Sibanye’s South Africa gold operations have returned to profitability following the industrial action and lockout in the first half of 2022, along with an appropriately structured wage agreement, which was achieved as a consequence of the lockout.
The diversified miner said its gold operations delivered positive adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) of $44 million for the first quarter of 2023, compared with an adjusted EBITDA loss of $45 million, a year earlier.
Gold production in South Africa, including that of DRDGOLD, for the first quarter was 200,267oz, a 46% jump from the first quarter of 2022.
Gold production excluding DRDGOLD was 157,539 oz, an increase of 71% compared to the same period in 2022.
Sibanye said power cuts continued to challenge normal operating procedures and cause an increase in operating costs but were being managed through the adoption of more effective protocols to mitigate the impact.
Gold production from the managed SA gold operations, excluding DRDGOLD for 2023 is forecast at between 756 000 oz and 788 000 oz.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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