Company News

Strike action pushes miner Sibanye into the red in first half

JOHANNESBURG, Aug 27 (Reuters) - Precious metals producer Sibanye-Stillwater said on Tuesday it fell into the red in the first half of the year due to a five-month strike at its South African gold operations.

Gold production was hit by the strike over pay and job cuts that ended in April and cost Sibanye more than $100 million in lost revenue.

The diversified miner, which is due to release its first-half results on Thursday, said it expects a headline loss of 54 cents per share for the six months to June 30, compared with headline earnings per share of 4 cents in the year ago period.

As a result, it expects to report an attributable loss of 265 million rand ($17 million) for the period compared with an attributable profit of 77 million rand during the same period a year ago.

$1 = 15.2369 rand Reporting by Tanisha Heiberg; Editing by Susan Fenton