Sibanye-Stillwater, SA’s largest domestic gold producer and major platinum group metal miner, expects to report a steep dive into a R4.6bn annual loss despite advising shareholders to expect annual production to be at the upper end of its forecasts. Sibanye, fresh from raising $2.5bn to pay for the purchase of the US’s Stillwater Mining, a palladium and platinum miner, said it would report an attributable loss of at least R4.6bn for the year to end-December compared with earnings of R3.7bn for the previous year. Its earnings would be negatively affected by impairments, provisions for health claims, the cost of the Stillwater transaction and differences in commodity prices and exchange rates, it said. South African gold and platinum assets turned in a “solid” September quarter, a performance that was expected to continue in the final quarter of 2017, and the forecast for full-year output was at the top end of the company’s forecasts, CE Neal Froneman said.
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