Sibanye-Stillwater CEO Neal Froneman
Photo by: Creamer Media
JOHANNESBURG (miningweekly.com) – Precious metals mining company Sibanye-Stillwater surprised on the upside with positive basic earnings of R77-million and headline earnings of R101-million in the six months ended June 30.
Group adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) were up 26% to R3.9-billion on the corresponding period of last year and basic earnings of R77-million rose well above the R4.8-billion in the first six months of last year.
Headline earnings of R101-million also outdid the R2.2-billion loss of the first half of 2017.
Further operational improvement from the South African platinum group metals (PGM) operations is reflected in all-in sustaining cost (AISC) being lowered by 2% to R10 106/oz ($821/oz) and adjusted Ebitda rising 115% to R1 001-million.
The US PGM operations produced 293 959 oz at an AISC of $653/oz and the promising Blitz project remained ahead of schedule.
Production from the South African gold operations fell 7% to 18 616 kg (598 500 oz) with AISC 7% higher at R520 488/kg ($1 315/oz), with operational recovery at the Beatrix mine in the Free State and the Kloof mine in the North West. The Driefontein gold mine remains impacted by seismic damage to footwall infrastructure.
“The operating/safety challenges experienced have been our primary focus and are being proactively addressed. I am confident that collaboration with key stakeholders will have a significant impact on safety at our mines. Restoring and then improving the safety performance at our operations globally, remains a priority, said Sibanye-Stillwater CEO Neal Froneman in a release to Creamer Media’s Mining Weekly Online.