Sibanye Gold has announced that its economically extractable gold mineral reserves have increased by 46% to 19.73 Moz (net of 1.48 Moz depleted from mining in 2013). This increase in mineral reserves will significantly enhance and extend Sibanye Gold’s LOM production profile, the company said in a statement.

All of the declared mineral reserves are above current infrastructure. The mineral resources and mineral reserves have been revised, taking into account lower operating costs, improved efficiencies and improved mining quality factors at its operations. This follows significant restructuring and the implementation of a new operating model.

The new reserve figure is based on capital spending being maintained between 3 and 3.5 billion rand per annum and an increase in the assumed gold price of 8 percent to 410 000 rand per kilogram, Sibanye said.