Sibanye reports good PGMs performance, but gold output falls amid strike
JSE- and NYSE-listed Sibanye-Stillwater said last week its South African platinum group metals (PGMs) operations continued to do well, with the miner estimating its platinum, palladium, gold and rhodium (4E) PGMs production for 2018 at about 1.17-million ounces.
In a statement detailing updates since November 1, 2018, Sibanye explained that robust palladium and rhodium prices, which increased by more than 40% in dollar terms in 2018, together with the weaker rand:dollar exchange rate, boosted the rand 4E PGMs basket price by 19% during the course of the year to more than R15 700/oz.
This significantly enhanced revenue, the miner said.
About 74% of the miner’s adjusted earnings before interest, taxes, depreciation and amortisation in the first six months of the year were derived from PGMs operations. This increased to 85% in the third quarter of 2018.
The solid performance by the PGMs business allowed Sibanye to offset operational disruptions in its gold division, where members of the Association of Mineworkers and Construction Union (AMCU) remain on strike over wage demands. The industrial action started in late November.
Owing in part to the successful implementation of strike-mitigation plans at Sibanye’s South African gold operations, gold production (excluding DRDGold) for 2018 is expected to be about 1.1-million ounces, which is marginally below previous guidance of between 1.13-million ounces and 1.16-million ounces for the year.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Complete range of security sealing solutions including security seals bags and labels.
VISIT SHOWROOM
Sulzer South Africa, established in 1922, partners with critical industries like power, oil & gas, water, mining, and chemicals to boost...
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
