Sibanye narrows loss as gold price rally helps boost income
Sibanye Stillwater says its loss narrowed to US$311 million in 2024, as income from higher gold prices partially offset the impact of persistently low platinum group metal prices.
The Johannesburg-based precious metals producer suffered a US$2 billion loss in 2023, taking a knock from falling palladium prices.
Sibanye recorded a further US$500 million write-down of its United States palladium assets, citing lower palladium price forecasts. It reported US$2.6 billion impairments in 2023.
Income from the diversified miner’s South African gold mines increased 66% to ZAR5.8 billion (US$315.96 million) compared to the previous year, driven by elevated gold prices.
“These mature mines, buoyed by the tailwind of a strong gold price, delivered materially better financial results for 2024, during a challenging period for most of our other metals, which are more aligned with industrial economic cycles,” Sibanye said.
