Sibanye Stillwater’s adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) of $1.5 billion for the period under review was only 19% lower than the adjusted EBITDA of $1.9 billion for the second half of 2021, although 44% lower than adjusted EBITDA of $2.8 billion for the comparable period in 2021.
Profit for the period of $803 million was 51% lower than the record profit of $1.7 billion in the first half of 2021 but compares favourably with profit achieved for the second half of 2021 of $544 million when average precious metals prices were at similar levels.
“This represents the third highest six-month period profit achieved since the Group's initial listing in 2013,” it said.
Sibanye Stillwater declared a cash dividend of $230 million for the six months to June 30.
The Johannesburg- and New York-listed company, headed by CEO Neal Froneman, reported a half-year profit of R12.3-billion, the third highest six-month period profit achieved since the group's initial listing in 2013.
Meanwhile, the group said production from its South African gold operations was 191,683 oz in the first half of 2022, which is 63% lower year-on-year, primarily due to industrial action which extended for more than three months.
The company said 4E PGM production from its South African PGM operations was 8% lower than for the first half of 2021, but remains well within guidance, with a continued cost management focus and higher by-product credits, resulting in AISC being maintained in line with inflation.
This continued focus on cost management has resulted in the SA PGM operations migrating meaningfully down the industry cost curve since they were acquired.
Its US PGM operations reported a 23% decline in 2E PGM production in the six months ended 30 June 2022 compared to the same period in 2021, as a result of ongoing operational constraints and the temporary suspension of operations at the Stillwater mine following severe regional flooding that occurred in Montana from mid-June 2022.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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