Sibanye Stillwater ( NYSE: SBSW ) -7.3% pre-market on Wednesday after saying it expects H1 profit will be cut in half from a year ago, citing a strike at its South African gold mines and flooding at its U.S. platinum group metal operations that hurt production.
In a trading update, Sibanye ( SBSW ) said it sees headline earnings per share for the six months to June 30 at 4.02-4.47 rand (US$0.26-$0.29), compared to 8.43 rand in the prior-year period, as H1 gold production fell 77% following a strike at its South African gold operations between March 9 and June 13.
A seven-week suspension of production at its U.S PGM operations due to severe regional flooding caused a 23% decline in production from the company's Montana operations.
Sibanye ( SBSW ) also said it realized lower prices for its basket of commodities, with PGM prices down from historic highs during H1 2021.
Last week, Sibanye ( SBSW ) cut full-year guidance for its U.S. palladium and platinum production due to the flooding .
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Sibanye Stillwater expects sharp drop in H1 profit due to strike, floods