In a devastating blow to the Montana mining industry, Sibanye-Stillwater announced Thursday its plans to lay off around 700 employees in the state. The company, the largest employer in Stillwater County, cited a steep drop in palladium prices and losses exceeding $350 million in Montana since the start of 2023 as the primary reasons for the restructuring.
The layoffs, set to begin on November 12th, will affect both salaried and hourly employees across the company’s Stillwater and East Boulder operations, as well as the Columbus Metallurgical Complex. The news comes less than a year after the company laid off around 100 employees in Montana.
Impact on Montana Communities
The layoffs will have a ripple effect throughout south-central and southeastern Montana, where many Sibanye-Stillwater employees reside. Sen. Forrest Mandeville, R-Columbus, expressed his concern about the impact on families and communities, stating, “These are good people that are involved in a lot of stuff. There’s going to be an impact on schools, on nonprofits, on churches – everything that these individuals are involved in is definitely going to feel this.”
The Montana Department of Labor and Industry (DLI) estimates that the loss of 700 jobs will account for about 13% of all payroll jobs in Stillwater and Sweet Grass counties. The DLI plans to deploy rapid response teams and provide job assistance and training to affected workers.
Russian Palladium Imports Blamed for Price Drop
Sibanye-Stillwater attributes the decline in palladium prices to an influx of Russian imports, which have flooded the market and driven down prices. The company claims that Russia is deliberately manipulating the market to undermine its competitors.
In response to the layoffs, Montana’s U.S. Senators, Jon Tester and Steve Daines, introduced bills seeking to ban the import of Russian palladium. Tester called the layoffs “unacceptable” and blamed them on “unfair trade practices.” Daines echoed this sentiment, criticizing the Biden-Harris administration for allowing the imports to occur.
Operational Changes and Uncertain Future
As part of the restructuring, Sibanye-Stillwater plans to pause operations at its Stillwater West mine, reduce operations at the East Boulder mine and the Columbus Metallurgical Complex, and continue production at Stillwater East. The company hopes to resume operations at Stillwater West when prices permit.
The layoffs have left many miners and their families feeling uncertain about the future. Kimberli Peterson, the wife of a miner, expressed her concerns, stating, “As a family of six, it becomes a huge stressor. It wouldn’t be just us two we’re worried about. We’d all be starting all the way over.”
The company has stated its commitment to the local community and its optimism that the market will recover. However, the layoffs have cast a shadow over the future of mining in Montana and raised questions about the long-term sustainability of the industry in the face of global market forces.

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