Public Investment Corporation (PIC), South Africa’s state-owned asset management firm, has raised its shareholding in Sibanye-Stillwater (JSE: SSW, NYSE: SBSW) to above 20%, further cementing its stake as the miner’s largest investor.

In a press release issued Friday, the Johannesburg-based mining group disclosed PIC’s purchase of an additional 2.35% of equity, bringing its total holding to 20.42%.

Established in 2013 through the spin-off of a Gold Fields subsidiary, Sibanye-Stillwater currently operates mines across five continents. In addition to precious metals, it also produces nickel, chrome, copper and cobalt.

PIC, which has over R3 trillion (approximately $165.62 billion) in assets under management as of September 2025, has invested heavily in South Africa’s resource sector and gradually built its stake in Sibanye, one of the nation’s largest by market capitalization.

In the 2024/25 financial year, PIC’s precious metals and mining investment gained 42.5% as geopolitical tensions boosted safe-haven demand.

Last week, the firm unveiled plans to invest R1.35 billion in early stage mining companies. At least half of those investments would be in South Africa, with a focus on energy transition minerals such as copper and lithium, it said.