- is pleased to report operating results and reviewed condensed consolidated interim financial statements for the six months ended 30 June 2018.
SALIENT FEATURES FOR THE SIX MONTHS ENDED 30 JUNE 2018 COMPARED TO SIX MONTHS ENDED 30 JUNE 2017
- Group adjusted EBITDA2 increased by 26% to R3.9 billion (US$316 million)
- Further operational improvement from the SA PGM operations with 2% lower AISC of R10,106/4Eoz (US$821/4Eoz) and adjusted EBITDA increasing by 115% to R1,001 million
- Another solid performance from the US PGM operations with 2E PGM production of 293,959oz and AISC of US$653/2Eoz and the Blitz project remains ahead of schedule
- On a like-for-like basis (excluding the Cooke operations) production from the SA gold operations declined by 7% to 18,616kg (598,500oz) with AISC 7% higher to R520,488/kg (US$1,315/oz), mainly as a result of lower volumes
- Good operational recovery by Beatrix and Kloof from safety related disruptions, with only Driefontein not fully recovering
- Deleveraging accelerated through US$500 million stream financing in July 2018, resulting in pro forma ND:adjusted EBITDA reducing to approximately 1.85x
- Lonmin acquisition remains on track with approval received from SARB and the competition authority in the UK .
US dollar SA rand
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