For the three months ended September 30, 2021 - Form 6-K
October 28, 2021 at 08:13 am EDT
Share
Exhibit 99.1
Johannesburg, 28 October 2021: Sibanye Stillwater Limited (Sibanye-Stillwater or the Group) (JSE: SSW and NYSE: SBSW) 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
4
4
4
%
Adjusted EBITDA margin3
%
4
4
4
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
1The 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
2Platinum 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)
3The 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
4See "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"
5The 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"
Sibanye-Stillwater Operating update | Quarter ended 30 September 2021 1
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 https://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.
Sibanye-Stillwater Operating update | Quarter ended 30 September 20212
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 https://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
Sibanye-Stillwater Operating update | Quarter ended 30 September 20213
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.
Sibanye-Stillwater Operating update | Quarter ended 30 September 20214
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
Sibanye-Stillwater Operating update | Quarter ended 30 September 20215
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$/t
Sep 2021
63
337
53
108
17
84
61
3
80
Jun 2021
66
356
54
111
15
90
61
3
77
Sep 2020
61
307
51
92
11
97
53
3
71
Operating cost7
R/4Eoz - R/2Eoz
Sep 2021
15,673
13,123
16,454
16,833
20,458
16,990
13,834
10,200
14,355
Jun 2021
15,585
12,928
16,458
16,204
19,483
17,695
13,383
10,893
12,875
Sep 2020
17,870
13,030
19,724
17,314
16,751
24,494
13,302
12,716
13,800
Operating cost7
US$/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$/2Eoz
Sep 2021
1,135
1,244
1,102
1,210
1,109
843
707
1,045
Jun 2021
1,196
1,344
1,147
1,218
1,196
856
803
930
Sep 2020
1,021
1,123
982
1,116
941
757
821
914
Capital expenditure6
Ore reserve development
Rm
Sep 2021
739
296
443
168
275
-
-
-
Jun 2021
672
277
395
168
227
-
-
-
Sep 2020
607
302
305
107
198
-
-
-
Sustaining capital
Rm
Sep 2021
592
143
449
115
268
58
8
118
Jun 2021
669
250
419
121
222
68
8
86
Sep 2020
444
238
206
57
103
38
8
130
Corporate and projects
Rm
Sep 2021
639
583
56
-
56
-
-
-
Jun 2021
643
637
6
-
6
-
-
-
Sep 2020
620
620
-
-
-
-
-
-
Total capital expenditure
Rm
Sep 2021
1,970
1,022
948
283
599
58
8
118
Jun 2021
1,984
1,164
820
289
455
68
8
86
Sep 2020
1,671
1,160
511
164
301
38
8
130
Total capital expenditure
US$m
Sep 2021
135
70
65
19
41
4
1
8
Jun 2021
140
82
58
20
32
5
1
6
Sep 2020
99
69
30
10
18
2
1
8
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
Sibanye-Stillwater Operating update | Quarter ended 30 September 20216
1The 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"
2The 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
3The 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
4Production per product - see prill split in the table below
5PGM sold includes the third party PoC ounces sold
6The 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
7The average PGM basket price is the PGM revenue per 4E/2E ounce, prior to a purchase of concentrate adjustment
8Operating 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
9All-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
7
%
42,721
7
%
35,600
6
%
44,433
9
%
42,721
9
%
35,600
8
%
Gold
11,174
2
%
11,934
1
%
9,692
2
%
11,174
2
%
11,934
2
%
9,692
2
%
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
Sibanye-Stillwater Operating update | Quarter ended 30 September 20217
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$/t
Sep 2021
37
216
10
235
11
267
17
155
14
13
8
Jun 2021
35
229
9
268
14
259
16
169
13
13
8
Sep 2020
28
200
8
218
-
214
11
162
12
9
6
R/kg
Sep 2021
657,656
660,187
649,114
601,215
388,060
687,612
849,802
698,931
700,000
751,724
604,555
Jun 2021
680,348
696,321
631,807
650,982
533,333
710,934
747,801
735,331
540,000
701,923
591,010
Sep 2020
600,033
619,520
545,408
587,995
-
594,030
604,376
733,131
532,813
594,817
517,437
US$/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
-
-
9
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$m
Sep 2021
80
29
30
12
-
6
Jun 2021
72
25
25
12
-
8
Sep 2020
51
17
20
6
-
7
Average exchange rates for the quarters ended 30 September 2021, 30 June 2021 and 30 September 2020 was R14.63/US$, R14.13/US$ and R16.91/US$, respectively
Figures may not add as they are rounded independently
1Operating 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
2All-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"
3Corporate 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
Sibanye-Stillwater Operating update | Quarter ended 30 September 20218
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
2
-
42
(42)
Jun 2021
742
-
742
453
285
5
-
50
(51)
Sep 2020
444
-
444
327
114
3
-
31
(31)
Carbon tax
Sep 2021
(1)
-
(1)
-
(1)
-
-
-
-
Jun 2021
1
-
1
-
1
-
-
-
-
Sep 2020
1
-
1
-
1
-
-
-
-
Community costs
Sep 2021
92
-
92
3
89
-
-
-
-
Jun 2021
40
-
40
3
37
-
-
-
-
Sep 2020
46
-
46
(5)
51
-
-
-
-
Inventory change4
Sep 2021
982
74
908
711
197
-
-
(6)
6
Jun 2021
387
128
259
335
(76)
-
-
(5)
5
Sep 2020
1,655
61
1,594
265
1,043
-
-
(27)
313
Share-based payments5
Sep 2021
50
21
29
12
13
4
-
-
-
Jun 2021
74
30
44
17
21
6
-
-
-
Sep 2020
41
20
21
9
11
2
-
-
-
Rehabilitation interest and amortisation6
Sep 2021
64
8
56
(1)
40
17
-
1
(1)
Jun 2021
62
8
54
(1)
38
17
-
1
(1)
Sep 2020
68
7
60
1
39
20
-
1
(1)
Leases
Sep 2021
12
-
12
2
9
1
-
-
-
Jun 2021
13
-
13
3
8
2
-
-
-
Sep 2020
15
1
14
4
9
2
-
-
-
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
8
118
(118)
Jun 2021
669
250
419
121
222
68
8
86
(86)
Sep 2020
444
238
206
57
103
38
8
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)
4
(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
8
-
8
-
-
-
-
Sep 2020
626
620
6
-
6
-
-
-
-
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
1The 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"
2The 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
3Cost 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
4Inventory 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
5Share-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
Sibanye-Stillwater Operating update | Quarter ended 30 September 20219
6Rehabilitation 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
7The 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
8All-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$/t
63
66
61
53
54
51
84
90
97
Reconciliation of AISC and AIC excluding third party PoC for Total US and SA PGM, Total SA PGM and Marikana - Quarters
Total US and SA PGM
Total SA PGM
Marikana
R' million
Sep 2021
Jun 2021
Sep 2020
Sep 2021
Jun 2021
Sep 2020
Sep 2021
Jun 2021
Sep 2020
Total All-in-sustaining cost as reported per table above
10,110
9,917
8,917
8,067
7,821
6,729
3,922
4,012
2,982
Less: Purchase cost of PoC
(593)
(800)
(345)
(593)
(800)
(345)
(593)
(800)
(345)
Add: By-product credit of PoC
63
69
12
63
69
12
63
69
12
Total All-in-sustaining cost excluding third party PoC
9,580
9,186
8,584
7,537
7,090
6,396
3,392
3,281
2,649
Plus: Corporate cost, growth and capital expenditure
645
645
626
62
8
6
62
8
6
Total All-in-cost excluding third party PoC
10,225
9,831
9,210
7,599
7,098
6,402
3,454
3,289
2,655
PGM production excluding Mimosa and third party PoC
4Eoz- 2Eoz
615,628
581,796
533,197
471,303
437,845
385,362
212,888
194,689
166,936
All-in-sustaining cost excluding third party PoC
R/4Eoz-R/2Eoz
15,561
15,789
16,099
15,992
16,193
16,597
15,933
16,853
15,868
US$/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
Sibanye-Stillwater Operating update | Quarter ended 30 September 202110
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
8
1
-
9
Jun 2021
44
14
12
6
1
-
11
Sep 2020
36
11
42
14
2
-
(33)
Carbon tax
Sep 2021
-
-
-
-
-
-
-
Jun 2021
-
-
-
-
-
-
-
Sep 2020
1
-
-
1
-
-
-
Community costs
Sep 2021
33
12
10
9
-
2
-
Jun 2021
31
12
9
6
1
3
-
Sep 2020
25
3
8
14
-
-
-
Share-based payments2
Sep 2021
26
6
9
6
-
5
-
Jun 2021
37
9
14
9
-
5
-
Sep 2020
20
5
6
4
-
4
-
Rehabilitation interest and amortisation3
Sep 2021
50
10
5
20
9
5
1
Jun 2021
39
10
5
19
2
2
1
Sep 2020
59
16
12
15
10
5
1
Leases
Sep 2021
19
2
2
7
3
5
-
Jun 2021
22
2
5
7
3
5
-
Sep 2020
18
2
4
4
4
4
-
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
2
-
14
66
Jun 2021
123
-
40
-
-
9
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
7
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
Sibanye-Stillwater Operating update | Quarter ended 30 September 202111
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
Sibanye-Stillwater Operating update | Quarter ended 30 September 202112
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
Sibanye-Stillwater Operating update | Quarter ended 30 September 202113
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
Sibanye-Stillwater Operating update | Quarter ended 30 September 202114
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: lerato.matlosa@sibanyestillwater.com
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: james.wellsted@sibanyestillwater.com or
ir@sibanyestillwater.com
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: shrrelations@bnymellon.com
Tatyana Vesselovskaya
Relationship Manager
BNY Mellon
Depositary Receipts
Direct line: +1 212 815 2867
Mobile: +1 203 609 5159
Fax: +1 212 571 3050
Email: tatyana.vesselovskaya@bnymellon.com
TRANSFER SECRETARIES
SOUTH AFRICA
Computershare Investor Services
Proprietary Limited
Rosebank Towers
15 Biermann Avenue
Rosebank 2196
PO Box 61051
Marshalltown 2107
South Africa
Tel: +27 11 370 5000
Fax: +27 11 688 5248
Sibanye-Stillwater Operating update | Quarter ended 30 September 2021 15
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", "anticipate" and words of similar meaning. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances and should be considered in light of various important factors, including those set forth in this disclaimer. Readers are cautioned not to place undue reliance on such statements.
The important factors that could cause Sibanye-Stillwater's actual results, performance or achievements to differ materially from estimates or projections contained in the forward-looking statements include, without limitation, Sibanye-Stillwater's future financial position, plans, strategies, objectives, capital expenditures, projected costs and anticipated cost savings, financing plans, debt position and ability to reduce debt leverage; economic, business, political and social conditions in South Africa, Zimbabwe, the United States and elsewhere; plans and objectives of management for future operations; Sibanye-Stillwater's ability to obtain the benefits of any streaming arrangements or pipeline financing; the ability of Sibanye-Stillwater to comply with loan and other covenants and restrictions and difficulties in obtaining additional financing or refinancing; Sibanye-Stillwater's ability to service its bond instruments (including high yield bonds and convertible bonds, if any); changes in assumptions underlying Sibanye-Stillwater's estimation of its current mineral reserves; any failure of a tailings storage facility; the ability to achieve anticipated efficiencies and other cost savings in connection with, and the ability to successfully integrate, past, ongoing and future acquisitions, as well as at existing operations; the ability of Sibanye-Stillwater to complete any ongoing or future acquisitions; the success of Sibanye-Stillwater's business strategy and exploration and development activities, including any proposed, anticipated or planned expansions into the battery metals or adjacent sectors and estimations or expectations of enterprise value; the ability of Sibanye-Stillwater to comply with requirements that it operate in ways that provide progressive benefits to affected communities; changes in the market price of gold and PGMs; the occurrence of hazards associated with underground and surface mining; any further downgrade of South Africa's credit rating; a challenge regarding the title to any of Sibanye-Stillwater's properties by claimants to land under restitution and other legislation; Sibanye-Stillwater's ability to implement its strategy and any changes thereto; the occurrence of labour disruptions and industrial actions; the availability, terms and deployment of capital or credit; changes in the imposition of regulatory costs and relevant government regulations, particularly environmental, tax, health and safety regulations and new legislation affecting water, mining, mineral rights and business ownership, including any interpretation thereof which may be subject to dispute; the outcome and consequence of any potential or pending litigation or regulatory proceedings or environmental, health or safety issues; the concentration of all final refining activity and a large portion of Sibanye-Stillwater's PGM sales from mine production in the United States with one entity; the identification of a material weakness in disclosure and internal controls over financial reporting; the effect of US tax reform legislation on Sibanye-Stillwater and its subsidiaries; the effect of South African Exchange Control Regulations on Sibanye-Stillwater's financial flexibility; operating in new geographies and regulatory environments where Sibanye-Stillwater has no previous experience; power disruptions, constraints and cost increases; supply chain shortages and increases in the price of production inputs; the regional concentration of Sibanye-Stillwater's operations; 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-Stillwater'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-Stillwater's information technology and communications systems; the adequacy of Sibanye-Stillwater's insurance coverage; social unrest, sickness or natural or man-made disaster at informal settlements in the vicinity of some of Sibanye-Stillwater's South African-based operations; and the impact of HIV, tuberculosis and the spread of other contagious diseases, such as the coronavirus disease (COVID-19). Further details of potential risks and uncertainties affecting Sibanye-Stillwater are described in Sibanye-Stillwater's filings with the Johannesburg Stock Exchange and the United States Securities and Exchange Commission, including the Integrated Annual Report 2020 and the Annual Report on Form 20-F for the fiscal year ended 31 December 2020.
These forward-looking statements speak only as of the date of the content. Sibanye-Stillwater expressly disclaims any obligation or undertaking to update or revise any forward-looking statement (except to the extent legally required). These forward-looking statements have not been reviewed or reported on by the Group's external auditors.
Sibanye-Stillwater Operating update | Quarter ended 30 September 202116
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Sibanye Stillwater Limited published this content on 28 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 October 2021 12:12:08 UTC.
Sibanye-Stillwater is South Africa's leading producer of gold and precious metals. Net sales by activity break down as follows:
- platinum group metal production (57.4%): 1,074,585 ounces of platinum and 938,519 ounces of palladium produced in 2020;
- gold production (22.1%): 1,016,950 ounces of gold produced;
- metal recycling (20%);
- other (0.4%).
Net sales are distributed geographically as follows: South Africa (65%) and the United States (35%).