Description

Our last report in May covered the 1Q24 sales and operating update for Sibanye.

We highlighted balance sheet concerns and noted that the group was engaging with lenders to increase debt covenants. The following events have taken place since:

• Sibanye released a trading statement on 2 September 2024 indicating that EPS were expected to decline by more than 100% and HEPS expected to decline between 97% and 98%.
• Sibanye’s lenders have agreed to raise the net debt to adjusted EITDA debt covenant from 2.5x.
• Sibanye concluded Section 189 consultations for its SA region.

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