Sibanye-Stillwater announces tidy profit in H1 results
Revenue was boosted by the inclusion of its US platinum operations and a higher PGMs price.
Sibanye-Stillwater has annouced a revenue increase of 24 percent, to R23.910 billion. Headline earnings per share (Heps) for the six months to 30 June were 4 cents per share, compared with a loss of 135 cents in the same period last year.
The South African precious metals producer attributes the improved results to the inclusion of a full six months of production from the US platinum assets it acquired in May 2017, along with the higher basket price for platinum group metals (PGMs). Sibanye-Stillwater raised $1 billion through a rights issue in 2017 to help to fund the $2.2 billion acquisition of US-based Stillwater Mining.
The company also said that its H1 results were affected by transaction and financing costs from the acquisition of Stillwater, along with higher restructuring costs and impairments associated with losses at South African gold operations.
Pictured: Sibanye-Stillwater CFO Charl Keyter