Half Year 2024 Sibanye Stillwater Ltd Earnings Call Transcript
Key Points
- Sibanye Stillwater Ltd (SBSW) has significantly strengthened its balance sheet and liquidity by more than ZAR25 billion or USD1.4 billion, with further initiatives in the pipeline.
- The company has implemented a comprehensive restructuring plan, resulting in estimated annual savings of ZAR3.5 billion in South Africa and a reduction of 15% in the workforce.
- The South African PGM operations delivered a solid performance, with production increasing by 4% year-on-year.
- The company is advancing its green metal strategy, with 407 megawatts of renewable energy projects under construction.
- Sibanye Stillwater Ltd (SBSW) has secured EUR500 million in green financing for the Keliber Lithium project, highlighting its strategic importance to the European Union.
- The company reported a basic loss of ZAR7.5 billion, primarily due to a significant decline in PGM basket prices and a ZAR7.5 billion impairment of the US PGM operations.
- The US PGM operations remain loss-making due to low palladium prices, necessitating further restructuring and a reduction in production.
- The gold operations experienced a disappointing performance, with a 17% decline in production due to seismicity and restructuring disruptions.
- The Sandouville operations continue to incur losses, leading to a decision to stop production with the current feed and products.
- The company faces challenges in the recycling market due to macroeconomic pressures and increased competition, impacting margins and volumes.
adies and gentlemen, good afternoon and good morning. On behalf of the C-suite, welcome and thank you for taking time out of your busy schedules. At our 2023 year end results in February, we made a commitment to focus on our balance sheet. Today, I hope you will recognize the tremendous effort from the Sibanye Stillwater team in doing just that.
And hence the theme of the H1 2024 presentation is reflected in the presentation title, and let me read it. It says, delivering on our commitment to strengthen the balance sheet while also increasing liquidity. Please take note of our Safe Harbor statement. The agenda for today includes a brief strategic context.
That will be led by myself and essentially it all starts and ends in the market. And you will see what I'm referring to when we get into that. I will also cover the salient features for the first half of 2024. Charl Keyter, our CFO, will then complete the financial review, after which he will hand over to our Chief Regional Officers who will each cover
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