Sibanye-Stillwater forecasts first-half profit on higher metal prices

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Sibanye-Stillwater forecasts first-half profit on higher metal prices

Sibanye-Stillwater, the Johannesburg-headquartered South African mining industry mogul said on Friday that the S. Africa’s largest gold producer was anticipating a profit in the first half of the year amid a multi-year high metal prices alongside a sharply softening South African Rand, eventually leading to an upsurge in the Johannesburg-listed Sibanye-Stillwater shares’ prices.

Besides, while the world’s third-largest producer of platinum and palladium, Sibanye-Stillwater had also projected a positive performance for the second half of 2020, shares’ prices of Johannesburg-listed Sibanye-Stillwater had wrapped up the day 9.89 per cent higher to $313.74 a share after rising as much as 12 per cent in earlier trading.

Sibanye-Stillwater forecasts 350 cents a share in operational profit over H1, 2020

Apart from that, the Johannesburg-based S. African multinational mining industry tycoon, Sibanye-Stillwater, had also been quoted saying at its Friday statement that the precious metal miner had been anticipating a half-yearly earnings of 350 cents a share over H1, 2020, up from a loss of 54 cents per share a year earlier when the mining industry mogul was hit by a series of strikes.

Meanwhile, adding that the inclusion of Marikana operation, the world’s one of the largest platinum mining operations with five fully functioning shafts, higher prices of the precious metals amid rising uncertainty over global economic outlook alongside a weaker S.

African currency had helped the company offset the impacts of a pandemic-propelled lockdown alongside FX losses, scaling up a jubilant note over the second half of the year, Sibanye-Stillwater said, “Supported by a better operational outlook than for H1 2020 and with precious metals prices having recovered close to levels prior to the global COVID-19 economic lockdown, the outlook for H2 2020 is positive.

” Besides, according to the company’s H1 earnings’ report revealed later last week, Sibanye-Stillwater had reported a 17 per cent rise in production at its South African gold mining operations, while the metal mogul’s platinum output rose by 5 per cent over H1 compared to the same time a year earlier.