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Sibanye-Stillwater approves new copper-gold mines in Tasmania and South Africa
The company plans about $340 million to restart its Mt Lyell operation, targeting first ore in 2029 alongside a Burnstone gold project expected to produce roughly 130,000 oz annually.
Sibanye-Stillwater has approved two new long-life mining projects, moving forward with the Mt Lyell copper-gold development in Tasmania and the Burnstone gold project in South Africa. The approvals come as stronger metals prices improve the miner’s finances and support further capital allocation.
For Mt Lyell, Sibanye plans to spend $7.5 million in 2026 as part of a broader $340 million restart of the historic mine near Queenstown, targeting first ore in 2029. At steady state, the operation is expected to produce up to 26,000 tonnes of copper, 16,000 oz of gold and 116,000 oz of silver annually over a 23-year mine life, at an all-in sustaining cost of $2.56 per lb. of copper, Mining.com reports.
Burnstone is set to receive $5 million in 2026 as Sibanye moves the project toward first ore in 2029. The South African project has 2.7 million oz in gold reserves and is expected to produce about 130,000 oz of gold annually over a 25-year mine life, with the company saying the project will shift its South African gold portfolio toward shallower, lower-risk, longer-life production.
Sibanye also indicated that it is selectively advancing its project pipeline while focusing most capital on organic growth, particularly its South African platinum group metals business. The company cited the board’s positive investment decisions as another step in unlocking value from its organic project portfolio, and said the approvals were announced alongside half-year results in which profit more than tripled on higher gold and platinum group metals prices.
Latest closeGold $4,376.80 ▼1.2%|Silver $64.72 ▼2.3%|Copper $6.538 ▼0.8%