---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/38819445.md"
description: "$Sibanye Stillwater(SBSW.US) Key Risk Factors1. Upside Risks- Further rise in PGM prices (rhodium, iridium price recovery exceeding expectations)- Keliber lithium project commercialized earlier than expected- Continued improvement in US PGM costs, EBITDA contribution exceeding expectations- USD depreciation (part of SBSW's revenue is denominated in USD)2. Downside Risks- ⚠️ Palladium surplus risk: Heraeus forecasts an expansion of the palladium market surplus, with increased Russian production suppressing prices- ⚠️ PGM price volatility: Accelerated electrification in the automotive industry raises long-term doubts about catalyst demand- ⚠️ South African operational risks: Power supply (load shedding), labor costs, mining tax policies- ⚠️ Exchange rate risk: ZAR/USD fluctuations affecting cost conversion- ⚠️ Weak lithium prices: If the lithium market surplus persists, Keliber's path to profitability may be delayed"
datetime: "2026-02-22T08:25:41.000Z"
locales:
  - [en](https://longbridge.com/en/topics/38819445.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/38819445.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/38819445.md)
author: "[Allyo Type](https://longbridge.com/en/profiles/12568602.md)"
---

> Supported Languages: [简体中文](https://longbridge.com/zh-CN/topics/38819445.md) | [繁體中文](https://longbridge.com/zh-HK/topics/38819445.md)


# $Sibanye Stillwater(SBSW.US) Key Risk Factors1. Up…


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