Sibanye Gold's operating profit increases by 240 percent
According to South African gold miner Sibanye Gold, the company expects a rise in half-year profits thanks to an increase in the rand price for bullion.
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Due to the local currency weakening against the dollar over the last year, the rand price for gold is at near record highs. For the six months ending in June, Sibanye flagged a 158% gain in headline earnings per share (HEPS) to 30 cents a share, as the rand price of gold rose 301%. Furthermore, Sibanye's operating profit increased by 240% to R2.5 billion. While South African gold mining companies pay their costs in rand they earn profit in dollars.