Sibanye Gold increases mineral reserves by 46 pct
Sibanye Gold (NYSE:SBGL) gained 4.49% to $7.43, a 52-week high, after announcing that its mineral reserves had grown to 19.73Moz, a 46% increase.
The increase was a result of ". . . taking into account, inter alia, lower operating costs, improved efficiencies and improved mining quality factors at its operations."
The company said that all mineral reserves are above its current infrastructure and the mineral reserve increase will extend the company's life of mine.
Sibayne Gold, formed in late 2012 by Gold Fields, operates the Kloof, Driefontein and Beatrix gold mines as well as various service companies.
Some of the mines have been in production for as long as 70 years.
In October the company announced that it was considering a switch to solar power due to South African electricity price hikes .