Sibanye seeks temporary reprieve from lenders as quarterly earnings crash 72%

As earnings dive amid low metal prices and in the wake of an extensive restructuring, Sibanye-Stillwater said it was exploring ways to unlock cash while engaging its lenders about temporarily raising its debt covenants.

In an operational update for the three months ended in March on Friday, the precious metals miner reported a 72% decline in adjusted core profit to R2.1 billion for the quarter from the prior year.

This resulted from a significant decline in Platinum Group Metal (PGM) prices during the course of 2023, compounded by lower production and higher residual cost from the restructuring of the SA gold and PGM operations. PGM basket prices were as much as 34% lower year-on-year.