Document_and_Entity_Informatio
Document and Entity Information | 12 Months Ended |
Dec. 31, 2013 | |
Document And Entity Information [Abstract] | ' |
Document Type | '20-F |
Amendment Flag | 'false |
Document Period End Date | 31-Dec-13 |
Document Fiscal Year Focus | '2013 |
Document Fiscal Period Focus | 'FY |
Trading Symbol | 'SBGL |
Entity Registrant Name | 'SIBANYE GOLD LTD |
Entity Central Index Key | '0001561694 |
Current Fiscal Year End Date | '--12-31 |
Entity Well-known Seasoned Issuer | 'No |
Entity Current Reporting Status | 'No |
Entity Filer Category | 'Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 735,079,031 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
REVENUES | ' | ' | ' |
Product sales | $2,013.70 | $2,021.20 | $2,301 |
COSTS AND EXPENSES | ' | ' | ' |
Production costs | -1,251.80 | -1,327.80 | -1,361.10 |
Depreciation and amortization | -344.6 | -304.1 | -323.9 |
Corporate expenditure | -5.8 | -8.4 | -6.8 |
Employment termination costs | -42.9 | -7.7 | -32 |
Profit on disposal of property, plant and equipment | 0.6 | 0.3 | 0.6 |
Increase in post-retirement healthcare costs | -0.1 | -0.3 | -0.1 |
Accretion expense on provision for environmental rehabilitation | -14 | -14.3 | -13.8 |
Costs and Expenses, Total | -1,658.60 | -1,662.30 | -1,737.10 |
OTHER (EXPENSES)/INCOME | ' | ' | ' |
Interest income | 16.7 | 12.9 | 13.6 |
Finance expense | -34 | -14.5 | -2 |
Royalties | -43.2 | -34.4 | -40.1 |
Other income | 22.8 | 30.1 | 33.1 |
Other expenses | -56.3 | -69.6 | -65.1 |
Nonoperating Income (Expense), Total | -94 | -75.5 | -60.5 |
INCOME BEFORE TAX AND SHARE OF EQUITY INVESTEE'S PROFITS | 261.1 | 283.4 | 503.4 |
Income and mining tax (expense)/benefit | -40 | 67.5 | -167.5 |
INCOME BEFORE SHARE OF EQUITY INVESTEE'S PROFITS | 221.1 | 350.9 | 335.9 |
Share of equity investee's profits | 5.4 | 11.4 | 4.8 |
NET INCOME | 226.5 | 362.3 | 340.7 |
Net (income)/loss attributable to non-controlling interests | -0.6 | -0.1 | 0.1 |
Net income attributable to shareholders of Sibanye | $225.90 | $362.20 | $340.80 |
BASIC EARNINGS PER SHARE ($ cents) | $0.35 | $362,200 | $340,800 |
DILUTED EARNINGS PER SHARE ($ cents) | $0.34 | $362,200 | $340,800 |
WEIGHTED AVERAGE NUMBER OF SHARES USED IN THE | ' | ' | ' |
-COMPUTATION OF BASIC EARNINGS PER SHARE | 650,621,237 | 1,000 | 1,000 |
-COMPUTATION OF DILUTED EARNINGS PER SHARE | 664,288,141 | 1,000 | 1,000 |
DIVIDEND PER SHARE ($ cents) | $0.04 | $95,500 | $335,600 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | |||
Net income | $226.50 | $362.30 | $340.70 | |||
Other comprehensive income | ' | ' | ' | |||
Foreign currency translation | -138.2 | 60.9 | 273.8 | |||
Other comprehensive income | -138.2 | [1] | 60.9 | [1] | 273.8 | [1] |
Comprehensive income | 88.3 | 423.2 | 614.5 | |||
Comprehensive income attributable to: | ' | ' | ' | |||
Shareholders of Sibanye | 87.7 | 421.8 | 614.1 | |||
Non-controlling interests | $0.60 | $1.40 | $0.40 | |||
[1] | Accumulated other comprehensive income comprises translation adjustments |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | |
In Millions, unless otherwise specified | |||
ASSETS | ' | ' | |
Cash and cash equivalents | $104.70 | $34 | |
Restricted cash | 39.6 | [1] | ' |
Receivables | 94.3 | 65.2 | |
Current portion of financial guarantee receivable | 5 | ' | |
Related party receivables | ' | 64 | |
Inventories | 18.1 | 40.7 | |
Deferred mining and income taxes | 27.3 | 13.2 | |
Total current assets | 289 | 217.1 | |
Property, plant and equipment, net | 1,667.20 | 2,067.20 | |
Non-current investments | 177.5 | 178.2 | |
Financial guarantee receivable | 23.1 | ' | |
TOTAL ASSETS | 2,156.80 | 2,462.50 | |
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' | |
Accounts payable and provisions | 201.5 | 206.4 | |
Related party payables | ' | 2,000.70 | |
Financial guarantee liability | 28.3 | ' | |
Royalties, income and mining taxes payable | 74.2 | 11.3 | |
Short-term loans and current portion of long-term loans | 48.3 | ' | |
Current portion of stock-based compensation obligation | 4.4 | ' | |
Total current liabilities | 356.7 | 2,218.40 | |
Long-term loans | 144.2 | 492.5 | |
Deferred income and mining taxes | 436.2 | 556.1 | |
Provision for environmental rehabilitation | 136.9 | 158.6 | |
Provision for post-retirement healthcare costs | 1.6 | 2.1 | |
Stock-based compensation obligation | 7.4 | ' | |
Total liabilities | 1,083 | 3,427.70 | |
COMMITMENTS AND CONTINGENCIES-see notes 18 and 19 | ' | ' | |
SHAREHOLDERS' EQUITY | ' | ' | |
Share capital-1,000,000,000 (2012: 1,000,000,000) authorized ordinary shares of no par value. Shares issued-735,079,031 (2012: 1,000). | 1,955.30 | ' | |
Additional paid-in capital | 160.2 | 138 | |
Accumulated deficit | -1,244.90 | -1,443.70 | |
Accumulated other comprehensive income | 202.8 | 341 | |
Equity attributable to shareholders of Sibanye | 1,073.40 | -964.7 | |
Non-controlling interests | 0.4 | -0.5 | |
Total equity | 1,073.80 | -965.2 | |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $2,156.80 | $2,462.50 | |
[1] | At December 31, 2013 $39.6 million was in an escrow account, being the consideration for the Witwatersrand Consolidated Gold Resources Limited acquisition. Refer to note 23 for further details relating to the transaction. |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Statement Of Financial Position [Abstract] | ' | ' |
Share capital, authorized ordinary shares | 1,000,000,000 | 1,000,000,000 |
Share capital, par value | $0 | $0 |
Share capital, shares issued | 735,079,031 | 1,000 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Shareholders' Equity (USD $) | Total | Common Stock | Additional Paid-in Capital | Accumulated deficit | Accumulated Other Comprehensive Income (Loss) | Equity attributable to Company Shareholder | Noncontrolling Interest | |
In Millions, except Share data | ||||||||
Balance at Dec. 31, 2010 | ($1,637.10) | ' | $72.80 | ($1,715.60) | $9.10 | ($1,633.70) | ($3.40) | |
Balance, shares at Dec. 31, 2010 | ' | 1,000 | ' | ' | ' | ' | ' | |
Net income/(loss) | 340.7 | ' | ' | 340.8 | ' | 340.8 | -0.1 | |
Dividends declared | -335.6 | ' | ' | -335.6 | ' | -335.6 | ' | |
Stock-based compensation | 33 | ' | 33 | ' | ' | 33 | ' | |
Other comprehensive income | [1] | 273.8 | ' | ' | ' | 273.3 | 273.3 | 0.5 |
Transactions with non-controlling interests | ' | ' | ' | ' | -1 | -1 | 1 | |
Balance at Dec. 31, 2011 | -1,325.20 | ' | 105.8 | -1,710.40 | 281.4 | -1,323.20 | -2 | |
Balance, shares at Dec. 31, 2011 | 1,000 | 1,000 | ' | ' | ' | ' | ' | |
Net income/(loss) | 362.3 | ' | ' | 362.2 | ' | 362.2 | 0.1 | |
Dividends declared | -95.5 | ' | ' | -95.5 | ' | -95.5 | ' | |
Stock-based compensation | 32.2 | ' | 32.2 | ' | ' | 32.2 | ' | |
Other comprehensive income | [1] | 60.9 | ' | ' | ' | 59.6 | 59.6 | 1.3 |
Transactions with non-controlling interests | 0.1 | ' | ' | ' | ' | ' | 0.1 | |
Balance at Dec. 31, 2012 | -965.2 | ' | 138 | -1,443.70 | 341 | -964.7 | -0.5 | |
Balance, shares at Dec. 31, 2012 | 1,000 | 1,000 | ' | ' | ' | ' | ' | |
Share subscription, value | 1,955.30 | 1,955.30 | ' | ' | ' | 1,955.30 | ' | |
Share subscription, shares | ' | 731,647,614 | ' | ' | ' | ' | ' | |
Net income/(loss) | 226.5 | ' | ' | 225.9 | ' | 225.9 | 0.6 | |
Dividends declared | -27.1 | ' | ' | -27.1 | ' | -27.1 | ' | |
Stock-based compensation | 22.2 | ' | 22.2 | ' | ' | 22.2 | ' | |
Stock-based compensation | ' | 3,430,417 | ' | ' | ' | ' | ' | |
Other comprehensive income | [1] | -138.2 | ' | ' | ' | -138.2 | -138.2 | ' |
Transactions with non-controlling interests | 0.3 | ' | ' | ' | ' | ' | 0.3 | |
Balance at Dec. 31, 2013 | $1,073.80 | $1,955.30 | $160.20 | ($1,244.90) | $202.80 | $1,073.40 | $0.40 | |
Balance, shares at Dec. 31, 2013 | 735,079,031 | 735,079,031 | ' | ' | ' | ' | ' | |
[1] | Accumulated other comprehensive income comprises translation adjustments |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CASH FLOWS PROVIDED BY OPERATING ACTIVITIES | ' | ' | ' |
Net income | $226.50 | $362.30 | $340.70 |
Adjustments to reconcile net income to cash provided by operating activities: | ' | ' | ' |
-Share of equity investee's profits | (5.4) | -11.4 | -4.8 |
-Deferred income tax (expense)/benefit | -44.4 | -125.4 | 75.6 |
-Accretion expense on provision for environmental rehabilitation | 14 | 14.3 | 13.8 |
-Increase in provision for post-retirement healthcare costs | 0.1 | 0.3 | 0.1 |
-Profit on disposal of property, plant and equipment | -0.6 | -0.3 | -0.6 |
-Depreciation and amortization | 344.6 | 304.1 | 323.9 |
-Stock-based compensation | 31.9 | 32.2 | 33 |
-Other | -4.7 | -9.6 | -9.2 |
Changes in operating assets and liabilities: | ' | ' | ' |
-Decrease/(increase) in receivables | 13.8 | -42.6 | 55.8 |
-Decrease/(increase) in inventories | 16.9 | -11.8 | -7.1 |
-Increase/(decrease) in accounts payable and provisions | 28.8 | -24.6 | -15.3 |
-Net change in financial guarantee receivable | 5 | ' | ' |
-Net change in provision for post-retirement healthcare provision | -0.3 | -0.1 | -0.2 |
-Net change in stock-based compensation obligation | -0.4 | ' | ' |
-Increase/(decrease) in royalties payable | 17.3 | -16.1 | 16.3 |
-Increase/(decrease) in income and mining taxes payable | 52.6 | -61.8 | 48.3 |
-Net change in provision for environmental rehabilitation | -1.1 | ' | ' |
Net cash provided by operations | 694.6 | 409.5 | 870.3 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' |
Additions to property, plant and equipment | -302.2 | -379.4 | -404.8 |
Proceeds on disposal of property, plant and equipment | 0.7 | 0.6 | 2.1 |
Investment in environmental rehabilitation obligation funds | -17.9 | -3 | -13.5 |
Investment in restricted cash | -39.6 | ' | ' |
Net cash utilized in investing activities | -359 | -381.8 | -416.2 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' |
Long and short-term loans raised | 793.8 | 515.3 | 55.4 |
Long and short-term loans repaid | -1,025 | ' | -55.4 |
Related party loans raised | ' | 59.4 | ' |
Related party loans repaid | -1,939.70 | -521.7 | -211.8 |
Proceeds from shares issued on Spin-off | 1,955.30 | ' | ' |
Debt issue costs | -0.9 | ' | ' |
Proceeds on shares issued to non-controlling interests | 0.3 | ' | ' |
Dividends paid to shareholders of Sibanye | -27.1 | -95.5 | -335.6 |
Net cash utilized in financing activities | -243.3 | -42.5 | -547.4 |
EFFECT OF EXCHANGE RATE ON CASH AND CASH EQUIVALENTS | -21.6 | 4.2 | -15.6 |
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS | 70.7 | -10.6 | -108.9 |
CASH AND CASH EQUIVALENTS-beginning of year | 34 | 44.6 | 153.5 |
CASH AND CASH EQUIVALENTS-end of year | $104.70 | $34 | $44.60 |
GENERAL
GENERAL | 12 Months Ended | |
Dec. 31, 2013 | ||
Accounting Policies [Abstract] | ' | |
GENERAL | ' | |
1 | GENERAL | |
Sibanye Gold Limited, or Sibanye or the Company, is a South African focused gold producer, listed on the Johannesburg Stock Exchange, or JSE, and New York Stock Exchange, or NYSE, following the Spin-off by Gold Fields Limited, or Gold Fields, of its wholly owned subsidiary, Sibanye (previously GFI Mining South Africa Proprietary Limited, or GFIMSA). Sibanye’s principal operations are the Driefontein, Kloof and Beatrix mines as well as a number of service company subsidiaries, collectively referred to as the “Group”. | ||
The Gold Fields board of directors approved on November 21, 2012, and subsequently announced on November 29, 2012, the Spin-off of Sibanye into an independent, publicly traded company. The Spin-off would result in Gold Fields distributing, on a pro rata basis, Sibanye ordinary shares to Gold Fields shareholders and Gold Fields American Depositary Receipts, or ADRs holders who held their shares or ADRs as at the record date for the Spin-off. | ||
Sibanye was a wholly owned subsidiary of Gold Fields for the years ended December 31, 2012 and 2011. | ||
On February 1, 2013, Gold Fields subscribed for a further 731,647,614 shares in Sibanye at a subscription price of $2,012 million (R17,246 million). Sibanye used $1,996 million of the proceeds to repay the GFLMS loan (the share subscription and the repayment of the GFLMS loan, collectively referred to as the “Share subscription”). As a result of the Share subscription, the Group’s total assets exceeds its total liabilities. | ||
Sibanye began trading on February 11, 2013 on the JSE and the NYSE. The entire issued share capital of Sibanye was spun off to existing Gold Fields shareholders on February 18, 2013, by way of a distribution in specie in accordance with section 46 of the South African Companies Act and section 46 of the South African Income Tax Act. The Sibanye shares were spun off in a ratio of 1:1 with Gold Fields shares and resulted in Gold Fields’ shareholders holding two separate shares; a Sibanye share as well as their original Gold Fields share. After the Spin-off Sibanye is now a fully independent, publicly traded company with a new board of directors and management. | ||
On February 18, 2013, Sibanye refinanced all of its debt which existed under the Gold Fields group debt facilities, by drawing down under the R6.0 billion (US$700 million) term loan and revolving credit facilities obtained on November 28, 2012, as detailed in note 12. | ||
The Group’s current liabilities exceeded its current assets by $68 million as at December 31, 2013. Current liabilities at year end include the financial guarantee liability of $28 million which does not reflect the true liquidity of Sibanye per se, as Sibanye believes that Gold Fields is currently in the position to meet its obligations under the US$1 billion 4.875% guaranteed notes, or the Notes, as detailed in note 11. | ||
With the Bridge Loan Facilities refinanced, Sibanye was in a position to actively manage its debt position and as a result repaid an additional R500 million debt in December 2013, effectively applying cash, a current asset, to reduce long term borrowings. | ||
The directors believe that the cash-generated from operations and the remaining balance of the Group’s revolving credit facility will enable the Group to continue to meet its obligations as they fall due. | ||
Sibanye’s consolidated statement of operations includes all costs incurred by the Group, including such costs incurred by Gold Fields on its behalf. Such costs were charged out to Sibanye and are included in corporate expenditure in the consolidated statement of operations. These charges represented a fair allocation for the respective periods and were based on actual costs incurred on the Group’s behalf and costs allocated to the Group based on relative time spent by Gold Fields employees related to the affairs of the Group. |
SIGNIFICANT_ACCOUNTING_POLICIE
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Accounting Policies [Abstract] | ' | |||
SIGNIFICANT ACCOUNTING POLICIES | ' | |||
2 | SIGNIFICANT ACCOUNTING POLICIES | |||
(a) | USE OF ESTIMATES: The preparation of the consolidated financial statements in conformity with United States Generally Accepted Accounting Principles, or U.S. GAAP, requires the Group’s management to make estimates and assumptions about current and future events that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. | |||
Future events and their effects cannot be determined with absolute certainty. Therefore, the determination of estimates requires the exercise of judgment based on various assumptions and other factors such as historical experience, current and expected economic conditions, and in some cases actuarial techniques. Actual results ultimately may differ from those estimates. | ||||
The more significant areas requiring the use of management estimates and assumptions relate to mineral reserves that are the basis of future cash flow estimates and unit-of-production depreciation, depletion and amortization calculations; environmental, reclamation and closure obligations; asset impairments (including impairments of goodwill, long-lived assets, and investments); valuation of stock-based compensation and stock-based compensation obligations; income taxes; valuation allowances for deferred tax assets; and reserves for contingencies and litigation. | ||||
The following are accounting policies used by the Group which have been consistently applied for all periods presented: | ||||
(b) | CONSOLIDATION: The Group’s financial statements include the financial statements of Sibanye and its subsidiaries, and its share of results of investments in associates. A company in which the Group has, directly or indirectly, through subsidiary undertakings, a controlling interest is classified as a subsidiary undertaking. In addition, Sibanye reviews its relationships with other entities to assess if Sibanye is the primary beneficiary of a variable interest entity. If the determination is made that Sibanye is the primary beneficiary, then that entity is consolidated from the date that Sibanye was deemed to have become the primary beneficiary. The results of subsidiaries acquired or disposed of are included in the Group statements from the effective dates of acquisition or excluded from such statements as from the effective dates of disposal. Investments in companies which Sibanye does not control, but where it has the ability to exercise significant influence over their operating and financial policies, are accounted for by the equity method. | |||
Inter-company transactions and balances are eliminated on consolidation. Gains or losses that arise from a change in the Group’s interest in subsidiaries or equity method investees’ are recognized in equity. | ||||
Any excess between the purchase price and the fair value of the attributable net assets of subsidiaries and associates at the date of acquisition is capitalized as goodwill. | ||||
(c) | (i) | FOREIGN CURRENCY TRANSACTIONS: Foreign currency transactions are recorded at the prevailing exchange rate at the date of the transaction. Monetary assets and liabilities designated in foreign currencies are translated at the exchange rate ruling at period end. Gains and losses arising from these translations are recognized in net income or loss. | ||
(ii) | FUNCTIONAL CURRENCY: The functional currency of the Group’s operations is the South African Rand. The translation differences arising as a result of converting the South African Rand to U.S. dollars (reporting currency) using the current exchange rate method are included as a separate component of equity within Accumulated Other Comprehensive Income. | |||
(d) | PROPERTY, PLANT AND EQUIPMENT | |||
(i) | MINING ASSETS: Mining assets, including mine development costs and mine plant facilities, are recorded at cost. | |||
The Group capitalizes all underground development costs to access specific ore blocks or other areas of the mine where such costs will provide future economic benefits as a result of establishing proven and probable reserves associated with a specific block or area of operations, even after the reef horizon may have been intersected with the development of the first specific ore block or area of the mine. All costs associated with the development of a specific underground block or area are capitalized until saleable minerals are extracted from that specific block or area. These costs include the cost of shaft sinking and access, the costs of building access ways, lateral development, drift development, ramps, box cuts and other infrastructure development. | ||||
The costs incurred to access specific ore blocks or areas of the mine, which only provide an economic benefit over the period during which that ore block or area is being mined, are attributed to earnings using the units-of-production method where the denominator is estimated recoverable ounces of gold contained in proven and probable reserves within that ore block or area. Capitalized costs that provide an economic benefit over the entire mine life, such as the initial primary shaft in an underground complex, will continue to be attributed to earnings using the units-of-production method, where the denominator is the estimated recoverable ounces of gold contained in total accessible proven and probable reserves. Accessible proven and probable reserves, also referred to as “above infrastructure proven and probable reserves”, relate to mineralization which is located at a level at which an operation currently has infrastructure sufficient to allow mining operations to occur. | ||||
Interest on borrowings incurred in respect of assets requiring a substantial period of time to prepare for their intended use is capitalized to the date on which the assets are substantially completed and ready for their intended use. | ||||
(ii) | LAND: Land is shown at cost and is not depreciated. | |||
(iii) | MINERAL INTERESTS: Mineral interests represent mineral and surface use rights for parcels of land owned by the Group. Mineral interests and other tangible assets include acquired mineral use rights in production, and development. The amount capitalized related to mineral interests and represents its fair value at the time it was acquired, either as an individual asset purchase or as part of a business combination. | |||
Production stage mineral interests represent mineral interests in operating properties that contain proven and probable reserves. Development stage mineral interests represent interests in properties under development that contain proven and probable reserves. The Group’s mineral use rights are enforceable regardless of whether proven or probable reserves have been established. In certain limited situations, the nature of a use right changes from an exploration right to mining right upon the establishment of proven and probable reserves. The Group has the ability and intent to renew mineral use rights where the existing term is not sufficient to recover all identified and valued proven and probable reserves and/or undeveloped mineral interests. | ||||
(iv) | AMORTIZATION AND DEPRECIATION OF MINING ASSETS: Mining assets, mine development and evaluation costs, and mine plant facilities are amortized over the life-of-mine using the units-of-production method, based on estimated above infrastructure proven and probable ore reserves. Proven and probable reserves reflect estimated quantities of economically recoverable reserves, which can be recovered in future from known mineral deposits. Amortization and depreciation calculations are generally based on the Group’s most recent life-of-mine plan and annual above infrastructure reserve declarations as approved by the Board. However, if management becomes aware of significant changes in its above infrastructure reserves ahead of the scheduled updates, management would update its amortization and depreciation calculations and then subsequently notify the Board. | |||
(v) | AMORTIZATION OF MINERAL INTERESTS: Mineral interests associated with production stage mineral interests are amortized over the life-of-mine using the units-of-production method in order to match the amortization with the expected underlying future cash flows. Mineral interests associated with development and exploration stage mineral interests are not amortized until such time as the underlying property is converted to the production stage. | |||
(vi) | DEPRECIATION OF NON-MINING ASSETS: Other non-mining assets are recorded at cost and depreciated on a straight-line basis over their expected useful lives as follows: | |||
Vehicles—20.0% | ||||
Computers—33.3% | ||||
Furniture and Equipment—10.0% | ||||
(vii) | MINING EXPLORATION: Expenditure on exploration activities is expensed as incurred. Such expenditure includes the costs incurred for purposes of upgrading resources from one category to another or for purposes of upgrading resources to proven and probable reserves, even when in close proximity to the Group’s development and production stage properties. When it has been determined that a property can be economically developed as a result of establishing proven and probable reserves, costs incurred prospectively to develop the property are capitalized as mine development costs. | |||
(viii) | IMPAIRMENT: The Group reviews and tests the carrying amounts of long-lived assets, which include development costs, when events or changes in circumstances suggest that the carrying amount may not be recoverable. For impairment purposes, assets are grouped at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. The lowest level at which such cash flows are generated is generally at an individual operating mine, even if the individual operating mine is included in a larger mine complex. | |||
If there are indications that an impairment may have occurred, the Group prepares estimates of expected future cash flows for each group of assets. Expected future cash flows are based on a probability-weighted approach applied to potential outcomes and reflect: | ||||
• | estimated sales proceeds from the production and sale of recoverable ounces of gold contained in proven and probable reserves; | |||
• | expected gold prices and currency exchange rates (considering historical and current prices, price trends and related factors); | |||
• | expected future operating costs and capital expenditures to produce proven and probable gold reserves based on approved life-of-mine plans that assume current plant capacity, but exclude the impact of inflation; and | |||
• | expected cash flows associated with value beyond proven and probable reserves, which include the expected cash outflows required to develop and extract the value beyond proven and probable reserves. | |||
The impairment analysis first compares the total estimated cash flows on an undiscounted basis to the carrying amount of the asset, including goodwill, if any. If the undiscounted cash flows are less than the carrying amount of the asset, a second step is performed. The Group records a reduction of a group of assets to fair value as a charge to net income or loss if discounted expected future cash flows are less than the carrying amount. The Group estimates fair value by discounting the expected future cash flows using a discount factor, adjusted for inflation that reflects the risk-free rate of interest for a term consistent with the period of expected cash flows. | ||||
Management’s estimate of future cash flows is subject to risk and uncertainties. It is therefore reasonably possible that changes could occur which may affect the recoverability of the Group’s mining assets. | ||||
(e) | INCOME TAXES: Deferred taxation is calculated on the comprehensive basis using the balance sheet (assets and liabilities) approach. Deferred tax liabilities and assets are recognized by applying expected tax rates to the temporary differences existing at each reporting date between the tax values and their carrying amounts. These temporary differences are expected to result in taxable or deductible amounts in determining taxable profits for future periods when the carrying amount of the asset is recovered or the liability is settled. The effect on deferred tax of any changes in tax rates is recognized in net income or loss during the period in which the change occurs. | |||
The principal temporary differences arise from depreciation on property, plant and equipment, provisions, unutilized capital allowances, and tax losses carried forward. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets if it is more likely than not that such assets will not be realized. | ||||
The Group recognizes interest and penalties on income taxes, if any, in net income or loss as part of the income tax expense. | ||||
The Group recognizes the tax benefit from an uncertain tax position only if it is more likely than not the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such positions are then measured based on the largest benefit that has a greater than 50% likelihood of being realized upon settlement. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. | ||||
(f) | NON-CURRENT INVESTMENTS: Non-current investments comprise (i) monies in environmental trust fund, (ii) equity method investments, and (iii) investments in unlisted companies which are carried at their original costs as the Board believe that the original cost is not materially different from the fair value. Realized gains and losses are included in the determination of net income or loss. | |||
Unrealized losses are included in the determination of net income or loss where it is determined that a decline, other than a temporary decline, in the value of the investment has occurred. | ||||
(g) | INVENTORIES: Inventories are valued at the lower of cost or market value. The Group’s inventories comprise consumable stores and are valued at average cost, after appropriate provision for surplus and slow moving items. | |||
(h) | FINANCIAL INSTRUMENTS: Financial instruments carried on the balance sheet include cash and cash equivalents, bank overdraft, receivables, related party receivables, investments, financial guarantee receivable, derivative financial instruments, accounts payable, related party payables, financial guarantee liability, long-term loans and stock-based compensation obligation. The particular recognition method for each financial instrument item is disclosed in its respective significant accounting policy description. | |||
(i) | HEDGING: The Group accounts for its hedging activities in accordance with Accounting Standards Codification, or ASC, guidance for derivative instruments and hedging activities. | |||
Under ASC 815, all derivatives are recognized on the balance sheet at their fair value, unless they meet the criteria for the normal purchases normal sale exemption. On the date a derivative contract is entered into, the Group designates the derivative as (1) a hedge of the fair value of a recognized asset or liability (fair value hedge), or (2) a hedge of a forecasted transaction (cash flow hedge). Certain derivative transactions, while providing effective economic hedges under the Group’s risk management policies, do not qualify for hedge accounting. | ||||
Hedging activities are conducted in accordance with guidelines established by the Audit Committee which allow for the use of various hedging instruments. | ||||
Changes in the fair value of a derivative that is highly effective, and that is designated and qualifies as a fair value hedge, are recorded in net income or loss, along with the change in the fair value of the hedged asset or liability that is attributable to the hedged risk. | ||||
Changes in the fair value of a derivative that is highly effective, and that is designated and qualifies as a cash flow hedge, are recognized directly in equity. Amounts deferred in equity are included in net income or loss in the same period during which the hedged firm commitment or forecasted transaction affects net income or loss. | ||||
Recognition of derivatives which meet the criteria for the normal purchases normal sales exception under ASC 815 is deferred until settlement. Under these contracts, the Group must deliver a specified quantity of gold at a future date at a specified price to the contracted counter-party. | ||||
Changes in the fair value of derivatives that do not qualify for hedge accounting are recognized in net income or loss, under the caption entitled gains and losses on financial instruments. The fair value recognized on the balance sheet is included under the caption financial instruments. | ||||
The Group formally documents all relationships between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking various hedge transactions. This process includes linking derivatives designed as hedges to specific assets and liabilities or to specific firm commitments or forecasted transactions. The Group also formally assesses, both at the hedge inception date and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. | ||||
(j) | CASH AND CASH EQUIVALENTS: Cash and cash equivalents comprise cash on hand, demand deposits and investments in money market instruments. These are all highly liquid investments with a maturity of three months or less at the date of purchase. | |||
The carrying amount of cash and cash equivalents is stated at cost which approximates fair value. | ||||
(k) | TRADE RECEIVABLES: Trade receivables are carried at anticipated realizable value. Estimates are made for doubtful debts based on a review of all outstanding amounts at period end. Irrecoverable amounts are written off during the period in which they are identified. | |||
(l) | FINANCIAL GUARANTEE RECEIVABLE: The financial guarantee receivable is recognized at inception at its fair value. Subsequently the receivable is measured at amortized cost using the effective interest rate and recognized in net income or loss. | |||
(m) | FINANCIAL GUARANTEE LIABILITY: The financial guarantee liability is recognized at its inception at its fair value. Subsequently the liability is amortized over the term of the guarantee and recognized in net income or loss. | |||
(n) | PROVISIONS: Provisions are recognized when information is available prior to the issuance of the financial statements which indicates that it is probable that an asset has been impaired or a liability had been incurred at the date of the financial statements and the amount can be reasonably estimated. | |||
(o) | REHABILITATION COSTS: ASC 410 applies to legal obligations associated with the retirement of a long-lived asset that result from the acquisition, construction, development and/or the normal operation of a long-lived asset. | |||
Under ASC 410 the Group records the fair value of a liability for an asset retirement obligation in the period in which it is incurred. When the liability is initially recorded, the Group correspondingly capitalizes the cost by increasing the carrying value of the related long-lived asset. Over time, the liability is increased (accretion) to reflect an interest element considered in its initial measurement at fair value, and the capitalized cost is amortized over the useful life of the related asset. Upon settlement of the liability, the Group will record a gain or loss if the actual cost incurred differs from the liability recorded. | ||||
Environmental liabilities, other than rehabilitation costs which relate to liabilities from specific events, are recognized in net income or loss. | ||||
(p) | ENVIRONMENTAL REHABILITATION OBLIGATION FUNDS: Annual contributions are made to dedicated environmental rehabilitation obligation funds, created in accordance with statutory requirements, to fund the estimated cost of pollution control, rehabilitation and mine closure at the end of the life of the relevant mine. Contributions are determined on the basis of the estimated environmental obligation over the life of the mine. Income earned on monies paid to environmental funds is accounted for as interest income. The amounts contributed to and growth in these funds are included under investments on the balance sheet. | |||
(q) | EMPLOYEE BENEFITS | |||
(i) | PENSION AND PROVIDENT FUNDS: The Group operates a defined contribution retirement plan and contributes to a number of industry based defined contribution retirement plans. The retirement plans are funded by payments from employees and the Group. | |||
Contributions to defined contribution funds are recognized in net income or loss. | ||||
(ii) | POST-RETIREMENT HEALTH CARE COSTS: Medical coverage is provided through a number of schemes. | |||
The Group has an obligation to provide medical benefits to certain of its pensioners and dependents of ex-employees. These liabilities are unfunded and have been provided in full, calculated on an actuarial basis. | ||||
Valuation of these obligations is carried out annually by independent actuaries using appropriate mortality tables, long-term estimates of increases in medical costs and appropriate discount rates. | ||||
(iii) | STOCK-BASED COMPENSATION PLANS: Compensation costs recognized in fiscal 2013, 2012 and 2011 include: a) compensation cost for all share-based payments granted prior to, but not yet vested as of July 1, 2005, based on the grant-date fair value estimated in accordance with the original provisions of ASC 718, Stock-Based Compensation, and b) compensation cost for all share-based payments granted subsequent to June 30, 2005, based on the grant-date fair value estimated in accordance with the provisions of ASC 718, Stock-Based Compensation. | |||
(r) | REVENUE RECOGNITION: Revenue arising from gold and by-product sales is recognized when the risks and rewards of ownership and title pass to the buyer under the terms of the applicable contract, the pricing is fixed and determinable and collectability is reasonably assured. Sales revenue excludes value-added tax but includes the net income or loss arising from hedging transactions from matched gold sales contracts, which are designated as normal sales contracts. | |||
(s) | DIVIDEND INCOME: Dividends are recognized when the right to receive payment is established. | |||
(t) | INTEREST INCOME: Interest is recognized on a time proportion basis taking account of the principal outstanding and the effective rate to maturity on the accrual basis. | |||
(u) | DIVIDENDS DECLARED: Dividends proposed are recognized only when the dividends are declared. Dividends are payable in South African Rand. | |||
(v) | SEGMENT REPORTING: The Group is a gold mining company operating in South Africa. The business segments comprise geographical operations based on locations and operating units. | |||
(w) | EARNINGS/(LOSS) PER SHARE: Earnings/(loss) per share is calculated based on the net income/(loss) divided by the weighted average number of common shares in issue during the period. Diluted earnings/(loss) per share is presented when the inclusion of potential ordinary shares has a dilutive effect on earnings/(loss) per share. | |||
(x) | RECLASSIFICATIONS: With effect from January 1, 2013 other income and other expenses are presented separately in order to enhance disclosure where these were previously disclosed as a net amount in other expenses. Other income in fiscal 2012 of US$30.1 million (2011: U.S.$33.1 million) has been reclassified from other expenses to conform to current year presentation. This reclassification had no effect on income before tax and share of equity investee’s profits. Management does not believe this reclassification materially impacts the fiscal 2012 and 2011 financial statements. | |||
With effect from January 1, 2013 the operating activities section of the statement of cash flows has been reclassified. Management does not believe this reclassification materially impacts the fiscal 2012 and 2011 financial statements. | ||||
(y) | RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS | |||
Fair value measurements | ||||
In January 2010, the ASC guidance related to fair value measurement: improving disclosures about fair value measurements was updated, providing amendments to the guidance which requires entities to disclose separately the amounts of significant transfers in and out of Level 1 (unadjusted quoted prices in active markets that are accessible at the measurement date for identical unrestricted assets or liabilities) and Level 2 (Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly for substantially the full term of the asset or liability) fair value measurements and describe the reasons for the transfers. In addition, entities are required to present separately information about purchases, sales, issuances, and settlements in the reconciliation for fair value measurements using significant unobservable inputs (Level 3). The disclosures related to Level 3 fair value measurements are effective for interim and annual reporting periods beginning after December 15, 2010. Except for presentation changes, the updated guidance did not impact the Group’s financial statements. | ||||
During May 2011, the ASC guidance related to fair value measurement: amendments to achieve common fair value measurement and disclosure requirements in U.S. GAAP and IFRS were issued. The new standards do not extend the use of fair value but, rather, provide guidance about how fair value should be applied where it already is required or permitted under IFRS or U.S. GAAP. For U.S. GAAP, most of the changes are clarifications of existing guidance, additional disclosure requirements to the financial statements or wording changes to align with IFRS. The ASC guidance is effective for fiscal years beginning after December 31, 2011 and should be applied prospectively. The adoption of ASU 2011-04 in 2012 did not have a material impact the Group’s financial statements. | ||||
Compensation—stock compensation | ||||
During April 2010, the ASC guidance related to compensation – stock compensation: effect of denominating the exercise price of a share-based payment awarded in the currency of the market in which the underlying equity security trades was updated. The update clarifies that an employee share-based payment award with an exercise price denominated in the currency of a market in which a substantial portion of the entity’s equity securities trades should not be considered to contain a condition that is not a market, performance, or service condition. Therefore, an entity would not classify such an award as a liability if it otherwise qualifies as equity. The amendments are effective for those fiscal years, and interim periods within those fiscal years beginning on or after December 15, 2010. The updated guidance did not impact the Group’s financial statements. | ||||
Comprehensive income | ||||
During June 2011, the ASC guidance related to comprehensive income: presentation of comprehensive income was updated. The amendments provide an entity with the option to present the components of net income and comprehensive income in either one or two consecutive financial statements. The amendments eliminate the option in U.S. GAAP to present other comprehensive income in the statement of changes in equity. An entity should apply the ASU retrospectively. In December 2011, the FASB decided to defer the effective date of those changes in ASU 2011-05 that relate only to the presentation of reclassification adjustments in the statement of income by issuing ASU 2011-12, Comprehensive Income (Topic 220): Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive income in Accounting Standards Update 2011-05. The updated guidance impacted the order of the Group’s primary financial statements. | ||||
Balance sheet | ||||
During December 2011, the ASC guidance related to disclosures about offsetting assets and liabilities was updated. The amendments require an entity to disclose information about offsetting and related arrangements to enable users of financial statements to understand the effect of those arrangements on its financial position, and to allow investors to better compare financial statements prepared under U.S. GAAP with financial statements prepared under IFRS. The amendments are effective for annual periods beginning January 1, 2013, and interim periods within those annual periods. The guidance did not impact the Group’s financial statements. | ||||
Other comprehensive income | ||||
In February 2013, the FASB issued ASU No. 2013-02, Other Comprehensive Income (Topic 220) Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, or ASU No. 2013-02. The amendments in ASU No. 2013-02 require the Company to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income, either on the face of the income statement or in the notes, if the amount being reclassified is required under U.S. GAAP to be reclassified in its entirety to net income in the same reporting period. For other amounts not required by U.S. GAAP to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference other disclosures which provide additional information about the amounts. The guidance is effective prospectively for reporting periods beginning after December 15, 2012. The guidance did not impact the Group’s financial statements. | ||||
(z) | RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED | |||
Presentation of an unrecognized tax benefit | ||||
In July 2013, ASC guidance was issued related to the presentation of an unrecognized tax benefit when a net operating loss carry forward, a similar tax loss or a tax credit carry forward exists. The updated guidance requires an entity to net its unrecognized tax benefits against the deferred tax assets for all same jurisdiction net operating loss carry forward, a similar tax loss, or tax credit carry forwards. A gross presentation will be required only if such carry forwards are not available or would not be used by the entity to settle any additional income taxes resulting from disallowance of the uncertain tax position. The update is effective prospectively for fiscal years beginning January 1, 2014. The Company is still evaluating the impact of the updated guidance on the consolidated financial position, results of operations and cash flows. |
FINANCE_EXPENSE
FINANCE EXPENSE | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Text Block [Abstract] | ' | ||||||||||||
FINANCE EXPENSE | ' | ||||||||||||
3 | FINANCE EXPENSE | ||||||||||||
Fiscal Year Ended | |||||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
Related parties | — | — | (0.7 | ) | |||||||||
Interest expense | (34.0 | ) | (14.5 | ) | (1.3 | ) | |||||||
(34.0 | ) | (14.5 | ) | (2.0 | ) | ||||||||
INCOME_AND_MINING_TAX_EXPENSEB
INCOME AND MINING TAX (EXPENSE)/BENEFIT | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
INCOME AND MINING TAX (EXPENSE)/BENEFIT | ' | ||||||||||||
4 | INCOME AND MINING TAX (EXPENSE)/BENEFIT | ||||||||||||
Fiscal Year Ended | |||||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
Current income and mining taxes | (84.4 | ) | (57.9 | ) | (91.9 | ) | |||||||
Deferred income and mining taxes | 44.4 | 125.4 | (75.6 | ) | |||||||||
(40.0 | ) | 67.5 | (167.5 | ) | |||||||||
The Group’s income before tax and share of equity investee’s profit is all generated in South Africa. | |||||||||||||
Mining tax on mining income, an income tax, is determined on a formula basis which takes into account the profit and revenue from mining operations during the year. Non-mining income is taxed at a standard rate. | |||||||||||||
Deferred tax is provided at the estimated mining tax rate on temporary differences for mining operations and at the statutory rate for non-mining companies. The applicable tax rates are: | |||||||||||||
Fiscal Year Ended | |||||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
Mining statutory rate | 34 | % | 34 | % | 43 | % | |||||||
Non-mining income standard tax rate | 28 | % | 28 | % | 35 | % | |||||||
Non-mining companies statutory rate | 28 | % | 28 | % | 28 | % | |||||||
Major items causing the Group’s income tax provision to differ from the mining statutory rate were: | |||||||||||||
Tax on income before tax and share of equity investee’s profits at mining statutory rate | (88.8 | ) | (96.4 | ) | (216.5 | ) | |||||||
Rate adjustment to reflect company tax rates | 0.1 | 0.7 | 25.4 | ||||||||||
Mining tax formula rate adjustment | 34.3 | 34.5 | 37.8 | ||||||||||
Valuation allowance raised against deferred tax assets | (0.1 | ) | (0.3 | ) | — | ||||||||
Reversal of valuation allowance previously raised against deferred tax assets | — | — | 1.4 | ||||||||||
Non-deductible stock-based compensation | (7.6 | ) | (10.9 | ) | (14.2 | ) | |||||||
Non deductible expenditure1 | (7.1 | ) | — | (0.3 | ) | ||||||||
Deferred tax benefit from reduction of future expected tax rate | 24.1 | — | — | ||||||||||
Deferred tax benefit from reduction of tax rate due to changes in legislation | — | 139.1 | — | ||||||||||
Other1 | 5.1 | 0.8 | (1.1 | ) | |||||||||
Income and mining tax (expense)/benefit | (40.0 | ) | 67.5 | (167.5 | ) | ||||||||
1 | There are no individually significant amounts included in this line item. | ||||||||||||
Deferred income and mining tax liabilities and assets relate to the following: | |||||||||||||
December 31, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
Deferred income and mining tax liabilities | |||||||||||||
Property, plant and equipment | 425 | 559.1 | |||||||||||
Environmental rehabilitation obligation funds | 40.1 | 42.5 | |||||||||||
Financial guarantee receivable | 7.9 | — | |||||||||||
Other | 2.8 | 1.8 | |||||||||||
Gross deferred income and mining tax liabilities | 475.8 | 603.4 | |||||||||||
Provisions, including rehabilitation accruals | (58.6 | ) | (60.0 | ) | |||||||||
Financial guarantee liability | (7.9 | ) | — | ||||||||||
Tax losses | (4.8 | ) | (5.6 | ) | |||||||||
Gross deferred income and mining tax assets | (71.3 | ) | (65.6 | ) | |||||||||
Valuation allowance for deferred tax assets | 4.4 | 5.1 | |||||||||||
Total deferred income and mining tax assets | (66.9 | ) | (60.5 | ) | |||||||||
Net deferred income and mining tax | 408.9 | 542.9 | |||||||||||
Classified as follows: | |||||||||||||
Non-current liabilities | 436.2 | 556.1 | |||||||||||
Current assets | (27.3 | ) | (13.2 | ) | |||||||||
Net deferred income and mining tax | 408.9 | 542.9 | |||||||||||
The classification of deferred income and mining tax liabilities or assets as current or non-current is based on the related liability or asset creating the deferred tax. Deferred taxes not related to a specific liability or asset are classified based on the estimated period of reversal. | |||||||||||||
The Group has established a valuation allowance for certain deferred tax assets where cumulative losses require a valuation allowance, or where management believes that they will not be realized based on projections as of December 31, 2013 and 2012. The valuation allowance relates to net operating loss carry-forwards for the entities below: | |||||||||||||
December 31, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
Living Gold Proprietary Limited | 4.1 | 4.8 | |||||||||||
Golden Oils Proprietary Limited | 0.3 | 0.3 | |||||||||||
4.4 | 5.1 | ||||||||||||
The Group has tax loss carry forwards available for deduction against future income at its tax entities as follows: | |||||||||||||
December 31, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
Estimated assessed tax losses | |||||||||||||
Sibanye Gold Protection Services Proprietary Limited | — | 1.8 | |||||||||||
Living Gold Proprietary Limited | 14.6 | 17.1 | |||||||||||
Golden Oils Proprietary Limited | 0.9 | 1.2 | |||||||||||
St Helena Hospital Proprietary Limited | 1.4 | — | |||||||||||
M Janse van Rensburg Proprietary Limited | 0.1 | — | |||||||||||
17 | 20.1 | ||||||||||||
These future deductions are utilizable against income generated by the individual tax entity concerned and do not expire unless the tax entity ceases to commercially operate for a period longer than one year. Under South African mining tax ring-fencing legislation, each tax entity is treated separately and as such, these deductions can only be utilized by the tax entities in which the deductions have been generated. | |||||||||||||
Tax years 2009 to 2012 are open for assessments. The South African Tax legislation allows the Revenue Authorities to reopen assessments issued for a period of up to three years after the assessments were issued. It is possible that the Group will receive assessments during the next twelve months, which may have an effect on unrecognised tax benefits. The Group cannot estimate the amounts of possible changes as a result of an assessment. | |||||||||||||
The Group does not have any unrecognized tax benefits for which it is reasonably possible the amount will significantly change within 12 months of the recognition date. |
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
EARNINGS PER SHARE | ' | ||||||||||||
5 | EARNINGS PER SHARE | ||||||||||||
Fiscal Year Ended | |||||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
BASIC EARNINGS PER SHARE | |||||||||||||
Net income attributable to shareholders of Sibanye | 225.9 | 362.2 | 340.8 | ||||||||||
Ordinary shares in issue | 735,079,031 | 1,000 | 1,000 | ||||||||||
Adjustment for weighting of ordinary shares in issue | (84,457,794 | ) | — | — | |||||||||
Weighted average number of shares issued at the end of the year | 650,621,237 | 1,000 | 1,000 | ||||||||||
Basic earnings per share ($ cents) | 35 | 36,220,000 | 34,080,000 | ||||||||||
DILUTED EARNINGS PER SHARE | |||||||||||||
Net income attributable to shareholders of Sibanye | 225.9 | 362.2 | 340.8 | ||||||||||
Weighted average number of shares issued at the end of the year | 650,621,237 | 1,000 | 1,000 | ||||||||||
Effect of dilutive securities | 13,666,904 | — | — | ||||||||||
664,288,141 | 1,000 | 1,000 | |||||||||||
Diluted earnings per share ($ cents) | 34 | 36,220,000 | 34,080,000 | ||||||||||
CASH_AND_CASH_EQUIVALENTS
CASH AND CASH EQUIVALENTS | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Cash And Cash Equivalents [Abstract] | ' | ||||||||
CASH AND CASH EQUIVALENTS | ' | ||||||||
6 | CASH AND CASH EQUIVALENTS | ||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Cash at the bank and on hand | 104.7 | 34 | |||||||
Restricted cash1 | 39.6 | — | |||||||
144.3 | 34 | ||||||||
1 | At December 31, 2013 $39.6 million was in an escrow account, being the consideration for the Witwatersrand Consolidated Gold Resources Limited acquisition. Refer to note 23 for further details relating to the transaction. | ||||||||
Sibanye has ceded certain of its bank accounts in favor of the lenders of the R4.5 billion Facilities as security, refer to note 12. |
RECEIVABLES
RECEIVABLES | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Receivables [Abstract] | ' | ||||||||
RECEIVABLES | ' | ||||||||
7 | RECEIVABLES | ||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Product sales trade receivables | 45.8 | 24.8 | |||||||
Other trade receivables | 9 | 5.8 | |||||||
Value added tax | 19.1 | 13.7 | |||||||
Payroll debtors | 5.3 | 6.2 | |||||||
Prepayments | 11.3 | 9 | |||||||
Other | 3.8 | 5.7 | |||||||
94.3 | 65.2 | ||||||||
Refer to note 12 for further details relating to assets pledged as security under the R4.5 billion Facilities. |
PROPERTY_PLANT_AND_EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
PROPERTY, PLANT AND EQUIPMENT | ' | ||||||||
8 | PROPERTY, PLANT AND EQUIPMENT | ||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Cost | 4,628.50 | 5,255.60 | |||||||
Accumulated depreciation and amortization | (2,961.3 | ) | (3,188.4 | ) | |||||
1,667.20 | 2,067.20 | ||||||||
Mining properties, mine development costs, mine plant facilities and mineral interests | 1,638.50 | 2,019.30 | |||||||
Asset rehabilitation costs | 15.9 | 30.2 | |||||||
Other non-mining assets | 12.8 | 17.7 | |||||||
1,667.20 | 2,067.20 | ||||||||
Included in property, plant and equipment is: | |||||||||
- Cumulative capitalized interest, net of amortization | 2.1 | 2.5 | |||||||
- Depreciation charge for the year on property, plant and equipment | (344.6 | ) | (304.1 | ) | |||||
Refer to note 12 for further details relating to assets pledged as security under the R4.5 billion Facilities. |
NONCURRENT_INVESTMENTS
NON-CURRENT INVESTMENTS | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Investments All Other Investments [Abstract] | ' | ||||||||
NON-CURRENT INVESTMENTS | ' | ||||||||
9 | NON-CURRENT INVESTMENTS | ||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Investments held by environmental rehabilitation obligation funds(a) | 153.6 | 155.3 | |||||||
Equity investee(b) | 23.8 | 22.7 | |||||||
Unlisted | 0.1 | 0.2 | |||||||
177.5 | 178.2 | ||||||||
(a) Environmental rehabilitation obligation funds are irrevocable funds under the Group’s control. The monies in the funds are invested primarily in interest bearing short-term (money market), government and other corporate bond investments and the costs of these investments approximate their fair value. The dedicated environmental rehabilitation obligation funds provide for the estimated cost of rehabilitation during and at the end of the life of the relevant mine. Although the funds are under the Group’s control, it is not available for the general purposes of the Group. All income from this asset is reinvested or spent to meet these obligations. These obligations are described in note 13. | |||||||||
In addition, bank guarantees are provided for funding shortfalls of the environmental rehabilitation obligations. | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Funds | 146.5 | 149.6 | |||||||
Guarantees | 7.1 | 5.7 | |||||||
153.6 | 155.3 | ||||||||
(b) Equity investee | |||||||||
Rand Refinery Proprietary Limited, or Rand Refinery, refines gold bullion and by-products. It acts as a refining agent on behalf of the Group’s operations (refer to note 21). | |||||||||
The carrying value of the equity investment in Rand Refinery: | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Ownership | 33.1 | % | 33.1 | % | |||||
Opening balance | 22.7 | 12.5 | |||||||
Share of profits recognized | 5.4 | 11.4 | |||||||
Translation | (4.3 | ) | (1.2 | ) | |||||
Closing balance | 23.8 | 22.7 | |||||||
Rand Refinery has not issued its audited results for its year ended September 30, 2013 and therefore Sibanye’s share of results has been based on unaudited management accounts. | |||||||||
Rand Refinery implemented a new Enterprise Resource Planning, or ERP, system on April 1, 2013 to conduct its financial and management accounting. Since the implementation of the ERP software, the customization of the software has been problematic with the result that Rand Refinery has not been able to fully reconcile certain accounts at September 30, 2013. Rand Refinery’s management team is currently resolving the problems encountered with the ERP software and is in the process of investigating the transactions processed from April 1, 2013 on the ERP system to determine if any adjustments to their current financial records are required. As of the date of this report, the Rand Refinery management team cannot be certain that the results in its management accounts are accurate. Accordingly there is uncertainty around the results of the associate after tax in Sibanye’s results. | |||||||||
Any share of potential adjustments from the unaudited management accounts to be recognized will be limited to the current carrying value of its investment in Rand Refinery as no guarantees were provided to Rand Refinery. | |||||||||
Reconciliation of the investment with the underlying equity in net assets: | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Net assets | 31.7 | 30.6 | |||||||
Dividend received | (1.4 | ) | (1.4 | ) | |||||
Fair value adjustment | (6.5 | ) | (6.5 | ) | |||||
Closing balance | 23.8 | 22.7 | |||||||
The market value of Rand Refinery is not readily determinable. |
ACCOUNTS_PAYABLE_AND_PROVISION
ACCOUNTS PAYABLE AND PROVISIONS | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Payables And Accruals [Abstract] | ' | ||||||||
ACCOUNTS PAYABLE AND PROVISIONS | ' | ||||||||
10 | ACCOUNTS PAYABLE AND PROVISIONS | ||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Trade payables | 52 | 52.2 | |||||||
Accruals | 70.8 | 83.8 | |||||||
Payroll and other compensation | 38.9 | 21.2 | |||||||
Leave pay accrual | 38.8 | 46.7 | |||||||
Other | 1 | 2.5 | |||||||
201.5 | 206.4 | ||||||||
FINANCIAL_GUARANTEE
FINANCIAL GUARANTEE | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Guarantees [Abstract] | ' | ||||||||
FINANCIAL GUARANTEE | ' | ||||||||
11 | FINANCIAL GUARANTEE | ||||||||
As of February 18, 2013, the Gold Fields group is no longer guaranteeing any debt of Sibanye, similarly Sibanye has been released from all of its obligations as guarantor under Gold Fields group debt, except, Sibanye remains a guarantor of the US$1 billion 4.875% guaranteed notes, or the Notes, issued by Gold Fields Orogen Holding (BVI) Limited, or Orogen, a subsidiary of Gold Fields, on September 30, 2010 maturing on October 7, 2020. Interest on these notes is due and payable semi-annually on April 7 and October 7 in arrears. The payment of all amounts due in respect of the Notes is unconditionally and irrevocably guaranteed by Gold Fields, Sibanye, Gold Fields Operations Limited, or GFO, and Gold Fields Holdings Company (BVI) Limited, or GF Holdings, (collectively “the Guarantors”), on a joint and several basis. The Notes and guarantees constitute direct, unsubordinated and unsecured obligations of Orogen and the Guarantors, respectively, and rank equally in right of payment among themselves and with all other existing and future unsubordinated and unsecured obligations of Orogen and the Guarantors, respectively. | |||||||||
An indemnity agreement, or the Indemnity Agreement, has been entered into between the Guarantors, pursuant to which the Guarantors (other than Sibanye) hold Sibanye harmless from and against any and all liabilities and expenses which may be incurred by Sibanye under or in connection with the Notes, including any payment obligations by Sibanye to the note holders or the trustee of the Notes pursuant to the guarantee of the Notes, all on the terms and subject to the conditions contained therein. The Indemnity Agreement will remain in place for as long as Sibanye’s guarantee obligations under the Notes remain in place. | |||||||||
As of February 18, 2013, the Group initially recognized the financial guarantee liability at fair value of the guarantee provided in connection with the Notes. The liability is amortized over the remaining period of the notes, and should facts and circumstances change on the ability of the Gold Fields group’s ability to meet its obligation under the Notes, the liability will be re-valued accordingly. | |||||||||
As of February 18, 2013, the Group raised a receivable under the financial guarantee receivable for the future guarantee fee income that Orogen is obliged to pay bi-annually to Sibanye until it has been released as a guarantor under the Notes (Guarantee Fee Agreement). | |||||||||
Sibanye has ceded all of its rights, title and interest in and to the Indemnity Agreement and Guarantee Fee Agreement in favour of the lenders of the R4.5 billion Facilities, jointly and severally, as security for its obligations under the facilities. | |||||||||
(a) | Financial guarantee receivable | ||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Initial recognition at fair value | 31.8 | — | |||||||
Guarantee fee received | (5.0 | ) | — | ||||||
Interest accretion | 1.3 | — | |||||||
Closing balance | 28.1 | — | |||||||
Current portion of financial guarantee receivable | (5.0 | ) | — | ||||||
23.1 | — | ||||||||
(b) | Financial guarantee liability | ||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Initial recognition at fair value | 31.8 | — | |||||||
Amortization of guarantee liability | (3.5 | ) | — | ||||||
28.3 | — | ||||||||
SHORTTERM_AND_LONGTERM_LOANS
SHORT-TERM AND LONG-TERM LOANS | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
SHORT-TERM AND LONG-TERM LOANS | ' | ||||||||
12 | SHORT-TERM AND LONG-TERM LOANS | ||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
- R4.5 billion Facilities(a) | 192.5 | — | |||||||
- Bridge Loan Facilities(b) | — | — | |||||||
- Long-term credit facilities(c) | — | 350.1 | |||||||
- Short-term credit facilities(d) | — | 142.4 | |||||||
192.5 | 492.5 | ||||||||
Short-term loans and current portion of long-term loans | (48.3 | ) | — | ||||||
Long-term loans | 144.2 | 492.5 | |||||||
(a) | R4.5 billion Facilities | ||||||||
On December 13, 2013, Sibanye cancelled and replaced the Bridge Loan Facilities by drawing $207.4 million (R2 billion) under new R4.5 billion Facilities, or the R4.5 billion Facilities, the balance may be applied to ongoing capital expenditure, working capital and general corporate expenditure requirements, where required. | |||||||||
Terms of the R4.5 billion Facilities | |||||||||
Facility: | - R2.5 billion revolving credit facility, or RCF | ||||||||
- R2.0 billion term loan facility, or Term Loan | |||||||||
Interest rate: | JIBAR (Quoted at 5.22% at year-end) | ||||||||
Interest rate margin: | - RCF: 2.85% (Repricing possible if Sibanye is released as guarantor under the Notes, refer to note 11) | ||||||||
- Term Loan: 2.75% (Repricing possible if Sibanye is released as guarantor under the Notes, refer to note 11) | |||||||||
Term of loan: | Three years | ||||||||
Repayment period: | The Term Loan will be repaid in equal six-monthly instalments of R250 million ($24.2 million), with the R750 million ($72.5 million) balance due for settlement on final maturity, being December 13, 2016. | ||||||||
Security: | Sibanye has lodged and registered a security package for its obligation under the R4.5 billion Facilities. The security package includes a cession over certain bank accounts, accounts receivables, certain insurance policies proceeds, material contracts, shares in material subsidiaries and a general notarial bond over movable assets on the mine properties. Sibanye will also have to register mortgage bonds over substantially all of the properties (excluding mining rights) covering the Driefontein mining operation, and special notarial bonds over the gold plants and head gears of the Driefontein mining operation. | ||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Loan advanced | 207.4 | — | |||||||
Translation | (14.9 | ) | — | ||||||
Closing balance | 192.5 | — | |||||||
Reconciliation of facilities: | |||||||||
Term loan | 192.5 | — | |||||||
RCF | — | — | |||||||
192.5 | — | ||||||||
(b) | Bridge Loan Facilities | ||||||||
On November 28, 2012, Sibanye entered into a R6.0 billion Term Loan and RCF, or the Bridge Loan Facilities, reducing to R5.0 billion as detailed below. | |||||||||
Terms of the Bridge Loan Facilities | |||||||||
Facility: | - R2.0 billion RCF, or Facility A, increased to R3.0 billion after it was amended in July 2013 | ||||||||
- R4.0 billion term loan facility, or Facility B, reduced to R3.0 billion after it was amended in July 2013 | |||||||||
- Facility A and B would have reduced to R2.5 billion on the earliest of the Group declaring a final dividend in respect of 2013 or 12 months after the Spin-off date | |||||||||
Interest rate: | JIBAR | ||||||||
Interest rate margin: | - 3.0% for 12 months after the Spin-off | ||||||||
- 3.5% for last six months of the facilities | |||||||||
- If Sibanye was not released as guarantor under the Notes within six months of the Spin-off, being August 18, 2013, the margin would have increased to 3.25% and 3.75% for the seven to 12 month and 13 to 18 month periods after the Spin-off, respectively. | |||||||||
Term of loan: | 18 months after the Spin-off date | ||||||||
Repayment period: | Full payment of the outstanding amount on maturity of the loan, being August 18, 2014. | ||||||||
Cancellation: | These facilities were repaid and cancelled on December 13, 2013. | ||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Loan advanced | 476 | — | |||||||
Loans repaid | (476.0 | ) | — | ||||||
Closing balance | — | — | |||||||
(c) | Long-term credit facilities | ||||||||
Sibanye and GFO (collectively the “Borrowers”) entered into various revolving credit facilities with some of the major banks in South Africa with tenors between three and five years. The purpose of these facilities was to finance capital expenditure, general corporate and working capital requirements and to refinance existing borrowings. | |||||||||
Terms of the long-term credit facilities | |||||||||
Facility: | - R1.0 billion RCF entered into on December 9, 2009 | ||||||||
- R500.0 million RCF entered into on March 8, 2010 | |||||||||
- R2.0 billion RCF entered into on December 15, 2011 | |||||||||
Interest rate: | JIBAR | ||||||||
Interest rate margin: | - R1.0 billion RCF: 3.00% | ||||||||
- R500.0 million RCF: 2.85% | |||||||||
- R2.0 billion RCF: 1.95% | |||||||||
Term of loan: | - R1.0 billion RCF maturing on June 30, 2013, being 3.5 years | ||||||||
- R500.0 million RCF maturing on March 10, 2013, being three years | |||||||||
- R2.0 billion RCF maturing on December 19, 2016, being five years | |||||||||
Repayment period: | Full payment of outstanding amounts on maturity | ||||||||
Guarantors: | Gold Fields and certain of its subsidiaries: GF Holdings, GFO, Orogen, Newshelf 899 Proprietary Limited, or Newshelf, and Sibanye | ||||||||
Cancellation: | These facilities were repaid and cancelled on February 18, 2013. | ||||||||
During fiscal 2012, Sibanye was also a borrower under the two Gold Fields group revolving credit facilities totaling $1.5 billion. Sibanye never utilized the facilities and they were cancelled on February 15, 2013. | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Opening balance | 350.1 | — | |||||||
Loan advanced | 52.1 | 366.3 | |||||||
Loans repaid | (364.6 | ) | — | ||||||
Translation | (37.6 | ) | (16.2 | ) | |||||
Closing balance | — | 350.1 | |||||||
(d) | Short-term credit facilities | ||||||||
Sibanye utilized uncommitted loan facilities from some of the major banks to fund the capital expenditure and working capital requirements at its operations. | |||||||||
These facilities had no fixed terms, were short-term in nature and interest rates were market related. Borrowings under these facilities were guaranteed by Gold Fields. | |||||||||
On the date of the Spin-off, these facilities were refinanced by drawing down under the Bridge Loan Facilities as detailed in (b). | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Opening balance | 142.4 | — | |||||||
Loan advanced | 57.3 | 149 | |||||||
Loan repaid | (184.4 | ) | — | ||||||
Translation | (15.3 | ) | (6.6 | ) | |||||
Closing balance | — | 142.4 | |||||||
(e) | Debt maturity | ||||||||
The combined aggregate maturities of short and long-term loans for each of the next five years at December 31, 2013 is tabulated below: | |||||||||
Maturity | December 31, | December 31, | |||||||
2013 | 2012 | ||||||||
within one year | 48.4 | — | |||||||
later than one year and not later than two years | 48.4 | 492.5 | |||||||
later than two years and not later than three years | 95.7 | — | |||||||
192.5 | 492.5 | ||||||||
$259 million of the $492.5 million has been reclassified to long term at December 31, 2012, even though they are considered short term under the Long-term Rand revolving credit facilities(a) and Short-term Rand facilities(b) as the Group had the ability to refinance these facilities as detailed in the Rand bridge loan facilities (c) prior to the issuance of the financial statements. The facilities were refinanced on February 18, 2012. |
PROVISION_FOR_ENVIRONMENTAL_RE
PROVISION FOR ENVIRONMENTAL REHABILITATION | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Asset Retirement Obligation Disclosure [Abstract] | ' | ||||||||
PROVISION FOR ENVIRONMENTAL REHABILITATION | ' | ||||||||
13 | PROVISION FOR ENVIRONMENTAL REHABILITATION | ||||||||
The Group has made, and expects to make, in the future, expenditures to comply with environmental laws and regulations. Estimated future reclamation costs are based on legal and regulatory requirements. The following is a reconciliation of the total liability for environmental rehabilitation: | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Opening balance | 158.6 | 140.8 | |||||||
(Decrease)/increase in liabilities | (7.1 | ) | 11.8 | ||||||
Liabilities settled | (1.1 | ) | — | ||||||
Accretion of liability | 14 | 14.3 | |||||||
Translation | (27.5 | ) | (8.3 | ) | |||||
Closing balance | 136.9 | 158.6 | |||||||
The Group intends to finance the ultimate rehabilitation costs from the monies invested with the environmental rehabilitation obligation funds, on-going contributions, as well as the proceeds of the sale of assets and gold from plant clean-up at the time of mine closure. |
PROVISION_FOR_POSTRETIREMENT_H
PROVISION FOR POST-RETIREMENT HEALTHCARE COSTS | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Postemployment Benefits [Abstract] | ' | ||||||||||||
PROVISION FOR POST-RETIREMENT HEALTHCARE COSTS | ' | ||||||||||||
14 | PROVISION FOR POST-RETIREMENT HEALTHCARE COSTS | ||||||||||||
The Group is exposed to obligations for post-retirement healthcare costs. The Group has certain liabilities to subsidize the contributions payable by certain pensioners and dependents of ex-employees on a pay-as-you-go basis. The Group makes contributions to these schemes on behalf of retired employees. The obligation was actuarially valued at December 31, 2013 and the outstanding contributions will be funded over the lifetime of these pensioners and dependents. | |||||||||||||
The following table sets forth the funded status and amounts recognized by the Group for post-retirement healthcare costs: | |||||||||||||
December 31, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
Actuarial present value | 1.6 | 2.1 | |||||||||||
Plan assets at fair value | — | — | |||||||||||
Accumulated benefit obligation in excess of plan assets | 1.6 | 2.1 | |||||||||||
Prior service costs | — | — | |||||||||||
Unrecognized net (gain)/loss | — | — | |||||||||||
Provision for post-retirement healthcare costs | 1.6 | 2.1 | |||||||||||
The following is a reconciliation of the benefit obligation: | |||||||||||||
December 31, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
Opening balance | 2.1 | 2.1 | |||||||||||
Service and interest costs | 0.1 | 0.3 | |||||||||||
Contributions paid | (0.3 | ) | (0.1 | ) | |||||||||
Translation | (0.3 | ) | (0.2 | ) | |||||||||
Closing balance | 1.6 | 2.1 | |||||||||||
The obligation has been valued using the projected unit credit funding method on past service liabilities. The valuation assumptions are: | |||||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
Healthcare cost inflation rate | 7.5 | % | 7.5 | % | 8 | % | |||||||
Discount rate | 8 | % | 8 | % | 8.75 | % | |||||||
The net periodic benefit cost is explained as follows: | |||||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
Service and interest costs | 0.1 | 0.3 | 0.1 | ||||||||||
Net periodic benefit cost | 0.1 | 0.3 | 0.1 | ||||||||||
Assumed healthcare cost trend rates have a significant effect on the amounts reported for the healthcare plans. A 100 basis point (1%) change in assumed healthcare cost trend rates would have affected the aggregate service and interest costs and consequently, the accumulated post-retirement healthcare costs as noted below: | |||||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
1% increase in healthcare trend costs would | |||||||||||||
have increased ($’million): | |||||||||||||
Aggregate service and interest costs | 0.01 | 0.03 | 0.03 | ||||||||||
Accumulated post-retirement healthcare costs | 0.2 | 0.2 | 0.2 | ||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
1% decrease in healthcare trend costs would | |||||||||||||
have decreased ($m): | |||||||||||||
Aggregate service and interest costs | (0.01 | ) | (0.01 | ) | (0.01 | ) | |||||||
Accumulated post-retirement healthcare costs | (0.10 | ) | (0.20 | ) | (0.20 | ) |
EMPLOYEE_BENEFIT_PLANS
EMPLOYEE BENEFIT PLANS | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Postemployment Benefits [Abstract] | ' | ||||||||||||||||||||||||
EMPLOYEE BENEFIT PLANS | ' | ||||||||||||||||||||||||
15 | EMPLOYEE BENEFIT PLANS | ||||||||||||||||||||||||
(a) | Retirement benefits | ||||||||||||||||||||||||
Contributions to the various retirement schemes are fully expensed during the period in which they are funded. The cost of providing retirement benefits for the Company’s defined contribution plans for fiscal 2013 was $57.1 million (2012: $62.8 million and 2011: $65.8 million). There are no post retirement defined benefit pension plans. | |||||||||||||||||||||||||
(b) | Share option schemes | ||||||||||||||||||||||||
The Company grants equity-settled instruments comprising share options and restricted shares to certain employees. The Company also grants cash-settled instruments to certain employees. The Company currently maintains the Sibanye Gold Limited 2013 Share Plan and the Sibanye Gold Limited Phantom Share Scheme. Sibanye previously participated in the Gold Fields Limited 2012 Share Plan, the Gold Fields Limited 2005 Share Plan and the GF Management Incentive Scheme up to the Spin-off from Gold Fields. The details of these Plans are discussed below. | |||||||||||||||||||||||||
In terms of the previously existing Gold Fields Limited share plans, all Gold Fields shares vested pro rata (“no fault termination” rules applied) to Sibanye employees following the Spin-off of Sibanye. The proportionate unvested options under the Gold Fields Limited share plans on date of the Spin-off were replaced with Sibanye share options to the equivalent value, under the Sibanye Gold Limited 2013 Share Plan. | |||||||||||||||||||||||||
The charge for stock-based compensation has been recognized in the statement of operations under the captions production costs, corporate expenditure and other expenses: | |||||||||||||||||||||||||
December 31, | December 31, | December 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Stock-based compensation | 31.9 | 32.2 | 33 | ||||||||||||||||||||||
Sibanye Gold Limited 2013 Share Plan | |||||||||||||||||||||||||
On November 21, 2012 the shareholder of Sibanye passed a resolution to approve the adoption of the Sibanye Gold Limited 2013 Share Plan (the “SGL Share Plan”) with effect from the date of listing. The SGL Share Plan was implemented to replace the Gold Fields share plans (the Gold Fields Limited 2012 Share Plan and the Gold Fields Limited 2005 Share Plan) that Sibanye’s employees participated in. The SGL Share Plan provides for two methods of participation, namely the Performance Share, or PS, method and the Bonus Share, or BS, (or restricted share) method. This plan seeks to attract, retain, motivate and reward participating employees on a basis which seeks to align the interests of such employees with those of the shareholders. | |||||||||||||||||||||||||
(i) Performance shares | |||||||||||||||||||||||||
The Remuneration Committee makes an annual conditional award of shares to the CEO, CFO, COO, SVPs and Vice Presidents, or VPs. The number of performance shares awarded to an employee is based on the employee’s annual salary, grade and performance. The actual number of performance shares which settles is determined by the Company’s share price performance measured against the performance of a peer group, being Harmony Gold Mining Company Limited, Pan African Resources PLC and Gold One International Limited, over a performance period of three years. This peer group is determined and approved by the Remuneration Committee. The performance shares, which will settle, are based on the relative change in the Sibanye share price compared to the respective share prices of the individual companies within the peer group. For any performance share award to be settled to executives, an internal company performance target is required to be met before the external relative measure is applied. The target performance criterion is set at 85% of Sibanye’s expected gold production over the three-year measurement period as set out in the business plans of Sibanye as approved by the Board. Only once the internal measure has been achieved, will the external measure (Sibanye’s share price performance measured against the abovementioned peer group) be applied to determine the scale of the vesting of awards of performance shares, which can be between 100% and 200%. | |||||||||||||||||||||||||
(ii) Bonus shares | |||||||||||||||||||||||||
The Committee makes an annual conditional award of shares to each executive director and senior executive. The size of the award depends on the individual’s annual cash bonus, which is determined by actual performance against predetermined targets. Two-thirds of the annual bonus is awarded as restricted shares (bonus shares). The restricted shares vest in two equal parts at nine months and 18 months after the award date. Dividends are payable on the bonus shares during the holding period. | |||||||||||||||||||||||||
The salient features of the SGL Share Plan are: | |||||||||||||||||||||||||
• | PS and BS are offered to participants annually in March. Quarterly allocations of PS are also made in June, September and December on a pro rata basis to qualifying new employees. PS and BS are performance-related shares, granted at zero cost (the shares are granted in exchange for the rendering of service by participants to the Group during the three-year restricted period prior to the share vesting period); | ||||||||||||||||||||||||
• | based on the rules of the SGL Share Plan, the actual number of PS which would be settled to a participant three years after the original award date is determined by the Company’s performance measured against the performance of three other major gold mining companies (the peer group) based on the relative change in the Sibanye share price compared to the basket of respective share prices of the peer group. Furthermore, for PS awards to be settled to members of the Executive Committee, an internal company performance target is required to be met before the external relative measure is applied; | ||||||||||||||||||||||||
• | the performance of the Company that will result in the settlement of shares is to be measured by the Company’s share price performance relative to the share price performance of peer gold mining companies to be determined by the Remuneration Committee over a three-year period; | ||||||||||||||||||||||||
• | the performance of the Company’s shares against the shares of the peer group will be measured for the three-year period running from the relevant award date; | ||||||||||||||||||||||||
• | BS are offered to participants annually in March; and | ||||||||||||||||||||||||
• | based on the rules of the SGL Share Plan, the actual number of BS which would be settled equally to a participant over a nine month and an 18-month period after the original award date is determined by the employee’s annual cash bonus calculated with reference to actual performance against predetermined targets for the financial year ended immediately preceding the award date. | ||||||||||||||||||||||||
Details of the options granted under the SGL Share Plan to employees are detailed below: | |||||||||||||||||||||||||
Number of | Number of | ||||||||||||||||||||||||
PS | BS | ||||||||||||||||||||||||
Granted to replace the Gold Fields Limited share plans | 28,568,317 | 702,915 | |||||||||||||||||||||||
Granted during the period | 4,118,870 | 1,135,455 | |||||||||||||||||||||||
Exercised and released | (1,523,111 | ) | (638,086 | ) | |||||||||||||||||||||
Forfeited | (3,080,373 | ) | (64,829 | ) | |||||||||||||||||||||
Outstanding at December 31, 2013 | 28,083,703 | 1,135,455 | |||||||||||||||||||||||
The fair value of the above PS equity instruments granted during the period were valued using the Monte Carlo Simulation model. For the BS equity instruments a future trading model is used to estimate the loss in value to the holders of BS due to trading restrictions. The actual valuation is developed using the Monte Carlo analysis of the future share price of Sibanye. | |||||||||||||||||||||||||
Performance shares | December 31, | ||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||
Weighted average expected volatility (based on a statistical analysis of the share price on a weighted moving average basis for the expected term of the option) | 64.6 | % | |||||||||||||||||||||||
Expected term (years) | 3 | ||||||||||||||||||||||||
Expected dividend yield | 2.5 | % | |||||||||||||||||||||||
Weighted average three-year risk free interest rate (based on South African interest rates) | 6 | % | |||||||||||||||||||||||
Weighted average fair value—Rand | 12.55 | ||||||||||||||||||||||||
Bonus shares | December 31, | ||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||
Weighted average expected volatility (based on a statistical analysis of the share price on a weighted moving average basis for the expected term of the option) | 64.6 | % | |||||||||||||||||||||||
Expected term (months) | 9 -18 | ||||||||||||||||||||||||
Expected dividend yield | 2.5 | % | |||||||||||||||||||||||
Weighted average three-year risk free interest rate (based on South African interest rates) | 6 | % | |||||||||||||||||||||||
Weighted average fair value—Rand | 8.34 | ||||||||||||||||||||||||
The compensation cost of awards that were granted to replace the historical instruments issued by Gold Fields will mirror the costs that would have been expensed in future periods under the Gold Fields Limited share plans had they still been in place. | |||||||||||||||||||||||||
The compensation cost related to awards not yet recognized under the above SGL Share Plan at December 31, 2013 amounts to $17.8 million and is to be spread over three years. | |||||||||||||||||||||||||
At the Annual General Meeting, or AGM, the directors of Sibanye were authorized to issue and allot all or any of such shares required for the plans, but in aggregate all plans may not exceed 70,619,126 (10%) of the total issued ordinary shares capital of the Company. An individual participant may also not be awarded an aggregate of shares from all or any such plans exceeding 7,061,913 (1%) of the Company’s total issued ordinary share capital. The unexercised options and shares under all plans represented 29,219,158 (4%) of the total issued ordinary share capital of Sibanye at December 31, 2013. | |||||||||||||||||||||||||
Sibanye Gold Limited Phantom Share Scheme | |||||||||||||||||||||||||
On May 14, 2013 Sibanye’s Remuneration Committee limited the issuance of share options for the 2013 allocation under the SGL Share Plan to senior management only. D-Band and certain senior management, who previously participated in the equity-settled share option scheme, now participate in a cash-settled share scheme, the Sibanye Gold 2013 Phantom Share Scheme, or the SGL Phantom Scheme. Notwithstanding that the SGL Phantom Scheme is not subject to compliance with the JSE Listings Requirements as it is a purely cash-settled remuneration scheme, the SGL Share Plan rules apply, in all material aspects, to the SGL Phantom Scheme, other than the issue of new shares to participants. | |||||||||||||||||||||||||
Details of the phantom shares granted under the SGL Phantom Scheme to employees are detailed below: | |||||||||||||||||||||||||
Number of | Number of | ||||||||||||||||||||||||
PS | BS | ||||||||||||||||||||||||
Granted during the period | 17,539,440 | 7,002,146 | |||||||||||||||||||||||
Exercised and released | (55,393 | ) | (68,007 | ) | |||||||||||||||||||||
Forfeited | (1,054,281 | ) | (404,735 | ) | |||||||||||||||||||||
Outstanding at December 31, 2013 | 16,429,766 | 6,529,404 | |||||||||||||||||||||||
The grant date fair value of the above PS and BS cash-settled instruments granted during the year were valued using the Monte Carlo Simulation model and a future trading model, respectively, as with the equity-settled instruments above. As the cash and equity instruments are issued on the same day the grant date fair value assumptions of the cash-settled instruments is the same as for the equity-settled instruments as tabled above. | |||||||||||||||||||||||||
The fair value of the cash-settled instruments at reporting date, used to value the share-based payment obligation, is determined using the same assumptions as for the grant date valuation. However, the respective models take into account the actual share data of the peer group for the period from the grant date to the reporting date. | |||||||||||||||||||||||||
The compensation cost related to awards not yet recognized under the above schemes at December 31, 2013 amounts to $19.0 million and is to be spread over three years. | |||||||||||||||||||||||||
Reconciliation of the stock-based compensation obligation: | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||
Stock-based compensation expensed | 9.6 | ||||||||||||||||||||||||
Fair value of the obligation | 3.4 | ||||||||||||||||||||||||
Payments made | (0.4 | ) | |||||||||||||||||||||||
Translation | (0.8 | ) | |||||||||||||||||||||||
11.8 | |||||||||||||||||||||||||
Current portion of stock-based compensation obligation | (4.4 | ) | |||||||||||||||||||||||
7.4 | |||||||||||||||||||||||||
The Gold Fields Limited 2012 Share Plan | |||||||||||||||||||||||||
At the Gold Fields annual general meeting on May 14, 2012 Gold Fields shareholders approved the adoption of the Gold Fields Limited 2012 Share Plan to replace the Gold Fields Limited 2005 Share Plan. The Plan provides for two methods of participation, namely the PS Method and the BS Method. This plan seeks to attract, retain, motivate and reward participating employees on a basis which seeks to align the interests of such employees with those of the Gold Fields share owners. | |||||||||||||||||||||||||
The salient features of the Plan are: | |||||||||||||||||||||||||
• | PS and BS are offered to participants annually in March. Quarterly allocations of PS are also made in June, September and December on a pro rata basis to qualifying new employees. PS and BS are performance-related shares, granted at zero cost (the shares are granted in exchange for the rendering of service by participants to Gold Fields during the three year restricted period prior to the share vesting period); | ||||||||||||||||||||||||
• | based on the rules of the Plan, the actual number of PS which would be settled to a participant three years after the original award date is determined by Gold Fields’ performance measured against the performance of seven other major gold mining companies, or the peer group, based on the relative change in the Gold Fields share price compared to the basket of respective US Dollar share prices of the peer group. Furthermore, for PS awards to be settled to members of the Gold Fields Executive Committee, an internal Gold Fields performance target is required to be met before the external relative measure is applied. The internal target performance criterion has been set at 85% of the Gold Fields’ planned gold production over the three-year measurement period as set out in the business plans of Gold Fields and approved by the Gold Fields Board. In the event that the internal target performance criterion is met the full initial target award shall be settled on the settlement date. In addition, the Gold Fields Remuneration Committee has determined that the number of PS to be settled may be increased by up to 200% of the number of the initial target PS conditionally awarded, depending on the performance of Gold Fields relative to the performance of the peer group, based on the relative change in the Gold Fields share price compared to the basket of respective US dollar share prices of the peer group. | ||||||||||||||||||||||||
• | the performance that will result in the settlement of shares is to be measured by Gold Fields’ share price performance relative to the share price performance of the following peer gold mining companies, collectively referred to as “the peer group” (AngloGold Ashanti, Barrick Gold Corporation, GoldCorp Incorporated, Harmony Gold Mining Gold Fields, Newmont Mining Corporation, Newcrest Mining Limited and Kinross Gold Corporation), over the three year period. | ||||||||||||||||||||||||
• | the performance of the Gold Fields’ shares against the shares of the peer group will be measured for the three-year period running from the first business day of the month preceding the relevant allocation and award date; | ||||||||||||||||||||||||
• | based on the rules of the Plan, the actual number of BS which would be settled equally to a participant over a nine-month and a 18-month period after the original award date is determined by the employee’s annual cash bonus calculated with reference to actual performance against predetermined targets for the financial year ended immediately preceding the award date. | ||||||||||||||||||||||||
The below summary reflects instruments allocated to Sibanye: | |||||||||||||||||||||||||
Number of | Number of | ||||||||||||||||||||||||
PS | BS | ||||||||||||||||||||||||
Granted during the period | 1,638,684 | 489,748 | |||||||||||||||||||||||
Exercised and released | — | (216,715 | ) | ||||||||||||||||||||||
Forfeited | (73,889 | ) | (16,582 | ) | |||||||||||||||||||||
Transfers to the Gold Fields group | (27,412 | ) | — | ||||||||||||||||||||||
Outstanding at December 31, 2012 | 1,537,383 | 256,451 | |||||||||||||||||||||||
Granted during the period | 312,546 | — | |||||||||||||||||||||||
Exercised and released | (496,303 | ) | (137,265 | ) | |||||||||||||||||||||
Transfers to the Gold Fields group | (77,386 | ) | (31,337 | ) | |||||||||||||||||||||
Converted to Sibanye options | (1,276,240 | ) | (87,849 | ) | |||||||||||||||||||||
Outstanding at December 31, 2013 | — | — | |||||||||||||||||||||||
The shares that were granted during fiscal 2013 were a result of the Spin-off and took into account the current share prices and vesting percentage at the date of Spin-off. The valuation was not done according to the Monte Carlo Simulation as in fiscal 2012 for options granted in the ordinary course of business. | |||||||||||||||||||||||||
The fair value of the above PS equity instruments granted during fiscal 2012 were valued using the Monte Carlo Simulation model. For the BS equity instruments a future trading model was used to estimate the loss in value to the holders of BS due to trading restrictions. The actual valuation was developed using a Monte Carlo analysis of the future share price of Gold Fields: | |||||||||||||||||||||||||
Performance shares | December 31, | ||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||
Weighted average expected volatility* | 36.5 | % | |||||||||||||||||||||||
Expected term (years) | 3 | ||||||||||||||||||||||||
Historical dividend yield | 1.6 | % | |||||||||||||||||||||||
Weighted average risk free interest rate (based on U.S. interest rate) | 0.7 | % | |||||||||||||||||||||||
Weighted average fair value—Rand | 162.41 | ||||||||||||||||||||||||
Bonus shares | December 31, | ||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||
Weighted average expected volatility* | 29.4 | % | |||||||||||||||||||||||
Expected term (months) | 9 - 18 | ||||||||||||||||||||||||
Historical dividend yield | 2.7 | % | |||||||||||||||||||||||
Weighted average risk free interest rate (based on South African interest rates) | 5.5 | % | |||||||||||||||||||||||
Weighted average fair value—Rand | 115.74 | ||||||||||||||||||||||||
* | Based on a statistical analysis of the historical share price on a weighted moving average basis for the expected term of the option | ||||||||||||||||||||||||
Vesting of PS is based on Gold Fields’ performance on the Philadelphia XAU Index, or XAU, relative to the seven representative peers in the gold mining industry rather than all members of the index, because some members of the index are not purely gold mining companies or are small producers. | |||||||||||||||||||||||||
The Gold Fields Limited 2005 Share Plan | |||||||||||||||||||||||||
At the Gold Fields’ annual general meeting held on November 17, 2005, the shareholders approved The Gold Fields Limited 2005 Share Plan, or the 2005 Plan, under which employees, including executive directors, are compensated. | |||||||||||||||||||||||||
The 2005 Plan provides for two types of awards: performance vesting restricted shares, or PVRS, and performance allocated share appreciation rights, or SARS. The PVRS will only be released to participants and the SARS will vest three years after the date of the award and/or allocation of such shares. However, in respect of the PVRS, Company performance criteria need to be met in respect of awards to executives. The size of the initial allocation of SARS and PVRS is dependent on the performance of the participant at the time of allocation. The allocations under The 2005 Plan are usually made annually in March. | |||||||||||||||||||||||||
As a result of the Spin-off all unvested options on the date of the Spin-off, being February 18, 2013, were converted to options under the Sibanye Gold Limited 2013 Share Plan as in (a). Sibanye employees had to exercise all options that vested proportionately until the date of the Spin-off. | |||||||||||||||||||||||||
Details of the PVRS and SARS granted under the 2005 Plan are as follows: | |||||||||||||||||||||||||
Number of | Number of | Average price | |||||||||||||||||||||||
PVRS | SARS | Rand | U.S. dollar | ||||||||||||||||||||||
Outstanding at December 31, 2010 | 4,287,862 | 3,968,584 | 105.97 | 15.7 | |||||||||||||||||||||
Granted during the period | 1,324,161 | 455,542 | 119.17 | 16.51 | |||||||||||||||||||||
Exercised and released | (1,321,403 | ) | (540,135 | ) | 111.06 | 15.38 | |||||||||||||||||||
Forfeited | (333,574 | ) | (213,455 | ) | 110.69 | 15.33 | |||||||||||||||||||
Transfers to the Gold Fields group | (666,971 | ) | (2,458,758 | ) | 105.93 | 14.67 | |||||||||||||||||||
Outstanding at December 31, 2011 | 3,290,075 | 1,211,778 | 107.79 | 13.26 | |||||||||||||||||||||
Exercised and released | (829,266 | ) | (70,119 | ) | 105.98 | 12.94 | |||||||||||||||||||
Forfeited | (213,581 | ) | (131,068 | ) | 116.62 | 14.24 | |||||||||||||||||||
Transfers to the Gold Fields group | (16,642 | ) | (89,085 | ) | 106.21 | 12.97 | |||||||||||||||||||
Outstanding at December 31, 2012 | 2,230,586 | 921,506 | 106.82 | 12.46 | |||||||||||||||||||||
Granted during the period | 466,253 | 171,643 | 106.82 | 11.13 | |||||||||||||||||||||
Exercised and released | (2,153,455 | ) | (484,908 | ) | 106.82 | 11.13 | |||||||||||||||||||
Forfeited | — | — | — | — | |||||||||||||||||||||
Transfers to the Gold Fields group | (2,605 | ) | (4,077 | ) | 106.82 | 11.13 | |||||||||||||||||||
Converted to Sibanye options | (540,779 | ) | (604,164 | ) | 106.82 | 11.13 | |||||||||||||||||||
Outstanding at December 31, 2013 | — | — | — | — | |||||||||||||||||||||
During fiscal 2012, some share appreciation rights’ expiry dates were extended to enable participants who were disadvantaged due to closed periods to be placed in an equitable position. The incremental fair value of the modification was $nil. No share options were extended during fiscal 2013 and 2012. | |||||||||||||||||||||||||
In terms of the 2005 Plan rules, PVRS are granted for no consideration, vest after three years from grant date and do not expire. The PVRS due to have vested in fiscal year ended June 30, 2009 did not meet the vesting conditions. None of the PVRS granted after June 30, 2009 were exercisable on December 31, 2012 and 2011. | |||||||||||||||||||||||||
At the time the 2005 Plan was first implemented, the release of PVRS was subject to, among other things, the Gold Fields’ relative performance on the Philadelphia XAU Index, or XAU Index. In fiscal year ended June 30, 2008, it became evident that the XAU Index was not representative of Gold Fields’ peer competitors, as some of the companies in the XAU Index are not pure gold mining companies. Furthermore, since the selection of the XAU Index as a benchmark, a number of relatively small gold producers have been included in the XAU Index and again these cannot be regarded as representative of Gold Fields’ peer competitors. Accordingly, instead of using the XAU Index, Gold Fields’ performance is therefore measured against only five gold mining companies whom it believes can be regarded as its peer competitors. | |||||||||||||||||||||||||
The incremental fair value resulting from the modification amounted to $7.8 million which was expensed over the remaining vesting period of the restricted shares. In terms of the 2005 Plan rules, SARS currently expire no later than six years from the grant date and vest three years after grant date. None of the SARS granted after June 30, 2009 were exercisable on December 31, 2012 and 2011. The average exercise price for SARS outstanding at December 31, 2012 and 2011 was R106.83 ($12.47) and R107.79 ($13.26) respectively. | |||||||||||||||||||||||||
The following tables summarize information relating to the options outstanding at December 31, 2012 and 2011: | |||||||||||||||||||||||||
Outstanding options at December 31, 2011 | |||||||||||||||||||||||||
Price range | Number of | Contractual | Weighted average | ||||||||||||||||||||||
options | life | exercise price | |||||||||||||||||||||||
Rand | $ | (in years) | Rand | $ | |||||||||||||||||||||
Range of prices | 85.00 -109.99 | 10.46 - 13.52 | 712,244 | 3.62 | 99.36 | 12.22 | |||||||||||||||||||
110.00 - 134.99 | 13.53 - 16.60 | 499,554 | 4.51 | 119.82 | 14.74 | ||||||||||||||||||||
1,211,798 | 3.99 | 107.79 | 13.26 | ||||||||||||||||||||||
Outstanding options at December 31, 2012 | |||||||||||||||||||||||||
Price range | Number of | Contractual | Weighted average | ||||||||||||||||||||||
options | life | exercise price | |||||||||||||||||||||||
Rand | $ | (in years) | Rand | $ | |||||||||||||||||||||
Range of prices | 85.00 -109.99 | 9.92 -12.83 | 544,466 | 2.71 | 98.12 | 11.45 | |||||||||||||||||||
110.00 -134.99 | 12.84 -15.75 | 371,110 | 4.13 | 119.13 | 13.9 | ||||||||||||||||||||
135.00 -159.99 | 15.76 -18.67 | 5,930 | 5.01 | 136.29 | 15.9 | ||||||||||||||||||||
921,506 | 3.3 | 106.83 | 12.47 | ||||||||||||||||||||||
The PVRS have not been included in the table above as they do not have an expiry date and are granted for no consideration. | |||||||||||||||||||||||||
The Group used the Black Scholes Model to value the SARS. The inputs to the model for awards granted during the period were as follows: | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2011 | |||||||||||||||||||||||||
Weighted average exercise price—Rand | 119.17 | ||||||||||||||||||||||||
Weighted average expected volatility* | 46.4 | % | |||||||||||||||||||||||
Expected term (years) | 5.9 | ||||||||||||||||||||||||
Historical dividend yield | 1.7 | % | |||||||||||||||||||||||
Weighted average risk free interest rate | 6.9 | % | |||||||||||||||||||||||
Weighted average fair value—Rand | 51.66 | ||||||||||||||||||||||||
The Group used the Monte-Carlo Simulation to value the PVRS. The inputs to the model for awards granted during the year were as follows: | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2011 | |||||||||||||||||||||||||
Weighted average expected volatility* | 64.1 | % | |||||||||||||||||||||||
Expected term (years) | 3 | ||||||||||||||||||||||||
Historical dividend yield | 1.7 | % | |||||||||||||||||||||||
Weighted average risk free interest rate (based on U.S. interest rate) | 0.2 | % | |||||||||||||||||||||||
Weighted average fair value—Rand | 206.27 | ||||||||||||||||||||||||
* | Based on statistical analysis of the historical share price on a weighted moving average basis for the expected term of the option |
DERIVATIVE_FINANCIAL_INSTRUMEN
DERIVATIVE FINANCIAL INSTRUMENTS AND FAIR VALUE AND CREDIT RISK OF FINANCIAL INSTRUMENTS | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||
DERIVATIVE FINANCIAL INSTRUMENTS AND FAIR VALUE AND CREDIT RISK OF FINANCIAL INSTRUMENTS | ' | ||||||||||||||||
16 | DERIVATIVE FINANCIAL INSTRUMENTS AND FAIR VALUE AND CREDIT RISK OF FINANCIAL INSTRUMENTS | ||||||||||||||||
Risk | management activities | ||||||||||||||||
In the normal course of its operations, the Group is exposed to commodity price, currency, interest rate, liquidity and credit risk. In order to manage these risks, the Group has developed a comprehensive risk management process to facilitate control and monitoring of these risks. | |||||||||||||||||
Commodity | price and currency risk | ||||||||||||||||
The market price of gold, denominated in U.S. dollars, exposes the Group to transaction and translation exposure from fluctuations in foreign currency exchange rate. Accordingly, the significant fluctuation in the price of gold affects the Group’s results. As at December 31, 2013 and 2012 there were no material foreign currency exposures. The Group does not currently hedge the exposure to commodity price and currency risk. | |||||||||||||||||
Concentration | of credit risk | ||||||||||||||||
The Group’s financial instruments do not represent a concentration of credit risk as the Group deals with a number of major banks. Accounts receivable are regularly monitored and assessed and where necessary an adequate level of provision is maintained. | |||||||||||||||||
A formal process of allocating counterparty exposure and prudential limits is approved by the Audit Committee and is applied under the supervision of the Executive Committee. Facilities requiring margin payments are not engaged. | |||||||||||||||||
Interest | rate and liquidity risk | ||||||||||||||||
Fluctuations in interest rates impact on the value of investments and financing activities, giving rise to interest rate risk. The Group does not currently hedge its exposure to interest rate risk. | |||||||||||||||||
In the ordinary course of business, the Group receives cash proceeds from its operations and is required to fund working capital and capital expenditure requirements. The cash is managed to ensure surplus funds are invested to maximize returns while ensuring that capital is safeguarded to the maximum extent possible by investing only with top financial institutions. | |||||||||||||||||
Contractual arrangements for uncommitted borrowing facilities are maintained with several banking counterparties to meet the Group’s normal contingency funding requirements. | |||||||||||||||||
Fair | value | ||||||||||||||||
The fair value of a financial instrument is defined as the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The carrying amounts of receivables, related party receivables, accounts payable, related party payables and cash and cash equivalents are a reasonable estimate of their fair values due to the short-term maturity of such instruments. The investments in the environmental rehabilitation obligation funds approximate fair value as the monies are invested in short-term maturity investments. The listed investments are carried at market value. Long-term loans approximate fair value as they are subject to market based floating rates. | |||||||||||||||||
The | estimated fair values of the Group’s financial instruments are: | ||||||||||||||||
December 31, | December 31, 2012 | ||||||||||||||||
2013 | |||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
value | value | value | value | ||||||||||||||
Financial assets | |||||||||||||||||
Cash and cash equivalents | 104.7 | 104.7 | 34 | 34 | |||||||||||||
Restricted cash | 39.6 | 39.6 | — | — | |||||||||||||
Receivables | 63.9 | 63.9 | 42.5 | 42.5 | |||||||||||||
Current portion of financial guarantee receivable | 5 | 5 | — | — | |||||||||||||
Related party receivables | — | — | 64 | 64 | |||||||||||||
Non-current investments | 153.7 | 153.7 | 155.5 | 155.5 | |||||||||||||
Financial guarantee receivable | 23.1 | 23.1 | — | — | |||||||||||||
Financial liabilities | |||||||||||||||||
Accounts payable and provisions | 162.7 | 162.7 | 159.7 | 159.7 | |||||||||||||
Related party payables | — | — | 2,000.70 | 2,000.70 | |||||||||||||
Financial guarantee liability | 28.3 | 28.3 | — | — | |||||||||||||
Short-term and current portion of long-term loans | 48.3 | 48.3 | — | — | |||||||||||||
Long-term loans | 144.2 | 144.2 | 492.5 | 492.5 | |||||||||||||
Fair value accounting establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below: | |||||||||||||||||
• | Level 1—Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; | ||||||||||||||||
• | Level 2—Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; | ||||||||||||||||
• | Level 3—Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). | ||||||||||||||||
The following table sets forth the Group’s financial assets and liabilities measured at fair value by level within the fair value hierarchy. As required by Accounting Standard Codification, or ASC, fair value guidance, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. | |||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||
Environmental | Unlisted | Environmental | Unlisted | ||||||||||||||
rehabilitation | investments | rehabilitation | investments | ||||||||||||||
obligation | obligation | ||||||||||||||||
funds | funds | ||||||||||||||||
Level 1 | 153.6 | — | 125.3 | — | |||||||||||||
Level 2 | — | — | 30 | — | |||||||||||||
Level 3 | — | 0.1 | — | 0.2 | |||||||||||||
153.6 | 0.1 | 155.3 | 0.2 | ||||||||||||||
The Group investments held in environmental funds comprises interest-bearing short-term investments of $153.6 million (2012: $125.3 million) are valued using quoted market prices and investments of $nil (2012: $30.0 million) are valued using inputs other than quoted prices that are observable for the assets. There was no change in the fair value of unlisted investments at each reporting date. | |||||||||||||||||
Derivative | contracts | ||||||||||||||||
There were no outstanding derivative contracts at each reporting date. |
ADDITIONAL_CASH_FLOW_INFORMATI
ADDITIONAL CASH FLOW INFORMATION | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||||||
ADDITIONAL CASH FLOW INFORMATION | ' | ||||||||||||
17 | ADDITIONAL CASH FLOW INFORMATION | ||||||||||||
(a) | Supplemental cash flow disclosure | ||||||||||||
The interest, royalties, and income and mining taxes paid in the statement of cash flows represents actual cash paid. The following amounts of interest, royalties, and income and mining taxes paid were included in net cash provided by operating activities: | |||||||||||||
Fiscal Year Ended | |||||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
Interest paid | 34 | 14.5 | 2 | ||||||||||
Royalties paid | 25.9 | 50.5 | 23.8 | ||||||||||
Income and mining taxes paid | 31.8 | 119.7 | 43.6 |
COMMITMENTS
COMMITMENTS | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||||||
COMMITMENTS | ' | ||||||||
18 | COMMITMENTS | ||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Capital expenditure—authorized | |||||||||
Kloof | 178.7 | 229.5 | |||||||
Driefontein | 134.1 | 171.5 | |||||||
Beatrix | 93.3 | 104.8 | |||||||
Other | 0.6 | 0.8 | |||||||
406.7 | 506.6 | ||||||||
Capital expenditure—contracted for | 27.7 | 59.7 | |||||||
Other guarantees | 0.4 | 0.5 | |||||||
All the contracted capital expenditure as at December 31, 2013 and 2012 relates to obligations within the next 12 months. This expenditure primarily relates to hostel upgrades, mining activity and infrastructure. | |||||||||
Commitments will be funded from internal cash resources and to the extent necessary from borrowings. | |||||||||
Refer to note 11 for details relating to debt guaranteed by Sibanye. |
CONTINGENT_LIABILITIES
CONTINGENT LIABILITIES | 12 Months Ended | ||
Dec. 31, 2013 | |||
Commitments And Contingencies Disclosure [Abstract] | ' | ||
CONTINGENT LIABILITIES | ' | ||
19 | CONTINGENT LIABILITIES | ||
Occupational | healthcare services | ||
The Group provides occupational healthcare services to its employees through its existing facilities at the various operations. There is a risk that the cost of providing such services could increase in the future depending upon changes in the nature of underlying legislation and the profile of employees. Any such increased cost has not yet been quantified. The Group is monitoring developments in this regard. | |||
The principal health risks associated with Sibanye’s mining operations in South Africa arise from occupational exposure to silica dust, noise, heat and certain hazardous chemicals. The most significant occupational diseases affecting Sibanye’s workforce include lung diseases (such as silicosis, tuberculosis, a combination of the two and chronic obstructive airways disease, or COAD, as well as noise induced hearing loss, or NIHL. The Occupational Diseases in Mines and Works Act, 78 of 1973, or ODMWA, governs the compensation paid to mining employees who contract certain illnesses, such as silicosis. Recently, the South African Constitutional Court ruled that a claim for compensation under ODMWA does not prevent an employee from seeking compensation from its employer in a civil action under common law (either as individuals or as a class). While issues, such as negligence and causation, need to be proved on a case by case basis, it is possible that such ruling could expose Sibanye to claims related to occupational hazards and diseases (including silicosis), which may be in the form of a class or similar group action. If Sibanye were to face a significant number of such claims and the claims were suitably established against it, the payment of compensation for the claims could have a material adverse effect on Sibanye’s results of operations and financial condition. In addition, Sibanye may incur significant additional costs arising out of these issues, including costs relating to the payment of fees, levies or other contributions in respect of compensatory or other funds established (if any) and expenditures arising out of its efforts to resolve any outstanding claims or other potential action. | |||
On August, 21 2012, a court application was served on a group of respondents that included Sibanye or the August Respondents. On December 21, 2012, a further court application was issued and was formally served on a number of respondents, including Sibanye, or the December Respondents and, together with the August Respondents, the Respondents, on January 10, 2013, on behalf of classes of mine workers, former mine workers and their dependents who were previously employed by, or who are currently employed by, amongst others, Sibanye and who allegedly contracted silicosis and/or other occupational lung diseases (the “Classes”). The court application of August 21, 2012 and the court application of December 21, 2012 are together referred to below as the “Applications”. | |||
These Applications request that the court certify a class action to be instituted by the applicants on behalf of the Classes. The Applications are the first and preliminary steps in a process where, if the court were to certify the class action, the applicants may, in a second stage, bring an action wherein they will attempt to hold the Respondents liable for silicosis and other occupational lung diseases and resultant consequences. In the second stage, the Applications contemplate addressing what the applicants describe as common legal and factual issues regarding the claim arising from the allegations of the entire Classes. If the applicants are successful in the second stage, they envisage that individual members of the Classes could later submit individual claims for damages against the respective Respondents. The Applications do not identify the number of claims that may be instituted against the Respondents or the quantum of damages the applicants may seek. | |||
With respect to the Applications, Sibanye has filed a notice of its intention to oppose the Applications and has instructed its attorneys to defend the claims. Sibanye and its attorneys are engaging with the applicants’ attorneys in both applications to try to establish a court-sanctioned process to agree the timelines, (including the date by which Sibanye must file its papers opposing the Applications) and the possible consolidation of the separate applications. At this stage, Sibanye cannot quantify its potential liability from these actions. | |||
The two class actions were consolidated into one action during fiscal 2013 and the attorneys for the applicants in those matters have now applied to the court for a case management procedure in order to set times in which the parties have to comply with various legal processes and timeframes in terms of the application. Sibanye has entered notices to oppose the various actions and its attorneys are currently considering the opposition in detail. Accordingly, Sibanye cannot quantify its potential liability from these actions. | |||
Accordingly, no adjustment for any effects on the Company that may result from these actions, if any, has been made in the financial statements. | |||
Acid | mine drainage | ||
The Group has identified a risk of potential long-term Acid Mine Drainage, or AMD, on certain of its operations. AMD relates to the acidification and contamination of naturally occurring water resources by pyrite-bearing ore contained in underground mines and in rock dumps, tailings dams and pits on the surface. The Group has not been able to determine the financial impact that AMD might have on the Group, however, the Group has adopted a proactive approach by initiating projects such as Liquid Gold (long-term water management strategy), and the identification of mine rehabilitation to focus on AMD risk management. The Group also conducts acid base accounting to obtain a more detailed understanding of where they key potential AMD risks are located at identified operations, thereby better informing appropriate long-term mitigation strategies. | |||
Accordingly, no adjustment for any effects on the Company that may result from AMD, if any, has been made in the financial statements other than through the Group’s provision for environmental rehabilitation (refer to note 13). |
LINES_OF_CREDIT
LINES OF CREDIT | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Text Block [Abstract] | ' | ||||||||
LINES OF CREDIT | ' | ||||||||
20 | LINES OF CREDIT | ||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Unused lines of credit available | 241.8 | 788.3 | |||||||
These facilities are available to Sibanye, refer to note 12. |
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Related Party Transactions [Abstract] | ' | ||||||||||||
RELATED PARTY TRANSACTIONS | ' | ||||||||||||
21 | RELATED PARTY TRANSACTIONS | ||||||||||||
Sibanye entered into related party transactions with Rand Refinery, and Gold Fields Limited and its subsidiaries during the year, as detailed below. | |||||||||||||
After the Spin-off Gold Fields and it’s subsidiaries are no longer considered to be related parties of the Group, notwithstanding a transitional services agreement entered into before the Spin-off. | |||||||||||||
The transactions with these related parties are generally conducted with terms comparable to transactions with third parties, however such as related party loans, the transactions are not at arm’s length. | |||||||||||||
Gold | Fields group | ||||||||||||
As indicated in the accounting policies, Sibanye was a wholly owned subsidiary of Gold Fields up to the Spin-off date, thus transactions with the Gold Fields group prior to the Spin-off, as well as transactions per the transitional services agreement that was entered into with the Gold Fields group prior to the Spin-off to continue providing services up to a certain date after the Spin-off are considered to be related party transactions. | |||||||||||||
Transactions that were related-party transactions up to the Spin-off and per the transitional services agreement have stopped, been cancelled and settled. These services by the Group to Gold Fields and by Gold Fields Group Services Proprietary Limited, or GFGS, to the Group included corporate functions and infrastructure support, purchasing, corporate communications, human resources and benefit management, treasury and finance, investor relations, corporate controller, internal audit, legal and tax advice, compliance regarding internal controls and information technology functions, on a transitional basis up to November 30, 2013. | |||||||||||||
GFGS charged a management fee (corporate expenditure) relating to the provision of corporate services such as financial reporting, treasury, tax and legal services, secretarial, technical services and human resources. Corporate expenditure costs were determined based on the time spent by the Gold Fields corporate staff on providing the above mentioned services to the Group. | |||||||||||||
The table below details the transactions and balances between the Group and its related-parties: | |||||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
Income from services rendered to Gold Fields group companies | |||||||||||||
-Administration services | 3.5 | 8.5 | 9.1 | ||||||||||
-Security services | 3.6 | 3.5 | 3.5 | ||||||||||
-Training services | 1.7 | 1.8 | 1.6 | ||||||||||
-Medical services | 2 | 2 | 2.1 | ||||||||||
Expenditure | |||||||||||||
Management fees paid to GFGS | 1.3 | 8.1 | 6.8 | ||||||||||
Refining fees paid to Rand Refinery | 1.3 | 1.6 | 1.7 | ||||||||||
December 31, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
Accounts receivable from Gold Fields group companies | |||||||||||||
GFGS | — | 15.7 | |||||||||||
South Deep Mine | — | 33.9 | |||||||||||
Gold Fields Ghana | — | 6.9 | |||||||||||
Other Gold Fields group companies | — | 7.4 | |||||||||||
Accounts payable to Gold Fields group companies | |||||||||||||
GFGS | — | 4.4 | |||||||||||
Loans payable to Gold Fields group companies | |||||||||||||
GFLMS Loan1 | — | 1,996.30 | |||||||||||
1 This loan was unsecured, interest-free and had no fixed terms of repayment. Refer to note 1 where this loan was repaid as part of the Spin-off. | |||||||||||||
Rand | Refinery | ||||||||||||
Rand Refinery, in which Sibanye holds a 33.1% interest, has an agreement with the Group whereby it refines all the Group’s gold production. No dividends were received during fiscal 2013, 2012 and 2011. |
GEOGRAPHICAL_AND_SEGMENT_INFOR
GEOGRAPHICAL AND SEGMENT INFORMATION | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
GEOGRAPHICAL AND SEGMENT INFORMATION | ' | ||||||||||||||||||||||||||||||||||||
22 | GEOGRAPHICAL AND SEGMENT INFORMATION | ||||||||||||||||||||||||||||||||||||
Sibanye is primarily involved in gold mining in South Africa. The segment results have been prepared and presented based on management’s reporting format. Sibanye prepares its financial records for management reporting purposes in accordance with International Financial Reporting Standards, or IFRS, and such IFRS information by segment is what Sibanye’s chief operating decision maker reviews in allocating resources and making investment decisions. Sibanye’s gold mining operations are managed and internally | |||||||||||||||||||||||||||||||||||||
reported based upon the mining operations of the Driefontein division, the Kloof division (prior to January 1, 2013, the Kloof-Driefontein Complex, or KDC, was reported as one segment), and the Beatrix division. The Group also has corporate and services operations whose primary focus is servicing the Group’s mining operations. Corporate costs are allocated between segments based upon the time spent on each segment by members of the executive team. | |||||||||||||||||||||||||||||||||||||
The geographical and segment information for fiscal 2012 and 2011 has been restated for KDC following the change in the reportable segments. | |||||||||||||||||||||||||||||||||||||
Fiscal Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||||||
Driefon- | Kloof | Beatrix | Corporate | Group | Reclassifi- | Reclassified | Reconci- | Group | |||||||||||||||||||||||||||||
tein | and | Consolida- | cations | Group | ling | Consolida- | |||||||||||||||||||||||||||||||
other1 | ted - IFRS2 | Consolida- | items | ted - U.S. | |||||||||||||||||||||||||||||||||
ted - IFRS2 | GAAP2 | ||||||||||||||||||||||||||||||||||||
Statement of operations | |||||||||||||||||||||||||||||||||||||
Revenue | 850.3 | 724.4 | 439 | — | 2,013.70 | — | 2,013.70 | — | 2,013.70 | ||||||||||||||||||||||||||||
Operating costs | (508.4 | ) | (427.2 | ) | (311.6 | ) | — | (1,247.2 | ) | (37.7 | ) | (1,284.9 | ) | — | (1,284.9 | ) | |||||||||||||||||||||
Operating profit/(loss) | 341.9 | 297.2 | 127.4 | — | 766.5 | (37.7 | ) | 728.8 | — | 728.8 | |||||||||||||||||||||||||||
Amortization and depreciation | (151.9 | ) | (114.2 | ) | (55.0 | ) | (2.2 | ) | (323.3 | ) | — | (323.3 | ) | (21.3 | ) | (344.6 | ) | ||||||||||||||||||||
Net operating profit/(loss) | 190 | 183 | 72.4 | (2.2 | ) | 443.2 | (37.7 | ) | 405.5 | (21.3 | ) | 384.2 | |||||||||||||||||||||||||
Investment income | 5.7 | 4.9 | 2.9 | 3.2 | 16.7 | — | 16.7 | — | 16.7 | ||||||||||||||||||||||||||||
Finance expense | (20.1 | ) | (15.8 | ) | (7.6 | ) | (0.3 | ) | (43.8 | ) | 9.8 | (34.0 | ) | — | (34.0 | ) | |||||||||||||||||||||
Other items as detailed in statement of operations | (29.9 | ) | (25.3 | ) | (102.4 | ) | (17.1 | ) | (174.7 | ) | 27.9 | (146.8 | ) | 84.2 | (62.6 | ) | |||||||||||||||||||||
Royalties | (20.7 | ) | (15.3 | ) | (7.2 | ) | — | (43.2 | ) | — | (43.2 | ) | — | (43.2 | ) | ||||||||||||||||||||||
Current taxation | (44.6 | ) | (28.5 | ) | (10.1 | ) | (1.2 | ) | (84.4 | ) | — | (84.4 | ) | — | (84.4 | ) | |||||||||||||||||||||
Deferred taxation | 18.2 | 1.9 | 35 | 2.7 | 57.7 | — | 57.7 | (13.3 | ) | 44.4 | |||||||||||||||||||||||||||
Profit/(loss) after taxation2 | 98.5 | 104.9 | (17.0 | ) | (14.9 | ) | 171.5 | — | 171.5 | 49.6 | 221.1 | ||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||
Driefon- | Kloof | Beatrix | Corporate | Group | Reconci- | Group | |||||||||||||||||||||||||||||||
tein | and other1 | Consolida- | ling items | Consolida- | |||||||||||||||||||||||||||||||||
ted - IFRS2 | ted - U.S. | ||||||||||||||||||||||||||||||||||||
GAAP2 | |||||||||||||||||||||||||||||||||||||
Balance sheet | |||||||||||||||||||||||||||||||||||||
Total assets (excluding deferred tax assets) | 962.8 | 860.6 | 345.4 | (238.4 | ) | 1,930.40 | 199.1 | 2,129.50 | |||||||||||||||||||||||||||||
Total liabilities (excluding deferred tax liabilities) | 274.1 | 223.2 | 109.1 | 54.8 | 661.2 | (14.4 | ) | 646.8 | |||||||||||||||||||||||||||||
Net deferred tax liability | 141 | 154.7 | 58.9 | 3.2 | 357.8 | 51.1 | 408.9 | ||||||||||||||||||||||||||||||
Total equity | 547.7 | 482.7 | 177.4 | (296.4 | ) | 911.4 | 162.4 | 1,073.80 | |||||||||||||||||||||||||||||
Sustaining capital expenditure | 33.4 | 47.9 | 20.9 | 3.9 | 106.1 | — | 106.1 | ||||||||||||||||||||||||||||||
Ore reserve development | 73.2 | 87.9 | 35 | — | 196.1 | — | 196.1 | ||||||||||||||||||||||||||||||
Capital expenditure | 106.6 | 135.8 | 55.9 | 3.9 | 302.2 | — | 302.2 | ||||||||||||||||||||||||||||||
1 | Corporate and other represents items to reconcile segment data to consolidated financial statement totals. | ||||||||||||||||||||||||||||||||||||
2 | Figures may not add as they are rounded independently. | ||||||||||||||||||||||||||||||||||||
Fiscal Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||||||
Driefon- | Kloof | Beatrix | Corporate | Group | Reclassifi- | Reclassified | Reconciling | Group | |||||||||||||||||||||||||||||
tein | and other1 | Consolida- | cations | Group | items | Consolida- | |||||||||||||||||||||||||||||||
ted - IFRS2 | Consolida- | ted - U.S. | |||||||||||||||||||||||||||||||||||
ted - IFRS2 | GAAP2 | ||||||||||||||||||||||||||||||||||||
Statement of operations | |||||||||||||||||||||||||||||||||||||
Revenue | 726.1 | 817.3 | 477.8 | — | 2,021.20 | — | 2,021.20 | — | 2,021.20 | ||||||||||||||||||||||||||||
Operating costs | (525.3 | ) | (476.1 | ) | (320.2 | ) | — | (1,321.6 | ) | (3.0 | ) | (1,324.6 | ) | — | (1,324.6 | ) | |||||||||||||||||||||
Operating profit/(loss) | 200.8 | 341.2 | 157.6 | — | 699.6 | (3.0 | ) | 696.6 | — | 696.6 | |||||||||||||||||||||||||||
Amortization and depreciation | (120.5 | ) | (88.7 | ) | (77.1 | ) | (2.3 | ) | (288.5 | ) | — | (288.5 | ) | (15.6 | ) | (304.1 | ) | ||||||||||||||||||||
Net operating profit/(loss) | 80.3 | 252.5 | 80.5 | (2.3 | ) | 411.1 | (3.0 | ) | 408.1 | (15.6 | ) | 392.5 | |||||||||||||||||||||||||
Investment income | 4.7 | 4.5 | 2.4 | 1.3 | 12.9 | — | 12.9 | — | 12.9 | ||||||||||||||||||||||||||||
Finance expense | (7.8 | ) | (9.5 | ) | (3.6 | ) | (0.7 | ) | (21.6 | ) | 7.1 | (14.5 | ) | — | (14.5 | ) | |||||||||||||||||||||
Other items as detailed in statement of operations | (25.7 | ) | (20.4 | ) | (9.9 | ) | (4.1 | ) | (60.1 | ) | (4.1 | ) | (64.2 | ) | (9.0 | ) | (73.2 | ) | |||||||||||||||||||
Royalties | (8.1 | ) | (17.7 | ) | (8.6 | ) | — | (34.4 | ) | — | (34.4 | ) | — | (34.4 | ) | ||||||||||||||||||||||
Current taxation | (2.8 | ) | (37.4 | ) | (14.8 | ) | (3.0 | ) | (57.9 | ) | — | (57.9 | ) | — | (57.9 | ) | |||||||||||||||||||||
Deferred taxation | 46.1 | 25.3 | 29.1 | 2 | 102.5 | — | 102.5 | 22.9 | 125.4 | ||||||||||||||||||||||||||||
Profit/(loss) after taxation2 | 86.9 | 197.3 | 74.9 | (6.9 | ) | 352.5 | — | 352.5 | (1.7 | ) | 350.9 | ||||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||||||
Driefon- | Kloof | Beatrix | Corporate | Group | Reconciling | Group | |||||||||||||||||||||||||||||||
tein | and other1 | Consolidated | items | Consolidated | |||||||||||||||||||||||||||||||||
- IFRS2 | - U.S. GAAP2 | ||||||||||||||||||||||||||||||||||||
Balance sheet | |||||||||||||||||||||||||||||||||||||
Total assets (excluding deferred tax assets) | 1,133.90 | 992.4 | 313.1 | (143.5 | ) | 2,295.90 | 153.4 | 2,449.30 | |||||||||||||||||||||||||||||
Total liabilities (excluding deferred tax liabilities) | 398.4 | 342.4 | (26.8 | ) | 2,224.90 | 2,938.90 | (67.3 | ) | 2,871.60 | ||||||||||||||||||||||||||||
Net deferred tax liability | 190.5 | 188.7 | 110.3 | (3.8 | ) | 485.7 | 57.2 | 542.9 | |||||||||||||||||||||||||||||
Total equity | 545 | 461.3 | 229.6 | (2,364.6 | ) | (1,128.7 | ) | 163.5 | (965.2 | ) | |||||||||||||||||||||||||||
Sustaining capital expenditure | 29.5 | 61.6 | 25.7 | 2.7 | 119.5 | — | 119.5 | ||||||||||||||||||||||||||||||
Ore reserve development | 103.7 | 101.4 | 54.7 | — | 259.8 | — | 259.8 | ||||||||||||||||||||||||||||||
Capital expenditure | 133.2 | 163 | 80.4 | 2.7 | 379.3 | — | 379.3 | ||||||||||||||||||||||||||||||
1 | Corporate and other represents items to reconcile segment data to consolidated financial statement totals. | ||||||||||||||||||||||||||||||||||||
2 | Figures may not add as they are rounded independently. | ||||||||||||||||||||||||||||||||||||
Fiscal Year Ended December 31, 2011 | |||||||||||||||||||||||||||||||||||||
Driefon- | Kloof | Beatrix | Corporate | Group | Reclassifi- | Reclassified | Reconciling | Group | |||||||||||||||||||||||||||||
tein | and other1 | Consolida- | cations | Group | items | Consolida- | |||||||||||||||||||||||||||||||
ted - IFRS2 | Consolida- | ted - U.S. | |||||||||||||||||||||||||||||||||||
ted - IFRS2 | GAAP2 | ||||||||||||||||||||||||||||||||||||
Statement of operations | |||||||||||||||||||||||||||||||||||||
Revenue | 905.7 | 839.9 | 555.4 | — | 2,301.00 | — | 2,301.00 | — | 2,301.00 | ||||||||||||||||||||||||||||
Operating costs | (539.9 | ) | (485.5 | ) | (331.6 | ) | — | (1,357.0 | ) | (23.0 | ) | (1,380.0 | ) | — | (1,380.0 | ) | |||||||||||||||||||||
Operating profit/(loss) | 365.8 | 354.4 | 223.8 | — | 944 | (23.0 | ) | 921 | — | 921 | |||||||||||||||||||||||||||
Amortization and depreciation | (117.7 | ) | (112.7 | ) | (71.2 | ) | (2.2 | ) | (303.8 | ) | — | (303.8 | ) | (20.1 | ) | (323.9 | ) | ||||||||||||||||||||
Net operating profit/(loss) | 248.1 | 241.7 | 152.6 | (2.2 | ) | 640.2 | (23.0 | ) | 617.2 | (20.1 | ) | 597.1 | |||||||||||||||||||||||||
Investment income | 4.8 | 4.7 | 2.5 | 1.6 | 13.6 | — | 13.6 | — | 13.6 | ||||||||||||||||||||||||||||
Finance expense | (6.2 | ) | (4.7 | ) | (2.9 | ) | — | (13.8 | ) | 11.8 | (2.0 | ) | — | (2.0 | ) | ||||||||||||||||||||||
Other items as detailed in statement of operations | (39.2 | ) | (22.3 | ) | (12.8 | ) | (0.3 | ) | (74.6 | ) | 11.2 | (63.4 | ) | (1.8 | ) | (65.2 | ) | ||||||||||||||||||||
Royalties | (18.2 | ) | (17.3 | ) | (4.6 | ) | — | (40.1 | ) | — | (40.1 | ) | — | (40.1 | ) | ||||||||||||||||||||||
Current taxation | (46.6 | ) | (41.9 | ) | (0.3 | ) | (3.1 | ) | (91.9 | ) | — | (91.9 | ) | — | (91.9 | ) | |||||||||||||||||||||
Deferred taxation | (15.7 | ) | (24.0 | ) | (43.4 | ) | (0.2 | ) | (83.3 | ) | — | (83.3 | ) | 7.7 | (75.6 | ) | |||||||||||||||||||||
Profit/(loss) after taxation2 | 127 | 136.2 | 91.1 | (4.2 | ) | 350.1 | — | 350.1 | (14.2 | ) | 335.9 | ||||||||||||||||||||||||||
1 | Corporate and other represents items to reconcile segment data to consolidated financial statement totals. | ||||||||||||||||||||||||||||||||||||
2 | Figures may not add as they are rounded independently. | ||||||||||||||||||||||||||||||||||||
The following provides a breakdown of the reconciling items for each line item presented excluding deferred income and mining taxes: | |||||||||||||||||||||||||||||||||||||
Fiscal Year Ended | |||||||||||||||||||||||||||||||||||||
December 31, | December 31, | December 31, | |||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||||||||||||||||
Business combination—acquisition of Kloof during the formation of Original Gold Fields | (a) | (5.1 | ) | (4.0 | ) | (5.6 | ) | ||||||||||||||||||||||||||||||
Business combination—acquisition of Driefontein during the formation of Gold Fields | (b | ) | (11.5 | ) | (13.6 | ) | (15.3 | ) | |||||||||||||||||||||||||||||
Provision for rehabilitation | (c | ) | 4.1 | 2 | 0.8 | ||||||||||||||||||||||||||||||||
Depreciation of Beatrix West property, plant and equipment | (h | ) | (8.8 | ) | — | — | |||||||||||||||||||||||||||||||
(21.3 | ) | (15.6 | ) | (20.1 | ) | ||||||||||||||||||||||||||||||||
Other items as detailed in the statement of operations | 84.2 | (9.0 | ) | (1.8 | ) | ||||||||||||||||||||||||||||||||
Included in other items as detailed in the statement of operations is: | |||||||||||||||||||||||||||||||||||||
Accretion expense on provision for environmental rehabilitation | |||||||||||||||||||||||||||||||||||||
Provision for rehabilitation | (c | ) | (4.4 | ) | (7.3 | ) | (1.8 | ) | |||||||||||||||||||||||||||||
Impairment | |||||||||||||||||||||||||||||||||||||
Impairment of Beatrix West property, plant and equipment | (h | ) | 89.7 | — | — | ||||||||||||||||||||||||||||||||
Total assets excluding deferred income and mining taxes | |||||||||||||||||||||||||||||||||||||
Business combination—acquisition of Kloof during the formation of Original Gold Fields | (a | ) | 49 | 64.9 | |||||||||||||||||||||||||||||||||
Business combination—acquisition of Driefontein during the formation of Gold Fields | (b | ) | 98.7 | 131.9 | |||||||||||||||||||||||||||||||||
Provision for rehabilitation | (c | ) | (19.2 | ) | (42.7 | ) | |||||||||||||||||||||||||||||||
Interest capitalization | (d | ) | 2.2 | 2.7 | |||||||||||||||||||||||||||||||||
Amortization of interest capitalized | (d | ) | (0.2 | ) | (0.2 | ) | |||||||||||||||||||||||||||||||
Investments in equity method investees | (e | ) | (2.7 | ) | (3.2 | ) | |||||||||||||||||||||||||||||||
Consolidation of a subsidiary | (g | ) | 3.5 | — | |||||||||||||||||||||||||||||||||
Impairment of Beatrix West property, plant and equipment | (h | ) | 76 | — | |||||||||||||||||||||||||||||||||
Depreciation of Beatrix West property, plant and equipment | (h | ) | (8.2 | ) | — | ||||||||||||||||||||||||||||||||
199.1 | 153.4 | ||||||||||||||||||||||||||||||||||||
Total liabilities excluding deferred income and mining taxes | |||||||||||||||||||||||||||||||||||||
Provision for rehabilitation | (c | ) | (23.7 | ) | (44.4 | ) | |||||||||||||||||||||||||||||||
Debt guarantee in respect of Gold Fields’ debt | (f | ) | 8.3 | (22.9 | ) | ||||||||||||||||||||||||||||||||
Consolidation of a subsidiary | (g | ) | 1 | — | |||||||||||||||||||||||||||||||||
(14.4 | ) | (67.3 | ) | ||||||||||||||||||||||||||||||||||
(a) | Business combination—acquisition of Kloof during the formation of Original Gold Fields | ||||||||||||||||||||||||||||||||||||
For management reporting purposes, no pushdown accounting was applied, and both the Gold Fields of South Africa Limited and Gencor Limited transactions were accounted for at historical cost. Under U.S. GAAP, the Company accounted for the assets and liabilities acquired from Gold Fields of South Africa Limited at historical cost, and the assets and liabilities acquired from Gencor Limited and outside shareholders at fair value. Consolidation journals were pushed down into the entity under U.S. GAAP. The difference in original recorded amounts in respect of property, plant and equipment has resulted in different depreciation and amortization between management reporting and U.S. GAAP. | |||||||||||||||||||||||||||||||||||||
(b) | Business combination—acquisition of Driefontein during the formation of Gold Fields | ||||||||||||||||||||||||||||||||||||
For management reporting purposes, Sibanye was formed in 2004 when it acquired the asset and liabilities at historical cost. Under U.S. GAAP, the group accounted for the assets and liabilities acquired in 1999 during the formations of Gold Fields Group as a purchase and as consolidation journals were pushed down into the entity, the excess purchase price was capitalized to property, plant and equipment and is being amortized over its useful life. The difference in original recorded amounts has resulted in different depreciation and amortizationcharges between management reporting and U.S. GAAP. | |||||||||||||||||||||||||||||||||||||
(c) | Provision for rehabilitation | ||||||||||||||||||||||||||||||||||||
Revisions to the provision for environmental rehabilitation | |||||||||||||||||||||||||||||||||||||
For management reporting purposes, all changes in the carrying amount of the provision for environmental rehabilitation are recognized as an increase or decrease in the carrying amount of the associated capitalized retirement cost. Changes resulting from revisions in the timing or amount of estimated cash flows are recognized as an increase or decrease in the carrying amount of the provision for environmental rehabilitation and the associated capitalized retirement cost for U.S. GAAP. | |||||||||||||||||||||||||||||||||||||
In addition, the current discount rate is applied to measure the provision for environmental rehabilitation for management reporting purposes. Under U.S. GAAP any decreases in the provision for environmental rehabilitation as a result of downward revisions in cash flow estimates should be treated as a modification of an existing provision for environmental rehabilitation, and should be measured at the historical credit adjusted discount rate used to measure the initial provision for environmental rehabilitation. Due to differences between the management reporting and U.S. GAAP accounting models, differences will arise. | |||||||||||||||||||||||||||||||||||||
Accretion of the provision for environmental rehabilitation and amortization of associated asset rehabilitation cost | |||||||||||||||||||||||||||||||||||||
For reasons discussed above the provision for environmental rehabilitation’s carrying value for management reporting purposes is different to that under U.S. GAAP, which in combination with a different disount rate results in a different amortization charge and accretion expense. | |||||||||||||||||||||||||||||||||||||
(d) | Interest capitalization | ||||||||||||||||||||||||||||||||||||
For management reporting purposes, borrowing costs are capitalized to the extent that qualifying assets are financed through specific debt financing or general outstanding debt not for any specific purpose other than funding the operations of the Group. Under U.S. GAAP, total outstanding debt financing is taken into account in calculating the amount of borrowing cost to be capitalized. | |||||||||||||||||||||||||||||||||||||
(e) | Investments in equity method investees | ||||||||||||||||||||||||||||||||||||
For management reporting purposes an equity investment exceeding a 20% shareholding was treated as an available-for-sale investment prior to the fiscal year ended June 30, 2003. Under U.S. GAAP this investment was accounted for under the equity method since acquisition. | |||||||||||||||||||||||||||||||||||||
(f) | Debt guarantee in respect of Gold Fields’ debt | ||||||||||||||||||||||||||||||||||||
For management reporting purposes, a financial guarantee liability is recognized for the debt guarantee provided by the Group to its parent’s debt issuers. Under U.S. GAAP a guarantee by a subsidiary of the debt owed to a third party by either its parent or another subsidiary of that parent is excluded solely from the initial recognition. As of the Spin-off date, the financial guarantee liability was recognized for the debt guarantee provided by Sibanye to Gold Fields, refer to note 11. The liability is amortized over the remaining period of the guarantee. The different valuation at initial recognition dates results in a different amortization charge. | |||||||||||||||||||||||||||||||||||||
(g) | Consolidation of a subsidiary | ||||||||||||||||||||||||||||||||||||
For management reporting purposes, Living Gold Proprietary Limited, or Living Gold, was derecognized as a subsidiary and accounted for as an equity-accounted investee. Under U.S. GAAP Sibanye controls Living Gold, and is consolidated. | |||||||||||||||||||||||||||||||||||||
(h) | Impairment of Beatrix West | ||||||||||||||||||||||||||||||||||||
Impairment of Beatrix West property, plant and equipment | |||||||||||||||||||||||||||||||||||||
For management reporting purposes, Beatrix West was impaired at June 30, 2013. Under U.S. GAAP Beatrix West is not impaired as the carrying value of the asset group did not exceed the undiscounted cash flows. | |||||||||||||||||||||||||||||||||||||
Amortization and depreciation of Beatrix West | |||||||||||||||||||||||||||||||||||||
For the reason discussed above, the carrying value for management reporting purposes is different to that under U.S. GAAP, which results in a different amortization charge. | |||||||||||||||||||||||||||||||||||||
(i) | Net deferred tax liability | ||||||||||||||||||||||||||||||||||||
The reconciling items related to net deferred tax liabilities are as a consequence of the differences in the book values of the underlying assets and liabilities between those used for management reporting purposes and U.S. GAAP. | |||||||||||||||||||||||||||||||||||||
(j) | Reclassifications | ||||||||||||||||||||||||||||||||||||
For management reporting purposes, termination costs, restructuring costs and stock-based compensation are classified separately. For U.S. GAAP termination costs, restructuring costs and stock-based compensation are classified according to where the related employee cost is classified. | |||||||||||||||||||||||||||||||||||||
For management reporting purposes, with effect from January 1, 2013, Sibanye changed its classification of environmental rehabilitation inflation from operating costs to finance expenses to better reflect the nature of the expense as well as to align it with its peers. The geographical and segment information of fiscal 2012 and 2011 have been reclassified to conform to the current year’s presentation. |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Subsequent Events [Abstract] | ' | |||
SUBSEQUENT EVENTS | ' | |||
23 | SUBSEQUENT EVENTS | |||
There were no events that could have a material impact on the financial results of the Group after December 31, 2013, other than those discussed below. | ||||
Final dividend | ||||
On February 20, 2014, Sibanye declared a final dividend of R0.75 per share. | ||||
Cooke operations acquisition | ||||
Sibanye announced on August 21, 2013, that it had entered into an agreement with Gold One International Limited, or Gold One, to acquire its Cooke underground and surface operations, or the Cooke Operations. The consideration for the acquisition will be approximately 150 million new Sibanye ordinary shares, or such number of shares that represents 17% of Sibanye’s issued share capital, on a fully diluted basis on the closing of the transaction. The transaction is subject to the fulfilment of various conditions precedent and is likely to be concluded during fiscal 2014. | ||||
In terms of the Interim Management and Funding Agreement between Gold One and Sibanye, Sibanye has been appointed, effective March 1, 2014, to manage the business and mining activities of the Cooke Operations. Sibanye will be entitled to make available loan facilities to the Cooke Operations to fund working capital requirements. The loans are repayable in the event that the acquisition is terminated and not implemented. In such an event the loans are guaranteed by Gold One. | ||||
Witwatersrand Consolidated Gold Resources Limited acquisition | ||||
Sibanye announced on December 11, 2013 that it had offered to acquire the entire issued share capital of Witwatersrand Consolidated Gold Resources Limited, or Wits Gold, for a cash consideration of approximately $39 million, or the Scheme Consideration. The transaction was subject to the fulfilment of various conditions precedent which were completed on April 14, 2014. | ||||
Sibanye was required to deposit the full Scheme Consideration into an escrow account to comply with regulations 111(4) and 111(5) of the Companies Act Regulations, 2011. As at December 31, 2013, $39.6 million was held in the escrow account and forms part of the Group’s cash and cash equivalents balance as reported. | ||||
On March 13, 2014 at the Wits Gold shareholders meeting, the shareholders of Wits Gold approved the proposed transaction by voting in favor of the various resolutions to give effect to the transaction. | ||||
On April 14, 2014 Sibanye paid the Scheme Consideration to Wits Gold shareholders and obtained control (100%) of Wits Gold. The acquisition was accounted for as an asset acquisition in which the consideration paid for the acquisition is allocated to the individual identifiable assets acquired and liabilities assumed based on their relative fair values. | ||||
On July 5, 2013 Wits Gold announcement to its shareholders that it had submitted a final binding offer, or the Offer, to Mr Peter van den Steen, the business rescue practitioner of Southgold Exploration Proprietary Limited, or Southgold, to acquire Southgold, the sole owner of the Burnstone gold mine and assets, or Burnstone, located in South Africa’s Mpumalanga Province. The Offer was included in the business rescue plan that was approved by the creditors of Southgold on July 11, 2013. | ||||
Sibanye has successfully concluded its detailed due diligence investigation in relation to Southgold and took the final decision to proceed with the acquisition of Southgold subject to the fulfilment of certain outstanding conditions precedent listed below. | ||||
Summary of the key terms of the Offer: | ||||
• | Wits Gold will acquire all of the issued share capital of Southgold together with all shareholder and inter-group loans against Southgold for a purchase price of R100; | |||
• | Reduction of Southgold total debt to US$177.3 million, or the Southgold Debt, on the following terms: | |||
• | Upfront payment of US$7.25 million on transaction completion; | |||
• | Back-ranked to new funding to be injected by Wits Gold and to be repaid from the Burnstone mine’s free cash flow; | |||
• | Moratorium on interest and capital repayments for 36 months from transaction completion; | |||
• | Southgold Debt attracts interest at LIBOR +4%; | |||
• | Option to settle outstanding balances at any time without penalty; and | |||
• | Southgold Debt ring-fenced to Southgold. | |||
• | Wits Gold to provide up to R 950 million of new funding by means of a loan, or Wits Gold Loan, over time, as working capital to support the production plan: | |||
• | Wits Gold Loan attracts interest at JIBAR +4%; | |||
• | Wits Gold Loan to be repaid first: | |||
• | 90% free cash to Wits Gold Loan; 10% to Southgold Debt | |||
• | On settlement of the Wits Gold Loan and interest, Southgold Debt will be repaid from free cash flow: | |||
• | 70% to Wits Gold; 30% to Southgold Debt | |||
The Offer is still conditional upon the fulfilment of, or waiver by Wits Gold of conditions precedent standard to a transaction of this nature, including but not limited to signature of all definitive transaction agreements, obtaining all necessary regulatory approvals, including, amongst others, the approval of the of the Department of Mineral Resources and Wits Gold confirming that the acquisition of Southgold does not give rise to any adverse tax consequences for Wits Gold and/or Southgold. |
Valuation_and_Qualifying_Accou
Valuation and Qualifying Accounts Valuation allowances on deferred tax assets | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Valuation And Qualifying Accounts [Abstract] | ' | ||||||||||||
Valuation and Qualifying Accounts Valuation allowances on deferred tax assets | ' | ||||||||||||
Schedule 1—Valuation and Qualifying Accounts | |||||||||||||
Valuation allowances on deferred tax assets | |||||||||||||
($ in millions unless otherwise noted) | |||||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
Opening balance | 5.1 | 5.1 | 7.9 | ||||||||||
Charged to costs and expenses | 0.1 | 0.3 | — | ||||||||||
Deduction | — | — | (1.4 | ) | |||||||||
Foreign currency translation | (0.8 | ) | (0.3 | ) | (1.4 | ) | |||||||
Closing balance | 4.4 | 5.1 | 5.1 | ||||||||||
SIGNIFICANT_ACCOUNTING_POLICIE1
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Accounting Policies [Abstract] | ' | |||
USE OF ESTIMATES | ' | |||
(a) | USE OF ESTIMATES: The preparation of the consolidated financial statements in conformity with United States Generally Accepted Accounting Principles, or U.S. GAAP, requires the Group’s management to make estimates and assumptions about current and future events that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. | |||
Future events and their effects cannot be determined with absolute certainty. Therefore, the determination of estimates requires the exercise of judgment based on various assumptions and other factors such as historical experience, current and expected economic conditions, and in some cases actuarial techniques. Actual results ultimately may differ from those estimates. | ||||
The more significant areas requiring the use of management estimates and assumptions relate to mineral reserves that are the basis of future cash flow estimates and unit-of-production depreciation, depletion and amortization calculations; environmental, reclamation and closure obligations; asset impairments (including impairments of goodwill, long-lived assets, and investments); valuation of stock-based compensation and stock-based compensation obligations; income taxes; valuation allowances for deferred tax assets; and reserves for contingencies and litigation. | ||||
CONSOLIDATION | ' | |||
(b) | CONSOLIDATION: The Group’s financial statements include the financial statements of Sibanye and its subsidiaries, and its share of results of investments in associates. A company in which the Group has, directly or indirectly, through subsidiary undertakings, a controlling interest is classified as a subsidiary undertaking. In addition, Sibanye reviews its relationships with other entities to assess if Sibanye is the primary beneficiary of a variable interest entity. If the determination is made that Sibanye is the primary beneficiary, then that entity is consolidated from the date that Sibanye was deemed to have become the primary beneficiary. The results of subsidiaries acquired or disposed of are included in the Group statements from the effective dates of acquisition or excluded from such statements as from the effective dates of disposal. Investments in companies which Sibanye does not control, but where it has the ability to exercise significant influence over their operating and financial policies, are accounted for by the equity method. | |||
Inter-company transactions and balances are eliminated on consolidation. Gains or losses that arise from a change in the Group’s interest in subsidiaries or equity method investees’ are recognized in equity. | ||||
Any excess between the purchase price and the fair value of the attributable net assets of subsidiaries and associates at the date of acquisition is capitalized as goodwill. | ||||
FOREIGN CURRENCY TRANSACTIONS | ' | |||
(c) | (i) | FOREIGN CURRENCY TRANSACTIONS: Foreign currency transactions are recorded at the prevailing exchange rate at the date of the transaction. Monetary assets and liabilities designated in foreign currencies are translated at the exchange rate ruling at period end. Gains and losses arising from these translations are recognized in net income or loss. | ||
(ii) | FUNCTIONAL CURRENCY: The functional currency of the Group’s operations is the South African Rand. The translation differences arising as a result of converting the South African Rand to U.S. dollars (reporting currency) using the current exchange rate method are included as a separate component of equity within Accumulated Other Comprehensive Income. | |||
PROPERTY, PLANT AND EQUIPMENT | ' | |||
(d) | PROPERTY, PLANT AND EQUIPMENT | |||
(i) | MINING ASSETS: Mining assets, including mine development costs and mine plant facilities, are recorded at cost. | |||
The Group capitalizes all underground development costs to access specific ore blocks or other areas of the mine where such costs will provide future economic benefits as a result of establishing proven and probable reserves associated with a specific block or area of operations, even after the reef horizon may have been intersected with the development of the first specific ore block or area of the mine. All costs associated with the development of a specific underground block or area are capitalized until saleable minerals are extracted from that specific block or area. These costs include the cost of shaft sinking and access, the costs of building access ways, lateral development, drift development, ramps, box cuts and other infrastructure development. | ||||
The costs incurred to access specific ore blocks or areas of the mine, which only provide an economic benefit over the period during which that ore block or area is being mined, are attributed to earnings using the units-of-production method where the denominator is estimated recoverable ounces of gold contained in proven and probable reserves within that ore block or area. Capitalized costs that provide an economic benefit over the entire mine life, such as the initial primary shaft in an underground complex, will continue to be attributed to earnings using the units-of-production method, where the denominator is the estimated recoverable ounces of gold contained in total accessible proven and probable reserves. Accessible proven and probable reserves, also referred to as “above infrastructure proven and probable reserves”, relate to mineralization which is located at a level at which an operation currently has infrastructure sufficient to allow mining operations to occur. | ||||
Interest on borrowings incurred in respect of assets requiring a substantial period of time to prepare for their intended use is capitalized to the date on which the assets are substantially completed and ready for their intended use. | ||||
(ii) | LAND: Land is shown at cost and is not depreciated. | |||
(iii) | MINERAL INTERESTS: Mineral interests represent mineral and surface use rights for parcels of land owned by the Group. Mineral interests and other tangible assets include acquired mineral use rights in production, and development. The amount capitalized related to mineral interests and represents its fair value at the time it was acquired, either as an individual asset purchase or as part of a business combination. | |||
Production stage mineral interests represent mineral interests in operating properties that contain proven and probable reserves. Development stage mineral interests represent interests in properties under development that contain proven and probable reserves. The Group’s mineral use rights are enforceable regardless of whether proven or probable reserves have been established. In certain limited situations, the nature of a use right changes from an exploration right to mining right upon the establishment of proven and probable reserves. The Group has the ability and intent to renew mineral use rights where the existing term is not sufficient to recover all identified and valued proven and probable reserves and/or undeveloped mineral interests. | ||||
(iv) | AMORTIZATION AND DEPRECIATION OF MINING ASSETS: Mining assets, mine development and evaluation costs, and mine plant facilities are amortized over the life-of-mine using the units-of-production method, based on estimated above infrastructure proven and probable ore reserves. Proven and probable reserves reflect estimated quantities of economically recoverable reserves, which can be recovered in future from known mineral deposits. Amortization and depreciation calculations are generally based on the Group’s most recent life-of-mine plan and annual above infrastructure reserve declarations as approved by the Board. However, if management becomes aware of significant changes in its above infrastructure reserves ahead of the scheduled updates, management would update its amortization and depreciation calculations and then subsequently notify the Board. | |||
(v) | AMORTIZATION OF MINERAL INTERESTS: Mineral interests associated with production stage mineral interests are amortized over the life-of-mine using the units-of-production method in order to match the amortization with the expected underlying future cash flows. Mineral interests associated with development and exploration stage mineral interests are not amortized until such time as the underlying property is converted to the production stage. | |||
(vi) | DEPRECIATION OF NON-MINING ASSETS: Other non-mining assets are recorded at cost and depreciated on a straight-line basis over their expected useful lives as follows: | |||
Vehicles—20.0% | ||||
Computers—33.3% | ||||
Furniture and Equipment—10.0% | ||||
(vii) | MINING EXPLORATION: Expenditure on exploration activities is expensed as incurred. Such expenditure includes the costs incurred for purposes of upgrading resources from one category to another or for purposes of upgrading resources to proven and probable reserves, even when in close proximity to the Group’s development and production stage properties. When it has been determined that a property can be economically developed as a result of establishing proven and probable reserves, costs incurred prospectively to develop the property are capitalized as mine development costs. | |||
(viii) | IMPAIRMENT: The Group reviews and tests the carrying amounts of long-lived assets, which include development costs, when events or changes in circumstances suggest that the carrying amount may not be recoverable. For impairment purposes, assets are grouped at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. The lowest level at which such cash flows are generated is generally at an individual operating mine, even if the individual operating mine is included in a larger mine complex. | |||
If there are indications that an impairment may have occurred, the Group prepares estimates of expected future cash flows for each group of assets. Expected future cash flows are based on a probability-weighted approach applied to potential outcomes and reflect: | ||||
• | estimated sales proceeds from the production and sale of recoverable ounces of gold contained in proven and probable reserves; | |||
• | expected gold prices and currency exchange rates (considering historical and current prices, price trends and related factors); | |||
• | expected future operating costs and capital expenditures to produce proven and probable gold reserves based on approved life-of-mine plans that assume current plant capacity, but exclude the impact of inflation; and | |||
• | expected cash flows associated with value beyond proven and probable reserves, which include the expected cash outflows required to develop and extract the value beyond proven and probable reserves. | |||
The impairment analysis first compares the total estimated cash flows on an undiscounted basis to the carrying amount of the asset, including goodwill, if any. If the undiscounted cash flows are less than the carrying amount of the asset, a second step is performed. The Group records a reduction of a group of assets to fair value as a charge to net income or loss if discounted expected future cash flows are less than the carrying amount. The Group estimates fair value by discounting the expected future cash flows using a discount factor, adjusted for inflation that reflects the risk-free rate of interest for a term consistent with the period of expected cash flows. | ||||
Management’s estimate of future cash flows is subject to risk and uncertainties. It is therefore reasonably possible that changes could occur which may affect the recoverability of the Group’s mining assets. | ||||
INCOME TAXES | ' | |||
(e) | INCOME TAXES: Deferred taxation is calculated on the comprehensive basis using the balance sheet (assets and liabilities) approach. Deferred tax liabilities and assets are recognized by applying expected tax rates to the temporary differences existing at each reporting date between the tax values and their carrying amounts. These temporary differences are expected to result in taxable or deductible amounts in determining taxable profits for future periods when the carrying amount of the asset is recovered or the liability is settled. The effect on deferred tax of any changes in tax rates is recognized in net income or loss during the period in which the change occurs. | |||
The principal temporary differences arise from depreciation on property, plant and equipment, provisions, unutilized capital allowances, and tax losses carried forward. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets if it is more likely than not that such assets will not be realized. | ||||
The Group recognizes interest and penalties on income taxes, if any, in net income or loss as part of the income tax expense. | ||||
The Group recognizes the tax benefit from an uncertain tax position only if it is more likely than not the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such positions are then measured based on the largest benefit that has a greater than 50% likelihood of being realized upon settlement. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. | ||||
NON-CURRENT INVESTMENTS | ' | |||
(f) | NON-CURRENT INVESTMENTS: Non-current investments comprise (i) monies in environmental trust fund, (ii) equity method investments, and (iii) investments in unlisted companies which are carried at their original costs as the Board believe that the original cost is not materially different from the fair value. Realized gains and losses are included in the determination of net income or loss. | |||
Unrealized losses are included in the determination of net income or loss where it is determined that a decline, other than a temporary decline, in the value of the investment has occurred. | ||||
INVENTORIES | ' | |||
(g) | ||||
INVENTORIES: Inventories are valued at the lower of cost or market value. The Group’s inventories comprise consumable stores and are valued at average cost, after appropriate provision for surplus and slow moving items. | ||||
FINANCIAL INSTRUMENTS | ' | |||
(h) | ||||
FINANCIAL INSTRUMENTS: Financial instruments carried on the balance sheet include cash and cash equivalents, bank overdraft, receivables, related party receivables, investments, financial guarantee receivable, derivative financial instruments, accounts payable, related party payables, financial guarantee liability, long-term loans and stock-based compensation obligation. The particular recognition method for each financial instrument item is disclosed in its respective significant accounting policy description. | ||||
HEDGING | ' | |||
(i) | HEDGING: The Group accounts for its hedging activities in accordance with Accounting Standards Codification, or ASC, guidance for derivative instruments and hedging activities. | |||
Under ASC 815, all derivatives are recognized on the balance sheet at their fair value, unless they meet the criteria for the normal purchases normal sale exemption. On the date a derivative contract is entered into, the Group designates the derivative as (1) a hedge of the fair value of a recognized asset or liability (fair value hedge), or (2) a hedge of a forecasted transaction (cash flow hedge). Certain derivative transactions, while providing effective economic hedges under the Group’s risk management policies, do not qualify for hedge accounting. | ||||
Hedging activities are conducted in accordance with guidelines established by the Audit Committee which allow for the use of various hedging instruments. | ||||
Changes in the fair value of a derivative that is highly effective, and that is designated and qualifies as a fair value hedge, are recorded in net income or loss, along with the change in the fair value of the hedged asset or liability that is attributable to the hedged risk. | ||||
Changes in the fair value of a derivative that is highly effective, and that is designated and qualifies as a cash flow hedge, are recognized directly in equity. Amounts deferred in equity are included in net income or loss in the same period during which the hedged firm commitment or forecasted transaction affects net income or loss. | ||||
Recognition of derivatives which meet the criteria for the normal purchases normal sales exception under ASC 815 is deferred until settlement. Under these contracts, the Group must deliver a specified quantity of gold at a future date at a specified price to the contracted counter-party. | ||||
Changes in the fair value of derivatives that do not qualify for hedge accounting are recognized in net income or loss, under the caption entitled gains and losses on financial instruments. The fair value recognized on the balance sheet is included under the caption financial instruments. | ||||
The Group formally documents all relationships between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking various hedge transactions. This process includes linking derivatives designed as hedges to specific assets and liabilities or to specific firm commitments or forecasted transactions. The Group also formally assesses, both at the hedge inception date and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. | ||||
CASH AND CASH EQUIVALENTS | ' | |||
(j) | CASH AND CASH EQUIVALENTS: Cash and cash equivalents comprise cash on hand, demand deposits and investments in money market instruments. These are all highly liquid investments with a maturity of three months or less at the date of purchase. | |||
The carrying amount of cash and cash equivalents is stated at cost which approximates fair value. | ||||
TRADE RECEIVABLES | ' | |||
(k) | ||||
TRADE RECEIVABLES: Trade receivables are carried at anticipated realizable value. Estimates are made for doubtful debts based on a review of all outstanding amounts at period end. Irrecoverable amounts are written off during the period in which they are identified. | ||||
FINANCIAL GUARANTEE RECEIVABLE | ' | |||
(l) | ||||
FINANCIAL GUARANTEE RECEIVABLE: The financial guarantee receivable is recognized at inception at its fair value. Subsequently the receivable is measured at amortized cost using the effective interest rate and recognized in net income or loss. | ||||
FINANCIAL GUARANTEE LIABILITY | ' | |||
(m) | ||||
FINANCIAL GUARANTEE LIABILITY: The financial guarantee liability is recognized at its inception at its fair value. Subsequently the liability is amortized over the term of the guarantee and recognized in net income or loss. | ||||
PROVISIONS | ' | |||
(n) | ||||
PROVISIONS: Provisions are recognized when information is available prior to the issuance of the financial statements which indicates that it is probable that an asset has been impaired or a liability had been incurred at the date of the financial statements and the amount can be reasonably estimated. | ||||
REHABILITATION COSTS | ' | |||
(o) | REHABILITATION COSTS: ASC 410 applies to legal obligations associated with the retirement of a long-lived asset that result from the acquisition, construction, development and/or the normal operation of a long-lived asset. | |||
Under ASC 410 the Group records the fair value of a liability for an asset retirement obligation in the period in which it is incurred. When the liability is initially recorded, the Group correspondingly capitalizes the cost by increasing the carrying value of the related long-lived asset. Over time, the liability is increased (accretion) to reflect an interest element considered in its initial measurement at fair value, and the capitalized cost is amortized over the useful life of the related asset. Upon settlement of the liability, the Group will record a gain or loss if the actual cost incurred differs from the liability recorded. | ||||
Environmental liabilities, other than rehabilitation costs which relate to liabilities from specific events, are recognized in net income or loss. | ||||
ENVIRONMENTAL REHABILITATION OBLIGATION FUNDS | ' | |||
(p) | ||||
ENVIRONMENTAL REHABILITATION OBLIGATION FUNDS: Annual contributions are made to dedicated environmental rehabilitation obligation funds, created in accordance with statutory requirements, to fund the estimated cost of pollution control, rehabilitation and mine closure at the end of the life of the relevant mine. Contributions are determined on the basis of the estimated environmental obligation over the life of the mine. Income earned on monies paid to environmental funds is accounted for as interest income. The amounts contributed to and growth in these funds are included under investments on the balance sheet. | ||||
EMPLOYEE BENEFITS | ' | |||
(q) | EMPLOYEE BENEFITS | |||
(i) | PENSION AND PROVIDENT FUNDS: The Group operates a defined contribution retirement plan and contributes to a number of industry based defined contribution retirement plans. The retirement plans are funded by payments from employees and the Group. | |||
Contributions to defined contribution funds are recognized in net income or loss. | ||||
(ii) | POST-RETIREMENT HEALTH CARE COSTS: Medical coverage is provided through a number of schemes. | |||
The Group has an obligation to provide medical benefits to certain of its pensioners and dependents of ex-employees. These liabilities are unfunded and have been provided in full, calculated on an actuarial basis. | ||||
Valuation of these obligations is carried out annually by independent actuaries using appropriate mortality tables, long-term estimates of increases in medical costs and appropriate discount rates. | ||||
(iii) | STOCK-BASED COMPENSATION PLANS: Compensation costs recognized in fiscal 2013, 2012 and 2011 include: a) compensation cost for all share-based payments granted prior to, but not yet vested as of July 1, 2005, based on the grant-date fair value estimated in accordance with the original provisions of ASC 718, Stock-Based Compensation, and b) compensation cost for all share-based payments granted subsequent to June 30, 2005, based on the grant-date fair value estimated in accordance with the provisions of ASC 718, Stock-Based Compensation. | |||
REVENUE RECOGNITION | ' | |||
(r) | ||||
REVENUE RECOGNITION: Revenue arising from gold and by-product sales is recognized when the risks and rewards of ownership and title pass to the buyer under the terms of the applicable contract, the pricing is fixed and determinable and collectability is reasonably assured. Sales revenue excludes value-added tax but includes the net income or loss arising from hedging transactions from matched gold sales contracts, which are designated as normal sales contracts. | ||||
DIVIDEND INCOME | ' | |||
(s) | ||||
DIVIDEND INCOME: Dividends are recognized when the right to receive payment is established. | ||||
INTEREST INCOME | ' | |||
(t) | ||||
INTEREST INCOME: Interest is recognized on a time proportion basis taking account of the principal outstanding and the effective rate to maturity on the accrual basis. | ||||
DIVIDENDS DECLARED | ' | |||
(u) | ||||
DIVIDENDS DECLARED: Dividends proposed are recognized only when the dividends are declared. Dividends are payable in South African Rand. | ||||
SEGMENT REPORTING | ' | |||
(v) | ||||
SEGMENT REPORTING: The Group is a gold mining company operating in South Africa. The business segments comprise geographical operations based on locations and operating units. | ||||
EARNINGS/(LOSS) PER SHARE | ' | |||
(w) | ||||
EARNINGS/(LOSS) PER SHARE: Earnings/(loss) per share is calculated based on the net income/(loss) divided by the weighted average number of common shares in issue during the period. Diluted earnings/(loss) per share is presented when the inclusion of potential ordinary shares has a dilutive effect on earnings/(loss) per share. | ||||
RECLASSIFICATIONS | ' | |||
(x) | RECLASSIFICATIONS: With effect from January 1, 2013 other income and other expenses are presented separately in order to enhance disclosure where these were previously disclosed as a net amount in other expenses. Other income in fiscal 2012 of US$30.1 million (2011: U.S.$33.1 million) has been reclassified from other expenses to conform to current year presentation. This reclassification had no effect on income before tax and share of equity investee’s profits. Management does not believe this reclassification materially impacts the fiscal 2012 and 2011 financial statements. | |||
With effect from January 1, 2013 the operating activities section of the statement of cash flows has been reclassified. Management does not believe this reclassification materially impacts the fiscal 2012 and 2011 financial statements. | ||||
RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS | ' | |||
(y) | RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS | |||
Fair value measurements | ||||
In January 2010, the ASC guidance related to fair value measurement: improving disclosures about fair value measurements was updated, providing amendments to the guidance which requires entities to disclose separately the amounts of significant transfers in and out of Level 1 (unadjusted quoted prices in active markets that are accessible at the measurement date for identical unrestricted assets or liabilities) and Level 2 (Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly for substantially the full term of the asset or liability) fair value measurements and describe the reasons for the transfers. In addition, entities are required to present separately information about purchases, sales, issuances, and settlements in the reconciliation for fair value measurements using significant unobservable inputs (Level 3). The disclosures related to Level 3 fair value measurements are effective for interim and annual reporting periods beginning after December 15, 2010. Except for presentation changes, the updated guidance did not impact the Group’s financial statements. | ||||
During May 2011, the ASC guidance related to fair value measurement: amendments to achieve common fair value measurement and disclosure requirements in U.S. GAAP and IFRS were issued. The new standards do not extend the use of fair value but, rather, provide guidance about how fair value should be applied where it already is required or permitted under IFRS or U.S. GAAP. For U.S. GAAP, most of the changes are clarifications of existing guidance, additional disclosure requirements to the financial statements or wording changes to align with IFRS. The ASC guidance is effective for fiscal years beginning after December 31, 2011 and should be applied prospectively. The adoption of ASU 2011-04 in 2012 did not have a material impact the Group’s financial statements. | ||||
Compensation—stock compensation | ||||
During April 2010, the ASC guidance related to compensation – stock compensation: effect of denominating the exercise price of a share-based payment awarded in the currency of the market in which the underlying equity security trades was updated. The update clarifies that an employee share-based payment award with an exercise price denominated in the currency of a market in which a substantial portion of the entity’s equity securities trades should not be considered to contain a condition that is not a market, performance, or service condition. Therefore, an entity would not classify such an award as a liability if it otherwise qualifies as equity. The amendments are effective for those fiscal years, and interim periods within those fiscal years beginning on or after December 15, 2010. The updated guidance did not impact the Group’s financial statements. | ||||
Comprehensive income | ||||
During June 2011, the ASC guidance related to comprehensive income: presentation of comprehensive income was updated. The amendments provide an entity with the option to present the components of net income and comprehensive income in either one or two consecutive financial statements. The amendments eliminate the option in U.S. GAAP to present other comprehensive income in the statement of changes in equity. An entity should apply the ASU retrospectively. In December 2011, the FASB decided to defer the effective date of those changes in ASU 2011-05 that relate only to the presentation of reclassification adjustments in the statement of income by issuing ASU 2011-12, Comprehensive Income (Topic 220): Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive income in Accounting Standards Update 2011-05. The updated guidance impacted the order of the Group’s primary financial statements. | ||||
Balance sheet | ||||
During December 2011, the ASC guidance related to disclosures about offsetting assets and liabilities was updated. The amendments require an entity to disclose information about offsetting and related arrangements to enable users of financial statements to understand the effect of those arrangements on its financial position, and to allow investors to better compare financial statements prepared under U.S. GAAP with financial statements prepared under IFRS. The amendments are effective for annual periods beginning January 1, 2013, and interim periods within those annual periods. The guidance did not impact the Group’s financial statements. | ||||
Other comprehensive income | ||||
In February 2013, the FASB issued ASU No. 2013-02, Other Comprehensive Income (Topic 220) Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, or ASU No. 2013-02. The amendments in ASU No. 2013-02 require the Company to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income, either on the face of the income statement or in the notes, if the amount being reclassified is required under U.S. GAAP to be reclassified in its entirety to net income in the same reporting period. For other amounts not required by U.S. GAAP to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference other disclosures which provide additional information about the amounts. The guidance is effective prospectively for reporting periods beginning after December 15, 2012. The guidance did not impact the Group’s financial statements. | ||||
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED | ' | |||
(z) | RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED | |||
Presentation of an unrecognized tax benefit | ||||
In July 2013, ASC guidance was issued related to the presentation of an unrecognized tax benefit when a net operating loss carry forward, a similar tax loss or a tax credit carry forward exists. The updated guidance requires an entity to net its unrecognized tax benefits against the deferred tax assets for all same jurisdiction net operating loss carry forward, a similar tax loss, or tax credit carry forwards. A gross presentation will be required only if such carry forwards are not available or would not be used by the entity to settle any additional income taxes resulting from disallowance of the uncertain tax position. The update is effective prospectively for fiscal years beginning January 1, 2014. The Company is still evaluating the impact of the updated guidance on the consolidated financial position, results of operations and cash flows. |
SIGNIFICANT_ACCOUNTING_POLICIE2
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended | ||
Dec. 31, 2013 | |||
Accounting Policies [Abstract] | ' | ||
Depreciation of Non-Mining Assets | ' | ||
(vi) | DEPRECIATION OF NON-MINING ASSETS: Other non-mining assets are recorded at cost and depreciated on a straight-line basis over their expected useful lives as follows: | ||
Vehicles—20.0% | |||
Computers—33.3% | |||
Furniture and Equipment—10.0% |
FINANCE_EXPENSE_Tables
FINANCE EXPENSE (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Text Block [Abstract] | ' | ||||||||||||
Finance Expense | ' | ||||||||||||
Fiscal Year Ended | |||||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
Related parties | — | — | (0.7 | ) | |||||||||
Interest expense | (34.0 | ) | (14.5 | ) | (1.3 | ) | |||||||
(34.0 | ) | (14.5 | ) | (2.0 | ) | ||||||||
INCOME_AND_MINING_TAX_EXPENSEB1
INCOME AND MINING TAX (EXPENSE)/BENEFIT (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income and Mining Tax (Expense)/ Benefit | ' | ||||||||||||
Fiscal Year Ended | |||||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
Current income and mining taxes | (84.4 | ) | (57.9 | ) | (91.9 | ) | |||||||
Deferred income and mining taxes | 44.4 | 125.4 | (75.6 | ) | |||||||||
(40.0 | ) | 67.5 | (167.5 | ) | |||||||||
Statutory Tax Rates for Mining and Non-mining Income | ' | ||||||||||||
Mining tax on mining income, an income tax, is determined on a formula basis which takes into account the profit and revenue from mining operations during the year. Non-mining income is taxed at a standard rate. | |||||||||||||
Deferred tax is provided at the estimated mining tax rate on temporary differences for mining operations and at the statutory rate for non-mining companies. The applicable tax rates are: | |||||||||||||
Fiscal Year Ended | |||||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
Mining statutory rate | 34 | % | 34 | % | 43 | % | |||||||
Non-mining income standard tax rate | 28 | % | 28 | % | 35 | % | |||||||
Non-mining companies statutory rate | 28 | % | 28 | % | 28 | % | |||||||
Major Items Causing Group's Income Tax Provision to Differ from Mining Statutory Rate | ' | ||||||||||||
Major items causing the Group’s income tax provision to differ from the mining statutory rate were: | |||||||||||||
Tax on income before tax and share of equity investee’s profits at mining statutory rate | (88.8 | ) | (96.4 | ) | (216.5 | ) | |||||||
Rate adjustment to reflect company tax rates | 0.1 | 0.7 | 25.4 | ||||||||||
Mining tax formula rate adjustment | 34.3 | 34.5 | 37.8 | ||||||||||
Valuation allowance raised against deferred tax assets | (0.1 | ) | (0.3 | ) | — | ||||||||
Reversal of valuation allowance previously raised against deferred tax assets | — | — | 1.4 | ||||||||||
Non-deductible stock-based compensation | (7.6 | ) | (10.9 | ) | (14.2 | ) | |||||||
Non deductible expenditure1 | (7.1 | ) | — | (0.3 | ) | ||||||||
Deferred tax benefit from reduction of future expected tax rate | 24.1 | — | — | ||||||||||
Deferred tax benefit from reduction of tax rate due to changes in legislation | — | 139.1 | — | ||||||||||
Other1 | 5.1 | 0.8 | (1.1 | ) | |||||||||
Income and mining tax (expense)/benefit | (40.0 | ) | 67.5 | (167.5 | ) | ||||||||
1 | There are no individually significant amounts included in this line item. | ||||||||||||
Deferred Income and Mining Tax Liabilities and Assets | ' | ||||||||||||
Deferred income and mining tax liabilities and assets relate to the following: | |||||||||||||
December 31, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
Deferred income and mining tax liabilities | |||||||||||||
Property, plant and equipment | 425 | 559.1 | |||||||||||
Environmental rehabilitation obligation funds | 40.1 | 42.5 | |||||||||||
Financial guarantee receivable | 7.9 | — | |||||||||||
Other | 2.8 | 1.8 | |||||||||||
Gross deferred income and mining tax liabilities | 475.8 | 603.4 | |||||||||||
Provisions, including rehabilitation accruals | (58.6 | ) | (60.0 | ) | |||||||||
Financial guarantee liability | (7.9 | ) | — | ||||||||||
Tax losses | (4.8 | ) | (5.6 | ) | |||||||||
Gross deferred income and mining tax assets | (71.3 | ) | (65.6 | ) | |||||||||
Valuation allowance for deferred tax assets | 4.4 | 5.1 | |||||||||||
Total deferred income and mining tax assets | (66.9 | ) | (60.5 | ) | |||||||||
Net deferred income and mining tax | 408.9 | 542.9 | |||||||||||
Classified as follows: | |||||||||||||
Non-current liabilities | 436.2 | 556.1 | |||||||||||
Current assets | (27.3 | ) | (13.2 | ) | |||||||||
Net deferred income and mining tax | 408.9 | 542.9 | |||||||||||
Valuation Allowance Relates Primarily to Net Operating Loss Carry-forwards for Entities | ' | ||||||||||||
The Group has established a valuation allowance for certain deferred tax assets where cumulative losses require a valuation allowance, or where management believes that they will not be realized based on projections as of December 31, 2013 and 2012. The valuation allowance relates to net operating loss carry-forwards for the entities below: | |||||||||||||
December 31, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
Living Gold Proprietary Limited | 4.1 | 4.8 | |||||||||||
Golden Oils Proprietary Limited | 0.3 | 0.3 | |||||||||||
4.4 | 5.1 | ||||||||||||
Tax Loss Carry Forwards Available for Deduction against Future Income | ' | ||||||||||||
The Group has tax loss carry forwards available for deduction against future income at its tax entities as follows: | |||||||||||||
December 31, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
Estimated assessed tax losses | |||||||||||||
Sibanye Gold Protection Services Proprietary Limited | — | 1.8 | |||||||||||
Living Gold Proprietary Limited | 14.6 | 17.1 | |||||||||||
Golden Oils Proprietary Limited | 0.9 | 1.2 | |||||||||||
St Helena Hospital Proprietary Limited | 1.4 | — | |||||||||||
M Janse van Rensburg Proprietary Limited | 0.1 | — | |||||||||||
17 | 20.1 | ||||||||||||
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
EARNINGS PER SHARE | ' | ||||||||||||
Fiscal Year Ended | |||||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
BASIC EARNINGS PER SHARE | |||||||||||||
Net income attributable to shareholders of Sibanye | 225.9 | 362.2 | 340.8 | ||||||||||
Ordinary shares in issue | 735,079,031 | 1,000 | 1,000 | ||||||||||
Adjustment for weighting of ordinary shares in issue | (84,457,794 | ) | — | — | |||||||||
Weighted average number of shares issued at the end of the year | 650,621,237 | 1,000 | 1,000 | ||||||||||
Basic earnings per share ($ cents) | 35 | 36,220,000 | 34,080,000 | ||||||||||
DILUTED EARNINGS PER SHARE | |||||||||||||
Net income attributable to shareholders of Sibanye | 225.9 | 362.2 | 340.8 | ||||||||||
Weighted average number of shares issued at the end of the year | 650,621,237 | 1,000 | 1,000 | ||||||||||
Effect of dilutive securities | 13,666,904 | — | — | ||||||||||
664,288,141 | 1,000 | 1,000 | |||||||||||
Diluted earnings per share ($ cents) | 34 | 36,220,000 | 34,080,000 | ||||||||||
CASH_AND_CASH_EQUIVALENTS_Tabl
CASH AND CASH EQUIVALENTS (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Cash And Cash Equivalents [Abstract] | ' | ||||||||
Cash and Cash Equivalents | ' | ||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Cash at the bank and on hand | 104.7 | 34 | |||||||
Restricted cash1 | 39.6 | — | |||||||
144.3 | 34 | ||||||||
1 | At December 31, 2013 $39.6 million was in an escrow account, being the consideration for the Witwatersrand Consolidated Gold Resources Limited acquisition. Refer to note 23 for further details relating to the transaction. |
RECEIVABLES_Tables
RECEIVABLES (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Receivables [Abstract] | ' | ||||||||
Receivables | ' | ||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Product sales trade receivables | 45.8 | 24.8 | |||||||
Other trade receivables | 9 | 5.8 | |||||||
Value added tax | 19.1 | 13.7 | |||||||
Payroll debtors | 5.3 | 6.2 | |||||||
Prepayments | 11.3 | 9 | |||||||
Other | 3.8 | 5.7 | |||||||
94.3 | 65.2 | ||||||||
PROPERTY_PLANT_AND_EQUIPMENT_T
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment | ' | ||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Cost | 4,628.50 | 5,255.60 | |||||||
Accumulated depreciation and amortization | (2,961.3 | ) | (3,188.4 | ) | |||||
1,667.20 | 2,067.20 | ||||||||
Mining properties, mine development costs, mine plant facilities and mineral interests | 1,638.50 | 2,019.30 | |||||||
Asset rehabilitation costs | 15.9 | 30.2 | |||||||
Other non-mining assets | 12.8 | 17.7 | |||||||
1,667.20 | 2,067.20 | ||||||||
Included in property, plant and equipment is: | |||||||||
- Cumulative capitalized interest, net of amortization | 2.1 | 2.5 | |||||||
- Depreciation charge for the year on property, plant and equipment | (344.6 | ) | (304.1 | ) |
NONCURRENT_INVESTMENTS_Tables
NON-CURRENT INVESTMENTS (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Non-Current Investments | ' | ||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Investments held by environmental rehabilitation obligation funds(a) | 153.6 | 155.3 | |||||||
Equity investee(b) | 23.8 | 22.7 | |||||||
Unlisted | 0.1 | 0.2 | |||||||
177.5 | 178.2 | ||||||||
(a) Environmental rehabilitation obligation funds are irrevocable funds under the Group’s control. The monies in the funds are invested primarily in interest bearing short-term (money market), government and other corporate bond investments and the costs of these investments approximate their fair value. The dedicated environmental rehabilitation obligation funds provide for the estimated cost of rehabilitation during and at the end of the life of the relevant mine. Although the funds are under the Group’s control, it is not available for the general purposes of the Group. All income from this asset is reinvested or spent to meet these obligations. These obligations are described in note 13. | |||||||||
(b) Equity investee | |||||||||
Rand Refinery Proprietary Limited, or Rand Refinery, refines gold bullion and by-products. It acts as a refining agent on behalf of the Group’s operations (refer to note 21). | |||||||||
Schedule of Investments Held by Environmental Rehabilitation Obligation Funds | ' | ||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Funds | 146.5 | 149.6 | |||||||
Guarantees | 7.1 | 5.7 | |||||||
153.6 | 155.3 | ||||||||
Rand Refinery Limited [Member] | ' | ||||||||
Schedule of Equity Investment | ' | ||||||||
The carrying value of the equity investment in Rand Refinery: | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Ownership | 33.1 | % | 33.1 | % | |||||
Opening balance | 22.7 | 12.5 | |||||||
Share of profits recognized | 5.4 | 11.4 | |||||||
Translation | (4.3 | ) | (1.2 | ) | |||||
Closing balance | 23.8 | 22.7 | |||||||
Reconciliation of the investment with the underlying equity in net assets: | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Net assets | 31.7 | 30.6 | |||||||
Dividend received | (1.4 | ) | (1.4 | ) | |||||
Fair value adjustment | (6.5 | ) | (6.5 | ) | |||||
Closing balance | 23.8 | 22.7 | |||||||
ACCOUNTS_PAYABLE_AND_PROVISION1
ACCOUNTS PAYABLE AND PROVISIONS (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Payables And Accruals [Abstract] | ' | ||||||||
Accounts Payable and Provisions | ' | ||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Trade payables | 52 | 52.2 | |||||||
Accruals | 70.8 | 83.8 | |||||||
Payroll and other compensation | 38.9 | 21.2 | |||||||
Leave pay accrual | 38.8 | 46.7 | |||||||
Other | 1 | 2.5 | |||||||
201.5 | 206.4 | ||||||||
FINANCIAL_GUARANTEE_Tables
FINANCIAL GUARANTEE (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Guarantees [Abstract] | ' | ||||||||
Financial Guarantee Receivable and Liability | ' | ||||||||
(a) | Financial guarantee receivable | ||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Initial recognition at fair value | 31.8 | — | |||||||
Guarantee fee received | (5.0 | ) | — | ||||||
Interest accretion | 1.3 | — | |||||||
Closing balance | 28.1 | — | |||||||
Current portion of financial guarantee receivable | (5.0 | ) | — | ||||||
23.1 | — | ||||||||
(b) | Financial guarantee liability | ||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Initial recognition at fair value | 31.8 | — | |||||||
Amortization of guarantee liability | (3.5 | ) | — | ||||||
28.3 | — | ||||||||
SHORTTERM_AND_LONGTERM_LOANS_T
SHORT-TERM AND LONG-TERM LOANS (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Schedule of Long-term Loans | ' | ||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
- R4.5 billion Facilities(a) | 192.5 | — | |||||||
- Bridge Loan Facilities(b) | — | — | |||||||
- Long-term credit facilities(c) | — | 350.1 | |||||||
- Short-term credit facilities(d) | — | 142.4 | |||||||
192.5 | 492.5 | ||||||||
Short-term loans and current portion of long-term loans | (48.3 | ) | — | ||||||
Long-term loans | 144.2 | 492.5 | |||||||
Schedule of Debt Maturity | ' | ||||||||
The combined aggregate maturities of short and long-term loans for each of the next five years at December 31, 2013 is tabulated below: | |||||||||
Maturity | December 31, | December 31, | |||||||
2013 | 2012 | ||||||||
within one year | 48.4 | — | |||||||
later than one year and not later than two years | 48.4 | 492.5 | |||||||
later than two years and not later than three years | 95.7 | — | |||||||
192.5 | 492.5 | ||||||||
Bridge Loan Facilities [Member] | ' | ||||||||
Schedule of Long-term Loans | ' | ||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Loan advanced | 476 | — | |||||||
Loans repaid | (476.0 | ) | — | ||||||
Closing balance | — | — | |||||||
R4.5 Billion Facilities [Member] | ' | ||||||||
Schedule of Long-term Loans | ' | ||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Loan advanced | 207.4 | — | |||||||
Translation | (14.9 | ) | — | ||||||
Closing balance | 192.5 | — | |||||||
Reconciliation of facilities: | |||||||||
Term loan | 192.5 | — | |||||||
RCF | — | — | |||||||
192.5 | — | ||||||||
Long-Term Credit Facilities [Member] | ' | ||||||||
Schedule of Long-term Loans | ' | ||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Opening balance | 350.1 | — | |||||||
Loan advanced | 52.1 | 366.3 | |||||||
Loans repaid | (364.6 | ) | — | ||||||
Translation | (37.6 | ) | (16.2 | ) | |||||
Closing balance | — | 350.1 | |||||||
Short-Term Credit Facilities [Member] | ' | ||||||||
Schedule of Long-term Loans | ' | ||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Opening balance | 142.4 | — | |||||||
Loan advanced | 57.3 | 149 | |||||||
Loan repaid | (184.4 | ) | — | ||||||
Translation | (15.3 | ) | (6.6 | ) | |||||
Closing balance | — | 142.4 | |||||||
PROVISION_FOR_ENVIRONMENTAL_RE1
PROVISION FOR ENVIRONMENTAL REHABILITATION (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Asset Retirement Obligation Disclosure [Abstract] | ' | ||||||||
Reconciliation of Total Liability for Environmental Rehabilitation | ' | ||||||||
The following is a reconciliation of the total liability for environmental rehabilitation: | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Opening balance | 158.6 | 140.8 | |||||||
(Decrease)/increase in liabilities | (7.1 | ) | 11.8 | ||||||
Liabilities settled | (1.1 | ) | — | ||||||
Accretion of liability | 14 | 14.3 | |||||||
Translation | (27.5 | ) | (8.3 | ) | |||||
Closing balance | 136.9 | 158.6 | |||||||
PROVISION_FOR_POSTRETIREMENT_H1
PROVISION FOR POST-RETIREMENT HEALTHCARE COSTS (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Postemployment Benefits [Abstract] | ' | ||||||||||||
Funded Status and Amounts Recognized by Group for Post-retirement Healthcare Costs | ' | ||||||||||||
The following table sets forth the funded status and amounts recognized by the Group for post-retirement healthcare costs: | |||||||||||||
December 31, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
Actuarial present value | 1.6 | 2.1 | |||||||||||
Plan assets at fair value | — | — | |||||||||||
Accumulated benefit obligation in excess of plan assets | 1.6 | 2.1 | |||||||||||
Prior service costs | — | — | |||||||||||
Unrecognized net (gain)/loss | — | — | |||||||||||
Provision for post-retirement healthcare costs | 1.6 | 2.1 | |||||||||||
Reconciliation of Benefit Obligation for Post-retirement Healthcare Cost | ' | ||||||||||||
The following is a reconciliation of the benefit obligation: | |||||||||||||
December 31, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
Opening balance | 2.1 | 2.1 | |||||||||||
Service and interest costs | 0.1 | 0.3 | |||||||||||
Contributions paid | (0.3 | ) | (0.1 | ) | |||||||||
Translation | (0.3 | ) | (0.2 | ) | |||||||||
Closing balance | 1.6 | 2.1 | |||||||||||
Valuation Assumptions | ' | ||||||||||||
The valuation assumptions are: | |||||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
Healthcare cost inflation rate | 7.5 | % | 7.5 | % | 8 | % | |||||||
Discount rate | 8 | % | 8 | % | 8.75 | % | |||||||
Net Periodic Benefit Cost | ' | ||||||||||||
The net periodic benefit cost is explained as follows: | |||||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
Service and interest costs | 0.1 | 0.3 | 0.1 | ||||||||||
Net periodic benefit cost | 0.1 | 0.3 | 0.1 | ||||||||||
Effect of Assumed Healthcare Trend Rates on Amount Reported for Healthcare Plans | ' | ||||||||||||
A 100 basis point (1%) change in assumed healthcare cost trend rates would have affected the aggregate service and interest costs and consequently, the accumulated post-retirement healthcare costs as noted below: | |||||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
1% increase in healthcare trend costs would | |||||||||||||
have increased ($’million): | |||||||||||||
Aggregate service and interest costs | 0.01 | 0.03 | 0.03 | ||||||||||
Accumulated post-retirement healthcare costs | 0.2 | 0.2 | 0.2 | ||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
1% decrease in healthcare trend costs would | |||||||||||||
have decreased ($m): | |||||||||||||
Aggregate service and interest costs | (0.01 | ) | (0.01 | ) | (0.01 | ) | |||||||
Accumulated post-retirement healthcare costs | (0.10 | ) | (0.20 | ) | (0.20 | ) |
EMPLOYEE_BENEFIT_PLANS_Tables
EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Stock-Based Compensation Charge | ' | ||||||||||||||||||||||||
The charge for stock-based compensation has been recognized in the statement of operations under the captions production costs, corporate expenditure and other expenses: | |||||||||||||||||||||||||
December 31, | December 31, | December 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Stock-based compensation | 31.9 | 32.2 | 33 | ||||||||||||||||||||||
Sibanye Gold Limited 2013 Share Plan [Member] | ' | ||||||||||||||||||||||||
Summary of Share Options Outstanding | ' | ||||||||||||||||||||||||
Details of the options granted under the SGL Share Plan to employees are detailed below: | |||||||||||||||||||||||||
Number of | Number of | ||||||||||||||||||||||||
PS | BS | ||||||||||||||||||||||||
Granted to replace the Gold Fields Limited share plans | 28,568,317 | 702,915 | |||||||||||||||||||||||
Granted during the period | 4,118,870 | 1,135,455 | |||||||||||||||||||||||
Exercised and released | (1,523,111 | ) | (638,086 | ) | |||||||||||||||||||||
Forfeited | (3,080,373 | ) | (64,829 | ) | |||||||||||||||||||||
Outstanding at December 31, 2013 | 28,083,703 | 1,135,455 | |||||||||||||||||||||||
Assumptions used to Value Options | ' | ||||||||||||||||||||||||
The fair value of the above PS equity instruments granted during the period were valued using the Monte Carlo Simulation model. For the BS equity instruments a future trading model is used to estimate the loss in value to the holders of BS due to trading restrictions. The actual valuation is developed using the Monte Carlo analysis of the future share price of Sibanye. | |||||||||||||||||||||||||
Performance shares | December 31, | ||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||
Weighted average expected volatility (based on a statistical analysis of the share price on a weighted moving average basis for the expected term of the option) | 64.6 | % | |||||||||||||||||||||||
Expected term (years) | 3 | ||||||||||||||||||||||||
Expected dividend yield | 2.5 | % | |||||||||||||||||||||||
Weighted average three-year risk free interest rate (based on South African interest rates) | 6 | % | |||||||||||||||||||||||
Weighted average fair value—Rand | 12.55 | ||||||||||||||||||||||||
Bonus shares | December 31, | ||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||
Weighted average expected volatility (based on a statistical analysis of the share price on a weighted moving average basis for the expected term of the option) | 64.6 | % | |||||||||||||||||||||||
Expected term (months) | 9 -18 | ||||||||||||||||||||||||
Expected dividend yield | 2.5 | % | |||||||||||||||||||||||
Weighted average three-year risk free interest rate (based on South African interest rates) | 6 | % | |||||||||||||||||||||||
Weighted average fair value—Rand | 8.34 | ||||||||||||||||||||||||
Sibanye Gold Limited Phantom Share Scheme [Member] | ' | ||||||||||||||||||||||||
Summary of Share Options Outstanding | ' | ||||||||||||||||||||||||
Details of the phantom shares granted under the SGL Phantom Scheme to employees are detailed below: | |||||||||||||||||||||||||
Number of | Number of | ||||||||||||||||||||||||
PS | BS | ||||||||||||||||||||||||
Granted during the period | 17,539,440 | 7,002,146 | |||||||||||||||||||||||
Exercised and released | (55,393 | ) | (68,007 | ) | |||||||||||||||||||||
Forfeited | (1,054,281 | ) | (404,735 | ) | |||||||||||||||||||||
Outstanding at December 31, 2013 | 16,429,766 | 6,529,404 | |||||||||||||||||||||||
Summary of Reconciliation of Stock-Based Compensation | ' | ||||||||||||||||||||||||
Reconciliation of the stock-based compensation obligation: | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||
Stock-based compensation expensed | 9.6 | ||||||||||||||||||||||||
Fair value of the obligation | 3.4 | ||||||||||||||||||||||||
Payments made | (0.4 | ) | |||||||||||||||||||||||
Translation | (0.8 | ) | |||||||||||||||||||||||
11.8 | |||||||||||||||||||||||||
Current portion of stock-based compensation obligation | (4.4 | ) | |||||||||||||||||||||||
7.4 | |||||||||||||||||||||||||
Gold Fields Limited 2012 Share Plan [Member] | ' | ||||||||||||||||||||||||
Summary of Share Options Outstanding | ' | ||||||||||||||||||||||||
The below summary reflects instruments allocated to Sibanye: | |||||||||||||||||||||||||
Number of | Number of | ||||||||||||||||||||||||
PS | BS | ||||||||||||||||||||||||
Granted during the period | 1,638,684 | 489,748 | |||||||||||||||||||||||
Exercised and released | — | (216,715 | ) | ||||||||||||||||||||||
Forfeited | (73,889 | ) | (16,582 | ) | |||||||||||||||||||||
Transfers to the Gold Fields group | (27,412 | ) | — | ||||||||||||||||||||||
Outstanding at December 31, 2012 | 1,537,383 | 256,451 | |||||||||||||||||||||||
Granted during the period | 312,546 | — | |||||||||||||||||||||||
Exercised and released | (496,303 | ) | (137,265 | ) | |||||||||||||||||||||
Transfers to the Gold Fields group | (77,386 | ) | (31,337 | ) | |||||||||||||||||||||
Converted to Sibanye options | (1,276,240 | ) | (87,849 | ) | |||||||||||||||||||||
Outstanding at December 31, 2013 | — | — | |||||||||||||||||||||||
Assumptions used to Value Options | ' | ||||||||||||||||||||||||
The fair value of the above PS equity instruments granted during fiscal 2012 were valued using the Monte Carlo Simulation model. For the BS equity instruments a future trading model was used to estimate the loss in value to the holders of BS due to trading restrictions. The actual valuation was developed using a Monte Carlo analysis of the future share price of Gold Fields: | |||||||||||||||||||||||||
Performance shares | December 31, | ||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||
Weighted average expected volatility* | 36.5 | % | |||||||||||||||||||||||
Expected term (years) | 3 | ||||||||||||||||||||||||
Historical dividend yield | 1.6 | % | |||||||||||||||||||||||
Weighted average risk free interest rate (based on U.S. interest rate) | 0.7 | % | |||||||||||||||||||||||
Weighted average fair value—Rand | 162.41 | ||||||||||||||||||||||||
Bonus shares | December 31, | ||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||
Weighted average expected volatility* | 29.4 | % | |||||||||||||||||||||||
Expected term (months) | 9 - 18 | ||||||||||||||||||||||||
Historical dividend yield | 2.7 | % | |||||||||||||||||||||||
Weighted average risk free interest rate (based on South African interest rates) | 5.5 | % | |||||||||||||||||||||||
Weighted average fair value—Rand | 115.74 | ||||||||||||||||||||||||
* | Based on a statistical analysis of the historical share price on a weighted moving average basis for the expected term of the option | ||||||||||||||||||||||||
Gold Fields Limited 2005 Share Plan [Member] | ' | ||||||||||||||||||||||||
Summary of Share Options Outstanding | ' | ||||||||||||||||||||||||
Details of the PVRS and SARS granted under the 2005 Plan are as follows: | |||||||||||||||||||||||||
Number of | Number of | Average price | |||||||||||||||||||||||
PVRS | SARS | Rand | U.S. dollar | ||||||||||||||||||||||
Outstanding at December 31, 2010 | 4,287,862 | 3,968,584 | 105.97 | 15.7 | |||||||||||||||||||||
Granted during the period | 1,324,161 | 455,542 | 119.17 | 16.51 | |||||||||||||||||||||
Exercised and released | (1,321,403 | ) | (540,135 | ) | 111.06 | 15.38 | |||||||||||||||||||
Forfeited | (333,574 | ) | (213,455 | ) | 110.69 | 15.33 | |||||||||||||||||||
Transfers to the Gold Fields group | (666,971 | ) | (2,458,758 | ) | 105.93 | 14.67 | |||||||||||||||||||
Outstanding at December 31, 2011 | 3,290,075 | 1,211,778 | 107.79 | 13.26 | |||||||||||||||||||||
Exercised and released | (829,266 | ) | (70,119 | ) | 105.98 | 12.94 | |||||||||||||||||||
Forfeited | (213,581 | ) | (131,068 | ) | 116.62 | 14.24 | |||||||||||||||||||
Transfers to the Gold Fields group | (16,642 | ) | (89,085 | ) | 106.21 | 12.97 | |||||||||||||||||||
Outstanding at December 31, 2012 | 2,230,586 | 921,506 | 106.82 | 12.46 | |||||||||||||||||||||
Granted during the period | 466,253 | 171,643 | 106.82 | 11.13 | |||||||||||||||||||||
Exercised and released | (2,153,455 | ) | (484,908 | ) | 106.82 | 11.13 | |||||||||||||||||||
Forfeited | — | — | — | — | |||||||||||||||||||||
Transfers to the Gold Fields group | (2,605 | ) | (4,077 | ) | 106.82 | 11.13 | |||||||||||||||||||
Converted to Sibanye options | (540,779 | ) | (604,164 | ) | 106.82 | 11.13 | |||||||||||||||||||
Outstanding at December 31, 2013 | — | — | — | — | |||||||||||||||||||||
Assumptions used to Value Options | ' | ||||||||||||||||||||||||
The Group used the Black Scholes Model to value the SARS. The inputs to the model for awards granted during the period were as follows: | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2011 | |||||||||||||||||||||||||
Weighted average exercise price—Rand | 119.17 | ||||||||||||||||||||||||
Weighted average expected volatility* | 46.4 | % | |||||||||||||||||||||||
Expected term (years) | 5.9 | ||||||||||||||||||||||||
Historical dividend yield | 1.7 | % | |||||||||||||||||||||||
Weighted average risk free interest rate | 6.9 | % | |||||||||||||||||||||||
Weighted average fair value—Rand | 51.66 | ||||||||||||||||||||||||
The Group used the Monte-Carlo Simulation to value the PVRS. The inputs to the model for awards granted during the year were as follows: | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2011 | |||||||||||||||||||||||||
Weighted average expected volatility* | 64.1 | % | |||||||||||||||||||||||
Expected term (years) | 3 | ||||||||||||||||||||||||
Historical dividend yield | 1.7 | % | |||||||||||||||||||||||
Weighted average risk free interest rate (based on U.S. interest rate) | 0.2 | % | |||||||||||||||||||||||
Weighted average fair value—Rand | 206.27 | ||||||||||||||||||||||||
* | Based on statistical analysis of the historical share price on a weighted moving average basis for the expected term of the option | ||||||||||||||||||||||||
Summarize Information relating to Options Outstanding | ' | ||||||||||||||||||||||||
The following tables summarize information relating to the options outstanding at December 31, 2012 and 2011: | |||||||||||||||||||||||||
Outstanding options at December 31, 2011 | |||||||||||||||||||||||||
Price range | Number of | Contractual | Weighted average | ||||||||||||||||||||||
options | life | exercise price | |||||||||||||||||||||||
Rand | $ | (in years) | Rand | $ | |||||||||||||||||||||
Range of prices | 85.00 -109.99 | 10.46 - 13.52 | 712,244 | 3.62 | 99.36 | 12.22 | |||||||||||||||||||
110.00 - 134.99 | 13.53 - 16.60 | 499,554 | 4.51 | 119.82 | 14.74 | ||||||||||||||||||||
1,211,798 | 3.99 | 107.79 | 13.26 | ||||||||||||||||||||||
Outstanding options at December 31, 2012 | |||||||||||||||||||||||||
Price range | Number of | Contractual | Weighted average | ||||||||||||||||||||||
options | life | exercise price | |||||||||||||||||||||||
Rand | $ | (in years) | Rand | $ | |||||||||||||||||||||
Range of prices | 85.00 -109.99 | 9.92 -12.83 | 544,466 | 2.71 | 98.12 | 11.45 | |||||||||||||||||||
110.00 -134.99 | 12.84 -15.75 | 371,110 | 4.13 | 119.13 | 13.9 | ||||||||||||||||||||
135.00 -159.99 | 15.76 -18.67 | 5,930 | 5.01 | 136.29 | 15.9 | ||||||||||||||||||||
921,506 | 3.3 | 106.83 | 12.47 | ||||||||||||||||||||||
DERIVATIVE_FINANCIAL_INSTRUMEN1
DERIVATIVE FINANCIAL INSTRUMENTS AND FAIR VALUE AND CREDIT RISK OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||
Estimated Fair Values of Financial Instruments | ' | ||||||||||||||||
The | estimated fair values of the Group’s financial instruments are: | ||||||||||||||||
December 31, | December 31, 2012 | ||||||||||||||||
2013 | |||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
value | value | value | value | ||||||||||||||
Financial assets | |||||||||||||||||
Cash and cash equivalents | 104.7 | 104.7 | 34 | 34 | |||||||||||||
Restricted cash | 39.6 | 39.6 | — | — | |||||||||||||
Receivables | 63.9 | 63.9 | 42.5 | 42.5 | |||||||||||||
Current portion of financial guarantee receivable | 5 | 5 | — | — | |||||||||||||
Related party receivables | — | — | 64 | 64 | |||||||||||||
Non-current investments | 153.7 | 153.7 | 155.5 | 155.5 | |||||||||||||
Financial guarantee receivable | 23.1 | 23.1 | — | — | |||||||||||||
Financial liabilities | |||||||||||||||||
Accounts payable and provisions | 162.7 | 162.7 | 159.7 | 159.7 | |||||||||||||
Related party payables | — | — | 2,000.70 | 2,000.70 | |||||||||||||
Financial guarantee liability | 28.3 | 28.3 | — | — | |||||||||||||
Short-term and current portion of long-term loans | 48.3 | 48.3 | — | — | |||||||||||||
Long-term loans | 144.2 | 144.2 | 492.5 | 492.5 | |||||||||||||
Financial Assets Measured at Fair Value by Level | ' | ||||||||||||||||
The following table sets forth the Group’s financial assets and liabilities measured at fair value by level within the fair value hierarchy. As required by Accounting Standard Codification, or ASC, fair value guidance, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. | |||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||
Environmental | Unlisted | Environmental | Unlisted | ||||||||||||||
rehabilitation | investments | rehabilitation | investments | ||||||||||||||
obligation | obligation | ||||||||||||||||
funds | funds | ||||||||||||||||
Level 1 | 153.6 | — | 125.3 | — | |||||||||||||
Level 2 | — | — | 30 | — | |||||||||||||
Level 3 | — | 0.1 | — | 0.2 | |||||||||||||
153.6 | 0.1 | 155.3 | 0.2 | ||||||||||||||
ADDITIONAL_CASH_FLOW_INFORMATI1
ADDITIONAL CASH FLOW INFORMATION (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||||||
Interest Paid Included in Net Cash Provided by Operating Activities | ' | ||||||||||||
The following amounts of interest, royalties, and income and mining taxes paid were included in net cash provided by operating activities: | |||||||||||||
Fiscal Year Ended | |||||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
Interest paid | 34 | 14.5 | 2 | ||||||||||
Royalties paid | 25.9 | 50.5 | 23.8 | ||||||||||
Income and mining taxes paid | 31.8 | 119.7 | 43.6 |
COMMITMENTS_Tables
COMMITMENTS (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||||||
Commitments | ' | ||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Capital expenditure—authorized | |||||||||
Kloof | 178.7 | 229.5 | |||||||
Driefontein | 134.1 | 171.5 | |||||||
Beatrix | 93.3 | 104.8 | |||||||
Other | 0.6 | 0.8 | |||||||
406.7 | 506.6 | ||||||||
Capital expenditure—contracted for | 27.7 | 59.7 | |||||||
Other guarantees | 0.4 | 0.5 | |||||||
LINES_OF_CREDIT_Tables
LINES OF CREDIT (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Text Block [Abstract] | ' | ||||||||
Lines of Credit | ' | ||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Unused lines of credit available | 241.8 | 788.3 |
RELATED_PARTY_TRANSACTIONS_Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Related Party Transactions [Abstract] | ' | ||||||||||||
Transactions and Balances Between Group and its Related-Parties | ' | ||||||||||||
The table below details the transactions and balances between the Group and its related-parties: | |||||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
Income from services rendered to Gold Fields group companies | |||||||||||||
-Administration services | 3.5 | 8.5 | 9.1 | ||||||||||
-Security services | 3.6 | 3.5 | 3.5 | ||||||||||
-Training services | 1.7 | 1.8 | 1.6 | ||||||||||
-Medical services | 2 | 2 | 2.1 | ||||||||||
Expenditure | |||||||||||||
Management fees paid to GFGS | 1.3 | 8.1 | 6.8 | ||||||||||
Refining fees paid to Rand Refinery | 1.3 | 1.6 | 1.7 | ||||||||||
December 31, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
Accounts receivable from Gold Fields group companies | |||||||||||||
GFGS | — | 15.7 | |||||||||||
South Deep Mine | — | 33.9 | |||||||||||
Gold Fields Ghana | — | 6.9 | |||||||||||
Other Gold Fields group companies | — | 7.4 | |||||||||||
Accounts payable to Gold Fields group companies | |||||||||||||
GFGS | — | 4.4 | |||||||||||
Loans payable to Gold Fields group companies | |||||||||||||
GFLMS Loan1 | — | 1,996.30 | |||||||||||
1 This loan was unsecured, interest-free and had no fixed terms of repayment. Refer to note 1 where this loan was repaid as part of the Spin-off. |
GEOGRAPHICAL_AND_SEGMENT_INFOR1
GEOGRAPHICAL AND SEGMENT INFORMATION (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Segment Results and Assets | ' | ||||||||||||||||||||||||||||||||||||
The geographical and segment information for fiscal 2012 and 2011 has been restated for KDC following the change in the reportable segments. | |||||||||||||||||||||||||||||||||||||
Fiscal Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||||||
Driefon- | Kloof | Beatrix | Corporate | Group | Reclassifi- | Reclassified | Reconci- | Group | |||||||||||||||||||||||||||||
tein | and | Consolida- | cations | Group | ling | Consolida- | |||||||||||||||||||||||||||||||
other1 | ted - IFRS2 | Consolida- | items | ted - U.S. | |||||||||||||||||||||||||||||||||
ted - IFRS2 | GAAP2 | ||||||||||||||||||||||||||||||||||||
Statement of operations | |||||||||||||||||||||||||||||||||||||
Revenue | 850.3 | 724.4 | 439 | — | 2,013.70 | — | 2,013.70 | — | 2,013.70 | ||||||||||||||||||||||||||||
Operating costs | (508.4 | ) | (427.2 | ) | (311.6 | ) | — | (1,247.2 | ) | (37.7 | ) | (1,284.9 | ) | — | (1,284.9 | ) | |||||||||||||||||||||
Operating profit/(loss) | 341.9 | 297.2 | 127.4 | — | 766.5 | (37.7 | ) | 728.8 | — | 728.8 | |||||||||||||||||||||||||||
Amortization and depreciation | (151.9 | ) | (114.2 | ) | (55.0 | ) | (2.2 | ) | (323.3 | ) | — | (323.3 | ) | (21.3 | ) | (344.6 | ) | ||||||||||||||||||||
Net operating profit/(loss) | 190 | 183 | 72.4 | (2.2 | ) | 443.2 | (37.7 | ) | 405.5 | (21.3 | ) | 384.2 | |||||||||||||||||||||||||
Investment income | 5.7 | 4.9 | 2.9 | 3.2 | 16.7 | — | 16.7 | — | 16.7 | ||||||||||||||||||||||||||||
Finance expense | (20.1 | ) | (15.8 | ) | (7.6 | ) | (0.3 | ) | (43.8 | ) | 9.8 | (34.0 | ) | — | (34.0 | ) | |||||||||||||||||||||
Other items as detailed in statement of operations | (29.9 | ) | (25.3 | ) | (102.4 | ) | (17.1 | ) | (174.7 | ) | 27.9 | (146.8 | ) | 84.2 | (62.6 | ) | |||||||||||||||||||||
Royalties | (20.7 | ) | (15.3 | ) | (7.2 | ) | — | (43.2 | ) | — | (43.2 | ) | — | (43.2 | ) | ||||||||||||||||||||||
Current taxation | (44.6 | ) | (28.5 | ) | (10.1 | ) | (1.2 | ) | (84.4 | ) | — | (84.4 | ) | — | (84.4 | ) | |||||||||||||||||||||
Deferred taxation | 18.2 | 1.9 | 35 | 2.7 | 57.7 | — | 57.7 | (13.3 | ) | 44.4 | |||||||||||||||||||||||||||
Profit/(loss) after taxation2 | 98.5 | 104.9 | (17.0 | ) | (14.9 | ) | 171.5 | — | 171.5 | 49.6 | 221.1 | ||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||
Driefon- | Kloof | Beatrix | Corporate | Group | Reconci- | Group | |||||||||||||||||||||||||||||||
tein | and other1 | Consolida- | ling items | Consolida- | |||||||||||||||||||||||||||||||||
ted - IFRS2 | ted - U.S. | ||||||||||||||||||||||||||||||||||||
GAAP2 | |||||||||||||||||||||||||||||||||||||
Balance sheet | |||||||||||||||||||||||||||||||||||||
Total assets (excluding deferred tax assets) | 962.8 | 860.6 | 345.4 | (238.4 | ) | 1,930.40 | 199.1 | 2,129.50 | |||||||||||||||||||||||||||||
Total liabilities (excluding deferred tax liabilities) | 274.1 | 223.2 | 109.1 | 54.8 | 661.2 | (14.4 | ) | 646.8 | |||||||||||||||||||||||||||||
Net deferred tax liability | 141 | 154.7 | 58.9 | 3.2 | 357.8 | 51.1 | 408.9 | ||||||||||||||||||||||||||||||
Total equity | 547.7 | 482.7 | 177.4 | (296.4 | ) | 911.4 | 162.4 | 1,073.80 | |||||||||||||||||||||||||||||
Sustaining capital expenditure | 33.4 | 47.9 | 20.9 | 3.9 | 106.1 | — | 106.1 | ||||||||||||||||||||||||||||||
Ore reserve development | 73.2 | 87.9 | 35 | — | 196.1 | — | 196.1 | ||||||||||||||||||||||||||||||
Capital expenditure | 106.6 | 135.8 | 55.9 | 3.9 | 302.2 | — | 302.2 | ||||||||||||||||||||||||||||||
1 | Corporate and other represents items to reconcile segment data to consolidated financial statement totals. | ||||||||||||||||||||||||||||||||||||
2 | Figures may not add as they are rounded independently. | ||||||||||||||||||||||||||||||||||||
Fiscal Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||||||
Driefon- | Kloof | Beatrix | Corporate | Group | Reclassifi- | Reclassified | Reconciling | Group | |||||||||||||||||||||||||||||
tein | and other1 | Consolida- | cations | Group | items | Consolida- | |||||||||||||||||||||||||||||||
ted - IFRS2 | Consolida- | ted - U.S. | |||||||||||||||||||||||||||||||||||
ted - IFRS2 | GAAP2 | ||||||||||||||||||||||||||||||||||||
Statement of operations | |||||||||||||||||||||||||||||||||||||
Revenue | 726.1 | 817.3 | 477.8 | — | 2,021.20 | — | 2,021.20 | — | 2,021.20 | ||||||||||||||||||||||||||||
Operating costs | (525.3 | ) | (476.1 | ) | (320.2 | ) | — | (1,321.6 | ) | (3.0 | ) | (1,324.6 | ) | — | (1,324.6 | ) | |||||||||||||||||||||
Operating profit/(loss) | 200.8 | 341.2 | 157.6 | — | 699.6 | (3.0 | ) | 696.6 | — | 696.6 | |||||||||||||||||||||||||||
Amortization and depreciation | (120.5 | ) | (88.7 | ) | (77.1 | ) | (2.3 | ) | (288.5 | ) | — | (288.5 | ) | (15.6 | ) | (304.1 | ) | ||||||||||||||||||||
Net operating profit/(loss) | 80.3 | 252.5 | 80.5 | (2.3 | ) | 411.1 | (3.0 | ) | 408.1 | (15.6 | ) | 392.5 | |||||||||||||||||||||||||
Investment income | 4.7 | 4.5 | 2.4 | 1.3 | 12.9 | — | 12.9 | — | 12.9 | ||||||||||||||||||||||||||||
Finance expense | (7.8 | ) | (9.5 | ) | (3.6 | ) | (0.7 | ) | (21.6 | ) | 7.1 | (14.5 | ) | — | (14.5 | ) | |||||||||||||||||||||
Other items as detailed in statement of operations | (25.7 | ) | (20.4 | ) | (9.9 | ) | (4.1 | ) | (60.1 | ) | (4.1 | ) | (64.2 | ) | (9.0 | ) | (73.2 | ) | |||||||||||||||||||
Royalties | (8.1 | ) | (17.7 | ) | (8.6 | ) | — | (34.4 | ) | — | (34.4 | ) | — | (34.4 | ) | ||||||||||||||||||||||
Current taxation | (2.8 | ) | (37.4 | ) | (14.8 | ) | (3.0 | ) | (57.9 | ) | — | (57.9 | ) | — | (57.9 | ) | |||||||||||||||||||||
Deferred taxation | 46.1 | 25.3 | 29.1 | 2 | 102.5 | — | 102.5 | 22.9 | 125.4 | ||||||||||||||||||||||||||||
Profit/(loss) after taxation2 | 86.9 | 197.3 | 74.9 | (6.9 | ) | 352.5 | — | 352.5 | (1.7 | ) | 350.9 | ||||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||||||
Driefon- | Kloof | Beatrix | Corporate | Group | Reconciling | Group | |||||||||||||||||||||||||||||||
tein | and other1 | Consolidated | items | Consolidated | |||||||||||||||||||||||||||||||||
- IFRS2 | - U.S. GAAP2 | ||||||||||||||||||||||||||||||||||||
Balance sheet | |||||||||||||||||||||||||||||||||||||
Total assets (excluding deferred tax assets) | 1,133.90 | 992.4 | 313.1 | (143.5 | ) | 2,295.90 | 153.4 | 2,449.30 | |||||||||||||||||||||||||||||
Total liabilities (excluding deferred tax liabilities) | 398.4 | 342.4 | (26.8 | ) | 2,224.90 | 2,938.90 | (67.3 | ) | 2,871.60 | ||||||||||||||||||||||||||||
Net deferred tax liability | 190.5 | 188.7 | 110.3 | (3.8 | ) | 485.7 | 57.2 | 542.9 | |||||||||||||||||||||||||||||
Total equity | 545 | 461.3 | 229.6 | (2,364.6 | ) | (1,128.7 | ) | 163.5 | (965.2 | ) | |||||||||||||||||||||||||||
Sustaining capital expenditure | 29.5 | 61.6 | 25.7 | 2.7 | 119.5 | — | 119.5 | ||||||||||||||||||||||||||||||
Ore reserve development | 103.7 | 101.4 | 54.7 | — | 259.8 | — | 259.8 | ||||||||||||||||||||||||||||||
Capital expenditure | 133.2 | 163 | 80.4 | 2.7 | 379.3 | — | 379.3 | ||||||||||||||||||||||||||||||
1 | Corporate and other represents items to reconcile segment data to consolidated financial statement totals. | ||||||||||||||||||||||||||||||||||||
2 | Figures may not add as they are rounded independently. | ||||||||||||||||||||||||||||||||||||
Fiscal Year Ended December 31, 2011 | |||||||||||||||||||||||||||||||||||||
Driefon- | Kloof | Beatrix | Corporate | Group | Reclassifi- | Reclassified | Reconciling | Group | |||||||||||||||||||||||||||||
tein | and other1 | Consolida- | cations | Group | items | Consolida- | |||||||||||||||||||||||||||||||
ted - IFRS2 | Consolida- | ted - U.S. | |||||||||||||||||||||||||||||||||||
ted - IFRS2 | GAAP2 | ||||||||||||||||||||||||||||||||||||
Statement of operations | |||||||||||||||||||||||||||||||||||||
Revenue | 905.7 | 839.9 | 555.4 | — | 2,301.00 | — | 2,301.00 | — | 2,301.00 | ||||||||||||||||||||||||||||
Operating costs | (539.9 | ) | (485.5 | ) | (331.6 | ) | — | (1,357.0 | ) | (23.0 | ) | (1,380.0 | ) | — | (1,380.0 | ) | |||||||||||||||||||||
Operating profit/(loss) | 365.8 | 354.4 | 223.8 | — | 944 | (23.0 | ) | 921 | — | 921 | |||||||||||||||||||||||||||
Amortization and depreciation | (117.7 | ) | (112.7 | ) | (71.2 | ) | (2.2 | ) | (303.8 | ) | — | (303.8 | ) | (20.1 | ) | (323.9 | ) | ||||||||||||||||||||
Net operating profit/(loss) | 248.1 | 241.7 | 152.6 | (2.2 | ) | 640.2 | (23.0 | ) | 617.2 | (20.1 | ) | 597.1 | |||||||||||||||||||||||||
Investment income | 4.8 | 4.7 | 2.5 | 1.6 | 13.6 | — | 13.6 | — | 13.6 | ||||||||||||||||||||||||||||
Finance expense | (6.2 | ) | (4.7 | ) | (2.9 | ) | — | (13.8 | ) | 11.8 | (2.0 | ) | — | (2.0 | ) | ||||||||||||||||||||||
Other items as detailed in statement of operations | (39.2 | ) | (22.3 | ) | (12.8 | ) | (0.3 | ) | (74.6 | ) | 11.2 | (63.4 | ) | (1.8 | ) | (65.2 | ) | ||||||||||||||||||||
Royalties | (18.2 | ) | (17.3 | ) | (4.6 | ) | — | (40.1 | ) | — | (40.1 | ) | — | (40.1 | ) | ||||||||||||||||||||||
Current taxation | (46.6 | ) | (41.9 | ) | (0.3 | ) | (3.1 | ) | (91.9 | ) | — | (91.9 | ) | — | (91.9 | ) | |||||||||||||||||||||
Deferred taxation | (15.7 | ) | (24.0 | ) | (43.4 | ) | (0.2 | ) | (83.3 | ) | — | (83.3 | ) | 7.7 | (75.6 | ) | |||||||||||||||||||||
Profit/(loss) after taxation2 | 127 | 136.2 | 91.1 | (4.2 | ) | 350.1 | — | 350.1 | (14.2 | ) | 335.9 | ||||||||||||||||||||||||||
1 | Corporate and other represents items to reconcile segment data to consolidated financial statement totals. | ||||||||||||||||||||||||||||||||||||
2 | Figures may not add as they are rounded independently. | ||||||||||||||||||||||||||||||||||||
Breakdown of Reconciling Items | ' | ||||||||||||||||||||||||||||||||||||
The following provides a breakdown of the reconciling items for each line item presented excluding deferred income and mining taxes: | |||||||||||||||||||||||||||||||||||||
Fiscal Year Ended | |||||||||||||||||||||||||||||||||||||
December 31, | December 31, | December 31, | |||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||||||||||||||||
Business combination—acquisition of Kloof during the formation of Original Gold Fields | (a) | (5.1 | ) | (4.0 | ) | (5.6 | ) | ||||||||||||||||||||||||||||||
Business combination—acquisition of Driefontein during the formation of Gold Fields | (b | ) | (11.5 | ) | (13.6 | ) | (15.3 | ) | |||||||||||||||||||||||||||||
Provision for rehabilitation | (c | ) | 4.1 | 2 | 0.8 | ||||||||||||||||||||||||||||||||
Depreciation of Beatrix West property, plant and equipment | (h | ) | (8.8 | ) | — | — | |||||||||||||||||||||||||||||||
(21.3 | ) | (15.6 | ) | (20.1 | ) | ||||||||||||||||||||||||||||||||
Other items as detailed in the statement of operations | 84.2 | (9.0 | ) | (1.8 | ) | ||||||||||||||||||||||||||||||||
Included in other items as detailed in the statement of operations is: | |||||||||||||||||||||||||||||||||||||
Accretion expense on provision for environmental rehabilitation | |||||||||||||||||||||||||||||||||||||
Provision for rehabilitation | (c | ) | (4.4 | ) | (7.3 | ) | (1.8 | ) | |||||||||||||||||||||||||||||
Impairment | |||||||||||||||||||||||||||||||||||||
Impairment of Beatrix West property, plant and equipment | (h | ) | 89.7 | — | — | ||||||||||||||||||||||||||||||||
Total assets excluding deferred income and mining taxes | |||||||||||||||||||||||||||||||||||||
Business combination—acquisition of Kloof during the formation of Original Gold Fields | (a | ) | 49 | 64.9 | |||||||||||||||||||||||||||||||||
Business combination—acquisition of Driefontein during the formation of Gold Fields | (b | ) | 98.7 | 131.9 | |||||||||||||||||||||||||||||||||
Provision for rehabilitation | (c | ) | (19.2 | ) | (42.7 | ) | |||||||||||||||||||||||||||||||
Interest capitalization | (d | ) | 2.2 | 2.7 | |||||||||||||||||||||||||||||||||
Amortization of interest capitalized | (d | ) | (0.2 | ) | (0.2 | ) | |||||||||||||||||||||||||||||||
Investments in equity method investees | (e | ) | (2.7 | ) | (3.2 | ) | |||||||||||||||||||||||||||||||
Consolidation of a subsidiary | (g | ) | 3.5 | — | |||||||||||||||||||||||||||||||||
Impairment of Beatrix West property, plant and equipment | (h | ) | 76 | — | |||||||||||||||||||||||||||||||||
Depreciation of Beatrix West property, plant and equipment | (h | ) | (8.2 | ) | — | ||||||||||||||||||||||||||||||||
199.1 | 153.4 | ||||||||||||||||||||||||||||||||||||
Total liabilities excluding deferred income and mining taxes | |||||||||||||||||||||||||||||||||||||
Provision for rehabilitation | (c | ) | (23.7 | ) | (44.4 | ) | |||||||||||||||||||||||||||||||
Debt guarantee in respect of Gold Fields’ debt | (f | ) | 8.3 | (22.9 | ) | ||||||||||||||||||||||||||||||||
Consolidation of a subsidiary | (g | ) | 1 | — | |||||||||||||||||||||||||||||||||
(14.4 | ) | (67.3 | ) | ||||||||||||||||||||||||||||||||||
(a) | Business combination—acquisition of Kloof during the formation of Original Gold Fields | ||||||||||||||||||||||||||||||||||||
For management reporting purposes, no pushdown accounting was applied, and both the Gold Fields of South Africa Limited and Gencor Limited transactions were accounted for at historical cost. Under U.S. GAAP, the Company accounted for the assets and liabilities acquired from Gold Fields of South Africa Limited at historical cost, and the assets and liabilities acquired from Gencor Limited and outside shareholders at fair value. Consolidation journals were pushed down into the entity under U.S. GAAP. The difference in original recorded amounts in respect of property, plant and equipment has resulted in different depreciation and amortization between management reporting and U.S. GAAP. | |||||||||||||||||||||||||||||||||||||
(b) | Business combination—acquisition of Driefontein during the formation of Gold Fields | ||||||||||||||||||||||||||||||||||||
For management reporting purposes, Sibanye was formed in 2004 when it acquired the asset and liabilities at historical cost. Under U.S. GAAP, the group accounted for the assets and liabilities acquired in 1999 during the formations of Gold Fields Group as a purchase and as consolidation journals were pushed down into the entity, the excess purchase price was capitalized to property, plant and equipment and is being amortized over its useful life. The difference in original recorded amounts has resulted in different depreciation and amortizationcharges between management reporting and U.S. GAAP. | |||||||||||||||||||||||||||||||||||||
(c) | Provision for rehabilitation | ||||||||||||||||||||||||||||||||||||
Revisions to the provision for environmental rehabilitation | |||||||||||||||||||||||||||||||||||||
For management reporting purposes, all changes in the carrying amount of the provision for environmental rehabilitation are recognized as an increase or decrease in the carrying amount of the associated capitalized retirement cost. Changes resulting from revisions in the timing or amount of estimated cash flows are recognized as an increase or decrease in the carrying amount of the provision for environmental rehabilitation and the associated capitalized retirement cost for U.S. GAAP. | |||||||||||||||||||||||||||||||||||||
In addition, the current discount rate is applied to measure the provision for environmental rehabilitation for management reporting purposes. Under U.S. GAAP any decreases in the provision for environmental rehabilitation as a result of downward revisions in cash flow estimates should be treated as a modification of an existing provision for environmental rehabilitation, and should be measured at the historical credit adjusted discount rate used to measure the initial provision for environmental rehabilitation. Due to differences between the management reporting and U.S. GAAP accounting models, differences will arise. | |||||||||||||||||||||||||||||||||||||
Accretion of the provision for environmental rehabilitation and amortization of associated asset rehabilitation cost | |||||||||||||||||||||||||||||||||||||
For reasons discussed above the provision for environmental rehabilitation’s carrying value for management reporting purposes is different to that under U.S. GAAP, which in combination with a different disount rate results in a different amortization charge and accretion expense. | |||||||||||||||||||||||||||||||||||||
(d) | Interest capitalization | ||||||||||||||||||||||||||||||||||||
For management reporting purposes, borrowing costs are capitalized to the extent that qualifying assets are financed through specific debt financing or general outstanding debt not for any specific purpose other than funding the operations of the Group. Under U.S. GAAP, total outstanding debt financing is taken into account in calculating the amount of borrowing cost to be capitalized. | |||||||||||||||||||||||||||||||||||||
(e) | Investments in equity method investees | ||||||||||||||||||||||||||||||||||||
For management reporting purposes an equity investment exceeding a 20% shareholding was treated as an available-for-sale investment prior to the fiscal year ended June 30, 2003. Under U.S. GAAP this investment was accounted for under the equity method since acquisition. | |||||||||||||||||||||||||||||||||||||
(f) | Debt guarantee in respect of Gold Fields’ debt | ||||||||||||||||||||||||||||||||||||
For management reporting purposes, a financial guarantee liability is recognized for the debt guarantee provided by the Group to its parent’s debt issuers. Under U.S. GAAP a guarantee by a subsidiary of the debt owed to a third party by either its parent or another subsidiary of that parent is excluded solely from the initial recognition. As of the Spin-off date, the financial guarantee liability was recognized for the debt guarantee provided by Sibanye to Gold Fields, refer to note 11. The liability is amortized over the remaining period of the guarantee. The different valuation at initial recognition dates results in a different amortization charge. | |||||||||||||||||||||||||||||||||||||
(g) | Consolidation of a subsidiary | ||||||||||||||||||||||||||||||||||||
For management reporting purposes, Living Gold Proprietary Limited, or Living Gold, was derecognized as a subsidiary and accounted for as an equity-accounted investee. Under U.S. GAAP Sibanye controls Living Gold, and is consolidated. | |||||||||||||||||||||||||||||||||||||
(h) | Impairment of Beatrix West | ||||||||||||||||||||||||||||||||||||
Impairment of Beatrix West property, plant and equipment | |||||||||||||||||||||||||||||||||||||
For management reporting purposes, Beatrix West was impaired at June 30, 2013. Under U.S. GAAP Beatrix West is not impaired as the carrying value of the asset group did not exceed the undiscounted cash flows. | |||||||||||||||||||||||||||||||||||||
Amortization and depreciation of Beatrix West | |||||||||||||||||||||||||||||||||||||
For the reason discussed above, the carrying value for management reporting purposes is different to that under U.S. GAAP, which results in a different amortization charge. | |||||||||||||||||||||||||||||||||||||
(i) | Net deferred tax liability | ||||||||||||||||||||||||||||||||||||
The reconciling items related to net deferred tax liabilities are as a consequence of the differences in the book values of the underlying assets and liabilities between those used for management reporting purposes and U.S. GAAP. | |||||||||||||||||||||||||||||||||||||
(j) | Reclassifications | ||||||||||||||||||||||||||||||||||||
For management reporting purposes, termination costs, restructuring costs and stock-based compensation are classified separately. For U.S. GAAP termination costs, restructuring costs and stock-based compensation are classified according to where the related employee cost is classified. | |||||||||||||||||||||||||||||||||||||
For management reporting purposes, with effect from January 1, 2013, Sibanye changed its classification of environmental rehabilitation inflation from operating costs to finance expenses to better reflect the nature of the expense as well as to align it with its peers. The geographical and segment information of fiscal 2012 and 2011 have been reclassified to conform to the current year’s presentation. |
General_Additional_Information
General - Additional Information (Detail) | 0 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | ||||||
Feb. 01, 2013 | Feb. 01, 2013 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Feb. 18, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Feb. 01, 2013 | |
USD ($) | ZAR | USD ($) | USD ($) | USD ($) | Gold Fields Orogen Holding (BVI) Limited [Member] | Gold Fields Orogen Holding (BVI) Limited [Member] | Bridge Loan Facilities [Member] | Long-Term Borrowings [Member] | GFLMS [Member] | |
USD ($) | ZAR | USD ($) | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares subscribed | 731,647,614 | 731,647,614 | ' | ' | ' | ' | ' | ' | ' | ' |
Subscription prices of shares | $2,012,000,000 | 17,246,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Repayment of debt | ' | ' | 1,025,000,000 | 55,400,000 | ' | ' | ' | ' | 500,000,000 | 1,996,000,000 |
Shares spun off ratio | ' | ' | 'The Sibanye shares were spun off in a ratio of 1:1 with Gold Fields shares and resulted in Gold Fields' shareholders holding two separate shares | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facilities used to refinance debt | ' | ' | ' | ' | ' | ' | ' | 'On February 18, 2013, Sibanye refinanced all of its debt which existed under the Gold Fields group debt facilities, by drawing down under the R6.0 billion (US$700 million) term loan and revolving credit facilities obtained on November 28, 2012 | ' | ' |
Excess of current liabilities over current assets | ' | ' | 68,000,000 | ' | ' | ' | ' | ' | ' | ' |
Financial guarantee liability | ' | ' | 28,300,000 | ' | ' | ' | ' | ' | ' | ' |
Guarantor obligations, face amount | ' | ' | $1,000,000,000 | ' | ' | ' | $1,000,000,000 | ' | ' | ' |
Interest rate | ' | ' | ' | ' | ' | 4.88% | 4.88% | ' | ' | ' |
Depreciation_of_NonMining_Asse
Depreciation of Non-Mining Assets (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Vehicles [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Depreciation rate | 20.00% |
Computers [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Depreciation rate | 33.30% |
Furniture and Equipment [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Depreciation rate | 10.00% |
Recovered_Sheet1
Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 |
Accounting Policies [Abstract] | ' | ' | ' |
Minimum likelihood for the realization in order to recognize tax benefit from uncertain tax positions | ' | ' | 50.00% |
Other income | $30.10 | $33.10 | ' |
Finance_Expense_Detail
Finance Expense (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Interest Expense [Abstract] | ' | ' | ' |
Related parties | ' | ' | ($0.70) |
Interest expense | -34 | -14.5 | -1.3 |
Finance expense | ($34) | ($14.50) | ($2) |
Income_and_Mining_Tax_Expense_
Income and Mining Tax (Expense) /Benefit (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Current income and mining taxes | ($84.40) | ($57.90) | ($91.90) |
Deferred income and mining taxes | 44.4 | 125.4 | -75.6 |
Income and mining tax (expense)/benefit | ($40) | $67.50 | ($167.50) |
Statutory_Tax_Rates_for_Mining
Statutory Tax Rates for Mining and Non-mining Income (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Mining Income [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Mining statutory rate | 34.00% | 34.00% | 43.00% |
Non-mining Income [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Mining statutory rate | 28.00% | 28.00% | 35.00% |
Non-mining Companies [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Mining statutory rate | 28.00% | 28.00% | 28.00% |
Major_Items_Causing_Groups_Inc
Major Items Causing Group's Income Tax Provision to Differ from Mining Statutory Rate (Detail) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Income Tax Disclosure [Abstract] | ' | ' | ' | |||
Tax on Income/(loss) before tax and share of equity investee's profits at mining statutory rate | ($88.80) | ($96.40) | ($216.50) | |||
Rate adjustment to reflect company tax rates | 0.1 | 0.7 | 25.4 | |||
Mining tax formula rate adjustment | 34.3 | 34.5 | 37.8 | |||
Valuation allowance raised against deferred tax assets | -0.1 | -0.3 | ' | |||
Reversal of valuation allowance previously raised against deferred tax assets | ' | ' | 1.4 | |||
Non-deductible stock-based compensation | -7.6 | -10.9 | -14.2 | |||
Non deductible expenditure | -7.1 | [1] | ' | -0.3 | [1] | |
Deferred tax benefit from reduction of future expected tax rate | 24.1 | ' | ' | |||
Deferred tax benefit from reduction of tax rate due to changes in legislation | ' | 139.1 | ' | |||
Other | 5.1 | [1] | 0.8 | [1] | -1.1 | [1] |
Income and mining tax (expense)/benefit | ($40) | $67.50 | ($167.50) | |||
[1] | There are no individually significant amounts included in this line item. |
Deferred_Income_and_Mining_Tax
Deferred Income and Mining Tax Liabilities and Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Deferred income and mining tax liabilities [Abstract] | ' | ' |
Property, plant and equipment | $425 | $559.10 |
Environmental rehabilitation obligation funds | 40.1 | 42.5 |
Financial guarantee receivable | 7.9 | ' |
Other | 2.8 | 1.8 |
Gross deferred income and mining tax liabilities | 475.8 | 603.4 |
Provisions, including rehabilitation accruals | -58.6 | -60 |
Financial guarantee liability | -7.9 | ' |
Tax losses | -4.8 | -5.6 |
Gross deferred income and mining tax assets | -71.3 | -65.6 |
Valuation allowance for deferred tax assets | 4.4 | 5.1 |
Total deferred income and mining tax assets | -66.9 | -60.5 |
Net deferred income and mining tax | 408.9 | 542.9 |
Non-current liabilities | 436.2 | 556.1 |
Current assets | -27.3 | -13.2 |
Net deferred income and mining tax | $408.90 | $542.90 |
Valuation_Allowance_Relates_Pr
Valuation Allowance Relates Primarily to Net Operating Loss Carry-forwards for Entities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Valuation Allowance [Line Items] | ' | ' |
Valuation allowance for deferred tax assets | $4.40 | $5.10 |
Living Gold Proprietary Limited [Member] | ' | ' |
Valuation Allowance [Line Items] | ' | ' |
Valuation allowance for deferred tax assets | 4.1 | 4.8 |
Golden Oils Proprietary Limited [Member] | ' | ' |
Valuation Allowance [Line Items] | ' | ' |
Valuation allowance for deferred tax assets | $0.30 | $0.30 |
Tax_Loss_Carry_Forwards_Availa
Tax Loss Carry Forwards Available for Deduction against Future Income (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Operating Loss Carryforwards [Line Items] | ' | ' |
Estimated assessed tax losses | $17 | $20.10 |
Sibanye Gold Protection Services Proprietary Limited [Member] | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
Estimated assessed tax losses | ' | 1.8 |
Living Gold Proprietary Limited [Member] | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
Estimated assessed tax losses | 14.6 | 17.1 |
Golden Oils Proprietary Limited [Member] | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
Estimated assessed tax losses | 0.9 | 1.2 |
St Helena Hospital Proprietary Limited [Member] | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
Estimated assessed tax losses | 1.4 | ' |
M Janse Van Rensburg Proprietary Limited [Member] | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
Estimated assessed tax losses | $0.10 | ' |
Recovered_Sheet2
Income And Mining Tax (Expense)/Benefit - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Minimum [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Open tax years | '2009 |
Maximum [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Open tax years | '2012 |
Reopen assessments period | '3 years |
Period for possible tax assessments which may effect unrecognised tax benefits | '12 months |
Period for change in unrecognized tax benefits | '12 months |
Earnings_Per_Share_Detail
Earnings Per Share (Detail) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
BASIC EARNINGS PER SHARE | ' | ' | ' |
Net income attributable to shareholders of Sibanye | $225.90 | $362.20 | $340.80 |
Ordinary shares in issue | 735,079,031 | 1,000 | 1,000 |
Adjustment for weighting of ordinary shares in issue | -84,457,794 | ' | ' |
Weighted average number of shares issued at the end of the year | 650,621,237 | 1,000 | 1,000 |
BASIC EARNINGS PER SHARE ($ cents) | $0.35 | $362,200 | $340,800 |
DILUTED EARNINGS PER SHARE | ' | ' | ' |
Net income attributable to shareholders of Sibanye | $225.90 | $362.20 | $340.80 |
Weighted average number of shares issued at the end of the year | 650,621,237 | 1,000 | 1,000 |
Effect of dilutive securities | 13,666,904 | ' | ' |
Weighted average number of shares diluted at the end of the year | 664,288,141 | 1,000 | 1,000 |
DILUTED EARNINGS PER SHARE ($ cents) | $0.34 | $362,200 | $340,800 |
Cash_and_Cash_Equivalents_Cash
Cash and Cash Equivalents - Cash and Cash Equivalents (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
In Millions, unless otherwise specified | |||||
Cash And Cash Equivalents [Abstract] | ' | ' | ' | ' | |
Cash at the bank and on hand | $104.70 | $34 | $44.60 | $153.50 | |
Restricted cash | 39.6 | [1] | ' | ' | ' |
Cash and cash equivalents total | $144.30 | $34 | ' | ' | |
[1] | At December 31, 2013 $39.6 million was in an escrow account, being the consideration for the Witwatersrand Consolidated Gold Resources Limited acquisition. Refer to note 23 for further details relating to the transaction. |
Cash_and_Cash_Equivalents_Cash1
Cash and Cash Equivalents - Cash and Cash Equivalents (Parenthetical) (Detail) (USD $) | Dec. 31, 2013 | |
In Millions, unless otherwise specified | ||
Cash And Cash Equivalents [Abstract] | ' | |
Escrow account | $39.60 | [1] |
[1] | At December 31, 2013 $39.6 million was in an escrow account, being the consideration for the Witwatersrand Consolidated Gold Resources Limited acquisition. Refer to note 23 for further details relating to the transaction. |
Cash_and_Cash_Equivalents_Addi
Cash and Cash Equivalents - Additional Information (Detail) (R4.5 Billion Facilities [Member]) | 12 Months Ended |
Dec. 31, 2013 | |
Cash and Cash Equivalents [Line Items] | ' |
Security for credit facilities | 'Sibanye has ceded all of its rights, title and interest in and to the Indemnity Agreement and Guarantee Fee Agreement in favour of the lenders of the R4.5 billion Facilities, jointly and severally, as security for its obligations under the facilities. |
Cash and Cash Equivalents [Member] | ' |
Cash and Cash Equivalents [Line Items] | ' |
Security for credit facilities | 'Sibanye has ceded certain of its bank accounts in favor of the lenders of the R4.5 billion Facilities as security |
Receivables_Detail
Receivables (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Receivables [Abstract] | ' | ' |
Product sales trade receivables | $45.80 | $24.80 |
Other trade receivables | 9 | 5.8 |
Value added tax | 19.1 | 13.7 |
Payroll debtors | 5.3 | 6.2 |
Prepayments | 11.3 | 9 |
Other | 3.8 | 5.7 |
Receivables | $94.30 | $65.20 |
Property_Plant_And_Equipment_D
Property, Plant And Equipment (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, plant and equipment, net: | ' | ' | ' |
Cost | $4,628.50 | $5,255.60 | ' |
Accumulated depreciation and amortization | -2,961.30 | -3,188.40 | ' |
Property, plant and equipment, net | 1,667.20 | 2,067.20 | ' |
- Cumulative capitalized interest, net of amortization | 2.1 | 2.5 | ' |
- Depreciation charge for the year on property, plant and equipment | -344.6 | -304.1 | -323.9 |
Mining Properties, Mine Development Costs, Mine Plant Facilities and Mineral Interests [Member] | ' | ' | ' |
Property, plant and equipment, net: | ' | ' | ' |
Property, plant and equipment, net | 1,638.50 | 2,019.30 | ' |
Asset Rehabilitation Costs [Member] | ' | ' | ' |
Property, plant and equipment, net: | ' | ' | ' |
Property, plant and equipment, net | 15.9 | 30.2 | ' |
Other Non-Mining Assets [Member] | ' | ' | ' |
Property, plant and equipment, net: | ' | ' | ' |
Property, plant and equipment, net | $12.80 | $17.70 | ' |
Property_Plant_And_Equipment_A
Property Plant And Equipment - Additional Information (Detail) (R4.5 Billion Facilities [Member]) | 12 Months Ended |
Dec. 31, 2013 | |
R4.5 Billion Facilities [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Assets pledged as security | 'Assets pledged as security under the R4.5 billion Facilities. |
NonCurrent_Investments_Detail
Non-Current Investments (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Schedule Of Investments [Abstract] | ' | ' | ||
Investments held by environmental rehabilitation obligation funds | $153.60 | [1] | $155.30 | [1] |
Equity investee | 23.8 | [2] | 22.7 | [2] |
Unlisted | 0.1 | 0.2 | ||
Non-current investments | $177.50 | $178.20 | ||
[1] | Environmental rehabilitation obligation funds are irrevocable funds under the Group's control. The monies in the funds are invested primarily in interest bearing short-term (money market), government and other corporate bond investments and the costs of these investments approximate their fair value. The dedicated environmental rehabilitation obligation funds provide for the estimated cost of rehabilitation during and at the end of the life of the relevant mine. Although the funds are under the Group's control, it is not available for the general purposes of the Group. All income from this asset is reinvested or spent to meet these obligations. These obligations are described in note 13. In addition, bank guarantees are provided for funding shortfalls of the environmental rehabilitation obligations. December 31, 2013 December 31, 2012 Funds 146.5 149.6 Guarantees 7.1 5.7 153.6 155.3 | |||
[2] | Equity investee Rand Refinery Proprietary Limited, or Rand Refinery, refines gold bullion and by-products. It acts as a refining agent on behalf of the Group's operations (refer to note 21). The carrying value of the equity investment in Rand Refinery: December 31, 2013 December 31, 2012 Ownership 33.1 % 33.1 % Opening balance 22.7 12.5 Share of profits recognized 5.4 11.4 Translation (4.3 ) (1.2 ) Closing balance 23.8 22.7 Reconciliation of the investment with the underlying equity in net assets: December 31, 2013 December 31, 2012 Net assets 31.7 30.6 Dividend received (1.4 ) (1.4 ) Fair value adjustment (6.5 ) (6.5 ) Closing balance 23.8 22.7 The market value of Rand Refinery is not readily determinable. |
NonCurrent_Investments_Parenth
Non-Current Investments (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Schedule of Investments [Line Items] | ' | ' | ' | ||
Funds | $146.50 | $149.60 | ' | ||
Guarantees | 7.1 | 5.7 | ' | ||
Investments held by environmental rehabilitation obligation funds | 153.6 | [1] | 155.3 | [1] | ' |
Opening balance | 22.7 | [2] | ' | ' | |
Share of profits recognized | 5.4 | 11.4 | 4.8 | ||
Closing balance | 23.8 | [2] | 22.7 | [2] | ' |
Rand Refinery Limited [Member] | ' | ' | ' | ||
Schedule of Investments [Line Items] | ' | ' | ' | ||
Ownership | 33.10% | 33.10% | ' | ||
Opening balance | 22.7 | 12.5 | ' | ||
Share of profits recognized | 5.4 | 11.4 | ' | ||
Translation | -4.3 | -1.2 | ' | ||
Net assets | 31.7 | 30.6 | ' | ||
Dividend received | -1.4 | -1.4 | ' | ||
Fair value adjustment | -6.5 | -6.5 | ' | ||
Closing balance | $23.80 | $22.70 | ' | ||
[1] | Environmental rehabilitation obligation funds are irrevocable funds under the Group's control. The monies in the funds are invested primarily in interest bearing short-term (money market), government and other corporate bond investments and the costs of these investments approximate their fair value. The dedicated environmental rehabilitation obligation funds provide for the estimated cost of rehabilitation during and at the end of the life of the relevant mine. Although the funds are under the Group's control, it is not available for the general purposes of the Group. All income from this asset is reinvested or spent to meet these obligations. These obligations are described in note 13. In addition, bank guarantees are provided for funding shortfalls of the environmental rehabilitation obligations. December 31, 2013 December 31, 2012 Funds 146.5 149.6 Guarantees 7.1 5.7 153.6 155.3 | ||||
[2] | Equity investee Rand Refinery Proprietary Limited, or Rand Refinery, refines gold bullion and by-products. It acts as a refining agent on behalf of the Group's operations (refer to note 21). The carrying value of the equity investment in Rand Refinery: December 31, 2013 December 31, 2012 Ownership 33.1 % 33.1 % Opening balance 22.7 12.5 Share of profits recognized 5.4 11.4 Translation (4.3 ) (1.2 ) Closing balance 23.8 22.7 Reconciliation of the investment with the underlying equity in net assets: December 31, 2013 December 31, 2012 Net assets 31.7 30.6 Dividend received (1.4 ) (1.4 ) Fair value adjustment (6.5 ) (6.5 ) Closing balance 23.8 22.7 The market value of Rand Refinery is not readily determinable. |
Recovered_Sheet3
Accounts Payable and Provisions (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Payables And Accruals [Abstract] | ' | ' |
Trade payables | $52 | $52.20 |
Accruals | 70.8 | 83.8 |
Payroll and other compensation | 38.9 | 21.2 |
Leave pay accrual | 38.8 | 46.7 |
Other | 1 | 2.5 |
Accounts payable and provisions | $201.50 | $206.40 |
Financial_Guarantee_Additional
Financial Guarantee - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Billions, unless otherwise specified | Dec. 31, 2013 | Feb. 18, 2013 |
Guarantor Obligations [Line Items] | ' | ' |
Guarantor obligations, face amount | 1 | ' |
R4.5 Billion Facilities [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Security for credit facilities | 'Sibanye has ceded all of its rights, title and interest in and to the Indemnity Agreement and Guarantee Fee Agreement in favour of the lenders of the R4.5 billion Facilities, jointly and severally, as security for its obligations under the facilities. | ' |
Gold Fields Orogen Holding (BVI) Limited [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Guarantor obligations, face amount | ' | $1 |
Interest rate | 4.88% | 4.88% |
Maturity date | 7-Oct-20 | ' |
Guarantor obligations, description | 'Sibanye remains a guarantor of the US$1 billion 4.875% guaranteed notes, or the Notes, issued by Gold Fields Orogen Holding (BVI) Limited, or Orogen, a subsidiary of Gold Fields, on September 30, 2010 maturing on October 7, 2020. | ' |
Financial_Guarantee_Receivable
Financial Guarantee Receivable and Liability (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Guarantees [Abstract] | ' | ' |
Initial recognition at fair value | $31.80 | ' |
Guarantee fee received | -5 | ' |
Interest accretion | 1.3 | ' |
Closing balance | 28.1 | ' |
Current portion of financial guarantee receivable | -5 | ' |
Financial guarantee asset | 23.1 | ' |
Initial recognition at fair value | 31.8 | ' |
Amortization of guarantee liability | -3.5 | ' |
Financial guarantee liability | $28.30 | ' |
Schedule_of_Longterm_Loans_Det
Schedule of Long-term Loans (Detail) | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 13, 2013 | Dec. 13, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 |
USD ($) | USD ($) | USD ($) | Bridge Loan Facilities [Member] | Bridge Loan Facilities [Member] | Short-Term Credit Facilities [Member] | Short-Term Credit Facilities [Member] | Long-Term Credit Facilities [Member] | Long-Term Credit Facilities [Member] | R4.5 Billion Facilities [Member] | R4.5 Billion Facilities [Member] | R4.5 Billion Facilities [Member] | R4.5 Billion Facilities [Member] | R4.5 Billion Facilities [Member] | R4.5 Billion Facilities [Member] | R4.5 Billion Facilities [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | ||||
USD ($) | ZAR | USD ($) | USD ($) | R2.0 Billion Term Loan Facility [Member] | R2.0 Billion Term Loan Facility [Member] | R2.5 Billion Revolving Credit Facility [Member] | ||||||||||
USD ($) | USD ($) | USD ($) | ||||||||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Opening balance | ' | ' | ' | ' | ' | $142.40 | ' | $350.10 | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facilities | 192.5 | 492.5 | ' | ' | ' | ' | 142.4 | ' | 350.1 | ' | ' | 192.5 | ' | 192.5 | ' | ' |
Short-term loans and current portion of long-term loans | -48.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term loans | 144.2 | 492.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan advanced | 793.8 | 515.3 | 55.4 | 476 | ' | 57.3 | 149 | 52.1 | 366.3 | 207.4 | 2,000 | 207.4 | ' | ' | ' | ' |
Loan repaid | ' | ' | ' | -476 | ' | -184.4 | ' | -364.6 | ' | ' | ' | ' | ' | ' | ' | ' |
Translation | ' | ' | ' | ' | ' | -15.3 | -6.6 | -37.6 | -16.2 | ' | ' | -14.9 | ' | ' | ' | ' |
Closing balance | ' | ' | ' | ' | ' | ' | $142.40 | ' | $350.10 | ' | ' | $192.50 | ' | ' | ' | ' |
Shortterm_and_Longterm_Loans_A
Short-term and Long-term Loans - Additional Information (Detail) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 13, 2013 | Dec. 13, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 13, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 13, 2013 | Dec. 31, 2013 | Nov. 28, 2012 | Nov. 28, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Nov. 28, 2012 | Nov. 28, 2012 | Nov. 28, 2012 | Nov. 28, 2012 | Nov. 28, 2012 | Nov. 28, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 15, 2011 | Mar. 08, 2010 | Dec. 09, 2009 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 09, 2009 | Dec. 31, 2013 | Mar. 08, 2010 | Dec. 31, 2013 | Dec. 15, 2011 | Dec. 31, 2013 |
USD ($) | USD ($) | USD ($) | R4.5 Billion Facilities [Member] | R4.5 Billion Facilities [Member] | R4.5 Billion Facilities [Member] | R4.5 Billion Facilities [Member] | R4.5 Billion Facilities [Member] | R4.5 Billion Facilities [Member] | R4.5 Billion Facilities [Member] | R4.5 Billion Facilities [Member] | R4.5 Billion Facilities [Member] | Bridge Loan Facilities [Member] | Bridge Loan Facilities [Member] | Bridge Loan Facilities [Member] | Bridge Loan Facilities [Member] | Bridge Loan Facilities [Member] | Bridge Loan Facilities [Member] | Bridge Loan Facilities [Member] | Bridge Loan Facilities [Member] | Bridge Loan Facilities [Member] | Bridge Loan Facilities [Member] | Bridge Loan Facilities [Member] | Bridge Loan Facilities [Member] | Bridge Loan Facilities [Member] | Long-Term Credit Facilities [Member] | Long-Term Credit Facilities [Member] | Long-Term Credit Facilities [Member] | Long-Term Credit Facilities [Member] | Long-Term Credit Facilities [Member] | Long-Term Credit Facilities [Member] | Long-Term Credit Facilities [Member] | Long-Term Credit Facilities [Member] | Long-Term Credit Facilities [Member] | Long-Term Credit Facilities [Member] | Long-Term Credit Facilities [Member] | Long-Term Credit Facilities [Member] | Long-Term Credit Facilities [Member] | |
Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Before Reduction [Member] | After Reduction [Member] | 12 Months after Unbundling [Member] | Last 6 Months of Facilities [Member] | 7 Months to 12 Months after Unbundling [Member] | 13 Months to 18 Months after Unbundling [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Term Loan Facility [Member] | Term Loan Facility [Member] | Term Loan Facility [Member] | USD ($) | USD ($) | ZAR | ZAR | ZAR | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | R1.0 Billion RCF Maturing on June 30, 2013 [Member] | R1.0 Billion RCF Maturing on June 30, 2013 [Member] | R500.0 Million RCF Maturing on March 10, 2013 [Member] | R500.0 Million RCF Maturing on March 10, 2013 [Member] | R2.0 Billion RCF Maturing on December 19, 2016 [Member] | R2.0 Billion RCF Maturing on December 19, 2016 [Member] | |||||
USD ($) | ZAR | USD ($) | USD ($) | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Term Loan Facility [Member] | Term Loan Facility [Member] | Term Loan Facility [Member] | ZAR | ZAR | Before Amendment [Member] | After Amendment [Member] | After Reduction Per Original Terms [Member] | Before Amendment [Member] | After Amendment [Member] | After Reduction Per Original Terms [Member] | CreditFacility | Gold Fields Group Companies [Member] | ||||||||||||||||||||
ZAR | USD ($) | ZAR | ZAR | ZAR | ZAR | ZAR | ZAR | ZAR | ZAR | USD ($) | ||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan outstanding | $793.80 | $515.30 | $55.40 | $207.40 | 2,000 | $207.40 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $52.10 | $366.30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility maximum borrowing capacity | ' | ' | ' | ' | 4,500 | ' | ' | ' | 2,500 | ' | ' | 2,000 | ' | 6,000 | 5,000 | ' | ' | ' | ' | 2,000 | 3,000 | 2,500 | 4,000 | 3,000 | 2,500 | ' | ' | 2,000 | 500 | 1,000 | ' | 1,500 | ' | ' | ' | ' | ' | ' |
Loan interest description | ' | ' | ' | ' | ' | 'JIBAR | ' | ' | ' | ' | ' | ' | 'JIBAR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'JIBAR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable base rate | ' | ' | ' | ' | ' | 5.22% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate margin | ' | ' | ' | ' | ' | ' | ' | 2.85% | ' | 2.75% | 2.75% | ' | ' | ' | ' | 3.00% | 3.50% | 3.25% | 3.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | 2.85% | ' | 1.95% | ' |
Term of loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | '3 years | ' | '18 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years 6 months | ' | '3 years | ' | '5 years |
Repayment of debt, description | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The Term Loan will be repaid in equal six-monthly instalments of R250 million ($24.2 million), with the R750 million ($72.5 million) balance due for settlement on final maturity, being December 13, 2016. | 'The Term Loan will be repaid in equal six-monthly instalments of R250 million ($24.2 million), with the R750 million ($72.5 million) balance due for settlement on final maturity, being December 13, 2016. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayment of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24.2 | 250 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt final installment | ' | ' | ' | ' | ' | ' | ' | ' | ' | 72.5 | 750 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument maturity period | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13-Dec-16 | 13-Dec-16 | ' | 18-Aug-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30-Jun-13 | ' | 10-Mar-13 | ' | 19-Dec-16 |
Date of cancellation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13-Dec-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18-Feb-13 | ' | ' | ' | ' | 15-Feb-13 | ' | ' | ' | ' | ' | ' | ' |
Number of credit facilities borrowed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' |
Reclassification of short-term to long-term debt | ' | 259 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt refinance date | 'February 18, 2012 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term loans | $144.20 | $492.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule_of_Debt_Maturity_Deta
Schedule of Debt Maturity (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
within one year | $48.40 | ' |
later than one year and not later than two years | 48.4 | 492.5 |
later than two years and not later than three years | 95.7 | ' |
Total Debt maturity amount | $192.50 | $492.50 |
Reconciliation_of_Total_Liabil
Reconciliation of Total Liability for Environmental Rehabilitation (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Asset Retirement Obligation Disclosure [Abstract] | ' | ' | ' |
Opening balance | $158.60 | $140.80 | ' |
(Decrease)/increase in liabilities | -7.1 | 11.8 | ' |
Liabilities settled | -1.1 | ' | ' |
Accretion of liability | 14 | 14.3 | 13.8 |
Translation | -27.5 | -8.3 | ' |
Closing balance | $136.90 | $158.60 | $140.80 |
Funded_Status_and_Amounts_Reco
Funded Status and Amounts Recognized by Group for Post-retirement Healthcare Costs (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
Compensation And Retirement Disclosure [Abstract] | ' | ' | ' |
Actuarial present value | $1.60 | $2.10 | ' |
Plan assets at fair value | ' | ' | ' |
Accumulated benefit obligation in excess of plan assets | 1.6 | 2.1 | ' |
Prior service costs | ' | ' | ' |
Unrecognized net (gain)/loss | ' | ' | ' |
Provision for post-retirement healthcare costs | $1.60 | $2.10 | $2.10 |
Reconciliation_of_Benefit_Obli
Reconciliation of Benefit Obligation for Post-retirement Healthcare Cost (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Compensation And Retirement Disclosure [Abstract] | ' | ' | ' |
Opening balance | $2.10 | $2.10 | ' |
Service and interest costs | 0.1 | 0.3 | 0.1 |
Contributions paid | -0.3 | -0.1 | ' |
Translation | -0.3 | -0.2 | ' |
Closing balance | $1.60 | $2.10 | $2.10 |
Valuation_Assumptions_Detail
Valuation Assumptions (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Compensation And Retirement Disclosure [Abstract] | ' | ' | ' |
Healthcare cost inflation rate | 7.50% | 7.50% | 8.00% |
Discount rate | 8.00% | 8.00% | 8.75% |
Net_Periodic_Benefit_Cost_Deta
Net Periodic Benefit Cost (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Compensation And Retirement Disclosure [Abstract] | ' | ' | ' |
Service and interest costs | $0.10 | $0.30 | $0.10 |
Net periodic benefit cost | $0.10 | $0.30 | $0.10 |
Recovered_Sheet4
Provision for Post-retirement Healthcare Costs - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Compensation And Retirement Disclosure [Abstract] | ' |
Assumed healthcare cost trend rates | 1.00% |
Effect_of_Assumed_Healthcare_T
Effect of Assumed Healthcare Trend Rates on Amount Reported for Healthcare Plans (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Compensation And Retirement Disclosure [Abstract] | ' | ' | ' |
Amount a one percentage point increase in assumed healthcare costs trend rates would have increased the aggregate of service and interest cost | $0.01 | $0.03 | $0.03 |
Amount a one percentage point increase in assumed healthcare costs trend rates would have increased the accumulated post-retirement healthcare costs | 0.2 | 0.2 | 0.2 |
Amount a one percentage point decrease in assumed healthcare cost trend rates would have decreased the aggregate of service and interest cost | -0.01 | -0.01 | -0.01 |
Amount a one percentage point decrease in assumed healthcare cost trend rates would have decrease the accumulated post-retirement healthcare costs | ($0.10) | ($0.20) | ($0.20) |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Detail) | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2010 | Dec. 31, 2013 | Jun. 30, 2008 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
USD ($) | USD ($) | USD ($) | Sibanye Gold Limited Phantom Share Scheme [Member] | Gold Fields Limited 2005 Share Plan [Member] | Gold Fields Limited 2005 Share Plan [Member] | 2005 Stock Incentive Plan [Member] | 2005 Stock Incentive Plan [Member] | 2005 Stock Incentive Plan [Member] | 2005 Stock Incentive Plan [Member] | 2005 Stock Incentive Plan [Member] | 2005 Stock Incentive Plan [Member] | 2005 Stock Incentive Plan [Member] | 2005 Stock Incentive Plan [Member] | 2005 Stock Incentive Plan [Member] | 2005 Stock Incentive Plan [Member] | 2005 Stock Incentive Plan [Member] | 2005 Stock Incentive Plan [Member] | 2005 Stock Incentive Plan [Member] | 2005 Stock Incentive Plan [Member] | 2005 Stock Incentive Plan [Member] | 2005 Stock Incentive Plan [Member] | Sibanye Gold Limited 2013 Share Plan [Member] | Sibanye Gold Limited 2013 Share Plan [Member] | Sibanye Gold Limited 2013 Share Plan [Member] | Sibanye Gold Limited 2013 Share Plan [Member] | Gold Fields Limited 2012 Share Plan [Member] | Gold Fields Limited 2012 Share Plan [Member] | Gold Fields Limited 2012 Share Plan [Member] | Gold Fields Limited 2012 Share Plan [Member] | |
USD ($) | Performance Shares [Member] | SARS [Member] | USD ($) | ZAR | USD ($) | ZAR | USD ($) | ZAR | USD ($) | ZAR | Restricted Stock [Member] | Restricted Stock [Member] | SARS [Member] | SARS [Member] | SARS [Member] | SARS [Member] | SARS [Member] | SARS [Member] | USD ($) | Performance Shares [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Restricted Stock [Member] | ||||
USD ($) | USD ($) | USD ($) | ZAR | USD ($) | ZAR | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of providing retirement benefits for defined contribution plans | $57.10 | $62.80 | $65.80 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Performance criteria percentage of expected gold production | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | ' | ' | ' | ' | ' | ' |
Target performance criteria | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The target performance criterion is set at 85% of Sibanye's expected gold production over the three-year measurement period as set out in the business plans of Sibanye as approved by the Board | ' | ' | ' | ' | ' | ' |
Performance criteria cumulative period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | '3 years | ' | ' | ' |
Share based compensation arrangements performance shares minimum target | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' |
Share based compensation arrangements performance shares maximum target | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200.00% | ' | ' | 200.00% | ' | ' | ' |
Share vesting period | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | '9 months | '18 months | ' | '9 months | '18 months | '3 years |
Compensation cost not yet recognized | ' | ' | ' | 19 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17.8 | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation cost awards period for recognition | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' |
Stock option, authorized shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 70,619,126 | ' | ' | ' | ' | ' | ' | ' |
Percentage of stock options authorized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' |
Stock option, authorized shares per employee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,061,913 | ' | ' | ' | ' | ' | ' | ' |
Percentage of stock options authorized per employee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' |
Unexercised options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29,219,158 | ' | ' | ' | ' | ' | ' | ' |
Unexercised options as a percent of total shares issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | ' | ' | ' | ' | ' | ' | ' |
Percentage of employee stock purchase plan eligibility criteria | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | ' | ' | ' |
Incremental fair value resulting from modification amounts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $7.80 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expiration period from grant date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 years | ' | ' | ' | ' | ' | ' | ' | ' |
Options outstanding, average exercise price | ' | ' | ' | ' | ' | ' | ' | ' | $12.46 | 106.82 | $13.26 | 107.79 | $15.70 | 105.97 | ' | ' | ' | $12.47 | 106.83 | $13.26 | 107.79 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
StockBased_Compensation_Charge
Stock-Based Compensation Charge (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' | ' |
Stock-based compensation | $31.90 | $32.20 | $33 |
Options_Granted_under_SGL_Shar
Options Granted under SGL Share Plan (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Performance Shares [Member] | Gold Fields Limited Share Plans [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Granted during the period | 28,568,317 |
Performance Shares [Member] | Sibanye Gold Limited 2013 Share Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Granted during the period | 4,118,870 |
Exercised and released | -1,523,111 |
Forfeited | -3,080,373 |
Shares outstanding | 28,083,703 |
Bonus Share [Member] | Gold Fields Limited Share Plans [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Granted during the period | 702,915 |
Bonus Share [Member] | Sibanye Gold Limited 2013 Share Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Granted during the period | 1,135,455 |
Exercised and released | -638,086 |
Forfeited | -64,829 |
Shares outstanding | 1,135,455 |
Inputs_to_Model_for_Awards_Gra
Inputs to Model for Awards Granted During Period (Detail) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2010 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | ||||
2005 Stock Incentive Plan [Member] | 2005 Stock Incentive Plan [Member] | 2005 Stock Incentive Plan [Member] | 2005 Stock Incentive Plan [Member] | 2005 Stock Incentive Plan [Member] | 2005 Stock Incentive Plan [Member] | 2005 Stock Incentive Plan [Member] | 2005 Stock Incentive Plan [Member] | 2005 Stock Incentive Plan [Member] | 2005 Stock Incentive Plan [Member] | 2005 Stock Incentive Plan [Member] | 2005 Stock Incentive Plan [Member] | 2005 Stock Incentive Plan [Member] | 2005 Stock Incentive Plan [Member] | 2005 Stock Incentive Plan [Member] | Gold Fields Limited 2012 Share Plan [Member] | Gold Fields Limited 2012 Share Plan [Member] | Gold Fields Limited 2012 Share Plan [Member] | Gold Fields Limited 2012 Share Plan [Member] | Gold Fields Limited 2012 Share Plan [Member] | Gold Fields Limited 2012 Share Plan [Member] | Sibanye Gold Limited 2013 Share Plan [Member] | Sibanye Gold Limited 2013 Share Plan [Member] | Sibanye Gold Limited 2013 Share Plan [Member] | Sibanye Gold Limited 2013 Share Plan [Member] | Sibanye Gold Limited 2013 Share Plan [Member] | Sibanye Gold Limited 2013 Share Plan [Member] | |||||
USD ($) | ZAR | USD ($) | ZAR | USD ($) | ZAR | USD ($) | ZAR | SARS [Member] | SARS [Member] | SARS [Member] | SARS [Member] | SARS [Member] | PVRS [Member] | United States [Member] | Performance Shares [Member] | Bonus Share [Member] | Minimum [Member] | Maximum [Member] | United States [Member] | South Africa [Member] | Performance Shares [Member] | Bonus Share [Member] | Minimum [Member] | Maximum [Member] | South Africa [Member] | South Africa [Member] | |||||
USD ($) | ZAR | USD ($) | ZAR | Black Scholes Model Valuation Technique [Member] | Based On Monte Carlo Simulation [Member] | PVRS [Member] | Based On Monte Carlo Simulation [Member] | Based On Monte Carlo Simulation [Member] | Bonus Share [Member] | Bonus Share [Member] | Performance Shares [Member] | Bonus Share [Member] | Based On Monte Carlo Simulation [Member] | Based On Monte Carlo Simulation [Member] | Bonus Share [Member] | Bonus Share [Member] | Performance Shares [Member] | Bonus Share [Member] | |||||||||||||
ZAR | ZAR | Based On Monte Carlo Simulation [Member] | ZAR | ZAR | Based On Monte Carlo Simulation [Member] | Based On Monte Carlo Simulation [Member] | Based On Monte Carlo Simulation [Member] | Based On Monte Carlo Simulation [Member] | ZAR | ZAR | Based On Monte Carlo Simulation [Member] | Based On Monte Carlo Simulation [Member] | Based On Monte Carlo Simulation [Member] | Based On Monte Carlo Simulation [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Weighted average exercise price-Rand | ' | ' | $12.46 | 106.82 | $13.26 | 107.79 | $15.70 | 105.97 | $12.47 | 106.83 | $13.26 | 107.79 | 119.17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Weighted average expected volatility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 46.40% | [1] | 64.10% | [1] | ' | 36.50% | [1] | 29.40% | [1] | ' | ' | ' | ' | 64.60% | 64.60% | ' | ' | ' | ' |
Expected term (months) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years 10 months 24 days | '3 years | ' | '3 years | ' | '9 months | '18 months | ' | ' | '3 years | ' | '9 months | '18 months | ' | ' | ||||
Expected dividend yield | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.70% | 1.70% | ' | 1.60% | 2.70% | ' | ' | ' | ' | 2.50% | 2.50% | ' | ' | ' | ' | ||||
Weighted average risk free interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.90% | ' | 0.20% | ' | ' | ' | ' | 0.70% | 5.50% | ' | ' | ' | ' | 6.00% | 6.00% | ||||
Weighted average fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51.66 | 206.27 | ' | 162.41 | 115.74 | ' | ' | ' | ' | 12.55 | 8.34 | ' | ' | ' | ' | ||||
[1] | Based on a statistical analysis of the historical share price on a weighted moving average basis for the expected term of the option |
Options_Granted_under_SGL_Phan
Options Granted under SGL Phantom Scheme (Detail) (Sibanye Gold Limited Phantom Share Scheme [Member]) | 12 Months Ended |
Dec. 31, 2013 | |
Performance Shares [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Granted during the period | 17,539,440 |
Exercised and released | -55,393 |
Forfeited | -1,054,281 |
Shares outstanding | 16,429,766 |
Bonus Share [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Granted during the period | 7,002,146 |
Exercised and released | -68,007 |
Forfeited | -404,735 |
Shares outstanding | 6,529,404 |
Summary_of_Reconciliation_of_S
Summary of Reconciliation of Stock-Based Compensation (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' |
Stock-based compensation expensed | $9.60 |
Fair value of the obligation | 3.4 |
Payments made | -0.4 |
Translation adjustment | -0.8 |
Total stock-based compensation obligation | 11.8 |
Current portion of stock-based compensation obligation | -4.4 |
Stock-based compensation obligation | $7.40 |
Summary_of_Instruments_Allocat
Summary of Instruments Allocated to Gfi Mining South Africa (Detail) (GFI Mining South Africa Pty Limited [Member], Gold Fields Limited 2012 Share Plan [Member]) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Performance Shares [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Granted during the period | 312,546 | 1,638,684 |
Exercised and released | -496,303 | ' |
Transfers to the Gold Fields group | -77,386 | ' |
Forfeited | ' | -73,889 |
Converted to Sibanye options | -1,276,240 | ' |
Transfers to the Gold Fields group | ' | -27,412 |
Ending Balance | ' | 1,537,383 |
Bonus Share [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Granted during the period | ' | 489,748 |
Exercised and released | -137,265 | -216,715 |
Transfers to the Gold Fields group | -31,337 | ' |
Forfeited | ' | -16,582 |
Converted to Sibanye options | -87,849 | ' |
Ending Balance | ' | 256,451 |
Details_of_Performance_Vesting
Details of Performance Vesting Restricted Shares and Share Appreciation Right Granted Under Share Plan (Detail) (2005 Stock Incentive Plan [Member]) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | |
USD ($) | ZAR | USD ($) | ZAR | USD ($) | ZAR | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | SARS [Member] | SARS [Member] | SARS [Member] | SARS [Member] | SARS [Member] | SARS [Member] | |
USD ($) | ZAR | USD ($) | ZAR | USD ($) | ZAR | ||||||||||
Number of options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance | ' | ' | ' | ' | ' | ' | 2,230,586 | 3,290,075 | 4,287,862 | 921,506 | 921,506 | 1,211,778 | 1,211,778 | 3,968,584 | 3,968,584 |
Granted during the period | ' | ' | ' | ' | ' | ' | 466,253 | ' | 1,324,161 | 171,643 | 171,643 | ' | ' | 455,542 | 455,542 |
Exercised and released | ' | ' | ' | ' | ' | ' | -2,153,455 | -829,266 | -1,321,403 | -484,908 | -484,908 | -70,119 | -70,119 | -540,135 | -540,135 |
Forfeited | ' | ' | ' | ' | ' | ' | ' | -213,581 | -333,574 | ' | ' | -131,068 | -131,068 | -213,455 | -213,455 |
Transfers to the Gold Fields group | ' | ' | ' | ' | ' | ' | -2,605 | -16,642 | -666,971 | -4,077 | -4,077 | -89,085 | -89,085 | -2,458,758 | -2,458,758 |
Converted to Sibanye options | ' | ' | ' | ' | ' | ' | -540,779 | ' | ' | -604,164 | -604,164 | ' | ' | ' | ' |
Ending Balance | ' | ' | ' | ' | ' | ' | ' | 2,230,586 | 3,290,075 | ' | ' | 921,506 | 921,506 | 1,211,778 | 1,211,778 |
Average price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average price, at beginning of year | $12.46 | 106.82 | $13.26 | 107.79 | $15.70 | 105.97 | ' | ' | ' | $12.47 | 106.83 | $13.26 | 107.79 | ' | ' |
Granted during the period | $11.13 | 106.82 | ' | ' | $16.51 | 119.17 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercised and released | $11.13 | 106.82 | $12.94 | 105.98 | $15.38 | 111.06 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forfeited | ' | ' | $14.24 | 116.62 | $15.33 | 110.69 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transfers to the Gold Fields group | $11.13 | 106.82 | $12.97 | 106.21 | $14.67 | 105.93 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Converted to Sibanye options | $11.13 | 106.82 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average price, at end of year | ' | ' | $12.46 | 106.82 | $13.26 | 107.79 | ' | ' | ' | ' | ' | $12.47 | 106.83 | $13.26 | 107.79 |
Summarized_Information_Relatin
Summarized Information Relating to Options Outstanding (Detail) (2005 Stock Incentive Plan [Member]) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2010 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2010 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2012 |
USD ($) | ZAR | USD ($) | ZAR | USD ($) | ZAR | USD ($) | ZAR | SARS [Member] | SARS [Member] | SARS [Member] | SARS [Member] | SARS [Member] | SARS [Member] | SARS [Member] | SARS [Member] | SARS [Member] | SARS [Member] | SARS [Member] | SARS [Member] | SARS [Member] | SARS [Member] | SARS [Member] | SARS [Member] | |
USD ($) | ZAR | USD ($) | ZAR | Range One [Member] | Range One [Member] | Range One [Member] | Range One [Member] | Range Two [Member] | Range Two [Member] | Range Two [Member] | Range Two [Member] | Range Three [Member] | Range Three [Member] | |||||||||||
USD ($) | ZAR | USD ($) | ZAR | USD ($) | ZAR | USD ($) | ZAR | USD ($) | ZAR | |||||||||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding options, price range, lower limit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $9.92 | 85 | $10.46 | 85 | $12.84 | 110 | $13.53 | 110 | $15.76 | 135 |
Outstanding options, price range, upper limit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $12.83 | 109.99 | $13.52 | 109.99 | $15.75 | 134.99 | $16.60 | 134.99 | $18.67 | 159.99 |
Outstanding options, number of options | ' | ' | ' | ' | ' | ' | ' | ' | 921,506 | 921,506 | 1,211,778 | 1,211,778 | ' | 3,968,584 | 544,466 | 544,466 | 712,244 | 712,244 | 371,110 | 371,110 | 499,554 | 499,554 | 5,930 | 5,930 |
Outstanding options, weighted average exercise price | ' | ' | $12.46 | 106.82 | $13.26 | 107.79 | $15.70 | 105.97 | $12.47 | 106.83 | $13.26 | 107.79 | ' | ' | $11.45 | 98.12 | $12.22 | 99.36 | $13.90 | 119.13 | $14.74 | 119.82 | $15.90 | 136.29 |
Outstanding options, contractual life | ' | ' | ' | ' | ' | ' | ' | ' | '3 years 3 months 18 days | '3 years 3 months 18 days | '3 years 11 months 27 days | '3 years 11 months 27 days | ' | ' | '2 years 8 months 16 days | '2 years 8 months 16 days | '3 years 7 months 13 days | '3 years 7 months 13 days | '4 years 1 month 17 days | '4 years 1 month 17 days | '4 years 6 months 4 days | '4 years 6 months 4 days | '5 years 4 days | '5 years 4 days |
Estimated_Fair_Values_of_Finan
Estimated Fair Values of Financial Instruments (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
In Millions, unless otherwise specified | |||||
Financial assets | ' | ' | ' | ' | |
Cash and cash equivalents | $104.70 | $34 | $44.60 | $153.50 | |
Restricted cash | 39.6 | [1] | ' | ' | ' |
Receivables | 94.3 | 65.2 | ' | ' | |
Current portion of financial guarantee receivable | 5 | ' | ' | ' | |
Related party receivables | ' | 64 | ' | ' | |
Non-current investments | 177.5 | 178.2 | ' | ' | |
Financial guarantee receivable | 28.1 | ' | ' | ' | |
Financial liabilities | ' | ' | ' | ' | |
Accounts payable and provisions | 201.5 | 206.4 | ' | ' | |
Related party payables | ' | 2,000.70 | ' | ' | |
Financial guarantee liability | 28.3 | ' | ' | ' | |
Short-term and current portion of long-term loans | 48.3 | ' | ' | ' | |
Long-term loans | 144.2 | 492.5 | ' | ' | |
Carrying Value [Member] | ' | ' | ' | ' | |
Financial assets | ' | ' | ' | ' | |
Cash and cash equivalents | 104.7 | 34 | ' | ' | |
Restricted cash | 39.6 | ' | ' | ' | |
Receivables | 63.9 | 42.5 | ' | ' | |
Current portion of financial guarantee receivable | 5 | ' | ' | ' | |
Related party receivables | ' | 64 | ' | ' | |
Non-current investments | 153.7 | 155.5 | ' | ' | |
Financial guarantee receivable | 23.1 | ' | ' | ' | |
Financial liabilities | ' | ' | ' | ' | |
Accounts payable and provisions | 162.7 | 159.7 | ' | ' | |
Related party payables | ' | 2,000.70 | ' | ' | |
Financial guarantee liability | 28.3 | ' | ' | ' | |
Short-term and current portion of long-term loans | 48.3 | ' | ' | ' | |
Long-term loans | 144.2 | 492.5 | ' | ' | |
Fair Value [Member] | ' | ' | ' | ' | |
Financial assets | ' | ' | ' | ' | |
Cash and cash equivalents | 104.7 | 34 | ' | ' | |
Restricted cash | 39.6 | ' | ' | ' | |
Receivables | 63.9 | 42.5 | ' | ' | |
Current portion of financial guarantee receivable | 5 | ' | ' | ' | |
Related party receivables | ' | 64 | ' | ' | |
Non-current investments | 153.7 | 155.5 | ' | ' | |
Financial guarantee receivable | 23.1 | ' | ' | ' | |
Financial liabilities | ' | ' | ' | ' | |
Accounts payable and provisions | 162.7 | 159.7 | ' | ' | |
Related party payables | ' | 2,000.70 | ' | ' | |
Financial guarantee liability | 28.3 | ' | ' | ' | |
Short-term and current portion of long-term loans | 48.3 | ' | ' | ' | |
Long-term loans | $144.20 | $492.50 | ' | ' | |
[1] | At December 31, 2013 $39.6 million was in an escrow account, being the consideration for the Witwatersrand Consolidated Gold Resources Limited acquisition. Refer to note 23 for further details relating to the transaction. |
Financial_Assets_and_Liabiliti
Financial Assets and Liabilities Measured at Fair Value by Level (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Environmental rehabilitation obligation funds | $153.60 | [1] | $155.30 | [1] |
Unlisted investments | 0.1 | 0.2 | ||
Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Environmental rehabilitation obligation funds | 153.6 | 125.3 | ||
Unlisted investments | ' | ' | ||
Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Environmental rehabilitation obligation funds | ' | 30 | ||
Unlisted investments | ' | ' | ||
Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Environmental rehabilitation obligation funds | ' | ' | ||
Unlisted investments | $0.10 | $0.20 | ||
[1] | Environmental rehabilitation obligation funds are irrevocable funds under the Group's control. The monies in the funds are invested primarily in interest bearing short-term (money market), government and other corporate bond investments and the costs of these investments approximate their fair value. The dedicated environmental rehabilitation obligation funds provide for the estimated cost of rehabilitation during and at the end of the life of the relevant mine. Although the funds are under the Group's control, it is not available for the general purposes of the Group. All income from this asset is reinvested or spent to meet these obligations. These obligations are described in note 13. In addition, bank guarantees are provided for funding shortfalls of the environmental rehabilitation obligations. December 31, 2013 December 31, 2012 Funds 146.5 149.6 Guarantees 7.1 5.7 153.6 155.3 |
Recovered_Sheet5
Derivative Financial Instruments and Fair Value and Credit Risk of Financial Instruments - Additional Information (Detail) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Contract | Contract | |||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Environmental Trust Funds | $153.60 | [1] | $155.30 | [1] |
Change in fair value of unlisted investments | 0 | ' | ||
Number of outstanding derivative contracts | 0 | 0 | ||
Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Environmental Trust Funds | 153.6 | 125.3 | ||
Fair Value, Inputs, Level 1 [Member] | Quoted Interest Bearing Short Term Investments [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Environmental Trust Funds | 153.6 | 125.3 | ||
Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Environmental Trust Funds | ' | 30 | ||
Fair Value, Inputs, Level 2 [Member] | Other Than Quoted Interest Bearing Short Term Investments [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Environmental Trust Funds | ' | $30 | ||
[1] | Environmental rehabilitation obligation funds are irrevocable funds under the Group's control. The monies in the funds are invested primarily in interest bearing short-term (money market), government and other corporate bond investments and the costs of these investments approximate their fair value. The dedicated environmental rehabilitation obligation funds provide for the estimated cost of rehabilitation during and at the end of the life of the relevant mine. Although the funds are under the Group's control, it is not available for the general purposes of the Group. All income from this asset is reinvested or spent to meet these obligations. These obligations are described in note 13. In addition, bank guarantees are provided for funding shortfalls of the environmental rehabilitation obligations. December 31, 2013 December 31, 2012 Funds 146.5 149.6 Guarantees 7.1 5.7 153.6 155.3 |
Interest_Paid_Included_in_Net_
Interest Paid Included in Net Cash Provided by Operating Activities (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Supplemental Cash Flow Elements [Abstract] | ' | ' | ' |
Interest paid | $34 | $14.50 | $2 |
Royalties paid | 25.9 | 50.5 | 23.8 |
Income and mining taxes paid | $31.80 | $119.70 | $43.60 |
Commitments_Detail
Commitments (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Long-term Purchase Commitment [Line Items] | ' | ' |
Commitments | $406.70 | $506.60 |
Other guarantees | 0.4 | 0.5 |
Capital Expenditure Authorized [Member] | ' | ' |
Long-term Purchase Commitment [Line Items] | ' | ' |
Commitments | 27.7 | 59.7 |
Capital Expenditure Authorized [Member] | South Africa [Member] | Kloof Division [Member] | ' | ' |
Long-term Purchase Commitment [Line Items] | ' | ' |
Commitments | 178.7 | 229.5 |
Capital Expenditure Authorized [Member] | South Africa [Member] | Driefontein Division [Member] | ' | ' |
Long-term Purchase Commitment [Line Items] | ' | ' |
Commitments | 134.1 | 171.5 |
Capital Expenditure Authorized [Member] | South Africa [Member] | Beatrix Division [Member] | ' | ' |
Long-term Purchase Commitment [Line Items] | ' | ' |
Commitments | 93.3 | 104.8 |
Capital Expenditure Authorized [Member] | Other Countries [Member] | ' | ' |
Long-term Purchase Commitment [Line Items] | ' | ' |
Commitments | $0.60 | $0.80 |
Line_of_Credit_Detail
Line of Credit (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Line Of Credit Facility [Abstract] | ' | ' |
Unused lines of credit available | $241.80 | $788.30 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Related Party Transaction [Line Items] | ' | ' | ' |
Estimated transition period | 30-Nov-13 | ' | ' |
Rand Refinery Limited [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Ownership percentage | 33.10% | 33.10% | ' |
Dividends received | $0 | $0 | $0 |
Transactions_and_Balances_Betw
Transactions and Balances Between Group and its Related Parties (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Gold Fields Group Companies [Member] | Administration Services [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Income from services rendered | $3.50 | $8.50 | $9.10 |
Gold Fields Group Companies [Member] | Security Services [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Income from services rendered | 3.6 | 3.5 | 3.5 |
Gold Fields Group Companies [Member] | Training Services [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Income from services rendered | 1.7 | 1.8 | 1.6 |
Gold Fields Group Companies [Member] | Medical Services [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Income from services rendered | 2 | 2 | 2.1 |
GFGS [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Expenditure | 1.3 | 8.1 | 6.8 |
Accounts receivable | ' | 15.7 | ' |
Accounts payable | ' | 4.4 | ' |
Rand Refinery Limited [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Expenditure | 1.3 | 1.6 | 1.7 |
South Deep Mine [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Accounts receivable | ' | 33.9 | ' |
Gold Fields Ghana [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Accounts receivable | ' | 6.9 | ' |
Other Gold Fields Group Companies [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Accounts receivable | ' | 7.4 | ' |
GFLMS [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Loans payable | ' | $1,996.30 | ' |
Segment_Results_and_Assets_Det
Segment Results and Assets (Detail) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Statement of operations | ' | ' | ' | |||
Revenue | $2,013.70 | [1] | $2,021.20 | [1] | $2,301 | [1] |
Operating costs | -1,284.90 | [1] | -1,324.60 | [1] | -1,380 | [1] |
Operating profit/(loss) | 728.8 | [1] | 696.6 | [1] | 921 | [1] |
Amortization and depreciation | -344.6 | [1] | -304.1 | [1] | -323.9 | [1] |
Net operating profit/(loss) | 384.2 | [1] | 392.5 | [1] | 597.1 | [1] |
Investment income | 16.7 | [1] | 12.9 | [1] | 13.6 | [1] |
Finance expense | -34 | [1] | -14.5 | [1] | -2 | [1] |
Other items as detailed in statement of operations | -62.6 | [1] | -73.2 | [1] | -65.2 | [1] |
Royalties | -43.2 | [1] | -34.4 | [1] | -40.1 | [1] |
Current taxation | -84.4 | [1] | -57.9 | [1] | -91.9 | [1] |
Deferred taxation | 44.4 | [1] | 125.4 | [1] | -75.6 | [1] |
Profit/(loss) after taxation | 221.1 | [1] | 350.9 | [1] | 335.9 | [1] |
Balance sheet | ' | ' | ' | |||
Total assets (excluding deferred tax assets) | 2,129.50 | [1] | 2,449.30 | [1] | ' | |
Total liabilities (excluding deferred tax liabilities) | 646.8 | [1] | 2,871.60 | [1] | ' | |
Net deferred tax liability | 408.9 | [1] | 542.9 | [1] | ' | |
Total equity | 1,073.80 | [1] | -965.2 | [1] | ' | |
Sustaining capital expenditure | 106.1 | [1] | 119.5 | [1] | ' | |
Ore reserve development | 196.1 | [1] | 259.8 | [1] | ' | |
Capital expenditure | 302.2 | [1] | 379.3 | [1] | ' | |
Operating Segments [Member] | Driefontein Division [Member] | ' | ' | ' | |||
Statement of operations | ' | ' | ' | |||
Revenue | 850.3 | 726.1 | 905.7 | |||
Operating costs | -508.4 | -525.3 | -539.9 | |||
Operating profit/(loss) | 341.9 | 200.8 | 365.8 | |||
Amortization and depreciation | -151.9 | -120.5 | -117.7 | |||
Net operating profit/(loss) | 190 | 80.3 | 248.1 | |||
Investment income | 5.7 | 4.7 | 4.8 | |||
Finance expense | -20.1 | -7.8 | -6.2 | |||
Other items as detailed in statement of operations | -29.9 | -25.7 | -39.2 | |||
Royalties | -20.7 | -8.1 | -18.2 | |||
Current taxation | -44.6 | -2.8 | -46.6 | |||
Deferred taxation | 18.2 | 46.1 | -15.7 | |||
Profit/(loss) after taxation | 98.5 | [1] | 86.9 | [1] | 127 | [1] |
Balance sheet | ' | ' | ' | |||
Total assets (excluding deferred tax assets) | 962.8 | 1,133.90 | ' | |||
Total liabilities (excluding deferred tax liabilities) | 274.1 | 398.4 | ' | |||
Net deferred tax liability | 141 | 190.5 | ' | |||
Total equity | 547.7 | 545 | ' | |||
Sustaining capital expenditure | 33.4 | 29.5 | ' | |||
Ore reserve development | 73.2 | 103.7 | ' | |||
Capital expenditure | 106.6 | 133.2 | ' | |||
Operating Segments [Member] | Kloof Division [Member] | ' | ' | ' | |||
Statement of operations | ' | ' | ' | |||
Revenue | 724.4 | 817.3 | 839.9 | |||
Operating costs | -427.2 | -476.1 | -485.5 | |||
Operating profit/(loss) | 297.2 | 341.2 | 354.4 | |||
Amortization and depreciation | -114.2 | -88.7 | -112.7 | |||
Net operating profit/(loss) | 183 | 252.5 | 241.7 | |||
Investment income | 4.9 | 4.5 | 4.7 | |||
Finance expense | -15.8 | -9.5 | -4.7 | |||
Other items as detailed in statement of operations | -25.3 | -20.4 | -22.3 | |||
Royalties | -15.3 | -17.7 | -17.3 | |||
Current taxation | -28.5 | -37.4 | -41.9 | |||
Deferred taxation | 1.9 | 25.3 | -24 | |||
Profit/(loss) after taxation | 104.9 | [1] | 197.3 | [1] | 136.2 | [1] |
Balance sheet | ' | ' | ' | |||
Total assets (excluding deferred tax assets) | 860.6 | 992.4 | ' | |||
Total liabilities (excluding deferred tax liabilities) | 223.2 | 342.4 | ' | |||
Net deferred tax liability | 154.7 | 188.7 | ' | |||
Total equity | 482.7 | 461.3 | ' | |||
Sustaining capital expenditure | 47.9 | 61.6 | ' | |||
Ore reserve development | 87.9 | 101.4 | ' | |||
Capital expenditure | 135.8 | 163 | ' | |||
Operating Segments [Member] | Beatrix Division [Member] | ' | ' | ' | |||
Statement of operations | ' | ' | ' | |||
Revenue | 439 | 477.8 | 555.4 | |||
Operating costs | -311.6 | -320.2 | -331.6 | |||
Operating profit/(loss) | 127.4 | 157.6 | 223.8 | |||
Amortization and depreciation | -55 | -77.1 | -71.2 | |||
Net operating profit/(loss) | 72.4 | 80.5 | 152.6 | |||
Investment income | 2.9 | 2.4 | 2.5 | |||
Finance expense | -7.6 | -3.6 | -2.9 | |||
Other items as detailed in statement of operations | -102.4 | -9.9 | -12.8 | |||
Royalties | -7.2 | -8.6 | -4.6 | |||
Current taxation | -10.1 | -14.8 | -0.3 | |||
Deferred taxation | 35 | 29.1 | -43.4 | |||
Profit/(loss) after taxation | -17 | [1] | 74.9 | [1] | 91.1 | [1] |
Balance sheet | ' | ' | ' | |||
Total assets (excluding deferred tax assets) | 345.4 | 313.1 | ' | |||
Total liabilities (excluding deferred tax liabilities) | 109.1 | -26.8 | ' | |||
Net deferred tax liability | 58.9 | 110.3 | ' | |||
Total equity | 177.4 | 229.6 | ' | |||
Sustaining capital expenditure | 20.9 | 25.7 | ' | |||
Ore reserve development | 35 | 54.7 | ' | |||
Capital expenditure | 55.9 | 80.4 | ' | |||
Operating Segments [Member] | Corporate and Other [Member] | ' | ' | ' | |||
Statement of operations | ' | ' | ' | |||
Amortization and depreciation | -2.2 | [2] | -2.3 | [2] | -2.2 | [2] |
Net operating profit/(loss) | -2.2 | [2] | -2.3 | [2] | -2.2 | [2] |
Investment income | 3.2 | [2] | 1.3 | [2] | 1.6 | [2] |
Finance expense | -0.3 | [2] | -0.7 | [2] | ' | |
Other items as detailed in statement of operations | -17.1 | [2] | -4.1 | [2] | -0.3 | [2] |
Current taxation | -1.2 | [2] | -3 | [2] | -3.1 | [2] |
Deferred taxation | 2.7 | [2] | 2 | [2] | -0.2 | [2] |
Profit/(loss) after taxation | -14.9 | [1],[2] | -6.9 | [1],[2] | -4.2 | [1],[2] |
Balance sheet | ' | ' | ' | |||
Total assets (excluding deferred tax assets) | -238.4 | [2] | -143.5 | [2] | ' | |
Total liabilities (excluding deferred tax liabilities) | 54.8 | [2] | 2,224.90 | [2] | ' | |
Net deferred tax liability | 3.2 | [2] | -3.8 | [2] | ' | |
Total equity | -296.4 | [2] | -2,364.60 | [2] | ' | |
Sustaining capital expenditure | 3.9 | [2] | 2.7 | [2] | ' | |
Capital expenditure | 3.9 | [2] | 2.7 | [2] | ' | |
Group Consolidated- IFRS [Member] | ' | ' | ' | |||
Statement of operations | ' | ' | ' | |||
Revenue | 2,013.70 | [1] | 2,021.20 | [1] | 2,301 | [1] |
Operating costs | -1,247.20 | [1] | -1,321.60 | [1] | -1,357 | [1] |
Operating profit/(loss) | 766.5 | [1] | 699.6 | [1] | 944 | [1] |
Amortization and depreciation | -323.3 | [1] | -288.5 | [1] | -303.8 | [1] |
Net operating profit/(loss) | 443.2 | [1] | 411.1 | [1] | 640.2 | [1] |
Investment income | 16.7 | [1] | 12.9 | [1] | 13.6 | [1] |
Finance expense | -43.8 | [1] | -21.6 | [1] | -13.8 | [1] |
Other items as detailed in statement of operations | -174.7 | [1] | -60.1 | [1] | -74.6 | [1] |
Royalties | -43.2 | [1] | -34.4 | [1] | -40.1 | [1] |
Current taxation | -84.4 | [1] | -57.9 | [1] | -91.9 | [1] |
Deferred taxation | 57.7 | [1] | 102.5 | [1] | -83.3 | [1] |
Profit/(loss) after taxation | 171.5 | [1] | 352.5 | [1] | 350.1 | [1] |
Balance sheet | ' | ' | ' | |||
Total assets (excluding deferred tax assets) | 1,930.40 | 2,295.90 | ' | |||
Total liabilities (excluding deferred tax liabilities) | 661.2 | 2,938.90 | ' | |||
Net deferred tax liability | 357.8 | 485.7 | ' | |||
Total equity | 911.4 | -1,128.70 | ' | |||
Sustaining capital expenditure | 106.1 | 119.5 | ' | |||
Ore reserve development | 196.1 | 259.8 | ' | |||
Capital expenditure | 302.2 | 379.3 | ' | |||
Reclassifications [Member] | ' | ' | ' | |||
Statement of operations | ' | ' | ' | |||
Revenue | ' | ' | ' | |||
Operating costs | -37.7 | -3 | -23 | |||
Operating profit/(loss) | -37.7 | -3 | -23 | |||
Amortization and depreciation | ' | ' | ' | |||
Net operating profit/(loss) | -37.7 | -3 | -23 | |||
Investment income | ' | ' | ' | |||
Finance expense | 9.8 | 7.1 | 11.8 | |||
Other items as detailed in statement of operations | 27.9 | -4.1 | 11.2 | |||
Royalties | ' | ' | ' | |||
Current taxation | ' | ' | ' | |||
Deferred taxation | ' | ' | ' | |||
Profit/(loss) after taxation | ' | [1] | ' | ' | ||
Reclassified Group Consolidated - IFRS [Member] | ' | ' | ' | |||
Statement of operations | ' | ' | ' | |||
Revenue | 2,013.70 | [1] | 2,021.20 | [1] | 2,301 | [1] |
Operating costs | -1,284.90 | [1] | -1,324.60 | [1] | -1,380 | [1] |
Operating profit/(loss) | 728.8 | [1] | 696.6 | [1] | 921 | [1] |
Amortization and depreciation | -323.3 | [1] | -288.5 | [1] | -303.8 | [1] |
Net operating profit/(loss) | 405.5 | [1] | 408.1 | [1] | 617.2 | [1] |
Investment income | 16.7 | [1] | 12.9 | [1] | 13.6 | [1] |
Finance expense | -34 | [1] | -14.5 | [1] | -2 | [1] |
Other items as detailed in statement of operations | -146.8 | [1] | -64.2 | [1] | -63.4 | [1] |
Royalties | -43.2 | [1] | -34.4 | [1] | -40.1 | [1] |
Current taxation | -84.4 | [1] | -57.9 | [1] | -91.9 | [1] |
Deferred taxation | 57.7 | [1] | 102.5 | [1] | -83.3 | [1] |
Profit/(loss) after taxation | 171.5 | [1] | 352.5 | [1] | 350.1 | [1] |
Reconciling Items [Member] | ' | ' | ' | |||
Statement of operations | ' | ' | ' | |||
Amortization and depreciation | -21.3 | -15.6 | -20.1 | |||
Net operating profit/(loss) | -21.3 | -15.6 | -20.1 | |||
Other items as detailed in statement of operations | 84.2 | -9 | -1.8 | |||
Deferred taxation | -13.3 | 22.9 | 7.7 | |||
Profit/(loss) after taxation | 49.6 | [1] | -1.7 | [1] | -14.2 | [1] |
Balance sheet | ' | ' | ' | |||
Total assets (excluding deferred tax assets) | 199.1 | 153.4 | ' | |||
Total liabilities (excluding deferred tax liabilities) | -14.4 | -67.3 | ' | |||
Net deferred tax liability | 51.1 | 57.2 | ' | |||
Total equity | $162.40 | $163.50 | ' | |||
[1] | Figures may not add as they are rounded independently. | |||||
[2] | Corporate and other represents items to reconcile segment data to consolidated financial statement totals. |
Schedule_of_Breakdown_of_Recon
Schedule of Breakdown of Reconciling Items (Detail) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Depreciation and amortization | ($344.60) | [1] | ($304.10) | [1] | ($323.90) | [1] |
Other items as detailed in the statement of operations | -62.6 | [1] | -73.2 | [1] | -65.2 | [1] |
Reconciling Items [Member] | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Depreciation and amortization | -21.3 | -15.6 | -20.1 | |||
Other items as detailed in the statement of operations | 84.2 | -9 | -1.8 | |||
Total assets excluding deferred income and mining taxes | 199.1 | 153.4 | ' | |||
Total liabilities excluding deferred income and mining taxes | -14.4 | -67.3 | ' | |||
Reconciling Items [Member] | Business Combination-Acquisition of Kloof During the Formation of Original Gold Fields [Member] | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Depreciation and amortization | -5.1 | [2] | -4 | [2] | -5.6 | [2] |
Total assets excluding deferred income and mining taxes | 49 | [2] | 64.9 | [2] | ' | |
Reconciling Items [Member] | Business Combination-Acquisition of Driefontein During the Formation of Gold Fields [Member] | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Depreciation and amortization | -11.5 | [3] | -13.6 | [3] | -15.3 | [3] |
Total assets excluding deferred income and mining taxes | 98.7 | [3] | 131.9 | [3] | ' | |
Reconciling Items [Member] | Provision for Rehabilitation [Member] | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Depreciation and amortization | 4.1 | [4] | 2 | [4] | 0.8 | [4] |
Total assets excluding deferred income and mining taxes | -19.2 | [4] | -42.7 | [4] | ' | |
Total liabilities excluding deferred income and mining taxes | -23.7 | [4] | -44.4 | [4] | ' | |
Reconciling Items [Member] | Other Items As Detailed In Statement Of Operations [Member] | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Accretion expense on provision for environmental rehabilitation, Provision for rehabilitation | -4.4 | [4] | -7.3 | [4] | -1.8 | [4] |
Reconciling Items [Member] | Interest Capitalization [Member] | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Total assets excluding deferred income and mining taxes | 2.2 | [5] | 2.7 | [5] | ' | |
Reconciling Items [Member] | Amortization - Capitalized Interest [Member] | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Total assets excluding deferred income and mining taxes | -0.2 | [5] | -0.2 | [5] | ' | |
Reconciling Items [Member] | Investments in Equity Method Investees [Member] | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Total assets excluding deferred income and mining taxes | -2.7 | [6] | -3.2 | [6] | ' | |
Reconciling Items [Member] | Consolidation of a Subsidiary [Member] | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Total assets excluding deferred income and mining taxes | 3.5 | [7] | ' | ' | ||
Total liabilities excluding deferred income and mining taxes | 1 | [7] | ' | ' | ||
Reconciling Items [Member] | Debt Guarantee [Member] | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Total liabilities excluding deferred income and mining taxes | 8.3 | [8] | -22.9 | [8] | ' | |
Reconciling Items [Member] | Beatrix West [Member] | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Depreciation and amortization | -8.8 | [9] | ' | ' | ||
Reconciling Items [Member] | Beatrix West [Member] | Other Items As Detailed In Statement Of Operations [Member] | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Impairment of property, plant and equipment | 89.7 | [9] | ' | ' | ||
Reconciling Items [Member] | Beatrix West [Member] | Impairment [Member] | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Total assets excluding deferred income and mining taxes | 76 | [9] | ' | ' | ||
Reconciling Items [Member] | Beatrix West [Member] | Depreciation [Member] | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Total assets excluding deferred income and mining taxes | ($8.20) | [9] | ' | ' | ||
[1] | Figures may not add as they are rounded independently. | |||||
[2] | Business combination-acquisition of Kloof during the formation of Original Gold Fields For management reporting purposes, no pushdown accounting was applied, and both the Gold Fields of South Africa Limited and Gencor Limited transactions were accounted for at historical cost. Under U.S. GAAP, the Company accounted for the assets and liabilities acquired from Gold Fields of South Africa Limited at historical cost, and the assets and liabilities acquired from Gencor Limited and outside shareholders at fair value. Consolidation journals were pushed down into the entity under U.S. GAAP. The difference in original recorded amounts in respect of property, plant and equipment has resulted in different depreciation and amortization between management reporting and U.S. GAAP. | |||||
[3] | Business combination-acquisition of Driefontein during the formation of Gold Fields For management reporting purposes, Sibanye was formed in 2004 when it acquired the asset and liabilities at historical cost. Under U.S. GAAP, the group accounted for the assets and liabilities acquired in 1999 during the formations of Gold Fields Group as a purchase and as consolidation journals were pushed down into the entity, the excess purchase price was capitalized to property, plant and equipment and is being amortized over its useful life. The difference in original recorded amounts has resulted in different depreciation and amortizationcharges between management reporting and U.S. GAAP. | |||||
[4] | Provision for rehabilitation Revisions to the provision for environmental rehabilitation For management reporting purposes, all changes in the carrying amount of the provision for environmental rehabilitation are recognized as an increase or decrease in the carrying amount of the associated capitalized retirement cost. Changes resulting from revisions in the timing or amount of estimated cash flows are recognized as an increase or decrease in the carrying amount of the provision for environmental rehabilitation and the associated capitalized retirement cost for U.S. GAAP. In addition, the current discount rate is applied to measure the provision for environmental rehabilitation for management reporting purposes. Under U.S. GAAP any decreases in the provision for environmental rehabilitation as a result of downward revisions in cash flow estimates should be treated as a modification of an existing provision for environmental rehabilitation, and should be measured at the historical credit adjusted discount rate used to measure the initial provision for environmental rehabilitation. Due to differences between the management reporting and U.S. GAAP accounting models, differences will arise. Accretion of the provision for environmental rehabilitation and amortization of associated asset rehabilitation cost For reasons discussed above the provision for environmental rehabilitation's carrying value for management reporting purposes is different to that under U.S. GAAP, which in combination with a different disount rate results in a different amortization charge and accretion expense. | |||||
[5] | Interest capitalization For management reporting purposes, borrowing costs are capitalized to the extent that qualifying assets are financed through specific debt financing or general outstanding debt not for any specific purpose other than funding the operations of the Group. Under U.S. GAAP, total outstanding debt financing is taken into account in calculating the amount of borrowing cost to be capitalized. | |||||
[6] | Investments in equity method investees For management reporting purposes an equity investment exceeding a 20% shareholding was treated as an available-for-sale investment prior to the fiscal year ended June 30, 2003. Under U.S. GAAP this investment was accounted for under the equity method since acquisition. | |||||
[7] | Consolidation of a subsidiary For management reporting purposes, Living Gold Proprietary Limited, or Living Gold, was derecognized as a subsidiary and accounted for as an equity-accounted investee. Under U.S. GAAP Sibanye controls Living Gold, and is consolidated. | |||||
[8] | Debt guarantee in respect of Gold Fields' debt For management reporting purposes, a financial guarantee liability is recognized for the debt guarantee provided by the Group to its parent's debt issuers. Under U.S. GAAP a guarantee by a subsidiary of the debt owed to a third party by either its parent or another subsidiary of that parent is excluded solely from the initial recognition. As of the Spin-off date, the financial guarantee liability was recognized for the debt guarantee provided by Sibanye to Gold Fields, refer to note 11. The liability is amortized over the remaining period of the guarantee. The different valuation at initial recognition dates results in a different amortization charge. | |||||
[9] | Impairment of Beatrix West Impairment of Beatrix West property, plant and equipment For management reporting purposes, Beatrix West was impaired at June 30, 2013. Under U.S. GAAP Beatrix West is not impaired as the carrying value of the asset group did not exceed the undiscounted cash flows. Amortization and depreciation of Beatrix West For the reason discussed above, the carrying value for management reporting purposes is different to that under U.S. GAAP, which results in a different amortization charge. |
Schedule_of_Breakdown_of_Recon1
Schedule of Breakdown of Reconciling Items (Parenthetical) (Detail) (Minimum [Member]) | 12 Months Ended |
Dec. 31, 2013 | |
Minimum [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Equity investment percentage treated as an available-for-sale investment prior to fiscal 2003 | 20.00% |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Aug. 21, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Feb. 20, 2014 | Apr. 14, 2014 | |
USD ($) | Witwatersrand Consolidated Gold Resources Limited [Member] | Witwatersrand Consolidated Gold Resources Limited [Member] | Witwatersrand Consolidated Gold Resources Limited [Member] | Witwatersrand Consolidated Gold Resources Limited [Member] | Southgold Exploration Proprietary Limited [Member] | Southgold Exploration Proprietary Limited [Member] | Southgold Exploration Proprietary Limited [Member] | Cooke Operations [Member] | Cooke Operations [Member] | Witwatersrand Consolidated Gold Resources Limited [Member] | Subsequent Event [Member] | Subsequent Event [Member] | ||
USD ($) | ZAR | First Loans Repaid [Member] | Second Loans Repaid [Member] | USD ($) | First Loans Repaid [Member] | Second Loans Repaid [Member] | USD ($) | ZAR | ||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Final dividend declared | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.75 | ' | |
Business acquisition agreement date | ' | ' | 11-Dec-13 | ' | ' | ' | ' | ' | ' | 21-Aug-13 | ' | ' | ' | |
Consideration for acquisition | ' | ' | ' | ' | ' | ' | ' | ' | 150,000,000 | ' | ' | ' | ' | |
Percentage of Consideration for acquisition | ' | ' | ' | ' | ' | ' | ' | ' | 17.00% | ' | ' | ' | ' | |
Acquisition of shares issued | ' | $39,000,000 | 100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Cash and cash equivalents in escrow account | 39,600,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | 39,600,000 | ' | ' |
Ownership percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | |
Total debt reduction | ' | ' | ' | ' | ' | 177,300,000 | ' | ' | ' | ' | ' | ' | ' | |
Advance debt payment | ' | ' | ' | ' | ' | 7,250,000 | ' | ' | ' | ' | ' | ' | ' | |
Interest and capital repayments period | ' | ' | ' | ' | ' | '36 months | ' | ' | ' | ' | ' | ' | ' | |
Spread on variable rate | ' | ' | 4.00% | ' | ' | 4.00% | ' | ' | ' | ' | ' | ' | ' | |
Reference rate for variable rate | ' | ' | 'JIBAR | ' | ' | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | |
Debt Instrument, Issuer | ' | ' | 950,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Loans repayment | ' | ' | ' | 90.00% | 70.00% | ' | 10.00% | 30.00% | ' | ' | ' | ' | ' | |
[1] | At December 31, 2013 $39.6 million was in an escrow account, being the consideration for the Witwatersrand Consolidated Gold Resources Limited acquisition. Refer to note 23 for further details relating to the transaction. |
Valuation_and_Qualifying_Accou1
Valuation and Qualifying Accounts Valuation allowances on deferred tax assets (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Valuation And Qualifying Accounts [Abstract] | ' | ' | ' |
Opening balance | $5.10 | $5.10 | $7.90 |
Charged to costs and expenses | 0.1 | 0.3 | ' |
Deduction | ' | ' | -1.4 |
Foreign currency translation | -0.8 | -0.3 | -1.4 |
Closing balance | $4.40 | $5.10 | $5.10 |