- Business
- Stillwater Mining Company (SWC), a subsidiary of Sibanye-Stillwater Limited, engages in the development, extraction, processing, smelting, refining and marketing of platinum group metals (PGMs), primarily palladium and platinum, from the J-M Reef in south-central Montana; it also recycles PGMs from spent catalytic converters and other sources. The company's core operations encompass the Stillwater Mine near Nye, Montana, the East Boulder Mine in Sweet Grass County, Montana, and the Columbus Metallurgical Complex, which includes a smelter, base metals refinery and PGM recycling facilities; these activities produce palladium (approximately 78% of output), platinum (22%), along with by-product gold, silver, nickel, copper and trace rhodium. Stillwater Mining focuses on underground mining from the world's highest-grade PGM deposit, serving markets for automotive catalysts, fuel cells, electronics, jewelry and industrial applications; its U.S. operations represent the only significant domestic source of palladium and platinum.
Founded in 1992 and originally headquartered in Billings or Columbus, Montana, the company now operates under Sibanye-Stillwater, headquartered in Weltevreden Park, South Africa, with Montana facilities driving its North American PGM production. Sibanye-Stillwater acquired Stillwater Mining Company in 2017, integrating its assets into a global portfolio that includes PGM operations across the United States, South Africa and Zimbabwe, alongside gold, recycling and battery metals initiatives.
Recent developments include Sibanye-Stillwater's completion of the Metallix Refining acquisition on September 4, 2025, for $129 million, enhancing PGM recycling synergies with Stillwater's operations and expanding precious metals recovery from autocatalysts and scrap; this follows the March 2024 Reldan acquisition for green metals and copper recycling. In 2024, the group reported strong Montana output contributing to 1.1 million ounces of palladium and 1.3 million ounces of platinum production, amid ongoing expansions like the Blitz project for organic growth. Operational resilience is evident from recoveries such as the 2023 Stillwater West shaft repairs, maintaining steady PGM supply amid market volatility.