Wrap Text
Operating update for the quarter ended 31 March 2018
SIBANYE GOLD LIMITED
Trading as SIBANYE-STILLWATER
Incorporated in the Republic of South Africa
Registration number 2002/031431/06
Share code: SGL
Issuer code: SGL
ISIN: ZAE E000173951
Operating update for the quarter ended 31 March 2018
Johannesburg, 3 May 2018: Sibanye Gold Limited trading as Sibanye-Stillwater (Sibanye-Stillwater or the Group) (JSE: SGL & NYSE: SBGL)
is pleased to present an operating update for the quarter ended 31 March 2018. Financial results are only provided on a six-monthly basis.
SALIENT FEATURES FOR THE QUARTER ENDED 31 MARCH 2018
- Solid Group operating performance with significant benefits from strategic commodity and geographic diversification
- 30% year-on-year increase in Group adjusted EBITDA to R1,575 million (US$132 million)
- Strong rand impacting negatively on the Southern Africa (SA) region margins
- United States (US) region performing strongly, contributing 60% of Group adjusted EBITDA
- SA PGM operations deliver further operational gains, with significantly improved unit cost performance resulting in positive cash flow
- SA gold operations impacted by poor safety performance with unit costs increasing by 4%
- Net debt: adjusted EBITDA(1,3) at end of March 2018 improved by 8%, decreasing from 2.6x at end of 2017 to 2.4x
US dollar SA rand
Quarter ended Quarter ended
Mar 2017 Dec 2017 Mar 2018 KEY STATISTICS Mar 2018 Dec 2017 Mar 2017
SOUTHERN AFRICA (SA) REGION
PGM operations
286,716 297,452 286,194 oz 4E PGM(2) production kg 8,902 9,252 8,918
917 997 1,073 US$/4Eoz Average basket price R/4Eoz 12,839 13,594 12,109
16.6 43.6 21.6 US$m Adjusted EBITDA(3) Rm 258.3 593.6 219.8
7 16 9 % Adjusted EBITDA margin(3) % 9 16 7
802 781 851 US$/4Eoz All-in sustaining cost(4) R/4Eoz 10,186 10,641 10,590
Gold operations
330,100 342,200 291,500 oz Gold produced kg 9,068 10,640 10,266
1,215 1,269 1,320 US$/oz Average gold price R/kg 507,719 556,297 515,998
75.0 122.9 31.3 US$m Adjusted EBITDA(3) Rm 374.2 1,675.3 990.8
18 28 8 % Adjusted EBITDA margin(3) % 8 28 18
1,163 1,078 1,336 US$/oz All-in sustaining cost(4) R/kg 513,829 472,293 493,872
UNITED STATES (US) REGION
PGM operations(5)
- 147,046 148,549 oz 2E PGM(2) production kg 4,620 4,574 -
193,397 191,404 oz PGM recycling(5) kg 5,953 6,015 -
- 980 1,027 US$/2Eoz Average basket price R/2Eoz 12,289 13,360 -
- 72.4 78.8 US$m Adjusted EBITDA(3) Rm 942.4 986.2 -
- 26 26 % Adjusted EBITDA margin(3) % 26 26 -
- 629 632 US$/2Eoz All-in sustaining cost(4) R/2Eoz 7,559 8,656 -
GROUP
91.6 238.9 131.7 US$m Adjusted EBITDA(3) Rm 1,574.9 3,255.1 1,210.6
13.21 13.63 11.96 R/US$ Average exchange rate
(1) For the purposes of calculating the Net Debt: Adjusted EBITDA ratio, Adjusted EBITDA is calculated over the immediately preceding 12 months. Net Debt excludes Burnstone cash and debt
due to the non-recourse nature of the financing as explained in the 2017 Annual Financial Statements. Adjusted EBITDA as reported is an accounting calculation based on financial results
from the date of acquisition and consolidation.
(2) The Platinum Group Metals (PGM) production in the SA Region is principally platinum, palladium, rhodium and gold, referred to as 4E (3PGM+Au), and in the US Region is principally platinum
and palladium, referred to as 2E (2PGM)
(3) The Group reports adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) based on the definitions in Sibanye-Stillwater's revolving credit facility agreements. Adjusted
EBITDA is a pro forma number for JSE Listings Requirements purposes. It not an IFRS measure and is for illustrative purposes only and is the responsibility of the directors. For a reconciliation of
the components of Adjusted Ebitda, please refer to note 24.10 on page 89 of the 2017 Group Annual Financial Statements available at https://www.sibanyestillwater.com/investors/financial-
reporting/annual-reports/2017. Adjusted EBITDA margin is calculated by dividing adjusted EBITDA by revenue
(4) See "salient features and cost benchmarks for the quarter ended" on page 6 and 7 for the definition of All-in sustaining cost
(5) The US PGM operations' underground production is converted to metric tonnes and kilograms, and performance is translated into SA rand. In addition to the US PGM operations' underground
production, the operation treats recycling material which is excluded from the 2E PGM production, average basket price and All-in sustaining cost statistics shown. PGM recycling represents
palladium, platinum, and rhodium ounces fed to the furnace
Stock data for the quarter ended 31 March 2018 JSE Limited - (SGL)
Number of shares in issue Price range per ordinary share R11.22 to R16.64
- at 31 March 2018 2,178,647,129 Average daily volume 9,527,340
- weighted average 2,257,612,321 NYSE - (SBGL); one ADR represents four ordinary shares
Free Float 78% Price range per ADR US$3.70 to US$5.27
Bloomberg/Reuters SGLS/SGLJ.J Average daily volume 3,765,983
OVERVIEW AND UPDATE FOR THE QUARTER ENDED 31 MARCH 2018 COMPARED WITH THE QUARTER ENDED 31 MARCH 2017
During a difficult period, in which margins of the South African mining industry have been negatively impacted by a relatively strong
rand (ZAR), the benefits from our strategic commodity and geographical diversification during the last two years are clearly evident.
Another solid operating performance by the SA and US PGM operations offset a challenging quarter for the SA gold operations,
which were impacted by a lower average rand gold price and a number of safety related stoppages and operational disruptions
(including the power failure at Beatrix). The March quarter is seasonally the most challenging for the SA mining industry, due to a
slower start and build-up to normal production levels post the December break. Despite the impact of the strong ZAR on revenues
from our SA operations, Group adjusted earnings before interest, taxes, depreciation and amortisation (adjusted EBITDA) for the
March 2018 quarter, increased by 30% to R1,575 million (US$132 million), relative to the comparable quarter in 2017. The Group PGM
operations, which benefitted from increasing palladium and rhodium prices, delivered 76% of Group adjusted EBITDA.
Following another good operating performance, the US PGM operations reported adjusted EBITDA of US$79 million (R942 million),
which was 9% higher in dollar terms than the December 2017 quarter and accounted for 60% of Group adjusted EBITDA. The Blitz
project continues to deliver ahead of expectations and by 2022 it is anticipated to add 300,000 2Eoz of annual production. This will
be the primary driver in lowering AISC at the US PGM operations by approximately US$100/2Eoz (in real terms), further enhancing the
contribution of the US region to Group cash flow.
Adjusted EBITDA from the SA PGM operations of R258 million (US$22 million)for the March 2018 quarter, increased by 18% relative to
the comparable quarter in 2017. Further cost reductions and a 4% higher average 4E PGM ZAR basket price, resulted in the adjusted
EBITDA margin increasing from 7% for the March 2017 quarter to 9% for the March 2018 quarter.
The SA gold operations were affected by a poor safety performance, which, together with a 2% decline in the average ZAR gold
price received, resulted in adjusted EBITDA declining by 62% from R991 million (US$75 million) for the March 2017 quarter to R374 million
(US$31 million) for the March 2018 quarter.
An operational review under a sustained strong ZAR environment across Group operations is well advanced. Approximately
R550 million (US$46 million) in non-essential capital expenditure has been deferred, while operational teams are targeting further
annualised savings and accelerating further synergies across the Group.
Due largely to the inclusion of the US PGM operations, net debt: adjusted EBITDA of 2.4x at 31 March 2018, was 8% lower than at 31
December 2017. This is well below prevailing covenant levels of 3.5x, as well as below longer term covenant levels of 2.5x. In addition
to deleveraging through the Group's cash flows we are considering a number of additional financial initiatives to reduce gearing
levels, should it be commercially smart. These initiatives include, amongst others, streaming agreements and recycled inventory
pipeline financing. These options are currently being assessed and will be implemented if appropriate. The Group has no need or
intention to issue equity in order to reduce debt. Even under significantly more challenging economic circumstances, this remains
an unlikely scenario.
The recent refinancing of the US$ Revolving Credit Facility (RCF), which was upsized from US$350million to US$600million on improved
terms, reflects the confidence that lenders have in Sibanye-Stillwater's strategy and financial outlook. Utilised shorter term RCF's now
constitute only 30% of net debt, which along with the strong support repeatedly shown by our lenders, highlights the improved Group
liquidity position and financing flexibility going forward.
SAFETY
Following significant improvements in most safety metrics at the SA operations towards the end of 2017 and during January 2018, the
SA region regrettably suffered a number of incidents during February 2018. After a record period of 155 days fatality free for the gold
operations, there were three separate incidents at our SA gold operations, in which four employees were fatally injured. At our SA
PGM operations two employees were fatally injured in two separate incidents.
Sibanye-Stillwater management and the board express their sincere condolences to the family and colleagues of the deceased
employees: Solly Ngobeni, Chicco Dube, Matela Mating, Zanempi Mncwazi, Otshepeng Ramosito and Ntokozo Ntame.
Compared to the same period last year, safety lagging indicators in the SA region showed a 4% regression (3.43 March quarter 2017
vs 3.58 March quarter 2018) in terms of the Serious Injury Frequency Rate and an encouraging 7% improvement (5.84 March quarter
2017 vs 5.46 March quarter 2018) in the Lost Time Injury Frequency Rate (both measured per million hours).
We have intensified our safety efforts, embarking on a Safety Culture Transformation Process, which is aimed at achieving an
improved and sustainable safety performance, similar to that being achieved at our US PGM operations.
The Total Recordable Injury Frequency Rate (TRIFR) (measured per million hours) for the US PGM operations increased to 16.6,
compared to a record low of 12.7 in the year ended December 31, 2017. Of the 14 recordable injuries in the March quarter six were
related to slips, trips and falls. Regional management is refocussing its efforts on eliminating all injuries.
OPERATING REVIEW
SA REGION
SA PGM operations
Attributable 4E PGM production from the SA PGM operations of 286,194 4Eoz for the March 2018 quarter was flat compared to the
March 2017 quarter (286,716 4Eoz).
Ongoing cost benefits derived from cost and operational synergies realised in 2017 resulted in an 8% reduction in underground
operating cost for the SA PGM operations to R11,032/4Eoz (US$922/4Eoz). Underground operating costs at Rustenburg were 12%
lower year-on-year at R11,044/4Eoz, which is a significant achievement considering that this is net of annual inflationary cost
increases. Operating cost increases at the other underground PGM operations were maintained below inflation.
The SA PGM operations recorded adjusted EBITDA of R258 million (US$21 million) for the March 2018 quarter, at an average 9%
adjusted EBITDA margin. Attributable adjusted EBITDA from Mimosa, of approximately R193 million (US$16 million) is not included in
Group adjusted EBITDA, but is equity accounted separately, under sundry items in the Income statement (and will be disclosed in
the H1 2018 results).
AISC (which includes sustaining capital expenditure and royalties, net of by-product credits, per ounce of PGM produced) for the
SA PGM operations was 4% lower at R10,186/4Eoz (US$851/4Eoz) compared to the March 2017 quarter, due to ongoing benefits from
cost and operational synergies realised in 2017.
Chrome production for the March 2018 quarter was approximately 194,000 tonnes (Rustenburg 135,000 tonnes, Kroondal 59,000
tonnes) compared with approximately 185,000 tonnes (Rustenburg 120,000 tonnes, Kroondal 65,000 tonnes) for the same period in
2017. Realised metallurgical chrome prices decreased from US$370/tonne for the March 2017 quarter, to US$223/tonne for the March
2018 quarter.
At the Rustenburg operations, 4E PGM production of 195,578oz during the March 2018 quarter was consistent with the comparable
period in 2017. Kroondal, Mimosa and Platinum Mile reported attributable 4E PGM production of 90,616oz for the quarter ended 31
March 2018 which is in line with production for the comparable period in 2017 (90,409oz).
As previously mentioned, due to the impact of the strong ZAR on cash flow in the March 2018 quarter, a decision has been taken to
defer all non-essential capital expenditure, with approximately R300 million associated with the construction of a dense media
separator and the Rustenburg chrome plant, deferred at the SA PGM operations.
SA gold operations
Production from the SA gold operations declined to 9,068kg (291,500oz) for the March 2018 quarter, 12% lower than the comparable
quarter in 2017. The suspension of underground mining at the Cooke operations in late 2017, accounted for 701kg (22,500oz) or 53%
of the year-on-year decline. On a like-for-like basis (excluding the Cooke underground operations), production from the SA gold
operations declined by 5% or 497kg (16,100oz) compared to the March 2017 quarter. Production was affected by the power failure
at Beatrix in February 2018 and safety stoppages following fatal accidents at Driefontein and Kloof. Gold production from surface
sources was 84kg (2,900oz) lower year-on-year.
The average dollar gold price received for the quarter ended 31 March 2018 of US$1,320/oz, was 9% higher than for the comparable
period in 2017. However, the average rand gold price received declined by 2%, from R515,998/kg to R507,719/kg, due to the 9%
appreciation of the average ZAR relative to the US dollar.
Lower production output resulted in unit operating cost for the SA gold operations increasing by 4% to R444,387/kg (1,155/oz). AISC
at Kloof was 1% lower than for the March 2017 quarter, but AISC at Driefontein and Beatrix increased by 14% and 15% respectively
due to lower production output.
Adjusted EBITDA for the March 2018 quarter of R374 million (US$31 million) was 62% lower than for the comparable period in 2017. The
SA gold operations contributed 24% to the Group adjusted EBITDA during the quarter.
Compared to the March 2017 quarter, underground production from the Kloof operations increased by 4% to 3,323kg (106,900oz),
due to higher underground grades and a significantly higher mine call factor (MCF). Surface production at Kloof increased by 40%
to 524kg (16,800oz) due to a 32% increase in throughput as well as a 5% increase in yield.
Underground production of 2,833kg (91,900oz) from the Driefontein operations was 7% lower year-on-year, predominantly due to
safety related stoppages, which contributed to a 6% decline in throughput. Gold production from surface sources decreased by
50% to 238kg (7,600oz) due to the depletion of higher grade surface reserves.
At the Beatrix operations, underground gold production was 15% lower at 1,846kg (59,400oz) mainly due to the loss of production
shifts following the collapse of both the primary and secondary Eskom power supply lines, which was caused by a severe storm on
31 January 2018. For more information on this event, please refer to the fact sheet on the website at
https://www.sibanyestillwater.com/investors/financial-reporting/annual-reports/2017). Production from surface sources for Beatrix
declined to 64kg (2,058oz) for the quarter. It is expected that Beatrix will deplete all its surface reserves in the next couple of the
months.
Capital expenditure of R699 million (US$3 million) was 13% lower than for the comparable period in 2017. This is primarily due to the
cessation of underground mining at Cooke (accounting for approximately R44 million/US$3.7million) and the suspension of ore
reserve development at Beatrix West (accounting for approximately R22 million/US$1.8millon).
At the gold operations approximately R250 million of growth capital expenditure has been deferred, primarily at the the Burnstone
project and the Driefontein drop down project.
US REGION
US PGM operations
The US PGM operations maintained their strong operating performance from 2017. Underground 2E PGM production of 148,549oz,
was reported for the March 2018 quarter, at an AISC of US$632/2Eoz. This compares to 2E production of 147,046oz at an AISC of
US$629/2Eoz for the quarter ended 31 December 2017. Production from the Stillwater Mine (including the Blitz expansion project)
comprised approximately 62% of total 2E PGM production.
The Columbus Metallurgical Complex processed 345,821oz (mined: 154,417 2Eoz and recycled: 191,404 3Eoz) during the quarter,
compared to 334,025oz (mined: 140,628 2Eoz and recycled: 193,397 3Eoz) for the previous quarter ended 31 December 2017. The
volume of material processed during the first quarter of 2018 was a new record for the Columbus smelter.
Capital expenditure in the US region for the three month period ended 31 March 2018 was US$48.0 million, including project capital
at Blitz. Capital expenditure for the period includes US$1.4 million spent on exploration at Altar in Argentina and Marathon in Canada.
Our recycling operation in Columbus, Montana, processed average throughput of 25.8 tonnes of feed material per day for the
quarter, compared to 24.7 tonnes per day for the quarter ended 31 December 2017. Total fed recycling ounces of 191,404 3Eoz
(including 38,260 3Eoz tolled) for the quarter compare to 193,398 3Eoz (including 45,280 3Eoz tolled) fed ounces during the prior
quarter. The US PGM operations as a whole contributing US$79 million (R942 million) to Group adjusted EBITDA during the quarter, at
an average adjusted EBITDA margin of 26%.
Metal prices remained strong during most of the first quarter of 2018, reducing towards quarter end. The average 2E basket price
achieved for mined production for the quarter was US$1,027/2Eoz, 5% higher than the average basket price of US$980/2Eoz for the
December 2017 quarter. The average 3E basket price achieved for recycled ounces sold for the three months was US$1,001/3Eoz,
8% higher than the average basket price of US$927/3Eoz for the December 2017 quarter.
OUTLOOK
The outlook for 2018 remains positive. The US and SA PGM operations are expected to maintain the strong operational performance
reported in the quarter under review, with operating results from the SA gold operations expected to improve. The ZAR, which is the
most significant driver of revenue and margins for the SA operations, has recently begun to depreciate from an average of
R11.96/US$ in the first quarter of 2018 to the current spot price of R12.60/US$. This bodes well for a further improved financial
performance from the SA operations.
Production guidance for the SA gold operations for 2018 is unchanged, with production lost in the March 2018 quarter expected to
be recovered during the course of the year. Production is forecast at between 38,500kg and 40,000kg (1.24Moz and 1.29Moz) for the
year ending 31 December 2018 with AISC between R475,000/kg and R495,000/kg (US$1,130/oz and US$1,180/oz). Following a review
of capital expenditure, resulting in the deferral of non-essential capital, the capital expenditure forecast is approximately R250 million
(US$19million) lower than previously guided at R3,250 million (US$249 million). Sustaining capital relating to ore reserve development
will not be cut to ensure the reserves and operational flexibility stays intact.
4E PGM production from the SA PGM operations for the year ending 31 December 2018 is forecast at between 1.1 Moz and 1.15Moz
with AISC between R10,750/4Eoz and R11,250/4Eoz (US$825/4Eoz and US$860/4Eoz). Capital expenditure is forecast at R1,200 million
(US$92 million), with approximately R300million (US$22 million) of initially planned R350 million (US$27 million) project capital deferred.
The dollar costs are based on an average exchange rate of R13.05/US$.
2E PGM production from the US PGM operations for the year ending 31 December 2018 is forecast to be between 580,000oz and
610,000oz. Due to a better than expected year to date cost performance, AISC guidance has been reduced to between
US$640/2Eoz and US$680/2Eoz for the full year. Capital expenditure is expected to be up to US$222 million.
Strategically the Sibanye-Stillwater Group remains well positioned to deliver significant sustainable value to all of its stakeholders,
consistent with our vision.
NEAL FRONEMAN
CHIEF EXECUTIVE OFFICER
SALIENT FEATURES AND COST BENCHMARKS FOR THE QUARTER ENDED 31 MARCH 2018,
31 DECEMBER 2017 AND 31 MARCH 2017
SA and US PGM operations
GROUP SA REGION US REGION
Total US
Total SA PGM
and US Total SA PGM(1) Kroondal Mimosa Plat Mile Rustenburg Stillwater
PGM Under- Under- Under-
Attributable operations Total ground Surface Attributable Attributable Surface ground Surface ground(2)
Production
Tonnes milled/treated 000't Mar 2018 6,128 5,803 2,890 2,913 874 338 1,678 1,678 1,235 325
Dec 2017 6,269 5,943 3,047 2,896 988 345 1,655 1,714 1,241 326
Mar 2017 6,563 6,563 2,904 3,659 888 335 2,121 1,681 1,538 -
Plant head grade g/t Mar 2018 2.80 2.09 3.30 0.89 2.47 3.56 0.58 3.68 1.31 15.52
Dec 2017 2.90 2.21 3.31 1.06 2.50 3.58 0.67 3.73 1.57 15.39
Mar 2017 2.10 2.10 3.29 1.15 2.41 3.58 0.69 3.69 1.79 -
Plant recoveries % Mar 2018 78.74 73.51 84.94 31.41 81.92 78.15 11.94 87.32 43.09 91.38
Dec 2017 76.08 70.34 83.33 27.45 81.92 78.04 15.60 84.90 34.22 90.62
Mar 2017 64.76 64.76 82.36 25.01 81.40 77.72 9.16 83.59 33.46 -
Yield g/t Mar 2018 2.21 1.53 2.80 0.28 2.02 2.77 0.07 3.21 0.56 14.22
Dec 2017 2.21 1.56 2.76 0.29 2.05 2.79 0.10 3.17 0.54 14.03
Mar 2017 1.36 1.36 2.71 0.29 1.97 2.78 0.06 3.09 0.60 -
PGM production(3) 4Eoz - 2Eoz Mar 2018 434,743 286,194 260,069 26,125 56,764 30,129 3,723 173,176 22,402 148,549
Dec 2017 444,498 297,452 270,467 26,985 64,974 30,940 5,574 174,553 21,411 147,046
Mar 2017 286,716 286,716 252,737 33,979 56,106 29,975 4,328 166,656 29,651 -
PGM sold 4Eoz - 2Eoz Mar 2018 420,856 286,194 260,069 26,125 56,764 30,129 3,723 173,176 22,402 134,662
Dec 2017 439,093 297,452 270,467 26,985 64,974 30,940 5,574 174,553 21,411 141,641
Mar 2017 286,716 286,716 252,737 33,979 56,106 29,975 4,328 166,656 29,651 -
Price and costs(3)
Average PGM basket price(4) R/4Eoz - R/2Eoz Mar 2018 12,637 12,839 12,871 12,643 12,955 12,655 12,962 12,830 12,590 12,289
Dec 2017 13,511 13,594 13,599 13,551 13,677 13,586 13,666 13,569 13,522 13,360
Mar 2017 12,109 12,109 12,198 11,525 12,062 12,085 12,028 12,243 11,451 -
US$/4Eoz Mar 2018 1,058 1,073 1,076 1,057 1,083 1,058 1,083 1,073 1,053 1,027
Dec 2017 991 997 997 994 1,003 997 1,002 995 992 980
Mar 2017 917 917 923 872 913 915 911 927 867 -
Operating cost(5) R/t Mar 2018 626 502 994 72 714 769 18 1,140 145 2,708
Dec 2017 698 549 1,049 82 626 929 22 1,292 162 3,269
Mar 2017 459 459 1,040 51 659 798 13 1,241 103 -
US$/t Mar 2018 52 42 83 6 60 64 2 95 12 226
Dec 2017 51 40 77 6 46 68 2 95 12 240
Mar 2017 35 35 79 4 50 60 1 94 8 -
R/4Eoz - R/2Eoz Mar 2018 6,785 10,722 11,032 7,996 10,986 8,620 8,165 11,044 7,968 5,921
Dec 2017 7,426 11,523 11,829 8,801 9,515 10,362 6,512 12,691 9,397 7,239
Mar 2017 11,128 11,128 11,991 5,471 10,430 8,921 6,470 12,516 5,325 -
US$/4Eoz - US$/2Eoz Mar 2018 567 896 922 669 919 721 683 923 666 495
Dec 2017 545 845 868 646 698 760 478 931 689 531
Mar 2017 842 842 908 414 790 675 490 947 403 -
All-in sustaining cost(6) R/4Eoz - R/2Eoz Mar 2018 9,310 10,186 10,477 8,706 10,341 9,990 7,559
Dec 2017 9,935 10,641 9,933 9,916 6,206 11,001 8,656
Mar 2017 10,590 10,590 10,443 7,797 6,839 10,714 -
US$/4Eoz - US$/2Eoz Mar 2018 778 852 876 728 864 835 632
Dec 2017 729 781 729 727 455 807 629
Mar 2017 802 802 791 590 518 811 -
All-in cost(6) R/4Eoz - R/2Eoz Mar 2018 10,152 10,186 10,477 8,706 10,341 9,990 9,695
Dec 2017 10,798 10,650 9,933 9,916 6,619 11,001 11,065
Mar 2017 10,590 10,590 10,443 7,797 6,839 10,714 -
US$/4Eoz - US$/2Eoz Mar 2018 849 852 876 728 864 835 811
Dec 2017 792 781 729 727 486 807 804
Mar 2017 802 802 791 590 518 811 -
Capital expenditure
Ore reserve development Rm Mar 2018 327.8 110.4 - - - 110.4 217.4
Dec 2017 329.6 110.7 - - - 110.7 218.9
Mar 2017 - - - - - - -
Sustaining capital Rm Mar 2018 98.6 77.1 20.9 72.3 10.2 46.0 21.5
Dec 2017 283.5 199.0 71.0 64.3 1.8 126.2 84.5
Mar 2017 175.5 175.5 23.7 55.3 1.6 94.9 -
Corporate and projects Rm Mar 2018 335.9 - - - - - 335.9
Dec 2017 355.6 2.3 - - 2.3 - 353.3
Mar 2017 - - - - - - -
Total capital expenditure Rm Mar 2018 762.2 187.4 20.9 72.3 10.2 156.3 574.8
Dec 2017 968.7 312.0 71.0 64.3 4.1 236.9 656.7
Mar 2017 175.5 175.5 23.7 55.3 1.6 94.9 -
US$m Mar 2018 64.0 16.0 2.0 6.0 1.0 13.0 48.0
Dec 2017 71.7 22.9 5.2 4.7 0.3 17.4 48.8
Mar 2017 13.3 13.3 1.8 4.2 0.1 7.2 -
Average exchange rates for the quarters ended 31 March 2018, 31 December 2017 and 31 March 2017 were R11.96/US$, R13.63/US$ and R13.21/US$, respectively.
Figures may not add as they are rounded independently.
(1) The Stillwater operations were acquired in May 2017 and, therefore, the US PGM operations' results for the quarter ended 31 March 2017 are not reported. Stillwater's production is
converted to metric tonnes. The income and expenses are translated into SA rand. In addition to Stillwater's on-mine underground production, the operation treats various recycling
material which is excluded from the underground statistics shown above and is detailed in the PGM recycling table below.
(2) Production per product - see prill split in the table below.
(3) The Group and total SA PGM operations' unit cost benchmarks exclude the financial results of Mimosa, which is equity accounted and excluded from revenue and cost of sales.
(4) The average PGM basket price is the PGM revenue per 4E/2E ounce, prior to a purchase of concentrate adjustment.
(5) Operating cost is the average cost of production and calculated by dividing the cost of sales, before amortisation and depreciation in a period by the tonnes milled/treated in the same
period, and operating cost per kilogram (and ounce) is calculated by dividing the cost of sales, before amortisation and depreciation in a period by the gold produced in the same
period.
(6) All-in cost excludes income tax, costs associated with merger and acquisition activities, working capital, impairments, financing costs, one-time severance charges and items needed
to normalise earnings. All-in cost is made up of All-in sustaining cost, being the cost to sustain current operations, given as a sub-total in the All-in cost calculation, together with corporate
and major capital expenditure associated with growth. All-in sustaining cost per ounce (and kilogram) and All-in cost per ounce (and kilogram) are calculated by dividing the All-in
sustaining cost and All-in cost, respectively, in a period by the total 4E/2E PGM production in the same period.
Mining - Prill split excluding Recycling operations
GROUP SA REGION US REGION
Mar 2018 Dec 2017 Dec 2017 Mar 2018 Dec 2017 Mar 2017 Mar 2018 Dec 2017
4Eoz / 2Eoz % 4Eoz / 2Eoz % 4Eoz / 2Eoz % 4Eoz % 4Eoz % 4Eoz % 2Eoz % 2Eoz %
Platinum 199,629 46% 205,833 46% 168,080 59% 166,440 58% 172,798 58% 168,080 59% 33,189 22% 33,035 22%
Palladium 204,269 47% 206,619 46% 88,654 31% 88,909 31% 92,608 31% 88,654 31% 115,360 78% 114,011 78%
Rhodium 24,156 6% 25,262 6% 20,006 7% 24,156 8% 25,262 8% 20,006 7%
Gold 6,690 2% 6,784 2% 9,976 3% 6,690 2% 6,784 2% 9,976 3%
PGM production 434,744 100% 444,498 100% 286,716 100% 286,195 100% 297,452 100% 286,716 100% 148,549 100% 147,046 100%
Ruthenium 37,964 38,814 37,642 37,964 38,814 37,642
Iridium 7,249 8,825 8,780 7,249 8,825 8,780
Total 479,957 492,137 333,138 331,408 345,091 333,138 148,549 147,046
Recycling operation - 3E PGM
US REGION
Unit Mar 2018 Dec 2017
Average catalyst fed/day Tonne 25.8 24.7
Total processed Tonne 2,323 2,271
Tolled Tonne 365 278
Purchased Tonne 1,958 1,993
PGM fed Troy oz 191,404 193,397
PGM sold Troy oz 155,455 141,745
PGM tolled returned Troy oz 38,260 45,280
SA gold operations
SA REGION
Total SA gold Driefontein Kloof Beatrix Cooke
Under- Under- Under- Under- Under-
Total ground Surface ground Surface ground Surface ground Surface ground Surface
Production
Tonnes milled/treated 000't Mar 2018 4,283 1,525 2,758 500 815 478 1,075 547 173 - 695
Dec 2017 4,241 1,737 2,504 519 973 527 942 647 226 44 363
Mar 2017 4,858 1,852 3,006 531 845 506 813 621 336 194 1,012
Yield g/t Mar 2018 2.12 5.25 0.39 5.67 0.29 6.95 0.49 3.37 0.37 - 0.35
Dec 2017 2.51 5.51 0.42 6.32 0.39 7.31 0.45 3.29 0.30 7.27 0.53
Mar 2017 2.11 4.92 0.38 5.72 0.56 6.33 0.46 3.50 0.32 3.61 0.19
Gold produced kg Mar 2018 9,068 8,002 1,066 2,833 238 3,323 524 1,846 64 - 240
Dec 2017 10,640 9,578 1,062 3,279 377 3,853 426 2,126 67 320 192
Mar 2017 10,266 9,116 1,150 3,038 474 3,201 375 2,176 109 701 192
000'oz Mar 2018 291.5 257.4 34.1 91.1 7.6 106.9 16.8 59.4 2.0 - 7.7
Dec 2017 342.2 308.0 34.2 105.4 12.1 123.9 13.7 68.4 2.2 10.3 6.2
Mar 2017 330.1 293.1 37.0 97.7 15.2 102.9 12.1 70.0 3.5 22.5 6.2
Gold sold kg Mar 2018 9,068 8,002 1,066 2,833 238 3,323 524 1,846 64 - 240
Dec 2017 10,640 9,578 1,062 3,279 377 3,853 426 2,126 67 320 192
Mar 2017 10,395 9,234 1,161 3,122 474 3,235 375 2,176 109 701 203
000'oz Mar 2018 291.5 257.4 34.1 91.1 7.6 106.9 16.8 59.4 2.0 - 7.7
Dec 2017 342.2 308.0 34.2 105.4 12.1 123.9 13.7 68.4 2.2 10.3 6.2
Mar 2017 334.2 296.9 37.3 100.4 15.2 104.0 12.1 70.0 3.5 22.5 6.5
Gold price received R/kg Mar 2018 507,719 511,918 511,152 510,157 529,583
Dec 2017 556,297 556,072 556,041 555,221 566,211
Mar 2017 515,998 515,406 515,263 516,674 519,580
US$/oz Mar 2018 1,320 1,331 1,329 1,326 1,377
Dec 2017 1,269 1,269 1,269 1,267 1,292
Mar 2017 1,215 1,214 1,213 1,217 1,223
Operating cost(1) R/t Mar 2018 934 2,314 182 2,661 208 2,668 182 1,680 97 - 172
Dec 2017 987 2,151 179 2,475 171 2,388 182 1,462 57 5,650 265
Mar 2017 896 2,113 147 2,538 200 2,375 182 1,461 130 2,352 80
US$/t Mar 2018 78 193 15 222 17 223 15 140 8 - 14
Dec 2017 72 158 13 182 13 175 13 107 4 414 19
Mar 2017 68 160 11 192 15 180 14 111 10 178 6
R/kg Mar 2018 444,387 440,890 470,638 469,714 710,924 383,720 374,237 497,941 262,500 - 498,333
Dec 2017 393,289 390,175 421,375 391,705 442,175 326,629 403,286 444,779 191,045 776,875 501,042
Mar 2017 428,288 433,348 388,174 452,535 356,540 378,757 395,200 416,820 400,917 650,785 445,833
US$/oz Mar 2018 1,155 1,146 1,224 1,221 1,848 998 973 1,295 682 - 1,296
Dec 2017 897 890 961 894 1,009 745 920 1,015 436 1,772 1,143
Mar 2017 1,008 1,020 914 1,066 839 892 931 981 944 1,532 1,050
All-in sustaining cost(2) R/kg Mar 2018 513,818 565,093 447,777 557,958 560,417
Dec 2017 472,293 481,318 420,776 504,378 704,102
Mar 2017 493,872 497,831 450,859 486,871 666,150
US$/oz Mar 2018 1,336 1,469 1,165 1,451 1,457
Dec 2017 1,078 1,098 960 1,151 1,606
Mar 2017 1,163 1,172 1,062 1,146 1,568
All-in cost(2) R/kg Mar 2018 535,829 565,093 456,408 558,010 560,417
Dec 2017 493,459 481,647 434,798 504,651 704,102
Mar 2017 514,518 503,226 460,277 486,871 673,783
US$/oz Mar 2018 1,393 1,469 1,187 1,451 1,457
Dec 2017 1,126 1,099 992 1,151 1,606
Mar 2017 1,211 1,185 1,084 1,146 1,586
Ore reserve
development Rm Mar 2018 498.2 198.8 194.1 105.3 -
Dec 2017 537.8 214.5 211.4 111.9 -
Mar 2017 571.3 201.8 209.6 127.5 32.4
Sustaining capital Mar 2018 77.9 28.2 40.2 9.5 -
Dec 2017 205.9 92.1 93.4 20.4 -
Mar 2017 80.4 38.6 21.2 16.3 4.3
Corporate and projects(3) Mar 2018 123.1 - 33.2 0.1 -
Dec 2017 137.8 1.3 60.0 0.3 -
Mar 2017 154.8 19.4 34.0 - 6.9
Total capital
expenditure Rm Mar 2018 699.2 227.0 267.5 114.9 -
Dec 2017 881.6 307.9 364.8 132.6 -
Mar 2017 806.5 259.8 264.8 143.8 43.6
US$m Mar 2018 58.5 19.0 22.4 9.6 -
Dec 2017 64.8 22.6 26.9 9.6 -
Mar 2017 61.1 19.7 20.0 10.9 3.3
Average exchange rates for the quarters ended 31 March 2018, 31 December 2017 and 31 March 2017 were R11.96/US$, R13.63/US$ and R13.21/US$, respectively.
Figures may not add as they are rounded independently.
(1) Operating cost is the average cost of production and calculated by dividing the cost of sales, before amortisation and depreciation in a period by the tonnes milled/treated in the same
period, and operating cost per kilogram (and ounce) is calculated by dividing the cost of sales, before amortisation and depreciation in a period by the gold produced in the same
period.
(2) All-in cost excludes income tax, costs associated with merger and acquisition activities, working capital, impairments, financing costs, one time severance charges and items needed
to normalise earnings. All-in cost is made up of All-in sustaining cost, being the cost to sustain current operations, given as a sub-total in the All-in cost calculation, together with corporate
and major capital expenditure associated with growth. All-in sustaining cost per kilogram (and ounce) and All-in cost per kilogram (and ounce) is calculated by dividing the All-in
sustaining cost and All-in cost, respectively, in a period by the total gold sold over the same period.
(3) Corporate project expenditure for the quarters ended 31 March 2018, 31 December 2017 and 31 March 2017 amounted to R89.8 million (US$47.5 million), R76.3 million (US$5.7 million),
and R94.5 million (US$7.2 million), respectively. The majority of this expenditure was on the Burnstone project..
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.
SA gold operations
Quarter ended 31 March 2018 31 December 2017 31 March 2017
Carbon Carbon Carbon
Reef Black Reef leader Main VCR Black Reef leader Main VCR Black Reef leader Main VCR
Driefontein Unit
Advanced (m) 66 1,441 660 992 141 1,578 804 995 1,309 844 802
Advanced on reef (m) 49 293 228 128 110 222 202 189 165 255 151
Channel width (cm) 46 35 62 56 15 36 50 65 63 69 94
Average value (g/t) 4.7 30.0 8.6 85.8 1.7 30.2 14.5 46.5 16.6 9.5 34.5
(cm.g/t) 214 1,041 534 4,774 26 1,088 724 3,025 1,049 660 3,242
Quarter ended 31 March 2018 31 December 2017 31 March 2017
Reef Cobble Kloof Main Libanon VCR Cobble Kloof Main Libanon VCR Cobble Kloof Main Libanon VCR
Kloof Unit
Advanced (m) 1,158 605 9 1,148 1,271 560 28 1,715 779 441 219 1,816
Advanced on reef (m) 373 81 9 255 348 114 28 279 167 42 62 243
Channel width (cm) 129 126 99 104 155 108 127 98 169 36 138 91
Average value (g/t) 9.6 6.6 11.3 20.5 9.2 10.9 12.7 22.5 5.6 23.4 5.9 18.1
(cm.g/t) 1,244 832 1,120 2,139 1,427 1,177 1,615 2,201 945 834 816 1,656
Quarter ended 31 March 2018 31 December 2017 31 March 2017
Reef Beatrix Kalkoenkrans Beatrix Kalkoenkrans Beatrix Kalkoenkrans
Beatrix Unit
Advanced (m) 3,909 64 4,256 153 3,698 476
Advanced on reef (m) 1,234 21 997 15 806 60
Channel width (cm) 118 168 132 149 156 90
Average value (g/t) 5.8 9.6 7.1 26.6 5.7 22.7
(cm.g/t) 688 1,619 935 3,962 889 2,034
Quarter ended 31 March 2018 31 December 2017 31 March 2017
Elsburgs Elsburgs Kimberley Elsburgs Elsburgs Kimberley Elsburgs Elsburgs Kimberley
Reef VCR Reefs Massives Reefs VCR Reefs Massives Reefs VCR Reefs Massives Reefs
Cooke Unit
Advanced (m) 50 145 717 177
Advanced on reef (m) 26 59 139 38
Channel width (cm) 81 44 116 129
Average value (g/t) 26.5 8.5 8.4 4.9
(cm.g/t) 2,151 373 974 631
Quarter ended 31 March 2018 31 December 2017 31 March 2017
Kimberley Kimberley Kimberley
Reef Reefs Reefs Reefs
Burnstone Unit
Advanced (m) 1,266 1,174 1,348
Advanced on reef (m) 193 185 135
Channel width (cm) 69 30 84
Average value (g/t) 9.2 13.6 4.8
(cm.g/t) 634 412 406
SA PGM operations
Quarter ended 31 March 2018 31 December 2017 31 March 2017
Reef Kopaneng Simunye Bambanani Kwezi K6 Kopaneng Simunye Bambanani Kwezi K6 Kopaneng Simunye Bambanani Kwezi K6
Kroondal Unit
Advanced (m) 428 481 578 609 802 558 546 775 930 925 323 559 737 1,118 682
Advanced on reef (m) 409 362 402 535 657 558 424 622 571 798 221 559 558 917 682
Height (cm) 236 229 217 245 246 234 231 222 245 225 255 253 227 237 247
Average value (g/t) 2.2 2.2 2.0 2.2 2.2 2.3 2.1 3.2 1.5 2.4 1.5 2.5 2.0 2.1 2.5
(cm.g/t) 520 494 429 543 536 538 486 711 367 539 390 635 453 494 607
Quarter ended 31 March 2018 31 December 2017 31 March 2017
Reef Bathopele Thembelani Khuseleka Siphumelele Bathopele Thembelani Khuseleka Siphumelele Bathopele Thembelani Khuseleka Siphumelele
Rustenburg Unit
Advanced (m) 302 1,466 2,190 1,057 332 1,803 2,575 990 334 1,369 1,178 1,113
Advanced on reef (m) 302 502 596 340 332 741 626 396 334 611 306 270
Height (cm) 209 281 288 296 210 117 115 121 198 117 116 117
Average value (g/t) 2.7 2.1 2.1 3.1 1.6 1.9 2.1 2.0 2.6 1.9 2.1 1.9
(cm.g/t) 559 582 614 932 345 225 235 238 511 218 248 225
US PGM operations
Quarter ended 31 March 2018 31 December 2017 31 March 2017
Stillwater Stillwater Stillwater
Reef incl Blitz East Boulder incl Blitz East Boulder incl Blitz East Boulder
Stillwater(1) Unit
Primary development (off reef) (m) 3,019 657 4,823 778
Secondary development (m) 2,038 1,451 1,200 1,014
(1) The Stillwater operations were acquired in May 2017 and, therefore, the development data for the quarter ended 31March 2017 are not reproted.
ADMINISTRATION AND CORPORATE INFORMATION
SIBANYE GOLD LIMITED DIRECTORS AMERICAN DEPOSITORY
Trading as SIBANYE-STILLWATER Sello Moloko(1) (Chairman) RECEIPTS TRANSFER AGENT
Incorporated in the Republic of South Africa Neal Froneman (CEO) BNY Mellon Shareowner Services
Registration number 2002/031431/06 Charl Keyter (CFO) PO Box 358516
Share code: SGL Savannah Danson(1) Pittsburgh
Issuer code: SGL Timothy Cumming(1) PA15252-8516
ISIN: ZAE E000173951 Barry Davison(1) US toll-free: +1 888 269 2377
Rick Menell(1) Tel: +1 201 680 6825
LISTINGS Nkosemntu Nika(1) Email: shrrelations@bnymellon.com
JSE: SGL Keith Rayner(1)
NYSE: SBGL Susan van der Merwe(1) Tatyana Vesselovskaya
Jerry Vilakazi(1) Relationship Manager
WEBSITE BNY Mellon
http://www.sibanyestillwater.com (1) Independent non-executive Depositary Receipts
Direct Line: +1 212 815 2867
REGISTERED OFFICE JSE SPONSOR Mobile: +1 203 609 5159
Libanon Business Park JP Morgan Equities South Africa Proprietary Limited Fax: +1 212 571 3050
1 Hospital Street (Off Cedar Ave) (Registration number : 1995/011815/07) Email: tatyana.vesselovskaya@bnymellon.com
Libanon 1 Fricker Road
Westonaria 1780 Illovo TRANSFER SECRETARIES
South Africa Johannesburg 2196 SOUTH AFRICA
South Africa Computershare Investor Services Proprietary Limited
Private Bag X5 Rosebank Towers
Westonaria 1780 Private Bag X9936 15 Biermann Avenue
South Africa Sandton 2196 Rosebank 2196
Tel: +27 11 278 9600 South Africa
Fax: +27 11 278 9863 PO Box 61051
OFFICE OF THE UNITED KINGDOM SECRETARIES LONDON Marshalltown 2107
INVESTOR ENQUIRIES St James's Corporate Services Limited South Africa
James Wellsted Suite 31 Tel: +27 11 370 5000
Senior Vice President: Second Floor Fax: +27 11 688 5248
Investor Relations 107 Cheapside
Tel: +27 83 453 4014 London EC2V 6DN TRANSFER SECRETARIES
+27 10 493 6923 United Kingdom UNITED KINGDOM
Email: james.wellsted@sibanyestillwater.com Tel: +44 20 7796 8644 Capita Asset Services
or ir@sibanyestillwater.com Fax: +44 20 7796 8645 The Registry
34 Beckenham Road
CORPORATE SECRETARY AUDITORS Beckenham
Cain Farrel KPMG Inc. Kent BR3 4TU
Tel: +27 10 493 6921 KPMG Crescent England
Fax: +27 11 278 9863 85 Empire Road Tel: 0871 664 0300
Email: cain.farrel@sibanyestillwater.com Parktown 2193 (calls cost 10p a minute plus network extras, lines are
Johannesburg open 8.30am - 5pm Mon-Fri) or
South Africa +44 20 8639 3399 (from overseas)
Tel: +27 11 647 7111 Fax: +44 20 8658 3430
Email: ssd@capitaregistrars.com
FORWARD-LOOKING STATEMENTS
NOT FOR RELEASE, PRESENTATION, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO
SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.
This announcement is for informational purposes only and does not constitute or form a part of any offer or solicitation to purchase or
subscribe for securities in the United States or any other jurisdiction nor a solicitation of any vote of approval, nor shall there be any sale of
securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities
laws of any such jurisdiction. The shares to be issued in connection with the offer for Lonmin plc ("Lonmin" and the "New Sibanye Shares",
respectively) have not been and will not be registered under the US Securities Act of 1933 (the "Securities Act") and, accordingly, may not
be offered or sold or otherwise transferred in or into the United States except pursuant to an exemption from the registration requirements
of the Securities Act. The New Sibanye Shares are expected to be issued in reliance upon the exemption from the registration requirements
of the Securities Act provided by Section 3(a)(10) thereof. This announcement is not a prospectus for purposes of Directive 2003/71/EC (and
amendments thereto, including Directive 2010/73/EU, to the extent implemented in any relevant Member State) (the "Prospectus
Directive"). In any EEA Member State that has implemented the Prospectus Directive, this announcement is only addressed to and is only
directed at qualified investors in that Member State within the meaning of the Prospectus Directive. This announcement is not directed to,
or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other
jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any
registration or licensing within such jurisdiction. No statement in this announcement should be construed as a profit forecast.
Forward looking statements
This announcement contains forward-looking statements within the meaning of the "safe harbour" provisions of the United States Private
Securities Litigation Reform Act of 1995. These forward-looking statements, including, among others, those relating to Sibanye Gold Limited
trading as Sibanye-Stillwater ("Sibanye-Stillwater")'s financial positions, business strategies, plans and objectives of management for future
operations, are necessarily estimates reflecting the best judgment of the senior management and directors of Sibanye-Stillwater and
Lonmin. All statements other than statements of historical facts included in this Announcement may be forward-looking statements.
Forward-looking statements also often use words such as "will", "forecast", "potential", "estimate", "expect" and words of similar meaning.
By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances and should
be considered in light of various important factors, including those set forth in this disclaimer. Readers are cautioned not to place undue
reliance on such statements. The important factors that could cause Sibanye-Stillwater's and Lonmin's actual results, performance or
achievements to differ materially from those in the forward-looking statements include, among others, economic, business, political and
social conditions in the United Kingdom, South Africa, Zimbabwe and elsewhere; changes in assumptions underlying Sibanye-Stillwater's
and Lonmin's estimation of their current mineral reserves and resources; the ability to achieve anticipated efficiencies and other cost
savings in connection with past, ongoing and future acquisitions, as well as at existing operations; the success of Sibanye-Stillwater's and
Lonmin's business strategy, exploration and development activities; the ability of Sibanye-Stillwater and Lonmin to comply with
requirements that they operate in a sustainable manner; changes in the market price of gold, 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 macroeconomic
monetary policies; the occurrence of temporary stoppages of mines for safety incidents and unplanned maintenance; their
ability to hire and retain senior management or sufficient technically skilled employees, as well as their ability to achieve sufficient
representation of historically disadvantaged South Africans' in management positions; failure of information technology and
communications systems; the adequacy of insurance coverage; any social unrest, sickness or natural or man-made disaster at informal
settlements in the vicinity of some of Sibanye-Stillwater's operations; and the impact of HIV, tuberculosis and other contagious diseases.
These forward-looking statements speak only as of the date of this Presentation. Sibanye-Stillwater and Lonmin expressly disclaim any
obligation or undertaking to update or revise any forward-looking statement (except to the extent legally required).
Date: 03/05/2018 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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