South Africa-based platinum group metals (PGM) and gold miner Sibanye-Stillwater expects its headline earnings for the first six months of the year to fall by up to 53%, compared with the same period last year. The company, which is the world's biggest primary producer of platinum, the second biggest primary produce of palladium and the third largest producer of gold, expects its headline earnings a share to be between 198c and 218c, compared with 423c in the first half of 2022. This represents a decline of 48% to 53%.
South Africa-based platinum group metals and gold miner Sibanye-Stillwater expects its headline earnings for the first six months of the year to fall by up to 53%, compared with the same period last year.
Sibanye-Stillwater attributes the decrease in earnings and headline earnings to a sharp decline in PGM prices, which resulted in a 22% decline in the average rand 4E PGM basket price year-on-year and a 28% decline in the average US dollar 2E PGM basket price. The infrastructure was damaged in March during maintenance on the winder that services the vertical shaft accessing the mine’s deeper levels. The shaft headgear, winder house and winder rope sustained damage in the incident, but no workers were wounded. Production resumed in late April.
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