It was a week defined by production reports rather than price drama. Nornickel flagged a multi-year furnace overhaul that could affect 2027-28 palladium supply, Sylvania Platinum posted record quarterly production from its South African dump operations, and UBS lifted its stake in Sibanye-Stillwater. Valterra Platinum's 23 October production update, which showed a 41% quarterly drop in refined output tied to deferred maintenance, continued to draw coverage this week but falls outside our 7-day window as a top story.
The week's top stories#
Nornickel warns 2027-28 furnace overhaul could affect palladium supply, holds 2026 forecast#
Nornickel, which Reuters described as the world's largest palladium producer, said on Monday, 26 October, that a planned overhaul of a smelting unit may reduce output of its key metals in 2027 and 2028, while leaving its 2026 production guidance unchanged. Third-quarter palladium output climbed to 736,000 ounces, up a quarter on the prior three months, though output for the first nine months of the year was down slightly year on year at 1.934 million ounces. Nornickel reaffirmed its 2026 targets, including palladium output of 2.415 million to 2.465 million ounces, and said in comments reported by Reuters that it expects "copper and palladium output to be at the upper end of the annual forecast range." The company plans to begin a nine-month overhaul of a flash-smelting unit at its Nadezhda Plant next year, which it said could affect metal output in 2027 and possibly into 2028. For a market already watching palladium supply closely, a multi-year disruption flagged this far ahead by the largest single producer is worth tracking into next year. Background on pricing is available on DailyPlatinum's palladium price page and palladium futures page.
Sylvania Platinum posts record quarterly PGM output, revenue up 30%#
Sylvania Platinum, an AIM-listed operator that recovers PGMs from South African chrome tailings, said in its quarterly report for the three months to 30 September 2026 that its Sylvania Dump Operations and Thaba Joint Venture together reached a new production record of 25,971 4E PGM ounces (31,825 6E ounces), up from 23,868 4E ounces in the prior quarter. Net revenue increased 30% to $62.9 million on the back of higher output and a stronger basket price. Chrome concentrate production at the Thaba joint venture rose 67% quarter on quarter to 29,799 tonnes, from 17,889 tonnes, reflecting improved plant stability. The company left its full-year targets for the 2027 financial year unchanged at 85,000 to 95,000 4E PGM ounces and 110,000 to 140,000 tonnes of attributable chrome concentrate. As a processor of historical tailings rather than a conventional miner, Sylvania's results offer a read on the health of South Africa's secondary PGM recovery stream. Compare producers on DailyPlatinum's Sibanye-Stillwater page.
UBS raises stake in Sibanye-Stillwater to 5.03%#
Sibanye-Stillwater disclosed on 29 October, under South African disclosure rules for beneficial shareholdings, that UBS Group AG's aggregate interest in the company's ordinary shares had risen to 5.03% of the total issued share count. The notification is a routine threshold disclosure rather than a statement of intent, and does not itself indicate what UBS plans to do with the position. It adds to a run of investor attention on Sibanye-Stillwater's shares this year amid a broader recovery in PGM basket prices. More on the company is on DailyPlatinum's Sibanye-Stillwater production page.
Prices over the week#
Platinum and palladium eased into the weekend alongside a broader slide in precious metals. Umicore's reference pricing put platinum at $1,433.95 per ounce on its 10am quote for 30 October 2026, and palladium at $988.00 per ounce the same day. Minor PGMs held firmer on Umicore's pages: rhodium was quoted at $9,150 per ounce (23 October), iridium at $9,650 per ounce (26 October) and ruthenium at $1,950 per ounce (26 October). The softness in platinum and palladium came against a backdrop of a sharp sell-off in bullion on Friday: MINING.COM reported that gold dropped to its lowest level in about a year, touching roughly $3,891 an ounce intraday, while silver fell below $50 an ounce for the first time since November 2025, as rising oil prices firmed up expectations of another Federal Reserve rate increase. Live and historical prices are tracked on DailyPlatinum's platinum price page and platinum price chart.
What to watch next week#
- Whether Valterra Platinum's Amandelbult operation delivers the output step-up the company said it expects in the fourth quarter, after safety stoppages hit the mine in the third quarter.
- Further detail on Nornickel's nine-month Nadezhda Plant furnace overhaul and its eventual effect on 2027-28 palladium guidance.
- Sylvania Platinum's progress toward its FY2027 guidance of 85,000 to 95,000 4E PGM ounces after a record start to the financial year.
- Any further shareholder disclosures at Sibanye-Stillwater following UBS's stake increase to 5.03%.
Sources#
- Valterra Platinum, "Third Quarter Production Report," 23 October 2026, https://www.investegate.co.uk/announcement/rns/valterra-platinum-limited--valt/third-quarter-production-report/9837887
- MINING.COM (Reuters), "Nornickel says furnace overhaul may cut 2027-28 metals output, keeps 2026 forecast," 26 October 2026, https://www.mining.com/web/nornickel-says-furnace-overhaul-may-cut-2027-28-metals-output-keeps-2026-forecast/
- IRW-Press, "Notification of an acquisition of beneficial interest in securities by UBS Group AG," 29 October 2026, https://irw-press.com/en/notification-of-an-acquisition-of-beneficial-interest-in-securities-by-ubs-group-ag-5
- Sylvania Platinum, "Quarterly Report: 30 September 2026," 30 October 2026, https://uk.advfn.com/stock-market/london/sylvania-platinum-SLP/share-news/Sylvania-Platinum-Limited-Quarterly-Report-30-Sep/99593031
- Umicore Precious Metals Management, Platinum, Palladium, Rhodium, Iridium and Ruthenium price pages, accessed 31 October 2026, https://pmm.umicore.com/en/prices/platinum/
- MINING.COM, "Gold price slumps to one-year low, silver price breaks $50 as mining stocks tank," 30 October 2026, https://www.mining.com/gold-price-slumps-to-one-year-low-silver-price-breaks-50-as-mining-stocks-tank/