Sibanye-Stillwater Targets Lower Costs as US PGM Operations Return to Profitability

[SMM PGM Express] China’s 15th Five-Year Plan has elevated PGMs as strategic materials due to their importance in hydrogen fuel cell technologies, advanced electronics, artificial intelligence infrastructure and emissions-control systems. With limited domestic PGM resources, China remains highly dependent on imports, particularly from major producing regions such as South Africa and Russia, increasing the importance of supply security and long-term procurement strategies. At the same time, South Africa continues to strengthen its position within the global metals supply chain. DRDGold’s Vision 2028 expansion programme, valued at approximately R10 billion, aims to increase tailings reprocessing capacity from 2.15 million tonnes per month to 3 million tonnes per month and lift annual gold production to around six tonnes by 2028. More than R5 billion has reportedly already been deployed, with water-use licence approval for the Far West Gold Recoveries infrastructure remaining a key milestone. The combination of rising Chinese demand for critical minerals and continued investment in South African processing capacity reflects broader industry efforts to secure supply and improve resource efficiency. While opportunities remain significant, market participants continue to monitor risks including policy changes, currency volatility, operating cost pressures and potential technological substitution in future PGM applications.