Wrap Text
Operating Update for the Quarter Ended 31 March 2020
SIBANYE STILLWATER LIMITED
Incorporated in the Republic of South Africa
Registration number 2014/243852/06
Share codes: SSW and SBSW
Issuer code: SSW
ISIN: ZAE000259701
("Sibanye-Stillwater", "the Company" and/or "the Group")
OPERATING UPDATE
Quarter Ended 31 March 2020
Johannesburg, 12 May 2020: Sibanye Stillwater Limited ("Sibanye-Stillwater", "the Company" and/or "the Group") (JSE: SSW & NYSE: SBSW)
is pleased to provide an operating update for the quarter ended 31 March 2020. Financial results are only provided on a
six-monthly basis.
SALIENT FEATURES FOR THE QUARTER ENDED 31 MARCH 2020
- Record breaking safety performance by SA gold operations
- Record quarterly adjusted EBITDA(3) of R11,132 million (US$724 million)
- Leverage reduced by 40% with Net debt:adjusted EBITDA reducing to 0.75x
- Another solid performance from SA PGM operations - successful integration of Marikana operation continues
- US PGM operations back at planned production rates and have maintained output during COVID-19 pandemic
- Steady performance from SA gold operations
- SA operations ramping up as planned following partial easing of COVID-19 restrictions in April 2020
US dollar SA rand
Quarter ended Quarter ended
Mar 2019 Dec 2019 Mar 2020 KEY STATISTICS Mar 2020 Dec 2019 Mar 2019
UNITED STATES (US) OPERATIONS
PGM operations(1)
130 899 161 849 141 585 oz 2E PGM production(2) kg 4 404 5 034 4 071
201 289 229 540 221 798 oz PGM recycling(1) kg 6 899 7 140 6 261
1 305 1 609 2 053 US$/2Eoz Average basket price R/2Eoz 31 569 23 684 18 283
104.6 171.4 133.8 US$m Adjusted EBITDA(3) Rm 2 058.6 2 522.5 1 465.9
27 28 30 % Adjusted EBITDA margin(3) % 30 28 27
833 798 894 US$/2Eoz All-in sustaining cost(4) R/2Eoz 13 756 11 747 11 671
SOUTHERN AFRICA (SA) OPERATIONS
PGM operations(5)
263 508 461 719 418 072 oz 4E PGM production(2) kg 13 004 14 361 8 196
1 221 1 600 2 158 US$/4Eoz Average basket price R/4Eoz 33 192 23 558 17 104
62.8 259.7 523.0 US$m Adjusted EBITDA(3) Rm 8 043.1 3 822.7 880.0
51 39 51 % Adjusted EBITDA margin(3) % 51 39 51
845 1 040 1 089 US$/4Eoz All-in sustaining cost(4) R/4Eoz 16 745 15 309 11 841
Gold operations
143 278 300 578 238 076 oz Gold production kg 7 405 9 349 4 456
1 306 1 415 1 608 US$/oz Average gold price R/kg 795 323 669 797 588 040
(115.0) 76.4 73.2 US$m Adjusted EBITDA(3) Rm 1 125.8 1 125.1 (1 611.4)
(63) 17 19 % Adjusted EBITDA margin(3) % 19 17 (63)
2 030 1 314 1 500 US$/oz All-in sustaining cost(4) R/kg 741 858 621 943 914 590
GROUP
57.7 502.8 723.8 US$m Adjusted EBITDA(3,6) Rm 11 131.8 7 401.4 808.0
14.01 14.72 15.38 R/US$ Average exchange rate
(1) 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
(2) Platinum Group Metals (PGM) production in the SA operations (including attributable production from Mimosa) is principally platinum,
palladium, rhodium and gold, referred to as 4E (3PGM+Au). The US operations primarily produce palladium and platinum, referred to
as 2E (2PGM)
(3) 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. Adjusted EBITDA margin is calculated by dividing
adjusted EBITDA by revenue
(4) See "salient features and cost benchmarks for the quarters ended 31 March 2020, 31 December 2019 and 31 March 2019 for the definition
of All-in sustaining cost
(5) The SA PGM operations' results for the quarter ended 31 March 2019 excluded the Marikana operations
(6) The Group adjusted EBITDA includes the impact of the streaming transaction which is only recognised at the Corporate level
Stock data for the quarter ended 31 March 2020 JSE Limited - (SSW)
Number of shares in issue Price range per ordinary share R22.57 to R35.35
- at 31 March 2020 2 675 009 860 Average daily volume 26 712 953
- weighted average 2 671 855 475 NYSE - (SBSW); one ADR represents four ordinary shares
Free Float 81% Price range per ADR US$4.72 to US$10.10
Bloomberg/Reuters SSW SJ/SSWJ.J Average daily volume 5 724 117
OVERVIEW FOR THE QUARTER ENDED 31 MARCH 2020 COMPARED TO QUARTER ENDED 31 MARCH 2019
The Group had a strong start to the year, with the operating and financial performance for Q1 2020, materially better than for the
comparable period in 2019.
The US PGM operations reported an 8% increase in mined 2E PGM production relative to Q1 2019, reflecting the return to planned
production rates at the East Boulder and Stillwater mines, despite the difficult ground conditions which continued to impact the Blitz
project into Q1 2020.
The solid performance from the SA PGM operations continued, with 4E PGM production increasing by 59% year-on-year, driven by
the successful integration of the Marikana operation following the acquisition of Lonmin Plc in June 2019.
Gold production from the SA gold operations also increased by 66% as production normalised compared with Q1 2019, which was
impacted by the five-month AMCU strike.
Precious metals prices remained buoyant during Q1 2020, with palladium and rhodium prices reaching record levels, before falling
in late March 2020 as rising concerns about the economic impact of the COVID-19 pandemic led to a general collapse in most
global markets, including precious metals. For the US PGM operations, the 2E PGM basket price averaged US$2,053/2Eoz for Q1 2020,
57% higher than for Q1 2019. Further depreciation of the rand provided an additional revenue boost for the SA operations, with the
average 4E PGM basket price of R33,192/4Eoz for Q1 2020, 94% higher year-on-year and the average rand gold price received 35%
higher at R795,323kg.
Group adjusted EBITDA for Q1 2020 was materially higher than Q1 2019, increasing by R10,324 million (US$666 million) to R11,132 million
(US$724 million), which alongside a reduction in net debt, resulted in net debt:adjusted EBITDA (ND:adjusted EBITDA) decreasing to
0.75x at quarter end, from 1.25x at the end of December 2019.
The Group is in a solid financial position, with leverage now comfortably below our 1x target and sufficient liquidity, despite the
temporary suspension of production at our SA operations in April 2020 in accordance with South African COVID-19 lockdown
regulations.
Given reduced dollar net debt, available liquidity including DRDGOLD increased to R18,315 million (US$1,026 million) at 31 March 2020,
consisting of R16,357 million (US$916 million) cash on hand, R214 million (US$12 million) committed undrawn facilities and
R1,744 million (US$98 million) of available uncommitted overnight facilities. Available rand RCF facilities were drawn down ahead of the
COVID-19 lockdown in South Africa as a precautionary measure. The US PGM operations continued to operate during Q2 2020
to date, and following amendments to the SA COVID-19 lockdown restrictions, the SA operations are rebuilding to an initial 50% capacity.
The Group has optimised working capital and increased liquidity and balance sheet flexibility to ensure an appropriately robust financial
position. The primary priority remains to lower the Group's net debt position further.
Following the market collapse in late March 2020, after an initial liquidity sell off precious metal prices recovered quickly.
Basket prices remain elevated compared to the same time in 2019 with further depreciation of the rand continuing to
benefit revenues for the SA operations. The 2E PGM basket price has averaged approximately US$1,820/2Eoz for Q2 2020 to date,
with the rand 4E PGM basket price averaging approximately R33,950/4Eoz and the rand gold price averaging just over R1,000,000/kg
to date, which if sustained, will be positive for earnings and cash flow as the operational build up continues.
The future impact of COVID-19 remains uncertain and as such guidance will be provided once we have greater certainty about the
operating outlook. For more information about our actions, announcements and response to COVID-19, please refer to
https://www.sibanyestillwater.com/news-investors/happenings/responding-to-covid-19.
SAFE PRODUCTION
The intense focus on safe production at our operations and the implementation of medium- and long-term safety initiatives, which
are underpinned by the Zero Harm Strategic Framework, continues.
The SA gold operations achieved an unprecedented 11.5 million fatality free shifts on 6 May 2020, with over 620 days without any
fatalities. An overall improvement of 13% in terms of the Total Injury frequency rate (TIFR) compared with Q1 2019, is also encouraging.
The US PGM operations' safety performance also continued to improve with the Total Reportable Injury Frequency Rate (TRIFR) for
Q1 2020, 25% lower than for the comparable period in 2019.
Regrettably, the SA PGM operations experienced four fatalities during the quarter, compared with two fatalities for the same period
in 2019. On 7 February 2020, Mr. Khulile Nashwa, a Winch Operator at the Rowland mine, Marikana operation, was travelling in the
haulage when a loco derailed and struck him. He was 49 years old and is survived by his wife and seven dependents. On 17 January 2020,
Mr. Joao Abilio Silindane, a Rock Drill Operator at Bambanani mine, Kroondal operation, was fatally injured in a gravity-induced
fall of ground incident. He was 56 years of age and is survived by his wife and two dependents. On 20 March 2020, Mr. Emanoel
Kaphe, a Rock Drill Operator at Thembelani mine, Rustenburg operation, was fatally injured in a gravity-induced fall of ground
incident. He was 48 years of age and is survived by his wife and two dependents. The fourth incident occurred on 24 March 2020,
Mr. Rossofino Manhavele, a Conveyor belt operator at Siphumelele mine, Rustenburg operation, was found unresponsive lying in a
prone position at the bottom of the stairway next to the reef conveyor belt tail pulley on surface. Mr Manhavele succumbed to his
injuries on 30 March 2020 whilst still in Millpark hospital. He was 46 years of age and is survived by his wife and three dependents. The
Board and management of Sibanye-Stillwater extend their sincere condolences to the family and friends of these employees.
A principal focus at the operations continues to be on identifying and, rectifying safety hazards and verifying that adequate close
out has been achieved. In addition, ongoing monitoring of outlying working places in terms of risk score and/or compliance, remains
a key area of focus. The Critical Control Management journey stemming from detailed risk analysis process that we embarked on in
H2 2019 is also maintaining steady progress and is being addressed within the various discipline focus areas, as well as the overall
organisational health and safety strategy.
The safe start-up and subsequent production build-up, following the national lockdown in South Africa as a result of the COVID-19
pandemic, will be a critical focus during the second quarter.
OPERATING REVIEW
US PGM operations
Mined 2E PGM production for Q1 2020 of 141,585 2Eoz was 8% higher than for Q1 2019. Production from the Stillwater Mine (including
Blitz) was 83,445 oz for Q1 2020, 3% higher than Q1 2019, while East Boulder (EB) delivered 58,140 oz, 17% higher than Q1 2019. Tonnes
milled for Q1 2020 totalled 347,528 tonnes, 8% higher than the comparable quarter in 2019. PGM sales in March 2020 were affected
by a delay in refined metal released, resulting in sales for Q1 2020 of 91,975 2Eoz. This refined production was subsequently released
and sold during April 2020.
All-in sustaining cost (AISC) of US$894/ 2Eoz for Q1 2020, was 7% higher than for the comparable period in 2019, largely due to lower
production from Blitz and higher royalties and taxes as a result of an inflated realized PGM basket price (contributing US$37/ 2Eoz to
the variance).
The recycling operation fed an average of 28 tonnes of catalyst per day in Q1 2020, 9% higher than Q1 2019. High recycling feed
rates continued to increase with increased recycling receipts, as tonnes of catalyst received were 33 tonnes per day for Q1 2020,
60% higher than Q1 2019. Given significant receipts towards the end of the quarter and ahead of COVID-19 related restrictions,
recycle inventory approximated 815 tonnes. This has reduced to more normalised levels (200 - 300 tonnes).
Adjusted EBITDA of US$134 million (R2,059 million) at an improved adjusted EBITDA margin of 30% compares favourably to adjusted
EBITDA of US$104.6 million (R1,466 million) for Q1 2019, despite sales being lower than production for Q1 2020.
The threat of COVID-19 was managed in a proactive manner through the roll out of response plans and actions, as well as the
suspension of non-essential growth capital at Blitz. Despite these measures, a meaningful increase in mined 2E PGM production from
the US PGM operations is still forecast for 2020. Given the previously mentioned suspension of non-essential activities at Blitz, capital
expenditure is expected to reduce to between US$200 million and US$220 million for the year, approximately US$60 million less than
previously guided. Approximately 60% of this anticipated spend is growth capital in nature, including expenditure on the Fill the Mill
(FTM) project.
SA PGM operations
The SA PGM operations continued to perform strongly, with 4E PGM production of 418,072 4Eoz for Q1 2020, 59% higher than the
comparable period in 2019. Higher AISC of R16,745/4Eoz (US$1,089/4Eoz) year-on-year, reflect the change to toll processing at
Rustenburg, higher royalties and the inclusion of production from the Marikana operation with a higher average AISC, which was
absent in Q1 2019. 4E PGM sold of 522,843 4Eoz was 25% higher than 4E PGM production for Q1 2020, due to the sale of additional
ounces ahead of the COVID-19 lockdown.
4E PGM production from Rustenburg was 10% lower than Q1 2019 at 154,568 oz, due to a section 54 stoppage arising from the
Thembelani fatal accident and COVID-19 related production losses due to the operations being placed on care and
maintenance on 27 March 2020. Higher AISC of R18,255/4Eoz (US$1,187/4Eoz) was mainly as a result of lower production and higher
royalties. The significant increase (99%) in the average 4E PGM basket price from R16,582/4Eoz (US$1,184/4Eoz) to R32,958/4Eoz
(US$2,143/4Eoz), resulted in royalties increasing significantly, by R1,848/4Eoz (US$120/4Eoz) compared with Q1 2019.
4E PGM production from Kroondal of 53,458 4Eoz was 8% lower year-on-year, mainly due to the COVID-19 lockdown during the last
week of March 2020 impacting 4,649 4Eoz. AISC of R12,619/4Eoz (US$820/4Eoz), was 16% higher than the comparable period in 2019
primarily due to lower production and higher royalties.
The integration of the Marikana operation has proceeded smoothly. The Marikana operation produced 171,997 4Eoz and processed
8,068 4Eoz under existing purchase of concentrate arrangements in Q1 2020. The COVID-19 lockdown resulted in approximately
14,650 4Eoz lost production for the quarter. AISC of R17,128/4Eoz (US$1,114/4Eoz) was 2% lower than for Q4 2019, demonstrating the
cost benefits of synergies already realised.
Chrome revenue for Q1 2020 of R324 million was higher than the Q1 2019 chrome revenue of R304 million, despite the average
chrome price declining by 23% from US$167/tonne in Q1 2019 to US$128/tonne in Q1 2020, due to the inclusion of the Marikana
chrome tonnes.
Mimosa continued to perform steadily, reporting attributable 4E PGM production of 28,777 4Eoz with AISC of US$826/4Eoz.
The inclusion of revenue from the Rustenburg operation (deferred in Q1 2019 due to the change from purchase of concentrate to
toll treatment arrangement) and the Marikana operation (acquired in June 2019), together with the 94% higher average 4E PGM
basket price resulted in adjusted EBITDA increasing significantly to R8,043 million (US$523 million) from R880 million (US$63 million) in
Q1 2019. This was also notably higher than the R3,823 million (US$260 million) adjusted EBITDA from Q4 2019, with the adjusted EBITDA
margin increasing from 39% for Q4 2019 to 51% for Q1 2020. Despite the pullback in PGM prices, as a result of ongoing depreciation
of the rand, the average basket price for Q2 2020 to date, has remained above R30,000/4Eoz.
The SA PGM operations have begun a phased build-up of production in line with the amended regulations in terms of the COVID-19
disaster management act. The initial phase involved the resumption of surface production and limited underground mining to
supplement surface material, with the subsequent build up to 50% likely to be achieved during May 2020. Following a review of
non-essential capital expenditure, forecast capital expenditure for the year has been reduced by approximately R900 million to
R2,200 million. Approximately 60% of the capital reduction is related to ore reserve development which was deferred while the
operations were on care and maintenance and 40% on project and other capital.
Anglo Platinum Force Majeure
On 6 March 2020, Anglo American Platinum (Anglo Platinum) announced the temporary shutdown of its converter plants and issued
shut down notices pursuant to a Force Majeure event.
On 5 May 2020, Anglo American Platinum announced that it had completed the repair of its converter plant Phase B unit and that
it expected to be fully operational from 12 May 2020, following which, force majeure to suppliers of concentrate will be lifted.
As a result of the completion of repairs to the Anglo Platinum converter plant, from 12 May 2020, Sibanye-Stillwater will resume delivery
of concentrate from the Rustenburg, Kroondal and Platinum Mile operations to Anglo Platinum for processing as per the original
agreements. The payment terms related to purchase of concentrate agreements and delivery terms of metals relating to tolling
agreements, shall resume as per normal for all concentrates delivered from 12 May 2020. In addition, Sibanye-Stillwater has agreed
a delivery schedule with Anglo Platinum relating to tolled metals that should have been processed and delivered during the
shutdown period. Delivery of these outstanding metal credits that were locked up as a result of the Anglo converter plant failure, are
expected to commence during May 2020 with the majority of outstanding metal credits expected to be delivered by the end of July 2020.
SA gold operations
Gold production of 7,405kg (238,076oz) for Q1 2020 was 66% higher than for the comparative period in 2019, which was severely
impacted by the five-month AMCU strike that ended in April 2019. AISC of R741,858/kg (US$1,500/oz) was also significantly improved
compared with AISC of R914,590/kg (US$2,030/oz) for Q1 2019. Gold production (excluding DRDGOLD), increased by 82% year-on-year,
from 3,326kg (106,948oz) to 6,059kg (194,801oz). Production was impacted by the seasonal factors (the return to work and
production build up after the December holidays) and operational disruptions caused by ESKOM power outages and the COVID
related lockdown which impacted production for the last week of March 2020. The Kloof operation was also affected by a fire at
Kloof 3 shaft, as well as seismicity that affected the Driefontein operation and limited access to higher grade production areas.
The return to more normalised production levels after the five months strike in H1 2019, coupled with the 35% increase in the average
gold price to R795,323/kg (US$1,608/oz) resulted in a R2,737 million (US$188 million) turnaround in adjusted EBITDA, from a loss of
R1,611 million (US$115 million) for Q1 2019 to R1,126 million (US$73 million) for Q1 2020 at an adjusted EBITDA margin of 19%. The rand gold
price for Q2 2020 to date has averaged approximately R1,000,000/kg (US$1,680/oz), 26% higher than the average price for Q1 2020.
This has positive implications for earnings and cash flow from the SA gold operations as production continues to ramp up in
accordance with the amended COVID-19 regulations issued in terms of the Disaster Management Act.
As with the SA PGM operations, the build up to 50% is likely to be achieved during May. Capital expenditure for 2020 has been revised
downwards by R840 million to R2,500 million, with approximately 71% of the capital reduction related to ore reserve development
which was deferred while the operations were on care and maintenance, 10% on growth projects (Burnstone) and 19% on other
capital projects.
NEAL FRONEMAN
CHIEF EXECUTIVE OFFICER
SALIENT FEATURES AND COST BENCHMARKS FOR THE QUARTERS ENDED 31 MARCH 2020, 31 DECEMBER 2019 AND 31 MARCH 2019
US and SA PGM operations
US OPERATIONS SA OPERATIONS
Total US
Total SA PGM
and US Stillwater Total SA PGM Rustenburg Marikana Kroondal Plat Mile Mimosa
PGM Under - Under- Under- Under-
Attributable perations ground(1) Total ground Surface ground Surface ground Surface Attributable Surface Attributable
Production
Tonnes milled/treated 000't Mar 2020 8 237 347 7 890 4 149 3 741 1 480 1 147 1 486 819 841 1 775 342
Dec 2019 9 000 391 8 609 4 776 3 833 1 696 1 127 1 711 849 1 011 1 857 358
Mar 2019 6 047 322 5 725 2 883 2 842 1 667 1 022 - - 877 1 820 339
Plant head grade g/t Mar 2020 2.71 13.92 2.22 3.41 0.89 3.56 1.02 3.79 0.86 2.39 0.83 3.58
Dec 2019 2.76 14.05 2.25 3.36 0.87 3.59 1.03 3.62 0.94 2.44 0.75 3.57
Mar 2019 2.67 13.76 2.05 3.19 0.89 3.49 1.21 - - 2.48 0.72 3.56
Plant recoveries % Mar 2020 77.98 90.12 74.38 83.47 35.98 84.62 29.86 84.82 45.30 82.72 19.58 73.10
Dec 2019 77.98 91.64 74.11 83.09 31.14 83.63 29.40 84.08 41.31 82.75 10.38 75.74
Mar 2019 75.93 91.80 69.82 82.83 22.64 84.32 34.24 - - 82.89 11.65 75.53
Yield g/t Mar 2020 2.11 12.54 1.65 2.85 0.32 3.01 0.30 3.21 0.39 1.98 0.16 2.62
Dec 2019 2.16 12.88 1.67 2.79 0.27 3.00 0.30 3.04 0.39 2.02 0.08 2.70
Mar 2019 2.03 12.64 1.43 2.64 0.20 2.95 0.41 - - 2.05 0.08 2.69
PGM production(2) 4Eoz - 2Eoz Mar 2020 559 657 141 585 418 072 379 345 38 727 143 335 11 233 153 775 18 222 53 458 9 272 28 777
Dec 2019 623 568 161 849 461 719 428 160 33 559 163 717 10 973 167 692 17 939 65 627 4 647 31 124
Mar 2019 394 407 130 899 263 508 245 041 18 467 157 924 13 589 - - 57 823 4 878 29 294
PGM sold 4Eoz - 2Eoz Mar 2020 614 818 91 975 522 843 501 830 21 013 188 417 11 741 231 178 53 458 9 272 28 777
Dec 2019 562 487 166 218 396 269 378 356 17 913 155 359 13 266 126 246 65 627 4 647 31 124
Mar 2019 219 449 127 454 91 995 87 117 4 878 - - - 57 823 4 878 29 294
Price and costs(3)
Average PGM basket price(4) R/4Eoz - R/2Eoz Mar 2020 32 937 31 569 33 192 33 574 29 422 33 563 23 254 32 954 36 011 27 901 28 924
Dec 2019 23 598 23 684 23 558 23 799 22 720 23 725 18 382 23 262 25 005 20 379 21 950
Mar 2019 17 281 18 283 17 104 16 874 14 943 16 761 14 498 - 17 182 16 182 16 453
US$/4Eoz - US$/2Eoz Mar 2020 2 142 2 053 2 158 2 183 1 913 2 182 1 512 2 143 2 341 1 814 1 881
Dec 2019 1 603 1 609 1 600 1 617 1 543 1 612 1 249 1 580 1 699 1 384 1 491
Mar 2019 1 234 1 305 1 221 1 204 1 067 1 196 1 035 - 1 226 1 155 1 174
Operating cost(5) R/t Mar 2020 1 051 5 065 824 1 560 75 1 499 182 1 323 798 41 1 034
Dec 2019 963 4 363 802 1 439 68 1 366 185 1 283 749 28 929
Mar 2019 740 4 080 541 1 004 126 1 139 305 - 748 26 978
US$/t Mar 2020 68 329 54 101 5 97 12 86 52 3 67
Dec 2019 65 296 55 98 5 93 13 87 51 2 63
Mar 2019 53 291 39 72 9 81 22 - 53 2 70
R/4Eoz - R/2Eoz Mar 2020 15 028 12 414 15 979 16 941 7 269 15 474 18 588 17 731 12 561 7 841 12 288
Dec 2019 14 054 10 541 15 375 16 017 7 780 14 151 18 974 17 699 11 538 11 384 10 690
Mar 2019 11 575 10 038 12 434 11 835 19 441 12 018 22 932 - 11 335 9 717 11 320
US$/4Eoz - US$/2Eoz Mar 2020 977 807 1 039 1 101 473 1 006 1 209 1 153 817 510 799
Dec 2019 955 716 1 044 1 088 529 961 1 289 1 202 784 773 726
Mar 2019 826 716 888 845 1 388 858 1 637 - 809 694 808
All-in sustaining cost(6) R/4Eoz - R/2Eoz Mar 2020 15 948 13 756 16 745 18 255 17 128 12 619 8 251 12 701
Dec 2019 14 336 11 747 15 309 14 499 17 409 11 713 12 610 11 538
Mar 2019 11 780 11 671 11 841 12 211 - 10 916 9 779 11 857
US$/4Eoz - US$/2Eoz Mar 2020 1 037 894 1 089 1 187 1 114 820 536 826
Dec 2019 974 798 1 040 985 1 183 796 857 784
Mar 2019 841 833 845 872 - 779 698 846
All-in cost(6) R/4Eoz - R/2Eoz Mar 2020 17 193 18 322 16 782 18 255 17 140 12 619 9 566 12 701
Dec 2019 15 321 15 228 15 355 14 509 17 457 11 713 14 633 11 538
Mar 2019 12 901 14 781 11 851 12 211 - 10 916 10 250 11 857
US$/4Eoz - US$/2Eoz Mar 2020 1 118 1 191 1 091 1 187 1 114 820 622 826
Dec 2019 1 041 1 035 1 043 986 1 186 796 994 784
Mar 2019 921 1 054 846 872 - 779 732 846
Capital expenditure(3)
Ore reserve development Rm Mar 2020 608.0 264.9 343.1 144.1 199.0 - - -
Dec 2019 551.1 215.0 336.1 113.9 222.2 - - -
Mar 2019 432.9 312.3 120.6 120.6 - - - -
Sustaining capital Mar 2020 311.9 86.7 225.2 97.6 86.4 40.4 0.6 76.9
Dec 2019 613.4 139.5 473.9 96.3 295.1 79.3 2.9 104.7
Mar 2019 85.0 29.0 56.0 27.3 - 25.2 3.5 72.5
Corporate and projects Mar 2020 658.6 646.4 12.2 - - - 12.2 -
Dec 2019 573.7 563.4 10.3 1.8 (0.9) - 9.4 -
Mar 2019 409.4 407.1 2.3 - - - 2.3 -
Total capital expenditure Rm Mar 2020 1 578.5 998.0 580.5 241.7 285.4 40.4 12.8 76.9
Dec 2019 1 738.2 917.9 820.3 212.0 516.4 79.3 12.3 104.7
Mar 2019 927.3 748.3 178.9 147.9 - 25.2 5.8 72.5
US$m Mar 2020 102.6 64.9 37.7 15.7 18.6 2.6 0.8 5.0
Dec 2019 118.1 62.4 55.7 14.4 35.1 5.4 0.8 7.1
Mar 2019 66.2 53.4 12.8 10.6 - 1.8 0.4 5.2
Average exchange rates for the quarters ended 31 March 2020, 31 December 2019 and 31 March 2019 were R15.38/US$, R14.72/US$ and R14.01/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 statistics shown above and is
detailed in the PGM recycling table below
(2) Production per product - see prill split in the table below
(3) The Group and total SA PGM operations' unit cost benchmarks and capital exclude the financial results of Mimosa, which is equity accounted and
excluded from revenue and cost of sales
(4) The average PGM basket price is the PGM revenue per 4E/2E ounce, prior to a purchase of concentrate adjustment
(5) Operating cost is the average cost of production and calculated by dividing the cost of sales, before amortisation and depreciation and change
in inventory in a period by the tonnes milled/treated in the same period, and operating cost per ounce (and kilogram) is calculated by dividing
the cost of sales, before amortisation and depreciation and change in inventory in a period by the PGM produced in the same period
(6) All-in cost 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 cost is made up of All-in sustaining cost, being the cost to sustain current
operations, given as a sub-total in the All-in cost calculation, together with corporate and major capital expenditure associated with growth.
All-in sustaining cost per ounce (and kilogram) and All-in cost per ounce (and kilogram) are calculated by dividing the All-in sustaining cost
and All-in cost, respectively, in a period by the total 4E/2E PGM production in the same period
Mining - Prill split excluding recycling operations
GROUP SA OPERATIONS US OPERATIONS
Mar 2020 Dec 2019 Mar 2019 Mar 2020 Dec 2019 Mar 2019 Mar 2020 Dec 2019 Mar 2019
% % % % % % % % %
Platinum 281 209 50% 309 659 50% 182 573 46% 249 415 60% 273 444 59% 153 109 58% 31 794 22% 36 215 22% 29 464 23%
Palladium 234 337 42% 264 790 42% 183 665 47% 124 546 30% 139 156 30% 82 231 31% 109 791 78% 125 634 78% 101 435 77%
Rhodium 36 160 7% 40 659 7% 22 533 6% 36 160 8% 40 659 9% 22 533 9%
Gold 7 951 1% 8 460 1% 5 634 1% 7 951 2% 8 460 2% 5 634 2%
PGM production 4E/2E 559 657 100% 623 568 100% 394 407 100% 418 072 100% 461 719 100% 263 508 100% 141 585 100% 161 849 100% 130 899 100%
Ruthenium 58 908 65 202 35 604 58 908 65 202 35 604
Iridium 14 506 16 405 8 169 14 506 16 405 8 169
Total 6E/2E 633 071 705 175 438 180 491 486 543 326 307 281 141 585 161 849 130 899
Recycling operation
Unit Mar 2020 Dec 2019 Mar 2019
Average catalyst fed/day Tonne 28.0 29.8 25.6
Total processed Tonne 2 547 2 742 2 303
Tolled Tonne 262 409 581
Purchased Tonne 2 285 2 333 1 722
PGM fed 3Eoz 221 798 229 540 201 289
PGM sold 3Eoz 133 714 215 588 183 795
PGM tolled returned 3Eoz 31 062 29 136 15 761
SA gold operations
SA OPERATIONS
Total SA gold 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 2020 9 894 1 191 8 703 325 - 414 1 064 452 7 - 1 072 6 560
Dec 2019 10 748 1 393 9 355 356 - 500 1 330 528 66 9 1 131 6 828
Mar 2019 9 329 411 8 918 30 8 190 1 627 174 456 17 1 153 5 674
Yield g/t Mar 2020 0.75 4.51 0.23 5.77 - 4.85 0.37 3.29 0.29 - 0.28 0.21
Dec 2019 0.87 5.01 0.25 6.71 - 5.19 0.35 3.78 0.38 0.44 0.30 0.23
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
Gold produced kg Mar 2020 7 405 5 369 2 036 1 875 - 2 007 391 1 487 2 - 297 1 346
Dec 2019 9 349 6 984 2 365 2 390 - 2 593 460 1 997 25 4 336 1 544
Mar 2019 4 456 2 174 2 282 90 3 1 510 600 567 227 6 323 1 130
oz Mar 2020 238 076 172 617 65 459 60 283 - 64 526 12 571 47 808 64 - 9 549 43 275
Dec 2019 300 578 224 541 76 037 76 840 - 83 367 14 789 64 205 804 129 10 803 49 641
Mar 2019 143 278 69 896 73 382 2 905 96 48 558 19 278 18 240 7 295 193 10 383 36 330
Gold sold kg Mar 2020 7 590 5 424 2 166 1 853 - 1 977 404 1 594 4 - 296 1 462
Dec 2019 10 158 7 728 2 430 2 730 - 2 810 505 2 182 29 6 382 1 514
Mar 2019 4 373 2 130 2 243 88 3 1 482 585 554 195 6 341 1 119
oz Mar 2020 244 024 174 385 69 639 59 575 - 63 562 12 989 51 248 129 - 9 517 47 004
Dec 2019 326 586 248 460 78 126 87 771 - 90 343 16 236 70 153 932 193 12 282 48 676
Mar 2019 140 593 68 480 72 113 2 829 96 47 647 18 808 17 811 6 269 193 10 963 35 977
Price and costs
Gold price received R/kg Mar 2020 795 323 768 484 770 727 781 977 757 432 786 662
Dec 2019 669 797 657 985 657 044 652 103 690 206 698 943
Mar 2019 588 040 582 418 571 505 572 630 593 372 588 114
US$/oz Mar 2020 1 608 1 554 1 559 1 581 1 532 1 591
Dec 2019 1 415 1 390 1 388 1 378 1 458 1 477
Mar 2019 1 306 1 293 1 269 1 271 1 317 1 306
Operating cost(1) R/t Mar 2020 475 3 031 125 3 694 - 3 489 199 2 130 329 - 157 108
Dec 2019 447 2 630 122 3 322 - 3 050 193 1 805 98 233 150 104
Mar 2019 421 6 883 123 27 157 1 138 6 649 176 4 301 154 159 121 104
US$/t Mar 2020 31 197 8 240 - 227 13 138 21 - 10 7
Dec 2019 30 179 8 226 - 207 13 123 7 16 10 7
Mar 2019 30 491 9 1 938 81 475 13 307 11 11 9 7
R/kg Mar 2020 634 490 672 378 534 578 640 267 - 719 631 541 432 647 478 1 150 000 - 568 350 524 220
Dec 2019 513 809 524 470 482 326 494 895 - 588 160 559 130 477 216 260 000 525 000 504 762 458 549
Mar 2019 881 009 1 301 321 480 665 9 016 257 3 033 333 836 440 477 476 1 319 155 309 835 450 000 431 949 523 009
US$/oz Mar 2020 1 283 1 360 1 081 1 295 - 1 455 1 095 1 309 2 326 - 1 149 1 060
Dec 2019 1 086 1 108 1 019 1 046 - 1 243 1 181 1 008 549 1 109 1 067 969
Mar 2019 1 956 2 889 1 067 20 017 6 734 1 857 1 060 2 929 688 999 959 1 161
All-in sustaining cost(2) R/kg Mar 2020 741 858 790 772 812 516 746 621 634 459 580 506
Dec 2019 621 943 639 121 710 950 563 908 547 423 499 075
Mar 2019 914 590 9 242 857 761 877 1 104 806 444 669 546 023
US$/oz Mar 2020 1 500 1 599 1 643 1 510 1 283 1 174
Dec 2019 1 314 1 350 1 502 1 192 1 157 1 055
Mar 2019 2 030 20 520 1 691 2 453 987 1 212
All-in cost(2) R/kg Mar 2020 757 892 790 772 825 787 746 746 634 459 582 627
Dec 2019 636 100 639 121 723 801 564 315 547 423 498 877
Mar 2019 935 925 9 242 857 762 119 1 105 340 444 669 556 390
US$/oz Mar 2020 1 533 1 599 1 670 1 510 1 283 1 178
Dec 2019 1 344 1 350 1 529 1 192 1 157 1 054
Mar 2019 2 078 20 520 1 692 2 454 987 1 235
Capital expenditure
Ore reserve
development Rm Mar 2020 529.3 204.4 216.3 108.6 - -
Dec 2019 502.4 214.7 190.5 97.2 - -
Mar 2019 28.8 1.4 25.3 2.1 - -
Sustaining capital Mar 2020 215.6 60.9 81.5 26.2 - 47.0
Dec 2019 294.1 79.2 154.7 33.0 - 27.2
Mar 2019 34.5 6.5 14.4 10.6 - 3.0
Corporate and projects(3) Mar 2020 41.9 - 31.6 0.2 - 3.1
Dec 2019 63.8 - 42.6 0.9 - (0.3)
Mar 2019 13.9 - 0.5 0.4 - 11.6
Total capital expenditure Rm Mar 2020 787.0 265.3 329.5 135.1 - 50.1
Dec 2019 860.2 293.9 387.8 131.1 - 26.9
Mar 2019 77.4 7.9 40.2 13.1 - 14.6
US$m Mar 2020 51.2 17.2 21.4 8.8 - 3.3
Dec 2019 58.4 20.0 26.3 8.9 - 1.8
Mar 2019 5.5 0.6 2.9 0.9 - 1.0
Average exchange rates for the quarters ended 31 March 2020, 31 December 2019 and 31 March 2019 were R15.38/US$, R14.72/US$ and R14.01/US$, respectively
Figures may not add as they are rounded independently
(1) 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 and change in inventory in a period by the gold produced in the same
period
(2) All-in cost 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 cost is made up of All-in sustaining cost, being the cost to sustain current
operations, given as a sub-total in the All-in cost calculation, together with corporate and major capital expenditure associated with growth.
All-in sustaining cost per kilogram (and ounce) and All-in cost per kilogram (and ounce) is calculated by dividing the All-in sustaining cost and
All-in cost, respectively, in a period by the total gold sold over the same period
(3) Corporate project expenditure for the quarters ended 31 March 2020, 31 December 2019 and 31 March 2019 was R7.0 million (US$0.5 million),
R20.5 million (US$1.4 million) and R1.3 million (US$0.1 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.
US PGM operations Mar 2020 quarter Dec 2019 quarter Mar 2019 quarter
Stillwater East Stillwater East Stillwater East
Reef incl Blitz Boulder incl Blitz Boulder incl Blitz Boulder
Stillwater Unit
Primary
development (off
reef) (m) 1 355 748 1 615 1 019 2 267 843
Secondary
development (m) 2 849 929 2 085 532 2 773 916
SA PGM operations Mar 2020 quarter Dec 2019 quarter Mar 2019 quarter
Batho- Thembe- Khuse- Siphume- Batho- Thembe- Khuse- Siphume- Batho- Thembe- Khuse- Siphume-
Reef pele lani leka lele pele lani leka lele pele lani leka lele
Rustenburg Unit
Advanced (m) 291 1 137 2 487 838 347 1 150 3 189 946 245 1 401 2 355 849
Advanced on
reef (m) 154 455 613 322 347 494 1 203 452 245 433 751 455
Height (cm) 204 290 284 192 216 282 289 285 221 281 288 289
Average value (g/t) 2.3 2.5 2.4 3.1 2.6 2.4 2.3 3.1 1.3 2.4 2.4 3.0
(cm.g/t) 470 715 668 586 566 671 655 873 293 676 704 879
SA PGM operations Mar 2020 quarter Dec 2019 quarter Mar 2019 quarter
Hossy, E1 Hossy, E1 Hossy, E1
Reef K3 Rowland Saffy E3 4B & W1 K3 Rowland Saffy E3 4B & W1 K3 Rowland Saffy E3 4B & W1
Marikana Unit
Primary
development (m) 7 415 4 618 4 559 989 1 483 9 405 6 668 4 309 1 005 1 562
Primary
development -
on reef (m) 5 859 3 629 3 110 750 1 062 6 874 5 372 2 865 592 1 003
Height (cm) 217 217 219 221 216 217 217 199 235 221
Average value (g/t) 3.2 2.7 2.6 2.5 2.5 2.8 2.7 2.6 2.7 2.5
(cm.g/t) 692 595 569 561 534 607 586 507 631 544
SA PGM operations Mar 2020 quarter Dec 2019 quarter Mar 2019 quarter
Kopa- Simun- Bamba- Kopa- Simun- Bamba- Kopa- Simun- Bamba-
Reef neng ye nani Kwezi K6 neng ye nani Kwezi K6 neng ye nani Kwezi K6
Kroondal Unit
Advanced (m) 602 172 627 348 519 685 316 685 792 497 556 386 520 734 577
Advanced on
reef (m) 165 111 595 125 387 435 267 616 520 422 556 368 484 554 577
Height (cm) 247 217 207 217 235 240 220 209 219 233 238 219 209 241 240
Average value (g/t) 2.3 2.7 3.0 3.0 2.3 1.6 2.2 2.6 1.8 1.6 2.0 2.7 2.7 2.0 2.5
(cm.g/t) 571 594 621 655 538 383 474 547 384 379 469 594 563 479 587
SA gold operations Mar 2020 quarter Dec 2019 quarter Mar 2019 quarter
Black Carbon Black Carbon Black Carbon
Reef Reef leader Main VCR Reef leader Main VCR Reef leader Main VCR
Driefontein Unit
Advanced (m) 840 230 890 1 165 256 890 7 64
Advanced on
reef (m) 147 92 78 278 113 91 7
Channel width (cm) 95 53 106 62 45 36 87
Average value (g/t) 10.3 11.2 10.6 13.7 11.9 54.0 7.9
(cm.g/t) 975 590 1 119 846 538 1 946 684
SA gold operations Mar 2020 quarter Dec 2019 quarter Mar 2019 quarter
Reef Cobble Kloof Main Libanon VCR Cobble Kloof Main Libanon VCR Cobble Kloof Main Libanon VCR
Kloof Unit
Advanced (m) 1 184 476 67 1 450 1 215 621 81 1 478 575 266 236
Advanced on
reef (m) 209 56 47 227 283 62 75 216 330 104 84
Channel width (cm) 109 116 178 95 150 59 173 126 151 113 85
Average value (g/t) 7.0 10.9 6.1 8.6 8.0 16.0 4.6 2.8 8.7 12.7 18.7
(cm.g/t) 763 1 271 1 089 814 1 205 942 799 348 1,314 1,435 1,591
SA gold operations Mar 2020 quarter Dec 2019 quarter Mar 2019 quarter
Reef Beatrix Kalkoenkrans Beatrix Kalkoenkrans Beatrix Kalkoenkrans
Beatrix Unit
Advanced (m) 3 150 159 3 734 264 536
Advanced on
reef (m) 1 040 70 1 082 105 421
Channel width (cm) 169 137 174 86 127
Average value (g/t) 9.9 17.2 9.3 15.4 10.3
(cm.g/t) 1 681 2 362 1 619 1 325 1,314
ADMINISTRATION AND CORPORATE INFORMATION
LISTINGS
JSE: SSW
NYSE: SBSW
WEBSITE
http://www.sibanyestillwater.com
REGISTERED OFFICE
Constantia Office Park
Bridgeview House, Building 11, Ground Floor
Cnr 14th Avenue & Hendrik Potgieter Road
Weltevreden Park 1709
South Africa
Private Bag X5
Westonaria 1780
South Africa
Tel: +27 11 278 9600
Fax: +27 11 278 9863
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
CORPORATE SECRETARY
Lerato Matlosa
Tel: +27 10 493 6921
Email: lerato.matlosa@sibanyestillwater.com
DIRECTORS
Dr. Vincent Maphai1 (Chairman)
Neal Froneman (CEO)
Charl Keyter (CFO)
Dr. Elaine Dorward-King(1)
Harry Kenyon-Slaney(1)
Jerry Vilakazi(1)
Keith Rayner(1)
Nkosemntu Nika(1)
Richard Menell(1,2)
Savannah Danson(1)
Susan van der Merwe(1)
Timothy Cumming(1)
(1) Independent non-executive
(2) Lead Independent director
JSE SPONSOR
JP Morgan Equities South Africa Proprietary Limited
Registration number 1995/011815/07
1 Fricker Road
Illovo
Johannesburg 2196
South Africa
Private Bag X9936
Sandton 2196
South Africa
AUDITORS
Ernst & Young Inc. (EY)
102 Rivonia Road
Sandton
2146
South Africa
Tel: +27 11 772 3000
AMERICAN DEPOSITORY
RECEIPTS TRANSFER AGENT
BNY Mellon Shareowner Services
PO Box 358516
Pittsburgh
PA15252-8516
US toll-free: +1 888 269 2377
Tel: +1 201 680 6825
Email:
shrrelations@bnymellon.com
Tatyana Vesselovskaya
Relationship Manager
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
Rosebank Towers
15 Biermann Avenue
Rosebank 2196
PO Box 61051
Marshalltown 2107
South Africa
Tel: +27 11 370 5000
Fax: +27 11 688 5248
FORWARD-LOOKING STATEMENT
The information in this document may contain forward-looking statements within the meaning of the "safe harbour" provisions of the United States
Private Securities Litigation Reform Act of 1995. These forward-looking statements, including, among others, those relating to Sibanye Stillwater
Limited's ("Sibanye-Stillwater" or the "Group") financial positions, business strategies, plans and objectives of management for future operations, are
necessarily estimates reflecting the best judgment of the senior management and directors of Sibanye-Stillwater.
All statements other than statements of historical facts included in this document may be forward-looking statements. Forward-looking statements
also often use words such as "will", "forecast", "potential", "estimate", "expect", "plan", "anticipate" and words of similar meaning. By their nature,
forward-looking statements involve risk and uncertainty because they relate to future events and circumstances and should be considered in light of
various important factors, including those set forth in this disclaimer. Readers are cautioned not to place undue reliance on such statements.
The important factors that could cause Sibanye-Stillwater's actual results, performance or achievements to differ materially from those in the forward-
looking statements include, among others, our future business prospects; financial positions; debt position and our ability to reduce debt leverage;
business, political and social conditions in the United States, South Africa, Zimbabwe and elsewhere; 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; changes
in assumptions underlying Sibanye-Stillwater's estimation of their current mineral reserves and resources; the ability to achieve anticipated efficiencies
and other cost savings in connection with past, ongoing and future acquisitions, as well as at existing operations; our ability to achieve steady state
production at the Blitz project; the success of Sibanye-Stillwater's business strategy; exploration and development activities; the ability of Sibanye-
Stillwater to comply with requirements that they operate in a sustainable manner; changes in the market price of gold, PGMs and/or uranium; the
occurrence of hazards associated with underground and surface gold, PGMs and uranium mining; the occurrence of labour disruptions and industrial
action; the availability, terms and deployment of capital or credit; changes in relevant government regulations, particularly environmental, tax, health
and safety regulations and new legislation affecting water, mining, mineral rights and business ownership, including any interpretations thereof which
may be subject to dispute; the outcome and consequence of any potential or pending litigation or regulatory proceedings or other environmental,
health and safety issues; power disruptions, constraints and cost increases; supply chain shortages and increases in the price of production inputs;
fluctuations in exchange rates, currency devaluations, inflation and other macro-economic monetary policies; the occurrence of temporary
stoppages of mines for safety incidents and unplanned maintenance; the ability to hire and retain senior management or sufficient technically skilled
employees, as well as their ability to achieve sufficient representation of historically disadvantaged South Africans in management positions; failure of
information technology and communications systems; the adequacy of insurance coverage; any social unrest, sickness or natural or man-made
disaster at informal settlements in the vicinity of some of Sibanye-Stillwater's operations; and the impact of HIV, tuberculosis and the spread of other
contagious diseases, such as coronavirus ("COVID-19"). Further details of potential risks and uncertainties affecting Sibanye-Stillwater are described in
Sibanye-Stillwater's filings with the Johannesburg Stock Exchange and the United States Securities and Exchange Commission, including the Integrated
Annual Report 2019 and the Annual Report on Form 20-F for the fiscal year ended 31 December 2019.
These forward-looking statements speak only as of the date of the content. Sibanye-Stillwater expressly disclaims any obligation or undertaking to
update or revise any forward-looking statement (except to the extent legally required).
Date: 12-05-2020 08:00:00
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