By Dimitrios Kontos
Sibanye Gold Ltd. (SGL.JO) said Monday that gold production in 2017 was higher than it had expected as production in the second half increased 4% from the first six months of the year.
Gold production for the full year reached 1.4 million ounces, the company said, exceeding its guidance of between 1.35 million ounces and 1.38 million ounces.
All-in sustaining costs for the year are expected at approximately $1,130 an ounce, Sibanye Gold said. It had guided for costs of between $1,115 and $1,140 an ounce.
The increase in production in the second half drove a 1.1% decline in all-in sustaining costs, the company said.
In the eight months since it was acquired by Sibanye-Stillwater, the U.S. platinum-group metals operations produced 376,300 ounces, which is in line with guidance of between 350,000 ounces and 380,000 ounces, Sibanye Gold said.
For the six months ended Dec. 31, production came to about 282,600 ounces at an all-in sustaining cost of $660, the company said.
Write to Dimitrios Kontos at [email protected]