Due to budget constraints and an underperforming platinum group metals market, the world’s third largest producer of platinum says economic realities are forcing it to make some financial adjustments.

Lonmin announced that it will trim its capital expenditure forecast for the year to $160 million from $185 million, which was its previous projection, multiple news sources reported, including The Financial Times. Additionally, it may also have to conduct layoffs, perhaps as many as 3,500. The company said that while the job cuts would actually result in further losses during this fiscal year – $33 million, it projects – the move would bring savings of more than $66 million starting in 2016 and beyond.

Ben Magara, Lonmin chief executive, noted that platinum prices have yet to bounce back after the miners strike that brought platinum production to a standstill last year. It could be another two years before the market gets back to normal.

Falling platinum prices would be in line with what analysts have forecast. In a recent Reuters poll, experts said that values for the precious metal should run around $1,220 per ounce for the remainder of 2015, roughly 7 percent lower than what was the consensus in January.