Cable theft worse than loadshedding as Sibanye-Stillwater ebitda halved in first quarter

COPPER cable theft accounted for more platinum group metal (PGM) production losses than power curtailment in Sibanye-Stillwater’s first quarter, it said today.

Commenting in a production update, the precious metals producer said it lost 5,200 ounces of 4E PGMs in the three months ended March compared to load curtailment losses of 5,120 oz. The data underpins statements by Sibanye-Stillwater that criminality was increasingly threatening the viability of business in South Africa.

“The deteriorating quality of public services and increase in organised criminal activity in South Africa has become an increasing risk,” Sibanye-Stillwater CEO Neal Froneman said in comments to the first quarter numbers.