Sibanye-Stillwater declares Mineral Resources and Mineral Reserves as at 31 December 2017

(firmenpresse) - Sibanye-Stillwater declares Mineral Resources and Mineral Reserves as at 31 December 2017

Johannesburg, 19 February 2018: Sibanye-Stillwater (Tickers JSE: SGL and NYSE: SBGL) is pleased to report updated Mineral Resources and Mineral Reserves, as at 31 December 2017, including 2E Platinum Group Metals (PGM) Mineral Reserves and Resources for the United States region (US region) following the acquisition of Stillwater in May 2017.

Salient points

- SA Gold operations
- Total gold Mineral Reserves of 25.737 million ounces (Moz) declined by 2.957Moz (10%) due to:
- Depletion of 1.457Moz due to mining activities during 2017, mitigated by the addition of 1.882Moz gold Mineral Reserves from successful exploration of secondary reefs and white areas (primarily at Kloof and Driefontein)
- The cessation of underground mining at Cooke 1,2 & 3, resulting in the exclusion of 0.752Moz
- The reduction of gold Mineral Reserves at the Beatrix 4 Shaft, due to a revised mine plan and increase in pay limit, resulted in 1.659Moz being excluded. This exclusion includes the Beisa project
- A further reduction of 0.971Moz due to technical factors, including a change in Mine Call Factor, Tail-end Management and increased pay limits
- Total gold Mineral Resources declined by 16.924Moz to 85.111Moz. The decrease is primarily due to increased pay limits at the Cooke and Beatrix West operations

- SA PGM operations
- Total 4E PGM Mineral Reserves declined by 4% to 22.358Moz mainly due to:
- Depletion of 1.500Moz due to mining activities during 2017
- A revision in the methodology of determining geological losses, by calibrating against actual historical losses, resulted in a decrease in the overall estimated losses applied to the SA PGM Operations. This resulted in an increase of 2.077Moz in Reserves
- Mineral Reserves at Siphumelele Mine declined by 0.691Moz as a result of the deferral of the UG2 expansion project. This project will be reviewed subject to an improving economic environment

- A 0.752Moz decrease due to the removal of sub-economic ounces at the end of the life of mine
- Attributable PGM Mineral Reserves at Mimosa increased by 20% to 2.030Moz following a successful technical and economic valuation of a part of the South Hill Orebody.
- Total 4E PGM Mineral Resources declined marginally to 100.175Moz

- US PGM operations
- The acquisition of Stillwater in May 2017, increased the Companys 2E PGM Mineral Reserves by 21.903Moz and 2E PGM Mineral Resources by 80.463Moz (2E PGM) with an average Mineral Reserve grade of 16.3g/t

This Mineral Reserves and Mineral Resources declaration represents a condensed and consolidated summary of the full Sibanye-Stillwater Mineral Resources and Mineral Reserves declaration available in the Group Mineral Resource and Mineral Reserve Report, which will be published on 29 March 2018 and will be available at www.sibanyestillwater.com

In accordance with US Securities and Exchange Commission (SEC) guidelines and Sibanye-Stillwater reporting standards, approximate three-year average, rolling, historical commodity prices are assumed for the calculation of Mineral Reserves and Resources. An average exchange rate of R13.05/US$ and the following commodity prices were used:

Precious metals Assumed 2018 prices based on 3 year
average

USD/oz ZAR/oz ZAR/kg
Gold 1,218 15,895 511,033
Platinum 1,092 14,251 458,167
Palladium 704 9,187 295,375
Rhodium 901 11,758 378,030
Iridium 575 7,504 241,251
Ruthenium 46 600 19,300
Base minerals
USD/lb ZAR/kg
Uranium* 42 1,208
Base minerals
USD/tonne ZAR/tonne
Nickel 12,185 159,014
Copper 5,614 73,263
*Long term contract prices used

Summarised Group Mineral Resources and Reserve Estimate at 31 December 2017

Gold Resource and Reserve Estimates as at 31 December 2017

Mineral Resources Mineral Reserves
31 Dec 2017 31 Dec 31 Dec 2017 31 Dec
2016 2016

Gold TonnesGrade Gold Gold TonnesGrade Gold Gold
Operations (Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz) (Moz)

SA Region
Beatrix 45.5 5.6 8.249 12.729 20.1 3.2 2.086 3.723
underground
*

Beatrix - 3.7 0.3 0.041 0.052 3.7 0.3 0.041 0.052
surface

Cooke - 10.7 11.8 4.039 13.837 0.826
underground
**

Cooke - 5.7 0.3 0.059 0.047 5.7 0.3 0.059 0.047
surface

Driefontein 50.7 11.2 18.337 17.684 34.8 6.2 6.980 6.851
-
underground

Driefontein 1.1 0.5 0.019 0.076 1.1 0.5 0.019 0.076
-
surface

Kloof - 70.4 13.6 30.715 32.361 29.7 6.5 6.189 6.450
underground

Kloof - 11.3 0.5 0.192 0.200 11.3 0.5 0.192 0.200
surface

Total Gold 199.1 9.6 61.651 76.985 106.4 4.5 15.56518.224
Operations

*The Beatrix Mineral Reserve and Resource, was impacted by the
increased pay limit at Beatrix West, resulting in a decrease in
the Mineral Reserves of the Beatrix West operations and Beisa
Project and decrease in Mineral Resources at Beatrix West


** The Cooke Underground Resources reduced due to an
increase in the Pay Limit, as a result of higher
unit costs associated with shafts being placed on
care and
maintenance



Gold TonnesGrade Gold Gold TonnesGrade Gold Gold
Projects (Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz) (Moz)

SA Region
Beisa North* 1.619
Bloemhoek 28.3 4.7 4.297 4.297
Burnstone 64.6 4.3 9.015 8.890 14.8 4.1 1.934 2.137
De Bron 28.3 4.4 4.022 4.022 15.4 4.3 2.112 2.112
Merriesprui
t

WRTRP - 670.8 0.3 6.126 6.222 670.8 0.3 6.126 6.222
surface
tailings**

Total SA 792.0 0.9 23.460 25.050 701.0 0.5 10.17110.470
Region

US Region
***

Altar **** 2,614.0.1 6.321
0

Total US 2,614.0.1 6.321
Region 0

Total 3 0.3 29.781 25.050 701.0 0.5 10.17110.470
Projects 406.0


Total Gold 3,605.0.8 91.432 102.035 807.4 1.0 25.73728.694
1
* Beisa North has been excluded from Mineral Resources due to the expiry of prospecting licenses
**As part of the proposed transaction with DRDGOLD Limited (refer to https://www.sibanyestillwater.com/investors/transactions/drdgold), selected assets (comprising gold Mineral Reserves and Resources of 3.881Moz) from the West Rand Tailings Retreatment Project (WRTRP) will be sold to DRDGOLD subject to all conditions of the transactions being met
*** US operations were acquired in May 2017 and therefore no comparative information has been disclosed
**** Altar is a Copper-gold exploration project in Argentina

PGM Resource and Reserve Estimates as at 31 December 2017

Mineral Resources Mineral Reserves
31 Dec 2017 31 Dec 31 Dec 2017 31 Dec
2016 2016

PGM TonneGrade TonnesGrade
Operations s (g/t) (Moz) (Moz) (Mt) (g/t)(Moz) (Moz)

(Mt)
SA Region
Kroondal- 49.3 3.1 4.879 4.926 21.9 2.6 1.804 2.291
underground
(50%
attributabl
e)

(4E)
Blue Ridge 23.1 3.3 2.430 2.430
(50%
attributabl
e)
(4E)

Rustenburg 512.65.0 83.209 83.987 127.6 3.8 15.70616.066
-
underground
(4E)

Rustenburg 81.9 1.1 2.818 3.140 81.9 1.1 2.818 3.140
- surface
(4E)

Mimosa (50% 59.0 3.6 6.839 7.045 18.1 3.5 2.030 1.689
Attributabl
e) (4E)


Total SA 725.94.3 100.175 101.528249.4 2.8 22.35823.186
Region

US Region*
Stillwater 72.8 18.0 42.144 17.8 20.2 11.519
(2E)

East 76.4 15.6 38.319 24.0 13.4 10.384
Boulder
(2E)

Total US 149.216.8 80.463 41.8 16.3 21.903
Region

Total 875.06.4 180.639 101.528291.2 4.7 44.26123.186
Operations

*Resources and Reserves for the US region were estimated on
July 31, 2017, please refer to the CPR available on
https://www.sibanyestillwater.com/investors/documents-circu
lars. Mineral Resources and Mineral Reserves have not been
re-estimated as at 31 December 2017, however mining
depletion for the period from August to December 2017, has
been included in the December 2017
estimates



PGM ProjectsTonneGrade TonnesGrade
s (g/t) (Moz) (Moz) (Mt) (g/t)(Moz) (Moz)

(Mt)
SA Region
Millenium 1.720
(4E)*

Vygenhoek 1.4 5.1 0.230 0.230
(4E)

Sheba's 7.100
Ridge
(4E)*

Zondernaam 77.4 6.4 15.900 15.900
(4E)

Hoedspruit 32.6 5.5 5.790
(4E)**

Total SA 111.46.1 21.920 24.950
Region

US Region
Marathon 151.70.8 3.982
(2E)

Total US 151.70.8 3.982
Region

*The Resources at Millenium and Shebas ridge are omitted for 2017
as the mineral title has
expired

** The Mineral Resources at Hoedspruit have been included in the
2017 declaration following a successful appeal to the DMR
regarding
the
award of the prospecting right


Total SA 837.24.5 122.095 126.478249.4 2.8 22.35823.186
PGM
operations
and
projects

Total US 300.98.7 84.447 41.8 16.3 21.90321.198
PGM
operations
and
projects


Uranium Resource and Reserve Estimate as at 31 December 2017

Mineral Resources Mineral Reserves
31 Dec 2017 31 Dec 31 Dec 2017 31
2016 Dec
2016

Uranium TonnesGrade U3O8 U3O8 TonneGradeU3O8 U3O8
Operations (Mt) (kg/t)(Mlb) (Mlb) s (kg/t(Mlb)(Mlb)
)
(Mt)
SA Region
Beatrix 11.4 1.074 26.96826.968 16.060
(Beisa)

Total 11.4 1.074 26.96826.968 16.060
Operations


Uranium TonnesGrade U3O8 U3O8 TonneGradeU3O8 U3O8
Projects (Mt) (kg/t)(Mlb) (Mlb) s (kg/t(Mlb)(Mlb)
)
(Mt)
SA Region
Beisa North 35.373
WRTRP - 670.8 0.065 96.08397.166 670.80.06596.0897.166
surface 3
tailings***

Total 670.8 0.065 96.083132.539 670.80.06596.0897.166
Projects 3


Total Uranium682.2 0.082 123.05159.507 670.80.06596.08113.22
1 3 6


*** As part of the proposed transaction with DRDGOLD Limited (refer to https://www.sibanyestillwater.com/investors/transactions/drdgold), selected assets (comprising uranium reserves and resources of 44.359Mlb) from the West Rand Tailings Retreatment Project (WRTRP) will be vended into DRDGOLD when all the conditions of the transactions are met
Copper Resource and Reserve Estimate as at 31 December 2017

Mineral Resources Mineral Reserves
31 Dec 2017 31 31 Dec 2017 31
Dec Dec
2016 2016

Copper TonnesGrade CopperCopperTonnesGrade CopperCopper
Projects (Mt) (%) (Mlb) (Mlb) (Mt) (%) (Mlb) (Mlb)

US Region
Altar 2,614.0.311 17,931
0 .0

Marathon 151.7 0.220 730.1

Total Projects2,765.0.306 18,661
7 .1

Mineral Reserve reconciliations

GOLD OPERATIONS

SA GOLD OPERATIONS
Factors Gold (Moz)
31 December 2016 28.694
2017 depletion (1.457)
Inclusions 1.882
White Areas1 1.503
Secondary Reefs2 0.379
Exclusions/reductions: (3.382)
Closure of Cooke underground (0.752)
Revised mine plan and increased pay limit at Beatrix (1.659)
West (including

Beisa)
Technical Factors3 (0.971)
31 December 2017 25.737
Rounding off of figures may result in minor computational discrepancies. Where this happens, it is not deemed significant
1 Additional areas identified for mining through exploration and underground investigations, primarily at Driefontein 4 Shaft, Driefontein 8 Shaft and Kloof 8 Shaft
2 The Carbon Leader at Driefontein 8 Shaft and the Kloof Reef at Kloof 8 Shaft
3 Primarily pay limits, tail management from the Life of Mine profiles, and Mine Call Factor adjustments

PGM OPERATIONS

SA PGM OPERATIONS

Factors 4E
PGM(Moz)

31 December 2016 23.186
2017 depletion (1.500)
Inclusions
Evaluation 0.027
Geological Changes1 2.077
Boundary Changes 0.081
Exclusions/reductions:
Economic Valuation2 (0.752)
Technical Factors3 (0.757)
31 December 2017 22.362
Rounding off of figures may result in minor computational discrepancies. Where this happens, it is not deemed significant
1 Decrease in geological losses following the revision of the geological losses methodology applied to the Kroondal and Rustenburg Operations. The revision aligned estimated and actual geological losses.
2 Removal of sub-economic ounces at the end of the life of mine by tail cutting
3 Reserves in the UG2 section were downgraded back into Resources as a result of the deferment of the UG2 reef expansion project at Siphumelele Mine (0.7Moz)

US PGM OPERATIONS

Factors 2E PGM(Moz)
31 July 20171 22.216
Depletion August 2017 to December 2017 (0.313)
31 December 2017 21.903
Rounding off of figures may result in minor computational discrepancies. Where this happens, it is not deemed significant
1 Based on the competent persons report compiled by The Mineral Corporation as at 31 July 2017 available on https://www.sibanyestillwater.com/investors/documents-circulars

SA URANIUM

Factors U3O8 (Mlb)
31 December 2016 113.226
Exclusions/reductions: (16.060)
Revised mine plan and increased pay limit at Beatrix (16.060)
West (including

Beisa)
31 December 2017 96.083
Rounding off of figures may result in minor computational discrepancies. Where this happens, it is not deemed significant

Corporate governance

Sibanye-Stillwater reports its Mineral Resources and Mineral Reserves in accordance with the SAMREC Code, the updated Section 12 of the JSE Listings Requirements and the SEC Industry Guide 7, which is aligned with the guiding principles of SOX. Both Altar and Marathon resources are compliant with NI 43-101 guidelines. In accordance with SEC requirements, Reserves are based on three year average, trailing, commodity prices.

Guided by a commitment to best practice corporate governance, the statement has been reviewed by each Regions Technical Services. For the Southern African Platinum Operations, the Mineral Reserves and Mineral Resources was independently reviewed by Mineral Corporation Consultancy Proprietary Ltd, and has been found to be compliant with the relevant codes with no material shortcomings. The South African Gold Operations was subjected to an external audit during 2016. The United States Region was audited by The Mineral Corporation Consultancy Proprietary Ltd, and has been found to be compliant with the relevant codes with no material shortcomings.

The Mineral Resources and Mineral Reserves are estimates at a particular date, and are affected by fluctuations in mineral prices, the Rand-US dollar currency exchange rate, operating costs, mining permits, changes in legislation and operating factors. Although all permits may not be finalised and in place at the time of reporting, there is no reason to expect that these will not be granted. However, the length of the approval process for such permits may have an impact on the schedules stated.

All statement figures are managed by Sibanye-Stillwater with the exception of those for Mimosa. Mineral Resources are reported inclusive of Mineral Reserves, and production volumes are reported in metric tonnes (t).

Gold and uranium estimates are reported separately from each other, therefore no gold equivalents are stated to avoid potential anomalies as a result of year-on-year metal price differentials. The Southern African PGM Operations statement are reported as 4E PGM, which consists of platinum, palladium, rhodium and gold. Individual proportions of the 4E PGM are determined via prill splits as determined from the assays. The United States Regions PGM Operations statement consists of platinum reported as 2E PGM, which consists of palladium and platinum.

All financial models used to determine Mineral Reserves are based on current tax regulations at 31 December 2017.

For the Southern African Gold Operations, the lead competent person designated in terms of the SAMREC Code, with responsibility for the consolidation and reporting of the SA Gold Operations Mineral Resources and Mineral Reserves, and for overall regulatory compliance of these figures, is Gerhard Janse van Vuuren, who gave his consent for the disclosure of the 2017 Mineral Resources and Mineral Reserves Statement. Gerhard [GDE (Mining Eng), MBA, MSCC and B.Tech (MRM)] is registered with SAIMM (706705) and has 30 years experience relative to the type and style of mineral deposit under consideration.

For the Southern African Platinum Operations, the lead competent person designated in terms of the SAMREC Code, who takes responsibility for the consolidation and reporting of the SA Platinum Operations Mineral Resources and Mineral Reserves, and for the overall regulatory compliance of these figures, is Andrew Brown, who gave his consent for the disclosure of the 2017 Mineral Resources and Mineral Reserves Statement. Andrew [M.Sc Mining Eng] is registered with SAIMM (705060) and has 33 years experience relative to the type and style of mineral deposit under consideration.

For the United States Region, the lead competent person designated in terms of the SAMREC Code, who takes responsibility for the consolidation and reporting of the Stillwater and East Boulder Mineral Resources and Mineral Reserves, and for the overall regulatory compliance of these figures, is Brent LaMoure, who gave his consent for the disclosure of the 2017 Mineral Resources and Mineral Reserves Statement. Brent [B.Sc Mining Eng] is registered with the Mining and Metallurgical Society of America (01363QP) and has 22 years experience relative to the type and style of mineral deposit under consideration. For the foreign project Resource estimation, the competent person is Stanford Foy. Stan is registered with the Society for Mining, Metallurgy and Exploration Inc. (4140727RM) and has 27 years experience relative to the type and style of mineral deposit under consideration.

Investor relations contact:

James Wellsted
Head of Investor Relations
Tel: +27 (0) 83 453 4014
Email: ir(at)sibanyestillwater.com
Sponsor: J.P. Morgan Equities South Africa Proprietary Limited

In Europe:
Swiss Resource Capital AG
Jochen Staiger
info(at)resource-capital.ch
www.resource-capital.ch
Ends.


FORWARD LOOKING STATEMENTS
This announcement includes forward-looking statements within the meaning of the safe harbour provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as target, will, forecast, expect, potential, intend, estimate, anticipate, can and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. The forward-looking statements set out in this announcement involve a number of known and unknown risks, uncertainties and other factors, many of which are difficult to predict and generally beyond the control of Sibanye-Stillwater, that could cause Sibanye-Stillwaters actual results and outcomes to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. These forward-looking statements speak only as of the date of this announcement. Sibanye-Stillwater undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this announcement or to reflect the occurrence of unanticipated events, save as required by applicable law.

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Datum: 20.02.2018 - 07:58 Uhr
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News-ID 572355
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