Try our mobile app

Sibanye shares fall after sharp profit decline

Published: 2023-02-28 tag: commodities news

JSE:SSW

(Reuters) -Sibanye Stillwater shares fell by more than 3% on Tuesday, after the company said full-year 2022 profit almost halved due to a lengthy strike at its South African gold mines and flooding at its U.S platinum operations that hit production. 
(Reuters) -Sibanye Stillwater shares fell by more than 3% on Tuesday, after the company said full-year 2022 profit almost halved due to a lengthy strike at its South African gold mines and flooding at its U.S platinum operations that hit production.


Sibanye’s shares were down 3.43% at 1449 GMT.


Its headline earnings per share (HEPS) - the main profit measure in South Africa - fell 49% to 6.52 rand ($0.3537) for the year ended Dec.31 from 12.72 rand a year earlier.


A three-month strike over wages at Sibanye’s South African gold operations during the second quarter of 2022 cut the miner’s gold production by 50%.


A seven-week work stoppage caused by floods at Sibanye’s Montana, U.S., platinum group metal (PGM) operations resulted in a 26% decline in output to 421,133 ounces.


PGM production from Sibanye’s South African operations was 1.73 million ounces in 2022, down nearly 9% from the previous year, because of power cuts, safety stoppages and cable theft.


Sibanye declared a final dividend of 1.22 rand per share, bringing the total dividend for the year to 2.60 rand per share, returning 7.37 billion rand ($400.02 million) to shareholders during the year.


($1 = 18.4336 rand)