Introducing Sibanye-Stillwater, a unique and globally competitive South African precious metals company
Westonaria, 30 August 2017: As a result of the significant transformation undergone by the Group over the course of the last year, Sibanye Gold Limited today announced a change in its trading name to Sibanye-Stillwater.
The rebranding is a natural step in the evolution of the Group; from a gold mining company with its asset base entirely located in South Africa, into a leading international precious metals company.
Commenting on the name change, Neal Froneman, CEO of Sibanye-Stillwater said: “We are proud to unveil our new name and brand “Sibanye-Stillwater”, which preserves the value of both the Sibanye and Stillwater Mining Company (Stillwater) brands, and better captures our international profile. The new logo celebrates our South African roots and the Sibanye culture, vision and values, which remain consistent and form the core of the new Group. Sibanye-Stillwater has become a truly competitive, international mining company with a unique portfolio of world class, scalable, precious metal assets”.
Sibanye’s development from its genesis as a perceived high cost, limited life South African gold mining company, in just over four years since its unbundling by Gold Fields Limited (Gold Fields) and listing on the JSE Limited and NYSE on 11 February 2013, has been extraordinary, particularly in an environment in which many international mining peers have been more inwardly focused.
Implementation of Sibanye’s proven operating model at the gold operations it inherited from Gold Fields, met with early success, with meaningful cost reductions and increased production, significantly extending the lives of its gold operations and making them among the lowest cost (on an All-in cost basis) mines in the world.
In early 2014, an opportunity to unlock significant value through consolidation and the application of Sibanye’s operating model in the South African Platinum Group Metals (PGM) industry was identified. The acquisition of Aquarius Platinum Limited (Aquarius) in April 2016 and the Rustenburg Operations shortly thereafter, established Sibanye, in a relatively short time, as a major participant in the global PGM sector.
The subsequent acquisition of Stillwater, a high quality, low cost PGM producer located in Montana in the United States of America in May 2017, was a further transformative strategic step for the Group. Sibanye recognised the strategic value of Stillwater, both as the only sizeable primary palladium producer, but also for the significant growth opportunities the operations offer with the Stillwater, the only PGM producer funding significant growth from internal cash flow at the bottom of the commodity price cycle. The Blitz project will add approximately 300,000oz of 2E PGM production to Stillwater’s existing annual production of approximately 550,000oz, by 2021/2022. The successful acquisition of Stillwater has created a unique and truly international, precious metals company.
CEO, Neal Froneman said, “Sibanye-Stillwater is the result of our innovative approach to value creation, and the hard work and dedication of all our employees. We are grateful to our shareholders and other stakeholders for their support through this significant transformational period. We are confident that Sibanye-Stillwater, is poised for continued delivery of superior value for all of our stakeholders.”
At this stage, the legal name remains Sibanye Gold Limited, but will trade as Sibanye-Stillwater going forward. Trading tickers on the JSE and NYSE will remain unchanged at the moment. Any changes to the legal name of the Group or any other important changes will be communicated if, and when applicable.
Sponsor: J.P. Morgan Equities South Africa (Proprietary) Ltd
FORWARD LOOKING STATEMENTS
This announcement includes “forward-looking statements” within the meaning of the “safe harbour” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “target”, “will”, “forecast”, “expect”, “potential”, “intend”, “estimate”, “anticipate”, “can” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. The forward-looking statements set out in this announcement involve a number of known and unknown risks, uncertainties and other factors, many of which are difficult to predict and generally beyond the control of Sibanye-Stillwater, that could cause Sibanye-Stillwater’s actual results and outcomes to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. These forward-looking statements speak only as of the date of this announcement. Sibanye-Stillwater undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this announcement or to reflect the occurrence of unanticipated events, save as required by applicable law.