Tariffs Aim to Restart Stillwater Palladium Mine

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The U.S. government has imposed hefty tariffs on Russian palladium, a move that could help restart operations at the Stillwater palladium mine near Columbus, Montana. The Stillwater mine, owned by Sibanye Stillwater, had previously suspended mining due to low global palladium prices, but the new tariffs on Russian imports may provide the boost needed to make the mine economically viable again.

Why it matters

Palladium is a critical metal used in catalytic converters for automobiles, and Russia is a major global producer. The U.S. tariffs aim to limit Russia's ability to dump palladium on the global market at low prices, which had made it difficult for higher-cost U.S. producers like Stillwater to compete. Restarting the Stillwater mine could bring back jobs and economic activity to the local community.

The details

The Stillwater mine, located outside the town of Columbus, Montana, is one of the few palladium producers in the United States. The mine had suspended operations in recent years due to low global palladium prices, which were driven in part by cheap palladium exports from Russia. The new U.S. tariffs on Russian palladium are intended to level the playing field and make it more viable for the Stillwater mine to resume mining activities.

• The U.S. government imposed the tariffs on Russian palladium in February 2026.

What’s next

Sibanye Stillwater is expected to evaluate the economic feasibility of restarting operations at the Stillwater mine in the coming months, now that the new U.S. tariffs on Russian palladium have been implemented.