Wrap Text
Trading statement and operating update
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 27 October 2016: Sibanye Gold Limited (Sibanye or the Group) (JSE: SGL & NYSE: SBGL) is pleased to provide a trading
statement and operating update for the quarter ended 30 September 2016. Detailed financial and operating results are provided on a
six-monthly basis i.e. at the end of June and December each year.
TRADING STATEMENT
Shareholders are advised that Sibanye has a reasonable degree of certainty that its earnings per share for the year ending
31 December 2016 is expected to be a minimum of 200% (158 cents per share (cps)) higher, than the 79cps reported for the year ended
31 December 2015 (or the comparable period) or a minimum of 237cps. Headline earnings per share for 2016 is expected to be a minimum of
330% (244cps) higher than the 74cps reported for 2015, or a minimum of 318cps. Normalised earnings per share for 2016 is expected to be
a minimum of 220% (295cps) higher than the 134cps reported for 2015, or a minimum of 429cps. The financial information on which this
trading statement is based is at an average rand gold price for the year of R590,000/kg, excludes the effect of the Rustenburg
Transaction and has not been reviewed or reported on by Sibanye’s auditors. A further trading statement with a more definitive range
will be released closer to the financial year end.
OPERATING UPDATE
United States Dollars Key Statistics South African Rand
Quarter ended Quarter ended
Sept June Sept Sept June Sept
2015 2015 2016 2016 2015 2015
Gold Division
410.6 386.1 382.5 000’oz Gold produced kg 11,897 12,008 12,772
1,126 1,260 1,322 US$/oz Revenue R/kg 597,705 606,379 470,349
67 60 62 US$/ton Operating cost R/ton 874 893 865
123.9 185.7 179.5 US$m Operating profit Rm 2,530.5 2,790.1 1,592.6
27 38 36 % Operating margin % 36 38 27
1,007 922 1,062 US$/oz All-in sustaining cost R/kg 479,785 443,912 420,811
Platinum Division - attributable1
- 51,346 52,480 oz Platinum produced kg 1,632 1,597 -
- 92,773 94,791 oz 4E production kg 2,948 2,886 -
- 832 901 US$/4Eoz Average basket price R/4Eoz 12,726 12,499 -
- 4.7 12.8 US$m Operating profit Rm 189.7 72.2 -
- 13 25 % Cash operating margin % 25 13 -
- 683 678 US$/4Eoz Cash operating cost R/4Eoz 9,532 10,268 -
1 The platinum division’s performance is for the quarters ended 30 September 2016 and 30 June 2016, as the
Aquarius group was only acquired on 12 April 2016.
Stock data for the quarter ended 30 September 2016 JSE Limited – (SGL)
Number of shares in issue Price range per ordinary share ZAR46.48 to ZAR70.23
– at end September 2016 923,902,469 Average daily volume 4,952,352
– weighted average 923,902,469 NYSE – (SBGL); one ADR represents four ordinary shares
Free Float 80% Price range per ADR US$13.64 to US$20.78
Bloomberg/Reuters SGLS / SGLJ.J Average daily volume 1,388,199
OVERVIEW AND UPDATE FOR THE QUARTER ENDED 30 SEPTEMBER 2016 COMPARED WITH THE QUARTER ENDED 30 SEPTEMBER 2015
Group operating profit increased strongly, improving by 71% to R2.7 billion for the September 2016 quarter, driven largely by a higher
rand and dollar gold price, and good cost management at both the Gold and Platinum Divisions.
There was a noticeable improvement in the operating performance of the Gold Division during the latter half of the September 2016
quarter, following a review of the Group safety strategy in August 2016. Operating profit for the Gold Division increased by 59% to
R2.5 billion, with the operating margin increasing from 27% to 36%. This was largely due to a 27% higher rand gold price, which
averaged R597,705/kg (US$1,322/oz), with unit costs for the Gold Division similar year-on-year at R874/ton. The above results include
the termination of planned gold production from Cooke 4 of over 500 kg per quarter.
The Platinum Division again delivered a record quarterly performance, recording its highest September quarter production in over a
decade, with cash operating costs notably low in both rand and dollar terms. Despite low prevailing platinum group metal (PGM) prices,
the Platinum Division contributed R190 million to Group operating profit, at a 25% margin.
SAFETY
Following the review of Sibanye’s safety strategy in August 2016 and subsequent roll out of the initial phases of the revised strategy,
there has been a noticeable improvement in the safety performance at Sibanye’s Gold Division. Reportable incidents declined
significantly in August and September, with zero fatalities recorded. The Gold Division achieved 2 million Fatality Free Shifts (FFS)
on 10 October 2016, with the Serious Injury Free Rate (SIFR) improving by 27% to 3.72 per million man hours and the Lost Day Injury Free
Rate (LDIFR) improved by 24% to 6.08 per million man hours.
Regrettably, as highlighted during the interim results in August 2016, three fatalities occurred at the Gold Division in July 2016,
prior to the safety review. Sibanye management and Board express their sincere condolences to the families and colleagues of
Mssrs – Mongezi Bagege; Enock Tsabedze and Lehlohonolo Masithela.
The Platinum Division’s excellent long term safety performance, was blighted by an unfortunate fatal accident at its Kroondal operation
in August 2016. This was the first fatal incident for the Platinum Division in 23 months. Sibanye management and its Board express their
condolences to the family and friends of the deceased, Mr. Kabelo Rangagwa.
GOLD DIVISION
Safety and operational trends at the Gold Division were much improved in August and September, following a review of the safety strategy
and management intervention in August 2016. Overall, Section 54 stoppages declined compared to the previous quarters in 2016. Gold
production for this quarter was 11,897kg (382,500oz), which is similar to the previous quarter, but 7% lower than for the same period in
2015. Lower underground volumes were supplemented where possible by surface rock dump material, albeit at lower grades.
Costs at the Gold Division were well controlled, despite above inflation increases in annual wages and electricity tariffs. Operating
costs of R4,580 million were approximately 4% higher than for the September 2015 quarter, with unit costs stable at R874/ton milled.
All-in sustaining cost increased from R420,811/kg, in the same period in 2015, to R479,785/kg mainly as a result of lower gold
production.
Kloof had a much-improved quarter producing 3,617kg (116,300oz) compared with 3,168kg (101,900oz) for the September 2015 quarter. This
14% increase in production was a function of an 11% increase in underground throughput and improved yields. Gold production from surface
sources increased by 13% to 361kg (11,600oz), driven by a significant increase in volumes processed.
Driefontein experienced various production disruptions this quarter, specifically at its Masakhane and Hlanganani shafts. Stoppages
related to engineering issues, resulted in underground gold production declining to 3,468kg (111,500oz). A 6% increase in the
underground yield, due to significantly improved mining quality factors, only partly offset a 20% decline in underground throughput
resulting from the aforementioned disruptions. Lower underground volumes were supplemented with surface material where possible,
resulting in production from surface sources increasing from 532kg (17,100oz) to 550kg (17,700oz).
At Beatrix, underground gold production of 2,438kg (78,400oz) was similar to the previous quarter but was 11% lower year on year due
to lower underground grades and volumes. Surface production was comparable year-on-year at 115kg (3,700oz).
Post the section 189 consultation process which started in July 2016 the Cooke 4 underground operation has ceased production and
primarily as a result, gold production at the Cooke section declined from 1,630kg (52,400oz) for the September 2015 quarter, to
1,126kg (36,200oz) for the period under review. The Ezulwini gold plant continues to be used to process Kloof SRD and Cooke 3
underground volumes on a limited basis. Surface gold production increased by 7% to 222kg (7,100oz).
PLATINUM DIVISION
The Platinum Division delivered record attributable PGM production of 94,791oz (4E) for the September 2016 quarter. This is a
particularly pleasing outcome given the punitive interventions by the Department of Mineral Resources in this region and the knock-on
effects of the illegal industrial action in the previous quarter. Costs were well managed resulting in the Platinum Division recording
a R190 million operating profit and a 25% cash operating margin for the quarter.
Mimosa and Platinum Mile delivered solid results, with Platinum Mile delivering significantly higher production compared with the
June 2016 quarter. Quarterly cash operating costs at Kroondal amounted to R9,453/4Eoz (US$672/4Eoz), and at Mimosa, US$724/4Eoz
(R10,179/4Eoz). As a result of the increase in production at Platinum Mile cash operating cost of R6,361/4Eoz (US$452/4Eoz) were
achieved, resulting in a 39% cash operating margin (before royalties).
Section 11 approval for the acquisition of the Rustenburg assets from Anglo American Platinum Limited was granted by the Department
of Mineral Resources on 18 October 2016. Sibanye will now assume ownership and control of the Rustenburg assets effective 1 November
2016.
OUTLOOK
The annual gold production guidance for 2016 has been reduced from 50,000kg to 48,500kg at a total cash cost of approximately
R380,000/kg and an All-in sustaining cost of approximately R460,000/kg. The All-in cost margin guidance remains at approximately 20%,
this assumes a gold price of US$1,255/oz for the December 2016 quarter and an exchange rate of R14.00/US$.
For the December 2016 quarter, PGM production guidance is approximately 88,000oz (4E) with cash operating cost for the Division
estimated at approximately R9,700/4Eoz (US$693/4Eoz), with cash operating cost for the operations estimated at approximately:
R9,600/4Eoz for Kroondal, US$700/4Eoz for Mimosa and R6,500/4Eoz for Platinum Mile. The guidance excludes the Rustenburg Operations.
27 October 2016
Neal Froneman
Chief Executive Officer
Gold Division – Salient features and cost benchmarks for the quarters ended 30 September 2016, 30 June 2016 and 30 September 2015
Gold Division Driefontein Kloof Beatrix Cooke
Under- Under- Under- Under- Under-
Total ground Surface ground Surface ground Surface ground Surface ground Surface
Tons milled/treated 000’ton Sep 2016 5,238 2,066 3,172 506 1,098 555 687 743 359 262 1,028
Jun 2016 5,029 2,091 2,938 496 946 496 598 762 326 337 1,068
Sep 2015 5,104 2,339 2,765 632 873 500 495 780 344 427 1,053
Yield g/t Sep 2016 2.27 5.15 0.39 6.85 0.50 6.52 0.53 3.28 0.32 4.30 0.22
Jun 2016 2.39 5.13 0.43 6.84 0.66 7.01 0.59 3.25 0.30 4.11 0.19
Sep 2015 2.50 4.96 0.43 6.44 0.61 6.34 0.64 3.50 0.34 3.82 0.20
Gold produced/sold kg Sep 2016 11,897 10,649 1,248 3,468 550 3,617 361 2,438 115 1,126 222
Jun 2016 12,008 10,735 1,273 3,394 620 3,479 352 2,477 98 1,385 203
Sep 2015 12,772 11,596 1,176 4,069 532 3,168 319 2,729 117 1,630 208
000’oz Sep 2016 382.5 342.4 40.1 111.5 17.7 116.3 11.6 78.4 3.7 36.2 7.1
Jun 2016 386.1 345.1 40.9 109.1 19.9 111.8 11.3 79.6 3.2 44.3 6.5
Sep 2015 410.6 372.8 37.8 130.8 17.1 101.9 10.2 87.7 3.8 52.4 6.7
Gold price received R/kg Sep 2016 597,705 597,760 597,386 598,198 606,009
Jun 2016 606,379 605,556 607,152 605,515 606,612
Sep 2015 470,349 470,702 469,315 471,855 469,042
US$/oz Sep 2016 1,322 1,323 1,322 1,324 1,341
Jun 2016 1,260 1,258 1,261 1,258 1,260
Sep 2015 1,126 1,126 1,123 1,129 1,122
Operating cost R/ton Sep 2016 874 1,996 144 2,479 187 2,207 164 1,226 131 2,802 89
Jun 2016 893 1,940 148 2,509 185 2,363 179 1,182 151 2,196 96
Sep 2015 865 1,729 134 1,995 173 2,383 163 1,098 150 1,720 83
Operating margin % Sep 2016 36 35 40 39 38 43 48 38 34 (10) 35
Jun 2016 38 38 44 39 53 45 50 40 17 12 17
Sep 2015 27 26 32 34 39 20 46 34 6 5 4
Total cash cost1 R/kg Sep 2016 398,319 378,372 352,086 389,111 611,573
Jun 2016 378,398 358,445 340,277 373,282 529,030
Sep 2015 348,857 313,497 363,650 325,650 446,028
US$/oz Sep 2016 881 837 779 861 1,353
Jun 2016 786 745 707 776 1,099
Sep 2015 835 750 869 779 1,067
All-in sustaining cost R/kg Sep 2016 479,785 449,154 441,956 462,162 676,632
Jun 2016 443,912 422,646 421,274 441,786 585,390
Sep 2015 420,811 379,331 449,297 384,364 501,741
US$/oz Sep 2016 1,062 994 978 1,023 1,497
Jun 2016 922 878 875 918 1,216
Sep 2015 1,007 908 1,075 920 1,200
All-in cost R/kg Sep 2016 497,794 453,708 452,690 462,201 690,134
Jun 2016 467,214 424,664 427,069 441,903 586,461
Sep 2015 429,565 379,744 455,635 384,364 502,992
US$/oz Sep 2016 1,102 1,004 1,002 1,023 1,527
Jun 2016 971 882 887 918 1,219
Sep 2015 1,028 909 1,090 920 1,203
All-in cost margin % Sep 2016 17 24 24 23 (16)
Jun 2016 23 30 30 27 3
Sep 2015 9 19 3 19 (7)
Total capital expenditure2 Rm Sep 2016 1,024.0 286.4 365.3 162.8 70.0
Jun 2016 901.6 248.5 298.4 158.6 56.8
Sep 2015 872.9 272.1 295.2 148.6 73.7
Rm Sep 2016 71.7 20.1 25.2 11.5 4.9
Jun 2016 59.7 16.5 19.8 10.5 3.8
Sep 2015 67.3 21.2 22.7 11.4 5.6
Average exchange rates for the quarters ended 30 September2016, 30 June 2016 and 30 September 2015 were R14.06/US$,
R14.97/US$ and R13.00/US$, respectively.
Figures may not add as they are rounded independently.
1 Total cash cost is calculated in accordance with the Gold Institute Industry Standard.
2 Included in total capital expenditure is expenditure of R139.5 million (US$10.0 million), R139.3 million (US$9.1 million)
and R83.3 million (US$6.4 million) for the quarters ended 30 September 2016, 30 June 2016 and 30 September 2015, respectively,
the majority of which was spent on our growth project, Burnstone.
Platinum Division – Salient features and cost benchmarks for the quarters ended 30 September 2016 and 30 June 2016,
since acquisition on 12 April 2016
Platinum Division –
attributable1 Kroondal Mimosa Plat Mile
Under-
Total ground Surface Attributable Attributable Surface
Tons milled/treated 000’ton Sep 2016 3,112 1,242 1,870 897 345 1,870
Jun 2016 2,692 1,259 1,433 932 327 1,433
Plant head grade g/t Sep 2016 1.49 2.79 0.63 2.51 3.53 0.63
Jun 2016 1.65 2.78 0.65 2.50 3.57 0.65
Plant recoveries % Sep 2016 63.60 80.75 12.77 81.97 78.50 12.77
Jun 2016 65.09 80.15 8.58 80.96 78.54 8.58
PGM 4E production2 4Eoz Sep 2016 94,791 89,990 4,801 59,268 30,722 4,801
Jun 2016 92,773 90,198 2,575 60,707 29,491 2,575
Average PGM 4E basket price R/4Eoz Sep 2016 12,726 12,711 13,015 12,949 12,252 13,015
Jun 2016 12,499 12,491 12,769 12,578 12,313 12,769
US$/4Eoz Sep 2016 901 899 925 914 871 925
Jun 2016 832 831 846 836 822 846
Cash operating cost R/ton Sep 2016 290 703 16 625 907 16
Jun 2016 354 735 19 630 1,035 19
US$/ton Sep 2016 21 50 1 44 64 1
Jun 2016 24 49 1 42 69 1
Cash operating margin % Sep 2016 25 24 39 23 26 39
Jun 2016 13 14 (2) 10 19 (2)
Cash operating cost3 R/4Eoz Sep 2016 9,532 9,701 6,361 9,453 10,179 6,361
Jun 2016 10,268 10,256 10,660 9,683 11,482 10,660
US$/4Eoz Sep 2016 678 690 452 672 724 452
Jun 2016 683 682 707 642 766 707
1 Platinum Division includes the attributable operations of Kroondal (50%), Mimosa (50%) and Platinum Mile surface operation.
2 Production per product
3 Excluding royalties
Production(oz) Sep 2016 Jun 2016
Platinum 52,480 51,346
Palladium 31,697 31,022
Rhodium 8,129 7,996
Gold 2,485 2,409
PGM4E production (4Eoz) 94,791 92,773
Ruthenium 12,368 12,186
Iridium 3,038 3,079
Total 110,197 108,038
DEVELOPMENT RESULTS
Development values represent the actual results of sampling and no allowance has been made for any
adjustments which may be necessary when estimating ore reserves. All figures below exclude shaft
sinking metres, which are reported separately where appropriate.
Driefontein
Quarter ended 30 September 2016 Quarter ended
30 June 2016 Nine months to 30 September 2016
Carbon Carbon Carbon
Reef leader Main VCR leader Main VCR leader Main VCR
Advanced (m) 1,237 963 771 1,709 841 943 4,599 2,506 3,021
Advanced on reef (m) 130 214 109 293 275 107 637 662 351
Channel width (cm) 78 41 96 43 92 130 63 65 89
Average value (g/t) 13.7 16.3 41.5 30.4 5.5 31.3 19.1 8.6 40.8
(cm.g/t) 1,067 669 3,980 1,296 507 4,051 1,197 560 3,649
Kloof
Quarter ended 30 September 2016 Quarter ended
30 June 2016 Nine months to 30 September 2016
Reef VCR Kloof Main Libanon VCR Kloof Main Libanon VCR Kloof Main Libanon
Advanced (m) 617 782 226 2,330 803 848 213 2,588 2,143 2,296 526 7,158
Advanced on reef (m) 292 116 - 476 284 93 22 499 786 353 32 1,495
Channel width (cm) 142 50 - 110 192 68 108 113 169 89 117 113
Average value (g/t) 5.6 13.8 - 22.9 6.9 9.5 13.4 22.0 7.1 7.6 11.0 22.1
(cm.g/t) 794 696 - 2,514 1,322 642 1,441 2,480 1,190 676 1,286 2,508
Beatrix
Quarter ended 30 September 2016 Quarter ended
30 June 2016 Nine months to 30 September 2016
Reef Beatrix Kalkoenkrans Beatrix Kalkoenkrans Beatrix Kalkoenkrans
Advanced (m) 4,503 756 4,694 868 13,373 2,571
Advanced on reef (m) 1,354 85 1,167 203 3,879 537
Channel width (cm) 128 118 132 101 125 111
Average value (g/t) 7.7 16.9 7.1 14.8 7.6 13.5
(cm.g/t) 992 1,998 934 1,495 955 1,563
Cooke
Quarter ended 30 September 2016 Quarter ended
30 June 2016 Nine months to 30 September 2016
Elsburg Elsburg Kimberly Elsburg Elsburg Kimberly Elsburg Elsburg Kimberly
Reef VCR Reefs Massive Reefs VCR Reefs Massive Reefs VCR Reefs Massive Reefs
Advanced (m) 268 1,124 - 226 305 1,372 69 229 952 4,171 173 601
Advanced on reef (m) 129 434 - 71 149 564 29 59 489 1,616 125 174
Channel width (cm) 248 232 - 213 227 282 384 296 256 256 352 239
Average value (g/t) 3.8 3.5 - 2.9 3.4 3.8 3.2 4.2 3.0 3.8 4.7 3.5
(cm.g/t) 954 816 - 628 771 1,060 1,232 1,240 755 986 1,654 844
Kroondal
Quarter ended Quarter ended
30 June 20161 30 September 2016
Reef Kopaneng Simunye Bambanani Kwezi K6 Kopaneng Simunye Bambanani Kwezi K6
Advanced (m) 537 473 821 650 934 687 515 1,152 677 621
Advanced on reef (m) 529 465 745 384 934 580 476 738 508 587
Channel width (cm) 211 192 113 69 167 178 191 66 80 170
Height (cm) 235 226 228 231 232 252 234 220 221 234
Average value (g/t) 2.18 2.32 2.21 1.47 2.89 1.95 2.15 1.83 2.09 2.63
(cm.g/t) 513 523 505 340 670 491 501 402 463 617
1 Development data since acquisition date on 12 April 2016.
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
COMPANY 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
Sello Moloko* (Chairman)
Neal Froneman (CEO)
Charl Keyter (CFO)
Chris Chadwick#
Robert Chan#
Timothy Cumming*
Barry Davison*
Rick Menell*
Nkosemntu Nika*
Keith Rayner*
Jiya Yuan#
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
1 Fricker Road
Illovo, Johannesburg
2196
South Africa
(Private Bag X9936, Sandton, 2196, South Africa)
AMERICAN DEPOSITORY RECEIPTS TRANSFER AGENT
Bank of New York Mellon
BNY Mellon Shareowner Services
P O Box 358516
Pittsburgh, PA15252-8516
US toll-free telephone:
+1 888 269 2377
Tel: +1 201 680 6825
e-mail: shrrelations@bnymellon.com
OFFICE OF THE UNITED KINGDOM SECRETARIES
London
St James's Corporate Services Limited
Suite 31, Second Floor
107 Cheapside
London
EC2V 6DN
United Kingdom
Tel: +44 20 7796 8644
Fax: +44 20 7796 8645
TRANSFER SECRETARIES
UNITED KINGDOM
Capita Asset Services
The Registry
34 Beckenham Road
Beckenham
Kent BR3 4TU
England
Tel: 0871 664 0300
(calls cost 10p a minute plus network extras, lines are open 8.30am - 5pm Mon-Fri) or
(from overseas)
Tel: +44 20 8639 3399
Fax: +44 20 8658 3430
e-mail: ssd@capitaregistrars.com
TRANSFER SECRETARIES
SOUTH AFRICA
Computershare Investor Services (Proprietary) Limited
Ground Floor
70 Marshall Street
Johannesburg, 2001
P O Box 61051
Marshalltown, 2107
Tel: +27 11 370 5000
Fax: +27 11 688 5248
FORWARD LOOKING STATEMENTS
Certain statements in this document constitute “forward-looking statements” within the meaning
of Section 27A of the US Securities Act of 1933 and Section 21E of the US Securities Exchange
Act of 1934.
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 at existing
operations; the ability of Sibanye to successfully integrate acquired businesses and operations
(whether in the gold mining business or otherwise) into its existing businesses; 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
relevant government regulations, particularly environmental tax health and safety 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: 27/10/2016 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.
Sharenet Sites 
