With inflation weighing on the global economy and questions about new tariffs unsettling investors' nerves, some have been turning their attention to precious metals. The S&P GSCI Precious Metals index (comprising gold, silver, palladium, and platinum) was up more than 19% from the end of 2024 through the first quarter of 2025. Platinum prices, specifically, rose about 13% during the same period.
As demand for electronic and industrial equipment remains strong, prices of materials used in the production of hardware, including platinum, could remain elevated for a long time. That’s why investing in platinum stocks might make sense for some people.

Top platinum stocks
Top platinum stocks in 2025
Platinum is more than just a precious metal. It also has multiple industrial uses. For example, platinum may be used for:
- Electric car batteries.
- Fuel cells used in the energy grid.
- Some semiconductors and electrical components.
- Medical devices.
- Industrial chemical production.
You can get portfolio exposure to any of these products by investing in companies that mine and refine platinum.
Stocks of metal miners can be highly volatile, though. You can also consider a platinum exchange-traded fund (ETF) if buying individual stocks in this space doesn't hold any allure. But if platinum mining is what you're after, here are the top three largest producers traded on U.S. stock exchanges:
Name and ticker | Current price | Market cap |
---|---|---|
Anglo American Plc (OTC:NGLOY) | $14.06 | $34 billion |
Impala Platinum (OTC:IMPUY) | $7.15 | $6 billion |
Sibanye Stillwater (NYSE:SBSW) | $5.53 | $3 billion |
1. Anglo American
1. Anglo American Platinum
Anglo American Platinum is part of the Anglo American PLC mining conglomerate. The platinum subsidiary is separately listed, although it's majority-owned by Anglo American PLC and based in South Africa. Tracing its roots in the platinum business back to 1946, Anglo American Platinum produces about 33% of the world's platinum and also produces a little palladium and rhodium (often byproducts of platinum mining). The corporate structure, however, is expected to shift in 2025 as the company plans on a demerger of the platinum business from Anglo American PLC, which will retain a 19.9% ownership stake in the new, independent company.
While the company is involved in the production of several metals, platinum represents the company's bread and butter. In 2024, platinum sales represented 30% of the company's net revenue.
Committed to rewarding investors, Anglo American Platinum targets paying out 40% of its earnings to shareholders via a dividend. The stock is listed in South Africa but trades over the counter in the U.S.
2. Impala Platinum Holdings
2. Impala Platinum Holdings
The world's second-largest producer of platinum, Impala Platinum Holdings, operates primarily in South Africa and neighboring Zimbabwe. Shares are listed in South Africa, but they can also be traded over the counter in the U.S.
Impala Platinum completed a takeover of fellow platinum producer Royal Bafokeng Platinum (RBPlat) in May 2023, when it hiked its stake in RBPlat to 55.46%. Impala Platinum believes that combining RBPlat with its own operations will unlock value for the precious metal producers as the platinum industry consolidates.
The company's platinum operations are lucrative. In the first half of 2025, for example, Impala Platinum reported about $35 million in free cash flow. Uninterested in resting on its laurels, Impala Platinum is expanding its operations with the development of the Mupani mine and the Marula expansion project.
Impala Platinum also pays a dividend for investors looking for income. Notably, the company currently has no debt and has ample cash to fund its operations.
3. Sibanye Stillwater
3. Sibanye Stillwater
Sibanye Stillwater is another South African mining company and is a top play in platinum and palladium. It's also a top producer of gold and has interests in lithium mining projects, both of which are basic materials used in manufacturing electric vehicles and electronics.
In March 2024, Sibanye Stillwater strengthened its position as a leading platinum producer with the acquisition of U.S.-based Reldan Group, a recycler of electronic and industrial waste. Processing 23 million pounds of waste in 2022, Reldan produced 25,000 ounces of platinum as well as a variety of other metals: 145,000 ounces of gold, 1.9 million ounces of silver, 3.4 million pounds of copper, and 22,000 ounces of palladium.
Sibanye Stillwater reported record revenue and earnings in 2021 as demand for precious metals rose with inflation. However, sales and profits ebbed in 2022 and 2023 from their 2021 peaks as inflation cooled.
When it reports earnings, the company pays a dividend. Further illustrating its attention to remaining on a strong financial footing, Sibanye Stillwater doesn't overly rely on leverage; its net debt-to-adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) ratio at the end of 2024 was 1.8. This, along with $2.4 billion in liquidity, puts the company in a great position for a capital-intensive business such as mining.
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Invest carefully in platinum stocks
Investing in precious metal producers such as platinum mining stocks is appealing, given the inflationary forces ravaging the global economy. However, bear in mind that mining investments are cyclical, and stocks can be incredibly volatile. Their fortunes are highly dependent on the supply and demand of the materials they produce. Invest accordingly.
Nevertheless, with the demand for precious metals and other basic materials on the rise, platinum mining stocks are worth a look.