Sibanye-Stillwater expects its annual profit to have slumped by as much as 51%, it said on Tuesday, sending its shares down by almost 5%.
Reflecting the impact of a three-month strike at its South African gold mines and floods at its US operations, the diversified mining company said it expects 2022 headline earnings per share (Heps) of between R6.19 and R6.84, down from R12.72 the previous year.
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 US platinum group metal (PGM) 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, because of power cuts, safety stoppages and cable theft.
The miner is due to release full-year results on February 28.
REUTERS