Wrap Text
Operating update for the quarter ended 30 September 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 30 September 2018
Johannesburg, 1 November 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 30 September 2018. Financial results are only provided on a
six-monthly basis.
SALIENT FEATURES FOR THE QUARTER ENDED 30 SEPTEMBER 2018
- Solid operational performance from SA and US PGM operations maintained
- collectively contributing 85% of Group adjusted EBITDA(1) during the quarter
- Financial position improved by the US$500 million Streaming transaction
- allowing for a 28% reduction in outstanding bonds (nominal value)
- majority of debt only repayable after 2021/22 when Blitz is fully ramped up
- H1 2018 safety and operational disruptions continue to impact SA gold operations
- Safety achievement by South African operations of 2.7 million fatality free shifts as at end October 2018
- Ongoing strategic delivery despite operational disruptions
US dollar SA rand
Quarter ended Quarter ended
Sep 2017 Jun 2018 Sep 2018 KEY STATISTICS Sep 2018 Jun 2018 Sep 2017
SOUTHERN AFRICA (SA) REGION
PGM operations
306,184 282,972 305,227 oz 4E PGM(2) production kg 9,494 8,801 9,523
9 1,028 1,000 US$/4Eoz Average basket price R/4Eoz 14,049 13,013 12,551
40.6 46.9 49.5 US$m Adjusted EBITDA(1) Rm 695.5 593.6 534.8
15 16 18 % Adjusted EBITDA margin(1) % 18 16 15
777 792 771 US$/4Eoz All-in sustaining cost(3) R/4Eoz 10,834 10,025 10,229
Gold operations(4)
372,176 306,974 308,922 oz Gold production kg 9,609 9,548 11,576
1,280 1,307 1,205 US$/oz Average gold price R/kg 544,542 531,640 542,407
104.5 50.0 17.3 US$m Adjusted EBITDA(1) Rm 243.1 632.9 1,377.2
22 12 5 % Adjusted EBITDA margin(1) % 5 12 22
1,150 1,295 1,290 US$/oz All-in sustaining cost(3) R/kg 582,809 526,833 487,068
UNITED STATES (US) REGION
PGM operations(5)
135,585 145,410 139,178 oz 2E PGM2 production kg 4,329 4,523 4,217
197,300 168,842 144,585 oz PGM recycling(5) kg 4,497 5,252 6,137
914 966 896 US$/2Eoz Average basket price R/2Eoz 12,592 12,225 12,047
59.8 74.7 49.1 US$m Adjusted EBITDA(1) Rm 690.2 945.0 788.3
23 25 21 % Adjusted EBITDA margin(1) % 21 25 23
695 674 769 US$/2Eoz All-in sustaining cost(3) R/2Eoz 10,789 8,526 9,162
GROUP
204.9 171.6 115.9 US$m Adjusted EBITDA(1) Rm 1,628.8 2,171.5 2,700.3
13.18 12.65 14.05 R/US$ Average exchange rate
(1) The Group reports adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) based on the formula
included in the facility agreements for compliance with the debt covenant formula. Adjusted EBITDA may not be comparable
to similarly titled measures of other companies. Adjusted EBITDA is not a measure of performance under IFRS and should be
considered in addition to and not as a substitute for, other measures of financial performance and liquidity. For a
reconciliation of profit/loss before royalties and tax to adjusted EBITDA, see 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.
(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) See "salient features and cost benchmarks for the quarter ended" on page 6 and 7 for the definition of All-in sustaining cost.
(4) The gold operations' results for the quarter ended 30 September 2018 include DRDGOLD Limited for two months since acquisition.
(5) The US PGM operations' underground production is converted to metric tonnes and kilograms, and performance is translated to 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 30 September 2018 JSE Limited - (SGL)
Number of shares in issue Price range per ordinary share R7.08 to R9.85
- at 30 Sept 2018 2,265,879,337 Average daily volume 6,975,462
- weighted average 2,265,879,337 NYSE - (SBGL); one ADR represents four ordinary shares
Free Float 78% Price range per ADR US$2.05 to US$2.65
Bloomberg/Reuters SGLS/SGLJ.J Average daily volume 3,527,691
OVERVIEW AND UPDATE FOR THE QUARTER ENDED 30 SEPTEMBER 2018
The Group safety performance improved significantly during the third quarter ended September 2018 (Q3 2018), due to ongoing
interventions and safety improvement plans, gaining traction at all our operations. These initiatives were supported by continuing
tripartite cooperation and input from key stakeholders, arising from the successful, multi-stakeholder Safety Summits that began in
May 2018.
The focus on safe production remains the highest priority across the Group, We are pleased to report that the South African (SA)
operations achieved over 2.7 million fatality free shifts as at end October 2018.
The SA and United States (US) Platinum Group Metal (PGM) operations maintained solid production results during the quarter,
with adjusted EBITDA from the SA PGM operations (excluding Mimosa), 30% higher than for the comparable period in 2017. Adjusted
EBITDA and All-in Sustaining Cost (AISC) from the US PGM operations for the quarter, were negatively affected by a deferral of sales
for the entire September month until early October. This followed a request from a third party precious metals refiner, to
defer deliveries of September production, whilst it undertook a stock take at its US refinery operations.
The significant operational challenges experienced at the SA gold operations during H1 2018 and the additional safety improvement
interventions undertaken, continued to affect productivity across the gold operations in Q3 2018, with Driefontein in particular,
delivering at substantially reduced production rates. As a result, adjusted EBITDA from the SA gold operations for Q3 2018, was
substantially lower than for the comparable period in 2017, with AISC significantly elevated. In light of the underperformance at the
SA Gold operations, guidance for the year ended 31 December 2018, has been revised, as detailed in the outlook section below.
Whilst there was a significant improvement in spot precious metal prices towards the end of the Q3 2018, the average price
environment for the quarter was lackluster. Precious metal commodity prices in July and August 2018 remained below the quarter
averages, which in turn, were only marginally higher than for the comparable period in 2017.
As a result of the reduced contribution from the SA gold operations during the period and the deferral of September sales into
October 2018 at the US PGM operations, Group adjusted EBITDA declined by 40% to R1,629 million (US$116 million) relative to Q3 2017.
The Group PGM operations contribution to Group adjusted EBITDA increased to 85% from 49% in Q3 2017.
The more positive precious metals and commodity price environment in September 2018, has been sustained into Q4 2018, as general
market confidence in the outlook for precious metals and commodities overall, has improved. Together with the rand regressing to
seemingly sustained weaker levels, the outlook for the remainder of the year appears to be more positive.
SAFE PRODUCTION
The focus on safe production across our operations continues, with ongoing campaigns to heighten safety awareness and a longer
term safety strategy being implemented.
Our intensified focus on safe production since the two tragic safety related incidents in Q2 2018 in the SA region, has yielded positive
results. In particular, promoting site specific decisions in alignment with our CARES values by emphasising the importance of the right
our employees to withdraw from conditions they feel might not be safe, as well as reinforcing the role of the health and safety
representative, has resulted in greater attention being focused by employees on the safe production readiness of our operations
and on the application of safe operating practices. The Safety Summit process has also been effective in enlisting deeper
cooperation, and clarifying the role of the unions, in collaborative support of safety improvement. The SA gold operations realised
substantial improvements in all safety performance rates from H1 2018, with the SA PGM operations also maintaining an improving
safety trend, and, injury rates at the US PGM operations tracking to historical levels.
Securing formal accreditation under ISO45001 as the successor to OHSAS18001 for our safety management system has commenced
as the basis of a more rigorous application of world class safety requirements, and we also intend to obtain formal assurance
under the ICMM code, which we have been honouring in support of our commitment to responsible mining, as the basis for
becoming an ICMM member.
Invitations have been issued to eminent global mining safety professionals and academics to become members of our Global Safe
Production Advisory Panel that will provide forward looking perspectives towards leading safe production practice. This is
complemented by a request seeking to formulate a "Virtual centre of excellence" on the application of multi-disciplinary research
to which constructive responses have been received from many of the leading global mining universities and research institutes.
Positively though, since the last fatal accident on 25 August 2018, Sibanye-Stillwater achieved a significant milestone of 2 million
fatality free shifts across the SA Region in mid-October 2018, rising to 2.7 million fatality free shifts by the end of October. We will continue
with our efforts to ensure a safe working environment for employees.
OPERATING REVIEW
SA REGION
SA PGM operations
Attributable 4E PGM production from the SA PGM operations (including Mimosa) of 305,227oz for Q3 2018 was flat relative to Q3 2017 (306,184oz).
Kroondal had another record performance, with production increasing by 6% relative to the previous year. Rustenburg's
underground production was in line with the prior year but surface production was 1,736oz lower than in Q3 2017, mainly due to a
lower feed grade of material treated and test work done in preparation for 2019 toll refining of underground ore.
Underground operating costs for the SA PGM operations (excluding Mimosa) increased by 6% to R11,720/4Eoz (US$834/4Eoz), reflecting the above
inflation increases in wages and electricity costs, as well as higher winter power tariffs.
Chrome production of 204,277 tonnes (125,992 tonnes at Rustenburg and 78,285 tonnes at Kroondal) was similar to levels produced
in Q2 2018, volumes sold for the quarter were lower than for Q 2 2018 however, due to timing of sales, which together with a lower
average chrome price of US$169/tonne for Q3 2018 (S$196/tonne for Q2 2018), impacted on by-product credits. AISC (which includes
sustaining capital expenditure and royalties, net of by-product credits, per 4E ounce of PGM produced) for the SA PGM operations
was consequently 5% higher than for Q3 2017 at R10,834/4Eoz (US$771/4Eoz), but within guidance for the 2018 year.
The SA PGM operations (excluding Mimosa) reported a 30% increase in adjusted EBITDA to R696 million (US$50 million) for Q3 2018,
and contributed 43% of the Group adjusted EBITDA. Attributable adjusted EBITDA from Mimosa, of approximately R111 million (US$8
million) is not included in Group adjusted EBITDA, as it is equity accounted separately.
SA gold operations
As announced on 1 August 2018, all conditions precedent to the DRDGOLD Limited (DRDGOLD) transaction were met and the
transaction was implemented on 31 July 2018. Sibanye-Stillwater consolidated DRDGOLD in its operating and financial results from 1
August 2018 and the current operating results and adjusted EBITDA includes 100% of DRDGOLD.
Total gold production from the SA gold operations for Q3 2018 of 9,609kg (308,922oz), includes 757kg (24,323oz) or two months of
production from DRDGOLD.
Like-for-like production from the SA gold operations, excluding DRDGOLD, declined 24% to 8,852kg (284,600oz) for Q3 2018 quarter
compared to Q3 2017, reflecting the continuing trauma on the organisation from the tragic safety incidents in H1 2018, the ongoing
rehabilitation of seismically affected production areas and the suspension of underground mining at the Cooke operations in late
2017.
Lower production output resulted in unit operating cost for the SA gold operations (excluding DRDGOLD) increasing by 20% to
R495,798/kg (US$1,097/oz). AISC was 20% higher than for Q3 2017 and increased at Driefontein, Kloof and Beatrix by 50%, 21% and
6% respectively due to lower production, in part due to the continuing effects of the H1 2018 safety incidents.
Adjusted EBITDA (excluding DRDGOLD) for Q3 2018 quarter of R239 million (US$17 million) was 83% lower than for the comparable
period in 2017. The SA gold operations contributed 15% to the Group adjusted EBITDA during the quarter.
Rehabilitation of the footwall access on the western side of Masakhane continues and is on track to begin building up production
from the end of Q4 2018 with completion expected in Q1 2019. The ongoing effects and the trauma caused by the H1 safety
incidents have been more severe than anticipated resulting in 2018 annual guidance being revised accordingly.
US REGION
US PGM operations
Underground 2E PGM production of 139,178oz for Q3 2018, was 3% higher than for the comparable period in 2017. Early Q3 mine
production shortfalls at the Stillwater Mine were recovered at the end of the quarter. Production rates for Q4 2018 are anticipated
to be higher due to a second stope block at Blitz coming on-line.
AISC of US$769/2Eoz was higher year-on-year, largely due to higher maintenance costs and planned outages at the metallurgical
complex, as well as the temporary deferral of by-product sales due to the September month stock take at the third party refinery.
With the ramp-up of the second stope block at Blitz in Q4 2018, AISC for the last quarter is anticipated to be substantially lower.
The expected sale of an additional month's production(four months in Q4 2018), is likely to benefit adjusted EBITDA, with additional by-
product credits consequently benefiting AISC.
During the ongoing rebuild and expansion of the second furnace (EF2), recycling throughput has been temporarily reduced at the
Columbus Metallurgical Complex. In total, 271,329oz 2E ounces were processed (mined: 126,744 2Eoz and recycled: 144,585 3Eoz)
for the quarter, compared to 339,000oz (mined: 141,700 2Eoz and recycled: 197,300 3Eoz) for Q3 2017.
The recycling throughput was 18.4 tonnes of feed material per day for the quarter, compared with 23.0 tonnes per day for Q3 2017.
Processing volumes are expected to normalise once EF2 is brought back online in Q4 2018.
The average 2E PGM basket price in Q3 2018 was US$896/2Eoz, 2% lower than the realized basket price of US$914/2Eoz for Q3 2017.
The US PGM operations contributed US$49 million (R690 million) or 42% to Group adjusted EBITDA during the quarter, at an average
adjusted EBITDA margin of 21%. This was based on selling only two months production.
The spot 2E PGM basket price is currently over US$1,020/2Eoz, or 14% higher than the average realised price for Q3 2018.
CORPORATE ACTION
Stream financing
On 16 July 2018, Sibanye-Stillwater announced the completion of a gold and palladium stream agreement with Wheaton Precious
Metals International Limited (Wheaton International), in terms of which Sibanye-Stillwater has received US$500 million from Wheaton
International in exchange for an agreed percentage of planned gold and palladium production from its US PGM operations
(comprised of the East Boulder and Stillwater mining operations).
US$395 million of the proceeds were utilised during the quarter to repurchase approximately US$145 million (cash settlement value
including accrued interest) of the 6.125% Notes due 27 June 2022 and approximately US$200 million (cash settlement value including
accrued interest) of the 7.125% Notes due 27 June 2025, issued by Stillwater Mining Company and approximately US$50 million (cash
settlement values including accrued interest) of Sibanye Gold Limited's 1.875% Convertible Bonds, due 26 September 2023. The
repurchase resulted in a 28% reduction of outstanding bond nominal values and will result in an approximate US$25 million reduction
in annual coupon costs for the Group. The balance of the proceeds were applied towards short term debt repayments. The
repayment profile of the Group is well structured with 67% of gross debt maturing only after 2021/22 when it is expected that
production from Blitz would reach steady state. Further detail on the stream is available at:
https://www.sibanyestillwater.com/investors/events/streaming-transaction.
The proposed Lonmin acquisition
On 18 September 2018, the South African Competition Commission (the Commission) recommended to the South African
Competition Tribunal (Tribunal), that the proposed acquisition of Lonmin Plc be approved by the Tribunal, subject to certain
conditions, which are agreeable to both Sibanye-Stillwater and the Commission. The Tribunal is the regulatory body which provides
final approval for large mergers in South Africa.
The Tribunal hearing which was initially scheduled for 18 and 19 October 2018 was rescheduled for the week of the 12th of November
2018, a ruling on the proposed merger by the Tribunal is anticipated before the end of November 2018. Fulfilment of other conditions
precedent, including the approvals of Lonmin and Sibanye-Stillwater shareholders and the courts of England and Wales, is now
unlikely to be before the end of 2018 and closure of the proposed transaction is likely to occur in January 2019. Further information
on the transaction is available at https://www.sibanyestillwater.com/investors/transactions/Lonmin.
DRDGOLD
On 1 August 2018, the DRDGOLD transaction was concluded. Sibanye-Stillwater now owns 38.05% (265,000,000 DRDGOLD ordinary
shares) of the issued share capital of DRDGOLD. In addition, pursuant to the transaction, Sibanye-Stillwater has an option to subscribe
for the Option Shares within 24 months from the date of implementation of the transaction to further attain up to a 50.1% shareholding
in DRDGOLD at a 10% discount to the 30 day volume weighted average traded price of a DRDGOLD share on the day prior to the
date of exercise of the option. Further information on the transaction is available at
https://www.sibanyestillwater.com/investors/transactions/drdgold
Altar
On 29 June 2018, Sibanye-Stillwater announced it had entered into an agreement with Regulus Resources Inc. (Regulus) and a newly
formed subsidiary of Regulus, Aldebaran Resources Inc. (Aldebaran), to create a strategic partnership to unlock value at the Altar
copper-gold project located in Argentina. The partnership unlocks immediate value from this greenfields exploration project to
Sibanye-Stillwater, while enabling the experienced Aldebaran team to explore the upside potential of the Altar project by providing
it with the exploration focus they bring.
The consideration to Sibanye-Stillwater, for Aldebaran's option to acquire up to an 80% interest in the Altar Project, comprises:
- An upfront cash payment of US$15 million and a shareholding of 19.9% in Aldebaran to Sibanye-Stillwater
- A commitment from Aldebaran to carry the next US$30 million of spend at the Altar Project over a maximum of five years, as an
initial earn-in of a 60% interest in the Altar Project (the Initial Earn-in)
- Aldebaran may also elect to earn into an additional 20% interest in the Altar Project by spending an additional US$25 million over
a three-year period following the Initial Earn-in.
Sibanye-Stillwater has received the upfront proceeds (US$15 million), while retaining a direct interest in the project of either 40% or
20% (should Aldebaran exercise its additional earn in option) as well as an indirect exposure through its 19.9% shareholding in
Aldebaran. Together with the upfront US$15 million received, Aldebaran has issued an aggregate of 15,449,555 Aldebaran shares
(19.9% holding) to Sibanye-Stillwater, of the current 77,635,957 issued and outstanding Aldebaran Shares, all in accordance with the
JV Agreement. The Aldebaran Shares are expected to begin trading on the TSX Venture Exchange under the ticker symbol "ALDE"
in early November 2018.
The transaction successfully closed on 25 October 2018. For more information on this transaction, refer to
https://www.sibanyestillwater.com/investors/transactions/altar.
Purported class action
Two purported class action lawsuits have been filed against Sibanye Gold Limited (Sibanye-Stillwater), Neal Froneman (the Group
CEO) and Charl Keyter (the Group CFO) in the United States District Court for the Eastern District of New York, alleging violations of
the US securities laws. The first lawsuit, Case No. 18-cv-03721, was filed on 27 June 2018 by Kevin Brandel, individually and on behalf
of all other persons who purchased Sibanye securities between 7 April 2017 and 26 June 2018, inclusive (the "Class Period"). The
second lawsuit, Case No. 18-cv-03902, was filed on 6 July 2018 by Lester Heuschen, Jr., also individually and on behalf of members
of the Class Period (collectively, the "Class Actions"). The Class Actions allege that certain statements by Sibanye-Stillwater in its
annual reports filed with the US Securities and Exchange Commission were false and/or misleading. Specifically, the Class Actions
allege that Sibanye made false and/or misleading statements about its safety practices and record and thereby violated the US
securities laws. The Class Actions seek an unspecified amount of damages.
As the cases are in the early stages, it is not possible to determine the likelihood of success on the merits or to quantify any potential
liability from the Class Actions nor estimate the duration of the litigation. Sibanye-Stillwater intends to defend the cases vigorously.
South African Mining Charter
The revised South African Mining Charter was published towards the end of September 2018 with significant amendments from the
consultation draft published in June 2018. While the implementation guidelines scheduled for development by November 2018 are
necessary to provide clarity on certain issues and fully understand the implications for Sibanye-Stillwater's mining rights, recognition
of the continuing consequences of historical empowerment transactions for the duration of existing mining rights provides improved
investment certainty. The Minerals Council will continue to engage on behalf of its members with the Department of Mineral
Resources to resolve the issues that remain outstanding.
Gold wage negotiations
The gold wage negotiations in South Africa have progressed to an advanced stage with all the other gold companies in the
bargaining unit having concluded various agreements. Sibanye-Stillwater continues to engage the unions in an attempt to reach
an affordable yet fair agreement, which does not further compromise the sustainability of its operations. While strike action remains
a possibility we will continue to strive to avoid this outcome, but are well prepared to deal with a strike should one transpire.
OUTLOOK
Production rates at our SA and US PGM operations should be sustained in Q4 2018, with the US PGM operations likely to benefit from
the sale of deferred September production in October and a partial unwind of inventories.
Precious metal prices have been noticeably higher in October 2018, following relatively depressed average prices in Q3 2018, with
the palladium price in particular reflecting the sustained deficit and limited availability of stock. The rand remains volatile, but given
the deterioration in the outlook for the South African economy, appears to have established a new base above R14.00/US$, which
is significantly weaker than the beginning of the year and will benefit the SA gold and PGM operations.
The SA PGM operations are expected to produce in line with previously guided forecast of 4E PGM production of between 1.1 Moz
and 1.15Moz (including Mimosa), with AISC expected to be at the lower end of the guidance of between R10,750/4Eoz and R11,250/4Eoz (US$825/4Eoz
and US$860/4Eoz). Capital expenditure is expected to be R1,000 million (US$77m), R200 million (US$15m) lower than previously guided.
Cost and capital guidance exclude Mimosa.
The tragic safety incidents in H1 2018, have had a significant and continuing effect on production at the SA gold operations,
compounded by losses in areas affected by seismicity and currently subject to rehabilitation. As a result, operational guidance for
the SA gold operations in 2018 has been revised and excludes DRDGOLD. Production for the year ending 31 December 2018 is now
forecast at between 35,000kg and 36,000kg (1.13Moz and 1.16Moz), with AISC between R550,000/kg and R565,000/kg (US$1,311/oz
and US$1,347/oz). Capital expenditure is forecast at approximately R3,000 million (US$230 million).
The dollar costs used in the guidance are based on an average exchange rate of R13.05/US$ for the 2018 year.
2E PGM production guidance from the US PGM operations for the year ending 31 December 2018 is unchanged at between
580,000oz and 610,000oz with AISC guidance between US$640/2Eoz and US$680/2Eoz. Capital expenditure is expected to be up to
US$222 million.
NEAL FRONEMAN
CHIEF EXECUTIVE OFFICER
SALIENT FEATURES AND COST BENCHMARKS FOR THE QUARTER ENDED 30 SEPTEMBER 2018, 30 JUNE 2018
AND 30 SEPTEMBER 2017
SA and US PGM operations
GROUP SA REGION US REGION
Total US
Total SA PGM
and US Total SA PGM Kroondal Mimosa Plat Mile Rustenburg Stillwater
PGM Under- Under- Under-
Attributable operations Total ground Surface Attributable Attributable Surface ground Surface ground(1)
Production
Tonnes milled/treated 000't Sep 2018 7,094 6,768 3,288 3,479 1,001 351 1,887 1,936 1,593 326
Jun 2018 6,958 6,632 3,057 3,575 961 361 2,070 1,735 1,505 326
Sep 2017 7,223 6,914 3,209 3,705 978 359 2,202 1,872 1,503 309
Plant head grade g/t Sep 2018 2.59 2.01 3.22 0.87 2.45 3.54 0.68 3.57 1.10 14.55
Jun 2018 2.56 1.95 3.25 0.82 2.50 3.57 0.62 3.54 1.12 15.17
Sep 2017 2.56 2.01 3.26 0.92 2.39 3.59 0.60 3.64 1.39 14.86
Plant recoveries % Sep 2018 75.30 69.59 83.18 22.18 82.41 77.19 11.78 84.53 29.77 89.21
Jun 2018 74.80 68.34 81.11 24.41 82.51 77.76 9.69 83.23 34.61 91.31
Sep 2017 74.43 68.68 84.11 21.43 81.85 78.19 11.70 86.00 27.57 91.00
Yield g/t Sep 2018 1.95 1.40 2.68 0.19 2.02 2.73 0.08 3.01 0.33 13.28
Jun 2018 1.91 1.33 2.65 0.20 2.06 2.77 0.06 2.95 0.39 13.87
Sep 2017 1.90 1.38 2.74 0.20 1.96 2.80 0.07 3.14 0.38 13.65
PGM production(2) 4Eoz - 2Eoz Sep 2018 444,405 305,227 283,564 21,662 65,047 30,855 4,851 187,663 16,811 139,178
Jun 2018 428,382 282,972 260,198 22,774 63,697 32,141 3,995 164,360 18,779 145,410
Sep 2017 441,769 306,184 282,666 23,518 61,633 32,334 4,971 188,699 18,547 135,585
PGM sold 4Eoz - 2Eoz Sep 2018 412,800 305,227 283,564 21,662 65,047 30,855 4,851 187,663 16,811 107,573
Jun 2018 419,656 282,972 260,198 22,774 63,697 32,141 3,995 164,360 18,779 136,684
Sep 2017 444,645 306,184 282,666 23,518 61,633 32,334 4,971 188,699 18,547 138,461
Price and costs(3)
Average PGM basket price(4) R/4Eoz - R/2Eoz Sep 2018 13,559 14,049 14,110 13,333 14,446 13,532 13,907 13,994 13,167 12,592
Jun 2018 12,724 13,013 13,041 12,726 13,447 12,814 13,137 12,884 12,638 12,225
Sep 2017 12,385 12,551 12,550 12,571 12,520 12,650 12,666 12,560 12,545 12,047
US$/4Eoz Sep 2018 971 1,000 1,004 949 1,028 963 990 996 937 896
Jun 2018 1,005 1,028 1,031 1,006 1,063 1,013 1,038 1,018 999 966
Sep 2017 940 953 953 954 950 960 961 954 953 914
Operating cost(5) R/t Sep 2018 662 503 1,008 76 693 924 23 1,172 138 3,799
Jun 2018 592 474 1,012 68 657 899 16 1,209 139 2,862
Sep 2017 590 462 974 68 626 750 15 1,156 145 3,305
US$/t Sep 2018 47 36 72 5 49 66 2 83 10 270
Jun 2018 47 37 80 5 52 71 1 96 11 226
Sep 2017 45 35 74 5 48 57 1 88 11 251
R/4Eoz - R/2Eoz Sep 2018 10,798 11,753 11,720 12,141 10,665 10,514 8,782 12,086 13,110 8,914
Jun 2018 7,496 11,842 11,964 10,622 9,916 10,087 8,310 12,758 11,113 6,411
Sep 2017 7,399 11,062 11,092 10,741 9,931 8,319 6,860 11,472 11,781 7,541
US$/4Eoz - US$/2Eoz Sep 2018 768 836 834 864 759 748 625 860 933 634
Jun 2018 592 936 945 839 784 797 657 1,008 878 507
Sep 2017 562 840 842 816 754 632 521 871 895 573
All-in sustaining cost(6) R/4Eoz - R/2Eoz Sep 2018 10,819 10,834 10,131 9,559 8,472 11,114 10,789
Jun 2018 9,475 10,025 9,597 8,579 6,383 10,252 8,526
Sep 2017 9,876 10,229 10,188 8,559 7,081 10,317 9,162
US$/4Eoz - US$/2Eoz Sep 2018 770 771 721 680 603 791 769
Jun 2018 749 792 758 678 504 810 674
Sep 2017 749 777 773 650 537 782 695
All-in cost(6) R/4Eoz - R/2Eoz Sep 2018 11,751 10,901 10,131 9,559 12,245 11,114 13,428
Jun 2018 10,398 10,160 9,597 8,579 14,743 10,255 10,809
Sep 2017 10,778 10,229 10,188 8,559 7,081 10,317 11,885
US$/4Eoz - US$/2Eoz Sep 2018 836 776 721 680 871 791 956
Jun 2018 822 803 758 678 1,165 810 854
Sep 2017 818 777 773 650 537 782 902
Capital expenditure
Ore reserve development Rm Sep 2018 384.7 131.4 - - - 131.4 253.3
Jun 2018 339.1 116.3 - - - 116.3 222.8
Sep 2017 325.9 120.7 - - - 120.7 205.2
Sustaining capital Rm Sep 2018 186.9 101.6 31.9 49.2 1.3 68.4 85.3
Jun 2018 143.7 66.4 29.0 29.6 (5.4) 42.8 77.3
Sep 2017 177.9 82.2 40.6 53.6 3.8 37.8 95.7
Corporate and projects(7) Rm Sep 2018 385.6 18.3 - - 18.3 - 367.3
Jun 2018 365.9 34.0 - - 33.4 0.6 331.9
Sep 2017 366.5 - - - - - 366.5
Total capital expenditure Rm Sep 2018 957.2 251.3 31.9 49.2 19.7 199.7 705.9
Jun 2018 848.8 216.8 29.0 29.6 28.0 159.8 632.0
Sep 2017 923.9 256.5 40.6 53.6 3.8 158.5 667.4
US$m Sep 2018 68.1 17.9 2.3 3.5 1.4 14.2 50.2
Jun 2018 67.1 17.1 2.3 2.3 2.2 12.6 49.9
Sep 2017 70.0 19.5 3.1 4.1 0.3 12.0 50.5
Average exchange rates for the quarters ended 30 September 2018, 30 June 2018 and 30 September 2017 were R14.05/US$, R12.65/US$ and R13.18/US$, respectively.
Figures may not add as they are rounded independently.
(1) The US PGM operations' underground production is converted to metric tonnes and performance is translated into SA rand. In addition to the US PGM operations' 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 and change in inventory in a period by the
tonnes milled/treated in the same period, and operating cost per ounce and kilogram is calculated by dividing the cost of sales, before amortisation and depreciation and change in
inventory in a period by the PGM produced in the same period.
(6) All-in costs 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 costs is made up of All-in sustaining costs, being the cost to sustain current operations, given as a sub-total in the All-in costs 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 costs and All-in costs, respectively, in a period by the total 4E/2E PGM produced in the same period.
The US region All-in cost, excluding the corporate project expenditure (on the Altar and Marathon projects), for the quarters ended 30 September 2018, 30 June 2018 and 30 September 2017
was US$951/2Eoz, US$832/2Eoz and US$900/2Eoz, respectively.
(7) The US region corporate expenditure for the quarters ended 30 September 2018, 30 June 2018 and 30 September 2017 includes R8.9 million (US$0.6 million), R41.4 million (US$3.4 million)
and R21.1 million (US$1.6 million), respectively, related to the Altar and Marathon projects.
Mining - Prill split excluding Recycling operations
GROUP SA REGION US REGION
Sep 2018 Jun 2018 Sep 2017 Sep 2018 Jun 2018 Sep 2017 Sep 2018 Jun 2018 Sep 2017
4Eoz / 4Eoz /
4Eoz / 2Eoz % 2Eoz % 2Eoz % 4Eoz % 4Eoz % 4Eoz % 2Eoz % 2Eoz %
Platinum 209,594 47% 197,721 46% 208,051 47% 177,728 58% 164,959 58% 177,108 58% 31,866 23% 32,762 23% 30,943 23%
Palladium 201,936 45% 200,342 47% 200,818 45% 94,624 31% 87,694 31% 96,176 31% 107,312 77% 112,648 77% 104,642 77%
Rhodium 25,828 6% 20,096 5% 25,875 6% 25,828 8% 20,096 7% 25,875 8%
Gold 7,047 2% 10,223 2% 7,025 2% 7,047 2% 10,223 4% 7,025 2%
PGM production 444,405 100% 428,382 100% 441,769 100% 305,227 100% 282,972 100% 306,184 100% 139,178 100% 145,410 100% 135,585 100%
Ruthenium 41,001 37,465 40,265 41,001 37,465 40,265
Iridium 9,470 9,969 9,261 9,470 9,969 9,261
Total 494,876 475,816 491,295 355,698 330,406 355,710 139,178 145,410 135,585
Recycling operation - 3E PGM
US REGION
Unit Sep 2018 Jun 2018 Sep 2017
Average catalyst
fed/day Tonne 18.4 21.8 23.0
Total processed Tonne 1,696 1,984 2,120
Tolled Tonne 188 307 359
Purchased Tonne 1,508 1,677 1,761
PGM fed Troy oz 144,585 168,842 197,300
PGM sold Troy oz 126,744 147,872 141,700
PGM tolled returned Troy oz 40,475 29,996 34,600
SA gold operations
SA REGION
Total SA gold Driefontein Kloof Beatrix Cooke DRDGOLD(1)
Under- Under- Under- Under- Under-
Total ground Surface ground Surface ground Surface ground Surface ground Surface Surface
Production
Tonnes milled/treated 000't Sep 2018 8,515 1,534 6,981 402 180 471 1,437 629 94 32 1,121 4,149
Jun 2018 4,772 1,619 3,153 450 388 479 1,624 685 111 5 1,030 -
Sep 2017 4,924 2,007 2,917 551 1,090 574 933 725 78 157 816 -
Yield g/t Sep 2018 1.13 5.05 0.27 5.38 0.61 7.09 0.42 3.53 0.34 0.94 0.31 0.18
Jun 2018 2.00 5.19 0.36 5.59 0.52 7.21 0.37 3.55 0.37 1.20 0.29 -
Sep 2017 2.35 5.25 0.36 6.00 0.40 7.21 0.42 3.28 0.27 4.52 0.24 -
Gold production kg Sep 2018 9,609 7,752 1,857 2,162 110 3,338 607 2,222 32 30 351 757
Jun 2018 9,548 8,403 1,145 2,516 203 3,452 606 2,429 41 6 295 -
Sep 2017 11,576 10,529 1,047 3,306 438 4,137 390 2,376 21 710 198 -
oz Sep 2018 308,922 249,233 59,689 69,510 3,537 107,319 19,515 71,439 1,029 965 11,285 24,323
Jun 2018 306,974 270,162 36,812 80,891 6,527 110,984 19,483 78,094 1,318 193 9,484 -
Sep 2017 372,176 338,514 33,662 106,290 14,082 133,007 12,539 76,390 675 22,827 6,366 -
Gold sold kg Sep 2018 9,585 7,752 1,833 2,162 110 3,338 607 2,222 32 30 351 733
Jun 2018 9,548 8,403 1,145 2,516 203 3,452 606 2,429 41 6 295 -
Sep 2017 11,576 10,529 1,047 3,306 438 4,137 390 2,376 21 710 198 -
oz Sep 2018 308,176 249,233 58,943 69,510 3,537 107,319 19,515 71,439 1,029 965 11,285 23,577
Jun 2018 306,974 270,162 36,812 80,891 6,527 110,984 19,483 78,094 1,318 193 9,484 -
Sep 2017 372,176 338,514 33,662 106,290 14,082 133,007 12,539 76,390 675 22,827 6,366 -
Price and costs
Gold price received R/kg Sep 2018 544,542 550,528 545,856 543,301 549,606 553,003
Jun 2018 531,640 531,519 531,099 538,907 547,508 -
Sep 2017 542,407 540,251 542,412 543,763 547,687 -
US$/oz Sep 2018 1,205 1,218 1,208 1,202 1,216 1,224
Jun 2018 1,307 1,306 1,305 1,325 1,346 -
Sep 2017 1,280 1,275 1,280 1,284 1,293 -
Operating cost(2) R/t Sep 2018 561 2,515 132 3,585 326 2,963 209 1,622 109 47 144 94
Jun 2018 910 2,345 173 3,115 196 2,878 194 1,483 123 140 137 -
Sep 2017 969 2,134 167 2,643 175 2,337 186 1,418 141 2,917 138 -
US$/t Sep 2018 40 179 9 255 23 211 15 115 8 3 10 7
Jun 2018 72 185 14 246 15 227 15 117 10 11 11 -
Sep 2017 74 162 13 201 13 177 14 108 11 221 10 -
R/kg Sep 2018 497,425 497,730 496,153 666,559 533,636 418,065 495,222 459,136 318,750 53,333 458,689 516,651
Jun 2018 454,881 451,886 476,856 557,075 374,384 399,421 520,957 418,320 334,146 116,667 476,610 -
Sep 2017 412,215 406,838 466,285 440,442 436,073 324,196 445,385 432,786 523,810 645,070 568,182 -
US$/oz Sep 2018 1,101 1,102 1,098 1,475 1,181 925 1,096 1,016 705 118 1,015 1,144
Jun 2018 1,118 1,111 1,172 1,369 920 982 1,280 1,028 821 287 1,171 -
Sep 2017 973 960 1,101 1,040 1,029 765 1,051 1,022 1,236 1,523 1,341 -
All-in sustaining cost(3) R/kg Sep 2018 582,809 785,871 509,303 528,882 484,777 564,161
Jun 2018 526,833 646,083 479,966 475,951 496,678 -
Sep 2017 487,068 522,703 419,395 498,748 646,035 -
US$/oz Sep 2018 1,290 1,739 1,127 1,171 1,073 1,249
Jun 2018 1,295 1,588 1,180 1,170 1,221 -
Sep 2017 1,150 1,234 990 1,177 1,525 -
All-in cost(3) R/kg Sep 2018 609,794 785,915 516,755 528,882 484,777 720,775
Jun 2018 542,187 646,193 489,724 476,032 496,678 -
Sep 2017 503,041 526,068 425,160 499,458 646,035 -
US$/oz Sep 2018 1,350 1,739 1,144 1,171 1,073 1,596
Jun 2018 1,333 1,588 1,204 1,170 1,221 -
Sep 2017 1,187 1,242 1,004 1,179 1,525 -
Capital expenditure
Ore reserve Rm Sep 2018 591.3 232.3 242.6 116.4 - -
development Jun 2018 532.1 220.3 203.8 108.0 - -
Sep 2017 596.6 242.2 237.7 116.7 - -
Sustaining capital Sep 2018 143.3 47.4 64.8 26.6 - 4.5
Jun 2018 105.7 55.9 35.1 14.7 - -
Sep 2017 139.6 58.5 65.0 16.1 - -
Corporate and Sep 2018 144.3 0.1 29.4 - - 114.8
projects(4) Jun 2018 40.1 0.3 39.6 0.2 - -
Sep 2017 38.7 12.6 26.1 - - -
Total capital Rm Sep 2018 879.0 279.8 336.9 143.0 - 119.3
expenditure Jun 2018 677.9 276.5 278.5 122.9 - -
Sep 2017 774.9 313.3 328.8 132.8 - -
US$m Sep 2018 62.6 19.9 24.0 10.2 - 8.5
Jun 2018 53.5 21.8 22.0 9.7 - -
Sep 2017 58.9 23.8 25.0 10.1 - -
Average exchange rates for the quarters ended 30 September 2018, 30 June 2018 and 30 September 2017 were R14.05/US$, R12.65/US$ and R13.18/US$, respectively.
Figures may not add as they are rounded independently.
(1) On 31 July 2018, Sibanye-Stillwater acquired 38% of the issued share capital and obtained control of DRDGOLD Limited (DRDGOLD). From this date, Sibanye-Stillwater consolidates and
presents 100% of DRDGOLD's production, price and costs, and capital expenditure statistics shown.
(2) 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.
(3) All-in costs 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 costs is made up of All-in sustaining costs, 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 costs and All-in costs, respectively, in a period by the total gold sold over the same period.
(4) Corporate project expenditure for the quarters ended 30 September 2018, 30 June 2018 and 30 September 2017 amounted to R31.2 million (US$2.2 million), R53.2 million (US$4.2 million),
and R93.0 million (US$7.0 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 30 Sep 2018 30 Jun 2018 Nine months ended 30 Sep 2018
Black Carbon Black Carbon Black Carbon
Reef Reef leader Main VCR Reef leader Main VCR Reef leader Main VCR
Driefontein Unit
Advanced (m) 131 1,304 698 875 65 1,688 676 867 261 4,432 2,033 2,734
Advanced on reef (m) 47 285 105 198 59 377 149 197 155 954 482 522
Channel width (cm) 179 50 40 88 165 54 36 93 132 47 49 82
Average value (g/t) 5.1 23.1 14.9 22.3 2.1 19.1 13.8 31.9 3.6 22.9 10.9 37.0
(cm.g/t) 906 1,157 591 1,962 346 1,025 496 2,961 474 1,069 534 3,026
Quarter ended 30 Sep 2018 30 Jun 2018 Nine months ended 30 Sep 2018
Reef Kloof Main Libanon VCR Kloof Main Libanon VCR Kloof Main Libanon VCR
Kloof Unit
Advanced (m) 1,382 603 20 1,272 1,220 579 21 1,582 3,759 1,787 50 4,003
Advanced on reef (m) 416 143 20 231 333 122 351 1,122 346 29 837
Channel width (cm) 132 138 113 132 133 126 104 132 131 109 112
Average value (g/t) 6.1 13.0 11.4 17.9 6.2 7.8 21.5 7.3 9.8 11.4 20.1
(cm.g/t) 812 1,782 1,289 2,357 827 986 2,233 960 1,280 1,236 2,239
Quarter ed 30 Sep 2018 30 Jun 2018 Nine months ended 30 Sep 2018
Reef Beatrix Kalkoenkrans Beatrix Kalkoenkrans Beatrix Kalkoenkrans
Beatrix Unit
Advanced (m) 4,300 74 4,486 29 12,695 167
Advanced on reef (m) 1,377 2 1,354 3,964 23
Channel width (cm) 127 132 115 120 166
Average value (g/t) 6.8 7.9 6.6 6.4 9.5
(cm.g/t) 860 1,039 760 772 1,581
Quarter ended 30 Sep 2018 30 Jun 2018 Nine months ended 30 Sep 2018
Kimberley Kimberley Kimberley
Reef Reefs Reefs Reefs
Burnstone Unit
Advanced (m) - 383 1,648
Advanced on reef (m) - 100 293
Channel width (cm) - 30 56
Average value (g/t) - 13.8 10.0
(cm.g/t) - 414 559
SA PGM operations
Quarter ended 30 Sep 2018 30 Jun 2018 Nine months ended 30 Sep 2018
Reef Kopaneng Simunye Bambanani Kwezi K6 Kopaneng Simunye Bambanani Kwezi K6 Kopaneng Simunye Bambanani Kwezi K6
Kroondal Unit
Advanced (m) 587 468 608 627 533 678 539 592 636 555 1,694 1,488 1,778 1,872 1,890
Advanced on reef (m) 574 428 539 575 508 632 451 582 529 431 1,615 1,241 1,522 1,638 1,596
Height (cm) 248 224 217 250 247 239 241 222 246 264 241 232 219 247 251
Average value (g/t) 1.8 2.3 2.1 2.1 1.8 2.0 1.8 2.7 2.2 1.7 2.0 2.1 2.3 2.1 1.9
(cm.g/t) 441 517 460 515 445 468 438 592 529 440 476 483 493 529 483
Quarter ended 30 Sep 2018 30 Jun 2018 Nine months ended 30 Sep 2018
Reef Bathopele Thembelani Khuseleka Siphumelele Bathopele Thembelani Khuseleka Siphumelele Bathopele Thembelani Khuseleka Siphumelele
Rustenburg Unit
Advanced (m) 552 2,103 2,797 1,148 316 1,780 2,418 1,116 1,170 5,349 7,405 3,322
Advanced on reef (m) 552 769 915 558 316 832 775 525 1,170 2,103 2,285 1,423
Height (cm) 220 287 282 285 215 297 290 288 215 288 287 289
Average value (g/t) 2.7 2.2 2.2 3.2 2.6 2.3 2.2 3.0 2.6 2.2 2.2 3.1
(cm.g/t) 594 643 631 906 559 678 630 868 560 635 625 884
US PGM operations
Quarter ended 30 Sep 2018 30 Jun 2018 Nine months ended 30 Sep 2018
Stillwater East Stillwater East Stillwater East
Reef incl Blitz Boulder incl Blitz Boulder incl Blitz Boulder
Stillwater Unit
Primary development
(off reef) (m) 2,530 444 2,695 402 8,244 1,504
Secondary
development (m) 2,333 1,530 2,153 1,340 6,524 4,321
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)
Independent non-executive Tatyana Vesselovskaya
Jerry Vilakazi1 Relationship Manager
WEBSITE (1) Independent non-executive BNY Mellon
http://www.sibanyestillwater.com Depositary Receipts
JSE SPONSOR Direct Line: +1 212 815 2867
REGISTERED OFFICE JP Morgan Equities South Africa Proprietary Mobile: +1 203 609 5159
Constantia Office Park Limited Fax: +1 212 571 3050
Cnr 14th Avenue & Hendrik Potgieter Road (Registration number : 1995/011815/07) Email: tatyana.vesselovskaya@bnymellon.com
Bridgeview House, Ground Floor 1 Fricker Road
Weltevreden Park 1709 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 Marshalltown 2107
INVESTOR ENQUIRIES SECRETARIES LONDON South Africa
James Wellsted St James's Corporate Services Limited Tel: +27 11 370 5000
Senior Vice President: 107 Cheapside Fax: +27 11 688 5248
Investor Relations Suite 31, Second Floor
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
Lerato Matlosa KPMG Inc. Kent BR3 4TU
Tel: +27 10 493 6921 KPMG Crescent England
Email: lerato.matlosa@sibanyestillwater.com 85 Empire Road Tel:0871 664 0300
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
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. Forward-looking statements may be identified by the use of words such as "target", "will", "would",
"expect", "can", "potential", "could" and other similar expressions that predict or indicate future events or trends or that are not
statements of historical matters. These forward-looking statements, including among others, those relating to our future business prospects,
financial positions, debt position and our ability to reduce debt leverage, plans and objectives of management for future operations, our
ability to obtain the benefits of any streaming arrangements or pipeline financing, our ability to service our Bond Instruments (High Yield
Bonds and Convertible Bonds), our ability to achieve steady state production at the Blitz project and the anticipated benefits and
synergies of our acquisitions are necessarily estimates reflecting the best judgement of our senior management and involve a number of
known and unknown risks, uncertainties and other factors, many of which are difficult to predict and generally beyond the control of
Sibanye-Stillwater, that could cause Sibanye-Stillwater's actual results and outcomes to be materially different from historical results or from
any future results expressed or implied by such forward-looking statements. As a consequence, these forward-looking statements should be
considered in light of various important factors, including those set forth in the Group's Annual Integrated Report and Annual Financial
Report, published on 30 March 2018, and the Group's Annual Report on Form 20-F filed by Sibanye-Stillwater with the Securities and
Exchange Commission on 2 April 2018 (SEC File no. 001-35785). These forward-looking statements speak only as of the date of this
announcement. Sibanye-Stillwater 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 announcement or to reflect the occurrence of unanticipated events, save as
required by applicable law.
Date: 01/11/2018 08:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
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