Sibanye weighs more changes at US palladium mines as prices fall

Sibanye Stillwater (SSWJ.J) said on Thursday it was considering further "repositioning" of its palladium mines in the U.S. to adjust to metal prices that have "dropped faster than anticipated".

The Johannesburg-based precious metals producer last month said it planned to cut more 4,000 jobs and shut some platinum mining shafts in South Africa amid a worsening rout in prices of the metals, used in catalysts to cut vehicle emissions.

Sibanye has been battling to lower costs at its Montana-based Stillwater mines as the price for palladium continued to weaken and the mines were also hit by flooding last year that curbed output and pushed up costs of production.

The changes at the Stillwater mines are needed after "the decline in the palladium price during 2023 has surpassed our expectations, dropping lower and faster than anticipated", CEO Neal Froneman said in the statement.

Article and image originally appeared on Reuters