Sibanye Stillwater Rises on US Palladium Tariffs and Renewables Push

• Preliminary antidumping levy: 132.83% on unrefined palladium from Russia
• Stock move: up 7.49% to $17.23
• Strategic focus: expand renewable energy capacity to 765 MW
• Next milestone: full-year results due February 20

Frontal assault on cheap imports

The Commerce Department has set preliminary antidumping duties at 132.83% for unrefined palladium from Russia. The ruling follows a petition Sibanye Stillwater filed together with United Steelworkers in July 2025, arguing that Russian producers have saturated the U.S. market with underpriced palladium and imperiled domestic production.

The data backing the case is persuasive. From 2022 to 2024, U.S. imports of Russian palladium rose by 35%, while prices dropped by about 50% over the same period. As a result, Sibanye was forced to slow production at its Stillwater mine in Montana and implement sizeable layoffs by late 2024. The new tariffs take effect immediately, with the International Trade Commission’s final ruling expected in June 2026.

Expanding energy independence

Should investors sell immediately? Or is it worth buying Sibanye Stillwater?

Parallel to the legal win in the United States, Sibanye is pushing ahead with decarbonization in South Africa. The company announced two new power-purchase agreements (PPAs) yesterday. A decade-long contract with Etana Energy will supply roughly 600 GWh of wind- and solar-generated electricity per year. A separate deal with the NOA Group covers 138 MW, further strengthening the firm’s energy resilience.

Together, Sibanye’s renewable capacity now totals 765 MW. The company aims to source more than 56% of South Africa’s electricity demand from renewables by 2028. In the longer term, Sibanye targets CO2 neutrality by 2040.

Focus on the earnings outlook

Investors sent a clear signal with the stock trading at $17.23, continuing a rebound after palladium prices had already gained about 63% over the past 12 months.

The next key catalyst arrives on February 20, 2026, when Sibanye Stillwater reports its 2025 annual results. These figures will shed light on how rapidly the group has stabilized after a $211 million loss in the first half of 2025.