(Bloomberg) -- Sibanye Stillwater Ltd. plans to cut jobs at its US platinum-group metals operations to lower costs, after palladium prices slumped this year, shortly after announcing similar moves in South Africa.Most Read from BloombergCharlie Munger, Who Helped Buffett Build Berkshire, Dies at 99Saudi Arabia Offers Iran Investment to Limit Israel-Hamas WarBill Ackman Bets Fed Will Cut Interest Rates as Soon as First QuarterMusk’s Cybertruck Is Already a Production Nightmare for TeslaOkta Says
Diversified miner Sibanye Stillwater said on Wednesday it would cut 287 jobs at its U.S platinum group metals (PGM) operations to reduce costs as metal prices decline, adding the move would not significantly affect production. The palladium price has plunged nearly 40% so far this year, particularly hit by weak demand in China, while primary metal platinum is down 14%. The Johannesburg-based miner last year announced the restructuring of its palladium-dominated U.S operations in anticipation of a fall in palladium prices and because of the impact of inflation on costs.
The Global Precious Metals MMI indicated a minor increase, with various precious metals like gold, silver, palladium, and platinum showing mixed trends due to macroeconomic factors and geopolitical tensions.