Sibanye-Stillwater 3Q Gold Production Down 17%

By Oliver Griffin

Sibanye-Stillwater Ltd. (SBGL) said Thursday that its third-quarter gold production in South Africa fell 17%, citing the ongoing impact of a seismic event in the first half that killed seven miners.

The gold- and platinum-mining company, which was formed when South Africa's Sibanye Gold bought U.S. company Stillwater Mining Co., said gold production fell to 308,922 ounces in the quarter ended Sept. 30. That compares with 372,176 ounces in the year-earlier period.

During the quarter, adjusted earnings before interest, taxes, depreciation and amortization fell 40% to 1.63 billion South African rand ($110.6 million).

Sibanye-Stillwater said production of 4E platinum group metals--including platinum, palladium, rhodium and gold--was flat at 305,227 ounces.

Production of platinum and palladium at its U.S. operations rose 2.6% to 139,178 ounces, the mining company said.

Sibanye-Stillwater reaffirmed its full-year platinum-group metal production guidance for South Africa and the U.S.

Due to the ongoing impact of the seismic event in the first half, the company revised its full-year gold production guidance to 1.13 million to 1.16 million ounces, it said.

Write to Oliver Griffin at oliver.griffin@dowjones.com; @OliGGriffin

(END) Dow Jones Newswires

November 01, 2018 07:51 ET (11:51 GMT)

Sibanye Stillwater (NYSE:SBGL)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024