South Africa's Sibanye Gold says third-quarter output up 9 pct

Gold bars are displayed at South Africa's Rand Refinery in a file photo. REUTERS/Siphiwe Sibeko·Reuters· (Reuters)
Reuters
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JOHANNESBURG (Reuters) - South Africa's Sibanye Gold reported on Thursday a 9 percent rise in third-quarter production from the earlier quarter despite strikes at some operations, and raised its output forecast for the year. Sibanye said gold production for the quarter to end September reached 387,800 ounces from 356,900 ounces in the June quarter. Sibanye, like its peers, was last month hit by wage-related strikes called by the National Union of Mineworkers that halted production at its Beatrix and Kloof mines for at least three days. The company also said it now estimated total production for 2013 at 1.42 million ounces from a previous forecast of 1.35 million ounces. It declared a maiden dividend of 37 cents per share. Sibanye was created in February from the bulk of Gold Fields' operations in South Africa and has positioned itself as a company with mature assets that can generate solid dividends. The company, which only publishes financial results twice a year, said last week it expected headline earnings per share for the final six months of 2013 to be 120 cents - the same as the first half - if the gold price averages 410,000 rand a kg from October 31 to December 31.

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