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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
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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
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