Sibanye Gold: Record fourth-quarter output posted

SIBANYE Gold had achieved record output in the fourth quarter of 2014 and capital expenditure was lower than forecast, the largest producer of gold from South African mines said yesterday. “Gold production for the year ended December 31 was in line with guidance,” Westonaria-based Sibanye said. “This is despite the loss of over 500kg due to the underground fire at Driefontein” and power blackouts towards the end of year, it said. The company produced 452 700 ounces of gold in the fourth quarter, bringing output for 2014 to 1.59 million ounces, while all-in costs for the year were $1 080 (R12 498) per ounce, Sibanye said. Sibanye has focused on boosting output from Driefontein, Kloof and Beatrix, its aging local mines that were spun out of Gold Fields, then the fourth-biggest gold producer, in February 2013. The company acquired the Cooke operations earlier this year. Shares gained 3.27 percent to close at R31.24. – Bloomberg