Commodities
Sibanye in Talks on Lending Covenants as Platinum-group Metal Prices Hurt Profit
The Sibanye-Stillwater Marikana platinum mine in Rustenburg, South Africa.
Photographer: Waldo Swiegers/BloombergThis article is for subscribers only.
Sibanye Stillwater Ltd. said it’s talking to lenders about temporarily raising covenants after lower platinum-group metal prices weighed on earnings.
Last year, Sibanye joined South African rivals Anglo American Platinum Ltd. and Impala Platinum Holdings Ltd. in reporting a dramatic slump in earnings as prices for platinum, palladium and rhodium tumbled. With that trend continuing into the first quarter, the company said it’s looking at prepayment deals that involve selling future metals production to shore up its cash position.