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Sibanye-Stillwater Cuts Jobs

“We have taken decisive action to address costs at the US PGM operations, to ensure the sustainability of these long-life operations during a challenging period of lower than anticipated PGM prices,” chief executive officer Neal Froneman said in a statement.

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Precious metals producer Sibanye-Stillwater is going ahead with its planned layoffs in a bid to become cost-efficient. The company is in talks with labour unions as the decision is likely to impact 7000 jobs at PGM and gold mines.

Palladium prices have dropped more than 40% and the market demand is weak. 

“We have taken decisive action to address costs at the US PGM operations, to ensure the sustainability of these long-life operations during a challenging period of lower than anticipated PGM prices,” chief executive officer Neal Froneman said in a statement.




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