Sibanye's earnings soar

File: Sibanye-Stillwater's fortunes increased despite an 18 percent drop in output at its South African platinum mines. Gallo/Elizabeth Sejake

JOHANNESBURG - Sibanye-Stillwater's third-quarter core earnings reached record levels, thanks to higher metal prices.

The company's fortunes increased despite an 18 percent drop in output at its South African platinum mines.

Earnings increased by over 180 percent in the quarter ending in September, compared to a year earlier.

READ: Private business can help the govt: Sibanye Gold CEO

The gold price breached $2,00 an ounce.

This assisted mining companies affected by the coronavirus pandemic.

Shareholders are set to benefit from the higher earnings with the company saying it's well-positioned to deliver superior total returns.

Production in the country during the third quarter fell due to lockdown restrictions.

Gold production in the period was also lower.

Source
eNCA