Last week, Sibanye-Stillwater announced to their employees that they would have to layoff around 700 employees starting on November 12. The mine, which produces palladium and platinum, cited a massive drop in the trading price of palladium, as two years ago it was traded at $2,305 per ounce, and through the first half of this year traded at just $977. They also believe that Russian dumping is a cause of this price drop, as Russia produces over 40% of palladium, and the U.S. has continually increased its imports. As the sale price of palladium fell, production costs did not follow suit, as high inflation and regulation kept costs up. The mine has lost $352 million since read more
Sep182024
