Wrap Text
Operating update for the March 2014 quarter
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
A PROUDLY SOUTH AFRICAN MINING COMPANY
WESTONARIA 24 April 2014: Sibanye Gold Limited (“Sibanye” or “the Group”) (JSE: SGL & NYSE: SBGL) is pleased to
provide an operating update for the March 2014 quarter. Full financial and operating results are provided
on a six monthly basis.
Salient features for the quarter ended 31 March 2014:
- Gold production 11% higher than in the March 2013 quarter, at 10,338kg (332,400oz);
- Operating profit generated from Driefontein, Kloof and Beatrix of R1.74 billion (US$161 million);
- All-in cost of R365,187/kg (US$1,050/oz) – All-in cost margin maintained at 20%;
- Net debt of R748 million (US$70 million) after paying dividends, royalties and half yearly taxes;
- Wits Gold transaction completed after quarter end on 14 April 2014;
- Option exercised to acquire the Burnstone assets;
- Assumed interim management of the Cooke underground and surface operations from 1 March 2014.
United States Dollars Key Statistics South African Rand
Quarter Quarter
March 2013 Dec 2013 March 2014 March 2014 Dec 2013 March 2013
299.4 385.8 332.4 00’oz Gold produced kg 10,338 12,000 9,312
3,006 3,578 3,441 000 tons Ore milled 000 tons 3,441 3,578 3,006
1,073 793 834 $/oz Total cash cost R/kg 289,959 257,683 306,594
1,398 1,027 1,050 $/oz All-in cost R/kg 365,187 333,833 399,495
106 83 79 US$/ton Operating cost R/ton 856 842 944
173 195 161 US$m Operating profit Rm 1,744 1,976 1,539
35 40 37 % Operating margin % 37 40 35
15 20 20 % All-in cost margin % 20 20 15
Average gold price received: US$1,304/oz; and Average exchange rate: R10.82/US$ for the quarter ended 31 March 2014.
Stock data JSE Limited – (SGL)
Number of shares in issue Price range per ordinary share ZAR12.34 to ZAR25.60
– at end of March 2014 741,291,099 Average daily volume 2,709,498
– weighted average 736,544,943 NYSE – (SBGL); one ADR represents four ordinary shares
Free Float 100% Price range per ADR US$4.69 to US$9.76
ADR Ratio 1:4 Average daily volume 801,733
Bloomberg/Reuters SGLS / SGLJ.J All stock data is for the 3 months ended 31 March 2014.
STATEMENT BY NEAL FRONEMAN, CHIEF EXECUTIVE OFFICER OF SIBANYE GOLD
“Sibanye’s operating results for the March 2014 quarter are ahead of forecast and reflect
a solid operating performance. The March quarter is traditionally a quarter impacted on by the December
holiday period resulting in fewer operating shifts. During the quarter under review the Group also
experienced production disruptions due to a fire at the Driefontein operation and two shaft related
incidents at Beatrix and Kloof.
Gold production was 11% higher than that of the March 2013 quarter with the Driefontein, Kloof and Beatrix
operations generating an operating profit of R1,744 million (US$161 million), 15% higher than the
R1,539 million (US$173 million) operating profit generated in the same period last year. These results
were achieved at an average Rand gold price of R453,608/kg (US$1,304/oz), which was 4% lower than that
achieved in the March 2013 quarter. Cash and cash equivalents at the end of the period amounted to
approximately R1,244 million (US$115 million) after paying dividends, royalties and half yearly taxes.
The Group’s net debt position at the end of March 2014 was R748 million (US$70 million).
Sibanye assumed interim management control of the Cooke Operations (Cooke) from 1 March 2014. Finalisation
of this acquisition however, remains subject to the approval by the Minister of Mineral Resources in terms
of Section 11 of the Minerals and Petroleum Resources Development Act. As this transaction was not
completed before quarter end, Cooke’s results have not been consolidated into Sibanye’s results but have
been reported separately.
Overview of operations
Sibanye’s gold production for the quarter amounted to 10,338kg (332,400oz) an 11% improvement in
production compared with the March 2013 quarter (9,312kg (299,400oz)) but 14% lower than the 12,000kg
(385,800oz) produced in the December 2013 quarter. Compared with the December 2013 quarter, the March
2014 quarter’s average gold price was marginally higher in US dollar terms at $1,304/oz but was 9% higher
in rand terms at R453,608/kg due to the weaker rand. The rand weakened by 7% relative to the US dollar
during the quarter, averaging R10.82/US$ compared with R10.11/US$ in the December 2013 quarter.
All-in cost of R365,187/kg (US$1,050/oz) was 9% lower than the R399,495/kg (US$1,398/oz) reported in the
March 2013 quarter, mainly due to the increase in production year-on-year, and the benefits realised from
the implementation of the new Sibanye operating model. All-in cost was 9% higher than in the December
2013 quarter due to lower gold production.
Capital expenditure amounted to R619 million (US$57 million) for the quarter and included R452 million
(US$42 million) spent on ore reserve development with the balance invested in mining equipment and
infrastructure. This compares with R757 million (US$75 million) spent to maintain these assets in the
December quarter and R691 million (US$78 million) in the March 2013 quarter.
Safety
Regrettably, despite our efforts, there were two fatalities during the quarter. A fall of ground fatality
occurred at Driefontein’s Ya Rona shaft during February and during March at the Cooke 4 shaft. Both of
these accidents are deeply regrettable. Including Cooke from March, the Fatal Injury Frequency Rate
(FIFR) was unchanged quarter on quarter at 0.09 per million man hours worked. The Serious Injury Frequency
Rate (SIFR) regressed by 1% (Dec 2013 – 3.90 vs Mar 2014 – 3.92) and the Lost Day Injury Frequency Rate
(LDIFR) regressed by 5% (Dec 2013 – 6.27 vs Mar 2014 – 6.60). Management is urgently addressing these
safety regressions.
Industrial relations update
On 20 January 2014 AMCU issued strike notices at all shafts where it is the recognised majority union,
which covered the Driefontein operations, two Harmony Gold Mining Company Limited mines and the majority
of AngloGold Ashanti Limited operations. This was despite the two-year wage agreement concluded in
September 2013 with the NUM, UASA and Solidarity, which collectively represent 72% of employees within
this sectorial bargaining unit. These wage agreements were extended to all employees in line with past
practice. Post the receipt of a strike notice an application for an interdict against the strike was
lodged with the Labour Court by the Chamber of Mines on behalf of the gold companies, on the basis that
the collective wage agreement signed by the other unions in the gold sector had legitimately been extended
to AMCU members. Due to the complexity of the issues, the Court reserved judgment, and issued an interim
order restraining AMCU from initiating strike action. An order was issued on 30 January 2014 declaring any
potential strike action by AMCU unprotected. AMCU has decided to challenge this ruling and a Court date
has been scheduled for 5 June 2014. In the interim, the interdict on any strike action remains valid.
Acquisition update
Wits Gold and Burnstone –
On 14 April 2014, the acquisition of Witwatersrand Consolidated Gold Resources Limited (Wits Gold) for a
cash consideration of approximately R407 million was concluded. Wits Gold also held a binding offer to
acquire Southgold Exploration Proprietary Limited (Southgold) – being the sole owner of the Burnstone gold
mine. Following the successful conclusion of a detailed due diligence, a decision was taken to proceed
with the option to acquire the Burnstone mine. The offer to acquire Southgold is still subject to certain
conditions precedent, including amongst others, the approval of the Minister of Mineral Resources, and
Wits Gold confirming that the acquisition of Southgold does not give rise to any adverse tax consequences
for Wits Gold and/or Southgold. The decision to acquire Southgold was based on the already significant
investment, by the previous owners Great Basin Gold Limited, in mine development and infrastructure and
the favorable repayment terms with the debt holders on which this acquisition can be concluded. The
acquisition of Burnstone will contribute positively to free cash flow and enhance the Group’s long term
value. This is consistent with our strategy to create value by extending the operating life of the Group
in support of our dividend yield strategy.
Outlook
It is forecast that gold production for the six months ending 30 June 2014 will be approximately 21,500kg
(690,000oz). Total cash cost and All-in cost for the six month period are forecast at R290,000/kg
(US$860/oz) and R365,000/kg (US$1,080/oz) respectively, with electricity tariff increases and higher
winter electricity rates offsetting the forecast increase in production in the June 2014 quarter.
Annual production is forecast at approximately 44,000kg (1.41Moz) at a total cash cost of
R270,000/kg (US$800/oz) and All-in cost of R360,000/kg (US$1,070/oz). These estimates are based on an
average exchange rate of R10.50/US$ and exclude any contribution from the Cooke assets.”
24 April 2014
Neal Froneman
Chief Executive Officer
REVIEW OF OPERATIONS
Quarter ended 31 March 2014 compared with quarter ended 31 December 2013.
Driefontein
Quarter ended Quarter ended
March 2014 Dec 2013
Ore milled 000 tons 1,150 1,357
Gold produced kg 4,072 5,045
000’oz 130.9 162.2
Yield - underground g/t 7.1 6.7
- combined g/t 3.5 3.7
Operating cost - u/g R/ton 1,999 1,600
- surface R/ton 168 163
Total cash cost R/kg 285,167 250,030
US$/oz 820 769
All-in cost R/kg 357,073 313,915
US$/oz 1,026 966
All-in cost margin % 22 25
Gold production for the March 2014 quarter of 4,072kg (130,900oz) was 3% higher than for the comparable
March 2013 quarter, but was 19% lower than for the December 2013 quarter. This was primarily due to lower
volumes mined from underground due to reduced shifts arising from the annual Christmas/New Year break as
well as the fatality at 4 shaft and a fire at 6 shaft which caused production disruptions at a number of
other shafts throughout the quarter, resulting in the loss of 40 shifts.
Underground ore milled decreased by 25% to 518,000 tons from 688,000 tons in the December 2013 quarter,
but was partly offset by a 6% increase in the underground yield to 7.1g/t from 6.7g/t. The higher
underground yield relates to the disruption caused by the fire, which mainly affected mining volumes from
the lower grade shafts. Underground volumes were also 1% lower year-on-year as a result of the above
mentioned disruptions. Surface throughput decreased by 6% to 632,000 tons from 669,000 tons as a result of
planned plant maintenance and delivery issues due to excessive rain experienced in March. The surface
yield decreased to 0.6g/t from 0.7g/t.
The cost of underground ore milled at R1,999/ton was similar to the March 2013 quarter, but increased by
25% from R1,600/ton for the December 2013 quarter, illustrating the impact of volume on costs. Surface
milled cost increased by 3% to R168/ton from R163/ton due to lower volumes processed.
Main development decreased by 26% to 3,242 metres from 4,376 metres in the December 2013 quarter and
on-reef development decreased by 18% to 660 metres from 805 metres. Development was affected by the same
issues as the production sections. The average development value decreased to 1,760cm.g/t from
1,827cm.g/t.
Cost saving initiatives, and a further reduction in employees in service, resulted in operating costs
decreasing by 6% to R1,142 million (US$106 million) from R1,210 million (US$119 million). Stores and
electricity savings were achieved in line with the lower production volumes. Total cash cost increased
by 14% to R285,167/kg (US$820/oz) from R250,030/kg (US$769/oz) as a result of the lower gold production.
Operating profit was 20% lower at R713 million (US$66 million) from R891 million (US$88 million) in the
December 2013 quarter as a result of the 19% decrease in gold production. This was partly offset by the
9% higher average gold price received during the quarter and the decrease in operating costs. Operating
profit was however 3% higher than for the March 2013 quarter (R695 million (US$78 million)), despite the
average gold price received being 3% lower.
In line with annual scheduling, capital expenditure decreased by 12% to R252 million (US$23 million) from
R287 million (US$29 million) in the December 2013 quarter, but increased by 9% from R231 million
(US$26 million) in the March 2013 quarter. The majority of capital was spent on ore reserve development,
mining equipment and relocation of the assay laboratory.
All-in cost increased by 14% to R357,073/kg (US$1,026/oz) from R313,915/kg (US$966/oz) in the December
2013 quarter as a result of the decrease in production, partly offset by the decrease in operating costs
and lower capital expenditure. All-in cost was however 4% lower than in the March 2013 quarter due to cost
cutting initiatives implemented during 2013. The All-in cost margin decreased to 22% from 25% for the
December 2013 quarter, but increased from 21% for the March 2013 quarter.
Kloof
Quarter ended Quarter ended
March 2014 Dec 2013
Ore milled 000 tons 1,177 1,122
Gold produced kg 3,895 4,115
000’oz 125.2 132.3
Yield - underground g/t 7.9 7.9
- combined g/t 3.3 3.7
Operating cost - u/g R/ton 2,031 1,962
- surface R/ton 147 130
Total cash cost R/kg 270,706 254,265
US$/oz 778 782
All-in cost R/kg 347,754 339,757
US$/oz 1,000 1,045
All-in cost margin % 23 18
Gold production increased by 11% to 3,895kg (125,200oz) for the March 2014 quarter from 3,517kg
(113,100oz) in the March 2013 quarter, but decreased by 5% from 4,115kg (132,300oz) for the December 2013
quarter.
Underground ore milled decreased by 4% to 454,000 tons from 474,000 tons for the December 2013 quarter,
but increased by 4% from 438,000 tons for the March 2013 quarter. The underground yield was similar at
7.9g/t quarter-on-quarter, but was 10% higher year-on-year due to improved mining quality factors.
Additional surface ore was milled during the Christmas/New Year break, which resulted in an increase to
723,000 tons from 648,000 tons, at a yield of 0.5 g/t. The cost of underground ore milled increased by
4% to R2,031/ton from R1,962/ton for the December 2013 quarter, but was 2% lower from R2,078/t for the
March 2013 quarter. Surface costs increased to R147/ton from R130/ton due to technical problems
encountered at the Python plant.
Mine development was also affected by the Christmas/New Year break. Main development was 14% lower at
4,316 metres from 5,009 metres, while on-reef development increased by 9% to 994 metres from 910 metres.
The average development value decreased by 5% to 1,737cm.g/t from 1,821cm.g/t.
Operating costs increased by 1% to R1,028 million (US$95 million) from R1,014 million (US$100 million) in
the December 2013 quarter. This was due to a decrease in the portion of fixed cost allocated to ore
reserve development and capitalised due to reduced development, which offset the savings in stores and
electricity costs arising from the lower production. Total cash cost decreased by 5% year on year, to
R270,706/kg (US$778/oz) from R283,964/kg (US$994/oz) in the March 2013 quarter, due to higher year-on-year
production and the impact of the cost cutting initiatives in 2013, although, as a result of the
5% decrease in gold production relative to the December 2013 quarter, Total cash cost increased by 6% from
R254,265/kg (US$782/oz).
Operating profit increased by 5% to R731 million (US$68 million) from R695 million (US$68 million) in the
December 2013 quarter due to the 9% increase in the average gold price received, and was 10% higher than
operating profit of R667 million (US$75 million) for the March 2013 quarter, despite the 4% lower average
gold price received.
Capital expenditure of R263 million (US$24 million) was 19% lower than for the December 2013 quarter
(R326 million (US$32 million)), with most of the expenditure on ore reserve development, safety related
projects, critical spares and infrastructure upgrades.
All-in cost increased by 2% to R347,754/kg (US$1,000/oz) from R339,757/kg (US$1,045/oz) as a result of the
decrease in production, partly offset by lower capital expenditure. All-in cost was however 9% lower than
in the March 2013 quarter due to cost cutting initiatives implemented during 2013. The All-in cost margin
increased to 23% from 18% achieved in the December 2013 quarter and from 18% in the March 2013 quarter.
Beatrix
Quarter ended Quarter ended
March 2014 Dec 2013
Ore milled 000 tons 1,114 1,099
Gold produced kg 2,371 2,840
000’oz 76.2 91.3
Yield - underground g/t 3.9 3.6
- combined g/t 2.1 2.6
Operating cost - u/g R/ton 1,335 1,011
- surface R/ton 74 101
Total cash cost R/kg 329,819 276,232
US$/oz 948 851
All-in cost R/kg 382,876 339,507
US$/oz 1,101 1,044
All-in cost margin % 16 18
Gold production was 28% higher at 2,371kg (76,200oz) for the March 2014 quarter compared with 1,857kg
(59.7oz) for the March 2013 quarter, which was affected by the fire at West Section. Fewer operating
shifts due to the Christmas/New Year break during the quarter under review, caused a 17% decline in
production from 2,840kg (91,300oz) for the December 2013 quarter. Eight shifts were lost due to a Section
54 being issued at Beatrix West, which restricted access while repairs were carried out on a second escape
route in February.
A 26% decrease in underground tons milled to 550,000 tons from 745,000 tons in the December 2013 quarter,
was offset by a 59% increase in lower grade surface material milled to 564,000 tons from 354,000 tons.
Underground yield increased to 3.9g/t from an average of 3.6g/t, while the surface yield remained constant
at 0.4g/t. Higher surface throughput resulted in the cost of surface ore milled decreasing by 27% to
R74/ton from R101/ton. Underground milling costs increased by 32% to R1,335/ton from R1,011/ton in the
December 2013 quarter, but importantly were 16% lower than the R1,589/ton reported in the March 2013
quarter.
The Christmas/New Year break also affected development, with main development decreasing by 18% to
3,520 metres from 4,311 metres and main on-reef development decreasing by 25% to 1,037 metres from
1,380 metres. The average development value decreased by 18% to 925cm.g/t from 1,133cm.g/t, as a result
of lower values recorded at the North section.
Operating costs decreased by 2% to R776 million (US$72 million) from R789 million (US$78 million) in the
December 2013 quarter due to the shorter production cycle. Total cash cost increased by 19% to R329,819/kg
(US$948/oz) from R276,232/kg (US$851/oz) for the December 2013 quarter but declined by 11% year-on-year.
Operating profit increased by 69% to R300 million (US$28 million) from R177 million (US$20 million) for
the March 2013 quarter, but decreased by 23% from R391 million (US$39 million) in the December 2013
quarter due to the seasonal quarterly decrease in gold produced.
Capital expenditure decreased to R100 million (US$9 million) from R129 million (US$13 million), with the
majority being spent on infrastructure upgrades and ore reserve development.
All-in cost decreased by 18% to R382,876/kg (US$1,101/oz) in the March 2014 quarter from R469,144/kg
(US$1,641/oz) in the March 2013 quarter, but increased by 13% from R339,507/kg (US$1,044/oz) in the
December 2013 quarter. The All-in cost margin decreased to 16% from 18% for the December 2013 quarter.
DEVELOPMENT RESULTS
Development values represent the evaluation results and no allowance has been made for any adjustments
which may be necessary when estimating ore reserves. All figures below exclude shaft sinking metres,
which are reported separately where appropriate.
Driefontein Quarter ended March 2014 Quarter ended December 2013
Reef Carbon Leader Main VCR Carbon Leader Main VCR
Advanced (m) 1,932 663 647 2,472 990 914
Advanced on reef (m) 412 160 88 360 301 144
Channel width (cm) 100 42 59 88 37 43
Average value (g/t) 20.7 13.4 42.5 25.5 16.7 22.9
(cm.g/t) 2,066 564 2,508 2,253 613 979
Kloof Quarter ended March 2014 Quarter ended December 2013
Reef Kloof Main Libanon VCR Kloof Main Libanon VCR
Advanced (m) 537 830 136 2,813 3,458 423 1,055 73
Advanced on reef (m) 142 168 130 554 610 78 169 53
Channel width (cm) 171 64 81 120 116 121 51 74
Average value (g/t) 15.9 13.6 4.3 18.2 21.7 11.8 14.0 5.3
(cm.g/t) 2,719 872 352 2,186 2,526 1,420 714 391
Beatrix Quarter ended March 2014 Quarter ended December 2013
Reef Beatrix Kalkoenkrans Beatrix Kalkoenkrans
Advanced (m) 3,117 403 3,817 494
Advanced on reef (m) 808 229 1,112 268
Channel width (cm) 122 146 145 136
Average value (g/t) 6.3 10.2 6.4 10.3
(cm.g/t) 761 1,479 921 1,393
COOKE OPERATIONS
Sibanye assumed interim management control of Cooke from 1 March 2014. Sibanye will consolidate Cooke’s
results from this date on completion of the transaction. Cooke’s March 2014 quarter results are therefore
provided for information purposes only.
Cooke
Quarter ended Quarter ended
March 2014 Dec 2013
Ore milled 000 tons 1,200 1,202
Gold produced kg 1,357 1,465
000’oz 43.6 47.1
Yield – underground g/t 4.2 4.3
– combined g/t 1.1 1.3
Operating cost – u/g R/ton 1,909 1,887
– surface R/ton 89 92
Total cash cost R/kg 428,279 381,227
US$/oz 1,231 1,096
All-in cost R/kg 553,068 514,801
US$/oz 1,590 1,480
All-in cost margin % -25 -27
Operating profit in the March 2014 quarter was virtually unchanged at R22 million (US$2 million) from the
December 2013 quarter. A 7% decrease in gold production to 1,357kg for the quarter from 1,465kg produced
during the previous quarter was mostly offset by a 6% decrease in operating costs and an improvement in
the average gold price received.
Underground gold production decreased by 4% to 1,108kg (35,600oz) for the quarter ended 31 March 2014 from
1,149kg (36,900oz) for the quarter ended 31 December 2013. The decrease over the quarter was mainly as a
result of lower volumes mined from underground, due to two separate fatal accidents at Cooke 4 shaft which
resulted in 16 shifts lost due to Section 54 stoppages. There was also an unplanned construction delay in
the final commissioning of the belt system for the Uranium Project, which is now operating normally.
Surface gold production decreased by 21% over the reporting period to 249kg (8,000oz) from 316kg
(10,200oz) primarily due to expected reductions in head grades and recoveries as a result of the change
from mechanical sand reclamation to hydraulic reclamation of slimes at planned increases in throughput.
The final commissioning of the “Cooke Optimisation Project” has resulted in throughput increasing from
300ktpm to 400ktpm at reduced operating costs, with the full benefits expected to be realized from the
current quarter onwards.
Underground ore milled decreased by 2% to 266,000 tons from 271,000 tons as a result of the factors
mentioned above. Yield at 4.2g/t was marginally lower than the last quarter at 4.3g/t, mainly as a result
of lower face grades.
The cost of ore milled from underground increased by 1% to R1,909/ton from R1,887/ton in the December 2013
quarter and from surface decreased by 3% to R89/ton from R92/ton due to the increase in surface volumes
processed.
Quarter-on-quarter main development increased by 10% to 5,593 metres from 5,083 metres. On-reef
development increased by 7% to 2,920 metres from 2,739 metres. The development strategy is focused on
building up face length to improve flexibility, which will facilitate an increase in mining volumes.
The average development grade increased to 4.3g/t from 4.0g/t.
Operating costs decreased by 6% to R567 million (US$52 million) from R600 million (US$59 million) due to
cost saving initiatives. Stores and electricity savings were achieved in line with the lower production
volumes, which was partly offset by a lower drop out to ore reserve development. Total cash cost
increased by 12% to R428,279/kg (US$1,231/oz) from R381,227/kg (US$1,096/oz).
Capital expenditure decreased by 28% to R129 million (US$12 million) from R178 million (US$18 million),
with the majority of expenditure on ore reserve development and equipping, the Cooke Optimization Project
and the Backfill Plant.
All-in cost increased by 7% to R553,068/kg (US$1,590/oz) from R514,801/kg (US$1,480/oz) as a result of the
decrease in production, partly offset by the decrease in operating costs and the lower capital
expenditure. The All-in cost loss margin improved from -27% to -25%.
Development results
Cooke Quarter ended March 2014 Quarter ended December 2013
Reef VCR Elsburg Elsburg Kimberley VCR Elsburg Elsburg Kimberley
Reefs Massives Reefs Reefs Massives Reefs
Advanced (m) 1,237 2,547 1,264 546 784 2,132 1,421 745
Advanced on reef (m) 797 1,127 813 183 439 869 1,047 384
Channel width (cm) 75 135 215 190 101 133 243 146
Average value (g/t) 7.6 6.9 6.9 6.3 10.7 11.0 9.4 4.3
(cm.g/t) 574 926 1,494 1,191 1,076 1,470 2,295 634
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
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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 Group 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 uranium; hazards associated with underground and
surface gold and uranium mining; labour shortages and disruptions; availability, terms and deployment of
capital or credit; changes in government regulations, particularly environmental regulations and new
legislation affecting mining and mineral rights; the outcome and consequence of any potential or pending
litigation or regulatory proceedings or other environmental, health and safety issues, power disruptions
and cost increase, 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 HIV/AIDS crisis in South Africa. These forward looking statements speak only as of the
date of this document.
The Group 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: 24/04/2014 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.
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