Sibanye-Stillwater Lowers 2023 US Platinum Group Metals Production Outlook; 1Q Earnings Fell
09 Maggio 2023 - 9:47AM
Dow Jones News
By Joe Hoppe
Sibanye-Stillwater said Tuesday that first-quarter adjusted
Ebitda fell 51%, and revised down its 2023 U.S. platinum group
production guidance.
For the quarter ended March 31, the Johannesburg-listed precious
metals miner posted adjusted earnings before interest, taxes,
depreciation and amortization of $441 million compared with $898
million for the first quarter of 2022.
Gold production in South Africa rose to 200,267 ounces from
137,091 ounces the year before.
However, South Africa platinum group metal basket prices
declined 19% to $2,051, and production was hit by load curtailment
by South African electricity public utility Eskom and heightened
criminal activity. As such, that division's Ebitda declined 51% to
$391 million.
U.S. palladium and platinum production for the quarter fell to
100,690 ounces from 122,389 ounces in the year-prior period, hit by
operating constraints, while adjusted Ebitda fell 90% to $14
million on higher costs and lower basket prices.
The company lowered its U.S. platinum group operations
production guidance for 2023 to be between 460,000 ounces and
480,000 ounces from prior guidance of 500,000 ounces to 535,000
ounces, primarily after its Stillwater West mine in Montana
suffered a shaft incident.
"While the economic and operating outlook remains challenging
and uncertain, we are beginning to identify early indications of
more positive sentiment after a very tough period," the company
said.
Write to Joe Hoppe at joseph.hoppe@wsj.com
(END) Dow Jones Newswires
May 09, 2023 03:32 ET (07:32 GMT)
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