Sibanye-Stillwater is set to release its comprehensive operating and financial results for the latter half and the entire year of 2023 on March 5, 2024. The company has achieved its production goals for the year, except for the US PGM recycling business, which faced external pressures.
The SA PGM operations remained consistent, producing 1,748,430 4Eoz within the guided range. The inclusion of the Kroondal operation's full production from November 2023 post-acquisition further bolstered the annual output. The SA gold operations produced 20,114 kg, aligning with the revised projections after the Kloof 4 shaft incident. The US PGM underground operations saw a slight improvement, with production reaching 427,272 2Eoz. However, the US PGM recycling operations and the Sandouville refinery did not meet their production targets due to global economic uncertainties and depressed commodity prices.
The Australian region saw a new addition with the acquisition of New Century Resources Limited, enhancing the Group's focus on tailings retreatment and the circular economy. Despite a flooding event in March, production at the Century zinc tailings operation stabilized in the second half of 2023.
CEO Neal Froneman expressed that despite meeting production guidance, the decline in commodity prices, especially PGMs, necessitates repositioning certain operations to improve profitability. Impairments recognized due to operational adjustments and price declines significantly impacted earnings.
For the year ended 31 December 2023, Sibanye-Stillwater anticipates reporting a loss per share, a stark contrast to the earnings per share reported in 2022. This decrease is attributed to a significant drop in profitability due to lower metal prices and recognized impairments across various operations. However, the depreciation of the rand/dollar exchange rate and improved financial results from the SA gold operations provided some offset to these impacts.
