The miner said yesterday that it was not disheartened by the performance of its mining businesses and expected the gold business to perform in the first quarter of next year.
“Our strategy to move into platinum has yielded results. But we are still going to grow our gold business. We do have some challenges in our gold business, which will be addressed. Beatrix and Kloof (mines) are working well, but Driefontein has let us down,” said Neal Froneman, chief executive of Sibanye-Stillwater.
The dual-listed group reported 26percent higher earnings before interest, taxes, depreciation and amortisation of R3.9billion in the first half of the year. It said gold production from its South African gold operations was 13percent lower year-on-year, declining from 688600 ounces (oz) in the first six months of last year to 598500oz in the period under review.
Gold production in South Africa has taken a battering since the start of the year as policy uncertainty and escalating costs weighed on the industry.