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Sibanye is now the world’s no. 1 platinum miner
Sibanye Gold expects gold production at operations that were hit by a five-month wage strike to normalise this month, indicating a brighter outlook for the company.
South Africa’s top gold producer is ramping up output and sees production of as many as 546 000 ounces in the second half, significantly higher than 263 000 ounces produced in the first six months, the company said Thursday.
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Output slumped in the first quarter after thousands of workers went on strike.
Sibanye for years has relied on bullion as its most important source of revenue, but has increasingly focused on platinum-group metals. Output at its palladium-rich US operations rebounded 18% to 153 874 ounces after a slower-than-anticipated start in the first quarter, though a “significant” improvement is anticipated in the second half.
Platinum metals output at its South Africa mines may be at top end of the 1.1 million ounces previously guided. Production rose 8% to 283 526 ounces in period to June.
Sibanye, which became the world’s top platinum producer after its acquisition of Lonmin, said its half-year results due August 29 will include figures from Lonmin operations starting from June.
Sibanye shares rose as much as 1.1% in Johannesburg, reversing earlier losses. The stock has doubled this year.