Sibanye-Stillwater plans to lay off 700 Montana employees due to plummeting palladium prices.
Sibanye-Stillwater, the only U.S. platinum and palladium mine owner, plans to lay off around 700 employees in Montana due to a significant drop in palladium prices, which have fallen from $2,300 to under $1,000 an ounce. The company has incurred losses exceeding $350 million since early 2023. Operations will shift to "care and maintenance," while lawmakers, including Sen. Jon Tester, propose legislation to ban Russian palladium imports, citing market destabilization.
September 12, 2024
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