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Sibayne-Stillwater lays off 100 miners in the wake of slumping metal prices – Daily Montanan [1]

['Darrell Ehrlick', 'More From Author', '- November']

Date: 2023-11-30  

Citing a 50% drop in the market price of palladium, Sibanye-Stillwater Mining, which has large operations near Columbus, said this week it’s cutting more than 100 jobs.

A union representative confirmed that 88 jobs were being eliminated by the mine and that the U.S. Steelworkers as well as the AFL-CIO were on site, helping to relocate workers or get them registered for state benefits through the Montana Department of Labor and Industry. Other unions were also working to find jobs that are open around the state for displaced workers.

However, the number of affected workers is likely higher than 100 because the mine, the only producer of platinum and palladium in North America, says it is also cutting back on its contract workers.

Sibayne-Stillwater has two mining complexes, one near Columbus and one on the East Boulder.

Heather McDowell, the head of marketing for Sibayne-Stillwater, told KTVQ News, that the job cuts will bring the total number of mine employees to 1,777. She also told the MTN-affiliate that 50% of the jobs eliminated were employees who were still in their probationary period with the mine.

An article from Trading View in August outlined the performance of some currency and metals. While the United States dollar did well in a one-year time span between 2022 and 2023, both platinum and palladium decreased.

At the beginning of August, palladium had decreased by 31% while platinum had dropped 13%. As a reference, silver had gained slightly at 1.85%. The article points out that while gold, silver and platinum have industrial uses, they are also in demand because of jewelry. Meanwhile, palladium is an industrial metal, used primarily by auto manufacturers in the production of catalytic converters, which are found on fuel-burning automobiles. However, experts say that as more automobile manufacturers switch to electric vehicles, the demand for palladium is likely to continue to drop.

“USW 11-0001 would like to thank the broader labor movement and the Department of Labor and Industry for helping us out in this difficult time,” said Ed Lorash, president of USW Local 11-0001. “This effort really shows how the labor movement can join together to help each other and get workers the support they need.”

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[1] Url: https://dailymontanan.com/2023/11/30/sibayne-stillwater-lays-off-100-miners-in-the-wake-of-slumping-metal-prices/

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