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Sibanye lifts gold output 26% q/q in improved Q2

16th July 2015

By: Creamer Media Reporter

  

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JOHANNESBURG (miningweekly.com) – Dual-listed Sibanye Gold has increased its production by 26% quarter-on-quarter to 398 000 oz in the quarter ended June 30.

The second quarter saw “significantly improved operating results”, compared with the March quarter, when Sibanye produced 315 300 oz of gold, as an underground fire at the Kloof 7 shaft, the failure of a conveyor system at Kloof 8 shaft, a production disruption resulting from inter-union conflict at the Beatrix mine and a series of plant incidents that disrupted processing operations, negatively impacted output.

The gold miner, which will publish its results for the June quarter and the first six months of the year on August 6, on Thursday said total cash costs for the quarter would be about $865/oz and all-in costs (AIC) about $1 070/oz, which was 13% and 12% lower respectively than in the March quarter.

Despite ongoing disruptions from load-shedding, the Kloof, Driefontein and Beatrix operations produced 351 000 oz of gold in the second quarter, with output only marginally lower than that produced in the second quarter of 2014.

The Cooke Operation contributed 47 550 oz of gold for the quarter, 8% higher than for the March quarter.

It also produced about 88 000 lb of uranium in the six months to June 30.

Gold output for the six months to June 30 was about 713 750 oz, with total cash costs at about $935/oz, all-in sustaining costs at about $1 138/oz and AIC at about $1 156/oz.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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