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Miner Sibanye-Stillwater's first-quarter core profit jumps 78%

05/06/2021 | 05:21am EDT
Mine workers employed at Sibanye Gold's Masimthembe shaft operate a drill in Westonaria

JOHANNESBURG (Reuters) - South African miner Sibanye-Stillwater on Thursday posted a 78% increase in first-quarter core profit, driven by higher metals prices and improved operational performance.

High prices for metals extracted by Sibanye, including gold, platinum, palladium and rhodium, have boosted profits against a backdrop of supply disruptions and strong demand.

Sibanye said that average prices for four of the platinum group metals (PGM) it mines rose 59% year on year while the average rand gold price was up 8%.

The company reported adjusted earnings before interest, tax, depreciation, and amortisation (EBITDA) for the quarter at 19.8 billion rand ($1.38 billion).

Production was up 6% year on year at its South African PGM operations at 444,609 ounces while the company's U.S. output rose 9%. Gold production increased by 5% to 249,392 ounces.

Sibanye expects its 2021 PGM output from U.S. operations to be between 660,000 and 680,000 ounces, with South African PGM production between 1,750,000 and 1,850,000 ounces.

Gold output is forecast to be between 884,000 and 948,000 ounces.

($1 = 14.3155 rand)

(Reporting by Tanisha Heiberg; Editing by David Goodman)

© Reuters 2021
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