SIBANYE GOLD LIMITED - Operating update for the quarter ended 30 September 2014

Release Date: 28/10/2014 08:00
Code(s): SGL
 
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 
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(Off Cedar Ave), 
Libanon, Westonaria, 
1780
South Africa

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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  

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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.


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