SIBANYE GOLDFor some years now the mining industry has been giving a pretty decent rendition of some of the gloomier sections of the book of Jeremiah. There’s been wailing, gnashing of teeth, cutting off of hair and casting it away, and it’s not inconceivable that a few enthusiasts may have taken up a lamentation on high places. So it comes as a considerable relief to read a strategic update from Sibanye Gold, which appears to have cast itself as Tigger to the rest of the industry’s Eeyore.Sibanye has built a solid base on the back of its core gold operations of Beatrix, Driefontein and Kloof, reducing costs and increasing production to the extent that the assets are now spitting cash.Despite further acquisitions last year and R3.6bn of capital investment in organic growth projects, the company has been able to reduce its gross debt from R4.5bn in 2013 to R2bn by the end of 2015, which makes it one of the least geared of the top 10 global producers, while retaining plenty of firepow...
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