https://www.engineeringnews.co.za

Gold strike to push Sibanye-Stillwater to interim loss

27th August 2019

By: Creamer Media Reporter

     

Font size: - +

Gold and platinum-group metals (PGMs) miner Sibanye-Stillwater expects to report an attributable loss of R265-million for the six months ended June 30, compared with a R77-million profit for the six months ended June 30, 2018.

The loss is mainly as a result of a five-month strike at its South African gold operations.

Sibanye on Tuesday noted in a trading update to shareholders that other factors had also negatively impacted on the company's interim results.

These include the deferral of revenue from the Rustenburg operations owing to the transition from the purchase of concentrate to a toll processing arrangement; the recognition of a fair value loss on the dollar convertible bonds; nonrecurring items, include restructuring costs from the South Africa gold operations; other costs as a result of the strike at its gold operations; and a R502-million increase in mining tax.

These were partially offset by significantly higher profitability at Sibanye's South African and US PGM operations as a result of higher platinum and palladium (2E) and platinum, palladium, rhodium and gold (4E) basket prices; and a $110-million deferred tax credit recognised by the US PGM operations, besides others.

The company will publish its interim results on August 29.

 

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Axiom Hydraulics
Axiom Hydraulics

Axiom Hydraulics is a trusted leader in South Africa’s hydraulic industry, delivering world-class components, systems, and engineering expertise...

VISIT SHOWROOM 
Egoli Gas (Pty) Ltd
Egoli Gas (Pty) Ltd

As a reticulator, Egoli Gas provides natural gas to homes and businesses via underground pipes.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.06 1.096s - 140pq - 2rq
Subscribe Now