Sibanye-Stillwater Averts Closure of Rustenburg, Aquarius Operations
October 16 2017 - 9:32AM
Dow Jones News
By Oliver Griffin
Sibanye-Stillwater Ltd. (SBGL) said Monday that it has prevented
the closure of its Rustenburg and Aquarius platinum mining
operations by successfully integrating them into its group
structure.
Sibanye-Stillwater had previously warned that 200,000 to 300,000
ounces-worth of platinum production a year could be at risk as it
evaluated the profitability of conventional platinum shafts in
South Africa.
The company said that since both Rustenburg and Aquarius
generated substantial returns upon integration, it wouldn't have to
halt their operation.
Sibanye-Stillwater said that its South Africa platinum
businesses delivered solid operational results in the first half,
prompting an upward revision of its 2017 production forecast.
It added that cost-saving measures have exceeded expectations.
The company had originally aimed to book approximately 1 billion
rand ($75.3 million) in cost savings over a three-year period, but
now expects to achieve that target by the end of this year.
Chief Executive Neal Froneman said the operational restructuring
had saved "many thousands" of jobs.
Write to Oliver Griffin at oliver.griffin@dowjones.com
(END) Dow Jones Newswires
October 16, 2017 09:17 ET (13:17 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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