The US Commerce Department has given preliminary support to Sibanye-Stillwater's petition for tariffs on Russian palladium imports, though a final decision is not expected until mid-2026. The department found a preliminary weighted-average dumping margin of 132.83% for Russian palladium. The Johannesburg-based miner, which operates in South Africa and the US, filed the petition in July to support long-term viability of American supplies. Trade data shows flows already rerouting, with South African producers gaining US market share whilst losing to Russian palladium in China. US palladium imports from South Africa rose 22% to 31 metric tonnes in January-November 2025, whilst Russian deliveries fell 14% to 23 tonnes. Russia's Nornickel, holding 40% of global mined output, declined to comment. Palladium prices rose 76% in 2025.

PIC has increased its stake in Sibanye to 15.409% with a $11.85 million share purchase, signaling renewed confidence ahead of CEO Neal Froneman’s retirement.