Several factors have contributed to this challenging financial performance, but it is chiefly a result of a significant drop in platinum group metal (PGM) prices that hit revenue hard.
This was partially offset by an increase in the average gold price, but lower forecasted palladium prices have led to a substantial impairment of the company's US PGM operations.
The miner also failed to capitalise on the gold surge because of lower production and higher costs at the South African gold operations.
Production from the SA PGM operations was disrupted by damage to surface infrastructure at the Siphumelele shaft, which compounded issues.
Despite the challenges, there was a gain on financial instruments helped to offset some of the losses.
While that reduced revenue and profitability led to a decrease in taxes and royalties.
Sibanye's full results will give further insights into the company's performance and outlook.
While the first half of 2024 has been challenging, the company's diversified operations and focus on cost management may help it navigate the current difficulties.
