Sibanye-Stillwater cuts US PGM annual production forecast
Challenges, including a five-week strike in Montana, threaten to test the company’s patience while the US seeks to strengthen domestic mineral supplies. South African mining major Sibanye-Stillwater cut the annual production forecast of its platinum group metals operations in the US and raised cost guidance after a five-week strike in Montana. The challenges threaten to test the company’s patience just as Washington seeks to strengthen domestic supplies of critical minerals. Sibanye projects US PGM production to fall by as much as 15% and increased the expected cost of running the mines, it said in a quarterly output update. The challenges raise questions about the commercial logic of its Montana-based Stillwater and East Boulder operations. Both mines are the sole source of primary US PGMs production and reserves. PGMs, which are mainly used in vehicle catalytic converters and in defense equipment, are designated as critical minerals by the US for their economic importance. Washington is heavily reliant on imports, primarily from South Africa, home to the world’s largest reserves and production.
Challenges, including a five-week strike in Montana, threaten to test the company’s patience while the US seeks to strengthen domestic mineral supplies. South African mining major Sibanye-Stillwater cut the annual production forecast of its platinum group metals operations in the US and raised cost guidance after a five-week strike in Montana. The challenges threaten to test the company’s patience just as Washington seeks to strengthen domestic supplies of critical minerals. Sibanye projects US PGM production to fall by as much as 15% and increased the expected cost of running the mines, it said in a quarterly output update.
The challenges raise questions about the commercial logic of its Montana-based Stillwater and East Boulder operations. Both mines are the sole source of primary US PGMs production and reserves. PGMs, which are mainly used in vehicle catalytic converters and in defense equipment, are designated as critical minerals by the US for their economic importance. Washington is heavily reliant on imports, primarily from South Africa, home to the world’s largest reserves and production.