Sibanye Gold production 2% higher in December quarter - CNBC Africa

Sibanye Gold production 2% higher in December quarter

Mining

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A gold nugget. PHOTO: Getty Images

“Gold production for the year ended 31 December 2013 will be approximately 44 500 kilograms, with average All-in cost of approximately 355,000 rand per kilogram. This is significantly better than guidance provided in May 2013 of 40,000 kilograms for the year, and average All-in cost higher than 380,000 per kilogram,” Sibanye Gold said in a statement.

Average All-in costs for the quarter are also reportedly expected to be approximately 334, 000 per kilogram, approximately 6 per cent lower than guidance in Rand terms and 9 per cent lower in US Dollar terms.

[DATA SGL:Sibanye Gold] is a South African gold mining company with operations in Kloof and Driefontein in the West Witwatersrand, Beatrix in the Free State.

The company’s earnings per share and headline earnings per share for the six months ending 31 December 2013 are expected to be between 187 cents per share and 197 cents per share.

This is based on an estimated 734.4 million weighted average ordinary shares in issue during the six months ended 31 December 2013.

“Earnings per share for the year ended 31 December 2013 are expected to be between 255 cents per share and 265 cents per share, and headline earnings per share between 350 cents per share and 360 cents per share. [This is] based on 650.6 million weighted average ordinary shares in issue during the year ended 31 December 2013,” the company explained.

Sibanye Gold added that the increase in earnings per share and headline earnings per share for the six months ended 31 December 2013 are relative to the trading statement released on 23 October 2013.

This is due to the higher production and lower costs achieved, a marginally higher realised Rand gold price, and an adjustment to the deferred tax rate.

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