Prominent South African-owned mine shutting down in Canada

Low palladium prices are forcing Impala Platinum Holdings Ltd. to shut down its mine in Canada, putting 750 jobs at risk. The Lac des Iles mine is about 1,500 kilometers (930 miles) northwest of Toronto.

Impala Canada expects to end production by May 31, 2026, Chief Executive Officer Timothy Hill told workers in an email seen by Bloomberg News.

However, “the final date of operations is dependent on several factors, including available tailings capacity and our ability to meet 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 said Tuesday in an email.

The price of palladium, a metal mostly used to curb emissions from gasoline vehicles, has fallen over the past three years because demand from auto manufacturers has weakened.

Electric vehicles have captured a larger share of the global auto market, and they don’t need catalytic converters to filter exhaust fumes.

In 2024, Impala Canada cut 95 jobs, also citing lower palladium prices.

Parent company Implats, based in Johannesburg, acquired the Ontario mine in 2019 through its purchase of North American Palladium Ltd.

The mine closure was first reported by online publication TBnewswatch.