Sibanye-Stillwater cut its 2026 production guidance for its US platinum group metals operations on 5 November 2026, citing lost output from a roughly five-week strike at its Stillwater East mine and Columbus metallurgical complex in Montana.
The revision, disclosed in the company's third-quarter operating update, lowers the 2026 target for the Montana mines and raises their expected costs.
What happened#
Sibanye-Stillwater said in its operating update for the quarter ended 30 September 2026 that it now expects its US PGM operations to produce 245,000-255,000 ounces of platinum and palladium (2Eoz) in 2026, down from a prior range of 280,000-300,000 ounces.
Chief executive Richard Stewart said in the release that production and cost guidance for the US operations was adjusted to reflect the impact of the roughly five-week strike.
All-in sustaining costs for the US operations were also revised higher, to $1,700-1,760 per 2Eoz (including Section 45X tax credits: $1,510-1,570), up from the prior guidance of $1,520-1,580 per 2Eoz (including Section 45X: $1,360-1,420), the operating update shows.
The strike's effect was visible in the quarterly figures. US underground 2E-PGM production fell to 59,417 ounces in the third quarter of 2026, down from 73,171 ounces a year earlier, a year-on-year decline of about 19%, according to the operating update.
The company also said that workforce turnover during the wage negotiations left headcount running roughly a quarter below the mechanized staffing level planned for 2027, with the fourth quarter now focused on rebuilding crews and restoring operating momentum.
The dispute dates to early September. Sibanye-Stillwater disclosed on 2 September 2026 that it had received strike notice for sections of its US PGM operations.
It said it finalized a wage agreement at its East Boulder mine on 30 September 2026, and announced it had concluded a collective bargaining agreement at the Stillwater East mine and Columbus metallurgical facility on 7 October 2026.
Why it matters#
The US operations mine platinum and palladium from underground mines in Montana and are Sibanye-Stillwater's main PGM mining business outside southern Africa. A roughly 13-15% cut to the annual production range, paired with higher cost guidance, reduces the volume of US-mined metal expected to reach the market this year.
Despite the US shortfall, group-wide results held up. Sibanye-Stillwater said group adjusted EBITDA rose 9% year-on-year to 10.8 billion rand ($662 million), helped by higher commodity prices, and said the group remains on track to meet its 2026 operational guidance apart from the US PGM business.
The company's southern Africa PGM operations improved quarter on quarter even as US output was disrupted, indicating the strike was a localized production event rather than a group-wide one.
For buyers and recyclers tracking supply, the episode shows how a labor dispute at a single operation can move guidance for a meaningful share of non-African primary platinum and palladium supply.
Readers can follow production trends on DailyPlatinum's Sibanye-Stillwater production page and compare the company against other producers on the platinum stocks page. Recyclers and scrap buyers can track how PGM supply swings affect secondary markets on DailyPlatinum's scrap PGM page and converter content page.
Sources#
- Sibanye-Stillwater, Operating Update for the quarter ended 30 September 2026, 5 November 2026: https://www.onvista.de/news/2026/11-05-irw-news-sibanye-stillwater-operating-update-quartal-zum-30-september-2026-0-10-26572877
- Finimize, "Sibanye Cuts 2026 US PGM Output Forecast After Strike": https://finimize.com/content/sibanye-cuts-2026-us-pgm-output-forecast-after-strike
- Sibanye-Stillwater news releases archive (strike notice, 2 September 2026; East Boulder wage agreement, 30 September 2026; CBA conclusion, 7 October 2026): https://www.sibanyestillwater.com/news-investors/news/news-releases/2026/