PLATINUM-GROUP METALS
Strong production figures a fillip for Sibanye
Local mines belonging to gold and platinum group metals (PGM) miner Sibanye-Stillwater exceeded production and cost forecasts in the year to December, which would assist in paying down debt in 2018, the company said on Monday. Its share price dropped 1.19% to R13.29 after it released the operational update. Noah Capital Markets analyst Rene Hochreiter said the move was in line with broader market trends. There appeared to be a widespread correction in equities as US bond yields had risen in anticipation of a US interest rate hike. Sibanye-Stillwater, which recently offered to buy troubled PGM miner Lonmin for shares, also bought US PGM producer Stillwater early in 2017 for $2.2bn, financed through debt and equity. More details on its debt will be revealed in its financial report on February 22. It warned in October it would make an attributable loss of at least R4.6bn for the year due to impairments, provision for a silicosis settlement and transaction costs, but it may update these...
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