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S. Africa's Sibanye Stillwater sticks to currency hedging strategy

09/29/2022 | 07:00am EST
FILE PHOTO: A sign board is seen near the Sibanye gold mine in Westonaria

JOHANNESBURG (Reuters) - Sibanye Stillwater will not be re-evaluating its currency hedging strategy in response to short-term volatility in forex markets, the South Africa-listed mining company said on Thursday.

Currency markets have been in turmoil over the past week, with potential knock-on impacts for global mining companies who have hedges in place to protect them from sudden currency fluctuations.

The world's biggest platinum miner said it constantly assesses the markets and considers its risk mitigation strategies accordingly, but "forex gyrations haven't yet been a significant factor affecting our decisions".

The South African rand, which depreciates when the U.S. dollar is strong, acts as a natural hedge against commodity price weakness, Sibanye, which has mines in South Africa and the United States, told Reuters.

(Reporting by Helen Reid; editing by Philippa Fletcher)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
DOW JONES AFRICA TITANS 50 INDEX -0.18% 473.08 Real-time Quote.-11.69%
DOW JONES SOUTH AFRICA(ZAR) 0.91% 1986.9 Real-time Quote.-0.81%
GOLD -1.61% 1769.99 Delayed Quote.-1.75%
S&P AFRICA 40 INDEX -0.01% 155.99 Real-time Quote.-10.89%
S&P GSCI GOLD INDEX -1.50% 1038.02 Real-time Quote.-1.04%
SIBANYE STILLWATER LIMITED -1.82% 48 End-of-day quote.-2.24%
SILVER -4.40% 22.2227 Delayed Quote.-0.86%
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