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(Kitco News) - Sibanye-Stillwater (NYSE: SBSW) reported today that production from its gold operations in South Africa (including DRDGOLD) was 200,267 oz in Q1 2023, up 46% compared with Q1 2022, following the resumption of the operations after the industrial action in the first half of 2022.
All-in sustaining costs (including DRDGOLD) were $1,826 per ounce of gold in Q1 2023 or 25% lower than in Q1 2022, reflecting a return towards normalized operations from significant operational disruptions during 2022.
"Load curtailment continues to challenge normal operating procedures and causes an increase in operating costs, but is being managed through the adoption of more effective protocols to mitigate impact," the company said.
The company's platinum group metals (PGM) production from its operations in South Africa was 379,791 4Eoz (excluding third party purchase of concentrate) in Q1 2023, down 8% compared to Q1 2022, primarily due to the ongoing planned closure and ceasing of production at Simunye shaft at Kroondal, copper theft related production disruptions, load curtailment and productivity constraints in areas where operations are mining through adverse ground conditions.
Mined 2E PGM production from the company's US PGM operations was 100,690 2Eoz in Q1 2023 or 18% lower than in Q1 2022, primarily due to structural damage to the shaft which accesses the deeper levels of the Stillwater West mine. There were no injuries from this incident and the shaft was successfully recommissioned on 16 April 2023.
The company also reported that its adjusted EBITDA in Q1 2023 was $441 million, which is a decline of 51% compared to adjusted EBITDA of $898 million in Q1 2022.
"While the economic and operating outlook remains challenging and uncertain, we are beginning to identify early indications of more positive sentiment after a very tough period. We continue to believe that we are well positioned to benefit from a more positive and supportive environment and will continue to deliver shared value with all stakeholders," the company said.
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.
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