Sibanye’s bullish guidance draws Amcu’s outrage
The producer says profit from its platinum mines is helping it weather protracted gold mine strike
Sibanye-Stillwater has told investors that it is weathering the protracted and deadly strike at its SA gold mines thanks to growing profits from its US and SA platinum mines, which now account for more than 80% of profit.
In a strategic update issued on Thursday, Sibanye said efforts to diversify its business, both in terms of the commodities it mines and the geographies in which it operates, means the disruptions at its gold division, where the Association of Mineworkers and Construction Union (Amcu) has been on strike since November, have been offset by its platinum group metal operations.
But the rosy market update, which sent the company’s share price to its highest intraday level in nearly 12 weeks, has drawn the ire of Amcu, which accused the company of shocking “arrogance” and “disingenuous lies”.
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