Sibanye-Stillwater’s South African platinum group metals (PGM) operations produced 1.58 million ounces in 2020, beating annual guidance by 9%, the miner said on Wednesday, as mines recovered from earlier Covid-19 related shutdowns.
Sibanye, which is listed in Johannesburg and New York, had guided for South African PGM production of between 1.35 million and 1.45 million ounces. Production jumped 40% in the second half from the first half as Covid-19 restrictions eased.
Mined PGM production from Sibanye’s US operations missed guidance, however, at 603,066 ounces for 2020, due to a spike in Covid-19 infections at the operations in the fourth quarter, the company said.
Sibanye includes platinum, palladium, rhodium, iridium, ruthenium, and gold under PGMs.
Sibanye’s South African gold operations produced 406,321 ounces in the second half, up 48% from the first half, when many mines were forced to close.
“In the absence of unexpected disruptions, the Group is well positioned to deliver a much more consistent and significantly improved operating result for 2021,” Sibanye-Stillwater CEO Neal Froneman said.