Sibanye Sees First-Half Loss as Palladium Slump Forces Writedown
- Company takes another impairment on US palladium assets
- Miner has been bolstering its financial position recently
The Sibanye-Stillwater Ltd. Marikana platinum mine in Rustenburg, South Africa.
Photographer: Waldo Swiegers/BloombergThis article is for subscribers only.
Sibanye Stillwater Ltd. expects to post a first-half loss, as the depressed outlook for palladium prices triggered another impairment on its US mines.
The Johannesburg-listed company wrote down its US platinum-group metal operations by 7.5 billion rand ($420 million), it said in a statement on Monday. That follows an impairment of about $2 billion at the Montana project last year. Sibanye fell as much as 8.8%, the most since November.