Perfect storm causes South African giant to lose R74 billion in six months
Mining giants such as Sibanye Stillwater have been caught in the perfect storm of rising operating costs and declining mineral prices, leading to significant losses in value this year.
Sibanye Stillwater, a major mining company in South Africa, has seen its share price drop by over 42% since the beginning of the year.
The company focuses on mining platinum group metals (PGMs) and gold, with operations in Marikana and Rustenburg.
Sibanye Stillwater was first listed on the JSE in 2013, after it was released as a subsidiary of Gold Fields.
After the unbundling, the company inherited mature gold-mining operations at Kloof and Driefontein.
On 2 January 2026, the company’s share price was R60.82, which fell to R35.18 on 24 July 2026—a decline of R74 billion in its market value.
The group started the year with a market cap of around R173 billion, declining to around R99 billion at last week’s close.
The drop has come as global platinum prices fell, losing approximately 23% of their value since the start of the year.
Sibanye Stillwater has also faced pressure from rising operating costs, mainly due to the increasing electricity tariffs in South Africa.
In the last year, Eskom has increased its electricity tariffs for bulk supply by roughly 9%, with municipalities imposing similar tariffs on residents and businesses.
These increases place tremendous pressure on mining companies, which require large amounts of power to continue operations.
The increased costs have led to reduced profit margins for these companies, leading to lower share prices.
Companies such as Northam Platinum and Impala Platinum have also felt the pressure, with share prices dropping by approximately 34% for both companies.
Northam Platinum started the year with a share price of R346.64, which has dropped to R227.20 on 24 July.
Similarly, Impala Platinum shares were worth R269.61 on 2 January, before reducing to R177 on 24 July.
These companies have faced similar challenges to Sibanye Stillwater, with the historic rise in South Africa’s electricity tariffs placing pressure on mining operations across the country.
Other major mining operations, such as Kumba and Gold Fields, have also seen a drop in their share prices on the JSE.
Below is a list of the ten companies on the JSE top 40 which have seen the largest drop in share prices since the start of 2026:
| Company name | 2 January share price | 24 July share price | Decline % |
| Sibanye Stillwater | R60.82 | R35.18 | -42.2% |
| Northam Platinum | R346.64 | R227.20 | -34.5% |
| Impala Platinum | R269.61 | R177.00 | -34.4% |
| Prosus | R1,050.00 | R700.53 | -33.3% |
| Naspers | R1,111.77 | R789.60 | -29.0% |
| Kumba | R359.50 | R261.43 | -27.3% |
| Gold Fields | R719.18 | R548.93 | -23.7% |
| Pepkor | R26.75 | R20.60 | -23.0% |
| Valterra Platinum | R1,450.00 | R1,120.38 | -22.7% |
| Reinet Investments | R576.48 | R447.85 | -22.3% |
Naspers and Pepkor under pressure
Despite performing well in many aspects, Naspers has seen a notable decline in its share price since the start of the year.
Naspers is a technology investment company with a large portfolio both in South Africa and abroad.
In South Africa, the company owns significant portions of popular sites such as Takealot, Property24, and Autotrader.
It also has investments in educational sites such as Udemy, Brainly, and Stack Overflow, which are based outside of South Africa.
Despite many of its investments performing well, one of its largest investments, Tencent, has pulled down share prices.
Tencent is a technology company based in China, which has suffered from regulatory challenges and economic caution in its home country.
These challenges saw the technology giant lose a large amount of its value on the Hong Kong stock exchange.
Any changes in Tencent’s value have a profound effect on Naspers’ share price, which dropped from R1111.77 on 2 January to R789.60 on 24 July.
Another company that has seen a decline in the last year is Pepkor, the business behind notable names such as Pep Stores and Ackermans.
The business had impressive earnings in the last financial year, but its share prices have not reflected this upward trajectory.
In its latest interim results for the six months ended in March, Pepkor reported a 12% increase in headline earnings, indicating notable growth.
Despite this, the company’s share price dropped from R26.75 on 2 January to R20.60 on 24 July.
The company currently has between R180 million and R200 million in bad debt, adding to the bearish position of many investors.
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