“Production increased by 8 percent year-on-year and costs declined in real terms,” CEO Neal Froneman said as the company released interim results in Johannesburg.
He said earnings of R1.65 billion ($93.5 million) during the period under review were in line with the R1.75 billion
earned during the corresponding period in 2013.
Because of strong operational cash flows from Sibanye’s Kloof, Driefontein and Beatrix mines and improving operational tendencies at the Cooke Operations, the board decided to declare 50 South African cents a share interim dividend.
This is 35 percent higher than the interim dividend of the previous comparable reporting period.
“This dividend declaration is consistent with Sibanye’s strategic intent to reward its shareholders by paying industry leading dividends,” Froneman said.
In August last year, Sibanye, which came into being when another gold mining giant, Gold Fields sold its smaller assets, bought a major shareholding in Cooke Operations, which belonged to Gold One International. These operations are situated on the west of Johannesburg, South Africa.
Last week, it was alleged that Sibanye could show interest in acquiring the Rustenburg mines belonging to Anglo American Platinum (Amplats), a unit of the mining behemoth, the JSE-listed Anglo American Corporation.
This was after Amplats said it would like to dispose of these assets, which were hit by a five month-long wage strike led by the militant Association of Mineworkers and Construction Union (AMCU).
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