Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Diversified miner Sibanye Stillwater on Tuesday reported a 49% decline in full-year profit after a lengthy strike at its South African gold mines and flooding at its US platinum operations impacted production.
Its headline earnings per share (HEPS) – the main profit measure in South Africa – fell to 6.52 rand ($0.3537) for the year ended Dec.31 from 12.72 rand a year earlier.
($1 = 18.4336 rand)
(By Nelson Banya; Editing by Jason Neely)
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