Strikes, floods and other headwinds cause Sibanye-Stillwater's profits to dive | Business

  • 📰 News24
  • ⏱ Reading Time:
  • 39 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 19%
  • Publisher: 80%

Malaysia News News

Malaysia Malaysia Latest News,Malaysia Malaysia Headlines

Sibanye-Stillwater profits plummeted 44% in 2022, with the group's performance weighed down by a three-month strike at its SA gold mines, a one-in-200-year flood at its Montana operations in the US, inflation and other macro-economic headwinds.

Sibanye-Stillwater profits plummeted 44% in 2022, with the group's performance weighed down by a three-month strike at its SA gold mines, a one-in-200-year flood at its Montana operations in the US, inflation and other macro-economic headwinds.

According to Sibanye CEO Neal Froneman, the group's performance for 2022 reflects significant positive achievements in some respect and notable challenges in others. The industrial action and flooding events resulted in significantly reduced production from the SA gold and US PGM operations during 2022, with a concomitant increase in unit costs. The phased resumption and build-up of safe production after these operational stoppages also negatively impacted production and costs during the second half of the year, resulting in group revenue declining by 20% to R138.3 billion for 2022 compared with R172.2 billion for 2021.

Inflation-linked wage agreements signed at the gold and PGM operations position them for stability in the coming years.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Nadat ek voordeel getrek het uit 'n weeklikse belegging, moet ek sê dat almal moet ophou val vir groot duisende, baie het belowe en misluk uit 'n honderd beleggings. MarkMaynardq is die beste. Jou inkomste hang af van jou kapitaal, handel met wie gewaarborg is van wins opbrengs.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 4. in MY

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Business Maverick: China’s new coal plant approvals surge in 2022, highest since 2015 – researchChina approved the construction of another 106 gigawatts of coal-fired power capacity last year, four times higher than a year earlier and the highest since 2015, driven by energy security considerations, research showed on Monday.
Source: dailymaverick - 🏆 3. / 84 Read more »