Sibanye-Stillwater to reopen Burnstone gold project

SIBANYE-Stillwater is to considering reopening its Burnstone gold project in Mpumalanga province following an improvement in the gold price.“We are reconsidering it,” said Neal Froneman, CEO of Sibanye-Stillwater. “We have strengthened our balance sheet. It is a good quality mine, it is shallow, you can see our gold portfolio is adding to our revenue, so we are rethinking of a restart.”Sibanye-Stillwater’s gold division shot the lights out in 2024. Mostly assisted by the improvement in the dollar price of the metal adjusted Ebitda increased to $323m from $193m in the previous financial year. Of these earnings, $206m was registered in the second half of the year hinting at additional leverage in recent gold price gains.Asked if Sibanye-Stillwater would take on a partner, as it suggested in might earlier this year, Froneman said: “It is a very valuable asset. We are quite happy to do on our own.“It is not large amounts of capital [to develop the project] in the big scheme of things. The mine is very developed. It is about developing the orebody to get it into production.“We haven’t done the work yet, but I would be disappointed if in the next six months we were into the project again.”Burnstone was initially developed by Great Basin Gold, a Canadian firm, before it was abandoned. The project was bought by Sibanye-Stillwater which shut the mine again just as the platinum group metal markets turned downwards. At the time of its last shut, Sibanye-Stillwater was facing residual capital expenditure of about R2.4bn.“We will come to the market with on new information on the project,” said Froneman.The post Sibanye-Stillwater to reopen Burnstone gold project appeared first on Miningmx.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com