of between 2.508 rand and a pair of.772 rand for the six months to June 30 after posting a revenue of two.62 rand per share for the interval final yr.
Sibanye mentioned its earnings had been impacted by the impairment of its two US mines, which predominantly produce palladium. The US operations produced 238,139 ounces of palladium and platinum within the first half of 2024.
The writedown was “primarily because of decrease medium- to long-term forecast consensus palladium value assumptions that resulted in a lower in anticipated future internet money flows”, Sibanye mentioned in a buying and selling assertion.
There had been a 5% to eight% discount in medium to long-term market consensus palladium value forecasts assumed for valuation functions, Sibanye mentioned.
The long-term prospects of PGMs have dimmed because the auto sector switches its focus to electrical autos.
The value of palladium, which together with different platinum group metals (PGMs) is utilized in automobile exhaust programs to curb emissions, fell 40% in 2023 and is down 10% this yr.
Sibanye mentioned within the half yr it noticed a 30% decline within the common greenback value for its US metallic and a 28% decline within the rand basket value for its southern African PGMs, considerably decreasing income.
In 2023, Sibanye reported a $2 billion loss after taking $2.6 billion impairments at its US palladium mines, a nickel operation in France and a gold mine in South Africa.
Sibanye’s friends Impala Platinum and Northam Platinum have just lately raised considerations concerning the nation’s platinum trade’s long-term prospects as a result of metallic value stoop.
Sibanye will launch its monetary outcomes on Sept 12.
($1 = 17.8435 rand)
(By Nelson Banya; Modifying by Jason Neely)