Sibanye Gold Ltd. (SGL.JO) said Friday that ore grades at its platinum group metal operation in Montana, U.S., have been found to be better than previously expected.
The South African gold and platinum producer said that sampling of the ore intersection at its Blitz project has confirmed a grade of 2.3 ounces per ton compared with 0.57 ounces per ton declared in December 2016.
The company said development of the Blitz project, an extension of the existing Stillwater mine, is continuing in order to establish the required infrastructure to begin production. The project is expected to increase output from Sibanye's U.S. platinum group metal operations by approximately 300,000 ounces a year once it is fully operational at some point between the end of 2021 and early 2022.
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(END) Dow Jones Newswires
September 15, 2017 11:03 ET (15:03 GMT)