SIBANYE GOLD LIMITED - Sibanye-Stillwater implements transaction with DRDGOLD Limited

Release Date: 01/08/2018 07:05
Code(s): SGL
Wrap Text
Sibanye-Stillwater implements transaction with DRDGOLD Limited

Sibanye Gold Limited
Trading as Sibanye-Stillwater
Incorporated in the Republic of South Africa
Registration number 2002/031431/06
Share code: SGL
ISIN – ZAE000173951
Issuer code: SGL
(“Sibanye-Stillwater” or “the Group” or “the Company”)

Sibanye-Stillwater implements transaction with DRDGOLD Limited

Johannesburg, 1 August 2018. Sibanye-Stillwater (Tickers JSE: SGL and NYSE: SBGL)
is pleased to announce that all the conditions precedent to the DRDGOLD Limited
(DRDGOLD) transaction have been fulfilled and that the transaction was implemented
yesterday, 31 July 2018. Shareholders are referred to the announcement released on
Wednesday, 22 November 2017 (Transaction Announcement), in terms of which,
shareholders were advised that, inter alia, Sibanye-Stillwater would exchange
selected surface gold processing assets and tailings storage facilities (TSFs), for
newly issued DRDGOLD shares (the “Transaction”). Unless otherwise indicated,
capitalised words and terms contained in this announcement shall bear the same
meanings ascribed thereto in the Transaction Announcement.

Sibanye-Stillwater now owns 38.05% (265 000 000 DRDGOLD ordinary shares) of the
issued share capital of DRDGOLD, currently worth R895.7 million*. 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.

Commenting on the Transaction, Neal Froneman, CEO of Sibanye-Stillwater, said: “We
are excited about the partnership with DRDGOLD which unlocks value for our under-
utilised surface infrastructure and TSFs, while retaining upside to the West Rand
Tailings Retreatment Project and future growth in DRDGOLD. Further value will be
derived from the future development of this long life surface reclamation project,
which will benefit all of our stakeholders, particularly those in the region.”

For more information about this transaction, refer to

*DRDGOLD’s closing share price of R3.38 as at 31 July 2018 multiplied by the 265 million shares issued
to Sibanye-Stillwater.


Investor relations contact:
James Wellsted
Head of Investor Relations
Tel: +27 (0) 83 453 4014

Sponsor: J.P. Morgan Equities South Africa Proprietary Limited
Corporate Advisor: Qinisele Resources Proprietary Limited
South African Legal Advisor: Werksmans Attorneys

This announcement includes “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”, “forecast”, “expect”, “potential”, “intend”, “estimate”,
“anticipate”, “can” and other similar expressions that predict or indicate future
events or trends or that are not statements of historical matters. The forward-
looking statements set out in this announcement 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. 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.

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