Why Shares in Sibanye Stillwater Slumped More Than 10% Today
Shares in precious metals (gold, platinum, palladium, rhodium) company Sibanye Stillwater (NYSE: SBSW) slumped by more than 11% in early trading today. The move happens as investors digest the company's latest operating update for the quarter ending on March 31.
Sibanye's South African gold mines have been hit with strike action. Image source: Getty Images.
The miner attracted investor attention in 2022 due to its position as a producer of precious metals that may be in short supply due to sanctions applied on Russia. For example, Russia and South Africa each produce around 40% of the world's palladium -- an essential metal used in semiconductors and catalytic converters in vehicles. When sanctions were applied on Russia, the price of palladium soared in response to fears over future tightness in supply.
Source Fool.com
