Impala Platinum (Implats) is set to close its Canadian mine due to falling palladium prices, jeopardising 750 jobs.
Implats, the Johannesburg-based parent company, acquired the Ontario mine in 2019 through its purchase of North American Palladium.
The closure was first reported by TBnewswatch.
The Lac des Iles mine, located approximately 1,500 km northwest of Toronto, is expected to cease production by May 31, 2026, according to an internal email from CEO Timothy Hill obtained by Bloomberg News.
However, the exact shutdown date hinges on factors such as tailings capacity and production targets.
“We’ve been in a prolonged period of low prices, and as a result, the business is not generating the cash flow required to sustain the operation despite the team’s strong performance,” an Impala Canada spokesperson was quoted as saying.
Palladium, primarily used in gasoline vehicle emissions control, has seen declining demand as automakers shift toward electric vehicles, which do not require catalytic converters.
The metal’s price has dropped steadily over the past three years.
Mathew Nyaungwa, Editor-In-Chief, Rough & Polished
