PGM miners tighten their belts
Lower prices, higher costs batter sector
Some platinum group metals (PGM) producers are freezing recruitments for non-essential jobs and restructuring loss-making operations as they grapple with weaker metal prices, inflation, rising input costs and energy supply constraints.
In July, Northam agreed to sell its 34.5% stake in RBPlat to Impala Platinum (Implats) amid concerns that prevailing PGM market conditions and the material decline in the PGM basket price “may signal a potentially protracted cyclical downturn”...
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