Wrap Text
Trading statement and Q3 operating 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
A PROUDLY SOUTH AFRICAN MINING COMPANY
WESTONARIA 29 October 2015: Sibanye Gold Limited (“Sibanye” or the “Group”) (JSE: SGL & NYSE: SBGL) is pleased to present a trading statement and
operational update for the quarter ended 30 September 2015. Detailed financial and operating results are provided on a six-monthly basis i.e. at
the end of June and December.
TRADING STATEMENT:
Shareholders are advised that Sibanye has a reasonable amount of certainty that its earnings per share (2014: 186 cents per share) and headline
earnings per share (2014: 170 cents per share) for the year ending 31 December 2015 to be more than 20% (149 cents per share or 136 cents per
share respectively) lower than for the corresponding period in 2014, as previously reported. The financial information on which this trading
statement is based has not been reviewed or reported on by Sibanye’s auditors. A further trading statement with a more definitive range
will be released in due course.
United States Dollars Key Statistics South African Rand
Quarter ended Quarter ended
Sept Jun Sept Sept Jun Sept
2014 2015 2015 2015 2015 2014
424.7 398.5 410.6 000’oz Gold produced kg 12,772 12,396 13,210
5,051 4,867 5,104 000ton Ore milled 000ton 5,104 4,867 5,051
1,283 1,193 1,126 $/oz Revenue R/kg 470,349 462,891 442,255
75 70 67 $/ton Operating cost R/ton 865 846 803
166.6 135.4 123.9 $m Operating profit Rm 1,592.6 1,621.6 1,784.7
31 28 27 % Operating margin % 27 28 31
908 866 835 $/oz Total cash cost R/kg 348,857 335,883 312,922
78.5 69.3 67.3 $m Capital expenditure Rm 872.9 836.0 840.3
1,116 1,054 1,007 $/oz All-in sustaining cost R/kg 420,811 409,027 384,777
13 12 11 % AISC margin % 11 12 13
Stock data for the 3 months ended 30 September 2015
Number of shares in issue JSE Limited – (SGL)
– at end of September 2015 914,841,898 Price range per ordinary share ZAR13.66 to ZAR20.78
– weighted average 914,323,677 Average daily volume 3,200,103
Free Float 100% NYSE – (SBGL); one ADR represents four ordinary shares
ADR Ratio 1:4 Price range per ADR US$4.21 to US$6.80
Bloomberg/Reuters SGLS / SGLJ.J Average daily volume 1,330,246
STATEMENT BY NEAL FRONEMAN, CHIEF EXECUTIVE OFFICER OF SIBANYE GOLD
Overview and update for the quarter ended 30 September 2015 compared with the quarter ended 30 September 2014
Operating summary
Sibanye’s gold operations have largely recovered from the operational challenges experienced during the March 2015 quarter. Production from the
Beatrix and Cooke Operations improved significantly relative to production for the comparable period in 2014, driven largely by a planned increase
in volumes mined and milled. Gold production from the surface operations increased by 13%, driven primarily by new sources of higher grade
material and higher volumes processed at Driefontein. Two fires at Kloof hampered the removal of high grade ore from underground however,
resulting in a lower mine call factor (“MCF”) and a 17% decline in the underground yield, with production at Driefontein impacted by seismicity
and illegal industrial action during the quarter. As a result, Group gold production of 12,772kg (410,600oz) for the September 2015 quarter was 3%
lower than for the comparable period in 2014, but 3% higher than that achieved in the June 2015 quarter.
The average rand gold price received for the September 2015 quarter increased by 6% to R470,349/kg due to a 21% depreciation of the rand against
the US dollar year-on-year, to an average of R13.00/US$ for the September 2015 quarter. This was despite a 12% year-on-year decline in the average
dollar gold price to US$1,126/oz. Healthy margins were maintained, notwithstanding the impact of higher electricity tariffs, resulting in above
inflation electricity costs, and provisions for the increased wages. Operating profit for the period amounted to R1.6 billion (US$124 million).
Total cash cost of R348,857/kg and the All-in sustaining cost (“AISC”)of R420,811/kg increased by 11% and 9%, respectively, but in dollar terms
remained globally competitive, with Total cash cost 8% lower at US$835/oz and AISC 10% lower at US$1,007/oz.
Capital expenditure of R873 million (US$67 million) was 4% higher than for the September 2014 quarter. The increase was due to increased ore
reserve development (“ORD”) and project capital expenditure, mainly at Burnstone. This was partly offset by sustaining capex at Driefontein and
Kloof, reducing predominantly due to the completion of the CIL tank refurbishment at Driefontein (R46 million) and other upgrades (R21 million),
which reached completion during 2014.
Safety
On a progressive basis for 2015, the Fatal Injury Frequency Rate (“FIFR”) declined to 0.06 (per million man hours worked), a 54% improvement
compared with the same period in 2014 and the best safety performance ever produced by these assets. The FIFR for the September quarter improved
further to 0.04, but reflected a regrettable fatality which occurred at the Kloof operation during August. The Sibanye board extends its deepest
condolences to the family and colleagues of Sejakgomo Mokhali. Management remains determined and committed to its zero harm policy. It was
pleasing to note that Sibanye as a group achieved one million fatality free shifts on 19 September 2015 and two million fatality free shifts on
27 October 2015..
Wage negotiations
On 22 October 2015, Sibanye signed a three year wage agreement with the National Union of Mineworkers (“NUM”), UASA and Solidarity. The offer by
Sibanye was originally conditional on acceptance by all unions, however, the Association of Mineworkers and Construction Union (“AMCU”) rejected,
and continued to reject, all offers made. Many of our employees were in favour of accepting the offer and in order not to prejudice them, or those
employees belonging to NUM, UASA and Solidarity a decision was taken to implement the wage agreement to all employees in the bargaining unit at
Sibanye. The offer was one that can ensure sustainable operations without putting jobs at risk. No other agreement will now be considered.
The basic terms of the agreement are as follows:
- Category 4-8 employees and B-lower officials will receive an increase of R675 per month in year 1, R700 per month in year 2 and R725 per month
in year 3, as well as a R100 per month increase in living-out allowance in year 1. This represents an increase of 12% in year 1, 11% in year 2
and 10% in year 3.
- Miners, Artisans and Officials, an increase of 6% on standard rate of pay in year 1, and 6% or CPI (whichever is the greater) in years 2 and 3.
Further detail on the wage agreements is available at: www.goldwagenegotiations.co.za.
Corporate activity
We have previously indicated our intent to pursue acquisitions in the Platinum sector in South Africa and during the quarter a number of
significant strategic acquisitions were announced, which will enhance our ability to pay shareholders sustainable, industry leading dividends,
and consistent with our vision, will ensure that we continue to create superior value for all of our stakeholders.
On 9 September 2015, we announced that an agreement had been reached with Anglo American Platinum to acquire its Rustenburg operations. The
Rustenburg operations offer an attractively priced and defensively structured entry into the PGM sector and significant leverage to the price
cycle. The location of the Rustenburg operations in the middle of the western limb of the bushveld complex, offers significant strategic options
for the realisation of value with neighboring operations. On 6 October 2015 a bid to acquire Aquarius Platinum, a low cost producer adjacent to
the Rustenburg operations and with a joint venture operation in Zimbabwe, was announced. The Aquarius board accepted the cash offer and has
recommended it to its shareholders. The successful conclusion of both of these transactions would consolidated Sibanye’s position as the world’s
fifth largest global PGM producer and allow significant synergies between the Rustenburg operations and Aquarius’ Kroondal mine to be realised.
Cost and production synergies with an estimated value of around R800 million per annum are likely to be realised within four years of concluding
the transactions. Both of these acquisitions are subject to shareholder and regulatory approvals.
Both of these acquisitions are expected to be completed during 2016, for more detail refer our website – www.Sibanyegold.co.za.
Outlook
Despite the solid and continuing operational recovery after the March 2015 quarter, particularly at Beatrix and Cooke, various operational
disruptions and distractions related to the on-going wage negotiations have continued to impede a full recovery at Kloof, and to a lesser extent,
Driefontein. Operating trends continued to improve during the September 2015 quarter, but even with a further forecast improvement for the
December 2015 quarter, it is unlikely that we will claw back production that was lost during the March 2015 quarter. As such, we are downgrading
guidance for the year.
Gold production is forecast to be between 4% and 6% lower than original guidance. Guidance is now between 47 tons (1.51 Moz) and 48 tons
(1.54 Moz). At these production levels, Total cash cost is forecast at between R350,000/kg and R360,000/kg and AISC at between R425,000/kg and
R435,000/kg. Costs in dollar terms remain largely unchanged due to the weaker rand/dollar exchange rate which is forecast at an average R12.50/US$
for 2015. Total cash cost is forecast at between US$870/oz and US$895/oz and AISC between US$1,060/oz and US$1,085/oz.
29 October 2015
N. Froneman
Chief Executive Officer
SALIENT FEATURES AND COST BENCHMARKS
Salient features and cost benchmarks for the quarters ended 30 September 2015, 30 June 2015 and 30 September 2014
Total Driefontein Kloof Beatrix Cooke
Group Underground Surface Underground Surface Underground Surface Underground Surface Underground Surface
Operating results
Tons milled/treated 000’ton Sept 2015 5,104 2,339 2,765 632 873 500 495 780 344 427 1,053
June 2015 4,867 2,151 2,716 614 791 503 503 700 369 334 1,053
Sept 2014 5,051 2,228 2,823 697 732 495 573 657 438 379 1,080
Yield g/t Sept 2015 2.50 4.96 0.43 6.44 0.61 6.34 0.64 3.50 0.34 3.82 0.20
June 2015 2.55 5.25 0.41 6.35 0.54 7.14 0.60 3.66 0.38 3 .72 0.23
Sept 2014 2.62 5.46 0.37 6.40 0.44 7.68 0.54 3.74 0.39 3.76 0.22
Gold produced/sold kg Sept 2015 12,772 11,596 1,176 4,069 532 3,168 319 2,729 117 1,630 208
June 2015 12,396 11,291 1,105 3,901 426 3,589 300 2,559 142 1, 242 237
Sept 2014 13,210 12,173 1,037 4,464 323 3,800 308 2,454 170 1, 455 236
000’oz Sept 2015 410.6 372.8 37.8 130.8 17.1 101.9 10.2 87.7 3.8 52.4 6.7
June 2015 398.5 363.0 35.5 125.4 13.7 115.4 9.6 82.3 4.6 39.9 7.6
Sept 2014 424.7 391.4 33.3 143.5 10.4 122.2 9.9 78.9 5.5 4 6.8 7.6
Operating cost R/ton Sept 2015 865 1,729 134 1,995 173 2,383 163 1,098 150 1,720 83
June 2015 846 1,746 133 1,962 168 2,247 162 1,137 145 1, 872 88
Sept 2014 803 1,652 133 1,684 178 2,186 186 1,201 83 1, 668 99
Total cash cost R/kg Sept 2015 348,857 313,497 363,650 325,615 446,028
June 2015 335,883 315,969 313,860 318,067 484,652
Sept 2014 312,922 279,110 296,860 318,407 439,030
US$/oz Sept 2015 835 750 869 779 1,067
June 2015 866 814 809 819 1,249
Sept 2014 908 810 861 924 1,274
Operating margin % Sept 2015 27 26 32 34 39 20 46 34 6 5 4
June 2015 28 28 29 33 32 32 41 33 18 (7) 14
Sept 2014 31 32 17 41 9 36 22 27 51 0 7
All-in sustaining cost R/kg Sept 2015 420,811 379,331 449,297 384,364 501,741
June 2015 409,027 376,011 391,309 386,486 563,218
Sept 2014 384,777 353,499 378,311 379,878 497,575
US$/oz Sept 2015 1,007 908 1,075 920 1,200
June 2015 1,054 969 1,008 996 1,451
Sept 2014 1,116 1,026 1,098 1,102 1,444
All-in cost R/kg Sept 2015 429,565 379,744 455,635 384,364 502,992
June 2015 415,836 376,959 391,797 386,486 565,720
Sept 2014 392,339 353,499 378,311 379,878 497,575
US$/oz Sept 2015 1,028 909 1,090 920 1,203
June 2015 1,071 971 1,009 996 1,458
Sept 2014 1,138 1,026 1,098 1,102 1,444
All-in cost margin % Sept 2015 9 19 3 19 (7)
June 2015 10 18 15 16 (21)
Sept 2014 11 20 15 14 (13)
-Ore reserve development R’mil Sept 2015 625.6 203.8 231.5 135.2 55.1
June 2015 568.5 170.6 203.6 134.3 60.0
Sept 2014 564.1 172.2 223.5 115.0 53.4
-Sustaining capital R’mil Sept 2015 137.7 66.4 41.6 13.4 16.3
June 2015 185.9 55.5 72.1 32.1 26.2
Sept 2014 245.7 131.0 66.8 15.9 32.0
-Corporate and project Sept 2015 109.6 1.9 22.1 - 2.3
June 2015 81.6 4.1 1.9 - 3.7
Sept 2014 30.5 - - - -
Total capital expenditure* R’mil Sept 2015 872.9 272.1 295.2 148.6 73.7
June 2015 836.0 230.2 277.6 166.4 89.9
Sept 2014 840.3 303.2 290.3 130.9 85.4
Total capital US$’mil Sept 2015 67.3 21.2 22.7 11.4 5.6
expenditure* June 2015 69.3 19.1 23.0 13.8 7.5
Sept 2014 78.5 28.3 27.1 12.2 8.0
Average exchange rates for the quarters ended 30 September 2015, 30 June 2015 and 30 September 2014 were R13.00/US$, R12.07/US$ and R10.72/US$, respectively.
* Included in the Corporate and project capital expenditure of R83.3 million (US$6.4million), R71.9 million (US$5.9 million) and R30.5 million (US$2.9 million)
for the quarters ended 30 September 2015, 30 June 2015 and 30 September 2014, respectively, is the capitalised costs at Burnstone of R81.3 million (US$6.3 million),
R65.2 million (US$5.4 million) and R25.0 million (US$2.3 million).
QUARTER ENDED 30 SEPTEMBER 2015 COMPARED WITH THE QUARTER ENDED 30 SEPTEMBER 2014
UNDERGROUND OPERATIONS
Driefontein
Gold production of 4,069kg (130,800oz) was 9% lower than for the comparable quarter in 2014. Ore milled of 632,000 tons was 9% lower mainly due
to seismicity, which resulted in a large number of unplanned crew moves during the quarter. Positively, despite an 8% decline in average stoping
values as per the mining plan, the yield was flat at 6.44g/t due to a 7% increase in the MCF to 89%.
As previously reported, a decrease in development was planned for 2015. Main development decreased by 14% to 4,193 metres and main on-reef
development of 974 metres decreased by 22%. However, average values increased by 8% to 1,465cm.g/t from 1,359cm.g/t year-on-year.
Operating costs increased by 7% to R1,261 million (US$97 million). This was largely due to a provision for the annual wage increases and above
inflation electricity tariffs.
As a result of the operational disruptions and lower gold production, operating profit decreased by 18% to R655 million (US$50 million). The
operating margin decreased to 34% from 41%.
Capital expenditure increased by 8% to R270 million (US$21 million) due to an increase in capitalised ORD. Capital expenditure during the
September 2015 quarter was predominantly spent on stabilisation of the shaft barrel at Ya Rona shaft, 38 level refrigeration and cooling plant at
Ya Rona shaft, and community development (“SLP”) projects.
Kloof
Gold production decreased by 17% to 3,168kg (101,900oz) compared with the quarter ended 30 September 2014, due to an 18% decline in the MCF to
72%. The average mined grades remained consistent with the comparable reporting period. The reduced MCF was primarily due to accumulations that
resulted from two underground fires. The MCF is forecast to recover during the December 2015 quarter.
Ore milled increased marginally to 500,000 tons, underpinned by a 4% increase in square metres mined. Underground unit costs increased by 9% to
R2,383/ton.
As planned, main development decreased by 4% to 4,466 metres. On-reef development increased by 20% to 1,159 metres and the average development
value increased by 32% to 1,892cm.g/t from 1,435cm.g/t.
Operating costs increased by 10% to R1,192 million (US$92 million), primarily due to the provision for the annual wage increases and above
inflation increases in electricity costs.
As a result of the lower production and increase in costs, operating profit halved to R295 million (US$23 million), with the operating margin
decreasing from 36% to 20%.
Capital expenditure was comparable at R292 million (US$22 million). The majority of expenditure was on ORD, electrical and winder upgrades and
growth projects – the West Rand Tailing Retreatment Project and the 4 shaft below infrastructure project.
Beatrix
Beatrix recorded a solid operating result for the quarter ended 30 September 2015. Gold production increased by 11% to 2,729kg (87,700oz) mostly
due to higher volumes mined at Beatrix North. A 19% increase in ore milled, to 780,000 tons, was partly offset by a 6% decline in the average
yield to 3.50g/t. The lower yield was largely due to a decrease in mining grades and lower volumes from the higher grade Beatrix West section.
Unit costs were 9% lower at R1,098/ton.
Main, capital development increased by 22% to 5,957 metres and main on-reef development increased by 11% to 1,936 metres. The average development
value increased by 3% to 1,073cm.g/t from 1,043cm.g/t.
Operating costs increased by 9% year-on-year to R857 million (US$66 million), mainly due to the provision for the annual wage increase and the
above inflation electricity increase together with the increase in on-reef development.
Operating profit of R431 million (US$33 million) was 47% higher as a result of the increase in gold production and the higher gold price received,
partly offset by the increase in operating costs. The operating margin increased to 34% from 27%.
Capital expenditure increased by 13% to R148 million (US$11 million) mainly due to the increase in ORD.
Cooke
Gold production increased by 12% to 1,630kg (52,400oz) as a result of a planned increase in volumes. Yields however remained below plan at
3.82g/t, due to delays in extracting the higher grade pillars as a result of the late commissioning of the new grout plant at Cooke 1 shaft. The
grout plant was successfully commissioned in September 2015.
Ore milled increased by 13% to 427,000 tons underpinned by an 11% increase in square metres. Volumes are expected to increase further from Cooke 4
and higher grade areas at Cooke 1 and 2 during the December 2015 quarter.
As planned, main development decreased by 14% to 3,173 metres. Non-priority prospect development has been delayed until required. A seismic event
in the shaft pillar at Cooke 4 continues to negatively impact on flexibility and necessitated changes to the development layout.
Cooke recorded a unit cost of R1,720/ton for the period under review which is 3% higher than the comparable period in 2014.
Operating costs increased by 16% to R734 million (US$56 million) due to the increase in volumes mined and processed, annual wage increases and
above inflation increases in the electricity tariffs.
The operating profit of R37 million (US$3 million) compares favorably with a R2 million operating loss for the comparable period in 2014. The
operating margin increased to 5% from 0% in 2014.
Capital expenditure of R73 million (US$6 million) was mainly spent on ORD, technical upgrades and SLP projects.
SURFACE OPERATIONS
Driefontein
Higher grades and volumes processed from surface rock dump (“SRD”) material at Driefontein resulted in gold production increasing by 65% to 532kg
(17,100oz).
Throughput increased by 19% to 873,000 tons following a decision to utilize spare capacity at the Driefontein 1 plant to process SRD material.
The yield increased to 0.61g/t from 0.44g/t due to newly identified SRD sources.
Operating costs increased by 16% to R151 million (US$12 million) due to the increase in volumes processed, the provision for annual wage increases
and the provision for increased electricity tariffs. However, the unit cost decreased by 3% to R173/ton as a result of the increase in SRD
volumes processed and efficiency gains due to the process at the front end of the plant being redesigned.
Operating profit increased six-fold to R98 million (US$8 million) due to higher gold production and the higher gold price.
Capital expenditure at R2 million compares with R54 million spent for the comparable period in 2014, mostly on the CIL plant upgrade.
Kloof
Gold production increased by 4% to 319kg (10,200oz), mostly due to a 20% increase in SRD grades, which is consistent with the previous two
quarters.
Throughout decreased by 14% to 495,000 tons as surface volumes were displaced by increased volume from underground. Unit costs decreased by 12%
to R163/ton.
Operating costs decreased by 24% to R81 million (US$6 million) mainly due to the mothballing of the failed Python plant in the quarter ended
30 September 2014, and a decrease in stores and ore transport costs.
The surface operations contributed R69 million (US$5 million), double that of the September quarter 2014. The operating margin increased to
46% from 22%.
Capital expenditure decreased marginally to R3 million (US$ million), due to a decrease in purchases of critical spares for Kloof 1 plant.
Beatrix
Gold production was 31% lower at 117kg (3,800oz) due to lower SRD grades and lower volumes. Lower grade surface sources were displaced by higher
grade underground sources.
As such throughput decreased by 22% to 344,000 tons, at a yield of 0.34g/t, compared with 0.39g/t for the comparable period in 2014.
Operating costs increased to R52 million (US$4 million) at a unit cost of R150/ton. Despite the lower volumes, surface operations contributed
R3 million to operating profit.
Capital expenditure amounted to R1 million, which was similar to last year.
Cooke
Gold production decreased by 12% to 208kg (6,700oz) for the quarter ended 30 September 2015, due to a 12% decrease in yields and lower throughput.
Selective mining initiatives have been implemented to increase the mining grade.
Throughput decreased by 3% to 1,053,000 tons. Unit costs decreased by 16% to R83/ton and are expected to remain at these levels going forward.
Operating costs decreased by 19% to R87 million (US$7 million) due to improved operating efficiencies. The yields of 0.20g/t was slightly lower
than previous quarters.
The surface operations contributed R3 million to operating profit. The operating margin decreased from 7% to 4% as a result of the slightly
decrease in volumes and grade.
Capital expenditure of R1 million was largely spent on technical projects.
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 Nine months to
30 Sept 2015 30 June 2015 30 Sept 2015
Carbon Carbon Carbon
Reef leader Main VCR leader Main VCR leader Main VCR
Advanced (m) 1,659 1,044 1,490 1,808 928 1,277 5,162 2,851 3,797
Advanced on reef (m) 482 187 305 363 237 146 1,319 631 552
Channel width (cm) 95 73 52 68 66 45 92 68 59
Average value (g/t) 17.0 9.3 32.9 23.9 12.5 59.2 18.6 11.1 33.7
(cm.g/t) 1,613 682 1,711 1,622 820 2,681 1,711 758 1,977
Kloof
Quarter ended Quarter ended Nine months to
30 Sept 2015 30 June 2015 30 Sept 2015
Reef VCR Kloof Main Libanon VCR Kloof Main Libanon VCR Kloof Main Libanon
Advanced (m) 2,844 693 857 72 2,850 431 953 332 8,772 1,733 2,578 705
Advanced on reef (m) 718 223 195 23 626 188 148 99 1,928 610 452 313
Channel width (cm) 109 153 113 105 113 86 145 149 112 121 115 165
Average value (g/t) 23.3 5.5 7.4 5.9 22.2 13.6 8.3 2.1 22.4 8.0 8.0 2.2
(cm.g/t) 2,545 834 833 621 2,505 1,171 1,205 306 2,521 970 922 357
Beatrix
Quarter ended Quarter ended Nine months to
30 Sept 2015 30 June 2015 30 Sept 2015
Reef Beatrix Kalkoenkrans Beatrix Kalkoenkrans Beatrix Kalkoenkrans
Advanced (m) 4,517 1,440 4,528 1,152 12,604 3,660
Advanced on reef (m) 1,607 329 1,290 254 3,876 823
Channel width (cm) 147 125 136 127 137 116
Average value (g/t) 6.9 10.7 7.5 8.8 7.6 12.4
(cm.g/t) 1,019 1,337 1,025 1,113 1,044 1,439
Cooke
Quarter ended Quarter ended Nine months to
30 Sept 2015 30 June 2015 30 Sept 2015
Elsburg Elsburg Kimberly Elsburg Elsburg Kimberly Elsburg Elsburg Kimberly
Reef VCR Reefs Massive Reefs VCR Reefs Massive Reefs VCR Reefs Massive Reefs
Advanced (m) 566 2,138 135 334 617 2,597 20 258 1,845 7,386 155 881
Advanced on reef (m) 302 929 108 174 486 795 12 117 1,117 2,728 120 471
Channel width (cm) 95 137 162 78 75 97 240 112 95 125 170 85
Average value (g/t) 6.8 7.3 10.0 7.9 9.8 6.6 5.0 4.7 7.7 7.5 9.3 8.1
(cm.g/t) 645 1,004 1,623 617 738 637 1,200 522 790 932 1,580 686
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*
Susan van der Merwe*
Jivu Yuan#
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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Illovo, Johannesburg
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(Private Bag X9936, Sandton, 2196, South Africa)
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US toll-free telephone:
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e-mail: shrrelations@bnymellon.com
Office of the United Kingdom Secretaries
London
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Transfer Secretaries
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Transfer Secretaries
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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
and directors 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, Zimbabwe 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 Sibanye’s business strategy, exploration and
development activities; the ability of Sibanye to comply with requirements that it operate in a sustainable manner; changes in the market price of
gold, platinum group metals (“PGMs”) and/or uranium; the occurrence of hazards associated with underground and surface gold, PGMs 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, mineral rights and business ownership,
including any interpretations thereof which may be subject to dispute; the outcome and consequence of any potential or pending litigation or
regulatory proceedings or other environmental, health and safety issues; power disruptions, constraints and cost increases; supply chain shortages
and increases in the price of production inputs; fluctuations in exchange rates, currency devaluations, inflation and other macro-economic
monetary policies; the occurrence of temporary stoppages of mines for safety incidents and unplanned maintenance; Sibanye’s ability to hire and
retain senior management or sufficient technically skilled employees, as well as its ability to achieve sufficient representation of historically
disadvantaged South Africans’ 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: 29/10/2015 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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