By Joe Hoppe


Sibanye-Stillwater Ltd. said Thursday that its profit fell significantly in the first half, reflecting a deterioration in the global economic and political environment, though it sees its outlook improving.

The South African precious-metals mining company made a net profit of $782 million in the six months ended June 30, down from $1.71 billion a year earlier, on revenue that decreased 22% to $4.57 billion.

Production from the South Africa gold operations was down 63% on year, primarily due to prolonged industrial action, while U.S. platinum group metal operations reported a 23% decline in production, due to operational restraints and the temporary suspension of operations at the Stillwater mine following severe regional flooding, the company said.

Adjusted earnings before interest, taxes, depreciation and amortization fell to $1.47 billion from $2.79 billion, it said.

Sibanye-Stillwater declared an interim dividend of 32.46 U.S. cents a share for the period. This is equivalent to 35% of normalized earnings, in line with company policy.

"With both the S.A. gold and U.S. PGM operations resuming production from suspended operations during the second half, the outlook for the remainder of 2022 is significantly improved," Chief Executive Neal Froneman said.


Write to Joe Hoppe at joseph.hoppe@wsj.com


(END) Dow Jones Newswires

08-25-22 0255ET