South Africa’s Sibanye-Stillwater has improved operating performance in the second quarter and is set to achieve its annual targets, the precious metals miner said on Thursday.
Consistent performance from platinum group metal (PGM) operations helped to offset disruption at the group’s gold mines, with the company now expecting annual PGM production to be at the upper end of guidance, excluding the Marikana mine acquired as part of its takeover of Lonmin.
Operating results from the group’s three segments were “significantly improved” from the previous quarter, with further progress forecast during the second half of the year, the company said in a statement.
Gold production, hit by a five-month strike that ended in April but cost Sibanye more than $100 million in lost revenue, is expected to normalise from August, the company said.
Half-year results for the six months to June 30 are scheduled for Aug. 29.
(By Alistair Smout; Editing by David Goodman)