PGM and gold miner Sibanye-Stillwater’s adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) were 40% lower at R41.1 billion ($2.5 billion) in 2022 compared to R68.6 billion ($4.6 billion) realised in 2021.
South Africa gold operations recorded an R3.5 billion ($219 million) adjusted EBITDA loss compared with a positive R5.1 billion ($346 million) contribution for 2021 while the adjusted EBITDA contribution from the US PGM underground operations declined by 47% to $386 million.
It said normalised earnings for 2022 of R21 billion ($1.3 billion) were 46% lower year-on-year, mainly due to the impact of lower commodity prices and production at the SA gold and US PGM operations.
Sibanye-Stillwater said its South Africa gold operations (excluding DRDGOLD) were suspended for three months during the first half due to the industrial action and lockout resulting in a 50% decline in production to 13,736kg for the full year.
It said production from the South Africa PGM operations of 1,7 million 4Eoz, was marginally below the lower end of annual guidance for 2022.
This, it said, was a solid performance considering the ongoing impact of national power utility Eskom load curtailment as well as factors highlighted previously, including copper cable theft and proactive safety-related stoppages.
The miner said its US mined 2E PGM production for 2022 of 421,133 2Eoz was 5% below the lower end of annual guidance, reflecting the full impact of the flood event as well as ongoing operational constraints which contributed to the repositioning of the US PGM operations as presented to the market in August 2022
The Sibanye-Stillwater board declared and approved a cash dividend of 122 SA cents per ordinary share or about R3,453 million ($191 million) in the six months ended 31 December 2022.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
South Africa gold operations recorded an R3.5 billion ($219 million) adjusted EBITDA loss compared with a positive R5.1 billion ($346 million) contribution for 2021 while the adjusted EBITDA contribution from the US PGM underground operations declined by 47% to $386 million.
It said normalised earnings for 2022 of R21 billion ($1.3 billion) were 46% lower year-on-year, mainly due to the impact of lower commodity prices and production at the SA gold and US PGM operations.
Sibanye-Stillwater said its South Africa gold operations (excluding DRDGOLD) were suspended for three months during the first half due to the industrial action and lockout resulting in a 50% decline in production to 13,736kg for the full year.
It said production from the South Africa PGM operations of 1,7 million 4Eoz, was marginally below the lower end of annual guidance for 2022.
This, it said, was a solid performance considering the ongoing impact of national power utility Eskom load curtailment as well as factors highlighted previously, including copper cable theft and proactive safety-related stoppages.
The miner said its US mined 2E PGM production for 2022 of 421,133 2Eoz was 5% below the lower end of annual guidance, reflecting the full impact of the flood event as well as ongoing operational constraints which contributed to the repositioning of the US PGM operations as presented to the market in August 2022
The Sibanye-Stillwater board declared and approved a cash dividend of 122 SA cents per ordinary share or about R3,453 million ($191 million) in the six months ended 31 December 2022.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
