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Operating update for the quarter ended 30 September 2021

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Johannesburg, 28 October 2021: Sibanye Stillwater Limited (Sibanye-Stillwater or the Group) (JSE: SSW and NYSE: SBSW - https://www.commodity-tv.com/ondemand/companies/profil/sibanye-stillwater-ltd/) is pleased to provide an operating update for the quarter ended 30 September 2021.  Financial results are only provided on a six-monthly basis.

SALIENT FEATURES - QUARTER ENDED 30 SEPTEMBER 2021 (Q3 2021) COMPARED TO QUARTER ENDED 30 SEPTEMBER 2020 (Q3 2020)

  • Solid operational results confirm the stabilisation of operations at pre-COVID-19 levels
  • Robust financial performance - Group adjusted EBITDA of R14.9 billion (US$1 billion)
  • Successful vaccine rollout to date - approximately 78% of employees in South Africa vaccinated
  • Capital allocation discipline - early redemption of 2022 notes and 5% share buy-back successfully concluded
  • Significant progress on green metals strategy - strategic acquisitions announced, shaping a meaningful initial footprint
  • Precious metal prices stabilising - outlook positive

 

 

 

 

 

 

 

 

 

 

 

US dollar

 

 

 

 

 

SA rand

Quarter ended

 

 

 

 

 

Quarter ended

Sep 2020

Jun 2021

Sep 2021

 

KEY STATISTICS

 

Sep 2021

Jun 2021

Sep 2020

 

 

 

 

UNITED STATES (US) OPERATIONS

 

 

 

 

 

 

 

 

PGM underground operations1,2

 

 

 

 

147,835 

 

143,951 

 

144,325 

 

oz

2E PGM production2

kg

4,489 

 

4,477 

 

4,598 

 

1,898 

 

2,432 

 

2,114 

 

US$/2Eoz

Average basket price

R/2Eoz

30,924 

 

34,366 

 

32,095 

 

181 

 

242 

 

179 

 

US$m

Adjusted EBITDA3

Rm

2,622 

 

3,424 

 

3,057 

 

62 

 

66 

 

59 

 

%

Adjusted EBITDA margin3

%

59 

 

66 

 

62 

 

875 

 

1,031 

 

968 

 

US$/2Eoz

All-in sustaining cost4

R/2Eoz

14,156 

 

14,561 

 

14,803 

 

 

 

 

 

PGM recycling1,2

 

 

 

 

202,661 

 

207,398 

 

179,765 

 

oz

3E PGM recycling2

kg

5,591 

 

6,451 

 

6,303 

 

2,246 

 

3,426 

 

4,386 

 

US$/3Eoz

Average basket price

R/3Eoz

64,167 

 

48,409 

 

37,980 

 

10 

 

26 

 

30 

 

US$m

Adjusted EBITDA3

Rm

436 

 

374 

 

170 

 

 

 

 

%

Adjusted EBITDA margin3

%

 

 

 

 

 

 

 

SOUTHERN AFRICA (SA) OPERATIONS

 

 

 

 

 

 

 

 

PGM operations2

 

 

 

 

416,934 

 

468,681 

 

500,073 

 

oz

4E PGM production2,5

kg

15,554 

 

14,578 

 

12,968 

 

2,179 

 

3,833 

 

2,895 

 

US$/4Eoz

Average basket price

R/4Eoz

42,347 

 

54,158 

 

36,840 

 

549 

 

1,136 

 

721 

 

US$m

Adjusted EBITDA3

Rm

10,542 

 

16,058 

 

9,287 

 

58 

 

65 

 

56 

 

%

Adjusted EBITDA margin3

%

56 

 

65 

 

58 

 

981 

 

1,146 

 

1,093 

 

US$/4Eoz

All-in sustaining cost4

R/4Eoz

15,992 

 

16,193 

 

16,597 

 

 

 

 

 

Gold operations

 

 

 

 

288,938 

 

269,455 

 

293,761 

 

oz

Gold produced

kg

9,137 

 

8,381 

 

8,987 

 

1,845 

 

1,807 

 

1,781 

 

US$/oz

Average gold price

R/kg

837,799 

 

820,688 

 

1,002,945 

 

190 

 

69 

 

97 

 

US$m

Adjusted EBITDA3

Rm

1,421 

 

975 

 

3,218 

 

37 

 

14 

 

19 

 

%

Adjusted EBITDA margin3

%

19 

 

14 

 

37 

 

1,316 

 

1,778 

 

1,692 

 

US$/oz

All-in sustaining cost4

R/kg

796,008 

 

807,623 

 

715,345 

 

 

 

 

 

GROUP

 

 

 

 

922 

 

1,467 

 

1,017 

 

US$m

Adjusted EBITDA3

Rm

14,877 

 

20,723 

 

15,592 

 

16.91 

 

14.13 

 

14.63 

 

R/US$

Average exchange rate using daily closing rate

 

 

 

 

  • The US PGM operations’ underground production is converted to metric tonnes and kilograms, and performance is translated to SA rand (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
  • Platinum Group Metals (PGM) production in the SA operations is principally platinum, palladium, rhodium and gold, referred to as 4E (3PGM+Au), and in the US operations is principally platinum and palladium, referred to as 2E (2PGM) and US PGM recycling is principally platinum, palladium and rhodium referred to as 3E (3PGM)
  • 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. For a reconciliation of profit/loss before royalties and tax to adjusted EBITDA, see "Adjusted EBITDA reconciliation - Quarters". Adjusted EBITDA margin is calculated by dividing adjusted EBITDA by revenue
  • See “Salient features and cost benchmarks - Quarters” for the definition of All-in sustaining cost (AISC) and the “Reconciliation of AISC and AIC excluding third party PoC for Total US and SA PGM, Total SA PGM and Marikana – Quarters”
  • The SA PGM production excludes the production associated with the purchase of concentrate (PoC) from third parties. For a reconciliation of the production including third party PoC, refer to the "Reconciliation of operating cost excluding third party PoC for Total US and SA PGM, Total SA PGM and Marikana - Quarters"

 

 

Stock data for the Quarter ended 30 September 2021

 

JSE Limited - (SSW)

 

Number of shares in issue*

 

Price range per ordinary share (High/Low)

R45.58 to R64.52

- at 30 September 2021

2,838,104,936

Average daily volume

14,734,089

- weighted average

2,898,425,858

NYSE - (SBSW); one ADR represents four ordinary shares

 

Free Float

99 

%

Price range per ADR (High/Low)

US$12.07 to US$17.59

Bloomberg/Reuters

SSWSJ/SSWJ.J

Average daily volume

2,786,623

     

*The number of shares in issue at 30 September 2021 includes 23,941,416 ordinary shares which were repurchased as part of the share buy-back programme but not yet cancelled as at 30 September 2021

 

OVERVIEW FOR THE QUARTER ENDED 30 SEPTEMBER 2021 COMPARED TO QUARTER ENDED 30 SEPTEMBER 2020

 

The Group recorded another solid operational performance for Q3 2021. Consistent results from the Group operating segments for a second consecutive quarter at pre-pandemic levels, while continuing to adhere to COVID-19 protocols, is a significant achievement.

 

South Africa was significantly impacted by a third and more severe wave of COVID-19 infections which extended into Q3 2021. Despite an associated increase in infection rates among our employees resulting in staffing challenges during July and August  2021, due to the integrity of our COVID-19 protocols, the South African operations were able to continue without significant disruption throughout the quarter. While infection rates in South Africa have fallen since the end of September 2021, the ongoing impact of the COVID-19 pandemic has highlighted the imperative of taking bolder steps to ensure the safety and well-being of employees in the workplace.

 

SAFE PRODUCTION

The roll out of our Group wide safe production intervention, the "Rules of Life” campaign continued during Q3 2021, delivering positive results through most of the quarter, including a significant decline in injuries and an increase in the number of consecutive workdays during which no recordable/reportable safety incidents occurred.

 

Regrettably, we were unable to report a fatality free quarter due to a tragic incident at our SA gold operations on 19 September 2021, which resulted in the loss of three colleagues.

 

While conducting a search and rescue operation to locate an employee, Vittalis Matanhire, a supervisor engineering electrician, who went missing after completing routine maintenance work with his team on 19 September 2021, two members of our Driefontein mine rescue team (proto team) Leon Peacock (team captain) and George Kolbe (team member) were overcome by heat in a back area at the Kloof Thuthukani shaft, on the evening of 19 September 2021. Following continued search and rescue efforts by the proto teams, Mr Matanhire's body was located on 22 September 2021 some distance from, and a level below, where he had been carrying out electrical maintenance work with his team. Mr Matanhire is survived by his wife and two children, Mr Peacock by his wife and child and Mr Kolbe by his three children. The Board and management of Sibanye-Stillwater extends heartfelt condolences to the families, friends and colleagues of the deceased employees. The incident is being investigated with all relevant stakeholders and appropriate support is being provided to the families of the deceased.

 

The health and safety of our employees remains the most important priority and we remain committed to continuous improvement in health and safety at our operations. We are enhancing our focus on ensuring a safe work environment and instilling a values-based culture throughout the organisation.

 

Our ongoing efforts to ensure the safety and well-being of our employees, included applying for accreditation to administer COVID-19 vaccines earlier in the year. After approval was granted by the South African Department of Health on 24 June 2021, our planned COVID-19 vaccination programme was  rolled out to eligible employees in South Africa and extended to the entire workforce as soon as blanket authorisation was obtained. As a result of detailed pre-planning, including the preparation of vaccination sites with world class protocols and sufficient refrigeration capacity as well as training and registering healthcare employees well ahead of accreditation, the vaccine roll out has been a notable success. About  50,000 (approximately 76%) of our full time employees in South Africa had been vaccinated by 21 October 2021. We continue to drive the vaccine roll out through high visibility communication campaigns and have extended it to dependents of our employees. There has however, been a noticeable slow-down in vaccination rates and due consideration is now being given to the next steps that will be required to ensure healthy and safe working environments at our operations, with minimal risk of transmission of COVID-19.

 

The SA PGM operations again delivered outstanding results during Q3 2021, with 4E PGM production increasing by 20% and all-in sustaining cost (AISC) declining by 4% year-on-year. This decline in costs is notable in the context of significant inflationary pressures with annual electricity tariffs in South Africa in particular continuing to rise at rates well above inflation. As highlighted during the PGM investor day on 23 September 2021 (https://www.sibanyestillwater.com/news-investors/reports/quarterly/2021/), the consistent operational performance and excellent cost management delivered by the SA PGM operations, has resulted in the SA PGM operations migrating down the industry cost curves. With unit costs at the US PGM operations forecast to decline significantly by 2025 as production from Stillwater East builds up, our relative competitiveness in the global PGM industry expected to continue to improve. 

 

As previously highlighted (in our H12021 results at www.sibanyestillwater.com/news-investors/reports/quarterly/2021/), a production shortfall of approximately 40,000 2Eoz is anticipated from the US PGM operations during H2 2021. This is primarily due to the temporary loss of producing blocks at the Stillwater West mine following the imposition of operational restrictions by the Mine Safety and Health Administration (MSHA) after the fatal incident at the Stillwater West mine in June 2021. Consequently, mined 2E PGM production from the US PGM operations was marginally lower than for the comparable period in 2020, with AISC 11% higher. Cost management is a priority for management at the US PGM operations to counter inflationary cost pressures, and the 6% reduction in AISC for Q3 2021 relative to Q2 2021 is positive.

 

3E PGM production from the PGM recycling operations was 11% lower than for the comparable period in 2020 as a result of temporary processing disruptions, which have since been resolved with feed rates recovering towards the end of the quarter. The recycling operations continued to benefit from robust PGM prices, in particular for rhodium, resulting in adjusted EBITDA increasing to US$30 million for Q3 2021 compared with US$10 million for Q3 2020.

 

Production from the SA gold operations was 2% higher than for Q3 2020 reflecting normalisation of operations after the COVID-19 disruptions in 2020, with mined grades returning to planned levels. AISC increased 11% year-on-year due to a higher operating costs associated with the increase in production and carry-over of ore reserve development (ORD) and maintenance capital from 2020. AISC for Q3 2021 was however marginally lower than for the previous quarter and well below average AISC guidance for the year, achieving a positive adjusted EBITDA margin of 19% for the quarter.

 

Despite the solid operational performance, lower average PGM and gold prices for Q3 2021 resulted in a decline in Group adjusted EBITDA from record levels achieved in previous quarters. Group adjusted EBITDA of R14,877 million (US$1,017 million) for Q3 2021 was 5% lower than for Q3 2020. PGM prices continued to decrease during Q3 2021 as a result of the ongoing global chip shortage that continues to negatively impact PGM demand in the automobile industry. Prices have since stabilised and we remain confident that the automobile supply chain constraints should start easing during the course of 2022.

 

Consistent with the Group capital allocation framework and the robust operational and financial outlook, a decision was made to redeem the US$353 million June 2022 corporate bonds early. This was successfully concluded on 2 August 2021, reducing future financing costs and further enhancing balance sheet flexibility. The share buy-back programme which commenced on 2 June 2021, was also successfully concluded on 4 October 2021, well ahead of schedule. The buy-back was executed during a period of relative market weakness, enabling the purchase of 147,700,000 ordinary shares (5%) for an aggregate purchase price of R8.1 billion (excluding costs). The repurchased shares have been cancelled and their listing removed.

 

We have significantly advanced our green metals strategy (covered in detail at our interim results presentation on 26 August 2021 and available at www.sibanyestillwater.com/news-investors/reports/quarterly/2021/), announcing two transactions during Q3 2021 and two further transactions during the past week. In summary:

 

  • On 30 July 2021 the proposed acquisition of 100% of Eramet’s Sandouville nickel processing facilities in Le Havre, France for an effective cash cost of Euro 65 million, was announced. This existing hydrometallurgical facility which is already zoned for heavy industrial purposes, is scaleable for nickel, cobalt and lithium battery grade products with potential to introduce recycling operations, and will provide strategic access to extensive logistical infrastructure supporting future supply of battery metal products into the European end user markets
  • On 16 September 2021 a proposed 50:50 joint venture (JV) with ioneer with respect to ioneer’s Rhyolite Ridge Lithium-Boron project in Nevada, USA, was announced. In terms of the proposed transaction, Sibanye-Stillwater will, after various conditions have been met and relevant permits have been obtained, contribute US$490 million for a 50% interest in the JV and subscribe for a 7.1% direct equity share in ioneer for approximately US$70 million. Rhyolite Ridge is a world-class lithium project with the potential to become the largest and lowest cost lithium mine in the US and is strategically positioned close to the rapidly developing battery production facilities in the region
  • On 26 October 2021, the proposed US$1 billion acquisition of the low cost Santa Rita nickel and Serrote copper mines in Brazil from Appian Capital, was announced. The transaction represents a unique opportunity for Sibanye-Stillwater to acquire significantly pre-developed and pre-capitalised, low-cost, producing nickel and copper assets with strong ESG credentials and will provide a platform for growth in South America. The assets will continue to be managed by the existing high-quality team which has a wealth of operating experience in Brazil
  • On 27 October the proposed acquisition of a 19.9% stake in New Century, a leading Australian tailings reprocessing Group for a maximum cash consideration of US$46 million, was announced. This transaction represents a significant next step in our strategy of building a leading global tailings retreatment business, diversified by commodity and geography, which is a critical element in building our portfolio of green metals, and complements the position we have established in the mineral resources circular economy through our investment in DRDGOLD

 

These transactions are the outcome of over two years of detailed analysis of the battery metals markets and provide the Group with a solid initial platform for sustained value creation establishing it as a meaningful participant at a formative stage in the growth of the future green global economy.

 

Notwithstanding the acceleration of our green metals strategy, we continue to invest in the sustainability of our existing operations. The R6.3 billion investment in high return SA PGM and gold projects (K4, Klipfontein and Burnstone) that we announced at our year-end results on 18 February 2021, has now commenced and we estimate that around R850 million will be spent in 2021. In the US, we continue to invest in growth at Stillwater East. These investments will secure employment and deliver significant economic value to all stakeholders over the long term.

 

OPERATING REVIEW

 

US PGM operations

Mined 2E PGM production for Q3 2021 of 144,325 2Eoz was 2% lower than for Q3 2020. Production from the Stillwater operation (including Stillwater West and Stillwater East) was 90,262 2Eoz, or 2% lower than for Q3 2020, primarily due to reduced heading availability in key production stopes constrained by rail restrictions, resulting in mining of lower grade areas. East Boulder delivered 54,063 2Eoz, 3% lower than for Q3 2020, due to reduced high grade sublevel mining  throughput. Tonnes milled for Q3 2021 totalled 384kt, 4% higher than for Q3 2020. Plant head grade of 12.9g/t for Q3 2021 was 5% lower than for Q3 2020, impacted by the lack of operational flexibility, primarily at Stillwater West where the revised rail standard operating procedures were being  implemented by the site teams.

 

Returnable ounce sales for Q3 2021 of 132,637 2Eoz, were 8% lower year-on-year and also 8% lower than 2E oz produced, mainly due to operational outages, resulting in lower concentrate production, coupled with downtime at the metallurgical complex.

 

Total development was also impacted by the MSHA restrictions resulting from the Q2 2021 accident but increased by 4% year-on-year to 7,262 metres. Total Stillwater East expansion development of 2,568 metres was 25% higher than Q3 2020, as a result of the focus on increasing operational flexibility.

 

AISC of US$968/2Eoz for Q3 2021 was 11% higher than for the comparable period in 2020 (US$875), primarily due to the ongoing impact of the safety incident and associated restrictions. AISC declined by 6% quarter-on-quarter from US$1,031/2Eoz for Q2 2021. Higher royalties, insurance and taxes added US$195/2Eoz to AISC for Q3 2021 compared with US$174/2Eoz for Q3 2020, a 12% increase. 

 

PGM recycling operations

The recycling operations fed an average of 22.7 tonnes per day (tpd) for Q3 2021, 7% lower than for the comparable period in 2020. Reduced feed rates were largely a consequence of unplanned downtime at the Columbus Metallurgical Complex during the quarter. These issues have been addressed, with feed rates recovering to approximately 29 tpd for Q4 2021 to date. The recycling operation is currently expending approximately US$8 million per day on recycle advances compared with US$10 million per day for H1 2021, resulting in a recycle working capital of approximately US$624 million at the end of September 2021. This represents a reduction of around US$200 million during Q3 2021 with the segment's working capital reducing due to lower PGM prices during the quarter. Recycle inventory of approximately 449 tonnes at the quarter end reflects a 17 tonnes increase from approximately 432 tonnes at the end of Q2 2021. Assuming constant feed rates are maintained during Q4 2021, recycle inventory should reduce to approximately 300 tonnes by year-end.

 

SA PGM operations

The SA PGM operations continue to perform strongly in Q3 2021 with 4E PGM production (excluding third party purchase of concentrate (PoC)) of 500,073 4Eoz, 20% higher than for the comparable period in 2020 (which was impacted by the slow start-up of operations post the COVID-19 lockdown) and 7% higher than for Q2 2021, confirming the sustainable return to normalised operating levels  at all the operating sites while continuing to adhere to COVID-19 protocols. Third party PoC processed at Marikana smelting and refining operations increased by 27% to 13,703 4Eoz year-on-year. AISC (excluding the cost of third party PoC) for Q3 2021 of R15,992/4Eoz (US$1,093/4Eoz), was 4% lower than for Q3 2020 (R16,597/4Eoz (US$981) despite higher royalties of R573 million (US$39 million) compared to R444 million (US$26 million) for Q3 2020.

 

4E PGM production from the Rustenburg operation for Q3 2021 of 183,606 4Eoz, was 19% higher year-on-year. Surface production increased by 9% with underground production increasing by 20%. This reflects the normalisation of production from the COVID-19 disruptions in 2020 as well as improved plant head grades at both the underground and surface operations. AISC for the Rustenburg operations decreased by 6% year-on-year to R17,701/4Eoz (US$1,210/4Eoz) as a result of the increase in production.  

 

Kroondal continued to perform strongly, with 4E PGM production of 61,083 4Eoz for Q3 2021, 15% higher than for the comparable period in 2020. Kroondal AISC of R12,327/4Eoz (US$843/4Eoz), was 4% lower than Q3 2020 as a result of increased production.

 

4E PGM production from the Marikana operations (excluding third party PoC) of 212,888 4Eoz for Q3 2021, was 28% higher than for Q3 2020. Underground mined production increased by 28% to 205,340 4Eoz and surface production increased by 12% to 7,548 4Eoz. Third party concentrate processed at the Marikana smelting and refining operation increased by 27% year-on-year to 13,703 4Eoz compared to 10,781 4Eoz in Q3 2020. Processing of third party concentrate generates meaningful profit for Marikana smelting and refining operations through more effective utilisation of available capacity. AISC (excluding cost of third party PoC) for the Marikana operations of R15,933/4Eoz (US$1,089/4Eoz), was consistent with the comparable period in 2020, with the increased production output offsetting a significant inventory build of R1,043 million (US$62 million) in Q3 2020.

 

Attributable 4E PGM production from Mimosa of 28,770 oz was 9% lower than for Q3 2020. The focus is currently to optimise the reagent suite and cell settings across the flotation circuit to improve recoveries. AISC increased by 14% year-on-year to US$1,045/4Eozmainly due to reduced volumes.

 

Chrome sales for Q3 2021of approximately 561kt were 31% higher than for Q3 2020 underpinning a 97% increase in chrome revenue. The chrome price received of US$170/tonne was 23% higher than for Q3 2020 (US$138/tonne).

 

Capital expenditure of R948 million (US$65 million) for Q3 2021 was 85% higher than for the corresponding period in 2020, reflecting an increase in ORD and maintenance capital to more normalised levels and capital expenditure at organic projects. R56 million (US$4 million) was spent on the K4 project at the Marikana operation during Q3 2021.

 

SA gold operations

Production from the SA gold operations for Q3 2021 increased by 2% to 9,137kg (293,761oz) compared with Q3 2020). Gold production excluding DRDGOLD, increased by 3% to 7,688kg (247,175oz), with Beatrix mainly responsible for the increase. Underground tonnes milled increased by 22% from Q3 2020 which had been impacted by a slow build-up post COVID-19 lockdown in March 2020. Surface tonnes milled decreased by 5% year-on-year with significantly lower tonnages treated at Beatrix and Kloof. Underground yields decreased by 12% year-on-year in line with the increase in throughput as the operational mix normalised from a specific focus on higher grade panels for Q3 2020, as mining crews returned from COVID-19 lockdowns.

 

Total gold sold increased by 4% to 9,069kg (291,575oz) and excluding DRDGOLD the gold sold of 7,641kg (245,664oz) is 6% higher than for the same period in 2020 with 665kg (21,380oz) (2020: 338kg (10,867oz)) of unsold gold at the end of the current financial period.

 

AISC increased by 11% to R796,008/kg (US$1,692/oz) reflecting normalisation of operations with a significant increase in stoping and development rates compared with Q3 2020, when available crews were specifically deployed to stoping areas. AISC excluding DRDGOLD increased by 10% to R822,144/kg (US$1,748/oz) compared to Q3 2020. The increase was mainly due to the 14% increase in working cost and 64% increase in stay-in-business (SIB) capital, partly offset by a 4% increase in gold sold.

 

Capital expenditure (excluding DRDGOLD) increased by 48% to R1,076 million (US$74 million) compared to the same period in 2020. This was primarily due to a 38% increase in ORD (R199 million (US$14 million)) as the operations returning to normal production levels after the COVID-19 lockdown and some catchup in development to restore flexibility that was lost in 2020 with development meters 28% higher year-on-year.

 

Underground production from the Driefontein operation increased by 2% to 2,470kg (79,412oz) compared to the same period in 2020. Although the underground throughput increased significantly, this was offset by a normalisation of underground grades from the focus on high grade stopes during the phased production build up in 2020. AISC for Q3 2021 increased by 7% to R790,669/kg (US$1,681/oz) mainly due to a 9% increase in working cost and 45% increase  in capital expenditure, partly offset by a 7% increase in gold sold.

 

Underground production from the Kloof operation decreased by 3% to 2,801kg (90,054oz) despite a 4% increase in tonnes milled, with higher throughput offset by lower grades as explained above. Surface production for the Kloof operation decreased by 45% to 253kg (8,134oz) due to ongoing depletion of the available surface reserves. AISC for Q3 2021 increased by 18% to R848,444/kg (US$1,804/oz) compared to the same period in 2020. The increase in unit cost is mainly due to the 10% decrease in gold sold together with the 4% increase in working cost and 31% increase in capital expenditure.

 

Underground  production of 1,777kg (57,132oz) from the Beatrix operation was 35% higher year-on-year, with a 55% increase in throughput offset by a 13% decline in underground grade as a result of a change in focus from higher grade stopes during Q3 2020. Gold production from surface sources decreased by 53% to 30kg (965oz) as a result of depletion of higher grade sources. AISC for Q3 2021 decreased by 3% to R825,593/kg (US$1,755/oz) compared to the same period in 2020 primarily due to the increase in gold sold, which offset increased costs.

 

No underground production took place in 2021 from the Cooke operations. Surface gold production decreased by 12% to 290kg (9,324oz) due to lower throughput. Third party material continues to be toll treated at both the Cooke and Ezulwini plants. Care and maintenance cost at Cooke operations decreased by R9 million (US$1 million) to R154 million (US$11 million) due to lower infrastructure maintenance requirements.

 

DRDGOLD surface tonnes milled increased by 2% year-on-year, but due to a 7% decrease in grade, gold production of 1,449kg (46,586oz) was, 4% lower than for Q3 2020. AISC of R649,860/kg (US$1,382/oz) increased by 10% year-on-year.

 

OPERATING GUIDANCE FOR 2021

The previously revised 2E PGM production forecast from the US PGM operations is maintained at between 620,000 2Eoz and 650,000 2Eoz, with AISC of between US$910/2Eoz to US$940/2Eoz. Capital expenditure is forecast to be between US$285m and US$295m of which 55% to 60% is growth capital. Estimated PGM recycling for the year is unchanged at between 790,000 to 810,000 3Ekoz.

 

Forecast 4E PGM production from the SA PGM operations for 2021 is maintained at  between 1,750,000 4Eoz and 1,850,000 4Eoz with AISC between R18,500/4Eoz and R19,500/4Eoz (US$1,230/4Eoz and US$1,295/4Eoz). Capital expenditure is forecast at R3,850 million (US$257 million) which includes R350 million (US$23 million) of project capital expenditure expected for the K4 and Klipfontein projects for the year. Due to the consistently strong operational performance from the SA PGM operations during 2021, 4E PGM production for 2021 is likely to be at the upper end of the guidance range with AISC at the lower end of  guidance.

 

Forecast gold production from the SA gold operations for 2021 is maintained at between 27,500 kg (884,000 oz) and 29,500 kg (948,000 oz) with AISC of between R815,000/kg and R840,000/kg (US$1,690/oz and US$1,742/oz, revised higher due to higher electricity tariffs and other above inflation cost increases. Capital expenditure has been revised due to delays in delivery of certain capital assets due to the recent industrial action in South Africa and is now forecast to be approximately 4,100 million (US$273 million), including carry-over of unspent capital from 2020, due to the COVID-19 disruptions. R500 million (US$33 million) of project capital expenditure is included in the forecast, primarily for the Burnstone project and the Kloof 4 deepening project.

 

The dollar costs are based on an average exchange rate of R15.00/US$.

 

 

NEAL FRONEMAN

CHIEF EXECUTIVE OFFICER

 

 

SALIENT FEATURES AND COST BENCHMARKS - QUARTERS

US and SA PGM operations

 

 

 

 

US  OPERA-TIONS

SA OPERATIONS

 

 

 

Total US and SA PGM1

Total US PGM

Total SA PGM1

Rustenburg

Marikana1

Kroondal

Plat Mile

Mimosa

Attributable

 

 

 

Under-

ground2

Total

Under-

ground

Surface

Under-

ground

Surface

Under-

ground

Surface

Attribu-table

Surface

Attribu-table

Production

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tonnes milled/treated

000't

Sep 2021

10,747 

 

384 

 

10,363 

 

4,964 

 

5,399 

 

1,778 

 

1,442 

 

1,889 

 

1,044 

 

945 

 

2,913 

 

352 

 

 

 

Jun 2021

10,096 

 

370 

 

9,726 

 

4,688 

 

5,038 

 

1,616 

 

1,462 

 

1,767 

 

934 

 

939 

 

2,642 

 

366 

 

 

 

Sep 2020

9,570 

 

371 

 

9,199 

 

4,229 

 

4,970 

 

1,546 

 

1,446 

 

1,526 

 

976 

 

795 

 

2,548 

 

362 

 

Plant head grade

g/t

Sep 2021

2.46 

 

12.92 

 

2.08 

 

3.40 

 

0.86 

 

3.37 

 

1.17 

 

3.89 

 

0.87 

 

2.40 

 

0.71 

 

3.58 

 

 

 

Jun 2021

2.44 

 

13.44 

 

2.02 

 

3.37 

 

0.77 

 

3.41 

 

1.03 

 

3.80 

 

0.85 

 

2.41 

 

0.60 

 

3.58 

 

 

 

Sep 2020

2.42 

 

13.62 

 

1.96 

 

3.31 

 

0.82 

 

3.25 

 

0.98 

 

3.72 

 

0.87 

 

2.49 

 

0.71 

 

3.60 

 

Plant recoveries3

%

Sep 2021

75.69 

 

90.62 

 

72.27 

 

85.07 

 

25.78 

 

86.38 

 

31.72 

 

86.92 

 

25.85 

 

83.77 

 

20.64 

 

71.01 

 

 

 

Jun 2021

77.35 

 

88.86 

 

74.20 

 

85.78 

 

26.44 

 

88.16 

 

31.80 

 

87.19 

 

25.36 

 

83.09 

 

21.80 

 

73.20 

 

 

 

Sep 2020

75.96 

 

91.02 

 

71.93 

 

85.38 

 

24.96 

 

86.14 

 

34.59 

 

87.79 

 

24.60 

 

83.75 

 

17.58 

 

75.35 

 

Yield3

g/t

Sep 2021

1.86 

 

11.71 

 

1.50 

 

2.89 

 

0.22 

 

2.91 

 

0.37 

 

3.38 

 

0.22 

 

2.01 

 

0.15 

 

2.54 

 

 

 

Jun 2021

1.89 

 

11.94 

 

1.50 

 

2.89 

 

0.20 

 

3.01 

 

0.33 

 

3.31 

 

0.22 

 

2.00 

 

0.13 

 

2.62 

 

 

 

Sep 2020

1.84 

 

12.40 

 

1.41 

 

2.83 

 

0.20 

 

2.80 

 

0.34 

 

3.27 

 

0.21 

 

2.09 

 

0.12 

 

2.71 

 

PGM production3,4

4Eoz - 2Eoz

Sep 2021

644,398 

 

144,325 

 

500,073 

 

461,593 

 

38,480 

 

166,400 

 

17,206 

 

205,340 

 

7,548 

 

61,083 

 

13,726 

 

28,770 

 

 

 

Jun 2021

612,632 

 

143,951 

 

468,681 

 

435,703 

 

32,978 

 

156,200 

 

15,398 

 

188,217 

 

6,472 

 

60,450 

 

11,108 

 

30,836 

 

 

 

Sep 2020

564,769 

 

147,835 

 

416,934 

 

384,236 

 

32,698 

 

139,144 

 

15,760 

 

160,221 

 

6,715 

 

53,299 

 

10,223 

 

31,572 

 

PGM sold5

4Eoz - 2Eoz

Sep 2021

592,631 

 

132,637 

 

459,994 

 

 

 

144,461 

 

16,088 

 

196,251

61,083 

 

13,726 

 

28,385 

 

 

 

Jun 2021

600,350 

 

140,814 

 

459,536 

 

 

 

132,161 

 

17,244 

 

210,060

60,450 

 

11,108 

 

28,513 

 

 

 

Sep 2020

510,194 

 

143,716 

 

366,478 

 

 

 

115,662 

 

6,970 

 

149,149

53,299 

 

10,223 

 

31,175 

 

Price and costs6

 

 

 

 

 

 

 

 

 

 

 

 

 

Average PGM basket price7

R/4Eoz - R/2Eoz

Sep 2021

39,662 

 

30,924 

 

42,347 

 

 

 

43,089 

 

28,266 

 

42,247

46,357 

 

34,642 

 

33,392 

 

 

 

Jun 2021

49,284 

 

34,366 

 

54,158 

 

 

 

55,441 

 

33,062 

 

54,043

60,058 

 

41,697 

 

39,857 

 

 

 

Sep 2020

35,416 

 

32,095 

 

36,840 

 

 

 

37,878 

 

26,818 

 

36,141

40,595 

 

22,541 

 

31,936 

 

Average PGM basket price6

US$/4Eoz - US$/2Eoz

Sep 2021

2,711 

 

2,114 

 

2,895 

 

 

 

2,945 

 

1,932 

 

2,888

3,169 

 

2,368 

 

2,282 

 

 

 

Jun 2021

3,488 

 

2,432 

 

3,833 

 

 

 

3,924 

 

2,340 

 

3,825

4,250 

 

2,951 

 

2,821 

 

 

 

Sep 2020

2,094 

 

1,898 

 

2,179 

 

 

 

2,240 

 

1,586 

 

2,137

2,401 

 

1,333 

 

1,889 

 

Operating cost8

R/t

Sep 2021

928 

 

4,932 

 

775 

 

 

 

1,575 

 

244

1,233

894 

 

48 

 

1,173 

 

 

 

Jun 2021

932 

 

5,030 

 

770 

 

 

 

1,566 

 

205 

 

1,275

862 

 

46 

 

1,085 

 

 

 

Sep 2020

1,035 

 

5,192 

 

860 

 

 

 

1,558 

 

183 

 

1,634

892 

 

51 

 

1,204 

 

Operating cost7

US$/t

Sep 2021

63 

 

337 

 

53 

 

 

 

108 

 

17 

 

84

61 

 

 

80 

 

 

 

Jun 2021

66 

 

356 

 

54 

 

 

 

111 

 

15 

 

90

61 

 

 

77 

 

 

 

Sep 2020

61 

 

307 

 

51 

 

 

 

92 

 

11 

 

97

53 

 

 

71 

 

Operating cost7

R/4Eoz - R/2Eoz

Sep 2021

15,673 

 

13,123 

 

16,454 

 

 

 

16,833 

 

20,458 

 

16,990

13,834 

 

10,200 

 

14,355 

 

 

 

Jun 2021

15,585 

 

12,928 

 

16,458 

 

 

 

16,204 

 

19,483 

 

17,695

13,383 

 

10,893 

 

12,875 

 

 

 

Sep 2020

17,870 

 

13,030 

 

19,724 

 

 

 

17,314 

 

16,751 

 

24,494

13,302 

 

12,716 

 

13,800 

 

Operating cost7

US$/4Eoz - US$/2Eoz

Sep 2021

1,071 

 

897 

 

1,125 

 

 

 

1,151 

 

1,398 

 

1,161

946 

 

697 

 

981 

 

 

 

Jun 2021

1,103 

 

915 

 

1,165 

 

 

 

1,147 

 

1,379 

 

1,252

947 

 

771 

 

911 

 

 

 

Sep 2020

1,057 

 

771 

 

1,166 

 

 

 

1,024 

 

991 

 

1,448

787 

 

752 

 

816 

 

All-in sustaining cost9

R/4Eoz - R/2Eoz

Sep 2021

15,561 

 

14,156 

 

15,992 

 

 

 

17,701

15,933

12,327 

 

10,345 

 

15,294 

 

 

 

Jun 2021

15,789 

 

14,561 

 

16,193 

 

 

 

17,209

16,853

12,093 

 

11,343 

 

13,134 

 

 

 

Sep 2020

16,099 

 

14,803 

 

16,597 

 

 

 

18,864

15,868

12,805 

 

13,880 

 

15,450 

 

All-in sustaining cost8

US$/4Eoz - US$/2Eoz

Sep 2021

1,064 

 

968 

 

1,093 

 

 

 

1,210

1,089

843 

 

707 

 

1,045 

 

 

 

Jun 2021

1,117 

 

1,031 

 

1,146 

 

 

 

1,218

1,193

856 

 

803 

 

930

 

 

Sep 2020

952 

 

875 

 

981 

 

 

 

1,116

938

757 

 

821 

 

914

All-in cost9

R/4Eoz - R/2Eoz

Sep 2021

16,609 

 

18,195 

 

16,123 

 

 

 

17,701

16,224

12,327 

 

10,345 

 

15,294 

 

 

 

Jun 2021

16,898 

 

18,986 

 

16,211 

 

 

 

17,209

16,894

12,093 

 

11,343 

 

13,134 

 

 

 

Sep 2020

17,273 

 

18,997 

 

16,613 

 

 

 

18,864

15,904

12,805 

 

13,880 

 

15,450 

 

All-in cost8

US$/4Eoz - US$/2Eoz

Sep 2021

1,135 

 

1,244 

 

1,102 

 

 

 

1,210

1,109

843 

 

707 

 

1,045 

 

 

 

Jun 2021

1,196 

 

1,344 

 

1,147 

 

 

 

1,218

1,196

856 

 

803 

 

930 

 

 

 

Sep 2020

1,021 

 

1,123 

 

982 

 

 

 

1,116

941

757 

 

821 

 

914 

 

Capital expenditure6

 

 

 

 

 

 

 

 

 

 

 

 

 

Ore reserve development

Rm

Sep 2021

739 

 

296 

 

443 

 

 

 

168

275

— 

 

— 

 

— 

 

 

 

Jun 2021

672 

 

277 

 

395 

 

 

 

168

227

— 

 

— 

 

— 

 

 

 

Sep 2020

607 

 

302 

 

305 

 

 

 

107

198

— 

 

— 

 

— 

 

Sustaining capital

Rm

Sep 2021

592 

 

143 

 

449 

 

 

 

115

268

58 

 

 

118 

 

 

 

Jun 2021

669 

 

250 

 

419 

 

 

 

121

222

68 

 

 

86 

 

 

 

Sep 2020

444 

 

238 

 

206 

 

 

 

57

103

38 

 

 

130 

 

Corporate and projects

Rm

Sep 2021

639 

 

583 

 

56 

 

 

 

56

— 

 

— 

 

— 

 

 

 

Jun 2021

643 

 

637 

 

 

 

 

6

— 

 

— 

 

— 

 

 

 

Sep 2020

620 

 

620 

 

— 

 

 

 

— 

 

— 

 

— 

 

Total capital expenditure

Rm

Sep 2021

1,970 

 

1,022 

 

948 

 

 

 

283

599

58 

 

 

118 

 

 

 

Jun 2021

1,984 

 

1,164 

 

820 

 

 

 

289

455

68 

 

 

86 

 

 

 

Sep 2020

1,671 

 

1,160 

 

511 

 

 

 

164

301

38 

 

 

130 

 

Total capital expenditure

US$m

Sep 2021

135 

 

70 

 

65 

 

 

 

19

41

 

 

 

 

 

Jun 2021

140 

 

82 

 

58 

 

 

 

20

32

 

 

 

 

 

Sep 2020

99 

 

69 

 

30 

 

 

 

10

18

 

 

 

Average exchange rate for the quarters ended 30 September 2021, 30 June 2021 and 30 September 2020 was R14.63/US$, R14.13/US$ and R16.91/US$, respectively

Figures may not add as they are rounded independently

  • The Total US and SA PGM, Total SA PGM and Marikana excludes the production and costs associated with the purchase of concentrate (PoC) from third parties. For a reconciliation of the Operating cost, AISC and AIC excluding third party PoC, refer to “Reconciliation of operating cost excluding third party PoC for Total US and SA PGM, Total SA PGM and Marikana - Quarters” and “Reconciliation of AISC and AIC excluding third party PoC for Total US and SA PGM, Total SA PGM and Marikana – Quarters”
  • The US PGM operations’ underground production is converted to metric tonnes and kilograms, and performance is translated into rand. In addition to the US PGM operations’ underground production, the operation treats recycling material which is excluded from the statistics shown above and is detailed in the PGM recycling table below
  • The Eastern Tailings Treatment Plant (ETTP) processing facility ounce production resulting from the processing of material from the Marikana underground operation was previously reported under the surface operation. These produced ounces are now appropriately included in the Marikana underground production resulting in a revision of previously reported plant recoveries and yield for the Marikana underground and surface operations
  • Production per product – see prill split in the table below
  • PGM sold includes the third party PoC ounces sold
  • The Total US and SA PGM and Total SA PGM operations’ unit cost benchmarks and capital expenditure exclude the financial results of Mimosa, which is equity accounted and excluded from revenue and cost of sales
  • The average PGM basket price is the PGM revenue per 4E/2E ounce, prior to a purchase of concentrate adjustment
  • 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. The operating cost of Marikana operations for 2020 includes the purchase of concentrate from Rustenburg, Kroondal and Platinum Mile
  • All-in cost is calculated in accordance with the World Gold Council guidance. 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 produced in the same period. For a reconciliation of cost of sales, before amortisation and depreciation to All-in cost, see “All-in costs - Quarters”

 

Mining - PGM Prill split including third party PoC, excluding recycling operations

 

GROUP PGM

SA OPERATIONS

US OPERATIONS

 

Sep 2021

Jun 2021

Sep 2020

Sep 2021

Jun 2021

Sep 2020

Sep 2021

Jun 2021

Sep 2020

 

 

%

 

%

 

%

 

%

 

%

 

%

 

%

 

%

 

%

Platinum

336,620 

 

51 

%

317,895 

 

51 

%

288,406 

 

50 

%

304,116 

 

59 

%

285,221

59 

%

255,268 

 

60 

%

32,504 

 

23 

%

32,674 

 

23 

%

33,138 

 

22 

%

Palladium

265,876 

 

40 

%

255,784 

 

41 

%

241,852 

 

42 

%

154,055 

 

30 

%

144,507

30 

%

127,155 

 

30 

%

111,821 

 

77 

%

111,277 

 

77 

%

114,697 

 

78 

%

Rhodium

44,433 

 

%

42,721 

 

%

35,600 

 

%

44,433 

 

%

42,721

%

35,600 

 

%

 

 

 

 

 

 

Gold

11,174 

 

%

11,934 

 

%

9,692 

 

%

11,174 

 

%

11,934

%

9,692 

 

%

 

 

 

 

 

 

PGM production 4E/2E

658,103 

 

100 

%

628,334 

 

100 

%

575,550 

 

100 

%

513,778 

 

100 

%

484,383

100 

%

427,715 

 

100 

%

144,325 

 

100 

%

143,951 

 

100 

%

147,835 

 

100 

%

Ruthenium

80,065 

 

 

80,431 

 

 

56,991 

 

 

80,065 

 

 

80,431

 

56,991 

 

 

 

 

 

 

 

 

Iridium

18,451 

 

 

17,786 

 

 

14,039 

 

 

18,451 

 

 

17,786

 

14,039 

 

 

 

 

 

 

 

 

Total 6E/2E

756,619 

 

 

726,551 

 

 

646,580 

 

 

612,294 

 

 

582,600

 

498,745 

 

 

144,325 

 

 

143,951 

 

 

147,835 

 

 

 

 

Recycling at US operations

 

Unit

Sep 2021

Jun 2021

Sep 2020

Average catalyst fed/day

Tonne

22.7 

 

25.6 

 

24.5 

 

Total processed

Tonne

2,087 

 

2,334 

 

2,254 

 

Tolled

Tonne

23 

 

— 

 

103 

 

Purchased

Tonne

2,064 

 

2,334 

 

2,151 

 

PGM fed

3Eoz

179,765 

 

207,398 

 

202,661 

 

PGM sold

3Eoz

183,734 

 

203,935 

 

113,225 

 

PGM tolled returned

3Eoz

99 

 

1,377 

 

24,585 

 

SA gold operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SA OPERATIONS

 

 

 

Total SA gold

Driefontein

Kloof

Beatrix

Cooke

DRDGOLD

 

 

 

Total

Under-

ground

Surface

Under-

ground

Surface

Under-

ground

Surface

Under-

ground

Surface

Surface

Surface

Production

 

 

 

 

 

 

 

 

 

 

 

 

 

Tonnes milled/treated

000't

Sep 2021

11,199 

 

1,474 

 

9,725 

 

432 

 

164 

 

493 

 

855 

 

549 

 

103 

 

1,182 

 

7,421 

 

 

 

Jun 2021

11,412 

 

1,357 

 

10,055 

 

376 

 

41 

 

489 

 

1,124 

 

492 

 

145 

 

1,239 

 

7,506 

 

 

 

Sep 2020

11,399 

 

1,213 

 

10,186 

 

387 

 

— 

 

472 

 

1,450 

 

354 

 

165 

 

1,311 

 

7,260 

 

Yield

g/t

Sep 2021

0.82 

 

4.78 

 

0.21 

 

5.72 

 

0.41 

 

5.68 

 

0.30 

 

3.24 

 

0.29 

 

0.25 

 

0.20 

 

 

 

Jun 2021

0.73 

 

4.65 

 

0.21 

 

5.82 

 

0.37 

 

5.14 

 

0.30 

 

3.26 

 

0.34 

 

0.25 

 

0.18 

 

 

 

Sep 2020

0.79 

 

5.46 

 

0.23 

 

6.26 

 

— 

 

6.10 

 

0.32 

 

3.73 

 

0.39 

 

0.25 

 

0.21 

 

Gold produced

kg

Sep 2021

9,137 

 

7,048 

 

2,089 

 

2,470 

 

67 

 

2,801 

 

253 

 

1,777 

 

30 

 

290 

 

1,449 

 

 

 

Jun 2021

8,381 

 

6,306 

 

2,075 

 

2,189 

 

15 

 

2,515 

 

341 

 

1,602 

 

50 

 

312 

 

1,357 

 

 

 

Sep 2020

8,987 

 

6,624 

 

2,363 

 

2,424 

 

— 

 

2,881 

 

457 

 

1,319 

 

64 

 

328 

 

1,514 

 

 

oz

Sep 2021

293,761 

 

226,598 

 

67,163 

 

79,412 

 

2,154 

 

90,054 

 

8,134 

 

57,132 

 

965 

 

9,324 

 

46,586 

 

 

 

Jun 2021

269,455 

 

202,742 

 

66,713 

 

70,378 

 

482 

 

80,859 

 

10,963 

 

51,505 

 

1,608 

 

10,031 

 

43,629 

 

 

 

Sep 2020

288,938 

 

212,966 

 

75,972 

 

77,933 

 

— 

 

92,626 

 

14,693 

 

42,407 

 

2,058 

 

10,545 

 

48,676 

 

Gold sold

kg

Sep 2021

9,069 

 

7,025 

 

2,044 

 

2,375 

 

47 

 

2,742 

 

247 

 

1,908 

 

30 

 

292 

 

1,428 

 

 

 

Jun 2021

8,343 

 

6,189 

 

2,154 

 

2,167 

 

15 

 

2,564 

 

392 

 

1,458 

 

50 

 

332 

 

1,365 

 

 

 

Sep 2020

8,726 

 

6,349 

 

2,377 

 

2,230 

 

— 

 

2,865 

 

463 

 

1,254 

 

58 

 

334 

 

1,522 

 

 

oz

Sep 2021

291,575 

 

225,859 

 

65,716 

 

76,358 

 

1,511 

 

88,157 

 

7,941 

 

61,344 

 

965 

 

9,388 

 

45,911 

 

 

 

Jun 2021

268,234 

 

198,981 

 

69,253 

 

69,671 

 

482 

 

82,434 

 

12,603 

 

46,876 

 

1,608 

 

10,674 

 

43,886 

 

 

 

Sep 2020

280,547 

 

204,125 

 

76,422 

 

71,696 

 

— 

 

92,112 

 

14,886 

 

40,317 

 

1,865 

 

10,738 

 

48,933 

 

Price and costs

 

 

 

 

 

 

 

 

 

 

 

 

 

Gold price received

R/kg

Sep 2021

837,799 

 

 

 

839,389

836,066

834,881

842,466

841,737 

 

 

 

Jun 2021

820,688 

 

 

 

822,181

819,689

820,292

816,265

821,978 

 

 

 

Sep 2020

1,002,945 

 

 

 

1,004,843

1,001,683

962,652

1,025,749

1,031,406 

 

Gold price received

US$/oz

Sep 2021

1,781 

 

 

 

1,785

1,777

1,775

1,791

1,790 

 

 

 

Jun 2021

1,807 

 

 

 

1,810

1,804

1,806

1,797

1,809 

 

 

 

Sep 2020

1,845 

 

 

 

1,848

1,842

1,771

1,887

1,897 

 

Operating cost1

R/t

Sep 2021

537 

 

3,157 

 

139 

 

3,438 

 

159 

 

3,907 

 

251 

 

2,262 

 

204 

 

184 

 

118 

 

 

 

Jun 2021

500 

 

3,236 

 

130 

 

3,790 

 

195 

 

3,656 

 

227 

 

2,394 

 

186 

 

177 

 

107 

 

 

 

Sep 2020

473 

 

3,383 

 

127 

 

3,683 

 

— 

 

3,626 

 

190 

 

2,732 

 

207 

 

149 

 

108 

 

 

US$/t

Sep 2021

37 

 

216 

 

10 

 

235 

 

11 

 

267 

 

17 

 

155 

 

14 

 

13 

 

 

 

 

Jun 2021

35 

 

229 

 

 

268 

 

14 

 

259 

 

16 

 

169 

 

13 

 

13 

 

 

 

 

Sep 2020

28 

 

200 

 

 

218 

 

— 

 

214 

 

11 

 

162 

 

12 

 

 

 

 

R/kg

Sep 2021

657,656 

 

660,187 

 

649,114 

 

601,215 

 

388,060 

 

687,612 

 

849,802 

 

698,931 

 

700,000 

 

751,724 

 

604,555

 

 

Jun 2021

680,348 

 

696,321 

 

631,807 

 

650,982 

 

533,333 

 

710,934 

 

747,801 

 

735,331 

 

540,000 

 

701,923 

 

591,010 

 

 

 

Sep 2020

600,033 

 

619,520 

 

545,408 

 

587,995 

 

— 

 

594,030 

 

604,376 

 

733,131 

 

532,813 

 

594,817 

 

517,437 

 

 

US$/oz

Sep 2021

1,398 

 

1,404 

 

1,380 

 

1,278 

 

825 

 

1,462 

 

1,807 

 

1,486 

 

1,488 

 

1,598 

 

1,285 

 

 

 

Jun 2021

1,498 

 

1,533 

 

1,391 

 

1,433 

 

1,174 

 

1,565 

 

1,646 

 

1,619 

 

1,189 

 

1,545 

 

1,301 

 

 

 

Sep 2020

1,104 

 

1,140 

 

1,003 

 

1,082 

 

— 

 

1,093 

 

1,112 

 

1,348 

 

980 

 

1,094 

 

952 

 

All-in sustaining cost2

R/kg

Sep 2021

796,008 

 

 

 

790,669

848,444

825,593

787,671

649,860 

 

 

 

Jun 2021

807,623 

 

 

 

822,181

835,250

863,395

713,855

676,923 

 

 

 

Sep 2020

715,345 

 

 

 

741,525

718,630

847,561

648,503

591,393 

 

All-in sustaining cost2

US$/oz

Sep 2021

1,692 

 

 

 

1,681

1,804

1,755

1,675

1,382 

 

 

 

Jun 2021

1,778 

 

 

 

1,810

1,839

1,901

1,571

1,490 

 

 

 

Sep 2020

1,316 

 

 

 

1,364

1,322

1,559

1,193

1,088 

 

All-in cost2

R/kg

Sep 2021

809,792 

 

 

 

790,669

862,830

826,625

787,671

659,664 

 

 

 

Jun 2021

822,366 

 

 

 

822,181

848,782

863,395

713,855

683,516 

 

 

 

Sep 2020

726,782 

 

 

 

741,525

729,447

847,561

648,503

608,016 

 

All-in cost2

US$/oz

Sep 2021

1,722 

 

 

 

1,681

1,834

1,757

1,675

1,402 

 

 

 

Jun 2021

1,810 

 

 

 

1,810

1,868

1,901

1,571

1,505 

 

 

 

Sep 2020

1,337 

 

 

 

1,364

1,342

1,559

1,193

1,118 

 

Capital expenditure

 

 

 

 

 

 

 

 

 

 

 

 

 

Ore reserve development

Rm

Sep 2021

729 

 

 

 

324

270

135

— 

 

— 

 

 

 

Jun 2021

650 

 

 

 

291

232

127

— 

 

— 

 

 

 

Sep 2020

530 

 

 

 

233

215

82

— 

 

— 

 

Sustaining capital

Rm

Sep 2021

342 

 

 

 

94

128

45

— 

 

75 

 

 

 

Jun 2021

295 

 

 

 

68

79

41

— 

 

107 

 

 

 

Sep 2020

258 

 

 

 

55

88

20

— 

 

95 

 

Corporate and projects3

Rm

Sep 2021

97 

 

 

 

43

2

— 

 

14 

 

 

 

Jun 2021

70 

 

 

 

40

— 

 

 

 

 

Sep 2020

70 

 

 

 

36

— 

 

25 

 

Total capital expenditure

Rm

Sep 2021

1,168 

 

 

 

418

441

182

— 

 

89 

 

 

 

Jun 2021

1,015 

 

 

 

359

351

168

— 

 

116 

 

 

 

Sep 2020

858 

 

 

 

288

339

101

— 

 

120 

 

Total capital expenditure

US$m

Sep 2021

80 

 

 

 

29

30

12

— 

 

 

 

 

Jun 2021

72 

 

 

 

25

25

12

— 

 

 

 

 

Sep 2020

51 

 

 

 

17

20

6

— 

 

 

Average exchange rates for the quarters ended 30 September 2021, 30 June 2021 and 30 September 2020 was R14.63/US$, R14.13/US$ and R16.91/US$, respectively

Figures may not add as they are rounded independently

  • 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
  • All-in cost is calculated in accordance with the World Gold Council guidance. 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) are 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. For a reconciliation of cost of sales before amortisation and depreciation to All-in cost, see “All-in costs – Quarters”
  • Corporate project expenditure for the quarters ended 30 September 2021, 30 June 2021 and 30 September 2020 was R38 million (US$3 million), R21 million (US$1 million) and R9 million (US$1 million), respectively, the majority of which related to the Burnstone project and various IT projects

 

ALL-IN COSTS - QUARTERS

SA and US PGM operations     

Figures are in millions unless otherwise stated

 

 

 

 

US

OPERATIONS

SA OPERATIONS

 

R' million

 

Total US and SA PGM1

Total US PGM2

Total SA PGM1

Rustenburg

Marikana1

Kroondal

Plat Mile

Mimosa

Corporate

Cost of sales, before amortisation and depreciation3

 

Sep 2021

9,598 

 

1,820 

 

7,778 

 

2,647 

 

4,077 

 

914 

 

140 

 

419 

 

(419)

 

 

 

Jun 2021

9,822 

 

1,733 

 

8,089 

 

2,714 

 

4,388 

 

866 

 

121 

 

402 

 

(402)

 

 

 

Sep 2020

8,375 

 

1,865 

 

6,509 

 

2,479 

 

3,425 

 

761 

 

130 

 

463 

 

(748)

 

Royalties

 

Sep 2021

573 

 

— 

 

573 

 

269 

 

302 

 

 

— 

 

42 

 

(42)

 

 

 

Jun 2021

742 

 

— 

 

742 

 

453 

 

285 

 

 

— 

 

50 

 

(51)

 

 

 

Sep 2020

444 

 

— 

 

444 

 

327 

 

114 

 

 

— 

 

31 

 

(31)

 

Carbon tax

 

Sep 2021

(1)

 

— 

 

(1)

 

— 

 

(1)

 

— 

 

— 

 

— 

 

— 

 

 

 

Jun 2021

 

— 

 

 

— 

 

 

— 

 

— 

 

— 

 

— 

 

 

 

Sep 2020

 

— 

 

 

— 

 

 

— 

 

— 

 

— 

 

— 

 

Community costs

 

Sep 2021

92 

 

— 

 

92 

 

 

89 

 

— 

 

— 

 

— 

 

— 

 

 

 

Jun 2021

40 

 

— 

 

40 

 

 

37 

 

— 

 

— 

 

— 

 

— 

 

 

 

Sep 2020

46 

 

— 

 

46 

 

(5)

 

51 

 

— 

 

— 

 

— 

 

— 

 

Inventory change4

 

Sep 2021

982 

 

74 

 

908 

 

711 

 

197 

 

— 

 

— 

 

(6)

 

 

 

 

Jun 2021

387 

 

128 

 

259 

 

335 

 

(76)

 

— 

 

— 

 

(5)

 

 

 

 

Sep 2020

1,655 

 

61 

 

1,594 

 

265 

 

1,043 

 

— 

 

— 

 

(27)

 

313 

 

Share-based payments5

 

Sep 2021

50 

 

21 

 

29 

 

12 

 

13 

 

 

— 

 

— 

 

— 

 

 

 

Jun 2021

74 

 

30 

 

44 

 

17 

 

21 

 

 

— 

 

— 

 

— 

 

 

 

Sep 2020

41 

 

20 

 

21 

 

 

11 

 

 

— 

 

— 

 

— 

 

Rehabilitation interest and amortisation6

 

Sep 2021

64 

 

 

56 

 

(1)

 

40 

 

17 

 

— 

 

 

(1)

 

 

 

Jun 2021

62 

 

 

54 

 

(1)

 

38 

 

17 

 

— 

 

 

(1)

 

 

 

Sep 2020

68 

 

 

60 

 

 

39 

 

20 

 

— 

 

 

(1)

 

Leases

 

Sep 2021

12 

 

— 

 

12 

 

 

 

 

— 

 

— 

 

— 

 

 

 

Jun 2021

13 

 

— 

 

13 

 

 

 

 

— 

 

— 

 

— 

 

 

 

Sep 2020

15 

 

 

14 

 

 

 

 

— 

 

— 

 

— 

 

Ore reserve development

 

Sep 2021

739 

 

296 

 

443 

 

168 

 

275 

 

— 

 

— 

 

— 

 

— 

 

 

 

Jun 2021

672 

 

277 

 

395 

 

168 

 

227 

 

— 

 

— 

 

— 

 

— 

 

 

 

Sep 2020

607 

 

302 

 

305 

 

107 

 

198 

 

— 

 

— 

 

— 

 

— 

 

Sustaining capital expenditure

 

Sep 2021

592 

 

143 

 

449 

 

115 

 

268 

 

58 

 

 

118 

 

(118)

 

 

 

Jun 2021

669 

 

250 

 

419 

 

121 

 

222 

 

68 

 

 

86 

 

(86)

 

 

 

Sep 2020

444 

 

238 

 

206 

 

57 

 

103 

 

38 

 

 

130 

 

(130)

 

Less: By-product credit7

 

Sep 2021

(2,591)

 

(319)

 

(2,272)

 

(676)

 

(1,347)

 

(243)

 

(6)

 

(134)

 

134 

 

 

 

Jun 2021

(2,565)

 

(330)

 

(2,235)

 

(860)

 

(1,139)

 

(233)

 

(3)

 

(129)

 

129 

 

 

 

Sep 2020

(2,778)

 

(306)

 

(2,472)

 

(322)

 

(2,010)

 

(144)

 

 

(109)

 

109 

 

Total All-in-sustaining costs8

 

Sep 2021

10,110 

 

2,043 

 

8,067 

 

3,250 

 

3,922 

 

753 

 

142 

 

440 

 

(440)

 

 

 

Jun 2021

9,917 

 

2,096 

 

7,821 

 

2,953 

 

4,012 

 

731 

 

126 

 

405 

 

(406)

 

 

 

Sep 2020

8,917 

 

2,188 

 

6,729 

 

2,922 

 

2,982 

 

683 

 

142 

 

488 

 

(488)

 

Plus: Corporate cost, growth and capital expenditure

 

Sep 2021

645 

 

583 

 

62 

 

— 

 

62 

 

— 

 

— 

 

— 

 

— 

 

 

 

Jun 2021

645 

 

637 

 

 

— 

 

 

— 

 

— 

 

— 

 

— 

 

 

 

Sep 2020

626 

 

620 

 

 

— 

 

 

— 

 

— 

 

— 

 

— 

 

Total All-in-costs8

 

Sep 2021

10,755 

 

2,626 

 

8,129 

 

3,250 

 

3,984 

 

753 

 

142 

 

440 

 

(440)

 

 

 

Jun 2021

10,562 

 

2,733 

 

7,829 

 

2,953 

 

4,020 

 

731 

 

126 

 

405 

 

(406)

 

 

 

Sep 2020

9,543 

 

2,808 

 

6,735 

 

2,922 

 

2,988 

 

683 

 

142 

 

488 

 

(488)

 

PGM production

4Eoz - 2Eoz

Sep 2021

658,101 

 

144,325 

 

513,776 

 

183,606 

 

226,591 

 

61,083 

 

13,726 

 

28,770 

 

— 

 

 

 

Jun 2021

628,334 

 

143,951 

 

484,383 

 

171,598 

 

210,391 

 

60,450 

 

11,108 

 

30,836 

 

— 

 

 

 

Sep 2020

575,550 

 

147,835 

 

427,715 

 

154,904 

 

177,717 

 

53,299 

 

10,223 

 

31,572 

 

— 

 

 

kg

Sep 2021

20,469 

 

4,489 

 

15,980 

 

5,711 

 

7,048 

 

1,900 

 

427 

 

895 

 

— 

 

 

 

Jun 2021

19,543 

 

4,477 

 

15,066 

 

5,337 

 

6,544 

 

1,880 

 

345 

 

959 

 

— 

 

 

 

Sep 2020

17,902 

 

4,598 

 

13,303 

 

4,818 

 

5,528 

 

1,658 

 

318 

 

982 

 

— 

 

All-in-sustaining cost

R/4Eoz - R/2Eoz

Sep 2021

16,065 

 

14,156 

 

16,633 

 

17,701 

 

17,309 

 

12,327 

 

10,345 

 

15,294 

 

— 

 

 

 

Jun 2021

16,598 

 

14,561 

 

17,244 

 

17,209 

 

19,069 

 

12,093 

 

11,343 

 

13,134 

 

— 

 

 

 

Sep 2020

16,392 

 

14,803 

 

16,985 

 

18,864 

 

16,779 

 

12,805 

 

13,880 

 

15,450 

 

— 

 

 

US$/4Eoz - US$/2Eoz

Sep 2021

1,098 

 

968 

 

1,137 

 

1,210 

 

1,183 

 

843 

 

707 

 

1,045 

 

— 

 

 

 

Jun 2021

1,175 

 

1,031 

 

1,220 

 

1,218 

 

1,350 

 

856 

 

803 

 

930 

 

— 

 

 

 

Sep 2020

969 

 

875 

 

1,004 

 

1,116 

 

992 

 

757 

 

821 

 

914 

 

— 

 

All-in-cost

R/4Eoz - R/2Eoz

Sep 2021

17,090 

 

18,195 

 

16,761 

 

17,701 

 

17,582 

 

12,327 

 

10,345 

 

15,294 

 

— 

 

 

 

Jun 2021

17,677 

 

18,986 

 

17,262 

 

17,209 

 

19,107 

 

12,093 

 

11,343 

 

13,134 

 

— 

 

 

 

Sep 2020

17,543 

 

18,997 

 

17,001 

 

18,864 

 

16,814 

 

12,805 

 

13,880 

 

15,450 

 

— 

 

 

US$/4Eoz - US$/2Eoz

Sep 2021

1,168 

 

1,244 

 

1,146 

 

1,210 

 

1,202 

 

843 

 

707 

 

1,045 

 

— 

 

 

 

Jun 2021

1,251 

 

1,344 

 

1,222 

 

1,218 

 

1,352 

 

856 

 

803 

 

930 

 

— 

 

 

 

Sep 2020

1,037 

 

1,123 

 

1,005 

 

1,116 

 

994 

 

757 

 

821 

 

914 

 

— 

 

Average exchange rates for the quarters ended 30 September 2021, 30 June 2021 and 30 September 2020 was R14.63/US$, R14.13/US$ and R16.91/US$, respectively

Figures may not add as they are rounded independently

  • The Total US and SA PGM, Total SA PGM and Marikana includes the production and costs associated with the purchase of concentrate (PoC) from third parties. For a reconciliation of the Operating cost, AISC and AIC excluding third party PoC, refer to “Reconciliation of operating cost excluding third party PoC for Total US and SA PGM, Total SA PGM and Marikana - Quarters” and “Reconciliation of AISC and AIC excluding third party PoC for Total US and SA PGM, Total SA PGM and Marikana – Quarters”
  • The US PGM operations’ underground production is converted to metric tonnes and kilograms, and performance is translated into SA rand. In addition to the US PGM operations’ underground production, the operation processes various recycling material which is excluded from the 2E PGM production, All-in sustaining cost and All-in cost statistics shown
  • Cost of sales, before amortisation and depreciation includes all mining and processing costs, third party refining costs, corporate general and administrative costs, and permitting costs. The September 2020 quarter includes the elimination of concentrate sales by Rustenburg, Kroondal and Platinum Mile to Marikana and the associated unrealised profit
  • Inventory adjustment in Corporate for September 2020 quarter includes the elimination of concentrate sales by Rustenburg, Kroondal and Platinum Mile to Marikana and the associated unrealised profit
  • Share-based payments are calculated based on the fair value at initial recognition and do not include the adjustment of the cash-settled share-based payment obligation to the reporting date fair value
  • Rehabilitation includes the interest charge related to the environmental rehabilitation obligation and the amortisation of the related capitalised rehabilitation costs. The interest charge related to the environmental rehabilitation obligation and the amortisation of the capitalised rehabilitation costs reflect the periodic costs of rehabilitation associated with current PGM production
  • The September 2020 quarter by-product credit for Marikana includes the benefit from the sale of concentrate purchased from Rustenburg, Kroondal and Platinum Mile of R1,546 million. The cost associated with the purchase and processing of the intercompany concentrate is included in the Marikana cost of sales, before amortisation and depreciation
  • All-in cost is calculated in accordance with the World Gold Council guidance. 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 produced in the same period

Reconciliation of operating cost excluding third party PoC for Total US and SA PGM, Total SA PGM and Marikana - Quarters

 

 

Total US and SA PGM

Total SA PGM

Marikana

 

R' million

Sep 2021

Jun 2021

Sep 2020

Sep 2021

Jun 2021

Sep 2020

Sep 2021

Jun 2021

Sep 2020

Cost of sales, before amortisation and depreciation as reported per table above

 

9,598 

 

9,822 

 

8,375 

 

7,778 

 

8,089 

 

6,509 

 

4,077 

 

4,388 

 

3,425 

 

Inventory change as reported per table above

 

982 

 

387 

 

1,655 

 

908 

 

259 

 

1,594 

 

197 

 

(76)

 

1,043 

 

Less: Chrome cost of sales

 

(338)

 

(342)

 

(157)

 

(338)

 

(342)

 

(157)

 

(64)

 

(67)

 

(34)

 

Total operating cost including third party PoC

 

10,242 

 

9,867 

 

9,873 

 

8,348 

 

8,006 

 

7,946 

 

4,210 

 

4,245 

 

4,434 

 

Less: Purchase cost of PoC

 

(593)

 

(800)

 

(345)

 

(593)

 

(800)

 

(345)

 

(593)

 

(800)

 

(345)

 

Total operating cost excluding third party PoC

 

9,649 

 

9,067 

 

9,528 

 

7,755 

 

7,206 

 

7,601 

 

3,617 

 

3,445 

 

4,089 

 

 

 

 

 

 

 

 

 

 

 

 

PGM production as reported per table above

4Eoz- 2Eoz

658,101 

 

628,334 

 

575,550 

 

513,776 

 

484,383 

 

427,715 

 

226,591 

 

210,391 

 

177,717 

 

Less:  Mimosa production

 

(28,770)

 

(30,836)

 

(31,572)

 

(28,770)

 

(30,836)

 

(31,572)

 

— 

 

— 

 

— 

 

PGM production excluding Mimosa

 

629,331 

 

597,498 

 

543,978 

 

485,006 

 

453,547 

 

396,143 

 

226,591 

 

210,391 

 

177,717 

 

Less: PoC production

 

(13,703)

 

(15,702)

 

(10,781)

 

(13,703)

 

(15,702)

 

(10,781)

 

(13,703)

 

(15,702)

 

(10,781)

 

PGM production excluding Mimosa and third party PoC

 

615,628 

 

581,796 

 

533,197 

 

471,303 

 

437,845 

 

385,362 

 

212,888 

 

194,689 

 

166,936 

 

 

 

 

 

 

 

 

 

 

 

 

PGM production including Mimosa and excluding third party PoC

 

644,398 

 

612,632 

 

564,769 

 

500,073 

 

468,681 

 

416,934 

 

212,888 

 

194,689 

 

166,936 

 

 

 

 

 

 

 

 

 

 

 

 

Tonnes milled/treated

000't

10,747 

 

10,096 

 

9,570 

 

10,363 

 

9,726 

 

9,199 

 

2,933 

 

2,701 

 

2,502 

 

Less:  Mimosa tonnes

 

(352)

 

(366)

 

(362)

 

(352)

 

(366)

 

(362)

 

— 

 

— 

 

— 

 

PGM tonnes excluding Mimosa and third party PoC

 

10,395 

 

9,730 

 

9,208 

 

10,011 

 

9,360 

 

8,837 

 

2,933 

 

2,701 

 

2,502 

 

Operating cost including third party PoC

R/4Eoz-R/2Eoz

16,274 

 

16,514 

 

18,148 

 

17,212 

 

17,652 

 

20,058 

 

18,580 

 

20,177 

 

24,947 

 

 

US$/4Eoz-US$/2Eoz

1,112 

 

1,169 

 

1,073 

 

1,176 

 

1,249 

 

1,186 

 

1,270 

 

1,428 

 

1,475 

 

 

R/t

985 

 

1,014 

 

1,072 

 

834 

 

855 

 

899 

 

1,435 

 

1,572 

 

1,772 

 

 

US$/t

67 

 

72 

 

63 

 

57 

 

61 

 

53 

 

98 

 

111 

 

105 

 

Operating cost excluding third party PoC

R/4Eoz-R/2Eoz

15,673 

 

15,585 

 

17,870 

 

16,454 

 

16,458 

 

19,724 

 

16,990 

 

17,695 

 

24,494 

 

 

US$/4Eoz-US$/2Eoz

1,071 

 

1,103 

 

1,057 

 

1,125 

 

1,165 

 

1,166 

 

1,161 

 

1,252 

 

1,448 

 

 

R/t

928 

 

932 

 

1,035 

 

775 

 

770 

 

860 

 

1,233 

 

1,275 

 

1,634 

 

 

US$/t

63 

 

66 

 

61 

 

53 

 

54 

 

51 

 

84 

 

90 

 

97 

 

Reconciliation of AISC and AIC excluding third party PoC for Total US and SA PGM, Total SA PGM and Marikana - Quarters

 

 

Total US and SA PGM

Total SA PGM

Marikana

 

R' million

Sep 2021

Jun 2021

Sep 2020

Sep 2021

Jun 2021

Sep 2020

Sep 2021

Jun 2021

Sep 2020

Total All-in-sustaining cost as reported per table above

 

10,110 

 

9,917 

 

8,917 

 

8,067 

 

7,821 

 

6,729 

 

3,922 

 

4,012 

 

2,982 

 

Less: Purchase cost of PoC

 

(593)

 

(800)

 

(345)

 

(593)

 

(800)

 

(345)

 

(593)

 

(800)

 

(345)

 

Add: By-product credit of PoC

 

63 

 

69 

 

12 

 

63 

 

69 

 

12 

 

63 

 

69 

 

12 

 

Total All-in-sustaining cost excluding third party PoC

 

9,580 

 

9,186 

 

8,584 

 

7,537 

 

7,090 

 

6,396 

 

3,392 

 

3,281 

 

2,649 

 

Plus: Corporate cost, growth and capital expenditure

 

645 

 

645 

 

626 

 

62 

 

 

 

62 

 

 

 

Total All-in-cost excluding third party PoC

 

10,225 

 

9,831 

 

9,210 

 

7,599 

 

7,098 

 

6,402 

 

3,454 

 

3,289 

 

2,655 

 

 

 

 

 

 

 

 

 

 

 

 

PGM production excluding Mimosa and third party PoC

4Eoz- 2Eoz

615,628 

 

581,796 

 

533,197 

 

471,303 

 

437,845 

 

385,362 

 

212,888 

 

194,689 

 

166,936 

 

 

 

 

 

 

 

 

 

 

 

 

All-in-sustaining cost excluding third party PoC

R/4Eoz-R/2Eoz

15,561 

 

15,789 

 

16,099 

 

15,992 

 

16,193 

 

16,597 

 

15,933 

 

16,853 

 

15,868 

 

 

US$/4Eoz-US$/2Eoz

1,064 

 

1,117 

 

952 

 

1,093 

 

1,146 

 

981 

 

1,089 

 

1,193 

 

938 

 

 

 

 

 

 

 

 

 

 

 

 

All-in-cost excluding third party PoC

R/4Eoz-R/2Eoz

16,609 

 

16,898 

 

17,273 

 

16,123 

 

16,211 

 

16,613 

 

16,224 

 

16,894 

 

15,904 

 

 

US$/4Eoz-US$/2Eoz

1,135 

 

1,196 

 

1,021 

 

1,102 

 

1,147 

 

982 

 

1,109 

 

1,196 

 

941 

 

 

 

SA gold operations

Figures are in millions unless otherwise stated

 

 

 

SA OPERATIONS

 

R' million

 

Total SA gold

Driefontein

Kloof

Beatrix

Cooke

DRDGOLD

Corporate

Cost of sales, before amortisation and depreciation1

 

Sep 2021

5,978 

 

1,450 

 

2,102 

 

1,371 

 

217 

 

838 

 

— 

 

 

 

Jun 2021

5,626 

 

1,390 

 

2,115 

 

1,088 

 

230 

 

803 

 

— 

 

 

 

Sep 2020

5,306 

 

1,331 

 

2,018 

 

960 

 

201 

 

795 

 

— 

 

Royalties

 

Sep 2021

49 

 

19 

 

12 

 

 

 

— 

 

 

 

 

Jun 2021

44 

 

14 

 

12 

 

 

 

— 

 

11 

 

 

 

Sep 2020

36 

 

11 

 

42 

 

14 

 

 

— 

 

(33)

 

Carbon tax

 

Sep 2021

— 

 

— 

 

— 

 

— 

 

— 

 

— 

 

— 

 

 

 

Jun 2021

— 

 

— 

 

— 

 

— 

 

— 

 

— 

 

— 

 

 

 

Sep 2020

 

— 

 

— 

 

 

— 

 

— 

 

— 

 

Community costs

 

Sep 2021

33 

 

12 

 

10 

 

 

— 

 

 

— 

 

 

 

Jun 2021

31 

 

12 

 

 

 

 

 

— 

 

 

 

Sep 2020

25 

 

 

 

14 

 

— 

 

— 

 

— 

 

Share-based payments2

 

Sep 2021

26 

 

 

 

 

— 

 

 

— 

 

 

 

Jun 2021

37 

 

 

14 

 

 

— 

 

 

— 

 

 

 

Sep 2020

20 

 

 

 

 

— 

 

 

— 

 

Rehabilitation interest and amortisation3

 

Sep 2021

50 

 

10 

 

 

20 

 

 

 

 

 

 

Jun 2021

39 

 

10 

 

 

19 

 

 

 

 

 

 

Sep 2020

59 

 

16 

 

12 

 

15 

 

10 

 

 

 

Leases

 

Sep 2021

19 

 

 

 

 

 

 

— 

 

 

 

Jun 2021

22 

 

 

 

 

 

 

— 

 

 

 

Sep 2020

18 

 

 

 

 

 

 

— 

 

Ore reserve development

 

Sep 2021

729 

 

324 

 

270 

 

135 

 

— 

 

— 

 

— 

 

 

 

Jun 2021

650 

 

291 

 

232 

 

127 

 

— 

 

— 

 

— 

 

 

 

Sep 2020

530 

 

233 

 

215 

 

82 

 

— 

 

— 

 

— 

 

Sustaining capital expenditure

 

Sep 2021

342 

 

94 

 

128 

 

45 

 

— 

 

75 

 

— 

 

 

 

Jun 2021

295 

 

68 

 

79 

 

41 

 

— 

 

107 

 

— 

 

 

 

Sep 2020

258 

 

55 

 

88 

 

20 

 

— 

 

95 

 

— 

 

Less: By-product credit

 

Sep 2021

(7)

 

(2)

 

(2)

 

(1)

 

— 

 

(2)

 

— 

 

 

 

Jun 2021

(6)

 

(2)

 

(2)

 

(1)

 

— 

 

(1)

 

— 

 

 

 

Sep 2020

(8)

 

(3)

 

(2)

 

(1)

 

— 

 

(2)

 

— 

 

Total All-in-sustaining costs4

 

Sep 2021

7,219 

 

1,915 

 

2,536 

 

1,600 

 

230 

 

928 

 

10 

 

 

 

Jun 2021

6,738 

 

1,794 

 

2,469 

 

1,302 

 

237 

 

924 

 

12 

 

 

 

Sep 2020

6,242 

 

1,654 

 

2,392 

 

1,112 

 

217 

 

900 

 

(32)

 

Plus: Corporate cost, growth and capital expenditure

 

Sep 2021

125 

 

— 

 

43 

 

 

— 

 

14 

 

66 

 

 

 

Jun 2021

123 

 

— 

 

40 

 

— 

 

— 

 

 

74 

 

 

 

Sep 2020

100 

 

— 

 

36 

 

— 

 

— 

 

25 

 

39 

 

Total All-in-costs4

 

Sep 2021

7,344 

 

1,915 

 

2,579 

 

1,602 

 

230 

 

942 

 

76 

 

 

 

Jun 2021

6,861 

 

1,794 

 

2,509 

 

1,302 

 

237 

 

933 

 

86 

 

 

 

Sep 2020

6,342 

 

1,654 

 

2,428 

 

1,112 

 

217 

 

925 

 

 

Gold sold

kg

Sep 2021

9,069 

 

2,422 

 

2,989 

 

1,938 

 

292 

 

1,428 

 

— 

 

 

 

Jun 2021

8,343 

 

2,182 

 

2,956 

 

1,508 

 

332 

 

1,365 

 

— 

 

 

 

Sep 2020

8,726 

 

2,230 

 

3,328 

 

1,312 

 

334 

 

1,522 

 

— 

 

 

oz

Sep 2021

291,575 

 

77,869 

 

96,099 

 

62,308 

 

9,388 

 

45,911 

 

— 

 

 

 

Jun 2021

268,234 

 

70,153 

 

95,038 

 

48,483 

 

10,674 

 

43,886 

 

— 

 

 

 

Sep 2020

280,547 

 

71,696 

 

106,998 

 

42,182 

 

10,738 

 

48,933 

 

— 

 

All-in-sustaining cost

R/kg

Sep 2021

796,008 

 

790,669 

 

848,444 

 

825,593 

 

787,671 

 

649,860 

 

— 

 

 

 

Jun 2021

807,623 

 

822,181 

 

835,250 

 

863,395 

 

713,855 

 

676,923 

 

— 

 

 

 

Sep 2020

715,345 

 

741,525 

 

718,630 

 

847,561 

 

648,503 

 

591,393 

 

— 

 

All-in-sustaining cost

US$/oz

Sep 2021

1,692 

 

1,681 

 

1,804 

 

1,755 

 

1,675 

 

1,382 

 

— 

 

 

 

Jun 2021

1,778 

 

1,810 

 

1,839 

 

1,901 

 

1,571 

 

1,490 

 

— 

 

 

 

Sep 2020

1,316 

 

1,364 

 

1,322 

 

1,559 

 

1,193 

 

1,088 

 

— 

 

All-in-cost

R/kg

Sep 2021

809,792 

 

790,669 

 

862,830 

 

826,625 

 

787,671 

 

659,664 

 

— 

 

 

 

Jun 2021

822,366 

 

822,181 

 

848,782 

 

863,395 

 

713,855 

 

683,516 

 

— 

 

 

 

Sep 2020

726,782 

 

741,525 

 

729,447 

 

847,561 

 

648,503 

 

608,016 

 

— 

 

All-in-cost

US$/oz

Sep 2021

1,722 

 

1,681 

 

1,834 

 

1,757 

 

1,675 

 

1,402 

 

— 

 

 

 

Jun 2021

1,810 

 

1,810 

 

1,868 

 

1,901 

 

1,571 

 

1,505 

 

— 

 

 

 

Sep 2020

1,337 

 

1,364 

 

1,342 

 

1,559 

 

1,193 

 

1,118 

 

— 

 

Average exchange rates for the quarters ended 30 September 2021, 30 June 2021 and 30 September 2020 was R14.63/US$, R14.13/US$ and R16.91/US$, respectively

Figures may not add as they are rounded independently

1   Cost of sales, before amortisation and depreciation includes all mining and processing costs, third party refining costs, corporate general and administrative costs, and permitting costs

2    Share-based payments are calculated based on the fair value at initial recognition and do not include the adjustment of the cash-settled share-based payment obligation to the reporting date fair value

3    Rehabilitation includes the interest charge related to the environmental rehabilitation obligation and the amortisation of the related capitalised rehabilitation costs. The interest charge related to the environmental rehabilitation obligation and the amortisation of the capitalised rehabilitation costs reflect the periodic costs of rehabilitation associated with current gold production

4   All-in cost is calculated in accordance with the World Gold Council guidance. 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) are 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

 

ADJUSTED EBITDA RECONCILIATION - QUARTERS

 

 

Quarter ended Sep 2021

Quarter ended Jun 2021

Quarter ended Sep 2020

Figures in million - SA rand

Total US PGM

US Under- ground PGM

US Recy- cling

SA PGM

SA Gold

Corpo-rate

Total

Total US PGM

US Under- ground PGM

US Recy- cling

SA PGM

SA Gold

Corpo-rate

Total

Total US PGM

US Under- ground PGM

US Recy- cling

SA PGM

SA Gold

Corpo-rate

Total

Profit/(loss) before royalties and tax

3,021

2,502

519

10,043

1,192

(236)

14,020

2,981

2,515

466

15,445

36

(209)

18,253

2,293

2,085

208

9,265

375

(225)

11,708

Adjusted for:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortisation and depreciation

631

630

1

678

885

2,194

589

589

610

784

1,983

698

697

1

518

785

2,001

Interest income

(94)

(94)

(45)

(160)

(2)

(301)

(117)

(117)

(63)

(156)

(336)

(53)

(53)

(47)

(127)

(227)

Finance expense

167

157

10

154

113

80

514

256

231

25

187

138

80

661

245

231

14

150

296

80

771

Share-based payments

4

4

6

34

44

49

49

53

97

199

23

23

27

17

67

(Gain)/loss on financial instruments

(684)

(684)

83

(2)

(603)

9

9

473

(14)

468

3

3

55

2,188

2,246

(Gain)/loss on foreign exchange differences

(83)

(527)

(610)

1

1

54

217

272

213

(174)

39

Share of results of equity-accounted investees after tax

(286)

(71)

(357)

(684)

(68)

(752)

(304)

(163)

(467)

Change in estimate of environmental rehabilitation obligation, and right of recovery receivable and payable

(5)

(5)

(Gain)/loss on disposal of property, plant and equipment

8

8

(1)

(10)

(3)

20

20

(7)

(14)

(1)

(27)

(7)

(34)

Restructuring cost

6

4

10

2

8

10

25

47

72

IFRS 16 lease payments

(13)

(21)

(34)

1

1

(12)

(23)

(34)

(14)

(19)

(33)

Occupational healthcare expense

(24)

(24)

Loss due to dilution of interest in joint operation

2

2

2

Other non-recurring costs/(income)

5

5

(16)

14

3

7

7

(1)

21

27

18

18

(574)

5

(551)

Adjusted EBITDA

3,058

2,622

436

10,542

1,421

(144)

14,877

3,798

3,424

374

16,058

975

(108)

20,723

3,227

3,057

170

9,287

3,218

(140)

15,592

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter ended

Sep 2021

Jun 2021

Nine months ended Sep 2021

 

Reef

 

 

 

Stillwater      incl Blitz

East Boulder

 

 

 

Stillwater       incl Blitz

East Boulder

 

 

 

Stillwater       incl Blitz

East Boulder

Total US PGM

Unit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Primary development (off reef)

(m)

 

 

 

1,522 

 

290 

 

 

 

 

1,213 

 

460 

 

 

 

 

4,519 

 

1,226 

 

Secondary development

(m)

 

 

 

3,797 

 

1,653 

 

 

 

 

3,720 

 

1,266 

 

 

 

 

11,892 

 

4,321 

 

SA PGM operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter ended

Sep 2021

Jun 2021

Nine months ended Sep 2021

 

Reef

 

Bathopele

Thembelani

Khuseleka

Siphumelele

 

Bathopele

Thembelani

Khuseleka

Siphumelele

 

Bathopele

Thembelani

Khuseleka

Siphumelele

Rustenburg

Unit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advanced

(m)

 

487 

 

2,192 

 

3,276 

 

825 

 

 

331 

 

1,605 

 

3,056 

 

828 

 

 

1,124 

 

5,298 

 

8,796 

 

2,351 

 

Advanced on reef

(m)

 

487 

 

977 

 

1,260 

 

442 

 

 

331 

 

670 

 

1,017 

 

439 

 

 

1,124 

 

2,314 

 

3,155 

 

1,267 

 

Height

(cm)

 

210 

 

282 

 

285 

 

283 

 

 

218 

 

292 

 

289 

 

281 

 

 

215 

 

287 

 

287 

 

278 

 

Average value

(g/t)

 

2.9 

 

2.3 

 

2.3 

 

2.8 

 

 

2.4 

 

2.5 

 

2.1 

 

3.1 

 

 

2.5 

 

2.4 

 

2.2 

 

3.0 

 

 

(cm.g/t)

 

599 

 

644 

 

645 

 

801 

 

 

523 

 

714 

 

597 

 

866 

 

 

536 

 

672 

 

627 

 

833 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter ended

 

Sep 2021

Jun 2021

Nine months ended Sep 2021

 

Reef

K3

Rowland

Saffy

E3

4B

K3

Rowland

Saffy

E3

4B

K3

Rowland

Saffy

E3

4B

Marikana

Unit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Primary development

(m)

8,563 

 

7,107 

 

3,846 

 

857 

 

1,181 

 

8,301 

 

6,897 

 

4,185 

 

1,051 

 

1,336 

 

23,323 

 

19,335 

 

12,012 

 

2,804 

 

3,665 

 

Primary development - on reef

(m)

6,265 

 

5,380 

 

2,429 

 

537 

 

786 

 

6,383 

 

5,314 

 

2,773 

 

708 

 

841 

 

17,577 

 

14,907 

 

8,037 

 

1,796 

 

2,404 

 

Height

(cm)

217 

 

221 

 

216 

 

214 

 

218 

 

217 

 

219 

 

216 

 

216 

 

219 

 

216 

 

220 

 

217 

 

215 

 

220 

 

Average value

(g/t)

2.9 

 

2.5 

 

2.8 

 

2.8 

 

2.9 

 

3.3 

 

2.6 

 

2.7 

 

2.7 

 

2.7 

 

3.2 

 

2.5 

 

2.7 

 

2.8 

 

2.8 

 

 

(cm.g/t)

624 

 

549 

 

599 

 

601 

 

630 

 

711 

 

560 

 

590 

 

573 

 

589 

 

680 

 

553 

 

591 

 

604 

 

606 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter ended

 

Sep 2021

Jun 2021

Nine months ended Sep 2021

 

Reef

Kopaneng

Simunye

Bambanani

Kwezi

K6

Kopaneng

Simunye

Bambanani

Kwezi

K6

Kopaneng

Simunye

Bambanani

Kwezi

K6

Kroondal

Unit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advanced

(m)

864 

 

 

546 

 

622 

 

406 

 

745 

 

 

525 

 

491 

 

423 

 

2,113 

 

110 

 

1,531 

 

1,550 

 

1,285 

 

Advanced on reef

(m)

410 

 

 

326 

 

237 

 

399 

 

475 

 

 

205 

 

255 

 

421 

 

1,335 

 

— 

 

791 

 

824 

 

1,276 

 

Height

(cm)

236 

 

 

216 

 

217 

 

234 

 

241 

 

 

216 

 

222 

 

228 

 

240 

 

291 

 

216 

 

220 

 

233 

 

Average value

(g/t)

1.2 

 

 

1.6 

 

1.1 

 

1.9 

 

1.8 

 

 

1.0 

 

1.5 

 

2.3 

 

1.8 

 

— 

 

1.3 

 

1.6 

 

2.1 

 

 

(cm.g/t)

288 

 

 

336 

 

244 

 

442 

 

439 

 

 

221 

 

342 

 

531 

 

418 

 

— 

 

286 

 

354 

 

499 

 

 

 

SA gold operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter ended

 

Sep 2021

Jun 2021

Nine months ended Sep 2021

 

Reef

 

 

Carbon

leader

Main

VCR

 

 

Carbon

leader

Main

VCR

 

 

Carbon

leader

Main

VCR

Driefontein

Unit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advanced

(m)

 

 

1,043 

 

285 

 

1,106 

 

 

 

799 

 

331 

 

1,193 

 

 

 

2,601 

 

752 

 

3,435 

 

Advanced on reef

(m)

 

 

21 

 

48 

 

212 

 

 

 

89 

 

91 

 

456 

 

 

 

190 

 

182 

 

1,034 

 

Channel width

(cm)

 

 

30 

 

30 

 

66 

 

 

 

16 

 

57 

 

78 

 

 

 

18 

 

54 

 

82 

 

Average value

(g/t)

 

 

41.7 

 

22.8 

 

41.6 

 

 

 

89.3 

 

10.6 

 

50.9 

 

 

 

51.7 

 

12.2 

 

46.1 

 

 

(cm.g/t)

 

 

1,254 

 

685 

 

2,738 

 

 

 

1,426 

 

607 

 

3,962 

 

 

 

944 

 

652 

 

3,796 

 

Quarter ended

 

Sep 2021

Jun 2021

Nine months ended Sep 2021

 

Reef

 

 

Kloof

Main

VCR

 

 

Kloof

Main

VCR

 

 

Kloof

Main

VCR

Kloof

Unit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advanced

(m)

 

 

1,941 

 

605 

 

1,428 

 

 

 

1,434 

 

530 

 

1,444 

 

 

 

4,571 

 

1,564 

 

4,112 

 

Advanced on reef

(m)

 

 

421 

 

145 

 

258 

 

 

 

363 

 

184 

 

218 

 

 

 

1,029 

 

471 

 

640 

 

Channel width

(cm)

 

 

148 

 

85 

 

127 

 

 

 

185 

 

72 

 

121 

 

 

 

166 

 

73 

 

119 

 

Average value

(g/t)

 

 

8.5 

 

10.5 

 

9.4 

 

 

 

4.3 

 

12.4 

 

15.2 

 

 

 

6.8 

 

12.6 

 

13.0 

 

 

(cm.g/t)

 

 

1,263 

 

892 

 

1,187 

 

 

 

791 

 

900 

 

1,832 

 

 

 

1,128 

 

915 

 

1,554 

 

Quarter ended

 

Sep 2021

Jun 2021

Nine months ended Sep 2021

 

Reef

 

 

 

Beatrix

Kalkoen-krans

 

 

 

Beatrix

Kalkoen-krans

 

 

 

Beatrix

Kalkoen-krans

Beatrix

Unit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advanced

(m)

 

 

 

2,976 

 

245 

 

 

 

 

3,072 

 

112 

 

 

 

 

8,847 

 

462 

 

Advanced on reef

(m)

 

 

 

1,168 

 

51 

 

 

 

 

796 

 

37 

 

 

 

 

2,562 

 

123 

 

Channel width

(cm)

 

 

 

164 

 

123 

 

 

 

 

162 

 

98 

 

 

 

 

156 

 

126 

 

Average value

(g/t)

 

 

 

6.1 

 

12.8 

 

 

 

 

7.1 

 

17.8 

 

 

 

 

6.7 

 

11.5 

 

 

(cm.g/t)

 

 

 

1,008 

 

1,580 

 

 

 

 

1,145 

 

1,741 

 

 

 

 

1,047 

 

1,450 

 

 

 

ADMINISTRATION AND CORPORATE INFORMATION

SIBANYE STILLWATER LIMITED

(SIBANYE-STILLWATER)

Incorporated in the Republic of

South Africa

Registration number 2014/243852/06

Share code: SSW and SBSW

Issuer code: SSW

ISIN: ZAE000259701

LISTINGS                         

JSE: SSW

NYSE: SBSW

WEBSITE

www.sibanyestillwater.com

REGISTERED AND

CORPORATE 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

COMPANY SECRETARY

Lerato Matlosa

Tel: +27 10 493 6921

Email: [email protected]

 

DIRECTORS

Dr Vincent Maphai* (Chairman)

Neal Froneman (CEO)

Charl Keyter (CFO)

Timothy Cumming*

Savannah Danson*

Dr Elaine Dorward-King*

Harry Kenyon-Slaney*

Richard Menell*^

Nkosemntu Nika*    

Keith Rayner*

Susan van der Merwe*

Jeremiah Vilakazi*

Sindiswa Zilwa*#

* Independent non-executive

^ Lead independent director

# Appointed 1 January 2021

 

 

 

 

INVESTOR ENQUIRIES

James Wellsted

Senior Vice President: Investor Relations

Cell: +27 83 453 4014

Tel: +27 10 493 6923

Email: [email protected] or

[email protected]

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 2146

South Africa

AUDITORS

Ernst & Young Inc. (EY)

102 Rivonia Road

Sandton 2196

South Africa

 

Private Bag X14

Sandton 2146

South Africa

Tel: +27 11 772 3000

AMERICAN DEPOSITARY RECEIPTS

TRANSFER AGENT

BNY Mellon Shareowner Services

PO Box 358516

Pittsburgh

PA 15252-8516

US toll free: +1 888 269 2377

Tel: +1 201 680 6825

Email: [email protected]

 

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: [email protected]

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

In Europe:

Swiss Resource Capital AG

Jochen Staiger

[email protected]

www.resource-capital.ch

 

 

 

FORWARD-LOOKING STATEMENTS

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 and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. As a consequence, these forward-looking statements should be considered in light of various important factors, including those set forth in this document.

 

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&rdqu