Stillwater Mine lays off 700 workers

Billings, Mont. – The Sibyen-Stillwater mine in Montana laid off 700 employees, about half of its workforce.

The Stillwater Mine is the only primary producer of platinum and palladium in the United States and has two operating palladium mines in Montana.

Two years ago, palladium was trading at $2,305 an ounce, but recent market trends, increased costs, and Russia's anti-competitive behavior have pushed prices down as low as $1,000 an ounce.

The following was sent by Governor Greg Gianforte:

“Today's decision by Stillwater Mining is a significant blow to hard-working Montana miners, their families and our community. The State of Montana will commit all available resources to assist these workers and their families.

“These are challenging times for the mining sector. The ongoing regulatory assault on mining and natural resources has weighed on this vital sector of our economy. The reality is that the United States cannot and should not depend on our foreign adversaries for energy, critical metals, or other resources. The United States must support these industries and their workers, with policies dedicated to making our nation energy and resource efficient and independent.”

The following statement was sent by US Sen. John Tester:

“It is completely unacceptable that Montanans are losing their jobs because Russia is dumping vital minerals into the American market to stifle our local operations,” said Tester. “When I heard that Sibanye-Stillwater was laying off hundreds of hard-working Montana miners because of this Russian activity, I contacted local officials and the workforce and immediately introduced our bill to ban Russian palladium imports. This has been going on for far too long, and I will continue to stand with Montanans who are being targeted by these unfair trade practices.”

The following was sent by US Sen. Steve Daines:

“Heartbreaking news from the Sibane-Stillwater Mine as 700 hard-working Montanans continue to lose their jobs as a result of failed policies by Joe Biden and Kamala Harris that are crushing our energy industry. It's time to make a change this November and take back our energy independence.”