Representatives at leading South African-focused miner Sibanye Gold Ltd. have announced record Q4 2014 production amid a 10% cut in capital expenses. Output included 452,700 gold oz, bringing 2014 to a full 1.59 million oz.
Westonaria-based Sibanye officials cited 2015 guidance at 1.67 million oz, up from 1.61 million last year, despite 500 kg lost from an underground fire at the Driefontein complex and Q4 power blackouts.
Sibanye officials have targeted performance at their Driefontein, Kloof and Beatrix projects, all aging, labor-intensive South African mines spun out of Gold Fields Ltd. in Q1 2013. In Q1, 2014 Goldfields further acquired the Cooke operations to boost nearby existing assets.
This year’s capital expenditures, meanwhile, will climb back 10% to $314 million, owing to spending increases to extend the life of operating mines and growth including the Burnstone project, said Sibanye officials who also plan a platinum asset acquisition.