Sibanye Stillwater (SBSW)

[nagoya1]

Sibanye Gold flags H1 profit jump on rising prices Sibanye’s operating profit increased by 240% to R2.5 billion.
Nqobile Dludla and Tanisha Heiberg (Reuters) | 25 April 2016 11:57
money, rand
South African gold miner Sibanye Gold expects a rise in half-year profits due to an increase in the rand price for bullion, the company said on Monday.

Sibanye flagged a 158% gain in headline earnings per share (HEPS) to 30 cents a share for the six months ending in June as the rand price of gold rose 301%.

Headline EPS is the main profit measure used in South Africa and strips out certain one-off items.

Sibanye’s operating profit increased by 240% to R2.5 billion ($172 million), the company said.

South African gold mining companies pay their costs in rand but earn profit in dollars. The rand price for gold is at near record highs due to the local currency weakening against the dollar over the last year.

The upbeat production numbers failed to lift Sibanye shares as caution ahead of the US Federal Reserve policy review curbed advances among bullion producers, traders said.

The gold index was down 3.2% by 0950 GMT with Sibanye shedding 4.3% to R51.61. ($1 = R14.47)

http://www.mineweb.com/news/companies/sibanye-gold-flags-h1-profit-jump-on-rising-prices/?