As PGM prices hurt profit.
Sibanye Stillwater said on Friday it’s talking to lenders about temporarily raising covenants after lower platinum-group metal prices weighed on earnings. Last year, Sibanye joined South African rivals Anglo American Platinum and Impala Platinum Holdings in reporting a dramatic slump in earnings as prices for platinum, palladium and rhodium tumbled.
Amplats wants to lay off one in five of its workers First-quarter adjusted earnings before interest, taxes, depreciation and amortisation fell to R2.14 billion from R7.76 billion a year earlier, Sibanye said. Last year, the company posted a $2 billion loss after taking an impairment against its US palladium mine. Sibanye Stillwater’s share price © 2024 Bloomberg
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
NUM shocked by Sibanye's planned retrenchments amid better gold price - SABC NewsNUM says it is ready to engage the company through a CCMA facilitated process.
Read more »
Sibanye could cut 4 000 jobs as it restructures gold operationsThe miner has already cut about 2 000 jobs at its PGM operations after metal prices fell sharply last year.
Read more »
Sibanye may cut another 4 000 jobs at its SA gold operationsSibanye may cut another 4 000 jobs at its SA gold operations
Read more »
Sibanye-Stillwater reduces Neal Froneman's pay by two-thirds to R55 millionSibanye-Stillwater reduces Neal Froneman's pay by two-thirds to R55 million
Read more »
Struggling mining sector likely to see more job lossesAmong the companies that have announced staff cuts are Anglo American and Sibanye Stillwater
Read more »
NUM threatens mass action over Sibanye's planned retrenchments - SABC NewsThe company aims to retrench 4 000 workers in the gold sector.
Read more »