The wage strike at Sibanye's South African gold operations during the second quarter of 2022 lowered the miner's gold production by 50%. Output from its U.S. platinum group metal operations in Montana fell by 26% to 421,133 ounces after a seven-week work stoppage caused by floods. Sibanye said PGM production at its South African operations was 1.73 million ounces in 2022, down nearly 9% from the previous year's 1.9 million ounces, due to power cuts, safety stoppages and cable theft. The miner will release its financial results on Feb. 28. ($1 = 18.2357 rand) (Reporting by Nelson Banya; editing by Jason Neely)
(Adds detail)
Feb 21 (Reuters) - Sibanye Stillwater expects
its annual profit to fall by as much as 51%, reflecting the
impact of a three-month strike at its South African gold mines
and floods that hit its U.S operations, the diversified mining
company said on Tuesday.
Sibanye said it expects headline earnings per share (HEPS) -
the main profit measure in South Africa - of between 6.19 rand
($0.3394) and 6.84 rand ($0.3751) for the year ended December
31, 2022, down from 12.72 rand the previous year.
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.