This is what Richard Stewart, Chief Executive Officer (CEO) of mining group Sibanye Stillwater, 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, 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 (US), 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 US to impose a tariff on Russian palladium imports to support the long-term viability of US supplies are expected this month or early in March, Stewart said.

–Reuters–