Sibanye Stillwater Limited: Operating Update for the Quarter ended 31 March 2021
Johannesburg, 6 May 2021: Sibanye Stillwater Limited (Sibanye-Stillwater or the Group) (JSE: SSW & NYSE: SBSW - https://www.commodity-tv.com/ondemand/companies/profil/sibanye-stillwater-ltd/) is pleased to provide an operating update for the quarter ended 31 March 2021 (Q1 2021). Financial results are only provided on a six-monthly basis.
SALIENT FEATURES - QUARTER ENDED 31 MARCH 2021 (Q1 2021) COMPARED TO QUARTER ENDED 31 MARCH 2020 (Q1 2020)
- Record quarterly financial performance - 78% increase in adjusted EBITDA3 to R19.8 billion (US$1.3 billion)
- Solid operational results from all segments – pre-COVID (Q1 2020) production levels exceeded
9% increase from the US PGM operations to 154,350 2E oz 6% increase from the SA PGM operations to 444,609 4E oz 5% increase from the SA gold operations to 249,392 oz (7,757kg)- Precious metals fundamentals remain positive with prices well supported
- Robust Group financial position - well positioned for continued delivery of value
US dollar
SA rand
Quarter ended
Quarter ended
Mar 2020
Dec 2020
Mar 2021
KEY STATISTICS
Mar 2021
Dec 2020
Mar 2020
UNITED STATES (US) OPERATIONS
PGM operations1,2
141,585
157,492
154,350
oz
2E PGM production2
kg
4,801
4,899
4,404
221,798
240,037
195,474
oz
PGM recycling1
kg
6,080
7,466
6,899
2,053
2,033
2,128
US$/2Eoz
Average basket price
R/2Eoz
31,835
31,735
31,569
133.8
246.9
220.1
US$m
Adjusted EBITDA3
Rm
3,292.6
3,854.5
2,058.6
30
30
23
%
Adjusted EBITDA margin3
%
23
30
30
894
891
920
US$/2Eoz
All-in sustaining cost4
R/2Eoz
13,763
13,911
13,756
SOUTHERN AFRICA (SA) OPERATIONS
PGM operations2
418,072
490,964
444,609
oz
4E PGM production2
kg
13,829
15,271
13,004
2,158
2,582
3,524
US$/4Eoz
Average basket price
R/4Eoz
52,722
40,310
33,192
523.0
687.8
1,021.4
US$m
Adjusted EBITDA3
Rm
15,280.3
10,737.3
8,043.1
51
62
66
%
Adjusted EBITDA margin3
%
66
62
51
1,089
1,160
1,322
US$/4Eoz
All-in sustaining cost4
R/4Eoz
19,771
18,102
16,745
Gold operations
238,076
290,000
249,392
oz
Gold production
kg
7,757
9,020
7,405
1,608
1,858
1,782
US$/oz
Average gold price
R/kg
857,126
932,341
795,323
73.2
183.8
92.0
US$m
Adjusted EBITDA3
Rm
1,375.8
2,869.2
1,125.8
19
34
21
%
Adjusted EBITDA margin3
%
21
34
19
1,500
1,382
1,606
US$/oz
All-in sustaining cost4
R/kg
772,572
693,574
741,858
GROUP
723.8
1,106.9
1,325.3
US$m
Adjusted EBITDA3
Rm
19,826.1
17,278.8
11,131.8
15.38
15.61
14.96
R/US$
Average exchange rate using daily closing rate
1 The US PGM operations’ underground production is converted to metric tonnes and kilograms, and performance is translated to SA rand (rand). In addition to the US PGM operations’ underground production, the operation treats recycling material which is excluded from the 2E PGM production, average basket price and All-in sustaining cost statistics shown. PGM recycling represents palladium, platinum, and rhodium ounces fed to the furnace
2 Platinum Group Metals (PGM) production in the SA operations is principally platinum, palladium, rhodium and gold, referred to as 4E (3PGM+Au), and in the US operations is principally platinum and palladium, referred to as 2E (2PGM)
3 The Group reports adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) based on the formula included in the revolving credit 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
4 See “Salient features and cost benchmarks – Quarters” for the definition of All-in sustaining cost (AISC)
Stock data for the quarter ended 31 March 2021
JSE Limited - (SSW)
Number of shares in issue
Price range per ordinary share (high/low)
R55.21 to R74.67
- at 31 March 2021
2,954,975,358
Average daily volume
17,440,514
- weighted average
2,936,651,523
NYSE - (SBSW); one ADR represents four ordinary shares
Free Float
99%
Price range per ADR (high/low)
US$14.30 to US$20.04
Bloomberg/Reuters
SSWSJ/SSWJ.J
Average daily volume
2,977,873
OVERVIEW FOR THE QUARTER ENDED 31 MARCH 2021 COMPARED TO QUARTER ENDED 31 MARCH 2020
The start to the year has been extremely positive, with the operational momentum from Q4 2020 (following normalisation of the operations post COVID-19 disruptions), carrying through into 2021. Despite ongoing adherence to COVID-19 protocols - with the South African (SA) operations in particular having to manage the health and safety challenges associated with the second wave of COVID-19 infections which affected the country in January 2021 - the SA gold, SA PGM and US PGM segments, all reported higher production year-on-year#.
This positive operational performance underpinned a record quarterly financial performance, with Group adjusted EBITDA of R19,826 million (US$1,325 million) for Q1 2021 78% higher than adjusted EBITDA for Q1 2020 of R11,132 million (US$724 million), which was then a record quarter for the Group. The SA PGM operations in particular benefited from a strong operational performance and sharply higher PGM prices, delivering a 90% increase in adjusted EBITDA to R15,280 million (US$1,021 million) from R8,043 million (US$523 million) for Q1 2020.
Notably, adjusted EBITDA generated by the SA PGM operations for this quarter, is higher than the total acquisition costs of these operations, emphasising the significant return on investment already delivered and the future windfalls stakeholders can continue to expect. With the 4E PGM basket having increased further during Q2 2021, the outlook for the year is very promising.
Precious metals prices remained strong during Q1 2021, with palladium and rhodium prices again reaching record levels, supported by ongoing supply disruptions and strong physical demand. For the US PGM operations, the 2E PGM basket price averaged US$2,128/2Eoz for Q1 2021, 4% higher than for Q1 2020, with the 4E PGM basket for the SA PGM operations 59% higher year-on-year at R52,722/4Eoz (US$3,524/4Eoz) and the average rand gold price, 8% higher at R857,126/kg (US$1,782/oz).
PGM prices have risen further in Q2 2021 to date, with the gold price remaining firm. PGM markets remain tight with the fundamental outlook for these metals positive. In the medium term, the roll out of COVID-19 vaccines across the globe continues and stimulus measures drive global economic recovery. Longer term our PGMs and green metals are expected to continue to play a critical role as global sentiment shifts towards a more environmentally conscious future.
As a consequence of our rapid growth in the PGM industry along with the significant outperformance of PGM prices relative to most commodities in recent years, the PGM operations’ contribution to the Group’s financial performance is predominant. We therefore continue to seek more balance in our portfolio by advancing our green metals strategy, with our first investment into the Keliber lithium project in Finland in March 2021, and through our stated intent to grow our gold portfolio internationally. Re-balancing our investment portfolio should ensure greater earnings consistency through the cycle and create a larger, more stable investment proposition, which will be relevant to a broader and deeper pool of investors.
The Group achieved full financial deleveraging and resumed industry leading dividends during 2020. Given a stable operational outlook and favourable precious metals fundamentals, the outlook for 2021 and beyond is expected to be positive. The enlarged Group is now in a robust financial position and well positioned to continue delivering superior financial returns through the implementation of our capital allocation strategy.
It has been pleasing to see the Group successfully deliver on its vision to create superior value for all stakeholders since its inception in 2013. For shareholders specifically, exceptional value has been created both through the over 500% appreciation in the share price (20 fold increase in market capitalisation from approximately R10 billion (US$1.2 billion) on listing, to approximately R200 billion (US$15 billion) and also through the approximately R15 billion (US$1 billion) in dividends returned to shareholders over the last eight years. The total dividend of just under R11 billion (US$729 million), declared for the 2020 year alone, was greater than the Group’s market capitalisation when it listed in 2013, illustrating the significant transformation the Group has undergone in the last eight years and the tangible value that has been created.
At the same time, we have been able to invest significantly in the sustainability of our operations – in SA, recently announcing investment of approximately R6.3 billion in projects at both our PGM and gold segments and in the US continuing to invest in growth at Blitz (Stillwater East). These investments will secure employment and deliver significant economic value to all stakeholders over the long term.
# The operational performance from the SA gold and PGM operations is seasonal due to the December holiday period, which affects production in the first quarter of each calendar year, hence year-on-year comparisons are made
Note: Certain information presented in this quarterly update constitutes pro forma financial information as per the JSE Listing Requirements. The responsibility for preparing and presenting the pro forma financial information, its completeness and accuracy is that of the directors of Sibanye Stillwater. The information is presented for illustrative purposes only. Because of its nature, the pro forma financial information may not fairly present the Company’s financial position, changes in equity, and results of operations or cash flows. The information has not been audited or reviewed or reported on by external auditors of the Company
SAFE PRODUCTION
The health and safety of our employees remains our key priority and we remain committed to continuous improvement in health and safety at our operations.
The safe production performance from the US PGM operations for Q1 2021 improved significantly year-on-year, with a total reportable injury frequency rate (TRIFR) per million hours worked, 34% better in Q1 2021 compared to Q1 2020. The US PGM operations reported another successive, fatality free quarter.
The SA PGM operations achieved 2 million fatality free shifts on 2 March 2021 and had no fatal incidents during Q1 2021, although regressions in other safety metrics are of concern and are being prioritised.
Regrettably, we lost three of our colleagues at the SA gold operations during the quarter.
On 8 January 2021, Mr Mhlangabezi Tulumani, a Team Leader at Kloof Thuthukani shaft, was fatally injured when he fell down a development ore pass, whilst in the process of constructing a platform. Mr Tulumani was 45 years old, single and is survived by 2 children. On 11 February 2021 Mr Thamsanqa Papinyana, a Team Leader at Thuthukani shaft, was involved in a gravity related fall of ground, whilst conducting barring activities. Mr Papinyana was 51 years old and is survived by his wife and four children. On 29 March 2021, Mr Albert Mkhabela a Rock Drill Operator, at Kloof Hlalanathi shaft was involved in a seismic related fall of ground. Mr Mkhabela was 43 years old and is survived by his wife and three children. Our heartfelt condolences are extended to the families, friends and colleagues of our three deceased colleagues. All incidents have been investigated together with the relevant stakeholders and appropriate support has been provided to the families and children who will benefit from the Matshediso trust.
The roll out of COVID-19 vaccines in Montana is proceeding, with a number of employees having already been inoculated. Progress in South Africa has been slow, but is gaining momentum, and the classification of mining employees as essential workers and their inclusion in the upcoming second phase (due to commence in May 2021) of the vaccine roll out programme, is positive. We continue to offer our services and assistance with the vaccine roll out to the SA government, but to date have not received approval to do so.
OPERATING REVIEW
US PGM operations
Mined 2E PGM production for Q1 2021 of 154,350 2Eoz was 9% higher than for Q1 2020. Mined production from the Stillwater Mine (including Stillwater East (SWE)) was 92,271 2Eoz, 11% higher than for Q1 2020, with mined production from East Boulder (EB) of 62,079 2Eoz, 7% higher than for Q1 2020. Tonnes milled for Q1 2021 totaled 389,068 tonnes, 12% higher than for Q1 2020. Plant head grade of 13.5 g/t for Q1 2021 was 3% lower than for Q1 2020. Head grade challenges were largely attributed to lower than expected heading availability.
All-in sustaining cost (AISC) of US$920/2Eoz for Q1 2021 was 3% higher than for the comparable period in 2020, primarily due to higher sustaining capital expenditure of US$37 million for Q1 2021. This compares with US$23 million in sustaining capital expediture for Q1 2020. Higher royalties, insurance and taxes also contributed US$47 per ounce to the year-on-year increase, driven by higher US$ PGM prices (3E) and the previously noted increase in mine production.
Consistent with the revised SWE (Blitz) plan and to improve mining flexibility at the US PGM operations, total development increased by 37% year-on-year to 8,037 metres. Total development for SWE of 2,153 metres was 79% higher than Q1 2020.
The average 2E PGM basket price of US$2,128/2Eoz for Q1 2021, was 4% higher than for the comparable period in 2020, which, together with increased mine production from the US PGM operations resulted in adjusted EBITDA increasing by 65% to US$220 million. The recycling operation contributed US$24 million of the total. The combined EBITDA margin of 23% for Q1 2021 was lower than for Q1 2020 as a result of the larger proportionate contribution of the recycling business to adjusted EBITDA.
Given the ongoing planned rebuild of electric furnace 1 (EF1), which is ahead of schedule, recycle feed rates were reduced resulting in an inventory build-up of 553 tonnes during the quarter. Once EF1 and EF2 are running at capacity, following the rebuild during May 2021, an accelerated feed of the recycled inventory is expected, yielding a concomitant reduction in this readily available and liquid inventory. This is anticipated from June 2021 onwards and should see recycle inventory being drawn down to a more normalised level of 200 – 300 tonnes. Recycle advances amounted to US$731 million at the end of the quarter, generating a positive net-interest carry well above current balance sheet interest rates.
SA PGM operations
The SA PGM operations delivered another very solid operating performance, which together with a higher 4E PGM basket price, resulted in another record financial result from the segment.
4E PGM production of 444,609oz for Q1 2021 was 6% higher than for the comparable period in 2020. AISC of R19,771/4Eoz (US$1,322/4Eoz) was 18% higher than for Q1 2020, primarily due to significantly higher cost of purchasing concentrate (PoC) from third parties. The processing of PoC contributed R350 million (US$23 million) at a margin of 22% to the Marikana adjusted EBITDA. Adjusting for these higher PoC costs, AISC of the underlying operations are R17,738/4Eoz (US$1,186/4Eoz). Higher royalty taxes added R1,151/4Eoz (US$77/4Eoz) to AISC compared with Q1 2020, due to the higher PGM prices.
The average 4E PGM basket price of R52,722/4Eoz (US$3,524/4Eoz) for Q1 2021 was 59% higher than for Q1 2020, primarily due to due to a significant increase in the rhodium price (up 127% year-on-year) and the platinum price (up 28% year-on-year).
As a result of higher production and the significant increase in the 4E PGM basket price, adjusted EBITDA increased by 90% to R15,280 million (US$1,021 million) from R8,043 million (US$523 million) for Q1 2020, which was a record at the time. The adjusted EBITDA margin for Q1 2021 increased to 66% from 51% for the comparable period in 2020.
4E PGM production from the Rustenburg operation was 2% higher than for Q1 2020 at 156,956 4Eoz, with an increase in production from surface sources, offsetting marginally lower underground production. AISC from the Rustenburg operations increased by 4% to R19,002/4Eoz (US$1,270/4Eoz), year-on-year, despite the impact of higher royalties and taxes (due to the significantly improved margins) and above inflation electricity price increases, with an improvement in plant recoveries an offsetting factor.
The Kroondal operation continued to perform steadily, with 4E PGM production of 53,046 4Eoz for Q1 2021, 1% lower than comparable period in 2020. Despite marginally lower production and inflation increases, AISC of R12,137/4Eoz (US$811/4Eoz), was 4% lower than for the comparable period in 2020.
4E PGM production from the Marikana operation of 193,995 4Eoz for Q1 2021, was 13% higher than for the comparable period in 2020. Production from underground was 7% higher and production from surface sources and third party processing 66% higher. The increase in surface production is primarily due to an increase in processing of third party concentrate, with 4E PGM production from PoC increasing by 140% year-on-year to 19,125 4Eoz for Q1 2021. AISC of R23,000/4Eoz (US$1,537/4Eoz) reflect the additional cost of purchasing this concentrate from third parties at higher prevailing PGM prices. AISC from Marikana excluding third party PoC costs were R18,755/4Eoz (US$1,254/4Eoz) for Q1 2021.
The Mimosa operation continued to perform steadily, with attributable 4E PGM production of 29,878 4Eoz, 4% higher than for Q1 2020, and AISC of R13,401/4Eoz (US$896/4Eoz) 6% higher than the comparable period in 2020.
Chrome sales for Q1 2021 of approximately 370,000 tonnes were significantly lower than for Q1 2020 (approximately 507,0000 tonnes) due to a slow start up of operations and logistical issues in March which resulted in no chrome sales from the Rustenburg operation. Chrome revenue was R347 million (US$23 million) for Q1 2021, 7% higher than the Q1 2020 chrome revenue of R324 million (US$21 million), due to an increase in the chrome price from $128/tonne for Q1 2020 to $162/tonne for Q1 2021.
SA gold operations
Production from the SA gold operations for Q1 2021 of 7,757kg (249,392oz) was 5% higher than for Q1 2020 and reflected the return to normalised production levels in November 2020, following the COVID-19 disruptions that year. AISC of R772,572/kg (US$1,606/oz) was 4% higher than for the comparable period in 2020.
Underpinned by this stable operational performance and combined with a 8% increase in the average gold price year on year to R857,126/kg (US$1,782/oz), adjusted EBITDA from the SA Gold operations of R1,376 million (US$92 million) for Q1 2021, was 22% higher than for the comparable period in 2020.
Underground production from the Driefontein operation increased by 18% to 2,220kg (71,375oz) year-on-year. The average yield from underground production was 14% higher than the previous period due to higher face grades and an improvement in mining quality, with the mine call factor improving by 7% on the previous comparable period in 2020. AISC of R731,851/kg (US$1,522/oz) was 7% lower than for Q1 2020 primarily as a result of the increase in gold sold.
Production of 2,010kg (64,623oz) from the Kloof underground operations was similar to Q1 2020, with improved underground throughput offsetting a lower underground yield. The underground operations were affected by safety stoppages and seismicity during the period, which temporarily restricted access to some higher grade areas. Production from surface sources of 487kg (15,657oz), was 25% higher year-on-year. Some surface sources from Kloof were toll treated at the Driefontein and Ezulwini metallurgical plants. AISC of R844,744/kg (US$1,756/oz) was 4% higher than for Q1 2020, primarily due to increased throughput of lower grade material.
Underground production from the Beatrix operation of 1,317kg (42,342oz), was 11% lower than for Q1 2020, primarily due to a slower than anticipated start-up post the December break, safety stoppages and temporary damage to infrastructure at Beatrix 4 shaft relating to a mud rush, which has since been repaired. Beatrix employs a higher proportion of foreign nationals (primarily from Lesotho) than the other operations, with COVID-19 related restrictions at border posts, affecting the return to work after the December break. Gold production from surface sources increased to 61kg (1,961oz) due to the higher gold price, which reduced the pay limits for surface sources, making it viable to utilise existing milling capacity to process lower grade surface material. AISC of R882,082/kg (US$1,834/oz) was 18% higher than for Q1 2020, primarily due to lower production.
Surface gold production from Cooke operations decreased by 6% to 280kg (9,002oz) mainly due to an expected decrease in grades. Care and maintenance costs at Cooke operations was in line with Q1 2020 at R136 million (US$9 million).
DRDGOLD delivered another consistent operating performance, with production of 1,382kg (44,432oz) for Q1 2021, 3% higher than for Q1 2020. AISC costs of R648,129/kg (US$1,348/oz) were 12% higher than for Q1 2020.
OPERATING GUIDANCE FOR 2021
The 2021 annual guidance provided to the market in February 2021 remains unchanged except for the SA PGM project capital for the year. Four-year production and AISC guidance for the three segments were shared in the 2020 year-end presentation slides on 18 February 2021, please refer to https://www.sibanyestillwater.com/news-investors/reports/quarterly/2020/.
Mined 2E PGM production from the US PGM operations for 2021 is forecast to be between 660,000 2Eoz and 680,000 2Eoz, with AISC of between US$840/2Eoz to US$860/2Eoz. Capital expenditure is forecast to be between US$300 million and US$320 million, approximately 60% of which is growth capital in nature.
4E PGM production from the SA PGM operations for 2021 is forecast to be 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 R 3,800 million (US$253 million) with levels for 2021 elevated due to carry-over of approximately R800 million (US$53 million) of capital from 2020 which was unspent due to the COVID-19 disruptions. In addition, R408 million (US$27 million) of project capital expenditure is expected to be spend in terms of the K4 and Klipfontein projects for the year.
Gold production from the SA gold operations for 2021 (excluding DRDGOLD) is forecast at between 27,500kg (884,000oz) and 29,500kg (948,000oz) with AISC between R760,000/kg and R815,000/kg (US$1,576/oz and US$1,690/oz). Capital expenditure is forecast at R4,025 million (US$268 million), including carry-over of approximately R400 million (US$27 million) from 2020 which was unspent due to the COVID-19 disruptions. R425 million (US$28 million) of project capital expenditure has been provided for.
The dollar costs are based on an average exchange rate of R15.00/US$.
Neal Froneman
Chief Executive Officer
SALIENT FEATURES AND COST BENCHMARKS - QUARTERS
US and SA PGM operations
US OPERATIONS
SA OPERATIONS
Total SA and US PGM operations
Total US PGM
Stillwater
Total SA PGM2
Rustenburg
Marikana2
Kroondal
Plat Mile
Mimosa
Attributable
Under - ground1
Total
Under-
ground
Surface
Under-
ground
Surface
Under-
ground
Surface
Attributable
Surface
Attributable
Production
Tonnes milled/treated
000't
Mar 2021
9,319
389
8,930
4,219
4,711
1,505
1,330
1,536
892
830
2,489
348
Dec 2020
10,061
389
9,672
4,748
4,924
1,686
1,361
1,796
927
912
2,636
354
Mar 2020
8,237
347
7,890
4,149
3,741
1,480
1,147
1,486
819
841
1,775
342
Plant head grade
g/t
Mar 2021
2.49
13.54
2.01
3.34
0.81
3.24
1.11
3.89
0.88
2.38
0.63
3.60
Dec 2020
2.52
13.75
2.06
3.37
0.80
3.45
1.02
3.69
0.87
2.50
0.67
3.62
Mar 2020
2.71
13.92
2.22
3.41
0.89
3.56
1.02
3.79
0.86
2.39
0.83
3.58
Plant recoveries
%
Mar 2021
80.29
90.07
77.22
85.26
47.66
88.79
37.42
85.34
43.71
83.52
21.29
74.18
Dec 2020
79.67
91.21
76.48
84.88
42.53
87.88
40.65
84.75
43.01
83.37
21.83
74.87
Mar 2020
77.98
90.12
74.38
83.47
35.98
84.62
29.86
84.82
45.30
82.72
19.58
73.10
Yield
g/t
Mar 2021
2.00
12.20
1.55
2.85
0.39
2.88
0.42
3.32
0.38
1.99
0.13
2.67
Dec 2020
2.00
12.54
1.58
2.86
0.34
3.03
0.41
3.13
0.37
2.08
0.15
2.71
Mar 2020
2.11
12.54
1.65
2.85
0.32
3.01
0.30
3.21
0.39
1.98
0.16
2.62
PGM production3,8
4Eoz - 2Eoz
Mar 2021
598,959
154,350
444,609
385,935
58,674
139,194
17,762
163,817
30,178
53,046
10,734
29,878
Dec 2020
648,456
157,492
490,964
436,802
54,162
164,345
18,143
180,499
23,622
61,113
12,397
30,845
Mar 2020
559,657
141,585
418,072
379,345
38,727
143,335
11,233
153,775
18,222
53,458
9,272
28,777
PGM sold
4Eoz - 2Eoz
Mar 2021
596,486
129,900
466,586
438,882
27,704
164,689
16,970
193,783
53,046
10,734
27,364
Dec 2020
607,460
166,430
441,030
413,733
27,297
120,858
14,900
189,095
61,113
12,397
42,667
Mar 2020
614,818
91,975
522,843
501,830
21,013
188,417
11,741
231,178
53,458
9,272
28,777
Price and costs4
Average PGM basket price5
R/4Eoz - R/2Eoz
Mar 2021
47,954
31,835
52,722
54,025
44,132
52,982
31,114
53,663
58,377
37,944
38,383
Dec 2020
37,783
31,735
40,310
41,053
35,037
41,049
29,822
39,741
44,648
33,000
33,237
Mar 2020
32,937
31,569
33,192
33,574
29,422
33,563
23,254
32,954
36,011
27,901
28,924
US$/4Eoz - US$/2Eoz
Mar 2021
3,205
2,128
3,524
3,611
2,950
3,542
2,080
3,587
3,902
2,536
2,566
Dec 2020
2,420
2,033
2,582
2,630
2,244
2,630
1,910
2,546
2,860
2,114
2,129
Mar 2020
2,142
2,053
2,158
2,183
1,913
2,182
1,512
2,143
2,341
1,814
1,881
Operating cost6
R/t
Mar 2021
1,087
5,061
907
1,927
69
1,581
163
1,800
853
43
1,050
Dec 2020
979
5,076
808
1,615
88
1,540
235
1,366
857
44
1,129
Mar 2020
1,051
5,065
824
1,560
75
1,499
182
1,323
798
41
1,034
US$/t
Mar 2021
73
338
61
129
5
106
11
120
57
3
70
Dec 2020
63
325
52
103
6
99
15
87
55
3
72
Mar 2020
68
329
54
101
5
97
12
86
52
3
67
R/4Eoz - R/2Eoz
Mar 2021
17,137
12,755
18,768
20,948
5,534
17,093
12,211
22,533
13,351
10,043
12,233
Dec 2020
15,393
12,538
16,369
17,483
8,022
15,801
17,605
18,218
12,793
9,293
12,958
Mar 2020
15,028
12,414
15,979
16,941
7,269
15,474
18,588
17,731
12,561
7,841
12,288
US$/4Eoz - US$/2Eoz
Mar 2021
1,146
853
1,255
1,400
370
1,143
816
1,506
892
671
818
Dec 2020
986
803
1,049
1,120
514
1,012
1,128
1,167
820
595
830
Mar 2020
977
807
1,039
1,101
473
1,006
1,209
1,153
817
510
799
All-in sustaining cost7
R/4Eoz - R/2Eoz
Mar 2021
18,142
13,763
19,771
19,002
23,000
12,137
10,369
13,401
Dec 2020
17,034
13,911
18,102
17,153
20,876
13,295
10,027
13,782
Mar 2020
15,948
13,756
16,745
18,255
17,128
12,619
8,251
12,701
US$/4Eoz - US$/2Eoz
Mar 2021
1,213
920
1,322
1,270
1,537
811
693
896
Dec 2020
1,091
891
1,160
1,099
1,337
852
642
883
Mar 2020
1,037
894
1,089
1,187
1,114
820
536
826
All-in cost7
R/4Eoz - R/2Eoz
Mar 2021
19,162
17,523
19,772
19,002
23,002
12,137
10,369
13,401
Dec 2020
17,817
16,904
18,130
17,153
20,938
13,295
10,027
13,782
Mar 2020
17,193
18,322
16,782
18,255
17,140
12,619
9,566
12,701
US$/4Eoz - US$/2Eoz
Mar 2021
1,281
1,171
1,322
1,270
1,538
811
693
896
Dec 2020
1,141
1,083
1,161
1,099
1,341
852
642
883
Mar 2020
1,118
1,191
1,091
1,187
1,114
820
622
826
Capital expenditure4
Ore reserve development
Rm
Mar 2021
656.5
305.5
351.0
146.1
204.9
-
-
-
Dec 2020
701.6
320.1
381.5
151.4
230.1
-
-
-
Mar 2020
608.0
264.9
343.1
144.1
199.0
-
-
-
Sustaining capital
Mar 2021
499.2
250.2
249.0
111.8
95.6
35.3
6.0
113.9
Dec 2020
744.3
254.0
490.3
130.8
260.5
88.6
10.4
129.1
Mar 2020
311.9
86.7
225.2
97.6
86.4
40.4
0.6
76.9
Corporate and projects
Mar 2021
580.4
580.4
-
-
-
-
-
-
Dec 2020
471.3
471.3
-
-
-
-
-
-
Mar 2020
658.6
646.4
12.2
-
-
-
12.2
-
Total capital expenditure
Rm
Mar 2021
1,736.1
1,136.1
600.0
257.9
300.5
35.3
6.0
113.9
Dec 2020
1,917.2
1,045.4
871.8
282.2
490.6
88.6
10.4
129.1
Mar 2020
1,578.5
998.0
580.5
241.7
285.4
40.4
12.8
76.9
US$m
Mar 2021
116.0
75.9
40.1
17.2
20.1
2.4
0.4
7.6
Dec 2020
122.8
67.0
55.9
18.1
31.4
5.7
0.7
8.3
Mar 2020
102.6
64.9
37.7
15.7
18.6
2.6
0.8
5.0
Average exchange rates for the quarters ended 31 March 2021, 31 December 2020 and 31 March 2020 R14.96/US$, R15.61/US$ and R15.38/US$, respectively
Figures may not add as they are rounded independently
1 The US PGM operations’ underground production is converted to metric tonnes and kilograms, and performance is translated into rand. In addition to the US PGM operations’ underground production, the operation treats various recycling material which is excluded from the statistics shown above and is detailed in the PGM recycling table below
2 The Marikana AISC and AIC includes the purchase of concentrate (PoC) cost from third parties. For a reconciliation of the AISC and AIC excluding PoC refer to “Reconciliation of AISC and AIC excluding PoC for SA PGM and Marikana – Quarters”
3 Production per product – see prill split in the table below
4 The Group 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
5 The average PGM basket price is the PGM revenue per 4E/2E ounce, prior to a purchase of concentrate adjustment
6 Operating cost is the average cost of production and operating cost per tonne is calculated by dividing the cost of sales, before amortisation and depreciation and change in inventory in a period by the tonnes milled/treated in the same period, and operating cost per ounce (and kilogram) is calculated by dividing the cost of sales, before amortisation and depreciation and change in inventory in a period, by the PGM produced in the same period
7 All-in cost is calculated in accordance with the World Gold Council guidance. All-in cost excludes income tax, costs associated with merger and acquisition activities, working capital, impairments, financing costs, one-time severance charges and items needed to normalise earnings. All-in cost is made up of All-in sustaining cost, being the cost to sustain current operations, given as a sub-total in the All-in cost calculation, together with corporate and major capital expenditure associated with growth. All-in sustaining cost per ounce (and kilogram) and All-in cost per ounce (and kilogram) are calculated by dividing the All-in sustaining cost and All-in cost, respectively, in a period by the total 4E/2E PGM produced in the same period. For a reconciliation of cost of sales before amortisation and depreciation to All-in costs, see “All-in costs – Quarters”
8 The Marikana PGM production includes the processing of 19,125 4Eoz, 12,439 4Eoz and 7,967 4Eoz third party concentrate purchases for the quarters ended 31 March 2021, 31 December 2020 and 31 March 2020, respectively
Mining – PGM Prill split excluding recycling operations
GROUP
SA OPERATIONS
US OPERATIONS
Mar 2021
Dec 2020
Mar 2020
Mar 2021
Dec 2020
Mar 2020
Mar 2021
Dec 2020
Mar 2020
%
%
%
%
%
%
%
%
%
Platinum
299,695
50%
326,898
50%
281,209
50%
264,712
60%
291,473
59%
249,415
60%
34,983
23%
35,425
22%
31,794
22%
Palladium
251,570
42%
269,690
42%
234,337
42%
132,203
30%
147,623
30%
124,546
30%
119,367
77%
122,067
78%
109,791
78%
Rhodium
38,485
6%
41,765
6%
36,160
7%
38,485
8%
41,765
9%
36,160
8%
Gold
9,209
2%
10,103
2%
7,951
1%
9,209
2%
10,103
2%
7,951
2%
PGM production 4E/2E
598,959
100%
648,456
100%
559,657
100%
444,609
100%
490,964
100%
418,072
100%
154,350
100%
157,492
100%
141,585
100%
Ruthenium
60,996
65,454
58,908
60,996
65,454
58,908
Iridium
15,436
16,214
14,506
15,436
16,214
14,506
Total 6E/2E
675,391
730,124
633,071
521,041
572,632
491,486
154,350
157,492
141,585
Recycling operation
Unit
Mar 2021
Dec 2020
Mar 2020
Average catalyst fed/day
Tonne
23.8
30.5
28.0
Total processed
Tonne
2,139
2,803
2,547
Tolled
Tonne
14
83
262
Purchased
Tonne
2,125
2,721
2,285
PGM fed
3Eoz
195,474
240,037
221,798
PGM sold
3Eoz
218,450
206,115
133,714
PGM tolled returned
3Eoz
9,203
12,370
31,062
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
Under-
ground
Surface
Surface
Production
Tonnes milled/treated
000't
Mar 2021
11,150
1,206
9,944
338
-
429
1,331
439
198
-
1,143
7,272
Dec 2020
11,170
1,265
9,905
373
-
478
1,411
414
234
-
1,187
7,073
Mar 2020
9,894
1,191
8,703
325
-
414
1,064
452
7
-
1,072
6,560
Yield
g/t
Mar 2021
0.70
4.60
0.22
6.57
-
4.69
0.37
3.00
0.31
-
0.24
0.19
Dec 2020
0.81
5.22
0.24
6.72
-
5.46
0.39
3.57
0.37
-
0.27
0.21
Mar 2020
0.75
4.51
0.23
5.77
-
4.85
0.37
3.29
0.29
-
0.28
0.21
Gold produced
kg
Mar 2021
7,757
5,547
2,210
2,220
-
2,010
487
1,317
61
-
280
1,382
Dec 2020
9,020
6,599
2,421
2,507
-
2,612
545
1,480
86
-
320
1,470
Mar 2020
7,405
5,369
2,036
1,875
-
2,007
391
1,487
2
-
297
1,346
oz
Mar 2021
249,392
178,340
71,052
71,375
-
64,623
15,657
42,342
1,961
-
9,002
44,432
Dec 2020
290,000
212,163
77,837
80,602
-
83,978
17,522
47,583
2,765
-
10,288
47,262
Mar 2020
238,076
172,617
65,459
60,283
-
64,526
12,571
47,808
64
-
9,549
43,275
Gold sold
kg
Mar 2021
7,536
5,348
2,188
2,204
-
1,966
479
1,178
61
-
285
1,363
Dec 2020
8,933
6,586
2,347
2,551
-
2,536
505
1,499
93
-
265
1,484
Mar 2020
7,590
5,424
2,166
1,853
-
1,977
404
1,594
4
-
296
1,462
oz
Mar 2021
242,287
171,942
70,345
70,860
-
63,208
15,400
37,874
1,961
-
9,163
43,821
Dec 2020
287,203
211,745
75,458
82,017
-
81,534
16,236
48,194
2,990
-
8,520
47,712
Mar 2020
244,024
174,385
69,639
59,575
-
63,562
12,989
51,248
129
-
9,517
47,004
Price and costs
Gold price received
R/kg
Mar 2021
857,126
855,399
858,364
853,592
870,526
858,107
Dec 2020
932,341
934,379
928,182
921,043
937,736
948,518
Mar 2020
795,323
768,484
770,727
781,977
757,432
786,662
US$/oz
Mar 2021
1,782
1,778
1,785
1,775
1,810
1,784
Dec 2020
1,858
1,862
1,849
1,835
1,868
1,890
Mar 2020
1,608
1,554
1,559
1,581
1,532
1,591
Operating cost1
R/t
Mar 2021
459
3,220
124
3,765
-
3,716
196
2,315
116
-
145
108
Dec 2020
454
2,970
133
3,410
-
3,181
173
2,329
188
-
169
117
Mar 2020
475
3,031
125
3,694
-
3,489
199
2,130
329
-
157
108
US$/t
Mar 2021
31
215
8
252
-
248
13
155
8
-
10
7
Dec 2020
29
190
9
218
-
204
11
149
12
-
11
7
Mar 2020
31
197
8
240
-
227
13
138
21
-
10
7
R/kg
Mar 2021
659,688
700,090
558,281
573,288
-
793,134
535,524
771,830
375,410
-
593,929
567,149
Dec 2020
562,262
569,268
543,164
507,379
-
582,198
447,706
651,351
511,628
-
627,188
562,109
Mar 2020
634,490
672,378
534,578
640,267
-
719,631
541,432
647,478
1,150,000
-
568,350
524,220
US$/oz
Mar 2021
1,372
1,456
1,161
1,192
-
1,649
1,113
1,605
781
-
1,235
1,179
Dec 2020
1,120
1,134
1,082
1,011
-
1,160
892
1,298
1,019
-
1,250
1,120
Mar 2020
1,283
1,360
1,081
1,295
-
1,455
1,095
1,309
2,326
-
1,149
1,060
All-in sustaining cost2
R/kg
Mar 2021
772,572
731,851
844,744
882,082
658,596
648,129
Dec 2020
693,574
665,778
727,425
782,538
693,208
617,183
Mar 2020
741,858
790,772
812,516
746,621
634,459
580,506
US$/oz
Mar 2021
1,606
1,522
1,756
1,834
1,369
1,348
Dec 2020
1,382
1,327
1,449
1,559
1,381
1,230
Mar 2020
1,500
1,599
1,643
1,510
1,283
1,174
All-in cost2
R/kg
Mar 2021
784,554
731,851
865,440
882,082
658,596
648,129
Dec 2020
710,332
665,778
750,871
782,538
693,208
626,146
Mar 2020
757,892
790,772
825,787
746,746
634,459
582,627
US$/oz
Mar 2021
1,631
1,522
1,799
1,834
1,369
1,348
Dec 2020
1,415
1,327
1,496
1,559
1,381
1,248
Mar 2020
1,533
1,599
1,670
1,510
1,283
1,178
Capital expenditure
Ore reserve development
Rm
Mar 2021
603.1
271.6
208.6
122.9
-
-
Dec 2020
571.6
233.5
233.2
104.9
-
-
Mar 2020
529.3
204.4
216.3
108.6
-
-
Sustaining capital
Mar 2021
186.2
40.6
57.9
9.9
-
77.8
Dec 2020
349.0
52.9
189.8
37.9
-
68.4
Mar 2020
215.6
60.9
81.5
26.2
-
47.0
Corporate and projects3
Mar 2021
60.6
-
50.6
-
-
-
Dec 2020
110.9
-
71.3
-
-
13.3
Mar 2020
41.9
-
31.6
0.2
-
3.1
Total capital expenditure
Rm
Mar 2021
849.9
312.2
317.1
132.8
-
77.8
Dec 2020
1,031.5
286.4
494.3
142.8
-
81.7
Mar 2020
787.0
265.3
329.5
135.1
-
50.1
US$m
Mar 2021
56.8
20.9
21.2
8.9
-
5.2
Dec 2020
66.1
18.3
31.7
9.1
-
5.2
Mar 2020
51.2
17.2
21.4
8.8
-
3.3
Average exchange rates for the quarters ended 31 March 2021, 31 December 2020 and 31 March 2020 R14.96/US$, R15.61/US$ and R15.38/US$, respectively
Figures may not add as they are rounded independently
1 Operating cost is the average cost of production and operating cost per tonne is calculated by dividing the cost of sales, before amortisation and depreciation and change in inventory in a period by the tonnes milled/treated in the same period, and operating cost per kilogram (and ounce) is calculated by dividing the cost of sales, before amortisation and depreciation and change in inventory in a period by the gold produced in the same period
2 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) is 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 costs, see “All-in costs – Quarters”
3 Corporate project expenditure for the quarters ended 31 March 2021, 31 December 2020 and 31 March 2020 was R10.0 million (US$0.7 million), R26.3 million (US$1.7 million) and R.7.1 million (US$0.5 million), respectively, the majority of which related to the Burnstone project and various IT projects
ALL-IN COSTS - QUARTERS
SA and US PGM operations
Figures are in millions unless otherwise stated
US OPERATIONS
SA OPERATIONS
R' million
Total US and SA PGM
Total US PGM1
Total SA PGM2
Rustenburg
Marikana2
Kroondal
Plat Mile
Mimosa
Corporate
Cost of sales, before amortisation and depreciation3
Mar 2021
9,133.4
1,618.0
7,515.4
2,797.4
3,845.4
764.8
107.8
371.8
(371.8)
Dec 2020
8,145.8
2,007.0
6,138.8
2,278.1
2,989.8
832.3
115.2
564.6
(641.2)
Mar 2020
8,475.3
1,035.8
7,439.5
2,932.5
4,118.7
711.2
72.7
353.6
(749.2)
Royalties
Mar 2021
828.6
-
828.6
439.8
385.1
3.7
-
44.4
(44.4)
Dec 2020
794.0
-
794.0
275.5
515.7
2.8
-
55.5
(55.5)
Mar 2020
329.8
-
329.8
288.2
38.7
2.9
-
30.9
(30.9)
Carbon tax
Mar 2021
0.7
-
0.7
0.1
0.5
0.1
-
-
-
Dec 2020
0.7
-
0.7
0.1
0.5
0.1
-
-
-
Mar 2020
0.2
-
0.2
0.1
-
0.1
-
-
-
Community costs
Mar 2021
34.2
-
34.2
2.9
31.3
-
-
-
-
Dec 2020
27.7
-
27.7
(4.7)
32.4
-
-
-
-
Mar 2020
19.9
-
19.9
11.1
8.8
-
-
-
-
Inventory change4
Mar 2021
842.9
350.7
492.2
(91.5)
583.7
-
-
(6.3)
6.3
Dec 2020
1,635.9
(32.3)
1,668.2
782.5
809.1
-
-
(164.9)
241.5
Mar 2020
(304.2)
721.9
(1,026.1)
(418.8)
(1,003.0)
-
-
-
395.7
Share-based payments5
Mar 2021
27.5
15.6
11.9
4.6
5.6
1.7
-
-
-
Dec 2020
31.3
18.1
13.2
5.3
5.9
2.0
-
-
-
Mar 2020
15.2
15.2
-
-
-
-
-
-
-
Rehabilitation interest and amortisation6
Mar 2021
69.5
7.8
61.7
0.8
42.7
18.2
-
0.8
(0.8)
Dec 2020
76.3
6.9
69.4
4.0
39.9
25.5
-
0.8
(0.8)
Mar 2020
61.0
6.2
54.8
(0.6)
36.5
18.9
-
1.4
(1.4)
Leases
Mar 2021
14.3
0.4
13.9
3.6
8.1
2.2
-
-
-
Dec 2020
15.9
0.7
15.2
3.6
9.4
2.2
-
-
-
Mar 2020
17.7
1.6
16.1
3.6
9.3
3.2
-
-
-
Ore reserve development
Mar 2021
656.5
305.5
351.0
146.1
204.9
-
-
-
-
Dec 2020
701.6
320.1
381.5
151.4
230.1
-
-
-
-
Mar 2020
608.0
264.9
343.1
144.1
199.0
-
-
-
-
Sustaining capital expenditure
Mar 2021
499.2
250.2
249.0
111.8
95.6
35.3
6.0
113.9
(113.6)
Dec 2020
744.3
254.0
490.3
130.8
260.5
88.6
10.4
129.1
(129.1)
Mar 2020
311.9
86.7
225.2
97.6
86.4
40.4
0.6
76.9
(76.7)
Less: By-product credit
Mar 2021
(1,782.8)
(423.9)
(1,358.9)
(433.2)
(741.0)
(182.2)
(2.5)
(124.2)
124.2
Dec 2020
(1,653.4)
(383.6)
(1,269.8)
(496.4)
(632.1)
(141.0)
(1.3)
(160.0)
161.0
Mar 2020
(1,068.0)
(184.6)
(883.4)
(236.1)
(548.4)
(102.1)
3.2
(97.3)
97.3
Total All-in-sustaining costs7
Mar 2021
10,324.0
2,124.3
8,199.7
2,982.4
4,461.9
643.8
111.3
400.4
(400.1)
Dec 2020
10,520.1
2,190.9
8,329.2
3,130.2
4,261.2
812.5
124.3
425.1
(424.1)
Mar 2020
8,466.8
1,947.7
6,519.1
2,821.7
2,946.0
674.6
76.5
365.5
(365.2)
Plus: Corporate cost, growth and capital expenditure
Mar 2021
580.8
580.4
0.4
-
0.4
-
-
-
-
Dec 2020
484.0
471.3
12.7
-
12.7
-
-
-
-
Mar 2020
660.7
646.4
14.3
-
2.1
-
12.2
-
-
Total All-in-costs7
Mar 2021
10,904.8
2,704.7
8,200.1
2,982.4
4,462.3
643.8
111.3
400.4
(400.1)
Dec 2020
11,004.1
2,662.2
8,341.9
3,130.2
4,273.9
812.5
124.3
425.1
(424.1)
Mar 2020
9,127.5
2,594.1
6,533.4
2,821.7
2,948.1
674.6
88.7
365.5
(365.2)
PGM production
4Eoz - 2Eoz
Mar 2021
598,959
154,350
444,609
156,956
193,995
53,046
10,734
29,878
-
Dec 2020
648,456
157,492
490,964
182,488
204,121
61,113
12,397
30,845
-
Mar 2020
559,657
141,585
418,072
154,568
171,997
53,458
9,272
28,777
-
kg
Mar 2021
18,630
4,801
13,829
4,882
6,034
1,650
334
929
-
Dec 2020
20,169
4,899
15,271
5,676
6,349
1,901
386
959
-
Mar 2020
17,407
4,404
13,004
4,808
5,350
1,663
288
895
-
All-in-sustaining cost
R/4Eoz - R/2Eoz
Mar 2021
18,142
13,763
19,771
19,002
23,000
12,137
10,369
13,401
-
Dec 2020
17,034
13,911
18,102
17,153
20,876
13,295
10,027
13,782
-
Mar 2020
15,948
13,756
16,745
18,255
17,128
12,619
8,251
12,701
-
US$/4Eoz - US$/2Eoz
Mar 2021
1,213
920
1,322
1,270
1,537
811
693
896
-
Dec 2020
1,091
891
1,160
1,099
1,337
852
642
883
-
Mar 2020
1,037
894
1,089
1,187
1,114
820
536
826
-
All-in-cost
R/4Eoz - R/2Eoz
Mar 2021
19,162
17,523
19,772
19,002
23,002
12,137
10,369
13,401
-
Dec 2020
17,817
16,904
18,130
17,153
20,938
13,295
10,027
13,782
-
Mar 2020
17,193
18,322
16,782
18,255
17,140
12,619
9,566
12,701
-
US$/4Eoz - US$/2Eoz
Mar 2021
1,281
1,171
1,322
1,270
1,538
811
693
896
-
Dec 2020
1,141
1,083
1,161
1,099
1,341
852
642
883
-
Mar 2020
1,118
1,191
1,091
1,187
1,114
820
622
826
-
Average exchange rates for the quarters ended 31 March 2021, 31 December 2020 and 31 March 2020 R14.96/US$, R15.61/US$ and R15.38/US$, respectively
Figures may not add as they are rounded independently
1 The US PGM operations’ underground production is converted to metric tonnes and kilograms, and performance is translated into rand. In addition to the US PGM operations’ underground production, the operation processes various recycling material which is excluded from the 2E PGM production, All-in sustaining cost and All-in cost statistics shown above
2 The Marikana AISC and AIC includes the purchase of concentrate (PoC) cost from third parties. For a reconciliation of the AISC and AIC excluding PoC refer to “Reconciliation of AISC and AIC excluding PoC for SA PGM and Marikana – Quarters”
3 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. For the March 2020 and December 2020 quarter, Corporate includes the elimination of concentrate sales by Rustenburg, Kroondal and Platinum Mile to Marikana and the associated unrealised profit
4 Inventory adjustment in Corporate for March 2020 and December 2020 quarter includes the elimination of concentrate sales by Rustenburg, Kroondal and Platinum Mile to Marikana and the associated unrealised profit
5 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
6 Rehabilitation includes the interest charge related to the environmental rehabilitation obligation and the amortisation of the related capitalised rehabilitation costs. The interest charge related to the environmental rehabilitation obligation and the amortisation of the capitalised rehabilitation costs reflect the periodic costs of rehabilitation associated with current PGM production
7 All-in cost is calculated in accordance with the World Gold Council guidance. All-in cost excludes income tax, costs associated with merger and acquisition activities, working capital, impairments, financing costs, one-time severance charges and items needed to normalise earnings. All-in cost is made up of All-in sustaining cost, being the cost to sustain current operations, given as a sub-total in the All-in cost calculation, together with corporate and major capital expenditure associated with growth. All-in sustaining cost per ounce (and kilogram) and All-in cost per ounce (and kilogram) are calculated by dividing the All-in sustaining cost and All-in cost, respectively, in a period by the total 4E/2E PGM produced in the same period
Reconciliation of AISC and AIC excluding PoC for SA PGM and Marikana - Quarters
SA PGM
Marikana
R' million
Mar 2021
Dec 2020
Mar 2020
Mar 2021
Dec 2020
Mar 2020
Total All-in-sustaining cost as reported per table above
8,199.7
8,329.2
6,519.1
4,461.9
4,261.2
2,946.0
Less: Purchase cost of PoC
(1,246.7)
(475.8)
(439.0)
(1,246.7)
(475.8)
(439.0)
Add: By-product credit of PoC
64.4
15.1
20.4
64.4
15.1
20.4
Total All-in-sustaining cost excluding PoC
7,017.4
7,868.5
6,100.5
3,279.6
3,800.5
2,527.4
Plus: Corporate cost, growth and capital expenditure
0.4
12.7
14.3
0.4
12.7
2.1
Total All-in-cost excluding PoC
7,017.8
7,881.2
6,114.8
3,280.0
3,813.2
2,529.5
PGM production as reported per table above
4Eoz
444,609
490,964
418,072
193,995
204,121
171,997
Less: PoC production
(19,125)
(12,439)
(7,967)
(19,125)
(12,439)
(7,967)
Less: Mimosa production
(29,878)
(30,845)
(28,777)
PGM production excluding PoC
395,606
447,680
381,328
174,870
191,682
164,030
All-in-sustaining cost excluding PoC
R/4Eoz
17,738
17,576
15,998
18,755
19,827
15,408
US$/4Eoz
1,186
1,126
1,040
1,254
1,270
1,002
All-in-cost excluding PoC
R/4Eoz
17,739
17,605
16,036
18,757
19,893
15,421
US$/4Eoz
1,186
1,128
1,043
1,254
1,274
1,003
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
Mar 2021
4,892.3
1,245.2
1,767.7
917.4
169.9
792.1
-
Dec 2020
5,059.9
1,327.6
1,704.0
1,035.2
161.8
831.3
-
Mar 2020
4,734.3
1,175.8
1,605.3
1,023.2
170.6
759.4
-
Royalties
Mar 2021
26.5
30.9
10.5
5.3
1.2
-
(21.4)
Dec 2020
65.4
50.7
54.5
20.5
1.2
-
(61.5)
Mar 2020
23.6
7.1
9.2
6.2
1.1
-
-
Carbon tax
Mar 2021
0.6
-
-
0.5
-
0.1
-
Dec 2020
0.6
-
0.1
0.4
-
0.1
-
Mar 2020
0.5
-
0.1
0.4
-
-
-
Community costs
Mar 2021
32.6
11.6
9.7
11.3
-
-
-
Dec 2020
66.4
19.3
22.3
21.3
-
3.5
-
Mar 2020
23.0
3.9
8.2
10.9
-
-
-
Share-based payments2
Mar 2021
12.8
2.4
3.5
2.4
-
4.5
-
Dec 2020
14.4
3.2
3.8
2.9
-
4.5
-
Mar 2020
36.0
-
-
-
-
36.0
-
Rehabilitation interest and amortisation3
Mar 2021
52.5
10.7
4.4
17.1
13.8
5.4
1.1
Dec 2020
52.3
11.4
1.2
13.9
18.0
6.5
1.3
Mar 2020
53.8
12.7
10.0
14.9
12.1
2.9
1.2
Leases
Mar 2021
20.3
2.1
4.2
7.1
3.1
3.8
-
Dec 2020
23.6
2.1
4.5
10.1
3.1
3.8
-
Mar 2020
19.8
2.0
4.9
3.6
4.3
5.0
-
Ore reserve development
Mar 2021
603.1
271.6
208.6
122.9
-
-
-
Dec 2020
571.6
233.5
233.2
104.9
-
-
-
Mar 2020
529.3
204.4
216.3
108.6
-
-
-
Sustaining capital expenditure
Mar 2021
186.2
40.6
57.9
9.9
-
77.8
-
Dec 2020
349.0
52.9
189.8
37.9
-
68.4
-
Mar 2020
215.6
60.9
81.5
26.2
-
47.0
-
Less: By-product credit
Mar 2021
(4.8)
(2.1)
(1.1)
(1.0)
(0.3)
(0.3)
-
Dec 2020
(7.5)
(2.3)
(1.3)
(1.3)
(0.4)
(2.2)
-
Mar 2020
(5.2)
(1.5)
(0.9)
(0.9)
(0.3)
(1.6)
-
Total All-in-sustaining costs4
Mar 2021
5,822.1
1,613.0
2,065.4
1,092.9
187.7
883.4
(20.3)
Dec 2020
6,195.7
1,698.4
2,212.1
1,245.8
183.7
915.9
(60.2)
Mar 2020
5,630.7
1,465.3
1,934.6
1,193.1
187.8
848.7
1.2
Plus: Corporate cost, growth and capital expenditure
Mar 2021
90.3
-
50.6
-
-
-
39.7
Dec 2020
149.7
-
71.3
-
-
13.3
65.1
Mar 2020
121.7
-
31.6
0.2
-
3.1
86.8
Total All-in-costs4
Mar 2021
5,912.4
1,613.0
2,116.0
1,092.9
187.7
883.4
19.4
Dec 2020
6,345.4
1,698.4
2,283.4
1,245.8
183.7
929.2
4.9
Mar 2020
5,752.4
1,465.3
1,966.2
1,193.3
187.8
851.8
88.0
Gold sold
kg
Mar 2021
7,536
2,204
2,445
1,239
285
1,363
-
Dec 2020
8,933
2,551
3,041
1,592
265
1,484
-
Mar 2020
7,590
1,853
2,381
1,598
296
1,462
-
oz
Mar 2021
242,287
70,860
78,608
39,835
9,163
43,821
-
Dec 2020
287,203
82,017
97,770
51,184
8,520
47,712
-
Mar 2020
244,024
59,575
76,551
51,377
9,517
47,004
-
All-in-sustaining cost
R/kg
Mar 2021
772,572
731,851
844,744
882,082
658,596
648,129
-
Dec 2020
693,574
665,778
727,425
782,538
693,208
617,183
-
Mar 2020
741,858
790,772
812,516
746,621
634,459
580,506
-
US$/oz
Mar 2021
1,606
1,522
1,756
1,834
1,369
1,348
-
Dec 2020
1,382
1,327
1,449
1,559
1,381
1,230
-
Mar 2020
1,500
1,599
1,643
1,510
1,283
1,174
-
All-in-cost
R/kg
Mar 2021
784,554
731,851
865,440
882,082
658,596
648,129
-
Dec 2020
710,332
665,778
750,871
782,538
693,208
626,146
-
Mar 2020
757,892
790,772
825,787
746,746
634,459
582,627
-
US$/oz
Mar 2021
1,631
1,522
1,799
1,834
1,369
1,348
-
Dec 2020
1,415
1,327
1,496
1,559
1,381
1,248
-
Mar 2020
1,533
1,599
1,670
1,510
1,283
1,178
-
Average exchange rates for the quarters ended 31 March 2021, 31 December 2020 and 31 March 2020 R14.96/US$, R15.61/US$ and R15.38/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 include the interest charge related to the environmental rehabilitation obligation and the amortisation of the related capitalised rehabilitation costs. The interest charge related to the environmental rehabilitation obligation and the amortisation of the capitalised rehabilitation costs reflect the periodic costs of rehabilitation associated with current gold production
4 All-in cost is calculated in accordance with the World Gold Council guidance. All-in cost excludes income tax, costs associated with merger and acquisition activities, working capital, impairments, financing costs, one time severance charges and items needed to normalise earnings. All-in cost is made up of All-in sustaining cost, being the cost to sustain current operations, given as a sub-total in the All-in cost calculation, together with corporate and major capital expenditure associated with growth. All-in sustaining cost per kilogram (and ounce) and All-in cost per kilogram (and ounce) are calculated by dividing the All-in sustaining cost and All-in cost, respectively, in a period by the total gold sold over the same period
ADJUSTED EBITDA RECONCILIATION - QUARTERS
Quarter ended Mar 2021
Quarter ended Dec 2020
Quarter ended Mar 2020
Figures in million - SA rand
US PGM
SA PGM
SA Gold
Corporate
Total
US PGM
SA PGM
SA Gold
Corporate
Total
US PGM
SA PGM
SA Gold
Corporate
Total
Profit/(loss) before royalties and tax
2,235.0
15,094.0
644.5
(198.1)
17,775.4
2,969.0
10,181.8
485.8
(304.7)
13,331.9
1,334.7
7,817.0
2,215.8
(181.3)
11,186.2
Adjusted for:
-
-
Amortisation and depreciation
582.7
552.3
679.6
-
1,814.6
699.8
650.0
798.0
-
2,147.8
497.8
555.2
764.8
-
1,817.8
Interest income
(102.1)
(44.4)
(142.5)
-
(289.0)
(100.3)
(65.1)
(168.9)
-
(334.3)
(70.1)
(53.9)
(128.4)
-
(252.4)
Finance expense
234.7
129.3
157.6
78.5
600.1
234.6
164.7
187.1
83.3
669.7
263.5
177.0
291.1
79.5
811.1
Share-based payments
15.6
25.6
57.0
-
98.2
36.1
42.6
69.8
-
148.5
15.2
-
100.6
-
115.8
Loss/(gain) on financial instruments
306.7
68.6
(2.1)
-
373.2
-
2,066.7
(308.1)
-
1,758.6
(33.2)
51.1
(3,424.6)
-
(3,406.7)
Loss/(gain) on foreign exchange differences
(0.2)
51.5
55.4
-
106.7
11.7
(1,175.0)
408.5
-
(754.8)
(1.5)
(618.4)
1,425.6
-
805.7
Share of results of equity-accounted investees after tax
-
(588.2)
(64.5)
-
(652.7)
-
(697.5)
(51.2)
-
(748.7)
-
(324.8)
(98.2)
-
(423.0)
Other non-cash cost/(income)
-
-
-
-
-
30.2
(424.2)
(18.0)
-
(412.0)
-
-
-
-
-
Loss/(gain) on disposal of property, plant and equipment
5.0
(5.5)
(3.6)
-
(4.1)
0.8
(33.2)
(3.4)
-
(35.8)
-
-
(7.5)
-
(7.5)
Impairments/(reversal of impairments)
0.2
-
-
-
0.2
(0.1)
(2.3)
(119.7)
-
(122.1)
0.2
-
-
-
0.2
Restructuring cost
3.0
9.9
15.0
-
27.9
7.8
39.4
59.2
-
106.4
1.8
270.5
6.9
-
279.2
IFRS 16 lease payments
(0.4)
(13.8)
(21.7)
-
(35.9)
(0.6)
(15.2)
(25.1)
-
(40.9)
(1.6)
(16.8)
(20.5)
-
(38.9)
Loss on settlement of US$ Convertible bond
-
-
-
-
-
-
-
1,506.7
-
1,506.7
-
-
-
-
-
Loss on Bulk Tailings re-Treatment transaction early settlement
-
-
-
-
-
-
-
-
-
-
-
186.2
-
-
186.2
Other non-recurring costs/(income)
12.4
1.0
1.1
(3.0)
11.5
(34.5)
4.6
48.5
39.2
57.8
51.8
-
0.2
6.1
58.1
Adjusted EBITDA
3,292.6
15,280.3
1,375.8
(122.6)
19,826.1
3,854.5
10,737.3
2,869.2
(182.2)
17,278.8
2,058.6
8,043.1
1,125.8
(95.7)
11,131.8
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
Mar 2021 quarter
Dec 2020 quarter
Mar 2020 quarter
Stillwater West & East
East Boulder
Stillwater West & East
East Boulder
Stillwater West & East
East Boulder
Stillwater
Unit
Primary development (off reef)
(m)
1,784
476
1,678
363
1,355
748
Secondary development
(m)
4,375
1,402
3,971
1,497
2,849
929
SA PGM operations
Mar 2021 quarter
Dec 2020 quarter
Mar 2020 quarter
Batho- pele
Thembe- lani
Khuse- leka
Siphume- lele
Batho- pele
Thembe- lani
Khuse- leka
Siphume- lele
Batho- pele
Thembe- lani
Khuse- leka
Siphume- lele
Rustenburg
Unit
Advanced
(m)
306
1,500
2,465
698
434
1,655
3,169
893
291
1,137
2,487
838
Advanced on reef
(m)
306
667
878
385
434
813
1,096
534
154
455
613
322
Height
(cm)
219
287
286
269
223
280
283
266
204
290
284
192
Average value
(g/t)
2.1
2.3
2.2
3.1
2.4
2.4
2.3
3.2
2.3
2.5
2.4
3.1
(cm.g/t)
466
665
644
831
535
680
649
842
470
715
668
586
SA PGM operations
Mar 2021 quarter
Dec 2020 quarter
Mar 2020 quarter
K3
Rowland
Saffy
E3
4B
K3
Rowland
Saffy
E3
4B
K3
Rowland
Saffy
E3
4B
Marikana
Unit
Primary development
(m)
6,459
5,332
3,982
896
1,147
9,468
6,312
5,163
1,145
1,597
7,415
4,618
4,559
989
1,483
Primary development - on reef
(m)
4,929
4,213
2,835
552
776
7,340
4,909
3,621
795
1,101
5,859
3,629
3,110
750
1,062
Height
(cm)
215
221
218
216
221
216
219
219
219
222
217
217
219
221
216
Average value
(g/t)
3.2
2.5
2.7
3.0
2.7
3.0
2.8
2.7
3.0
2.6
3.2
2.7
2.6
2.5
2.5
(cm.g/t)
692
548
586
641
597
643
603
589
662
583
692
595
569
561
534
SA PGM operations
Mar 2021 quarter
Dec 2020 quarter
Mar 2020 quarter
Kopa- neng
Simun- ye
Bamba- nani
Kwezi
K6
Kopa- neng
Simun- ye
Bamba- nani
Kwezi
K6
Kopa- neng
Simun- ye
Bamba- nani
Kwezi
K6
Kroondal
Unit
Advanced
(m)
504
110
460
437
455
421
480
655
601
352
602
172
627
348
519
Advanced on reef
(m)
450
-
260
332
455
373
-
578
382
337
165
111
595
125
387
Height
(cm)
241
291
218
223
238
246
356
211
205
233
247
217
207
217
235
Average value
(g/t)
2.2
-
1.4
2.4
2.3
2.0
-
2.3
2.1
2.6
2.3
2.7
3.0
3.0
2.3
(cm.g/t)
538
-
309
525
540
496
-
474
436
600
571
594
621
655
538
SA gold operations
Mar 2021 quarter
Dec 2020 quarter
Mar 2020 quarter
Carbon
leader
Main
VCR
Carbon
leader
Main
VCR
Carbon
leader
Main
VCR
Driefontein
Unit
Advanced
(m)
759
136
1,136
940
275
1,406
840
230
890
Advanced on reef
(m)
80
43
366
262
127
273
147
92
78
Channel width
(cm)
18
72
97
50
57
77
95
53
106
Average value
(g/t)
18.4
9.9
43.2
19.8
10.0
45.8
10.3
11.2
10.6
(cm.g/t)
324
709
4,202
992
567
3,507
975
590
1,119
SA gold operations
Mar 2021 quarter
Dec 2020 quarter
Mar 2020 quarter
Kloof
Main
Libanon
VCR
Kloof
Main
Libanon
VCR
Kloof
Main
Libanon
VCR
Kloof
Unit
Advanced
(m)
1,197
430
1,241
1,389
546
1,429
1,184
476
67
1,450
Advanced on reef
(m)
245
142
165
349
186
164
209
56
47
227
Channel width
(cm)
167
61
106
152
96
102
109
116
178
95
Average value
(g/t)
8.3
15.7
16.6
7.2
11.6
17.6
7.0
10.9
6.1
8.6
(cm.g/t)
1,393
959
1,761
1,097
1,112
1,785
763
1,271
1,089
814
SA gold operations
Mar 2021 quarter
Dec 2020 quarter
Mar 2020 quarter
Beatrix
Kalkoen-krans
Beatrix
Kalkoen-krans
Beatrix
Kalkoen-krans
Beatrix
Unit
Advanced
(m)
2,799
105
2,708
154
3,150
159
Advanced on reef
(m)
597
35
914
94
1,040
70
Channel width
(cm)
134
160
145
180
169
137
Average value
(g/t)
7.4
5.9
9.8
7.5
9.9
17.2
(cm.g/t)
993
947
1,429
1,348
1,681
2,362
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
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
In Europe: Swiss Resource Capital AG
Jochen Staiger
FORWARD-LOOKING STATEMENTS
The information in this report 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 report.
All statements other than statements of historical facts included in this report 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; 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; 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.