Sibanye expects short-term platinum price volatility, but return to previous lows unlikely

By Nqobile Dludla and Olivia Kumwenda-Mtambo

CAPE TOWN, Feb 9 (Reuters) - Platinum group metal prices will remain volatile in the short term but are unlikely to revisit the "unsustainable" lows seen a year ago, Richard Stewart, CEO of mining group Sibanye Stillwater SSWJ.J, said on Monday.

Platinum and palladium - both utilised in autocatalysts used to reduce car exhaust emissions - have surged since the second half of 2025 on the back of a supply deficit that helped offset long-term headwinds linked to the rise of electric vehicles.

Spot platinum XPT=, which jumped 127% in 2025 and hit a record $2,918.80 per ounce on January 26, is down 1.6% so far in 2026.

Speaking to Reuters on the sidelines of the Africa Mining Indaba, Stewart said he believed a new, higher price floor has been established for the industry.

"I think the prices will remain volatile," Stewart said. "But I don't think they're going to go back to the low base that we had a year ago. That was too low. It was unsustainable."

Sibanye was also assessing when to restart its Stillwater West mine in the United States, which was placed on care and maintenance in 2024. The decision, he said, would hinge on a long‑term view of the palladium market rather than short‑run price moves.

"I think we'll see where the world settles in the next 12 to 24 months before we make that decision," Stewart said.

Preliminary findings on Sibanye's petition to the U.S. to impose a tariff on Russian palladium imports to support the long-term viability of U.S. supplies are expected this month or early in March, Stewart said.

FINLAND LITHIUM PRODUCTION TO BEGIN IN FOURTH QUARTER

The diversified miner is executing the phased commissioning of its Keliber lithium project in Finland this year, with production of technical-grade lithium hydroxide expected in the fourth quarter.

Production of battery-grade lithium at Keliber, the final step, would depend on metal prices and offtake arrangements, Stewart said.

He added that long‑term offtake arrangements would be just as important as pricing in order to protect the miner from potential oversupply exposure, especially from China.

"If we're producing a battery-grade product, ultimately what we want to be doing is supplying it into the European supply chains and, therefore, have partners and offtakes that make commercial sense," Stewart said.

"So those are things we're exploring right now," he added.