Sibanye Narrowed Loss in 2018, South African Production Fell

By Adam Clark

Sibanye Gold Ltd. (SGL.JO) on Thursday said it booked a narrowed loss for 2018 despite falling production at its operations in South Africa.

The mining company, which has traded as Sibanye-Stillwater Ltd. (SBGL) since it bought U.S. company Stillwater Mining Co., posted a net loss of $189.0 million for 2018 compared with a net loss of $332.9 million the prior year. Last week the company said it expected a net loss of $77 million.

Revenue rose to $3.83 billion from $3.45 billion, and Sibanye reduced impairments and other costs.

At its South African operations, Sibanye's platinum-group metal production fell to 1.18 million ounces from 1.19 million ounces. Gold production fell to 1.18 million ounces from 1.40 million ounces.

In the U.S., Sibanye's platinum-group metal production rose to 592,608 ounces from 376,356 ounces.

For 2019, Sibanye said it expects platinum-group metal production of between 1.0 million and 1.1 million ounces in South Africa, and between 645,000 ounces and 675,000 ounces in the U.S. The company said it can't provide guidance for its gold operations during labor unrest in South Africa.

Write to Adam Clark at [e-mail]

(END) Dow Jones Newswires

February 21, 2019 01:49 ET (06:49 GMT)

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