Wesizwe PGM group expects losses to widen in HY23
South African platinum group metals producer and developer Wesizwe Platinum (JSE: WEZ) announced today that it expects to report a loss per share of between 59.22 cents and 60.04 cents for the six months ended 30 June 2023.
According to the company’s statement, this represents an increase in loss per share of between 55.13 cents and 55.95 cents compared to the loss per share of 4.09 cents reported for the six months ended 30 June 2022.
On August 22, 2023, Wesizwe reported that its Bakubung platinum mine had successfully reopened its operations following the signing of a “crucial” peace agreement that marked the end of a prolonged period of labor relations negotiations.
“Going forward, all matters of this nature will be handled in terms of a collective agreement to be signed between the employer and the employee representatives within 30 days of ending the strike,” the company said.
Wesizwe Platinum is developing its new Bakubung platinum mine with the sole purpose to access one of the last remaining sizeable and viable Merensky and Upper Group 2 (UG2) chromitite layer PGM ore bodies. The mine has an estimated life-of-mine of 30 – 35 years.
