Mining News
Sibanye-Stillwater says its gold, platinum group metals production in 2021 was within guidance
(Kitco News) - Sibanye-Stillwater (NYSE: SBSW) reported Thursday that its South African gold operations (excluding DRDGOLD) produced 892,084 ounces in 2021, which was above the lower level of guidance of 884,000 ounces.
The company said that in early December 2021, production was suspended at Kloof 1 shaft and at the Beatrix 1 and 3 shafts, and that following the implementation of extensive safety audits and corrective measures, operations at Kloof 1 shaft recommenced in 2022, with a gradual start-up of production activities.
However, the company added that operations at the Beatrix 1 and 3 shafts have not yet recommenced as audits and engagements with the Department of Mineral Resources and Energy continue. It is anticipated that production from the Beatrix operation will resume towards the end of January 2022.
The operational restart in January 2022 at the remainder of the SA gold operations, post the seasonal break, has been consistent with plan, Sibanye-Stillwater added.
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Importantly, the company noted that its South African platinum group metals (PGM) operations continue to perform well, with production for 2021 of 1,896,670 4Eoz (including attributable ounces from Mimosa), 3% above the upper level of guidance of 1,850,000 4Eoz.
Also, the company said that mined PGM production from its US PGM operations of 570,399 2Eoz was at the lower end of revised guidance of 570,000 2Eoz, primarily due to the ongoing impact of the safety incident in June 2021.
The company added that its recycling business had another strong year, with recycled PGM sales of 795,000 3Eoz for the year, within guidance of 790,000 to 810,000 3Eozs. Higher feed rates during H2 2021 facilitated a meaningful drop in inventories from the recycling operations which had built up during H1 2021.
Sibanye-Stillwater is a leading international precious metals mining company, with a diverse portfolio of PGM operations in the United States and Southern Africa, gold operations and projects in South Africa, and copper, gold and PGM exploration properties in North and South America.
