Sibanye Stillwater bets on platinum rebound, lithium growth strategy

Sibanye Stillwater, a multinational mining and metals processing group with a diverse portfolio across five continents, says platinum prices are unlikely to revisit the unsustainable lows of 2025, as tightening supply conditions help establish a higher price floor for the metal, offering greater stability for producers.

Platinum supply deficits reshape pricing
Speaking at the Africa Mining Indaba, Sibanye’s Chief Executive Officer Richard Stewart said platinum group metals will remain volatile in the near term, but recent market recovery reflects structural supply deficits in platinum and palladium that have offset longer-term demand pressures from the global shift toward electric vehicles.

Spot platinum surged 127% in 2025, reaching a record $2,918.80 per ounce in January 2026 before easing in early trading. Stewart said the rebound suggests the industry has moved beyond last year’s depressed pricing levels. “I think prices will remain volatile,” Stewart said. “But I don’t think they’re going back to the low base we saw a year ago. That level was unsustainable.”

Palladium outlook guides U.S. strategy
Sibanye is also assessing the potential restart of its Stillwater West mine in the United States, which has been on care and maintenance since 2024.

Stewart said the decision will be guided by long-term palladium demand trends rather than short-term price movements, with global market developments over the next 12 to 24 months shaping the timing.

The company is awaiting preliminary findings on its petition to impose tariffs on Russian palladium imports, a move aimed at safeguarding domestic supply and supporting U.S. producers.

Cost discipline underpins market resilience
Against this backdrop of volatile metals markets, Sibanye-Stillwater last Friday said it is expanding its renewable energy footprint to cut costs, curb emissions and reduce reliance on Eskom, aligning its mining operations with long-term decarbonisation and energy security goals in South Africa’s power-constrained environment.

The strategy is expected to enhance cost stability across its South African operations, supporting margins during periods of commodity price volatility.

Lithium growth targets Europe
Beyond platinum and palladium, Sibanye is advancing the Keliber lithium project in Finland, targeting production of technical-grade lithium hydroxide in the fourth quarter of 2026.

Battery-grade output will depend on market pricing and offtake agreements, with a strategic focus on supplying European battery supply chains while mitigating oversupply risk.

As platinum, palladium and lithium markets evolve, Sibanye Stillwater is positioning itself for near-term resilience and long-term growth, leveraging exposure to high-value and critical minerals to navigate market volatility and capture structural demand shifts.