Breaking News
Get 40% Off 0
Is NVDA a 🟢 buy or 🔴 sell? Unlock Now

Sibanye-Stillwater restructures US PGM operations amid economic headwinds

Published Nov 30, 2023 04:42
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.
 
SSWJ
-1.57%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
PA
+0.42%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

Sibanye-Stillwater, the renowned mining company, has announced a significant restructuring of its US operations specializing in platinum group metals (PGM), specifically targeting its Stillwater and East Boulder mines, along with the Columbus Metallurgical Complex. This strategic move is a response to the dual pressures of declining palladium prices and rising inflation rates, which have triggered the need for cost-cutting measures to ensure the long-term sustainability of these assets.

The restructuring plan, which aims to maintain production levels at the affected mines, will unfortunately result in the reduction of the workforce by approximately 100 employees, primarily at the Stillwater Mine. This comes in addition to the natural attrition of around 20 employees since early October. The plan also extends to around 187 contract workers who are anticipated to face job losses across various locations.

Despite these significant workforce reductions, Sibanye-Stillwater's leadership has provided assurances that the current mine and recycling production levels will not suffer a significant impact. The company, a global leader in the recycling of PGM autocatalysts and tailings retreatment operations, sees these difficult decisions as crucial steps to secure the future of its operations in an increasingly challenging economic environment.

CEO Neal Froneman has emphasized the importance of these measures for the viability of the company's operations, which are part of a broader strategy update initiated in July 2022. The strategy was reviewed due to market fluctuations and economic changes that have since affected the industry.

Sibanye-Stillwater's commitment extends beyond PGM mining, as the company has interests across five continents in various sectors, including battery metals mining and recycling within the circular economy framework. This restructuring is part of a larger effort to adjust the business strategy and navigate the turbulent economic conditions facing the mining industry globally.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Sibanye-Stillwater restructures US PGM operations amid economic headwinds
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email