Sibanye Anticipates Short-Term Volatility in Platinum Prices Amid Supply Deficit
Sibanye expects platinum and palladium prices to remain volatile but does not foresee a return to previous lows. Spot platinum surged 127% in 2025, reaching a record of $2,918.80 per ounce on January 26, 2026. The company is evaluating the reactivation of the Stillwater West Mine in the U.S. and anticipates preliminary results regarding a U.S. tariff on Russian palladium imports. Sibanye is also progressing with its Keliber lithium project in Finland, expecting lithium hydroxide production in Q4 2026.
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Sibanye anticipates continued volatility in platinum and palladium prices but believes a new higher price floor has been established. Spot platinum surged by 127% in 2025, hitting a record of $2,918.80 per ounce on January 26, 2026, but is down 1.6% in 2026 so far.
The company is assessing the reactivation of the Stillwater West Mine, with decisions contingent on long-term palladium market trends. Preliminary results regarding a U.S. tariff on Russian palladium imports are expected this month or early March. Additionally, Sibanye is progressing with its Keliber lithium project in Finland, aiming for lithium hydroxide production in Q4 2026, while emphasizing the importance of long-term offtake agreements.
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