Sibanye braced for profit hit from lower prices, US output

In a trading update, Sibanye said it expected to post headline earnings per share (HEPS) of between 1.98 rand and 2.18 rand ($0.1039-$0.1144) for the six months to June 30, down from 4.23 rand a year earlier.

Sibanye’s average rand basket price for its PGMs was down 22% while PGM production from its southern African mines was 848,723 ounces versus 849,152 a year earlier.

However, output from its US operations was down 11% at 205,513 ounces following shaft infrastructure damage at the Stillwater mine in Montana and ongoing skills shortages.

Gold production rebounded to 334,721 ounces after plunging to 191,683 ounces during a strike-hit first half of 2022. Still, its output remained well below levels above 500,000 ounces reached before the strike.

Sibanye will release its financial results on Aug. 29.