South African state-owned asset management company Public Investment Corporation (PIC) has increased its stake in Sibanye-Stillwater to more than 20%, solidifying its position as the mining company's largest shareholder. 

The Johannesburg-based mining group announced PIC's acquisition of an additional 2.35% in equity, increasing its total holding to 20.42%. 

PIC, with more than R3ttn ($155.6m) in assets under management as of September 2025, has been investing in South Africa's resource sector.  

Last week, PIC announced its intention to invest R1.35bn in early-stage mining companies.  

A minimum of 50% of these investments will be directed towards South Africa, with an emphasis on energy transition minerals like copper and lithium. 

Established in 2013, Sibanye-Stillwater is a global mining and metals processing company that operates mines across five continents. 

Sibanye-Stillwater specialises in the production of platinum, palladium, rhodium and gold. Additionally, the company is involved in the production and refining of chrome, cobalt, copper, iridium, nickel and ruthenium. 

The group is also involved in global metal recycling and has stakes in operations that focus on the retreatment of mine tailings. 

In July, Sibanye-Stillwater signed an agreement to acquire Metallix Refining, a US-based metals recycler, for a cash consideration of R1.45bn, with an enterprise value of $105m.  

This acquisition is expected to strengthen Sibanye-Stillwater's global recycling presence and improve its processing capabilities, technology and expertise. 

Metallix specialises in producing recycled precious metals from industrial waste streams. 

Earlier this month, Richard Stewart took over the role of CEO of Sibanye-Stillwater. 

Stewart succeeded Neal Froneman, who retired as CEO on 30 September 2025 after a 12-year tenure at the company.