Wrap Text
Operating update Quarter Ended 31 March 2019
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
LISTINGS
JSE: SGL
NYSE: SBGL
OPERATING UPDATE QUARTER ENDED 31 MARCH 2019
Johannesburg, 9 May 2019: Sibanye Gold Limited trading as Sibanye-Stillwater (Sibanye-Stillwater or the Group) (JSE: SGL & NYSE:
SBGL) is pleased to present an operating update for the quarter ended 31 March 2019. Financial results are only provided on a six-
monthly basis.
SALIENT FEATURES FOR THE QUARTER ENDED 31 MARCH 2019
- Maintained solid H2 2018 safety performance - numerous historic safety milestones achieved
- The transition to a Toll processing arrangement at Rustenburg adds both strategic and commercial value - direct access to end
users and margin enhancing relative to the PoC arrangement
- The improved financial performance from the combined PGM operations more than offset strike related losses at SA gold
operations
- Adjusted EBITDA of R1,819 million (excl. Rustenburg) from the combined PGM operations resulted in positive Group adjusted EBITDA
of R176 million
- Including Rustenburg, pro-forma adjusted EBITDA from the combined PGM operations would have been R2,574 million
- Strike at SA gold operations brought to a successful conclusion post quarter end
- Section 189 restructuring process at SA gold operations well advance and expected conclusion by mid May 2019
- Five year wage agreement reached for the Stillwater mine and Columbus metallurgical complex post quarter end
- Strategic balance sheet management through equity placing and gold prepayment
- Appropriately positioned with R10 billion available facilities and reduced leverage
- Net debt: adjusted EBITDA at 3.0x at 31 March 2019- reduced to 2.54x on a pro-forma basis (excl. Rustenburg)
US Dollar SA Rand
Quarter ended Quarter ended
Mar 2018 Dec 2018 Mar 2019 KEY STATISTICS Mar 2019 Dec 2018 Mar 2018
SOUTHERN AFRICA (SA) OPERATIONS
PGM operations
286,194 301,279 263,508 oz 4E PGM 1 production kg 8,196 9,371 8,902
1,073 1,078 1,221 US$/4Eoz Average basket price R/4Eoz 17,104 15,427 12,839
21.6 82.9 25.2 US$m Adjusted EBITDA(2) Rm 353.0 1,185.8 258.3
9 27 21 % Adjusted EBITDA margin(2) % 21 27 9
851 739 909 US$/4Eoz All-in sustaining cost3 R/4Eoz 12,741 10,576 10,186
Gold operations4
291,500 270,025 143,278 oz Gold production kg 4,456 8,399 9,068
1,320 1,221 1,306 US$/oz Average gold price R/kg 588,040 561,788 507,719
31.3 7.1 (115.0) US$m Adjusted EBITDA(2) Rm (1,611.4) 101.4 374.2
8 2 (63) % Adjusted EBITDA margin(2) % (63) 2 8
1,336 1,328 2,030 US$/oz All-in sustaining cost(3) R/kg 914,590 610,883 513,829
Jan 1900 UNITED STATES (US) OPERATIONS
PGM operations(5)
148,549 159,471 130,899 oz 2E PGM 1 production kg 4,071 4,960 4,620
191,404 181,761 201,289 oz PGM recycling5 kg 6,261 5,653 5,953
1,027 1,076 1,305 US$/2Eoz Average basket price R/2Eoz 18,283 15,394 12,289
78.8 110.4 104.6 US$m Adjusted EBITDA2 Rm 1,465.9 1,578.9 942.4
26 31 27 % Adjusted EBITDA margin(2) % 27 31 26
632 642 833 US$/2Eoz All-in sustaining cost(3) R/2Eoz 11,671 9,180 7,559
GROUP
131.7 198.5 12.5 US$m Adjusted EBITDA2 Rm 175.8 2,839.5 1,574.9
11.96 14.31 14.01 R/US$ Average exchange rate
1 The Platinum Group Metals (PGM) production from the SA operations (including attributable production from Mimosa) is primarily platinum, palladium, rhodium and gold, referred to
as 4E (3PGM+Au). The US operations primrily produce palladium and platinum, referred to as 2E (2PGM)
2 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
3 See "salient features and cost benchmarks for the quarters" for the definition of All-in sustaining cost
4 The SA gold operations' results for the quarters ended 31 March 2019 and 31 December 2018 include DRDGOLD Limited (DRDGOLD)
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 31 March 2019 JSE Limited - (SGL)
Number of shares in issue Price range per ordinary share R9.66 to R17.51
- at 31 March 2019 2,271,760,491 Average daily volume 12,980,355
- weighted average 2,266,384,087 NYSE - (SBGL); one ADR represents four ordinary shares
Free Float 80% Price range per ADR US$2.73 to US$4.83
Bloomberg/Reuters SGLS/SGLJ.J Average daily volume 4,583,116
OVERVIEW AND UPDATE FOR THE QUARTER ENDED 31 MARCH 2019
Q1 2019 was an important period for Sibanye-Stillwater, with the Group successfully navigating complex operational and financial
challenges and achieving some significant milestones which, we believe, have positioned us to sustainably benefit from higher
prevailing precious metal prices and to better withstand any challenges that may occur during the year.
The notable improvement in safety across during H2 2018 was maintained in Q1 2019, with the Group achieving improvements in
most safety measures across the operations and achieving a record seven million fatality free shifts on 7 March 2019. This was sadly
curtailed by a fatal fall of ground incident at the SA PGM operations on 20 March 2019. The SA gold operations recorded a second
successive quarter without any fatalities and continued to improve on other safety measures. Safe production continues to be the
highest priority across the Group and we remain focused on maintaining and improving on our safe production performance at all
of our operations.
The Association of Mineworkers and Construction Union (AMCU) strike which began at the SA gold operations on 21 November 2018
continued throughout Q1 2019, concluding after almost five months on 17 April 2019. The operational and financial impact of this
extended strike at the SA gold operations, was mitigated by another solid operational performance from the SA PGM operations
enhanced through significantly higher palladium and rhodium prices, which, combined with a 17% depreciation in the average
rand:dollar exchange rate, boosted earnings and cash flow from both the SA and US PGM operations. A slower than anticipated
start to the year at the US PGM underground operations and temporary flexibility constraints resulted in lower than anticipated
production mined production and which resulted in elevated unit costs for this reporting period. The commissioning of the second
electric furnace (EF2), enabled an increase in recycling processing volumes and a reduction in metal inventory, resulting in higher
sales volumes.
Average unit commodity prices were higher across the Group operations for Q1 2019 relative to Q1 2018. The 27% increase in the
average 2E PGM basket price to US$1,305/oz in Q1 2019, resulted in adjusted EBITDA from the US PGM operations increasing by 33%
to US$105 million. In rand terms, this amounted to R1,466 million, a 56% year-on-year increase.
The gearing of the SA PGM operations to the higher rand PGM basket price was similarly evident, with the 33% higher average 4E
basket price of R17,104/oz significantly boosting earnings and cash flow. Reported adjusted EBITDA of R353 million from the SA PGM
operations was 38% higher than for Q1 2018. This result was achieved despite the change in the contractual processing arrangement
with Anglo American Platinum from a Purchase of Concentrate (PoC) to Toll processing arrangement (discussed in more detail in
the operations section below). From an accounting perspective this contractual change resulted in zero revenue recognition of 4E
production from the Rustenburg operations. Cash flow due to the contractual change was not affected and on a normalised basis,
the pro-forma adjusted EBITDA (including Rustenburg), would have been R1,108 million (US$79 million), which is a 330% increase
relative to Q1 2018. Attributable adjusted EBITDA from Mimosa, of approximately R198 million (US$14 million) generated during Q1
2019 is equity accounted and also excluded from Group adjusted EBITDA.
The combined adjusted EBITDA from the PGM operations (US and SA) of R1,819 million (US$130 million) for Q1 2019, more than offset
the R1,661 million adjusted EBITDA loss from the SA gold operations due to the strike action, resulting in Group adjusted EBITDA of
R176 million for Q1 2019. Including the deferred adjusted EBITDA from the Rustenburg operations, normalised adjusted EBITDA from the
combined PGM operations would have been 131% higher at R2,574 million (US$184 million) with normalised Group adjusted EBITDA
higher at R931 million (US$66 million). We remain focused on deleveraging the Group balance sheet with net debt to adjusted EBITDA
at the end of Q1 2019 of 3.00x, was below the Group's 3.5x covenant ceiling for 2019. Following the 5% share placing of approximately
R1,700 million (US$120 million) and gold prepayment (announced on 10 and 11 April 2019) of approximately R1,750 million (US$125
million), pro-forma net debt to adjusted EBITDA would be approximately 2.54x.
Whilst the strike action and the gradual build-up post the strike will continue to negatively impact the SA gold operations during Q2
2019, unit revenues for both the gold and PGM operations are expected to exceed those in the comparative period in 2018 and
further deleveraging is anticipated during the course of the year.
Industrial relations
SA gold operations
On 17 April 2019, the five month long strike, which was called by AMCU at our SA gold operations on 21 November 2018, was resolved.
Our ongoing attempts to end the strike both through legal means and through ongoing engagement with AMCU, were frustrated
by ongoing legal challenges and significant intimidation and violence at the operations and in surrounding communities. Despite
these vexing actions, we remained resolute and committed to honouring the collective agreement we had reached with the
National Union of Mineworkers (the NUM), Solidarity and UASA in respect of wages and conditions of service for the period 1 July
2018 to 30 June 2021. It was therefore pleasing to ultimately resolve the strike in a sustainable manner which did not undermine our
values and other stakeholders.
Under the terms of the agreement reached with AMCU, its members will be subject to the same conditions of the original collective
wage agreement reached with the other three unions on 15 November 2018. Furthermore, the union committed to concluding a
peace pact with the company and the other unions within 30 days as well as engaging in future on a constructive basis across the
entire South African segment.
In recognition of the difficulties experienced by employees during the strike, the Group has agreed to an ex-gratia 'return to work'
payment of R4,000 for all employees (not just AMCU members) at the SA gold operations. In addition the Company has offered a
cash advance to AMCU members up to a maximum of R5,000 which will be repayable over a 12- month period. Debt consolidation
and counselling as part of the existing 'Care for iMali' program will also be freely available. Furthermore, the Company waived its
rights to reclaim costs incurred on behalf of employees during the strike, including contributions made to medical aid and
pension/provident funds, accommodation and meal costs.
SA PGM operations
The PGM sector wage negotiations will commence in the next few months at the Rustenburg operations, with the three year Kroondal
wage agreement up for renewal only in July 2020.
US PGM operations
Wage negotiations with the United Steelworkers Union at the Stillwater mine and Columbus metallurgical complex were successfully
concluded during April 2019. The new five-year agreement is on similar terms to the previous agreement with minor revisions, and
pay increases broadly in line with other industrial and mining operations. The four-year contract for East Boulder mine, which was
agreed in December 2015, remains in place until December 2020.
SAFE PRODUCTION
It is extremely pleasing to note that there have been no fatalities at the SA gold operations since August 2018, with a significant
milestone of four million fatality free shifts achieved on 8 April 2019. This is a record for these operations.
A safe build up to normalised production levels following the extended strike will be the primary focus for the SA gold operations
during Q2 2019. Ensuring that the work places, many of which have been dormant for almost five months, are safe and conducive
to mining and re-integrating the teams will require a measured and gradual approach, with normalised production rates expected
to be achieved during Q3 2019.
The Total Reportable Injury Frequency Rate (TRIFR) (measured per million hours) for the US PGM operations of 16.0 for Q1 2019
improved from 17.8 for Q1 2018. There was a notable improvement in the safety performance during the quarter, which started
poorly with 60% of the reportable injuries occurring in January 2019.
A fall of ground incident at the SA PGM operations on 20 March 2019 tragically claimed the life of Madodana Manzenze, a rock drill
operator at Thembelani shaft in Rustenburg. The Board and management of Sibanye-Stillwater extend their sincere condolences to
the family and friends of Mr Manzenze. Prior to this incident, the SA PGM operations achieved 4.4 million fatality free shifts over a six
month period.
OPERATING REVIEW
US PGM operations
Mined PGM production from the underground operations of 130,899 2Eoz for Q1 2019, was 12% lower than the comparable period
in 2018 primarily due to flexibility constraints caused by sequencing challenges at both the Stillwater and East Boulder mines. This
temporarily restricted access to higher grade production stopes. Whilst total operating costs and capital expenditure were in line
with expectations, lower production resulted in elevated All-in Sustaining Cost (AISC) per unit for the quarter. Production is
expected to ramp up over the balance of the year and annual production and cost guidance remains unchanged.
Following the re-commissioning of EF2 in February 2019, the Columbus Metallurgical Complex, increased throughput of mined and
recycled material resulting in a record throughput for the quarter. During the period the recycling operation fed an average of
25.6 tonnes of material per day (tpd), enabling a reduction in metal inventory of approximately 32,000oz during the quarter.
Tax changes
The US PGM operations renegotiated its refining and certain sales agreements during Q1 2019, resulting in the reversal of the Group
deferred tax charge of R1,545 million (US$108 million), recognised in December 2018. The 2019 effective combined federal and state
cash tax rate for the US operations/segment are expected to be between 5 and 10%. The change of tax is a result of sales moving
to a different tax jurisdiction
SA PGM operations
The financial implications of the transition from a PoC to a Toll processing arrangement with Anglo American Platinum effective from
1 January 2019 were discussed in detail in the operating and financial results for the six-months and year-ended 31 December 2018,
which were released on 21 February 2019.
In terms of the Toll arrangement, Sibanye-Stillwater pays an agreed toll fee to Anglo American Platinum to smelt and refine
concentrate from the Rustenburg operations, but retains ownership of the refined metal produced. From a financial reporting
perspective, Sibanye-Stillwater will receive and recognise all the recovered metal at the full average 4E PGM basket price once sold
and no longer reflect a discount in its revenue, though costs and unit costs will be higher than under the PoC arrangement, reflecting
the additional tolling costs.
At the current spot 4E PGM basket price, the net financial impact of this contractual change is positive, with the increased revenue
more than offsetting the additional toll cost and as a result is beneficial both commercially and strategically. The change in the
arrangement however results in a delay in the recognition of 4E PGM revenue, due to the point of sale being extended to the end
of the processing pipeline, which resulted in no 4E PGM revenue or adjusted EBITDA being recognised from the Rustenburg operations
in Q1 2019 (as discussed in the introduction).
Attributable 4E PGM production from the SA PGM operations (including Mimosa) of 263,508 4Eoz and AISC (excluding Mimosa) of
R12,741/4Eoz (US$909/4Eoz) are in line with annual guidance. Production guidance for 2019 was lower relative to 2018 due to a
reduction in lower grade surface material processed, which is uneconomical under the toll arrangement. In order to further optimise
margins by managing tolling costs and revenue, a revised mass pull strategy was implemented at Rustenburg to reduce the volume
of underground concentrate sent for processing (causing a slight decline in recoveries), with processing of lower grade surface
material also significantly reduced. Kroondal continued its strong performance, with production marginally higher and AISC 4% higher
at R10,916/4Eoz, reflecting a real reduction in unit costs.
Q1 2019 chrome sales of 199,343 tonnes were significantly higher than the 94,140 tonnes in Q1 2018 due to a greater availability of
cargo vessels relative to early 2018. Chrome revenue of R304 million for Q1 2019 was therefore higher than the Q1 2018 chrome
revenue of R117 million despite lower chrome prices in Q1 2019.
SA gold operations
Total gold production from the SA gold operations for Q1 2019 of 4,456 kg (143,278oz), includes 1,130kg (36,330oz) of production from
DRDGOLD. Like-for-like, production from the SA gold operations, excluding DRDGOLD, declined 63% to 3,326kg (106,948oz) for Q1
2019 quarter compared with Q1 2018, reflecting the impact of the AMCU industrial action.
Implementation of strike mitigation plans at the SA gold operations and the "no work no pay principle", resulted in a significant
reduction in operating costs in absolute terms during the quarter. Unit costs were however negatively affected by the lower
production volumes, resulting in AISC (excluding DRDGOLD) of R1,002,350/kg (US$2,225/oz), significantly higher than expected ASIC
of around R550,000/kg, at more normalized production levels.
Striking employees began to report for work at the SA gold operations from 24 April 2019, following the conclusion of the five month
AMCU industrial action on 17 April 2019. As a result of the extended period that large sections of the SA gold operations stood
dormant during the strike and in order to ensure the safety of employees, the buildup in production will be measured and gradual,
with normalised production rates only anticipated during Q3 2019. A full review of all the workplaces is currently underway and
following any necessary re-planning, production guidance will be provided to the market.
Section 189 consultations
On 14 February 2019 notice was given to relevant stakeholders regarding the possible restructuring of the SA gold operations, in terms
of Section 189A (Section 189A) of the Labour Relations Act, 66 of 1995 (LRA and associated services) (S189).
Despite an attempt by AMCU to interdict the S189 process, consultations proceeded and the process is expected to be concluded
in mid May 2019. Subject to the outcome of the S189 process, approximately 5,870 employees and 800 contractors may be directly
impacted. The outcome of the S189 consultation process will be communicated to all stakeholders once concluded.
CORPORATE ACTION
The proposed Lonmin acquisition
On 25 April 2019, it was announced that the Boards of Sibanye-Stillwater and Lonmin had reached agreement on the terms of an
increased recommended all-share offer to be made by Sibanye-Stillwater for the entire issued and to be issued ordinary share capital
of Lonmin (the Increased Offer). Under the terms of the Increased Offer, Lonmin shareholders will be entitled to receive one new
Sibanye-Stillwater share for each Lonmin share that they hold (the Revised Exchange Ratio), reflecting a an additional 0.033 new
Sibanye-Stillwater shares per Lonmin share held relative to the Exchange Ratio of 0.967 new Sibanye-Stillwater shares for each Lonmin
share held, as announced on 14 December 2017. The Increased Offer for Lonmin reflects the recent recovery in the PGM pricing
environment, balanced against the fact that Lonmin continues to be financially constrained and unable to fund the significant
investment required to sustain its business and associated employment. The Increased Offer is proposed to be effected by means of
a UK scheme of arrangement (the Scheme) and remains subject to a number of conditions, including the relevant approvals of
Lonmin shareholders and Sibanye-Stillwater shareholders and of the High Court of Justice of England & Wales.
On 25 April, Sibanye-Stillwater advised that a circular (Circular) containing, inter alia, an ordinary resolution regarding the issuance
and allotment of shares as the consideration payable by Sibanye-Stillwater to Lonmin shareholders in respect of the Increased Offer
(Ordinary Resolution), a notice convening the general meeting (General Meeting) and a form of proxy, had been posted to Sibanye-
Stillwater Shareholders.
The Circular is available, subject to certain restrictions relating to persons in certain restricted jurisdictions, on Sibanye-Stillwater's
website at http://www.sibanyestillwater.com/investors/transactions/lonmin.
The outcome from the Competition Appeal Court of South Africa, which was heard on 2 April 2019, is expected to be provided in
due course.
The General Meeting of Shareholders will be held at the Sibanye-Stillwater Academy, Rietkloof 349, Glenharvie, 1786, South Africa,
on Tuesday, 28 May 2019 at 08:30 a.m. (South African time), immediately before the Sibanye-Stillwater annual general meeting, to
consider and, if deemed fit, pass, with or without amendment, the Ordinary Resolution set out in the Circular. Sibanye-Stillwater also
notes that a circular in relation to the Increased Offer and the Scheme (the Lonmin Scheme Circular) was published by Lonmin on
25 April 2019 and is available, subject to certain restrictions relating to persons in certain restricted jurisdictions, on Lonmin's website
at http://www.lonmin.com/investors/sibanyestillwater-offer and on Sibanye-Stillwater's website at the address noted above.
Share placing and gold prepayment
On 9 April 2019 the Group announced that it would be raising equity capital through a non pre-emptive cash placing of new Sibanye-
Stillwater shares through an accelerated book build process with new and existing institutional investors. On 15 April 2019, Sibanye-
Stillwater announced that a total of 108,932,356 new ordinary no par value shares, representing approximately 5% of Sibanye-
Stillwater's then in issue ordinary share capital, had been placed with new and existing institutional investors. The cash placing closed
at a price of R15.50 per share to raise gross proceeds of approximately ZAR1,700 million (US$120 million). The new shares were
admitted to listing on the Main Board of the Johannesburg Stock Exchange on 15 April 2019. On 11 April 2019, it was further
announced that US$125 million (approximately R1,750 million) had been raised through a forward gold sale arrangement (gold
prepayment) in terms of which, 105,906oz (3,294kg) of gold would be delivered during Q4 2019, subject to a floor price of US$1,200/oz
and a cap price of US$1,323/oz.
The equity raise and the gold prepay significantly enhanced the Group balance sheet flexibility and liquidity position, providing the
Company with approximately R10 billion (US$700 million) of undrawn available facilities.
OUTLOOK
Mined 2E PGM production guidance from the US PGM operations for 2019 of between 645,000oz and 675,000oz and AISC guidance of between
US$690/2Eoz and US$730/2Eoz remains unchanged. Total capital expenditure for the year is guided at between US$235 million and
US$245 million for the year. Approximately half of this anticipated spend is growth capital in nature, including expenditure on
the Fill the mill project.
4E PGM production from the SA PGM operations for 2019 is unchanged at between 1,000,000oz and 1,100,000oz with AISC between
R12,500/4Eoz and R13,200/4Eoz (US$922/4Eoz and US$974/4Eoz), reflecting the transition to the Toll processing arrangement. Capital
expenditure is forecast at R1,400 million (US$103 million), which includes approximately R230 million (US$17 million) of project capital.
The dollar costs are based on an average exchange rate of R13.55/US$.
Guidance for the SA gold operations will be provided once we have sufficient clarity of the production build up.
Precious metals prices remain significantly elevated and at current spot prices further deleveraging towards an anticipated target
of 1.8x net debt to adjusted EBITDA is expected by year-end.
NEAL FRONEMAN
CHIEF EXECUTIVE OFFICER
SALIENT FEATURES AND COST BENCHMARKS FOR THE QUARTERS ENDED 31 MARCH 2019, 31 DECEMBER
2018 AND 31 MARCH 2018
SA and US PGM operations
GROUP SA OPERATIONS US
OPERATIONS
Total SA Total US
and US PGM Total SA PGM Kroondal Plat Mile Rustenburg Mimosa PGM
operations Stillwater
Attributable Total Under- Surface Attributable Surface Under- Surface Attributable Under-
ground ground ground(1)
Production
Tonnes milled/treated 000't Mar 2019 6,047 5,725 2,883 2,842 877 1,820 1,667 1,022 339 322
Dec 2018 7,001 6,639 3,147 3,492 1,030 2,077 1,764 1,415 353 362
Mar 2018 6,128 5,803 2,890 2,913 874 1,678 1,678 1,235 338 325
Plant head grade g/t Mar 2019 2.67 2.05 3.19 0.89 2.48 0.72 3.49 1.21 3.56 13.76
Dec 2018 2.68 2.02 3.26 0.90 2.53 0.65 3.62 1.27 3.59 14.81
Mar 2018 2.80 2.09 3.30 0.89 2.47 0.58 3.68 1.31 3.56 15.52
Plant recoveries % Mar 2019 75.93 69.82 82.83 22.64 82.89 11.65 84.32 34.24 75.53 91.80
Dec 2018 76.38 69.92 83.91 24.38 83.24 11.53 85.50 34.05 77.27 91.89
Mar 2018 78.74 73.51 84.94 31.41 81.92 11.94 87.32 43.09 78.15 91.38
Yield g/t Mar 2019 2.03 1.43 2.64 0.20 2.05 0.08 2.95 0.41 2.69 12.64
Dec 2018 2.05 1.41 2.73 0.22 2.10 0.08 3.09 0.43 2.77 13.70
Mar 2018 2.21 1.53 2.80 0.28 2.02 0.07 3.21 0.56 2.77 14.22
PGM production(2) 4Eoz - 2Eoz Mar 2019 394,407 263,508 245,041 18,467 57,823 4,878 157,924 13,589 29,294 130,899
Dec 2018 460,750 301,279 276,590 24,690 69,666 5,009 175,473 19,681 31,451 159,471
Mar 2018 434,743 286,194 260,069 26,125 56,764 3,723 173,176 22,402 30,129 148,549
PGM sold 4Eoz - 2Eoz Mar 2019 219,449 91,995 87,117 4,878 57,823 4,878 - - 29,294 127,454
Dec 2018 516,279 301,279 276,590 24,690 69,666 5,009 175,473 19,681 31,451 215,000
Mar 2018 420,856 286,194 260,069 26,125 56,764 3,723 173,176 22,402 30,129 134,662
Price and costs(3)
Average PGM basket price(4) R/4Eoz - R/2Eoz Mar 2019 17,281 17,104 16,874 14,943 17,182 16,182 16,761 14,498 16,453 18,283
Dec 2018 15,415 15,427 15,536 14,348 15,901 14,440 15,391 14,324 15,053 15,394
Mar 2018 12,637 12,839 12,871 12,643 12,955 12,962 12,830 12,590 12,655 12,289
US$/4Eoz - US$/2Eoz Mar 2019 1,234 1,221 1,204 1,067 1,226 1,155 1,196 1,035 1,174 1,305
Dec 2018 1,077 1,078 1,086 1,003 1,111 1,009 1,076 1,001 1,052 1,076
Mar 2018 1,058 1,073 1,076 1,057 1,083 1,083 1,073 1,053 1,058 1,027
Operating cost(5) R/t Mar 2019 777 580 1,095 119 748 26 1,278 284 978 4,080
Dec 2018 753 484 998 72 717 22 1,163 144 927 3,443
Mar 2018 626 502 994 72 714 18 1,140 145 769 2,708
US$/t Mar 2019 55 41 78 8 53 2 91 20 70 291
Dec 2018 53 34 70 5 50 2 81 10 65 241
Mar 2018 52 42 83 6 60 2 95 12 64 226
R/4Eoz - R/2Eoz Mar 2019 12,153 13,335 12,909 18,309 11,335 9,717 13,485 21,394 11,320 10,038
Dec 2018 11,658 11,265 11,377 10,154 10,595 9,263 11,687 10,381 10,410 7,816
Mar 2018 6,785 10,722 11,032 7,996 10,986 8,165 11,044 7,968 8,620 5,921
US$/4Eoz - US$/2Eoz Mar 2019 867 952 921 1,307 809 694 963 1,527 808 716
Dec 2018 815 787 795 710 741 647 817 726 728 546
Mar 2018 567 896 922 669 919 683 923 666 721 495
All-in sustaining cost(6) R/4Eoz - R/2Eoz Mar 2019 12,358 12,741 10,916 9,779 13,441 11,857 11,671
Dec 2018 10,058 10,576 8,997 9,423 11,170 10,582 9,180
Mar 2018 9,310 10,186 10,477 10,341 9,990 8,706 7,559
US$/4Eoz - US$/2Eoz Mar 2019 882 909 779 698 959 846 833
Dec 2018 703 739 629 659 781 740 642
Mar 2018 778 852 876 864 835 728 632
All-in cost(6) R/4Eoz - R/2Eoz Mar 2019 13,479 12,751 10,916 10,250 13,441 11,857 14,781
Dec 2018 11,326 10,596 8,997 10,501 11,170 10,582 12,560
Mar 2018 10,152 10,186 10,477 10,341 9,990 8,706 9,695
US$/4Eoz - US$/2Eoz Mar 2019 962 910 779 732 959 846 1,054
Dec 2018 792 741 629 734 781 740 878
Mar 2018 849 852 876 864 835 728 811
Capital expenditure
Ore reserve development Rm Mar 2019 432.9 120.6 - - 120.6 - 312.3
Dec 2018 425.9 119.9 - - 119.9 - 306.0
Mar 2018 327.8 110.4 - - 110.4 - 217.4
Sustaining capital Mar 2019 85.0 56.0 25.2 3.5 27.3 72.5 29.0
Dec 2018 283.5 219.3 59.6 3.4 156.3 56.0 64.2
Mar 2018 98.6 77.1 20.9 10.2 46.0 72.3 21.5
Corporate and projects(7) Mar 2019 409.4 2.3 - 2.3 - - 407.1
Dec 2018 544.4 5.4 - 5.4 - - 539.0
Mar 2018 335.9 - - - - - 335.9
Total capital expenditure Rm Mar 2019 927.3 178.9 25.2 5.8 147.9 72.5 748.4
Dec 2018 1,253.8 344.6 59.6 8.8 276.2 56.0 909.2
Mar 2018 762.2 187.4 20.9 10.2 156.3 72.3 574.8
US$m Mar 2019 66.2 12.8 1.8 0.4 10.6 5.2 53.4
Dec 2018 87.6 24.1 4.2 0.6 19.3 3.9 63.6
Mar 2018 64.0 16.0 2.0 1.0 13.0 6.0 48.0
Average exchange rates for the quarters ended 31 March 2019, 31 December 2018 and 31 March 2018 were R14.01/US, R14.31/US$ and R11.96/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 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 operating cost per tonne is 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 exclude 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 operations All-in cost, excluding the corporate project expenditure (on the Altar and Marathon projects), for the quarters ended 31 March 2019, 31 December 2018 and 31 March 2018
was US$1,053/2Eoz, US$876/2Eoz and US$811/2Eoz, respectively
(7) The US operations corporate expenditure for the quarter ended 31 March 2019 includes R1.6 million (US$0.1 million) related to the Marathon project, and quarters ended 31 December 2018 and
31 March 2018 R4.2 million (US$0.3 million) and R16.5 million (US$1.4 million), respectively, related to the Altar and Marathon projects
Mining - Prill split excuding recycling operations
GROUP SA OPERATIONS US OPERATIONS
Mar 2019 Dec 2018 Mar 2018 Mar 2019 Dec 2018 Mar 2018 Mar 2019 Dec 2018 Mar 2018
4Eoz / 4Eoz / 4Eoz /
2Eoz % 2Eoz % 2Eoz % 4Eoz % 4Eoz % 2Eoz % 2Eoz % 2Eoz %
Platinum 182,573 46% 212,055 46% 199,629 46% 153,109 58% 175,975 58% 166,440 58% 29,464 23% 36,080 23% 33,189 22%
Palladium 183,665 47% 216,516 47% 204,269 47% 82,231 31% 93,125 31% 88,909 31% 101,435 77% 123,391 77% 115,360 78%
Rhodium 22,533 6% 25,524 6% 24,156 6% 22,533 9% 25,524 9% 24,156 9%
Gold 5,634 1% 6,655 1% 6,690 2% 5,634 2% 6,655 2% 6,690 2%
PGM production 394,407 100% 460,750 100% 434,743 100% 263,508 100% 301,279 100% 286,194 100% 130,899 100% 159,471 100% 148,549 100%
Ruthenium 35,604 40,098 37,964 35,604 40,098 37,964
Iridium 8,169 9,158 7,249 8,169 9,158 7,249
Total 438,180 510,006 479,956 307,281 350,535 331,407 130,899 159,471 148,549
Recycling operation
Unit Mar 2019 Dec 2018 Mar 2018
Average catalyst fed/day Tonne 25.6 22.1 25.8
Total processed Tonne 2,303 2,032 2,323
Tolled Tonne 581 280 365
Purchased Tonne 1,722 1,752 1,958
PGM fed 3Eoz 201,289 181,761 191,404
PGM sold 3Eoz 183,795 110,476 155,455
PGM tolled returned 3Eoz 15,761 35,441 38,260
SA gold operations
SA OPERATIONS
Total SA gold(1) Driefontein Kloof Beatrix Cooke DRDGOLD
Under- Under- Under- Under- Under-
Total ground Surface ground Surface ground Surface ground Surface ground Surface Surface
Production
Tonnes milled/treated 000't Mar 2019 9,329 411 8,918 30 8 190 1,627 174 456 17 1,153 5,674
Dec 2018 9,634 1,138 8,496 282 126 393 1,151 421 292 42 1,172 5,755
Mar 2018 4,283 1,525 2,758 500 815 478 1,075 547 173 - 695
Yield g/t Mar 2019 0.48 5.29 0.26 3.01 0.38 7.95 0.37 3.26 0.50 0.35 0.28 0.20
Dec 2018 0.87 5.37 0.27 5.11 0.56 7.19 0.50 4.26 0.37 1.05 0.36 0.19
Mar 2018 2.12 5.25 0.39 5.67 0.29 6.95 0.49 3.37 0.37 - 0.35
Gold produced kg Mar 2019 4,456 2,174 2,282 90 3 1,510 600 567 227 6 323 1,130
Dec 2018 8,399 6,106 2,293 1,441 70 2,827 576 1,794 108 44 428 1,111
Mar 2018 9,068 8,002 1,066 2,833 238 3,323 524 1,846 64 - 240
oz Mar 2019 143,278 69,896 73,382 2,905 96 48,558 19,278 18,240 7,295 193 10,383 36,330
Dec 2018 270,025 196,313 73,712 46,329 2,251 90,891 18,522 57,678 3,472 1,415 13,748 35,719
Mar 2018 291,543 257,270 34,273 91,083 7,652 106,837 16,847 59,350 2,058 - 7,716
Gold sold kg Mar 2019 4,373 2,130 2,243 88 3 1,482 585 554 195 6 341 1,119
Dec 2018 8,288 6,099 2,189 1,441 70 2,820 494 1,794 108 44 380 1,137
Mar 2018 9,068 8,002 1,066 2,833 238 3,323 524 1,846 64 - 240 -
oz Mar 2019 140,593 68,480 72,113 2,829 96 47,647 18,808 17,811 6,269 193 10,963 35,977
Dec 2018 266,464 196,087 70,377 46,329 2,251 90,665 15,882 57,678 3,472 1,415 12,217 36,555
Mar 2018 291,543 257,270 34,273 91,083 7,652 106,837 16,847 59,350 2,058 - 7,716
Price and costs
Gold price received R/kg Mar 2019 588,040 582,418 571,505 572,630 593,372 588,114
Dec 2018 561,788 557,909 560,260 563,197 564,623 564,820
Mar 2018 507,719 511,918 511,152 510,157 529,583
US$/oz Mar 2019 1,306 1,293 1,269 1,271 1,317 1,306
Dec 2018 1,221 1,213 1,218 1,224 1,228 1,228
Mar 2018 1,320 1,331 1,329 1,326 1,377
Operating cost(2) R/t Mar 2019 421 6,883 123 27,157 1,138 6,649 176 4,301 154 159 121 104
Dec 2018 461 3,001 160 4,303 148 3,331 174 2,103 100 186 229 107
Mar 2018 934 2,314 182 2,661 208 2,668 182 1,680 97 - 172
US$/t Mar 2019 30 491 9 1,938 81 475 13 307 11 11 9 7
Dec 2018 32 210 11 301 10 233 12 147 7 13 16 7
Mar 2018 78 193 15 222 17 223 15 140 8 - 14
R/kg Mar 2019 881,009 1,301,321 480,665 9,016,257 3,033,333 836,440 477,476 1,319,155 309,835 450,000 431,949 523,009
Dec 2018 539,451 558,382 489,033 842,054 267,143 460,835 347,688 493,590 269,444 177,273 606,177 552,565
Mar 2018 444,387 440,890 470,638 469,714 710,924 383,720 374,237 497,941 262,500 - 498,333
US$/oz Mar 2019 1,956 2,889 1,067 20,017 6,734 1,857 1,060 2,929 688 999 959 1,161
Dec 2018 1,173 1,214 1,063 1,831 581 1,002 756 1,073 586 385 1,318 1,201
Mar 2018 1,155 1,146 1,224 1,221 1,848 998 973 1,295 682 - 1,296
All-in sustaining cost(3) R/kg Mar 2019 914,590 9,242,857 761,877 1,104,806 444,669 546,023
Dec 2018 610,883 989,014 526,433 537,066 406,132 569,217
Mar 2018 513,829 565,093 447,777 557,958 560,417
US$/oz Mar 2019 2,030 20,520 1,691 2,453 987 1,212
Dec 2018 1,328 2,150 1,144 1,168 883 1,238
Mar 2018 1,336 1,469 1,165 1,451 1,457
All-in cost(3) R/kg Mar 2019 935,925 9,242,857 762,119 1,105,340 444,669 556,390
Dec 2018 651,267 989,014 538,413 537,802 406,132 734,916
Mar 2018 535,851 565,093 456,408 558,010 560,417
US$/oz Mar 2019 2,078 20,520 1,692 2,454 987 1,235
Dec 2018 1,416 2,150 1,171 1,169 883 1,598
Mar 2018 1,393 1,469 1,187 1,451 1,457
Capital expenditure
Ore reserve
development Rm Mar 2019 28.8 1.4 25.3 2.1 - -
Dec 2018 432.0 165.7 199.1 67.2 - -
Mar 2018 498.2 198.8 194.1 105.3 - -
Sustaining capital Mar 2019 34.5 6.5 14.4 10.6 - 3.0
Dec 2018 218.6 96.6 80.4 31.8 - 9.8
Mar 2018 77.9 28.2 40.2 9.5 -
Corporate and projects(4) Mar 2019 13.9 - 0.5 0.4 - 11.6
Dec 2018 256.2 - 39.7 1.4 - 188.4
Mar 2018 123.2 - 33.2 0.1 -
Total capital
expenditure Rm Mar 2019 77.2 7.9 40.2 13.1 - 14.6
Dec 2018 906.8 262.3 319.2 100.4 - 198.2
Mar 2018 699.2 227.0 267.5 114.9 -
US$m Mar 2019 5.5 0.6 2.9 0.9 - 1.0
Dec 2018 63.4 18.3 22.3 7.0 - 13.9
Mar 2018 58.5 19.0 22.4 9.6 -
Average exchange rates for the quarters ended 31 March 2019, 31 December 2018 and 31 March 2018 were R14.01/US, R14.31/US$ and R11.96/US$, respectively
Figures may not add as they are rounded independently
(1) The SA gold operations' results for the quarters ended 31 March 2019 and 31 December 2018 include DRDGOLD. Gold produced and gold sold exclude 149kg (4,790oz) and 131kg (4,212oz),
respectively from the Far West Gold Recoveries (FWGR) project which was capitalised in accordance with IFRS
(2) Operating cost is the average cost of production and operating cost per tonne is 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 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 costs 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 31 March 2019, 31 December 2018 and 31 March 2018 was R1.3 million (US$0.1 million), R26.7 million (US$1.9 million), and
R89.8 million (US$7.5 million), respectively. The majority of this expenditure was on the Burnstone project
DEVELOPMENT RESULTS
Development values represent the actual results of sampling and no allowance has been made for any adjustments which may be
necessary when estimating ore reserves. All figures below exclude shaft sinking metres, which are reported separately where appropriate.
SA gold operations
Quarter ended 31 Mar 2019 31 Dec 2018 31 Mar 2018
Black Carbon Black Carbon Black Carbon
Reef Reef leader Main VCR Reef leader Main VCR Reef leader Main VCR
Driefontein Unit
Advanced (m) 7 64 2 1,043 564 847 66 1,441 660 992
Advanced on reef (m) 7 285 44 49 293 228 128
Channel width (cm) 87 48 42 36 46 35 62 56
Average value (g/t) 7.9 24.5 13.4 86.1 4.7 30.0 8.6 85.8
(cm.g/t) 684 1,183 569 3,091 214 1,041 534 4,774
Quarter ended 31 Mar 2019 31 Dec 2018 31 Mar 2018
Reef Cobble Kloof Main Libanon VCR Cobble Kloof Main Libanon VCR Cobble Kloof Main Libanon VCR
Kloof Unit
Advanced (m) 575 266 236 1,145 619 1,245 1,158 605 9 1,148
Advanced on reef (m) 330 104 84 316 202 223 373 81 9 255
Channel width (cm) 151 113 85 129 131 120 129 126 99 104
Average value (g/t) 8.7 12.7 18.7 8.4 11.6 20.7 9.6 6.6 11.3 20.5
(cm.g/t) 1,314 1,435 1,591 1,091 1,526 2,485 1,244 832 1,120 2,139
Quarter ended 31 Mar 2019 31 Dec 2018 31 Mar 2018
Kalkoen- Kalkoen- Kalkoen-
Reef Beatrix krans Beatrix krans Beatrix krans
Beatrix Unit
Advanced (m) 536 3,223 38 3,909 64
Advanced on reef (m) 421 1,016 20 1,234 21
Channel width (cm) 127 106 183 118 168
Average value (g/t) 10.3 9.1 4.6 5.8 9.6
(cm.g/t) 1,314 966 850 688 1,619
Quarter ended 31 Mar 2019 31 Dec 2018 31 Mar 2018
Kimberley Kimberley Kimberley
Reef Reefs Reefs Reefs
Burnstone Unit
Advanced (m) 1,266
Advanced on reef (m) 193
Channel width (cm) 69
Average value (g/t) 9.2
(cm.g/t) 634
SA PGM operations
Quarter ended 31 Mar 2019 31 Dec 2018 31 Mar 2018
Kopan- Bamban- Kopan- Bamban- Kopan- Bamban-
Reef eng Simunye ani Kwezi K6 eng Simunye ani Kwezi K6 eng Simunye ani Kwezi K6
Kroondal Unit
Advanced (m) 556 386 520 734 577 651 598 707 662 592 428 481 578 609 802
Advanced on reef (m) 556 368 484 554 577 651 598 707 662 592 409 362 402 535 657
Height (cm) 238 219 209 241 240 247 219 224 240 241 236 229 217 245 246
Average value (g/t) 2.0 2.7 2.7 2.0 2.5 1.8 2.2 2.1 2.1 2.3 2.2 2.2 2.0 2.2 2.2
(cm.g/t) 469 594 563 479 587 455 486 478 501 546 520 494 429 543 536
Quarter ended 31 Mar 2019 31 Dec 2018 31 Mar 2018
Thembe- Siphume- Thembe- Siphume- Thembe- Siphume-
Reef Bathopele lani Khuseleka lele Bathopele lani Khuseleka lele Bathopele lani Khuseleka lele
Rustenburg Unit
Advanced (m) 245 1,401 2,355 849 943 2,017 2,617 1,177 302 1,466 2,190 1,057
Advanced on reef (m) 245 433 751 455 943 679 912 668 302 502 596 340
Height (cm) 221 281 288 289 216 287 285 282 209 281 288 296
Average value (g/t) 1.3 2.4 2.4 3.0 2.8 2.4 2.3 3.1 2.7 2.1 2.1 3.1
(cm.g/t) 293 676 704 879 596 692 647 872 559 582 614 932
US PGM operations
Quarter ended 31 Mar 2019 31 Dec 2018 31 Mar 2018
Stillwater East Stillwater East Stillwater East
Reef incl Blitz Boulder incl Blitz Boulder incl Blitz Boulder
Stillwater Unit
Primary
development (off
reef) (m) 2,267 843 2,659 275 3,019 657
Secondary
development (m) 2,773 916 2,557 1,538 2,038 1,451
ADMINISTRATION AND CORPORATE INFORMATION
WEBSITE
http://www.sibanyestillwater.com
REGISTERED OFFICE
Constantia Office Park
Cnr 14th Avenue & Hendrik Potgieter Road
Bridgeview House, Ground Floor
Weltevreden Park 1709
South Africa
Private Bag X5
Westonaria 1780
South Africa
Tel: +27 11 278 9600
Fax: +27 11 278 9863
CORPORATE SECRETARY
Lerato Matlosa
Tel: +27 10 493 6921
Email:
lerato.matlosa@sibanyestillwater.com
DIRECTORS
Sello Moloko(1) (Chairman)
Neal Froneman (CEO)
Charl Keyter (CFO)
Timothy Cumming(1)
Savannah Danson(1)
Barry Davison(1,2)
Harry Kenyon-Slaney(1)
Richard Menell(1)
Nkosemntu Nika(1)
Keith Rayner(1)
Susan van der Merwe(1)
Jerry Vilakazi(1)
(1) Independent non-executive
(2) Retiring on 28 May 2019
INVESTOR ENQUIRIES
James Wellsted
Senior Vice President: Investor Relations
Cell: +27 83 453 4014
Tel: +27 10 493 6923
Email:
james.wellsted@sibanyestillwater.com or
ir@sibanyestillwater.com
JSE SPONSOR
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LONDON
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AUDITORS
Ernst & Young Inc. (EY)
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Tel: +27 11 772 3000
AMERICAN DEPOSITORY
RECEIPTS TRANSFER AGENT
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Tel: +1 201 680 6825
Email:
shrrelations@bnymellon.com
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BNY Mellon
Depositary Receipts
Direct Line: +1 212 815 2867
Mobile: +1 203 609 5159
Fax: +1 212 571 3050
Email:
tatyana.vesselovskaya@bnymellon.com
TRANSFER SECRETARIES
SOUTH AFRICA
Computershare Investor Services Proprietary
Limited
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Tel: +27 11 370 5000
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TRANSFER SECRETARIES
UNITED KINGDOM
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Tel: 0871 664 0300 (calls cost 10p a minute plus
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Email:
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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 29 March 2019, and the Group's Annual Report on Form 20-F filed by Sibanye-Stillwater with the Securities and Exchange
Commission on 9 April 2019 (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: 09/05/2019 08:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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