BUSINESS MAVERICK: Gold strike, lay-off costs leave Sibanye earnings in the red

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BUSINESS MAVERICK: Gold strike, lay-off costs leave Sibanye earnings in the red By Ed StoddardEdStoddardZA

The Association of Mineworkers and Construction Union’s strike at Sibanye-Stillwater’s gold mines was a complete flop. It rolled on for five months, and its members achieved nothing after the union was forced to sign the same wage agreement that rivals had accepted. At least nine people were killed in violence related to the strike.

Sibanye’s earnings were also hurt by R397-million in costs related to retrenchments at its gold operations. Accounting procedures took a further toll, with a fair value loss of R533-million on US dollar-denominated convertible bonds, an adjustment linked to its rising share price. The company sees a better second half, underpinned by rising gold and PGM prices and provided Amcu does not embark on a wage strike at the company’s platinum operations. Synergies from the Lonmin merger should also begin flowing to Sibanye’s bottom line.

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