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Sibanye-Stillwater Mineral Resources and Mineral Reserves declaration as at 31 December 2020
Sibanye Stillwater Limited
Incorporated in the Republic of South Africa
Registration number 2014/243852/06
Share codes: SSW (JSE) and SBSW (NYSE)
ISIN – ZAE000259701
Issuer code: SSW
(“Sibanye-Stillwater”)
Website: www.sibanyestillwater.com
Sibanye-Stillwater Mineral Resources and Mineral Reserves declaration as at 31
December 2020
Johannesburg, 15 February 2021: Sibanye-Stillwater (Tickers JSE: SSW and NYSE: SBSW)
is pleased to report attributable Group Mineral Resources and Mineral Reserves as at
31 December 2020.
Salient features
• A 40% increase in 4E Platinum group metals (PGM) Mineral Reserves at the SA PGM
operations to 39.5M 4Eoz, primarily due to the inclusion of the Marikana K4
project (12.7 M 4Eoz) and the Klipfontein opencast project (0.1M 4Eoz) following
detailed feasibility studies.
• A 7% (5.8Moz) increase in 2E PGM Mineral Resources, with additional Mineral Reserves
of 0.8M 2E PGM ounces defined at East Boulder Mine replacing combined depletion of
0.7M 2Eoz during 2020. Combined stable Mineral Reserves of 26.9M 2Eoz at the US
PGM operations.
• Stable Mineral Reserves of 11.3Moz at the SA gold operations, with depletion of
1.0 Moz for 2020 off-set by
- an 0.8Moz increase in attributable Mineral Reserves from DRDGOLD due to the increase
in Sibanye-Stillwater’s shareholding in DRDGOLD from 38.05 to 50.1%,
- an additional 0.2Moz Mineral Reserves derived from secondary reef exploration
programmes at the Driefontein operation.
• Mineral Resources at the SA gold operations decreased by 15.9Moz, primarily due to
the exclusion of Below Infrastructure Mineral Resources at Driefontein
The declared Mineral Resources and Mineral Reserves for our managed operations and
projects are the outcome of a detailed annual operational and life of mine (LoM)
planning process and are indicative of the considerable underlying mineral assets
base which supports sustainable and robust long-life production.
This Mineral Reserve and Mineral Resource declaration represents a condensed and
consolidated summary of the full Sibanye-Stillwater Mineral Resource and Mineral
Reserve declaration available in the Group Mineral Resource and Mineral Reserve
Report, which will be published on 22 April 2021 and will be available at
www.sibanyestillwater.com/news-investors/reports/annual/.
• Group overview
Mineral Resources Mineral Reserves
31-Dec-20 31-Dec-19 31-Dec-20 31-Dec-19
Tonnes Grade 2E/4E1 2E/4E1 Tonnes Grade 2E/4E1 2E/4E1
PGM operations
(Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz) (Moz)
US 58.2 26.9
178.7 15.1 86.9 81.1 14.4 26.9
SA 1,535.4 369.7 28.2
4.4 217.1 218.0 3.3 39.5
Total PGM operations 1,714.1 427.9 55.1
5.5 304.0 299.1 4.8 66.4
Mineral Resources Mineral Reserves
31-Dec-20 31-Dec-19 31-Dec-20 31-Dec-19
Tonnes Grade 2E/4E 2E/4E Tonnes Grade 2E/4E 2E/4E
PGM projects
(Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz) (Moz)
Americas 68.4 0.8 1.7 3.1
SA 618.8 4.3 86.0 86.8
Total projects 687.2 4.0 87.7 89.9
Total PGM 2,401.2 5.1 391.7 389.0 427.9 4.8 66.4 55.1
Tonnes Grade Gold Gold Tonnes Grade Gold Gold
Gold operations
(Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz) (Moz)
SA underground 205.9 8.4 55.3 72.6 42.5 6.0 8.3 9.0
SA surface 579.8 0.3 5.3 3.9 285.8 0.3 3.0 2.3
Total operations 785.7 2.4 60.6 76.5 328.3 1.1 11.3 11.3
Tonnes Grade Gold Gold Tonnes Grade Gold Gold
Gold projects
(Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz) (Moz)
SA 377.0 1.6 19.7 21.5 33.9 3.9 4.3 4.0
US 2,638.7 0.1 6.51 6.6
Total projects 3,015.6 0.27 26.2 28.1 33.9 3.9 4.3 4.0
Total Gold 3,790.0 0.70 85.6 104.6 362.2 3.9 15.5 15.4
Uranium at gold Tonnes Grade U3O8 U3O8 Tonnes Grade U3O8 U308
operations
(Mt) (kg/t) (Mlb) (Mlb) (Mt) (kg/t) (Mlb) (Mlb)
SA 11.4 1.1 27.0
27.0 - - - -
Total operations 11.4 1.1 27.0
27.0 - - - -
Tonnes Grade U3O8 U3O8 Tonnes Grade U3O8 U3O8
Uranium projects
(Mt) (kg/t) (Mlb) (Mlb) (Mt) (kg/t) (Mlb) (Mlb)
SA
262.3 0.1 51.7 51.7 - - - -
Total projects
262.3 0.1 51.7 51.7 - - - -
Total Uranium 273.7 78.7
0.1 78.7 - - - -
Tonnes Grade Copper Copper Tonnes Grade Copper Copper
Copper projects
(Mt) (%) (Mlb) (Mlb) (Mt) (%) (Mlb) (Mlb)
18,439.
US 2,704.6 0.3
5 18,711.5
18,439.
Total Copper 2,704.6 0.3 18,711.5
5
1For the US PGM operations, the 2E is represented by Pt and Pd
2For the SA PGM operations, the 4E is represented Pt, Pd, Rh and Au
3Numbers may not appear additive due to rounding
The Group complies with both the JSE and the US Securities and Exchange Commission
(SEC) guidelines on commodity prices used in the estimation of Mineral Reserves at
all managed operations and projects. An average exchange rate of R15.00/US$ (2019:
R14.50/US$) and the commodity prices illustrated below were used in the estimation
process:
31-Dec-20 31-Dec-19
Precious metals US$/oz R/oz R/kg US$/oz R/oz R/kg
Gold 1,500 22,500 720,000 1,300 18,850 610,000
Platinum 880 13,200 424,389 887 12,862 413,506
Palladium 1,600 24,000 771,617 1,123 16,284 523,526
Rhodium 5,650 84,750 2,724,772 3,600 52,200 1,678,267
Iridium 1,450 21,750 699,278 1,247 18,082 581,333
Ruthenium 260 3,900 125,388 200 2,900 93,237
Base metals US$/lb US$/tonne R/tonne US$/lb US$/tonne R/tonne
Nickel 5.90 13,000 195,000 6.33 13,955 183,454
Copper 2.72 6,000 90,000 3.14 6,923 91,133
Cobalt 15.00 33,069 496,040 28.00 61,729 895,076
Uranium oxide (U3O8)1 32.00 70,548 960,000 32.00 70,548 1,022,944
Chromium oxide (Cr2O3)2,
0.07 160 2,400 0.07 165 2,393
(42% concentrate)1
1,2 Long term contract price
During the course of 2020, and continuing into 2021, the basket of precious metal
prices has shown strong appreciation, with the gold price driven in part by renewed
sentiment for investment due to the COVID-19 pandemic, but also due to PGM prices
being supported by robust fundamentals and a quicker than anticipated recovery in
vehicle demand after the initial COVID-19 demand impact.
Spot rhodium and palladium prices have exceeded US$20,000/oz and US$2,400/oz
respectively during 2021, resulting in a basket price in excess of R45,000/4Eoz at
the SA PGM operations, and over US$2,000/2Eoz at the US PGM operations. These basket
prices represent margins in excess of 100% of our assumed reserve prices.
The gold price averaged between US$1,800 and US$2,000 for the majority of 2020, which
combined with the ZAR/USD exchange rate which briefly peaked at around R19.00/US$ in
early April 2020, resulted in the rand gold price of around R1,000,000/kg for
approximately seven months during mid-2020. The current spot price of ~R900,000/kg
compares favourably to the gold reserve price used of R720,000/kg, representing a 25%
margin. The table below illustrates the spot margins over the Mineral Reserve prices.
Precious metals Prill Reserve Spot price
Margin
Split price (2020/02/12)
Gold 1,500 1,816 21%
Platinum 880 1,209 37%
Palladium 1,600 2,272 42%
Rhodium 5,650 19,300 241%
Source: Kitco (bid price)
The relevant metal (prill) split exposure of our operations to these margins are
summarised below.
2E Prill split (US PGM
Unit Stillwater Mine East Boulder Mine Average
operations)
Platinum % 22.17 21.73 22.01
Palladium % 77.83 78.27 77.99
6E Prill split (SA PGM Rustenburg Kroondal Marikana Mimosa
Unit
operations) MER UG2 UG2 MER UG2 MSZ
Platinum % 59.76 46.00 47.20 57.21 47.93 45.80
Palladium % 25.57 29.04 25.71 25.73 23.31 35.70
Rhodium % 3.73 8.55 8.45 3.06 9.02 3.90
Gold % 4.61 0.68 0.59 6.49 0.46 7.40
Ruthenium % 3.23 12.65 14.42 6.40 15.50 3.20
Iridium % 3.11 3.09 3.64 1.11 3.78 4.00
MER – Merensky Reef
UG2 – Upper Group 2 Chromitite
MSZ – Main Sulphide Zone
Group Mineral Resources and Mineral Reserves per segment
• US PGM operations
? Total 2E PGM Mineral Resources of 86.9Moz, increased by 7% year-on-year
? Total 2E PGM Mineral Reserves of 26.9Moz, was unchanged
Mineral Resources Mineral Reserves
31-Dec-20 31-Dec-19 31-Dec-20 31-Dec-19
Tonnes Grade 2E 2E Tonnes Grade 2E 2E
PGM operations
(Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz) (Moz)
Stillwater 86.5 17.4 48.3 48.2 31.0 15.9 15.9 16.7
East Boulder 92.2 13.0 38.6 32.9 27.2 12.6 11.0 10.2
Total US PGM
178.7 15.1 86.9 81.1 58.2 14.4 26.9 26.9
operations
Note: 2E PGM = Pt (78%) + Pd (22%)
The growth in the Mineral Resource was driven by a combination of positive drilling
results at East Boulder; as well as a lowering of the cut-off grade at the East
Boulder Mine, driven primarily by the increase in the palladium Mineral Reserve price
assumption.
Overall Mineral Reserves remained largely unchanged, with a slight decrease at the
Stillwater mine (Including the Blitz Project) of 0.8moz due to reduced Resource to
Reserve definition drilling. This was off-set by an increase at East Boulder, based
on the positive drilling results. At the Blitz project, Mineral Reserve definition
drilling continues to underpin the project assumptions made.
A detailed reconciliation of 2019 to 2020 US PGM operations Mineral Reserves is shown
in the table below.
US PGM operations – Mineral Reserve
reconciliation
Factors 2E PGM (Moz)
31-Dec-19 26.9
Depletion -0.7
Area Inclusions/Exclusions 0.1
Geological Interpretation 0.4
Modifying factors -0.6
Economic Parameters 0.8
31-Dec-20 26.9
• Other projects in the Americas
- Total 2E PGM Mineral Resources of 1.7Moz, a decrease of 46%
- Total gold Mineral Resources of 6.6Moz, unchanged
- Total copper Mineral Resources of 18,439.5Mlb, a decrease of 1.5%
Gold (Au) Mineral Copper (Cu) Mineral
2E5 PGM Mineral Resources
Resources Resources
31-Dec-20 31-Dec-20 31-Dec-19 31-Dec-20 31-Dec-19 31-Dec-20 31-Dec-19
2E
Tonnes Grade 2E PGM Grade Au Au Grade Cu Cu
PGM
Projects
(Mt) (g/t) (Moz) (Moz) (g/t) (Moz) (Moz) (%) (Mlb) (Mlb)
17,931
Altar1 2,613.9 0.1 6.3 6.3 0.3 17,931.0
.0
Marathon2&5 65.9 0.7 1.4 3.1 0.2 307.8 645.8
Denison3&5 2.5 2.9 0.2 0.05 0.5 0.04 0.01 1.2 66.0
Rio Grande4 22.3 0.3 0.2 0.2 0.3 134.7 134.7
1&4100%Attributable, non-managed
226.49% Attributable, non-managed, based on a 20% direct and a 8,11% indirect interest.
364.9% Attributable, non-managed
4100% Attributable, non-managed
52E PGM represented by Pt and Pd (Prill split Marathon: Pd (76%) Pt (24%), Denison: Pd (53%), Pt(47%))
The Altar and Rio Grande Mineral Resources remained unchanged, with no advance in
earn-in by our JV partner, Aldebaran Resources Inc.
The adjustment in attributable Mineral Resources at the Marathon Project, is due to
ownership dilution (From 80% to 20%) resulting from our JV partner, Generation Mining
Limited (Gen Mining), meeting JV milestone conditions.
The increase in attributable Mineral Resources at the Denison project is predominantly
due to an updated mineral resource estimate, incorporating additional mineralised
zones.
• SA PGM operations
- Total 4E PGM Mineral Reserves increased by 40% to 39.5M 4Eoz, primarily due to
the inclusion of an attributable 12.7M 4Eoz from the K4 project at the Marikana
operation.
- Total 4E PGM Mineral Resources stable at 217.1M 4Eoz
Mineral Resources Mineral Reserves
31-Dec-20 31-Dec-19 31-Dec-20 31-Dec-19
PGM operations Tonnes Grade 4E 4E Tonnes Grade 4E 4E
Underground (Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz) (Moz)
Marikana 884.70
4.4 124.4 123.8 161.2 4.1 21.1 8.6
underground1
Rustenburg
497.1 5.0 80.2 80.6 110.5 3.7 13.3 13.7
underground
Kroondal
37.9 3.3 4.1 4.3 12.0 2.6 1.0 1.2
underground2
Mimosa underground3 53.9 3.6 6.2 6.4 13.1 3.4 1.5 1.7
1,473.6
Total underground 4.5 214.9 215.1 296.8 3.9 36.9 25.2
Surface
Marikana1 11.5 1.2 0.4 0.6 11.5 1.2 0.4 0.6
Rustenburg 60.5 1.1 2.1 2.4 60.5 1.1 2.1 2.4
Kroondal2 1.3 3.7 0.1 0.1 0.8 3.3 0.1 0.0
Total Surface 61.8 1.1 2.2 2.9 72.9 1.1 2.7 2.9
Total SA PGM 1,535.4
4.4 217.1 218.0 369.7 3.3 39.5 28.2
operations
195.25% Attributable, managed
250% Attributable, managed. Kroondal Surface includes both the Klipfontein Opencast and Tailings Dams
Mineral Resources. Mineral Reserves only reflect Klipfontein Opencast.
350% Attributable, non-managed
4E PGM Mineral Reserves at the combined Marikana, Rustenburg and Kroondal operations
increased by 12.8M 4Eoz, primarily as a result of the inclusion of the Marikana K4
project (12.7M 4Eoz) and the Klipfontein open-cast project (0.1M 4Eoz). Both the K4
project and Klipfontein open-cast project disclosures are underpinned by feasibility
studies and will be considered for development by the Board during Q1 2021. The K4
project formed part of historic Mineral Reserve declarations by Lonmin, prior to the
acquisition by Sibanye-Stillwater, which was previously excluded from our reporting
due economic considerations. It is anticipated that, if approved, these projects will
commence during 2021.
- K4 project highlights:
- The K4 project is a world- class brownfields project, which requires the re-
start and completion of the shaft infrastructure and is planned to extract both
the Merensky and UG2 reefs over a 50 year life. Production at steady state is
expected to be approximately 2,25Mtpa RoM (~250koz 4E) per year.
- Project capital requirements are estimated at R3.9 billion over eight years,
with pay-back in six years at the Mineral Reserve price assumptions.
Depletion of 2.0M 4Eoz from mining activities during 2020 was partly off-set by a
0.8Moz increase in Mineral Reserves due to the economic parameters applied, primarily
from LoM tail-end production which had previously been excluded, now being economic
at current price assumptions.
A detailed reconciliation of 2019 to 2020 SA PGM operations Mineral Reserves is shown
in the table below.
SA PGM operations – Mineral Reserves Reconciliation
Factors 4E PGM (Moz)
31-Dec-19 28,2
Depletion -2,0
Area
12,8
Inclusions/Exclusions1
12,7
• K4 Project
• Klipfontein 0,1
Opencast
Geological
-0,1
Interpretation2
Modifying factors3 -0,1
Economic Parameters4 0,8
31-Dec-20 39,5
1Addition of Mineral Reserves from projects and operations economically viable on improved price deck
2Increases in geological loss with latest interpretation
3Updates in geological interpretations and modifying factors
4Inclusion of mineral reserves at the end of LoM due to tail cut gains
• Other SA PGM projects
- Total 4E PGM Mineral Resources of 86Moz, a decrease of 1%
Mineral Resources
31-Dec-20 31-Dec
Tonnes Grade 4E 4E
PGM Projects
(Mt) (g/t) (Moz) (Moz
Akanani1 293.4 3.9 36.8 3
Limpopo2 199.6 4.0 25.9 2
Hoedspruit 32.6 5.5 5.8
Blue Ridge3 15.8 3.15 1.6
Zondernaam4 77.4 6.4 15.9 1
Total SA PGM projects 618.8 4.3 86 8
1 74% Attributable, managed
2 Attributable portions of Baobab (95,25%), Doornvlei (95,25%) and the Dwaalkop JV (45,3%), managed
3 50% Attributable, managed
4 74% Attributable, managed
During 2020, a revised Mineral Resource Estimate for the Blue Ridge Project was
completed as part of a re-opening feasibility study, which resulted in a 0.8M 4Eoz
decrease in attributable Mineral Resources due the exclusion of an area impacted by
faulting.
The Akanani, Limpopo and Blue Ridge Mineral Resource disclosures are underpinned by
detailed mining studies displaying reasonable prospect for economic extraction. The
Hoedspruit area is contiguous on strike to our Rustenburg and Marikana mining areas,
and represents an attractive near-term mining extension, underpinned by LoM scenario
analysis.
• SA gold operations
- Mineral Resources of 60.6Moz, a decrease of 21%
- Mineral Reserves flat at 11.3Moz%
Mineral Resources Mineral Reserves
31-Dec-
31-Dec-20 31-Dec-20 31-Dec-19
19
Gold operations Tonnes Grade Gold Gold Tonnes Grade Gold Gold
Underground (Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz) (Moz)
Kloof - underground 112.6 9.1 32.9 36.1 22.6 6.3 4.6 4.9
Beatrix - underground 57.9 5.9 11.0 11.8 10.3 3.7 1.2 1.5
Driefontein - underground 35.4 10.0 11.3 24.7 9.6 8.0 2.5 2.6
Total underground 205.9 8.4 55.3 72.6 42.5 6.0 8.3 9.0
Surface
Kloof 5.9 0.3 0.1 0.1 5.9 0.3 0.1 0.1
Beatrix 0.4 0.2 0.0 0.0 0.4 0.2 0.0 0.0
Driefontein 0.3 0.4 0.0 0.0 0.3 0.4 0.0 0.0
Cooke 11.1 0.3 0.1 0.1 11.1 0.3 0.1 0.1
DRDGOLD1 562.2 0.3 5.1 3.8 268.2 0.3 2.8 2.2
Total surface 579.8 0.3 5.3 3.9 285.8 0.3 3.0 2.3
Total SA Gold operations 785.7 2.4 60.6 76.5 328.3 1.1 11.3 11.3
1 50.1% Attributable, non-managed
The decrease in SA gold Mineral Resources is primarily due to the exclusion of below
infrastructure Mineral Resources at Driefontein, as this project is uneconomic at the
adopted economic parameters and assumed productivity levels.
The decrease in gold Mineral Reserves can be attributed mainly to:
- Depletion of 1.0Moz from mining activities during 2020
- An increase in the attributable Mineral Reserves for DRDGOLD due largely to an
increase in the shareholding percentage from 38% to 50.1%
- Inclusion of previously excluded areas at various operations, including at Beatrix
(Vlakpan and “white areas” project), at Driefontein No. 1 and 5 Shafts (secondary
reef inclusions), at Kloof Main Shaft (Ventersdorp Contact Reef (VCR) and secondary
reefs additions), at Kloof No. 4 Shaft, and also at Driefontein No. 4 Shaft
(decreases due a change in pillar design), which sum to an additional 0.2Moz.
- Structural geology adjustments on the VCR at the Kloof No. 4 Shaft depth extension
project, which resulted in a decrease of 0.2Moz
- Inclusion of lower grade ore at Beatrix No. 1 Shaft, mined on an incremental,
operating cost only, basis, and the inclusion of additional payable surface sources
(Surface Rock Dumps) at all operations resulting in an increase of 0.1Moz.
- Updates to all modifying factors (Including the Mine Call Factors) based on recent
achievements resulting in a net decrease of 0.1Moz.
A detailed reconciliation of 2019 to 2020 SA gold operations Mineral Reserves is
shown in the table below.
SA Gold Operations – Mineral Reserves
Reconciliation
Factors Gold (Moz)
31-Dec-19 11.3
Depletion -1.0
Area Inclusions/Exclusions1 0.2
Attributable Adjustment2 0.8
Geological Interpretation3 -0.2
Economic Parameters4 0.1
Modifying factors5 -0.1
1Beatrix
3 Shaft inclusions including Vlakpan
31-Dec-20 11.3
and “White Areas”, Driefontein 1 and 5 Shaft
VCR inclusions, Driefontein 4 Shaft Pillar
re-design, Kloof Main Shaft VCR and secondary reef inclusions, Kloof 4 Shaft exclusions
2DRDGOLD changes in shareholding percentage
3Beatrix estimation model changes, Driefontein CL and VCR estimation model changes, structural changes
Kloof 4 Decline
4Beatrix 1 Shaft incremental mining extended, Surface pay additions
5Improvement in the MCF at Driefontein, decrease in MCF at Kloof and Beatrix
• SA gold projects
- Total Gold Mineral Resources of 19.7Moz, a decrease of 9%.
- Total Gold Mineral Reserve of 4.3Moz, an increase of 6%.
Mineral Resources Mineral Reserves
31-Dec-
31-Dec-20 31-Dec-20 31-Dec-19
19
Gold Projects Tonnes Grade Gold Gold Tonnes Grade Gold Gold
Underground (Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz) (Moz)
Burnstone 58.1 4.9 9.1 11.0 18.6 3.7 2.2 1.9
Bloemhoek 28.3 4.7 4.3 4.3 0.0 0.0 0.0 0.0
De Bron Merriespruit 28.3 4.4 4.0 4.0 15.3 4.3 2.1 2.1
Total Underground 114.7 4.7 17.4 19.3 33.9 3.9 4.3 4.0
Surface
Cooke1 262.3 0.3 2.2 2.2 0.0 0.0 0.0 0.0
Total Surface 262.3 0.3 2.2 2.2 0.0 0.0 0.0 0.0
Total SA Gold Projects 377.0 1.6 19.7 21.5 33.9 3.9 4.3 4.0
1Tailings dams
The single largest impact on the Gold Projects Mineral Resources was a geological
facies boundary update at Burnstone, resulting in a decrease of 1.9 Moz.
Mineral Reserves however increased by 6% (0.2 Moz) due to a revision of the Burnstone
feasibility study, based on a revised Mineral Resource estimation model, which led
to an optimisation of the Burnstone Project mine design and schedule. A detailed
reconciliation of 2019 to 2020 SA gold project’s Mineral Reserve is shown in the
table below.
SA gold projects – Mineral Reserves
Reconciliation
Factors Gold (Moz)
31-Dec-19 4.0
Area Inclusions/Exclusions1 0.3
Geological Interpretation2 -0.1 1Burnstone design optimisation
Modifying factors3 0.005 2Burnstone estimation model update
31-Dec-20 4.3 3Burnstone MCF changes
• SA Uranium operations and projects
- Total U3O8 Mineral Resource remained unchanged year-on-year.
Mineral Resources Mineral Reserves
31-
31-Dec-
31-Dec-20 31-Dec-20 Dec-
19
19
Tonnes Grade U3O8 U3O8 Tonnes Grade U3O8 U308
Uranium at gold operations
(Mt) (kg/t) (Mlb) (Mlb) (Mt) (kg/t) (Mlb) (Mlb)
Beatrix (Beisa) 11.4 1.1 27.0 27.0 0.0 0.0 0.0 0.0
Total Uranium operations 11.4 1.1 27.0 27.0 0.0 0.0 0.0 0.0
Tonnes Grade U3O8 U3O8 Tonnes Grade U3O8 U308
Uranium projects
(Mt) (kg/t) (Mlb) (Mlb) (Mt) (kg/t) (Mlb) (Mlb)
Cooke1 262.3 0.1 51.7 51.7 0.0 0.0 0.0 0.0
Total Uranium Projects 262.3 0.1 51.7 51.7 0.0 0.0 0.0 0.0
Total Uranium operations and Projects 273.7 0.1 78.7 78.7 0.0 0.0 0.0 0.0
1
Surface Tailings
• 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
in consideration of the SEC Industry Guide 7, which is aligned with the guiding
principles of SOX. Recent amendments adopted by the SEC to modernise the property
disclosure requirements for mining registrations, which has not come into effect
fully yet, aligns closely with the requirements under the JSE and SAMREC, and any
non-compliance to SEC Industry Guide 7 is therefore considered immaterial. The Altar,
Marathon and Rio Grande Mineral Resources were originally compiled under NI 43-101
guidelines but are deemed to be SAMREC compliant.
This Mineral Reserve and Mineral Resource declaration represents a condensed and
consolidated summary of the full Sibanye-Stillwater Mineral Resource and Mineral
Reserve declaration available in the Group Mineral Resource and Mineral Reserve
Report, which will be published on 22 April 2021 and will be available at
www.sibanyestillwater.com/news-investors/reports/annual/.
Guided by a commitment to best practice corporate governance, the statement has been
reviewed and confirmed by each segment’s Technical Services.
The Mineral Resources and Mineral Reserves are estimates at a particular date, and
are affected by fluctuations in mineral prices, the ZAR/US$ 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.
All statement figures are operations managed by Sibanye-Stillwater with the exception
of those for Mimosa, the attributable portion for DRDGOLD and the US Projects. 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(SA) PGM operations statement are reported as 3E PGM + gold,
which consists of platinum, palladium, rhodium and gold. The US operations are
reported as 2E PGM, which consist of platinum and palladium.
All financial models used to determine Mineral Reserves are based on current tax
regulations at 31 December 2020. Rounding of figures may result in minor computational
discrepancies. Where this happens, it is not deemed significant.
For the United States operations, 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 Justus Deen, who gave his
consent for the disclosure of the 2020 Mineral Resources and Mineral Reserves
Statement. Justus has a MSc (Minerals Engineering), BSc(Geologic Sciences) and
is registered with the Society of Mining Engineers (#04227906RM) and has 22 years’
experience relative to the type and style of mineral deposit under consideration.
Justus is a current permanent employee of Sibanye-Stillwater and is currently a Lead
Competent Person for the US region.
For the Americas projects Resource estimation, the competent persons are Stanford Foy
(Altar and Rio Grande), Rodney N Thomas (Marathon) and David Smith (Denison). Stan
is registered with the Society for Mining, Metallurgy and Exploration Inc. (4140727RM)
and has 29 years’ experience relative to the type and style of mineral deposit under
consideration. Stan is a former Sibanye-Stillwater employee, a current full-time
employee of Aldebaran Resources Inc. Rodney is registered with the Society for
Professional Geoscientists (Ontario) and has 41 years’ mineral industry experience,
including several years relative to the type and style of mineral deposit under
consideration. Rodney is a full-time employee and the designated Qualified Person for
Generation Mining Limited. David is registered with Professional Geoscientists
(Ontario) and has 15 years’ mineral industry experience, including several years
relative to the type and style of mineral deposit under consideration. David is a
full-time employee and the designated Qualified Person for Wallbridge Mining Company
Ltd.
For the Southern African PGM 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 2020 Mineral Resources and Mineral Reserves Statement.
Andrew [M.Sc Mining Eng] is registered with SAIMM (705060) and has 37 years’
experience relative to the type and style of mineral deposit under consideration.
Andrew is a full-time, permanent employee of Sibanye-Stillwater.
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 2020 Mineral Resources and Mineral Reserves
Statement. Gerhard [GDE (Mining Eng), MBA, MSCC and B. Tech (MRM)] is registered
with SAIMM (706705) and has 33 years’ experience relative to the type and style of
mineral deposit under consideration. Gerhard is a full-time, permanent employee of
Sibanye-Stillwater.
The 50.1% Attributable portion (as at 31 December 2020) of the DRDGOLD current surface
tailings operations including the ERGO and FWGR operations. For this attributable
portion of the DRD resources and reserves, the company was reliant on external
competent persons as follows: The Mineral Resources for the ERGO surface operations
is based on depletion (up to December 2020) and the Competent Person designated in
terms of SAMREC is Mr M Mudau, MSc Eng, Pr. Sci. Nat. 400305/12, the Director/Resource
Geology Manager at the RVN Group. The Competent Person designated in terms of SAMREC
who takes responsibility for the reporting of the surface Mineral Reserves, also
based on depletion up to December 2020, is Professor S Rupprecht, Independent Mining
Engineer of the RVN Group, PhD(Mechanical Engineering)FSAIMM Reg No: 701013. The
Competent Person designated in terms of SAMREC who takes responsibility for the
reporting of the Mineral Resource and Mineral Reserves for the Far West Gold
Recoveries operation, also based on depletion up to December 2020, is Mr Vaughn Duke
Partner at Sound Mining Proprietary Limited, BSc (Hons) Mining Engineering, ECSA Reg
No: 940314, FSAIMM Reg No:37179.
Investor relations contact:
Email: ir@sibanyestillwater.com
James Wellsted
Head of Investor Relations
Tel: +27 (0) 83 453 4014
Sponsor: J.P. Morgan Equities South Africa Proprietary Limited
Ends.
FORWARD LOOKING STATEMENTS
The information in this announcement may contain forward-looking statements within
the meaning of the “safe harbour” provisions of the US 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.
All statements other than statements of historical facts included in this announcement
may be forward-looking statements. Forward-looking statements also often use words
such as “will”, “forecast”, “potential”, “estimate”, “expect” 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 those in the forward-looking
statements include, among others, our future business prospects; financial positions;
debt position and our ability to reduce debt leverage; business, political and social
conditions in the US, South Africa, Zimbabwe and elsewhere; plans and objectives of
management for future operations; our ability to obtain the benefits of any streaming
arrangements or pipeline financing; our ability to service our bond instruments;
changes in assumptions underlying Sibanye-Stillwater’s estimation of their current
mineral reserves and resources; the ability to achieve anticipated efficiencies and
other cost savings in connection with past, ongoing and future acquisitions, as well
as at existing operations; our ability to achieve steady state production at the
Blitz project; the success of Sibanye-Stillwater’s business strategy; exploration and
development activities; the ability of Sibanye-Stillwater to comply with requirements
that they operate in a sustainable manner; changes in the market price of gold, PGMs
and/or uranium; the occurrence of hazards associated with underground and surface
gold, PGMs and uranium mining; the occurrence of labour disruptions and industrial
action; the availability, terms and deployment of capital or credit; changes in
relevant government regulations, particularly environmental, tax, health and safety
regulations and new legislation affecting water, mining, mineral rights and business
ownership, including any interpretations thereof which may be subject to dispute; the
outcome and consequence of any potential or pending litigation or regulatory
proceedings or other environmental, health and safety issues; power disruptions,
constraints and cost increases; supply chain shortages and increases in the price of
production inputs; fluctuations in exchange rates, currency devaluations, inflation
and other macro-economic monetary policies; the occurrence of temporary stoppages of
mines for safety incidents and unplanned maintenance; the ability to hire and retain
senior management or sufficient technically skilled employees, as well as their
ability to achieve sufficient representation of historically disadvantaged South
Africans in management positions; failure of information technology and
communications systems; the adequacy of insurance coverage; any social unrest,
sickness or natural or man-made disaster at informal settlements in the vicinity of
some of Sibanye-Stillwater’s operations; and the impact of HIV, tuberculosis and the
spread of other contagious diseases, such as coronavirus (“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 US
Securities and Exchange Commission, including the Integrated Annual Report 2019 and
the Annual Report on Form 20-F for the fiscal year ended 31 December 2019.
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).
Date: 15-02-2021 08:10:00
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