Sibanye-Stillwater backed away from a decision to close up to 300,000oz of annual platinum group metal (PGM) production from its Rustenburg mines, saying it had saved unprofitable shafts through improved cost management. This is hardly the news that would cheer the platinum market, which needs a reduction in metal coming from SA, the world’s largest supplier. It also indicates producers’ unwillingness to make serious production cuts to stimulate prices at a time when the outlook for platinum demand is volatile. The palladium price, which has only three times in history been greater than that of platinum, has broken through $1,000/oz, while platinum continued to languish at the $940/oz level. Sibanye CEO Neal Froneman talked tough after taking ownership of the Rustenburg mines from Anglo American Platinum, telling the market that the company would not tolerate loss-making ounces in its platinum portfolio. He also said the board had given the assets until the end of this year to impro...
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