Sibanye-Stillwater announced it expects to lay off 700 employees in Montana, attributing this decision to the sharp decline in palladium prices, partially caused by Russian imports.
Sibanye-Stillwater noted it lost over $350 million in 2023 despite reducing operational costs, as the falling palladium price has severely impacted the company's finances.
In response to the layoffs, U.S. Senators Daines and Tester plan to introduce legislation to ban imports of critical minerals from Russia, including palladium.
Sibanye-Stillwater executive Kevin Robertson highlighted that Russian dumping has contributed significantly to the abnormal decline in palladium prices that have fallen from $2,300 to under $1,000.
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