Sibanye warns it has fallen into a loss
Company says a number of nonrecurring items and the rand strengthening against the dollar were behind the loss
17 August 2017 - 10:57
Sibanye Gold warned it would report an interim loss of at least R4.8bn, much bigger than in 2016, with a hefty impairment against two gold mines it plans to stop, prompting expectations of a downward revision of its full-year gold production target. Sibanye is looking at retrenching up to 10,000 people, including 2,400 contractors, with the closure of its three Cooke shafts and its Beatrix West mine. These unprofitable operations have come under intense management scrutiny to make them viable. These efforts failed and Sibanye is considering mothballing or shutting the mines.
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