Wrap Text
Operating update For the quarter ended 30 September 2013
Sibanye Gold Limited
Incorporated in the Republic of South
Africa
Registration number 2002/031431/06
Share code: SGL
Issuer code: SGL
ISIN ZAE E000173951
Listings
JSE : SGL
NYSE : SBGL
OPERATING UPDATE
For the Quarter ended 30 September 2013
WESTONARIA 31 October 2013: Sibanye Gold Limited (JSE: SGL & NYSE: SBGL) is pleased to provide the Group's strategic
and operating update for the nine months and quarter ended 30 September 2013. Full financial and operating results
are provided on a six monthly basis.
SEPTEMBER 2013 QUARTER SALIENT FEATURES:
- Operating profit increased by 10% quarter-on-quarter to R1,995 million (US$201 million).
- Cash of R811 million (US$80 million) generated during the quarter, before loan repayments.
- Loans repaid of R750 million (US$75 million).
- Gold production increased by 9% quarter-on-quarter to 12,061kg (387,800oz).
- All-in cost reduced by 4% quarter-on-quarter to R339,847/kg (US$1,059/oz).
- Two year wage agreement reached with organised labour - limited production disruption.
- Excellent safety performance with all indices showing positive trends.
- Agreement to acquire Cooke underground and surface assets from Gold One announced on 21 August 2013.
- Maiden dividend of 37 cents (ZAR) per share declared on 12 September 2013.
United States Dollars Key statistics South African Rand
Nine months to Quarter Quarter Nine months to
Sep Sep Sep Jun Sep Sep Jun Sep Sep Sep
2012 2013 2012 2013 2013 2013 2013 2012 2013 2012
1,004.0 1,044.1 315.9 356.9 387.8 oz (000) Gold produced kg 12,061 11,101 9,826 32,474 31,228
9,836 10,046 3,043 3,430 3,610 000 tons Ore milled 000 tons 3,610 3,430 3,043 10,046 9,836
105 95 117 94 87 US$/ton Operating costs R/ton 868 884 965 898 842
1,648 1,458 1,642 1,440 1,325 US$/oz Revenue R/kg 425,081 435,754 436,169 441,655 425,186
622.1 564.5 162.1 192.5 201.3 US$m Operating profit Rm 1,994.6 1,805.6 1,350.5 5,318.0 4,994.4
38 37 32 37 39 % Operating margin % 39 37 32 37 38
1,033 921 1,119 907 817 US$/oz Total cash cost R/kg 262,142 274,300 297,069 279,045 266,767
1,382 1,195 1,501 1,172 1,059 US$/oz All-in cost R/kg 339,847 354,518 398,580 361,966 356,717
16 18 9 19 20 % All-in cost margin % 20 19 9 18 16
8.03 9.42 8.26 9.41 9.98 R/US$ Average exchange rate
Stock data JSE Limited (SGL)
Number of shares in issue Range Sept Quarter ZAR7.17 to ZAR13.66
at end of September 734,879,031 Average Volume Sept Quarter 3,604,973 shares/day
Free Float 100 per cent NYSE (SBGL)
ADR Ratio 1:4 Range Sept Quarter US$2.81 to US$5.48
Bloomberg/Reuters SGLSJ/SGLJ.J Average Volume Sept Quarter 796,056 shares/day
STATEMENT BY NEAL FRONEMAN, CHIEF EXECUTIVE OFFICER OF SIBANYE GOLD:
"The positive production and cost trends that were evident during the six months ended 30 June
2013 have continued during the September 2013 quarter, underpinning our view that we have
arrested the negative trends that have characterised these operations over the last decade.
Total gold produced during the quarter under review increased by 9% compared with the June
2013 quarter and by 23% compared with the September 2012 quarter, to 12,061kg (387,800oz), the
highest collective production from these operations since the December 2010 quarter. Costs were
also meaningfully lower, with both Total cash cost and All-in cost declining 4% from the June 2013
quarter to R262,142/kg (US$817/oz) and R339,847/kg (US$1,059/oz) respectively. These improvements
reflect the benefits of the new operating strategy and the initial cost benefits of the restructuring and
re-organisation that has taken place this year, resulting in a leaner, more focused and efficient
operating structure.
Unit operating costs of R868/ton (US$87/ton) were 2% lower compared with the June 2013 quarter
and 10% lower compared with the September 2012 quarter, reflecting the increased focus on quality
mining. Importantly, average underground unit costs were again lower than in the June 2013 quarter
at R1,612/ton (US$162/ton), and 14% lower than in the September 2012 quarter, despite the impact of
above inflation wage and electricity cost increases and other seasonal cost pressures.
The average dollar gold price received declined by a further 8% to US$1,325/oz, compared with the
June 2013 quarter. This was offset by a 6% depreciation of the rand to R9.98/US$, resulting in a 2%
lower average rand gold price received of R425,081/kg. Higher production and lower production
costs resulted in operating profit increasing by 10% to R1,995 million (US$201 million) compared with
R1,806 million (US$192 million) in the June 2013 quarter. The operating margin increased from 37% in
the June 2013 quarter to 39% in the September 2013 quarter, with the All-in cost margin increasing
from 19% to 20%.
Some R811 million (US$80 million) cash was generated during the quarter, bolstering the R2,091 million
(US$206 million) balance at 30 June 2013. Following the conclusion of the two year wage agreement
with organised labour on 10 September 2013, the board declared a R272 million (US$27
million) interim dividend to shareholders. The 7% dividend yield (annualised) on declaration date,
firmly positioned Sibanye Gold as the highest dividend yield company in the sector globally, despite
the dividend being limited to 25% of normalised earnings by debt covenants. At current debt levels, the
Group will be able to pay a dividend of up to 35% of 2013 normalised earnings.
The robust cash position at the end of the June quarter allowed a further R750 million (US$75 million)
reduction in the Bridge Loan Facility in August 2013. A further R750 million (US$76 million) repayment
has subsequently been made in October 2013, reducing gross debt to R2,500 million (US$255 million)
and net debt to R800 million (US$82 million). Gross debt has now been reduced by 40% from R4,200
million (US$493 million) at the beginning of the year. While the current level of debt is not demanding,
we believe it prudent, given the uncertain global economic environment and volatile gold price, to
reduce risks.
With regard to the current labour relations climate; after a protracted build-up to the biennial wage
negotiations, the outcome of the wage negotiation process was relatively positive for all parties,
with the unions securing above inflation wage increases for their members and the industry settling
at a level well below the double digit increases that were demanded by organised labour.
The Life of Mine (LOM) review of Sibanye Gold's operations is well advanced, with the annual
planning cycle currently underway. We expect to present a detailed operating outlook for 2014,
together with new LOM plans and a revised Mineral Reserves and Mineral Resources Statement in
the first quarter of 2014.
On 21 August 2013, the proposed acquisition of the Cooke operations from Gold One for a
consideration equivalent to 17% of the issued share capital of Sibanye Gold was announced (details
are available at www.sibanyegold.co.za). The transaction is subject to the fulfilment of various
conditions precedent and is likely to be concluded in early 2014.
The acquisition consideration was based on the fair value of the existing Cooke underground and
surface operations relative to Sibanye Gold's operations and is earnings and cash positive for
Sibanye Gold. In addition to adding approximately 260,000oz of gold and 57,000lbs of uranium per
annum to Sibanye Gold's production, the acquisition will result in the consolidation of significant
surface tailings resources in the West Rand (the West Rand Tailings Retreatment Project or WRTRP)
under the control of Sibanye Gold. A pre-feasibility study on the WRTRP was completed in July 2013
and is currently being reviewed.
Gold production for the December quarter is forecast at approximately 11,750kg (378,000oz)
at a total cash cost of R265,000/kg (US$840/oz) and an All-in cost of R355,000/kg (US$1,125/oz).
Production for 2013 is therefore estimated at approximately 44,200kg (1.42 million oz), at an All-in
cost of approximately R360,000/kg (US$1,175/oz) as compared with previous forecasts of 42,000kg
(1.35 million oz), at an All-in cost of R375,000/kg respectively."
31 October 2013
Neal Froneman
Chief Executive Officer
OPERATIONAL REVIEW FOR THE QUARTER ENDED 30 SEPTEMBER 2013
Compared with the quarter ended 30 June 2013
Safety
Improving trends in all safety indices continued
during the September quarter, with the Lost Day Injury
Frequency Rate* (LDIFR) improving by 22%, from 7.00 in
the June quarter to 5.44 this quarter, which is a significant
achievement given the depths at which we operate.
Furthermore, the Serious Injury** Frequency Rate improved
by 8%, from 3.75 to 3.45. These ongoing improvements are
an indication that the current approach in the integrated
health and safety strategy is proving effective. Ongoing
application and monitoring of the key safety components
are expected to bring about further safety improvements.
Regrettably, the fatality free run at Kloof's underground
operations, which has been maintained since September
2011 ended in July 2013, with three separate fatalities.
The Driefontein and Beatrix operations experienced
no fatalities during the quarter. Year to date the Fatality
Injury Frequency Rate for Sibanye Gold has continued to
improve, declining by 35% to 0.11 per million man hours
worked from 0.17 during the same period last year.
* All rates are expressed per 1 million man hours worked
** Serious Injury, reportable to the Department of Mineral
Resources, where 14 or more days are lost due to an injury.
Operating performance
Production continued to increase during the quarter
under review, despite the wage related strikes which
affected Kloof for two days and Beatrix for three days. This
positive production trend was accompanied by further
cost reductions, a positive reflection of the general state
of our business and underpinning our view that we have
arrested the negative trends that have characterised these
operations over the last decade. Further improvements
are expected to continue into 2014.
Group gold production increased by 9% from 11,101kg
(356,900oz) in the June quarter to 12,061kg (387,800oz) in
the September quarter and the All-in cost was 4% lower at
R339,847/kg (US$1,059/oz).
Gold production at Driefontein increased by 18% to
5,298kg (170,300oz) from 4,494kg (144,500oz) due to the
increased focus on quality mining, which
resulted in the underground yield increasing 21% to 7.4g/t,
compared with 6.1g/t in the June 2013 quarter.
Gold production at Kloof was adversely affected by
the safety stoppages following the three fatal accidents
during the September 2013 quarter, with gold production
declining by 6% to 4,044kg (130,000oz) compared with the
June 2013 quarter.
The operational problems at Beatrix in the previous
quarters were resolved and gold production increased
by 18% to 2,719kg (87,400oz) from 2,306kg (74,200oz). This
achievement was despite the three days of wage related
strike action. It is our expectation that this performance
from Beatrix is sustainable.
Organisational Effectiveness
Implementation of interventions which were identified
and reported on during the review in the first six months of
the year continue.
In the longer term, there remains significant potential for
further improvements, by way of:
- A detailed analysis of access and travel times in
order to increase time at the face;
- Alternate shift cycles, stoping crew optimisation
and a bonus review to improve effectiveness;
- Assessing the potential to safely mine high-grade
remnant and support pillars, which have been
excluded from the reserves since 2008; and
- Assessing the potential of secondary reefs and
"white areas" which were not mined in the past
due to their relatively low grades or geological
complexity.
The 2014 planning cycle and revised life of mine plans
for the operations will be finalized and presented to the
market in the first quarter of 2014.
Review of operations
Quarter ended 30 September 2013 compared with
quarter ended 30 June 2013
Driefontein
Sept' 2013 June 2013
Ore milled - 000 tons 1,423 1,365
Gold produced - kg 5,298 4,494
- 000'oz 170.3 144.5
Yield - underground - g/t 7.4 6.1
- combined - g/t 3.7 3.3
Total cash cost - R/kg 244,772 282,621
- US$/oz 763 934
NCE - R/kg 292,299 333,467
- US$/oz 911 1,102
All-in cost - R/kg 311,099 345,683
- US$/oz 970 1,143
All-in cost margin - % 27 21
Gold production increased by 18% to 5,298kg (170,300oz)
for the quarter ended 30 September 2013 from 4,494kg
(144,500oz) for the quarter ended 30 June 2013. This
increase was as a result of increased underground and
surface volumes and a higher underground yield due to
an increased focus on quality mining.
Underground ore milled increased by 1% to 659,000 tons
from 656,000 tons and the underground yield increased
to 7.4g/t from 6.1g/t. Surface throughput increased by
8% to 764,000 tons from 709,000 tons, offset by the surface
yield which decreased to 0.5g/t from 0.7g/t resulting in
17% lower surface production of 416kg (13,375oz).
Operating cost increased marginally to R1,276 million
(US$128m) from R1,267 million (US$135m). This increase
was due to annual wage increases effective from
1July 2013, higher electricity costs due to the higher winter
tariff for two winter months in the current quarter and
inflation and production related increases in stores costs.
These increases were offset by labour reductions and a
reduction in property rates and taxes. Total cash cost
decreased to R244,772/kg (US$763/oz) from R282,621/kg
(US$934/oz) for the quarter ended 30 June 2013. As a
result operating profit increased to R975 million (US$99m)
from R695 million (US$74m).
Main development increased by 5% to 4,684 metres from
4,475 metres and on-reef development decreased by
26%, as planned, to 1,016 metres from 1,379 metres. The
average development value decreased to 1,394cm.g/t
from 1,459cm.g/t.
Capital expenditure increased by 18% to R273 million
(US$28m) from R232 million (US$25m), due to an increase
in ore reserve development and previously deferred
technical projects.
All-in cost decreased by 10% to R311,099/kg (US$970/oz)
from R345,683/kg (US$1,143/oz) as a result of the increase
in production, partly offset by higher operating costs and
capital expenditure. The All-in cost margin improved to
27% from 21% quarter on quarter.
Kloof
Sept' 2013 June 2013
Ore milled - 000 tons 1,104 1,008
Gold produced - kg 4,044 4,301
- 000'oz 130.0 138.2
Yield - underground - g/t 7.6 7.9
- combined - g/t 3.7 4.3
Total cash cost - R/kg 268,027 244,176
- US$/oz 835 807
NCE - R/kg 348,393 319,740
- US$/oz 1,086 1,057
All-in cost - R/kg 362,834 334,457
- US$/oz 1,131 1,106
All in cost margin - % 15 23
Gold production decreased by 6% to 4,044kg (130,000oz) in
the quarter ended 30 September from 4,301kg (138,200oz) in
the quarter ended 30 June 2013. This decrease was primarily
due to Section 54 safety stoppages following fatalities during
the quarter.
Underground ore milled decreased by 3% to 485,000 tons
from 501,000 tons and the yield decreased to 7.6g/t from
7.9g/t. Surface tonnage increased to 619,000 tons from
507,000 tons, due to increased plant availability, offset by
the yield, which decreased from 0.7g/t to just below 0.6g/t.
Operating costs increased by 5% to R1,080 million
(US$108m) from R1,028 million (US$109m). This increase
was due to increased mill throughput, salaries, stores
and electricity costs, partly offset by lower corporate
service costs. Total cash cost increased to R268,027/kg
(US$835/oz) from R244,176/kg (US$807/oz). Operating
profit decreased by 25% to R637 million (US$63m) from
R846 million (US$91m) due to the increase in costs and
lower production.
Main development decreased by 10% to 4,539 metres from
5,061 metres and on-reef development increased by 3%
to 915 metres from 892 metres. The average development
value increased to 2,025 cm.g/t from 1,839 cm.g/t quarter
on quarter.
Capital expenditure decreased by 5% to R329 million
(US$33m) from R347 million (US$37m) due to the decrease
in ore reserve development and reduced expenditure on
the 4 shaft recapitalization project.
All-in cost increased by 8% to R362,834/kg (US$1,131/oz)
from R334,457/kg (US$1,106/oz) as a result of the lower
production and increased costs partially offset by lower
capital expenditure. The All-in cost margin decreased to
15% from 23% quarter-on-quarter.
Beatrix
Sept' 2013 June 2013
Ore milled - 000 tons 1,083 1,057
Gold produced - kg 2,719 2,306
- 000'oz 87.4 74.2
Yield - underground - g/t 4.0 3.9
- combined - g/t 2.5 2.2
Total cash cost - R/kg 287,238 314,267
- US$/oz 895 1,039
NCE - R/kg 321,809 388,899
- US$/oz 1,003 1,285
All-in cost - R/kg 337,624 396,271
- US$/oz 1,052 1,310
All-in cost margin - % 21 9
Gold production increased by 18% to 2,719kg (87,400oz)
for the quarter ended 30 September 2013, from 2,306kg
(74,200oz) for the quarter ended 30 June 2013. This
increase was mainly due to increased volumes mined and
processed from the Beatrix North Section, together with
slightly higher yields from the surface and underground
operations, specifically at the Beatrix West Section.
Further improvements from the restructuring exercise are
expected in the December 2013 quarter.
In the fire affected area at the Beatrix West Section, fresh
air flushing has taken place and environmental conditions
have returned to legal and acceptable levels, allowing
for full reconnaissance and investigations. The 19/20 South
8 raise line in which the fire occurred is totally inaccessible
due to large falls of ground. The raise lines adjacent to the
fire line namely, 19/20 South 6 and South 4, have been
accessed and mining operations in these areas have
re-commenced.
Underground tons milled increased to 641,000 tons from
554,000 tons, while surface material milled decreased
as planned to 442,000 tons from 503,000 tons. The
underground yield increased to 4.0g/t from an average of
3.9g/t in the June quarter and the surface yield increased
to 0.4g/t from 0.3g/t.
Operating costs increased by 5% to R776 million (US$78m)
from R737 million (US$78m) due to the annual wage
increase and higher winter electricity tariffs. However, due
to the increased production, total cash cost decreased
by 9% quarter on quarter to R287,238/kg (US$895/oz) from
R314,267/kg (US$1,039/oz). Operating profit increased to
R382 million (US$39m) from R265 million (US$28m).
Main development decreased by 9% to 4,390 metres
from 4,837 metres and on-reef development by 19% to
1,038 metres from 1,275 metres as a result of reduced
development following the Section 189 at the Beatrix West
Section and reduced raise availability at the Beatrix North
Section. The weighted average value of the main reef
development decreased to 713cm.g/t from 1,178cm.g/t
as a result of lower values recorded at all the mining units.
Capital expenditure decreased by 38% to R99 million
(US$10m) from R160 million (US$17m), with the majority
of this decrease due to the cessation of ore reserve
development at the Beatrix West Section in order to return
this section to profitability.
All-in cost decreased by 15% to R337,624/kg (US$1,052/oz)
from R396,271/kg (US$1,310/oz) and the All-in cost margin
increased to 21% from 9% in the June quarter.
Development results
Development values represent the estimated value across the development for the period, no allowance has been
made for any adjustments which may be necessary when estimating ore reserves.
Driefontein June 2013 quarter September 2013 quarter Nine months Year to date 2013
Carbon Carbon Carbon
Reef Leader Main VCR Leader Main VCR Leader Main VCR
Advanced (m) 2,747 920 808 2,689 1,007 988 8,249 2,681 2,445
Advanced on reef (m) 760 266 353 489 170 357 1,914 736 944
Sampled (m) 609 246 270 504 237 357 1,407 585 593
Channel width (cm) 60 52 64 93 53 53 79 51 58
Average value (g/t) 24.1 17.3 33.2 19.3 17.0 28.7 18.9 16.9 30.3
(cm.g/t) 1,447 901 2,117 1,804 910 1,513 1,483 870 1,761
Kloof June 2013 quarter September 2013 quarter Nine months Year to date 2013
Reef Kloof Main Libanon VCR Kloof Main Libanon VCR Kloof Main Libanon VCR
Advanced (m) 268 938 17 3,838 342 1,041 0 3,156 779 2,844 24 10,675
Advanced on reef (m) 140 117 17 618 108 183 0 624 315 504 24 1,805
Sampled (m) 142 150 6 390 113 165 0 448 300 540 9 1,177
Channel width (cm) 174 142 90 98 216 141 0 116 184 126 95 111
Average value - (g/t) 3.1 10.3 9.4 25.3 5.2 10.1 0 22.3 4.0 9.2 8.5 22.7
- (cm.g/t) 544 1,467 845 2,465 1,114 1,400 0 2,593 730 1,167 806 2,514
Beatrix June 2013 quarter September 2013 quarter Nine months Year to date 2013
Reef Beatrix Kalkoenkrans Beatrix Kalkoenkrans Beatrix Kalkoenkrans
Advanced (m) 4,269 568 4,149 241 11,681 1,539
Advanced on reef (m) 1,126 149 1,004 34 2,565 358
Sampled (m) 1,197 183 1,095 30 2,817 339
Channel width (cm) 156 88 116 0 141 74
Average value (g/t) 7.8 10.6 6.3 0 7.3 11.3
(cm.g/t) 1,215 937 732 0 1,025 840
ADMINISTRATION AND CORPORATE INFORMATION
Investor Enquiries
James Wellsted
Head of Corporate Affairs
Sibanye Gold Limited
+27 83 453 4014
+27 11 278 9656
james.wellsted@sibanyegold.co.za
Corporate Secretary
Cain Farrel
Tel: +27 10 001 1122
Fax: +27 11 278 9863
cain.farrel@sibanyegold.co.za
Registered Office
Libanon Business Park
1 Hospital Street,
(Off Cedar Ave),
Libanon, Westonaria,
1780
South Africa
Private Bag X5
Westonaria,
1780
South Africa
Tel: +27 11 278 9600
Fax: +27 11 278 9863
Sibanye Gold Limited
Incorporated in the Republic of South Africa
Registration number 2002/031431/06
Share code: SGL
Issuer code: SGL
ISIN ZAE E000173951
Listings
JSE : SGL
NYSE : SBGL
Website
www.sibanyegold.co.za
Directors:
Sello Moloko* (Chairman)
Neal Froneman (CEO)
Charl Keyter (CFO)
Timothy Cumming*
Barry Davison*
Rick Menell*
Nkosemntu Nika*
Keith Rayner*
Zola Skweyiya*
Susan van der Merwe*
Jerry Vilakazi*
Cain Farrel (Company Secretary)
*Independent Non-Executive
JSE Sponsor
J.P. Morgan Equities South Africa
Proprietary Limited
(Registration number 1995/011815/07)
1 Fricker Road, Illovo
Johannesburg 2196
South Africa
(Private Bag X9936, Sandton, 2196,
South Africa)
Office of the United Kingdom
Secretaries
London
St James's Corporate Services Limited
Suit 31, Second Floor
107 Cheapside
London
EC2V 6DN
United Kingdom
Tel: +44 20 7796 8644
Fax: +44 20 7796 8645
American Depository Receipts
Transfer Agent
Bank of New York Mellon
BNY Mellon Shareowner Services
P O Box 358516
Pittsburgh, PA15252-8516
US toll-free telephone: +1 888 269
2377
Tel: +1 201 680 6825
e-mail: shrrelations@bnymellon.com
Transfer Secretaries
South Africa
Computershare Investor Services
(Proprietary) Limited Ground Floor
70 Marshall Street
Johannesburg, 2001
P O Box 61051
Marshalltown, 2107
Tel: +27 11 370 5000
Fax: +27 11 688 5248
Transfer Secretaries
United Kingdom
Capita Asset Services
The Registry
34 Beckenham Road
Beckenham
Kent BR3 4TU
England
Tel: 0871 664 0300 [calls cost 10p
a minute plus network extras,
lines are open 8.30am 5pm
Mon-Fri] or [from overseas]
+44 20 8639 3399
Fax: +44 20 8658 3430
e-mail: ssd@capitaregistrars.com
FORWARD LOOKING STATEMENTS
Certain statements in this document constitute "forward looking statements" within the meaning of Section 27A of the US Securities Act of 1933 and Section
21E of the US Securities Exchange Act of 1934.
Such forward looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance
or achievements of the company to be materially different from the future results, performance or achievements expressed or implied by such forward
looking statements. Such risks, uncertainties and other important factors include among others: economic, business and political conditions in South Africa
and elsewhere; the ability to achieve anticipated efficiencies and other cost savings in connection with past and future acquisitions, exploration and
development activities; decreases in the market price of gold and/or copper; hazards associated with underground and surface gold mining; labour
disruptions; availability, terms and deployment of capital or credit; changes in government regulations, particularly environmental regulations and new
legislation affecting mining and mineral rights; changes in exchange rates, currency devaluations, inflation and other macro-economic factors; industrial
action; temporary stoppages of mines for safety and unplanned maintenance reasons; and the impact of the AIDS crisis in South Africa. These forward
looking statements speak only as of the date of this document.
The company undertakes no obligation to update publicly or release any revisions to these forward looking statements to reflect events or circumstances
after the date of this document or to reflect the occurrence of unanticipated events.
Date: 31/10/2013 08:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
