Sibanye Gold seeks alternative power sources
South Africa’s Sibanye Gold said on Thursday it had lost 125 million rand ($10 million) in revenue due to power cuts in the first half of 2015, underlining the impact of electricity shortages in Africa’s most advanced economy.
The lost revenue is only 1.3% of the company’s almost 9.8 billion rand in turnover, but Sibanye, which produces all of its bullion in South Africa, said the rising cost of power and inconsistent supply from state-run utility Eskom was forcing it to seek alternative, independent sources.
Sibanye said in February it aimed to build a 3 billion rand solar-powered plant to help weather the electricity shortages which force Eskom to impose rolling power cuts on a regular basis to prevent the grid from being overwhelmed.
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