Platinum Price Slump Forces Sibanye-Stillwater Restructuring Plans
The precious metals producer is considering deep-level shaft closures as palladium and rhodium prices remain depressed.
Sibanye-Stillwater has announced a strategic review of its South African platinum group metals operations that could result in the closure of three deep-level shafts and the loss of up to 4,000 jobs.
The restructuring is driven by persistent weakness in palladium and rhodium prices, which have fallen 40% and 60% respectively from their 2021 peaks. The company's SA PGM operations posted an operating loss of R2.3 billion in the first quarter.
CEO Neal Froneman described the review as "unavoidable given current market realities," while the Minerals Council South Africa warned that without government support for PGM demand development, the industry could shed 30,000 jobs over the next five years.