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Operating Update Quarter Ended 31 March 2019

Johannesburg, 9 May 2019: Sibanye Gold Limited trading as Sibanye-Stillwater (Sibanye-Stillwater or the Group) (JSE: SGL & NYSE: SBGL) is pleased to present an operating update for the quarter ended 31 March 2019. Financial results are only provided on a six-monthly basis.

SALIENT FEATURES FOR THE QUARTER ENDED 31 MARCH 2019

  • Maintained solid H2 2018 safety performance - numerous historic safety milestones achieved
  • The transition to a Toll processing arrangement at Rustenburg adds both strategic and commercial value – direct access to end users and margin enhancing relative to the PoC arrangement
  • The improved financial performance from the combined PGM operations more than offset strike related losses at SA gold operations
    • Adjusted EBITDA of R1,819 million (excl. Rustenburg) from the combined PGM operations resulted in positive Group adjusted EBITDA of R176 million
    • Including Rustenburg, pro-forma adjusted EBITDA from the combined PGM operations would have been R2,574 million
  • Strike at SA gold operations brought to a successful conclusion post quarter end
  • Section 189 restructuring process at SA gold operations well advance and expected conclusion by mid May 2019
  • Five year wage agreement reached for the Stillwater mine and Columbus metallurgical complex post quarter end
  • Strategic balance sheet management through equity placing and gold prepayment
    • Appropriately positioned with R10 billion available facilities and reduced leverage
    • Net debt: adjusted EBITDA at 3.0x at 31 March 2019- reduced to 2.54x on a pro-forma basis (excl. Rustenburg)

 

 

 

 

 

 

 

 

 

US Dollar

 

 

 

 

 

SA Rand

Quarter ended

 

 

 

 

 

Quarter ended

Mar 2018

Dec 2018

Mar 2019

 

KEY STATISTICS

 

Mar 2019

Dec 2018

Mar 2018

 

 

 

 

SOUTHERN AFRICA (SA) OPERATIONS

 

 

 

 

 

 

 

 

PGM operations

 

 

 

 

 286,194

 301,279

 263,508

Oz

4E PGM1 production

kg

 8,196

 9,371

 8,902

 1,073

 1,078

 1,221

US$/4Eoz

Average basket price

R/4Eoz

 17,104

 15,427

 12,839

 21.6

 82.9

 25.2

US$m

Adjusted EBITDA2

Rm

 353.0

 1,185.8

 258.3

 9

 27

 21

%

Adjusted EBITDA margin2

%

 21

 27

 9

 851

 739

 909

US$/4Eoz

All-in sustaining cost3

R/4Eoz

 12,741

 10,576

 10,186

 

 

 

 

Gold operations4

 

 

 

 

 291,500

 270,025

 143,278

Oz

Gold production

kg

 4,456

 8,399

 9,068

 1,320

 1,221

 1,306

US$/oz

Average gold price

R/kg

 588,040

 561,788

 507,719

 31.3

 7.1

 (115.0)

US$m

Adjusted EBITDA2

Rm

 (1,611.4)

 101.4

 374.2

 8

 2

 (63)

%

Adjusted EBITDA margin2

%

 (63)

2

8

 1,336

 1,328

 2,030

US$/oz

All-in sustaining cost3

R/kg

 914,590

 610,883

 513,829

 

 

Jan 1900

 

UNITED STATES (US) OPERATIONS

 

 

 

 

 

 

 

 

PGM operations5

 

 

 

 

 148,549

 159,471

 130,899

Oz

2E PGM1 production

kg

 4,071

 4,960

 4,620

 191,404

 181,761

 201,289

Oz

PGM recycling5

kg

 6,261

 5,653

 5,953

 1,027

 1,076

 1,305

US$/2Eoz

Average basket price

R/2Eoz

 18,283

 15,394

 12,289

 78.8

 110.4

 104.6

US$m

Adjusted EBITDA2

Rm

 1,465.9

 1,578.9

 942.4

 26

 31

 27

%

Adjusted EBITDA margin2

%

 27

 31

 26

 632

 642

 833

US$/2Eoz

All-in sustaining cost3

R/2Eoz

 11,671

 9,180

 7,559

 

 

 

 

GROUP

 

 

 

 

 131.7

 198.5

 12.5

US$m

Adjusted EBITDA2

Rm

 175.8

 2,839.5

 1,574.9

 11.96

 14.31

 14.01

R/US$

Average exchange rate

 

 

 

 

  • The Platinum Group Metals (PGM) production from the SA operations (including attributable production from Mimosa) is  primarily platinum, palladium, rhodium and gold, referred to as 4E (3PGM+Au). The US operations primrily produce palladium and platinum, referred to as 2E (2PGM)
  • 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
  • See “salient features and cost benchmarks for the quarters” for the definition of All-in sustaining cost
  • The SA gold operations’ results for the quarters ended 31 March 2019 and 31 December 2018 include DRDGOLD Limited (DRDGOLD)
  • The US PGM operations’ underground production is converted to metric tonnes and kilograms, and performance is translated to SA rand. In addition to the US PGM operations’ underground production, the operation treats recycling material which is excluded from the 2E PGM production, average basket price and All-in sustaining cost statistics shown. PGM recycling represents palladium, platinum, and rhodium ounces fed to the furnace

 

 

 

 

Stock data for the quarter ended 31 March 2019

JSE Limited - (SGL)

Number of shares in issue

 

Price range per ordinary share

R9.66 to R17.51

- at 31 March 2019

 2,271,760,491

Average daily volume

12,980,355

- weighted average

 2,266,384,087

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

Free Float

80%

Price range per ADR

US$2.73 to US$4.83

Bloomberg/Reuters

SGLS/SGLJ.J

Average daily volume

4,583,116

 

OVERVIEW AND UPDATE FOR THE QUARTER ENDED 31 MARCH 2019
Q1 2019 was an important period for Sibanye-Stillwater, with the Group successfully navigating complex operational and financial challenges and achieving some significant milestones which, we believe, have positioned us to sustainably benefit from higher prevailing precious metal prices and to better withstand any challenges that may occur during the year.
The notable improvement in safety across during H2 2018 was maintained in Q1 2019, with the Group achieving improvements in most safety measures across the operations and achieving a record seven million fatality free shifts on 7 March 2019. This was sadly curtailed by a fatal fall of ground incident at the SA PGM operations on 20 March 2019. The SA gold operations recorded a second successive quarter without any fatalities and continued to improve on other safety measures. Safe production continues to be the highest priority across the Group and we remain focused on maintaining and improving on our safe production performance at all of our operations.
The Association of Mineworkers and Construction Union (AMCU) strike which began at the SA gold operations on 21 November 2018 continued throughout Q1 2019, concluding after almost five months on 17 April 2019. The operational and financial impact of this extended strike at the SA gold operations, was mitigated by another solid operational performance from the SA PGM operations enhanced through significantly higher palladium and rhodium prices, which, combined with a 17% depreciation in the average rand:dollar exchange rate, boosted earnings and cash flow from both the SA and US PGM operations. A slower than anticipated start to the year at the US PGM underground operations and temporary flexibility constraints resulted in lower than anticipated production mined production and which resulted in elevated unit costs for this reporting period. The commissioning of the second electric furnace (EF2), enabled an increase in recycling processing volumes and a reduction in metal inventory, resulting in higher sales volumes .
Average unit commodity prices were higher across the Group operations for Q1 2019 relative to Q1 2018. The 27% increase in the average 2E PGM basket price to US$1,305/oz in Q1 2019, resulted in adjusted EBITDA from the US PGM operations increasing by 33% to US$105 million. In rand terms, this amounted to R1,466 million, a 56% year-on-year increase.
The gearing of the SA PGM operations to the higher rand PGM basket price was similarly evident, with the 33% higher average 4E basket price of R17,104/oz significantly boosting earnings and cash flow. Reported adjusted EBITDA of R353 million from the SA PGM operations was 38% higher than for Q1 2018. This result was achieved despite the change in the contractual processing arrangement with Anglo American Platinum from a Purchase of Concentrate (PoC) to Toll processing arrangement (discussed in more detail in the operations section below). From an accounting perspective this contractual change resulted in zero revenue recognition of 4E production from the Rustenburg operations.  Cash flow due to the contractual change was not affected and on a normalised basis, the pro-forma adjusted EBITDA (including Rustenburg), would have been R1,108 million (US$79 million), which is a 330% increase relative to Q1 2018. Attributable adjusted EBITDA from Mimosa, of approximately R198 million (US$14 million) generated during Q1 2019 is equity accounted and also excluded from Group adjusted EBITDA.
The combined adjusted EBITDA from the PGM operations (US and SA) of R1,819 million (US$130 million) for Q1 2019, more than offset the R1,661 million adjusted EBITDA loss from the SA gold operations due to the strike action, resulting in Group adjusted EBITDA of R176 million for Q1 2019. Including the deferred adjusted EBITDA from the Rustenburg operations, normalised adjusted EBITDA from the combined PGM operations would have been 131% higher at R2,574 million (US$184 million) with normalised Group adjusted EBITDA higher at R931 million (US$66 million). We remain focused on deleveraging the Group balance sheet with net debt to adjusted EBITDA at the end of Q1 2019 of 3.00x, was below the Group’s 3.5x covenant ceiling for 2019. Following the 5% share placing of approximately R1,700 million (US$120 million) and gold prepayment (announced on 10 and 11 April 2019) of approximately R1,750 million (US$125 million), pro-forma net debt to adjusted EBITDA would be approximately 2.54x.
Whilst the strike action and the gradual build-up post the strike will continue to negatively impact the SA gold operations during Q2 2019, unit revenues for both the gold and PGM operations are expected to exceed those in the comparative period in 2018 and further deleveraging is anticipated during the course of the year.
Industrial relations
SA gold operations
On 17 April 2019, the five month long strike, which was called by AMCU at our SA gold operations on 21 November 2018, was resolved. Our ongoing attempts to end the strike both through legal means and through ongoing engagement with AMCU, were frustrated by ongoing legal challenges and significant intimidation and violence at the operations and in surrounding communities. Despite these vexing actions, we remained resolute and committed to honouring the collective agreement we had reached with the National Union of Mineworkers (the NUM), Solidarity and UASA in respect of wages and conditions of service for the period 1 July 2018 to 30 June 2021. It was therefore pleasing to ultimately resolve the strike in a sustainable manner which did not undermine our values and other stakeholders.
Under the terms of the agreement reached with AMCU, its members will be subject to the same conditions of the original collective wage agreement reached with the other three unions on 15 November 2018. Furthermore, the union committed to concluding a peace pact with the company and the other unions within 30 days as well as engaging in future on a constructive basis across the entire South African segment.  .
In recognition of the difficulties experienced by employees during the strike, the Group has agreed to an ex-gratia ‘return to work’ payment of R4,000 for all employees (not just AMCU members) at the SA gold operations. In addition the Company has offered a cash advance to AMCU members up to a maximum of R5,000 which will be repayable over a 12- month period. Debt consolidation and counselling as part of the existing ‘Care for iMali’ program will also be freely available. Furthermore, the Company waived its rights to reclaim costs incurred on behalf of employees during the strike, including contributions made to medical aid and pension/provident funds, accommodation and meal costs.
SA PGM operations
The PGM sector wage negotiations will commence in the next few months at the Rustenburg operations, with the three year Kroondal wage agreement up for renewal only in July 2020.
US PGM operations
Wage negotiations with the United Steelworkers Union at the Stillwater mine and Columbus metallurgical complex were successfully concluded during April 2019. The new five-year agreement is on similar terms to the previous agreement with minor revisions, and pay increases broadly in line with other industrial and mining operations. The four-year contract for East Boulder mine, which was agreed in December 2015, remains in place until December 2020.
Safe PRODUCTION
It is extremely pleasing to note that there have been no fatalities at the SA gold operations since August 2018, with a significant milestone of four million fatality free shifts achieved on 8 April 2019. This is a record for these operations.
A safe build up to normalised production levels following the extended strike will be the primary focus for the SA gold operations during Q2 2019. Ensuring that the work places, many of which have been dormant for almost five months, are safe and conducive to mining and re-integrating the teams will require a measured and gradual approach, with normalised production rates expected to be achieved during Q3 2019.
The Total Reportable Injury Frequency Rate (TRIFR) (measured per million hours) for the US PGM operations of 16.0 for Q1 2019 improved from 17.8 for Q1 2018. There was a notable improvement in the safety performance during the quarter, which started poorly with 60% of the reportable injuries occurring in January 2019.
A fall of ground incident at the SA PGM operations on 20 March 2019 tragically claimed the life of Madodana Manzenze, a rock drill operator at Thembelani shaft in Rustenburg. The Board and management of Sibanye-Stillwater extend their sincere condolences to the family and friends of Mr Manzenze. Prior to this incident, the SA PGM operations achieved 4.4 million fatality free shifts over a six month period.
OPERATING REVIEW
US PGM operations
Mined PGM production from the underground operations of 130,899 2Eoz for Q1 2019, was 12% lower than the comparable period in 2018 primarily due to flexibility constraints caused by sequencing challenges at both the Stillwater and East Boulder mines. This temporarily restricted access to higher grade production stopes. Whilst total operating costs and capital expenditure were in line with expectations, lower production resulted in elevated All-in Sustaining Cost (AISC) per unit for the quarter. Production is expected to ramp up over the balance of the year and annual production and cost guidance remains unchanged. Following the re-commissioning of EF2 in February 2019, the Columbus Metallurgical Complex, increased throughput of mined and recycled material resulting in a record throughput for the quarter. During the period the recycling operation fed an average of 25.6 tonnes of material per day (tpd), enabling a reduction in metal inventory of approximately 32,000oz during the quarter.
Tax changes
The US PGM operations renegotiated its refining and certain sales agreements during Q1 2019,  resulting in the reversal of the Group deferred tax charge of R1,545 million (US$108 million), recognised in December 2018. The 2019 effective combined federal and state cash tax rate for the US operations/segment are expected to be between 5 and 10%. The change of tax is a result of sales moving to a different tax jurisdiction.
SA PGM operations
The financial implications of the transition from a PoC to a Toll processing arrangement with Anglo American Platinum effective from 1 January 2019 were discussed in detail in the operating and financial results for the six-months and year-ended 31 December 2018, which were released on 21 February 2019.
In terms of the Toll arrangement, Sibanye-Stillwater pays an agreed toll fee to Anglo American Platinum to smelt and refine concentrate from the Rustenburg operations, but retains ownership of the refined metal produced. From a financial reporting perspective, Sibanye-Stillwater will receive and recognise all the recovered metal at the full average 4E PGM basket price once sold and no longer reflect a discount in its revenue, though costs and unit costs will be higher than under the PoC arrangement, reflecting the additional tolling costs.
At the current spot 4E PGM basket price, the net financial impact of this contractual change is positive, with the increased revenue more than offsetting the additional toll cost and as a result is beneficial both commercially and strategically. The change in the arrangement however results in a delay in the recognition of 4E PGM revenue, due to the point of sale being extended to the end of the processing pipeline, which resulted in no 4E PGM revenue or adjusted EBITDA being recognised from the Rustenburg operations in Q1 2019 (as discussed in the introduction).
Attributable 4E PGM production from the SA PGM operations (including Mimosa) of 263,508 4Eoz and AISC (excluding Mimosa) of R12,741/4Eoz (US$909/4Eoz) are in line with annual guidance. Production guidance for 2019 was lower relative to 2018 due to a reduction in lower grade surface material processed, which is uneconomical under the toll arrangement. In order to further optimise margins by managing tolling costs and revenue, a revised mass pull strategy was implemented at Rustenburg to reduce the volume of underground concentrate sent for processing (causing a slight decline in recoveries), with processing of lower grade surface material also significantly reduced. Kroondal continued its strong performance, with production marginally higher and AISC 4% higher at R10,916/4Eoz, reflecting a real reduction in unit costs.
Q1 2019 chrome sales of 199,343 tonnes were significantly higher than the 94,140 tonnes in Q1 2018 due to a greater availability of cargo vessels relative to early 2018. Chrome revenue of R304 million for Q1 2019 was therefore higher than the Q1 2018 chrome revenue of R117 million despite lower chrome prices in Q1 2019.
SA gold operations
Total gold production from the SA gold operations for Q1 2019 of 4,456 kg (143,278oz), includes 1,130kg (36,330oz) of production from DRDGOLD. Like-for-like, production from the SA gold operations, excluding DRDGOLD, declined 63% to 3,326kg (106,948oz) for Q1 2019 quarter compared with Q1 2018, reflecting the impact of the AMCU industrial action.
Implementation of strike mitigation plans at the SA gold operations and the “no work no pay principle”, resulted in a significant reduction in operating costs in absolute terms during the quarter. Unit costs were however negatively affected by the lower production volumes, resulting in AISC (excluding DRDGOLD) of R1,002,350/kg (US$2,225/oz), significantly higher than expected ASIC of around R550,000/kg, at more normalized production levels.
Striking employees began to report for work at the SA gold operations from 24 April 2019, following the conclusion of the five month AMCU industrial action on 17 April 2019. As a result of the extended period that large sections of the SA gold operations stood dormant during the strike and in order to ensure the safety of employees, the buildup in production will be measured and gradual, with normalised production rates only anticipated during Q3 2019. A full review of all the workplaces is currently underway and following any necessary re-planning, production guidance will be provided to the market.
Section 189 consultations
On 14 February 2019 notice was given to relevant stakeholders regarding the possible restructuring of the SA gold operations, in terms of Section 189A (Section 189A) of the Labour Relations Act, 66 of 1995 (LRA and associated services) (S189).
Despite an attempt by AMCU to interdict the S189 process, consultations proceeded and the process is expected to be concluded in mid May 2019. Subject to the outcome of the S189 process, approximately 5,870 employees and 800 contractors may be directly impacted. The outcome of the S189 consultation process will be communicated to all stakeholders once concluded.
CORPORATE ACTION
The proposed Lonmin acquisition
On 25 April 2019, it was announced that the Boards of Sibanye-Stillwater and Lonmin had reached agreement on the terms of an increased recommended all-share offer to be made by Sibanye-Stillwater for the entire issued and to be issued ordinary share capital of Lonmin (the Increased Offer). Under the terms of the Increased Offer, Lonmin shareholders will be entitled to receive one new Sibanye-Stillwater share for each Lonmin share that they hold (the Revised Exchange Ratio), reflecting a an additional 0.033 new Sibanye-Stillwater shares per Lonmin share held relative to the Exchange Ratio of 0.967 new Sibanye-Stillwater shares for each Lonmin share held, as announced on 14 December 2017. The Increased Offer for Lonmin reflects the recent recovery in the PGM pricing environment, balanced against the fact that Lonmin continues to be financially constrained and unable to fund the significant investment required to sustain its business and associated employment. The Increased Offer is proposed to be effected by means of a UK scheme of arrangement (the Scheme) and remains subject to a number of conditions, including the relevant approvals of Lonmin shareholders and Sibanye-Stillwater shareholders and of the High Court of Justice of England & Wales.  
On 25 April, Sibanye-Stillwater advised that a circular (Circular) containing, inter alia, an ordinary resolution regarding the issuance and allotment of shares as the consideration payable by Sibanye-Stillwater to Lonmin shareholders in respect of the Increased Offer (Ordinary Resolution), a notice convening the general meeting (General Meeting) and a form of proxy, had been posted to Sibanye-Stillwater Shareholders.
The Circular is available, subject to certain restrictions relating to persons in certain restricted jurisdictions, on Sibanye-Stillwater’s website at www.sibanyestillwater.com/investors/transactions/lonmin.
The outcome from the Competition Appeal Court of South Africa, which was heard on 2 April 2019, is expected to be provided in due course. 
The General Meeting of Shareholders will be held at the Sibanye-Stillwater Academy, Rietkloof 349, Glenharvie, 1786, South Africa, on Tuesday, 28 May 2019 at 08:30 a.m. (South African time), immediately before the Sibanye-Stillwater annual general meeting, to consider and, if deemed fit, pass, with or without amendment, the Ordinary Resolution set out in the Circular. Sibanye-Stillwater also notes that a circular in relation to the Increased Offer and the Scheme (the Lonmin Scheme Circular) was published by Lonmin on 25 April 2019 and is available, subject to certain restrictions relating to persons in certain restricted jurisdictions, on Lonmin’s website at www.lonmin.com/investors/sibanyestillwater-offer and on Sibanye-Stillwater’s website at the address noted above.
Share placing and gold prepayment
On 9 April 2019 the Group announced that it would be raising equity capital through a non pre-emptive cash placing of new Sibanye-Stillwater shares through an accelerated book build process with new and existing institutional investors. On 15 April 2019, Sibanye-Stillwater announced that a total of 108,932,356 new ordinary no par value shares, representing approximately 5% of Sibanye-Stillwater’s then in issue ordinary share capital, had been placed with new and existing institutional investors. The cash placing closed at a price of R15.50 per share to raise gross proceeds of approximately ZAR1,700 million (US$120 million). The new shares were admitted to listing on the Main Board of the Johannesburg Stock Exchange on 15 April 2019. On 11 April 2019, it was further announced that US$125 million (approximately R1,750 million) had been raised through a forward gold sale arrangement (gold prepayment) in terms of which, 105,906oz (3,294kg) of gold would be delivered during Q4 2019, subject to a floor price of US$1,200/oz and a cap price of US$1,323/oz.
The equity raise and the gold prepay significantly enhanced the Group balance sheet flexibility and liquidity position, providing the Company with approximately R10 billion (US$700 million) of undrawn available facilities.
OUTLOOK
Mined 2E PGM production guidance from the US PGM operations for 2019 of between 645,000oz and 675,000oz and AISC guidance of between US$690/2Eoz and US$730/2Eoz remains unchanged.Total capital expenditure for the year is guided at between US$235 million and US$245 million for the year. Approximately half of this anticipated spend is growth capital in nature, including expenditure on the Fill the mill project.
4E PGM production from the SA PGM operations for 2019 is unchanged at between 1,000,000oz and 1,100,000oz with AISC between R12,500/4Eoz and R13,200/4Eoz (US$922/4Eoz and US$974/4Eoz), reflecting the transition to the Toll processing arrangement. Capital expenditure is forecast at R1,400 million (US$103 million), which includes approximately R230 million (US$17 million) of project capital. The dollar costs are based on an average exchange rate of R13.55/US$.
Guidance for the SA gold operations will be provided once we have sufficient clarity of the production build up.
Precious metals prices remain significantly elevated and at current spot prices further deleveraging towards an anticipated target of 1.8x net debt to adjusted EBITDA is expected by year-end.

Neal Froneman
Chief Executive Officer

SALIENT FEATURES AND COST BENCHMARKS FOR THE QUARTERS ENDED 31 MARCH 2019, 31 DECEMBER 2018 AND 31 MARCH 2018

SA and US PGM operations

             
 

GROUP

SA OPERATIONS

US OPERATIONS

 

 

 

Total SA and US PGM operations

Total SA PGM

Kroondal

Plat Mile

Rustenburg

Mimosa

Total US PGM
Stillwater

Attributable

 

Total

Under-
ground

Surface

Attributable

Surface

Under-
ground

Surface

Attributable

Under- ground1

Production

            

Tonnes milled/treated

000't

Mar 2019

6,047

5,725

2,883

2,842

877

1,820

1,667

1,022

339

322

  

Dec 2018

7,001

6,639

3,147

3,492

1,030

2,077

1,764

1,415

353

362

  

Mar 2018

6,128

5,803

2,890

2,913

874

1,678

1,678

1,235

338

325

Plant head grade

g/t

Mar 2019

2.67

2.05

3.19

0.89

2.48

0.72

3.49

1.21

3.56

13.76

  

Dec 2018

2.68

2.02

3.26

0.90

2.53

0.65

3.62

1.27

3.59

14.81

  

Mar 2018

2.80

2.09

3.30

0.89

2.47

0.58

3.68

1.31

3.56

15.52

Plant recoveries

%

Mar 2019

75.93

69.82

82.83

22.64

82.89

11.65

84.32

34.24

75.53

91.80

  

Dec 2018

76.38

69.92

83.91

24.38

83.24

11.53

85.50

34.05

77.27

91.89

  

Mar 2018

78.74

73.51

84.94

31.41

81.92

11.94

87.32

43.09

78.15

91.38

Yield

g/t

Mar 2019

2.03

1.43

2.64

0.20

2.05

0.08

2.95

0.41

2.69

12.64

  

Dec 2018

2.05

1.41

2.73

0.22

2.10

0.08

3.09

0.43

2.77

13.70

  

Mar 2018

2.21

1.53

2.80

0.28

2.02

0.07

3.21

0.56

2.77

14.22

PGM production2

4Eoz - 2Eoz

Mar 2019

394,407

263,508

245,041

18,467

57,823

4,878

157,924

13,589

29,294

130,899

  

Dec 2018

460,750

301,279

276,590

24,690

69,666

5,009

175,473

19,681

31,451

159,471

  

Mar 2018

434,743

286,194

260,069

26,125

56,764

3,723

173,176

22,402

30,129

148,549

PGM sold

4Eoz - 2Eoz

Mar 2019

219,449

91,995

87,117

4,878

57,823

4,878

-

-

29,294

127,454

  

Dec 2018

516,279

301,279

276,590

24,690

69,666

5,009

175,473

19,681

31,451

215,000

  

Mar 2018

420,856

286,194

260,069

26,125

56,764

3,723

173,176

22,402

30,129

134,662

Price and costs3

            

Average PGM basket price4

R/4Eoz - R/2Eoz

Mar 2019

17,281

17,104

16,874

14,943

17,182

16,182

16,761

14,498

16,453

18,283

  

Dec 2018

15,415

15,427

15,536

14,348

15,901

14,440

15,391

14,324

15,053

15,394

  

Mar 2018

12,637

12,839

12,871

12,643

12,955

12,962

12,830

12,590

12,655

12,289

 

US$/4Eoz - US$/2Eoz

Mar 2019

1,234

1,221

1,204

1,067

1,226

1,155

1,196

1,035

1,174

1,305

  

Dec 2018

1,077

1,078

1,086

1,003

1,111

1,009

1,076

1,001

1,052

1,076

  

Mar 2018

1,058

1,073

1,076

1,057

1,083

1,083

1,073

1,053

1,058

1,027

Operating cost5

R/t

Mar 2019

777

580

1,095

119

748

26

1,278

284

978

4,080

  

Dec 2018

753

484

998

72

717

22

1,163

144

927

3,443

  

Mar 2018

626

502

994

72

714

18

1,140

145

769

2,708

 

US$/t

Mar 2019

55

41

78

8

53

2

91

20

70

291

  

Dec 2018

53

34

70

5

50

2

81

10

65

241

  

Mar 2018

52

42

83

6

60

2

95

12

64

226

 

R/4Eoz - R/2Eoz

Mar 2019

12,153

13,335

12,909

18,309

11,335

9,717

13,485

21,394

11,320

10,038

  

Dec 2018

11,658

11,265

11,377

10,154

10,595

9,263

11,687

10,381

10,410

7,816

  

Mar 2018

6,785

10,722

11,032

7,996

10,986

8,165

11,044

7,968

8,620

5,921

 

US$/4Eoz - US$/2Eoz

Mar 2019

867

952

921

1,307

809

694

963

1,527

808

716

  

Dec 2018

815

787

795

710

741

647

817

726

728

546

  

Mar 2018

567

896

922

669

919

683

923

666

721

495

All-in sustaining cost6

R/4Eoz - R/2Eoz

Mar 2019

12,358

12,741

 

 

10,916

9,779

13,441

11,857

11,671

  

Dec 2018

10,058

10,576

  

8,997

9,423

11,170

10,582

9,180

  

Mar 2018

9,310

10,186

  

10,477

10,341

9,990

8,706

7,559

 

US$/4Eoz - US$/2Eoz

Mar 2019

882

909

 

 

779

698

959

846

833

  

Dec 2018

703

739

  

629

659

781

740

642

  

Mar 2018

778

852

  

876

864

835

728

632

All-in cost6

R/4Eoz - R/2Eoz

Mar 2019

13,479

12,751

 

 

10,916

10,250

13,441

11,857

14,781

  

Dec 2018

11,326

10,596

  

8,997

10,501

11,170

10,582

12,560

  

Mar 2018

10,152

10,186

  

10,477

10,341

9,990

8,706

9,695

 

US$/4Eoz - US$/2Eoz

Mar 2019

962

910

 

 

779

732

959

846

1,054

  

Dec 2018

792

741

  

629

734

781

740

878

  

Mar 2018

849

852

 

 

876

864

835

728

811

Capital expenditure

            

Ore reserve development

Rm

Mar 2019

432.9

120.6

 

 

-

-

120.6

-

312.3

  

Dec 2018

425.9

119.9

  

-

-

119.9

-

306.0

  

Mar 2018

327.8

110.4

  

-

-

110.4

-

217.4

Sustaining capital

 

Mar 2019

85.0

56.0

 

 

25.2

3.5

27.3

72.5

29.0

  

Dec 2018

283.5

219.3

  

59.6

3.4

156.3

56.0

64.2

  

Mar 2018

98.6

77.1

  

20.9

10.2

46.0

72.3

21.5

Corporate and projects7

 

Mar 2019

409.4

2.3

 

 

-

2.3

-

-

407.1

  

Dec 2018

544.4

5.4

  

-

5.4

-

-

539.0

  

Mar 2018

335.9

-

  

-

-

-

-

335.9

Total capital expenditure

Rm

Mar 2019

927.3

178.9

 

 

25.2

5.8

147.9

72.5

748.4

  

Dec 2018

1,253.8

344.6

  

59.6

8.8

276.2

56.0

909.2

  

Mar 2018

762.2

187.4

  

20.9

10.2

156.3

72.3

574.8

 

US$m

Mar 2019

66.2

12.8

 

 

1.8

0.4

10.6

5.2

53.4

  

Dec 2018

87.6

24.1

  

4.2

0.6

19.3

3.9

63.6

  

Mar 2018

64.0

16.0

  

2.0

1.0

13.0

6.0

48.0

Average exchange rates for the quarters ended 31 March 2019, 31 December 2018 and 31 March 2018 were R14.01/US, R14.31/US$ and R11.96/US$, respectively

Figures may not add as they are rounded independently

1 The US PGM operations’ underground production is converted to metric tonnes and performance is translated into SA rand. In addition to the US PGM operations’ underground production, the operation treats various recycling material which is excluded from the underground statistics shown and is detailed in the PGM recycling table below

2 Production per product – see prill split in the table below

3 The Group and total SA PGM operations’ unit cost benchmarks exclude the financial results of Mimosa, which is equity accounted and excluded from revenue and cost of sales

4 The average PGM basket price is the PGM revenue per 4E/2E ounce, prior to a purchase of concentrate adjustment

5 Operating cost is the average cost of production and operating cost per tonne is calculated by dividing the cost of sales, before amortisation and depreciation and change in inventory in a period by the tonnes milled/treated in the same period, and operating cost per ounce and kilogram is calculated by dividing the cost of sales, before amortisation and depreciation and change in inventory in a period by the PGM produced in the same period

6 All-in costs exclude income tax, costs associated with merger and acquisition activities, working capital, impairments, financing costs, one-time severance charges and items needed to normalise earnings. All-in costs is made up of All-in sustaining costs, being the cost to sustain current operations, given as a sub-total in the All-in costs calculation, together with corporate and major capital expenditure associated with growth. All-in sustaining cost per ounce (and kilogram) and All-in cost per ounce (and kilogram) are calculated by dividing the All-in sustaining costs and All-in costs, respectively, in a period by the total 4E/2E PGM produced in the same period

The US operations All-in cost, excluding the corporate project expenditure (on the Altar and Marathon projects), for the quarters ended 31 March 2019, 31 December 2018 and 31 March 2018 was US$1,053/2Eoz, US$876/2Eoz and US$811/2Eoz, respectively

7 The US operations corporate expenditure for the quarter ended 31 March 2019 includes R1.6 million (US$0.1 million) related to the Marathon project, and quarters ended 31 December 2018 and 31 March 2018 R4.2 million (US$0.3 million) and R16.5 million (US$1.4 million), respectively, related to the Altar and Marathon projects

Mining – Prill split excuding recycling operations

                   

 

GROUP

SA OPERATIONS

US OPERATIONS

 

Mar 2019

Dec 2018

Mar 2018

Mar 2019

Dec 2018

Mar 2018

Mar 2019

Dec 2018

Mar 2018

 

4Eoz /
2Eoz

%

4Eoz /
2Eoz

%

4Eoz /
2Eoz

%

4Eoz

%

4Eoz

%

  

2Eoz

%

2Eoz

%

2Eoz

%

Platinum

182,573

46%

212,055

46%

199,629

46%

153,109

58%

175,975

58%

166,440

58%

29,464

23%

36,080

23%

33,189

22%

Palladium

183,665

47%

216,516

47%

204,269

47%

82,231

31%

93,125

31%

88,909

31%

101,435

77%

123,391

77%

115,360

78%

Rhodium

22,533

6%

25,524

6%

24,156

6%

22,533

9%

25,524

9%

24,156

9%

 

 

    

Gold

5,634

1%

6,655

1%

6,690

2%

5,634

2%

6,655

2%

6,690

2%

 

 

    

PGM production

394,407

100%

460,750

100%

434,743

100%

263,508

100%

301,279

100%

286,194

100%

130,899

100%

159,471

100%

148,549

100%

Ruthenium

35,604

 

40,098

 

37,964

 

35,604

 

40,098

 

37,964

 

 

 

    

Iridium

8,169

 

9,158

 

7,249

 

8,169

 

9,158

 

7,249

 

 

 

    

Total

438,180

 

510,006

 

479,956

 

307,281

 

350,535

 

331,407

 

130,899

 

159,471

 

148,549

 

Recycling operation

     

 

Unit

Mar 2019

Dec 2018

Mar 2018

Average catalyst fed/day

Tonne

25.6

22.1

25.8

Total processed

Tonne

2,303

2,032

2,323

Tolled

Tonne

581

280

365

Purchased

Tonne

1,722

1,752

1,958

PGM fed

3Eoz

201,289

181,761

191,404

PGM sold

3Eoz

183,795

110,476

155,455

PGM tolled returned

3Eoz

15,761

35,441

38,260

SA gold operations

               

 

 

 

SA OPERATIONS

 

 

 

 

Total SA gold1

Driefontein

Kloof

Beatrix

Cooke

DRDGOLD

 

Total

Under-
ground

Surface

Under-
ground

Surface

Under-
ground

Surface

Under-
ground

Surface

Under-
ground

Surface

Surface

Production

              

Tonnes milled/treated

000't

Mar 2019

9,329

411

8,918

30

8

190

1,627

174

456

17

1,153

5,674

  

Dec 2018

9,634

1,138

8,496

282

126

393

1,151

421

292

42

1,172

5,755

  

Mar 2018

4,283

1,525

2,758

500

815

478

1,075

547

173

-

695

 

Yield

g/t

Mar 2019

0.48

5.29

0.26

3.01

0.38

7.95

0.37

3.26

0.50

0.35

0.28

0.20

  

Dec 2018

0.87

5.37

0.27

5.11

0.56

7.19

0.50

4.26

0.37

1.05

0.36

0.19

  

Mar 2018

2.12

5.25

0.39

5.67

0.29

6.95

0.49

3.37

0.37

-

0.35

 

Gold produced

kg

Mar 2019

4,456

2,174

2,282

90

3

1,510

600

567

227

6

323

1,130

  

Dec 2018

8,399

6,106

2,293

1,441

70

2,827

576

1,794

108

44

428

1,111

  

Mar 2018

9,068

8,002

1,066

2,833

238

3,323

524

1,846

64

-

240

 
 

oz

Mar 2019

143,278

69,896

73,382

2,905

96

48,558

19,278

18,240

7,295

193

10,383

36,330

  

Dec 2018

270,025

196,313

73,712

46,329

2,251

90,891

18,522

57,678

3,472

1,415

13,748

35,719

  

Mar 2018

291,543

257,270

34,273

91,083

7,652

106,837

16,847

59,350

2,058

-

7,716

 

Gold sold

kg

Mar 2019

4,373

2,130

2,243

88

3

1,482

585

554

195

6

341

1,119

  

Dec 2018

8,288

6,099

2,189

1,441

70

2,820

494

1,794

108

44

380

1,137

  

Mar 2018

9,068

8,002

1,066

2,833

238

3,323

524

1,846

64

-

240

-

 

oz

Mar 2019

140,593

68,480

72,113

2,829

96

47,647

18,808

17,811

6,269

193

10,963

35,977

  

Dec 2018

266,464

196,087

70,377

46,329

2,251

90,665

15,882

57,678

3,472

1,415

12,217

36,555

  

Mar 2018

291,543

257,270

34,273

91,083

7,652

106,837

16,847

59,350

2,058

-

7,716

 

Price and costs

              

Gold price received

R/kg

Mar 2019

588,040

 

 

582,418

571,505

572,630

593,372

588,114

  

Dec 2018

561,788

  

557,909

560,260

563,197

564,623

564,820

  

Mar 2018

507,719

  

511,918

511,152

510,157

529,583

 
 

US$/oz

Mar 2019

1,306

 

 

1,293

1,269

1,271

1,317

1,306

  

Dec 2018

1,221

  

1,213

1,218

1,224

1,228

1,228

  

Mar 2018

1,320

  

1,331

1,329

1,326

1,377

 

Operating cost2

R/t

Mar 2019

421

6,883

123

27,157

1,138

6,649

176

4,301

154

159

121

104

  

Dec 2018

461

3,001

160

4,303

148

3,331

174

2,103

100

186

229

107

  

Mar 2018

934

2,314

182

2,661

208

2,668

182

1,680

97

-

172

 
 

US$/t

Mar 2019

30

491

9

1,938

81

475

13

307

11

11

9

7

  

Dec 2018

32

210

11

301

10

233

12

147

7

13

16

7

  

Mar 2018

78

193

15

222

17

223

15

140

8

-

14

 
 

R/kg

Mar 2019

881,009

1,301,321

480,665

9,016,257

3,033,333

836,440

477,476

1,319,155

309,835

450,000

431,949

523,009

  

Dec 2018

539,451

558,382

489,033

842,054

267,143

460,835

347,688

493,590

269,444

177,273

606,177

552,565

  

Mar 2018

444,387

440,890

470,638

469,714

710,924

383,720

374,237

497,941

262,500

-

498,333

 
 

US$/oz

Mar 2019

1,956

2,889

1,067

20,017

6,734

1,857

1,060

2,929

688

999

959

1,161

  

Dec 2018

1,173

1,214

1,063

1,831

581

1,002

756

1,073

586

385

1,318

1,201

  

Mar 2018

1,155

1,146

1,224

1,221

1,848

998

973

1,295

682

-

1,296

 

All-in sustaining cost3

R/kg

Mar 2019

914,590

 

 

9,242,857

761,877

1,104,806

444,669

546,023

  

Dec 2018

610,883

  

989,014

526,433

537,066

406,132

569,217

  

Mar 2018

513,829

  

565,093

447,777

557,958

560,417

 
 

US$/oz

Mar 2019

2,030

 

 

20,520

1,691

2,453

987

1,212

  

Dec 2018

1,328

  

2,150

1,144

1,168

883

1,238

  

Mar 2018

1,336

  

1,469

1,165

1,451

1,457

 

All-in cost3

R/kg

Mar 2019

935,925

 

 

9,242,857

762,119

1,105,340

444,669

556,390

  

Dec 2018

651,267

  

989,014

538,413

537,802

406,132

734,916

  

Mar 2018

535,851

  

565,093

456,408

558,010

560,417

 
 

US$/oz

Mar 2019

2,078

 

 

20,520

1,692

2,454

987

1,235

  

Dec 2018

1,416

  

2,150

1,171

1,169

883

1,598

  

Mar 2018

1,393

  

1,469

1,187

1,451

1,457

 

Capital expenditure

              

Ore reserve development

Rm

Mar 2019

28.8

 

 

1.4

25.3

2.1

-

 

-

  

Dec 2018

432.0

  

165.7

199.1

67.2

-

 

-

  

Mar 2018

498.2

  

198.8

194.1

105.3

-

 

-

Sustaining capital

 

Mar 2019

34.5

 

 

6.5

14.4

10.6

-

 

3.0

  

Dec 2018

218.6

  

96.6

80.4

31.8

-

 

9.8

  

Mar 2018

77.9

  

28.2

40.2

9.5

-

  

Corporate and projects4

 

Mar 2019

13.9

 

 

-

 

0.5

0.4

-

 

11.6

  

Dec 2018

256.2

  

-

 

39.7

1.4

-

 

188.4

  

Mar 2018

123.2

  

-

 

33.2

0.1

-

 

 

Total capital expenditure

Rm

Mar 2019

77.4

 

 

7.9

40.2

13.1

-

 

14.6

  

Dec 2018

906.8

  

262.3

319.2

100.4

-

 

198.2

  

Mar 2018

699.2

  

227.0

267.5

114.9

-

 

 
 

US$m

Mar 2019

5.5

 

 

0.6

2.9

0.9

-

 

1.0

  

Dec 2018

63.4

  

18.3

22.3

7.0

-

 

13.9

  

Mar 2018

58.5

  

19.0

22.4

9.6

-

  

Average exchange rates for the quarters ended 31 March 2019, 31 December 2018 and 31 March 2018 were R14.01/US, R14.31/US$ and R11.96/US$, respectively

Figures may not add as they are rounded independently

1 The SA gold operations’ results for the quarters ended 31 March 2019 and 31 December 2018 include DRDGOLD. Gold produced and gold sold excludes 149kg (4,790oz) and 131kg (4,212oz), respectively from the Far West Gold Recoveries (FWGR) project which was capitalised in accordance with IFRS

2 Operating cost is the average cost of production and operating cost per tonne is calculated by dividing the cost of sales, before amortisation and depreciation and change in inventory in a period by the tonnes milled/treated in the same period, and operating cost per kilogram (and ounce) is calculated by dividing the cost of sales, before amortisation and depreciation in a period by the gold produced in the same period

3 All-in costs excludes income tax, costs associated with merger and acquisition activities, working capital, impairments, financing costs, one time severance charges and items needed to normalise earnings. All-in costs is made up of All-in sustaining costs, being the cost to sustain current operations, given as a sub-total in the All-in costs calculation, together with corporate and major capital expenditure associated with growth. All-in sustaining cost per kilogram (and ounce) and All-in cost per kilogram (and ounce) is calculated by dividing the All-in sustaining costs and All-in costs, respectively, in a period by the total gold sold over the same period

4 Corporate project expenditure for the quarters ended 31 March 2019, 31 December 2018 and 31 March 2018 was R1.3 million (US$0.1 million), R26.7 million (US$1.9 million), and R89.8 million (US$7.5 million), respectively. The majority of this expenditure was on the Burnstone project

DEVELOPMENT RESULTS

Development values represent the actual results of sampling and no allowance has been made for any adjustments which may be necessary when estimating ore reserves. All figures below exclude shaft sinking metres, which are reported separately where appropriate.

                 

SA gold operations

              

Quarter ended

 

31 Mar 2019

31 Dec 2018

31 Mar 2018

 

Reef

 

Black Reef

Carbon
leader

Main

VCR

 

Black Reef

Carbon
leader

Main

VCR

 

Black Reef

Carbon
leader

Main

VCR

Driefontein

Unit

               

Advanced

(m)

   

7

64

 

2

1,043

564

847

 

66

1,441

660

992

Advanced on reef

(m)

   

7

   

285

 

44

 

49

293

228

128

Channel width

(cm)

   

87

   

48

42

36

 

46

35

62

56

Average value

(g/t)

   

7.9

   

24.5

13.4

86.1

 

4.7

30.0

8.6

85.8

 

(cm.g/t)

   

684

   

1,183

569

3,091

 

214

1,041

534

4,774

                 

Quarter ended

 

31 Mar 2019

31 Dec 2018

31 Mar 2018

 

Reef

Cobble

Kloof

Main

Libanon

VCR

Cobble

Kloof

Main

Libanon

VCR

Cobble

Kloof

Main

Libanon

VCR

Kloof

Unit

               

Advanced

(m)

 

575

266

 

236

 

1,145

619

 

1,245

 

1,158

605

9

1,148

Advanced on reef

(m)

 

330

104

 

84

 

316

202

 

223

 

373

81

9

255

Channel width

(cm)

 

151

113

 

85

 

129

131

 

120

 

129

126

99

104

Average value

(g/t)

 

8.7

12.7

 

18.7

 

8.4

11.6

 

20.7

 

9.6

6.6

11.3

20.5

 

(cm.g/t)

 

1,314

1,435

 

1,591

 

1,091

1,526

 

2,485

 

1,244

832

1,120

2,139

                 

Quarter ended

 

31 Mar 2019

31 Dec 2018

31 Mar 2018

 

Reef

  

Beatrix

 

Kalkoen-
krans

  

Beatrix

 

Kalkoen-
krans

  

Beatrix

 

Kalkoen-
krans

Beatrix

Unit

               

Advanced

(m)

  

536

    

3,223

 

38

  

3,909

 

64

Advanced on reef

(m)

  

421

    

1,016

 

20

  

1,234

 

21

Channel width

(cm)

  

127

    

106

 

183

  

118

 

168

Average value

(g/t)

  

10.3

    

9.1

 

4.6

  

5.8

 

9.6

 

(cm.g/t)

  

1,314

    

966

 

850

  

688

 

1,619

                 

Quarter ended

 

31 Mar 2019

31 Dec 2018

31 Mar 2018

 

Reef

    

Kimberley
Reefs

    

Kimberley
Reefs

    

Kimberley
Reefs

Burnstone

Unit

               

Advanced

(m)

              

1,266

Advanced on reef

(m)

              

193

Channel width

(cm)

              

69

Average value

(g/t)

              

9.2

 

(cm.g/t)

              

634

                 

SA PGM operations

              

Quarter ended

 

31 Mar 2019

31 Dec 2018

31 Mar 2018

 

Reef

Kopan-
eng

Simunye

Bamban-
ani

Kwezi

K6

Kopan-
eng

Simunye

Bamban-
ani

Kwezi

K6

Kopan-
eng

Simunye

Bamban-
ani

Kwezi

K6

Kroondal

Unit

               

Advanced

(m)

556

386

520

734

577

651

598

707

662

592

428

481

578

609

802

Advanced on reef

(m)

556

368

484

554

577

651

598

707

662

592

409

362

402

535

657

Height

(cm)

238

219

209

241

240

247

219

224

240

241

236

229

217

245

246

Average value

(g/t)

2.0

2.7

2.7

2.0

2.5

1.8

2.2

2.1

2.1

2.3

2.2

2.2

2.0

2.2

2.2

 

(cm.g/t)

469

594

563

479

587

455

486

478

501

546

520

494

429

543

536

                 

Quarter ended

 

31 Mar 2019

31 Dec 2018

31 Mar 2018

 

Reef

 

Bathopele

Thembe-
lani

Khuseleka

Siphume-
lele

 

Bathopele

Thembe-
lani

Khuseleka

Siphume-
lele

 

Bathopele

Thembe-
lani

Khuseleka

Siphume-
lele

Rustenburg

Unit

               

Advanced

(m)

 

245

1,401

2,355

849

 

943

2,017

2,617

1,177

 

302

1,466

2,190

1,057

Advanced on reef

(m)

 

245

433

751

455

 

943

679

912

668

 

302

502

596

340

Height

(cm)

 

221

281

288

289

 

216

287

285

282

 

209

281

288

296

Average value

(g/t)

 

1.3

2.4

2.4

3.0

 

2.8

2.4

2.3

3.1

 

2.7

2.1

2.1

3.1

 

(cm.g/t)

 

293

676

704

879

 

596

692

647

872

 

559

582

614

932

US PGM operations

                 

Quarter ended

 

31 Mar 2019

31 Dec 2018

31 Mar 2018

 

Reef

   

Stillwater incl Blitz

East
Boulder

   

Stillwater incl Blitz

East
Boulder

   

Stillwater incl Blitz

East
Boulder

Stillwater

Unit

               

Primary development (off reef)

(m)

   

2,267

843

   

2,659

275

   

3,019

657

Secondary development

(m)

   

2,773

916

   

2,557

1,538

   

2,038

1,451

ADMINISTRATION AND CORPORATE INFORMATION

SIBANYE GOLD LIMITED

Trading as SIBANYE-STILLWATER

Incorporated in the Republic of South Africa

Registration number 2002/031431/06

Share code: SGL

Issuer code: SGL

ISIN: ZAE E000173951

LISTINGS

JSE: SGL

NYSE: SBGL

WEBSITE

www.sibanyestillwater.com

 

REGISTERED OFFICE

Constantia Office Park

Cnr 14th Avenue & Hendrik Potgieter Road

Bridgeview House, Ground Floor

Weltevreden Park 1709

South Africa

Private Bag X5

Westonaria 1780

South Africa

Tel: +27 11 278 9600

Fax: +27 11 278 9863

CORPORATE SECRETARY

Lerato Matlosa

Tel: +27 10 493 6921

Email:

[email protected]

DIRECTORS

Sello Moloko1 (Chairman)

Neal Froneman (CEO)

Charl Keyter (CFO)

Timothy Cumming1

Savannah Danson1

Barry Davison1,2

Harry Kenyon-Slaney1

Richard Menell1

Nkosemntu Nika1

Keith Rayner1

Susan van der Merwe1

Jerry Vilakazi1

1 Independent non-executive

2 Retiring on 28 May 2019

INVESTOR ENQUIRIES

James Wellsted

Senior Vice President: Investor Relations

Cell: +27 83 453 4014

Tel: +27 10 493 6923

Email:

[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 2196

South Africa

OFFICE OF THE UNITED KINGDOM SECRETARIES LONDON

St James’s Corporate Services Limited

107 Cheapside

Suite 31, Second Floor

London EC2V 6DN

United Kingdom

Tel: +44 20 7796 8644

Fax: +44 20 7796 8645

AUDITORS

Ernst & Young Inc. (EY)

102 Rivonia Road

Sandton 2146

Private Bag X14

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:

[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

TRANSFER SECRETARIES

UNITED KINGDOM

Capita Asset Services

The Registry

34 Beckenham Road

Beckenham

Kent BR3 4TU

England

Tel: 0871 664 0300 (calls cost 10p a minute plus network extras, lines are open 8.30am – 5pm Mon-Fri) or +44 20 8639 3399 (from overseas)

Fax: +44 20 8658 3430

Email:

[email protected]

FORWARD-LOOKING STATEMENTS

This announcement contains “forward-looking statements” within the meaning of the “safe harbour” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “target”, “will”, “would”, “expect”, “can”, “potential”, “could” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements, including among others, those relating to our future business prospects, financial positions, debt position and our ability to reduce debt leverage, plans and objectives of management for future operations, our ability to obtain the benefits of any streaming arrangements or pipeline financing, our ability to service our Bond Instruments (High Yield Bonds and Convertible Bonds), our ability to achieve steady state production at the Blitz project and the anticipated benefits and synergies of our acquisitions are necessarily estimates reflecting the best judgement of our senior management and involve a number of known and unknown risks, uncertainties and other factors, many of which are difficult to predict and generally beyond the control of Sibanye-Stillwater, that could cause Sibanye-Stillwater’s actual results and outcomes to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. As a consequence, these forward-looking statements should be considered in light of various important factors, including those set forth in the Group’s Annual Integrated Report and Annual Financial Report, published on 29 March 2019, and the Group’s Annual Report on Form 20-F filed by Sibanye-Stillwater with the Securities and Exchange Commission on 9 April 2019 (SEC File no. 001-35785). These forward-looking statements speak only as of the date of this announcement. Sibanye-Stillwater undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this announcement or to reflect the occurrence of unanticipated events, save as required by applicable law.

In Europe:

Swiss Resource Capital AG

Jochen Staiger

[email protected]

www.resource-capital.ch

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Immer bestens informiert | Mit dem Newsletter von SRC

Swiss Resource Capital AG wird die Informationen, die Sie in diesem Formular angeben, dazu verwenden, mit Ihnen in Kontakt zu bleiben und Ihnen Updates zu übermitteln.

Sie können Ihre Meinung jederzeit ändern, indem Sie auf den Abbestellungs-Link klicken, den Sie in der Fußzeile jeder E-Mail, die Sie von uns erhalten, finden können, oder indem Sie uns unter [email protected] kontaktieren. Wir werden Ihre Informationen mit Sorgfalt und Respekt behandeln. Weitere Informationen zu unseren Datenschutzpraktiken finden Sie auf unserer Website. Indem Sie unten klicken, erklären Sie sich damit einverstanden, dass wir Ihre Informationen in Übereinstimmung mit diesen Bedingungen verarbeiten dürfen.

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