Precious metal miner Sibanye-Stillwater posted a full-year attributable loss of 2.5 billion rand ($178.10 million) on Thursday, hit by multiple disruptions at its South African gold operations and a deferred tax charge.
The company posted a headline loss per share of 1 cents for the year ended Dec. 31, 2018, compared with a loss of 12 cents per share in the previous year. In 2017, it made an attributable loss of 4.437 billion rand.
Overall 2018 was a mixed year, said Chief Executive Neal Froneman, when safety incidents, unanticipated operational disruptions and a strike saw gold production in South Africa decrease by 2,345 kg (75,390oz) to 1,176,600 ounces.
The Association of Mineworkers and Construction Union has been on strike at the company’s gold mining operations since mid-November over a wage dispute.
Group adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) declined 8 percent to 8.369 billion rand. EBITDA for its gold operations fell to 1.362 billion rand from 5.309 billion rand in 2017.
Losses were limited by the strong performance of the company’s U.S. and South African platinum group metals (PGM) operations. About half of the 2018 group adjusted EBITDA came from the company’s U.S PGM operations.
Sibanye-Stillwater said it would buy SFA (Oxford), which provides market intelligence on battery materials and precious metals, to leverage off knowledge for future power train requirements to the market.
