The development rate at Sibanye Stillwater’s Burnstone improved in Q3 2023 but the project remains behind schedule due to delays caused by the strike in 2022. Development is expected to accelerate as hoisting constraints have been alleviated with commencement of vertical shaft hoisting imminent.
The project has been replanned with an increased development profile to enable additional production from areas of higher geological confidence. Steady state mining is now expected a year later than the Board approved plan for the restart of the Burnstone project in February 2021 with design optimisation done on the life-of-mine designs to improve ore handling and increase mining flexibility.
Project capital guidance remains unchanged at R1.6 billion (US$90 million) with R1.1 billion (US$63 million) spent year-to-date and R330 million (US$18 million) spent in Q3 2023, 5% higher than Q3 2022.