Sibanye Stillwater plans to lay off 700 Montana mine workers due to palladium market decline and $350M losses.

Sibanye Stillwater plans to lay off around 700 employees from its Montana mines due to a decline in the palladium market, which has led to over $350 million in losses since early 2023. The company will place its high-cost Stillwater West operations on care and maintenance while focusing on the Stillwater East and East Boulder mines. Senator Jon Tester has criticized the Biden administration's policies and proposed a bill to ban Russian palladium imports, linking them to the market's instability.

September 12, 2024
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