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Sibanye's first-quarter gold production falls on strike impact

Sibanye's first-quarter gold production falls on strike impact

9th April 2019


Dual-listed Sibanye-Stillwater expects to report gold production of 104 000 oz for the first quarter of this year. That equates to about 90% of what was planned for under the strike conditions and 36% of the gold produced in the first quarter of 2018.Sibanye on Tuesday warned that unit operating costs and all-in sustaining costs would be negatively impacted on by the lower output.Employees who are members of the Association of Mineworkers and Construction Union have been on strike at Sibanye's gold operations since November last year.Meanwhile, Sibanye's attributable South African platinum group metals (PGMs) production for the first quarter is expected to be 234 000 oz of platinum, palladium, rhodium and gold. This is in line with guidance.Its US PGM operations, however, had a slower-than-planned start to the year, with production to reach about 131 000 oz of platinum and palladium. The lower production will result in higher costs for the quarter, but sales were in line with plan. Production at the US operations is expected to return to normal during the second quarter of the year.