Wrap Text
Q1 March 2015 Results
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 4 May 2015: Sibanye Gold Limited (“Sibanye”) (JSE: SGL & NYSE: SBGL) is pleased to provide an
operating update for the March 2015 quarter. Detailed financial and operating results are provided on a
six monthly basis i.e. at the end of June and December each year.
United States Dollars Key Statistics South African Rand
Quarter ended Quarter ended
March Dec March March Dec March
2014 2014 2015 2015 2014 2014
332.4 452.7 315.3 000’oz Gold produced kg 9,808 14,079 10,338
3,441 5,401 4,865 000ton Ore milled 000ton 4,865 5,401 3,441
79 65 66 $/ton Operating cost R/ton 774 725 856
161.1 197.1 63.6 $m Operating profit Rm 744.4 2,196.2 1,743.5
37 36 17 % Operating margin % 17 36 37
834 791 1,023 $/oz Total cash cost R/kg 384,839 285,006 289,959
57.2 96.1 61.6 $m Capital expenditure Rm 720.9 1,064.8 618.8
1,049 1,014 1,242 $/oz All-in sustaining cost R/kg 467,302 365,076 364,877
1,050 1,037 1,259 $/oz All-in cost R/kg 473,573 373,365 365,187
Average gold price received: R459,564kg (US$1,222/oz); and an average exchange rate: R11.70/US$ for the
quarter ended 31 March 2015.
Stock data for the 3 months ended 31 March 2015
Number of shares in issue JSE Limited – (SGL)
– at end of March 2015 913,925,046 Price range per ordinary ZAR21.75 to ZAR32.26
– weighted average 904,562,743 Average daily volume 2,674,968
Free Float 100% NYSE – (SBGL); one ADR represents four ordinary shares
ADR Ratio 1:4 Price range per ADR US$7.52 to US$11.35
Bloomberg/Reuters SGLS / SGLJ.J Average daily volume 1,150,500
STATEMENT BY NEAL FRONEMAN, CHIEF EXECUTIVE OFFICER OF SIBANYE GOLD
Overview and update
Operating summary
Group gold production of 9,808kg (315,300oz) for the March 2015 quarter was 5% lower than for the
comparable period in 2014. The start-up of operations after the December holiday period was slower than
normal, with gold production impacted by a number of operational events, which on an accumulated basis
impacted negatively on gold production. The following operational events were amongst the most important:
- an underground fire at Kloof 7 Shaft;
- failure of a conveyor system at Kloof 8 Shaft that restricted delivery of underground ore;
- production disruption resulting from inter-union conflict at Beatrix;
- a series of plant incidents that disrupted processing operations and resulted in higher than desired
stockpiles of reef at quarter end;
- electrical load curtailment as required by Eskom due to shortfalls in availability of national
generating capacity that mainly affected processing of surface sources; and
- re-stocking of the production pipeline from face to smelthouse following more aggressive than usual
accumulation clean-up prior to the Christmas break.
The operational disruptions were primarily a factor during January and February, with the operational
performance improving significantly during March. Opportunities to enhance productivity and recover gold
production lost during January and February have been identified and have been implemented at all of the
operations. As such, the annual production forecast for 2015 remains unchanged. As a result of the lower
production during the quarter, group Total cash cost and All-in cost for the quarter compared with the
March 2014 quarter increased to R384,839/kg (US$1,023/oz) and to R473,573/kg (US1,259/oz) respectively.
Combined gold production from the Beatrix, Driefontein and Kloof operations was 18% lower than in 2014,
at 8,438kg (271,300oz). Combined Total cash cost and All-in cost for the Beatrix. Driefontein and Kloof
operations were also higher as a result of the lower production, at R368,559/kg (US$980/oz) and
R451,801/kg (US$1,201/oz) respectively. The Cooke Operation was also affected by the slow start up post
the December break but produced marginally more gold than in the same period last year. This is despite
Cooke 4 still being in the build-up phase post the Section 189 process. Cooke produced 1,370kg (44,000oz)
of gold at Total cash cost of R485,109/kg (US$1,290/oz) and All-in cost of R564,964/kg (US$1,502/oz).
Gold production from the surface operations was 40% higher year-on-year at 1,261kg (40,500oz), with the
Cooke surface operations contributing 265kg (8,400oz).
Safety
It is pleasing to note the meaningful improvement in safety across the Group. The March 2015 quarter
represents the first fatality free quarter for Sibanye. This compares with two fatalities during the
March 2014 quarter. Cooke in particular has benefited from the implementation of Sibanye’s safety
protocols and procedures, reporting its first fatality free quarter. The Driefontein and Kloof operations
have both now recorded three consecutive fatal free quarters, again a first ever for these operations on
a combined basis. The Sibanye team is committed to our zero harm target which will remain a priority and
a key focus area.
Wage negotiations
Wage negotiations with organised labour will begin during the June 2015 quarter. Sibanye, along
with other major South African gold producers will negotiate collectively under the auspices of the
Chamber of Mines.
The gold industry plays an important role in South Africa by: making a significant contribution to the
fiscus through tax and royalty payments; providing much needed employment; supporting a significant
supplier industry; contributing to the development and upliftment of communities and investing
significant capital in the country. The sustainability of the gold industry is therefore critical if the
Government’s developmental goals and stakeholder needs are to be met.
Many gold mines are marginal and inflated wage and benefits increases will significantly impact on the
sustainability of the industry and, while delivering short term gains for employees and unions, it will
inevitably result in the loss of jobs and destroy value for all stakeholders in the longer term.
The gold industry is cognizant of the social and economic issues affecting its employees and the
communities close to its operations and will approach the negotiations in a balanced manner ensuring that
any agreements are in the interests of ALL stakeholders and do not compromise the long term
sustainability of the industry.
Projects
Progress in the March 2015 quarter on the Group organic growth projects was as follows:
- The Kloof 4 Shaft and Driefontein 5 Shaft below infrastructure projects: The pre-feasibility studies
for both projects, were completed in December 2014, both delivering higher forecast returns than the
Group’s internal investment hurdle rates. The projects added approximately 1.1Moz to the Driefontein
and 0.5Moz to the Kloof gold Mineral Reserves (refer to the company’s website www.sibanyegold.co.za for
further details pertaining to the company’s Mineral Resources and Mineral Reserves). Detailed
feasibility studies for both projects remain on schedule for completion during the June 2015 quarter
and, due to the favourable forecast returns, initial preparatory project site preparation and
development commenced at Kloof 4 Shaft in January, with the Driefontein 5 Shaft project preparation
planned to commence in July.
- The West Rand Tailing Retreatment Project (WRTRP): A detailed feasibility study considering a phased
development approach for the WRTRP was completed at the end of the March 2015 quarter and is currently
undergoing an internal technical and financial review. This study has incorporated the use of available
surface infrastructure to reduce upfront capital and enhance value. The infrastructure utilised
includes existing gold plants and elution capacity at Driefontein and Kloof, as well as uranium
processing capacity at the Ezulwini metallurgical complex. Metallurgical test work undertaken during
the study has further enabled refinements to the process design, resulting in reduced capital and
operating costs. The outcome of the study will be released during the June 2015 quarter.
- The Burnstone project: Capital expenditure of R286 million was approved in July 2014 for a 15 month
construction programme to complete critical pumping infrastructure and re-align the shaft steelwork;
including the installation of shaft service pipes and cables critical in support of the mine build-up
strategy. Working capital was included for this construction period. The infrastructure project is on
schedule for completion by the end of September 2015 as originally planned and is forecast to be
completed within budget. The feasibility study and development of the life of mine plan is on schedule
for completion in the June quarter. R150 million has been provisionally approved to commence mine
development in 2015 with 2,000 metres planned to be developed into the initial targeted mining areas by
the end of 2015. During February, the development commenced with a total of 192 metres completed for
the quarter.
- The Beatrix West Section, Beisa project: A pre-feasibility study on this gold and uranium resource was
completed in December 2014. Various regulatory approvals and permits are required before this project
can be advanced and this work will commence in the June quarter and continue through 2016. Optimisation
of the pre-feasibility study will continue in parallel with the permitting process.
- The Wits Gold Southern Free State Resources and Reserves, DBM and Bloemhoek projects: The DBM project
review will commence in the June quarter. In addition to a technical review synergistic opportunities
with the adjacent Beatrix operations will also be considered. The Bloemhoek project is to be reviewed
for the medium term life extension opportunities for the Beatrix North Shaft mine life with a potential
below infrastructure depth extension project into the Bloemhoek resource.
Outlook
Forecast production for the year ending 31 December 2015 remains unchanged at between 50,000kg and
52,000kg (1.61Moz and 1.67Moz). Total cash cost is forecast at between R305,000/kg (US$850/oz) and
R315,000/kg (US$875/oz)). All-in sustaining cost is forecast to be between R380,000/kg (US$1,055/oz) and
R395,000/kg (US$1,100/oz), with All-in cost forecast to be between R385,000/kg (US$1,070/oz) and
R400,000/kg (US$1,110/oz).
4 May 2015
N. Froneman
Chief Executive Officer
Salient features and cost benchmarks for the quarters ended 31 March 2015, 31 December 2014 and 31 March
2014.
Total Driefontein Kloof Beatrix Cooke
Under- Under- Under- Under- Under-
Group ground Surface ground Surface ground Surface ground Surface ground Surface
Tons milled/treated 000’ton Mar 2015 4,865 1,894 2,971 595 805 412 499 582 471 305 1,196
Dec 2014 5,401 2,304 3,097 656 790 539 542 718 478 391 1,287
Mar 2014 3,441 1,522 1,919 518 632 454 723 550 564 - -
Yield g/t Mar 2015 2.02 4.51 0.42 5.72 0.66 5.84 0.60 2.81 0.35 3.62 0.22
Dec 2014 2.61 5.60 0.38 6.36 0.50 8.15 0.61 3.66 0.39 4.35 0.21
Mar 2014 3.00 6.20 0.47 7.15 0.59 7.86 0.45 3.93 0.37 - -
Gold produced/sold kg Mar 2015 9,808 8,547 1,261 3,401 529 2,407 301 1,634 166 1,105 265
Dec 2014 14,079 12,901 1,178 4,170 396 4,395 328 2,631 188 1,705 266
Mar 2014 10,338 9,435 903 3,702 370 3,569 326 2,164 207 - -
000’oz Mar 2015 315.3 274.8 40.5 109.3 17.0 77.4 9.7 52.5 5.4 35.6 8.4
Dec 2014 452.7 414.8 37.9 134.1 12.7 141.3 10.6 84.6 6.0 54.8 8.6
Mar 2014 332.4 303.3 29.1 119.0 11.9 114.7 10.5 69.6 6.6 - -
Gold price received R/kg Mar 2015 459,564 459,873 459,343 460,778 457,518
Dec 2014 433,973 433,990 433,856 433,877 434,348
Mar 2014 453,608 455,427 451,605 453,775 -
US$/oz Mar 2015 1,222 1,223 1,221 1,225 1,216
Dec 2014 1,205 1,205 1,205 1,205 1,206
Mar 2014 1,304 1,309 1,298 1,304 -
Operating cost R/ton Mar 2015 774 1,798 121 1,894 159 2,436 164 1,216 109 1,856 81
Dec 2014 725 1,554 108 1,693 161 2,013 156 1,057 75 1,602 67
Mar 2014 856 1,769 132 1,999 168 2,031 147 1,335 74 - -
Operating margin % Mar 2015 17 13 38 28 48 9 41 6 33 (12) 20
Dec 2014 36 36 35 39 26 43 41 34 56 15 26
Mar 2014 37 37 38 39 37 43 28 25 56 - -
Total cash cost R/kg Mar 2015 384,839 324,784 398,264 419,444 485,109
Dec 2014 285,006 279,019 255,177 289,926 363,318
Mar 2014 289,959 285,167 270,706 329,819 -
US$/oz Mar 2015 1,023 863 1,059 1,115 1,290
Dec 2014 791 775 709 805 1,009
Mar 2014 834 820 778 948 -
All-in sustaining cost R/kg Mar 2015 467,302 379,847 502,068 501,500 564,964
Dec 2014 365,076 357,030 343,468 362,221 412,227
Mar 2014 364,877 357,073 347,754 382,876 -
US$/oz Mar 2015 1,242 1,010 1,335 1,333 1,502
Dec 2014 1,014 992 954 1,006 1,145
Mar 2014 1,049 1,026 1,000 1,101 -
All-in cost R/kg Mar 2015 473,573 379,847 502,068 501,500 564,964
Dec 2014 373,365 357,030 343,468 365,555 439,371
Mar 2014 365,187 357,073 347,754 382,876 -
US$/oz Mar 2015 1,259 1,010 1,335 1,333 1,502
Dec 2014 1,037 992 954 1,015 1,220
Mar 2014 1,050 1,026 1,000 1,101 -
All-in cost margin % Mar 2015 (3) 17 (9) (9) (24)
Dec 2014 14 18 21 16 (1)
Mar 2014 19 22 23 16 -
Ore reserve R’mil Mar 2015 549.6 156.3 214.5 114.8 64.0
development Dec 2014 588.2 171.2 227.0 139.2 50.8
Mar 2014 451.5 169.1 203.1 79.3 -
Sustaining capital Mar 2015 111.0 28.6 39.1 14.6 28.7
Dec 2014 381.6 156.6 162.3 41.8 15.7
Mar 2014 167.3 83.2 59.9 21.0 -
Corporate and project Mar 2015 60.3 - - - -
expenditure# Dec 2014 95.0 - - - 48.4
Mar 2014 - - - - -
Total capital R’mil Mar 2015 720.9 184.9 253.6 129.4 92.7
expenditure Dec 2014 1,064.8 327.8 389.3 181.0 114.9
Mar 2014 618.8 252.3 263.0 100.3 -
Total capital US$’mil Mar 2015 61.6 15.8 21.7 11.1 7.9
expenditure Dec 2014 96.1 29.4 35.0 16.3 10.5
Mar 2014 57.2 23.3 24.3 9.3 -
# Corporate and project expenditure for the March 2015 quarter includes capital expenditure at Burnstone of R58.5 million (December
2014 quarter R46.6 million – no amount was published for the March 2014 quarter as Burnstone was only acquired in mid-2014).
REVIEW OF OPERATIONS
Quarter ended 31 March 2015 compared with quarter ended 31 March 2014
Underground Operations
Driefontein
Gold production for the quarter ended 31 March 2015, at 3,401kg (109,300oz) was 8% lower than the
comparable period in 2014. This was primarily due to operational disruptions discussed previously in this
operating update. For the June 2015 quarter to date, yields are far more representative of the orebody
reserve grades. Ore milled was 15% higher at 595,000 tons.
Main development increased by 11% to 3,604 metres. On-reef development at 782 metres was 18% higher and
face grade values at 1,754cm.g/t were similar to the March 2014 quarter.
Operating costs increased by 9% to R1,127 million (US$96 million), in line with the increase in volumes
mined, on-reef development, annual wage increases and increased electricity tariffs.
Operating profit decreased by 33% to R436 million (US$37 million) as a result of the lower production and
the increase in costs. The operating margin decreased to 28% from 39% for the comparative period in 2014.
Capital expenditure decreased by 25% to R182 million (US$15 million), due to a decrease in ORD
capitalised, critical spares purchases and winder upgrades. Capital for the March 2015 quarter was
predominantly spent on ORD, stabilisation of the shaft barrel at Ya Rona shaft, technical and safety
related projects, and development at Hlanganani shaft.
Kloof
When compared with the March 2014 quarter, gold production decreased by 33% to 2,407kg (77,400oz). This
was due to lower underground milled volumes and gold lock-up in the underground pipeline, which impacted
on the mine call factor (“MCF”).
Ore milled decreased by 9% to 412,000 tons and the average yield decreased by 26% to 5.84g/t due to gold
lock-up. Tonnages were affected by a slower start-up than planned following the Christmas break, with an
extra emphasis being placed on making the work places safe. Underground disruptions included a collapse
of the surface conveyor at 8 Shaft as well as an underground fire at 7 Shaft.
Main development increased by 10% to 4,756 metres and main on-reef development increased by 9% to
1,083 metres. The average on-reef value at 1,566cm.g/t was 10% below that achieved during the March 2014
quarter.
Operating costs increased by 9% to R1,004 million (US$86 million) driven by an increase in stoping and
development volumes, and increases in wages and electricity tariffs. Unit costs increased in line with
the lower throughput, by 20% to R2,436/ton.
Operating profit decreased by 85% to R102 million (US$9 million) at a 9% operating margin.
Capital expenditure was similar at R251 million (US$21 million). Capital for the period was predominantly
spent on ORD, substation and instrumentation upgrades, cable replacement at Thuthukani Shaft and winder
upgrades.
Beatrix
Gold production decreased by 24% to 1,634kg (52,500oz) for the March 2015 quarter, compared with the
March 2014 quarter. This was due to gold lock-up and lower face values mined at Mining Units 1 and 3.
Underground ore milled increased by 6% to 582,000 tons offset by a 29% decrease in yield at 2.81g/t due
to an increase in lower grade waste tons milled.
To improve flexibility, main on-reef development increased by 18% to 1,219 metres across all the
sections. Total main development at 4,627 metres increased by 31% due to the resumption of development at
the West Section. The average main reef development value increased to 1,270cm.g/t from 925cm.g/t.
Operating costs decreased by 4% to R708 million (US$61 million) due to the annual wage increase, the
annual power increase and the increased development. Unit costs decreased by 9% to R1,216/ton due to the
increased throughout.
Operating profit halved to R45 million (US$4 million) at an operating margin of 6% for the March 2015
quarter.
Capital expenditure increased by 29% to R129 million (US$11 million) mostly due to the resumption of ORD
at Beatrix West section.
Cooke
Gold production of 1,105kg (35,600oz) was below the internal target mainly as a result of a slower than
planned start-up following the Christmas break and a decline in the MCF due to gold lock-up. Consequently
ore milled was 305,000 tons at a yield of 3.62g/t.
Operations at Cooke 4 Shaft have normalised following the restructuring and implementation of alternative
working arrangements which was finalised late last year.
The backfill project at Cooke 2 Shaft is on track to deliver backfill in quarter 2. This will allow for
the secondary extraction of ore from higher grade areas.
Main development was 3,602 metres, of which 1,513 metres was on-reef development. This number was
negatively impacted by the seismic event which occurred in the C4 shaft pillar late last year.
As a result of lower than planned volumes being achieved, the unit operating cost was R1,856/ton and the
All-in cost was R564,964/kg.
Capital expenditure at R90 million (US$8 million) was spent mainly on ORD and the backfill project at
Cooke 2 Shaft.
Surface Operations
Driefontein
Gold production increased by 43% to 529kg (17,000oz). Tons processed increased by 27% due to the
commissioning in December 2014 of the carbon-in-leach circuit upgrade at 2 Plant and the processing of
material at 1 Plant. Yields increased by 12% to 0.66g/t from 0.59g/t.
Operating cost was 21% higher at R128 million (US$11 million), but due to the increased surface tons
processed unit costs decreased by 5% to R159/ton.
Capital expenditure at R3 million was similar to the comparable period in 2014.
Kloof
Gold production decreased by 8% to 301kg (9,700oz), year-on-year, due to a decision to cease operations
at the Python processing plant in July 2014. As a result, surface ore processed decreased by 31% to
499,000 tons, with yields increasing 33% to 0.60g/t compared with 0.45g/t the previous year.
Operating costs decreased by 23% to R82 million (US$7 million) due to the Python plant closure, while
unit costs increased by 12% to R164/ton due to the lower volumes. The operating margin increased to 41%
from 28% in the March 2014 quarter.
Beatrix
Gold production decreased by 20% to 166kg (5,400oz) due to lower volumes and slightly lower grades.
Throughput decreased by 16% to 471,000 tons due to the effect of higher volumes delivered from the
underground operations in 2015. The yield decreased from 0.37g/t to 0.35g/t.
Operating costs increased by R10 million (US$1 million) mainly due to a new cost allocation methodology.
As a result milling costs were 47% higher at R109/ton. Operating profit halved to R25 million
(US$2 million). Capital expenditure amounted to R1 million.
Cooke
Production throughput at the Cooke plant since the commissioning of the Cooke optimisation project early
in 2014 has now stabilised at around 1.2 million tons per quarter. Gold production was similar to the
December quarter 265kg (8,400/oz).
Unit costs at R81/ton have also stabilised and should remain fairly constant going forward. Yields at
0.22g/t were slightly lower than forecast due to the mining mix to the plant, which impacted on
recoveries, but were similar to prior periods.
Capital expenditure of R3 million was largely spent on critical spares.
DEVELOPMENT RESULTS
Development values represent the evaluation results and no allowance has been made for any adjustments
which may be necessary when estimating ore reserves. All figures below exclude shaft sinking metres,
which are reported separately where appropriate.
Driefontein
Quarter ended Quarter ended Quarter ended
31 March 2015 31 December 2014 31 March 2015
Carbon Carbon Carbon
Reef leader Main VCR leader Main VCR leader Main VCR
Total advanced (m) 1,695 879 1,030 2,251 1,045 1,241 1,932 663 647
Advanced on reef (m) 474 207 101 458 311 184 412 160 88
Channel width (cm) 107 66 98 79 40 72 100 42 59
Average value (g/t) 17.6 11.4 18.0 21.9 14.1 25.1 20.7 13.4 42.5
(cm.g/t) 1,878 755 1,763 1,733 563 1,805 2,066 564 2,508
Kloof
Quarter ended Quarter ended Quarter ended
31 March 2015 31 December 2014 31 March 2015
Reef VCR Kloof Main Libanon VCR Kloof Main Libanon VCR Kloof Main Libanon
Advanced (m) 3,078 609 768 301 3,130 821 877 204 2,813 537 830 136
Advanced on reef (m) 584 199 109 191 551 235 145 164 554 142 168 130
Channel width (cm) 116 117 78 172 109 165 121 161 120 171 64 81
Average value (g/t) 21.6 8.0 9.0 2.0 21.5 5.0 8.5 5.3 18.2 15.9 13.6 4.3
(cm.g/t) 2,510 932 701 351 2,343 817 1,034 847 2,186 2,719 872 352
Beatrix
Quarter ended Quarter ended Quarter ended
31 March 2015 31 December 2014 31 March 2015
Reef Beatrix Kalkoenkrans Beatrix Kalkoenkrans Beatrix Kalkoenkrans
Advanced (m) 3,559 1,068 4,562 1,328 3,117 403
Advanced on reef (m) 979 240 1,244 335 808 229
Channel width (cm) 122 93 128 115 122 146
Average value (g/t) 9.1 20.6 7.7 13.2 6.3 10.2
(cm.g/t) 1,112 1,924 990 1,511 761 1,479
Cooke
Quarter ended Quarter ended
31 March 2015 31 December 2014
Elsburg Elsburg Kimberly Elsburg Elsburg Kimberly
Reef VCR Reefs Massive Reefs VCR Reefs Massive Reefs
Advanced (m) 662 2,651 - 289 675 3,495 41 329
Advanced on reef (m) 329 1,004 - 180 306 1,441 22 181
Channel width (cm) 124 109 - 73 37 135 237 132
Average value (g/t) 6.4 8.7 - 11.8 10.5 9.3 2.1 7.2
(cm.g/t) 796 950 - 859 390 1,260 501 956
ADMINISTRATION AND CORPORATE INFORMATION
Investor Enquiries
James Wellsted
Senior Vice President:
Investor Relations
Sibanye Gold Limited
Cell: +27 83 453 4014
Tel: +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*
*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: 04/05/2015 08:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
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