Sibanye-Stillwater profit halved after strike, floods


Sibanye-Stillwater reported a 50% slump in its half-year profit on Thursday, after a three-month strike at its gold mines and floods at its United States platinum group metal (PGM) operations cut production.

Headline earnings per share – the main measure of corporate profit in South Africa – in the six months to June 30 were R4.23, down from R8.43 a year earlier.

Production from Sibanye’s South African gold operations fell 63%, mainly due to a strike over wages between March and June.

Severe flooding in June at Sibanye’s Stillwater mine in Montana suspended production for seven weeks, resulting in a 23% decline in production from a year earlier.

Sibanye declared an interim dividend of R1.38 per share.