Sibanye-Stillwater 3Q Gold Production Down 17%
November 01 2018 - 8:06AM
Dow Jones News
By Oliver Griffin
Sibanye-Stillwater Ltd. (SBGL) said Thursday that its
third-quarter gold production in South Africa fell 17%, citing the
ongoing impact of a seismic event in the first half that killed
seven miners.
The gold- and platinum-mining company, which was formed when
South Africa's Sibanye Gold bought U.S. company Stillwater Mining
Co., said gold production fell to 308,922 ounces in the quarter
ended Sept. 30. That compares with 372,176 ounces in the
year-earlier period.
During the quarter, adjusted earnings before interest, taxes,
depreciation and amortization fell 40% to 1.63 billion South
African rand ($110.6 million).
Sibanye-Stillwater said production of 4E platinum group
metals--including platinum, palladium, rhodium and gold--was flat
at 305,227 ounces.
Production of platinum and palladium at its U.S. operations rose
2.6% to 139,178 ounces, the mining company said.
Sibanye-Stillwater reaffirmed its full-year platinum-group metal
production guidance for South Africa and the U.S.
Due to the ongoing impact of the seismic event in the first
half, the company revised its full-year gold production guidance to
1.13 million to 1.16 million ounces, it said.
Write to Oliver Griffin at oliver.griffin@dowjones.com;
@OliGGriffin
(END) Dow Jones Newswires
November 01, 2018 07:51 ET (11:51 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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