According to the mining company, the shaft has reached the end of the road.
“Kwezi is a mature underground PGM shaft within the Rustenburg operation where mining has reached the limits of the approved mining license area. As such, and in line with expectations, the shaft is approaching the end of its economic life,” it said in a statement.
Kwezi reported losses of around R208m in 2024 and R91m in 2025. Although stronger PGM prices supported positive margins in the first half of 2026, Kwezi is forecast to return to losses during the second half of 2026 as production declines.
In H1 2026, Kwezi produced 20,658 4E ounces, less than 3% of total managed and attributable SA PGM production for the period.
“Unfortunately, given the depletion of economically mineable reserves and the corresponding declining financial outlook, it is necessary to commence consultations regarding the future of Kwezi shaft,” said CEO Richard Stewart.
The consultation process will, among other things, consider measures to avoid or minimise job losses, mitigate the impact on affected employees and evaluate alternatives that may improve the shaft’s viability.
It adds that no final decision has been made yet.
The proposed restructuring could potentially affect approximately 781 employees and 333 contractor employees.
Sibanye says it has tried to resuscitate the shaft through several interventions over the years, including reserve optimisation and boundary adjustments.
A recent proposed Kwezi Shallows project — which could have accessed available shallow up-dip mineral resources — was expected to add reserves and support future production.
However, stakeholder objections, appeals and delays in required approvals have prevented the project from progressing as planned.
The company says the absence of these additional reserves has accelerated depletion of the remaining mining inventory and weakened the shaft’s sustainability.
