Sibanye Reports $2 Billion Loss After US Mine Impairment
- Stillwater mine accounts for 82% of $2.5 billion impairments
- Like peers, firm is battling with slumping metal prices
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Sibanye Stillwater Ltd. reported a $2 billion loss last year, after taking an impairment against its US palladium mine.
The company joined its South African rivals – Anglo American Platinum Ltd. and Impala Platinum Holdings Ltd. – in announcing a dramatic slump in earnings as the prices of platinum, palladium and rhodium declined sharply last year. The loss marks a reversal for a miner that booked a $1.1 billion profit a year earlier. Sibanye fell as much as 7.4% in Johannesburg trading.