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. Sibanye (SBSW) recognized a $407 million impairment on its U.S. operations after the company's average basket price for its platinum group metals fell 28% during the six months from the prior-year period.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2466277184"}