World Markets

Strike action pushes miner Sibanye into the red in first half

Credit: REUTERS/SIPHIWE SIBEKO

Precious metals producer Sibanye-Stillwater said on Tuesday it fell into the red in the first half of the year due to a five-month strike at its South African gold operations.

JOHANNESBURG, Aug 27 (Reuters) - Precious metals producer Sibanye-Stillwater SGLJ.J said on Tuesday it fell into the red in the first half of the year due to a five-month strike at its South African gold operations.

Gold production was hit by the strike over pay and job cuts that ended in April and cost Sibanye more than $100 million in lost revenue.

The diversified miner, which is due to release its first-half results on Thursday, said it expects a headline loss of 54 cents per share for the six months to June 30, compared with headline earnings per share of 4 cents in the year ago period.

As a result, it expects to report an attributable loss of 265 million rand ($17 million) for the period compared with an attributable profit of 77 million rand during the same period a year ago.

($1 = 15.2369 rand)

(Reporting by Tanisha Heiberg; Editing by Susan Fenton)

((Tanisha.Heiberg@thomsonreuters.com; +27117753034; Reuters Messaging: tanisha.heiberg.thomsonreuters.com@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Other Topics

US Markets

Latest Markets Videos

    Reuters

    Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

    Learn More