Make Kitco Your Homepage

Sibanye-Stillwater earnings surge on higher metal prices and solid performance

Kitco News

Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here!

(Kitco News) - Sibanye-Stillwater (JSE: SSW) (NYSE: SBSW), the world’s largest primary producer of platinum and rhodium, today provided a trading statement for the year ended 31 December 2020.

The company advised that it expects to report profit attributable to the owners of the group of between R28,726 million (US$1,745 million) and R29,898 million (US$1,816 million) for the financial year ended 31 December 2020. This is substantially higher than profit attributable to the owners of the group of R62 million (US$4 million) for the previous financial year.

Sibanye-Stillwater added that earnings per share (EPS) are expected to be between 1,053 SA cents (64 US cents) and 1,095 SA cents (67 US cents) compared with EPS of 2 SA cents (0.2 US cents) for the period ended 31 December 2019.

The company noted that the expected increase in earnings was underpinned by a solid group operational performance for 2020 and driven by higher metal prices and a weaker rand.

Sibanye-Stillwater is a leading international precious metals mining company, with a diverse portfolio of platinum group metal (PGM) operations in the United States and Southern Africa, gold operations and projects in South Africa, and copper, gold and PGM exploration properties in North and South America.

It is the world’s largest primary producer of platinum and rhodium, the second largest primary producer of palladium and a top tier gold producer, as well as a significant producer of other PGMs and associated minerals such as chrome.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.