Sibanye Stillwater (US:SBSW)2024-03-05 16:43Financial Performance - Adjusted EBITDA turned around from a loss of R3.5 billion (US$193 million) in 2022 to a profit of R3.5 billion (US$193 million) in 2023[1,59] - SA Gold production increased by 31% to 25,212 kg (810,584 oz)[1] - DRDGOLD adjusted EBITDA increased by 13% to R1.74 billion (US$94 million)[1] - Proactive measures resulted in estimated cost savings and capital deferments of R6.6 billion (US$375 million)[16] - Net debt increased to R11.9 billion (US$642 million), with cash on hand of R25.5 billion (US$1.4 billion)[26,141] Operational Highlights - SA PGM operations maintained industry-leading cost control, with AISC increasing by only 4% to R20,054/4Eoz (US$1,089/4Eoz)[61,185] - Chrome sales contributed R5.2 billion (US$280 million) with 2.5 million tonnes sold at US$288/tonne (R5,305/tonne)[2] - US PGM recycling volumes were 48% lower year-on-year, with adjusted EBITDA of US$33 million (R607 million) compared to US$78 million (R1.27 billion) in 2022[194] - 77kt of zinc was sold in 2023[14] Strategic Initiatives - Acquired 100% of Mount Lyell in Tasmania on 17 November 2023 and exercised option to acquire 100% of New Century Resources[14,56,60] - Construction of the Keliber lithium project is on time and within budget[13,58] - The company is prepared for lower earnings in 2024 at current commodity prices and remains circumspect about M&A, but prudent to grow its global portfolio[16]