JOHANNESBURG (miningweekly.com) - Precious metals producer Sibanye-Stillwater produced 1.4-million ounces of gold in the year ended December 31, exceeding guidance of 1.35-million to 1.38-million ounces.
In a trading update published on Monday, the company reported that gold production for the second half of the year was 4% higher than for the first half, despite the closure of the Randfontein-based Cooke operations in October 2017.
All-in sustaining costs (AISC) for the year are expected to be about $1 130/oz, within guidance.
Meanwhile, the South African platinum group metal (PGM) operations produced 1.19-million ounces of platinum, palladium, rhodium and gold (4E).
This, the company said, is 4% higher than the upper range of guidance of 1.15-million 4E ounces, with attributable PGM production for the second half of the year of 603 635 4E oz 2% higher than for the first half.
AISC for the full-year is expected to be at about $775/oz.
Further, the US PGM operations produced about 376 300 oz of platinum and palladium for the eight-month period since these was acquired by Sibanye-Stillwater, with output in line with guidance of between 350 000 oz and 380 000 oz of platinum and palladium.
"The US operations delivered record recycling throughput for the year and, as previously disclosed, the Blitz project yielded its first PGM output in October 2017, ahead of schedule. AISC of about $650/oz for the eight months is in line with guidance of between $620/oz and $650/oz," the company stated.
"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," CEO Neal Froneman commented.
Sibanye-Stillwater will release its results for the six months and year ended December on February 22.