(Kitco News) - Sibanye Stillwater (NYSE: SBSW) reported today that production from its gold operations in South Africa (including DRDGOLD) was 204,672oz in Q3 2022, down 30% compared with Q3 2021.
All-in sustaining costs (including DRDGOLD) were US$2,207 per ounce of gold or 52% higher than for Q3 2021, primarily due to the decrease in gold sold year-on-year with a working cost and SIB capital increasing by 4% and 11% respectively.
The company’s platinum group metals (PGM) production from its operations in South Africa was 432,143 4Eoz (excluding third party purchase of concentrate (PoC) in Q3 2022, down 14% than in Q3 2021, although production was 5% higher than for Q2 2022 despite the increased load curtailment.
The company said that severe load shedding imposed by Eskom during September 2022 necessitated the curtailment of concentrator capacity across the SA PGM operations, impacting processed output and sales for the quarter.
AISC (excluding PoC) for Q3 2022 was US$1,127/4Eoz or 20% higher than for Q3 2021 primarily due to lower production, lower by-product credits and inflationary cost pressures.
Mined 2E PGM production from the US PGM operations of 85,889 2Eoz for Q3 2022 was 40% lower than for Q3 2021, primarily as a result of the suspension of production at the Stillwater operation for seven weeks following regional flooding in Montana in mid-June 2022. AISC of US$1,815/2Eoz for Q3 2022 was 88% higher than for Q3 2021 due to lower production and inflationary cost pressure.
The company’s Sandouville nickel refinery produced 1,003 tonnes of nickel metal in Q3 2022 (2,251 tonnes in Q2 2022), 650 tonnes of nickel salts (668 tonnes in Q2 2022) and 37 tonnes of cobalt chloride (78 tonnes in Q2 2022) at a nickel equivalent sustaining cost of US$30,185/tNi (R514,654/tNi), 12% higher than Q2 2022.
The company also reported that its adjusted EBITDA for Q3 2022 was $496 million, which is a decline compared to adjusted EBITDA of $1,017 million in Q3 2021.
Sibanye-Stillwater is a multinational mining and metals company with a diverse portfolio of mining and processing operations and projects and investments across five continents. The company is also one of the foremost global PGM autocatalytic recyclers and has interests in leading mine tailings retreatment operations.
|
| Gold Fields reports lower production in Q3, reiterates its 2022 guidance |
