02:04 PM EDT, 06/26/2024 (MT Newswires) -- Sibanye Stillwater ( SBSW ) may suspend operations at its palladium mine in Montana if prices remain depressed, Bloomberg reported Wednesday, citing Chief Executive Neal Froneman.

"If there's no correction in the price soon, as strategic as it is, we will have to put it on care and maintenance," Froneman was quoted as saying at a conference in London on Tuesday.

Palladium, used in catalytic converters that help reduce car emissions, has tumbled about 70% from a peak in March 2022 as the shift to electric vehicles spurred doubts about future demand for the metal, according to the report.

Sibanye did not immediately reply to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 4.37, Change: -0.03, Percent Change: -0.68