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SIBANYE GOLD LIMITED - Operating and Financial Results For the six months ended 30 June 2014

Release Date: 31/07/2014 08:00
Code(s): SGL     PDF:  
Wrap Text
Operating and Financial Results
For the six months ended 30 June 2014

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

Operating and Financial Results
For the six months ended 30 June 2014

WESTONARIA 31 July 2014: Sibanye Gold Limited (“Sibanye”) (JSE: SGL & NYSE: SBGL) is pleased to report operating 
and reviewed condensed, consolidated interim financial statements for the six months ended 30 June 2014.

Salient features for the six months ended 30 June 2014 (All comparisons are made to the same period in 2013):
-  An interim dividend of 50 SA cents per share declared.
-  Operating profit increased by 4% to R3.5 billion (US$327 million).
-  Gold produced increased by 8% to 22,143kg (711,900oz).
-  Operating cost declined by 10% to R815/ton.
-  All-in cost of R367,601/kg (US$1,071/oz) and Total cash cost of R291,212/kg (US$848/oz) in line with 
   forecasts.
-  All-in cost margin was unchanged at 17% despite a 2% lower gold price.
-  The Cooke Operations made a positive contribution to operating profits and operating cash flow after capex in 
   the first month of incorporation.
-  Gold Reserves and Uranium Reserves increased by 66% to 32.7Moz and 139% to 102.8Mlb, respectively.

The Board approved an interim dividend of 50 SA cents per share for the six months ended 30 June 2014; this is 
equivalent to an annualised dividend yield of 3.5% at Sibanye’s closing share price of R28.54 on 30 June 2014.

United States Dollars                                        Key Statistics                                              South African Rand 
Six months ended                                                                                                           Six months ended 
Jun 2013         Dec 2013          Jun 2014                                                    Jun 2014          Dec 2013          Jun 2013 
   656.3            773.6             711.9      000’oz       Gold produced        kg            22,143            24,061            20,413 
   6,436            7,188             7,783      000ton          Ore milled    000ton             7,783             7,188             6,436 
   1,535            1,301             1,293        $/oz             Revenue      R/kg           443,865           420,423           451,448 
      99               85                76       $/ton      Operating cost     R/ton               815               852               909 
   367.8            398.7             326.6          $m    Operating profit        Rm           3,488.1           3,992.0           3,365.9 
      37               39                35           %    Operating margin         %                35                39                37 
     983              804               848        $/oz     Total cash cost      R/kg           291,212           259,919           289,031 
   1,275            1,043             1,071        $/oz         All-in cost      R/kg           367,601           336,848           375,036 
      17               20                17           %  All-in cost margin         %                17                20                17 
    31.5            144.8              49.9          $m      Basic earnings        Rm             532.7           1,402.4             290.0 
    96.1            147.5              61.2          $m   Headline earnings        Rm             652.2           1,428.9             880.8 

Stock data                                        JSE Limited – (SGL) 
Number of shares in issue                         Price range per ordinary share      ZAR12.34 to ZAR29.00 
– at end of June 2014            898,301,633      Average daily volume                3,295,455 
– weighted average               772,679,370      NYSE – (SBGL); one ADR represents four ordinary shares 
Free Float                              100%      Price range per ADR                 US$4.69 to US$11.09 
ADR Ratio                                1:4      Average daily volume                748,716 
Bloomberg/Reuters              SGLS / SGLJ.J      The above is for the six months ended 30 June 2014 


STATEMENT BY NEAL FRONEMAN, CHIEF EXECUTIVE OFFICER OF SIBANYE GOLD

“Sibanye’s operations delivered another robust operating result for the six months ended 30 June 2014, with 
production increasing by 8% year-on-year and costs declining in real terms.  Despite a 2% year-on-year decline 
in the average gold price received to R443,865/kg (US$1,293/oz), operating and All-in cost margins have remained 
steady at 35% and 17% respectively with cash generated by operating activities marginally higher at 
R3,886 million (US$364 million).

Normalised earnings of R1,065 million for the six months ended 30 June 2014 were in line with the R1,075 million 
earned for the corresponding period in 2013.  Due to only one month of revenue from the Cooke Operations and a 
36% year-on-year increase in the weighted average number of shares in issue, normalised earnings per share for 
the six months ended 30 June 2014 declined by 27% to 138 SA cents per share (13 US cents) from 190 SA cents per 
share (21 US cents) for the six months ended 30 June 2013.

As a result of strong operational cash flows from Sibanye’s Kloof, Driefontein and Beatrix (“KDB”) Operations and 
improving operational trends at the Cooke Operations, the Board has declared a 50 SA cents per share interim 
dividend, which is 35% higher than the interim dividend in 2013.  This dividend declaration is consistent with 
Sibanye’s strategic intent to reward its shareholders by paying industry leading dividends.

Safety
Regrettably five fatalities occurred during the six months ended 30 June 2014, resulting in a Group fatal injury 
frequency rate of 0.12 compared with 0.10 last year (fatalities per million man hours worked).  The Board and 
management of Sibanye extend their deepest sympathies to the families of the deceased.  The lost time injury 
frequency rate was 6.16 compared with 6.13 last year and the serious injury frequency rate was 3.76 compared 
with 3.50.  All of the incidents have been investigated and plans implemented at the operations to prevent the 
recurrence of similar accidents.

Operating and financial review
Sibanye’s operations continued to deliver according to expectations.  Gold production for the six months ended 
30 June 2014 increased by 8% to 22,143kg (711,900oz), from 20,413kg (656,300oz) for the corresponding six-months 
ended 30 June 2013.  As expected, production for the period was 8% lower than the preceding six months ended 
31 December 2013, due to seasonal disruptions related to the Christmas/New Year and Easter breaks, which were 
compounded by the loss of 40 shifts at Driefontein following an underground fire in the March quarter.

Sibanye assumed management control of the Cooke Operations in March 2014.  However, since the acquisition is 
effective from 15 May 2014, only one month’s contribution from the Cooke Operations has been incorporated in the 
Group’s operating and financial results.  Gold production from the KDB Operations was 5% higher than for the 
corresponding period in 2013 and in line with our forecast of 21,500kg (690,000oz).  Revenue from the KDB 
Operations increased by 4% to R9,548 million (US$894 million), with increased production offsetting the lower 
average gold price received for the period.  Despite the increase in production, operating cost increases were 
well controlled, with a 4% increase to R6,099 million (US$571 million).  As a result, operating profit from the 
KDB Operations was 2% higher at R3,449 million (US$323 million) than for the six months ended 30 June 2013.  
The Cooke Operations produced 643kg (20,700oz) gold for June 2014.

Total cash cost of R291,212/kg (US$848/oz) and All-in cost of R367,601/kg (US$1,071/oz) were again in line with 
forecasts, and only influenced to a limited extent by the consolidation of the Cooke Operations for a single 
month.  Total cash cost for the KDB Operations was flat year-on-year, and All-in cost was 2% lower, again 
reflecting effective cost management.  Unit operating costs declined by 10% to R815/ton (US$76/ton).

The Cooke Operations contributed R39 million (US$4 million) to Group operating profit and broke even in terms of 
net profit for the June month.  Importantly, the Cooke Operations have recovered from a difficult March quarter 
and made a marginal contribution to Group operating cash flow after capex in June 2014, without yet realising any 
benefits from the sale of associated uranium by-product production.  At a current Total cash cost of R377,138/kg 
(US$1,098/oz) and All-in cost of R429,549/kg (US$1,251/oz), we remain confident that the Cooke Operations will 
contribute positively to earnings and cash flow as unit operating costs decline in line with the build-up to full 
production in 2015.

Sibanye issued the full consideration of 156,894,754 new shares (equivalent to 17% of its issued share capital on 
conclusion of the transaction) to Gold One International Limited (“Gold One”) on 15 May 2014.  This resulted in 
898,301,633 shares in issue at the end of this reporting period.  Since the Cooke Operations contributed only one 
month to the operating and financial results, direct financial comparisons on a per share basis with the 
corresponding six months ended 30 June 2013 are not meaningful.  The year-on-year weighted average earnings per 
share comparison is further distorted by the fact that Sibanye had only 1,000 shares in issue prior to its 
listing on 11 February 2013.  Consequently, the weighted average number of shares in issue for the six months 
ended 30 June 2013 was 566,412,788 compared with 772,679,370 for the current six month period.

Basic earnings increased by 84% to R533 million (US$50 million) for the six months ended 30 June 2014.  Headline 
earnings of R652 million (US$61 million) were 26% lower year-on-year.

For the six months ended 30 June 2014, cash generated from operations was R3,886 million (US$364 million) and 
operating cash flow after capex R2,540 million (US$238 million), an increase of R276 million year-on-year. Net 
debt for the same period increased to R617 million (US$58 million), which was an increase of 24%.  This increase 
is post cash outflows of approximately R1,360 million (US$127 million) in royalty, tax and dividend payments, the 
repayment of R906 million (US$85 million) debt and the R415 million (US$40 million) purchase consideration for 
Witwatersrand Consolidated Gold Resources Limited (“Wits Gold”).  The R906 million debt repayment comprised 
R616 million (US$58 million) debt associated with the Cooke Operations, R40 million (US$4 million) to settle an 
outstanding loan at Wits Gold and a further R250 million (US$23 million) reduction in Sibanye Group debt.

Dividend declaration
Consistent with Sibanye’s prioritisation of dividends, the Board has declared an interim dividend of 50 SA cents 
per share for the six months ended 30 June 2014. Based on the total number of shares in issue this dividend is 
equivalent to 42% of normalised earnings, which is above the 25% to 35% range defined in Sibanye’s dividend 
policy.

The Board declared the higher dividend in order to ensure that shareholders would not be compromised by the new 
shares issued as consideration for the acquisition of the Cooke Operations towards the end of the period, with 
the Cooke Operations only contributing to the Group operating and financial results for one month.  This dividend 
also reflects the Board’s confidence in the outlook for the Group in 2014.

Strategic update
Sibanye has differentiated itself through its mining sector benchmark dividend and its holistic and firm approach 
to stakeholder relations.  The focus on superior dividends underpins and informs the corporate strategy and 
decisions.

In 2013, after the listing of Sibanye as an independent Company, our efforts were primarily directed towards 
securing the future of our mines, by focusing on our core production drivers; safety, cost, volume and grade. 
 The success of the initiatives implemented is evident in the continued year-on-year improvement in production 
and cost management from the KDB Operations, which have delivered on forecasts for six successive quarters.  
This focus has resulted in significant free cash generation and an industry leading dividend.

In order to sustain the dividend, management has also focused primarily on organic opportunities, which has led 
to significantly longer Life of Mine (“LoM”) plans.  To ensure delivery on this aspect of our business, dedicated 
project capacity has been created.  In addition, value accretive external opportunities have also been identified 
and Sibanye has established a dedicated business development function to support these activities.  The 
establishment of these functions has ensured that the core production operations are not distracted by such 
initiatives.

The following key criteria will guide corporate decisions on project funding to ensure dividends are not 
compromised:
-  Projects will primarily be funded from cash flow after dividends.  Alternative funding options may be 
   considered where appropriate.
-  Strict filters will be applied to organic projects including assessing each project for risk, returns and the 
   impact of financing on returns.
-  Acquisitions must be earnings accretive, with medium-term potential to support the core dividend strategy.
-  Sibanye will pursue value opportunities in other mining sectors as long as such opportunities are consistent 
   with the underlying benchmark dividend strategy.

Consistent with the strategy to extend the operating life of the business to ensure the sustainability of its 
dividend, Sibanye recently concluded the acquisitions of the Cooke Operations and Wits Gold, and also exercised 
the option to acquire Southgold Exploration Proprietary Limited (“Southgold”), the sole owner of the Burnstone 
gold mine located in South Africa’s Mpumalanga Province.

The Wits Gold portfolio of projects includes the advanced De Bron and Bloemhoek projects that are located 
adjacent to the Beatrix Operations and have recently been awarded a mining right in terms of gold, silver and 
uranium ore for a period of 23 years.  The Company is currently reviewing the feasibility and pre-feasibility 
studies completed by Wits Gold on these properties, with a view to enhancing value by leveraging the existing 
Beatrix infrastructure to unlock operational and regional synergies.

The acquisition of the Burnstone mine, following an extensive technical due diligence, was concluded on 
favourable financial terms and establishes Sibanye in another operating region of the Witwatersrand Basin.  
Sibanye will invest approximately R950 million of capital over the next three years in the pre-development of the 
mine based on a conventional mining method, which is more suited to effective mining of the channelised Kimberley 
Reef.  A revised Burnstone Mineral Resource and Reserve declaration is anticipated to be completed during the 
first quarter of 2015.

Further detail on all of these transactions is available on the Sibanye Gold website – www.sibanyegold.co.za.

The acquisitions of Wits Gold and the Cooke Operations have resulted in a further significant increase in 
Sibanye’s declared Mineral Reserves and Resource: 
-  Total Group gold Mineral Reserves increased by 66% from 19.7Moz at 31 December 2013 to 32.7Moz and gold 
   Mineral Resources increased by 98% to 128.7Moz;
-  Total underground gold Mineral Reserves increased by 68% from 15.2Moz declared at 31 December 2013 to 25.6Moz;
-  Surface gold Mineral Reserves increased by 58% to 7.1Moz, primarily due to the addition of the Cooke Tailings 
   Surface Facilities (“TSF”) to the West Rand Tailings Re-treatment Project (“WRTRP”); and
-  Uranium Mineral Reserves have more than doubled to 102.8Mlb and uranium Mineral Resources increased by 
   239.1Mlb to 282.3Mlb since the 31 December 2013 declaration, with the addition of Cooke’s TSF to the WRTRP and 
   Wits Gold’s Beisa North and South uranium Mineral Resources.

Significant conceptual analysis has been conducted on the sustainability of the Company’s dividend as it relates 
to free cash flow and capital scheduling, with the primary focus on ensuring that the first call on free cash is 
for dividends.  For 2013, R827 million (US$79 million) was paid out in dividends, resulting in dividends of
 112 SA cents per share.  Extrapolating this amount to include the new shares in issue results in approximately 
R1 billion of free cash being allocated to the annual payment of dividends.  Financial modeling indicates that, 
based on a gold price of R430,000/kg and mining only the Company’s current Mineral Reserve, and the assumption 
that there are no significant production events, disruptions or adverse economic changes, there is sufficient 
free cash generation to ensure dividend sustainability until 2028.  This is reflected in Figure 1 below.

Figure 1. Sibanye conceptual cash flow profile in real terms based on reserves only (free cash flow after capital 
and tax)*

Please see PDF for graph

Sibanye’s sizable Mineral Resources provide significant opportunities to increase output and extend the LoM and 
the Group has therefore embarked on a full review of its more immediate organic opportunities.  At present the 
Group is actively reviewing eight internal projects that range from scoping to feasibility levels of study.  
These include projects targeting deeper ore body extensions, the WRTRP, which will re-treat extensive surface 
tailings resources on the West Rand, and projects in the Free State adjacent to Beatrix, in particular the 
De Bron and Bloemhoek projects.  All projects will be evaluated on the basis of defined economic and strategic 
parameters, and will be required to meet specific minimum financial return criteria.

The majority of these projects are at a sufficiently advanced stage to allow discounted cash flow models to be 
developed and were presented to the market on 4 June 2014 (available at: http://www.sibanyegold.co.za/index.php/
2012-12-30-10-07-54/sibanye-gold-technical-and-operating-update-4-5-june-2014).  Detailed financial modeling has 
also been conducted to ensure that these projects are scheduled in such a way as to be affordable from free cash 
flow whilst also ensuring the sustainability of dividends.  The conceptual project and capital scheduling has 
resulted in a peak annual capital requirement of R4.5 billion.  The conceptual capital funding requirements 
translate to $250/oz in 2014 money terms, which, according to Figure 2 below, is well within the constraints of 
modelled free cash flow with a first call on free cash to fund dividends.  This modeling has shown conceptually 
that the Company is able to fund its capital requirements whilst ensuring the sustainability of its dividend.  
Again the underlying assumption is that there are no significant production events, disruptions or adverse 
economic changes.

Figure 2. Sibanye conceptual cash flow profile including conceptual projects (free cash flow after capital and 
tax)*

Please see PDF for graph
 
The LoM production profile including both scenarios described above is set out in Figure 3 below and clearly 
indicates a LoM extending well beyond 2030.

Figure 3. Sibanye conceptual gold production profile (including projects)

Please see PDF for graph

While it is recognised that some projects may not meet the required evaluation criteria and hence may not be 
implemented, initial assessment demonstrates sufficient organic flexibility to have confidence in our ability to 
maintain production and economic output levels for many years.

Platinum strategy
There has been significant media coverage and speculation regarding Sibanye’s intentions to pursue an acquisition 
in the platinum sector.  We confirm our interest in pursuing opportunities in the platinum sector only as long as 
the opportunities underpin our dividend yield strategy.

Key platinum sector considerations are:

-  The platinum industry shares many similarities to the gold industry:
-  medium depth, tabular, hard rock mining; and
-  labour intensive, mainly utilising conventional mining methods.
-  A weak price environment exacerbated by labour unrest has put balance sheets under strain and prompted the 
   majors to adopt a different strategy, creating opportunities for acquisition.
-  The platinum sector provides an opportunity to leverage Sibanye’s operating model and proven deep level mining 
   capability.
-  The long term platinum market outlook is robust.

Sibanye is pleased to announce that, to assist with the implementation of its platinum strategy, it has secured 
the services of Steven Shepherd, one of the foremost platinum industry analysts with over 35 years’ experience 
working in and analysing the sector.

Uranium considerations
We have also outlined our intentions to grow our existing uranium production base over time.  On 29 May 2014, 
Sibanye announced that it had produced and delivered its first 10 tons of ammonium diuranate (“ADU”) to the 
Nuclear Fuels Corporation of South Africa Proprietary Limited (“NUFCOR”).  Post the June quarter end a further 
10 tons of ADU has also been shipped to NUFCOR.  Uranium production from Cooke is forecast at approximately 
500,000lb per annum by 2016.  Extraction of uranium from Sibanye’s surface tailings is also an environmental 
imperative and will enable the realisation of up to 7Moz of gold contained in the WRTRP Resources.  Up to 
350,000lb of uranium per annum could be realised from the initial phases of this project.

The development of Sibanye’s existing uranium business is logical, given our significant 102.8Mlb uranium Mineral 
Reserve and 282.3Mlb uranium Mineral Resource.  At most of our operations, uranium is associated with, and is 
already mined with gold as a by-product.  Uranium by-product sales will offset the cost of producing gold, 
thereby increasing the viability of mining portions of our gold Mineral Resources that may otherwise be 
uneconomic to extract.  This is a critical component of the Cooke underground operations.

 
Labour relations update
After reserving final judgment earlier in the year, on 5 June 2014 the Labour Court provided its final ruling on 
the Association of Mineworkers and Construction Union’s (“AMCU”) court action against the interdict that had been 
obtained by the gold mining companies.  The interdict prohibited AMCU from striking in terms of wage demands on 
the basis that the collective bargained two year wage agreement agreed in September 2013 had validly been 
extended to AMCU.  Based on the Labour Court ruling, no further wage demands can be made for the duration of the 
current collective bargained agreement, which expires in June 2015.  AMCU has since initiated an appeal process 
simultaneously with the Labour Court as well as directly with the Constitutional Court, challenging the validity 
of the 5 June ruling.

This year, consistent with Sibanye’s vision to provide superior value to all its stakeholders, we have broadened 
our focus and are addressing issues which we have identified as being critical for winning the hearts and minds 
of our employees and stakeholders, which is necessary for our long term sustainability and success.  We have 
rolled out our new CARE values (Commitment, Accountability, Respect and Enabling), and have begun implementing a 
new people model through which we expect to win the hearts and minds of our employees amidst significant 
volatility in the national industrial relations climate.  Initiatives we are pursuing include assisting employees 
with personal financial management with specific focus on indebtedness, home ownership programmes, mechanisms for 
sharing of value created through our operations with employees and alternative working arrangements that would 
enhance production while providing employees with more frequent extended periods off work.  Intensive work has 
been undertaken to listen to employee needs and aspirations that will assist in maximising the impact of our 
programmes.  We expect to identify additional areas for attention that will establish a more conducive working 
and social environment and build employee commitment towards the Group.

The interests of our employees and the sustainability of our business are our key imperatives and we will not 
allow intimidation and political agendas or posturing to compromise these.  Although we have not experienced 
visible unrest and disruption to our operations, we are well prepared for a potentially challenging industrial 
relations climate.

Safe technology function and executive management changes
The continued profitability and sustainability of our operations over the long term is central to the delivery of 
our vision.  We have recognised the need for a focused programme to ensure the safety of our employees and 
delivery on our production targets.  We are therefore introducing a new function dedicated to the development of 
safe technology, aimed at enhancing safety and productivity in the medium to long term.  As this position 
requires significant operational experience as well as technical knowledge, Peter Turner, previously Chief 
Operating Officer of Sibanye, has been appointed to lead our Safe Technology initiative on a focused and 
dedicated basis.

Shadwick Bessit has been appointed to take Peter’s responsibility for the underground operations at Driefontein 
and Kloof and Wayne Robinson’s responsibilities have been extended to include the underground operations at 
Beatrix and Cooke.  Dick Plaistowe will continue to head up our extensive surface re-treatment business.  
Dr Richard Stewart has been appointed to head up our technical services and capital projects function which was 
previously headed up by Shadwick Bessit.

Outlook
For the year ending December 2014, gold production is forecast to increase to approximately 50,000kg (1.61Moz) 
with the inclusion of seven months’ production from the Cooke Operations from the June month.  Total cash cost 
is forecast between R285,000/kg (US$835/oz) and R290,000/kg (US$850/oz) and All-in cost between R365,000/kg 
(US$1,070/oz) and R370,000/kg (US$1,085/oz) which assumes an average exchange rate of R10.60/US$ during the year.
Capital expenditure for the year, including the Cooke Operations, is estimated at R3.4 billion (US$320 million).




31 July 2014
Neal Froneman
Chief Executive Officer


FINANCIAL REVIEW OF THE GROUP 
 
For the six months ended 30 June 2014 compared with the six months ended 30 June 2013

Production for the gold mining industry in South Africa during the first six months of the calendar year is 
seasonally weak due to the cessation of mining over the Christmas/New Year period and the Easter public holidays. 
 It is therefore more relevant to compare the operating and financial results for the six months ended 
30 June 2014 with the corresponding period in the previous year, rather than the preceding six months ended 
31 December 2013.

Group profit increased from R290 million (US$32 million) for the six months ended 30 June 2013 to R533 million 
(US$50 million) for the six months ended 30 June 2014.  The reasons for this increase are discussed below.

Operating performance
Gold produced of 22,143kg (711,900oz) for the six months ended 30 June 2014 was 8% higher than the 20,413kg 
(656,300oz) gold produced for the same period in 2013.  Excluding the additional production from the Cooke 
Operations of 643kg (20,700oz) in June, gold produced was 5% higher than for the six months ended 30 June 2013 
and was in line with our forecast of 21,500kg (690,000oz) at the beginning of the year.

Total cash cost and All-in cost were in line with the forecast, with Total cash cost of R291,212/kg (US$848/oz) 
and All-in cost of R367,601/kg (US$1,071/oz), 2% lower than for the six months ended 30 June 2013.

Gold produced during the June quarter 2014 of 11,805kg (379,500oz) was 14% above the March quarter, and 8% higher 
excluding production from the Cooke Operations.  Total cash cost of R292,308/kg (US$863/oz) and All-in cost of 
R369,716/kg (US$1.092/oz) for the June quarter  was marginally higher than the March quarter due to the inclusion 
of the Cooke Operations.

Revenue
The average US dollar gold price of US$1,293/oz, was 16% lower than for the six months ended 30 June 2013.  This 
was partly offset by the weakening of the Rand/Dollar exchange rate to R10.68/US$ from R9.15/US$.  As a result 
the Rand gold price decreased by 2% to R443,865/kg.  Revenue increased by 7% to R9,829 million (US$920 million) 
for the six months ended 30 June 2014, due to the increase in gold production.

Cost of sales
Operating costs
Group operating costs increased by 8% to R6,340 million (US$594 million).  The inclusion of the Cooke Operations, 
added R241 million (US$23 million) to Group operating costs which were also affected by higher volumes mined and 
above inflation electricity and labour cost increases.

Amortisation and depreciation
Group amortisation and depreciation increased to R1,488 million (US$139 million) due to the increase in 
production, primarily at the Kloof Operations, and the inclusion of the Cooke Operations.  This was partly offset 
by the increase in gold Mineral Reserves declared earlier this year, against which amortisation applying a units 
of production method is calculated.

Capital expenditure
Capital expenditure of R1,346 million (US$126 million) was 6% lower than for the six months ended 30 June 2013. 
 Sustaining capital expenditure of R372 million (US$35 million) was 22% lower following the completion of the 
capital intensive Python plant late last year.  Ore reserve development (“ORD”) expenditure increased by some 
R10 million due to the inclusion of the Cooke Operations, but was flat for the KDB Operations. 

Net operating profit
Net operating profit increased by 1% to R2,000 million (US$187 million) from R1,977 million (US$216 million) for 
the six months ended 30 June 2013.

Investment income
Investment income increased by 53%, to R89 million (US$8 million) for the six months ended 30 June 2014, due to 
interest earned on the higher average cash balance during the period.

Finance expenses
Finance expenses of R160 million (US$15 million) were 31% lower than for the six months ended 30 June 2013, 
primarily due to a R98 million (US$9 million) decrease in interest payments following a significant reduction in 
gross debt in 2013 and the lower interest rate applicable to the Loan Facilities which were restructured in the 
second half of 2013. 

Sibanye’s average gross debt outstanding during the first half of 2014 was approximately R2.0 billion compared 
with R4.0 billion during the first half of 2013.

Share of result of associates 
The R149 million (US$14 million) loss from share of results of associates for the six months ended 30 June 2014, 
is primarily due to a net R151 million (US$14 million) loss relating to Sibanye’s 33.1% interest in Rand Refinery 
Proprietary Limited (“Rand Refinery”). 

Following the adoption of a new Enterprise Resource Planning (“ERP”) system in 2013, Rand Refinery has been 
unable to reconcile its actual gold inventory against its accounting records.  As a result, its shareholders have 
had to offer financial support in the form of a R1.2 billion irrevocable subordinated loan (the “Facility”).

For additional information on the break-down of the R151 million and the salient terms of the Facility, refer to 
Note 2 of the financial statements of this report.

It should be noted that Rand Refinery’s operations have been unaffected and continues with normal refining 
operations.  Sibanye sells its gold to financial institutions on delivery of its doré to the refinery and 
therefore has very limited trading exposure to Rand Refinery.

Share-based payments
Share-based payments increased by 81% to R208 million (US$20 million) for the six months ended 30 June 2014.  
This was mainly due to a higher fair value of each option granted under the scheme following the significant 
increase in the Sibanye share price between the allocation and vesting dates.  The 2014 allocation was granted 
in March 2014, resulting in approximately four months additional shares vesting compared with the allocation in 
2013, which only occurred during the second half of 2013.

The share-based payment expense for the six months ended 30 June 2014 predominantly relates to R110 million 
(US$10 million) (30 June 2013: Rnil (US$nil)) of cash-settled share options (“Phantom Share Scheme”) with 
R95 million (US$9 million) (30 June 2013: R115 million (US$13 million)) relating to the Sibanye and Gold Fields 
Limited Share Plans.

Loss or gain on financial instruments
The cash-settled share options are valued at each reporting period based on the fair value of the instrument at 
that reporting date.  The difference between the reporting date fair value and the initial recognition fair value 
of these cash- settled share options is included in (loss)/gain on financial instruments in the income statement.

The net R178 million (US$17 million) loss on financial instruments for the six months ended 30 June 2014 compared 
to a R13 million (US$2 million) gain in the six months ended 30 June 2013.  This consists of a R253 million 
(US$24 million) (30 June 2013: Rnil (US$nil)) fair value loss related to the Phantom Share Scheme options, a 
R59 million (US$6 million) (30 June 2013: Rnil (US$nil)) fair value gain on investments under the Environmental 
rehabilitation obligation funds and a R16 million (US$2 million) (30 June 2013: R13 million (US$2 million)) gain 
relating to the financial guarantee liability.

Non-recurring items
Impairment
The request by Rand Refinery for its shareholders to provide the Facility resulted in a decision to fully impair 
the remaining R119.6 million (US$11.3 million) carrying value of the investment in Rand Refinery.

For additional information on Rand Refinery refer to Note 2 of the financial statements of this report.

A R821 million (US$90 million) impairment of Beatrix West’s mining assets was made during the six months ended 
30 June 2013.

Royalties
Royalties increased 17% to R195 million (US$18 million), due to the increase in gold revenue against which the 
royalty is charged.  The royalty tax rate increased from 1.8% to 2.0% of revenue.

Mining and income taxation
Mining and income taxation increased to R334 million (US$31 million) from R75 million (US$8 million) for the six 
months ended 30 June 2013 due to the increase in taxable profit.  Current taxation increased by R163 million 
(US$11 million) to R434 million (US$41 million).  The impairment of Beatrix West resulted in a deferred taxation 
credit of R230 million (US$25 million) during the six months ended 30 June 2013, reducing the taxation charge. 

Cash flow analysis
Sibanye defines free cash flow as cash from operating activities before dividends, less additions to property, 
plant and equipment.

Free cash flow of R1,711 million (US$160 million) was 13% lower than for the six months ended 30 June 2013. This 
was largely due to the R678 million increase in royalties and taxation paid.

Sibanye repaid R906 million (US$85 million) of debt during the period, including R656 million of debt assumed 
through the acquisitions of Wits Gold and the Cooke Operations.

Acquisitions
The acquisitions of Wits Gold and the Cooke Operations were completed during the period. 

The Wits Gold acquisition is considered an asset acquisition for accounting purposes and the R415 million 
(US$40 million) purchase consideration was allocated to the individual identifiable assets acquired and 
liabilities assumed, based on their relative fair values.

The total consideration for the Cooke Operations was R4,650 million (US$449 million) compared with the fair 
value of assets acquired and liabilities assumed of R4,168 million (US$402 million).  This resulted in a non-
controlling interest of R362 million (US$35 million) and goodwill of R844 million (US$82 million) being 
recognised. 

Dividend declaration
The Sibanye Board approved an Interim dividend, number 2, of 50 SA cents per share (gross) for the six months 
ended 30 June 2014. 

Sibanye‘s dividend policy is to return between 25% and 35% of normalised earnings to shareholders.  The Board may 
also consider declaring a special dividend after due consideration of the Group cash position and future 
requirements.  Normalised earnings are defined as: basic earnings excluding gains and losses on foreign exchange 
and financial instruments, non-recurring items and its share of result of associates, after taxation.

The Interim dividend is subject to the Dividends Withholding Tax.  In accordance with paragraphs 
11.17 (a) (i) and 11.17 (c) of the JSE Listings Requirements the following additional information is disclosed:
-  The dividend has been declared out of income reserves;
-  The local Dividends Withholding Tax rate is 15% (fifteen per centum);
-  The gross local dividend amount is 50 SA cents per ordinary share for shareholders exempt from the Dividends 
   Tax;
-  The Company has no STC credits available and the Dividend Withholding Tax of 15% will be applicable to this 
   dividend;
-  The net local dividend amount is 42.5000 SA cents (85% of 50 SA cents) per ordinary share for shareholders 
   liable to pay the Dividends Withholding Tax;
-  Sibanye currently has 898,301,633 ordinary shares in issue; 
-  Sibanye’s Auditors are KPMG Inc. and the individual auditor is Jacques Erasmus; and
-  Sibanye’s income tax reference number is 9431 292 151.

Shareholders are advised of the following dates in respect of the Interim dividend: 
-  Interim dividend number 2: 50 SA cents per share.
-  Last date to trade cum dividend: Friday, 15 August 2014.
-  Sterling and US dollar conversion date: Monday, 18 August 2014.
-  Shares commence trading ex-dividend: Monday, 18 August 2014.
-  Record date: Friday, 22 August 2014.
-  Payment of dividend: Monday, 25 August 2014.

Please note that share certificates may not be dematerialised or rematerialised between Monday, 18 August 2014, 
and Friday, 22 August 2014, both dates inclusive.


Salient features and cost benchmarks for the six months ended 30 June 2014, 31 December 2013 and 30 June 2013

                                                                           Total          Driefontein                Kloof                 Beatrix               Cooke (1 month) 
                                                               Under-                  Under-                  Under-                  Under-                  Under-
                                                   Group      ground     Surface      ground     Surface      ground     Surface      ground     Surface      ground      Surface 
Operating results                                                                                                                                                                
Tons milled/treated  000’ton        Jun 2014       7,783       3,412       4,371       1,144       1,345         949       1,555       1,196       1,059         123         412 
                                    Dec 2013       7,188       3,692       3,496       1,347       1,433         959       1,267       1,386         796           -           - 
                                    Jun 2013       6,436       3,104       3,332       1,180       1,350         939       1,058         985         924           -           - 
Yield                        g/t    Jun 2014         2.8         5.9         0.4         6.7         0.5         7.9         0.5         3.8         0.4         4.5         0.2 
                                    Dec 2013         3.3         6.0         0.5         7.0         0.6         7.8         0.6         3.8         0.4           -           - 
                                    Jun 2013         3.2         5.9         0.6         6.3         0.7         7.5         0.7         4.0         0.3           -           - 
Gold produced/sold            kg    Jun 2014      22,143      20,230       1,913       7,695         687       7,458         749       4,518         393         559          84 
                                    Dec 2013      24,061      22,195       1,866       9,485         858       7,446         713       5,264         295           -           - 
                                    Jun 2013      20,413      18,460       1,953       7,442         990       7,087         731       3,931         232           -           - 
                          000’oz    Jun 2014       711.9       650.4        61.5       247.4        22.1       239.8        24.1       145.3        12.6        18.0         2.7 
                                    Dec 2013       773.6       713.6        60.0       304.9        27.6       239.4        22.9       169.3         9.5           -           - 
                                    Jun 2013       656.3       593.5        62.8       239.3        31.8       227.9        23.5       126.4         7.5           -           - 
Uranium produced     
                          000’lb    Jun 2014        18.9        18.9           -           -           -           -           -           -           -        18.9           - 
Gold price received         R/kg    Jun 2014     443,865                                    444,798                 442,927                  444,838                 436,236 
                                    Dec 2013     420,423                                    420,719                 419,966                  420,543                       - 
                                    Jun 2013     451,448                                    451,992                 451,254                  450,709                       - 
                          US$/oz    Jun 2014       1,293                                      1,295                   1,290                    1,296                   1,270 
                                    Dec 2013       1,301                                      1,302                   1,300                    1,302                       - 
                                    Jun 2013       1,535                                      1,536                   1,534                    1,532                       - 
Operating cost             R/ton    Jun 2014         815       1,693         129       1,873         169       2,023         144       1,258          75       1,683          83 
                                    Dec 2013         852       1,527         139       1,663         162       1,992         141       1,073          92           -           - 
                                    Jun 2013         909       1,737         137       1,849         168       1,972         151       1,379          77           -           - 
Total cash cost             R/kg    Jun 2014     291,212                                    287,664                 267,747                  325,229                 377,138 
                                    Dec 2013     259,919                                    247,336                 261,086                  281,615                       - 
                                    Jun 2013     289,031                                    288,888                 262,075                  339,947                       - 
                          US$/oz    Jun 2014         848                                        838                     780                      947                   1,098 
                                    Dec 2013         804                                        765                     808                      872                       - 
                                    Jun 2013         983                                        982                     891                    1,156                       - 
Operating margin               %    Jun 2014          35          36          33          37          26          42          32          25          55          15           7 
                                    Dec 2013          39          40          38          44          36          39          40          33          41           -           - 
                                    Jun 2013          37          35          38          35          39          42          52          23          32           -           - 
All-in sustaining cost      R/kg    Jun 2014     367,601                                    359,687                 345,035                  384,158                 430,793 
All-in cost                         Dec 2013     336,848                                    312,472                 351,195                  338,586                       - 
                                    Jun 2013     375,036                                    357,424                 356,690                  428,777                       - 
                          US$/oz    Jun 2014       1,071                                      1,048                   1,005                    1,119                   1,255 
                                    Dec 2013       1,043                                        967                   1,087                    1,048                       - 
                                    Jun 2013       1,275                                      1,215                   1,212                    1,458                       - 
All-in cost margin             %    Jun 2014          17                                         19                      22                       14                       2 
                                    Dec 2013          20                                         26                      16                       19                       - 
                                    Jun 2013          17                                         21                      21                        5                       - 
Total capital 
expenditure*               R’mil    Jun 2014     1,345.7                                      517.9                   555.9                    236.1                    29.6 
                                    Dec 2013     1,462.9                                      560.3                   654.4                    227.6                       - 
                                    Jun 2013     1,438.6                                      462.7                   649.2                    309.4                       - 
                         US$’mil    Jun 2014       126.0                                       48.5                    52.1                     22.1                     2.8 
                                    Dec 2013       145.0                                       56.0                    64.8                     22.1                       - 
                                    Jun 2013       157.2                                       50.6                    71.0                     33.8                       - 

Average exchange rates for the six months ended 30 June 2014, 31 December2013 and 30 June 2013 were R10.68/US$, R10.05/US$ and R9.15/US$ respectively. 
Figures may not add as they are rounded independently. 
* Included in total Group capital expenditure is Corporate expenditure of R6.2 million (US$0.6m), R20.6 million (US$2.1m) and R17.3 million (US$1.9m) for the six months 
  ended 30 June 2014, 31 December 2013 and 30 June 2013 respectively. 


REVIEW OF OPERATIONS

Six months ended 30 June 2014 compared with the six months ended 30 June 2013

Underground Operations 
Driefontein
Gold production increased by 3% to 7,695kg (247,400oz), from 7,442kg (239,300oz) for the six months ended 
30 June 2013.  This was primarily due to an increase in the average yield to 6.7g/t from 6.3g/t, which offset 
lower volumes processed.  The higher yield was a result of an improvement in quality of mining factors and the 
fire in the March 2014 quarter, which affected production in lower grade sections.

Underground ore milled decreased by 3% to 1,144,000 tons.  Throughput was lower as a result of the fire, which 
resulted in the loss of 40 shifts, and safety stoppages due to two fatalities.  The cost of underground ore 
milled at R1,873/ton was only 1% higher despite the lower volumes. 

Main development decreased by 12% to 7,664 metres and on-reef development of 1,727 metres was 33% lower.  
The closure of relatively lower grade sections of Driefontein following the fire, affected development rates in 
those areas and, as a result, average development values increased 19% to 1,472cm.g/t. 

Cost saving initiatives, including a reduction in employees in service and a reduced reliance on contractors, 
resulted in underground operating costs decreasing 2% to R2,143 million (US$201 million) for the six months ended 
30 June 2014.

Underground operating profit increased by 8% to R1,276 million (US$120 million) as a result of the increase in 
underground gold production and the reduction in costs.  The underground operating margin increased to 37% from 
35% for the comparative six months in 2013.

Capital expenditure increased by 8% to R476 million (US$45 million).  Capital was predominantly spent on ORD, 
mining equipment and stabilisation of the shaft barrel at Ya Rona shaft during the December break. 

Kloof
Gold production increased by 5% to 7,458kg (239,800oz) for the six months ended 30 June 2014, mostly due to an 
improvement in underground yields.

Underground ore milled increased by 1% to 949,000 tons and the underground yield increased by 5% to 7.9g/t due 
to a reduction in mining from marginal areas, together with an improvement in the mine call factor.  The cost of 
underground ore milled increased by 3% to R2,023/ton for the six months ended 30 June 2014. 

On-reef development increased by 11% to 1,925 metres and main development decreased by 7% to 9,050 metres as 
planned.  The average development value decreased to 1,714cm.g/t from 1,821cm.g/t as a result of an increase in 
secondary reef development in order to delineate payable areas.

Operating costs increased by less than 4% to R1,920 million (US$180 million) as cost management initiatives 
offset above inflation increases in electricity and wages. 

The increase in production more than offset the higher operating costs, resulting in a 3% increase in operating 
profit to R1,382 million (US$130 million). The operating margin was maintained at 42% despite the lower gold 
price.

Capital expenditure of R544 million (US$51 million) was 5% lower than for the six months ended 30 June 2013.  
Capital was mainly spent on ORD, safety systems and general equipment upgrades. 

Beatrix 
Gold production increased by 15% to 4,518kg (145,300oz) for the six months ended 30 June 2014.  This was 
primarily due to normalisation of production at Beatrix West Section, which was severely impacted by an 
underground fire during the corresponding period in 2013.

Underground ore milled increased 21% to 1,196,000 tons for the six months ended 30 June 2014 due to the recovery 
at Beatrix West Section.  The underground yield was marginally lower at 3.8g/t as planned.  Unit costs decreased 
by 9% to R1,258/ton. 

To improve flexibility, on-reef development increased by 48% to 2,792 metres across all the sections.  Main 
development of 8,820 metres was consistent year-on-year.  The average development value decreased to 991cm.g/t 
from 1,166cm.g/t due to the planned development in lower grade areas at the North section, in order to improve 
flexibility and the mining mix.

Underground operating costs increased by 11% to R1,505 million (US$141 million) due to the increase in 
production, mostly from Beatrix West Section.

Underground operating profit increased by 22% to R503 million (US$47 million) as a result of the increase in 
gold production, which offset the higher operating costs and the marginally lower average gold price received.  
The underground operating margin increased from 23% to 25% for the six months ended 30 June 2014.

Capital expenditure increased 23% to R232 million (US$22 million) for the six months ended 30 June 2014.  
The increase was predominantly due to the resumption of ORD at Beatrix West Section. 

Cooke (one month since acquisition)
Gold production of 559kg (18,000oz) in June 2014, was 54% higher than the average monthly gold production during 
the previous five months, reflecting a good recovery from operational disruptions in the March 2014 quarter.

Underground ore milled increased 36% to123,000 tons in June, compared with the average monthly throughput of 
90,500 tons for the previous five months.  The underground yield was stable at 4.5g/t.  As a result of the 
increase in tons milled, unit costs declined by 15% to R1,683/ton from an average of R1,971/ton for the five 
months prior to the acquisition. 

Main development increased to 1,293 metres from a five month average of 1,218 metres and on-reef development 
increased to 694 metres from a five month average of 502 metres.  The average development values were 809cm.g/t. 

Operating costs for the month of June of R207 million (US$19 million) were inflated by higher winter electricity 
tariffs. 

An operating profit of R37 million (US$4 million) was recorded in the June month. The operating margin was 
15% and the Cooke Operations made a positive contribution to Group operating cash flow after capex .

Capital expenditure at the underground operations for the month of June was R26 million (US$2 million). 
The majority of capital was spent on ORD and infrastructure on the Uranium plant.

Surface Operations
Gold production from the Surface Operations decreased 2% to 1,913kg (61,500oz) due to lower grades at the West 
Wits surface operations and lower recoveries at the Driefontein plants, largely offset by an increase in 
throughput.

Surface throughput increased by 31% to 4,371,000 tons, with the Kloof surface plants contributing the majority of 
this increase following the commissioning of the Python plant in August 2013.  As a result of lower processing 
grades and higher ore reclamation and feed costs, the Python Plant has been discontinued for maintenance and 
review.  A decision on the plant will be made following the review.  The yield from the Surface Operations 
decreased to 0.44g/t from 0.59g/t due to the previously mentioned grade and recovery issues at the West Wits 
operations.

The incorporation of one month’s throughput and costs from the Cooke surface operations contributed to the 
23% increase in operating costs to R566 million (US$53 million).  Milling costs from the surface operations were 
6% lower at R129/ton. 

Operating profit declined by 31% to R291 million (US$27 million) due to the increase in costs and lower gold 
price and production. 

Capital expenditure of R62 million was 40% lower than for the six months ended 30 June 2013, primarily due to 
the completion of the Python plant in 2013.  This was partly offset by expenditure on the installation of a 
carbon-in-leach circuit at Driefontein number 2 plant, which is expected to be commissioned towards the end of 
the year.


CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

Condensed consolidated income statement 

Figures are in millions unless otherwise stated 
United States Dollars                                                                                                                 South African Rand 
Six month periods ended                                                                                                          Six month periods ended 
    Reviewed                                     Reviewed                                                 Reviewed                              Reviewed 
   June 2013            December 20131          June 2014                                 Notes          June 2014     December 20131          June 2013 
     1,007.1                  1,006.6              920.3        Revenue                                    9,828.5           10,115.8            9,215.4 
      (639.3)                  (607.9)            (593.7)       Operating costs                           (6,340.4)          (6,123.8)          (5,849.5)
       367.8                    398.7              326.6        Operating profit                           3,488.1            3,992.0            3,365.9 
                                                                Amortisation and 
      (151.8)                  (171.5)            (139.3)       depreciation                              (1,488.2)          (1,715.1)          (1,388.8)
                                                                Net operating 
       216.0                    227.2              187.3        profit                                     1,999.9            2,276.9            1,977.1 
         6.3                     10.4                8.3        Investment income                             88.7              102.5               57.8 
       (25.4)                   (18.4)             (15.0)       Finance expenses                            (159.9)            (187.2)            (233.1)
        (6.6)                    (3.4)              (2.8)       Net other costs                              (29.8)             (35.3)             (60.3)
                                                                Share of results 
                                                                of associates 
         3.7                      1.7              (14.0)       after taxation                2             (149.1)              17.2               34.3 
       (12.6)                   (19.3)             (19.5)       Share-based  
                                                                payments                                    (208.2)            (190.9)            (114.9)
                                                               (Loss)/gain on 
                                                                financial 
         1.5                     (2.0)             (16.6)       instruments                                 (177.8)             (18.0)              13.4 
                                                                Gain on foreign 
                                                                exchange 
         2.3                      4.4                0.6        differences                                    5.2                3.4               20.6 
                                                                Profit before 
                                                                non-recurring 
       185.2                    200.6              128.3        items                                      1,369.0            1,968.6            1,694.9 
                                                                Profit on 
                                                                disposal of 
                                                                property, plant 
           -                      0.6                  -        and equipment                                  0.2                5.1                0.4 
       (89.7)                       -              (11.3)       Impairment                    2             (119.6)                 -             (821.0)
                                                                Loss on loss of 
                                                                control of 
           -                     (3.1)                 -        subsidiary                                       -              (30.2)                 - 
                                                                Restructuring   
       (37.5)                    (8.3)              (9.9)       costs                                       (106.0)             (96.4)            (343.0)
           -                     (1.0)              (7.6)       Transaction costs                            (81.5)              (9.3)                 - 
                                                                Profit before 
                                                                royalties and 
        58.0                    188.8               99.5        taxation                                   1,062.1            1,837.8              531.3 
       (18.3)                   (24.9)             (18.3)       Royalties                                   (195.2)            (247.5)            (167.1)
                                                                Profit before 
        39.7                    163.9               81.2        taxation                                     866.9            1,590.3              364.2 
                                                                Mining and 
        (8.2)                   (18.5)             (31.3)       income taxation                             (334.2)            (181.6)             (74.6)
       (29.6)                   (54.8)             (40.6)        - Current taxation                         (434.0)            (539.0)            (270.8)
        21.4                     36.3                9.3         - Deferred taxation                          99.8              357.4              196.2 
        31.5                    145.4               49.9        Profit for the period                        532.7            1,408.7              289.6 
                                                                Profit for the period 
                                                                attributable to
        31.5                    144.8               49.9         - Owners of Sibanye                         532.7            1,402.4              290.0 
                                                                 - Non-controlling 
           -                      0.6                  -           interests                                     -                6.3               (0.4)
                                                                Earnings per 
                                                                ordinary share 
                                                               (cents)         
           6                       20                  6        Basic earnings per share                        69                191                 51 
           6                       19                  6        Diluted earnings per share                      67                187                 51 
                                                                Weighted average 
     566,413                  734,367            772,679        number of shares (‘000)                    772,679            734,367            566,413 
                                                                Diluted weighted 
                                                                average number 
     572,014                  748,034            792,209        of shares (‘000)                           792,209            748,034            572,014 
                                                                Headline earnings per 
                                                                ordinary share 
                                                                (cents)                       3                                                          
                                                                Headline 
                                                                earnings per 
          17                       20                  8        share                                           84                195                156 
                                                                Diluted headline 
          17                       20                  8        earnings per share                              82                191                154 
                                                                Weighted average 
     566,413                  734,367            772,679        number of shares (‘000)                    772,679            734,367            566,413 
                                                                Diluted weighted 
     572,014                  748,034            792,209        average number 
                                                                of shares (‘000)                           792,209            748,034            572,014 
        9.15                    10.05              10.68        Average R/US$ rate   

1 The amounts for the six months ended 31 December 2013 have not been reviewed, however they have been prepared by subtracting the six months ended 30 June 2013 
reviewed results from the year ended 31 December 2013 audited results. 

The condensed consolidated financial statements have been prepared by the corporate accounting staff of Sibanye 
Gold Limited headed by Pieter Henning, Vice President Corporate Finance. This process was supervised by 
Charl Keyter, the Group’s Chief Financial Officer.  


Condensed consolidated statement of comprehensive income 

Figures are in millions unless otherwise stated 
United States Dollars                                                                                                                 South African Rand 
Six month periods ended                                                                                                          Six month periods ended 
    Reviewed                                     Reviewed                                                 Reviewed                              Reviewed 
   June 2013            December 20131          June 2014                                                June 2014     December 20131          June 2013 
        31.5                     145.4               49.9       Profit for the period                        532.7            1,408.7              289.6 
                                                                Other comprehensive 
       (87.8)                    (23.2)             (30.9)      income net of tax                                -                  -                  - 
                                                                Currency translation 
       (87.8)                    (23.2)             (30.9)      adjustments2                                     -                  -                  - 
                                                                Total comprehensive 
       (56.3)                    122.2               19.0       income                                       532.7            1,408.7              289.6 
                                                                Total comprehensive 
                                                                income 
                                                                attributable to:  
       (56.3)                    121.6               19.0         - Owners of Sibanye                        532.7            1,402.4              290.0 
                                                                  - Non-controlling 
           -                       0.6                  -           interests                                    -                6.3               (0.4) 
        9.15                     10.05              10.68       Average R/US$ rate          

1 The amounts for the six months ended 31 December 2013 have not been reviewed, however they have been prepared by subtracting the six months ended 30 June 2013 
  reviewed results from the year ended 31 December 2013 audited results.
2 The currency translation adjustment arises on the convenience translation of the South African Rand amount to the United States Dollar. These gains and losses 
  will never be reclassified to profit and loss.


Condensed consolidated statement of financial position 

Figures are in millions unless otherwise stated 
United States Dollars                                                                                                                 South African Rand 
Six month periods ended                                                                                                          Six month periods ended 
    Reviewed                                     Reviewed                                                 Reviewed                              Reviewed 
   June 2013            December 20131          June 2014                                   Notes        June 2014     December 20131          June 2013 
     1,732.4                   1,672.2            2,307.4         Non-current assets                      24,415.9           17,289.9           17,583.7
                                                                  Property, plant and 
     1,537.3                   1,465.3            2,009.1         equipment                               21,255.9           15,151.0           15,603.6
           -                         -               79.8         Goodwill                      4            844.2                 -                   -   
        25.1                      26.7                0.7         Investments                                  7.8              276.5              254.4 
                                                                  Environmental 
                                                                  rehabilitation 
       143.4                     153.6              192.4         obligation funds                         2,035.7            1,588.1            1,455.6 
                                                                  Financial 
                                                                  guarantee 
        24.8                      23.1               21.3         asset                                      224.9              238.5              251.8  
         1.8                       3.5                4.4         Deferred taxation                           46.7               35.8               18.3  
       333.7                     261.7              222.7         Current assets                           2,356.4            2,705.0            3,386.4  
        33.6                      18.1               27.0         Inventory                                  285.3              187.1              340.6  
                                                                  Trade and other 
        89.1                      94.3               75.2         receivables                                795.9              973.8              904.3  
                                                                  Current portion of 
                                                                  financial guarantee 
         5.0                       5.0                5.0         asset                                       53.2               51.7               50.8 
           -                         -                1.7         Assets held  
                                                                  for sale                      6             18.3                  -                  -    
                                                                  Cash and cash 
       206.0                     144.3              113.8         equivalents                              1,203.7            1,492.4            2,090.7     
     2,066.1                   1,933.9            2,530.4         Total assets                            26,771.6           19,994.9           20,970.1    
       806.7                     911.4            1,356.0         Shareholders’ equity                    14,346.7            9,423.4            8,188.2   
       923.0                     675.1              759.0         Non-current 
                                                                  liabilities                              8,031.0            6,980.0            9,368.1    
       400.5                     361.3              359.1         Deferred taxation                        3,799.0            3,735.4            4,064.9     
       344.8                     144.2              119.7         Borrowings                    7          1,266.6            1,491.4            3,500.0   
                                                                  Environmental 
                                                                  rehabilitation 
       176.0                     160.6              247.9         obligation                               2,623.0            1,660.7            1,785.5   
                                                                  Post-retirement 
                                                                  healthcare 
         1.7                       1.6                1.5         obligation                                  16.3               16.3               17.7   
                                                                  Share-based payment 
          -                        7.4               30.8         obligation                                 326.1               76.2                  -    
       336.4                     347.4              415.4         Current liabilities                      4,393.9            3,591.5            3,413.8    
                                                                  Trade and 
       225.6                     200.5              279.2         other payables                           2,953.6            2,073.0            2,290.2    
                                                                  Financial 
        21.5                      20.0               18.5         guarantee liability                        195.7              206.6              217.8     
                                                                  Taxation and 
        40.0                      74.2               56.3         royalties payable                          595.9              767.2              405.8 
                                                                  Current portion of 
        49.3                      48.3               52.4         borrowings                    7            554.0              499.5              500.0 
                                                                  Current portion of  
                                                                  share-based 
                                                                  payment 
           -                       4.4                9.0         obligation                                  94.7               45.2                  -  
     2,066.1                   1,933.9            2,530.4         Total equity and 
                                                                  liabilities                             26,771.6           19,994.9           20,970.1 
       188.1                      48.2               58.3         Net debt                                   616.9              498.5            1,909.3 
       10.15                     10.34              10.58         Closing R/US$ rate  


Condensed consolidated statement of changes in equity 

Figures are in millions unless otherwise stated 
United States Dollars                                                                                                                                                  South African Rand 
                                                  Non-                                                                                 Non-
 Stated        Other       Accumulated     controlling        Total                                                     Total   controlling      Accumulated         Other         Stated
capital     Reserves              loss        interest       equity                                                    equity      interest             loss      Reserves        capital 
      -        767.6         (1,895.7)           (0.5)      (1,128.6)    Balance at 31 December 2012 (Audited)       (9,672.7)          (4.6)     (12,098.0)       2,429.9              - 
      -        (87.8)            31.5               -          (56.3)    Total comprehensive income for the period      289.6           (0.4)         290.0              -              - 
      -            -             31.5               -           31.5     Profit for the period                          289.6           (0.4)         290.0              -              - 
      -        (87.8)               -               -          (87.8)    Other comprehensive income net of tax              -              -              -              -              - 
1,955.3            -                -               -        1,955.3     Shares subscription                         17,245.8              -              -              -       17,245.8 
      -         12.6                -               -           12.6     Share-based payments                           114.9              -              -          114.9              - 
                                                                         Transactions with non-
      -            -                -             0.1            0.1     controlling interests                            1.0            1.0              -              -              - 
      -            -             23.6               -           23.6     Transactions with shareholder                  209.6              -          209.6              -              - 
1,955.3        692.4         (1,840.6)           (0.4)         806.7     Balance at 30 June 2013 (Reviewed)           8,188.2           (4.0)     (11,598.4)       2,544.8       17,245.8 
                                                                         Total comprehensive income for 
      -        (23.2)           144.8             0.6          122.2     the period                                   1,408.7            6.3         1402.4              -              - 
      -            -            144.8             0.6          145.4     Profit for the period                        1,408.7            6.3         1402.4              -              - 
      -        (23.2)               -               -          (23.2)    Other comprehensive income net of tax              -              -              -              -              - 
      -            -            (27.1)              -          (27.1)    Dividends paid                                (271.9)             -         (271.9)             -              - 
      -          9.6                -               -            9.6     Share-based payments                            98.5              -              -           98.5              - 
                                                                         Transactions with non-
      -            -                -             0.2            0.2     controlling interests                            2.0            2.0              -              -              - 
      -            -                -            (0.2)          (0.2)    Loss of control of subsidiary                   (2.1)          (2.1)             -              -              - 
1,955.3        678.8         (1,722.9)            0.2          911.4     Balance at 31 December 2013 (Audited)        9,423.4            2.2      (10,467.9)       2,643.3       17,245.8 
                                                                         Total comprehensive income for 
      -        (30.9)            49.9               -           19.0     the period                                     532.7              -          532.7              -              - 
      -            -             49.9               -           49.9     Profit for the period                          532.7              -          532.7              -              - 
      -        (30.9)               -               -          (30.9)    Other comprehensive income net of tax              -              -              -              -              - 
      -            -            (51.6)              -          (51.6)    Dividends paid                                (555.2)             -         (555.2)             -              - 
  433.3            -                -               -          433.3     Shares issued (refer note 4)                 4,488.8              -              -              -        4,488.8 
      -            -                -            35.0           35.0     Acquisition of subsidiary with 
                                                                         non-controlling interest 
                                                                        (refer note 4)                                  362.1          362.1              -              -              - 
      -          8.9                -               -            8.9     Share-based payments                            94.9              -              -           94.9              - 
2,388.6        656.8         (1,724.6)           35.2        1,356.0     Balance at 30 June 2014 (Reviewed)          14,346.7          364.3      (10,490.4)       2,738.2       21,734.6 


Condensed consolidated statement of cash flows 

Figures are in millions unless otherwise stated 
United States Dollars                                                                                                              South African Rand 
Six month periods ended                                                                                                       Six month periods ended 
    Reviewed                                     Reviewed                                              Reviewed                              Reviewed 
   June 2013            December 20131          June 2014                                             June 2014     December 20131          June 2013 
                                                                Cash flows from operating 
                                                                activities                                                                             
       326.3                     390.4              306.1       Cash generated by operations            3,269.4            3,854.6            2,985.4 
                                                                Post-retirement healthcare 
        (0.1)                     (0.2)                 -       payments                                   (0.5)              (2.1)              (0.6)                   
                                                                Cash-settled share-based 
           -                      (0.4)              (5.9)      payments paid                             (63.5)              (3.9)                 -                    
        78.4                     (19.2)              63.7       Change in working capital                 680.4             (149.0)             717.7                    
                                                                Cash generated by operating 
       404.6                     370.6              363.9       activities                              3,885.8            3,699.6            3,702.5                    
           -                       5.0                2.5       Guarantee fee received                     27.2               47.0                  -                    
         2.7                       3.9                3.5       Interest received                          37.5               38.3               25.0                    
       (20.8)                    (13.2)              (8.3)      Interest paid                             (88.6)            (135.7)            (190.6)                   
        (5.8)                    (20.1)             (23.7)      Royalties paid                           (253.0)            (195.8)             (53.2)                   
        (8.1)                    (23.7)             (51.7)      Taxation paid                            (551.8)            (230.8)             (74.0)                   
           -                     (27.1)             (52.0)      Dividends paid                           (555.2)            (271.9)                 -                    
                                                                Net cash flows from operating 
       372.6                     295.4              234.2       activities                              2,501.9            2 950.7            3 409.7                    

                                                                Cash flows from investing 
                                                                activities                
                                                                Additions to property, plant 
      (157.2)                   (145.0)            (126.0)      and equipment                          (1,345.7)          (1,462.9)          (1,438.6)                   
                                                                Proceeds on disposal of 
         0.2                       0.5                  -       property, plant and equipment               0.2                5.2                1.7                    
                                                                Contributions to funds and 
                                                                payment of environmental 
       (10.0)                     (9.0)                 -       rehabilitation obligation                     -              (91.1)             (91.7)                   
                                                                Investment in subsidiary 
           -                         -              (39.7)      (refer note 5)                           (415.3)                 -                  -                    
                                                                Cash flow on loss of control 
           -                       0.6                  -       of subsidiary                                 -                5.9                  -                    
                                                                Loans granted to subsidiary prior 
           -                         -              (15.6)      to acquisition (refer note 4)            (161.2)                 -                  -                    
                                                                Cash acquired on acquisition of 
           -                         -                3.6       subsidiaries (refer note 4 and 5)          37.4                  -                  -                    
                                                                Net cash flows from investing 
      (167.0)                   (152.9)            (177.7)      activities                             (1,884.6)          (1,542.9)          (1,528.6)                   

                                                                Cash flows from financing 
                                                                activities                                                                             
     1,955.3                         -                  -       Shares issued on unbundling                   -                  -           17,245.8                    
      (638.3)                   (386.7)             (84.8)      Loans repaid (refer note 7)              (906.0)          (4,000.0)          (5,840.0)                   
       614.3                     179.5                  -       Loans raised (refer note 7)                   -            2,000.0            5,620.0                    
    (1,939.7)                        -                  -       Related party loans repaid                    -                  -          (17,108.0)                   
           -                      (0.9)                 -       Financing costs capitalised                   -               (9.1)                 -                    
                                                                Shares issued to non-
           -                       0.3                  -       interest                                      -                3.0                  -                    
                                                                Net cash flows from
        (8.4)                   (207.8)             (84.8)      financing activities                     (906.0)          (2,006.1)             (82.2)                   

       197.2                     (65.3)             (28.3)      Net cash (utilised)/generated            (288.7)            (598.3)           1,798.9                    
                                                                Effect of exchange rate 
                                                                fluctuations on 
       (25.2)                      3.6               (2.2)      cash held                                     -                  -                  -                    
                                                                Cash and cash 
                                                                equivalents at 
        34.0                     206.0              144.3       beginning of period                     1,492.4           2, 090.7              291.8                    
                                                                Cash and cash 
                                                                equivalents at 
       206.0                     144.3              113.8       end of period                           1,203.7            1,492.4            2,090.7                    
        9.15                     10.05              10.68       Average R/US$ rate                                                                             
       10.15                     10.34              10.58       Closing R/US$ rate                                                                             

1 The amounts for the six months ended 31 December 2013 have not been reviewed, however they have been prepared by subtracting the six months ended 30 June 2013 
  reviewed results from the year ended 31 December 2013 audited results. 


NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

1.  Basis of accounting and preparation
The condensed consolidated interim financial statements for the six months ended 30 June 2014 have been prepared 
in accordance with International Financial Reporting Standards (“IFRS”), IAS 34 Interim Financial Reporting, the 
SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and Financial Pronouncements as 
issued by Financial Reporting Standards Council and the requirements of the Companies Act of South Africa.  The 
accounting policies used in the preparation of these condensed consolidated interim financial statements are in 
terms of IFRS and are consistent with those applied in the preparation of the audited consolidated financial 
statements of Sibanye (“the Group”) for the year ended 31 December 2013, except for the adoption of applicable 
revised and/or new standards issued by the International Accounting Standards Board.  The newly adopted standards 
did not materially impact the Group’s financial results, other than disclosures. 

The condensed consolidated income statement and statements of comprehensive income and cash flows for the six 
months ended 31 December 2013 were prepared by subtracting the reviewed complete consolidated financial 
statements for the period ended 30 June 2013 from the audited complete consolidated financial statements for the 
year ended 31 December 2013.  The statement of financial position for 31 December 2013 was extracted from the 
audited complete consolidated financial statements for the year ended 31 December 2013.

The translation of the financial statements into US Dollar is based on the average exchange rate for the period 
for the income statement, statement of other comprehensive income and statement of cash flows and the period-end 
closing exchange rate for the statement of financial position items.  Exchange differences on translation are 
accounted for in the statement of comprehensive income.  This information is provided as supplementary 
information only. 

2.  Investment in Rand Refinery Proprietary Limited
Sibanye has a 33.1% interest in Rand Refinery Proprietary Limited (“Rand Refinery”) which is accounted for using 
the equity method. Sibanye’s share of profits for the six months ended 30 June 2014 was R45.9 million 
(US$4.3 million) based on Rand Refinery’s most recent available unaudited management accounts.

Following the adoption of a new Enterprise Resource Planning (“ERP”) system in 2013, Rand Refinery experienced 
implementation difficulties which led to a difference between the actual inventory and the accounting records of 
approximately 87,000oz of gold (the “Imbalance”) as at the most recent practical date.  Uncertainty around the 
true inventory position has prevented Rand Refinery from finalising its annual financial statements for the year 
ended 30 September 2013.  Accordingly there is uncertainty surrounding the results of associate after tax 
recognised in profit and loss.

Due to the uncertainty around Rand Refinery’s inventory and the time it is taking to resolve this matter, Sibanye 
has assumed a 50% probability that the 87,000oz gold Imbalance will not be recovered.  Sibanye’s share of the 
loss adjustment is R196.4 million (US$18.4 million).  This amount is partly offset by Sibanye’s R45.9 million 
(US$4.3 million) share of Rand Refinery’s profits, resulting in a net loss of R150.5 million (US$14.1 million) 
which has been recognised in profit and loss for the period.  

Due to the above mentioned uncertainty, AngloGold Ashanti Limited (42.4% shareholding), Sibanye, Harmony Gold 
Mining Company Limited (11.3% shareholding) and Gold Fields Operations Limited (2.8% shareholding) (together, 
the "Financing Shareholders") collectively agreed on 23 July 2014 to offer financial support to Rand Refinery in 
the form of an irrevocable subordinated loan of up to R1.2 billion (the “Facility”).  Rand Refinery can only draw 
on the Facility when there is confirmation that an actual Imbalance exists.  Any amounts drawn under the Facility 
are repayable within two years from the first draw down date.  If the loan is not repaid within the two years, it 
will automatically convert into equity in Rand Refinery.  Interest under the Facility will be at Jibar plus a 
margin of 3.5%.  Sibanye has subordinated all claims it might have against Rand Refinery as part of the Facility 
agreement.

The request by Rand Refinery to the shareholders to provide the Facility is an indicator of impairment.  As 
Sibanye’s proportional share of the Facility, R448.8 million (US$42.4 million) exceeds the carrying value of the 
investment, a decision has been taken to fully impair the remaining carrying value of the investment in Rand 
Refinery of R119.6 million (US$11.3 million).

The movement relating to the investment in Rand Refinery for the period is as follows:

Figures are in millions unless otherwise stated 
United States Dollars                                                                                                              South African Rand 
Six month periods ended                                                                                                       Six month periods ended 
    Reviewed                                     Reviewed                                              Reviewed                              Reviewed 
   June 2013            December 20131          June 2014                                             June 2014     December 20131          June 2013 
                                                               Balance at the beginning 
        25.5                      24.9               26.1      of the period                              270.1              252.9              218.6 
                                                               Share of results of 
                                                               the associate after 
         3.7                       1.7              (14.1)     taxation                                  (150.5)              17.2               34.3 
           -                         -              (11.3)     Impairment                                (119.6)                 -                  - 
        (4.3)                     (0.5)              (0.7)     Translation adjustment                         -                  -                  - 
                                                               Balance at the end 
        24.9                      26.1                  -      of the period                                  -              270.1              252.9 

1 The amounts for the six months ended 31 December 2013 have not been reviewed, however they have been prepared by subtracting the six months ended 30 June 2013 
  reviewed results from the year ended 31 December 2013 audited results. 

3. Reconciliation of headline earnings with profit for the period 

Figures are in millions unless otherwise stated 
United States Dollars                                                                                                              South African Rand 
Six month periods ended                                                                                                       Six month periods ended 
    Reviewed                                     Reviewed                                              Reviewed                              Reviewed 
   June 2013            December 20131          June 2014                                             June 2014     December 20131          June 2013 
                                                               Profit attributable 
        31.5                     144.8               49.9      to owners of Sibanye                       532.7            1,402.4              290.0 
                                                               Profit on disposal 
                                                               of property, plant 
           -                      (0.6)                 -      and equipment                               (0.2)              (5.1)              (0.4)
        89.7                         -               11.3      Impairment                                 119.6                  -              821.0 
                                                               Loss on loss of 
           -                       3.1                  -      control of subsidiary                          -                30.2                 - 
                                                               Taxation effect of 
       (25.1)                      0.2                  -      remeasurement items                          0.1                 1.4            (229.8)
        96.1                     147.5               61.2      Headline earnings                          652.2             1,428.9             880.8 
        9.15                     10.05              10.68      Average R/US$ rate                                                                   

1 The amounts for the six months ended 31 December 2013 have not been reviewed, however they have been prepared by subtracting the six months ended 30 June 2013 
  reviewed results from the year ended 31 December 2013 audited results. 

4. Cooke Operations Acquisition 
On 15 May 2014 all conditions precedent to the acquisition of Gold One’s 76% shareholding in, and the Gold One 
Group claims against, Newshelf 1114 Proprietary Limited ("Newshelf") were fulfilled.  Newshelf holds a 100% 
shareholding in Rand Uranium Proprietary Limited and Ezulwini Mining Company Proprietary Limited, the activities 
of these companies include the Cooke Operations. 

On completion of the Newshelf black economic empowerment structure, Sibanye will have a 74% interest in Newshelf.
The current balance of 24% not owned by Sibanye forms part of the Newshelf black economic empowerment structure 
and is reflected as the non-controlling interest. 

As consideration for the acquisition of the Cooke Operations, Sibanye issued 156,894,754 new Sibanye ordinary 
shares at R28.61, representing 17% of Sibanye's issued share capital, on a fully diluted basis to Gold One.

The acquisition is forecast to be earnings accretive, will increase Sibanye’s annual gold production, and enhance 
existing operational flexibility, by leveraging Sibanye’s existing assets in the West Wits region.  The 
transaction will also facilitate the optimal development of the West Rand Tailings Retreatment Project (“WRTRP”),
enhancing the return on investment from Sibanye’s surface processing facilities and reducing a future 
environmental liability.

For the month ended 30 June 2014, the Cooke Operations contributed revenue of R280.5 million (US$26.3 million) 
and profit of R0.3 million (US$nil) to the Group’s results.

The purchase price allocation has been prepared on a provisional basis in accordance with IFRS 3 Business 
Combinations (“IFRS 3”).

If new information, obtained within one year of the acquisition date, about facts and circumstances that existed 
at the acquisition date identifies adjustments to the about amounts, or any additional provisions that existed at 
acquisition date, then the accounting for the acquisition will be revised.

Consideration transferred
The following table summarises the acquisition date fair value of each major class of consideration transferred:

Figures are in millions unless otherwise stated                              South African Rand           United States Dollars1 
Equity instruments (156,894,754 ordinary shares)                                        4,488.8                            433.3 
Loans advanced pre-acquisition                                                            161.2                             15.6 
Total consideration transferred                                                         4,650.0                            448.9 

1 The exchange rate on 15 May 2014 was R10.36/US$. 

Acquisition related costs
The Group incurred acquisition related costs of R81.5 million (US$7.6 million) on advisory and legal fees.  
These costs are recognised as “transaction costs” in profit and loss.

Identified assets acquired and liabilities assumed
The following table summarises the fair value of assets acquired and liabilities assumed at the acquisition date:

Figures are in millions unless otherwise stated                              South African Rand           United States Dollars1 
Property, plant and equipment                                                           5,564.1                            537.1 
Environmental rehabilitation obligation funds                                             346.0                             33.4 
Inventories                                                                                77.6                              7.5 
Trade and other receivables                                                               152.5                             14.7 
Cash and cash equivalents                                                                  31.8                              3.1 
Deferred taxation                                                                        (152.5)                           (14.7)
Borrowings                                                                               (696.2)                           (67.2)
Environmental rehabilitation obligation                                                  (667.8)                           (64.5)
Trade and other payables                                                                 (486.2)                           (47.0)
Taxation and royalties payable                                                             (1.4)                            (0.1)
Total identifiable net assets acquired                                                  4,167.9                            402.3 

1 The exchange rate on 15 May 2014 was R10.36/US$. 

Goodwill 
Goodwill arising from the acquisition has been recognised as follows: 

Figures are in millions unless otherwise stated                              South African Rand           United States Dollars1 
Consideration transferred                                                               4,650.0                            448.9 
Fair value of identifiable net assets                                                  (4,167.9)                          (402.3)
Non-controlling interest in their proportionate interest in 
the recognised amounts of the assets and liabilities of the 
Cooke Operations                                                                          362.1                             35.0 
Goodwill                                                                                  844.2                             81.6 

1 The exchange rate on 15 May 2014 was R10.36/US$. 

The allocation of goodwill to the various cash generating units has not been completed.  None of the goodwill 
recognised is expected to be deducted for tax purposes.

5.  Witwatersrand Consolidated Gold Resources Limited Acquisition 
Sibanye announced on 11 December 2013 that it had offered to acquire the entire issued share capital of 
Witwatersrand Consolidated Gold Resources Limited (“Wits Gold”) for a cash consideration of R11.55 per Wits Gold 
share.  The transaction was subject to the fulfilment of various conditions precedent which were completed on 
14 April 2014.

Sibanye was required to deposit the full Scheme Consideration into an escrow account to comply with regulations 
111(4) and 111(5) of the Companies Act Regulations, 2011.  As at 31 December 2013, R410 million (US$40 million) 
was held in the escrow account and formed part of the Group’s cash and cash equivalents balance as reported at 
31 December 2013.

On 13 March 2014, at the Wits Gold shareholders meeting, the shareholders of Wits Gold approved the proposed 
transaction by voting in favour of the various resolutions to give effect to the transaction.

On 14 April 2014, Sibanye paid R400.5 million (US$38.3 million) to the Wits Gold shareholders and obtained 
control (100%) of Wits Gold.  Wits Gold is not a business as defined in IFRS and thus the acquisition is 
considered to be outside the scope of IFRS 3 Business Combinations.  The acquisition was accounted for as an 
asset acquisition in which the consideration paid for the acquisition is allocated to the individual identifiable 
assets acquired and liabilities assumed based on their relative fair values.  Transaction related expenses of 
R14.8 million (US$1.4 million) have been capitalised.

The majority of the Wits Gold resources are adjacent to the Beatrix Operation and, through synergies with 
existing operations and infrastructure, will secure the long-term future of Beatrix.

During the two months ended 30 June 2014 Wits Gold contributed profit after tax of R1.4 million (US$0.1 million).
The profit after tax resulted from the management fee received from Southgold Exploration Proprietary Limited 
(“Southgold”) while the Burnstone gold mine (“Burnstone”) was under business rescue.

The consideration paid and the assets acquired and liabilities assumed at the acquisition date are as follows:

Figures are in millions unless otherwise stated                              South African Rand           United States Dollars1 
Cash                                                                                      415.3                             39.7 
Total consideration paid                                                                  415.3                             39.7  

1 The exchange rate on 14 April 2014 was R10.46/US$. 

Figures are in millions unless otherwise stated                              South African Rand           United States Dollars1 
Property, plant and equipment                                                             472.7                             45.2 
Trade and other receivables                                                                 1.7                              0.2 
Cash and cash equivalents                                                                   5.6                              0.5 
Borrowings                                                                                (40.0)                            (3.8)
Trade and other payables                                                                  (24.7)                            (2.4)
Total identified net assets acquired                                                      415.3                             39.7 

1 The exchange rate on 14 April 2014 was R10.46/US$. 

6.  Disposal group held for sale
The group committed to a plan to sell the majority of the assets relating to the two hospitals owned by the 
group, being Leslie Williams Memorial Hospital, a division of Sibanye Gold Limited and St Helena Hospital 
Proprietary Limited (“St Helena Private Hospital”) a wholly owned subsidiary.  Accordingly, the assets that have 
been identified to be sold from these hospitals are presented as a disposal group held for sale.  The disposal 
group will be sold to African Healthcare for a cash consideration of R18.3 million (US$1.7 million).  African 
Healthcare Proprietary Limited (“African Healthcare”) took over the management of these facilities on 
1 July 2014.

Assets of the disposal group held for sale
At 30 June 2014, the disposal group was stated at its carrying value, being lower than its fair value less cost 
to sell, and consisted of the following assets:

Figures are in millions unless otherwise stated                              South African Rand            United States Dollars 
Property, plant and equipment                                                              13.1                              1.2 
Inventory                                                                                   5.2                              0.5 
Assets held for sale                                                                       18.3                              1.7 

There are no cumulative incomes or expenses included in other comprehensive income relating to the disposal group. 

7.  Borrowings 

Figures are in millions unless otherwise stated 
United States Dollars                                                                                                                    South African Rand 
Six month periods ended                                                                                                             Six month periods ended 
    Reviewed                                     Reviewed                                              Reviewed                                    Reviewed 
   June 2013            December 20131          June 2014                                             June 2014        December 20131             June 2013 
                                                                   Balance at the beginning 
       492.5                     394.1              192.5          of the period                        1,990.9               4,000.0               4,220.0 
                                                                   Borrowings acquired on
           -                         -               71.0          acquisition of subsidiaries            736.2                     -                     - 
       614.3                     179.5                  -          Loans raised                               -               2,000.0               5,620.0 
           -                     179.5                  -          R4.5 billion Facilities                    -               2,000.0                     - 
                                                                   Bridge Loan Facilities and                                                       
       614.3                         -                  -          other facilities                           -                     -               5,620.0 
      (638.3)                   (386.7)             (84.8)         Loans repaid                          (906.0)             (4,000.0)             (5,840.0)
           -                         -              (57.7)         Cooke borrowings                      (616.0)                    -                     - 
           -                         -               (3.7)         Wits Gold borrowings                   (40.0)                    -                     - 
           -                         -              (23.4)         R4.5 billion Facilities               (250.0)                    -                     - 
                                                                   Bridge Loan Facilities and                                                       
      (638.3)                   (386.7)                 -          other facilities                           -              (4,000.0)             (5,840.0)
           -                         -               (0.4)         Franco-Nevada settlement (non-cash)     (4.2)                    -                     - 
           -                      (0.9)                 -          Financing costs capitalised                -                  (9.1)                    - 
       (74.4)                      6.5               (6.2)         Translation adjustment                   3.7                     -                     - 
       394.1                     192.5              172.1          Gross borrowings                     1,820.6               1,990.9               4,000.0 
       (49.3)                    (48.3)             (52.4)         Current portion of borrowings         (554.0)               (499.5)               (500.0)
       344.8                     144.2              119.7          Non-current borrowings               1,266.6               1,491.4               3,500.0 

1 The amounts for the six months ended 31 December 2013 have not been reviewed, however they have been prepared by subtracting the six months ended 30 June 2013 
reviewed results from the year ended 31 December 2013 audited results. 

8.  Mineral reserves and resources
There were no material changes to the Reserves and Resources of the Kloof, Driefontein and Beatrix operations 
from what was previously reported by the Group at 31 December 2013.

The Wits Gold acquisition added 42.1Moz and 8.5Moz of gold Resources and Reserves respectively.

As a result of the Cooke acquisition the Group acquired gold Resources of 21.7Moz, gold Reserves of 4.5Moz, 
uranium Resources of 105.6Mlb and uranium Reserves of 59.7Mlb during May 2014.

9.  Events after the reporting date
There were no events that could have a material impact on the financial results of the Group after 30 June 2014, 
other than those disclosed below:

Dividend declared
An interim dividend in respect of the six months ended 30 June 2014 of 50 cents per share was approved by the 
Board on 30 July 2014.  This dividend will be paid on 25 August 2014.  The interim dividend will be subject to 
Dividend Withholding Tax.

Burnstone Acquisition
On 5 July 2013 Wits Gold announced to its shareholders that it had submitted a final binding offer (“the Offer”) 
to Mr Peter van den Steen, the business rescue practitioner of Southgold, to acquire Southgold, the sole owner of 
Burnstone located in South Africa’s Mpumalanga Province.  The Offer was included in the business rescue plan that 
was approved by the creditors of Southgold on 11 July 2013.  Sibanye successfully concluded its detailed due 
diligence investigation in relation to Southgold and took the final decision to proceed with the acquisition of 
Southgold.
 
All the outstanding conditions precedent were met on 1 July 2014, and Sibanye, through its subsidiary Wits Gold, 
took control (100%) of Burnstone from this date.  Sibanye acquired all of the issued shares of Southgold together 
with all shareholder and inter-group loans against Southgold for a purchase consideration of R100.00.  Wits Gold 
was required to fund R77.2 million (US$7.25 million) for the settlement of all outstanding creditors of 
Southgold.  As at 30 June 2014 the R77.2 million (US$7.25 million) was held in escrow accounts and forms part of 
the Group’s cash and cash equivalents. 

As Southgold came out of business rescue its statement of financial position should primarily consist of 
property, plant and equipment, the Southgold Debt and rehabilitation obligations.  Sibanye still needs to 
determine the fair value of the assets acquired and liabilities assumed. 

Wits Gold has to fund up to R950 million by means of a loan (“Wits Gold Loan”), over time, as working capital to 
support the production plan.  The Wits Gold Loan will attract interest at Jibar plus a margin of 4%. 

Southgold will have bank debt of R1,883.9 million (US$178.1 million) (the “Southgold Debt”) of which R1.8 million 
(US$0.2 million) was settled on 1 July 2014.  The Southgold Debt will be interest free at first and will attract 
interest at Libor plus a margin of 4% from 1 July 2017.  The Southgold Debt is fully secured against the assets 
of Southgold and there is no recourse to the Sibanye Group.

The first 90% of Burnstone’s free cash flow will be used to repay the Wits Gold Loan and the balance of 10% to 
repay the Southgold Debt.  On settlement of the Wits Gold Loan and interest, Southgold Debt will be repaid from 
30% of Burnstone’s free cash flow and the balance will be paid to Wits Gold.

Disposal of hospitals
Refer to note 6 for the completion of the sale of the hospitals subsequent to 30 June 2014.

10.  Liquidity
The Group’s current liabilities exceeded its current assets by R2,037.5 million (US$192.7 million) as at 
30 June 2014.  Current liabilities at 30 June 2014 include the financial guarantee liability of R195.7 million 
(US$18.5 million) which does not reflect the true liquidity of Sibanye per se, as Sibanye believes that Gold 
Fields Limited ("Gold Fields") is currently in the position to meet its obligations under its US$1 billion 
4.875% guaranteed notes.

The current portion of borrowings of R554.0 million (US$52.4 million) includes the two semi-annual repayments of 
R250.0 million (US$23.6 million) which is only due and payable in December 2014 and June 2015 respectively. 

Sibanye generated cash from operating activities of R2,501.9 million (US$ 234.2 million) for the six months ended 
30 June 2014.  If the acquisition related cash outflows during the last six months were added back to the cash 
flows, the group would have had R1,232.5 million (US$116.7 million) in additional cash on the statement of 
financial position, confirming the strong cash generating ability of the Group.  Over and above the Group has 
committed unutilised debt facilities of R2.5 billion (US$236 million) at 30 June 2014. 

The Directors believe that the cash-generated by its operations and the remaining balance of the Company’s 
revolving credit facility will enable the Group to continue to meet its obligations as they fall due.

11.  Auditors review
The condensed consolidated interim financial statements of Sibanye for the six month period ended 30 June 2014 
as set out in this report have been reviewed by the Company’s auditor, KPMG Inc., on which an unmodified 
review conclusion was expressed.  A copy of their review report is available for inspection at the Company’s 
registered office. 

The auditor’s report does not necessarily report on all of the information contained in these financial results.  
Shareholders are therefore advised that in order to obtain a full understanding of the nature of the auditor’s 
engagement they should obtain a copy of the auditor’s report together with the accompanying financial information 
from the Company’s registered office.


SEGMENTAL OPERATING AND FINANCIAL RESULTS

Segment income statement 

Figures are in millions unless otherwise stated 
                                                                          For the six months ended
United States Dollars                                                     30 June 2014 (Reviewed)                                                     South African Rand 
Cor-         Cooke                                   Drie-                                                      Drie-                                  Cooke        Cor-
porate    (1 month)     Beatrix        Kloof      fontein        Group                             Group      fontein        Kloof      Beatrix     (1 month)     porate 
     -        26.3        204.5        340.4        349.1        920.3    Revenue                9,828.5      3,728.3      3,635.1      2,184.6        280.5            - 
     -        22.8        188.1        309.1        320.1        840.1    Underground            8,972.0      3,418.8      3,301.7      2,007.5        244.0            - 
     -         3.5         16.4         31.3         29.0         80.2    Surface                  856.5        309.5        333.4        177.1         36.5            - 
     -       (22.6)      (148.3)      (200.8)      (222.0)      (593.7)   Operating costs       (6,340.4)    (2,370.5)    (2,144.5)    (1,584.2)      (241.2)           - 
     -       (19.4)      (140.9)      (179.8)      (200.7)      (540.8)   Underground           (5,774.9)    (2,143.1)    (1,920.2)    (1,504.6)      (207.0)           - 
     -        (3.2)        (7.4)       (21.0)       (21.3)       (52.9)   Surface                 (565.5)      (227.4)      (224.3)       (79.6)       (34.2)           - 
     -         3.7         56.2        139.6        127.1        326.6    Operating profit       3,488.1      1,357.8      1,490.6        600.4         39.3            - 
     -         3.5         47.2        129.5        119.8        300.0    Underground            3,197.1      1,275.7      1,381.5        502.9         37.0            - 
     -         0.2          9.0         10.1          7.3         26.6    Surface                  291.0         82.1        109.1         97.5          2.3            - 
                                                                          Amortisation 
  (1.5)       (3.0)       (21.1)       (62.5)       (51.2)      (139.3)   and depreciation      (1,488.2)      (547.1)      (667.8)      (225.6)       (31.4)       (16.3)
                                                                          Net operating 
  (1.5)        0.7         35.1         77.1         75.9        187.3    profit                 1,999.9        810.7        822.8        374.8          7.9        (16.3)
   2.9         0.2          1.1          1.9          2.2          8.3    Investment income         88.7         23.6         20.2         11.6          2.0         31.3 
     -        (0.5)        (1.8)        (6.0)        (6.7)       (15.0)   Finance expenses        (159.9)       (71.2)       (64.3)       (18.9)        (5.0)        (0.5)
 (18.9)       (0.4)        (4.2)        (4.3)        (5.1)       (32.9)   Other costs             (351.5)       (54.7)       (45.6)       (45.3)        (4.2)      (201.7)
 (11.6)          -         (2.1)        (2.7)        (3.1)       (19.5)   Share-based payments    (208.2)       (33.5)       (28.5)       (22.8)           -       (123.4)
 (20.7)          -          0.2            -         (8.2)       (28.7)   Non-recurring items     (306.9)       (86.2)        (0.1)         1.9            -       (222.5)
     -        (0.1)        (3.3)        (8.0)        (6.9)       (18.3)   Royalties               (195.2)       (74.1)       (84.8)       (35.0)        (1.3)           - 
  (4.4)          -         (5.3)       (17.5)       (13.4)       (40.6)   Current taxation        (434.0)      (143.3)      (187.4)       (56.4)           -        (46.9)
   6.8         0.1         (0.5)         1.8          1.1          9.3    Deferred taxation         99.8         11.4         19.4         (5.2)         0.9         73.3 
 (47.4)          -         19.2         42.3         35.8         49.9    Profit for the period    532.7        382.7        451.7        204.7          0.3       (506.7)
                                                                          Profit attributable to:                                                                               
                                                                  49.9    Owners of Sibanye        532.7                                                                  
                                                                          Non-controlling 
                                                                     -    interests                    -                                                                  
                                                                          Capital expenditure                                                                               
  (0.5)       (2.8)       (22.1)       (52.1)       (48.5)      (126.0)   Total expenditure     (1,345.7)      (517.9)      (555.9)      (236.1)       (29.6)        (6.2)
  (0.5)       (1.6)        (4.1)       (11.9)       (16.6)       (34.7)   Sustaining capital      (371.5)      (177.7)      (126.6)       (44.2)       (16.8)        (6.2)
                                                                          Ore reserve 
     -        (1.2)       (18.0)       (40.2)       (31.9)       (91.3)   development             (974.2)      (340.2)      (429.3)      (191.9)       (12.8)           - 

The average exchange rate for the six months ended 30June2014 was R10.68/US$. 

Figures are in millions unless otherwise stated 
                                                                          For the six months ended
United States Dollars                                                     31 December 20131                                                      South African Rand 
Cor-                                           Drie-                                                             Drie-                                          Cor-
porate         Beatrix          Kloof        fontein          Group                               Group        fontein          Kloof        Beatrix         porate 
     -           233.9          338.9          433.8        1,006.6      Revenue               10,115.8        4,351.5        3,426.5        2,337.8              - 
     -           221.5          309.4          398.5          929.4      Underground            9,331.3        3,990.5        3,127.1        2,213.7              - 
     -            12.4           29.5           35.3           77.2      Surface                  784.5          361.0          299.4          124.1              - 
     -          (155.3)        (207.4)        (245.3)        (607.9)     Operating costs       (6,123.8)      (2,473.0)      (2,089.8)      (1,561.0)             - 
     -          (148.0)        (189.6)        (222.3)        (559.8)     Underground           (5,639.1)      (2,240.6)      (1,910.8)      (1,487.7)             - 
     -            (7.3)         (17.8)         (23.0)         (48.1)     Surface                 (484.7)        (232.4)        (179.0)         (73.3)             - 
     -            78.6          131.5          188.5          398.7      Operating profit       3,992.0        1,878.5        1,336.7          776.8              - 
     -            73.5          119.8          176.2          369.6      Underground            3,692.2        1,749.9        1,216.3          726.0              - 
     -             5.1           11.7           12.3           29.1      Surface                  299.8          128.6          120.4           50.8              - 
                                                                         Amortisation 
  (1.2)          (23.7)         (63.1)         (83.5)        (171.5)     and depreciation       (1,715.1)        (832.5)        (628.6)        (242.2)         (11.8)
  (1.2)           54.9           68.4          105.0          227.2      Net operating profit    2,276.9        1,046.0          708.1          534.6          (11.8)
   2.0             2.0            3.1            3.3           10.4      Investment income         102.5           32.8           30.6           19.6           19.5 
  (0.1)           (3.2)          (6.5)          (8.5)         (18.4)     Finance expenses         (187.2)         (87.0)         (67.2)         (31.9)          (1.1)
   3.6             2.5           (3.0)          (2.4)           0.7      Other costs               (32.7)         (32.9)         (30.1)         (22.1)          52.5 
 (10.6)           (2.5)          (2.8)          (3.4)         (19.3)     Share-based payments     (190.9)         (33.8)         (28.0)         (24.3)        (104.8)
  (8.7)           (0.5)          (2.8)           0.2          (11.8)     Non-recurring items      (130.8)           2.4          (31.5)          (5.2)         (96.6)
     -            (5.7)          (6.7)         (12.6)         (24.9)     Royalties                (247.5)        (124.3)         (67.9)         (55.3)             - 
  (1.1)          (10.0)         (12.0)         (31.6)         (54.8)     Current taxation         (539.0)        (309.3)        (122.9)         (96.4)         (10.4)
   4.2            10.6            6.6           14.9           36.3      Deferred taxation         357.4          143.5           61.7          113.0           39.2 
 (11.9)           48.1           44.4           64.8          145.4      Profit for the period   1,408.7          637.4          452.8          432.0         (113.5)
                                                                         Profit attributable to:         
 (12.5)           48.1           44.4           64.8          144.8      Owners of Sibanye       1,402.4          637.4          452.8          432.0         (119.8)
                                                                         Non-controlling 
   0.6               -              -              -            0.6      interests                   6.3              -              -              -            6.3 
                                                                         Capital expenditure 
  (2.1)          (22.1)         (64.8)         (56.0)        (145.0)     Total expenditure      (1,462.9)        (560.3)        (654.4)        (227.6)         (20.6)
  (2.1)           (9.4)         (22.6)         (20.0)         (54.2)     Sustaining capital       (543.4)        (198.3)        (228.7)         (95.8)         (20.6)
                                                                         Ore reserve 
     -           (12.7)         (42.2)         (36.0)         (90.8)     development              (919.5)        (362.0)        (425.7)        (131.8)             - 

1 The amounts for the six months ended 31 December 2013 have not been reviewed, however they have been prepared by subtracting the six months ended 30 June 2013 
  reviewed results from the year ended 31 December 2013 audited results. 
The average exchange rate for the six months ended 31 December 2013 was R10.05/US$. 

Segment income statement (continued) 

Figures are in millions unless otherwise stated 
                                                                          For the six months ended
United States Dollars                                                     30 June 2013 (Reviewed)                                                 South African Rand 
Cor-                                           Drie-                                                             Drie-                                          Cor-
porate         Beatrix          Kloof        fontein          Group                               Group        fontein          Kloof        Beatrix         porate 
     -           205.0          385.6          416.5        1,007.1       Revenue               9,215.4        3,811.2        3,527.9        1,876.3              - 
     -           193.6          349.5          367.6          910.7       Underground           8,333.4        3,363.7        3,198.0        1,771.7              - 
     -            11.4           36.1           48.9           96.4       Surface                 882.0          447.5          329.9          104.6              - 
     -          (156.3)        (219.8)        (263.2)        (639.3)      Operating costs      (5,849.5)      (2,408.2)      (2,010.9)      (1,430.4)             - 
     -          (148.5)        (202.3)        (238.4)        (589.2)      Underground          (5,391.4)       2,181.3)      (1,851.3)      (1,358.8)             - 
     -            (7.8)         (17.5)         (24.8)         (50.1)      Surface                (458.1)        (226.9)        (159.6)         (71.6)             - 
     -            48.7          165.8          153.3          367.8       Operating profit      3,365.9        1,403.0        1,517.0          445.9              - 
     -            45.1          147.2          129.2          321.5       Underground           2,942.0        1,182.4        1,346.7          412.9              - 
     -             3.6           18.6           24.1           46.3       Surface                 423.9          220.6          170.3           33.0              - 
                                                                          Amortisation 
  (1.0)          (31.2)         (51.1)         (68.4)        (151.8)      and depreciation     (1,388.8)        (625.5)        (467.9)        (285.9)          (9.5)
  (1.0)           17.5          114.7           85.0          216.0       Net operating profit  1,977.1          777.5        1,049.1          160.0           (9.5)
   1.2             0.9            1.8            2.4            6.3       Investment income        57.8           22.2           16.8            7.9           10.9 
  (0.1)           (4.5)          (9.3)         (11.6)         (25.4)      Finance expenses       (233.1)        (106.6)         (85.1)         (40.9)          (0.5)
  11.0            (2.0)          (4.4)          (3.7)           0.9       Other costs               8.0          (34.0)         (40.4)         (18.3)         100.7 
  (5.6)           (1.9)          (2.1)          (3.0)         (12.6)      Share-based payments   (114.9)         (27.3)         (19.2)         (17.5)         (50.9)
  (1.4)          (97.8)         (10.3)         (17.7)        (127.2)      Non-recurring items  (1,163.6)        (162.0)         (94.1)        (894.9)         (12.6)
     -            (1.5)          (8.7)          (8.1)         (18.3)      Royalties              (167.1)         (74.0)         (79.2)         (13.9)             - 
  (0.1)           (0.1)         (16.5)         (12.9)         (29.6)      Current taxation       (270.8)        (118.4)        (150.6)          (1.1)          (0.7)
  (1.6)           24.4           (4.7)           3.3           21.4       Deferred taxation       196.2           30.5          (43.4)         223.3          (14.2)
   2.5           (65.1)          60.5           33.7           31.5       Profit for the period   289.6          307.9          553.9         (595.4)          23.2 
                                                                          Profit attributable to: 
   2.5           (65.1)          60.5           33.7           31.5       Owners of Sibanye       290.0          307.9          553.9         (595.4)          23.6 
                                                                          Non-controlling 
     -               -              -              -              -       interests                (0.4)             -              -              -           (0.4)
                                                                          Capital expenditure  
  (1.9)          (33.8)         (71.0)         (50.6)        (157.2)      Total expenditure    (1,438.6)        (462.7)        (649.2)        (309.4)         (17.3)
  (1.9)          (11.5)         (25.3)         (13.3)         (51.9)      Sustaining capital     (475.1)        (121.9)        (231.1)        (104.8)         (17.3)
                                                                          Ore reserve 
     -           (22.3)         (45.7)         (37.2)        (105.3)      development            (963.5)        (340.8)        (418.1)        (204.6)             - 

The average exchange rate for the six months ended 30 June 2013 was R9.15/US$. 

Cost benchmarks for the six months ended 30 June 2014 compared to previous periods

Figures are in South African rand millions unless otherwise stated 
                                                                                      Group        Driefontein              Kloof            Beatrix     Cooke (1 month) 
Operating cost1                                                June 2014            6,340.4            2,370.5            2,144.5            1,584.2              241.2 
                                                                Dec 2013            6,123.8            2,473.0            2,089.8            1,561.0                  - 
                                                               June 2013            5,849.5            2,408.2            2,010.9            1,430.4                  - 
Less: General and admin                                        June 2014              (87.3)             (33.4)             (31.9)             (22.0)                 - 
                                                                Dec 2013             (117.4)             (39.1)             (27.5)             (50.8)                 - 
                                                               June 2013             (116.6)             (46.3)             (41.2)             (29.1)                 - 
Plus: Royalty                                                  June 2014              195.2               74.1               84.8               35.0                1.3 
                                                                Dec 2013              247.5              124.3               67.9               35.0                  - 
                                                               June 2013              167.1               74.0               79.2               13.9                  - 
Total cash cost2                                               June 2014            6,448.3            2,411.2            2,197.4            1,597.2              242.5 
                                                                Dec 2013            6,253.9            2,558.2            2,130.2            1,565.5                  - 
                                                               June 2013            5,900.0            2,435.9            2,048.9            1,415.2                  - 
Plus: General and admin                                        June 2014               87.3               33.4               31.9               22.0                  - 
                                                                Dec 2013              117.4               39.1               27.5               50.8                  - 
                                                               June 2013              116.6               46.3               41.2               29.1                  - 
      Community costs                                          June 2014               13.8                4.5                4.6                3.9                0.8 
                                                                Dec 2013               11.6                5.1                2.9                3.6                  - 
                                                               June 2013               12.2                3.4                4.9                3.9                  - 
      Share based payments3 #                                  June 2014              208.2               33.5               28.5               22.8                  - 
                                                                Dec 2013              190.9               33.8               28.0               24.3                  - 
                                                               June 2013              114.9               27.3               19.2               17.5                  - 
      Rehabilitation                                           June 2014               48.2               19.2               16.8                8.1                4.1 
                                                                Dec 2013               77.2               39.6               25.0               12.6                  - 
                                                               June 2013               87.4               44.1               29.3                 14                  - 
      Ore reserve development                                  June 2014              974.2              340.2              429.3              191.9               12.8 
                                                                Dec 2013              919.5              362.0              425.7              131.8                  - 
                                                               June 2013              963.5              340.8              418.1              204.6                  - 
      Sustaining capital expenditure ##                        June 2014              371.5              177.7              126.6               44.2               16.8 
                                                                Dec 2013              543.4              198.3              228.7               95.8                  - 
                                                               June 2013              475.1              121.9              231.1              104.8                  - 
Less: By-product credit                                        June 2014              (11.7)              (4.8)              (3.4)              (3.5)                 - 
                                                                Dec 2013               (9.0)              (4.2)              (2.6)              (2.2)                 - 
                                                               June 2013              (14.1)              (5.9)              (4.1)              (4.1)                 - 
Total All-in sustaining costs and Total All-in cost            June 2014            8,139.8            3,014.9            2,831.7            1,886.6              277.0 
                                                                Dec 2013            8,104.9            3,231.9            2,865.4            1,882.2                  - 
                                                               June 2013            7,655.6            3,013.8            2,788.6            1,785.0                  - 
Gold sold                                          kg          June 2014             22,143              8,382              8,207              4,911                643 
                                                                Dec 2013             24,061             10,343              8,159              5,559                  - 
                                                               June 2013             20,413              8,432              7,818              4,163                  - 
                                              000’ozs          June 2014              711.9              269.5              263.9              157.9               20.7 
                                                                Dec 2013              773.6              332.5              262.3              178.7                  - 
                                                               June 2013              656.3              271.1              251.4              133.8                  - 
Total cash cost                                  R/kg          June 2014            291,212            287,664            267,747            325,229            377,138 
                                                                Dec 2013            259,919            247,336            261,086            281,615                  - 
                                                               June 2013            289,031            288,888            262,075            339,947                  - 
                                               US$/oz          June 2014                848                838                780                947              1,098 
                                                                Dec 2013                804                765                808                872                  - 
                                                               June 2013                983                982                891              1,156                  - 
All-in sustaining cost and All-in cost           R/kg          June 2014            367,601            359,687            345,035            384,158            430,793
                                                                Dec 2013            336,848            312,472            351,195            338,586                  - 
                                                               June 2013            375,036            357,424            356,690            428,777                  - 
                                               US$/oz          June 2014              1,071              1,048              1,005              1,119              1,255 
                                                                Dec 2013              1,043                967              1,087              1,048                  - 
                                                               June 2013              1,275              1,215              1,212              1,458                  - 

Average exchange rates for the six months ended 30 June 2014, 31 December 2013 and 30 June 2013 were R10.68/US$, R10.05/US$ and R9.15/US$ respectively. 
Figures may not add as they are rounded independently. 
#  Included in the Group total of share-based payments are corporate costs for the six months ended 30 June 2014, 31 December 2013 and 30 June 2013 of R123.4 million, 
   R104.8 million and R50.9 million respectively.
## Included in the Group total of sustaining capital expenditure are corporate costs for the six months ended 30 June 2014, 31 December 2013 and 30 June 2013 of 
   R6.2 million, R20.6 million and R17.3 million respectively.

Total cash cost is calculated in accordance with the Gold Institute Industry standard. 
1  Operating costs – All gold mining related costs before amortisation/depreciation, taxation and non-recurring items.
2  Total cash cost – Operating costs less off-mine costs, which include general and administration costs, as detailed in the table above.
   All-in cost is calculated in accordance with the World Gold Council guidance.
3  Share-based payments are calculated based on the fair value at initial recognition fair value and does not include the fair valuing adjustment of the cash-settled 
   share-based payment liability to the reporting date fair value.
4  Total All-in sustaining costs includes Operating costs and costs detailed above, including sustaining capital expenditure, based on managed gold sales.
5  Total All-in costs includes sustaining and group costs, excluding income tax, merger and acquisition activity, working capital, impairments, financing costs, 
   one-time severance charges and items needed to normalise earnings


Salient features and cost benchmarks for the quarters ended 30 June 2014 and 31 March 2014 

Figures are in millions unless otherwise stated 
                                                                           Total          Driefontein                Kloof                 Beatrix               Cooke (1 month) 
                                                               Under-                  Under-                  Under-                  Under-                  Under-
                                                   Group      ground     Surface      ground     Surface      ground     Surface      ground     Surface      ground      Surface 
Operating results                                                                                                                                                                
Tons milled/treated      000’ton   June 2014       4,342       1,890       2,452         626         713         495         832         646         495         123         412 
                                  March 2014       3,441       1,522       1,919         518         632         454         723         550         564           -           - 
Yield                        g/t   June 2014         2.7         5.7         0.4         6.4         0.4         7.9         0.5         3.6         0.4         4.5         0.2 
                                  March 2014         3.0         6.2         0.5         7.1         0.6         7.9         0.5         3.9         0.4           -           - 
Gold produced/sold            kg   June 2014      11,805      10,795       1,010       3,993         317       3,889         423       2,354         186         559          84 
                                  March 2014      10,338       9,435         903       3,702         370       3,569         326       2,164         207           -           - 
                          000’oz   June 2014       379.5       347.1        32.4       128.4        10.2       125.0        13.6        75.7         6.0        18.0         2.7 
                                  March 2014       332.4       303.3        29.1       119.0        11.9       114.7        10.5        69.6         6.6           -           - 
Uranium produced          000’lb   June 2014        18.9                                   -           -           -           -           -           -           -        18.9 
                                  March 2014           -                                   -           -           -           -           -           -           -           - 
Uranium sold              000’lb   June 2014           -                                   -           -           -           -           -           -           -           - 
                                  March 2014           -                                   -           -           -                       -           -           -           - 
Gold price received         R/kg   June 2014     435,332                                      434,756                 435,088                 436,496                 436,236 
                                  March 2014     453,608                                      455,427                 451,605                 453,775                       - 
                          US$/oz   June 2014       1,286                                        1,284                   1,285                   1,289                   1,270 
                                  March 2014       1,304                                        1,309                   1,298                   1,304                       - 
Uranium price received    US$/lb   June 2014           -                                   -           -           -           -           -           -           -           - 
                                  March 2014           -                                   -           -           -                       -           -           -           - 
Operating cost             R/ton   June 2014         782       1,631         127       1,769         170       2,017         142       1,192          76       1,683          83 
                                  March 2014         856       1,769         132       1,999         168       2,031         147       1,335          74                         
Total cash cost             R/kg   June 2014     292,308                                      290,023                 265,074                 320,945                 377,138 
                                  March 2014     289,959                                      285,167                 270,706                 329,819                       - 
                          US$/oz   June 2014         863                                          857                     783                     948                   1,098 
                                  March 2014         834                                          820                     778                     948                       - 
Operating margin               %   June 2014          34          34          29          36          12          41          36          25          53          15           7 
                                  March 2014          37          37          38          39          37          43          28          25          56           -           - 
All-in sustaining cost      
and All-in cost             R/kg   June 2014     369,716                                      362,158                 342,579                 385,354                 430,793
                                  March 2014     365,187                                      357,073                 347,754                 382,876                       - 
                          US$/oz   June 2014       1,092                                        1,070                   1,012                   1,138                   1,255 
                                  March 2014       1,050                                        1,026                   1,000                   1,101                       - 
All-in cost margin             %   June 2014          15                                           17                      21                      12                       2 
                                  March 2014          20                                           22                      23                      16                       - 
Total capital expenditure  R’mil   June 2014       726.9                                        265.6                   292.9                   135.8                    29.6 
                                  March 2014       618.8                                        252.3                   263.0                   100.3                       - 
Ore reserve development            June 2014       522.7                                        171.1                   226.2                   112.6                    12.8 
                                  March 2014       451.5                                        169.1                   203.1                    79.3                       - 
Sustaining capital #               June 2014       204.2                                         94.5                    66.7                    23.2                    16.8 
                                  March 2014       167.3                                         83.2                    59.9                    21.0                       - 
Total capital 
expenditure              US$’mil   June 2014        68.8                                         25.2                    27.7                    12.8                     2.8 
                                  March 2014        57.2                                         23.3                    24.3                     9.3                       - 

Average exchange rates for the quarters ended 30 June 2014 and 31 March 2014 were R10.53/US$ and R10.82/US$ respectively. 
Figures may not add as they are rounded independently. 
# Included in Sustaining capital expenditure is Corporate expenditure of R3.0 million (US$0.3 million) and R3.2 million (US$0.3 million) for the June and March quarters 
  respectively

DEVELOPMENT RESULTS
Development values represent the actual results of sampling 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 30 June 2014                  Quarter ended 31 March 2014                   Six months to 30 June 2014 
                                         Carbon                                       Carbon                                       Carbon
                             Reef        leader           Main            VCR         leader           Main            VCR         leader           Main            VCR 
Advanced                      (m)         2,412            941          1,069          1,932            663            647          4,344          1,604          1,716 
Advanced on reef              (m)           426            408            233            412            160             88            838            568            321 
Channel width                (cm)           118             44             50            100             42             59            109             44             52 
Average value               (g/t)          15.2           13.3           32.6           20.7           13.4           42.5           17.7           13.3           35.7 
                         (cm.g/t)         1,791            586          1,629          2,066            564          2,508          1,926            580          1,870 

Kloof                                                 Quarter ended 30 June 2014                     Quarter ended 31 March 2014                      Six months to 30 June 2014 
                            Reef         VCR       Kloof        Main     Libanon         VCR       Kloof        Main     Libanon         VCR       Kloof        Main     Libanon 
Advanced                      (m)      3,162         574         902          96       2,813         537         830         136       5,975       1,111       1,732         232 
Advanced on reef              (m)        473         140         232          86         554         142         168         130       1,027         282         400         216 
Channel width                (cm)        114         145          77          51         120         171          64          81         118         158          72          69 
Average value               (g/t)       21.4        10.2        12.2         9.3        18.2        15.9        13.6         4.3        19.6        13.3        12.7         5.9 
                         (cm.g/t)      2,450       1,482         939         486       2,186       2,719         872         352       2,308       2,105         911         405 

Beatrix                                     Quarter ended 30 June 2014           Quarter ended 31 March 2014            Six months to 30 June 2014 
                            Reef            Beatrix       Kalkoenkrans            Beatrix       Kalkoenkrans            Beatrix       Kalkoenkrans 
Advanced                      (m)             4,306                994              3,117                403              7,423              1,397 
Advanced on reef              (m)             1,412                343                808                229              2,220                572 
Channel width                (cm)               116                130                122                146                118                136 
Average value               (g/t)               7.3               14.2                6.3               10.2                6.9               12.4 
                         (cm.g/t)               840              1,828                761              1,479                811              1,688 

Cooke #                                                            Month ended 30 June 2014                       One month from acquisition date June 2014 
                                                    Elsburg         Elsburg        Kimberly                         Elsburg         Elsburg        Kimberly
                                        VCR           Reefs         Massive           Reefs             VCR           Reefs         Massive           Reefs 
Advanced                      (m)       180             959              37             117             180             959              37             117 
Advanced on reef              (m)        65             546              22              61              65             546              22              61 
Channel width                (cm)        97             144             233             265              97             144             233             265 
Average value               (g/t)       5.5             8.0             7.2             7.2             5.5             8.0             7.2             7.2 
                         (cm.g/t)       530           1,160           1,689           1,909             530           1,160           1,689           1,909 
# Cooke results are included from completion of the acquisition 


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)
Chris Chadwick#
Robert Chan*
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
#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)

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  

Office of the United Kingdom Secretaries 
London 
St James’s Corporate Services Limited 
Suite 31, Second Floor
107 Cheapside 
London
EC2V 6DN
United Kingdom 
Tel: +44 20 7796 8644
Fax: +44 20 7796 8645

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  

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  


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.

31 July 2014

Date: 31/07/2014 08:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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