Sibanye Sees First-Half Loss as Palladium Slump Forces Writedown [Yahoo! Finance Canada]
IMPALA PLATINUM HLDGS ADR (IMPUY)
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Source: Yahoo! Finance Canada
Most Read from Bloomberg The Johannesburg-listed company wrote down its US platinum-group metal operations by 7.5 billion rand ($420 million), it said in a statement on Monday. That follows an impairment of about $2 billion at the Montana project last year. Sibanye fell as much as 8.8%, the most since November. South African platinum miners are under pressure as PGM prices decline amid destocking and a weakening demand outlook from the auto sector, where the metals are used in devices to curb emissions in gasoline and diesel vehicles. That's forced companies, including Sibanye and Impala Platinum Holdings Ltd., to cut jobs as they try to lower costs. The price of palladium — the main metal produced at Sibanye's US operations — has slumped 43% since the start of last year. While there have been operational improvements since an expansion plan at the Stillwater mines was shelved in late-2023, more may be required. “Further actions to address the cost structures at the US PGM op
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