Sibanye Cuts Gold Production Guidance After 3Q Decline
October 31 2019 - 3:22AM
Dow Jones News
By Adria Calatayud
Sibanye Gold Ltd. (SGL.JO) on Thursday cut its gold production
guidance for 2019 after a 7.5% decline in gold output for the third
quarter, but posted sharply higher adjusted earnings.
The South African miner--which has traded as Sibanye-Stillwater
Ltd. (SBGL) since it bought U.S. company Stillwater Mining
Co.--said it produced 287,330 ounces of gold from South Africa in
the quarter to Sept. 30 compared with 308,922 ounces in the
year-earlier period.
Output of platinum-group metals rose to 518,623 ounces in the
quarter from 305,227 ounces a year earlier in South Africa, and
increased to 147,353 ounces from 139,178 ounces in the U.S.,
Sibanye said.
Quarterly adjusted earnings before interest, taxes, depreciation
and amortization more than trebled to 5.54 billion South African
rand ($379.0 million) from ZAR1.63 billion in the third quarter of
2018, the company said.
Sibanye said it now expects gold production for the full year
toward the lower end of its previously guided range, at around
771,617 ounces due to constraints at its Driefontein and Kloof
operations in South Africa. The company had previously guided for
output of between 772,000 ounces and 804,000 ounces from its South
African gold operations.
The company also cut its U.S. platinum-group metals production
guidance to between 590,000 and 610,000 from between 625,000 and
640,000 ounces previously. This was due to challenging ground
conditions at its Blitz project in Montana and the fall of ground
stoppages experienced year to date, the company said.
Platinum-group metals production from South Africa is unchanged
at 1.0 million to 1.1 million ounces, Sibanye said.
Write to Adria Calatayud at
adria.calatayudvaello@dowjones.com
(END) Dow Jones Newswires
October 31, 2019 03:07 ET (07:07 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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