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Sibanye-Stillwater upbeat on half-year numbers

Feb 05 2018 17:02

Johannesburg -  Sibanye-Stillwater [JSE:SGL] says it is pleased with all its operations, and that it delivered solid results in the second half of 2017.

Commenting on its upcoming interim results that ended December 31 2017 in a trading update, Sibanye Stillwater expressed optimism that its upcoming results on February 22 would be a cause for celebration. 

Three deals in 2017 helped lift the miner from its reported losses last year. The takeover of US platinum miner, a joint venture with DRDGold relating to tailing dams and the proposed all-share takeover of Lonmin.

The miner embarked on a restructuring process after Sibanye experienced ongoing losses at its Cooke and Beatrix West mines last year. As a result 2 025 employees were retrenched and 1 350 had elected to take voluntary separation packages.

“This is a positive set of operating results, which, combined with the restructuring of the Cooke operations completed in the fourth quarter of 2018, provides a solid base for deleveraging the group in 2018,” said Sibanye-Stillwater CEO, Neal Froneman in an operating update for the second half of 2017

The mining group’s total capital expenditure for the year was R3.4bn ($256m).

Sinaye's shares were trading down 1.78% at R13.21 by 16:39 on the JSE.

Sibanye-Stillwater’s full year platinum production rose compared with the year-ago period.

Gold production fell after the miner closed its Cooke operations last year. But on Monday it stated that gold production for the second half of the year increased by 4% in the second half.

Platinum group metals production in South Africa rose 4% above the firm’s guidance, to stand at 1.19 million ounces.

Gold production was higher than the guidance issued last year, at 1.4 million ounces. But it was lower than the previous year’s output of 1.5 million ounces. The company had estimated production of up to 1.38 million ounces.

Total attributable capital expenditure for the year was R1.3bn ($95m) and total capital expenditure, excluding Mimosa, was R1.0bn ($78m).

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sibanye-stillwater  |  mining
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