Sibanye Gold Ltd.

Sibanye Gold trading statement and operating update

Share article on

Sibanye Gold Limited (Sibanye or the Group) (JSE: SGL & NYSE: SBGL - http://www.commodity-tv.net/c/mid,2697,Company_Presentation/?v=296429) is pleased to provide a trading statement and operating update for the quarter ended 30 September 2016. Detailed financial and operating results are provided on a six-monthly basis i.e. at the end of June and December each year.

TRADING STATEMENT
Shareholders are advised that Sibanye has a reasonable degree of certainty that its earnings per share for the year ending 31 December 2016 is expected to be a minimum of 200% (158 cents per share (cps)) higher, than the 79cps reported for the year ended 31 December 2015 (or the comparable period) or a minimum of 237cps. Headline earnings per share for 2016 is expected to be a minimum of 330% (244cps) higher than the 74cps reported for 2015, or a minimum of 318cps. Normalised earnings per share for 2016 is expected to be a minimum of 220% (295cps) higher than the 134cps reported for 2015, or a minimum of 429cps. The financial information on which this trading statement is based is at an average rand gold price for the year of R590,000/kg, excludes the effect of the Rustenburg Transaction and has not been reviewed or reported on by Sibanye’s auditors. A further trading statement with a more definitive range will be released closer to the financial year end.

OPERATING UPDATE

United States Dollars

 

South African Rand

Quarter ended

 

Quarter ended

Sep
2015

June
2016

Sep
2016

 

KEY STATISTICS

 

Sep
2016

June
2016

Sep
2015

 

 

 

 

Gold Division

 

 

 

 

410.6

386.1

382.5

000’oz

Gold produced

kg

11,897

12,008

12,772

1,126

1,260

1,322

US$/oz

Revenue

R/kg

597,705

606,379

470,349

67

60

62

US$/ton

Operating cost

R/ton

874

893

865

123.9

185.7

179.5

US$m

Operating profit

Rm

2,530.5

2,790.1

1,592.6

27

38

36

%

Operating margin

%

36

38

27

1,007

922

1,062

US$/oz

All-in sustaining cost

R/kg

479,785

443,912

420,811

 

 

 

Platinum Division-attributable1

 

 

 

-

51,346

52,480

oz

Platinum produced

kg

1,632

1,597

-

-

92,773

94,791

oz

4E production

kg

2,948

2,886

-

-

832

901

US$/4Eoz

Average basket price

R/4Eoz

12,726

12,499

-

-

4.7

12.8

US$m

Operating profit

Rm

189.7

72.2

-

-

13

25

%

Cash operating margin

%

25

13

-

-

683

678

US$/4Eoz

Cash operating cost

R/4Eoz

9,532

10,268

-

1 The platinum division’s performance is for the quarters ended 30 September 2016 and 30 June 2016, as the Aquarius group was only acquired on 12 April 2016.

 

Stock data for the quarter ended 30 September 2016

JSE Limited – (SGL)

 

Number of shares in issue

 

Price range per ordinary share

ZAR 46.48 to ZAR 70.23

– at end September 2016

923,902,469

Average daily volume

4,952,352

– weighted average

923,902,469

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

Free Float

80%

Price range per ADR

US$13.64 to US$ 20.78

Bloomberg/Reuters

SGLS / SGLJ.J

Average daily volume

1,388,199

 

 

 

 

 

OVERVIEW AND UPDATE FOR THE QUARTER ENDED 30 SEPTEMBER 2016 COMPARED WITH THE QUARTER ENDED 30 SEPTEMBER 2015

Group operating profit increased strongly, improving by 71% to R2.7 billion for the September 2016 quarter, driven largely by a higher rand and dollar gold price, and good cost management at both the Gold and Platinum Divisions.

There was a noticeable improvement in the operating performance of the Gold Division during the latter half of the September 2016 quarter, following a review of the Group safety strategy in August 2016. Operating profit for the Gold Division increased by 59% to R2.5 billion, with the operating margin increasing from 27% to 36%. This was largely due to a 27% higher rand gold price, which averaged R597,705/kg (US$1,322/oz), with unit costs for the Gold Division similar year-on-year at R874/ton. The above results include the termination of planned gold production from Cooke 4 of over 500 kg per quarter.

The Platinum Division again delivered a record quarterly performance, recording its highest September quarter production in over a decade, with cash operating costs notably low in both rand and dollar terms. Despite low prevailing platinum group metal (PGM) prices, the Platinum Division contributed R190 million to Group operating profit, at a 25% margin.
Safety
Following the review of Sibanye’s safety strategy in August 2016 and subsequent roll out of the initial phases of the revised strategy, there has been a noticeable improvement in the safety performance at Sibanye’s Gold Division. Reportable incidents declined significantly in August and September, with zero fatalities recorded. The Gold Division achieved 2 million Fatality Free Shifts (FFS) on 10 October 2016, with the Serious Injury Free Rate (SIFR) improving by 27% to 3.72 per million man hours and the Lost Day Injury Free Rate (LDIFR) improved by 24% to 6.08 per million man hours.

Regrettably, as highlighted during the interim results in August 2016, three fatalities occurred at the Gold Division in July 2016, prior to the safety review.  Sibanye management and Board express their sincere condolences to the families and colleagues of Mssrs – Mongezi Bagege; Enock Tsabedze and Lehlohonolo Masithela.

The Platinum Division’s excellent long term safety performance, was blighted by an unfortunate fatal accident at its Kroondal operation in August 2016. This was the first fatal incident for the Platinum Division in 23 months. Sibanye management and its Board express their condolences to the family and friends of the deceased, Mr. Kabelo Rangagwa.
Gold Division
Safety and operational trends at the Gold Division were much improved in August and September, following a review of the safety strategy and management intervention in August 2016. Overall, Section 54 stoppages declined compared to the previous quarters in 2016. Gold production for this quarter was 11,897kg (382,500oz), which is similar to the previous quarter, but 7% lower than for the same period in 2015. Lower underground volumes were supplemented where possible by surface rock dump material, albeit at lower grades.

Costs at the Gold Division were well controlled, despite above inflation increases in annual wages and electricity tariffs. Operating costs of R4,580 million were approximately 4% higher than for the September 2015 quarter, with unit costs stable at R874/ton milled. All-in sustaining cost increased from R420,811/kg, in the same period in 2015, to R479,785/kg mainly as a result of lower gold production.

Kloof had a much-improved quarter producing 3,617kg (116,300oz) compared with 3,168kg (101,900oz) for the September 2015 quarter. This 14% increase in production was a function of an 11% increase in underground throughput and improved yields. Gold production from surface sources increased by 13% to 361kg (11,600oz), driven by a significant increase in volumes processed.

Driefontein experienced various production disruptions this quarter, specifically at its Masakhane and Hlanganani shafts. Stoppages related to engineering issues, resulted in underground gold production declining to 3,468kg (111,500oz). A 6% increase in the underground yield, due to significantly improved mining quality factors, only partly offset a 20% decline in underground throughput resulting from the aforementioned disruptions. Lower underground volumes were supplemented with surface material where possible, resulting in production from surface sources increasing from 532kg (17,100oz) to 550kg (17,700oz).

At Beatrix, underground gold production of 2,438kg (78,400oz) was similar to the previous quarter but was 11% lower year on year due to lower underground grades and volumes. Surface production was comparable year-on-year at 115kg (3,700oz).

Post the section 189 consultation process which started in July 2016 the Cooke 4 underground operation has ceased production and primarily as a result, gold production at the Cooke section declined from 1,630kg (52,400oz) for the September 2015 quarter, to 1,126kg (36,200oz) for the period under review. The Ezulwini gold plant continues to be used to process Kloof SRD and Cooke 3 underground volumes on a limited basis. Surface gold production increased by 7% to 222kg (7,100oz).
Platinum Division
The Platinum Division delivered record attributable PGM production of 94,791oz (4E) for the September 2016 quarter. This is a particularly pleasing outcome given the punitive interventions by the Department of Mineral Resources in this region and the knock-on effects of the illegal industrial action in the previous quarter. Costs were well managed resulting in the Platinum Division recording a R190 million operating profit and a 25% cash operating margin for the quarter.

Mimosa and Platinum Mile delivered solid results, with Platinum Mile delivering significantly higher production compared with the June 2016 quarter.  Quarterly cash operating costs at Kroondal amounted to R9,453/4Eoz (US$672/4Eoz), and at Mimosa, US$724/4Eoz (R10,179/4Eoz). As a result of the increase in production at Platinum Mile cash operating cost of R6,361/4Eoz (US$452/4Eoz) were achieved, resulting in a 39% cash operating margin (before royalties).

Section 11 approval for the acquisition of the Rustenburg assets from Anglo American Platinum Limited was granted by the Department of Mineral Resources on 18 October 2016. Sibanye will now assume ownership and control of the Rustenburg assets effective 1 November 2016.
outlook
The annual gold production guidance for 2016 has been reduced from 50,000kg to 48,500kg at a total cash cost of approximately R380,000/kg and an All-in sustaining cost of approximately R460,000/kg. The All-in cost margin guidance remains at approximately 20%, this assumes a gold price of US$1,255/oz for the December 2016 quarter and an exchange rate of R14.00/US$.

For the December 2016 quarter, PGM production guidance is approximately 88,000oz (4E) with cash operating cost for the Division estimated at approximately R9,700/4Eoz (US$693/4Eoz), with cash operating cost for the operations estimated at approximately: R9,600/4Eoz for Kroondal, US$700/4Eoz for Mimosa and R6,500/4Eoz for Platinum Mile. The guidance excludes the Rustenburg Operations.

27 October 2016
Neal Froneman
Chief Executive Officer

Contact Europe:
Swiss Resource Capital AG
Jochen Staiger
info@resource-capital.ch
www.resource-capital.ch

 

SALIENT FEATURES AND COST BENCHMARKS
Gold Division – Salient features and cost benchmarks for the quarters ended
30 September 2016, 30 June 2016 and 30 September 2015

 

 

 

Gold Division

Driefontein

Kloof

Beatrix

Cooke

 

 

 

Total

Under-ground

Surface

Under-ground

Surface

Under-ground

Surface

Under-ground

Surface

Under-ground

Surface

Tons milled/treated

000’ton

Sep 2016

5,238

2,066

3,172

506

1,098

555

687

743

359

262

1,028

 

 

Jun 2016

5,029

2,091

2,938

496

946

496

598

762

326

337

1,068

 

 

Sep 2015

5,104

2,339

2,765

632

873

500

495

780

344

427

1,053

Yield

g/t

Sep 2016

2.27

5.15

0.39

6.85

0.50

6.52

0.53

3.28

0.32

4.30

0.22

 

 

Jun 2016

2.39

5.13

0.43

6.84

0.66

7.01

0.59

3.25

0.30

4.11

0.19

 

 

Sep 2015

2.50

4.96

0.43

6.44

0.61

6.34

0.64

3.50

0.34

3.82

0.20

Gold produced/sold

kg

Sep 2016

11,897

10,649

1,248

3,468

550

3,617

361

2,438

115

1,126

222

 

 

Jun 2016

12,008

10,735

1,273

3,394

620

3,479

352

2,477

98

1,385

203

 

 

Sep 2015

12,772

11,596

1,176

4,069

532

3,168

319

2,729

117

1,630

208

 

000’oz

Sep 2016

382.5

342.4

40.1

111.5

17.7

116.3

11.6

78.4

3.7

36.2

7.1

 

 

Jun 2016

386.1

345.1

40.9

109.1

19.9

111.8

11.3

79.6

3.2

44.3

6.5

 

 

Sep 2015

410.6

372.8

37.8

130.8

17.1

101.9

10.2

87.7

3.8

52.4

6.7

Gold price received

R/kg

Sep 2016

597,705

 

 

597,760

597,386

598,198

606,009

 

 

Jun 2016

606,379

 

 

605,556

607,152

605,515

606,612

 

 

Sep 2015

470,349

 

 

470,702

469,315

471,855

469,042

 

US$/oz

Sep 2016

1,322

 

 

1,323

1,322

1,324

1,341

 

 

Jun 2016

1,260

 

 

1,258

1,261

1,258

1,260

 

 

Sep 2015

1,126

 

 

1,126

1,123

1,129

1,122

Operating cost

R/ton

Sep 2016

874

1,996

144

2,479

187

2,207

164

1,226

131

2,802

89

 

 

Jun 2016

893

1,940

148

2,509

185

2,363

179

1,182

151

2,196

96

 

 

Sep 2015

865

1,729

134

1,995

173

2,383

163

1,098

150

1,720

83

Operating margin

%

Sep 2016

36

35

40

39

38

43

48

38

34

(10)

35

 

 

Jun 2016

38

38

44

39

53

45

50

40

17

12

17

 

 

Sep 2015

27

26

32

34

39

20

46

34

6

5

4

Total cash cost1

R/kg

Sep 2016

398,319

 

 

378,372

352,086

389,111

611,573

 

 

Jun 2016

378,398

 

 

358,445

340,277

373,282

529,030

 

 

Sep 2015

348,857

 

 

313,497

363,650

325,650

446,028

 

US$/oz

Sep 2016

881

 

 

837

779

861

1,353

 

 

Jun 2016

786

 

 

745

707

776

1,099

 

 

Sep 2015

835

 

 

750

869

779

1,067

All-in sustaining cost

R/kg

Sep 2016

479,785

 

 

449,154

441,956

462,162

676,632

 

 

Jun 2016

443,912

 

 

422,646

421,274

441,786

585,390

 

 

Sep 2015

420,811

 

 

379,331

449,297

384,364

501,741

 

US$/oz

Sep 2016

1,062

 

 

994

978

1,023

1,497

 

 

Jun 2016

922

 

 

878

875

918

1,216

 

 

Sep 2015

1,007

 

 

908

1,075

920

1,200

All-in cost

R/kg

Sep 2016

497,794

 

 

453,708

452,690

462,201

690,134

 

 

Jun 2016

467,214

 

 

424,664

427,069

441,903

586,461

 

 

Sep 2015

429,565

 

 

379,744

455,635

384,364

502,992

 

US$/oz

Sep 2016

1,102

 

 

1,004

1,002

1,023

1,527

 

 

Jun 2016

971

 

 

882

887

918

1,219

 

 

Sep 2015

1,028

 

 

909

1,090

920

1,203

All-in cost margin

%

Sep 2016

17

 

 

24

24

23

(16)

 

 

Jun 2016

23

 

 

30

30

27

3

 

 

Sep 2015

9

 

 

19

3

19

(7)

Total capital expenditure2

Rm

Sep 2016

1,024.0

 

 

286.4

365.3

162.8

70.0

 

 

Jun 2016

901.6

 

 

248.5

298.4

158.6

56.8

 

 

Sep 2015

872.9

 

 

272.1

295.2

148.6

73.7

 

Rm

Sep 2016

71.7

 

 

20.1

25.2

11.5

4.9

 

 

Jun 2016

59.7

 

 

16.5

19.8

10.5

3.8

 

 

Sep 2015

67.3

 

 

21.2

22.7

11.4

5.6

Average exchange rates for the quarters ended 30 September2016, 30 June 2016 and 30 September 2015 were R14.06/US$, R14.97/US$ and R13.00/US$, respectively.
Figures may not add as they are rounded independently.
1    Total cash cost is calculated in accordance with the Gold Institute Industry Standard.
2   Included in total capital expenditure is expenditure of R139.5 million (US$10.0 million), R139.3 million (US$9.1 million) and R83.3 million (US$6.4 million) for the quarters ended
30 September 2016, 30 June 2016 and 30 September 2015
, respectively, the majority of which was spent on our growth project, Burnstone.

Platinum Division – Salient features and cost benchmarks for the quarters ended
30 September 2016 and 30 June 2016, since acquisition on 12 April 2016

 

 

 

Platinum Division – attributable1

Kroondal

Mimosa

Plat Mile

 

 

 

Total

Under-
ground

Surface

Attributable

Attributable

Surface

Tons milled/treated

000’ton

Sep 2016

3,112

1,242

1,870

897

345

1,870

 

 

Jun 2016

2,692

1,259

1,433

932

327

1,433

Plant head grade

g/t

Sep 2016

1.49

2.79

0.63

2.51

3.53

0.63

 

 

Jun 2016

1.65

2.78

0.65

2.50

3.57

0.65

Plant recoveries

%

Sep 2016

63.60

80.75

12.77

81.97

78.50

12.77

 

 

Jun 2016

65.09

80.15

8.58

80.96

78.54

8.58

PGM 4E production2

4Eoz

Sep 2016

94,791

89,990

4,801

59,268

30,722

4,801

 

 

Jun 2016

92,773

90,198

2,575

60,707

29,491

2,575

Average PGM 4E basket price

R/4Eoz

Sep 2016

12,726

12,711

13,015

12,949

12,252

13,015

 

 

Jun 2016

12,499

12,491

12,769

12,578

12,313

12,769

 

US$/4Eoz

Sep 2016

901

899

925

914

871

925

 

 

Jun 2016

832

831

846

836

822

846

Cash operating cost

R/ton

Sep 2016

290

703

16

625

907

16

 

 

Jun 2016

354

735

19

630

1,035

19

 

US$/ton

Sep 2016

21

50

1

44

64

1

 

 

Jun 2016

24

49

1

42

69

1

Cash operating margin

%

Sep 2016

25

24

39

23

26

39

 

 

Jun 2016

13

14

(2)

10

19

(2)

Cash operating cost3

R/4Eoz

Sep 2016

9,532

9,701

6,361

9,453

10,179

6,361

 

 

Jun 2016

10,268

10,256

10,660

9,683

11,482

10,660

 

US$/4Eoz

Sep 2016

678

690

452

672

724

452

 

 

Jun 2016

683

682

707

642

766

707

1Platinum Division includes the attributable operations of Kroondal (50%), Mimosa (50%) and Platinum Mile surface operation.
2Production per product
3   Excluding royalties

 Production(oz)

Sep 2016

Jun 2016

Platinum

52,480

51,346

Palladium

31,697

31,022

Rhodium

8,129

7,996

Gold

2,485

2,409

PGM4E production (4Eoz)

94,791

92,773

Ruthenium

12,368

12,186

Iridium

3,038

3,079

Total

110,197

108,038

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.

Driefontein

Quarter ended
30 September 2016

Quarter ended
30 June 2016

Nine months to
30 September 2016

 

Reef

Carbon leader

Main

VCR

Carbon leader

Main

VCR

Carbon leader

Main

VCR

Advanced

(m)

1,237

963

771

1,709

841

943

4,599

2,506

3,021

Advanced on reef

(m)

130

214

109

293

275

107

637

662

351

Channel width

(cm)

78

41

96

43

92

130

63

65

89

Average value

(g/t)

13.7

16.3

41.5

30.4

5.5

31.3

19.1

8.6

40.8

(cm.g/t)

1,067

669

3,980

1,296

507

4,051

1,197

560

3,649

Kloof

Quarter ended
30 September 2016

Quarter ended
30 June 2016

Nine months to
30 September 2016

 

Reef

Kloof

Main

Libanon

VCR

Kloof

Main

Libanon

VCR

Kloof

Main

Libanon

VCR

Advanced

(m)

617

782

226

2,330

803

848

213

2,588

2,143

2,296

526

7,158

Advanced on reef

(m)

292

116

-

476

284

93

22

499

786

353

32

1,495

Channel width

(cm)

142

50

-

110

192

68

108

113

169

89

117

113

Average value

(g/t)

5.6

13.8

-

22.9

6.9

9.5

13.4

22.0

7.1

7.6

11.0

22.1

(cm.g/t)

794

696

-

2,514

1,322

642

1,441

2,480

1,190

676

1,286

2,508

Beatrix

Quarter ended
30 September 2016

Quarter ended
30 June 2016

Nine months to
30 September 2016

 

Reef

Beatrix

Kalkoenkrans

Beatrix

Kalkoenkrans

Beatrix

Kalkoenkrans

Advanced

(m)

4,503

756

4,694

868

13,373

2,571

Advanced on reef

(m)

1,354

85

1,167

203

3,879

537

Channel width

(cm)

128

118

132

101

125

111

Average value

(g/t)

7.7

16.9

7.1

14.8

7.6

13.5

(cm.g/t)

992

1,998

934

1,495

955

1,563

Cooke

Quarter ended
30 September 2016

Quarter ended
30 June 2016

Nine months to
30 September 2016

 

Reef

VCR

Elsburgs
Reefs

Elsburg
Massives

Kimberley
Reefs

VCR

Elsburgs
Reefs

Elsburg
Massives

Kimberley
Reefs

VCR

Elsburgs
Reefs

Elsburg
Massives

Kimberley
Reefs

Advanced

(m)

268

1,124

-

226

305

1,372

69

229

952

4,171

173

601

Advanced on reef

(m)

129

434

-

71

149

564

29

59

489

1,616

125

174

Channel width

(cm)

248

232

-

213

227

282

384

296

256

256

352

239

Average value

(g/t)

3.8

3.5

-

2.9

3.4

3.8

3.2

4.2

3.0

3.8

4.7

3.5

(cm.g/t)

954

816

-

628

771

1,060

1,232

1,240

755

986

1,654

844

Kroondal

 

Quarter ended
30 June 20161

Quarter ended
30 September 2016

 

Reef

Kopaneng

Simunye

Bambanani

Kwezi

K6

Kopaneng

Simunye

Bambanani

Kwezi

K6

Advanced

(m)

537

473

821

650

934

687

515

1,152

677

621

Advanced on reef

(m)

529

465

745

384

934

580

476

738

508

587

Channel width

(cm)

211

192

113

69

167

178

191

66

80

170

Height

(cm)

235

226

228

231

232

252

234

220

221

234

Average value

(g/t)

2.18

2.32

2.21

1.47

2.89

1.95

2.15

1.83

2.09

2.63

(cm.g/t)

513

523

505

340

670

491

501

402

463

617

1 Development data since acquisition date on 12 April 2016.

ADMINISTRATION AND CORPORATE INFORMATION


Investor Enquiries
James Wellsted
Senior Vice President:
Investor Relations
Sibanye Gold Limited
Cell: +27 83 453 4014
Tel: +27 11 278 9656
james.wellsted@sibanyegold.co.za

Corporate Secretary
Cain Farrel  
Tel: +27 10 001 1122
Fax: +27 11 278 9863
cain.farrel@sibanyegold.co.za 

Registered Office
Libanon Business Park
1 Hospital Street,
(Off Cedar Ave),
Libanon, Westonaria,
1780
South Africa

Private Bag X5
Westonaria,
1780
South Africa
Tel: +27 11 278 9600
Fax: +27 11 278 9863

 

Sibanye Gold Limited
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.sibanyegold.co.za

Directors
Sello Moloko* (Chairman)
Neal Froneman (CEO)
Charl Keyter (CFO)
Chris Chadwick#
Robert Chan#
Timothy Cumming*
Barry Davison*
Rick Menell*
Nkosemntu Nika*
Keith Rayner*
Jiyu Yuan#
Susan van der Merwe*
Jerry Vilakazi*
*Independent Non-Executive
#Non-Executive

JSE Sponsor
J.P. 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)

American Depository Receipts Transfer Agent
Bank of New York Mellon
BNY Mellon Shareowner Services
P O Box 358516
Pittsburgh, PA15252-8516
US toll-free telephone:
+1 888 269 2377
Tel:   +1 201 680 6825
e-mail: shrrelations@bnymellon.com 

Office of the United Kingdom Secretaries
London
St James’s Corporate Services Limited
Suite 31, Second Floor
107 Cheapside
London
EC2V 6DN
United Kingdom
Tel: +44 20 7796 8644
Fax: +44 20 7796 8645

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
[from overseas]
+44 20 8639 3399 
Fax:  +44 20 8658 3430 
e-mail: ssd@capitaregistrars.com 

Transfer Secretaries
South Africa
Computershare Investor Services Proprietary Limited
Ground Floor
70 Marshall Street
Johannesburg, 2001
P O Box 61051
Marshalltown, 2107
Tel: +27 11 370 5000
Fax: +27 11 688 5248 

FORWARD LOOKING STATEMENTS
Certain statements in this document constitute “forward-looking statements” within the meaning of Section 27A of the US Securities Act of 1933 and Section 21E of the US Securities Exchange Act of 1934.

These forward-looking statements, including, among others, those relating to Sibanye’s future business prospects, revenues and income, wherever they may occur in this document and the exhibits to this document, are necessarily estimates reflecting the best judgment of the senior management and directors of Sibanye, and involve a number of known and unknown risks and uncertainties that could cause actual results, performance or achievements of the Group 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. Important factors that could cause the actual results to differ materially from estimates or projections contained in the forward-looking statements include, without limitation, economic, business, political and social conditions in South Africa, Zimbabwe and elsewhere; changes in assumptions underlying Sibanye’s estimation of its current Mineral Reserves and Resources; the ability to achieve anticipated efficiencies and other cost savings in connection with past and future acquisitions, as well as at existing operations; the ability of Sibanye to successfully integrate acquired businesses and operations (whether in the gold mining business or otherwise) into its existing businesses; the success of Sibanye’s business strategy, exploration and development activities; the ability of Sibanye to comply with requirements that it operate in a sustainable manner; changes in the market price of gold, platinum group metals (PGMs) and/or uranium; the occurrence of hazards associated with underground and surface gold, PGMs and uranium mining; the occurrence of labour disruptions and industrial action; the availability, terms and deployment of capital or credit; changes in relevant government regulations, particularly environmental tax health and safety regulations and new legislation affecting water, mining, mineral rights and business ownership, including any interpretations thereof which may be subject to dispute; the outcome and consequence of any potential or pending litigation or regulatory proceedings or other environmental, health and safety issues; power disruptions, constraints and cost increases; supply chain shortages and increases in the price of production inputs; fluctuations in exchange rates, currency devaluations, inflation and other macro-economic monetary policies; the occurrence of temporary stoppages of mines for safety incidents and unplanned maintenance; Sibanye’s ability to hire and retain senior management or sufficient technically skilled employees, as well as its ability to achieve sufficient representation of historically disadvantaged South Africans’ in its management positions; failure of Sibanye’s information technology and communications systems; the adequacy of Sibanye’s insurance coverage; any social unrest, sickness or natural or man-made disaster at informal settlements in the vicinity of some of Sibanye’s operations; and the impact of HIV, tuberculosis and other contagious diseases. These forward-looking statements speak only as of the date of this document.

The Group 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 document or to reflect the occurrence of unanticipated events.




New Videos Sibanye Gold Ltd.


CobalTech Shareholders Approve Merger with First Cobalt

First Cobalt Corp. is pleased to announce shareholders of CobalTech Mining Inc. have approved the merger with First Cobalt, with 95% of votes cast in...

First Cobalt Corp.

GoldMining Completes Acquisition of the Crucero Gold Project in Peru from Lupaka Gold

Highlights:

  • Acquisition of a 100% interest in the Crucero Gold Project in Southeastern Peru;
  • Lupaka previously reported a pit constrained indicated...
GoldMining Inc.

Sibanye-Stillwater and DRDGOLD to create an industry-leading surface mining partnership

Key highlights

  • Sibanye-Stillwater to vend selected gold surface processing assets and tailings storage facilities for a 38% stake in DRDGOLD
  • Immediate...
Sibanye Gold Ltd.