Zimbabwe tax hit prompts Sibanye-Stillwater Mimosa write-down

A ZAR461 million value hit just smacked Mimosa on paper, and the culprit is rising costs plus Zimbabwe’s beneficiation tax chewing through future cash hopes.

Mimosa write down fallout

• Sibanye-Stillwater slashed Mimosa’s carrying value by ZAR461 million.
• June 30, 2025, the life-of-mine review reset the cost math upward.
• Zimbabwe’s beneficiation tax got baked into long-term forecasts.
• Lower projected cash flows dragged down value in use.

Impairment of math and assumptions

• After-tax impairment tallied ZAR535 million on plant and equipment.
• Another ZAR64 million trimmed from the equity-accounted stake.
• Assessors used a ZAR25,745 per 4Eoz basket price.
• Model ran on a 20,67% discount rate and an eight-year life.

Fiscal pressure in Zimbabwe

• The 2026 National Budget aims to squeeze more mining revenue.
• Treasury signaled tighter collection as commodity prices firmed.
• The Zimbabwe Mining Forum heard officials promise investor safety.
• The government keeps pushing for deeper local value addition.

Production and cost shifts

• Attributable output at Mimosa slid 5% to 117 019 4Eoz.
• Power outages knocked the concentrator offline and hurt recoveries.
• All-in sustaining cost climbed 11% to US$1,280 per 4Eoz.
• Despite lower volumes, revenue jumped to ZAR3,61 billion.

Profitability and spending moves

• Adjusted EBITDA rose to ZAR1,08 billion from ZAR619 million.
• Stronger realized prices padded margins despite weaker output.
• Capital expenditure shrank to ZAR358 million.
• Management skipped further impairment checks on December 31, 2025.