South African miner Sibanye Stillwater has plenty of small low-risk investment options to maintain current production rates, RBC Capital Markets analyst Ben Davis writes. The platinum group metals miner can fund these projects from existing cash flows, he adds. However, management could opt not to invest in a bid to keep the market tight as autocatalyst demand drops, he adds. Platinum, palladium and rhodium are key components of autocatalysts that reduce harmful emissions from internal combustion engines. The outlook for PGMs is clouded as demand for electric vehicles rises. The miner could either halve production to 2035 which would reduce global mine supply by around 7% or push to maintain output at roughly current levels, he says. Shares fall 2% to 3,617 rand. (adam.whittaker@wsj.com)