Sibanye-Stillwater, the world’s largest platinum producer, has flagged a near halving of headline profits for its half-year to end-June, hit by floods, safety issues, as well as a three-month strike that helped prompt a crash in gold production.
Flooding in the US state of Montana saw its US operations suspended for seven weeks, while in SA, a three-month strike helped prompt a 77% fall in gold production to 100,568 ounces, with this excluding DRDGold, in which it has a controlling stake. Sibanye has interests across five continents, and has recently been branching out into battery metals, but PGMs accounted for 92% of adjusted core profit in its 2021 year and gold 8%.
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