Sibanye-Stillwater's three Montana PGM operations are back to normal labor status this week after the company settled the last of its US contract disputes. A new three-year agreement covering roughly 420 workers at the Stillwater East mine and Columbus metallurgical facility ended a strike that began September 3, following an earlier deal at the East Boulder mine in late September. The resolution gives Sibanye-Stillwater labor peace across its entire US PGM footprint heading into the fourth quarter.
The week's top stories#
Stillwater East and Columbus workers ratify new three-year contract (October 7)#
Sibanye-Stillwater announced in a company statement on October 7 that its workforce at the Stillwater East mine and Columbus metallurgical facility had ratified a new agreement with the United Steelworkers (USW), running retroactively from June 1, 2026 through May 31, 2029. The contract sets a 4.5% wage increase in its first year, followed by the greater of 3.5% or CPI in year two and the greater of 3.0% or CPI in year three. The ratification ended the strike action that had run since September 3, with employees scheduled to resume day shift duties on Friday, October 9. CEO Richard Stewart credited the workforce's "constructive engagement throughout the negotiations" and said the deal supports "the long-term sustainability and competitiveness of the US PGM operations." Montana Free Press reported that the 420-member local approved the contract on Tuesday, October 6, a day before the company's public confirmation.
East Boulder's earlier settlement completed labor peace across Montana#
The Stillwater East and Columbus agreement followed a separate contract at Sibanye-Stillwater's East Boulder mine, ratified on September 30 and running from August 1, 2026 through July 31, 2029 on similar wage terms, according to Mining Weekly. Montana Free Press reported that East Boulder workers had negotiated their own contract "avoiding a strike," meaning the Stillwater East and Columbus walkout was the only stoppage among the three Montana sites. A Sibanye-Stillwater spokesperson told Montana Free Press that the revised benefits and incentive structures were needed to steer the business "through this very challenging palladium market and to a place of long-term sustainability," directly tying the labor settlement to weak palladium economics at the US operation.
New contracts tied to a wider mechanization push#
Beyond wages, Sibanye-Stillwater said the newly concluded agreements at Stillwater East, Columbus and East Boulder support its shift toward fully mechanized mining, a move to team-based incentive structures in place of legacy rock-breaking incentives, and alignment of certain benefits with US market norms. The company framed the contracts as a milestone in restructuring its US PGM business for the longer term rather than a one-off wage settlement.
Prices and market context#
Spot PGM markets are closed for the weekend; Friday's close remains the relevant reference until trading resumes Sunday evening New York time. For broader context, platinum's record high stands at $2,923/oz, set on January 26, 2026, according to the World Platinum Investment Council (WPIC). The WPIC's most recent Platinum Quarterly, published September 9, 2026, revised its 2026 platinum market forecast to a 265,000 oz surplus, a swing from the 297,000 oz deficit it had projected for the year in its Q1 2026 edition. Palladium, the metal most central to Sibanye-Stillwater's Montana operation, was described by the company itself this week as facing a "very challenging" market. Readers can track current levels on DailyPlatinum's platinum price and palladium price pages, with historical context on the platinum price chart and palladium price chart pages, and cross-metal context on the platinum to gold ratio page.
What to watch next week#
- Montana output ramp-up. With day shift resuming October 9 at Stillwater East and Columbus, and East Boulder already running under its own ratified contract since late September, watch for Sibanye-Stillwater's next update on how quickly production recovers across its three Montana sites. Background on the operation is on DailyPlatinum's Sibanye-Stillwater producer page.
- Heraeus's next Precious Metals Forecast. Heraeus publishes its flagship forecast on a November cadence; its 2027 edition is expected in November 2026 and will offer an early read on price expectations across the PGM basket.