Sibanye-Stillwater's renewable power push passes 160MW as miners race to cut Eskom reliance

Sibanye-Stillwater has ramped up its shift away from Eskom power, with roughly 164MW of a contracted 835MW of renewable energy capacity now operating across its South African gold and platinum group metals operations. The company expects renewables to supply about 64% of total energy demand at its South African operations by the end of 2028, as more of its contracted wind and solar projects reach commercial operation.

Unlike Anglo American, which co-owns its Envusa renewable joint venture, Sibanye-Stillwater has chosen to buy power through short- and long-term supply agreements with independent power producers rather than build or own generation assets itself. Chief executive Richard Stewart said the approach reflects the practical limits of renewables for a deep, energy-intensive mining business: "Renewables are intermittent by nature, battery storage technology is still developing, and Eskom supplies essential baseload power," he said, explaining why the company still depends on the grid for continuous underground operations even as it adds wind and solar to the mix.

The economics driving the shift

Sibanye estimates the wheeled renewable power it is contracting will cost 20% to 30% less than projected Eskom tariffs, a gap wide enough to justify locking in long-term power purchase agreements even before all the underlying projects are built. The company's push comes against the backdrop of years of above-inflation Eskom tariff increases, including the 8.76% average increase Nersa approved for the 2026-27 financial year.

A sector-wide trend

Sibanye-Stillwater is one of several major South African miners racing to lock in renewable capacity. Rival Exxaro's Cennergi subsidiary already operates 297MW of renewable capacity with a further 593MW in its near-term pipeline, targeting 1,600MW by 2030; a 68MW solar installation at Exxaro's Grootegeluk coal mine has already cut the mine's grid reliance by 30% and saved an estimated R100 million a year. Anglo American's Envusa venture, meanwhile, is targeting 3,000MW to 5,000MW of capacity for mining, steel and cement customers by 2030.

For Sibanye-Stillwater specifically, the calculation is about protecting margins at gold and PGM operations that have weathered volatile metal prices and rising costs; cheaper, more predictable power is one of the few input costs a miner can lock in years ahead. Whether the 64%-by-2028 target holds will depend on how quickly its contracted wind and solar projects, and the transmission upgrades needed to wheel their output, are actually built.

Sources

• CNBC Africa: South African miners accelerate shift to renewable power to cut Eskom reliance, 26 Aug 2026

Photo: A solar power facility in South Africa's Northern Cape region. Planet Labs, Wikimedia Commons, CC BY-SA 4.0.