Sibanye-Stillwater's Kloof mine is an intermediate to ultra-deep level gold mining operation situated along the West Wits Line of the Witwatersrand Basin near Randfontein and Westonaria, about 60 kilometres west of Johannesburg.
Sibanye-Stillwater’s three legacy gold mine assets have underpinned the growth of the mining group and despite high operational gearing, at current gold prices, these assets are still generating substantial value.
CEO Richard Stewart stated in a Capital Markets Day presentation on Tuesday that, after producing 12.2 million ounces (Moz) since 2013 and generating earnings of R19.5 billion, the three assets—Kloof, Beatrix, and Driefontein—still retain 3.3 million ounces (Moz( of reserves.
The DRDGOLD and Burnstone projects will transition the South African gold operations to a higher-margin, shallower gold mining business, he said. The group’s South African operations, which also include its platinum mining interests in the country, remain the core earnings and value driver.
Commenting on the outlook for the gold price, Kleantha Pillay, executive vice-president Sales & Marketing noted that gold had overtaken US treasury bonds as the largest central bank reserve asset in 2025, rising from 20% to 27% over the year ending June 2026. However, net central bank gold purchases were expected to continue at a slower pace as the rise in gold prices had reduced its share of central bank reserves.
