Exhibit 99.1
Sibanye Stillwater Limited
Incorporated in the Republic of South Africa
Registration number 2014/243852/06
Registration number 2014/243852/06
Share codes: SSW (JSE) and SBSW (NYSE)
ISIN – ZAE000259701
Issuer code: SSW
(“Sibanye-Stillwater”,”the Company” and/or “the Group”)
ISIN – ZAE000259701
Issuer code: SSW
(“Sibanye-Stillwater”,”the Company” and/or “the Group”)
Registered Address:
Constantia Office Park
Bridgeview House • Building 11 • Ground Floor
Bridgeview House • Building 11 • Ground Floor
Cnr 14th Avenue & Hendrik Potgieter Road
Weltevreden Park • 1709
Weltevreden Park • 1709
Postal Address:
Private Bag X5 • Westonaria • 1780
Tel +27 11 278 9600 • Fax +27 11 278 9863
Website:
www.sibanyestillwater.com
MARKET RELEASE
Sibanye-Stillwater secures inflation linked wage agreement at its East Boulder mine through to
July 2024
July 2024
Johannesburg, 23 February 2022: Sibanye-Stillwater (JSE: SSW and NYSE: SBSW) is pleased to announce
that it has successfully ratified a new collective bargaining agreement, effective 16 February 2022
that it has successfully ratified a new collective bargaining agreement, effective 16 February 2022
through to 31 July 2024, with the United Steel Workers International Union (USW) at its East Boulder mine in
Montana in the United States.
Montana in the United States.
The contract covers a broad range of terms including average annual wage increases of 2.5% in 2022,
3% in 2023 and 3% in 2024. In addition to the base increase in 2022, an increase to benefits and incentive
3% in 2023 and 3% in 2024. In addition to the base increase in 2022, an increase to benefits and incentive
has been agreed, which will result in an effective average increase of 5.4% for 2022 if all safety and
quality deliverables are fully met. This settlement amounts to an annual average increase of 3.8% per
quality deliverables are fully met. This settlement amounts to an annual average increase of 3.8% per
year for the next 3 years, which compares favourably with US inflation rates.
Neal Froneman, CEO of Sibanye-Stillwater commenting on the agreement, said “We are very pleased
with the constructive engagement process with the United Steelworkers, which has resulted in a
sustainable collective bargaining agreement, that takes into account the impact of global inflationary
sustainable collective bargaining agreement, that takes into account the impact of global inflationary
cost pressures on both employees and the East Boulder operation, ensuring an outcome which is
favourable for the Company, its employees and all stakeholders.”
Ends.
Investor relations contact:
Email: ir@sibanyestillwater.com
James Wellsted
Head of Investor Relations
Tel: +27 (0) 83 453 4014
Email: ir@sibanyestillwater.com
James Wellsted
Head of Investor Relations
Tel: +27 (0) 83 453 4014
Website:
www.sibanyestillwater.com
Sponsor: J.P. Morgan Equities South Africa Proprietary Limited
FORWARD LOOKING STATEMENTS
The information in this document may contain forward-looking statements within the meaning of the “safe
harbour” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking
statements, including, among others, those relating to Sibanye Stillwater Limited’s (“Sibanye-Stillwater” or the
“Group”) financial positions, business strategies, plans and objectives of management for future operations, are
necessarily estimates reflecting the best judgment of the senior management and directors of Sibanye-Stillwater
harbour” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking
statements, including, among others, those relating to Sibanye Stillwater Limited’s (“Sibanye-Stillwater” or the
“Group”) financial positions, business strategies, plans and objectives of management for future operations, are
necessarily estimates reflecting the best judgment of the senior management and directors of Sibanye-Stillwater
and involve a number of risks and uncertainties that could cause actual results to differ materially from those
suggested by the forward-looking statements. As a consequence, these forward-looking statements should be
considered in light of various important factors, including those set forth in this report.
All statements other than statements of historical facts included in this report may be forward-looking statements.
Forward-looking statements also often use words such as “will”, “forecast”, “potential”, “estimate”, “expect”,
“plan”, “anticipate” and words of similar meaning. By their nature, forward-looking statements involve risk and
uncertainty because they relate to future events and circumstances and should be considered in light of various
important factors, including those set forth in this disclaimer. Readers are cautioned not to place undue reliance
on such statements.
The important factors that could cause Sibanye-Stillwater’s actual results, performance or achievements to differ
materially from estimates or projections contained in the forward-looking statements include, without limitation,
Sibanye-Stillwater’s future financial position, plans, strategies, objectives, capital expenditures, projected costs and
anticipated cost savings, financing plans, debt position and ability to reduce debt leverage; economic, business,
political and social conditions in South Africa, Zimbabwe, the United States and elsewhere; plans and objectives
of management for future operations; Sibanye-Stillwater’s ability to obtain the benefits of any streaming
arrangements or pipeline financing; the ability of Sibanye-Stillwater to comply with loan and other covenants and
restrictions and difficulties in obtaining additional financing or refinancing; Sibanye-Stillwater’s ability to service its
bond instruments; changes in assumptions underlying Sibanye-Stillwater’s estimation of its current mineral reserves;
any failure of a tailings storage facility; the ability to achieve anticipated efficiencies and other cost savings in
connection with, and the ability to successfully integrate, past, ongoing and future acquisitions, as well as at
existing operations; the ability of Sibanye-Stillwater to complete any ongoing or future acquisitions; the success of
Sibanye-Stillwater’s business strategy and exploration and development activities; the ability of Sibanye-Stillwater
to comply with requirements that it operate in ways that provide progressive benefits to affected communities;
changes in the market price of gold and PGMs; the occurrence of hazards associated with underground and
surface mining; any further downgrade of South Africa’s credit rating; a challenge regarding the title to any of
Sibanye-Stillwater’s properties by claimants to land under restitution and other legislation; Sibanye-Stillwater’s
ability to implement its strategy and any changes thereto; the occurrence of labour disruptions and industrial
actions; the availability, terms and deployment of capital or credit; changes in the imposition of regulatory costs
and relevant government regulations, particularly environmental, tax, health and safety regulations and new
legislation affecting water, mining, mineral rights and business ownership, including any interpretation thereof
which may be subject to dispute; the outcome and consequence of any potential or pending litigation or
regulatory proceedings or environmental, health or safety issues; the concentration of all final refining activity and
a large portion of Sibanye-Stillwater’s PGM sales from mine production in the United States with one entity; the
identification of a material weakness in disclosure and internal controls over financial reporting; the effect of US
tax reform legislation on Sibanye-Stillwater and its subsidiaries; the effect of South African Exchange Control
Regulations on Sibanye-Stillwater’s financial flexibility; operating in new geographies and regulatory environments
where Sibanye-Stillwater has no previous experience; power disruptions, constraints and cost increases; supply
chain shortages and increases in the price of production inputs; the regional concentration of Sibanye-Stillwater’s
operations; fluctuations in exchange rates, currency devaluations, inflation and other macro-economic monetary
policies; the occurrence of temporary stoppages of mines for safety incidents and unplanned maintenance;
Sibanye-Stillwater’s ability to hire and retain senior management or sufficient technically skilled employees, as well
as its ability to achieve sufficient representation of historically disadvantaged South Africans in its management
positions; failure of Sibanye-Stillwater’s information technology and communications systems; the adequacy of
Sibanye-Stillwater’s insurance coverage; social unrest, sickness or natural or man-made disaster at informal
settlements in the vicinity of some of Sibanye-Stillwater’s South African-based operations; and the impact of HIV,
tuberculosis and the spread of other contagious diseases, such as the coronavirus disease (COVID-19). Further
details of potential risks and uncertainties affecting Sibanye-Stillwater are described in Sibanye-Stillwater’s filings
with the Johannesburg Stock Exchange and the United States Securities and Exchange Commission, including the
Integrated Annual Report 2020 and the Annual Report on Form 20-F for the fiscal year ended 31 December 2020.
These forward-looking statements speak only as of the date of the content. Sibanye-Stillwater expressly disclaims
any obligation or undertaking to update or revise any forward-looking statement (except to the extent legally
required). These forward-looking statements have not been reviewed or reported on by the Group’s external
auditors.
suggested by the forward-looking statements. As a consequence, these forward-looking statements should be
considered in light of various important factors, including those set forth in this report.
All statements other than statements of historical facts included in this report may be forward-looking statements.
Forward-looking statements also often use words such as “will”, “forecast”, “potential”, “estimate”, “expect”,
“plan”, “anticipate” and words of similar meaning. By their nature, forward-looking statements involve risk and
uncertainty because they relate to future events and circumstances and should be considered in light of various
important factors, including those set forth in this disclaimer. Readers are cautioned not to place undue reliance
on such statements.
The important factors that could cause Sibanye-Stillwater’s actual results, performance or achievements to differ
materially from estimates or projections contained in the forward-looking statements include, without limitation,
Sibanye-Stillwater’s future financial position, plans, strategies, objectives, capital expenditures, projected costs and
anticipated cost savings, financing plans, debt position and ability to reduce debt leverage; economic, business,
political and social conditions in South Africa, Zimbabwe, the United States and elsewhere; plans and objectives
of management for future operations; Sibanye-Stillwater’s ability to obtain the benefits of any streaming
arrangements or pipeline financing; the ability of Sibanye-Stillwater to comply with loan and other covenants and
restrictions and difficulties in obtaining additional financing or refinancing; Sibanye-Stillwater’s ability to service its
bond instruments; changes in assumptions underlying Sibanye-Stillwater’s estimation of its current mineral reserves;
any failure of a tailings storage facility; the ability to achieve anticipated efficiencies and other cost savings in
connection with, and the ability to successfully integrate, past, ongoing and future acquisitions, as well as at
existing operations; the ability of Sibanye-Stillwater to complete any ongoing or future acquisitions; the success of
Sibanye-Stillwater’s business strategy and exploration and development activities; the ability of Sibanye-Stillwater
to comply with requirements that it operate in ways that provide progressive benefits to affected communities;
changes in the market price of gold and PGMs; the occurrence of hazards associated with underground and
surface mining; any further downgrade of South Africa’s credit rating; a challenge regarding the title to any of
Sibanye-Stillwater’s properties by claimants to land under restitution and other legislation; Sibanye-Stillwater’s
ability to implement its strategy and any changes thereto; the occurrence of labour disruptions and industrial
actions; the availability, terms and deployment of capital or credit; changes in the imposition of regulatory costs
and relevant government regulations, particularly environmental, tax, health and safety regulations and new
legislation affecting water, mining, mineral rights and business ownership, including any interpretation thereof
which may be subject to dispute; the outcome and consequence of any potential or pending litigation or
regulatory proceedings or environmental, health or safety issues; the concentration of all final refining activity and
a large portion of Sibanye-Stillwater’s PGM sales from mine production in the United States with one entity; the
identification of a material weakness in disclosure and internal controls over financial reporting; the effect of US
tax reform legislation on Sibanye-Stillwater and its subsidiaries; the effect of South African Exchange Control
Regulations on Sibanye-Stillwater’s financial flexibility; operating in new geographies and regulatory environments
where Sibanye-Stillwater has no previous experience; power disruptions, constraints and cost increases; supply
chain shortages and increases in the price of production inputs; the regional concentration of Sibanye-Stillwater’s
operations; fluctuations in exchange rates, currency devaluations, inflation and other macro-economic monetary
policies; the occurrence of temporary stoppages of mines for safety incidents and unplanned maintenance;
Sibanye-Stillwater’s ability to hire and retain senior management or sufficient technically skilled employees, as well
as its ability to achieve sufficient representation of historically disadvantaged South Africans in its management
positions; failure of Sibanye-Stillwater’s information technology and communications systems; the adequacy of
Sibanye-Stillwater’s insurance coverage; social unrest, sickness or natural or man-made disaster at informal
settlements in the vicinity of some of Sibanye-Stillwater’s South African-based operations; and the impact of HIV,
tuberculosis and the spread of other contagious diseases, such as the coronavirus disease (COVID-19). Further
details of potential risks and uncertainties affecting Sibanye-Stillwater are described in Sibanye-Stillwater’s filings
with the Johannesburg Stock Exchange and the United States Securities and Exchange Commission, including the
Integrated Annual Report 2020 and the Annual Report on Form 20-F for the fiscal year ended 31 December 2020.
These forward-looking statements speak only as of the date of the content. Sibanye-Stillwater expressly disclaims
any obligation or undertaking to update or revise any forward-looking statement (except to the extent legally
required). These forward-looking statements have not been reviewed or reported on by the Group’s external
auditors.