Sibanye Stillwater cuts losses to $211m
Sibanye Stillwater said it narrowed its half-year loss to $211m, mainly due to production credits extended to its US palladium business as well as the restructuring of its South African mines.
The diversified miner's loss in the six months to June 30 narrowed from $372m the year before, when it booked a $407m impairment on its US operations after cutting its forecast for palladium prices.
Under the Inflation Reduction Act enacted in 2022, the US offers credits as an incentive for the domestic production of critical minerals, including palladium.
"The positive financial outcomes from solid operational management and decisive restructuring were amplified by the incorporation of Section 45X credits in terms of the Inflation Reduction Act," Sibanye said in a statement.
Sibanye said a total $285m in combined estimated credits from the 2023 financial year had been recognised, boosting profitability for the first half of 2025. Cash payments are expected in 2026, it added.