Source: Deutsche Nachrichten
Advertisement — On behalf of Sibanye-Stillwater Limited and NexMetals Mining Corp. SRC swiss resource capital AG maintains paid, independent IR consulting agreements with both companies. Author: Ingrid Heinritzi. First published: November 6, 2026, 3:00 p.m. Berlin/Zurich time.
In September, copper reached a record high of US$14,875 per metric ton on the London Metal Exchange. The rise was driven mainly by expected US tariffs on refined copper, which drew metal into US warehouses. Since then, the sell-off in technology stocks has weighed on the price: on November 3, it temporarily fell below US$14,000.
Palladium lost around 19 percent in October and ended the month at around US$980 per ounce, below US$1,000 for the first time since June 2025. Fund outflows, higher interest rate expectations, and concerns about the automotive industry, which accounts for more than 80 percent of demand, weighed on the price. Hybrid vehicles are supporting demand, while electric cars and recycling are dampening it.
In the long term, power grids and data centers are driving copper demand: according to industry estimates, an AI data center requires 20 to 40 metric tons of copper per megawatt. In the short term, however, the International Copper Study Group (ICSG) expects a refined copper surplus of around 104,000 metric tons in 2026 and 368,000 metric tons in 2027.
Sibanye-Stillwater Ends Strike in Montana
Sibanye-Stillwater – https://www.commodity-tv.com/play/sibanye-stillwater-focus-on-maximizing-margins-and-operational-efficiency/ – is one of the major producers of platinum group metals and gold. Its portfolio includes PGM mines in South Africa and Montana as well as a global recycling business for spent autocatalysts. The mines in Montana are the most important source of primary palladium from the United States.
On October 7, the workforce at the Stillwater East mine and the smelter in Columbus ratified a collective bargaining agreement running until May 2029, ending the strike that began in September. In Finland, the staged ramp-up of the Keliber lithium project is underway. Timelines and results remain contingent on successful execution.
NexMetals Expands the Resource at Selebi
NexMetals Mining – https://www.commodity-tv.com/play/nexmetals-mining-ceo-insight-on-the-potential-of-the-historic-selebi-mines/ – is developing the past-producing Selebi and Selkirk copper-nickel mines in Botswana. On October 1, the company reported for Selebi Main 32.47 million metric tons of inferred resources at 1.53 percent copper and just under 1 percent nickel, 72 percent more tonnage than in 2024. Resources are not reserves; their economic viability has not been demonstrated.
Selebi North followed on October 20: indicated resources increased to 8.95 million metric tons, nearly triple the 2024 figure. In total, Selebi now comprises 8.95 million metric tons indicated and 41.95 million metric tons inferred. NexMetals is planning a first PEA for the second half of 2026. Timelines and results remain contingent on successful execution.
Conclusion: Sibanye-Stillwater and NexMetals Ahead of Milestones
Growing electricity demand supports long-term copper demand, while palladium depends on hybrid vehicles and recycling. At Sibanye, operations following the wage agreement and the Keliber ramp-up are what matter; at NexMetals, the planned PEA for Selebi. Metal prices, financing, and execution remain decisive. Commodity stocks carry additional company-specific risks and offer no price certainty.
Current company information and press releases: https://www.resource-capital.ch/de/unternehmen/sibanye-stillwater-ltd/ and https://www.resource-capital.ch/de/unternehmen/nexmetals-mining-corp/
Further information is available in our Battery Metals Report: https://www.resource-capital.ch/de/reports/ansicht/batteriemetall-report-2026-03/
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Sources: Bloomberg/Yahoo Finance, Copper and tech sell-off, October 22, 2026 · Seeking Alpha/TradingView, Copper below US$14,000, November 3, 2026 · The Globe and Mail, Palladium below US$1,000, October 30, 2026 · MineListings, Palladium in October, November 2, 2026 · Trading Economics, Palladium · SMM, Copper demand from AI data centers, October 16, 2026 · ICSG/Mining Weekly, Copper forecast, October 14, 2026 · Sibanye-Stillwater, Wage agreement Stillwater East and Columbus, October 7, 2026 · Skillings, Strike in Montana, 2026 · Sibanye-Stillwater, Keliber update, January 19, 2026 · NexMetals, 2026 work program, January 15, 2026 · NexMetals, Selebi Main resource, October 1, 2026 · NexMetals, Selebi North resource, October 20, 2026; title image: AI-generated symbolic illustration
Transparency and Conflicts of Interest
Prepared and published by: SRC swiss resource capital AG, Poststrasse 1, 9100 Herisau, Switzerland. Author: Ingrid Heinritzi. Person responsible under Section 18(2) of the German Interstate Media Treaty (MStV): Marc Ollinger, CEO SRC. Issuers: Sibanye Stillwater Limited (JSE: SSW; NYSE: SBSW; WKN: A2PWVQ; ISIN: ZAE000259701) and NexMetals Mining Corp. (TSXV: NEXM; Nasdaq: NEXM). Commissioning party and recipient of compensation: The article is published within the framework of the existing paid IR consulting agreements with the companies, under which SRC is compensated. Compensation of the author: via SRC. The paid relationships give rise to an economic interest in a positive presentation. Positions as of the date of publication: The author holds no positions of her own; SRC: holds no positions. Interest of an issuer in SRC of at least 5%: No. Market-making and investment banking relationships: IR consulting agreements not contingent on success.
Methodology and Risks
Editorial cut-off date and source cut-off date: November 4, 2026, 6:00 p.m. CET. Public sources were cross-checked; company information is not independent. No proprietary drill data verification, resource estimate, feasibility study, or company valuation. Title image: AI-generated symbolic illustration; it does not show any real facilities or projects of the issuers. QPs of the original releases: NexMetals—Sharon Taylor, M.Sc., P.Geo., Vice President Exploration, not independent; resource estimates by The MSA Group, Johannesburg. For Sibanye-Stillwater, the article contains no technical project information within the meaning of NI 43-101. The naming of the QPs does not constitute a review or approval of this article. Inferred resources have lower geological confidence than indicated resources. Studies and timelines require, among other things, financing, permits, and successful exploration. Copper, nickel, and PGM prices, interest rates, exchange rates, labor disputes, permitting procedures in Botswana, metallurgy, costs, and capital dilution may materially change results and lead to a total loss.
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Paid marketing communication; not independent financial analysis, individual investment advice, or a solicitation to buy; not an offer of securities and not a buy recommendation. Personal investment circumstances are not assessed. Liability is limited only to the extent permitted by law; mandatory liability and claims remain unaffected. The respective operators are responsible for external sites; SRC’s own statutory responsibility remains unaffected. AI was used for research, editing, and the title image. Editorial responsibility and the final human review remain with SRC. © 2026 SRC swiss resource capital AG. Redistribution with consent or statutory permission.