Sibanye falls 4% as it flags loss and R47bn in writedowns

Multinational miner Sibanye-Stillwater warned shareholders it will fall into a basic loss in its year to end December, hit by a massive R47.45 billion in writedowns as it contends with weaker markets for metals including platinum and nickel.

The group, now valued at about R57 billion on the JSE, warned in a trading update on Wednesday it expects a loss per share of up to about R14 - about R40 billion - from earnings of R6.51 previously. Headline earnings are expected to slump to as low as 60c, from R6.52 previously.

In morning trade, the group's shares were down almost 4% and have fallen about 48% in the past year.