Sibanye Gold’s Operating Profit Rises 19 Percent

Sibanye Gold Ltd. (NYSE:SBGL) announced that for the six months ended December 31, 2013, its operating profit came to US$399 million, up 19 percent from the first six months of the year.

The company also approved a maiden final dividend of 75 cents per share, bringing its total 2013 dividend to 112 cents per share.

Other highlights from the period include:

• 18% increase in gold produced to 24 061kg (773 600oz), restoring the quarterly production rate to 2010 levels.
• All-in cost reduced by 10% from the previous six months to R336 848/kg (US$1 043/oz).
• The All-in cost margin increased to 20% from 17% during the previous 6 months.
• Positive safety trends maintained, with all time low fatal injury frequency rate of 0.10 per million man hours for the year.
• Net debt reduced to R499 million (US$48 million) at 31 December 2013 from R1.9 billion (US$188 million) at 30 June 2013.
• R2.0 billion (US$207 million) debt repayments during the 6 months ended 31 December 2013, reduced gross debt to R2.0 billion (US$193 million).
• Bridge Loan Facilities was refinanced to more favourable and less restrictive terms.
• Gold reserves increased by 46% to 19.7 Moz, with a maiden uranium reserve declared of 43.2 Mlb.
• Agreement to acquire the Cooke operations and Wits Gold reached, subject to certain conditions precedent.

Click here to read the full Sibanye Gold Ltd. (NYSE:SBGL) press release.