Sibanye Stillwater to cut nearly 300 jobs in U.S. platinum operations restructure

Sibanye Stillwater (NYSE:SBSW) -1.3% pre-market Wednesday after unveiling plans to restructure its U.S. platinum group metals operations to reduce costs, cutting nearly 300 jobs.

The restructuring will mean the loss of ~100 full-time employees plus ~187 contract workers, but will not significantly affect production, the company said.

“We have taken decisive action to address costs at the U.S PGM operations, to ensure the sustainability of these long-life operations during a challenging period of lower than anticipated PGM prices,” CEO Neal Froneman said.

Sibanye (SBSW) announced plans last month to restructure its South African PGM operations in a move that potentially could result in the loss of more than 4,000 jobs.

Prices of platinum group metals have dropped sharply, with the palladium price plummeting 40% YTD to its lowest since 2018, while primary PGM metal platinum is down 14%.