Mining companies continued to deliver bad news as the government's spending habits faded. Meanwhile, in Australia, the CEO of Woolworths resigned following an interview that local media called a “car crash.” Woolworths SA has no connection to that company, despite the same name.
Multinational mining company Sibanye-Stillwater warns shareholders It is expected to incur a huge R47.45 billion write-down and fall into an underlying loss for the year to the end of December as it deals with weak markets for metals such as platinum and nickel. The group, currently valued at about R57 billion on the JSE, warned in a trading update on Wednesday that it expected a loss of up to about R14 a share, or about R40 billion, from a previous profit of R6.51. . Overall profit is expected to fall to 60 cents from R6.52 previously. Beyond gold, the group has responded to falling commodity prices for metals by investing in assets such as its platinum group metals (PGM) business in the US, its gold business in South Africa, its Century zinc business in Australia and its Sandville nickel refinery in France. announced a write-down. Sibanye has fallen by more than 5% and has halved in the past year.
Mining and commodity trading giant Glencore announced on Wednesday that falling commodity prices had had a negative impact on the group's sales, with net profit falling 75% to $4.3 billion (R81 billion) in the year to the end of December. Revenue fell 15% and core profit halved to $17 billion in 2022 as the group battled higher commodity prices such as coal, natural gas and oil. It also reported impairment charges reflecting lower cobalt and zinc prices. The global commodities trader is recommending that it pay shareholders a base cash dividend of $0.13 per share, or about $1.6 billion, in two installments, even as the company faces a steep decline in revenue. Stated. This is lower than last year's base cash distribution of $5.1 billion, but the group said it was also part of its planned $6.93 billion acquisition of Canada's Elk Valley Resources. Glencore fell 1% and has fallen about 14% in the past 12 months.
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