Economy

Sibanye falls to $2b, scraps final dividend after write-offs

Date: Mar 5, 2024

Sibanye Stillwater said this Tuesday it suffered a $2 billion annual loss and scrapped its final dividend after taking a hit from a slump in metal prices that is forcing South African mining companies to restructure and cut jobs.

 

 

The diversified miner's loss follows a $1.2 billion profit the previous year.

 

It reported impairments of $2.6 billion recognised at Sibanye's United States palladium mines, a nickel operation in France and a gold mine in South Africa due to the significant decline in metal prices and uncertain outlook, as well as some operational challenges.

 

--Reuters--

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