Sibanye-Stillwater’s earnings drop despite producing and selling more PGMs
The miner says the decrease in the palladium price in 2023 ‘surpassed our expectations, dropping lower and faster than anticipated’
02 November 2023 - 09:57
Sibanye-Stillwater has produced and sold more platinum group metals (PGMs) in its latest quarter than a year ago, but the basket price being cut almost in half has hurt one of the world’s biggest precious metal miners.
The company, valued at about R65.6bn on the JSE, said on Thursday in a production update for the quarter to end-September that its PGM production grew 7.5% to 557,106oz and the amount that it sold was up 16.5% to 549,696oz, but year on year the basket price plunged 40.9% to R23,933/oz and 45.8% in dollar terms to $1,287/oz...
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