Table of Contents

Table of Contents

1

Table of Contents

FORM 20-F CROSS REFERENCE GUIDE continued

2

Table of Contents

FORM 20-F CROSS REFERENCE GUIDE continued

6

Table of Contents

PRESENTATION OF FINANCIAL AND OTHER INFORMATION continued

7

Table of Contents

8

Table of Contents

FORWARD LOOKING STATEMENTS

TABLE OF CONTENTS

ABOUT SIBANYE’S REPORTS

This integrated report covers the operational, financial and non-financial performance of the operations and activities of Sibanye Gold Limited, trading as Sibanye-Stillwater. It provides stakeholders with transparent insight into our strategy, our business and performance, and the progress made in delivering on our strategic objectives and our commitment to creating stakeholder value during the year

from 1 January 2015 to 31 December 2015.2017. This report, which includes sustainable development- related information, is the primary report in our 2017 suite of reports and takes note of any material events since year-end and the date of approval by the Board.

Sibanye Gold Limited (Sibanye orSCOPE AND BOUNDARY

The scope and boundary of this report have been amended to take into account the Group)regional organisational restructuring undertaken following the significant transformation the Group has undergone in the past two years (see Corporate profile) in order to ensure continued delivery on its strategic operating objectives.

Sibanye-Stillwater’s operating assets are grouped regionally as follows:

Southern Africa (SA) region – gold and platinum group metal (PGM) mining operations and projects

United States (US) region – PGM mining operations and projects. Annual comparative data is listed onprovided where applicable. For the Main Board2017 financial year, annual data is provided where possible by region, type of operation and at group level.

Note that the annual data provided at group-level for 2013 to 2015 is now comparable to that for the SA region’s gold operations for 2016 and 2017. Where data for previous years has been restated, this is indicated.

The 2016 data reported for the Platinum Division is now comparable to that reported for the SA region’s PGM operations, with Kroondal, Mimosa and Platinum Mile included for nine months of 2016 and the Rustenburg operation for two months. These operations were included for the full 12 months in 2017.

The US region’s PGM assets are those of the Johannesburg Stock Exchange (JSE) (ordinary shares)Stillwater Mining Company (Stillwater) which were acquired effective May 2017 and onare included for eight months of the New York Stock Exchange (NYSE) through an American Depositary Receipt (ADR) programme.year (unless otherwise specified).

REPORTING PHILOSOPHY

The reports are produced to provide stakeholders with transparent insight into the Group’s strategy, the business and its performance over the past year. Stakeholders are thus able to make informed decisions on Sibanye’s ability to create and sustain value.

In this integrated report, Sibanye hasour primary report, the information provided is intended to inform stakeholders about Sibanye-Stillwater’s operating and financial performance and progress made in delivering on our strategy. While the principal audience for this report is investors and shareholders, we recognise that there are other stakeholders who have varied and specific information requirements, many of which we aim to fulfil, particularly as we do not produce a separate sustainable development report. Instead all non-financial reporting is either included in this integrated report or is available on the website, where referenced.

We have endeavoured to build on the information provided in last year’sthe 2016 integrated report. This report describes what we accomplished in 2017 to create value, to improve lives and to achieve our strategic objectives. In so doing, we give an account of the impact of our activities and, more importantly, of those factors and risks, both in the external environment and internally, that have had an impact on our ability to achieve our strategic objectives and to create superior value in the past year. The Group has also soughtprocess to be more focused and concisedetermine the most material of these is described in its reporting. In this regard, Sibanye has produced its annual financial statements as a separate document,–View from the top–Managing our material risksAnnual Financial Report 2015. .

This report is focused on Sibanye’s strategy, its mostintended to enable stakeholders to determine whether the material risks and issues identified will affect the sustainability of Sibanye-Stillwater’s business and its related performance and outlook.

The theme of this year’s integrated annual report is based on the strategic enablers ‘optimise, sustain and grow’, illustrating how Sibanye has optimised its business so as to sustain and grow the value it creates, and its dividends in particular. The integrated annual report provides an account of Sibanye’s most material risks and opportunities. The Group’s materiality determination process is explained in Integrated Annual Report–Material issues.  Sibanye considers an issue to be material if it substantially affects the Group’s ability to create and sustain value in the short, medium and long term. Where external entities substantially influence Sibanye’s

APPROVAL AND ASSURANCE

Sibanye-Stillwater’s internal audit function provides an objective evaluation of the Group’s internal control processes and systems that have been devised to mitigate business their realrisks and potential impacts are also discussedhas ensured the accuracy of the information presented in these reports.

See Further Information—Controls and procedures for managements attestation on the report.effectiveness of Sibanye-Stillwater’s internal control over financial reporting as of 31 December 2017.

Group PROFILE

Sibanye is a  primarily South Africa-focusedSibanye-Stillwater, an independent, global, precious metals mining company, committed to paying industry-leading dividends.produces a unique mix of metals that includes gold and PGMs.

SibanyeGlobally, Sibanye-Stillwater, is an independent mining group – domiciledthe third largest producer of platinum and palladium, and features among the world’s top gold producing companies.

Domiciled in and focused on South Africa, – which currentlySibanye-Stillwater owns and operates a portfolio of high-quality gold and uranium operations and projects, throughoutwhich are located and managed in two regions: the Witwatersrand Basin. The Group’s corporate office is located close to Westonaria, in the province of Gauteng, near its West Wits operations.

As a responsible corporate citizen, Sibanye fosters and maintains constructive engagement with all stakeholders in order to deliver on its vision to deliver superior value to all of its stakeholders, to maintain its licence to operate, and ultimately for the long-term success and sustainability of the business.

The Group currently owns and operates four underground and surface gold operations in SouthSouthern Africa – the Cooke, Driefontein and Kloof operations in the West Witwatersrand(SA) region and the Beatrix OperationUnited States (US) region.

TRANSFORMING OUR COMPANY

Since its establishment in 2013, the southern Free State province. In addition to itscompany has transformed itself, geographically and by metal produced. From being a South African gold mining activities,company, Sibanye-Stillwater is now an internationally competitive, diversified precious metals miner producing gold and PGMs. With the formal acquisition of Stillwater in May 2017, Sibanye owns and manages significant extraction and processing facilities at its operations, where gold-bearing ore is treated and beneficiated to produce gold doré.Gold Limited was rebranded as Sibanye-Stillwater.

Sibanye is currently investingOur planned growth momentum continued in a number of organic projects. Those currently being developed include2017 with the Kloof and Driefontein below infrastructure projects on the West Rand and the Burnstone project on the South Rand of Gauteng province. Engineering design is underway on the West Rand Tailings Retreatment Project (WRTRP) and financing options are being considered for this project, which awaits environmental permits before it is submitted to the Board for approval. A dedicated projects team continues to assess and refine plans for projects, including Beisa, Bloemhoek and De Bron Merriespruit in the Free State. For a more detailed account of these projects, see Integrated Annual Report–Sustain–Project Development and Capital Allocation.

In line with Sibanye’s strategy to create value for stakeholders and enhance or sustain its dividend, it entered into two separate transactions to acquire the Rustenburg platinum assets from Anglo American Platinum Limited (Rustenburg Operations) and Aquarius Platinum Limited (Aquarius) in 2015. These transactions are expected to be finalised during the course of 2016.

Shareholder base and information

The Group’s primary listing is on the JSE, trading under the share code SGL, where it is a constituentannouncements towards year-end of the FTSE/JSE Responsible Investment Index. The Group has a secondary ADR listing on the NYSE, trading under the ticker code SBGL. Each ADR is equivalent to four ordinary shares.

At 31 December 2015, Sibanye had issued share capitalproposed acquisition of 916,140,552 shares (2014: 898,840,196) –1,000,000,000 authorised – and market capitalisation of approximately R20.9 billion (2014: R20.3 billion) or US$1.3 billion (2014: US$1.8 billion).

The Group’s diverse shareholder base predominantly comprises institutional investors in China (20%)Lonmin plc (Lonmin), South Africa (32%), the United States (35%), the United Kingdom (5%), the rest of Europe (5%) and the rest of the world (3%) at 31 December 2015. Sibanye has 80% free float and its three largest institutional shareholders (holding 23% of the Group) at 31 December 2015 were the Public Investment Corporation (SOC) Limited (PIC) (8%), Allan Gray Proprietary Limited (Allan Gray) (8%) and Van Eck Associates Corporation (7%).

The Group is committed to transformation and is guided by the Broad-Based Socio-Economic Empowerment Charter for the South African Mining and Minerals Industry (Mining Charter). In 2004, Gold Fields of South Africa Limited (Gold Fields) undertook a black economic empowerment (BEE) transaction, transferring an amount equivalent to 15% of its equity from Sibanye, formerly GFI Mining South Africa Proprietary Limited (GFI Mining South Africa), to Mvelaphanda Gold Proprietary Limited (Mvelaphanda Gold). In 2010, a further 10% of equity was allocated to an employee share ownership plan (ESOP) and another 1% in an empowerment deal. At the end of 2015, 26,444 employees were participants in the ESOP.

OUR PRODUCTS AND MARKETS

Sibanye mines, extracts and processes gold ore to produce a beneficiated product, doré, which is then further refined at Rand Refinery Proprietary Limited (Rand Refinery) into gold bars with a purity of at least 99.5% in accordance with the Good Delivery standards determined by the London Bullion Market Association. The refined gold is then sold on international markets. Sibanye holds a 33% interest in Rand Refinery, one of the largest global refiners of gold,PGM producers in South Africa, and the largestvending of certain of Sibanye-Stillwater’s surface gold tailings facilities and processing assets into DRDGOLD Limited (DRDGOLD), a world leader in Africa. Rand Refinery markets gold to customers around the world.field, for a 38% shareholding.

In addition, Sibanye derives uranium oreOUR VALUE-CREATION JOURNEY

1Enterprise value, or EV, is a measure of a company’s total value, often used as a by-productmore comprehensive alternative to equity market capitalisation. Enterprise value is calculated as the market capitalisation plus debt and minority interests and preferred shares, minus total cash and cash equivalents. It is calculated as at 31 December of gold production from the Cooke operation and keeps it separate from other gold ores by way of a dedicated stream into the uranium section of the Ezulwini gold and uranium plant. The uranium ore is first treated for uranium and then subsequently to recover gold. Production of uranium as a by-product enables Cooke’s gold Mineral Resources to be optimised. Revenue from the sale of uranium is offset against gold production costs, thereby allowing lower-grade gold resources to be mined profitably.each year.

location of our operations and projects

LISTINGS

Sibanye-Stillwater has its primary listing on the JSE, South Africa, where it is included in the FTSE/JSE Responsible Investment Index. The company is also listed on the NYSE, with its shares quoted as American Depositary Receipts (ADRs). For further details, see Shareholder information as well as our corporate website, www.sibanyestillwater.com.

At 31 December 2017, Sibanye-Stillwater’s market capitalisation was R34.3 billion (US$2.7 billion) and 2016: R23.6 billion (US$1.7 billion).

OUR PRODUCTS

STRATEGY

Sibanye’s care values underpin its strategy, how it conducts its business and interacts with stakeholders.

In living these values, we show that we care about safe production, our stakeholders, our environment, our company and our future.OUR CORE PURPOSE

Our approach is holistic with clear focus on delivery of all strategic imperatives critical to Sibanye’s long-term success.Sibanye-Stillwater’s mining improves lives

Sibanye recognises that:OUR VALUE PROPOSITION

HolisticOUR VISION

Superior value creation for all our stakeholders through the responsible mining and integrated strategybeneficiation of our mineral resources.

Sibanye strivesOUR STRATEGY

In order to deliver value to shareholders through consistent, industry-leading dividends and capital appreciation by applying its holistic, efficient operating model at its operations and by investing in value-accretive growth.

Sibanye’s commitment to paying industry-leading dividends underpins and informs its corporate strategy and decisions, and is supported by an inclusive approach to stakeholder relations.

Sibanye’s strategy is not limited to the gold sector – it will pursue value-accretive opportunities in other mining sectors.

Responding to shareholders

Sibanye’s shareholder base is broad and diverse, and its shares were actively traded in 2015. An average of 3,024,491 ordinary shares and 1,110,883 ADRs were traded daily on the JSE and NYSE respectively. As at 31 December 2015, the top eight shareholders (including ADR depositary) held around 60% of the issued capital.

Engagement with shareholders is regular and proactive, which is consistent with Sibanye’s strategy andour vision to create superior value and improve lives, Sibanye-Stillwater aims to deliver value to all stakeholders.

What Sibanye offers investors:

Continuous interaction and communication with investors on Sibanye’s performance against its strategic objectives is essential. Its aim issustained, positive cash flows to ensure that they are appropriately and timeously informed and aware of plans to transform Sibanye into a multi-commodity mining company without falling foul of regulatory authorities or compromisingrobust profitability throughout the transactions.

In this report, Sibanye’s performance is measured and considered in the context of the following strategic factors:commodity cycle.

OUR THREE-YEAR STRATEGIC GOAL

OUR FOUR-STEP VALUE-ACCRETIVE PGM STRATEGY

1  The full announcement is available at www.sibanyestillwater.com/investors/transactions/lonmin

PERSPECTIVE FROM THE CHAIR

There is an old Latin saying, ex Africa semper aliquid novi, that roughly translates as ‘out of Africa, there is always something new’. This is what itSibanye-Stillwater has felt like as we have undergone the dynamic changes that are core to Sibanye’s activities.  

In just two years, the Group and its mature gold assets, which were spun outa portfolio of Gold Fields, have developed more deeply into gold and organically into uranium. During the latter part of 2015, Sibanye positioned itselfPGM assets that will enable it to naturally leveragesustainably conduct its regional advantages and extend its tabular, hard-rock mining skills into the platinum sector. The developmentsbusiness as a precious metals miner for many years. We conduct our business in a world in which various external factors have been imaginative, well-considered and founded firmlyan impact, whether positive or negative, on the precepts of extending the livesviability of our operationsbusiness.

Managing these factors and growing their related risks is vital to our business continuity. In addition, our mining activities have an impact on:

the business in supportenvironment, people, employees and local communities, and broader society. We build and maintain relationships with stakeholders to minimise and manage our risk. Our CARES values, governance framework and code of our visionethics, which speak to create superior value for all the Group’s stakeholders.

As with the gold operations we acquired in 2014, on conclusion of the transactions, the smooth integration of the platinum assets into the Group will be the primary focus of the executive management team with the aim of realising synergies between the platinum assets and Sibanye’s existing assets. To manage this complex process while retaining our operational focus, the Group has been restructured into focused operating divisions that are serviced by a central CEO’s office and central shared services. Although management at the gold and uranium division will remain largely the same, we will be appointing people to critical positions in the platinum division and, in anticipation of these corporate developments, we have been building capacity at senior management level. I am confident that Sibanye’s diverse and technically competent team, headed by Neal Froneman, is one on which Sibanye stakeholders can depend for the continued delivery of value.

In my role as Chairman, I continue to have the benefit of a Board with a vast assortment of skills and experience, not only in mining but also in such areas of expertise as finance, human resources,responsible corporate governance and general business management. This balance of skills and experience meanscitizen, underpin all that the Board can effectively and robustly interrogate the strategic and operating plans of the executive management team, and has the capacity to deal competently with risk, which proved to be particularly effective during the year as we considered the strategic basis for, and probed the opportunities and risks of, entering the platinum sector.do.

The Board has also adopted a considered approach to the prospect of obtaining a more secure electricity supply with independent power producers (IPPs) to support the low-risk strategy of developing a solar power plant at Driefontein and Kloof.

As was the case in 2014, we continued to maintain a conservative approach to our financing, ensuring at all times that, whatever debt we carry on our balance sheet, can be managed with little stress no matter what direction metal prices take. We shall not deviate from this strategy, which will be co-ordinated with our commitment to paying industry-leading dividends.

The macro-economic environment in which we operate remained increasingly challenging. Globally, sluggish economic growth, in China in particular, the resultant decline in demand for commodities and the impending increase in interest rates in the US have played havoc with the currencies of emerging and resource-based economies such as South Africa’s. Not even increased geopolitical uncertainty has helped boost the dollar price of gold. The dollar gold price continued to decline, falling by 14% between January and December while, at the same time, our operations were exposed to cost pressures well in excess of inflation. It is only the weakening of the local currency, the rand, against the dollar, which provided some relief with the average rand gold price increasing 8% to R475,508/kg in 2015 compared with 2014.

In South Africa, these challenges are not limited to the macro-economic environment. The global financial crisis and downturn in commodity prices has resulted in the mining sector and the economy as a whole contracting. Growth rates continue to be revised downwards and unemployment levels are increasing as the mining sector restructures and cuts back so as to limit and contain cost increases. This has resulted in various socio-economic challenges, particularly in the vicinity of mining operations with knock-on effects that could potentially have a significant impact on the future of the South African mining industry.

The labour environment in South Africa remains challenging and, while we continue to engage directly with our unions and employees so as to maintain harmonious relations, we experienced relatively limited disruptions during 2015. Aside from the clashes between two prominent unions, the Association of Mineworkers and Construction Union (AMCU) and the NUM, at Beatrix early in the year, the biggest disappointment was our inability to achieve a broad-reaching economic and social agreement with labour as part of a three-year wage agreement with all unions. Nevertheless, we continue to engage proactively with our employees, having implemented the final three-year wage agreement reached with three of the unions across all our operations. We will continue to do whatever we can to maintain harmonious labour relations and to limit disruptions in the workplace.

A primary concern is, and will remain, the health and safety of our employees and members of our communities with the aim of zero fatalities on our mines and diminishing accident rates so it was pleasing to note a further improvement in our safety performance.

Regrettably, there were seven fatalities during the year and it is with a heavy heart that I extend the condolences of the Sibanye Board to the families, colleagues and associates of those who were fatally injured in the workplace during the year. These employees (David Matsie, Bonno Keiditswe, Thomas Ndzimande, Sikoko Vuyosile, Sejakgomo Mokhali, Kagiso Rabola and Alberto Constantino) were our colleagues and we will take cognisance of the events that led to their deaths, and work harder to prevent their recurrence in future. Nevertheless, the fatal injury frequency rate (FIFR) continued to fall during the year, declining by 50% in 2015 to 0.06 fatalities per million man hours worked. This is comparable with average fatality rates in the US mining industry of 2014, and is a credible performance considering the depth at which our mines operate and the number of employees who work daily at our operations.

A critical programme to ensure the safety of our employees, particularly as our mines become ever deeper and more complex, is the development of appropriate new technology. Our Safe Technology programme is advancing technical innovation by designing and developing machines to be deployed underground to make mining at depth safer. This machinery, to be operated remotely,

will enable us to work

CAPITAL RESOURCES USED, OUTCOMES AND IMPACTS – 2017

Various capital resources are used and mine safely at greater depthsaffected during the conduct of our mining activities and in producing gold and PGMs. These capital resources, which are interdependent, are critical sustaining business and creating value

In 2017, Sibanye-Stillwater…

It is a privilege to once again present this integrated report on behalf of the Sibanye-Stillwater Board to all of our stakeholders.

In recent years, the Company has undergone a significant strategic evolution from a single commodity, gold mining company with its asset base entirely located in South Africa, into a geographically diversified, uniquely positioned, international precious metals company.

Change of this magnitude is never easy and is often accompanied by periods of discomfort and uncertainty, and this has indeed been the case for Sibanye-Stillwater. The rapid execution of our strategy and growth to become a leading global PGM producer has resulted in the Group having to temporarily take on levels of debt that are well above those which have historically been maintained.

This rapid acquisition growth strategy and the resultant impact on the capital structure of the Group were carefully considered by management and the Board. While uncontrollable exogenous factors, such as the recent strength in the rand, present challenges, the Board is confident that, given the inherent flexibility of the broader Sibanye-Stillwater Group, there are no immediate material risks that cannot be dealt with. We are confident that management has sufficient operational and financial levers at its disposal to weather an extended period of rand strength, and that the Group is uniquely positioned to benefit substantially under more onerousconstructive market conditions thanand to deliver superior and sustainable value for shareholders and all other stakeholders.

One of the challenges identified by the Board during this period of rapid growth and change is maintaining the focus on safe delivering of operational targets and integration synergies.  As a significant employer in South Africa, the safety of our employees is a priority and despite the improved safety performance across the Group in 2017, the recent spate of fatalities in 2018 is of concern. The Board has previouslyasked senior management to review the circumstances leading to these incidents and to take appropriate action. We are confident that there is proper focus on this aspect and plans are being made to mitigate future incidents.

In the CEO’s review, Neal Froneman provides significant detail on the transformative nature and benefits already accruing from recent acquisitions, as well as the strategic rationale of pending transactions, which were recently announced. The Group financial and operational performance for 2017 and outlook are also covered in detail elsewhere, so I will avoid repetition and provide a higher level overview on the company and the current operating environment.

It is not only Sibanye-Stillwater that has recently undergone significant change, but also the political and economic environment in which we operate.

South Africa has experienced a marked political shift, with the election in December 2017 of Cyril Ramaphosa as ANC president, in a tightly contested ANC elective and policy conference. It is still too early to ascertain what the effects will be of this change in leadership and possible political direction in the ANC on the fortunes of the country. Swift and decisive actions taken by the ANC in early 2018, most importantly resulting in the early resignation of the incumbent South African President Jacob Zuma, and apparent commitments to dealing with corruption and to stimulating investment and economic growth in South Africa, have been possible. This will have longer-term benefits for our operationspositively received by the market.

For the South African mining industry in particular, the appointment of Gwede Mantashe as Minister of Mineral Resources in February 2018 has been broadly welcomed. The mining industry’s relationship with the previous Minister was largely hostile and forunproductive, and the appointment of a Minister with significant mining experience and a greater understanding of the dynamics of the industry is encouraging. The public recognition by Mr Ramaphosa of the critical importance of the mining industry to the success of the country also suggests a different approach to that which has stifled investment in the sector in recent years.

In February this year, the Chamber of Mines, on behalf of its members, agreed jointly with the Department of Mineral Resources (DMR) to postpone its court application, which was due to be heard by the High Court on 19 February 2018 in respect of the Reviewed Mining Charter that had been gazetted by the previous Minister of Mineral Resources, Mosebenzi Zwane, in June 2016. The postponement followed engagement with President Ramaphosa during which he indicated his commitment to resolving the impasse over the Mining Charter and to facilitating a process to develop a new Mining Charter that included all stakeholders and that was in the interests of the industry and the country as a whole.

StakeholderIdeally, a new well-designed Mining Charter that is agreed on and supported by all parties in an inclusive process must be finalised as soon as possible. The mining industry believes that this inclusive process should involve meaningful engagement and negotiation with representation across a broad range of stakeholders, including government, business, labour and communities.

The South African mining industry, represented by the SA region: spend on employees, communities and government, Chamber of Mines, including our own Sibanye-Stillwater, remains ready and willing to play its part in building the South African mining industry and economy, while recommitting to further transformational progress and growth, to ensure the industry’s sustainability.

Despite publicly and in a forthright manner raising our concerns on the political and socio-economic outlook for South Africa under the previous regime, Sibanye-Stillwater has remained a proudly South African company and a mining champion, even as it has begun to reposition itself to be competitive in the global industry. In the five years since Gold Fields unbundled three mature, labour-intensive high-cost South African gold mines, which were perceived by the market as nearing the end of their operating lives, Sibanye-Stillwater has become the lowest cost producer of the major gold producers in South Africa, as well as a top three global PGM producer.

In this time, we have significantly extended the operating lives of our gold assets and newly-integrated PGM assets, thus maintaining sustainable, valuable employment. In addition we have invested over R15 billion (increasing potentially to R20 billion should the Lonmin transaction be approved) in growing our gold and PGM portfolio in the Southern Africa region and, in 2016, we committed in excess of about R3.5 billion towards capital to growth projects. This is essentialin addition to the significant contribution of about R16 billion made in 2017 to the local economy in salaries and wages paid, local economic development expenditure, local procurement and the payment of state taxes and royalties. This is 37% more than we spent in 2016.

The Group currently employs more than 65,000 people in South Africa and should the Lonmin transaction be approved, will employ more than 85,000 people in South Africa. It would mark Sibanye-Stillwater as one of the largest employers in the country. As highlighted elsewhere in this report, given the multiplier effect that each job has in the economy, more than 1.4 million South Africans are beneficiaries (direct and indirect) of the jobs provided by Sibanye-Stillwater. Moreover, Sibanye-Stillwater is one of the state-owned utility Eskom’s largest consumers of electricity and therefore is critical to the ongoing viability of that financially troubled entity.

Sibanye-Stillwater’s fortunes are therefore inextricably linked to those of South Africa. Recent political events, which are generally perceived as positive for the South African mining industry, should have positive consequences for the Group. At this stage, these potential benefits are unquantifiable and have not yet been positively reflected in the relative ratings of South African mining companies. The positivity and euphoria following the recent political changes have, however, resulted in significant appreciation in the rand, which, assisted by US dollar weakness, appreciated by 10%, from an average of R13.3/US$ for 2017 to current levels of approximately R11.90/US$.

This recent relative strength in the currency is negatively impacting revenues and margins across the South African mining industry. While certain commodity prices have rebounded strongly in 2018, in some cases totally offsetting the stronger rand, precious metal prices in general have been less fortunate, with the dollar price of gold currently flat year-on-year. Despite the exceptional price gains for palladium and rhodium, the average South African basket price has only increased marginally owing to continued weakness in the platinum price.

The outlook for gold remains relatively muted, with expectations of the US Federal Reserve raising rates in the US, capping upside in 2018. Gold demand remains relatively firm, however, and the spectre of rising global inflation is likely to provide ongoing support below US$1,300/oz in our view. The outlook for PGMs is more positive. Supply deficits in palladium are expected to be sustained for some time while rhodium should benefit from higher loadings on catalysts, which will offset the negative impact that declining diesel vehicle sales are having. Platinum is expected to remain in surplus in 2018, albeit lower than in 2017, which should help to maintain current price levels in 2018. Thereafter, the platinum market is expected to return to deficit as supply from South Africa continues to decline with positive consequences for the price.

The recent rand strength, if sustained, and its impact on operating margins and cash flows in the SA region in 2018, will be offset partly by the already tangible diversification benefits being delivered by the US PGM operations. These are generating substantial operating cash flows, which will be further boosted by the Blitz project as this ramps up to full production in 2021.

As previously mentioned, management has at its disposal, and has already begun to apply, various operational and financial levers to weather and manage an extended period of rand strength. These include a full review of non-essential capital expenditure as well as of the operations, assessing innovative ways to significantly reduce debt and management’s forgoing salary increases in the short term. This review, once completed and acted on, will help to better position Sibanye-Stillwater to continue delivering value to all stakeholders. The Board is confident that the current environment, while challenging, does not pose a material risk to the sustainability of our business. Beyond

Sibanye-Stillwater has embraced the mine gates, we continue to engageoutcomes-based philosophy of King IV and begun the process of aligning our corporate governance structures and practices with our communities on issues as wide ranging as housing, the environment, and the provisionprinciples of utilities and infrastructure. Our policyKing IV. While this process is to buy as much as possible from businesses in our host communities and, as far as is feasible, buy products from local businesses. On this basisstill underway, we have for example, made direct interventions to assist withnevertheless substantially adopted the establishment of farming ventures that can sell and deliver fooddisclosure requirements recommended by King IV to the mines or to local people. Less directly, we offer programmes to improve the financial knowledgeextent possible in this integrated report. We are cognisant of our employeesresponsibilities, particularly given our Sibanye-Stillwater CARES values, to be ethical and their families to facilitate their escapeact responsibly in all that we do and in delivering on our strategy.

RECOGNITION

I would like to extend my thanks to those directors who resigned from or avoidancethe Board during the year – Messrs Christopher Chadwick, Robert Chan and Jiyu Yuan. Their support and contributions to Board deliberations were useful and insightful. I take this opportunity too, to welcome Mrs Savannah Danson, who joined our Board in May 2017.

Following what has been a highly successful 2017, we embark on 2018 full of confidence in the trapssustainability of injudicious indebtedness. These financial-wellness programmes are long-term and openour operations. I am personally grateful for the unstinting efforts of all our people to all, and we encourage our unions to bring their members ontomake ours the programme.

And, as changes to the regulatory environment are mooted or implemented, we maintain relations with government authorities directly and indirectly (through the Chamber of Mines). We are determinedgreat company that our voice is heard and clearly understood in any debate over legislative change.it is. In particular, we have engaged on matters that include the ownership principle in the Mining Charter and the proposed carbon tax.

It would be remiss of me notI extend my thanks to recognise the part played byour CEO, Neal Froneman, and his team in taking Sibanye forward. The Group is South Africa’s largest producerfor leading the transformation of gold, it ranks high on the list of uranium producers, it is heavily engaged in reprocessing residue dumps, thereby helping to improve the environment, and it will soon be moving in the direction of a new commodity, platinum. This would notcompany. Their strategic inputs have been possible withoutinvaluable in developing and transforming Sibanye-Stillwater to enable us to continue contributing to the wholehearted commitmentwelfare of the entire workforce with whom it is a privilege to be associated. My gratitude goes to all of my Sibanye colleagues.our stakeholders.

Sello Moloko

Chairman

1829 March 20162018

CHIEF EXECUTIVE’S REVIEW 

I am very pleased to recommend to shareholders and other stakeholders our third integrated annual report.  

While it is perhaps customary to thank stakeholders2017 will be recognised as a landmark year in the business athistory of the endcompany. Over the course of the past two years, primarily in 2017, the Group has fundamentally changed, from a report, it is my view thatgold mining company with its asset base located entirely in South Africa, into a geographically diversified, international precious metals company.

This transformation has been achieved in a relatively short, three-year period since we first expressed our interest in the PGM industry. In this must betime, we have established Sibanye-Stillwater as one of the top three global producers of platinum and palladium, while retaining our starting point. And I do so with humility because we share Sibanye’s success with allposition as a leading global gold producer.

We have conclusively diversified our commodity mix as well as diversifying the geographical concentration of our stakeholders.

Strategy remains in place

Despiteoperations. This has significantly reduced risk across the volatilityGroup and fluxis already delivering tangible benefits. To reflect the fundamental change in the globalGroup, we have rebranded as Sibanye-Stillwater, which retains the value of both the Sibanye and Stillwater brands and better reflects our larger, internationally diversified profile.

What has remained constant through this period of change is our commitment to our core purpose, vision and CARES values. Our core purpose that “Our mining sector overimproves lives” captures the past few years,essence of how we operate, uplifting our employees’ and despite Sibanye’s own significantcommunities’ quality of life and contributing positively to broader society and the economy, not only through our operating activities, but also through the products we produce. PGMs, in particular, contribute through their superior catalytic properties to a cleaner and healthier environment. Our corporate developments, our strategy continues to be guided by our vision:

To createvision of “creating superior value for all of our stakeholders throughstakeholders” and CARES values underpin our decisions and actions.

SAFETY

Safety is our principal value and we continue to focus significant effort and attention as well as resources on ensuring that our employees are able to work in a culture of caring.

As we statedsafe and conducive environment. Following a regression in our safety performance in the first half of 2016, we adopted a revised safety strategy in the SA region in the latter half of 2016 that was rolled out across all operations during 2017.

There was a significant improvement in all the main safety indicators across the region during 2017, with the SA region’s serious injury frequency rate (SIFR) improving by 14% to 3.59 per million hours worked, and the lost-time injury frequency rate (LTIFR) improving by 13% to 5.76 per million hours. Safety improvements continued through the year, with the SA gold operations, in the December 2017 quarter, recording their first fatality free quarter since March 2015.

We have now restored our leading position, among both gold and South African PGM peer companies, as the benchmark on most safety indices in the gold and PGM sectors.

Despite these improvements there were regrettably 11 fatalities in the SA region during 2017. These incidents have been thoroughly investigated and preventative action taken and rolled out where appropriate. On behalf of the Board and management, I extend my deepest condolences to the families, friends and colleagues of these employees: Sphampano Machenene, Mxolisi Cekiso, Mbuze Ncobela, Seabata Khetla, Andile Nkwenkwe, Nkosinathi Marumo, Thandisile Deku Rangwaga, Puseletso Molobogeng Mashego, Geraldo Sitoe, Sibongile Ganithuli and Moagisi Selaotswe. Consistent with our practice and policies, the families of the deceased have received, and will continue to receive, appropriate support from the company.

In the US region, the total recordable injury frequency rate (TRIFR) for 2017 was a record low of 12.7 per million hours worked, an improvement on the 12.9 reported for 2016 TRIFR. The East Boulder mine was free from lost day and serious injuries for the entire year and the US region reported no contractor injuries for the entire year.

ORGANISATIONAL RESTRUCTURING FOR EFFECTIVE DELIVERY

The significant increase in size and geographic spread of the company has required us to revise and restructure the organisation to ensure strategic alignment and delivery, role clarity and a continued focus on operational excellence.

During 2017, we transformed from a commodity-focused divisional structure, to a geographically regionalised structure, with separate regionally-focused executive teams in each region, namely, the SA region and the US region. These well-defined geographic regions are led by strong executive teams, which clearly understand the specific regional social and cultural issues, and are primarily responsible for continued delivery of operational and strategic goals. Strategy, finance, new business and other non-operational functions are the responsibility of the corporate office, which ensures that the regional leadership teams are able to focus on operational integration and delivery.

In the SA region, Robert van Niekerk was appointed Executive Vice President: SA region, where he is supported by a strong and experienced team. Robert has served as an executive of the Group since 2013, and has played a key role in improving organisational effectiveness, most recently driving the successful integration of the SA PGM operations. In the US region, Chris Bateman, previously CFO of Stillwater since 2014, integrated report, our strategywas appointed as Executive Vice President: US region. He is underpinnedalso supported in this role by our commitment to pay our shareholders sustainable, industry-leading dividends,a regional executive team.

The effectiveness of this approach is evident in the successful integration of the SA PGM operations in 2017, which has exceeded expectations, and the efficient integration of the Stillwater operations, which have maintained operational consistency. Continued operational delivery and the successful integration of new acquisitions during periods of rapid growth and change, endorses the current organisational structure and operating model, which we will achieve this vision by optimisingare confident is appropriate for our current operations and extending their operating lives,future requirements.

2017 IN REVIEW – A YEAR OF OPPORTUNITY AND DELIVERY

Strategic review

Sibanye-Stillwater’s rapid and by using existing infrastructurecomprehensive growth into the top ranks of the global PGM industry appears to enhancehave surprised many market observers and commentators. This corporate transformation has been swift, but has been consistent with our clearly communicated strategy to pursue growth in the inherent value of brownfields and greenfields projects.

In addition,sector. Moreover, we have consistently said that weaccomplishing this strategy involved four steps, which would pursue acquisitive growth options if they were value accretiveresult in us becoming a leading mine-to-market producer. After successfully reducing operating costs and enhancedstabilising our abilitygold operations during 2013, our strategic focus shifted to pay or sustainprofitably growing and sustaining the dividend to shareholders.

Reporting theme

Our theme for this year’s report – optimise, sustain and grow – reflectsbusiness beyond the implementationlife of our strategy since listing in February 2013 and, through this report, we provide shareholders with insight into the progress we have made, despite the mining industry having to adapt to some of the most challenging times experienced in the global commodities markets.

Sibanye’s values, which underpin our caring culture, are an integral part of the way we do business and the way in which we create superiorgold assets. Opportunities for meaningful, value for all of our stakeholders, and are captured in the acronym CARE – commitment, accountability, respect and enabling. These are the values we would like all Sibanye employees to internalise and live by – see Integrated Annual Report–Strategy.

Our corporate strategy, culture and values are symbolised by the indigenous Umdoni tree (Syzygium cordatum). The fundamental roots of Sibanye are in our values and CARE culture, which provide a solid basis for the way we do business. The trunk of the tree represents the material strength that holds Sibanye together (our intellectual capital and the support provided by employees in upholding our operating model and business strategy), which is underpinned by the fundamentals of safety, health and wellbeing, costs, grade and volume. The leaves on the branches of the tree represent all our stakeholders, who rely on and influence the future success of Sibanye. The tree’s seeds and fruits signify the varying benefits that our success will bring to all stakeholders.

Health and safety

It is an incontrovertible fact that, at their workplaces and beyond them, healthy employees are more aware of safety and are more productive than would otherwise be the case. I have deliberately placed the words ‘safety’ and ‘productive’ in that particular order.

It is pleasing therefore to note that, despite the incidence of events such as underground fires and seismicity at our mines, in 2015 we achieved a 50% reduction in the FIFR per million man hours worked across our mines. Comparisons such as these are invidious but our safety performance, insofar as our FIFR is concerned, is now comparable with the US mining industry averages despite their mines generally being shallower, and less hazardous and labour-intensive. I regret to report though that, despite this improvement, at Sibanye we mourn the loss of seven of our colleagues at work during the year. The safety of our employees is paramount and we continually strive to improve our health and safety standards in order to achieve our goal of zero harm.

An area of concern and one which will receive significant management attention is the continued incidence of disabling accidents that lead to lost working time and which has regressed during the year. Every accident is one accident too many, and we will continue to examine the situations that lead to each accident as well as to near-accidents in order to devise ways to prevent recurrences.

Accidents at work are not only injurious to our employees but also result in lost working time, which can have a significant effect on our performance. While we continue to try and reduce accidents in the workplace, we have also revised our approach to healthcare.

We aim to provide employees who are injured or fall ill with treatment or medication as quickly and conveniently as possible. As such, we have moved away from the conventional industry approach of running centralised mine hospitals, which is not our core business or expertise, in favour of establishing primary health and safety clinical facilities, which are located at each shaft. In this way, minor injuries and other less serious illnesses can be treated promptly and efficiently. Employees with more serious traumas or illnesses are transferred to regional hospitals (some of which used to be owned by Sibanye) where they are assured of first-rate treatment at facilities run by dedicated healthcare experts – our people know that, when they are in need, they can count on receiving the best possible medical care.

Our commitment to safety, health and employee wellness, and our CARE culture, also encompasses the way in which we are seeking to address occupational health issues such as noise induced hearing loss (NIHL) and occupational lung disease (OLD), which includes silicosis. We have introduced some of the most innovative and consistent measures to limit occupational health issues, which has resultedaccretive growth in the prevalence of NIHLSouth African gold industry were limited and OLD (see Integrated Annual Report–Sustain–Health and safety focus) declining dramatically, and we ensure that employees have access to appropriate treatment where required. Yet we know that exposure to silica dust over long periods of time may only manifest as silicosis decades after first exposure and often long after employees have left our employ or indeed the industry. To assist past employees who may suffer from silicosis and other forms of OLD, we are working closely with other gold companies to address the shortcomings in the existing publicly run compensation system, the Occupational Diseases in Mines and Works Act, 1973 (Act 78 of 1973) (ODMWA) and, for current and future employees, we are engaged with government about their transfer to the better compensation system, the Compensation for Occupational Injuries and Diseases Act, 1993 (Act No 130 of 1993) (COIDA).

2015 IN REVIEW

At the beginning of the year under review, we anticipated that the operating environment would be challenging – a view which proved to be correct.

A number of operational issues in the first two months resulted in production for the first quarter falling well short of our forecasts and, despite the operations delivering more representative and consistent results for the rest of the year, we were unable to claw back production lost in the first quarter. Other factors which contributed to operational targets not being met included load shedding during the first and second quarters as Eskom attempted to catch up on maintenance, and the wage negotiations which, while not resulting in direct operational disruptions, require significant time and focus from management and serve to distract employees from their primary jobs.

Gold production for the year of 47,775kg (1.54Moz) was as a result of the lower-than-forecast production at the beginning of the year with All-in sustaining cost of R422,472/kg or US$1,031/oz (based on the year’s average R:$ exchange rate) commensurately higher than forecast. While there was some relief from a higher gold price in the second half of the year, as the rand weakened by 28% between 30 June 2015 and 31 December 2015, lower production in the first half of the year resulted in cash generated from operating activities decreasing 24% to R5,420 million compared with 2014 from which R3,345 million was disbursed on the capital projects that underpin the Group’s longer-term future and R658 million or 72 cents per share (ZAR) was paid as dividends to shareholders.

challenges in 2015

Conflict between members of AMCU and NUM at Beatrix in February 2015, which resulted in injuries to nine employees, was a portent of the difficulties we would experience during the wage negotiations scheduled for mid-year. Management’s reaction was swift and unequivocal. We suspended operations at the Beatrix North and South shafts until calm had been restored, and the rival groups had been successfully reintegrated.

Gold-industry wage negotiations, which are undertaken centrally under the auspices of the Chamber of Mines, began in June 2015 and finally concluded in September – taking longer than we had expected. While there were no formal work stoppages, these negotiations served to distract employees from their jobs, thereby negatively affecting our operational performance. While the eventual agreement reached with three of the unions was not optimal, it was affordable and, we believe, satisfactory.

In consideration of the significant headwinds our industry continuesclear that alternative options were necessary in order to face – a stagnant or falling gold price, fast-rising operating costs, steadily declining ore tonnages and grades, changing union dynamics and rising stakeholder expectations – we sought to approach wage negotiations differently in 2015.

At the start of negotiations, we and other gold companies represented by the Chamber attempted to introduce a fresh approach, founded on the concept of an economic and social compact, which took the impact on all stakeholders into account. While many of the ideas we proposed found resonance with our union counterparts, they were not prepared to abandon the traditional positional-bargaining approach and, while we will continue to try and engage on the compact, it will be some time before the precepts underlyingensure the sustainability of the Group in the long term.

In early 2014, after having completed detailed research on the PGM industry willand the fundamental outlook for PGM supply and demand, we signalled our intent to grow in the industry. At the time, the strategic rationale was clearly communicated to the market, as summarised below:

•  Low PGM prices and escalating input costs (labour and utilities) had put balance sheets under strain, creating opportunities for value-accretive acquisitions

•  The industry had avoided necessary restructuring of loss- making  production

•  The SA PGM sector offered a number of consolidation opportunities

•  The PGM industry operating environment shares many similarities with the gold industry:

–  medium depth, tabular, hard rock mining

–  labour-intensive (mainly utilising conventional mining methods)

There was a clear opportunity to leverage Sibanye-Stillwater’s successful South African operating model and experience to unlock value with long-term PGM supply and demand fundamentals remaining robust.

This rationale has since been justified and endorsed, by the meaningful growth Sibanye-Stillwater has delivered in the PGM sector over the past three years, as well as by the successful integration of these acquisitions into the Group.

SA PGM operations – successful integration

The integration of the Aquarius and Rustenburg operations, acquired in 2016, has exceeded our expectations. Since acquisition, the SA PGM operations have consistently delivered improving production and financial results, with integration synergies significantly exceeding expectations. Approximately R1 billion in  cost savings and operational synergies have been realised in the first 14 months of incorporation, well ahead of initial expectations of R800 million over a three- to four-year time frame.

Production from the SA PGM operations in 2017 of 1.19m4Eoz, was higher than guidance for the year, with all-in sustaining cost (AISC) of R10,399/4Eoz (US$782/4Eoz) also better than anticipated. As a result, together with a marginally higher average 4E PGM basket price, the SA PGM operations contributed 18% or R1.6 billion (US$120 million) to Group adjusted EBITDA in their first full year of incorporation. This is a remarkable result from assets which, before being part of Sibanye-Stillwater, had been delivering significant and sustained losses for many years.

Early in 2017, we conducted a review of the SA PGM operations with a view to potentially rationalising loss making production at the conventional shafts. Due to the strong operational performance being delivered by all the SA PGM operations, coupled with the realisation of synergies, all of the shafts were found to be fully embeddedcontributing to group profitability and the threatened closures were averted.

US PGM operations – clear diversification benefits

The acquisition of Stillwater which was announced in December 2016 and concluded in May 2017, is a transformative transaction and the US PGM operations are already making a noticeable financial contribution to the Group. The integration of the US PGM operations has proceeded smoothly, with the operating performance steady and the critical Blitz project being commissioned three months ahead of plan.

The transaction was also well timed, with the palladium price increasing by more than 60% from acquisition on 4 May 2017 to 31 December 2017. The palladium price increase has particularly benefited the profitability of the US PGM operations, which produce a PGM basket comprising about 78% palladium and 22% platinum.

The US PGM operations contributed R2.1 billion (US$161 million) (24%) to Group adjusted EBITDA for the eight months since acquisition. Notably, given the recent strength in the rand, which has impacted margins of all of our South African operations, this has provided welcome diversification and supports the timing of the acquisition at what we believe to be a low point in the palladium price cycle. At the 2018 average to date 2E PGM basket price of approximately US$1,035/2Eoz, Stillwater is generating an AISC margin of over 35%.

The rationale for the transaction is further supported by a detailed, independent competent persons’ report (CPR), released in November 2017, which valued the US operations at US$2.73 billion, which is higher than the US$2.24 billion acquisition price (including transaction fees of US$40 million). The CPR is available on the Sibanye-Stillwater website at: www.sibanyestillwater.com/investors/documents-circulars.

Proposed Lonmin transaction – a value-accretive, logical fourth step 

We have for some time, clearly signalled the importance of becoming a “mine-to-market” producer in South Africa and our intention to conclude a “fourth step” in our ongoing engagement.PGM strategy. The proposed acquisition of Lonmin, announced on 14 December 2017, will, if successful, complete that fourth strategic step.

DespiteThe proposed integration of Lonmin will add a commercially attractive smelting and refining business and sizeable PGM Mineral Reserves and Resources, which provide significant attemptsoptionality to higher PGM prices. A detailed due diligence of Lonmin has identified R730 million in annual overhead cost savings and a further R780 million in processing synergies which could be realised in full by 20211. The successful conclusion of this transaction will bring greater stability to Lonmin as well as to communities in the Rustenburg region.

1For further information relating to the synergies expected from the Lonmin acquisition, refer to page 17 and pages 58 – 60 for detail on our part to reach a single settlement with all four representative unions, we were only able to reach agreement forthe offer/ announcement dated 14 December 2017, available at www.sibanyestillwater.com/investors/transactions/lonim/documents

SA gold operations

The year under review was a period in which the gold price essentially remained in a phase of three years with threeconsolidation, after a steep decline from Brexit related peaks in mid-2016. During 2017, gold’s spot price in London averaged $1,254/oz, which was flat year-on-year. In rand terms, the average price received of R536,378/kg was 9% lower than the unions – the NUM, Solidarity and UASA – who collectively represented around 49% of employees in the collective bargaining units at our operations. AMCU leadership remained obdurate throughout the process and did not move from its initial demands. It was clear that we were not going to reach agreement with AMCU and, in the interests of fairness and maintaining a harmonious and safe working environment, we elected to implement the agreed wage increasesaverage received for all employees irrespective of their union membership. To have excluded those who were members of AMCU (42% of employees in the collective-bargaining unit) would, in our view, have been unjust and could have sparked further inter-union rivalry and violence.

AMCU’s leadership has reserved its position and ended the year repeating that it would consider embarking on industrial action ‘at the appropriate time’. Our view remains that there is little appetite2016. Adjusted EBITDA for industrial action by the members of any union and this has been borne out to date.

I personally believe that there is a realisation that unrealistic demands are unsustainable and more likely to lead to job losses than to permanent improvements for all. This was illustrated in the platinum sector where the losses from the five-month strike of 2014 remain fresh in the minds of those who participated.

Having said this, I should add that, while we do not expect a strike at our gold operations in 2016, we have detailed and robust plans to deal with such an eventuality. We will maintain our approach tofor the social and economic consequences that surround these issues, and we will not allow the threat of industrial action to distract us from our primary focus areas.

year ended

A critical31 December 2017 declined by 46% to R5.3 billion (US$399 million), owing to a 7% decline in production to 43,634kg (1.4Moz) and growing imperativea 9% decline in the average gold price received to R536,378/kg (US$1,254/oz). Our consistent focus has been to maintain operations that can be mined profitably and sustainably to deliver equitable benefits to all stakeholders over several years. There can, unfortunately, be no place in our strategy for sustainability is community relationssupporting persistently unprofitable operations  with revenues from profitable ones nor, by the same token, can we consider not mothballing unprofitable mining sections that have little prospect of being turned to profitable account. Such operations are typically those placed on care and engagement. Wemaintenance programmes should they have the prospect of an eventual return to profitable account.

In this regard, after numerous attempts to address losses at the Cooke operations and Beatrix West mine, we entered into Section 189 consultations with relevant stakeholders, which resulted in the cessation of underground mining at the Cooke operations at the end of October 2017 and an agreement to suspend capital investment at Beatrix West. Beatrix West will continue operating its underground working and surface processing with fewer employees. Should the section return to loss in any three-month period, there will be placing great emphasisno alternative but to place it on improving engagement with localcare and labour-sending communities,maintenance. The cessation of mining at the Cooke underground operations, while resulting in a reduction in gold production, is expected to reduce AISC for the SA gold operations in 2018 by approximately R15,000/kg (US$36/oz) (in 2017 terms). Early decisive action taken to address these loss-making operations has resulted in the SA gold operations being better positioned for the prevailing rand environment than they were in 2017.

Proposed DRDGOLD transaction – immediate value and ensuring deliverylong-term optionality 

In addition to decisively addressing costs and loss making operations, we continue to assess alternative ways in which we can realise additional value from our operations and assets. In November 2017, a proposal was announced to vend certain gold surface assets on the West Rand to DRDGOLD, a leading specialist in recovering gold from mine residues. The arrangement, which was awaiting ratification by DRDGOLD’s shareholders as the year closed, will involve DRDGOLD issuing shares equivalent to 38% of high-impact, sustainable projects in these communities. We are confident thatits enlarged issued capital to Sibanye-Stillwater. Sibanye-Stillwater will also retain an option to increase its shareholding to a majority shareholding within a 24-month period. Through this transaction, Sibanye-Stillwater will realise immediate value from the supportWest Rand Tailings Retreatment Project (WRTRP) (equivalent to 38% of our communitiesDRDGOLD’s market capitalisation) and the commitment of our employees will underpin our development into the South African mining champion.

Another challenge relatesretain optionality to the legal suit brought byproject’s upside through this exposure, without the Chamber onneed to incur significant capital investment.

Capital management

Sibanye-Stillwater maintains a prudent approach to capital management, with preservation of long-term financial flexibility as a key priority. In order to conclude the industry’s behalf ontransformative Stillwater acquisition, a conscious and deliberate decision was taken to temporarily increase Group debt.