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Mining News May 07, 2021 02:30:05 PM

Sibanye Stillwater Declared Operating Update for Q1 2021

Paul Ploumis
ScrapMonster Author
The precious metals fundamentals continue to remain positive.

Sibanye Stillwater Declared Operating Update for Q1 2021

SEATTLE (Scrap Monster): Sibanye Stillwater Limited announced an operating update for the quarter ended 31st March, 2021.

According to company press release, the operating momentum from the final quarter of 2020 carried through into 2021. It delivered a record quarterly financial performance, with adjusted EBITDA surging higher by 78% from S$724 million in Q1 2020 to $1,325 million in Q1 2021.

Sibanye Stillwater reported solid operational results from all segments. The production levels at U.S. PGM operations surged 9% to 154,350 2E oz. Similarly, the production levels by SA PGM operations were up by 6% year-on-year to 444,609 4E oz. Also, it reported 5% increase in production levels from the SA gold operations to 249,392 oz.

The precious metals fundamentals continue to remain positive. The prices too remained strong during Q1 this year, with palladium and rhodium prices touching new record levels. The company identified ongoing supply disruptions and the strong physical demand as the reasons behind the spike.

The company maintained the 2021 annual guidance provided in February this year, except for the SA PGM project capital. The capital expenditure forecast has now been elevated to $253 million, by accounting for unspent capital of $53 million due to Covid-19 disruptions. In addition, it anticipates project capital expenditure of $27 million in terms of the K4 and Klipfontein projects.

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