Sibanye-Stillwater Approves Major Copper, Gold Mine Projects

Mining News  |  2026-09-02 11:05:26   |   By

Once fully operational, Mt Lyell is expected to produce up to 26,000 tonnes of copper, 16,000 ounces of gold and 116,000 ounces of silver annually over a projected 23-year mine life.

Summary
  • Mt Lyell project approved: Sibanye-Stillwater will restart the historic Mt Lyell copper-gold mine in Tasmania with an estimated $340 million total investment. First production is targeted for 2029, with annual output expected to reach 26,000 tonnes of copper, 16,000 ounces of gold and 116,000 ounces of silver over a 23-year mine life.
  • Burnstone adds major gold production: The South African Burnstone project contains approximately 2.7 million ounces of gold reserves and is expected to produce about 130,000 ounces of gold annually for 25 years. Sibanye has budgeted $5 million for the project in 2026.
  • Stronger finances support expansion: The project approvals follow an improvement in Sibanye-Stillwater's financial position, helped by stronger gold and platinum-group-metals prices and a significant increase in first-half earnings. The projects will diversify its future production base with additional copper and gold output.

SEATTLE (Scrap Monster): Johannesburg-based miner Sibanye-Stillwater has approved the development of two major mining projects in Australia and South Africa. The company has given approval to the Mt Lyell copper-gold project in Tasmania and the Burnstone gold project in South Africa.

The Mt Lyell project involves restarting a historic mine near Queenstown at an estimated total investment of $340 million. Sibanye plans to spend about $7.5 million in 2026. The first production is expected by 2029. Once fully operational, Mt Lyell is expected to produce up to 26,000 tonnes of copper, 16,000 ounces of gold and 116,000 ounces of silver annually over a projected 23-year mine life.

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Meanwhile, the Burnstone gold project contains approximately 2.7 million ounces of gold reserves. The project is expected to produce around 130,000 ounces of gold annually for 25 years. Sibanye has allocated $5 million toward Burnstone in its 2026 capital spending plans.

The approvals follow the company’s improved financial position, driven by stronger gold and platinum group metals prices. The miner had recently reported a sharp rise in its first-half earnings.

The two projects are expected to broaden Sibanye's future production base beyond its established operations, adding copper and gold growth to the company’s pipeline.