"If the basket price does not improve this year, it may become necessary to close out some unprofitable areas." Job losses mount as PGM slump deepens The downturn in the PGM market is being felt across South Africa, the world's top platinum producer. Over the past year, the country's mining sector has shed more than 10,000 jobs, with Sibanye alone cutting 2,600 roles at its local operations. Anglo American Platinum has laid off 3,700 workers, while Impala Platinum let go of 4,000. Sibanye expects a modest drop in South African PGM production in 2024 but says it is adjusting its operations to stay aligned with where the industry is heading. Part of that strategy includes investing in battery metals and exploring new industrial applications for PGMs, as demand from traditional uses—like autocatalysts—starts to slow. While global electric vehicle sales have cooled recently, growing demand for hybrid vehicles is helping to keep the autocatalyst market afloat.