To view the PDF file, sign up for a MySharenet subscription.

SIBANYE GOLD LIMITED - Sibanye-Stillwater Mineral Resources and Mineral Reserves declaration as at 31 December 2018

Release Date: 20/02/2019 11:40
Code(s): SGL     PDF:  
Wrap Text
Sibanye-Stillwater Mineral Resources and Mineral Reserves declaration as at 31 December 2018

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 Mineral Resources and Mineral Reserves declaration as at 31
December 2018

Johannesburg, 20 February 2019: Sibanye-Stillwater (Tickers JSE: SGL and NYSE:
SBGL) is pleased to report updated Group Mineral Resources and Mineral Reserves,
as at 31 December 2018.

-    Highlights

-    Total group Platinum Group Metals (PGMs) Mineral Reserves increase by 4% from
     44.261 Moz to 46.062 Moz, primarily due to ongoing reserve definition drilling
     at the Blitz Project at Stillwater, where approximately 3.294Moz of Mineral
     Reserves were added at a 2E PGM grade of 23.7 g/t
    - Total group PGM Mineral Resources were stable at 204.373Moz
    - Total Mineral Reserves at the SA gold operations were 12.108 Moz, a 9% year-on-
      year decline, primarily as a result of the restructuring of marginal operations
      (2.373Moz) and depletion (1.162Moz), partially offset by the successful
      conversion of Mineral Resources to Mineral Reserves at the Kloof operations
      (+1.204 Moz) and the inclusion of attributable (38.05%) DRDGOLD Mineral Reserves
      (2.245 Moz) following the sale of certain the West Rand Tailings Retreatment
      Project assets to DRDGOLD
    - Total SA Gold Project Mineral Reserves decreased by 64% to 4.476 Moz primarily
      due to the sale of certain West Rand Tailings Retreatment Project (WRTRP) Mineral
      Reserves to DRDGOLD and the decision to cease further development at the
      Driefontein Depth Extension Project as part of a rigorous capital and economic
      review of the SA gold operations
    - Total gold Mineral Resources increased by 12.789 Moz to 104.221Moz primarily due
      to the inclusion of DRDGOLD Mineral Resources attributable to SGL
    - Total group copper Mineral Resources increased marginally to 18,795.8Mlb (an
      increase of 0.7%), due to the inclusion of the attributable Rio Grande Project
      Mineral Resources, following the successful transaction with Regulus Resources
      Inc. and Aldebaran Resources Inc

All Group Mineral Reserves have been declared using a principle of three year
trailing prices in line with SEC requirements. The rand gold price applied of
R540 000/Kg is ~12% below current spot prices, the rand 4E PGM basket price applied
of R12,694/4Eoz is ~35% below current spot prices; and the USD 2E PGM basket price
applied of USD849/2Eoz is ~56% below current spot prices, demonstrating the
robustness of the reserve figures under the current price environment, and the
quality of the underlying mineral assets.

The Group Mineral Resources and Reserves underpin operations with a Life of Mine
in excess of 20 years at both the Southern Africa (SA) and United States (US) PGM
operations and approximately 14 years at the SA gold operations.




                                                                                      1
-        Group Overview

                                   Mineral Resources                               Mineral Reserves
                                31 Dec 2018              31 Dec 2017           31 Dec 2018        31 Dec 2017
                                                                       Tonne
                      Tonnes      Grade         PGM          PGM                 Grade    PGM          PGM
                                                                         s
                       (Mt)       (g/t)        (Moz)        (Moz)                (g/t)   (Moz)        (Moz)
    PGM Operations                                                     (Mt)
    US                 151.7      16,40        79.860      80.463      46.4      17,20   25.614       21.903
    SA                 689.7       4.34        96.181      97.745      228.2     2.79    20.448       22.358
    Total
                       841.4       6.51       176.041      178.208     274.6     5.22    46.062       44.261
    Operations
                                   Mineral Resources                               Mineral Reserves
                                31 Dec 2018              31 Dec 2017           31 Dec 2018        31 Dec 2017
                                                                       Tonne
                      Tonnes      Grade         PGM          PGM                 Grade    PGM          PGM
                                                                         s
                       (Mt)       (g/t)        (Moz)        (Moz)                (g/t)   (Moz)        (Moz)
    PGM Projects                                                       (Mt)
    US                 151.7       0,80        3.982        3.982
    SA                134.46       5.63        24.350      24.350
    Total Projects     286.2       3.08        28.332      28.332
    Grand Total PGM   1,127.6      5,70       204.373      206.540     274.6      5,4    46.062       44.261

                                   Mineral Resources                               Mineral Reserves
                                31 Dec 2018              31 Dec 2017           31 Dec 2018        31 Dec 2017
                                                                       Tonne
                      Tonnes      Grade        Gold          Gold                Grade   Gold          Gold
                                                                         s
                       (Mt)       (g/t)        (Moz)        (Moz)                (g/t)   (Moz)        (Moz)
    Gold Operations                                                    (Mt)

    SA                 542.5       1,95        33.950      32.784      293.3     1,28    12.108       13.321
                                                                       Tonne
                      Tonnes      Grade        Gold          Gold                Grade   Gold          Gold
                                                                         s
                       (Mt)       (g/t)        (Moz)        (Moz)                (g/t)   (Moz)        (Moz)
    Gold Projects                                                      (Mt)
    SA                 523.1       3,79        63.714      52.327      32.0      4,35    4.476        12.416

    US                2,636.3      0.08        6.558        6.321

    Total Projects    3,159.4      0,69        70.272      58.648      32.0      4,35    4.476        12.416
    Grand Total
    Gold              3,701.9      0,88       104.221      91.432      325.3     1,59    16.584       25.737
                                   Mineral Resources                               Mineral Reserves
                                31 Dec 2018              31 Dec 2017           31 Dec 2018        31 Dec 2017
                                                                       Tonne     Grade
                      Tonnes      Grade        U3O8          U3O8                          U3O8        U308
    Uranium                                                              s       (kg/t
                       (Mt)       (kg/t)       (Mlb)        (Mlb)                         (Mlb)       (Mlb)
    Operations                                                         (Mt)        )
    SA                 11.4        1,07        26.968      26.968
                                                                       Tonne     Grade
                      Tonnes      Grade        U3O8          U3O8                        U3O8          U308
    Uranium                                                              s       (kg/t
                       (Mt)       (kg/t)       (Mlb)        (Mlb)                        (Mlb)        (Mlb)
    Projects                                                           (Mt)        )
    SA                 262.3       0,09        51.724      96.083                                     96.083
    Grand Total
    Uranium            273.7       0,13     78.692         123.051                                    96.083
                                   Mineral Resources                               Mineral Reserves
                                31 Dec 2018              31 Dec 2017           31 Dec 2018        31 Dec 2017
                                                                       Tonne
                      Tonnes      Grade        Copper      Copper                Grade   Copper       Copper
    Copper Projects                                                      s
                       (Mt)        (%)          (Mlb)       (Mlb)      (Mt)       (%)    (Mlb)        (Mlb)
    US                2,788.0      0,30       18,795.8    18,661.1
    Grand Total
                      2,788.0      0,30       18,795.8    18,661.1
    Copper

Neal Froneman, CEO of Sibanye-Stillwater Comments: “Our Mineral Resources and
Reserves have been estimated in line with conservative pricing parameters, ensuring
robust operational margins and greater operating flexibility, at current spot
prices.



                                                                                                                2
The increase in our PGM Mineral Reserve base, largely as a result of ongoing Mineral
Reserve definition at Blitz is pleasing and confirms the world class quality of the
Stillwater orebody, while our SA PGM operations continue to deliver, in line with
expectations.   The rigorous review of our SA gold operations during 2018, in
particular certain marginal operating shafts, was necessary and although this has
resulted in a decrease in total Mineral Reserves, it will enhance the resilience
of the SA gold operations to short term economic fluctuations and create longer
term sustainable production.”

The recently completed transaction with DRDGOLD has successfully seen the first
phase of the previously reported WRTRP being implemented by DRDGOLD, as part of
their Far West Gold Recoveries (FWGR) project.     This transaction has increased
Sibanye-Stillwater’s exposure to mechanised, long life and low cost (R/t) surface
mining operations, highly leveraged to the gold price.


                          Group Mineral Resources and Reserves by Operation

-     US PGM Operations

          - Total 2E PGM Mineral Resources of 79.860Moz, a decrease of 0.75%.
          - Total 2E PGM Mineral Reserves of 25.614Moz, an increase of 16.94%.

                                       Mineral Resources                           Mineral Reserves

                                    31 Dec 2018           31 Dec 2017          31 Dec 2018        31 Dec 2017
                                                                         Tonne
                           Tonnes       Grade      2E         2E                  Grade     2E         2E
    PGM Operations                                                         s
                            (Mt)        (g/t)     (Moz)      (Moz)        (Mt)    (g/t)   (Moz)       (Moz)
                                                  45.82                                   14.75
    Stillwater (2E)         82.2        17.30               42.144        23.9     19.2               11.519
                                                    9                                       6
                                                  34.03                                   10.85
    East Boulder (2E)       69.5        15.20               38.319        22.5     15.0               10.384
                                                    1                                       8
    Total US PGM                                  79.86                                   25.61
                           151.7        16.40               80.463        46.4     17.2               21.903
    Operations                                      0                                       4


      -   Mineral Resources remain largely unchanged with mining depletions off-set by
          resource growth at the Blitz section of the Stillwater mine.
      -   The pleasing 17% increase in Mineral Reserve ounces was primarily in the Blitz
          project area of the Stillwater Mine, where the rapid expansion of the developed
          area provided a platform for increased reserve definition drilling. Higher
          than average 2E PGM grades were also encountered. The increase in Mineral
          Reserves supports the planned expansion of production from the Blitz area of
          the Stillwater Mine, which remains on schedule.

    US PGM Operations – Mineral Reserve
    Reconciliation
    Factors                                                 2E PGM (Moz)
    31 December 2017                                           21.903
    Depletion December 2017 to December 2018                   (0.633)
    Area Inclusions/Exclusions1                                 1.883
    Geological Interpretation                                  (0.051)
    Estimation2                                                 2.386
    Economic Parameters                                         0.126
    31 December 2018                                           25.614
1Expansion in the Blitz project area.
2Better than expected tonnes, and higher than average grades encountered at Blitz




                                                                                                                3
     -          US Projects

              - Copper Mineral Resources increased by 0.72% to 18,795.8Mlb, and gold Mineral
                 Resources by 3.75% to 6.558Mlb’s due the inclusion of 19.9% of the
                 attributable Mineral Resources of the Rio Grande Project, owned by
                 Aldebaran Resources Inc. This follows the conclusion of an arrangement with
                 Regulus Resources Inc., Aldebaran’s holding company, whereby Aldebaran will
                 obtain an option to earn in up to 80% of the company’s Altar Project, in
                 exchange for an upfront payment and the shareholding in Aldebaran. Project
                 PGM Mineral Resources remained unchanged.

                                                                                                                  PGM Mineral
                                                                      Cu Mineral Resources
                         Au Mineral Resources                                                                      Resources
                                                    31                                                                         31
                                                   Dec                                         31 Dec                         Dec
                            31 Dec 2018            2017              31 Dec 2018                2017       31 Dec 2018        2017
    Gold                                                                                                           2E
                   Tonnes      Grade       Gold     Gold    Tonnes     Grade       Coper       Coper       Grade               2E
    Projects                                                                                                       (Moz
                    (Mt)       (g/t)      (Moz)    (Moz)     (Mt)       (%)        (Mlb)       (Mlb)       (g/t)             (Moz)
                                                                                                                   )
    US
                   2,614.
    Altar1                                                   2,614      0.31    1,7931.0      17931,0
                     0          0,08      6.321    6.321
    Marathon                                                                                                          3.98
                                                             151.7      0.22       730.1       730,1        0.80             3.982
                                                                                                                     2
    Rio
                                                             22.3       0.27       134.7
    Grande           22.3       0,33      0.237
    Total
    US
    Projects        2,636.                                   2,788.              18,795.8      18,661.1               3.98
                    3          0.08      6.558    6.321      0         0.30       0                        0.80      2      3.982

-        SA PGM Operations (Inclusive of Mimosa)

              - Total 4E PGM Mineral Resources of 96.181Moz, a decline of 1.60%.
              - Total 4E PGM Mineral Reserves of 20.448Moz, a decline of 8.54%.

                                                  Mineral Resources                               Mineral Reserves
                                             31 Dec 2018             31 Dec 2017            31 Dec 2018              31 Dec 2017
                                       Tonne                                        Tonne
                                                Grade     4E             4E                    Grade       4E             4E
                                         s                                            s
                                                (g/t)   (Moz)           (Moz)                  (g/t)      (Moz)          (Moz)
    PGM Operations3                     (Mt)                                        (Mt)
    Rustenburg                                          82.18
                                       510.8     5.00                  83.209       117.8      3.82      14.461         15.706
    Underground                                           5
    Rustenburg Surface2                 75.5     1.07   2.610           2.818        75.5      1.07       2.610          2.818
    Kroondal      Underground1         46.2       3.19     4.734        4.879        18.4      2.60       1.536          1.804
    Mimosa1                            57.2       3.62     6.652        6.839        16.5      3.47       1.841          2.030
    Total SA PGM                                           96.18
                                       689.7      4.30                 97.745       228.2      2.79      20.448         22.358
    Operations                                               1
         1.   Reporting 50% attributable portion.
         2.   Waterval Tailings processed through the Plat Mile Tailings Retreatment facility from 2019
         3.   Excluding Blue Ridge Platinum mine, which remains under care and maintenance, and has been reclassified as a project.
              Both 2017 and 2018 numbers are reflected under projects for comparative purposes.


              - Total 4E PGM Mineral Resources declined marginally by 1.600Moz primarily due
                 to mining depletion during 2018.
              - The decline of 1.910Moz in Mineral Reserves is in line with expectations and
                 Life of Mine extraction plans, and is principally attributed to
                 o Depletion of 1.557Moz from mining activities during 2018
                 o A 0.514 Moz decrease due to removal of sub-economic ounces at the end
                    of Life of Mine as combined mine production volumes drop below
                    economically sustainable levels.




                                                                                                                                      4
    SA PGM Operations – Mineral Reserves
    Reconciliation
    Factors                                                      4E PGM (Moz)
    31 December 2017                                                22.358
    2018 depletion                                                 (1.557)
    Inclusions                                                       0.247
    Evaluation                                                       0.005
    Geological Changes1                                              0.100
    Technical factors                                                0.142
    Exclusions/reductions:                                          (0.601)
    Economic Valuation2                                            (0.514)
    Boundary changes                                               (0.087)
    31 December 2018                                                20.448
      1.   Updates in geological interpretations and modifying factors
      2.   Removal of sub-economic mineral reserves at the end of LoM due to tail cutting


-     SA PGM Projects

           - Total 4E PGM Mineral Resources of 24,350Moz, remain unchanged from 2017.

                                             Mineral Resources                                     Mineral Reserves
                                        31 Dec 2018               31 Dec 2017             31 Dec 2018             31 Dec 2017
                                Tonne                                                Tonne
                                            Grade         4E           4E                    Grade     4E              4E
                                  s                                                    s
                                            (g/t)       (Moz)         (Moz)                  (g/t)   (Moz)            (Moz)
    PGM Projects                (Mt)                                                 (Mt)
    Blue Ridge
                                 23.1        3.27       2.430         2.430
    Underground1,2
    Vygenhoek1                    1.4        5.15       0.230         0.230
                                                        15.90
    Zondernaam1                  77.4        6.39                    15.900
                                                          0
    Hoedspruit                   32.6        5.53       5.790         5.790
    Total SA PGM                                        24.35
                                134.5        5.63                    24.350
    Projects                                              0
      1.   Attributable portions.
      2.   The Blue Ridge mine, which remained under care and maintenance, was previously reported as an operation, and has been
           reclassified as a project.


-     SA Gold Operations
           - Mineral Resources of 33.950 Moz, an increase of 1.166Moz (3.56%).
           - Mineral Reserves of 12.108 Moz, a decline of 1.21Moz (9.11%).

                                                     Mineral Resources                              Mineral Reserves
                                                                           31 Dec                                       31 Dec
                                                   31 Dec 2018              2017             31 Dec 2018                 2017
                                           Tonne                                        Tonne
                                                      Grade      Gold        Gold               Grade    Gold           Gold
                                             s                                            s
                                                      (g/t)      (Moz)       (Moz)              (g/t)   (Moz)           (Moz)
    Gold Operations                         (Mt)                                        (Mt)
    Beatrix underground                    38.8       5.96       7.440       7.708          10.5     3.53   1.187       2.086
    Beatrix - surface                       3.8       0.36       0.043       0.041          3.8      0.36   0.043       0.041
    Cooke – underground                    10.7       11.79      4.039       4.039
    Cooke - surface                        17.2       0.29       0.159       0.059          17.2     0.29   0.159       0.059
                                                                 10.11
    Driefontein - underground              25.8       12.18        8       11.029           13.7     7.49   3.302       5.272
    Driefontein - surface                   1.3       0.53       0.021       0.019          1.3      0.53   0.021       0.019
    Kloof - underground                    14.9       17.14      8.211       9.697          22.6     6.90   5.020       5.652
    Kloof - surface                         7.7       0.53       0.131       0.192          7.7      0.53   0.131       0.192
    DRD - surface (38%
    attributable)                          422.4      0.28       3.787                  216.6        0.32   2.245
                                                                 33.95
    Total SA Gold Operations               542.5      1.95         0       32.784       293.3        1.28   12.108      13.321
                                                                                                                                   5
-     Mineral Resources were declared at a price premium of 10% over the Mineral Reserves metal price
-     All operations are managed excluding the DRDGOLD Mineral Reserves attributable to Sibanye



          - The increase in gold Mineral Resources is largely due to the inclusion of
             the attributable 38% share of the DRDGOLD Mineral Resources (3.787Moz),
             offset by a decrease of 2.621 Moz at the existing gold operations. This
             decrease was informed by depletions, the restructuring of marginal shafts
             at the Beatrix and Driefontein mines, which are currently subject of a
             Section 189A consultation process and may lead to downsizing or closure;
             as well as the sale of the WRTRP assets.
          - The decrease in gold Mineral Reserves was largely a result of:
             o Depletion of 1,162Moz from mining activities during 2018
             o Restructuring of the marginal Beatrix 1 and Driefontein 2, 6 and 8
                Shafts, resulting in 2.373Moz being removed from the Mineral Reserve
                base
             o Changes in pay limits (economic factors) resulting in 0.764Moz not being
                deemed economically viable to extract under current assumptions.
             o Geological and structural model adjustments at Beatrix 1 and Driefontein
                1 & 5, and resulting geotechnical pillar adjustments (-0.865 Moz).

          - These decreases were offset by:
            o Additional Mineral Reserves of 1.204Moz defined as a result of ongoing
               exploration and reserve delineation at the Kloof operations.
            o A further 2.245 Moz were added, based on the 38% attributable Mineral
               Reserves from of DRDGOLD following the successful completion of this
               transaction during 2018.

A detailed reconciliation of 2017 to 2018 SA Gold Operations Mineral Reserves is
shown in the Table below.

    SA Gold Operations – Mineral Reserves
    Reconciliation
    Factors                                                      Gold (Moz)
    31 December 2017 - Operations                                  13,321
    2018 depletion                                                 (1,162)
    Inclusions                                                      3,448
    White Areas, Secondary Reefs and Surface                        1,204
    Attributable portion of DRD Reserves
                                                                    2,245
    (38.05%)
    Exclusions/reductions:                                         (4,002)
    Removal of reserves at sub-economic
                                                                   (2,373)
    operations
    Pay limit                                                      (0,764)
    Geological and geotechnical changes                            (0,865)
    Estimation models                                               0,310
    Technical Factors                                               0,193
    31 December 2018 - Operations                                  12,108


-     SA Gold Projects


      -   Total gold Mineral Resources increased by 21.76% (11.387Moz) to 63.714 Moz.
      -   Total gold Mineral Reserves decreased by 63.95% (7.940Moz) to 4.476Moz.

      During 2018 the transaction with DRDGOLD was completed whereby Sibanye-Stillwater
      sold certain of the WRTRP assets from Kloof and Driefontein to DRDGOLD in exchange
      for a 38% shareholding in DRDGOLD. As a result, the Company no longer reports
      these specific Mineral Resources and Mineral Reserves previously held under the
                                                                                                        6
      WRTRP, but has reported attributable Mineral Resources and Mineral Reserves of
      DRDGOLD. The Mineral Resources of the Cooke portion of the WRTRP, which has been
      retained, remain unchanged at 2.245Moz. As a result of the transaction, no
      reserves are currently reported for the remaining portion of the WRTRP, while
      the economic feasibility of the remaining assets are being investigated.

      In addition, a detailed capital review was undertaken of the Company’s capital
      projects during 2018. At current economic parameters, and considering capital
      prioritisation, a decision was made to cease further development of the
      Driefontein Depth Extension (DE) Project (1.707Moz Mineral Reserve declared in
      2017), but to continue with the Kloof DE Project.

                                             Mineral Resources                      Mineral Reserves
                                        31   Dec 2018         31 Dec 2017        31 Dec 2018        31 Dec 2017
                                  Tonnes     Grade    Gold       Gold       Tonnes Grade     Gold       Gold
    Gold Projects                  (Mt)      (g/t)   (Moz)       (Moz)       (Mt)    (g/t) (Moz)       (Moz)
    Beatrix - BI                   7.1       7.63    1.740       0.541
    Driefontein – BI               20.8      13.57   9.085        7.308                                1.707
    Kloof – BI                     39.6      12.98   16.549       21.018     2.5    5.31   0.431       0.537
    Burnstone                      69.3      4.93    10.980       9.015      14.2   4.26   1.945       1.934
    Bloemhoek                      28.3      4.73    4.297        4.297
    De Bron Merriespruit           28.3      4.42    4.022        4.022      15.3   4.27   2.099       2.112
    WRTRP - surface tailings      262.3      0.27    2.245        6.126                                6.126
    DRD - Underground              67.4      6.82    14.795
    Total SA Gold Projects        523.1      3.79    63.714       52.327     32.0   4.35   4.476       12.416


         - Total gold project Mineral Resources increased by 11.387 Moz, primarily due
            to the inclusion of the attributable DRDGOLD underground Mineral Resources.

A detailed reconciliation of 2017 to 2018 SA Gold projects Mineral Reserves is
shown in the Table below.

SA Gold Projects – Mineral Reserves Reconciliation
    Factors                                           Gold (Moz)
    31 December 2017 - Projects                         12,416
    2018 depletion                                       0,000
    Inclusions                                           0,011
    Burnstone estimation model                           0,011
    Exclusions/reductions:                              (7,951)
    Exclusion of Driefontein 5 Shaft DE
                                                        (1,707)
    Project
    Pay limit - Kloof 4 Shaft DE Project                (0,106)
    De Bron Merriespruit tail management                (0,012)
    Exclusion of WRTRP                                  (6,126)
    31 December 2018                                     4,476


-     SA Uranium Operations and Projects

         - U3O8 Mineral Resources of 78.692Mlb, a decline of 36.05%.
         - No U308 Mineral Reserves have been declared, a decline of 96.083Mlb’s.

                                             Mineral Resources                     Mineral Reserves
                                                             31 Dec                               31 Dec
                                          31 Dec 2018          2017             31 Dec 2018         2017
                                      Tonne Grade                           Tonne Grade U3O8
                                                     U3O8      U3O8                                 U308
                                        s    (kg/t                            s    (kg/t (Mlb
                                                    (Mlb)     (Mlb)                                (Mlb)
    Uranium Operations                (Mt)     )                            (Mt)     )      )

                                                                                                               7
    SA
                                                             26.96
    Beatrix (Beisa)                       11.4      1.07       8         26.968
                                                             26.96
    Total Uranium Operations              11.4      1.07       8         26.968
                                          Tonne     Grade                          Tonne   Grade   U3O8
                                                             U3O8          U3O8                            U308
                                            s       (kg/t                            s     (kg/t   (Mlb
                                                             (Mlb)        (Mlb)                           (Mlb)
    Uranium Projects                      (Mt)        )                            (Mt)      )      )
    SA
                                                             51.72
    WRTRP - surface tailings1             262.3     0.09       4         96.083                           96.083
                                                             51.72
    Total Uranium Projects                262.3     0.09       4         96.083                           96.083
    Total Uranium Operations and                             78.69
    Projects                              273.7     0.13       2         123.051                          96.083
1   Includes the Cooke portion of the WRTRP assets not included in the deal with DRDGOLD


           - The decline in Mineral Resources is directly attributed to the sale of a
              portion of the WRTRP to DRDGOLD
           - No uranium Mineral Reserves were declared following the sale of the Kloof
              and Driefontein tailings dams of the WRTRP to DRDGOLD. This uranium relates
              principally to the Cooke assets, which were excluded from the transaction,
              and are now reported as Mineral Resources only.

A detailed reconciliation of 2017 to 2018 Mineral Reserves is shown in the Table
below.

    SA URANIUM - Mineral Reserves
    Reconciliation
    Factors                                                U3O8 (Mlb)
    31 December 2017                                         96.083
    2018 depletion                                           0.000
    Exclusion of WRTRP                                      (96.083)
    31 December 2018                                         0.000



-        Corporate Governance

Sibanye-Stillwater reports its Mineral Resources and Mineral Reserves in accordance
with the SAMREC Code, the updated Section 12 of the JSE Listings Requirements and
the SEC Industry Guide 7, which is aligned with the guiding principles of SOX.
Altar, Marathon and Rio Grande Mineral Resources are compliant with NI 43-101
guidelines. In accordance with SEC requirements.

This Mineral Reserves and Mineral Resources declaration represents a condensed and
consolidated summary of the full Sibanye-Stillwater Mineral Resources and Mineral
Reserves declaration available in the Group Mineral Resource and Mineral Reserve
Report, which will be published on 29 March 2019 and will be available at
www.sibanyestillwater.com

In accordance with US Securities and Exchange Commission (SEC) guidelines and
Sibanye-Stillwater reporting standards, approximate three-year average, rolling,
historical commodity prices are assumed for the calculation of Mineral Reserves.
An average exchange rate of R13.55/US$ and the following commodity prices were
used:


                                                           2018
              Precious metals
                                           USD/oz     ZAR/oz          ZAR/kg
    Gold                                   1,238      16, 796     540, 000

                                                                                                                   8
Platinum                          959      12, 994      417, 781
Palladium                         819      11, 097      356, 791
Rhodium                          1,180     15, 989      514, 058
Iridium                           814      11, 030      354, 613
Ruthenium                         102      1, 382        44, 436

                                                 2018
            Base metals
                                 USD/lb    USD/ton       ZAR/ton
Nickel                            4.99     11, 009      149, 172
Copper                            2.68     5 ,913        80, 121
Cobalt                           20.00     44, 092       597,441
Uranium Oxide (U3O8)*            37.00     81,569       1,105,266
Chrome Oxide** (Cr2O3) 42%
                                  0.46       207         2, 804
Concentrate
*long term contract price

Guided by a commitment to best practice corporate governance, the statement has
been reviewed by each Region’s Technical Services. The South African Gold Operations
was subjected to an external audit during 2018.

The Mineral Resources and Mineral Reserves are estimates at a particular date, and
are affected by fluctuations in mineral prices, the Rand-US dollar currency exchange
rate, operating costs, mining permits, changes in legislation and operating factors.
Although all permits may not be finalised and in place at the time of reporting,
there is no reason to expect that these will not be granted. However, the length
of the approval process for such permits may have an impact on the schedules stated.

All statement figures are managed by Sibanye-Stillwater with the exception of those
for Mimosa, and the attributable portion for DRD and Aldebaran Resources. Mineral
Resources are reported inclusive of Mineral Reserves, and production volumes are
reported in metric tonnes (t).

Gold and uranium estimates are reported separately from each other; therefore, no
gold equivalents are stated to avoid potential anomalies as a result of year-on-
year metal price differentials.

The Southern African PGM Operations statement are reported as 4E PGM, which consists
of platinum, palladium, rhodium and gold. The US operations are reported as 2E
PGM, which consist of platinum and palladium.

The individual proportions of the reported PGM’s are provided in the tables below.



4E Prill Split (SA Region)
                                             Rustenburg             Kroondal   Mimosa
Precious Metals Prill Split      Unit
                                           MER           UG2          UG2       MSZ
Platinum                          %       63.81         54.31        57.74     49.35
Palladium                         %       27.30         34.36        31.70     38.47
Rhodium                           %       3.98          10.53         9.90      4.20
Gold                              %       4.91          0.80          0.66      7.97

MER – Merensky Reef
UG2 – Upper Group 2 Chromitite
MSZ – Main Sulphide Zone

2E Prill Split (US Region)


                                                                                        9
                                         Stillwater   East Boulder
Precious Metals Prill Split       Unit                                 Average
                                            Mine          Mine
Platinum                           %       22.23         21.74          22.02
Palladium                          %       77.77         78.26          77.98


All financial models used to determine Mineral Reserves are based on current tax
regulations at 31 December 2018. Mineral Resources were declared at a 10% increase
relative to the Mineral Reserves metal price.

Mineral Resources are inclusive of Mineral Reserves. Rounding off of figures may
result in minor computational discrepancies. Where this happens, it is not deemed
significant.

For the Southern African Gold Operations, the lead competent person designated in
terms of the SAMREC Code, with responsibility for the consolidation and reporting
of the SA Gold Operations Mineral Resources and Mineral Reserves, and for overall
regulatory compliance of these figures, is Gerhard Janse van Vuuren, who gave his
consent for the disclosure of the 2018 Mineral Resources and Mineral Reserves
Statement. Gerhard [GDE (Mining Eng), MBA, MSCC and B. Tech (MRM)] is registered
with SAIMM (706705) and has 31 years’ experience relative to the type and style of
mineral deposit under consideration.

The 38.05% Attributable portion of the DRDGOLD current surface tailings operations
including the ERGO and FWGR operations. For this attributable portion of the DRD
resources and reserves, the company was reliant on external competent persons as
follows: The Mineral Resources for the ERGO surface operations is based on depletion
(up to December 2018) and the Competent Person designated in terms of SAMREC is Mr
M Mudau, MSc Eng, Pr. Sci. Nat., the Resource Geology Manager at the RVN Group.
The Competent Person designated in terms of SAMREC who takes responsibility for the
reporting of the surface Mineral Reserves, also based on depletion up to December
2018, is Mr GJ Viljoen GPr MS 0256, an independent survey contractor.

For the Southern African Platinum Operations, the lead competent person designated
in terms of the SAMREC Code, who takes responsibility for the consolidation and
reporting of the SA Platinum Operations Mineral Resources and Mineral Reserves, and
for the overall regulatory compliance of these figures, is Andrew Brown, who gave
his consent for the disclosure of the 2018 Mineral Resources and Mineral Reserves
Statement. Andrew [M.Sc Mining Eng] is registered with SAIMM (705060) and has 35
years’ experience relative to the type and style of mineral deposit under
consideration.

For the United States Region, the lead competent person designated in terms of the
SAMREC Code, who takes responsibility for the consolidation and reporting of the
Stillwater and East Boulder Mineral Resources and Mineral Reserves, and for the
overall regulatory compliance of these figures, is Brent LaMoure, who gave his
consent for the disclosure of the 2018 Mineral Resources and Mineral Reserves
Statement. Brent [B.Sc Mining Eng] is registered with the Mining and Metallurgical
Society of America (01363QP) and has 23 years’ experience relative to the type and
style of mineral deposit under consideration. For the US project Resource
estimation, the competent person is Stanford Foy. Stan is registered with the
Society for Mining, Metallurgy and Exploration Inc. (4140727RM) and has 27 years’
experience relative to the type and style of mineral deposit under consideration.

Ends.

Investor relations contact:

Email: ir@sibanyestillwater.com
James Wellsted
Head of Investor Relations
Tel: +27 (0) 83 453 4014
Sponsor: J.P. Morgan Equities South Africa Proprietary Limited

                                                                                  10
FORWARD LOOKING STATEMENTS
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.




                                                                                 11

Date: 20/02/2019 11:40:00 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.

Share This Story