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Trading Statement and Production forecast for the six months ending 30 June 2014 and year ending 31 December 2014
Sibanye Gold Limited
Incorporated in the Republic of South Africa
Registration number 2002/031431/06
Share code: SGL
ISIN – ZAE000173951
Issuer code: SGL
(“Sibanye” or “the Company”)
TRADING STATEMENT AND UPDATED PRODUCTION FORECAST FOR THE SIX-MONTHS
ENDING 30 JUNE 2014 AND YEAR ENDING 31 DECEMBER 2014
Westonaria 4 June 2014
Trading Statement
Sibanye (JSE: SGL & NYSE: SBGL) wishes to advise shareholders, in
compliance with paragraph 3.4(b) of the JSE Listing Requirements,
that headline earnings per share (HEPS) for the six months ending 30
June 2014 will be at least 20% lower than during the comparative
period in 2013. This is as a result of an increase in the weighted
average number of shares in issue, from 556,412,788 for the six-
months ended 30 June 2013 to an estimated 771,294,404 for the six-
months ending 30 June 2014. A further, more detailed announcement
will be released once a more definitive range can be given.
The weighted average number of shares in issue for the six-months
ended 30 June 2013 was lower as a consequence of only 1,000 shares
in issue at the unbundling of Sibanye by Gold Fields. On the Sibanye
listing date on 11 February 2013, Sibanye’s issued shares increased
to 731,648,614.
On 16 May 2014, 156,894,754 new Sibanye ordinary shares were issued
to Gold One International Limited (Gold One), following the
conclusion of the acquisition of the Cooke underground and surface
operations.
The financial information on which the trading statement has been
based has not been reviewed or reported on by the Company’s
auditors.
Production forecast
The Cooke Operation will be consolidated into Sibanye from June
2014. Previous Sibanye production guidance provided on 24 April 2014
excluded any production from these assets.
The revised gold production forecast for the six months ending 30
June 2014, including one month of gold production (approximately
650kg (21,000oz)) from the Cooke Operation, is 22,150kg (690,000oz).
The six months ending 30 June 2014 total cash cost forecast is
R290,000/kg (US$850/oz – at an average exchange rate of R10.60/US$
for the period) and All-in cost R365,000/kg (US$1,070/oz).
Gold production for the 2014 financial and calendar year ending 31
December 2014 is forecasted to increase to 49,000kg (1.58Moz), which
includes approximately 4,900kg (158,000oz) of gold production from
the Cooke Operation. Total cash cost including the Cooke Operation
is forecast to increase from R270,000/kg (US$800/oz) to R285,000/kg
(US$845/oz - at an average exchange rate of R10.50/US$ for the year)
and All-in cost from R360,000/kg (US$1,070/oz) to R365,000/kg
(US$1,080/oz).
ENDS
Contact
James Wellsted
Head of Investor Relations
Sibanye Gold Limited
+27 83 453 4014
james.wellsted@sibanyegold.co.za
Sponsor
Sponsor: J.P. Morgan Equities South Africa (Pty) Ltd
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
increases; 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: 04/06/2014 08:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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