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Image courtesy ofU.S. mining projects are growing reliant on Washington’s financial support to offset global competition, a reality underscored by Sibanye Stillwater’s decision last month to lay off hundreds of Montana miners after it failed to qualify for an obscure tax credit tied to the Inflation Reduction Act.
A fight over government largesse shows how much the stakes have changed for U.S. mines as overseas rivals have expanded market control.South African miner Sibanye’s Stillwater palladium mine, located roughly 40 miles from Montana’s border with Wyoming, last year lost nearly $600 on every ounce it mined, or roughly $269 million, as Russian rivals boosted production at safety standards below what is acceptable in the U.S. Palladium prices fell 40% in 2023.
The draft rule was seen as a strict interpretation of the IRA’s language and meant to appease conservationists and environmental groups, although the United Steelworkers and other labor unions have called for the 45X provision to apply to mining. “It’s very hard to compete when Russia is selling the exact same product,” said Heather McDowell, a Sibanye executive. “We believe Congress intended for the tax credit to incentivize those of us who produce critical minerals the right way, in this country.”
That shift in U.S. industrial policy in a way paradoxically reflects steps that China has already taken, said George Cheveley of Ninety One, a London-based asset manager with investments across the mining sector.
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