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Sibanye decides not to ax troubled Rustenburg operations

Some of Sibanye Gold Ltd.'s Rustenburg platinum group metals operations in South Africa have avoided the chopping block.

Sibanye, which trades as Sibanye-Stillwater, had been considering whether to cut higher cost mines with 200,000 and 300,000 ounces of PGM production in the crosshairs.

But in an Oct. 16 press release, Sibanye said it had found enough cost savings to keep the targeted operations going after restructuring and consolidating them with other Rustenburg area assets.

Sibanye also said the pace of its cost-saving program at Rustenburg mines was ahead of schedule.

"As disclosed in our H1 2017 results, benefits of approximately R550 million of the initially identified R800 million annual synergies, have already been achieved, with forecast annualized benefits by the end of 2017 of approximately R1 billion," Sibanye said, referring to figures in South African rand. "This is significantly earlier than the three year period we had initially guided to realize these benefits."