due to rounding
2   As of 31 March 2023, the issued share capital of Sibanye-Stillwater consisted of 2,830,567,264 ordinary shares
3  To our knowledge: (1) Sibanye-Stillwater is not directly or indirectly owned or controlled (a) by another entity or (b) by any foreign government; and (2) there are no 
arrangements the operation of which may at a subsequent date result in a change in control of Sibanye-Stillwater. To the knowledge of Sibanye-Stillwater’s management, 
there is no controlling shareholder of Sibanye-Stillwater
Public and non-public shareholdings
Shareholder type
Number of 
holders
% of total 
shareholders
Number of
shares
% of shares 
in issue
Non-public shareholders
35
0.06
536,459,081 
18.95
Directors and associates
11
0.02
10,359,306 
0.37
Prescribed Officers and associates
6
0.01
3,394,438 
0.12
Share trust
1
0.00
19,233,755 
0.68
Government Employees Pension Fund (PIC)1
17
0.03
503,471,582 
17.79
Public shareholders
56,837 
99.94
2,293,911,170 
81.05
Total
56,872 
100.00 
2,830,370,251 
100
1  This is the aggregate shareholding for the Government Employees Pension Fund, the majority of which is managed by the Public Investment Corporation (PIC)
Foreign custodian holdings of more than 5% at 31 December 2022
Number of
shares
% of shares in 
issue
The Bank of New York Mellon (ADR Sponsor)
529,817,698
18.72
State Street Bank & Trust Co
255,426,393
9.02
JPMorgan Chase & Co.
197,741,037
6.99
CitiBank Inc.
151,718,018
5.36
SHAREHOLDER INFORMATION continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
285

The tables below show the change in the percentage ownership of Sibanye-Stillwater’s major shareholders, to the knowledge of Sibanye- 
Stillwater’s management, between 2020 and 2022.
Investment management shareholdings of more than 5% at 31 December 20221
Government Employees Pension Fund (PIC)2
433,088,187 
15.30
422,136,705 
15.03
336,133,667
11.50
Allan Gray Proprietary Limited
195,293,037 
6.90
167,557,050 
5.97
114,906,710 
3.93
BlackRock Inc
153,391,012 
5.42
150,428,228 
5.36
195,153,251
6.67
2022
2021
2020
Number of 
shares
% of shares in 
issue
Number of 
shares
% of shares 
issue
Number of 
shares
% of shares 
issue
1. A list of the investment managers holding, to the knowledge of Sibanye-Stillwater’s management, directly or indirectly, 5% or more of the issued
share capital of Sibanye-Stillwater as of 31 March 2023 is set forth below:
Number of 
shares
% of shares in 
issue
Government Employees Pension Fund (PIC)2
440,935,517
15.58
Allan Gray Proprietary Limited
193,615,653
6.84
2.
This represents funds managed by the PIC as an investment fund manager, which holds the majority of its shares on behalf of the Government Employees Pension Fund
Beneficial shareholdings more than 5% at 31 December 20221
2022
2021
2020
Number of 
shares
%
Number of shares
%
Number of shares
%
Gold One South Africa SPV (RF) Proprietary Limited
14,855,857
0.52
81,331,203
2.90
148,390,135
5.08
Government Employees Pension Fund (PIC)2
503,471,582
17.79
498,129,067
17.72
400,925,568
13.71
1   A list of the individuals and organisations holding, to the knowledge of Sibanye-Stillwater’s management, directly or indirectly, 5% or more of the issued share capital of 
Sibanye-Stillwater as of 31 March 2023 is set forth below:
Number of 
shares
% of shares 
in issue
Government Employees Pension Fund (PIC)2
510,581,845
18.04
2   This is the aggregate shareholding for the Government Employees Pension Fund the majority of which is managed by the Public Investment Corporation (PIC)
Sibanye-Stillwater’s ordinary shares are subject to dilution as a result of any non-pre-emptive share issuance, including upon the exercise of 
Sibanye-Stillwater’s outstanding share options, issues of shares by the Board in compliance with B-BBEE legislation or in connection with 
acquisitions.
The principal non-United States trading market for the ordinary shares of Sibanye-Stillwater is the JSE Limited, on which they trade under 
the symbol “SSW”. Sibanye-Stillwater’s American depositary shares (ADSs) trade in the United States on the NYSE under the symbol “SBSW”. 
The ADRs representing the ADSs were issued by The Bank of New York Mellon (BNYM) as depositary under the ADR program. Each ADS 
represents four ordinary shares.
No public takeover offers by third parties have been made in respect of Sibanye-Stillwater’s shares or by Sibanye-Stillwater in respect of other 
companies’ shares during the last and current fiscal year, other than Sibanye-Stillwater's public takeover offer for New Century Resources 
Limited. See Annual financial report – Consolidated financial statements – Notes to the consolidated financial statements – Note 41.3: Off-
market takeover offer for New Century.
SHAREHOLDER INFORMATION continued
SIBANYE-STILLWATER INTEGRATED REPORT 2022
286

DISCLAIMER
Forward-looking statements
The information in this report may contain forward-looking statements within the meaning of the “safe harbour” provisions of the United States Private Securities 
Litigation Reform Act of 1995. These forward-looking statements, including, among others, those relating to Sibanye Stillwater Limited’s (Sibanye-Stillwater or the 
Group) financial positions, business strategies, plans and objectives of management for future operations, are necessarily estimates reflecting the best judgment of 
the senior management and directors of Sibanye-Stillwater and involve a number of risks and uncertainties that could cause actual results to differ materially from 
those suggested by the forward-looking statements. As a consequence, these forward-looking statements should be considered in light of various important 
factors, including those set forth in this report.
All statements other than statements of historical facts included in this report may be forward-looking statements. Forward-looking statements also often use words 
such as “will”, “would”, “expect”, “forecast”, “potential”, “may”, “could”, “believe”, “aim”, “anticipate”, “target”, “estimate” and words of similar meaning. By 
their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances and should be considered in light of 
various important factors, including those set forth in this disclaimer. Readers are cautioned not to place undue reliance on such statements. 
The important factors that could cause Sibanye-Stillwater’s actual results, performance or achievements to differ materially from estimates or projections 
contained in the forward-looking statements include, without limitation, Sibanye-Stillwater’s future financial position, plans, strategies, objectives, capital 
expenditures, projected costs and anticipated cost savings, financing plans, debt position and ability to reduce debt leverage; economic, business, political and 
social conditions in South Africa, Zimbabwe, the United States, Europe and elsewhere; plans and objectives of management for future operations; Sibanye-
Stillwater’s ability to obtain the benefits of any streaming arrangements or pipeline financing; the ability of Sibanye-Stillwater to comply with loan and other 
covenants and restrictions and difficulties in obtaining additional financing or refinancing; Sibanye-Stillwater’s ability to service its bond instruments; changes in 
assumptions underlying Sibanye-Stillwater’s estimation of its Mineral Resources and Mineral Reserves; any failure of a tailings storage facility; the ability to achieve 
anticipated efficiencies and other cost savings in connection with, and the ability to successfully integrate, past, ongoing and future acquisitions, as well as at 
existing operations; the ability of Sibanye-Stillwater to complete any ongoing or future acquisitions; the success of Sibanye-Stillwater’s business strategy and 
exploration and development activities, including any proposed, anticipated or planned expansions into the battery metals or adjacent sectors and estimations 
or expectations of enterprise value (including the Rhyolite Ridge project); the ability of Sibanye-Stillwater to comply with requirements that it operate in ways that 
provide progressive benefits to affected communities; changes in the market price of gold, PGMs, battery metals (e.g., nickel, lithium, copper and zinc) and the 
cost of power, petroleum fuels, and oil, among other commodities and supply requirements; the occurrence of hazards associated with underground and surface 
mining; any further downgrade of South Africa’s credit rating; the impact of South Africa's greylisting; a challenge regarding the title to any of Sibanye-Stillwater’s 
properties by claimants to land under restitution and other legislation; Sibanye-Stillwater’s ability to implement its strategy and any changes thereto; the outcome 
of legal challenges to the Group’s mining or other land use rights; the outcome of any disputes or litigation; the occurrence of labour disputes, disruptions and 
industrial actions; the availability, terms and deployment of capital or credit; changes in the imposition of industry standards, regulatory costs and relevant 
government regulations, particularly environmental, sustainability, tax, health and safety regulations and new legislation affecting water, mining, mineral rights 
and business ownership, including any interpretation thereof which may be subject to dispute; the outcome and consequence of any potential or pending 
litigation or regulatory proceedings, including in relation to any environmental, health or safety issues; failure to meet ethical standards, including actual or alleged 
instances of fraud, bribery or corruption; the effect of climate change or other extreme weather events on Sibanye-Stillwater’s business; the concentration of all 
final refining activity and a large portion of Sibanye-Stillwater’s PGM sales from mine production in the United States with one entity; the identification of a material 
weakness in disclosure and internal controls over financial reporting; the effect of US tax reform legislation on Sibanye-Stillwater and its subsidiaries; the effect of 
South African Exchange Control Regulations on Sibanye-Stillwater’s financial flexibility; operating in new geographies and regulatory environments where Sibanye-
Stillwater has no previous experience; power disruptions, constraints and cost increases; supply chain disruptions and shortages and increases in the price of 
production inputs; the regional concentration of Sibanye-Stillwater’s operations; fluctuations in exchange rates, currency devaluations, inflation and other macro-
economic monetary policies; the occurrence of temporary stoppages or precautionary suspension of operations at its mines for safety or environmental incidents 
(including  natural disasters) and unplanned maintenance; Sibanye-Stillwater’s ability to hire and retain senior management and employees with sufficient 
technical and/or production skills across its global operations necessary to meet its labour recruitment and retention goals, as well as its ability to achieve sufficient 
representation of historically disadvantaged South Africans in its management positions; failure of Sibanye-Stillwater’s information technology, communications 
and systems; the adequacy of Sibanye-Stillwater’s insurance coverage; social unrest, sickness or natural or man-made disaster at informal settlements in the 
vicinity of some of Sibanye-Stillwater’s South African-based operations; and the impact of HIV, tuberculosis and the spread of other contagious diseases, such as 
the coronavirus disease (COVID-19).
Further details of potential risks and uncertainties affecting Sibanye-Stillwater are described in Sibanye-Stillwater’s filings with the Johannesburg Stock Exchange 
and the United States Securities and Exchange Commission, including the 2022 Integrated Report and the Annual Financial Report for the fiscal year ended 
31 December 2022 on Form 20-F filed with the United States Securities and Exchange Commission on 24 April 2023 (SEC File no. 333-234096).
These forward-looking statements speak only as of the date of the content. Sibanye-Stillwater expressly disclaims any obligation or undertaking to update or revise 
any forward-looking statement (except to the extent legally required). These forward-looking statements have not been reviewed or reported on by the Group’s 
external auditors.
Non-IFRS measures
The information contained in this report may contain certain non-IFRS measures, including, among others, adjusted EBITDA, adjusted free cash flow, AISC, AIC, 
Nickel equivalent sustaining cost and normalised earnings. These measures may not be comparable to similarly-titled measures used by other companies and are 
not measures of Sibanye-Stillwater’s financial performance under IFRS. These measures should not be considered in isolation or as a substitute for measures of 
performance prepared in accordance with IFRS. Sibanye-Stillwater is not providing a reconciliation of the forecast non-IFRS financial information presented in this 
report because it is unable to provide this reconciliation without unreasonable effort. These forecast non-IFRS financial information presented have not been 
reviewed or reported on by the Group’s external auditors.
Mineral Resources and Mineral Reserves
Sibanye-Stillwater’s Mineral Resources and Mineral Reserves are estimates at a particular date, and are affected by fluctuations in mineral prices, the exchange 
rates, operating costs, mining permits, changes in legislation and operating factors. Sibanye-Stillwater reports its Mineral Resources and Mineral Reserves in 
accordance with the rules and regulations promulgated by each of the United States Securities and Exchange Commission (SEC) and the JSE at all managed 
operations, development, and exploration properties.
Websites
References in this document to information on websites (and/or social media sites) are included as an aid to their location and such information is not 
incorporated in, and does not form part of, this report.
SIBANYE-STILLWATER INTEGRATED REPORT 2022
287

ADMINISTRATIVE AND CORPORATE INFORMATION
SIBANYE STILLWATER LIMITED 
(SIBANYE-STILLWATER)
Incorporated in the Republic of South Africa
Registration number 2014/243852/06 
Share code: SSW and SBSW
Issuer code: SSW 
ISIN: ZAE000259701
LISTINGS 
JSE: SSW 
NYSE: SBSW
WEBSITE
www.sibanyestillwater.com
REGISTERED AND CORPORATE OFFICE
Constantia Office Park
Bridgeview House, Building 11, Ground floor
Cnr 14th Avenue & Hendrik Potgieter Road 
Weltevreden Park 1709
South Africa
Private Bag X5 
Westonaria 1780 
South Africa
Tel: +27 11 278 9600
Fax: +27 11 278 9863
COMPANY SECRETARY
Lerato Matlosa
Email: lerato.matlosa@sibanyestillwater.com
DIRECTORS
Dr Vincent Maphai* (Chairman) 
Neal Froneman (CEO)
Charl Keyter (CFO) 
Dr Elaine Dorward-King*
Harry Kenyon-Slaney* 
Jeremiah Vilakazi* 
Keith Rayner* 
Nkosemntu Nika* 
Richard Menell*^ 
Savannah Danson* 
Susan van der Merwe* 
Timothy Cumming* 
Sindiswa Zilwa*
* Independent non-executive
^ Lead independent director
INVESTOR ENQUIRIES
James Wellsted
Executive Vice President: Investor Relations and Corporate Affairs
Mobile: +27 83 453 4014
Email: james.wellsted@sibanyestillwater.com
or ir@sibanyestillwater.com
JSE SPONSOR
JP Morgan Equities South Africa Proprietary Limited
Registration number 1995/011815/07 
1 Fricker Road, Illovo
Johannesburg 2196 
South Africa
Private Bag X9936 
Sandton 2146 
South Africa
AUDITORS
Ernst & Young Inc (EY)
102 Rivonia Road
Sandton 2196 
South Africa
Private Bag X14 
Sandton 2146 
South Africa
Tel: +27 11 772 3000
AMERICAN DEPOSITARY RECEIPTS 
TRANSFER AGENT
BNY Mellon Shareowner Correspondence (ADR)
Mailing address of agent: 
Computershare
PO Box 43078
Providence, RI 02940-3078
Overnight/certified/registered delivery: 
Computershare 
150 Royall Street, Suite 101 
Canton, MA 02021
US toll free: + 1 888 269 2377
Tel: +1 201 680 6825
Email: shrrelations@cpushareownerservices.com
Tatyana Vesselovskaya 
Relationship Manager - BNY Mellon
Depositary Receipts
Email: tatyana.vesselovskaya@bnymellon.com
TRANSFER SECRETARIES SOUTH AFRICA
Computershare Investor Services Proprietary Limited
Rosebank Towers
15 Biermann Avenue
Rosebank 2196
PO Box 61051
Marshalltown 2107 
South Africa
Tel: +27 11 370 5000
Fax: +27 11 688 5248
SIBANYE-STILLWATER INTEGRATED REPORT 2022
288