South African miner Sibanye slides after 40% profit slump

Shares in South African gold miner Sibanye-Stillwater fell by 8 per cent on Thursday after it reported a 40 per cent drop in quarterly profits following a string of accidents.

The miner, which is set to acquire London-listed platinum producer Lonmin this year, said earnings before interest, tax and other items fell to ZAR 1.6bn ($116m) in the third quarter, from ZAR 2.7bn a year earlier.

Sibanye has faced mounting criticism for its safety record this year, following the deaths of 24 workers in the first half of the year. The company’s gold production fell by 24 per cent in the quarter to 284,600 ounces and reflects “the continuing trauma on the organisation from the tragic safety incidents,” it said.

As a result Sibanye cut its gold production forecast for the second time this year….

Read More