Question · H1 2025
Cipulele Mdudu of Matrix Fund Managers expressed concern that the release of Sibanye's inventory buildup in H2 2025 could exert downward pressure on PGM prices, particularly if the broader industry also holds high inventories.
Answer
Richard Stewart, CEO Designate & Executive Director, responded that he does not anticipate a material impact on prices. He argued that recent price movements were driven more by investment buying and demand from China than by short-term supply fluctuations. He believes the inventory release is not significant enough to move the market, especially given the ongoing decline in primary supply from South Africa.