Sibanye swings to R37bn loss after big drop in metals prices
Price of PGM basket knocked 33% but Neal Froneman sees signs of a ‘better demand outlook’
Despite the welcome lift in gold prices, precious metals producer Sibanye-Stillwater announced on Tuesday that it swung to a loss in the year to end-December after a 33% year-on-year decline in the average platinum group metal (PGM) basket price.
The company reported a loss of R37.4bn for the year, compared with a R19bn profit in 2022. The largest contributor to this was impairments of R47.5bn against various assets due to the plunge in metals prices. It decided to declare no final dividend for the year after paying an interim dividend of 53c per share. In 2022 Sibanye paid a total dividend of R2.60 per share...
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