Sibanye Stillwater to slash production at U.S. PGM operations

seekingalpha09-12

Sibanye Stillwater (NYSE:SBSW) +3.5% pre-market Thursday after unveiling plans to restructure its mines in Montana, cutting production of palladium and platinum from the assets by as much as 45% in an...

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The company said it will cut production at its Stillwater mine by 200K oz/year in 2025; this year's output is forecast at 440K-460K oz. \"The capital investment required is not feasible at current PGM prices and as a result, further restructuring of the U.S. PGM operations is necessary to reduce cash outflows,\" to be followed by a \"fundamental review\" of the operations to reduce costs, Sibanye  said. The miner also said it is close to securing $600M-$700M in prepayment deals to shore up its balance sheet after reporting a loss of 7.1B South African rand  for the six months to June 30, reversing a 7.8B rand profit during the same period last year. 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The company said it will cut production at its Stillwater mine by 200K oz/year in 2025; this year's output is forecast at 440K-460K oz. \"The capital investment required is not feasible at current PGM prices and as a result, further restructuring of the U.S. PGM operations is necessary to reduce cash outflows,\" to be followed by a \"fundamental review\" of the operations to reduce costs, Sibanye (SBSW) said. The miner also said it is close to securing $600M-$700M in prepayment deals to shore up its balance sheet after reporting a loss of 7.1B South African rand (~US$395M) for the six months to June 30, reversing a 7.8B rand profit during the same period last year. 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