Sibanye reports decline in first-quarter gold production

Sibanye Gold has announced that its gold production fell nine percent in the first quarter of this year, with operating profit slumping 62 percent from a year earlier.

The gold and platinum producer has said that gold production was 10,266 kg in the first three months of 2017, down from 11,221 kg in the same period a year ago. While the platinum division's operations performed strongly, with attributable operating profit of R243 million, operating profit at the company's gold division slumped to R967 million - from R2.531 billion.

Pictured: Charl Keyter, Sibanye Gold CFO, who has been nominated for a CFO Award 2017.

According to Reuters, Sibanye has blamed the lower average rand gold price and the significant appreciation in the rand against the US dollar for its drop in operating profit from gold.