Sibanye Stillwater, a palladium and platinum mining company, has announced the restructuring of its U.S. platinum operations to reduce costs and secure sustainability amid a lower palladium price environment. The company is the only palladium and platinum producer in the USA.
The restructuring will impact 287 employees, including both company and contract workers, across its United States operations.
Chief Executive Neal Froneman noted, "We have taken decisive action to address costs at the U.S. operations, to ensure the sustainability of these long-life operations during a challenging period of lower than anticipated PGM [platinum group metals] prices."
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