Wrap Text
Operating update for the quarter ended 30 September 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
WESTONARIA 28 October 2014: Sibanye Gold Limited (“Sibanye” or the “Group”) (JSE: SGL & NYSE: SBGL)
operating update for the quarter ended 30 September 2014. Full financial and operating results are
provided on a six-monthly basis.
Salient features for the quarter ended 30 September 2014
- Record gold production of 13,210kg (424,700oz)
- Operating profit of R1.78 billion (US$167 million)
- All-in sustaining costs of R384,777/kg (US$1,116/oz)
United States Dollars Key Statistics South African Rand
Quarter ended Quarter ended
Sept Jun Sept Sept Jun Sept
2013 2014 2014 2014 2014 2013
387.8 379.5 424.7 000’oz Gold produced kg 13,210 11,805 12,061
3,610 4,342 5,051 000ton Ore milled 000ton 5,051 4,342 3,610
86 74 75 $/ton Operating cost R/ton 803 782 862
203.4 165.5 166.6 $m Operating profit Rm 1,784.7 1,744.6 2,015.8
39 34 31 % Operating margin % 31 34 39
817 863 908 $/oz Total cash cost R/kg 312,922 292,308 262,142
70.4 68.8 78.5 $m Capital expenditure Rm 840.3 726.9 705.5
1,042 1,074 1,116 $/oz All-in sustaining cost R/kg 384,777 363,736 334,425
1,059 1,092 1,138 $/oz All-in cost R/kg 392,339 369,716 339,847
20 15 11 % All-in cost margin % 11 15 20
Average gold price received: US$1,283/oz. Average exchange rate: R10.72/US$ for the quarter ended
30 September 2014.
OVERVIEW AND UPDATE
Operating summary
Group gold production increased by 10% in the September 2014 quarter to a record 13,210kg (424,700oz),
compared with 12,061kg (387,800oz) for the comparable quarter in 2013. This was primarily due to a solid
performance from the Kloof, Beatrix and Driefontein underground operations and the inclusion of a full
quarter’s production from the Cooke Operations for the first time after the Cooke transaction was
concluded in May 2014. For the nine months ended 30 September 2014, Group gold production of 35,353kg
(1,136,600oz) remains consistent with the annual forecast, and 9% ahead of that achieved for the
equivalent period in 2013.
Gold production from the underground operations was in line with plan, increasing by 9% to 12,173kg
(391,400oz), with underground production returning to planned levels during the quarter, following a
series of safety related stoppages in July. The build-up to full production by mid-2015 at the Cooke
underground operations continued through the September quarter, with volumes and production from the
Cooke 1, 2 and 3 operations consistent with plan. Output at Cooke 4 has fallen behind, and, despite the
production build-up, the shaft continues to operate at a loss. As a result, a Section 189 notice was
issued to the trade unions and employees on 12 September 2014. The Section 189 process involves a 60 day
consultation period with trade unions and affected employees, during which the parties will attempt to
cooperatively address the productivity and profitability shortfall issues at the operation.
Gold production from the surface operations was 10% higher year-on-year at 1,037kg (33,300oz), but was
significantly behind plan. Since commissioning, the Python plant at Kloof has struggled to meet the
required levels of throughput and was stopped in July. Metallurgical recoveries of surface rock dump
material at Driefontein was lower than anticipated during the quarter and resulted in 93kg (2,990oz) less
production than planned from the Driefontein surface plants. Recoveries have been consistently improving
during the fourth quarter to date. This volume increase will result in further unit cost reductions at
Cooke and, as gold production increases, a decline in Total cash and All-in costs.
The quarter saw significant cost increases, as a consequence of the 2014 annual wage increases, which
were implemented from July and the higher winter power tariff. These above inflation increases, coupled
with a significant increase in planned ore reserve development, resulted in All-in sustaining costs
increasing by 15% to R384,777/kg (US$1,116/oz). The Group will, as it has in the past, work out these
above inflation cost increases over time. The focus on cost control within the Group is evident in the
7% decrease in unit costs to R803/ton from the same period in 2013. The build up to full production in
mid-2015, from the uranium by-product areas at the Cooke Operations continues. An increase in volumes
from the uranium by-product areas will result in further unit cost reductions at these operations and, as
gold production increases, a decline in Total cash and All-in costs.
The Group continues to invest in its future, with a significant increase in ore reserve development year-
on-year. On-reef development increased by 33% to 3,962m at the core operations of Kloof, Driefontein and
Beatrix. Total on-reef development including the Cooke operations amounted to 5,624m. Primary
development increased by 7% at the core operations to 14,577m and to a total of 18,279m including the
Cooke Operations. The increase in on-reef development, which is expensed, resulted in an increase in
Total cash cost, while higher primary development, which is capitalised, is reflected in the 19% increase
in capital expenditure to R840 million (US$79 million), and a resultant 15% increase in the All-in
sustaining cost as discussed above.
Cash operating profit remained steady at R1,785 million (US$167 million) for the quarter, and will
continue to underpin the company’s benchmark dividend policy.
Safety
Regrettably, there were four fatal accidents during the September 2014 quarter: two at the Beatrix
Operations and one at the Cooke 4 mine in July and one at the Beatrix Operations in September. Of
necessity senior management has intervened at these operations and a dedicated CEO led team is providing
guidance and assistance in order to address the issues. The safety performance has substantially
improved since July, with the Driefontein and Kloof Operations reporting fatal free quarters. The safety
performance at the Driefontein Operations in particular has been very encouraging, with a 39% improvement
in the injury frequency rate for the quarter (10.76 in the June 2014 quarter vs 6.60 in the September
2014 quarter). The Driefontein Operations were recently recognised for sustained safety improvements at
all of its Mining Units at the MineSafe Conference in August 2014, with the Driefontein mining unit 4
achieving first place in the Gold Mining category.
Outlook
Forecast production for the year ending 31 December 2014 remains unchanged at 50,000kg (1.61Moz). Total
cash cost is forecast at approximately R295,000/kg (US$850/oz), All-in sustaining cost at R372,000/kg
(US$1,070/oz) and All-in cost at R380,000/kg (US$1,095/oz). These estimates for 2014 are based on an
average annual exchange rate of R10.80/US$ and include the Cooke Operations from June 2014.
28 October 2014
Neal Froneman
Chief Executive Officer
Salient features and cost benchmarks for the quarters ended 30 September 2014,
30 June 2014 and 30 September 2013
Total Driefontein Kloof Beatrix Cooke
Under- Under- Under- Under- Under-
Group ground Surface ground Surface ground Surface ground Surface ground Surface
Operating results
Tons milled/treated 000’ton Sept 2014 5,051 2,228 2,823 697 732 495 573 657 438 379 1,080
Jun 2014 4,342 1,890 2,452 626 713 495 832 646 495 123 412
Sept 2013 3,610 1,785 1,825 659 764 485 619 641 442 - -
Yield g/t Sept 2014 2.62 5.46 0.37 6.40 0.44 7.68 0.54 3.74 0.39 3.76 0.22
Jun 2014 2.72 5.71 0.41 6.38 0.44 7.86 0.51 3.64 0.38 4.54 0.22
Sept 2013 3.34 6.23 0.52 7.41 0.54 7.60 0.58 3.98 0.38 - -
Gold produced/sold kg Sept 2014 13,210 12,173 1,037 4,464 323 3,800 308 2,454 170 1,455 236
Jun 2014 11,805 10,795 1,010 3,993 317 3,889 423 2,354 186 559 84
Sept 2013 12,061 11,121 940 4,882 416 3,686 358 2,553 166 - -
000’oz Sept 2014 424.7 391.4 33.3 143.5 10.4 122.2 9.9 78.9 5.5 46.8 7.6
Jun 2014 379.5 347.1 32.4 128.4 10.2 125.0 13.6 75.7 6.0 18.0 2.7
Sept 2013 387.8 357.5 30.2 157.0 13.4 118.5 11.5 82.1 5.3 - -
Operating cost R/ton Sept 2014 803 1,652 133 1,684 178 2,186 186 1,201 83 1,668 99
Jun 2014 782 1,631 127 1,769 170 2,017 142 1,192 76 1,683 83
Sept 2013 862 1,600 140 1,729 162 2,023 153 1,146 85 - -
Total cash cost R/kg Sept 2014 312,922 279,110 296,860 318,407 439,030
Jun 2014 292,308 290,023 265,074 320,945 377,138
Sept 2013 262,142 244,772 268,027 287,238 -
US$/oz Sept 2014 908 810 861 924 1,274
Jun 2014 863 857 783 948 1,098
Sept 2013 817 763 835 895 -
Operating margin % Sept 2014 31 32 17 41 9 36 22 27 51 - 7
Jun 2014 34 34 29 36 12 41 36 25 53 15 7
Sept 2013 39 40 36 45 30 37 38 32 47 - -
All-in sustaining cost R/kg Sept 2014 384,777 353,499 378,311 379,878 497,575
Jun 2014 363,736 362,158 342,579 385,354 430,793
Sept 2013 334,425 311,099 362,834 337,624 -
US$/oz Sept 2014 1,116 1,026 1,098 1,102 1,444
Jun 2014 1,074 1,070 1,012 1,138 1,255
Sept 2013 1,042 970 1,131 1,052 -
All-in cost R/kg Sept 2014 392,339 353,499 378,311 379,878 497,575
Jun 2014 369,716 362,158 342,579 385,354 430,793
Sept 2013 339,847 311,099 362,834 337,624 -
US$/oz Sept 2014 1,138 1,026 1,098 1,102 1,444
Jun 2014 1,092 1,070 1,012 1,138 1,255
Sept 2013 1,059 970 1,131 1,052 -
All-in cost margin % Sept 2014 11 20 15 14 (13)
Jun 2014 15 17 21 12 2
Sept 2013 20 27 15 21 -
Total capital
expenditure* R’mil Sept 2014 840.3 303.2 290.3 130.9 85.4
Jun 2014 726.9 265.6 292.9 135.8 29.6
Sept 2013 705.5 273.0 328.5 98.7 -
-Ore reserve
Development R’mil Sept 2014 564.1 172.2 223.5 115.0 53.4
Jun 2014 522.7 171.1 226.2 112.6 12.8
Sept 2013 458.9 184.6 206.5 67.8 -
-Sustaining capital R’mil Sept 2014 276.2 131.0 66.8 15.9 32.0
Jun 2014 204.2 94.5 66.7 23.2 16.8
Sept 2013 246.6 88.4 122.0 30.9 -
Total capital
expenditure* US$’mil Sept 2014 78.5 28.3 27.1 12.2 8.0
Jun 2014 68.8 25.2 27.7 12.8 2.8
Sept 2013 70.4 27.5 32.8 9.6 -
Average exchange rates for the quarter’s ended 30 September 2014, 30 June 2014 and 30 September 2013 were
R10.72/US$, R10.53/US$ and R9.98/US$, respectively.
Figures may not add as they are rounded independently.
* Included in total Group capital expenditure is Corporate expenditure of R30.5 million (US$2.9m),
R3.0 million (US$0.3m) and R5.3million (US$0.5m) for the quarter’s ended 30 September 2014, 30 June 2014
and 30 September 2013, respectively. Included in Corporate capital expenditure for the September 2014
quarter are the capitalised costs at Burnstone of R25.0 million (US$2.3m).
Quarter ended 30 September 2014 compared with the quarter ended 30 September 2013 (except for the Cooke
Operations which compare successive quarters)
Underground Operations
Driefontein
Gold production decreased by 9% to 4,464kg (143,500oz), primarily due to a normalisation in underground
yields from a high baseline in September 2013, with the average on-reef yield decreasing from 8.1g/t to
7.8g/t. Underground reef treated, decreased by 4% in-line with plan.
Total throughput increased by 6% to 697,000 tons however, following a decision to send all mined lower
grade material directly to mill, partly offsetting the reduction in the underground on-reef yield and
reef tonnage treated. As a result of this increase in tonnage, the unit cost of underground ore milled
was 3% lower at R1,684/ton.
Main development increased by 4% to 4,892 metres and on-reef development of 1,244 metres was 22% higher
year-on-year. Most of the increase in main on-reef development was at the relatively lower grade 8 shaft,
resulting in a 12% decrease in the average development values to 1,359cm.g/t.
Operating costs increased by 3% to R1,174 million (US$110 million) in line with the increase in volumes
mined and milled as well as the increase in development. Cost saving initiatives, including a further
reduction in employees, largely offset the inflationary impact of the annual wage increases and increased
winter electricity tariffs.
Operating profit decreased by 14% to R800 million (US$75 million) as a result of the lower production and
the increase in costs. The operating margin decreased to 41% from 45% for the comparative period in 2013.
Capital expenditure decreased by 6% to R249 million (US$23 million), largely due to the relative increase
in on-reef development, the costs of which are expensed. Capital was predominantly spent on ore reserve
development (“ORD”), stabilisation of the shaft barrel at Ya Rona shaft and development of level 15 at
Hlanganani shaft.
Kloof
Gold production increased by 3% to 3,800kg (122,200oz) due to an improvement in volumes mined and an
improvement in the quality of mining.
Ore milled increased by 2% to 495,000 tons and the average yield increased by 1% to 7.7g/t due to an
improvement in mining quality factors, with a 2% reduction in overall stoping width, an 11% improvement
in total cleaning and a 6% improvement in the mine call factor (“MCF”). An increase in activity related
operating unit costs however, resulted in the cost per ton milled increasing by 8% to R2,186/ton.
Main development increased by 3% to 4,661 metres mostly due to a planned ramp-up at 8 shaft. On-reef
development increased by 6% to 969 metres. The average development value decreased by 29% to 1,435cm.g/t
as a result of an increase in reef development in delineated payable areas.
Operating costs increased by 10% to R1,082 million (US$101 million), driven by an increase in stoping and
development volumes, agreed increases in wages, and the winter tariff electricity rates.
Operating profit, increased by 3% to R598 million (US$59 million). The operating margin remained stable
at 36%.
Capital expenditure at R287 million (US$27 million), was 6% lower than in 2013. The September 2013
quarter included expenditure on the 4 shaft recapitalization project. Capital in the September 2014
quarter was mainly spent on ORD, critical spares and general equipment upgrades.
Beatrix
Gold production decreased by 4% to 2,454kg (78,900oz). This was primarily due to safety stoppages
relating to the three fatal accidents during the quarter and a 4% decrease in the average underground
on-reef yield to 4.5g/t, excluding the effect of additional low grade material processed.
As a result of a decision to directly process lower grade material rather than stockpile it on surface,
ore milled increased by 2% to 657,000 tons. This decision was motivated by a number of studies, which
amongst others, forecast future cost savings in terms of ore handling when treating surface rock dumps.
Year-on-year, unit costs increased by 5% to R1,201/ton.
Main development increased by 14% to 5,024 metres, with on-reef development increasing by 68% to
1,749 metres. These increases were across all the sections but predominantly at Beatrix West Section due
to resumption of development which was suspended after the fire in February last year. The average
development value increased to 1,043cm.g/t from 684cm.g/t due to focused development in higher grade
areas in order to improve the mining mix and enhance flexibility.
Operating costs increased by 7% to R789 million (US$74 million) due to the increase in on-reef
development which is expensed rather than capitalised, the annual increase in wages and the higher winter
electricity tariffs.
Operating profit decreased by 17% to R293 million (US$27 million) as a result of the decrease in gold
production and increase in operating costs. The operating margin decreased to 27% from 32% for the
September 2013 quarter.
Capital expenditure increased by 33% to R130 million (US$12 million) predominantly due to the resumption
of ORD at Beatrix West Section.
Cooke
Gold production of 1,455kg (46,800/oz) is consistent with the planned production build-up and was despite
the adverse effect of a safety stoppage as a result of a fatal accident at Cooke 4 shaft during the
quarter. Throughput was also affected by excessive mill downtime at Harmony’s Doornkop processing plant,
resulting in an increase in stockpiled unprocessed ore. Some ore was diverted to the Ezulwini facility in
an attempt to offset this.
Despite the downtime at the Doornkop plant, production ramp-up from the gold and uranium by-product areas
continued, resulting in underground ore milled of 379,000 tons. The underground yield declined by17% to
3.8 g/t as a result of the relative increase in mining lower grade uranium by-product material.
Uranium production for the quarter, which is still in a build-up phase, was 25,721kg (56,705lbs). This
was produced at a direct cost of US$34/lb. Uranium was not sold but was treated as a credit to cost.
Main development increased by 13% to 3,702 metres and on-reef development by 4% to 1,662 metres. The
average development value, decreased by 6% to 831cm.g/t due to a relative increase in development in the
uranium by-product areas.
Unit operating costs at R1,668/ton will continue to decline during the build up to full production in
mid-2015.
Capital expenditure of R85 million was similar to the previous quarter with the majority expended on ORD.
Surface Operations
Driefontein
Gold production decreased by 22% to 323kg (10,400oz) mainly as a result of a decline in the average yield
due to variability of grade from the rock dumps and short term metallurgical issues which impacted on
recoveries. Tons processed were marginally lower at 732,000 tons.
Operating cost was 10% higher at R178/ton, largely due to annual wage increases.
Capital expenditure of R54 million increased significantly due to the construction of the new leach tanks
and CIL circuit at Driefontein 2 plant.
Kloof
Gold production decreased by 14% to 308kg (9,900oz) mainly due to the decision to cease operation of the
Python plant in July 2014. Tons processed decreased by 7% to 573,000 tons. The yield decreased marginally
to 0.54g/t.
Operating cost increased by 22% to R186/ton due to lower volumes processed, higher reagent cost – mainly
cyanide and lime – as well as annual wage increases.
Capital expenditure for the quarter amounted to R3 million.
Beatrix
Production of 170kg (5,500oz) was marginally higher than for the September 2013 quarter, with processed
volumes flat at 438,000 tons and the average yield slightly higher. Operating cost was likewise similar
at R83/ton. Surface material is treated on demand at the Beatrix plants to supplement the underground
reef production.
Capital expenditure on the surface operations at Beatrix was minimal.
Cooke
Production was essentially unchanged compared with the June 2014 quarter. Tons processed of 1.08 million
tons at a yield of 0.22g/t, produced 236kg (7,600oz) of gold. Operating cost was similar at R99/ton, with
improved reagent consumptions and lower contractor costs offsetting higher electricity tariffs and wage
increases.
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 Quarter ended Nine months to
30 Sept 2014 30 June 2014 30 Sept 2014
Carbon Carbon Carbon
Reef leader Main VCR leader Main VCR leader Main VCR
Total advanced (m) 2,749 884 1,259 2,505 941 1,069 7,376 2,488 2,975
Advanced on reef (m) 477 422 345 426 408 233 1,331 990 666
Channel width (cm) 114 28 58 118 44 50 111 37 55
Average value (g/t) 17.6 19.1 25.4 15.2 13.3 32.6 17.7 15.2 30.1
(cm.g/t) 2,002 539 1,472 1,791 586 1,629 1,962 562 1,663
Kloof
Quarter ended Quarter ended Nine months to
30 Sept 2014 30 June 2014 30 Sept 2014
Reef VCR Kloof Main Libanon VCR Kloof Main Libanon VCR Kloof Main Libanon
Total advanced (m) 3,026 626 947 62 3,162 574 902 96 9,001 1,737 2,679 294
Advanced on reef (m) 470 214 238 47 473 140 232 86 1,497 496 638 263
Channel width (cm) 127 159 77 173 114 145 77 51 120 158 73 88
Average value (g/t) 16.7 5.4 13.4 3.4 21.4 10.2 12.2 9.3 18.7 9.9 12.9 5.1
(cm.g/t) 2,116 855 1,031 590 2,450 1,482 939 486 2,255 1,565 951 446
Beatrix
Quarter ended Quarter ended Nine months to
30 Sept 2014 30 June 2014 30 Sept 2014
Reef Beatrix Kalkoenkrans Beatrix Kalkoenkrans Beatrix Kalkoenkrans
Total advanced (m) 3,996 1,028 4,306 994 11,418 2,425
Advanced on reef (m) 1,451 298 1,412 343 3,671 870
Channel width (cm) 103 129 116 130 112 133
Average value (g/t) 8.9 12.5 7.3 14.2 7.7 12.5
(cm.g/t) 924 1,621 840 1,828 856 1,665
Cooke
Quarter ended Quarter ended Nine months to
30 Sept 2014 30 June 2014 30 Sept 2014
Elsburg Elsburg Kimberly Elsburg Elsburg Kimberly Elsburg Elsburg Kimberly
Reef VCR Reefs Massive Reefs VCR Reefs Massive Reefs VCR Reefs Massive Reefs
Total advanced (m) 521 2,882 20 279 180 959 11 117 701 3,841 31 395
Advanced on reef (m) 194 1,288 20 160 65 546 11 61 259 1,834 31 221
Channel width (cm) 66 120 232 92 97 144 233 265 7.4 127 232 140
Average value (g/t) 7.9 5.5 11.2 6.1 5.5 8.0 7.2 7.2 7.1 6.4 9.8 6.7
(cm.g/t) 524 665 2,596 555 530 1,160 1,689 1,909 526 811 2,285 929
Investor Enquiries
James Wellsted
Head of Investor Relations
Sibanye Gold Limited
Tel: +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
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FORWARD LOOKING STATEMENTS
Certain statements in this document constitute “forward looking statements” within the meaning of Section
27A of the US Securities Act of 1933 and Section 21E of the US Securities Exchange Act of 1934.
These forward-looking statements, including, among others, those relating to Sibanye’s future business
prospects, revenues and income, wherever they may occur in this document and the exhibits to this
document, are necessarily estimates reflecting the best judgment of the senior management of Sibanye and
involve a number of known and unknown risks and uncertainties that could cause actual results,
performance or achievements of the Group to differ materially from those suggested by the forward-looking
statements. As a consequence, these forward looking statements should be considered in light of various
important factors, including those set forth in this document. Important factors that could cause the
actual results to differ materially from estimates or projections contained in the forward looking
statements include without limitation: economic, business, political and social conditions in South
Africa and elsewhere; changes in assumptions underlying Sibanye’s estimation of its current mineral
reserves and resources; the ability to achieve anticipated efficiencies and other cost savings in
connection with past and future acquisitions as well as existing operations; the success of exploration
and development activities; changes in the market price of gold and/or uranium; the occurrence of hazards
associated with underground and surface gold and uranium mining; the occurrence of labour disruptions and
industrial action; the availability, terms and deployment of capital or credit; changes in government
regulations, particularly environmental regulations and new legislation affecting water, mining and
mineral rights; the outcome and consequence of any potential or pending litigation or regulatory
proceedings or other environmental, health and safety issues; power disruptions and cost increases;
fluctuations in exchange rates, currency devaluations, inflation and other macro-economic factors; the
occurrence of temporary stoppages of mines for safety incidents and unplanned maintenance reasons;
Sibanye’s ability to hire and retain senior management or sufficient technically skilled employees, as
well as its ability to attract sufficient historically disadvantaged South Africans representation in its
management positions; failure of Sibanye’s information technology and communications systems; the
adequacy of Sibanye’s insurance coverage; any social unrest, sickness or natural or man-made disaster at
informal settlements in the vicinity of some of Sibanye’s operations; and the impact of HIV, tuberculosis
and other contagious diseases. These forward looking statements speak only as of the date of this
document.
The Group undertakes no obligation to update publicly or release any revisions to these forward looking
statements to reflect events or circumstances after the date of this document or to reflect the
occurrence of unanticipated events.
Date: 28/10/2014 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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