Sibanye Stillwater reports full-year $311M loss, even after the rally in gold prices partially offset the impact of persistently weak prices for platinum group metals.

(Reuters) -Sibanye Stillwater's shares slumped to their lowest this year after it suffered its second consecutive full-year loss in two years. Sibanye's shares declined 9% at 0857 GMT after the precious metals producer posted a $311 million loss last year.

Sibanye Stillwater Ltd. shares fell after the company reported a narrower full-year loss as higher gold prices offset weak palladium rates that weighed on the firm’s US mining operations.Most Read from BloombergTrump to Halt NY Congestion Pricing by Terminating ApprovalTrump Targets $128 Billion California High-Speed Rail ProjectTrump Asserts Power Over NYC,

Sibanye – like peers Anglo American Platinum Ltd. and Impala Platinum Holdings Ltd. – has cut costs as it battles persistently weak PGM prices. In September, the company announced further restructuring at its loss-making Stillwater mines in the US that could curb palladium and platinum output from the assets by as much as 45%.

Sibanye Stillwater (NYSE:SBSW) -4.4% in early trading Wednesday after saying expects to report a loss for FY 2024 after a $500M asset writedown at its U.S. platinum group metal operations, mainly due to lower palladium prices,

Sibanye Stillwater expects to report a loss for the 2024 financial year after a $500 million asset writedown at its U.S. platinum group metal operations, mainly because of lower palladium price forecasts,

Multinational mining and metals processing group Sibanye-Stillwater expects to report a loss a share of between R2.45 ($0.13) and R2.71 ($0.15) for the financial year ended December 31, which would be an improvement of between 80% and 82% on the loss a share of R13.