By Ian Walker
Sibanye-Stillwater Ltd. on Thursday reported a near 2.5-fold rise in adjusted Ebtida for the third quarter of the year as it benefited from higher prices.
Adjusted earnings before interest, taxes, depreciation and amortization--one of the company's preferred metrics which strips out exceptional and other items--rose to $922.1 million from $377.4 million.
The Johannesburg- and New York-listed miner produced 288,938 ounces of gold in the period at an average price of $1,845 per ounce, compared with 287,330 ounces at $1,451 for the third quarter of last year. The company expects to produce gold at the upper end of the 756,000 ounce to 812,000 ounce range.
In South Africa, Sibanye produced 427,715 PGMs ounces, or precious metal groups ounces, at an average price of $2,179, compared with 518,623 ounces at $1,385. For the year, production is expected to be between 1.35 million ounces and 1.45 million ounces.
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(END) Dow Jones Newswires