With inflation weighing on the global economy, some investors 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 24% from the summer of 2023 to the summer of 2024. Platinum prices, specifically, rose about 3% 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 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:
| Company | Market Capitalization | Description |
|---|---|---|
| Anglo American Platinum (OTC:NGLOY) | $36.2 billion | Part of a larger mining conglomerate and responsible for much of the world’s platinum supply. |
| Impala Platinum Holdings (OTC:IMPUY) | $4.4 billion | Top producer of platinum and palladium in South Africa. |
| Sibanye Stillwater (NYSE:SBSW) | $3.1 billion | Platinum, palladium, and gold producer with investments in other basic materials operations. |
1. Anglo American Platinum
Anglo American Platinum is part of the Anglo American PLC (NGLOY 0.26%) mining conglomerate. The platinum subsidiary is separately listed, although it's majority-owned by Anglo American PLC and based in South Africa. It produces about 40% of the world's platinum and also produces a little palladium and rhodium (often byproducts of platinum mining).
While the company is involved in the production of several metals, it's platinum that represents the company's bread and butter. In the first half of 2024, platinum sales represented 86% of the company's net revenue. Digging further into the company's performance, investors will find that the company achieved strong platinum production growth during the first half of 2024 -- about 9% compared to the same period in 2023.
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
Impala Platinum is the world's second-largest producer of platinum. Most of its operations are 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.
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
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 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.
The company pays a dividend and has minimal debt and plenty of cash, which is a great position to be in 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 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.
