Sibanye Gold Output Recorded Robust Start to 2020

SEATTLE (Scrap Monster): Sibanye Stillwater Limited released operating update for the quarter ended 31^st March, 2020. The company reported solid performance at its South African gold operations.

The Group reported better operating and financial performance in first quarter 2020 than the comparable period in 2019. The adjusted EBITDA was significantly higher than the prior year quarter increasing by US$666 million to US$724 million. The available liquidity increased to $1,026 million as at the end of the quarter.

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The gold production of 238,076 ounces during the quarter was higher by 66% than the production during the comparative period, which was heavily impacted by the five-month strike action. The AISC of US$1,500 per Oz improved significantly over US$2,030 per Oz for Q1 2019.

The US PGM operations posted an 8% increase in mined 2E PGM first-quarter production to total 141,585 2Eoz. The tonnes milled for Q1 2020 totalled 347,528 tonnes, 8% higher than the comparable quarter in 2019. The successful integration of the Marikana operation resulted in 59% surge in 4E PGM production in South Africa.

The SA gold operations achieved an overall improvement of 13% in terms of the Total Injury frequency rate (TIFR) compared with Q1 2019. The Total Reportable Injury Frequency Rate (TRIFR) of US PGM operations were 25% lower than the comparable period in 2019.