A CYBER attack earlier this month on Sibanye-Stillwater’s systems hit production at the group’s Stillwater mine in the US resulting in “short term operational delays”.
The event, which remained under investigation, would also result in Sibanye-Stillwater delaying its full year results presentation which is now scheduled for September 12. The results had previously been scheduled for August 29.
The miner previously said it didn’t know who was behind the attack and that no ransomware had been detected. Cyber attacks on corporates are increasingly common, however.
Reported losses from cyber incidents to businesses worldwide since 2020 had climbed to almost $28bn, with billions of records stolen or compromised, according to a report by the International Monetary Fund. It said total costs were likely to be “substantially higher”.
Sibanye-Stillwater hasn’t yet disclosed the cost to its business of its cyber attack but it said today that it negatively impacted the smelting of underground concentrate at the Columbus metallurgical complex in the US and the recycling of spent autocatalysts.
“It is expected to quickly resume full operations, with accumulated stockpiles expected to be processed in due course,” the company said of Stillwater mine.
Sibanye-Stillwater could well do without more disruption at Stillwater. The group’s CEO Neal Froneman said on July 10 that he was prepared to mothball Stillwater if the palladium price continued to struggle.
James Wellsted, head of corporate affairs for Sibanye-Stillwater said it was not possible to identify the cost to the business as a result of the attack but added: “As we’ve said, the impact on operations has been quite minimal”.
While the group’s systems are largely now restored, “the publication of group operating and financial results for the period ended 30 June 2024 will be delayed, and the announcement and presentation have been rescheduled to Thursday, 12 September 2024,” said Sibanye-Stillwater.
Said Froneman: “We are pleased to have largely secured the sustainability and integrity of our systems and continue to work closely with our customers and suppliers to mitigate any potential business interruptions that may occur in the short term”.
