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Strike action pushes Sibanye into red in the first half

Sibanye-Stillwater flags headline loss of 54cps for the six months to June.
A five month long strike over wages and job cuts cost Sibanye more than $100m in lost revenue. Picture: Mike Hutchings, Reuters

Precious metals producer Sibanye-Stillwater said on Tuesday it fell into the red in the first half of the year due to a five-month strike at its South African gold operations.

Gold production was hit by the strike over pay and job cuts that ended in April and cost Sibanye more than $100 million in lost revenue.

The diversified miner, which is due to release its first-half results on Thursday, said it expects a headline loss of 54 cents per share for the six months to June 30, compared with headline earnings per share of 4 cents in the year ago period.

As a result, it expects to report an attributable loss of R265 million ($17 million) for the period compared with an attributable profit of R77 million during the same period a year ago.

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Union logic: Make the company unprofitable and then ask for big increases. All unions should be banned until they have credible plans for job creation because at the moment it is union members above everyone else.

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