Despite the platinum group metals (PGMs) slump brought about by low prices and the advent of electric vehicles (EVs), Sibanye-Stillwater CEO-designate Richard Stewart remains optimistic about the future of the PGMs market.

"We're a country that produces 80% of these metals across the world. We've got to shift our thinking here, from being miners and price . . . we are producing some of the most valuable metals in the world, and if we're smart, they'll continue to be valuable metals for the next 50 years, which is why I'm bullish, because they're so unique.

“Now, in a world that's becoming highly transactional like it is, do you not want to be sitting on 80% of what we're supplying?" he said on an expert panel at the 2025 PGMs Industry Day, in Johannesburg, on April 3.

Acknowledging the risk posed by tariffs imposed by the US, Stewart noted that while the issue was a concern, it remained manageable.

"Absolutely it's a risk. Absolutely it's volatile. We've got to manage it. Understand what it means for your business in the next 12 months. But do I see the opportunities coming out of this? For sure, I don't think there's a better place to be than PGMs right now," he stated.

The PGMs market has been under severe pressure of late owing to a combination of factors. The decline in demand for internal combustion engine vehicles, driven by the rapid adoption of EVs, has reduced the need for PGMs-based catalytic converters.

Additionally, sluggish economic growth in key markets, including China and Europe, has dampened industrial demand. Platinum and palladium prices have been particularly affected, with oversupply further exacerbating the price slump.

Platinum prices remain significantly lower than their peak levels of the previous decade, leading to reduced profitability for South African producers.

Adding to these challenges, US President Donald Trump has now imposed a 30% tariff on almost all South African imports into the US, likely including PGMs, as part of broader trade measures aimed at protecting American industries. The tariff will place additional strain on South African miners, making it more difficult for them to compete in the US market.

While the measure has been widely criticised by industry stakeholders, its full impact on long-term trade relationships and PGMs demand remains uncertain.

Anglo American Platinum (Amplats) CEO Craig Miller, who also participated in the panel, emphasised the need for producers to collaborate to ensure the domestic industry’s survival.

"We need to work on advocacy a lot more in terms of where PGMs can be used, and the criticality of what the minerals are. We need to really enhance that as an industry, as producers, and then also work out, you know, how do we then partner with others in driving that utilisation,” he said.

Stewart reinforced the necessity of shifting the industry's mindset, stating that producers should recognise PGMs as uniquely valuable metals rather than simply being price takers. He stressed that Southern Africa’s dominant position in PGMs production must be leveraged strategically, especially in an increasingly transactional global market.

Impala Platinum (Implats) CEO Nico Muller added that collaboration was essential for driving technological innovation.

"Two companies [Implats and Amplats] specifically collaborated with BASF in developing the tri-metal catalytic converters. So they are examples of us as an industry collaborating to facilitate the evolution of technology such that demand is more proportional to the ratios in which the metals are supplied," he said.

The tri-metal catalytic converter, developed in collaboration with BASF, incorporates palladium, platinum, and rhodium to optimise performance and cost efficiency. Given the fluctuations in PGM prices, this technology allows automakers to adjust the metal content in catalytic converters, ensuring a stable demand across all three key metals.

The introduction of these converters has been particularly significant in mitigating the price volatility of palladium, which has historically been more expensive than platinum.

Miller reinforced the importance of industry-wide collaboration, stating, "I think that the short answer . . . is yes, we should collaborate, and we should make the appropriate investments in terms of market development, because it's fundamentally important for our businesses."

The panel discussion underscored the necessity of transitioning from individual corporate initiatives to a more unified industry strategy. There was broad consensus on the need to invest in market research, develop shared advocacy strategies and collaborate on technological applications that enhance the value proposition of PGMs. The panel also stressed the importance of effectively communicating PGMs' role in the energy transition and industrial applications.