JOHANNESBURG - Sibanye Gold said on Tuesday that its losses for the six months to end June would be bigger than it had earlier warned.
“Further to the trading statement released on 17 August 2017, shareholders are advised that Sibanye expects to report an attributable loss of R4.8 billion for the six months ended June. Profit attributable to shareholders for the six months ended 30 June 2016 was R333 million,” the company said.
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Earlier this month, the group attributed the expected loss to numerous non-recurring items as well as the rand strengthening 14 percent against the dollar in the period.
The company also said it had recorded an R2.8bn impairment against the Cooke shafts and Beatrix West. The miner also incurred R402m in costs when it acquired US-based palladium miner Stillwater Mining.
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The group on Tuesday said it also expects a loss of 324 cents per share and headline loss of 147 cents per share for the period, which it said represented a 1450 percent decrease in earning per share and a 286 percent decrease in headline earnings per share. It expected to report a normalised loss of R1bn for the period, against an R2bn normalised earnings it reported in the comparative period. The company earlier this month said it planned to shed about 7400 of its employees at its Gauteng and Free State operations.