Montana miner to lay off hundreds due to declining palladium prices

NYE, Mont. (AP) — The owner of the only platinum and palladium mines in the U.S. plans to lay off hundreds of employees in Montana due to declining prices for palladium, which is used in catalytic converters. Sibanye-Stillwater executives wrote to its employees on Thursday outlining the estimated 700 layoffs expected later this year. The company plans to pause operations at one mine  and reduce operations at other sites. Mine officials say the U.S. operation has lost $350 million since the beginning of 2023. Officials believe Russia is dumping palladium into the U.S. market to depress prices. Montana’s U.S. senators are introducing legislation to ban the import of critical minerals, including palladium, from Russia.