Sibanye-Stillwater Ltd. (SBGL) said Thursday that group operating profit for the third quarter rose 5% on year, and that solid operational performance is expected to continue through the fourth quarter.
The South African mining company reported a third-quarter group operating profit of 2.86 billion South African rand ($206 million), 41% higher compared with the second quarter. However, this is the first period in which reporting fully incorporates all platinum operations in the U.S., the company said.
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The miner produced 372,177 ounces of gold during the period, a 4% rise on the quarter ended June 30. It added operating profit for the gold division during the period was $114.3 million, compared with $179.5 million a year earlier.
The company said that gold production for the full year is likely to be at the upper limit of its guidance, which was between 42,000kg and 43,000kg. It said that precious metals prices are currently supportive and, if maintained, it expects the group to end the year on a significantly firmer financial footing, compared with the first half of the year.
On Wednesday, the company had said that it will report a loss of at least ZAR4.6 billion ($330 million) for the year ending Dec. 31, compared with earnings of ZAR3.7 billion ($266.3 million) a year earlier.
The company blamed the swing on a number of factors, including impairments and a provision for occupational-healthcare claims during the six months ended June 30, as well as significant differences in commodity prices and currency exchange rates.
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(END) Dow Jones Newswires
October 26, 2017 03:00 ET (07:00 GMT)