Newly JSE– and NYSE-listed Sibanye Gold confirmed that limited production at its Beatrix 4 shaft had resumed on Monday, after a fire on 20 February resulted in operations being suspended.Beatrix management had since cut off the affected area to prevent any injuries to employees. On Monday, the morning shift resumed operations in the unaffected working areas and crews from the affected area had been redirected to gold recovery activities in older working areas. The bullion producer lost about 1 029 oz of gold output during the four-day suspension of operations at Beatrix 4 shaft. Sibanye‘s CEO, Neal Froneman, stated that the fire had not yet been extinguished.
Management is unsure when it will be able to resume operations in that area or the extent of the damage, which may result in partial sterilisation of the ore body, the company said in a statement.Further, Sibanye expects to lose about 1 961 oz of gold for each month it will be unable to operate in the affected area. Meanwhile, the company announced today that it has appointed investment management services provider BNY Mellon as the depositary bank for its American Depositary Receipt (ADR) programme on the NYSE. “We are delighted to partner with BNY Mellon in establishing a Sibanye Gold ADR programme and to be traded on the US OTC market. This is a key initiative in building offshore market awareness of Sibanye Gold, a high-dividend-yield South African gold producer,” says Froneman.