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Sibanye Cuts 2026 US PGM Output by Up to 15% After Strike: PGM Week in Review, November 7, 2026

Sibanye-Stillwater cut 2026 US PGM output guidance after a five-week strike at its Montana mines.

By DailyPlatinum News DeskFact checked
  • Published
  • 6 sources
  • 4 min read

Key takeaways

  • Sibanye-Stillwater said in its operating update for the quarter ended 30 September 2026, published 5 November, that it now expects 245,000 to 255,000 ounces of palladium and platinum from its US operations in 2026, down from a prior forecast of 280,000 to 300,000 ounces, a cut of as much as 15% at the top of the range.
  • Platinum and palladium were quoted at $1,546.00/oz and $1,046.33/oz respectively on JM Bullion's spot chart in Friday afternoon trading, 6 November.
  • For background on the companies and metals in this review, see DailyPlatinum's Sibanye-Stillwater production page, palladium element page, platinum element page and platinum stocks page.

The week's PGM news was written in Montana. Sibanye-Stillwater confirmed that a five-week strike at its Stillwater mine and Columbus metallurgical complex has cut as much as 15% from its planned 2026 US output, even as group earnings rose on higher commodity prices.

Pandora, meanwhile, gave the clearest timeline yet for shifting part of its jewelry line to platinum plating, and platinum and palladium moved in opposite directions in Friday trading.

The week's top stories#

Sibanye-Stillwater cuts 2026 US PGM guidance after a five-week strike#

Sibanye-Stillwater said in its operating update for the quarter ended 30 September 2026, published 5 November, that it now expects 245,000 to 255,000 ounces of palladium and platinum from its US operations in 2026, down from a prior forecast of 280,000 to 300,000 ounces, a cut of as much as 15% at the top of the range.

The company also raised its forecast all-in sustaining cost for the US operations to $1,700-$1,760 per two-element ounce, up from a previous $1,520-$1,580, before Section 45X manufacturing tax credits.

The strike affecting the Stillwater mine and metallurgical complex began on 3 September 2026 and ended with the ratification of a new collective bargaining agreement, employees returning to work on 9 October 2026, Sibanye-Stillwater said in the update.

US PGM production fell 19% year on year to 59,417 ounces in the third quarter, and the company said labor attrition during the wage dispute left staffing about 25% below the levels planned for next year's mechanized workforce, with the fourth quarter now focused on rebuilding work teams.

The US operations are the only part of the group now expected to miss their 2026 operating targets; Sibanye-Stillwater maintained its southern African PGM guidance of 1.65 million to 1.75 million ounces, even though output there fell 10% year on year to 458,202 ounces on planned lower surface production, including at Kroondal.

Sibanye's Montana mines are the only source of primary US PGM production and reserves, Semafor reported, a point of interest in Washington given that PGMs are designated a critical mineral.

Group EBITDA rises 9% as South African PGM earnings jump#

Group adjusted EBITDA increased 9% year on year to R10.8 billion ($662 million) in the third quarter, Sibanye-Stillwater said in the same update, helped by higher commodity prices and steady South African and gold operations.

Adjusted EBITDA from the South African PGM operations rose 16% year on year to R5.8 billion ($354 million), as a stable sales volume met a 15% year-on-year rise in the average 4E (platinum, palladium, rhodium and gold) basket price to R37,250/4Eoz.

At the US operations, the two-element PGM basket price rose 19% year on year to $1,411/2Eoz even as volumes fell. Recycling adjusted EBITDA rose 54% year on year to $40 million, which Sibanye-Stillwater attributed to higher precious-metal prices and new processing capacity.

Pandora targets 2027 start for platinum-plated jewelry rollout#

Jewelry group Pandora said in its third-quarter results, published 4 November, that a platinum-plated jewelry trial launched in the Netherlands in July has since been extended to the United States, United Kingdom and Australia, and that it remains on track to begin converting part of its silver assortment to platinum plating in 2027.

On the earnings call, as reported by GuruFocus, Pandora's finance chief said the pace of the switch has been slowed, with full completion now expected in 2029 rather than earlier, and that platinum-plated pieces should eventually make up roughly half of company revenue.

GuruFocus also reported that Pandora expects about a 100-basis-point EBIT margin benefit from the transition in 2027.

Pandora also tightened its full-year 2026 guidance, the company said, now targeting 2% to 3% organic growth and a 22.5% to 23% EBIT margin, versus a wider 0% to 3% growth range previously.

A shift of even part of a major jewelry brand's silver line to platinum plating would be a new, non-automotive source of platinum demand worth tracking in the years ahead.

Platinum rises, palladium slips in Friday trading#

Platinum traded at $1,546.00/oz, up $18.85 on the day, while palladium traded at $1,046.33/oz, down $8.38, as of 3:34pm EST on Friday, 6 November, according to JM Bullion's spot price chart.

Prices over the week#

Platinum and palladium were quoted at $1,546.00/oz and $1,046.33/oz respectively on JM Bullion's spot chart in Friday afternoon trading, 6 November. Spot PGM markets are closed over the weekend and reopen Sunday evening New York time. For live and historical pricing, see DailyPlatinum's platinum price page and palladium price page.

What to watch next week#

  • Sibanye-Stillwater's fourth-quarter push to rebuild its US workforce and restore production at Stillwater and East Boulder, after staffing fell about 25% below planned mechanized-workforce levels.
  • Further detail on Pandora's platinum-plated jewelry trial as it expands beyond the Netherlands, US, UK and Australia ahead of the 2027 transition start.
  • Analyst reaction to Sibanye-Stillwater's higher US cost guidance of $1,700-$1,760/2Eoz, against the company's stated goal of cutting US costs to about $1,000/oz by end-2028.
  • Whether the stronger PGM basket prices Sibanye-Stillwater reported for the third quarter carry into the final quarter of 2026.

For background on the companies and metals in this review, see DailyPlatinum's Sibanye-Stillwater production page, palladium element page, platinum element page and platinum stocks page.

Sources#

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