Morning Bites (part 1)

⛏PGM miner Sibanye-Stillwater is to cut jobs at its Americas operations, Reuters reports. Overall, this continues a series of recent job cuts in favour of cost reduction among major PGM miners. Sibanye has said that although its US operations have recovered from the stoppage after the recent accident, cost pressures remained elevated. As a result, the company is to release 100 employees. It also plans to shed 187 contract workers (~70% of its current non-essential mining contract workforce). The company noted that the restructuring would not significantly affect 2E output. Overall, the series of job cuts among PGM miners indicates that the supply side has started to react to consistently weak prices: palladium has fallen >40% YTD, while the platinum price has declined >10% YTD from already subdued levels. Meanwhile, adverse economic conditions are pressuring automotive demand for PGMs. We therefore believe that the supply cuts might continue

#PGMs
https://metals-wire.com/news-reports