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that it expects to swing to a loss of $2.8 million in 2023 from a $74.3 million profit the previous year due to a multi-million write-down in its platinum group metals investments, lower output and the cancellation of an emerald auction.
Since the beginning of 2023, prices for palladium and rhodium, used mainly in the catalytic converters that clean exhaust fumes in vehicles,While the decrease in platinum has been less significant, the overall decline in PGMs has had a severe impact on producers’ profits. Headline loss per share, which includes Sedibelo Resources’ fair value loss, is likely to be 0.9 cents compared with the prior year’s headline earnings per share of 4.8 US cents.
“Production of premium rough gemstones has been weaker at both Kagem and Montepuez Rompared to 2022, and resulted in November 2023’s planned higher quality emerald auction being withdrawn from our schedule,” chief executive Sean Gilbertson said.
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