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Sibanye cuts FY'18 gold output guidance as South Africa strike drags on

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Sibanye cuts FY'18 gold output guidance as South Africa strike drags on

Sibanye Gold Ltd. lowered its 2018 gold production guidance to about 1.1 million ounces due to the ongoing strike at its South African operations by the Association of Mineworkers and Construction Union.

The company had expected to produce 1.13 Moz to 1.16 Moz in the year.

The mined production in 2018 for 2E platinum group metals is expected at about 590,000 ounces, in line with previous guidance, while 4E PGM production for 2018 is expected at about 1.17 million ounces, beating the guidance of 1.1 million to 1.15 million ounces.

Sibanye said Jan. 10 that it implemented strike plans at the operations to limit losses from the labor action, which has been ongoing since Nov. 21, 2018.

As part of the strike plan, the company shut down services to nonoperational areas to cut overhead costs. Payments to employees who are not reporting for work have stopped as well.

Sibanye recently said the strike would weigh on its earnings.

The union is planning to seek approval to expand its gold strike to Sibanye's PGM mines.