Sibanye Stillwater ( NYSE: SBSW ) +4.6% in Thursday's trading after reporting a significant drop in H1 profit but expecting an improved outlook for the second half .
With operations for both South African gold and U.S. platinum group metals resuming production from suspended operations during H2, "the outlook for the remainder of 2022 is significantly improved," CEO Neal Froneman said.
The miner said H1 profit fell 54% to $782M from $1.71B in the year-earlier period on revenues that fell 22% Y/Y to $4.57B; headline earnings in the six months to June 30 were 4.23 rand/share (~$0.25), down from 8.43 rand/share a year ago.
Sibanye ( SBSW ) said H1 production from its South African gold operations fell 63% Y/Y, mainly due to a strike over wages during the March-June period, while output from its U.S. PGM operations dropped 23% because of severe flooding in June at the Stillwater mine in Montana suspended production for seven weeks.
The company declared an interim dividend of US$0.3246/share for the period, equivalent to 35% of normalized earnings, in line with company policy.
Sibanye Stillwater ( SBSW ) recently reduced full-year guidance for its U.S. palladium and platinum production due to the flooding .
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Sibanye Stillwater H1 profit cut in half following strike, floods