(Bloomberg) -- Sibanye Stillwater Ltd. reported a $2 billion loss last year, after taking an impairment against its US palladium mine.

The company joined its South African rivals – Anglo American Platinum Ltd. and Impala Platinum Holdings Ltd. – in announcing a dramatic slump in earnings as the prices of platinum, palladium and rhodium declined sharply last year. The loss marks a reversal for a miner that booked a $1.1 billion profit a year earlier. Sibanye fell as much as 7.4% in Johannesburg trading.

Under its deal-making boss Neal Froneman, Sibanye diversified away from its original dependence on gold mining into platinum-group metals, as well as lithium and nickel. Prices of battery metals have also slumped, with the company highlighting a “structural change” in the fundamentals of the nickel market.

“Our medium to long term view on the fundamental outlook for the metals we produce, with the exception of nickel, remains largely unchanged,” Sibanye said in a statement Tuesday.

Sibanye has identified cost-cutting measures that will save about $375 million. The miner’s Stillwater palladium project in Montana accounted for 82% of its 47.4 billion rand ($2.5 billion) of impairments.

If the low commodity prices persist, “there may be further restructuring required,” especially to address losses at the US palladium mine and its French nickel refinery, Sibanye said.

The company has recently shed more than 4,000 jobs across its gold and PGM operations in South Africa to cut costs. Sibanye’s gold mines returned to profitability last year.

(Updates with shares in second paragraph, metals outlook in fourth)

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