Sibanye Stillwater Limited (SBSW) 20-F 28 Apr 20 2019 FY Annual report (foreign) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2019shares
Cover [Abstract]
Entity Registrant Name	Sibanye Stillwater Ltd
Entity Central Index Key	0001786909
Document Annual Report	true
Document Type	20-F
Document Period End Date	Dec. 31, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Filer Category	Large Accelerated Filer
Entity Interactive Data Current	Yes
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding	2,670,029,252
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY

CONSOLIDATED INCOME STATEMENT

CONSOLIDATED INCOME STATEMENT - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Condensed consolidated income statement
Revenue	R 72,925.4	R 50,656.4	R 45,911.6
Cost of sales	(63,314.5)	(48,129)	(42,182.4)
Interest income	560.4	482.1	415.5
Finance expense	(3,302.5)	(3,134.7)	(2,971.8)
Share-based payments	(363.3)	(299.4)	(231.9)
Total (loss)/gain on financial instruments	(6,015.1)	1,704.1	(1,114.4)
Gain on foreign exchange differences	325.5	1,169.1	292.4
Share of results of equity-accounted investees after tax	721	344.2	291.6
Other income	484.2	310.2	300
Other costs	(2,310.4)	(1,015.4)	(932.7)
Gain on disposal of property, plant and equipment	76.6	60.2	40.7
Impairments	(86)	(3,041.4)	(4,411)
Gain on derecognition of borrowings and derivative instrument		230
Occupational healthcare expense	39.6	(15.4)	(1,106.9)
Restructuring costs	(1,252.4)	(142.8)	(729.8)
Transaction costs	(447.8)	(402.5)	(552.1)
Gain on acquisition	1,103
Loss before royalties, carbon tax and tax	(856.3)	(1,224.3)	(6,981.2)
Royalties	(431)	(212.6)	(398.5)
Carbon tax	(12.9)
Loss before tax	(1,300.2)	(1,436.9)	(7,379.7)
Mining and income tax	1,733	(1,083.8)	2,946.6
Profit/(loss) for the period	432.8	(2,520.7)	(4,433.1)
Attributable to:
Owners of the parent	62.1	(2,499.6)	(4,437.4)
Non-controlling interests	R 370.7	R (21.1)	R 4.3
Earnings per share attributable to owners of Sibanye-Stillwater
Basic earnings per share	R 0.02	R (1.1)	R (2.29)
Diluted earnings per share	R 0.02	R (1.10)	R (2.29)

Condensed consolidated statemen

Condensed consolidated statement of other comprehensive income - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Condensed consolidated statement of other comprehensive income
Profit/(loss) for the period	R 432.8	R (2,520.7)	R (4,433.1)
Other comprehensive income
Other comprehensive income, net of tax	(465.9)	1,764.1	(627.2)
Foreign currency translation	(594.8)	1,719.1	(632.4)
Mark to market valuation	128.9	45	5.2
Total comprehensive income	(33.1)	(756.6)	(5,060.3)
Total comprehensive income attributable to:
Owners of Sibanye Stillwater	(403.1)	(733.1)	(5,064.6)
Non-controlling interests	R 370	R (23.5)	R 4.3

CONSOLIDATED STATEMENT OF FINAN

CONSOLIDATED STATEMENT OF FINANCIAL POSITION - ZAR (R) R in Millions	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Assets
Non-current assets	R 74,908.1	R 69,727.7	R 64,067.3
Property, plant and equipment	57,480.2	54,558.2	51,444.6
Right-of-use assets	360.9
Goodwill	6,854.9	6,889.6	6,396
Equity-accounted investments	4,038.8	3,733.9	2,244.1
Other investments	598.7	156
Environmental rehabilitation obligation funds	4,602.2	3,998.7	3,492.4
Other receivables	683.5	314.4	284
Deferred tax assets	288.9	76.9	206.2
Current assets	26,163.7	15,195.3	12,004.5
Inventories	15,503.4	5,294.8	3,526.5
Trade and other receivables	4,635	6,833	6,197.6
Other receivables, current	51.2	35.2	35.2
Tax receivable	355.1	483.2	182.8
Cash and cash equivalents	5,619	2,549.1	2,062.4
Total assets	101,071.8	84,923	76,071.8
Equity and liabilities
Equity attributable to owners of Sibanye Stillwater	29,670.6	23,788.4	23,978.4
Stated share capital	40,662	34,667	34,667
Other reserves	4,442.3	4,617.2	2,569
Accumulated loss	(15,433.7)	(15,495.8)	(13,257.6)
Non-controlling interests	1,467.7	936	19.8
Total equity	31,138.3	24,724.4	23,998.2
Non-current liabilities	55,606.7	45,566	43,635.8
Borrowings, non-current	23,697.9	18,316.5	23,992
Derivative financial instrument	4,144.9	408.9	1,093.5
Lease liabilities, non-current	272.8
Environmental rehabilitation obligation and other provisions	8,714.8	6,294.2	4,678.7
Post-retirement healthcare obligation		5.6	11.3
Occupational healthcare obligation	1,133.4	1,164.2	1,152.5
Share-based payment obligations, non-current	1,343	168.9	422.2
Other payables	2,687.5	2,529.2	3,760.4
Deferred revenue, noncurrent	6,896.5	6,525.3
Tax and royalties payable	59.1
Deferred tax liabilities	6,656.8	10,153.2	8,525.2
Total current liabilities	14,326.8	14,632.6	8,437.8
Borrowings, current	38.3	6,188.2	1,657.5
Lease liabilities, current	110
Occupational healthcare obligation, current	148.7	109.9	0.8
Share-based payment obligations, current	82.1	56.8	12.3
Trade and other payables	11,465.9	7,856.3	6,690.4
Other payables, current	761.4	303.3	41.9
Deferred revenue, current	1,270.6	30.1
Tax, carbon tax and royalties payable	449.8	88	34.9
Total equity and liabilities	R 101,071.8	R 84,923	R 76,071.8

Condensed consolidated statem_2

Condensed consolidated statement of changes in equity - ZAR (R) R in Millions	Stated capital	Share-based payment reserve	Mark to market reserve	Foreign currency translation reserve	Accumulated loss	Equity attributable to owners of Sibanye Stillwater	Non-controlling interests	Total
Balance at beginning of period at Dec. 31, 2016	R 21,734.6	R 3,110.2		R (131.4)	R (8,262)	R 16,451.4	R 17.7	R 16,469.1
Comprehensive income			R 5.2	(632.4)	(4,437.4)	(5,064.6)	4.3	(5,060.3)
Profit/(loss) for the period					(4,437.4)	(4,437.4)	4.3	(4,433.1)
Other comprehensive income, net of tax			5.2	(632.4)		(627.2)		(627.2)
Dividends paid					(558.2)	(558.2)	(2.2)	(560.4)
Share-based payments		217.4				217.4		217.4
Shares issued on Lonmin acquisition	12,932.4					12,932.4		12,932.4
Balance at end of period at Dec. 31, 2017	34,667	3,327.6	5.2	(763.8)	(13,257.6)	23,978.4	19.8	23,998.2
Comprehensive income			47.4	1,719.1	(2,499.6)	(733.1)	(23.5)	(756.6)
Profit/(loss) for the period					(2,499.6)	(2,499.6)	(21.1)	(2,520.7)
Other comprehensive income, net of tax			47.4	1,719.1		1,766.5	(2.4)	1,764.1
Dividends paid							(0.6)	(0.6)
Share-based payments		281.7				281.7		281.7
Acquisition of subsidiary with non-controlling interests							940.3	940.3
Transaction with DRDGOLD shareholders					261.4	261.4		261.4
Balance at end of period at Dec. 31, 2018	34,667	3,609.3	52.6	955.3	(15,495.8)	23,788.4	936	24,724.4
Comprehensive income			128.9	(594.1)	62.1	(403.1)	370	(33.1)
Profit/(loss) for the period					62.1	62.1	370.7	432.8
Other comprehensive income, net of tax			128.9	(594.1)		(465.2)	(0.7)	(465.9)
Dividends paid							(85)	(85)
Share-based payments		290.3				290.3		290.3
Acquisition of subsidiary with non-controlling interests							247	247
Transaction with DRDGOLD shareholders							(0.3)	(0.3)
Shares issued for cash	1,688.4					1,688.4		1,688.4
Shares issued on Lonmin acquisition	4,306.6					4,306.6		4,306.6
Balance at end of period at Dec. 31, 2019	R 40,662	R 3,899.6	R 181.5	R 361.2	R (15,433.7)	R 29,670.6	R 1,467.7	R 31,138.3

Condensed consolidated statem_3

Condensed consolidated statement of cash flows R in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2019ZAR (R)R / $	Dec. 31, 2018ZAR (R)	Dec. 31, 2017ZAR (R)
Cash flows from operating activities
Cash generated by operations	R 10,565.9	R 8,709	R 7,097.9
Deferred revenue advance received	2,859.3	6,555.4
Post-retirement health care payments	(6.1)	(6.6)	(6.4)
Cash-settled share-based payments paid	(90.9)	(21.7)	(433.6)
Change in working capital	(625.6)	(1,070)	(522.3)
Total cash generated by operations	12,702.6	14,166.1	6,135.6
Interest received	268.4	194.7	118.7
Interest paid	(1,603.1)	(1,620.8)	(2,053.9)
Royalties paid	(411.5)	(234.4)	(387.4)
Tax (paid)/refund received	(1,407.4)	(307.8)	(511.9)
Dividends paid	(85)	(0.6)	(560.4)
Net cash from operating activities	9,464	12,197.2	2,740.7
Cash flows from investing activities
Additions to property, plant and equipment	(7,705.9)	(7,080.7)	(6,098.8)
Proceeds on disposal of property, plant and equipment	101	81.9	71.3
Acquisition of subsidiaries	(129)		(27,386.4)
Cash acquired on acquisition of subsidiaries	3,004.3	282.8	1,792.2
Proceeds with transfer of assets to joint operation	30.6
Dividends received	111	125.2
Contributions to funds and payment of environmental rehabilitation obligation	(12.9)	(95.3)	(114.5)
Payment of Deferred Payment (related to the Rustenburg operations acquisition)	(283.4)	(38.6)
Loan advanced to equity-accounted investee		(3.1)	(13.5)
Payments to dissenting shareholders	(319.4)	(1,375.8)
Proceeds on loss of control of subsidiaries		256.1
Preference shares redeemed	186.9	102.8
Proceeds on disposal of marketable securities investments		1.2	3,605.3
Receipts from environmental rehabilitation fund	151.9
Net cash from/(used in) investing activities	(4,864.9)	(7,743.5)	(28,144.4)
Cash flows from financing activities
Loans raised	18,981.7	17,130.2	69,593.8
Loans repaid	(22,008.3)	(21,231.5)	(55,719.5)
Lease payments	(131.7)
Proceeds from share issue	1,688.4		13,438.5
Transaction costs paid on rights issue shares issued			(506.1)
Net cash from/(used in) financing activities	(1,469.9)	(4,101.3)	26,806.7
Net increase/(decrease) in cash and cash equivalents	3,129.2	352.4	1,403
Effect of exchange rate fluctuations on cash held	(59.3)	134.3	(308.5)
Cash and cash equivalents at beginning of the period	2,549.1	2,062.4	967.9
Cash and cash equivalents at end of the period	R 5,619	R 2,549.1	R 2,062.4
Average R/US$ rate | R / $	14.46

ACCOUNTING POLICIES

ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2019
Basis of accounting and preparation
ACCOUNTING POLICIES	1. Accounting The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. Where an accounting policy is specific to a note, the policy is described in the note which it relates to. These policies have been consistently applied to all the periods presented except for the adoption of IFRS 16 Leases ( IFRS 16). 1.1 Reporting entity On 24 February 2020 Sibanye Gold Limited and Sibanye Stillwater Limited implemented a scheme of arrangement to reorganise Sibanye Gold Limited’s operations under a new parent company, Sibanye Stillwater Limited. These historical consolidated financial statements are those of Sibanye Gold Limited’s business as of 31 December 2019, 2018 and 2017 and for each of the fiscal years in the three-year period ended 31 December 2019. Sibanye Gold Limited is the predecessor of Sibanye Stillwater Limited for consolidated financial reporting purposes. For future financial reporting periods Sibanye Stillwater Limited's consolidated comparative information will be presented as if the reorganisation had occurred before the start of the earliest period presented. For more information related to the accounting treatment of the scheme of arrangement ( refer note 38.1 ). Sibanye Gold Limited, trading as Sibanye-Stillwater (Sibanye-Stillwater or the Group), an independent, global, precious metals mining company, produces a mix of metals that includes gold and platinum group metals (PGM). Domiciled in South Africa, Sibanye-Stillwater currently owns and operates a portfolio of high-quality operations and projects, which are grouped into two regions: the Southern Africa (SA) region and the United States (US) region. The SA region houses the gold and PGM operations and projects located in South Africa and Zimbabwe. The underground and surface gold mining operations in South Africa are the Driefontein and Kloof operations in the West Witwatersrand (West Wits) region and DRDGOLD Limited with surface tailings treatment plant in the East of Johannesburg in Gauteng, and the Beatrix operation in the southern Free State. Sibanye-Stillwater also owns and manages significant gold extraction and processing facilities where ore is treated and beneficiated to produce gold doré. In addition, several organic projects currently underway are aimed at sustaining these gold mining operations into the long term. The PGM assets in the SA region are Kroondal (50%), the Rustenburg operation, the Marikana operation and the tailings retreatment entity, Platinum Mile (91.7%) in North West Province, and Mimosa (50%) in Zimbabwe. The US region houses the PGM operations and projects located in the US and Canada. These include the East Boulder and Stillwater mining operations and the Blitz project in Montana, in the US, and exploration-stage projects, Altar (joint venture) in Argentina and Marathon (joint operation), a PGM-copper porphyry in Ontario, Canada. The assets in this region also include the Metallurgical complex in Columbus, Montana. This complex houses the smelter, base metal refinery and an analytical laboratory which produces a PGM-rich filter cake that is further refined by a third-party precious metal refinery. These processing and metallurgical facilities are also used to process recycled material such as spent autocatalytic convertors and petroleum refinery catalysts. 1.2 Basis of preparation The consolidated financial statements for the year ended 31 December 2019 have been prepared on a going concern basis in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board, the South African Institute of Chartered Accountants Financial Reporting Guides issued by the Accounting Practices Committee and Financial Reporting Pronouncements issued by the Financial Reporting Standards Council, as well as the requirements of the South African Companies Act and JSE Listings Requirements. The consolidated financial statements have been prepared under the historical cost convention, except for certain financial assets and financial liabilities (including derivative instruments) which are measured at fair value through profit or loss or other comprehensive income. Standards, interpretations and amendments to published standards effective for the year ended 31 December 2019 During the financial year, the following new accounting standards became effective and had an impact on the financial statements: Pronouncement Details of amendments Effective date 1 IFRS 16 Leases (New standard) IFRS 16 Leases was adopted with effect from 1 January 2019. The standard sets out the principles for the recognition, measurement, presentation and disclosure of leases and requires lessees to account for most leases under a single on-balance sheet model. IFRS 16 supersedes IAS 17 Leases, IFRIC 4 Determining whether an Arrangement contains a Lease, SIC-15 Operating Leases-Incentives and SIC-27 Evaluating the Substance of Transactions Involving the Legal Form of a Lease. Under the new standard, all lessee lease contracts, with limited exceptions, are recognised in the financial statements by way of right-of-use assets and corresponding lease liabilities. The Group’s leases comprise mining equipment, vehicles and office rentals. The Group is not a lessor and IFRS 16 therefore only impacted lessee accounting. As a practical expedient, the Group applied the modified retrospective transition method, and consequently comparative information is not restated. Under this method, the standard is applied retrospectively with the cumulative effect recognised as an adjustment to the opening balance of accumulated loss at the date of initial application. The Group has applied the new definition of a lease to all arrangements still effective at the date of initial application. The Group also elected to use the recognition exemptions for lease contracts that, at the commencement date, have a lease term of 12 months or less and do not contain a purchase option, and lease contracts for which the underlying asset is of low value. In addition, certain variable lease payments are not permitted to be recognised as lease liabilities and are expensed as incurred. Under the modified retrospective transition approach, lease payments were discounted at 1 January 2019 using an incremental borrowing rate representing the rate of interest that the entity within the Group which entered into the lease would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. The average rate applied is 4.05% for the US operations and 9.22% for the SA operations. Lease liabilities were measured at the present value of the remaining lease payments, discounted using the entity-specific incremental borrowing rates described above. The Group elected to recognise the right-of-use assets for all leases based on an amount equal to the lease liabilities. There were no onerous lease contracts that would require an adjustment to the right-of-use assets at the date of initial application. The impact of adopting of the new accounting standard on the statement of financial position on 1 January 2019 was as follows: • increase in right-of-use assets by R302.0 million • increase in lease liabilities by R302.0 million • no impact on accumulated loss (refer note 13 and note 27) 1 January 2019 1 Effective date refers to annual period beginning on or after said date During the financial year, the following new and revised accounting standards and amendments to standards became effective and had no significant impact on the Group’s financial statements: Pronouncement Details of amendments Effective date 1 IFRS 3 Business Combinations (Amendment) Annual Improvements 2015-2017 Cycle Clarification that when an entity obtains control of a business that is a joint operation, it is required to remeasure previously held interests in that business. 1 January 2019 IFRS 9 Financial instruments (Amendment) Prepayment Features with Negative Compensation The narrow-scope amendment allows companies to measure particular prepayable financial assets with negative compensation at amortised cost or at fair value through other comprehensive income if a specified condition is met. 1 January 2019 IFRS 11 Disclosure of Interest in Other Entities (Amendment) Annual Improvements 2015-2017 Cycle Clarification that when an entity obtains joint control of a business that is a joint operation, the entity does not remeasure previously held interests in that business. 1 January 2019 IAS 12 Income Taxes (Amendment) Annual Improvements 2015-2017 Cycle Clarification that all income tax consequences of dividends should be recognised consistently with the transactions that generated the distributable profits. 1 January 2019 IAS 19 Employee Benefits (Amendment) Plan Amendment, Curtailment or Settlement The amendments clarify that:  on amendment, curtailment or settlement of a defined benefit plan, a company now uses updated actuarial assumptions to determine its current service cost and net interest for the period; and  the effect of the asset ceiling is disregarded when calculating the gain or loss on any settlement of the plan and is dealt with separately in other comprehensive income (OCI). 1 January 2019 IAS 23 Borrowing Costs (Amendment) Annual Improvements 2015-2017 Cycle The amendments clarify that if any specific borrowing remains outstanding after the related asset is ready for its intended use or sale, that borrowing becomes part of the funds that an entity borrows generally when calculating the capitalisation rate on general borrowings. 1 January 2019 IAS 28 Investments in Associates and Joint Ventures (Amendment) Long-term interest in Associates and Joint Ventures Clarification provided that an entity should apply IFRS 9 to long-term interests in an associate or joint venture that form part of the net investment in the associate or joint venture but to which the equity method is not applied. 1 January 2019 IFRIC 23 Uncertainty over Income Tax Treatments The interpretation specifies how an entity should reflect the effects of uncertainties in accounting for income taxes. United States of America – Stillwater operations The Group’s 2019 income tax provision appropriately reflects the impact of the uncertain income tax position, totalling ZAR 123.2m (US$8.8m) in respect of the section 163(j) interest limitation as well as certain other adjustments arising primarily from Alternative Minimum Tax (AMT) and base erosion and anti-abuse tax (BEAT) requirements. Marikana Operations, South Africa As at 31 December 2019 the transfer pricing audit for the years of assessment 2011-2014 were still open for review with the South African Revenue Service (SARS); to date no assessments have been raised. Management is of the opinion that the relevant charges were claimed correctly, and that relevant information has been supplied to the SARS on a timely basis. On the basis of consultation with External Legal counsel, no material payment is anticipated and therefore no provision has been made in terms of IFRIC 23 as at 31 December 2019. 1 January 2019 1 Effective date refers to annual period beginning on or after said date Standards, interpretations and amendments to published standards which are not yet effective Certain new standards, amendments and interpretations to existing standards have been published that apply to the Group’s accounting periods beginning on or after 1 January 2020 but have not been early adopted by the Group. The standards, amendments and interpretations that are applicable to the Group are: Pronouncement Details of amendments and estimated impact Effective date 1 IAS 1 Presentation of Financial Statements (Amendment) 2 The amendments clarify and align the definition of ‘material’ and provide guidance to help improve consistency in the application of that concept whenever it is used in IFRS. 1 January 2020 IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors (Amendment) 2 The amendments clarify and align the definition of ‘material’ and provide guidance to help improve consistency in the application of that concept whenever it is used in IFRS Standards. 1 January 2020 IFRS 3 Business Combinations (Amendment) 2 The IASB issued amendments to the definition of a business in IFRS 3 Business Combinations to help entities determine whether an acquired set of activities and assets is a business or not. 1 January 2020 The revised Conceptual Framework for Financial Reporting 2 The Conceptual Framework is to assist the Board in developing standards, to help preparers develop consistent accounting policies if there is no applicable standard in place and to assist all parties to understand and interpret the standards. 1 January 2020 1 Effective date refers to annual period beginning on or after said date 2 No impact Significant accounting judgements and estimates The preparation of the financial statements requires the Group’s management to make estimates and assumptions 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. The determination of estimates requires the exercise of judgement based on various assumptions and other factors such as historical experience, current and expected economic conditions, and in some cases valuation techniques. Actual results could differ from those estimates. For significant accounting policies that are subject to significant judgement, estimates and assumptions, see the following notes to the consolidated financial statements: Significant accounting policy Note to the consolidated financial statements Revenue 3 – Revenue Royalties, mining and income tax, and deferred tax 9 – Royalties, mining and income tax, and deferred tax Property, plant and equipment 12 – Property, plant and equipment Business combinations 14 – Acquisitions Goodwill 15 – Goodwill Equity-accounted investments 16 – Equity accounted investments Other receivables and other payables 20 – Other receivables and other payables Inventories 21 – Inventories Borrowings 26 – Borrowings and derivative financial instrument Environmental rehabilitation obligation 28 – Environmental rehabilitation obligation and other provisions Occupational healthcare obligation 29 – Occupational healthcare obligation Deferred revenue 30 – Deferred revenue Contingent liabilities 36 – Contingent liabilities Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the financial period are discussed under the relevant note of the item affected. 1.3 Consolidation 1 The non-controlling interests in the statement of changes in equity relates to the attributable share of accumulated profits of DRDGOLD Limited (DRDGOLD), the Newshelf 1114 Proprietary Limited (Newshelf 1114) group, Goldfields Technical Security Management Proprietary Limited (GTSM) and Platinum Mile Resources Proprietary Limited (Platinum Mile) (refer to note 25) 2 Witwatersrand Consolidated Gold Resources Proprietary Limited (Wits Gold) has ceded and pledged its shares in K2013164354 Proprietary Limited (K2013) (a dormant entity) and K2013 has ceded and pledged it shares in Sibanye Gold Eastern Operations Proprietary Limited (SGEO) in favour of the lenders of the Burnstone Debt (refer to note 26.6) 3 Rand Uranium Proprietary Limited (Rand Uranium) and Ezulwini Mining Company Proprietary Limited (Ezulwini) together own a number of underground and surface mining operations. These operations report to the Group’s chief operating decision maker (the Executive Committee) as a separate segment, namely Cooke 4 In terms of the Rustenburg operation Transaction, a 26% stake in Sibanye Rustenburg Platinum Mines Proprietary Limited (SRPM) was acquired through Newshelf 1335 Proprietary Limited (BBBEE SPV). The shareholders of BBBEE SPV are Rustenburg Mine Employees Trust (30.4%), Rustenburg Mine Community Development Trust (24.8%) Bakgatla-Ba-Kgafela Investment Holdings (24.8%) and Siyanda Resources Proprietary Limited (20.0%). The Rustenburg Mine Employees Trust and the Rustenburg Mine Community Development Trust are controlled and consolidated by Sibanye-Stillwater 5 The Group has no current or contractual obligation to provide financial support to any of its structured entities 6 Sibanye Stillwater recognises 6.87% non-controlling interests. The effective “outside” shareholding are indirect interests held by LSA UK Limited (6.13%) and Phembani Group (13.01%) through Incwala Platinum (Pty) Ltd. Phembani secured its shareholding with a loan payable to Lonmin Limited UK which has subsequently been impaired, therefore a beneficial interest of zero 7 Sibanye Stillwater recognises 4.75% non-controlling interests. The effective “outside” shareholders are Lonplats Siyakhula employee profit share trust (3.8%), Marikana Community Trust (0.9%), Bapo Ba Mogale Community Trust (0.9%) and Phembani Group (9.01%) and LSA UK Limited (4.24%) holds an indirect interest through Incwala Platinum (Pty) Ltd Subsidiaries Subsidiaries are all entities over which the Group exercises control. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are consolidated from the date on which control is obtained by the Group until the date on which control ceases. Control is reassessed if facts and circumstances indicate that there are changes to one or more of the elements of control. Although the Group owns less than half of DRDGOLD and has less than half of DRDGOLD’s voting power, management has determined that the Group controls the entity. The Group controls DRDGOLD as a result of an option to subscribe for a sufficient number of DRDGOLD ordinary shares to attain a 50.1% shareholding in DRDGOLD at a 10% discount to the 30 day volume weighted average traded price, which is considered substantive (refer note 38.2). Inter-company transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. Transactions with shareholders of Sibanye-Stillwater Transactions with owners in the capacity as equity participants are not recognised in profit or loss, but instead are recognised in equity with a corresponding change in assets or liabilities. 1.4 Foreign currencies Functional and presentation currency Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The consolidated financial statements are presented in South African rand, which is the Group’s presentation currency. Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities are translated into the functional currency at each reporting date . Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies, are recognised in profit or loss. Foreign operations The results and financial position of all the Group entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows:  Assets and liabilities are translated at the exchange rate ruling at the reporting date. Equity items are translated at historical rates. The income and expenses are translated at the average exchange rate for the year, unless this average was not a reasonable approximation of the rates prevailing on the transaction dates, in which case these items were translated at the rate prevailing on the date of the transaction. Exchange differences on translation are accounted for in other comprehensive income. These differences will be recognised in profit or loss upon realisation of the underlying operation.  Exchange differences arising from the translation of the net investment in foreign operations, which includes certain long-term borrowings (i.e. the reporting entity’s interest in the net assets of that operation), are taken to other comprehensive income. When a foreign operation is sold, exchange differences that were recorded in other comprehensive income are recognised in profit or loss as part of the gain or loss on disposal. If the Group disposes of part of its interest in a subsidiary but retains control, then the relevant proportion of the cumulative amount is reattributed to non-controlling interests. When the Group disposes of only part of an associate or joint venture while retaining significant influence or joint control, the relevant proportion of the cumulative amount is reclassified to profit or loss.  Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and are translated at each reporting date at the closing rate. 1.5 Comparatives Where necessary comparative periods may be adjusted to conform to current period changes in presentation.

Segment reporting

Segment reporting	12 Months Ended
	Dec. 31, 2019
Segment reporting
SEGMENT REPORTING	2. Segment reporting Accounting policy Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker and is based on individual mining operations. The chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the executive management team that makes strategic decisions. Figures in million - SA rand Group Total US PGM operations Stillwater Total Southern Africa Total Rusten- Marikana 1 Kroondal Platinum Mimosa Corporate 2 Total Drie-fontein Kloof Beatrix Cooke DRD-GOLD Corporate 2 Group 2019 Revenue 72,925.4 26,864.5 46,222.6 27,578.4 10,499.5 11,187.9 5,590.4 300.6 2,342.6 (2,342.6) 18,644.2 3,303.1 6,808.5 3,798.2 828.4 3,621.0 285.0 (161.7) Underground 51,528.2 12,343.3 39,346.6 26,616.5 9,901.1 11,125.0 5,590.4 - 2,342.6 (2,342.6) 12,730.1 3,301.4 5,552.4 3,576.9 21.2 - 278.2 (161.7) Surface 6,876.0 - 6,876.0 961.9 598.4 62.9 - 300.6 - - 5,914.1 1.7 1,256.1 221.3 807.2 3,621.0 6.8 - Recycling 14,521.2 14,521.2 - - - - - - - - - - - - - - - - Cost of sales, before amortisation and depreciation (56,100.4) (19,569.4) (36,531.0) (18,196.7) (6,466.9) (8,439.9) (3,076.3) (213.6) (1,336.3) 1,336.3 (18,334.3) (4,438.6) (6,872.9) (3,669.2) (617.3) (2,736.3) - - Underground (36,520.3) (5,600.8) (30,919.5) (17,207.9) (5,691.7) (8,439.9) (3,076.3) - (1,336.3) 1,336.3 (13,711.6) (4,428.6) (5,741.1) (3,525.3) (16.6) - - - Surface (5,611.5) - (5,611.5) (988.8) (775.2) - - (213.6) - - (4,622.7) (10.0) (1,131.8) (143.9) (600.7) (2,736.3) - - Recycling (13,968.6) (13,968.6) - - - - - - - - - - - - - - - - Net other cash costs 3 (1,869.0) (4.2) (1,864.8) (585.5) (156.1) (299.9) (103.4) (25.3) (8.0) 7.2 (1,279.3) (197.6) (152.7) (179.8) (568.6) (30.7) (149.9) - Adjusted EBITDA 14,956.0 7,290.9 7,826.8 8,796.2 3,876.5 2,448.1 2,410.7 61.7 998.3 (999.1) (969.4) (1,333.1) (217.1) (50.8) (357.5) 854.0 135.1 (161.7) Amortisation and depreciation (7,214.1) (2,285.6) (4,928.5) (1,919.0) (914.4) (500.4) (494.8) (4.8) (218.7) 214.1 (3,009.5) (920.5) (1,200.9) (640.0) (15.1) (172.1) (60.9) - Interest income 560.4 145.2 415.2 145.8 44.6 30.9 67.1 1.3 2.2 (0.3) 269.4 60.1 53.0 31.4 39.8 64.5 20.6 - Finance expense (3,302.5) (920.7) (2,381.8) (704.2) (1,407.5) (282.4) (146.9) - (21.8) 1,154.4 (1,677.6) (242.8) (242.9) (141.1) (73.7) (73.0) (904.1) - Share-based payments (363.3) (53.4) (309.9) - - - - - - - (309.9) - - - - (64.2) (245.7) - Net other 4 (4,925.8) 8.3 (4,934.1) (1,513.2) (11,381.8) 12.9 (0.3) 1.1 (137.2) 9,992.1 (3,420.9) 17.5 31.0 13.4 (113.9) 81.6 (3,450.5) - Non-underlying items 5 (567.0) (74.6) (492.4) 258.8 2.4 212.7 44.8 - (27.5) 26.4 (751.2) (169.5) (35.1) (112.4) (6.9) 4.3 (431.6) - Royalties and carbon tax (443.9) - (443.9) (358.2) (296.1) (54.5) (7.6) - (77.1) 77.1 (85.7) (16.6) (34.2) (30.8) (4.1) - - - Current taxation (1,848.7) (481.3) (1,367.4) (1,303.7) (780.3) 13.3 (536.0) - (135.5) 134.8 (63.7) (22.7) (5.5) (13.3) - (69.1) 46.9 - Deferred taxation 3,581.7 1,436.3 2,145.4 14.1 30.0 - (0.7) (16.5) (5.6) 6.9 2,131.3 74.8 150.4 89.9 - (129.9) 1,946.1 - Profit/(loss) for the year 432.8 5,065.1 (4,470.6) 3,416.6 (10,826.6) 1,880.6 1,336.3 42.8 377.1 10,606.4 (7,887.2) (2,552.8) (1,501.3) (853.7) (531.4) 496.1 (2,944.1) (161.7) Attributable to: Owners of the parent 62.1 5,065.1 (4,841.3) 3,355.0 (10,826.6) 1,821.6 1,336.3 39.3 377.1 10,607.3 (8,196.3) (2,552.8) (1,501.3) (853.7) (531.4) 188.7 (2,945.8) (161.7) Non-controlling interest holders 370.7 - 370.7 61.6 - 59.0 - 3.5 - (0.9) 309.1 - - - - 307.4 1.7 - Sustaining capital expenditure (2,039.3) (321.7) (1,717.6) (1,203.2) (316.3) (660.4) (212.8) (13.3) (343.1) 342.7 (514.4) (163.0) (238.1) (70.5) - (42.8) - - Ore reserve development (3,401.9) (1,036.2) (2,365.7) (1,029.2) (500.6) (528.6) - - - - (1,336.5) (512.9) (590.4) (233.2) - - - - Growth projects (2,264.9) (2,035.0) (229.9) (15.2) (1.8) - - (13.4) - - (214.7) - (108.9) (2.1) - (39.0) (64.7) - Total capital expenditure (7,706.1) (3,392.9) (4,313.2) (2,247.6) (818.7) (1,189.0) (212.8) (26.7) (343.1) 342.7 (2,065.6) (675.9) (937.4) (305.8) (81.8) (64.7) - 1 The SA PGM operations’ results for the year ended 31 December 2019 include Marikana for the seven months since acquisition (refer to note 14.1) 2 Corporate and reconciling items represents the items to reconcile segment data to consolidated financial statement totals. This does not represent a separate segment as it does not generate mining revenue. Corporate includes net revenue generated through the Wheaton Stream settlement mechanism 3 Net other cash costs consist of care and maintenance, strike cost and other costs as detailed in profit or loss. Lease payments are included in net other cash costs to conform with the adjusted EBITDA reconciliation disclosed in note 26.9 4 Net other consists of gain on financial instruments, gain on foreign exchange differences, and change in estimate of environmental rehabilitation obligation, and right of recovery receivable and payable as detailed in profit or loss. Corporate and reconciling items net other includes the share of results of equity-accounted investees after tax as detailed in profit or loss 5 Non-underlying items consists of gain on disposal of property, plant and equipment, impairments, gain on acquisition, occupational healthcare expense, restructuring costs and transaction costs as detailed in profit or loss Figures in million - SA rand Group Total US PGM operations Stillwater Total Southern Africa Total Kroondal Platinum Mimosa Rusten- Corporate 2 Total Drie-fontein Kloof Beatrix Cooke DRD-GOLD 1 Corporate 2 Group 2018 Revenue 50,656.4 15,872.8 34,810.3 15,153.6 3,584.4 196.7 1,857.5 11,372.5 (1,857.5) 19,656.7 5,111.2 8,131.7 4,601.3 841.8 1,047.5 (76.8) (26.7) Underground 38,605.7 8,430.1 30,202.3 14,045.1 3,584.4 - 1,857.5 10,460.7 (1,857.5) 16,157.2 4,782.4 6,937.9 4,467.8 45.9 - (76.8) (26.7) Surface 4,608.0 - 4,608.0 1,108.5 - 196.7 - 911.8 - 3,499.5 328.8 1,193.8 133.5 795.9 1,047.5 - - Recycling 7,442.7 7,442.7 - - - - - - - - - - - - - - - Cost of sales, before amortisation and depreciation (41,515.2) (11,720.9) (29,794.3) (12,096.0) (2,739.4) (152.7) (1,235.7) (9,203.9) 1,235.7 (17,698.3) (5,709.3) (6,364.8) (3,910.8) (693.4) (1,020.0) - - Underground (30,248.7) (4,524.4) (25,724.3) (11,131.4) (2,739.4) - (1,235.7) (8,392.0) 1,235.7 (14,592.9) (5,386.7) (5,352.2) (3,841.0) (13.0) - - - Surface (4,070.0) - (4,070.0) (964.6) - (152.7) - (811.9) - (3,105.4) (322.6) (1,012.6) (69.8) (680.4) (1,020.0) - - Recycling (7,196.5) (7,196.5) - - - - - - - - - - - - - - - Net other cash costs 3 (771.8) - (771.8) (175.8) (52.7) (1.2) (6.7) (121.1) 5.9 (596.0) (50.2) (44.8) (37.2) (573.4) 8.7 100.9 - Adjusted EBITDA 8,369.4 4,151.9 4,244.2 2,881.8 792.3 42.8 615.1 2,047.5 (615.9) 1,362.4 (648.3) 1,722.1 653.3 (425.0) 36.2 24.1 (26.7) Amortisation and depreciation (6,613.8) (2,234.4) (4,379.4) (1,074.4) (370.4) (3.0) (191.6) (697.1) 187.7 (3,305.0) (1,200.9) (1,378.8) (635.3) (5.7) (57.9) (26.4) - Interest income 482.1 83.2 398.9 83.5 60.3 1.3 0.1 20.2 1.6 315.4 94.3 72.0 40.0 41.7 26.1 41.3 - Finance expense (3,134.7) (1,797.1) (1,177.3) (422.4) (130.5) - (13.0) (1,890.6) 1,611.7 (754.9) (234.9) (245.9) (143.6) (78.1) (33.0) (19.4) (160.3) Share-based payments (299.4) (35.7) (263.7) - - - - - - (263.7) (0.2) - - - (3.2) (260.3) - Net other 4 3,284.0 68.8 3,215.2 726.3 137.6 0.7 (9.2) 4,348.0 (3,750.8) 2,488.9 (362.8) (110.3) (57.8) (106.2) (419.1) 3,545.1 - Non-underlying items 5 (3,311.9) (210.7) (3,101.2) (29.7) 0.4 - - (30.7) 0.6 (3,071.5) (2,157.6) 27.2 (156.6) (50.6) (4.6) (729.3) - Royalties (212.6) - (212.6) (162.0) (5.5) - (57.6) (156.5) 57.6 (50.6) 1.4 (29.0) (18.8) (4.2) - - - Current taxation (95.3) 238.3 (333.6) (278.5) - - (103.4) (277.4) 102.3 (55.1) 63.9 (75.3) 5.5 0.8 (3.0) (47.0) - Deferred taxation (988.5) (1,795.7) 807.2 (192.6) (168.9) (9.2) (29.9) (15.5) 30.9 999.8 922.9 313.1 127.8 - (132.0) (232.0) - (Loss)/profit for the year (2,520.7) (1,531.4) (802.3) 1,532.0 315.3 32.6 210.5 3,347.9 (2,374.3) (2,334.3) (3,522.2) 295.1 (185.5) (627.3) (590.5) 2,296.1 (187.0) Attributable to: Owners of the parent (2,499.6) (1,531.4) (781.2) 1,529.3 315.3 29.9 210.5 3,347.9 (2,374.3) (2,310.5) (3,522.2) 295.1 (185.5) (627.3) (565.8) 2,295.2 (187.0) Non-controlling interest holders (21.1) - (21.1) 2.7 - 2.7 - - - (23.8) - - - - (24.7) 0.9 - Sustaining capital expenditure (1,271.2) (260.2) (1,011.0) (464.4) (141.4) (9.5) (170.9) (313.5) 170.9 (546.6) (228.1) (220.6) (82.6) - (14.5) (0.8) Ore reserve development (3,530.4) (998.9) (2,531.5) (477.9) - - - (477.9) - (2,053.6) (817.1) (839.6) (396.9) - - - - Growth projects (2,279.2) (1,574.0) (705.2) (57.7) - (57.1) - (0.6) - (647.5) (0.4) (141.8) (1.7) - (303.3) (200.3) - Total capital expenditure (7,080.8) (2,833.1) (4,247.7) (1,000.0) (141.4) (66.6) (170.9) (792.0) 170.9 (3,247.7) (1,045.6) (1,202.0) (481.2) - (317.8) (201.1) - 1 DRDGOLD’s performance is for five months ended 31 December 2018 since acquisition 2 Corporate and reconciling items represents the items to reconcile segment data to consolidated financial statement totals. This does not represent a separate segment as it does not generate mining revenue. Corporate includes net revenue generated through the Wheaton Stream settlement mechanism 3 Net other cash costs consist of care and maintenance, strike costs and other costs as detailed in profit or loss 4 Net other costs consists of gain on financial instruments, gain on foreign exchange differences, change in estimate of environmental rehabilitation obligation, and right of recovery receivable and payable, and other income. Corporate and reconciling items net other costs includes the share of results of equity-accounted investees after tax as detailed in profit or loss 5 Non-underlying items consists of gain on disposal of property, plant and equipment, impairments, gain on derecognition of borrowings and derivative financial instrument, occupational healthcare expense, restructuring costs, and transaction costs as detailed in profit or loss Figures in million - SA rand Group Total US PGM operations 2 Stillwater Total Southern Africa Total Kroondal Platinum Mimosa Rusten- Corporate and re- conciling items 1 Total Driefontein Kloof Beatrix Cooke Corporate and re- conciling items 1 2017 Revenue 45,911.6 9,161.6 36,750.0 13,276.4 2,861.5 194.1 1,687.7 10,220.8 (1,687.7) 23,473.6 8,076.9 8,845.1 4,875.8 1,676.5 (0.7) Underground 37,790.3 4,622.3 33,168.0 12,024.8 2,861.5 - 1,687.7 9,163.3 (1,687.7) 21,143.2 7,148.1 7,985.3 4,753.1 1,257.4 (0.7) Surface 3,582.0 - 3,582.0 1,251.6 - 194.1 - 1,057.5 - 2,330.4 928.8 859.8 122.7 419.1 - Recycling 4,539.3 4,539.3 - - - - - - - - - - - - - Cost of sales, before amortisation and depreciation (36,482.7) (7,011.7) (29,471.0) (11,591.8) (2,395.9) (129.8) (1,200.5) (9,066.1) 1,200.5 (17,879.2) (6,203.5) (5,762.7) (3,952.5) (1,960.5) - Underground (29,345.3) (2,634.8) (26,710.5) (10,678.3) (2,395.9) - (1,200.5) (8,282.4) 1,200.5 (16,032.2) (5,488.9) (5,109.5) (3,852.1) (1,581.7) - Surface (2,760.5) - (2,760.5) (913.5) - (129.8) - (783.7) - (1,847.0) (714.6) (653.2) (100.4) (378.8) - Recycling (4,376.9) (4,376.9) - - - - - - - - - - - - - Net other cash costs 3 (383.8) (7.3) (376.5) (90.6) (34.7) (12.6) 34.2 (41.8) (35.7) (285.9) (32.4) (37.9) (13.3) (243.4) 41.1 Adjusted EBITDA 9,045.1 2,142.6 6,902.5 1,594.0 430.9 51.7 521.4 1,112.9 (522.9) 5,308.5 1,841.0 3,044.5 910.0 (527.4) 40.4 Amortisation and depreciation (5,699.7) (1,431.4) (4,268.3) (760.8) (239.0) (2.6) (211.7) (514.7) 207.2 (3,507.5) (1,126.5) (1,404.5) (696.2) (256.4) (23.9) Interest income 415.5 51.8 363.7 158.0 57.0 2.1 8.8 96.6 (6.5) 205.7 77.6 71.1 18.4 12.5 26.1 Finance expense (2,971.8) (1,454.1) (1,517.7) (335.5) (90.7) - (10.0) (244.9) 10.1 (1,182.2) (220.9) (246.9) (128.4) (76.7) (509.3) Share-based payments (231.9) (4.9) (227.0) - - - - - - (227.0) (2.8) (1.8) (1.3) - (221.1) Net other 4 (779.1) (23.1) (756.0) (1,052.5) (181.7) 0.7 (11.0) (893.1) 32.6 296.5 24.1 23.4 (34.7) (76.9) 360.6 Non-underlying items 5 (6,759.1) (70.9) (6,688.2) (152.4) (9.0) - - (134.9) (8.5) (6,535.8) (74.9) (50.4) (675.3) (3,664.7) (2,070.5) Royalties (398.5) - (398.5) (73.2) (5.6) - (60.4) (67.6) 60.4 (325.3) (77.8) (189.3) (44.5) (13.7) - Current taxation (504.2) (98.9) (405.3) (19.9) - (9.3) (59.3) (10.0) 58.7 (385.4) (14.8) (350.1) (12.4) - (8.1) Deferred taxation 3,450.8 2,917.0 533.8 (15.4) (24.8) (4.3) (2.8) 12.7 3.8 549.2 (12.0) 61.4 245.3 1.5 253.0 Loss for the year (4,433.1) 2,028.1 (6,461.2) (657.7) (62.9) 38.3 175.0 (643.0) (165.1) (5,803.5) 412.8 957.4 (419.1) (4,601.8) (2,152.8) Attributable to: Owners of the parent (4,437.4) 2,028.1 (6,465.5) (660.9) (62.9) 35.1 175.0 (643.0) (165.1) (5,804.6) 412.8 957.4 (419.1) (4,601.8) (2,153.9) Non-controlling interest holders 4.3 - 4.3 3.2 - 3.2 - - - 1.1 - - - - 1.1 Sustaining capital expenditure (1,325.6) (226.9) (1,098.7) (567.6) (190.5) (11.0) (222.5) (366.1) 222.5 (531.1) (235.0) (210.2) (63.1) (8.5) (14.3) Ore reserve development (3,291.6) (538.6) (2,753.0) (465.0) - - - (465.0) - (2,288.0) (876.1) (876.2) (482.0) (53.7) - Growth projects (1,481.6) (888.3) (593.3) (2.3) - (2.3) - - - (591.0) (44.4) (147.1) (0.5) (11.7) (387.3) Total capital expenditure (6,098.8) (1,653.8) (4,445.0) (1,034.9) (190.5) (13.3) (222.5) (831.1) 222.5 (3,410.1) (1,155.5) (1,233.5) (545.6) (73.9) (401.6) 1 Corporate and reconciling items represents the items to reconcile segment data to consolidated financial statement totals. This does not represent a separate segment as it does not generate mining revenue 2 Stillwater’s performance is for eight months ended 31 December 2017 since acquisition 3 Net other cash costs consist of care and maintenance and other costs as detailed in profit or loss 4 Net other costs consists of loss on financial instruments, gain on foreign exchange differences, change in estimate of environmental rehabilitation obligation, and right of recovery receivable and payable, and other income. Corporate and reconciling items net other costs includes the share of results of equity-accounted investees after tax as detailed in profit or loss 5 Non-underlying items consists of gain on disposal of property, plant and equipment, impairments, occupational healthcare expense, restructuring costs, and transaction costs as detailed in profit or loss ..... .

REVENUE

REVENUE	12 Months Ended
	Dec. 31, 2019
REVENUE.
REVENUE	3. Revenue Significant accounting judgements and estimates Revenue from PGM mining activities The determination of PGM and PGM concentrate sales revenue from the time of initial recognition of the sale on a provisional basis through to final pricing requires management to continuously re-estimate the fair value of the price adjustment features. Management determines this with reference to estimated forward prices using consensus forecasts. Accounting policy Revenue from mining activities Revenue from gold sales is measured and recognised based on the consideration specified in a contract with a customer. The Group recognises revenue from gold sales when the customer obtains control of the gold. These criteria are typically met when the gold is credited to the customer’s bullion account by Rand Refinery. The transaction price is determined based on the agreed upon market price and number of ounces delivered. Revenue from PGM concentrate and metal sales is recognised when the buyer, pursuant to a sales contract, obtains control of the mine product. The sales price is determined on a provisional basis at the date of delivery. Adjustments to the sale price occur based on movements in the metal market price, metal content quantities and penalties, which represent variable transaction price components, up to the date of final pricing. Final pricing is based on the monthly average market price in the month of settlement. The period between provisional invoicing and final pricing is typically between one and four months. Revenue on provisionally priced sales is initially recorded at the estimated fair value of the consideration receivable. The revenue adjustment mechanism embedded within provisionally priced sales arrangements has the characteristics of a commodity derivative. Accordingly, the fair value of the final sales price adjustment is re-estimated continuously and changes in fair value recognised as an adjustment to revenue in profit or loss and trade receivables in the statement of financial position. In all cases, fair value is determined with reference to estimated forward prices using consensus forecasts. Revenue from PGM recycling consists of the sales of recycled palladium, platinum and rhodium derived from spent catalytic material. Revenue from PGM recycling also includes revenue from toll processing, which is recognised at the time the contained metals are returned to the supplier at a third party refinery. Wheaton streaming revenue In 2018, Wheaton Precious Metals International Limited (Wheaton International) and Sibanye-Stillwater entered into a streaming transaction. 100% of refined mined gold and 4.5% of refined mined palladium from the Stillwater operations will be delivered to Wheaton International over the life of mine of the US PGM operations. Each ounce is identified as a separate performance obligation. In exchange for this, Wheaton International paid Sibanye-Stillwater R6,555.4 million (US$500.0 million) on 25 July 2018. In addition to the advance payment, Wheaton International currently pays Sibanye-Stillwater 18% cash based on the value of gold and palladium deliveries each month (refer to note 30 for additional detail of the monthly cash percentage). The contract will be settled by Sibanye-Stillwater delivering metal credits to Wheaton International representing underlying refined, mined gold and palladium. The transaction price, being the advance payment and the cash payment to be received, is recognised as revenue each month when the metal credit is allocated to the appropriate Wheaton International account. It is from this date that Wheaton International has effectively accepted the metal, has physical control of the metal and has the risk and reward of the metal (i.e. control has transferred). Revenue will be recognised over the life of mine of the US PGM operations. To the extent that the life of mine changes or other key inputs are changed (refer note 30), these changes are recognised prospectively as a cumulative catch-up in revenue in the year that the change occurs. BTT streaming revenue Lonmin entered into a metal streaming transaction in 2016 to deliver between 23% - 38% of 6E PGM from its bulk tailing re-treatment project (BTT) based on a weighted 6E PGM basket price. Lonmin received $50 million upfront, which was recognised as deferred revenue. Lonmin receives between $106 and $280 per ounce of 6E PGM metals based on basket price of 6E PGM for each ounce delivered. The performance obligations under the contract are satisfied through delivery of the 6E PGM metals ounces. At acquisition of Lonmin, the Group accounted for the deferred revenue at fair value of R627.6 million under IFRS 3, including a significant financing component. The transaction price under IFRS 15, being the advance payment and further the cash payments to be received, is recognised as revenue when the metal ounces are delivered and Lonmin no longer has physical control of the metal, which is also when the risk and rewards are transferred (i.e. control has transferred). Revenue will be recognised over the life of the bulk tailing re-treatment project operations based on the ounces delivered. To the extent that the life of project changes or other key inputs are changed (refer note 30), these changes are recognised prospectively as a cumulative catch-up in revenue in the year that the change occurs. (refer note 38.5) The sources of revenue are: Figures in million - SA rand Gold mining activities 18,644.2 19,656.7 23,473.6 PGM mining activities 39,219.6 23,355.4 17,898.7 Recycling activities 14,521.2 7,442.7 4,539.3 Stream 540.4 201.6 - Total revenue from contracts with customers 72,925.4 50,656.4 45,911.6 Revenue generated by operations are from the following geographical regions: Figures in million - SA rand Southern Africa 46,222.6 34,810.3 36,750.0 United States 26,702.8 15,846.1 9,161.6 Total revenue from contracts with customers 72,925.4 50,656.4 45,911.6 Geographical location of customers SA gold SA PGM US PGM Revenue generated per product are as follows: Figures in million - SA rand Gold 18,882.1 21,434.2 PGMs 1 51,504.9 27,545.7 Platinum 13,013.2 9,233.9 Palladium 28,031.0 15,282.3 Rhodium 9,338.1 2,236.0 Iridium 649.6 442.9 Ruthenium 473.0 350.6 Chrome 1,749.3 1,128.9 Nickel 617.9 383.0 Other 171.2 164.6 Total revenue 72,925.4 50,656.4 1 In line with Sibanye-Stillwater’s mine-to-market PGM strategy and according to the processing agreements with Anglo American Platinum Limited (AAP), the processing arrangement for SRPM production changed from a Purchase of Concentrate arrangement (PoC) to a Toll processing arrangement (Toll arrangement) from 1 January 2019 Major customers During 2019, total revenue from a single customer which is reported in the Group’s US PGM and SA PGM operating segments, represented approximately R30,598 million. During 2018, a customer from each of the US PGM, SA PGM and SA Gold operating segments, represented R11,809 million, R13,881 million and R7,371 million of the Group’s total revenue respectively. Market risk Foreign currency sensitivity The SA region’s revenue is sensitive to changes in the exchange rate. Stillwater’s revenue (and expenses) are translated from its functional currency (US dollars) to the Group’s presentation currency (SA rand) and, therefore, the Group’s “presentation currency” earnings are sensitive to changes in the exchange rate. A one percentage point depreciation in the SA rand average exchange rate for the year ended 31 December 2019 of R14.46/US$ would have increased profit by approximately R50.6 million. A one percentage point appreciation in the SA rand average exchange rate for the year ended 31 December 2019 of R14.46/US$ would have decreased profit by approximately R50.6 million.

COST OF SALES

COST OF SALES	12 Months Ended
	Dec. 31, 2019
COST OF SALES.
COST OF SALES	4. Cost of sales Accounting policy The following accounting policies relate to some costs that are included in cost of sales: Short-term employee benefits Short-term employee benefits are expensed as the related service is provided. A liability is recognised for the amount expected to be paid if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be reliably estimated. 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 Group companies. Contributions to defined contribution funds are expensed as incurred. Figures in million - SA rand Notes Salaries and wages (21,215.6) (15,710.3) (15,323.0) Consumable stores (12,784.3) (9,327.9) (8,789.4) Utilities (6,089.3) (5,049.2) (4,930.1) Mine contracts (3,566.4) (3,197.6) (2,956.9) Recycling 1 (13,968.6) (7,196.5) (4,376.9) Other (1,878.0) (4,564.0) (3,398.0) Ore reserve development costs capitalised 3,401.8 3,530.3 3,291.6 Cost of sales, before amortisation and depreciation (56,100.4) (41,515.2) (36,482.7) Amortisation and depreciation (7,214.1) (6,613.8) (5,699.7) Total cost of sales (63,314.5) (48,129.0) (42,182.4) 1 Recycling cost consists of cost relating to the purchasing of spent catalytic material and the cost incurred to convert the spent catalytic material into finished PGMs The SA region employees are members of various defined contribution retirement plans. The cost of providing retirement benefits for the year amounted to R1,233.7 million (2018: R919.1 million and 2017: R959.9 million).

Finance expense

Finance expense	12 Months Ended
	Dec. 31, 2019
Finance expense
FINANCE EXPENSE	5. Finance expense Accounting policy Finance expense comprises interest on borrowings, lease liabilities, environmental rehabilitation obligation, occupational healthcare obligation, deferred payment and deferred revenue and offset by borrowing costs capitalised on qualifying assets. Interest payable on borrowings is recognised in profit or loss over the term of the borrowings using the effective interest method. Cash flows from interest paid are classified under operating activities in the statement of cash flows. Figures in million - SA rand Notes Interest charge on: Borrowings - interest (1,444.9) (1,572.5) (2,091.9) Borrowings - accrued interest and unwinding of amortised cost (374.4) (538.3) (251.8) Lease liabilities (33.9) - - Environmental rehabilitation obligation (578.7) (398.8) (357.1) Occupational healthcare obligation (115.5) (105.4) (46.4) Deferred Payment (related to the Rustenburg operation acquisition) (179.0) (200.4) (148.2) Dissenting shareholders (21.2) (68.1) (62.9) Deferred revenue 1 (352.3) (160.3) - Deferred consideration (related to Pandora acquisition) (40.5) - - Other (162.1) (90.9) (13.5) Total finance expense (3,302.5) (3,134.7) (2,971.8) 1 For the year ended 31 December 2019, interest expense includes R352.3 million (2018: R160.3 million) of non-cash interest expense relating to streaming arrangements. Although there is no cash financing cost related to this arrangement, IFRS 15 requires the Group to recognise a notional financing charge due to the significant time delay between receiving the upfront streaming payment and satisfying the related performance obligations. A discount rate of 4.6% and 5.2% was used for the Wheaton palladium and gold stream respectively and 11.5% was used for the BTT stream in determining the finance costs to be recognised as part of the steaming transactions entered into

SHARE-BASED PAYMENTS

SHARE-BASED PAYMENTS	12 Months Ended
	Dec. 31, 2019
SHARE-BASED PAYMENTS
SHARE-BASED PAYMENTS	6. Share-based payments Accounting policy The Group operates an equity-settled compensation plan in which certain employees of the Group participate. The fair value of the equity-settled instruments is measured by reference to the fair value of the equity instrument granted. Fair value is based on market prices of the equity-settled instruments granted, if available, taking into account the terms and conditions upon which those equity-settled instruments were granted. Fair value of equity-settled instruments granted is estimated using appropriate valuation models and appropriate assumptions at the grant date. Non-market vesting conditions (service period prior to vesting) are not taken into account when estimating the fair value of the equity-settled instruments at grant date. Market conditions are taken into account in determining the fair value at grant date. The grant date fair value of the equity-settled instruments is recognised as an employee benefit expense over the vesting period based on the Group’s estimate of the number of instruments that will eventually vest, with a corresponding increase in the share-based payment reserve. Vesting assumptions for non-market conditions are reviewed at each reporting date to ensure they reflect current expectations. The Group also operates a cash-settled compensation plan in which certain employees of the Group participate. In terms of the Rustenburg operation acquisition, the Group issued cash-settled instruments to black economic empowerment (BEE) shareholders. The grant date fair value of the cash-settled instruments is equal to the value of the equity-settled instrument granted on the same grant date. The grant date fair value of the cash-settled instruments is recognised as an employee benefit expense or share-based payment on the BEE transaction over the vesting period based on the Group’s estimate of the number of instruments that will eventually vest, with a corresponding increase in the share-based payment obligation. At each reporting date the obligation is remeasured to the fair value of the instrument, to reflect the potential outflow of cash resources to settle the liability, with a corresponding adjustment to gain or loss on financial instrument in profit or loss. Vesting assumptions for non-market conditions are reviewed at each reporting date to ensure they reflect current expectations. Where the terms of an equity-settled or a cash-settled award are modified, the originally determined expense is recognised as if the terms had not been modified. In addition, an expense is recognised for any modification, which increases the total fair value of the share-based payment arrangement, or is otherwise beneficial to the participant as measured at the date of the modification. Share based payment expense for the year consisted of the following: Figures in million - SA rand Notes Sibanye-Stillwater 2017 Share Plan (equity-settled scheme) (194.4) (139.2) (9.0) Performance shares (194.4) (139.2) (9.0) Sibanye Gold Limited 2013 Share Plan (equity-settled scheme) (95.9) (142.5) (208.4) Performance shares (95.9) (142.5) (186.3) Bonus shares - - (22.1) Sibanye Gold Limited Phantom Share Scheme - - (11.2) Stillwater (cash-settled scheme) (8.9) (14.5) (3.3) DRDGOLD (cash-settled scheme) 1 (64.1) (3.2) - Total share-based payment expense (363.3) (299.4) (231.9) 1 The DRDGOLD share-based payment expense represents a cash-settled long-term incentive scheme in which phantom shares were issued. The increase in expense relates mainly to the remeasurement of the cash-settled liability over the vesting period and an increase in the seven day volume weighted average price of the DRDGOLD share price 6.1 Sibanye-Stillwater Share Plans On 21 November 2012, the shareholders of Sibanye-Stillwater approved the adoption of the Sibanye Gold Limited 2013 Share Plan (2013 Share Plan) with effect from the date of the listing of Sibanye Gold Limited. The 2013 Share Plan provided for two methods of participation, namely Bonus Shares and Performance Shares. This plan sought to attract, retain, motivate and reward participating employees on a basis which seeks to align the interest of such employees with those of the shareholders. On 23 May 2017, the shareholders of Sibanye-Stillwater approved the adoption of the Sibanye-Stillwater 2017 Share Plan (2017 Share Plan) on essentially similar terms to the 2013 Share Plan. At the annual general meeting (AGM) on 30 May 2018, the directors of Sibanye-Stillwater were authorised to issue and allot all or any of such shares required for the 2017 Share Plan, up to a maximum not exceeding 86,748,850 shares. Under the 2017 Share Plan, an individual participant may not be awarded an aggregate of shares exceeding 8,674,885 shares. Bonus Shares – as part of the short-term incentive The Remuneration Committee makes an annual award of Bonus Shares to eligible participants as a share-based component of the short-term incentive scheme . The total annual bonus is determined by reference to the actual performance rating of the individual against predetermined targets for the preceding cycle and is comprised of cash plus the face value of restricted Bonus Shares in the ratio of 60:40. In other words, 40% of the annual bonus is awarded using Company shares as the “currency”, as opposed to cash, access to which is deferred. As such, the Bonus Shares vest in two equal tranches, nine months and 18 months after the award date. Except for the right to dispose of the shares, participants have full shareholder rights in the unvested Bonus Shares during the restricted period, including the right to receive dividends. The number of shares awarded is determined by dividing the face value of the Bonus Shares portion of the annual bonus by the volume-weighted average price (VWAP) of the Company’s shares over the three days immediately prior to the award date. Performance Shares – for the long-term incentive The Remuneration Committee makes an annual award of Performance Shares to eligible participants as part of its long-term incentive scheme. The number of Performance Shares awarded to an employee is based on the employee’s annual guaranteed pay and job grade combined with a factor related to the employee’s assessed performance rating for the prior year and using the relevant share price calculation (as for the Bonus Shares) at the award date, with ultimate vesting of those awards subject to performance conditions as approved by the Remuneration Committee. Performance conditions applicable to Performance Share awards from March 2016 onwards Due to concerns expressed by shareholders during 2015, a review was conducted to identify appropriate adjustments to the methodology for determining the performance conditions on Performance Shares to be reflective of the Group’s evolving strategic market position and to enhance alignment with shareholder interests. With effect from March 2016, in respect of the award of Performance Shares at that time and at any time thereafter (subject to any future agreed changes), an updated methodology was approved by the Remuneration Committee regarding the performance conditions applicable to the determination of the amount of Performance Shares that will vest at the end of the vesting period (currently three years from the date of the award). Essentially the number of shares that vest depends on the extent to which Sibanye-Stillwater has performed over the intervening three year period relative to two performance criteria, Total Shareholder Return (TSR) and Return on Capital Employed (ROCE). These are among the most widely acceptable vesting performance measures suited to aligning the outcome of long-term share incentive awards with shareholders’ interests. In addition, at the sole discretion of the Remuneration Committee, up to 20% of the determined number of vesting shares using the two performance criteria is liable to Bonus in the event of any extreme environmental, social, and governance (ESG) incidents occurring during the vesting period. The number of the Performance Shares awarded that will finally vest three years after the award will range between 0% and 100% dependent on the extent to which the two performance criteria have been met and whether the Remuneration Committee has applied its further discretion to reduce the award on the basis mentioned above. The details of these two performance conditions are provided below. Total Shareholder Return (TSR) – 70% Weighting TSR has been widely recognised as an appropriate indicator of shareholder value creation. It is used extensively internationally and increasingly in South Africa, sometimes as a single metric but most often as one of two or three weighted performance metrics. In some company share plans, an absolute target is set, but more often it is referenced in relation to the company’s share price relative to those of a group of peers or ‘comparator companies’. In Sibanye-Stillwater’s case, the TSR element is measured against a benchmark of eight peer group mining and resource companies that can be deemed to collectively represent an alternative investment portfolio for Sibanye-Stillwater’s shareholders (Peer Group). The Peer Group comprises similar market capitalisation companies that are reflective of the expected positioning of Sibanye-Stillwater over the medium term as a value driven multi-commodity resources company with a specific focus on gold and platinum. The Peer Group is set out in the table below. Peer group companies for TSR comparison AngloGold Ashanti Limited (AngloGold Ashanti) Anglo American Platinum Limited (Anglo American Platinum) Gold Fields Limited (Gold Fields) Impala Platinum Holdings Limited Northam Platinum Limited Exxaro Resources Limited Harmony Gold Mining Company Limited (Harmony) African Rainbow Minerals Limited Sibanye-Stillwater’s TSR over the vesting period is compared with the Peer Group TSR curve constructed on a market capitalisation weighted basis in the following manner. The annualised TSR over the vesting period (TSR ANN ) is determined for each of the companies in the Peer Group. The Peer Group companies are sorted from lowest to highest TSR ANN . The average market capitalisation based on daily closing price is determined for each company, and each peer company is assigned its proportion of the overall average market capitalisation of the Peer Group. The peer company TSR curve is plotted at the midpoint of each company’s percentage of Peer Group market capitalisation on a cumulative basis above the worse performing companies in the Peer Group. In the event that one or more of the peer companies become ineligible for comparison, a peer company curve based on the companies remaining in the Peer Group is utilised. The cumulative position of Sibanye-Stillwater’s TSR ANN is then mapped onto the TSR curve for the Peer Group to determine the percentile at which Sibanye-Stillwater performed over the vesting period. The performance curve governing vesting is set out in the table below with linear interpolation applied between the indicated levels. TSR element of performance conditions Percentile on peer group TSR curve % vesting 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Return On Capital Employed (ROCE) – 30% Weighting ROCE is a profitability metric that measures how efficiently a company generates profits from its capital employed. There is an increased focus on measuring the returns earned by businesses on the capital deployed by shareholders over and above the steady low risk returns typically available on financial markets. For Sibanye-Stillwater, ROCE is evaluated against the company’s cost of equity (Ke). A minimum threshold on the performance scale for ROCE is set as equalling the cost of equity, Ke, which would lead to the ROCE element contributing 0% towards the performance condition. Delivering a return that exceeds Ke by 6% or more would be regarded as a superior return representing the maximum 100% on the performance scale and full vesting in respect of the ROCE element. The performance curve governing vesting is set out in the table below, with linear interpolation between the indicated levels. ROCE element of performance condition Annual ROCE % vesting ≤K e K e + 1% K e + 2% K e + 3% K e + 4% K e + 5% K e + 6% The overall vesting is determined by applying the TSR performance condition to 70% of awarded shares element and the ROCE performance condition to 30% of awarded shares – plus any further discretionary reduction in the award based on the Remuneration Committee’s judgement regarding ESG issues mentioned above. Share awards granted, exercised and forfeited Refer to the table below for the inputs to the valuation models for share awards granted during the year. Share awards from March 2016 onwards The performance criteria used to govern the vesting of Performance Shares are determined by the Remuneration Committee and communicated in award letters to participants. The revised performance conditions, as described above, applied with the indicated weightings, were implemented for determining the vesting of future awards effective from March 2016 onwards. As indicated, the performance criteria described above govern vesting of all share awards effective from 1 March 2016. Should any further adjustment be made these will govern future offers but will not be applied retrospectively. The inputs to the valuation model for shares awards granted during the year were as follows: Performance Bonus shares shares MONTE CARLO SIMULATION Weighted average historical volatility (based on a statistical analysis of the share price on a weighted moving average basis for the expected term of the option) n/a 3 3 3 Expected term (years) n/a n/a n/a n/a n/a n/a Expected term (months) 9 - 18 9 - 18 9 - 18 Expected dividend yield 2.14% / 2.30% Weighted average three-year risk-free interest rate (based on SA interest rates) 7.06% / 7.07% 6.87% / 6.77% n/a n/a n/a Marketability discount n/a n/a 1.27% / 0.50% 24.07 6.86 11.17 Weighted average fair value 15.58 11.43 24.84 / 24.14 Share awards granted, exercised and forfeited under the 2017 Share Plan The compensation cost related to share awards not yet recognised under the plan at 31 December 2019 amounts to R363.8 million and is to be spread over three years. Performance Bonus shares shares Number of instruments - 12,953,888 48,535,348 Outstanding at beginning of the year 3,269,210 - - Movement during the year: 2,376,742 41,103,872 30,512,439 Granted during the year 3,994,507 5,977,437 - 10,933,066 - - Supplementary awards related to the SGL 2013 Plan - - - (105,449) (1,457,586) - Exercised and released (5,823,174) (2,348,445) - (250,471) (3,995,018) (765,896) Forfeited (917,461) (359,782) - - (69,808) (10,045,449) Condition forfeited 2,059,407 - - 12,953,888 48,535,348 68,236,442 Outstanding at end of the year 2,582,489 3,269,210 - Share awards granted, exercised and forfeited under the 2013 Share Plan The compensation cost related to awards not yet recognised under the plan at 31 December 2019 amounts to R17.2 million and is to be spread over three years. Performance shares Bonus shares Number of instruments 10,610,779 19,379,386 15,215,982 Outstanding at beginning of the year - 446,469 250,827 Movement during the year: 12,851,131 - - Granted during the year - - 2,421,522 (2,616,050) (2,523,162) (467,017) Exercised and released - (415,579) (2,126,415) (1,466,474) (1,514,145) (3,602,595) Forfeited - (30,890) (99,465) - (126,097) 11,090 Condition forfeited - - - 19,379,386 15,215,982 11,157,460 Outstanding at end of the year - - 446,469 Directors and prescribed officers’ equity-settled instruments The directors and prescribed officers of Sibanye-Stillwater held the following equity-settled instruments in the above 2017 Share Plan and 2013 Share Plan at 31 December 2019: Instruments granted Equity-settled instruments Instruments forfeited Number of instruments Number of instruments Number of instruments Average Share Number of instruments Number of instruments Executive directors Neal Froneman 7,765,494 3,302,443 552,074 22.40 12,368,821 868,300 9,647,563 Charl Keyter 3,891,588 1,460,066 267,654 22.51 6,026,128 394,554 4,689,446 Prescribed officers Chris Bateman 2,377,917 1,831,070 232,973 24.32 5,666,514 - 3,976,014 Shadwick Bessit 1,713,797 613,949 160,409 21.74 3,487,293 238,480 1,928,857 Hartley Dikgale 1,734,599 735,088 130,027 22.52 2,927,623 183,696 2,155,964 Dawie Mostert 2,039,260 810,486 150,643 22.40 3,373,689 236,555 2,462,548 Themba Nkosi 1,605,157 749,968 115,670 24.02 2,778,700 76,259 2,163,196 Wayne Robinson 2,082,811 898,669 146,629 22.44 3,290,222 254,904 2,579,947 Richard Stewart 2,428,496 940,812 162,656 22.81 3,709,672 249,433 2,957,219 Robert van Niekerk 3,121,139 1,308,919 231,063 22.42 5,179,367 274,278 3,924,717 6.2 Share-based payment on BEE transaction In terms of the Rustenburg operation Transaction , a 26% equity stake in SRPM was acquired by the BBBEE SPV (the BBBEE Transaction) by a vendor financed facility from Sibanye Platinum Proprietary Limited (Sibanye Platinum), on the following terms:  Interest at up to 0.2% above Sibanye-Stillwater’s highest cost of debt;  Post payment of the annual Deferred Payment to Rustenburg Platinum Mines Limited (RPM) and in respect of any repayment by SRPM of shareholder loans or the distribution of dividends, 74% will be paid to Sibanye Platinum and 26% to BBBEE SPV;  Of the 26% payment to BBBEE SPV, 85% will be used to service the facility owing by BBBEE SPV to Sibanye Platinum;  The remaining 15% of any such payment or 100%, once the facility owing by BBBEE SPV to Sibanye Platinum is repaid, will be declared by BBBEE SPV as a dividend to the BBBEE SPV shareholders; and  The facility will be capped at R3,500 million. The IFRS 2 expense has been limited to 44.8% of the 26% interest relating to Bakgatla-Ba-Kgafela Investment Holdings and Siyanda Resources Proprietary Limited, as the Rustenburg Mine Community Trust and Rustenburg Mine Employees Trust are controlled and consolidated by Sibanye-Stillwater. The 44.8% interest was based on the expected discounted future cash flows of the expected PGM reserves and costs to extract the PGMs. 6.3 Share-based payment obligations Figures in million - SA rand Share-based payment on BEE transaction 1,367.6 149.7 399.5 Share-based payment 57.5 76.0 35.0 Balance at end of the year 1,425.1 225.7 434.5 Reconciliation of the share-based payment obligations Balance at beginning of the year 225.7 434.5 481.7 Share-based payments expense 73.0 17.7 14.5 Fair value loss/(gain) on obligations 1 1,217.9 (249.9) 171.5 Cash-settled share-based payments paid 2 (90.9) (21.7) (433.6) Share-based payment obligation on acquisition of subsidiary - 45.1 200.4 Foreign currency translation (0.6) - - Balance at end of the year 1,425.1 225.7 434.5 Reconciliation of the non-current and current portion Share-based payment obligations 1,425.1 225.7 434.5 Current portion of share-based payment obligations (82.1) (56.8) (12.3) Non-current portion of share-based payment obligations 1,343.0 168.9 422.2 1 The fair value adjustment at reporting date is included in loss on financial instruments in profit or loss and not as part of share-based payments expense 2 Payments made during the year relates to vesting of shares to employees

OTHER COSTS

OTHER COSTS	12 Months Ended
	Dec. 31, 2019
OTHER COSTS
OTHER COSTS	7.1 Other costs Figures in million - SA rand Included in other costs are the following: Care and maintenance (765.9) (576.5) (249.2) Change in estimate of environmental rehabilitation obligation, (88.9) 66.6 (248.9) Strike related costs (402.3) (31.7) - Service entities costs (129.9) 102.0 - 7.2 Restructuring cost Restructuring costs of R1,252 million (2018: R143 million) were incurred in 2019 and included voluntary separation packages. The restructuring costs mainly related to the SA gold operations and the Marikana operations and amounted to R357 million and R867 million respectively.

IMPAIRMENT

IMPAIRMENT	12 Months Ended
	Dec. 31, 2019
IMPAIRMENTS
IMPAIRMENTS	8. Impairments Figures in million - SA rand Notes Impairment of property, plant and equipment (5.1) (2,603.3) (4,303.4) Impairment of goodwill (54.3) (436.3) (99.1) Impairment of equity-accounted investee (12.3) - - Impairment of loan to equity-accounted investee (14.3) (1.8) (8.5) Total impairments (86.0) (3,041.4) (4,411.0) 31 December 2019 Impairment of Qinisele Resources The goodwill that arose on the acquisition of Qinisele Resources cannot be attributed to any current Sibanye-Stillwater operating cash generating units (refer note 14.3). Qinisele Resources will perform an internal corporate function, mostly responsible for identifying, assessing and executing corporate actions. The business acquired will not generate external cash flows and has no future external mandates . Due to the factors mentioned, the recoverable amount of goodwill resulting from the application of IFRS 3 has been calculated at zero and fully impaired at year-end. 31 December 2018 Impairment of Driefontein, Kloof and Beatrix mining assets and goodwill Ore body constraints, above inflation electricity price and wage increases at the SA gold operations have impacted the sustainability of certain shafts and resulted in these shafts being marginal to loss making. Ongoing efforts to restore these to profitability have proven to be unsuccessful. These profitability challenges were compounded during the year by operational disruptions in 2018 including the interruption of Eskom power at the Beatrix operations in February and seismic events at Driefontein and Kloof which affected access to mining areas, thereby impacting operational flexibility. Ongoing losses experienced at the Driefontein and Beatrix operations negatively affected group cash flow as well as the sustainability and economic viability of other operations in the SA region. As a result a decision was taken during the six months ended 31 December 2018, to impair the mining assets of and goodwill allocated to Driefontein by R2,171.8 million and R166.9 million, respectively, goodwill allocated to Kloof by R165.5 million, and mining assets of and goodwill allocated to Beatrix by R166.9 million and R103.9 million, respectively. These impairments were based on the estimated fair value less cost to sell over the life of mine calculated as expected discounted cash flows from the expected gold reserves and costs to extract the gold. Impairment of Burnstone mine development assets Development of the Burnstone project is deferred to 2020 and as a result a decision was taken at 31 December 2018 to impair the mine development assets of Burnstone by R193.6 million. This impairment was based on the estimated fair value less cost to sell over the life of mine calculated as expected discounted cash flows from the expected gold reserves and costs to extract the gold. 31 December 2017 Impairment of Cooke Operations and Beatrix West mining assets Ongoing losses experienced at the Cooke 1, 2 and 3 Operations and Beatrix West mine negatively affected group cash flow as well as the sustainability and economic viability of other operations in the SA region. In this regard, after numerous attempts to address the losses, it became necessary to enter into consultations in terms of Section 189A of the Labour Relations Act, 66 of 1995 (Section 189A) with relevant stakeholders regarding restructuring at the SA gold operations. As a result a decision was taken during the six months ended 30 June 2017, to impair the Cooke 1, 2 and 3 mining assets by R2,187.8 million and the Beatrix West assets by R603.7 million. These impairments were based on the estimated fair value less cost to sell over the life of mine calculated as expected discounted cash flows from the expected gold reserves and costs to extract the gold. Impairment of WRTRP exploration and evaluation assets, and allocated goodwill On 22 November 2017, Sibanye-Stillwater announced that it has entered into various agreements with DRDGOLD to exchange selected surface gold processing assets and tailings storage facilities (TSF) for approximately 265 million newly issued DRDGOLD shares (the DRDGOLD Transaction). Following the implementation of the DRDGOLD Transaction, Sibanye-Stillwater will retain full ownership of the Cooke and Ezulwini TSFs (of 2.4Moz probable gold reserves and 54.26Mlb probable uranium reserves), and, as such, retains full exposure to the low uranium price environment without the higher gold price TSF. As a result a decision was taken during the six months ended 31 December 2017, to impair the WRTRP exploration and evaluation assets, and allocated goodwill by R1,245.1 million and R99.1 million, respectively. These impairments were based on the estimated fair value less cost to sell over the life of mine calculated as expected discounted cash flows from the expected gold and uranium reserves, and costs to extract the gold and uranium. Impairment of De Bron-Merriespruit exploration and evaluation assets No expenditure on further exploration for and evaluation of the De Bron-Merriespruit mineral resources is budgeted or planned for 2018. As a result a decision was taken to impair the De Bron-Merriespruit exploration and evaluation asset by R227.1 million.

Mining and income tax

Mining and income tax	12 Months Ended
	Dec. 31, 2019
Mining and income tax
ROYALTIES, AND MINING AND INCOME TAX, AND DEFERRED TAX	9. Royalties, mining and income tax, and deferred tax Significant accounting judgements and estimates The Group is subject to income tax in South Africa, Zimbabwe, UK and the US. Significant judgement is required in determining the liability for income tax due to the complexity of legislation. There are many transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business. The Group recognises liabilities for anticipated tax audit issues based on the best estimates of whether additional taxes will be due. The Group reassesses its judgements and estimates if facts and circumstances change. Where the facts and circumstances change or when the final tax outcome of these matters are different from the amounts that were initially recorded, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made. The Group recognises the net future tax benefit related to deferred tax assets to the extent that it is probable that the deductible temporary differences will reverse in the foreseeable future. Assessing the recoverability of deferred tax assets requires the Group to make significant estimates related to expectations of future taxable income. Estimates of future taxable income are based on forecast cash flows from operations and the application of existing tax laws. To the extent that future cash flows and taxable income differ significantly from estimates, the ability of the Group to realise the net deferred tax assets recorded at the reporting date could be impacted. The Group’s gold mining operations are taxed on a variable rate that increases as the profitability of the operation increases. The deferred tax rate used to calculate deferred tax is based on the current estimate of future profitability when the temporary differences will reverse based on tax rates and laws that have been enacted or substantively enacted at the reporting date. Depending on the profitability of the operations, the deferred tax rate can consequently be significantly different from year to year. Calculating the future profitability of the operations is inherently uncertain and could materially change over time. Additionally, future changes in tax laws in South Africa, United Kingdom and in the United States could limit the ability of the Group to obtain tax deductions in future periods. Accounting policy Income tax comprises current and deferred tax. Current tax and deferred tax is recognised in profit or loss except to the extent that it relates to a business combination, or items recognised directly in equity or in other comprehensive income. Current tax is measured on taxable income at the applicable statutory rate enacted or substantively enacted at the reporting date. Deferred tax is provided on temporary differences existing at each reporting date between the tax values of assets and liabilities and their carrying amounts. Enacted and substantively enacted tax rates are used to determine future anticipated effective tax rates which in turn are used in the determination of deferred tax. 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 principal temporary differences arise from depreciation of property, plant and equipment, provisions, unutilised capital allowances and tax losses carried forward. Deferred tax is not recognised for:  temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss;  temporary differences related to investments in subsidiaries, and interest in associates and joint ventures to the extent that the Group is able to control the timing of the reversal of the temporary differences and it is probable that these will not reverse in the foreseeable future; and  taxable temporary differences arising on the initial recognition of goodwill. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and relate to taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realised simultaneously. Deferred tax assets relating to the carry forward of unutilised tax losses and/or unutilised capital allowances are recognised to the extent it is probable that future taxable profit will be available against which the unutilised tax losses and/or unutilised capital allowances can be recovered. Deferred tax assets are reviewed at each reporting date and are adjusted if recovery is no longer probable. Unrecognised deferred tax assets are reassessed at each reporting date and recognised to the extent that it has become probable that future taxable profits will be available against which they can be utilised. 9.1 Royalties Revenue from mineral resources in South Africa are subject to the Mineral and Petroleum Resource Royalty Act 2008 (Royalty Act). The Royalty Act imposes a royalty on refined (mineral resources that have undergone a comprehensive level of beneficiation such as smelting and refining as defined in Schedule 1 of the Royalty Act) and unrefined (mineral resources that have undergone limited beneficiation as defined in Schedule 2 of the Royalty Act) minerals payable to the State. The royalty in respect of refined and unrefined minerals (which include gold refined to 99.5% and above, and PGMs) is calculated by dividing earnings before interest and taxes (EBIT) by the product of 12.5 times, in respect of refined, and 9 times, in respect of unrefined, gross revenue calculated as a percentage, plus an additional 0.5%. EBIT refers to taxable mining income (with certain exceptions such as no deduction for interest payable and foreign exchange losses) before assessed losses but after capital expenditure. A maximum royalty of 5% of mining revenue has been introduced on refined minerals and 7% on unrefined minerals. The effective rate of royalty tax payable for the year ended 31 December 2019 was approximately 0.4% (2018: 0.5% and 2017: 1.4%) of revenue at the SA gold operations and 1.3% (2018: 1.1% and 2017: 0.6%) of revenue at the SA PGM operations. Figures in million - SA rand Current charge (431.0) (255.5) (398.5) SA gold revenue (73.7) (93.5) (325.3) SA PGM revenue (357.3) (162.0) (73.2) Prior year tax refund - 42.9 - Total royalties (431.0) (212.6) (398.5) 9.2 Mining and income tax South African statutory tax rates Gold mining and non-mining tax Gold mining tax is determined according to a formula which takes into account the profit and revenue attributable to mining operations. Mining taxable income is determined after the deduction of all mining capital expenditure, with the provision that this cannot result in an assessed loss. Capital expenditure amounts not deducted are carried forward as unredeemed capital expenditure to be deducted from future mining income. Accounting depreciation is ignored for the purpose of calculating mining tax. In the formula, the percentage rate of tax payable and the ratio of mining profit, after the deduction of redeemable capital expenditure, to mining revenue is expressed as a percentage. Non-mining income consists primarily of interest income, and is taxed at the South African company tax rate of 28%. Company tax rate Companies, other than gold mining companies, are subject to the maximum South African company tax rate of 28%. US statutory tax rates On 22 December 2017, the Tax Cuts and Jobs Act was signed into legislation in the US and the tax rate changed to 21%. The US PGM operations are subject to tax in the states of Montana, New Jersey and Pennsylvania. During the year ended 31 December 2018, the New Jersey Governor signed a number of bills that implement numerous tax changes which affected the US PGM operations. The most significant change in the law resulted in tax being calculated together on all US entities under common control (greater that 50% ownership). As a result of contract changes, US PGM operations experienced a shift of its state tax exposure out of New Jersey, effective 15 March 2019. Mining and income tax The components of mining and income tax are the following: Figures in million - SA rand Note Current tax (1,848.7) (95.3) (504.2) Mining tax (1,363.9) (36.8) (425.2) Non-mining tax 3.1 (57.6) (70.6) Company and capital gains tax (487.9) (0.9) (8.4) Deferred tax 3,581.7 (988.5) 3,450.8 Deferred tax charge 2,030.7 306.7 879.7 Deferred tax rate adjustment 1 1,551.0 (1,295.2) 2,571.1 Total mining and income tax 1,733.0 (1,083.8) 2,946.6 1 The deferred tax rate adjustment in South Africa and the US was: Figures in million - SA rand South Africa (23.1) 249.5 39.6 United States 1,574.1 (1,544.7) 2,531.5 Deferred tax rate adjustment 1,551.0 (1,295.2) 2,571.1 The change in the estimated long term deferred tax rate, as a result of applying the mining tax formula at the SA gold operations, at which the temporary differences will reverse amounted to a deferred tax charge of R23.1 million for the year ended 31 December 2019 (2018: benefit of R249.5 million and 2017: benefit of R39.6 million) During year ended 31 December 2018, the New Jersey Governor signed a number of bills that implement numerous tax changes which affected the US PGM operations. The most significant change in the law resulted in tax being calculated together on all US entities under common control (greater than 50% voting ownership). This resulted in an increase in the estimated deferred tax rate relating to the US PGM operations and a deferred tax charge of R1,544.7 million (US$107.7 million) during 31 December 2018. With contract changes during 2019, the US PGM operations experienced a shift of its state tax exposure out of New Jersey state resulting in a deferred tax rate adjustment of R1,574.1 million (benefit) Reconciliation of the Group’s mining and income tax to the South African statutory company tax rate of 28%: Figures in million - SA rand Tax on loss before tax at maximum South African statutory company tax rate (28%) 364.1 402.3 2,066.3 South African gold mining tax formula rate adjustment (192.6) (53.0) 157.6 US statutory tax rate adjustment 205.4 19.4 57.3 Non-deductible amortisation and depreciation (14.7) (21.2) (0.9) Non-taxable dividend received 2.1 15.4 - Non-deductible finance expense (86.3) (118.2) (165.8) Non-deductible share-based payments (81.3) (78.9) (58.4) (Non-deductible loss)/non-taxable gain on fair value of financial instruments (571.1) 136.9 (42.9) Non-taxable gain on foreign exchange differences - 250.3 45.0 Non-taxable share of results of equity-accounted investees 201.9 96.4 81.6 Non-deductible impairments (21.9) (123.2) (1,054.9) Non-taxable gain on acquisition 308.8 - - Non-deductible transaction costs (94.4) (110.0) (154.6) Tax adjustment in respect of prior periods 12.4 51.4 - Net other non-taxable income and non-deductible expenditure 533.5 121.0 (251.7) Change in estimated deferred tax rate 1,551.0 (1,295.2) 2,571.1 Deferred tax assets not recognised (383.9) (377.2) (303.1) Mining and income tax 1,733.0 (1,083.8) 2,946.6 9.3 Deferred tax Figures in million - SA rand Notes Included in the statement of financial position as follows: Deferred tax assets (288.9) (76.9) (206.2) Deferred tax liabilities 6,656.8 10,153.2 8,525.2 Net deferred tax liabilities 6,367.9 10,076.3 8,319.0 Reconciliation of the deferred tax balance: Balance at beginning of the year 10,076.3 8,319.0 4,687.2 Deferred tax recognised in profit or loss (3,581.7) 988.5 (3,450.8) Deferred tax recognised in other comprehensive income - (22.8) (27.7) Deferred tax on acquisition of subsidiaries - 132.2 7,486.3 Foreign currency translation (126.7) 659.4 (376.0) Balance at end of the year 6,367.9 10,076.3 8,319.0 The detailed components of the net deferred tax liabilities which result from the differences between the amounts of assets and liabilities recognised for financial reporting and tax purposes are: Figures in million - SA rand Deferred tax liabilities Mining assets 9,759.5 11,344.4 9,642.6 Environmental rehabilitation obligation funds 682.3 507.7 600.7 Other 208.7 284.7 47.5 Gross deferred tax liabilities 10,650.5 12,136.8 10,290.8 Deferred tax assets Environmental rehabilitation obligation (1,109.2) (989.2) (840.7) Occupational healthcare obligation (333.3) (302.7) (299.7) Other provisions (498.5) (464.1) (434.0) Financial instruments (1,351.3) - - Tax losses and unredeemed capital expenditure (990.3) (304.5) (397.4) Gross deferred tax assets (4,282.6) (2,060.5) (1,971.8) Net deferred tax liabilities 6,367.9 10,076.3 8,319.0 At 31 December 2019, the Group had the following estimated amounts not recognised but available for set-off against future income: Figures in million - SA rand Tax losses Wits Gold 63.5 63.9 64.6 Ezulwini 2,156.7 2,230.2 2,591.1 Rand Uranium 1,259.4 1,132.7 886.6 DRDGOLD 26.2 37.3 - Western Platinum Limited 839.9 - - Eastern Platinum Limited 539.2 - - Other - SA region 12.9 15.9 15.9 Total gross tax losses 4,897.8 3,480.0 3,558.2 Other deductible temporary differences Burnstone 15,207.4 13,419.8 11,306.8 Ezulwini 3,597.4 3,208.4 2,923.7 Rand Uranium 4,200.3 4,115.7 4,045.7 DRDGOLD 494.6 602.9 - Western Platinum Limited 7,926.6 - - Eastern Platinum Limited 3,123.9 - - Akanani 685.1 - - Messina Platinum Limited 2,867.5 - - Ridge Mining Services Proprietary Limited 677.5 715.5 499.5 Stillwater Canada Inc 1,385.4 1,916.4 1,550.8 Other - SA region 63.6 48.9 54.2 Other - US region 165.3 172.0 183.3 Total gross tax losses and other deductible temporary differences 45,292.4 27,679.6 24,122.2 Deferred tax assets not recognised Wits Gold 17.8 17.9 18.1 Burnstone 4,258.1 3,757.5 3,165.9 Ezulwini 1,611.1 1,522.8 1,544.1 Rand Uranium 1,528.7 1,469.6 - DRDGOLD 145.8 130.0 - Western Platinum Limited 2,454.6 - - Eastern Platinum Limited 1,025.7 - - Akanani 191.8 - - Messina Platinum Limited 802.9 - - Ridge Mining Services Proprietary Limited 189.7 200.3 139.9 Stillwater Canada Inc 351.6 395.4 284.4 Other - SA region 21.5 18.1 19.6 Other - US region 37.5 53.2 70.9 Total deferred tax assets not recognised 12,636.8 7,564.8 5,242.9 These deductions are available to be utilised against income generated by the relevant tax entity and do not expire unless the tax entity concerned ceases to operate for a period of 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 utilised by the tax entities in which the deductions have been generated. 9.4 Net tax, carbon tax and royalties receivable and payable Figures in million - SA rand Notes Included in the statement of financial position as follows: Tax receivable (355.1) (483.2) (182.8) Tax, carbon tax and royalties payable 508.9 88.0 34.9 Net tax, carbon tax and royalties payable/(receivable) 153.8 (395.2) (147.9) Reconciliation of the net tax, carbon tax and royalties payable/(receivable) balance: Balance at beginning of the year (395.2) (147.9) 88.6 Royalties, carbon tax and current tax 9.1, 9.2 2,292.6 307.9 902.7 Royalties and tax paid (1,818.9) (542.2) (899.3) Royalties paid (411.5) (234.4) (387.4) Tax paid (1,407.4) (307.8) (511.9) Tax payable on acquisition of subsidiaries 68.7 4.4 (260.4) Other 18.6 - - Foreign currency translation (12.0) (17.4) 20.5 Balance at end of the year 153.8 (395.2) (147.9)

Earnings per share

Earnings per share	12 Months Ended
	Dec. 31, 2019
Earnings per share
EARNINGS PER SHARE	10. Earnings per share Accounting policy Headline earnings is presented as an additional earnings number allowed by IAS 33 Earnings per Share (IAS 33) and is calculated based on the requirements set out in SAICA Circular 1/2019 (Circular). Earnings, as determined in IAS 33, is the starting point and certain remeasurements net of related tax (current and deferred) and non-controlling interest are excluded. A remeasurement is an amount recognised in profit or loss relating to any change (whether realised or unrealised) in the carrying amount of an asset or liability that arose after the initial recognition of such asset or liability. 10.1 Basic earnings per share Basic EPS is calculated by dividing the profit or loss attributable to owners of Sibanye-Stillwater by the weighted average number of ordinary shares in issue during the year. Weighted average number of shares Ordinary shares in issue (’000) 2,670,029 2,266,261 2,168,721 Bonus element of the capitalisation issue (’000) - - 86,749 Adjustment for weighting of ordinary shares in issue (’000) (162,446) (2,404) (321,620) Weighted average number of shares (’000) 2,507,583 2,263,857 1,933,850 Profit attributable to owners of Sibanye-Stillwater (SA rand million) 62.1 (2,499.6) (4,437.4) Basic EPS (cents) 2 (110) (229) 10.2 Diluted earnings per share Diluted EPS is calculated by dividing the profit attributable to owners of Sibanye-Stillwater by the diluted number of ordinary shares in issue during the year. Dilutive shares are the number of potentially dilutive ordinary shares that could be issued as a result of share options granted to employees under the share option schemes (refer to note 6). As at 31 December 2018 and 2017, these were anti-dilutive. Diluted weighted average number of shares Weighted average number of shares (’000) 2,507,583 2,263,857 1,933,850 Potential ordinary shares (’000) 71,372 - - Diluted weighted average number of shares (’000) 2,578,955 2,263,857 1,933,850 Diluted basic EPS (cents) 2 (110) (229) 10.3 Headline earnings per share Headline EPS is calculated by dividing the headline earnings attributable to owners of Sibanye-Stillwater by the weighted average number of ordinary shares in issue during the year. Reconciliation of profit/(loss) attributable to owners of Sibanye-Stillwater to headline earnings: Figures in million - SA rand Notes Gross Net of tax 2019 Profit attributable to owners of Sibanye-Stillwater 62.1 Gain on disposal of property, plant and equipment (76.6) (57.9) Impairments 86.0 66.6 Impairment recognised by equity accounted associate 21.0 21.0 Gain on acquisition (1,103.0) (1,103.0) Re-measurement items, attributable to non-controlling interest 3.0 Headline earnings (1,008.2) Headline EPS (cents) (40) 2018 Loss attributable to owners of Sibanye-Stillwater (2,499.6) Gain on disposal of property, plant and equipment (60.2) (47.9) Impairments 3,041.4 2,530.9 Headline earnings (16.6) Headline EPS (cents) (1) 2017 Loss attributable to owners of Sibanye-Stillwater (4,437.4) Gain on disposal of property, plant and equipment (40.7) (29.3) Impairments 4,411.0 4,242.8 Headline earnings (223.9) Headline EPS (cents) (12) 10.4 Diluted headline earnings per share Diluted headline EPS is calculated by dividing the headline earnings attributable to owners of Sibanye-Stillwater by the diluted weighted average number of ordinary shares in issue during the year. Diluted headline EPS (cents) (40) (1) (12)

Dividends

Dividends	12 Months Ended
	Dec. 31, 2019
Dividends
DIVIDENDS	11. D ividends Accounting policy Dividends are recognised as a liability on the date on which such dividends are declared. Dividends withholding tax is a tax on shareholders receiving dividends and is applicable to all dividends paid. The Group withholds dividend tax on behalf of its shareholders at a rate of 20% on dividends paid. Amounts withheld are not recognised as part of the Group’s tax charge but rather as part of the dividend paid, recognised in equity. Cash flows from dividends paid are classified under operating activities in the statement of cash flows. Figures in million - SA rand Dividend declared and paid - - 558.2 Dividend per share - cents - - 60 Dividend policy Sibanye-Stillwater’s dividend policy is to return at least 25% to 35% of normalised earnings to shareholders and after due consideration of future requirements the dividend may be increased beyond these levels. The Board, therefore, considers normalised earnings in determining what value will be distributed to shareholders. The Board believes normalised earnings provides useful information to investors regarding the extent to which results of operations may affect shareholder returns. Normalised earnings is defined as earnings attributable to the owners of Sibanye-Stillwater excluding gains and losses on financial instruments and foreign exchange differences, impairments, gain on disposal of property, plant and equipment, occupational healthcare expense, restructuring costs, transactions costs, share-based payment on BEE transaction, gain on acquisition, other business development costs, share of results of equity-accounted investees, after tax, and changes in estimated deferred tax rate. In line with Sibanye-Stillwater’s strategic priority of deleveraging, the Board of Directors resolved not to pay a final dividend. Reconciliation of profit/(loss) attributable to the owners of Sibanye-Stillwater to normalised earnings: Figures in million - SA rand Profit/(loss) attributable to the owners of Sibanye-Stillwater 62.1 (2,499.6) (4,437.4) Adjusted for: Loss/(gain) on financial instruments 6,015.1 (1,704.1) 1,114.4 Gain on foreign exchange differences (325.5) (1,169.1) (292.4) Gain on disposal of property, plant and equipment (76.6) (60.2) (40.7) Impairments 86.0 3,041.4 4,411.0 Gain on acquisition (1,103.0) - - Restructuring costs 1,252.4 142.8 729.8 Transaction costs 447.8 402.5 552.1 Gain on derecognition of borrowings and derivative financial instrument - (230.0) - Occupational healthcare expense (39.6) 15.4 1,106.9 Other - 18.7 52.7 Change in estimated deferred tax rate (1,551.0) 1,295.2 (2,571.1) Share of results of equity-accounted investees after tax (721.0) (344.2) (291.6) Tax effect of the items adjusted above (1,643.8) (345.7) (813.4) NCI effect of the items listed above (42.7) - - Normalised earnings 1 2,360.2 (1,436.9) (479.7) 1 Non-IFRS measure such as normalised earnings is the responsibility of the Group’s Board of Directors and presented for illustration purposes only, and because of its nature, normalised earnings should not be considered as a representation of financial performance under IFRS.

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	12 Months Ended
	Dec. 31, 2019
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT	12. Property, plant and equipment Significant accounting judgements and estimates Carrying value of property, plant and equipment All mining assets are amortised using the units-of-production method where the mine operating plan calls for production from proved and probable Mineral Reserves. Mobile and other equipment are depreciated over the shorter of the estimated useful life of the asset or the estimate of mine life based on proved and probable Mineral Reserves. The calculation of the units-of-production rate of amortisation could be impacted to the extent that actual production in the future is different from current forecast production based on proved and probable Mineral Reserves. This would generally result from the extent that there are significant changes in any of the factors or assumptions used in estimating Mineral Reserves. These factors could include:  changes in proved and probable Mineral Reserves;  differences between actual commodity prices and commodity price assumptions;  unforeseen operational issues at mine sites;  changes in capital, operating, mining, processing and reclamation costs, discount rates and foreign exchange rates; and  changes in Mineral Reserves could similarly impact the useful lives of assets depreciated on a straight-line basis, where those lives are limited to the life of the mine. The recoverable amounts of cash generating units (CGUs) and individual assets have been determined based on the higher of value-in-use calculations and fair value less cost to sell. These calculations require the use of estimates and assumptions. It is reasonably possible that the gold and PGM price assumptions may change which may then impact the Group estimated life of mine determinant and may then require a material adjustment to the carrying value of property, plant and equipment. The Group reviews and tests the carrying value of assets when events or changes in circumstances suggest that the carrying amount may not be recoverable by comparing expected future cash flows to these carrying values. Assets are grouped at the lowest level for which identifiable cash flows are largely independent of cash flows of other assets and liabilities. If there are indications that impairment may have occurred, estimates are prepared of expected future cash flows of each group of assets. Expected future cash flows used to determine the value in use and fair value less costs to sell of property, plant and equipment are inherently uncertain and could materially change over time. They are significantly affected by a number of factors including reserves and production estimates, together with economic factors such as spot and future gold and PGM prices, discount rates, foreign currency exchange rates, estimates of costs to produce reserves and future capital expenditure. Pre-production The Group assesses the stage of each mine construction project to determine when a mine moves into the production stage. The criteria used to assess the start date are determined based on the unique nature of each mine construction project. The Group considers various relevant criteria to assess when the mine is substantially complete, ready for its intended use and moves into the production stage. Some of the criteria would include, but are not limited to the following:  the level of capital expenditure compared to the construction cost estimates;  ability to produce metal in saleable form (within specifications); and  ability to sustain commercial levels of production of metal. When a mine construction project moves into the production stage, the capitalisation of certain mine construction costs ceases and costs are expensed, except for capitalisable costs related to mining asset additions or improvements, underground mine development or ore reserve development. Mineral Reserves estimates Mineral Reserves are estimates of the amount of product that can be economically and legally extracted from the Group’s properties. In order to calculate the reserves, estimates and assumptions are required about a range of geological, technical and economic factors, including but not limited to quantities, grades, production techniques, recovery rates, production costs, transport costs, commodity demand, commodity prices and exchange rates. Estimating the quantity and grade of the Mineral Reserves requires the size, shape and depth of ore bodies to be determined by analysing geological data such as the logging and assaying of drill samples. This process may require complex and difficult geological judgements and calculations to interpret the data. The Group is required to determine and report, inter alia , on the Mineral Reserves in accordance with the South African Code for Reporting of Exploration Results, Mineral Resources and Mineral Reserves (SAMREC Code). Estimates of Mineral Reserves may change from period to period due to the change in economic assumptions used to estimate Mineral Reserves and due to additional geological data becoming available during the course of operations. Changes in reported proven and probable reserves may affect the Group’s financial results and position in a number of ways, including the following:  asset carrying values may be affected due to changes in estimated cash flows;  depreciation and amortisation charges to profit or loss may change as these are calculated on the units-of production method, or where the useful lives of assets change;  decommissioning site restoration and environmental provisions may change where changes in ore reserves affect expectations about the timing or cost of these activities; and  the carrying value of deferred tax assets may change due to changes in estimates of the likely recovery of the tax benefits. Accounting policy Mineral and surface rights Mineral and surface rights are recorded at cost less accumulated amortisation and accumulated impairment losses. When there is little likelihood of a mineral right being exploited, or the carrying amount has exceeded its recoverable amount, impairment is recognised in profit or loss in the year that such determination is made. Mine development and infrastructure Mining assets, including mine development and infrastructure costs and mine plant facilities, are recorded at cost less accumulated depreciation and accumulated impairment losses. These costs which include the purchase price of assets used in the construction of the mine, expenditure incurred to evaluate and develop new ore bodies, to define mineralisation in existing ore bodies and to establish or expand productive capacity, are capitalised until commercial levels of production are achieved, at which times the costs are amortised as set out below. Development of ore bodies includes the development of shaft systems and waste rock removal that allows access to reserves that are economically recoverable in the future. Subsequent to this, costs are capitalised if the criteria for recognition as an asset are met. Access to individual ore bodies exploited by the Group is limited to the time span of the respective mining leases. Land Land is shown at cost and is not depreciated. Other assets Non-mining assets are recorded at cost less accumulated depreciation and accumulated impairment losses. These assets include the assets of the mining operations not included in mine development and infrastructure, borrowing costs, mineral and surface rights, land and all the assets of the non-mining operations. Amortisation and depreciation of mining assets Amortisation and depreciation is determined to give a fair and systematic charge in profit or loss taking into account the nature of a particular ore body and the method of mining that ore body. To achieve this, the following calculation methods are used:  Mining assets, including mine development and infrastructure costs, mine plant facilities and evaluation costs, are amortised over the life of the mine using the units-of-production method, based on estimated proved and probable Mineral Reserves above infrastructure.  Proved and probable Mineral Reserves reflect estimated quantities of economically recoverable reserves, which can be recovered in future from known mineral deposits.  Certain mining plant and equipment included in mine development and infrastructure is depreciated on a straight-line basis over their estimated useful lives.  For certain shafts, which have a short life and/or are marginal, the depreciation is accelerated based on an adjustment to the reserves for accounting purposes. Depreciation of non-mining assets Non-mining assets are recorded at cost and depreciated on a straight-line basis over their current expected useful lives to their residual values as follows:  Vehicles: 5 years  Computers: 3 years  Furniture and equipment: 1 - 10 years The assets’ useful lives, depreciation methods and residual values are reassessed at each reporting date and adjusted if appropriate. Impairment Recoverability of the carrying values of long-term assets or cash generating units (CGUs) of the Group are reviewed whenever events or changes in circumstances indicate that such carrying value may not be recoverable. To determine whether a long-term asset or CGU may be impaired, the higher of value in use (defined as: the present value of future cash flows expected to be derived from an asset or CGU) or fair value less costs to sell (defined as: the price that would be received to sell an asset in an orderly transaction between market participants at the measured rate, less the costs of disposal) is compared to the carrying value of the CGU. A CGU is defined by the Group as the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. Generally for the Group this represents an individual operating mine, including mines which are part of a larger mine complex. The costs attributable to individual shafts of a mine are impaired if the shaft is closed. Impairment losses are recognised in profit or loss. Impairment recognised in respect of a CGU is allocated first to goodwill to that particular CGU and thereafter to the individual assets in the CGU. When any infrastructure is closed down or placed on care and maintenance during the year, any carrying value attributable to that infrastructure is impaired. Expenditure incurred on care and maintenance is recognised in profit or loss. When the review of the events or changes in circumstances of an asset or CGU that was previously impaired indicate that such historical carrying value is recoverable, the impairment is reversed. The impairment is only reversed to such an amount that the new carrying amount does not exceed what the historical carrying amount would have been should the asset not have been impaired. Reversal of impairment losses are recognised in profit or loss. Reversal of impairment recognised in respect of a CGU is allocated to the individual assets in the CGU. Derecognition of property, plant and equipment Property, plant and equipment is derecognised on disposal or closure of a shaft when no future economic benefits are expected from its use or disposal. Any gain or loss on derecognition of an item of property, plant and equipment (calculated as the net proceeds from disposal and the carrying amount of the item) is recognised in profit or loss. Exploration and evaluation expenditure All exploration and evaluation expenditure, prior to obtaining the legal rights to explore a specific area, is recognised in profit or loss. After the legal rights to explore are obtained, exploration and evaluation expenditure, comprising the costs of acquiring prospecting rights and directly attributable exploration expenditure, is capitalised as a separate class of property, plant and equipment or intangible assets, on a project-by-project basis, pending determination of the technical feasibility and commercial viability. The technical feasibility and commercial viability of extracting a mineral resource is generally considered to be determinable through a feasibility study and when proven reserves are determinable to exist. Upon determination of proven reserves, exploration and evaluation assets attributable to those reserves are first tested for impairment and then reclassified from exploration and evaluation assets to another appropriate class of property, plant and equipment. Subsequently, all cost directly incurred to prepare an identified mineral asset for production is capitalised to mine development assets. Amortisation of these assets commences once these assets are available for use, which is expected to be when the mine is in commercial production. These assets will be measured at cost less accumulated amortisation and impairment losses. Figures in million - SA rand Notes Total Mine Land, mineral Exploration 2019 Cost Balance at beginning of the year 99,994.6 72,811.2 25,095.3 2,088.1 Additions 7,803.0 7,790.9 0.4 11.7 Change in estimates of rehabilitation assets 101.0 (99.4) 200.4 - Disposals (281.8) (281.2) (0.6) - Derecognition of property, plant and equipment (2,409.9) (695.0) (1,714.9) - Transfers between classes of property, plant and equipment - (94.9) 94.9 - Transfers to right-of-use assets (18.8) (18.8) - - Assets acquired on acquisition of subsidiaries 3,158.6 3,152.1 6.5 - Assets derecognised on loss of control of subsidiary (62.7) - - (62.7) Foreign currency translation (998.9) (518.3) (472.5) (8.1) Balance at end of the year 107,285.1 82,046.6 23,209.5 2,029.0 Accumulated depreciation, amortisation and impairment Balance at beginning of the year 45,436.4 38,576.2 5,276.4 1,583.8 Amortisation and depreciation 7,102.4 6,275.2 788.2 39.0 Impairment 5.1 - - 5.1 Disposals (257.4) (257.4) - - Derecognition of property, plant and equipment (2,409.9) (695.0) (1,714.9) - Transfers to right-of-use assets (15.5) (15.5) - - Depreciation capitalised to inventory 111.4 111.4 - - Foreign currency translation (167.6) (117.4) (47.1) (3.1) Balance at end of the year 49,804.9 43,877.5 4,302.6 1,624.8 Carrying value at end of the year 57,480.2 38,169.1 18,906.9 404.2 1 During the year, amortisation and depreciation on assets used in the development of the Blitz project was capitalised. As a result, additions includes non-cash additions (or amortisation and depreciation capitalised) of R85.5 million Figures in million - SA rand Notes Total Mine Land, mineral Exploration 2018 Cost Balance at beginning of the year 101,720.7 76,529.2 21,807.9 3,383.6 Additions 1 7,107.5 7,034.6 (0.5) 73.4 Change in estimates of rehabilitation assets 618.8 - 618.8 - Disposals (171.2) (168.1) (3.1) - Derecognition of property, plant and equipment 2 (14,416.4) (14,287.7) (128.7) - Transfers between classes of property, plant and equipment - 192.8 134.5 (327.3) Assets acquired on acquisition of subsidiaries 1,443.2 1,325.0 50.0 68.2 Assets derecognised on loss of control of subsidiary (1,322.3) (12.5) - (1,309.8) Foreign currency translation 5,014.3 2,197.9 2,616.4 200.0 Balance at end of the year 99,994.6 72,811.2 25,095.3 2,088.1 Accumulated depreciation, amortisation and impairment Balance at beginning of the year 50,276.1 44,308.9 4,471.0 1,496.2 Amortisation and depreciation 6,640.6 5,900.8 739.8 - Impairment 2,603.3 2,461.5 70.8 71.0 Disposals (77.2) (75.9) (1.3) - Derecognition of property, plant and equipment 2 (14,416.4) (14,287.7) (128.7) - Assets derecognised on loss of control of subsidiary (10.9) (10.9) - - Foreign currency translation 420.9 279.5 124.8 16.6 Balance at end of the year 45,436.4 38,576.2 5,276.4 1,583.8 Carrying value at end of the year 54,558.2 34,235.0 19,818.9 504.3 1 During the year, amortisation and depreciation on assets used in the development of the Burnstone project was capitalised. As a result, additions includes non-cash additions (or amortisation and depreciation capitalised) of R26.8 million 2 During the year, short-term ore reserve development, which was capitalised up to 31 December 2016 and fully depreciated by 2018, was derecognised as no future economic benefits are expected from its use Figures in million - SA rand Notes Total Mine Land, mineral Exploration 2017 Cost Balance at beginning of the year 67,689.8 59,904.4 5,714.4 2,071.0 Additions 1 6,140.6 5,979.1 95.3 66.2 Change in estimates of rehabilitation assets (187.8) - (187.8) - Disposals (142.3) (134.1) (7.9) (0.3) Assets acquired on acquisition of subsidiaries 29,948.6 11,513.6 17,115.2 1,319.8 Foreign currency translation (1,728.2) (733.8) (921.3) (73.1) Balance at end of the year 101,720.7 76,529.2 21,807.9 3,383.6 Accumulated depreciation, amortisation and impairment Balance at beginning of the year 40,449.1 38,341.9 2,107.2 - Amortisation and depreciation 5,741.6 5,067.6 674.0 - Impairment 4,303.4 1,504.6 1,300.3 1,498.5 Disposals (111.7) (534.2) 422.5 - Foreign currency translation (106.3) (71.0) (33.0) (2.3) Balance at end of the year 50,276.1 44,308.9 4,471.0 1,496.2 Carrying value at end of the year 51,444.6 32,220.3 17,336.9 1,887.4 1 During the year, amortisation and depreciation on assets used in the development of the Burnstone project was capitalised. As a result, additions includes non-cash additions (or amortisation and depreciation capitalised) of R41.8 million. ..

Right-of-use asset

Right-of-use asset	12 Months Ended
	Dec. 31, 2019
Right-of-use asset
Right-of-use asset	13. Right-of-use assets Accounting policy Right-of-use assets comprise mining equipment, vehicles and office rentals (included in the mine development, infrastructure ) of which none meet the definition of investment property. These right-of-use assets comprise the initial measurement of the corresponding lease liability, any initial direct costs incurred by the lessee, and an estimate of costs to be incurred by the lessee in dismantling and removing the underlying asset, restoring the site on which it is located or restoring the underlying asset. Right-of-use assets are subsequently measured at cost less accumulated depreciation and impairment losses if applicable. The assets are depreciated over the shorter period of the lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset, or the cost of the right-of-use asset reflects that the Group expects to exercise a purchase option, the related right-of use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease. Refer to the lease liabilities note (refer note 27 ) for additional detail. Figures in million - SA rand Notes Impact of adopting IFRS 16 on 1 January 2019 302.0 - - Additions and modifications 43.6 - - Right-of-use assets acquired on acquisition of subsidiaries 133.3 - - Depreciation (111.7) - - Transfers and other movements (5.7) - - Foreign currency translation (0.6) - - Balance at end of the year 360.9 - -

Acquisitions

Acquisitions	12 Months Ended
	Dec. 31, 2019
Acquisitions
ACQUISITIONS	14. Acquisitions Significant accounting judgements and estimates Expected future cash flows used to determine the fair value of, inter alia , property, plant and equipment and contingent consideration are inherently uncertain and could materially change over time. The fair value is significantly affected by a number of factors including reserves and production estimates, together with economic factors such as the expected commodity price, foreign currency exchange rates, and estimates of production costs, future capital expenditure and discount rates. Accounting policy Business combinations The acquisition method of accounting is used to account for business combinations by the Group. The consideration transferred for the acquisition of a business is the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Any contingent consideration is measured at fair value at the date of acquisition. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. On an acquisition-by-acquisition basis, the Group recognises any non-controlling interest in the acquiree either at fair value or at the non-controlling interest’s proportionate share of the acquiree’s net assets. Subsequently, the carrying amount of non-controlling interest is the amount of the interest at initial recognition plus the non-controlling interest’s share of the subsequent changes in equity, plus or minus changes in the portion of interest of the equity of the subsidiary not attributable, directly or indirectly, to Sibanye-Stillwater shareholders. The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets acquired is recorded as goodwill. If this is less than the fair value of the net assets of the subsidiary acquired in the case of a bargain purchase, the difference is a gain recognised directly in profit or loss. 14.1 Lonmin acquisition On 14 December 2017, Sibanye-Stillwater announced that it had reached an agreement with Lonmin Plc (Lonmin) on the terms of a recommended all-share offer to acquire the entire issued and to be issued ordinary share capital of Lonmin (the Lonmin Acquisition). The Lonmin Acquisition was effected by means of a scheme of arrangement between Lonmin and the Lonmin shareholders under Part 26 of the UK Companies Act. Under the initial terms of the Lonmin Acquisition, each Lonmin shareholder was entitled to receive: 0.967 new Sibanye-Stillwater shares for each Lonmin share (Initial offer). On 15 May 2018, Sibanye-Stillwater received South African Reserve Bank approval for the proposed acquisition of Lonmin and on 28 June 2018, the proposed Lonmin transaction was unconditionally cleared by the UK Competition and Markets Authority. On 21 November 2018, Sibanye-Stillwater announced that the Competition Tribunal had approved the proposed acquisition of Lonmin, subject to specific conditions. In addition to the conditions agreed between Sibanye-Stillwater and the Competition Commission, a further condition had been imposed by the Competition Tribunal, namely a moratorium on retrenchments at the Lonmin operations for a period of six months from the implementation date. On 25 April 2019, the boards of Sibanye-Stillwater and Lonmin reached agreement on the terms of an increased recommended all-share offer pursuant to which Sibanye-Stillwater, and/or a wholly owned subsidiary of Sibanye-Stillwater, was to acquire the entire issued and to be issued ordinary share capital of Lonmin (the Increased Offer). Under the terms of the Increased Offer, Lonmin shareholders was entitled to receive one new Sibanye-Stillwater share for each Lonmin share. The Lonmin Transaction (or scheme) was approved by the UK Court and on 7 June 2019 (effective date) and all the conditions precedent to the Lonmin Transaction were fulfilled. Sibanye-Stillwater obtained control of Lonmin on this date. The effective date of the implementation of the Lonmin Transaction was 10 June 2019, when Lonmin's listing on the Financial Conduct Authority's Official List and the trading of Lonmin shares on the London Stock Exchange's Main Market for listed securities was suspended, and 290,394,531 new Sibanye-Stillwater shares were listed on the Johannesburg Stock Exchange. The year end of Lonmin has been changed to 31 December 2019 and Lonmin was consolidated from the effective date. For the seven months ended 31 December 2019, the Marikana operations contributed revenue of R11,188 million and a net profit of R1,881 million to the Group’s results. The purchase price allocation (PPA) on the effective date was prepared on a provisional basis in accordance with IFRS 3 Business Combinations. During the measurement period, management provisionally revised the initial PPA due to new information obtained in accordance with the IFRS 3. Consideration The fair value of the consideration is as follows: Figures in million Equity instruments (290,394,531 ordinary shares) 4,306.6 Total consideration 4,306.6 Acquisition related costs The Group incurred total acquisition related costs of R428.8 million (2019: R283.9 million, 2018: R117.2 million, 2017: R15.5 million and prior to 2017: R12.2 million) on advisory and legal fees. These costs are recognised as transaction costs in profit or loss during the period in which incurred. Identified assets acquired and liabilities assumed The following table summarises the recognised amounts of assets acquired and liabilities assumed at the acquisition date: Figures in million Notes Property, plant and equipment 3,158.6 Right-of-use assets 133.3 Other investments 320.8 Environmental rehabilitation obligation funds 443.2 Other non-current assets 395.0 Inventories 5,219.5 Trade and other receivables 925.3 Other current assets 14.6 Cash and cash equivalents 2,999.3 Lease liabilities (133.3) Environmental rehabilitation obligation and other provisions (1,696.9) Other non-current liabilities (863.0) Borrowings (2,574.8) Trade and other payables (2,585.7) Other current liabilities (99.3) Total fair value of identifiable net assets acquired 1 5,656.6 1 Fair value of assets and liabilities excluding property, plant and equipment, inventories, borrowings, non-current liabilities and environmental rehabilitation obligation approximate the carrying value The fair value of property, plant and equipment was based on the expected discounted cash flows of the expected ore reserves and costs to extract the ore discounted at a real discount rate of 13.5% for the Marikana operations, an average platinum price of US$1,025/oz and an average palladium price of US$1,170/oz The fair value of inventories was based on the estimated selling price less costs to complete and costs to sell The fair value of borrowings is based on the settlement price. The Group restructured the Lonmin group entities funding arrangements to optimise financing costs. The Lonmin Pangaea Investments Management Limited (PIM) prepayment arrangement of US$174.3 million was fully settled by cash on hand and available within the Lonmin group on 5 July 2019 The fair value of other non-current liabilities is calculated based on a discounted cash flows using an effective discount rate of 12.5% The fair value of environmental rehabilitation obligation is calculated with updated life of mines used in the discounted cash flows of property, plant and equipment Gain on acquisition A gain on acquisition has been recognised as follows: Figures in million Consideration 4,306.6 Fair value of identifiable net assets acquired (5,656.6) Non-controlling interest, based on the proportionate interest in the recognised amounts of assets and liabilities 1 247.0 Gain on acquisition (1,103.0) 1 The amount recognised as non-controlling interest represents the non-controlling interest holders’ effective proportionate share in the fair value of the identifiable net assets acquired The excess of the fair value of the net assets acquired over the consideration is recognised immediately in profit or loss as a gain on acquisition. The gain on acquisition is attributable to the transaction being attractively priced, and is consistent with the statement by the boards of Sibanye-Stillwater and Lonmin, that the purchase price reflected the recovery in PGM prices at the time of the increased offer, balanced against the fact that Lonmin, pre-acquisition, was financially constrained and unable to fund the significant investment required to sustain its business and associated employment. 14.2 SFA (Oxford) acquisition On 21 February 2019, Sibanye-Stillwater announced it had agreed to acquire SFA (Oxford) Limited (SFA Oxford), an established analytical consulting company that is a globally recognised authority on PGMs and has for several years provided in-depth market intelligence on battery materials and precious metals for industrial, automotive, and smart city technologies. The purchase consideration comprised an upfront payment of GBP4 million (R74.7 million) at the closing of the transaction and a deferred payment (contingent consideration), subject to a maximum payment of GBP6 million (refer note 20.2). The acquisition was subject to the fulfilment of various conditions precedent which were completed on 4 March 2019. Sibanye-Stillwater obtained control (100%) on this date. The PPA has been prepared on a provisional basis in accordance with IFRS 3. If new information obtained within one year of the acquisition date, about facts and circumstances that existed at the acquisition date, identifies adjustments to the below amounts or any additional provisions that existed at the date of acquisition, then the accounting for the acquisition will be revised. Figures in million SA rand Consideration 127.1 Fair value of identifiable net assets acquired (4.4) Goodwill 122.7 The goodwill is attributable to the talent and skills of SFA (Oxford)’s workforce. The goodwill has been allocated to the Stillwater, Rustenburg and Kroondal cash generating units (refer note 15). None of the goodwill recognised is expected to be deducted for tax purposes. 14.3 Qinisele Resources acquisition On 29 October 2019, Sibanye-Stillwater entered in to a sale of shares agreement to buy the entire issued share capital of Qinisele Resources, a boutique advisory company that specialises in corporate finance, investor relations and research for a total of R54.8 million. The acquisition was subject to the fulfilment of various conditions precedent which were completed on 31 October 2019 and Sibanye-Stillwater obtained control (100%) on 1 November 2019 (acquisition date). The PPA has been prepared on a provisional basis in accordance with IFRS 3. If new information obtained within one year of the acquisition date, about facts and circumstances that existed at the acquisition date, identifies adjustments to the below amounts or any additional provisions that existed at the date of acquisition, then the accounting for the acquisition will be revised. Figures in million SA rand Consideration 54.8 Fair value of identifiable net assets acquired (0.5) Goodwill 54.3 The goodwill is attributable to the experience and skills of Qinisele’s workforce (refer note 15). 14.4 DRDGOLD acquisition On 22 November 2017, Sibanye-Stillwater announced that it had entered into various agreements with DRDGOLD in terms of which, Sibanye-Stillwater will exchange selected surface gold processing assets and TSF (the “Far West Gold Recoveries”, previously known as the WRTRP) for approximately 265 million newly issued DRDGOLD shares (the DRDGOLD Transaction), or 38.05% of the issued share capital of DRDGOLD. In addition, pursuant to the DRDGOLD Transaction, Sibanye-Stillwater has an option to subscribe for a sufficient number of DRDGOLD ordinary shares to attain a 50.1% shareholding in DRDGOLD at a 10% discount to the 30 day volume weighted average traded price. Sibanye-Stillwater received approval for the DRDGOLD Transaction from the South African competition authorities in accordance with the Competition Act and on 19 July 2018 all the conditions precedent to the DRDGOLD Transaction were fulfilled. Sibanye-Stillwater obtained control (38.05%) of DRDGOLD on this date. The effective date of the implementation of the DRDGOLD Transaction was 31 July 2018, when Sibanye-Stillwater was issued the newly issued DRDGOLD shares. DRDGOLD has a 30 June year end and is consolidated from 31 July 2018 based on its results to 31 December 2018. For the five months ended 31 December 2018, DRDGOLD contributed revenue of R1,047.5 million and a net loss of R39.9 million to the Group’s results, before Sibanye-Stillwater Group adjustments. Acquisition related costs The Group incurred acquisition related costs of R25.0 million on advisory and legal fees. These costs are recognised as transaction costs in profit or loss. Identifiable assets acquired and liabilities assumed The following table summarises the recognised fair value of assets acquired and liabilities assumed at the acquisition date: Figures in million Notes Property, plant and equipment1 1,443.2 Environmental rehabilitation obligation funds 244.7 Other non-current assets 28.7 Inventories 243.5 Trade and other receivables 138.4 Cash and cash equivalents 282.8 Environmental rehabilitation obligation and other provisions (672.7) Deferred tax liabilities (132.2) Other non-current liabilities (54.9) Trade and other payables (337.1) Other current liabilities (17.6) Total fair value of identifiable net assets acquired 1,166.8 1 The fair value of property, plant and equipment was based on the expected discounted cash flows of the expected ore reserves and costs to extract the ore discounted at a real discount rate of 9.3% and an average gold price of R580,000/kg Goodwill Goodwill arising from the acquisition has been recognised as follows: Figures in million Note SA rand Transaction with DRDGOLD shareholders (Consideration) 1 261.4 Fair value of identifiable net assets acquired (1,166.8) Non-controlling interest, based on the proportionate interest in the recognised amounts of assets and liabilities 2 940.3 Goodwill 34.9 1 The purchase consideration was calculated as 61.95% of the fair value of Far West Gold Recoveries assets and liabilities. The fair value of assets and liabilities, excluding property, plant and equipment, approximate the carrying value. The fair value of property, plant and equipment was based on the expected discounted cash flows of the expected ore reserves and costs to extract the ore discounted at a real discount rate of 13.8%, an average gold price of R580,000/kg. Although Sibanye-Stillwater exchanged (i.e. disposed) the Far West Gold Recoveries assets and liabilities, the Group effectively retains control. The transaction with DRDGOLD shareholders, therefore, represents the difference between 61.95% of the fair value and carrying value of Far West Gold Recoveries assets and liabilities 2 Non-controlling interest was based on the proportionate interest (of 61.95%) in the carrying value of the Far West Gold Recoveries assets and liabilities, and fair value of the DRDGOLD net assets and liabilities acquired The goodwill is attributable to DRDGOLD’s proven surface retreatment capabilities. Refer to note 15 for the allocation of goodwill. None of the goodwill recognised is expected to be deducted for tax purposes. 14.5 Stillwater acquisition On 9 December 2016, Sibanye-Stillwater announced it had reached a definitive agreement to acquire Stillwater Mining Company (Stillwater) for US$18 per share in cash, or US$2,200 million in aggregate (the Stillwater Transaction). On 25 April 2017, at the shareholders meeting of Sibanye-Stillwater, the Sibanye-Stillwater shareholders approved the proposed Stillwater Transaction by voting in favour of the various resolutions to give effect to the Stillwater Transaction and at the shareholders meeting of Stillwater, the requisite majority of Stillwater shareholders resolved to approve the Stillwater Transaction. Sibanye-Stillwater obtained control (100%) of Stillwater on this date. The effective date of the implementation of the Stillwater Transaction was 4 May 2017, when Sibanye-Stillwater took over legal ownership of Stillwater. For the eight months ended 31 December 2017, Stillwater contributed revenue of US$688.3 million (R9,161.6 million) and a profit of US$152.4 million (R2,028.1 million) to the Group’s results. Consideration The consideration paid is as follows: Figures in million Note US dollar SA rand Cash 2,080.7 27,174.5 Liability raised in respect of dissenting shareholders 104.5 1,364.3 Settlement of share-based payment awards (cash) 16.2 211.9 Total consideration 2,201.4 28,750.7 Acquisition related costs The Group incurred acquisition related costs of R528.5 million on advisory and legal fees. These costs are recognised as transaction costs in profit or loss. Identifiable assets acquired and liabilities assumed The following table summarises the recognised fair value of assets acquired and liabilities assumed at the acquisition date: Figures in million Notes US dollar SA rand Property, plant and equipment 2,293.2 29,948.6 Other non-current assets 6.9 90.8 Inventories 159.7 2,085.4 Current investments 278.9 3,642.2 Cash and cash equivalents 137.2 1,792.2 Other current assets 37.3 487.3 Borrowings (454.6) (5,937.6) Environmental rehabilitation obligation (23.9) (312.1) Deferred tax liabilities (573.2) (7,486.3) Other non-current liabilities (19.9) (260.3) Trade and other payables (88.1) (1,150.1) Other current liabilities (1.8) (23.3) Total fair value of identifiable net assets acquired 1 1,751.7 22,876.8 1 The fair value of assets and liabilities excluding property, plant and equipment, inventories and borrowings approximate the carrying value. The fair value of property, plant and equipment was based on the expected discounted cash flows of the expected ore reserves and costs to extract the ore discounted at a real discount rate of 8.6% for the Stillwater and East Boulder mines and Columbus metallurgical complex, and 10.3% for the Blitz project, an average platinum price of US$1,375/oz and an average palladium price of US$880/oz. The fair value of borrowings (Convertible Debentures) was based on the settlement price Goodwill Goodwill arising from the acquisition has been recognised as follows: Figures in million Note US dollar SA rand Consideration 2,201.4 28,750.7 Fair value of identifiable net assets (1,751.7) (22,876.8) Goodwill 449.7 5,873.9 The goodwill is attributable to the talent and skills of Stillwater’s workforce. Refer to note 15 for the allocation of goodwill. None of the goodwill recognised is expected to be deducted for tax purposes.

GOODWILL

GOODWILL	12 Months Ended
	Dec. 31, 2019
GOODWILL.
GOODWILL	15. Goodwill Significant accounting judgements and estimates Goodwill is tested for impairment on an annual basis and whenever impairment indicators are identified. Expected future cash flows used to determine the recoverable amount of property, plant and equipment and goodwill are inherently uncertain and could materially change over time. The recoverable amount is significantly affected by a number of factors including reserves and production estimates, together with economic factors such as the expected commodity price, foreign currency exchange rates, and estimates of production costs, future capital expenditure and discount rates. An individual operating mine does not have an indefinite life because of the finite life of its reserves. The allocation of goodwill to an individual mine will result in an eventual goodwill impairment due to the wasting nature of the mine. Accounting policy Goodwill is stated at cost less accumulated impairment losses. In accordance with the provisions of IAS 36 Impairment of Assets, the Group performs its annual impairment review of goodwill at each financial year end or whenever there are impairment indicators to establish whether there is any indication of impairment to goodwill. An impairment is made if the carrying amount exceeds the recoverable amount. The recoverable amount is determined as the higher of “value in use” and “fair value less cost to sell”, based on the cash flows over the life of the CGUs and discounted to present value at an appropriate discount rate. Impairment losses on goodwill are not reversed. Gains and losses on the disposal of an entity include the carrying amount of goodwill allocated to the entity sold. Goodwill is allocated to CGUs for the purpose of impairment testing. The allocation is made to those CGUs or groups of CGUs that are expected to benefit from the business combination in which the goodwill arose. Figures in million - SA rand Note Balance at beginning of the year 6,889.6 6,396.0 936.0 Impairment (54.3) (436.3) (99.1) Goodwill on acquisition of subsidiaries 176.9 34.9 5,873.9 Foreign currency translation (157.3) 895.0 (314.8) Balance at end of the year 6,854.9 6,889.6 6,396.0 The goodwill arose on the acquisition of Cooke, Aquarius, Stillwater, DRDGOLD, SFA (Oxford) and Qinisele Resources. The goodwill on acquisition of:  SFA (Oxford), amounting to R122.7 million, is attributable to the talent and skills of SFA (Oxford)’s workforce. At year-end, the goodwill on acquisition of SFA (Oxford) is allocated to the Stillwater (R60.2 million), Rustenburg (R44.3 million) and Kroondal (R18.2 million) CGUs, where it is tested for impairment. No impairment has been recognised.  Qinisele Resources, amounting to R54.3 million, cannot be attributed to any current Sibanye-Stillwater operating cash generating units. Qinisele Resources will perform an internal corporate function, mostly responsible for identifying, assessing and executing corporate actions. The business acquired will not generate external cash flows and has no future external mandates. None of the goodwill recognised is expected to be deducted for tax purposes. Due to the factors mentioned, the recoverable amount of goodwill resulting from the application of IFRS 3 has been calculated at zero and fully impaired at year-end ( refer note 8 ).  Cooke, amounting to R736.7 million, was attributable to the synergies at the Group’s other operations, and the underlying assets of Cooke and WRTRP. During the year ended 31 December 2016, the goodwill allocated to the Cooke CGU was impaired by R201.3 million. During the year ended 31 December 2017, the goodwill allocated to the WRTRP CGU was impaired by R99.1 million. During the year ended 31 December 2018, the goodwill allocated to the Driefontein, Kloof and Beatrix CGUs was impaired by R436.3 million (refer note 8).  Aquarius, amounting to R400.6 million, was attributable to the synergies between the PGM assets in the Rustenburg area. At year end the goodwill on acquisition of Aquarius is allocated to the Kroondal (R133.5 million) and the Rustenburg operation (R267.1 million) CGUs, where it is tested for impairment. No impairment has been recognised.  Stillwater, amounting to R5,873.9 million (US$449.7 million), was attributable to the premium paid, and the talent and skills of Stillwater’s workforce, and is allocated to the Stillwater CGU, where it is tested for impairment. No impairment has been recognised.  DRDGOLD, amounting to R34.9 million, was attributable to DRDGOLD’s proven surface retreatment capabilities, and is allocated to the DRDGOLD CGU, where it is tested for impairment. No impairment has been recognised. The recoverable amount of goodwill was calculated based on the value in use of the CGUs to which to goodwill was allocated. None of the goodwill recognised is expected to be deducted for tax purposes. The Group’s estimates and assumptions used in the 31 December 2019 impairment testing include: PGM operations Gold operations 2018 Long-term gold price R/kg R/4Eoz Long-term PGM (4E) basket price US$/2Eoz Long-term PGM (2E) basket price % Nominal discount rate – South Africa 1 % % Nominal discount rate – US % Inflation rate – South Africa % % Inflation rate – US 12 - 28 13 - 35 years Life of mine years 6 - 18 5 - 20 1 Nominal discount rate for Burnstone and Mimosa of 17.1% and 23.3%, respectively The cash flows are based on the annual life-of-mine plan that takes into account the following:  proved and probable ore reserves of the CGUs;  resources are valued using appropriate price assumptions;  cash flows are based on the life-of-mine plan; and  capital expenditure estimates over the life-of -mine plan. The recoverable amounts of the operating CGUs are significantly higher than the carrying values, therefore a reasonably possible adverse change in the abovementioned assumptions would not likely result in an adjustment to the carrying values.

Equity accounted investments

Equity accounted investments	12 Months Ended
	Dec. 31, 2019
Equity-accounted investments
EQUITY-ACCOUNTED INVESTMENTS	16. Equity-accounted investments Significant accounting judgements and estimates Joint arrangements Judgement is required to determine when the Group has joint control, which requires an assessment of the relevant activities and when the decisions in relation to those activities require unanimous consent. The Group has determined that the relevant activities for its joint arrangements are those relating to the operating and capital decisions of the arrangement, such as: the approval of the capital expenditure programme for each year, and appointing, remunerating and terminating the key management personnel or service providers of the joint arrangement. The considerations made in determining joint control are similar to those necessary to determine control over subsidiaries. Judgement is also required to classify a joint arrangement as either a joint operation or a joint venture. Classifying the arrangement requires the Group to assess their rights and obligations arising from the arrangement. Specifically, it considers:  The structure of the joint arrangement – whether it is structured through a separate vehicle.  When the arrangement is structured through a separate vehicle, the Group also considers the rights and obligations arising from: - the legal form of the separate vehicle; and - the terms of the contractual arrangement. This assessment often requires significant judgement, and a different conclusion on joint control and also whether the arrangement is a joint operation or a joint venture may materially impact the accounting. Carrying value of Mimosa and related Mineral Reserves and Mineral Resources estimates The Group reviews and tests the carrying value when events or changes in circumstances suggest that the carrying amount may not be recoverable by comparing expected future cash flows to the carrying value. Expected future cash flows used to determine the value in use and fair value less costs to sell of Mimosa are inherently uncertain and could materially change over time. These are significantly affected by a number of factors including reserves and production estimates, together with economic factors such as spot and future PGM prices, discount rates, foreign currency exchange rates, estimates of costs to produce reserves and future capital expenditure. Mineral resources outside the approved mine plans are valued based on the in situ 4E ounce value. Comparable market transactions are used as a source of evidence adjusting specifically for the nature of each underlying ore body. Accounting policy The Group’s interest in equity-accounted investees comprise interests in associates and joint ventures. Associates are those entities in which the Group has significant influence, but not control or joint control, over the financial and operating policies. Joint ventures are arrangements in which the Group has joint control, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. Interests in associates and joint ventures are accounted for using the equity method. The interests are initially recognised at cost using the same principles as with business combinations. Subsequent to initial recognition, the consolidated financial statements include the Group’s share of profit or loss and other comprehensive income of equity-accounted investees until the date on which significant influence or joint control ceases. Results of associates and joint ventures are equity-accounted using the results of their most recent audited annual financial statements or unaudited management accounts. Any losses from associates are brought to account in the consolidated financial statements until the interest in such associates is written down to zero. The interest includes any long-term interests that in substance, form part of the entity’s net investment in the equity-accounted investee, for example long-term receivables for which settlement is neither planned nor likely to occur in the foreseeable future. Thereafter, losses are accounted for only insofar as the Group is committed to providing financial support to such associates. The carrying value of an equity-accounted investment represents the cost of the investment, including goodwill, the proportionate share of the post-acquisition retained earnings and losses, any other movements in reserves, any impairment losses and loans to or from the equity-accounted investee. The carrying value together with any long-term interests that in substance form part of the net investment in the equity-accounted investee is assessed annually for existence of indicators of impairment and if such exist, the carrying amount is compared to the recoverable amount, being the higher of value in use or fair value less costs to sell. If an impairment in value has occurred, it is recognised in the period in which the impairment arose. Indicators of impairment include a significant or prolonged decline in the investments fair value below its carrying value. The Group holds the following equity-accounted investments: Figures in million - SA rand Notes Rand Refinery 1 396.9 239.3 198.4 Mimosa 2 2,687.7 2,492.4 2,012.9 Peregrine 2 954.1 978.0 - Other equity-accounted investments 0.1 24.2 32.8 Total equity-accounted investments 4,038.8 3,733.9 2,244.1 1 Associate 2 Joint venture 16.1 Rand Refinery Sibanye-Stillwater has a 44.4% interest in Rand Refinery Proprietary Limited (Rand Refinery), a company incorporated in South Africa, which is involved in the refining of bullion and by-products sourced from, inter alia , South African and foreign gold producing mining companies. Rand Refinery is accounted for using the equity method. On 18 December 2014, Rand Refinery drew down R1.029 billion under a R1.2 billion subordinated shareholders loan (the Facility), with Sibanye-Stillwater’s proportional share being R384.6 million. Amounts drawn down under the Facility were repayable within two years from the first draw down date. If the loan was not repaid within two years, it would automatically convert into equity in Rand Refinery. During February 2017, Rand Refinery resolved to convert the Facility to redeemable preference shares. There are no fixed repayment terms for the preference shares. The preference shares have a preferential right to distributions. No ordinary dividends will be declared by Rand Refinery until the preference shares have been fully redeemed. The preference shareholders do not have voting rights at shareholders' meetings. The Group accounts for the preference shares as part of the investment in Rand Refinery. The equity-accounted investment in Rand Refinery movement for the year is as follows: Figures in million - SA rand Balance at beginning of the year 239.3 198.4 72.4 Share of results of equity-accounted investee after tax 1 344.5 143.7 124.5 Preference shares redeemed (186.9) (102.8) - Interest income on loan to equity-accounted investee capitalised - - 1.5 Balance at end of the year 396.9 239.3 198.4 1 Rand Refinery is equity accounted based on its latest management accounts for the period ended 30 November, since Rand Refinery has a 31 August year-end The Group’s interest in the summarised financial statements of Rand Refinery are: Figures in million - SA rand Revenue 811.0 644.0 649.0 Total comprehensive income 777.0 434.0 374.0 Non-current assets 667.0 699.0 702.0 Current assets 1,433.0 1,088.0 669.0 Non-current liabilities (111.0) (44.0) (31.0) Current liabilities (104.0) (359.0) (391.0) Net assets/(liabilities) (100.0%) 1,885.0 1,384.0 949.0 Reconciliation of the total investment in Rand Refinery with attributable net assets: Net assets/(liabilities) (44.4% (2017: 33.1%)) 836.9 614.5 314.1 Preference shares redeemed (186.9) (102.8) - Dividend received (8.2) (8.2) (8.2) Fair value adjustment 1 (35.5) (35.5) (35.5) Impairment (119.6) (119.6) (119.6) Redeemable preference shares below 44.4% interest 2 (89.8) (109.1) 47.6 Total investment in Rand Refinery 396.9 239.3 198.4 1 The investment in equity-accounted investee was fair valued at 1 July 2002, the date when significant influence was obtained 2 Sibanye-Stillwater’s took up a 37.4% of the Facility, which is less than its current proportional interest in Rand Refinery. Rand Refinery converted the Facility into redeemable preference shares, classified within equity, and therefore Sibanye-Stillwater shares in less than its current 44.4% proportional interest of the net asset value of Rand Refinery 16.2 Mimosa Sibanye-Stillwater has a 50% interest in Mimosa Investments Limited (Mimosa), which owns and operates the Mimosa mine, which is a Platinum mine situated in Zimbabwe and has a functional currency of US dollar. The equity-accounted investment in Mimosa movement for the year is as follows: Figures in million - SA rand Balance at the beginning of the year 2,492.4 2,012.9 2,049.3 Share of results of equity-accounted investee after tax 377.1 210.5 175.0 Dividends received (111.0) (87.0) - Foreign currency translation (70.8) 356.0 (211.4) Balance at end of the year 2,687.7 2,492.4 2,012.9 The Group’s interest in the summarised financial statements of Mimosa are: Figures in million - SA rand Revenue 4,685.2 3,714.9 3,375.4 Amortisation and depreciation (437.4) (383.1) (423.4) Interest income 4.5 - 17.5 Finance expense (43.5) (26.0) (20.0) Income tax (436.4) (381.8) (245.0) Profit or loss 754.2 420.9 350.1 Other comprehensive income (141.3) 712.0 72.7 Total comprehensive income 612.9 1,132.9 422.8 Non-current assets 4,723.9 4,592.3 4,007.8 Property, plant and equipment 1 4,704.8 4,592.3 4,007.8 Right-of-use assets 19.1 - - Current assets 2,535.1 2,047.9 1,916.2 Cash and cash equivalents 27.9 184.8 281.5 Other current assets 2,507.2 1,863.1 1,634.7 Non-current liabilities (1,235.4) (1,168.1) (993.6) Non-current financial liabilities (128.7) (60.7) (94.2) Other non-current liabilities (1,106.7) (1,107.4) (899.4) Current liabilities (553.0) (384.6) (539.1) Current financial liabilities (446.5) (377.7) (487.4) Other current liabilities (106.5) (6.9) (51.7) Net assets (100.0%) 5,470.6 5,087.5 4,391.3 Reconciliation of the total investment in Mimosa with attributable net assets: Net assets (50.0%) 2,735.3 2,543.8 2,195.7 Reconciling items 1 (47.6) (51.4) (182.8) Total investment in Mimosa 2,687.7 2,492.4 2,012.9 1 The reconciling items include the difference between the carrying amount and fair value of the Mimosa’s identifiable assets and liabilities on acquisition less accumulated amortisation, and foreign exchange differences on translation of assets and liabilities of the foreign joint venture Repatriation of funds from Zimbabwe is subject to regulatory approval in Zimbabwe. 16.3 Peregrine On 29 June 2018, Sibanye-Stillwater announced that it had entered into an Arrangement Agreement with Regulus Resources Inc. (Regulus) and a newly formed subsidiary of Regulus, Aldebaran Resources Inc. (Aldebaran), creating a strategic partnership in order to unlock value at its Altar copper-gold project in San Juan Province, Argentina (Altar Project), currently held in the US PGM operations. Under the terms of the Arrangement Agreement, Stillwater Canada LLC, an indirect, wholly-owned subsidiary of Sibanye-Stillwater (Stillwater Canada), entered into an option and joint venture agreement with Aldebaran, whereby Aldebaran has the option to earn into a maximum 80% interest in a wholly-owned subsidiary of Stillwater Canada, Peregrine Metals Limited (Peregrine) which owns the Altar Project. The consideration for Aldebaran to acquire up to an 80% interest in the Altar Project, included:  An upfront cash payment of US$15 million to Sibanye-Stillwater on closing of the Arrangement Agreement;  19.9% of the shares of Aldebaran; and  A commitment from Aldebaran to carry the next US$30 million of spend at the Altar Project over a maximum of five years (inclusive of 2018 drilling that was conducted between February and May of 2018) as an initial earn-in of a 60% interest in the Altar Project (the Initial Earn-in). Pursuant to the Arrangement Agreement, Aldebaran may also elect to earn-in an additional 20% interest in the Altar Project by spending an additional US$25 million over a three-year period following the Initial Earn-in. Peregrine was a subsidiary of Stillwater Canada. On 25 October 2018, Aldebaran issued an aggregate of 15,449,555 Aldebaran shares to Sibanye-Stillwater, representing 19.9% of the current 77,635,957 issued and outstanding Aldebaran shares, and made an upfront cash payment of US$15 million to Sibanye-Stillwater in accordance with the Arrangement Agreement. From this date, Stillwater Canada and Aldebaran act together to direct the relevant activities of and, therefore, collectively control Peregrine. As a result of loss of control, Peregrine was derecognised as a subsidiary and accounted for as an equity-accounted investment. Sibanye-Stillwater has a 40% (2018; 40%) interest in Perigrine. The equity-accounted investment in Peregrine movement for the year is as follows: Figures in million - SA rand Balance at the beginning of the year 978.0 - - Equity-accounted investment retained on loss of control of subsidiary - 956.0 - Foreign currency translation (23.9) 22.0 - Balance at end of the year 954.1 978.0 - The Group’s interest in the summarised financial statements of Peregrine is: Figures in million - SA rand Non-current assets 1,472.4 1,714.6 - Current assets 3.3 23.9 - Non-current liabilities (369.2) (342.6) - Current liabilities (1.4) (1.3) - Net assets/(liabilities) (100.0%) 1,105.1 1,394.6 - Reconciliation of the total investment in Peregrine with attributable net assets: Net assets/(liabilities) (40%) 442.0 557.8 - Reconciling items 1 512.1 420.2 - Total investment in Peregrine 954.1 978.0 - 1 The reconciling items include the difference between the carrying amount and fair value of the Peregrine’s identifiable assets and liabilities on acquisition less accumulated amortisation, and foreign exchange differences on translation of assets and liabilities of the foreign equity-accounted investment

INTERESTS IN JOINT OPERATIONS

INTERESTS IN JOINT OPERATIONS	12 Months Ended
	Dec. 31, 2019
INTERESTS IN JOINT OPERATIONS
INTERESTS IN JOINT OPERATIONS	17. Interests in joint operations Accounting policy A joint operation is a joint arrangement in which the parties that share joint control have rights to the assets, and obligations for the liabilities, relating to the arrangement. In relation to the Group’s interests in joint operations, the following are recognised in the financial statements:  the Group’s share of the jointly controlled assets, classified according to the nature of the assets;  any liabilities that the Group has incurred;  the Group’s share of any liabilities incurred jointly with the other ventures in relation to the joint operation;  any income from the sale or use of the Group’s share of the output of the joint operation, together with the Group’s share of any expenses incurred by the joint operation; and  any expenses that the Group has incurred in respect of its interest in the joint operation. The Group’s interests in joint operations includes a 50% interest in two joint operations each referred to as the “Notarial Pooling and Sharing Agreements”. The principal activities of the joint operations are to extend the Kroondal mine over the boundary of the properties covering the Kroondal mine and expand the Marikana mine operations through mineral rights contributed by Anglo American Platinum through its subsidiary, RPM. The Group’s share of the assets, liabilities, revenue and expenses of the joint operations which are included in the consolidated financial statements is as follows: Kroondal mine Figures in million - SA rand Loss on foreign exchange differences (63.2) 132.7 (94.4) Profit before tax 2,061.6 677.7 175.0 Profit for the year 2,061.4 677.7 175.0 Non-current assets 945.7 1,115.7 1,284.0 Current assets 2,303.0 1,828.2 1,400.5 Current liabilities (353.1) (271.3) (283.2) Net assets (50.0%) 2,895.6 2,672.6 2,401.3

Other investments

Other investments	12 Months Ended
	Dec. 31, 2019
Financial assets measured at fair value through other comprehensive income [abstract]
Other investments	18. Other investments Accounting policy On initial recognition of an equity investment that is not held for trading, the Group may make an irrevocable election to present subsequent changes in the investment’s fair value in other comprehensive income. This election is made on an investment-by-investment basis. These investments are subsequently measured at fair value, with dividends recognised in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognised in OCI and are never reclassified to profit or loss. The Group holds the following investments measured at fair value through OCI: Figures in million - SA rand Rand Mutual Assurance Investment 112.4 67.8 - Furuya Metals Investment 303.1 - - SpinCo Investment 78.2 81.5 - Generation Mining 33.3 - - Other 71.7 6.7 - Total other investments 598.7 156.0 - Fair value of other Investments Other investments consists primarily of other listed investments and other short-term investment products, which are measured at fair value or which carrying amounts approximates fair value. The fair values of non-listed investments included in other investments are determined through valuation techniques that include inputs that are not based on observable market data. Fair value measurements of listed investments are categorised as level 1 under the fair value hierarchy and non-listed investments as level 3.

ENVIRONMENTAL REHABILITATION OB

ENVIRONMENTAL REHABILITATION OBLIGATION FUNDS	12 Months Ended
	Dec. 31, 2019
ENVIRONMENTAL REHABILITATION OBLIGATION FUNDS
ENVIRONMENTAL REHABILITATION OBLIGATION FUNDS	19. Environmental rehabilitation obligation funds Accounting policy The Group’s rehabilitation obligation funds includes equity-linked investments that are fair valued at each reporting date. The fair value is calculated with reference to underlying equity instruments using industry valuation techniques and appropriate models. Annual contributions are made to dedicated environmental rehabilitation obligation funds to fund the estimated cost of rehabilitation during and at the end of the life of the relevant mine. The amounts contributed to these funds are included under non-current assets and are measured at fair value through profit or loss. Interest earned on monies paid to rehabilitation funds is accrued on a time proportion basis and is recorded as interest income. In addition, bank guarantees are provided for funding shortfalls of the environmental rehabilitation obligations. Figures in million - SA rand Note Balance at beginning of the year 3,998.7 3,492.4 3,100.5 Contributions made 12.9 63.0 114.5 Payments received (151.9) - - Interest income 265.5 223.5 230.4 Fair value gain/(loss) 1 33.8 (24.9) 46.5 Environmental rehabilitation obligation funds on acquisition of subsidiaries 443.2 244.7 0.5 Foreign currency translation - - - Balance at end of the year 4,602.2 3,998.7 3,492.4 Environmental rehabilitation obligation funds comprise of the following: Restricted cash 2 610.0 633.9 483.8 Funds 3,992.2 3,364.8 3,008.6 1 The environmental rehabilitation trust fund includes equity-linked investments that are fair valued at each reporting date 2 The funds are set aside to serve as collateral against the guarantees made to the Department of Minerals and Resources for environmental rehabilitation obligations Fair value of environmental rehabilitation obligation funds Environmental rehabilitation obligation funds comprise equity-linked notes, a fixed income portfolio of bonds as well as fixed and call deposits. The environmental rehabilitation obligation funds are stated at fair value based on the nature of the fund’s investments. The fair value hierarchy is as follows: Figures in million - SA rand Level 1 3,578.3 3,634.0 3,117.6 Level 2 1 1,023.9 364.7 374.8 1 Equity-linked notes have a fixed component of 5% capital guarantee and equity-linked portion which is linked to the performance of the JSE top 40 index. Fair value is determined by the fund manager based on the composition of the underlying investment portfolio, relevant equity prices and the terms of the investments The fixed income portfolio consists of instruments such as government bonds and inflation-linked bonds. Valuations are performed by the fund manager based on the composition of the portfolio, the relevant investment terms and through reference to market related interest rates Credit risk The Group is exposed to credit risk on the total carrying value of the investments held in the environmental rehabilitation obligation funds. The Group has reduced its exposure to credit risk by dealing and investing with a limited number of major financial institutions.

OTHER RECEIVABLES AND OTHER PAY

OTHER RECEIVABLES AND OTHER PAYABLES	12 Months Ended
	Dec. 31, 2019
OTHER RECEIVABLES AND OTHER PAYABLES
OTHER RECEIVABLES AND OTHER PAYABLES	20. Other receivables and other payables Significant accounting judgements and estimates Expected future cash flows used to determine the fair value of the other payables (namely the Deferred Payment, right of recovery payable and contingent consideration) and the right of recovery receivable are inherently uncertain and could materially change over time. The expected future cash flows are significantly affected by a number of factors including reserves and production estimates, together with economic factors such as the expected commodity price, currency exchange rates, and estimates of production costs, future capital expenditure and discount rates. Accounting policy Financial instruments included in other receivables are categorised as financial assets measured at amortised cost and those included in other payables are categorised as other financial liabilities as applicable. These assets and liabilities are initially recognised at fair value. Subsequent to initial recognition financial instruments included in other receivables and other payables are measured at amortised cost. Reimbursements, such as rehabilitation reimbursements from other parties are not financial instruments, and are recognised as a separate asset where recovery is virtually certain. The amount recognised is limited to the amount of the provision. If the party that will make the reimbursement cannot be identified, then the reimbursement is generally not virtually certain and cannot be recognised. If the only uncertainty regarding the recovery relates to the amount of the recovery, the reimbursement amount often qualifies to be recognised as an asset. Other receivables and payables that do not arise from contractual rights and obligations, such as receivables on rates and taxes, are recognised and measured at the amount expected to be received or paid. 20.1 Other receivables Figures in million - SA rand Right of recovery receivable 186.8 176.8 160.5 Rates and taxes receivable 103.0 106.2 105.6 Pre-paid royalties 392.8 - - Other 52.1 66.6 53.1 Total other receivables 734.7 349.6 319.2 Reconciliation of the non-current and current portion of the other receivables: Other receivables 734.7 349.6 319.2 Current portion of other receivables (51.2) (35.2) (35.2) Non-current portion of other receivables 683.5 314.4 284.0 20.2 Other payables Figures in million - SA rand Deferred Payment (related to Rustenburg operations acquisition) 2,825.6 2,205.9 2,194.7 Contingent consideration (related to SFA (Oxford) acquisition) 55.8 - - Right of recovery payable 79.4 83.2 69.3 Deferred consideration (related to Pandora acquisition) 275.9 - - Dissenting shareholder liability - 287.1 1,349.7 Other 212.2 256.3 188.6 Total other payables 3,448.9 2,832.5 3,802.3 Reconciliation of the non-current and current portion of the other payables: Other payables 3,448.9 2,832.5 3,802.3 Current portion of other payables (761.4) (303.3) (41.9) Non-current portion of other payables 2,687.5 2,529.2 3,760.4 Right of recovery receivable and payable Based on the first and second Notarial Pooling and Sharing agreements (PSAs) with Anglo American Platinum, Kroondal Operations Proprietary Limited (Kroondal Operations) (previously Aquarius Platinum (South Africa) Proprietary Limited (AQPSA)) holds a contractual right to recover 50% of the rehabilitation obligation relating to environmental rehabilitation resulting from PSA operations from Rustenburg Platinum Mines (RPM)(subsidiary of Anglo American Platinum), where this rehabilitation relates to property owned by Kroondal Operations. Likewise RPM holds a contractual right to recover 50% of the rehabilitation obligation relating to environmental rehabilitation resulting from PSA operations from Kroondal Operations, where the rehabilitation relates to property owned by RPM. With respect to the opencast section of the Marikana mine that is on Kroondal Operations’ property, RPM have limited the contractual liability to approximately R179 million (2018: R172 million), being a negotiated liability in terms of an amendment to the second PSA. Deferred Payment (related to Rustenburg operations acquisition) In terms of the Rustenburg operation Transaction the purchase consideration includes a Deferred Payment, calculated as being equal to 35% of the distributable free cash flow generated by the Rustenburg operation over a six year period from inception, subject to a minimum payment of R3.0 billion. The distributable free cash flow has been derived from forecast cash flow models. These models use several key assumptions, including estimates of future sales volumes, PGM prices, operating costs and capital expenditure. The Deferred Payment movement for the year is as follows: Figures in million - SA rand Note Balance at the beginning of the year 2,205.9 2,194.7 1,577.4 Interest charge 179.0 200.4 148.2 Payment of Deferred Payment (283.4) (38.6) - Loss/(gain) on revised estimated cash flows 724.1 (150.6) 469.1 Balance at end of the year 2,825.6 2,205.9 2,194.7 Deferred consideration (related to Pandora acquisition) Lonmin acquired the remaining 50% stake in Pandora Joint Venture in 2017. The purchase price included a deferred and contingent consideration element. The deferred payment element represents a minimum consideration of R400 million, which is settled through a cash payment based on 20% of the distributable free cash flows generated from the Pandora E3 operations on an annual basis for a period of 6 years. The fair value of the deferred consideration at acquisition of Lonmin by the Group was determined using the present value of the future cash flows at a discount rate of 12.5%. The contingent consideration element is based on the extent to which 20% of the distributable free cash flows exceed R400 million. This element is valued at zero as the distributable free cash flows generated from the Pandora E3 operations is not estimated to exceed R400 million. The distributable free cash flow has been derived from forecast cash flow models. These models use several key assumptions, including estimates of future sales volumes, PGM prices, operating costs and capital expenditure. The Pandora deferred consideration movement for the year is as follows: Figures in million - SA rand Note Deferred consideration on acquisition of subsidiary 235.4 Interest charge 40.5 - - Balance at end of the year 275.9 - - Dissenting shareholder liability The Court of Chancery of the State of Delaware in the United States of America (the Court), in a Memorandum Opinion dated 21 August 2019, has ruled in favour of the Company in the appraisal action brought by a group of minority shareholders (the Dissenting Shareholders) of the Stillwater Mining Company (Stillwater), following the acquisition of Stillwater by the Company in May 2017 for a cash consideration of US$18 per Stillwater share. In terms of the ruling, the Dissenting Shareholders (together owning approximately 4.5% of Stillwater shares outstanding at the time) received the same US$18 per share consideration originally offered to, and accepted by other Stillwater shareholders, plus interest. The remaining payment of approximately US$21 million due to the Dissenting Shareholders has been paid by Sibanye-Stillwater during the six months ended 31 December 2019. Certain of the Dissenting Shareholders have filed an appeal with the Supreme Court of the State of Delaware with the date for the oral argument, originally set for 1 April 2020, postponed in light of COVID-19 until a future date is set by the Court. The Company will continue to defend itself against opportunistic, short-term and self-interested legal action, to protect the interests of our stakeholders. The dissenting shareholder liability movement for the year is as follows: Figures in million - SA rand Note Balance at the beginning of the year 287.1 1,349.7 - Interest charge 21.2 68.1 62.9 Payments to dissenting shareholders (319.4) (1,375.8) - Dissenting shareholder liability on acquisition of subsidiary - - 1,364.3 Foreign currency translation reserve 11.1 245.1 (77.5) Balance at end of the year - 287.1 1,349.7 Fair value of other receivables and other payables Due to the approaches applied in calculating the carrying values as described above, the fair values approximate the carrying value. Market risk The Deferred Payment relating to Rustenburg and the deferred consideration relating to Pandora are sensitive to changes in the 4E basket price. A one percentage point decrease in the 4E basket price would have decreased the loss on financial instruments by R95.6 million. A one percentage point increase in the 4E basket price would have increased the loss on financial instruments by R95.6 million. A one percentage point increase in the 4E basket price would have increased the loss on financial instruments by R95.6 million.

INVENTORIES

INVENTORIES	12 Months Ended
	Dec. 31, 2019
INVENTORIES
INVENTORIES	21. I nventories Significant accounting judgements and estimates Inventory is held in a wide variety of forms across the value chain reflecting the stage of refinement. Prior to production as final metal the inventory is always contained within a carrier material. As such inventory is typically sampled and assays taken to determine the metal content and how this is split by metal. Measurement and sampling accuracy can vary quite significantly depending on the nature of the vessels and the state of the material. An allowance for estimation uncertainty is applied to the various categories of inventory and is dependent on the degree to which the nature and state of material allows for accurate measurement and sampling. The range used for the estimation allowance varies based on the stage of refinement. The range is based on independent metallurgists’ level of confidence obtained from the outcome of the stocktake. Those results are applied in arriving at the appropriate quantities of inventory. Accounting policy Inventory is valued at the lower of cost and net realisable value. The Group values ore stockpiles, metal-in-process when it can be reliably measured. Cost is determined on the following basis:  Gold reef ore stockpiles and gold-in-process are valued using weighted average cost. Cost includes production, amortisation, depreciation and related administration costs  PGM inventory is valued using weighted average cost by allocating cost, based on the joint cost of production, apportioned according to the relative sales value of each of the PGMs produced. The group recognises the metal produced in each development phase in inventory with an appropriate proportion of cost. Cost includes production, amortisation, depreciation and related administration costs  By-product metals are valued at the incremental cost of production from the point of split-off from the PGM processing stream  Consumable stores are valued at weighted average cost after appropriate provision for surplus and slow-moving items Figures in million - SA rand Consumable stores 1 1,580.8 1,043.5 820.7 PGM ore and mill inventory 127.7 71.0 62.8 PGM in process 2 10,496.9 3,251.7 1,893.1 Gold in process 309.7 143.3 - PGM finished goods 2,958.7 777.8 637.5 Other 29.6 7.5 8.0 Uranium finished goods and uranium-in-process - - 104.4 Total inventories 15,503.4 5,294.8 3,526.5 1 The cost of consumable stores consumed during the year and included in operating cost amounted to R12,784.3 million (2018: R9,327.9 million and 2017: R8,789.4 million) 2 Included in PGM in process, is R3,826.5 million relating to the Marikana operations. It also includes R4,182.4 million relating to SRPM operations due to the processing agreements between SRPM and Anglo American Platinum Limited changing from a Purchase of Concentrate arrangement to a Toll processing arrangement from 1 January 2019

TRADE AND OTHER RECEIVABLES

TRADE AND OTHER RECEIVABLES	12 Months Ended
	Dec. 31, 2019
TRADE AND OTHER RECEIVABLES
TRADE AND OTHER RECEIVABLES	22. Trade and other receivables Accounting policy Trade and other receivables, excluding trade receivables for PGM concentrate sales, prepayments and value added tax, are non-derivative financial assets categorised as financial assets measured at amortised cost. The above non-derivative financial assets are initially recognised at fair value and subsequently carried at amortised cost less allowance for impairment . Estimates made for impairment are based on a review of all outstanding amounts at year end in line with the impairment policy described in note 34 . Irrecoverable amounts are written off during the period in which they are identified. In addition to other types PGM sales, trade receivables include actual invoiced sales of PGM concentrate, as well as sales not yet invoiced for which deliveries have been made and the control has transferred. The PGM concentrate receivables are financial assets measured at fair value through profit or loss, as the solely payments of principle and interest criteria is not met. The receivable amount calculated for the PGM concentrate delivered but not yet invoiced is recorded at the fair value of the consideration receivable at the date of delivery. At each subsequent reporting date the receivable is restated to reflect the fair value movements in the pricing mechanism. Foreign exchange movements subsequent to the recognition of a sale are recognised as a foreign exchange gain or loss in profit or loss. Figures in million - SA rand Trade receivables - gold sales - 433.8 499.6 Trade receivables - PGM sales 1 2,681.1 5,310.1 4,512.4 PGM sales concentrate 2,341.6 5,310.1 4,512.4 PGM sales other 339.5 - - Other trade receivables 889.0 436.6 431.4 Payroll debtors 251.5 127.9 174.1 Interest receivable 14.6 8.9 8.5 Financial assets 3,836.2 6,317.3 5,626.0 Prepayments 442.9 296.9 245.0 Value added tax 355.9 218.8 326.6 Total trade and other receivables 4,635.0 6,833.0 6,197.6 1 The PGM sales trade receivables includes a contract receivable of R1,606.4 million (2018: R3,786.5 million) Fair value of trade and other receivables The fair value of trade receivables for PGM concentrate sales are determined based on ruling market prices, volatilities and interest rates, and constitutes level 2 on the fair value hierarchy. The fair value of trade and other receivables measured at amortised cost approximate the carrying value due to the short maturity. Credit risk The Group is exposed to credit risk on the total carrying value of trade and other receivables. Trade receivables measured at amortised cost are reviewed on a regular basis and an allowance for impairment is raised when they are not considered recoverable based on an expected credit loss assessment. The Group transacts exclusively with a limited number of large international institutions and other organisations with strong credit ratings and the negligible historical level of customer default. Trade receivables are currently in a sound financial position and no impairment has been recognised. At 31 December 2019, other receivables of R139.9 million (2018: R15.8 million and 2017: R5.7 million) were considered impaired and are provided for.

CASH AND CASH EQUIVALENTS

CASH AND CASH EQUIVALENTS	12 Months Ended
	Dec. 31, 2019
CASH AND CASH EQUIVALENTS.
CASH AND CASH EQUIVALENTS	23. Cash and cash equivalents Accounting policy Cash and cash equivalents comprise cash on hand, demand deposits and short-term, highly liquid investments readily convertible to known amounts of cash and subject to insignificant risk of changes in value, and are measured at amortised cost which is deemed to be fair value due to its short-term maturity. Figures in million - SA rand Cash at the bank and on hand 1 5,619.0 2,549.1 2,062.4 Total cash and cash equivalents 5,619.0 2,549.1 2,062.4 1 At 31 December 2019, restricted cash of US$6.4 million (R89.6 million ) was held in a money market fund as collateral for the environmental bonding requirements in the US Fair value of cash and cash equivalents The fair value of cash and cash equivalents approximate the carrying value due to the short maturity. Credit risk The Group is exposed to credit risk on the total carrying value of cash and cash equivalents. The Group has reduced its exposure to credit risk by dealing and investing with a number of major financial institutions.

STATED SHARE CAPITAL

STATED SHARE CAPITAL	12 Months Ended
	Dec. 31, 2019
STATED SHARE CAPITAL.
STATED SHARE CAPITAL	24. Stated share capital Accounting policy Ordinary share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity, net of any tax effects. Figures in thousand Authorised number of shares 10,000,000 10,000,000 10,000,000 Reconciliation of issued number of shares: Number of shares in issue at beginning of the year 2,266,261 2,168,721 929,004 Shares issued under SGL Share Plan 4,442 10,394 1,407 Shares issued for cash 108,932 - - Shares issued with acquisition of subsidiary 290,395 - - Rights issue - - 1,195,787 Capitalisation issue - 87,146 42,523 Number of shares in issue at end of the year 2,670,030 2,266,261 2,168,721 Authorised and issued As at 31 December 2016, the authorised share capital was 2,000,000,000 ordinary no par value shares and issued ordinary share capital was 929,004,342 ordinary no par value shares. At the shareholder’s general meeting on 25 April 2017, the authorised number of shares was increased to 10,000,000,000 ordinary no par value shares. On 14 June 2017, Sibanye-Stillwater raised net capital of R12,932.4 million, being proceeds of R13,438.5 million and transactions costs of R506.1 million, from a rights issue, when 1,195,787,294 shares were issued with nine (9) new shares issued for every seven (7) existing shares held, on 4 October 2017, 42,522,524 shares were issued with two (2) capitalisation issue shares for every 100 existing share held. On 11 April 2018, 87,145,885 shares were issued with four (4) capitalisation issue shares for every 100 existing share held. On 15 April 2019, Sibanye-Stillwater raised net capital of R1.7 billion from a placing of 108,932,356 new ordinary no par value shares to existing and new institutional investors. On 10 June 2019, 290,394,531 shares were issued to the shareholders of Lonmin Plc (refer note 14.1). All the Sibanye-Stillwater ordinary no par value shares rank pari passu in all respects, there being no conversion or exchange rights attached thereto, and all of the ordinary shares will have equal rights to participate in capital, dividend and profit distributions by the Company. Repurchase of shares The Company has not exercised the general authority granted to buy back shares from its issued ordinary share capital granted at the shareholders’ meeting held on 28 May 2019. The next AGM for the Group will be the AGM held for Sibanye Stillwater Limited.

NON-CONTROLLING INTERESTS

NON-CONTROLLING INTERESTS	12 Months Ended
	Dec. 31, 2019
NON-CONTROLLING INTERESTS
NON-CONTROLLING INTERESTS	25. Non-controlling interests Accounting policy Non-controlling interests The Group recognises any non-controlling interest in an acquiree either at fair value or at the non-controlling interest’s proportionate share of the acquiree’s net assets on an acquisition by acquisition basis. Subsequently, the carrying amount of non-controlling interest is the amount of the interest at initial recognition plus the non-controlling interest’s subsequent share of changes in equity. Transactions with non-controlling interests The Group treats transactions with non-controlling interests as transactions with equity owners of the Group. For purchases from non-controlling interests, the difference between any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests where control is not lost are also recorded in equity. Where control is lost over a subsidiary, the gains or losses are recognised in profit or loss. The Group’s non-controlling interests relates to the following subsidiaries: Figures in million - SA rand Non-controlling interest of DRDGOLD 1,135.2 913.2 - Non-controlling interest of Platinum Mile 21.1 18.4 15.7 Non-controlling interests of Group Technical Security Management (GTSM) 5.4 4.4 4.1 Non-controlling interests of Marikana 1 306.0 - - Total non-controlling interests 1,467.7 936.0 19.8 1 Included in Marikana’s non-controlling interest (NCI) is NCI of Western Platinum (Pty) Ltd amounting to R253.3 million DRDGOLD is a company incorporated in South Africa with its head office in Johannesburg. DRDGOLD’s primary listing is on the JSE Limited and its secondary listing is on the New York Stock Exchange. It’s gold production is derived from retreatment of surface tailings in South Africa. Non-controlling interests hold a 61.95% (2018: 61.95%) interest in DRDGOLD and is consolidated based on the ability to control through an option to increase the group’s shareholding in DRDGOLD to 50.1 %. Western Platinum (Pty) Ltd, acquired as part of the Lonmin acquisition, consist of PGM mining and processing operations located on the Western Limb of the Bushveld Complex, close to the town of Rustenburg, in the North West province of South Africa and smelting and refining operations located in Brakpan, East of Johannesburg. Non-controlling interests hold a 4.75% interest in Western Platinum (Pty) Ltd. The summarised financial information of these subsidiary groups is provided below. This information is based on amounts before inter-company eliminations. Figures in million - SA rand DRDGOLD Limited Revenue 3,621.0 1,047.5 Profit for the year 460.2 (39.9) Total comprehensive income 459.1 (43.8) Profit attributable to NCI 285.1 (24.7) Net increase/(decrease) in cash and cash equivalents 334.0 (73.4) Dividends paid 85.0 - Non-current assets 3,393.1 3,581.9 Current Assets 972.2 591.0 Non-current liabilities (1,108.6) (1,275.6) Current liabilities (463.3) (425.2) Net assets 2,793.5 2,472.1 Western Platinum Proprietary Limited Revenue 11,124.5 - Profit for the year 763.7 - Total comprehensive income 763.7 - Profit attributable to NCI 17.0 - Net decrease in cash and cash equivalents (2,070.2) - Dividends paid - - Non-current assets 7,749.5 - Current Assets 6,832.0 - Non-current liabilities (22,462.3) - Current liabilities (2,201.7) - Net assets (10,082.6) -

Borrowings

Borrowings	12 Months Ended
	Dec. 31, 2019
Borrowings
BORROWINGS	26. Borrowings and derivative financial instrument Significant accounting judgements and estimates Borrowings Expected future cash flows used to determine the fair value of borrowings (namely the Burnstone Debt) are inherently uncertain and could materially change over time. They are significantly affected by a number of factors including reserves and production estimates, together with economic factors such as the expected commodity price, foreign currency exchange rates, and estimates of production costs, future capital expenditure and discount rates. Accounting policy Borrowings Borrowings are non-derivative financial liabilities categorised as other financial liabilities. Borrowings are recognised initially at fair value, net of transaction costs incurred, where applicable and subsequently measured at amortised cost using the effective interest method. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting date. Derivative financial instruments Derivatives are initially recognised at fair value using option pricing methodologies. Any directly attributable transaction costs are recognised in profit or loss as incurred. Subsequent to initial recognition, derivatives are measured at fair value, and changes are generally recognised in profit or loss. For assets and liabilities that are recognised in the financial statements on a recurring basis, the Group determines whether transfers have occurred between levels in the fair value hierarchy by re-assessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. Borrowings Figures in million - SA rand Notes US$600 million RCF 5,711.9 2,726.5 - R6.0 billion RCF - 5,896.4 5,536.4 R5.5 billion RCF 2,500.0 - - 2022 and 2025 Notes 9,609.8 9,808.7 12,597.7 US$ Convertible Bond 4,578.6 4,496.6 4,357.1 Burnstone Debt 1,330.4 1,145.1 1,537.5 Other borrowings - 425.6 478.7 Franco-Nevada liability 2.0 2.0 1.7 Stillwater Convertible Debentures 3.5 3.8 3.3 US$350 million RCF - - 1,137.1 Total borrowings 23,736.2 24,504.7 25,649.5 Reconciliation of the non-current and current portion of the borrowings: Borrowings 23,736.2 24,504.7 25,649.5 Current portion of borrowings (38.3) (6,188.2) (1,657.5) Non-current portion of borrowings 23,697.9 18,316.5 23,992.0 The current portion of borrowings will be repaid out of operational cash flows or it will be refinanced by utilising available Group facilities. Derivative financial instruments Figures in million - SA rand Note Reconciliation of the non-current and current portion of the derivative financial instrument: Derivative financial instruments 4,144.9 408.9 1,093.5 Non-current portion of derivative financial instrument 4,144.9 408.9 1,093.5 Roll forward of borrowings in the current year were as follows: Figures in million - SA rand Note Balance at beginning of the year 24,504.7 25,649.5 8,973.8 Borrowings acquired on acquisition of subsidiary 2,574.8 - 5,937.6 Loans raised 18,981.7 17,130.2 68,297.2 Loans repaid (22,008.3) (21,231.5) (55,719.5) Unwinding of loans recognised at amortised cost 374.4 538.3 222.1 Accrued interest (related to the 2022 and 2025 Notes, and US$ Convertible Bond) 769.9 942.5 507.8 Accrued interest paid (777.7) (907.2) (431.5) Gain on derecognition of borrowings - (179.7) - Loss/(gain) on the revised cash flow of the Burnstone Debt 96.6 (804.6) (181.7) (Gain)/loss on foreign exchange differences and foreign currency translation (779.9) 3,367.2 (1,956.3) Balance at end of the year 23,736.2 24,504.7 25,649.5 26.1 US$600 million RCF On 21 May 2018, Sibanye-Stillwater cancelled and refinanced the US$350 million revolving credit facility (RCF) by drawing under the US$600 million RCF. The purpose of the facility was to refinance the US$350 million RCF, finance ongoing capital expenditure and working capital. Terms of the US$600 million RCF Facility: US$600 million Interest rate: LIBOR Interest rate margin: 1.85% if net debt to adjusted EBITDA is equal to or less than 2.50x 2.00% if net debt to adjusted EBITDA is greater than 2.50x Utilisation fees: Where the total outstanding loans under the RCF fall within the range of the percentage of the total loan as set out below, Sibanye-Stillwater shall pay an utilisation fee equal to the percentage per annum set out opposite such percentage range . % of the total loans Less than or equal to 33⅓% Greater than 33⅓% and less than or equal to 66⅔% Greater than 66⅔% Term of facility: Three years, subject to 2 one-year extensions at the lenders option. US$450 million of the facility lenders (i.e. six of the eight lenders) have exercised the first one year extension option year extension option. Borrowers: Sibanye Gold Limited, Stillwater, Kroondal Operations, SRPM and WPL. Security and/or guarantors: The facility is unsecured and guaranteed by Sibanye Gold Limited, Stillwater, Kroondal Operations, SRPM and WPL. Figures in million - SA rand Balance at beginning of the year 2,726.5 - - Loans raised 9,067.1 5,391.6 - Loans repaid (5,826.2) (2,744.7) - Loss on foreign exchange differences 6.4 73.1 - Foreign currency translation (261.9) 6.5 - Balance at end of the year 5,711.9 2,726.5 - 26.2 R6.0 billion RCF On 15 November 2016, Sibanye-Stillwater cancelled and refinanced a R4.5 billion Facility by drawing under the R6.0 billion RCF. The purpose of the facility was to refinance the R4.5 billion Facility, finance ongoing capital expenditure, working capital and general corporate expenditure requirements which may include the financing of future acquisitions of business combinations. This facility was refinanced and cancelled in November 2019. Terms of the R6.0 billion RCF Facility: R6.0 billion Interest rate: JIBAR Interest rate margin: During the Covenant adjustment period, being 30 June 2017 to 31 December 2019, the margin will be based on the following net debt to adjusted EBITDA ratios: Net debt to adjusted EBITDA ratios Margin % 0.00:1 – 3.00:1 3.00:1 – 3.25:1 3.25:1 – 3.50:1 After the covenant adjustment period the margin will return to 2.4% Term of facility: Three years Borrowers: Sibanye Gold Limited, SRPM and Kroondal Operations Security and/or guarantors: The facility was unsecured and guaranteed by Sibanye Gold Limited, Stillwater, SRPM and Kroondal. Figures in million - SA rand Balance at beginning of the year 5,896.4 5,536.4 5,100.0 Loans raised 1,150.0 360.0 800.0 Loans repaid (5,046.4) - (363.6) Inter Bank transfer (2,000.0) - - Balance at end of the year - 5,896.4 5,536.4 26.3 R5.5 billion RCF On 11 November 2019, Sibanye-Stillwater refinanced and cancelled the R6.0 billion revolving credit facility (RCF) by drawing under the R5.5 billion RCF. The purpose of the facility was to refinance facilities, finance ongoing capital expenditure and general corporate expenditure requirements. Terms of the R5.5 billion RCF Facility: R5.5 billion Interest rate: JIBAR Interest rate margin: 2.40% if net debt to adjusted EBITDA is equal to or less than 2.00x 2.60% if net debt to adjusted EBITDA is greater than 2.00x Term of facility: Three years, subject to two one-year extensions at the lenders option Borrowers: Sibanye Gold Limited, Kroondal Operations , SRPM and WPL. Security and/or guarantors: The facility is unsecured and guaranteed by Sibanye Gold Limited, Stillwater, Kroondal Operations, SRPM and WPL. Figures in million - SA rand Balance at beginning of the year - - - Loans raised 500.0 - - Loans repaid - - - Inter Bank transfer 2,000.0 Balance at end of the year 2,500.0 - - 26.4 2022 and 2025 Notes On 27 June 2017, Stillwater Mining Co. completed a two-tranche international corporate bond offering 6.125% Notes due on 27 June 2022 (the 2022 Notes) and 7.125% Notes due on 27 June 2025 (the 2025 Notes) (together the 2022 and 2025 Notes) with the proceeds applied towards the partial Terms of the 2022 and 2025 Notes Facility: US$500 million 6.125% Senior Notes due 2022 (the 2022 Notes) US$550 million 7.125% Senior Notes due 2025 (the 2025 Notes) Outstanding nominal value: 2022 Notes: US$353.7 million 2025 Notes: US$346.9 million Interest rate: 2022 Notes: 6.125% 2025 Notes: 7.125% Term of the Notes: 2022 Notes: Five years 2025 Notes: Eight years Issuer: Stillwater Mining Company Guarantors: Each of the Notes will be fully and unconditionally guaranteed, jointly and severally by the Guarantors (Kroondal Operations, SRPM and Sibanye Gold Limited). WPL acceded as a guarantor on 8 January 2020, post the year end. The Guarantees rank equally in right of payment to all existing and future senior debt of the Guarantors. Figures in million - SA rand Balance at beginning of the year 9,808.7 12,597.7 - Loans raised - - 13,109.5 Loans repaid - (5,107.4) - Accrued interest paid (672.2) (795.5) (431.5) Interest charge 664.9 836.6 478.1 Unwinding of amortised cost 47.9 196.7 29.7 Gain on derecognition of borrowings - (128.8) - Foreign currency translation (239.5) 2,209.4 (588.1) Balance at end of the year 9,609.8 9,808.7 12,597.7 26.5 US$ Convertible Bond The US$ Convertible Bond was launched and priced on 19 September 2017 with the proceeds applied towards the partial repayment of the Stillwater Bridge Facility, raised for the acquisition of Stillwater. On 11 September 2018, Sibanye-Stillwater concluded the repurchase of a portion of the US$ Convertible Bond. An aggregate principal amount of US$66 million for a total purchase price of approximately US$50 million was repurchased. Sibanye-Stillwater funded the repurchase from existing cash resources, including the US$500 million advance proceeds of the streaming transaction. Terms of the US$ Convertible Bond Issue size: US$450 million Outstanding nominal value: US$384 million Coupon: 1.875% Maturity date: 26 September 2023 (six years) Conversion premium: 35% Reference share price: US$1.2281, being the volume weighted average price of a share on the JSE from launch to pricing on 19 September 2017, converted at a fixed exchange rate. Initial conversion price: US$1.6580 Issuer: Sibanye Gold Limited Guarantors: Stillwater and Kroondal Operations The US$ Convertible Bond has two components. The option component is recognised as a derivative liability, measured at fair value, with changes in fair value recorded in profit or loss and reported separately in the statement of financial position. The bond component is recognised as a financial liability and measured at amortised cost using the effective interest method. Convertible bond at amortised cost Figures in million - SA rand Balance at beginning of the year 4,496.6 4,357.1 - Loans raised - - 4,634.5 Loans repaid - (745.2) - Accrued interest paid (105.5) (111.7) - Interest charge 105.0 105.9 29.8 Unwinding of amortised cost 196.8 185.8 50.7 Gain on derecognition of borrowings - (50.9) - Gain/(loss) on foreign exchange differences (114.3) 755.6 (357.9) Balance at end of the year 4,578.6 4,496.6 4,357.1 Derivative financial instrument at fair value Figures in million - SA rand Balance at beginning of the year 408.9 1,093.5 - Loss/(gain) on financial instruments 1 3,911.5 (678.1) (115.9) Gain on derecognition of derivative financial instrument - (50.3) - Derivative financial instrument recognised - - 1,296.6 (Gain)/loss on foreign exchange differences (175.5) 43.8 (87.2) Balance at end of the year 4,144.9 408.9 1,093.5 1 The R3,911.5 million loss on financial instrument is mainly attributable to the 258% increase in the Sibanye-Stillwater share price as at 31 December 2019 relative to the prior year. The loss on financial instrument is calculated based on the year end share price of R35.89 per share, ZAR/USD exchange rate of R14.00 and a volatility of 38.76%. The derivative was valued using a partial differential equation model 26.6 Burnstone Debt Sibanye Gold Eastern Operations (SGEO) has bank debt of US$178.1 million (R1,883.9 million) (the Burnstone Debt) outstanding as part of the net assets acquired on 1 July 2014. Terms of the Burnstone Debt Facility: A1: US$0.2 million A2: US$7.8 million A3: US$51.0 million A4: US$119.1 million Interest rate: A1 and A2: Interest free A3 and A4: Interest free until 1 July 2017, then at LIBOR Interest rate margin: A3 and A4: 4% from 1 July 2017 Term of loan: No fixed term Repayment period: A1: Repaid on 1 July 2014 A2: From 1 July 2017 the first 50% of Burnstone’s free cash flow (as defined in the settlement agreement) will be used to repay the Wits Gold Loan and the balance of 50% to repay A2. A3 and A4: On settlement of A2. 90% of Burnstone’s free cash flow will be used to repay the Wits Gold Loan and the balance of 10% to repay the Burnstone Debt. On settlement of the Wits Gold Loan and interest, 30% of Burnstone’s free cash flow will be used to repay the Burnstone Debt and the balance will be distributed to Wits Gold. The Bank Lenders will continue to participate in 10% of Burnstone’s free cash flow after the Burnstone Debt has been repaid in full to a maximum amount of US$63.0 million under a revenue participation agreement. Security: The Burnstone Debt is fully secured against the assets of Burnstone (of R2.0 billion) and there is no recourse to the Sibanye-Stillwater Group. The security package includes a cession over the bank accounts, insurance policies’ proceeds, special and general notarial bonds over movable assets and mortgage bonds over property. The Burnstone Debt facilities of US$178.1 million (R1,883.9 million) were initially recognised at the acquisition fair value using level 3 assumptions, being R1,007.6 million, in terms of IFRS 13. The expected free cash flows to repay the loan as detailed above were based on the estimates and assumptions to determine the fair value:  A US$ swap forward curve adjusted with the 4% interest rate margin above;  The annual life of mine plan that takes into account the following: - Proved and probable ore reserves of Burnstone; - Cash flows are based on the life-of-mine plan of 20 years; and - Capital expenditure estimates over the life-of-mine plan. Figures in million - SA rand Balance at beginning of the year 1,145.1 1,537.5 1,752.6 Accrued interest and unwinding of amortised cost 120.1 152.9 141.6 Loss/(gain) on revised estimated cash flows 1 96.6 (804.6) (181.7) (Gain)/loss on foreign exchange differences (31.4) 259.3 (175.0) Balance at end of the year 1,330.4 1,145.1 1,537.5 1 At 31 December 2019, the expected free cash flows expected to repay the loan as detailed above were revised as a result of revised cash flows over the life of mine plan due to:  Revised forecast costs and capital expenditure; and  Revised gold prices 2019: R686,225/kg (2018: R585,500/kg and 2017: R545,000/kg) and exchange rates 2019: R14.00/US$ (2018: R14.00/US$ and 2017: R12.94/US$) 26.7 Other borrowings Short-term credit facilities Sibanye-Stillwater has uncommitted loan facilities with various banks to fund capital expenditure and working capital requirements at its operations. These facilities have no fixed terms, are short-term in nature and interest rates are market related. Figures in million - SA rand Balance at beginning of the year 425.6 478.7 749.5 Loans raised 8,264.6 10,798.6 14,721.5 Loans repaid (11,135.7) (10,854.6) (14,992.3) Unwinding of amortised cost 9.6 2.9 - Borrowings acquired on acquisition of subsidiary 2,574.8 - - Other 1.3 - - Gain on foreign exchange differences (140.2) - - Balance at end of the year - 425.6 478.7 26.8 Fair value of financial instruments and risk management Fair value of borrowings The fair value of variable interest rate borrowings approximates its carrying amounts as the interest rates charged are considered marked related. Fair value of fixed interest rate borrowings was determined through reference to ruling market prices and interest rates. The fair value of the derivative financial instrument is estimated based on ruling market prices, volatilities and interest rates, option pricing methodologies based on observable quoted inputs, and constitute a level 2 instrument on the fair value hierarchy. The table below shows the fair value and carrying amount of borrowings where the carrying amount does not approximate fair value: Carrying value Fair value Figures in million - SA rand Level 1 Level 2 Level 3 31 December 2019 2022 and 2025 Notes 9,609.8 10,138.4 - - US$ Convertible Bond 1 4,578.6 - 4,724.5 - Burnstone Debt 2 1,330.4 - - 1,441.0 Total 15,518.8 10,138.4 4,724.5 1,441.0 31 December 2018 2022 and 2025 Notes 9,808.7 9,312.0 - - US$ Convertible Bond 1 4,496.6 - 3,736.1 - Burnstone Debt 2 1,145.1 - - 1,075.6 Total 15,450.4 9,312.0 3,736.1 1,075.6 31 December 2017 2022 and 2025 Notes 12,597.7 13,295.3 - - US$ Convertible Bond 1 4,357.1 - 4,239.1 - Burnstone Debt 2 1,537.5 - - 1,536.5 Total 18,492.3 13,295.3 4,239.1 1,536.5 1 The fair value of the amortised cost component of the US$ Convertible Bond is based on the quoted price of the instrument after separating the fair value of the derivative component 2 The fair value of the Burnstone Debt been derived from discounted cash flow models. These models use several key assumptions, including estimates of future sales volumes, Gold prices, operating costs, capital expenditure and discount rate Liquidity risk The following are contractually due, undiscounted cash flows resulting from maturities of financial liabilities including interest payments: Figures in million - SA rand Total Within one Between After five years 31 December 2019 Other payables 3,808.6 775.4 2,918.6 114.6 Trade and other payables 7,739.5 7,739.5 - - Borrowings - - Capital - US$600 million RCF 5,711.9 - 5,711.9 - R5.5 billion RCF 2,500.0 - 2,500.0 - 2022 and 2025 Notes 9,808.4 - 4,951.8 4,856.6 US$ Convertible Bond 5,376.0 - 5,376.0 - Burnstone Debt 109.0 - 109.0 - Franco-Nevada liability 2.0 2.0 - - Stillwater Convertible Debentures 3.5 3.5 - - Other borrowings - - - - - Interest 7,820.8 1,184.2 2,698.3 3,938.3 Total 42,879.7 9,704.6 24,265.6 8,909.5 31 December 2018 Other payables 3,386.8 293.3 1,968.9 1,124.6 Trade and other payables 5,159.9 5,159.9 - - Borrowings - Capital US$600 million RCF 2,726.5 - 2,726.5 - R6.0 billion RCF 5,896.4 5,896.4 - - 2022 and 2025 Notes 10,053.6 - 5,075.6 4,978.0 US$ Convertible Bond 5,510.4 - 5,510.4 - Burnstone Debt 2,552.9 - - 2,552.9 Franco-Nevada liability 2.0 2.0 - - Stillwater Convertible Debentures 3.8 3.8 - - Other borrowings 252.3 252.3 - - - Interest 9,386.9 1,543.8 3,568.6 4,274.5 Total 44,931.5 13,151.5 18,850.0 12,930.0 Market risk Foreign currency sensitivity Certain of the Group’s US dollar borrowing facilities have been drawn down by Companies with SA Rand as their functional currency, therefore some of the Groups borrowings are sensitive to changes in the rand/US dollar exchange rate. A one percentage point depreciation in the SA rand closing exchange rate of R14.00/US$ (2018: R14.35/US$ and 2017: R12.36/US$) would have reduced the gain on foreign exchange differences by R102.2 million (2018: R38.7 million and 2017: R81.2 million). A one percentage point appreciation in the exchange rate would have increased the gain on foreign exchange differences by R102.2 million (2018: R38.7 million and 2017: R81.2 million). Interest rate sensitivity As at 31 December 2019, the Group’s total borrowings amounted to R23,736.2 million (2018: R24,504.7 million and 2017: R25,649.5 million). The Group generally does not undertake any specific action to cover its exposure to interest rate risk, although it may do so in specific circumstances. The portion of Sibanye-Stillwater’s interest-bearing borrowings at period end that is exposed to interest rate fluctuations is R23,730.7 million (2018: R24,498.9 million and 2017: R25,644.5 million). This debt is normally rolled for periods between one and three months and is therefore exposed to the rate changes in this period. At 31 December 2019, of the total borrowings, R2,500.0 million (2018: R6,322.0 million and 2017: R6,015.1 million) is exposed to changes in the JIBAR rate and R7,042.3 million (2018: R3,871.6 million and 2017: R2,674.6 million) is exposed to changes in the LIBOR rate. The table below summarises the effect of a change in finance expense on the Group’s profit or loss had JIBAR and LIBOR differed as indicated. The analysis is based on the assumption that the applicable interest rate increased/decreased with all other variables held constant. All financial instruments with fixed interest rates that are carried at amortised cost are not subject to the interest rate sensitivity analysis. Interest rate sensitivity analysis Change in interest expenses for a change in interest rate 1 Figures in million - SA rand -1.5% -1.0% -0.5% 31 December 2019 - JIBAR 37.5 25.0 12.5 (12.5) (25.0) (37.5) - LIBOR 105.6 70.4 35.2 (35.2) (70.4) (105.6) Change in finance expense 143.1 95.4 47.7 (47.7) (95.4) (143.1) 31 December 2018 - JIBAR 88.5 59.0 29.5 (29.5) (59.0) (88.5) - LIBOR 79.2 52.8 26.4 (26.4) (52.8) (79.2) Change in finance expense 167.7 111.8 55.9 (55.9) (111.8) (167.7) 1 Interest rate sensitivity analysis is performed on the borrowings balance at 31 December The exposure to interest rate changes and the contractual repricing dates The exposure of the Group’s borrowings to interest rate changes and the contractual repricing dates at the reporting dates is as follows: Figures in million - SA rand Floating rate with exposure to change in JIBAR 2,500.0 6,322.0 6,015.1 Floating rate with exposure to change in LIBOR 7,042.3 3,871.6 2,674.6 Non-current borrowings exposed to interest rate changes 9,542.3 10,193.6 8,689.7 The Group has the following undrawn borrowing facilities: Committed 5,688.0 5,987.1 3,652.5 Uncommitted 1,050.0 757.7 471.3 Total undrawn facilities 6,738.0 6,744.8 4,123.8 All of the above facilities have floating rates. The undrawn committed facilities have the following expiry dates: - within one year - 103.6 3,188.9 - later than one year and not later than two years 672.0 - 463.6 - later than two years and not later than three years 5,016.0 5,883.5 - Total undrawn committed facilities 5,688.0 5,987.1 3,652.5 26.9 Capital management The Group’s primary objective with regards to managing its capital is to ensure that there is sufficient capital available to support the funding requirements of the Group, including capital expenditure, in a way that: optimises the cost of capital; maximises shareholders’ returns; and ensures that the Group remains in a sound financial position. The Group manages and makes adjustments to the capital structure as and when borrowings mature or as and when funding is required. This may take the form of raising equity, market or bank debt or hybrids thereof. Opportunities in the market are also monitored closely to ensure that the most efficient funding solutions are implemented. The Group monitors capital using the ratio of net debt to adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA), but does not set absolute limits for this ratio. Net debt to adjusted EBITDA at 31 December 2019 of 1.4 exceeds the Group’s targeted ratio of net debt to adjusted EBITDA of 1.0:1 or lower. Utilising the committed unutilised debt facilities above, will impact on the leverage ratio. The borrowing facilities permit a leverage ratio of 3.5:1 through to 31 December 2019, and 2.5:1 thereafter, calculated on a quarterly basis. Sibanye-Stillwater plans to deleverage over time back to its targeted leverage ratio of no greater than 1.0:1. Figures in million - SA rand Borrowings 1 26,550.7 23,768.5 25,205.5 Cash and cash equivalents 2 5,586.3 2,499.4 2,029.8 Net debt 3 20,964.4 21,269.1 23,175.7 Adjusted EBITDA 4 14,956.0 8,369.4 9,045.1 Net debt to adjusted EBITDA (ratio) 5 1.4 2.5 2.6 1 Borrowings are only those borrowings that have recourse to Sibanye-Stillwater. Borrowings, therefore, exclude the Burnstone Debt and include the derivative financial instrument 2 Cash and cash equivalents exclude cash of Burnstone 3 Net debt represents borrowings and bank overdraft less cash and cash equivalents. Borrowings are only those borrowings that have recourse to Sibanye-Stillwater and therefore exclude the Burnstone Debt and include the derivative financial instrument. Net debt excludes cash of Burnstone 4 The adjusted EBITDA calculation is based on the formula included in the facility agreements for compliance with the debt covenant formula. Adjusted EBITDA may not be comparable to similarly titled measures of other companies. Adjusted EBITDA is not a measure of performance under IFRS and should be considered in addition to, and not as a substitute for, other measures of financial performance and liquidity 5 Net debt to adjusted EBITDA ratio is defined as net debt as at the end of a reporting period divided by adjusted EBITDA of the 12 months ended on the same reporting date Reconciliation of loss before royalties, carbon tax and tax to adjusted EBITDA: Figures in million - SA rand Loss before royalties, carbon tax and tax (856.3) (1,224.3) (6,981.2) Adjusted for: Amortisation and depreciation 7,214.1 6,613.8 5,699.7 Interest income (560.4) (482.1) (415.5) Finance expense 3,302.5 3,134.7 2,971.8 Share-based payments 363.3 299.4 231.9 Loss/(gain) on financial instruments 6,015.1 (1,704.1) 1,114.4 Gain on foreign exchange differences (325.5) (1,169.1) (292.4) Share of results of equity-accounted investees after tax (721.0) (344.2) (291.6) Change in estimate of environmental rehabilitation obligation, 88.9 (66.6) 248.9 Gain on disposal of property, plant and equipment (76.6) (60.2) (40.7) Impairments 86.0 3,041.4 4,411.0 Gain on derecognition of borrowing and derivative financial instrument - (230.0) - Gain on acquisition (1,103.0) - - Restructuring costs 1,252.4 142.8 729.8 Transaction costs 447.8 402.5 552.1 IFRS 16 lease payments (131.7) - - Occupational healthcare expense (39.6) 15.4 1,106.9 Adjusted EBITDA 14,956.0 8,369.4 9,045.1

Lease liabilities

Lease liabilities	12 Months Ended
	Dec. 31, 2019
Lease liabilities
Lease liabilities	27. Lease liabilities Accounting policy At the inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Lease liabilities are initially measured at the present value of the future lease payments at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the relevant incremental borrowing rate. Subsequently, lease liabilities are measured at amortised cost using the effective interest method. Lease liabilities are remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group’s estimate of the amount expected to be payable under a residual value guarantee, or if the Group changes its assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is measured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. The Group also elected to apply the recognition exemptions for lease contracts that, at the commencement date, have a lease term of 12 months or less and do not contain a purchase option, and lease contracts for which the underlying asset is of low value. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term to the extent applicable. In addition, certain variable lease payments are not permitted to be recognised as lease liabilities and are expensed as incurred. Figures in million - SA rand Notes Impact of adopting IFRS 16 on 1 January 2019 302.0 - - New leases and modifications 51.5 Lease liabilities on acquisition of subsidiaries 133.3 - - Repayment of lease liabilities (131.7) - - Interest charge 33.9 - - Re-classification and other (5.7) - - Foreign currency translation (0.5) - - Balance at end of the year 382.8 - - Current portion of lease liabilities (110.0) - - Non-current lease liabilities 272.8 - - Lease payments not recognised as a liability but expensed during the year Figures in million - SA rand Short-term leases 43.4 Leases of low value assets 54.2 Variable lease payments 13.1 Total 110.7 Maturity Analysis The lease liabilities are secured by the related underlying assets. The undiscounted maturity analysis of lease liabilities at 31 December 2019 is as follows: Figures in million - SA rand Total Within one Between After five years Contractual undiscounted cash flows 474.9 140.0 297.8 37.1

ENVIRONMENTAL REHABILITATION _2

ENVIRONMENTAL REHABILITATION OBLIGATION	12 Months Ended
	Dec. 31, 2019
Provision for decommissioning, restoration and rehabilitation costs [abstract]
ENVIRONMENTAL REHABILITATION OBLIGATION	28. Environmental rehabilitation obligation and other provisions Significant accounting judgements and estimates The Group’s mining and exploration activities are subject to various laws and regulations governing the protection of the environment. The Group recognises management’s best estimate for asset retirement obligations in the period in which they are incurred. Actual costs incurred in future periods could differ materially from the estimates. Additionally, future changes to environmental laws and regulations, life of mine estimates and discount rates could affect the carrying amount of this provision. The provision is calculated using the following assumptions: Inflation rate Discount rate LOM 2019 SA gold operations 6% 6.69% - 9.99% 1 – 19 years SA PGM operations 6% 6.69% - 10.09% 1 – 31 years US PGM operations 2% 2.32% - 2.39% 25 – 37 years 2018 SA gold operations 6% 6.27% - 9.73% 1 – 19 years SA PGM operations 6% 6.27% -9.81% 1 – 28 years US PGM operations 2% 2.87% -3.02% 26 – 38 years Accounting policy Provisions are recognised when the Group has a present obligation, legal or constructive resulting from past events and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Long-term environmental obligations are based on the Group’s environmental management plans, in compliance with applicable environmental and regulatory requirements. The estimated costs of rehabilitation are reviewed annually and adjusted as appropriate for changes in legislation, technology or other circumstances. Cost estimates are not reduced by the potential proceeds from the sale of assets or from plant clean up at closure. Based on disturbances to date, the net present value of expected rehabilitation cost estimates is recognised and provided for in full in the financial statements. The estimates are reviewed annually and are discounted using a risk-free rate that is adjusted to reflect the current market assessments of the time value of money. Annual changes in the provision consist of finance costs relating to the change in the present value of the provision and inflationary increases in the provision estimate, as well as changes in estimates. Changes in estimates are capitalised or reversed against the relevant asset or liability to the extent that it meets the definition of dismantling and removing the item and restoring the site on which it is located. Costs that relate to an existing condition caused by past operations and do not have a future economic benefit are recognised in profit or loss. If a decrease in the liability exceeds the carrying amount of the asset, the excess is recognised immediately in profit or loss. The present value of environmental disturbances created are capitalised to mining assets against an increase in the environmental rehabilitation obligation. Rehabilitation projects undertaken, included in the estimates are charged to the provision as incurred. The cost of ongoing current programmes to prevent and control environmental disturbances is recognised in profit or loss as incurred. The unwinding of the discount due to the passage of time is recognised as finance cost, and the capitalised cost is amortised over the remaining lives of the mines. Figures in million - SA rand Note Balance at beginning of the year 6,294.2 4,678.7 3,982.2 Interest charge 578.7 398.8 357.1 Payment of environmental rehabilitation obligation 1 (34.9) (32.3) (26.9) Change in estimates charged to profit or loss 2 88.9 (90.4) 248.9 Change in estimates capitalised 2 105.1 618.8 (177.7) Environmental rehabilitation obligation on acquisition of subsidiaries 1,696.9 672.7 312.1 Foreign currency translation (14.1) 47.9 (17.0) Balance at end of the year 8,714.8 6,294.2 4,678.7 Environmental rehabilitation obligation and other provisions consists of: Environmental rehabilitation obligation 8,597.6 6,176.2 4,678.7 Other provisions 117.2 118.0 - Environmental rehabilitation obligation and other provisions 8,714.8 6,294.2 4,678.7 1 The cost of ongoing current programmes to prevent and control environmental disturbances, including reclamation activities, is charged to cost of sales as incurred 2 Changes in estimates are defined as changes in reserves and corresponding changes in life of mine, changes in discount rates, and changes in laws and regulations governing environmental matters The Group’s mining operations are required by law to undertake rehabilitation works as part of their ongoing operations. The Group makes contributions into environmental rehabilitation obligation funds (refer note 19) and holds guarantees to fund the estimated costs. Post closure water management liability The Group continues to monitor the potential risk of long-term Acid Mine Drainage (AMD) and other groundwater pollution challenges also experienced by peer mining groups. AMD relates to the acidification and contamination of naturally occurring water resources by pyrite-bearing ore contained in underground mines, in rock dumps, tailings dams and pits on the surface. As yet, the Group has not been able to reliably determine the financial impact that AMD and groundwater pollution may have on the Group, nor the timing of possible outflow. The potential for AMD generation and other groundwater impacts how, where and if they will manifest and the associated environmental/closure liability will be determined as part of the Group’s quantification of any post-closure latent and residual environmental impacts using a robust and defendable risk assessment process – this will be a requirement in the proposed amended Financial Provisioning (FP) Regulations that comes into effect in June 2021. As per the recent closure process undertaken at our Cooke Operations, detailed studies to understand the hydrology and hydrogeology were undertaken. These studies further included the modeling of the mined out void, re-watering rate and natural groundwater flow in the dolomite aquifer overlaying the mined-out area. The conclusions from the studies were used to inform a risk assessment and closure strategy to reliably predict water quality impacts as part of long term sustainable closure solution. In addition, in the December 2019 closure liability assessments, the Group makes financial provision of R965.3 million (undiscounted) for what it specifically termed “Post Closure Aspects” – this includes but is not limited to amongst others, post-closure water management aspects such as initial and post-decant surface and groundwater monitoring, wetlands, biomonitoring and aquatics monitoring and care-and-maintenance monitoring. The Group, has a robust water conservation and demand management, compliance and closure water management strategy that aims to define and sustainably mitigate the potential risk of AMD and groundwater pollution. The Group operates a comprehensive water quality monitoring program, including bio-monitoring, as an early detection of potential AMD and groundwater pollution and has launched an initiative to understand the mining impacts on the various catchments within which the Group operates.

OCCUPATIONAL HEALTHCARE OBLIGAT

OCCUPATIONAL HEALTHCARE OBLIGATION	12 Months Ended
	Dec. 31, 2019
OCCUPATIONAL HEALTHCARE OBLIGATION
OCCUPATIONAL HEALTHCARE OBLIGATION	29. Occupational healthcare obligation Significant accounting judgements and estimates The Group recognises management’s best estimates to settle any occupational healthcare claims against the Group’s operations. The ultimate outcome of these matters remains uncertain, with a possible failure to reach a settlement or to obtain the requisite court approval for a potential settlement. The provision is consequently subject to adjustment in the future, depending on the progress of the Occupational Lung Disease Group (the Working Group) discussions, stakeholder engagements and the ongoing legal proceedings. Actual costs incurred in future periods could differ materially from the estimates. Estimates that were used in the assessment include value of benefits, required contributions, timing of payments, tracing pattern, period discount rates, period inflation rates and a 60% take-up rate. These estimates were informed by a professional opinion. Management discounted the possible cash outflows using a discount rate of 8.25% (2018: 8.83% and 2017: 8.604). Accounting policy Provisions are recognised when the Group has a present obligation, legal or constructive resulting from past events and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The estimated costs of settlement claims are reviewed at least annually and adjusted as appropriate for changes in cash flow predictions or other circumstances. Based on estimates to date, the net present value of expected settlement claims is recognised and provided for in full in the financial statements. The estimated cash flows are discounted using a risk-free rate with similar terms to the obligation to reflect the current market assessments of the time value of money. Annual changes in the provision consist of finance costs relating to the change in the present value of the provision and changes in estimates. On 3 May 2018, the Occupational Lung Disease Working Group (the Working Group), including the Sibanye-Stillwater Group, agreed to an approximately R5 billion class action settlement with the claimants. The estimated costs were reviewed at 31 December 2018 and discounted using a risk-free rate. On 26 July 2019 the Gauteng High Court in Johannesburg approved the R5 billion settlement agreement in the silicosis class case. This settlement agreement provides compensation to all eligible workers suffering from silicosis and/or tuberculosis who worked in the Occupational Lung Disease Working Group companies’ mines from 12 March 1965 to the date of the settlement agreement. Sibanye-Stillwater currently has provided R1,282.1 million for its share of the settlement cost. The provision is consequently subject to adjustment in the future based on the number of eligible workers. On 19 December 2019 Sibanye Stillwater provided a guarantee for an amount not exceeding R1,372 million in respect of trust administration contributions, initial benefit contributions and benefit contributions as required by the Trust Deed. Figures in million - SA rand Note Balance at beginning of the year 1,274.1 1,153.3 - Occupational healthcare obligation recognised - - 1,077.2 Interest charge 115.5 105.4 46.4 Change in estimate charge to profit or loss (39.6) 15.4 29.7 Payments made (67.9) - - Balance at the end of the year 1,282.1 1,274.1 1,153.3 Reconciliation of the non-current and current portion of the occupational healthcare obligation: Occupational healthcare obligation 1,282.1 1,274.1 1,153.3 Current portion of occupational healthcare obligation (148.7) (109.9) (0.8) Non-current portion of occupational healthcare obligation 1,133.4 1,164.2 1,152.5 DRDGOLD is not a party to the Working Group’s mediated settlement agreement and DRDGOLD maintains the view that it is too early to consider settlement of the matter, mainly for the following reasons:  the applicants have as yet not issued and served a summons (claim) in the matter to DRDGOLD;  there is no indication of the number of potential claimants that may join the class action against the DRDGOLD respondents; and  many principles upon which legal responsibility may be founded, are required to be substantially developed by the trial court (and possibly subsequent courts of appeal) to establish liability on the bases alleged by the applicants. In light of the above there is inadequate information for DRDGOLD to determine if a sufficient legal and factual basis exists to establish liability, and to quantify such potential liability.

Deferred revenue

Deferred revenue	12 Months Ended
	Dec. 31, 2019
Deferred revenue
DEFERRED REVENUE	30. Deferred revenue Significant accounting judgements and estimates Upfront cash deposits received for streaming transactions have been accounted for as contract liabilities (deferred revenue) in the scope of IFRS 15. These contracts are not financial instruments because they will be satisfied through the delivery of non-financial items (i.e. delivering of metal ounces) as part of the Group’s expected sale requirements, rather than cash or financial assets. It is the intention to satisfy the performance obligations under these streaming arrangements through the Group’s production, and revenue will be recognised over duration of the contracts as the Group satisfies its obligation to deliver metal ounces. Since these contracts are of a long-term nature and the Group received a portion of the consideration at the inception, these contracts contain a significant financing component under IFRS 15. The Group therefore made a critical estimate of the discount rate that should be applied to the contract liabilities over the life of contracts. Inputs to the model to unwind the Wheaton advance received to revenue The advance received has been recognised on the statement of financial position as deferred revenue. The deferred revenue will be recognised as revenue in profit or loss based on the metal ounces/credits in relation to the expected total amount of metal credits to be delivered over the term of the arrangement. Each period management estimates the cumulative amount of the deferred revenue obligation that has been satisfied and, therefore, recognised as revenue. Key inputs into the model are: Key input Estimate at year end Further information Estimated financing rate over life of arrangement 4.6% - 5.2% Refer note 5 Remaining life of stream 67 years The starting point for the life of mine is the approved life of mine for the US PGM operations. However, as IFRS 15 requires the constraint on revenue recognition to be considered, it is more prudent to include a portion of resources in the life of stream for the purposes of revenue recognition. This will reduce the chance of having a significant decrease in revenue recognised in the future, when the life of mine is updated to include a conversion of resources to reserves. As such, Sibanye-Stillwater management have determined that is it appropriate to include 50% of inferred resources. Palladium entitlement percentage 4.5% The palladium entitlement percentage will be either 4.5%, 2.25% or 1% over the life of the mine, depending on whether or not the advance has been fully utilised, and a certain number of contractual ounces have been delivered (375,000 ounces for the first trigger drop down to 2.25% and 550,000oz for the second trigger drop down rate to 1%). Monthly cash percentage 18% The monthly cash payment to be received is a percentage of 18%, 16%, 14% or 10% of the market price of the metal credit delivery to Wheaton International while the advance is not fully utilised. After the advance has been fully utilised, the cash percentage is 22%, 20%, 18% or 14%. The percentage applicable depends on the investment grade of the Group and its leverage ratio. As long as Sibanye-Stillwater’s current investment grade conditions as stipulated in the contract have been satisfied, the monthly cash percentage decreases if the Group’s leverage ratio increases above 3.5:1. The balance of the ounces in the monthly delivery (i.e. 100%-18%= 82%) is then used to determine the utilisation of the deferred revenue balance. Commodity prices Five day simple average calculated the day before delivery The value of each metal credit delivery is determined in terms of the contract. Any changes to the above key inputs could significantly change the quantum of the cumulative revenue amount recognised in profit or loss. Any changes in the life of mine are accounted for prospectively as a cumulative catch-up in the year that the life of mine estimate above changes, or the inclusion of resources changes. Inputs to the model to unwind the BTT advance received to revenue The advance received has been recognised on the statement of financial position as deferred revenue. The deferred revenue will be recognised as revenue in profit or loss based on the metal ounces/credits in relation to the expected total amount of metal credits to be delivered over the term of the arrangement. Each period management estimates the cumulative amount of the deferred revenue obligation that has been satisfied and, therefore, recognised as revenue. Key inputs into the model are: Further information Estimated financing rate over life of arrangement 11.5% Refer note 5 Remaining life of stream 6 years The life of the stream is determined by the reserves of the Marikana Easterns’ Tailings Dam no.1. 6E PGM entitlement percentage 23% The 6E PGM entitlement percentage ranges from 23% to 38% based on a weighted 6E PGM basket price that is determined monthly. Monthly cash percentage 20% The monthly cash payment to be received is a percentage of the 6E PGM weighted basket price, ranging from 16% to 20%, and is based on a weighted 6E PGM basket price that is determined monthly. This cash payment is caped at a minimum of $106 per ounce and a maximum of $280 per ounce. Commodity prices Average monthly basket price The monthly basket price for any calendar month is calculated by dividing the sum of the monthly average value of weighted 6E PGM basket by the total number of ounces for such calendar month. Any changes to the above key inputs could significantly change the quantum of the cumulative revenue amount recognised in profit or loss. Any changes in the life of mine or 6E PGM entitlement are accounted for prospectively as a cumulative catch-up in the year that the life of mine estimate above changes. Accounting policy Consideration received in advance is recognised as a contract liability (deferred revenue) under IFRS 15 as control has not yet transferred. Sibanye-Stillwater management identified a significant financing component related to its streaming arrangements resulting from the difference in the timing of the advance consideration received and when control of the metal promised transfers. Interest expense on deferred revenue is recognised in finance costs. In July 2018, Sibanye-Stillwater entered into a gold and palladium supply arrangement in exchange for an upfront advance payment of US$500 million. The arrangement has been accounted for as a contract in the scope of IFRS 15 whereby the advance payment has been recorded as deferred revenue. The revenue from the advance payment is being recognised as the gold and palladium is allocated to the appropriate Wheaton International account. An interest cost, representing the significant financing component of the upfront deposit on the deferred revenue balance, is also being recognised as part of finance costs. This finance cost increases the deferred revenue balance, ultimately resulting in revenue when the deferred revenue is recognised over the life of mine. On 11 April 2019, Sibanye-Stillwater concluded a forward gold sale arrangement whereby the Group received a cash prepayment of US$125 million (approximately R1.75 billion) in exchange for 4 fortnightly deliveries of 26,476 ounces of gold (totaling 105,906 ounces or 3,294 kilograms) between 1 October 2019 and 15 November 2019. The revenue from the prepayment was recognised in four equal parts on delivery of the gold. The gold price delivered under the prepayment was hedged with a cap price of $1,323 per ounce and a floor price of $1,200 per ounce. Sibanye-Stillwater received, and recognised, the difference between the floor price and the spot price (subject to a maximum of the cap price) on delivery of the gold. On 21 October 2019, Sibanye-Stillwater concluded a forward gold sale arrangement whereby the Group received a cash prepayment of R1.1 billion in exchange for 8 fortnightly deliveries of 8,482 ounces of gold (totaling 67,856 ounces or 2,111 kilograms) between 10 July 2020 and 16 October 2020. The revenue from the prepayment will be recognised in eight equal parts on delivery of the gold. The gold price delivered under the prepayment is unhedged and Sibanye-Stillwater will receive (or pay) the difference between the spot price and the prepayment price of R17,371 per ounce (being R558,491 per kilogram). During 2016 Lonmin secured competitive funding of $50 million to build the Bulk Tailings re-Treatment plant (BTT), through a finance metal streaming arrangement receivable in instalments. The $50 million has been accounted for as deferred revenue as it will be repaid by way of discounted value of 6E metal sales. Contractual deliveries will be at a discounted price and the value of the discount over and above the $50 million upfront payment will be recognised over the project lifetime and charged to the consolidated income statement as a finance expense. The plant was commissioned during February 2018. Sibanye-Stillwater determined the carrying value of the BTT deferred revenue to be R628 million at acquisition and R607 million at 31 December 2019. The following table summarises the changes in deferred revenue: Figures in million - SA rand Note Balance at beginning of the year 6,555.4 - Deferred revenue advance received 2,859.3 6,555.4 - Deferred revenue recognised during the period (2,227.5) (160.3) - Interest charge 352.3 160.3 - Deferred revenue recognised on acquisition of subsidiary 627.6 - - Balance at the end of the year 8,167.1 6,555.4 - Reconciliation of the non-current and current portion of the deferred revenue: Deferred revenue 8,167.1 6,555.4 - Current portion of deferred revenue (1,270.6) (30.1) - Non-current portion of deferred revenue 6,896.5 6,525.3 -

Trade and other payables

Trade and other payables	12 Months Ended
	Dec. 31, 2019
Other payables
TRADE AND OTHER PAYABLES	31. Trade and other payables Accounting policy Trade and other payables, excluding payroll creditors and leave pay accrual are non-derivative financial liabilities categorised as other financial liabilities. Trade and other payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. Provision is made for employee entitlement benefits accumulated as a result of employees rendering services up to the reporting date. Liabilities arising in respect of wages and salaries, annual leave and other benefits due to be settled within 12 months of the reporting date are measured at rates which are expected to be paid when the liability is settled. Termination benefits are expensed at the earlier of when the Group can no longer withdraw the offer of those benefits and when the Group recognises costs for a restructuring. If benefits are not expected to be settled wholly within 12 months of the reporting date, then they are discounted. All other employee entitlement liabilities are measured at the present value of estimated payments to be made in respect of services rendered up to reporting date. Figures in million - SA rand Trade creditors 3,208.0 2,200.0 1,728.1 Accruals and other creditors 3,195.6 2,952.7 2,380.6 Other 1 1,335.9 7.2 18.5 Financial liabilities 7,739.5 5,159.9 4,127.2 Payroll creditors 1,898.2 1,465.3 1,253.5 Leave pay accrual 1,692.5 1,152.6 1,160.5 VAT payable 135.7 78.5 149.2 Total trade and other payables 11,465.9 7,856.3 6,690.4 1 Included in other is an amount of R1,227.8 which related to the Kroondal pipeline creditor Fair value of trade and other payables The fair value of trade and other payables approximate the carrying value due to the short maturity. Liquidity risk Trade and other creditors are expected to be settled within 12 months from the reporting date.

CASH GENERATED BY OPERATIONS

CASH GENERATED BY OPERATIONS	12 Months Ended
	Dec. 31, 2019
CASH GENERATED BY OPERATIONS
Disclosure of cash generated by operations	32. Cash generated by operations Figures in million - SA rand Notes Profit/(Loss) for the year 432.8 (2,520.7) (4,433.1) Royalties 431.0 212.6 398.5 Carbon tax 12.9 - - Mining and income tax (1,733.0) 1,083.8 (2,946.6) Interest income (560.4) (482.1) (415.5) Finance expense 3,302.5 3,134.7 2,971.8 Profit/(Loss) before interest, royalties and tax 1,885.8 1,428.3 (4,424.9) Non-cash and other adjusting items: Amortisation and depreciation 7,214.1 6,613.8 5,699.7 Share-based payments 363.3 299.4 231.9 Loss/(gain) on financial instruments 5,731.3 (1,591.3) 764.0 Gain on foreign exchange differences (461.4) (241.3) (546.8) Share of results of equity-accounted investees after tax (721.0) (344.2) (291.6) Impairments 86.0 3,041.4 4,411.0 Gain on derecognition of borrowings and derivative financial instrument - (230.0) - Occupational healthcare expense (39.6) 15.4 1,106.9 Gain on acquisition (1,103.0) - - Deferred revenue recognised (2,227.5) - - Other (162.1) (282.5) 147.7 Total cash generated by operations 10,565.9 8,709.0 7,097.9

CHANGE IN WORKING CAPITAL

CHANGE IN WORKING CAPITAL	12 Months Ended
	Dec. 31, 2019
Change In Working Capital [Abstract]
Change in working capital	33. Change in working capital Figures in million - SA rand Inventories (5,000.0) (924.8) (937.7) Trade and other receivables 3,115.2 (461.0) (214.9) Trade and other payables 1,259.2 315.8 630.3 Total change in working capital (625.6) (1,070.0) (522.3)

Financial instruments and risk

Financial instruments and risk management	12 Months Ended
	Dec. 31, 2019
FINANCIAL INSTRUMENTS AND RISK MANAGEMENT
FINANCIAL INSTRUMENTS AND RISK MANAGEMENT	34. Financial instruments and risk management Accounting policy On initial recognition, a financial asset is classified as measured at either amortised cost, fair value through other comprehensive income, or fair value through profit or loss. The Group initially recognises debt instruments issued and trade and other receivables, on the date these are originated. All other financial assets and financial liabilities are recognised initially when the Group becomes a party to the contractual provisions of the instrument. The classification of financial assets at initial recognition that are debt instruments depends on the financial asset’s contractual cash flow characteristics and the Group’s business model for managing them. In order for a financial asset to be classified and measured at amortised cost, it needs to give rise to cash flows that are solely payments of principal and interest (SPPI) on the principal amount outstanding. This assessment is performed at an instrument level. Financial assets with cash flows that are not SPPI are classified and measured at fair value through profit or loss, irrespective of the business model. The Group’s business model for managing financial assets that are debt instruments refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. Financial assets classified and measured at amortised cost are held within a business model with the objective to hold financial assets in order to collect contractual cash flows. The Group recognises an allowance for expected credit losses (ECLs) on all debt instruments not held at fair value through profit or loss to the extent applicable. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). For trade and other receivables due in less than 12 months, the Group applies the simplified approach in calculating ECLs, as permitted by IFRS 9. Therefore, the Group does not track changes in credit risk, but instead, recognises a loss allowance based on the financial asset’s lifetime ECL at each reporting date. Impairment losses are recognised through profit or loss. The Group derecognises a financial asset when the contractual rights to the cash flows in a transaction in which substantially all the risks and rewards of the ownership of the financial asset are transferred. The Group derecognises a financial liability when its contractual obligations are discharged, cancelled or expired. Any interest in such transferred financial asset that is created or retained by the Group is recognised as a separate asset or liability. The particular recognition and measurement methods adopted are disclosed in the individual policy statements associated with each item. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid is recognised in profit or loss. 34.1 Accounting classifications and measurement of fair values The following methods and assumptions were used to estimate the fair value of each class of financial instrument:  Other receivables and other payables Due to the approaches applied in calculating the carrying values as described in note 20, the fair values approximate the carrying value.  Trade and other receivables/payables, and cash and cash equivalents The carrying amounts approximate fair values due to the short maturity of these instruments for financial instruments measured at amortised cost. The fair value for trade receivables measured at fair value through profit or loss (PGM concentrate sales) are determined based on ruling market prices, volatilities and interest rates.  Investments and environmental rehabilitation obligation funds The fair value of publicly traded instruments is based on quoted market values. The environmental rehabilitation obligation funds are stated at fair value based on the nature of the funds’ investments.  Other investments The fair values of listed investments are based on the quoted prices available from the relevant stock exchanges. The carrying amounts of other short-term investment products with short maturity dates approximate fair value. The fair values of non-listed investments are determined through valuation techniques that include inputs that are not based on observable market data.  Borrowings The fair value of variable interest rate borrowings approximates its carrying amounts as the interest rates charged are considered marked related. However, since there is also fixed interest rate borrowings, fair values are disclosed in note 26.  Derivative financial instruments The fair value of derivative financial instruments is estimated based on ruling market prices, volatilities and interest rates, option pricing methodologies based on observable quoted inputs. All derivatives are carried on the statement of financial position at fair value. The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments:  Level 1: unadjusted quoted prices in active markets for identical asset or liabilities;  Level 2: inputs other than quoted prices in level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices); and  Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs). The following table set out the Group’s significant financial instruments measured at fair value by level within the fair value hierarchy: Figures in million - SA rand 2019 2018 2017 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial assets measured at fair value - Environmental rehabilitation obligation funds 3,578.3 1,023.9 - 3,634.0 364.7 - 3,117.6 374.8 - - Trade receivables - PGM concentrate sales - 2,341.6 - - 5,310.1 - - 4,512.4 - - Other investments 414.7 - 184.0 81.5 - 74.5 - - - Financial liabilities measured at fair value - Derivative financial instrument - 4,144.9 - - 408.8 - - 1,093.5 - - Rand gold forward sale contracts - 68.3 - - 240.8 - - - - In the normal course of its operations, the Group is exposed to market risks, including commodity price, foreign currency, interest rate, liquidity and credit risk associated with underlying assets, liabilities and anticipated transactions. In order to manage these risks, the Group has developed a comprehensive risk management process to facilitate control and monitoring of these risks. 34.2 Risk management activities Controlling and managing risk in the Group Sibanye-Stillwater has policies in areas such as counterparty exposure, hedging practices and prudential limits which have been approved by Sibanye-Stillwater’s Board of Directors (the Board). Management of financial risk is centralised at Sibanye-Stillwater's treasury department (Treasury), which acts as the interface between Sibanye-Stillwater’s Operations and counterparty banks. Treasury manages financial risk in accordance with the policies and procedures established by the Board and executive committee. The Board has approved dealing limits for money market, foreign exchange and commodity transactions, which Treasury is required to adhere to. Among other restrictions, these limits describe which instruments may be traded and demarcate open position limits for each category as well as indicating counterparty credit-related limits. The dealing exposure and limits are checked and controlled each day and reported to the CFO. The objective of Treasury is to manage all financial risks arising from the Group’s business activities in order to protect profit and cash flows. Treasury activities of Sibanye-Stillwater and its subsidiaries are guided by the Treasury Policy, the Treasury Framework as well as domestic and international financial market regulations. Treasury activities are currently performed within the Treasury Framework with appropriate resolutions from the Board, which are reviewed and approved annually by the Audit Committee. The financial risk management objectives of the Group are defined as follows:  Liquidity risk management: the objective is to ensure that the Group is able to meet its short-term commitments through the effective and efficient management of cash and usage of credit facilities.  Currency risk management: the objective is to maximise the Group’s profits by minimising currency fluctuations.  Funding risk management: the objective is to meet funding requirements timeously and at competitive rates by adopting reliable liquidity management procedures.  Investment risk management: the objective is to achieve optimal returns on surplus funds.  Interest rate risk management: the objective is to identify opportunities to prudently manage interest rate exposures.  Counterparty exposure: the objective is to only deal with a limited number of approved counterparts that are of a sound financial standing and who have an official credit rating. The Group is limited to a maximum investment of 2.5% of the financial institutions’ equity, which is dependent on the institutions’ credit rating. The credit rating used is Fitch Ratings’ short-term credit rating for financial institutions.  Commodity price risk management: commodity risk management takes place within limits and with counterparts as approved in the treasury framework. Credit risk Credit risk represents risk that an entity will suffer a financial loss due to the other party of a financial instrument not discharging its obligation. The Group has reduced its exposure to credit risk by dealing with a limited number of approved counterparties. The Group approves these counterparties according to its risk management policy and ensures that they are of good credit quality. The carrying value of the financial assets represents the combined maximum credit risk exposure of the Group. Concentration of credit risk on cash and cash equivalents and non-current assets is considered minimal due to the abovementioned investment risk management and counterparty exposure risk management policies. Liquidity 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 maximise returns whilst ensuring that capital is safeguarded to the maximum extent possible by investing only with top financial institutions. Uncommitted borrowing facilities are maintained with several banking counterparties to meet the Group’s normal and contingency funding requirements. Working capital and going concern assessment For the year ended 31 December 2019, the Group realised a profit of R432.8 million (31 December 2018: loss of R2,520.7 million). As at 31 December 2019 the Group’s current assets exceeded its current liabilities by R11,836.9 million (31 December 2018: R562.7 million) and the Group’s total assets exceeded its total liabilities by R31,138.3 million (31 December 2018: R24,724.4 million). During the year ended 31 December 2019 the Group generated net cash from operating activities of R9,464.0 million (31 December 2018: R12,197.2 million). The Group had available undrawn debt facilities of R5,688 million at 31 December 2019 (2018: R5,987 million) and cash balances of R5,619.0 million (31 December 2018: R2,549.1 million). On 11 November 2019 the R6.0 billion Revolving Credit Facility (“RCF”) was refinanced by a R5.5 billion RCF maturing on 10 November 2022. US$150 million (R2,100 million) of the US$600 million RCF matures in April 2021, with the remainder of the facilities maturing after April 2022. Sibanye-Stillwater’s leverage ratio, based on the 12 month’s financial results, (net debt to adjusted EBITDA) as at 31 December 2019 was 1.4:1 and its interest coverage ratio (adjusted EBITDA to net finance charges) was 6.5:1 (31 December 2018: 2.5:1 and 4.9:1). However, in terms of the allowed adjustments (annualised Marikana contribution to Group adjusted EBITDA) as per the facility agreements (net debt to adjusted EBITDA) as at 31 December 2019 was 1.25:1 and its interest coverage ratio (adjusted EBITDA to net finance charges) was 12.5:1. Both ratios are within the maximum permitted leverage ratio of at most 3.5:1 through to 31 December 2019, and 2.5:1 thereafter; and minimum required interest coverage ratio of 4.0:1, calculated on a quarterly basis, required under the US$600 million RCF and the R5.5 billion RCF (together the RCFs). Various events during 2018 and 2019 (2018 safety issues, 2018/2019 gold strike and the SRPM offtake contract change from a purchase of concentrate to a toll processing arrangement) impacted negatively on group earnings and cash flows. Additionally, during 2019, the Group had to manage delays in the approval of the Lonmin acquisition, the take on of inherent uncertainties within the Lonmin business, alongside the now successfully concluded 3 yearly PGM wage negotiations. Liquidity levels were maintained throughout the year to manage this increased uncertainty. The Group issued 108.9 million ordinary shares for R1.7 billion on 15 April 2019 and executed a US$125 million (R1.8 billion) gold prepayment transaction on 11 April 2019, to enhance liquidity and balance sheet flexibility. A few days later, on 17 April 2019, AMCU, one of Sibanye-Stillwater’s labour unions, withdrew its wage demands and ended its five-month strike action at the SA gold operations. In order to accommodate a potential breach in covenant ratios resulting from the impact of the strike at the SA Gold operations and the SRPM contract change, the RCF lenders approved a complete waiver of financial covenant compliance for the quarter ending 31 March 2019; and a leverage ratio of no more than 3.75:1 and an interest coverage ratio of at least 3.5:1 for the quarter ended 30 June 2019. Whilst the Group did not ultimately require these concessions, reporting a maximum leverage ratio of 2.98:1 and a minimum interest coverage ratio of 5.36:1 during 2019, it was deemed prudent to ensure that sufficient headroom was maintained within these financial covenants. Gold and PGMs are sold in US dollars with most of the South African operating costs incurred in rand, as such the Group’s results and financial condition will be impacted if there is a material change in the rand/US dollar exchange rate. High levels of volatility in commodity prices may also impact on profitability. Due to the nature of deep level mining, industrial and mining accidents may result in operational disruptions such as stoppages which could result in increased production costs as well as financial and regulatory liabilities. Further, Sibanye-Stillwater’s operations may be adversely affected by production stoppages caused by labour unrests, union activity or other factors. The recent lockdown announced in South Africa due to the outbreak of COVID-19 (refer below) will adversely affect the 2020 production outlook for the South African operations. These factors will impact on cash generated or utilised by the Group, as well as adjusted EBITDA and financial covenants. On 6 March 2020, Anglo American Platinum Limited (Anglo Plats) announced the temporary shutdown of its converter plant and issued a written notification of force majeure (FM) regarding the toll agreement between Anglo Plats and our Rustenburg operation and the purchase of concentrate agreement with our Kroondal and Platinum mile operations. Anglo Plats indicated that its converter plant will be unavailable for at least eight weeks (FM period). Sibanye-Stillwater reached agreement with Anglo Plats (refer note 38.7) regarding the processing of all PGM containing material produced from the Rustenburg and Platinum Mile operations and approximately half of the PGM containing material produced from the Kroondal operation, at our Marikana processing facilities for at least the duration of the FM period. These agreements are expected to largely offset the delayed smelting and refining impact of the FM event on the Sibanye-Stillwater operations, but could, under normal operating circumstances, result in an estimated inventory working capital lockup of up to R2.5 billion in the first half of 2020 that is expected to be released during the second half of 2020. In addition, on 23 March 2020, the President of the Republic of South Africa announced a nation-wide lockdown for 21 days effective from midnight on 26 March 2020 following the outbreak of COVID-19 in South Africa. Sibanye-Stillwater implemented measures to place its SA Gold and SA PGM operations on care and maintenance, as required under the lockdown regulations. During this initial lockdown period there was no production from our South African operations and the following initiatives were implemented to preserve liquidity at these operations: · reduced variable overhead costs due to care and maintenance only, with costs limited to security, water pumping, ventilation, monitoring of infrastructure at shafts and plants and consumables associated with each activity; · reduced labour cost from the third week of lockdown onwards; and · force majeure announce to contractors not involved in the care and maintenance activity. On 9 April 2020 the South African President announced that the lockdown period is extended for an additional 14 days. On 16 April 2020 a notice was published by the South African government which amended certain regulations previously issued in terms of Section 27(2) of the Disaster Management Act, 2002. These amendments, amongst others, allowed for South African mining operations to be conducted at a reduced capacity of not more than 50% during the period of lockdown, and thereafter at increasing capacity as determined by directives to be issued by the Minister of Mineral Resources and Energy. From 17 April 2020, management was in the process of implementing its strategy to mobilise the required employee complement and safely ramp up the South African operations to the initial 50% production capacity. This strategy includes: · communications to employees and unions regarding the operational plan to ramp up production; · start-up preparations that include opening of services, ensuring appropriate ventilation, starting of belts, flushing of water pipes and consolidating impact of shutdown; and · medical screening and training of employees to ensure a safe return to production. In order to further proactively manage the COVID-19 threat at our US PGM operations and comply with the added requirements of local health authorities, a decision was made to reduce the number of people at our US sites, whilst maintaining production from current operations. Specific actions taken include: · demobilising contractors involved in growth capital activities; · facilitating remote work for personnel that are not required on site; and · prohibiting face-to-face contact with external parties and restricting site access to employees. The Blitz project accounts for the majority of contract workers at the US PGM operations and these decisions are likely to temporarily impact growth from Blitz in 2020 and delay the project’s development schedule. Management modeled various scenarios to determine the impact on the liquidity requirements of the Group of the Anglo Plats FM event, the extended lockdown in South Africa and the impact of COVID-19 limitations at the US PGM operations. Management considered various scenarios that included the operational limitations in the United States as noted above, combined with: · 42 day lockdown of mining operations in South Africa before returning to full mining activity; · 21 day lockdown in South Africa, with the resumption of only Surface Operations for three months, before returning to full mining activity; · 21 day lockdown in South Africa, with a resumption of operations with social distancing measures across all operations for three months before returning to full mining activity; and · three month lockdown across all SA operations, alongside further reduced production output from the US operations before returning to full mining activity . The scenario analysis included the following additional assumptions: · average commodity prices for the remainder of the year: Gold ($1,600/oz), Palladium ($2,000/oz), Platinum ($750/oz) and Rhodium ($7,500/oz); · average rand/ US dollar exchange rate for the remainder of the year: R18:US$1; · production at SA operations modelled for a delayed ramp up to full production over two months subsequent to the lockdown period, based on experience from previous mine shut downs; and · available liquidity at 31 March 2020 of R16.5 billion consisting of R0.2 billion committed undrawn debt, R1.7 billion of available uncommitted overnight facilities and R14.6 billion cash on hand. While each of the scenarios result in a net utilisation of available liquidity, none of the scenarios result in an overall depletion of available liquidity. In each of the scenarios the Group expects to continue to meet its debt covenant requirements and remain liquid and solvent for at least a twelve month period after the date of approving these financial statements. The Group has demonstrated its ability to proactively manage liquidity risk through various initiatives implemented during 2019. Improved geographical and commodity diversification, along with improved commodity prices, and increased operational scale should enable management to mitigate the impact of COVID-19, positioning the Group for a return to its targeted leverage ratio of 1:1. However, there are a number of uncertainties associated with COVID-19 that could have an adverse impact on the Group and its ability to comply with debt covenants and meet liquidity requirements. These uncertainties could include: · turmoil in the world economy and the possible adverse impact over the short to medium term on the demand for PGMs and gold, commodity prices and rand/ US dollar exchange rates; · possible further extension of the lockdown periods and/or delay in ramping up South African operations with an impact on production beyond the modeled scenarios described above; · potential lockdown at the US PGM operations overlapping significantly with the lockdown at the South African operations; · extended lockdown and delayed return to normal production by our suppliers and customers and the economies in which they operate; · health and wellbeing of our employees after the extended lockdown; and · financial market disruption and limited access to funding opportunities. The adverse impact of the above uncertainties or a combination thereof could further deteriorate the Group’s forecasted liquidity position and may require the Group to further increase operational flexibility by adjusting mine plans, reducing capital expenditure and/or selling assets. The Group may also, if necessary, be required to consider options to increase funding flexibility which may include, amongst others, additional loan facilities or debt capital market issuances, streaming facilities, prepayment facilities or, in the event that other options are not deemed preferable or achievable by the Board, an equity capital raise. The Group could also, with lender approval, request covenant amendments or restructure facilities. During past adversity management has successfully implemented similar actions. However, the impact of COVID-19 on the global economy is unprecedented and unclear, and implementation of these actions could be challenging during the depressed economic environment caused by COVID-19. While management acknowledge that there are uncertainties in modelling the different scenarios attributable to the COVID-19 pandemic, management remain confident that the Group’s liquidity needs can be satisfied under any of the probable scenarios. The consolidated financial statements for the year ended 31 December 2019, therefore, have been prepared on a going concern basis. Market risk The Group is exposed to market risks, including foreign currency, commodity price and interest rate risk associated with underlying assets, liabilities and anticipated transactions. Following periodic evaluation of these exposures, the Group may enter into derivative financial instruments to manage some of these exposures. The effects of reasonable possible changes of relevant risk variables on profit or loss or shareholders’ equity are determined by relating the reasonable possible change in the risk variable to the balance of financial instruments at period end date. The amounts generated from the sensitivity analyses are forward-looking estimates of market risks assuming certain adverse or favourable market conditions occur. Actual results in the future may differ materially from those projected results and therefore should not be considered a projection of likely future events and gains/losses. Foreign currency risk Sibanye-Stillwater’s operations are all located in South Africa except for Stillwater and Mimosa, which are located in the US and Zimbabwe, respectively, and its revenues are sensitive to changes in the US dollar gold and PGM price and the rand/US dollar exchange rate (the exchange rate). Depreciation of the rand against the US dollar results in Sibanye-Stillwater’s revenues and operating margin increasing. Conversely, should the rand appreciate against the US dollar, revenues and operating margins would decrease. The impact on profitability of any change in the exchange rate can be substantial. Furthermore, the exchange rates obtained when converting US dollars to rand are set by foreign exchange markets over which Sibanye-Stillwater has no control. The relationship between currencies and commodities, which includes the gold price, is complex and changes in exchange rates can influence commodity prices and vice versa. In the ordinary course of business, the Group enters into transactions, such as gold sales and PGM sales, denominated in foreign currencies, primarily US dollar. Although this exposes the Group to transaction and translation exposure from fluctuations in foreign currency exchange rates, the Group does not generally hedge this exposure, although it could be considered for significant expenditures based in foreign currency or those items which have long lead times to produce or deliver. Also, the Group on occasion undertakes currency hedging to take advantage of favourable short-term fluctuations in exchange rates when management believes exchange rates are at unsustainably high levels. Currency risk also exists on account of financial instruments being denominated in a currency that is not the functional currency and being of a monetary nature. This includes but is not limited to US$600 million RCF (refer note 26.1), US$ Convertible Bond (refer note 26.5), Burnstone Debt (refer note 26.7) and Franco-Nevada liability. For additional disclosures, refer notes 3 and 26. Foreign currency economic hedging experience During 2019 a small number of intra month (i.e. up to 21 days) forward exchange rate contracts were executed to hedge a known currency inflow. During 2018 no forward exchange rate contracts were concluded. During May 2017, the Group entered into a forward exchange contract to acquire US$779.1 million at R13.23/US$ on 15 June 2017 with the proceeds of the rights offer (refer to note 22) to partially repay the Stillwater Bridge facility (refer to note 24.8). The exchange rate on 15 June 2017 was R12.89/US$ and the Group recognised a loss on financial instruments of R283.2 million. As at 31 December 2019, 31 December 2017 and the date of this report Sibanye-Stillwater had no outstanding foreign currency contract positions. As at 31 December 2018, Sibanye-Stillwater had a foreign currency contract position of US$12.1 million at a weighted average rate of R14.11/US$. Commodity price risk The market price of commodities has a significant effect on the results of operations of the Group and the ability of the Group to pay dividends and undertake capital expenditures. The gold and PGM basket prices have historically fluctuated widely and are affected by numerous industry factors over which the Group does not have any control. The aggregate effect of these factors on the gold and PGM basket prices, all of which are beyond the control of the Group, is impossible for the Group to predict. Commodity price hedging policy As a general rule, the Group does not enter into forward sales, derivatives or other hedging arrangements to establish a price in advance for future gold and PGM production. Commodity hedging could, however, be considered in future under one or more of the following circumstances: to protect cash flows at times of significant capital expenditure; financing projects or to safeguard the viability of higher cost operations. To the extent that it enters into commodity hedging arrangements, the Group seeks to use different counterparty banks consisting of local and international banks to spread risk. None of the counterparties is affiliated with, or related to parties of the Group. Commodity price hedging experience At 31 December 2019, Sibanye-Stillwater had the following gold commodity price hedges outstanding:  a total of 88,415oz at an average floor price of R19,222/oz (R618,001/kg) and capped price of R21,218/oz (R682,174/kg). Commodity price contract position As of 31 December 2019, 2018 and 2017, Sibanye-Stillwater had no outstanding commodity forward sale contracts for mined production. Interest rate risk The Group’s income and operating cash flows are dependent of changes in market interest rates. The Group’s interest rate risk arises from long-term borrowings. For additional disclosures, refer to note 26.8.

COMMITMENTS

COMMITMENTS	12 Months Ended
	Dec. 31, 2019
COMMITMENTS
COMMITMENTS	35. Commitments Figures in million - SA rand Capital expenditure Authorised 5,972.3 4,411.7 5,397.3 Kloof 1,289.8 970.2 1,200.8 Driefontein 846.1 830.9 724.5 Beatrix 231.7 218.0 210.1 SGL corporate 762.4 - - Cooke 55.1 195.5 195.5 Burnstone 5.4 40.4 445.9 Kroondal 220.3 131.6 69.8 Platinum Mile 19.9 72.3 72.3 Rustenburg operation 2,033.1 1,830.0 2,478.3 Marikana 153.4 - - Other 355.1 122.8 0.1 Contracted for 594.5 281.8 346.6 Other guarantees 1,420.5 266.7 266.7 Commitments will be funded from internal sources and to the extent necessary from borrowings. This expenditure primarily relates to hostel upgrades, mining activities and infrastructure.

Contingent liabilities

Contingent liabilities	12 Months Ended
	Dec. 31, 2019
Contingent liabilities
CONTINGENT LIABILITIES	36. C ontingent liabilities Significant accounting judgements and estimates Contingencies can be either possible assets or possible liabilities arising from past events which, by their nature, will only be resolved when one or more future events not wholly within the control of the Group occur or fail to occur or for contingent liabilities where a present obligation arising from a past event exists but is not recognised because either it is not probable that an out-flow of resources embodying economic benefits will be required to settle the obligation or the amount of the obligation cannot be determined with sufficient reliability. The assessment of such contingencies inherently involves the exercise of significant judgement and estimates of the outcome of future events. Purported Class Action Lawsuits In 2018, two groups of plaintiffs filed purported class action lawsuits, subsequently consolidated into a single action (Class Action), against Sibanye Gold Limited (Sibanye-Stillwater) and Neal Froneman (collectively, the Defendants) in the United States District Court for the Eastern District of New York, alleging violations of the US securities laws. Specifically, the Class Action alleges that the Defendants made false and/or misleading statements about its safety practices and record and thereby violated the US securities laws. The Class Action seeks an unspecific amount of damages. The Defendants have filed a motion to dismiss the Class Action. The Court may decide the motion to dismiss with or without oral argument. As the case is still in the early stages, it is not possible to determine the likelihood of success on the merits or any potential liability from the Class Action nor estimate the duration of the litigation. Sibanye-Stillwater intends to defend the case vigorously. Delaware Court of Chancery rules in favour of Sibanye-Stillwater in dissenting shareholder action The Court of Chancery of the State of Delaware in the United States of America (the Court), in a Memorandum Opinion dated 21 August 2019, has ruled in favour of the Company in the appraisal action brought by a group of minority shareholders (the Dissenting Shareholders) of the Stillwater Mining Company (Stillwater), following the acquisition of Stillwater by the Company in May 2017 for a cash consideration of US$18 per Stillwater share. In terms of the ruling, the Dissenting Shareholders (together owning approximately 4.5% of Stillwater shares outstanding at the time) received the same US$18 per share consideration originally offered to, and accepted by other Stillwater shareholders, plus interest. The remaining payment of approximately US$21 million due to the Dissenting Shareholders has been paid by Sibanye-Stillwater during the six months ended 31 December 2019. Certain of the Dissenting Shareholders have filed an appeal with the Supreme Court of the State of Delaware with the date for the oral argument, originally set for 1 April 2020, postponed in light of COVID-19 until a future date is set by the Court. The Company will continue to defend itself against opportunistic, short-term and self-interested legal action, to protect the interests of our stakeholders.

RELATED-PARTY TRANSACTIONS

RELATED-PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2019
RELATED-PARTY TRANSACTIONS
RELATED-PARTY TRANSACTIONS	37. Related-party transactions Sibanye-Stillwater entered into related-party transactions with Rand Refinery, and its subsidiaries during the year as detailed below. The transactions with these related parties are generally conducted with terms comparable to transactions with third parties, however in certain circumstances such as related-party loans, the transactions were not at arm’s length. Refer to note 1.3 for the Group structure which provides further detail on the relationship between parent and subsidiary companies. Rand Refinery Rand Refinery, in which Sibanye-Stillwater holds a 44.4% interest, has an agreement with the Group whereby it refines all the Group’s gold production. No dividends were received during the years ended 31 December 2019, 2018 and 2017. For the year ended 31 December 2019, the group sold gold and paid refining fees to Rand Refinery. The table below details the transactions and balances between the Group and its related-parties: Figures in million - SA rand Note Rand Refinery Gold sales 505.5 616.2 - Refining fees paid (24.8) (29.1) (32.5) Interest income - - 1.5 Trade payable (4.5) (3.1) (4.0) Key management remuneration The executive directors and prescribed officers were paid the following remuneration during the year: Figures in thousands - SA rand Salary Cash bonus accrued for 2018 paid in 2019 Accrual of Bonus Share awards and Performance Share proceeds Pension scheme total contributions Expense allowance and other benefits Executive directors Neal Froneman 1 12,521 10,482 6,989 912 1,013 31,917 35,760 Charl Keyter 6,295 4,994 3,329 899 507 16,024 17,697 Prescribed officers Chris Bateman 2 8,919 4,481 2,988 318 8,583 25,289 16,885 Shadwick Bessit 4,186 3,252 2,168 739 250 10,595 688 Hartley Dikgale 3,721 2,235 1,490 260 192 7,898 8,761 Dawie Mostert 3,833 2,808 1,872 523 248 9,284 10,112 Themba Nkosi 3,797 2,424 1,616 280 - 8,117 7,265 Wayne Robinson 4,511 2,940 1,960 366 267 10,044 10,925 Richard Stewart 3,947 2,828 1,885 438 330 9,428 12,986 Robert van Niekerk 5,083 4,567 3,045 565 287 13,547 13,508 Total 56,813 41,011 27,342 5,300 11,677 142,143 134,587 1 Entered into a dual service contract with effect 1 May 2018. Remuneration paid in US dollars was converted at the average exchange rate of R14.46/US$ for the year ended 31 December 2019 2 Remuneration paid in US dollars was converted at the average exchange rate of R14.46/US$ for the year ended 31 December 2019. The other (cash) benefit represents the contracted payout of benefits arising from the treatment of unvested share-based remuneration in respect of the Stillwater Mining Company share plan, which comprised shares granted in the form of time-based restricted stock unit awards and performance-based restricted stock unit awards. In accordance with the change of control provisions of the Stillwater Mining Company share plan, on the acquisition of Stillwater Mining Company by Sibanye-Stillwater all shares (i.e. time-based restricted stock unit awards and performance-based restricted stock unit awards) were converted to a cash settlement at US$18/share with phased payments. No further performance criteria were to be applied with settlement subject to the prescribed officer remaining in the employment of Sibanye-Stillwater at 31 December to qualify for the payment. The final tranche was payable at 31 December 2019 The non-executive directors were paid the foll owing fees during the year: Figures in thousands - SA rand Directors fees Committee fees Expense allowance Tim Cumming 998 692 105 1,795 1,698 Savannah Danson 998 611 - 1,609 1,480 Barry Davison 1 404 262 - 666 1,649 Harry Kenyon-Slaney 2 1,103 596 - 1,699 - Rick Menell 998 833 - 1,831 1,723 Sello Moloko 1,407 - - 1,407 1,802 Nkosemntu Nika 998 611 - 1,609 1,435 Keith Rayner 998 784 99 1,881 1,723 Sue van der Merwe 998 611 - 1,609 1,491 Jerry Vilakazi 998 364 - 1,362 1,289 Vincent Maphai 3 340 482 - 822 - Total 10,240 5,846 204 16,290 14,290 1 Resigned as a non-executive director on 28 May 2019 2 Appointed as a non-executive director on 16 January 2019 3 Appointed as a non-executive chairman of the board on 1 June 2019 The directors’ and prescribed officers’ share ownership at 31 December 2019 was 1 : Number of shares % Executive directors Neal Froneman 3 4,858,723 4,555,954 0.18 0.20 Charl Keyter 3 1,673,316 1,530,119 0.06 0.07 Non-executive directors - Tim Cumming 2 242 106 - - Barry Davison 4 - 1,567,710 - 0.07 Rick Menell 2 108,625 108,625 - - Sello Moloko 4 - 111,534 - - Keith Rayner 2 68,992 68,992 - - Sue van der Merwe 2 1,028 1,028 - - Total share ownership by directors 6,710,926 7,944,068 Prescribed officers Chris Bateman 3 32,747 32,747 - - Shadwick Bessit 3 31,652 219,782 - 0.01 Hartley Dikgale 3 184,311 114,744 0.01 0.01 Dawie Mostert 3 38,975 50,743 - - Themba Nkosi 3 796 19,107 - - Wayne Robinson 3 73,292 39,321 - - Richard Stewart 3 362,747 421,653 0.01 0.02 Robert van Niekerk 3 257,732 271,537 0.01 0.01 Total 7,693,178 9,113,702 1 Following the scheme of arrangement between Sibanye Gold Limited and Sibanye Stillwater Limited, effective 24 February 2020, the Directors’ shareholdings are in Sibanye Stillwater Limited. On the effective date of the scheme of arrangement, Sibanye Stillwater Limited owns 100% of the issued share capital of Sibanye Gold Limited 2 Share ownership in Sibanye Stillwater Limited 1 at the date of this report is unchanged 3 Share ownership in Sibanye Stillwater Limited 1 at the date of this report was: · Neal Froneman - 5,167,082 shares · Charl Keyter - 1,846,767 shares · Chris Bateman - 130,988 shares · Shadwick Bessit - 124,707 shares · Hartley Dikgale - 283,079 shares · Dawie Mostert – 27,118 shares · Themba Nkosi - 89,290 shares · Wayne Robinson - 184,333 shares · Richard Stewart - 495,303 shares · Robert van Niekerk - 501,057 shares 4 Resigned during 2019 None of the directors’ immediate families or associates held any direct shareholding in Sibanye-Stillwater’s issued share capital.

Events after the reporting peri

Events after the reporting period	12 Months Ended
	Dec. 31, 2019
Events after the reporting period
EVENTS AFTER REPORTING DATE	38. Events after reporting date There were no events that could have a material impact on the financial results of the Group after 31 December 2019, other than those disclosed below. 38.1 Sibanye Gold Limited scheme of arrangement On 4 October 2019 Sibanye Gold Limited (trading as Sibanye-Stillwater) and Sibanye Stillwater Limited announced the intention to implement a scheme of arrangement to reorganise Sibanye Gold Limited’s operations under a new parent company, Sibanye Stillwater Limited (the “Scheme”). Under the Scheme, Sibanye Stillwater Limited acquired Sibanye Gold Limited and its controlled entities. On 23 January 2020 Sibanye Gold Limited and Sibanye Stillwater Limited announced that all resolutions for the approval of the Scheme, were passed by the requisite majority voters at the Scheme meeting held at the Sibanye Gold Limited Academy. Sibanye Stillwater Limited determined that the acquisition of Sibanye Gold Limited did not represent a business combination as defined by IFRS 3 Business Combinations. This is because neither party to the Scheme could be identified as an accounting acquirer in the transaction, and post the implementation there would be no change of economic substance or ownership in the Sibanye Gold Limited Group. The Sibanye Gold Limited shareholders have the same commercial and economic interest as they had prior to the implementation of the Scheme and no additional new ordinary shares of Sibanye Gold Limited were issued as part of the Scheme. The consolidated financial statements of Sibanye Stillwater Limited therefore will reflect that the arrangement is in substance a continuation of the existing Sibanye Gold Limited Group. Sibanye Gold Limited is the predecessor of Sibanye Stillwater Limited for financial reporting purposes and for future consolidated financial reporting periods, Sibanye Stillwater Limited's consolidated comparative information will be presented as if the reorganisation had occurred before the start of the earliest period presented. The Scheme was implemented on 24 February 2020. 38.2 DRDGOLD increase in shareholding On 10 January 2020, Sibanye-Stillwater announced that it has exercised its option to subscribe for 168,158,944 additional ordinary shares of DRDGOLD Limited (“DRDGOLD”) to attain a 50.1% shareholding in DRDGOLD. The option was exercised on 8 January 2020 in terms of the DRDGOLD option agreement between Sibanye-Stillwater and DRDGOLD, entered into on 22 November 2017 and accounted for as a transaction between shareholders. The subscription price for each Option Share was R6.46 per share, payable in cash, representing a 22.69% discount to the closing price of R8.35 per DRDGOLD share and a 10% discount to the 30-day volume weighted average traded price. 38.3 Section 189A consultations On 16 January 2020, Sibanye-Stillwater advised that the consultation process with relevant stakeholders in terms of Section 189A (S189) of the Labour Relations Act, 66 of 1995 (LRA), regarding the proposed restructuring of its Marikana operation and associated services (previously Lonmin), has been concluded. 38.4 Palladium and Gold hedge agreements On 17 January 2020, Stillwater Mining Company Limited (wholly owned subsidiary of Sibanye-Stillwater) concluded a palladium hedge agreement commencing on 28 February 2020, comprising the delivery of 240,000 ounces of palladium over two years (10,000 ounces per month) with a zero cost collar which establishes a minimum floor and a maximum cap of US$1,500 and US$3,400 per ounce, respectively. On 9 March 2020, Sibanye-Stillwater concluded a gold hedge agreement commencing on 1 April 2020, comprising the delivery of 1,800 Kg of gold (150kg per month) with a zero cost collar which establishes a minimum floor and a maximum cap of R800,000 and R1,080,000 per kilogram, respectively. 38.5 BTT release agreement On 24 January 2020 On 4 March 2020, it was announced that Sibanye-Stillwater advises that Western Platinum Proprietary Limited (“WPL”), Eastern Platinum Limited (“EPL”) and Lonmin Limited (UK) (“Lonmin”), have entered into a Release and Cancellation Agreement with RFW Lonmin Investments Limited regarding the early settlement, of a prior streaming agreement, on more favourable terms. The transaction was implemented on 6 March 2020 at which date the liability was settled. 38.6 South Africa: Escalated measures to combat COVID-19 pandemic On 23 March 2020, the President of the Republic of South Africa announced that the National Coronavirus Command Council has decided to enforce a nation-wide lockdown for 21 days with effect from midnight on 26 March 2020 following the outbreak of COVID-19 in South Africa. The lockdown required companies in South Africa like ours, whose operations are continuous, to institute care and maintenance protocols to avoid damage to our infrastructure and assets. During the initial lockdown period, there was no production from our SA Gold and SA PGM operations. In response to the COVID-19 pandemic and restrictions implemented in the USA, our US PGM operations have decreased the use of contractors, which affected the timing of capital projects and had a limited impact on normal production. On 9 April 2020 the South African President announced that the lockdown period is extended for an additional 14 days and on 16 April 2020 a notice was published by the South African government which amended certain regulations previously issued in terms of Section 27(2) of the Disaster Management Act, 2002. These amendments, amongst others, allowed for South African mining operations to be conducted at a reduced capacity of not more than 50% during the period of lockdown, and thereafter at increasing capacity as determined by directives to be issued by the Minister of Mineral Resources and Energy. Refer to note 34.2 for further information regarding the impact of the COVID-19 pandemic on the operations and liquidity of the Group. 38.7 Anglo American Platinum Limited Force Majeure On 6 March 2020, Anglo American Platinum Limited (Anglo Platinum) announced the temporary closure of a converter plant at its Rustenburg Platinum Mines (RPM) processing facilities that lead to Anglo Platinum declaring a Force Majeure (FM) for a period of approximately 80 days. The FM affects the toll agreement between Anglo Platinum and our Rustenburg operation, and the purchase of concentrate (PoC) agreement with our Kroondal and Platinum Mile operations. Following an assessment of spare PGM processing capacity at the Marikana operations and at the precious metal refinery at Brakpan (Marikana processing facilities), the agreements reached between Sibanye-Stillwater and Anglo Platinum at the different operations could be summarised as follows:  Rustenburg operations - PGM concentrate from the Rustenburg operations will continue to be smelted by Anglo Platinum on the same terms as the existing toll arrangement for the smelter portion, but thereafter, the resultant matte will be further processed and refined at the Marikana processing facilities;  Platinum Mile operations - PGM concentrate will be sold to and processed by the Marikana processing facilities for the duration of the FM period under the same terms as the pre-existing PoC agreement with Anglo Platinum. All benefits of the PoC agreement will accrue to Marikana; and  Kroondal operations - Currently operate under a Pool and Share Agreement (PSA) with Anglo Platinum with 50% of the profits attributable to Sibanye-Stillwater shareholders and 50% of the profits attributable to Anglo Platinum shareholders. For the duration of the FM period, 50% of the concentrate produced from the Kroondal PSA attributable to both parties will now be sold to and processed by the Marikana processing facilities under the same terms as the pre-existing PoC agreement with Anglo Platinum. All benefits of the PoC agreement for the 50% concentrate treated by the Marikana processing facilities will accrue to Marikana. The remaining 50% of the concentrate produced from the Kroondal PSA will continue to be sold to Anglo Platinum on materially the same terms and conditions as the pre-existing PoC agreement (delays in payment terms have been agreed). Furthermore, concentrate in respect of Platinum Mile and the Kroondal PSA delivered up to 9 March 2020 was sold to RPM in accordance with the pre-existing PoC agreements. These agreements will largely offset the smelting and refining impact of the FM event on the Sibanye-Stillwater operations, but will result in delayed cash flows.

ACCOUNTING POLICIES (Policies)

ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2019
Basis of accounting and preparation
Basis of preparation	Basis of preparation The consolidated financial statements for the year ended 31 December 2019 have been prepared on a going concern basis in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board, the South African Institute of Chartered Accountants Financial Reporting Guides issued by the Accounting Practices Committee and Financial Reporting Pronouncements issued by the Financial Reporting Standards Council, as well as the requirements of the South African Companies Act and JSE Listings Requirements. The consolidated financial statements have been prepared under the historical cost convention, except for certain financial assets and financial liabilities (including derivative instruments) which are measured at fair value through profit or loss or other comprehensive income. Standards, interpretations and amendments to published standards effective for the year ended 31 December 2019 During the financial year, the following new accounting standards became effective and had an impact on the financial statements: Pronouncement Details of amendments Effective date 1 IFRS 16 Leases (New standard) IFRS 16 Leases was adopted with effect from 1 January 2019. The standard sets out the principles for the recognition, measurement, presentation and disclosure of leases and requires lessees to account for most leases under a single on-balance sheet model. IFRS 16 supersedes IAS 17 Leases, IFRIC 4 Determining whether an Arrangement contains a Lease, SIC-15 Operating Leases-Incentives and SIC-27 Evaluating the Substance of Transactions Involving the Legal Form of a Lease. Under the new standard, all lessee lease contracts, with limited exceptions, are recognised in the financial statements by way of right-of-use assets and corresponding lease liabilities. The Group’s leases comprise mining equipment, vehicles and office rentals. The Group is not a lessor and IFRS 16 therefore only impacted lessee accounting. As a practical expedient, the Group applied the modified retrospective transition method, and consequently comparative information is not restated. Under this method, the standard is applied retrospectively with the cumulative effect recognised as an adjustment to the opening balance of accumulated loss at the date of initial application. The Group has applied the new definition of a lease to all arrangements still effective at the date of initial application. The Group also elected to use the recognition exemptions for lease contracts that, at the commencement date, have a lease term of 12 months or less and do not contain a purchase option, and lease contracts for which the underlying asset is of low value. In addition, certain variable lease payments are not permitted to be recognised as lease liabilities and are expensed as incurred. Under the modified retrospective transition approach, lease payments were discounted at 1 January 2019 using an incremental borrowing rate representing the rate of interest that the entity within the Group which entered into the lease would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. The average rate applied is 4.05% for the US operations and 9.22% for the SA operations. Lease liabilities were measured at the present value of the remaining lease payments, discounted using the entity-specific incremental borrowing rates described above. The Group elected to recognise the right-of-use assets for all leases based on an amount equal to the lease liabilities. There were no onerous lease contracts that would require an adjustment to the right-of-use assets at the date of initial application. The impact of adopting of the new accounting standard on the statement of financial position on 1 January 2019 was as follows: • increase in right-of-use assets by R302.0 million • increase in lease liabilities by R302.0 million • no impact on accumulated loss (refer note 13 and note 27) 1 January 2019 1 Effective date refers to annual period beginning on or after said date During the financial year, the following new and revised accounting standards and amendments to standards became effective and had no significant impact on the Group’s financial statements: Pronouncement Details of amendments Effective date 1 IFRS 3 Business Combinations (Amendment) Annual Improvements 2015-2017 Cycle Clarification that when an entity obtains control of a business that is a joint operation, it is required to remeasure previously held interests in that business. 1 January 2019 IFRS 9 Financial instruments (Amendment) Prepayment Features with Negative Compensation The narrow-scope amendment allows companies to measure particular prepayable financial assets with negative compensation at amortised cost or at fair value through other comprehensive income if a specified condition is met. 1 January 2019 IFRS 11 Disclosure of Interest in Other Entities (Amendment) Annual Improvements 2015-2017 Cycle Clarification that when an entity obtains joint control of a business that is a joint operation, the entity does not remeasure previously held interests in that business. 1 January 2019 IAS 12 Income Taxes (Amendment) Annual Improvements 2015-2017 Cycle Clarification that all income tax consequences of dividends should be recognised consistently with the transactions that generated the distributable profits. 1 January 2019 IAS 19 Employee Benefits (Amendment) Plan Amendment, Curtailment or Settlement The amendments clarify that:  on amendment, curtailment or settlement of a defined benefit plan, a company now uses updated actuarial assumptions to determine its current service cost and net interest for the period; and  the effect of the asset ceiling is disregarded when calculating the gain or loss on any settlement of the plan and is dealt with separately in other comprehensive income (OCI). 1 January 2019 IAS 23 Borrowing Costs (Amendment) Annual Improvements 2015-2017 Cycle The amendments clarify that if any specific borrowing remains outstanding after the related asset is ready for its intended use or sale, that borrowing becomes part of the funds that an entity borrows generally when calculating the capitalisation rate on general borrowings. 1 January 2019 IAS 28 Investments in Associates and Joint Ventures (Amendment) Long-term interest in Associates and Joint Ventures Clarification provided that an entity should apply IFRS 9 to long-term interests in an associate or joint venture that form part of the net investment in the associate or joint venture but to which the equity method is not applied. 1 January 2019 IFRIC 23 Uncertainty over Income Tax Treatments The interpretation specifies how an entity should reflect the effects of uncertainties in accounting for income taxes. United States of America – Stillwater operations The Group’s 2019 income tax provision appropriately reflects the impact of the uncertain income tax position, totalling ZAR 123.2m (US$8.8m) in respect of the section 163(j) interest limitation as well as certain other adjustments arising primarily from Alternative Minimum Tax (AMT) and base erosion and anti-abuse tax (BEAT) requirements. Marikana Operations, South Africa As at 31 December 2019 the transfer pricing audit for the years of assessment 2011-2014 were still open for review with the South African Revenue Service (SARS); to date no assessments have been raised. Management is of the opinion that the relevant charges were claimed correctly, and that relevant information has been supplied to the SARS on a timely basis. On the basis of consultation with External Legal counsel, no material payment is anticipated and therefore no provision has been made in terms of IFRIC 23 as at 31 December 2019. 1 January 2019 1 Effective date refers to annual period beginning on or after said date Standards, interpretations and amendments to published standards which are not yet effective Certain new standards, amendments and interpretations to existing standards have been published that apply to the Group’s accounting periods beginning on or after 1 January 2020 but have not been early adopted by the Group. The standards, amendments and interpretations that are applicable to the Group are: Pronouncement Details of amendments and estimated impact Effective date 1 IAS 1 Presentation of Financial Statements (Amendment) 2 The amendments clarify and align the definition of ‘material’ and provide guidance to help improve consistency in the application of that concept whenever it is used in IFRS. 1 January 2020 IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors (Amendment) 2 The amendments clarify and align the definition of ‘material’ and provide guidance to help improve consistency in the application of that concept whenever it is used in IFRS Standards. 1 January 2020 IFRS 3 Business Combinations (Amendment) 2 The IASB issued amendments to the definition of a business in IFRS 3 Business Combinations to help entities determine whether an acquired set of activities and assets is a business or not. 1 January 2020 The revised Conceptual Framework for Financial Reporting 2 The Conceptual Framework is to assist the Board in developing standards, to help preparers develop consistent accounting policies if there is no applicable standard in place and to assist all parties to understand and interpret the standards. 1 January 2020 1 Effective date refers to annual period beginning on or after said date 2 No impact Significant accounting judgements and estimates The preparation of the financial statements requires the Group’s management to make estimates and assumptions 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. The determination of estimates requires the exercise of judgement based on various assumptions and other factors such as historical experience, current and expected economic conditions, and in some cases valuation techniques. Actual results could differ from those estimates. For significant accounting policies that are subject to significant judgement, estimates and assumptions, see the following notes to the consolidated financial statements: Significant accounting policy Note to the consolidated financial statements Revenue 3 – Revenue Royalties, mining and income tax, and deferred tax 9 – Royalties, mining and income tax, and deferred tax Property, plant and equipment 12 – Property, plant and equipment Business combinations 14 – Acquisitions Goodwill 15 – Goodwill Equity-accounted investments 16 – Equity accounted investments Other receivables and other payables 20 – Other receivables and other payables Inventories 21 – Inventories Borrowings 26 – Borrowings and derivative financial instrument Environmental rehabilitation obligation 28 – Environmental rehabilitation obligation and other provisions Occupational healthcare obligation 29 – Occupational healthcare obligation Deferred revenue 30 – Deferred revenue Contingent liabilities 36 – Contingent liabilities Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the financial period are discussed under the relevant note of the item affected.
Consolidation	1.3 Consolidation 1 The non-controlling interests in the statement of changes in equity relates to the attributable share of accumulated profits of DRDGOLD Limited (DRDGOLD), the Newshelf 1114 Proprietary Limited (Newshelf 1114) group, Goldfields Technical Security Management Proprietary Limited (GTSM) and Platinum Mile Resources Proprietary Limited (Platinum Mile) (refer to note 25) 2 Witwatersrand Consolidated Gold Resources Proprietary Limited (Wits Gold) has ceded and pledged its shares in K2013164354 Proprietary Limited (K2013) (a dormant entity) and K2013 has ceded and pledged it shares in Sibanye Gold Eastern Operations Proprietary Limited (SGEO) in favour of the lenders of the Burnstone Debt (refer to note 26.6) 3 Rand Uranium Proprietary Limited (Rand Uranium) and Ezulwini Mining Company Proprietary Limited (Ezulwini) together own a number of underground and surface mining operations. These operations report to the Group’s chief operating decision maker (the Executive Committee) as a separate segment, namely Cooke 4 In terms of the Rustenburg operation Transaction, a 26% stake in Sibanye Rustenburg Platinum Mines Proprietary Limited (SRPM) was acquired through Newshelf 1335 Proprietary Limited (BBBEE SPV). The shareholders of BBBEE SPV are Rustenburg Mine Employees Trust (30.4%), Rustenburg Mine Community Development Trust (24.8%) Bakgatla-Ba-Kgafela Investment Holdings (24.8%) and Siyanda Resources Proprietary Limited (20.0%). The Rustenburg Mine Employees Trust and the Rustenburg Mine Community Development Trust are controlled and consolidated by Sibanye-Stillwater 5 The Group has no current or contractual obligation to provide financial support to any of its structured entities 6 Sibanye Stillwater recognises 6.87% non-controlling interests. The effective “outside” shareholding are indirect interests held by LSA UK Limited (6.13%) and Phembani Group (13.01%) through Incwala Platinum (Pty) Ltd. Phembani secured its shareholding with a loan payable to Lonmin Limited UK which has subsequently been impaired, therefore a beneficial interest of zero 7 Sibanye Stillwater recognises 4.75% non-controlling interests. The effective “outside” shareholders are Lonplats Siyakhula employee profit share trust (3.8%), Marikana Community Trust (0.9%), Bapo Ba Mogale Community Trust (0.9%) and Phembani Group (9.01%) and LSA UK Limited (4.24%) holds an indirect interest through Incwala Platinum (Pty) Ltd Subsidiaries Subsidiaries are all entities over which the Group exercises control. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are consolidated from the date on which control is obtained by the Group until the date on which control ceases. Control is reassessed if facts and circumstances indicate that there are changes to one or more of the elements of control. Although the Group owns less than half of DRDGOLD and has less than half of DRDGOLD’s voting power, management has determined that the Group controls the entity. The Group controls DRDGOLD as a result of an option to subscribe for a sufficient number of DRDGOLD ordinary shares to attain a 50.1% shareholding in DRDGOLD at a 10% discount to the 30 day volume weighted average traded price, which is considered substantive (refer note 38.2). Inter-company transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. Transactions with shareholders of Sibanye-Stillwater Transactions with owners in the capacity as equity participants are not recognised in profit or loss, but instead are recognised in equity with a corresponding change in assets or liabilities.
Functional and presentation currency	Functional and presentation currency Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The consolidated financial statements are presented in South African rand, which is the Group’s presentation currency.
Transactions and balances and foreign operations	Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities are translated into the functional currency at each reporting date . Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies, are recognised in profit or loss. Foreign operations The results and financial position of all the Group entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows:  Assets and liabilities are translated at the exchange rate ruling at the reporting date. Equity items are translated at historical rates. The income and expenses are translated at the average exchange rate for the year, unless this average was not a reasonable approximation of the rates prevailing on the transaction dates, in which case these items were translated at the rate prevailing on the date of the transaction. Exchange differences on translation are accounted for in other comprehensive income. These differences will be recognised in profit or loss upon realisation of the underlying operation.  Exchange differences arising from the translation of the net investment in foreign operations, which includes certain long-term borrowings (i.e. the reporting entity’s interest in the net assets of that operation), are taken to other comprehensive income. When a foreign operation is sold, exchange differences that were recorded in other comprehensive income are recognised in profit or loss as part of the gain or loss on disposal. If the Group disposes of part of its interest in a subsidiary but retains control, then the relevant proportion of the cumulative amount is reattributed to non-controlling interests. When the Group disposes of only part of an associate or joint venture while retaining significant influence or joint control, the relevant proportion of the cumulative amount is reclassified to profit or loss.  Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and are translated at each reporting date at the closing rate.
Comparatives	1.5 Comparatives Where necessary comparative periods may be adjusted to conform to current period changes in presentation.
Segment reporting	Accounting policy Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker and is based on individual mining operations. The chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the executive management team that makes strategic decisions.
Revenue	Accounting policy Revenue from mining activities Revenue from gold sales is measured and recognised based on the consideration specified in a contract with a customer. The Group recognises revenue from gold sales when the customer obtains control of the gold. These criteria are typically met when the gold is credited to the customer’s bullion account by Rand Refinery. The transaction price is determined based on the agreed upon market price and number of ounces delivered. Revenue from PGM concentrate and metal sales is recognised when the buyer, pursuant to a sales contract, obtains control of the mine product. The sales price is determined on a provisional basis at the date of delivery. Adjustments to the sale price occur based on movements in the metal market price, metal content quantities and penalties, which represent variable transaction price components, up to the date of final pricing. Final pricing is based on the monthly average market price in the month of settlement. The period between provisional invoicing and final pricing is typically between one and four months. Revenue on provisionally priced sales is initially recorded at the estimated fair value of the consideration receivable. The revenue adjustment mechanism embedded within provisionally priced sales arrangements has the characteristics of a commodity derivative. Accordingly, the fair value of the final sales price adjustment is re-estimated continuously and changes in fair value recognised as an adjustment to revenue in profit or loss and trade receivables in the statement of financial position. In all cases, fair value is determined with reference to estimated forward prices using consensus forecasts. Revenue from PGM recycling consists of the sales of recycled palladium, platinum and rhodium derived from spent catalytic material. Revenue from PGM recycling also includes revenue from toll processing, which is recognised at the time the contained metals are returned to the supplier at a third party refinery. Wheaton streaming revenue In 2018, Wheaton Precious Metals International Limited (Wheaton International) and Sibanye-Stillwater entered into a streaming transaction. 100% of refined mined gold and 4.5% of refined mined palladium from the Stillwater operations will be delivered to Wheaton International over the life of mine of the US PGM operations. Each ounce is identified as a separate performance obligation. In exchange for this, Wheaton International paid Sibanye-Stillwater R6,555.4 million (US$500.0 million) on 25 July 2018. In addition to the advance payment, Wheaton International currently pays Sibanye-Stillwater 18% cash based on the value of gold and palladium deliveries each month (refer to note 30 for additional detail of the monthly cash percentage). The contract will be settled by Sibanye-Stillwater delivering metal credits to Wheaton International representing underlying refined, mined gold and palladium. The transaction price, being the advance payment and the cash payment to be received, is recognised as revenue each month when the metal credit is allocated to the appropriate Wheaton International account. It is from this date that Wheaton International has effectively accepted the metal, has physical control of the metal and has the risk and reward of the metal (i.e. control has transferred). Revenue will be recognised over the life of mine of the US PGM operations. To the extent that the life of mine changes or other key inputs are changed (refer note 30), these changes are recognised prospectively as a cumulative catch-up in revenue in the year that the change occurs. BTT streaming revenue Lonmin entered into a metal streaming transaction in 2016 to deliver between 23% - 38% of 6E PGM from its bulk tailing re-treatment project (BTT) based on a weighted 6E PGM basket price. Lonmin received $50 million upfront, which was recognised as deferred revenue. Lonmin receives between $106 and $280 per ounce of 6E PGM metals based on basket price of 6E PGM for each ounce delivered. The performance obligations under the contract are satisfied through delivery of the 6E PGM metals ounces. At acquisition of Lonmin, the Group accounted for the deferred revenue at fair value of R627.6 million under IFRS 3, including a significant financing component. The transaction price under IFRS 15, being the advance payment and further the cash payments to be received, is recognised as revenue when the metal ounces are delivered and Lonmin no longer has physical control of the metal, which is also when the risk and rewards are transferred (i.e. control has transferred). Revenue will be recognised over the life of the bulk tailing re-treatment project operations based on the ounces delivered. To the extent that the life of project changes or other key inputs are changed (refer note 30), these changes are recognised prospectively as a cumulative catch-up in revenue in the year that the change occurs. (refer note 38.5)
Short-term employee benefits	Short-term employee benefits Short-term employee benefits are expensed as the related service is provided. A liability is recognised for the amount expected to be paid if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be reliably estimated.
Pension and provident funds	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 Group companies. Contributions to defined contribution funds are expensed as incurred.
Finance expense	Accounting policy Finance expense comprises interest on borrowings, lease liabilities, environmental rehabilitation obligation, occupational healthcare obligation, deferred payment and deferred revenue and offset by borrowing costs capitalised on qualifying assets. Interest payable on borrowings is recognised in profit or loss over the term of the borrowings using the effective interest method. Cash flows from interest paid are classified under operating activities in the statement of cash flows.
Share-based payments	Accounting policy The Group operates an equity-settled compensation plan in which certain employees of the Group participate. The fair value of the equity-settled instruments is measured by reference to the fair value of the equity instrument granted. Fair value is based on market prices of the equity-settled instruments granted, if available, taking into account the terms and conditions upon which those equity-settled instruments were granted. Fair value of equity-settled instruments granted is estimated using appropriate valuation models and appropriate assumptions at the grant date. Non-market vesting conditions (service period prior to vesting) are not taken into account when estimating the fair value of the equity-settled instruments at grant date. Market conditions are taken into account in determining the fair value at grant date. The grant date fair value of the equity-settled instruments is recognised as an employee benefit expense over the vesting period based on the Group’s estimate of the number of instruments that will eventually vest, with a corresponding increase in the share-based payment reserve. Vesting assumptions for non-market conditions are reviewed at each reporting date to ensure they reflect current expectations. The Group also operates a cash-settled compensation plan in which certain employees of the Group participate. In terms of the Rustenburg operation acquisition, the Group issued cash-settled instruments to black economic empowerment (BEE) shareholders. The grant date fair value of the cash-settled instruments is equal to the value of the equity-settled instrument granted on the same grant date. The grant date fair value of the cash-settled instruments is recognised as an employee benefit expense or share-based payment on the BEE transaction over the vesting period based on the Group’s estimate of the number of instruments that will eventually vest, with a corresponding increase in the share-based payment obligation. At each reporting date the obligation is remeasured to the fair value of the instrument, to reflect the potential outflow of cash resources to settle the liability, with a corresponding adjustment to gain or loss on financial instrument in profit or loss. Vesting assumptions for non-market conditions are reviewed at each reporting date to ensure they reflect current expectations. Where the terms of an equity-settled or a cash-settled award are modified, the originally determined expense is recognised as if the terms had not been modified. In addition, an expense is recognised for any modification, which increases the total fair value of the share-based payment arrangement, or is otherwise beneficial to the participant as measured at the date of the modification. Share based payment expense for the year consisted of the following:
Income taxes	Accounting policy Income tax comprises current and deferred tax. Current tax and deferred tax is recognised in profit or loss except to the extent that it relates to a business combination, or items recognised directly in equity or in other comprehensive income. Current tax is measured on taxable income at the applicable statutory rate enacted or substantively enacted at the reporting date. Deferred tax is provided on temporary differences existing at each reporting date between the tax values of assets and liabilities and their carrying amounts. Enacted and substantively enacted tax rates are used to determine future anticipated effective tax rates which in turn are used in the determination of deferred tax. 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 principal temporary differences arise from depreciation of property, plant and equipment, provisions, unutilised capital allowances and tax losses carried forward. Deferred tax is not recognised for:  temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss;  temporary differences related to investments in subsidiaries, and interest in associates and joint ventures to the extent that the Group is able to control the timing of the reversal of the temporary differences and it is probable that these will not reverse in the foreseeable future; and  taxable temporary differences arising on the initial recognition of goodwill. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and relate to taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realised simultaneously. Deferred tax assets relating to the carry forward of unutilised tax losses and/or unutilised capital allowances are recognised to the extent it is probable that future taxable profit will be available against which the unutilised tax losses and/or unutilised capital allowances can be recovered. Deferred tax assets are reviewed at each reporting date and are adjusted if recovery is no longer probable. Unrecognised deferred tax assets are reassessed at each reporting date and recognised to the extent that it has become probable that future taxable profits will be available against which they can be utilised.
Earnings per share	Accounting policy Headline earnings is presented as an additional earnings number allowed by IAS 33 Earnings per Share (IAS 33) and is calculated based on the requirements set out in SAICA Circular 1/2019 (Circular). Earnings, as determined in IAS 33, is the starting point and certain remeasurements net of related tax (current and deferred) and non-controlling interest are excluded. A remeasurement is an amount recognised in profit or loss relating to any change (whether realised or unrealised) in the carrying amount of an asset or liability that arose after the initial recognition of such asset or liability.
Dividends	Accounting policy Dividends are recognised as a liability on the date on which such dividends are declared. Dividends withholding tax is a tax on shareholders receiving dividends and is applicable to all dividends paid. The Group withholds dividend tax on behalf of its shareholders at a rate of 20% on dividends paid. Amounts withheld are not recognised as part of the Group’s tax charge but rather as part of the dividend paid, recognised in equity. Cash flows from dividends paid are classified under operating activities in the statement of cash flows.
Property, plant and equipment	Accounting policy Mineral and surface rights Mineral and surface rights are recorded at cost less accumulated amortisation and accumulated impairment losses. When there is little likelihood of a mineral right being exploited, or the carrying amount has exceeded its recoverable amount, impairment is recognised in profit or loss in the year that such determination is made. Mine development and infrastructure Mining assets, including mine development and infrastructure costs and mine plant facilities, are recorded at cost less accumulated depreciation and accumulated impairment losses. These costs which include the purchase price of assets used in the construction of the mine, expenditure incurred to evaluate and develop new ore bodies, to define mineralisation in existing ore bodies and to establish or expand productive capacity, are capitalised until commercial levels of production are achieved, at which times the costs are amortised as set out below. Development of ore bodies includes the development of shaft systems and waste rock removal that allows access to reserves that are economically recoverable in the future. Subsequent to this, costs are capitalised if the criteria for recognition as an asset are met. Access to individual ore bodies exploited by the Group is limited to the time span of the respective mining leases. Land Land is shown at cost and is not depreciated. Other assets Non-mining assets are recorded at cost less accumulated depreciation and accumulated impairment losses. These assets include the assets of the mining operations not included in mine development and infrastructure, borrowing costs, mineral and surface rights, land and all the assets of the non-mining operations. Amortisation and depreciation of mining assets Amortisation and depreciation is determined to give a fair and systematic charge in profit or loss taking into account the nature of a particular ore body and the method of mining that ore body. To achieve this, the following calculation methods are used:  Mining assets, including mine development and infrastructure costs, mine plant facilities and evaluation costs, are amortised over the life of the mine using the units-of-production method, based on estimated proved and probable Mineral Reserves above infrastructure.  Proved and probable Mineral Reserves reflect estimated quantities of economically recoverable reserves, which can be recovered in future from known mineral deposits.  Certain mining plant and equipment included in mine development and infrastructure is depreciated on a straight-line basis over their estimated useful lives.  For certain shafts, which have a short life and/or are marginal, the depreciation is accelerated based on an adjustment to the reserves for accounting purposes. Depreciation of non-mining assets Non-mining assets are recorded at cost and depreciated on a straight-line basis over their current expected useful lives to their residual values as follows:  Vehicles: 5 years  Computers: 3 years  Furniture and equipment: 1 - 10 years The assets’ useful lives, depreciation methods and residual values are reassessed at each reporting date and adjusted if appropriate. Impairment Recoverability of the carrying values of long-term assets or cash generating units (CGUs) of the Group are reviewed whenever events or changes in circumstances indicate that such carrying value may not be recoverable. To determine whether a long-term asset or CGU may be impaired, the higher of value in use (defined as: the present value of future cash flows expected to be derived from an asset or CGU) or fair value less costs to sell (defined as: the price that would be received to sell an asset in an orderly transaction between market participants at the measured rate, less the costs of disposal) is compared to the carrying value of the CGU. A CGU is defined by the Group as the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. Generally for the Group this represents an individual operating mine, including mines which are part of a larger mine complex. The costs attributable to individual shafts of a mine are impaired if the shaft is closed. Impairment losses are recognised in profit or loss. Impairment recognised in respect of a CGU is allocated first to goodwill to that particular CGU and thereafter to the individual assets in the CGU. When any infrastructure is closed down or placed on care and maintenance during the year, any carrying value attributable to that infrastructure is impaired. Expenditure incurred on care and maintenance is recognised in profit or loss. When the review of the events or changes in circumstances of an asset or CGU that was previously impaired indicate that such historical carrying value is recoverable, the impairment is reversed. The impairment is only reversed to such an amount that the new carrying amount does not exceed what the historical carrying amount would have been should the asset not have been impaired. Reversal of impairment losses are recognised in profit or loss. Reversal of impairment recognised in respect of a CGU is allocated to the individual assets in the CGU. Derecognition of property, plant and equipment Property, plant and equipment is derecognised on disposal or closure of a shaft when no future economic benefits are expected from its use or disposal. Any gain or loss on derecognition of an item of property, plant and equipment (calculated as the net proceeds from disposal and the carrying amount of the item) is recognised in profit or loss. Exploration and evaluation expenditure All exploration and evaluation expenditure, prior to obtaining the legal rights to explore a specific area, is recognised in profit or loss. After the legal rights to explore are obtained, exploration and evaluation expenditure, comprising the costs of acquiring prospecting rights and directly attributable exploration expenditure, is capitalised as a separate class of property, plant and equipment or intangible assets, on a project-by-project basis, pending determination of the technical feasibility and commercial viability. The technical feasibility and commercial viability of extracting a mineral resource is generally considered to be determinable through a feasibility study and when proven reserves are determinable to exist. Upon determination of proven reserves, exploration and evaluation assets attributable to those reserves are first tested for impairment and then reclassified from exploration and evaluation assets to another appropriate class of property, plant and equipment. Subsequently, all cost directly incurred to prepare an identified mineral asset for production is capitalised to mine development assets. Amortisation of these assets commences once these assets are available for use, which is expected to be when the mine is in commercial production. These assets will be measured at cost less accumulated amortisation and impairment losses.
Right of use assets	Accounting policy Right-of-use assets comprise mining equipment, vehicles and office rentals (included in the mine development, infrastructure ) of which none meet the definition of investment property. These right-of-use assets comprise the initial measurement of the corresponding lease liability, any initial direct costs incurred by the lessee, and an estimate of costs to be incurred by the lessee in dismantling and removing the underlying asset, restoring the site on which it is located or restoring the underlying asset. Right-of-use assets are subsequently measured at cost less accumulated depreciation and impairment losses if applicable. The assets are depreciated over the shorter period of the lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset, or the cost of the right-of-use asset reflects that the Group expects to exercise a purchase option, the related right-of use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease.
Business combinations	Accounting policy Business combinations The acquisition method of accounting is used to account for business combinations by the Group. The consideration transferred for the acquisition of a business is the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Any contingent consideration is measured at fair value at the date of acquisition. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. On an acquisition-by-acquisition basis, the Group recognises any non-controlling interest in the acquiree either at fair value or at the non-controlling interest’s proportionate share of the acquiree’s net assets. Subsequently, the carrying amount of non-controlling interest is the amount of the interest at initial recognition plus the non-controlling interest’s share of the subsequent changes in equity, plus or minus changes in the portion of interest of the equity of the subsidiary not attributable, directly or indirectly, to Sibanye-Stillwater shareholders. The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets acquired is recorded as goodwill. If this is less than the fair value of the net assets of the subsidiary acquired in the case of a bargain purchase, the difference is a gain recognised directly in profit or loss.
Goodwill	Accounting policy Goodwill is stated at cost less accumulated impairment losses. In accordance with the provisions of IAS 36 Impairment of Assets, the Group performs its annual impairment review of goodwill at each financial year end or whenever there are impairment indicators to establish whether there is any indication of impairment to goodwill. An impairment is made if the carrying amount exceeds the recoverable amount. The recoverable amount is determined as the higher of “value in use” and “fair value less cost to sell”, based on the cash flows over the life of the CGUs and discounted to present value at an appropriate discount rate. Impairment losses on goodwill are not reversed. Gains and losses on the disposal of an entity include the carrying amount of goodwill allocated to the entity sold. Goodwill is allocated to CGUs for the purpose of impairment testing. The allocation is made to those CGUs or groups of CGUs that are expected to benefit from the business combination in which the goodwill arose.
Equity-accounted investments	Accounting policy The Group’s interest in equity-accounted investees comprise interests in associates and joint ventures. Associates are those entities in which the Group has significant influence, but not control or joint control, over the financial and operating policies. Joint ventures are arrangements in which the Group has joint control, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. Interests in associates and joint ventures are accounted for using the equity method. The interests are initially recognised at cost using the same principles as with business combinations. Subsequent to initial recognition, the consolidated financial statements include the Group’s share of profit or loss and other comprehensive income of equity-accounted investees until the date on which significant influence or joint control ceases. Results of associates and joint ventures are equity-accounted using the results of their most recent audited annual financial statements or unaudited management accounts. Any losses from associates are brought to account in the consolidated financial statements until the interest in such associates is written down to zero. The interest includes any long-term interests that in substance, form part of the entity’s net investment in the equity-accounted investee, for example long-term receivables for which settlement is neither planned nor likely to occur in the foreseeable future. Thereafter, losses are accounted for only insofar as the Group is committed to providing financial support to such associates. The carrying value of an equity-accounted investment represents the cost of the investment, including goodwill, the proportionate share of the post-acquisition retained earnings and losses, any other movements in reserves, any impairment losses and loans to or from the equity-accounted investee. The carrying value together with any long-term interests that in substance form part of the net investment in the equity-accounted investee is assessed annually for existence of indicators of impairment and if such exist, the carrying amount is compared to the recoverable amount, being the higher of value in use or fair value less costs to sell. If an impairment in value has occurred, it is recognised in the period in which the impairment arose. Indicators of impairment include a significant or prolonged decline in the investments fair value below its carrying value.
Interests in joint operations	Accounting policy A joint operation is a joint arrangement in which the parties that share joint control have rights to the assets, and obligations for the liabilities, relating to the arrangement. In relation to the Group’s interests in joint operations, the following are recognised in the financial statements:  the Group’s share of the jointly controlled assets, classified according to the nature of the assets;  any liabilities that the Group has incurred;  the Group’s share of any liabilities incurred jointly with the other ventures in relation to the joint operation;  any income from the sale or use of the Group’s share of the output of the joint operation, together with the Group’s share of any expenses incurred by the joint operation; and  any expenses that the Group has incurred in respect of its interest in the joint operation.
Other investments	Accounting policy On initial recognition of an equity investment that is not held for trading, the Group may make an irrevocable election to present subsequent changes in the investment’s fair value in other comprehensive income. This election is made on an investment-by-investment basis. These investments are subsequently measured at fair value, with dividends recognised in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognised in OCI and are never reclassified to profit or loss.
Environmental rehabilitation obligation funds	Accounting policy The Group’s rehabilitation obligation funds includes equity-linked investments that are fair valued at each reporting date. The fair value is calculated with reference to underlying equity instruments using industry valuation techniques and appropriate models. Annual contributions are made to dedicated environmental rehabilitation obligation funds to fund the estimated cost of rehabilitation during and at the end of the life of the relevant mine. The amounts contributed to these funds are included under non-current assets and are measured at fair value through profit or loss. Interest earned on monies paid to rehabilitation funds is accrued on a time proportion basis and is recorded as interest income. In addition, bank guarantees are provided for funding shortfalls of the environmental rehabilitation obligations.
Other receivables and other payables	Accounting policy Financial instruments included in other receivables are categorised as financial assets measured at amortised cost and those included in other payables are categorised as other financial liabilities as applicable. These assets and liabilities are initially recognised at fair value. Subsequent to initial recognition financial instruments included in other receivables and other payables are measured at amortised cost. Reimbursements, such as rehabilitation reimbursements from other parties are not financial instruments, and are recognised as a separate asset where recovery is virtually certain. The amount recognised is limited to the amount of the provision. If the party that will make the reimbursement cannot be identified, then the reimbursement is generally not virtually certain and cannot be recognised. If the only uncertainty regarding the recovery relates to the amount of the recovery, the reimbursement amount often qualifies to be recognised as an asset. Other receivables and payables that do not arise from contractual rights and obligations, such as receivables on rates and taxes, are recognised and measured at the amount expected to be received or paid.
Inventories	Accounting policy Inventory is valued at the lower of cost and net realisable value. The Group values ore stockpiles, metal-in-process when it can be reliably measured. Cost is determined on the following basis:  Gold reef ore stockpiles and gold-in-process are valued using weighted average cost. Cost includes production, amortisation, depreciation and related administration costs  PGM inventory is valued using weighted average cost by allocating cost, based on the joint cost of production, apportioned according to the relative sales value of each of the PGMs produced. The group recognises the metal produced in each development phase in inventory with an appropriate proportion of cost. Cost includes production, amortisation, depreciation and related administration costs  By-product metals are valued at the incremental cost of production from the point of split-off from the PGM processing stream  Consumable stores are valued at weighted average cost after appropriate provision for surplus and slow-moving items
Trade and other receivables	Accounting policy Trade and other receivables, excluding trade receivables for PGM concentrate sales, prepayments and value added tax, are non-derivative financial assets categorised as financial assets measured at amortised cost. The above non-derivative financial assets are initially recognised at fair value and subsequently carried at amortised cost less allowance for impairment . Estimates made for impairment are based on a review of all outstanding amounts at year end in line with the impairment policy described in note 34 . Irrecoverable amounts are written off during the period in which they are identified. In addition to other types PGM sales, trade receivables include actual invoiced sales of PGM concentrate, as well as sales not yet invoiced for which deliveries have been made and the control has transferred. The PGM concentrate receivables are financial assets measured at fair value through profit or loss, as the solely payments of principle and interest criteria is not met. The receivable amount calculated for the PGM concentrate delivered but not yet invoiced is recorded at the fair value of the consideration receivable at the date of delivery. At each subsequent reporting date the receivable is restated to reflect the fair value movements in the pricing mechanism. Foreign exchange movements subsequent to the recognition of a sale are recognised as a foreign exchange gain or loss in profit or loss.
Cash and cash equivalents	Accounting policy Cash and cash equivalents comprise cash on hand, demand deposits and short-term, highly liquid investments readily convertible to known amounts of cash and subject to insignificant risk of changes in value, and are measured at amortised cost which is deemed to be fair value due to its short-term maturity.
Stated share capital	Accounting policy Ordinary share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity, net of any tax effects.
Non-controlling interests	Accounting policy Non-controlling interests The Group recognises any non-controlling interest in an acquiree either at fair value or at the non-controlling interest’s proportionate share of the acquiree’s net assets on an acquisition by acquisition basis. Subsequently, the carrying amount of non-controlling interest is the amount of the interest at initial recognition plus the non-controlling interest’s subsequent share of changes in equity. Transactions with non-controlling interests The Group treats transactions with non-controlling interests as transactions with equity owners of the Group. For purchases from non-controlling interests, the difference between any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests where control is not lost are also recorded in equity. Where control is lost over a subsidiary, the gains or losses are recognised in profit or loss.
Borrowings	Accounting policy Borrowings Borrowings are non-derivative financial liabilities categorised as other financial liabilities. Borrowings are recognised initially at fair value, net of transaction costs incurred, where applicable and subsequently measured at amortised cost using the effective interest method. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting date. Derivative financial instruments Derivatives are initially recognised at fair value using option pricing methodologies. Any directly attributable transaction costs are recognised in profit or loss as incurred. Subsequent to initial recognition, derivatives are measured at fair value, and changes are generally recognised in profit or loss. For assets and liabilities that are recognised in the financial statements on a recurring basis, the Group determines whether transfers have occurred between levels in the fair value hierarchy by re-assessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.
Lease liabilities	At the inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Lease liabilities are initially measured at the present value of the future lease payments at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the relevant incremental borrowing rate. Subsequently, lease liabilities are measured at amortised cost using the effective interest method. Lease liabilities are remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group’s estimate of the amount expected to be payable under a residual value guarantee, or if the Group changes its assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is measured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. The Group also elected to apply the recognition exemptions for lease contracts that, at the commencement date, have a lease term of 12 months or less and do not contain a purchase option, and lease contracts for which the underlying asset is of low value. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term to the extent applicable. In addition, certain variable lease payments are not permitted to be recognised as lease liabilities and are expensed as incurred.
Environmental rehabilitation obligation	Provisions are recognised when the Group has a present obligation, legal or constructive resulting from past events and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Long-term environmental obligations are based on the Group’s environmental management plans, in compliance with applicable environmental and regulatory requirements. The estimated costs of rehabilitation are reviewed annually and adjusted as appropriate for changes in legislation, technology or other circumstances. Cost estimates are not reduced by the potential proceeds from the sale of assets or from plant clean up at closure. Based on disturbances to date, the net present value of expected rehabilitation cost estimates is recognised and provided for in full in the financial statements. The estimates are reviewed annually and are discounted using a risk-free rate that is adjusted to reflect the current market assessments of the time value of money. Annual changes in the provision consist of finance costs relating to the change in the present value of the provision and inflationary increases in the provision estimate, as well as changes in estimates. Changes in estimates are capitalised or reversed against the relevant asset or liability to the extent that it meets the definition of dismantling and removing the item and restoring the site on which it is located. Costs that relate to an existing condition caused by past operations and do not have a future economic benefit are recognised in profit or loss. If a decrease in the liability exceeds the carrying amount of the asset, the excess is recognised immediately in profit or loss. The present value of environmental disturbances created are capitalised to mining assets against an increase in the environmental rehabilitation obligation. Rehabilitation projects undertaken, included in the estimates are charged to the provision as incurred. The cost of ongoing current programmes to prevent and control environmental disturbances is recognised in profit or loss as incurred. The unwinding of the discount due to the passage of time is recognised as finance cost, and the capitalised cost is amortised over the remaining lives of the mines.
Occupational healthcare obligation	Accounting policy Provisions are recognised when the Group has a present obligation, legal or constructive resulting from past events and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The estimated costs of settlement claims are reviewed at least annually and adjusted as appropriate for changes in cash flow predictions or other circumstances. Based on estimates to date, the net present value of expected settlement claims is recognised and provided for in full in the financial statements. The estimated cash flows are discounted using a risk-free rate with similar terms to the obligation to reflect the current market assessments of the time value of money. Annual changes in the provision consist of finance costs relating to the change in the present value of the provision and changes in estimates.
Deferred revenue	Accounting policy Consideration received in advance is recognised as a contract liability (deferred revenue) under IFRS 15 as control has not yet transferred. Sibanye-Stillwater management identified a significant financing component related to its streaming arrangements resulting from the difference in the timing of the advance consideration received and when control of the metal promised transfers. Interest expense on deferred revenue is recognised in finance costs.
Trade and other payables	Accounting policy Trade and other payables, excluding payroll creditors and leave pay accrual are non-derivative financial liabilities categorised as other financial liabilities. Trade and other payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. Provision is made for employee entitlement benefits accumulated as a result of employees rendering services up to the reporting date. Liabilities arising in respect of wages and salaries, annual leave and other benefits due to be settled within 12 months of the reporting date are measured at rates which are expected to be paid when the liability is settled. Termination benefits are expensed at the earlier of when the Group can no longer withdraw the offer of those benefits and when the Group recognises costs for a restructuring. If benefits are not expected to be settled wholly within 12 months of the reporting date, then they are discounted. All other employee entitlement liabilities are measured at the present value of estimated payments to be made in respect of services rendered up to reporting date.
Financial instruments and risk management	Accounting policy On initial recognition, a financial asset is classified as measured at either amortised cost, fair value through other comprehensive income, or fair value through profit or loss. The Group initially recognises debt instruments issued and trade and other receivables, on the date these are originated. All other financial assets and financial liabilities are recognised initially when the Group becomes a party to the contractual provisions of the instrument. The classification of financial assets at initial recognition that are debt instruments depends on the financial asset’s contractual cash flow characteristics and the Group’s business model for managing them. In order for a financial asset to be classified and measured at amortised cost, it needs to give rise to cash flows that are solely payments of principal and interest (SPPI) on the principal amount outstanding. This assessment is performed at an instrument level. Financial assets with cash flows that are not SPPI are classified and measured at fair value through profit or loss, irrespective of the business model. The Group’s business model for managing financial assets that are debt instruments refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. Financial assets classified and measured at amortised cost are held within a business model with the objective to hold financial assets in order to collect contractual cash flows. The Group recognises an allowance for expected credit losses (ECLs) on all debt instruments not held at fair value through profit or loss to the extent applicable. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). For trade and other receivables due in less than 12 months, the Group applies the simplified approach in calculating ECLs, as permitted by IFRS 9. Therefore, the Group does not track changes in credit risk, but instead, recognises a loss allowance based on the financial asset’s lifetime ECL at each reporting date. Impairment losses are recognised through profit or loss. The Group derecognises a financial asset when the contractual rights to the cash flows in a transaction in which substantially all the risks and rewards of the ownership of the financial asset are transferred. The Group derecognises a financial liability when its contractual obligations are discharged, cancelled or expired. Any interest in such transferred financial asset that is created or retained by the Group is recognised as a separate asset or liability. The particular recognition and measurement methods adopted are disclosed in the individual policy statements associated with each item. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid is recognised in profit or loss.

Segment reporting (Tables)

Segment reporting (Tables)	12 Months Ended
	Dec. 31, 2019
Segment reporting
Schedule of segment reporting	Figures in million - SA rand Group Total US PGM operations Stillwater Total Southern Africa Total Rusten- Marikana 1 Kroondal Platinum Mimosa Corporate 2 Total Drie-fontein Kloof Beatrix Cooke DRD-GOLD Corporate 2 Group 2019 Revenue 72,925.4 26,864.5 46,222.6 27,578.4 10,499.5 11,187.9 5,590.4 300.6 2,342.6 (2,342.6) 18,644.2 3,303.1 6,808.5 3,798.2 828.4 3,621.0 285.0 (161.7) Underground 51,528.2 12,343.3 39,346.6 26,616.5 9,901.1 11,125.0 5,590.4 - 2,342.6 (2,342.6) 12,730.1 3,301.4 5,552.4 3,576.9 21.2 - 278.2 (161.7) Surface 6,876.0 - 6,876.0 961.9 598.4 62.9 - 300.6 - - 5,914.1 1.7 1,256.1 221.3 807.2 3,621.0 6.8 - Recycling 14,521.2 14,521.2 - - - - - - - - - - - - - - - - Cost of sales, before amortisation and depreciation (56,100.4) (19,569.4) (36,531.0) (18,196.7) (6,466.9) (8,439.9) (3,076.3) (213.6) (1,336.3) 1,336.3 (18,334.3) (4,438.6) (6,872.9) (3,669.2) (617.3) (2,736.3) - - Underground (36,520.3) (5,600.8) (30,919.5) (17,207.9) (5,691.7) (8,439.9) (3,076.3) - (1,336.3) 1,336.3 (13,711.6) (4,428.6) (5,741.1) (3,525.3) (16.6) - - - Surface (5,611.5) - (5,611.5) (988.8) (775.2) - - (213.6) - - (4,622.7) (10.0) (1,131.8) (143.9) (600.7) (2,736.3) - - Recycling (13,968.6) (13,968.6) - - - - - - - - - - - - - - - - Net other cash costs 3 (1,869.0) (4.2) (1,864.8) (585.5) (156.1) (299.9) (103.4) (25.3) (8.0) 7.2 (1,279.3) (197.6) (152.7) (179.8) (568.6) (30.7) (149.9) - Adjusted EBITDA 14,956.0 7,290.9 7,826.8 8,796.2 3,876.5 2,448.1 2,410.7 61.7 998.3 (999.1) (969.4) (1,333.1) (217.1) (50.8) (357.5) 854.0 135.1 (161.7) Amortisation and depreciation (7,214.1) (2,285.6) (4,928.5) (1,919.0) (914.4) (500.4) (494.8) (4.8) (218.7) 214.1 (3,009.5) (920.5) (1,200.9) (640.0) (15.1) (172.1) (60.9) - Interest income 560.4 145.2 415.2 145.8 44.6 30.9 67.1 1.3 2.2 (0.3) 269.4 60.1 53.0 31.4 39.8 64.5 20.6 - Finance expense (3,302.5) (920.7) (2,381.8) (704.2) (1,407.5) (282.4) (146.9) - (21.8) 1,154.4 (1,677.6) (242.8) (242.9) (141.1) (73.7) (73.0) (904.1) - Share-based payments (363.3) (53.4) (309.9) - - - - - - - (309.9) - - - - (64.2) (245.7) - Net other 4 (4,925.8) 8.3 (4,934.1) (1,513.2) (11,381.8) 12.9 (0.3) 1.1 (137.2) 9,992.1 (3,420.9) 17.5 31.0 13.4 (113.9) 81.6 (3,450.5) - Non-underlying items 5 (567.0) (74.6) (492.4) 258.8 2.4 212.7 44.8 - (27.5) 26.4 (751.2) (169.5) (35.1) (112.4) (6.9) 4.3 (431.6) - Royalties and carbon tax (443.9) - (443.9) (358.2) (296.1) (54.5) (7.6) - (77.1) 77.1 (85.7) (16.6) (34.2) (30.8) (4.1) - - - Current taxation (1,848.7) (481.3) (1,367.4) (1,303.7) (780.3) 13.3 (536.0) - (135.5) 134.8 (63.7) (22.7) (5.5) (13.3) - (69.1) 46.9 - Deferred taxation 3,581.7 1,436.3 2,145.4 14.1 30.0 - (0.7) (16.5) (5.6) 6.9 2,131.3 74.8 150.4 89.9 - (129.9) 1,946.1 - Profit/(loss) for the year 432.8 5,065.1 (4,470.6) 3,416.6 (10,826.6) 1,880.6 1,336.3 42.8 377.1 10,606.4 (7,887.2) (2,552.8) (1,501.3) (853.7) (531.4) 496.1 (2,944.1) (161.7) Attributable to: Owners of the parent 62.1 5,065.1 (4,841.3) 3,355.0 (10,826.6) 1,821.6 1,336.3 39.3 377.1 10,607.3 (8,196.3) (2,552.8) (1,501.3) (853.7) (531.4) 188.7 (2,945.8) (161.7) Non-controlling interest holders 370.7 - 370.7 61.6 - 59.0 - 3.5 - (0.9) 309.1 - - - - 307.4 1.7 - Sustaining capital expenditure (2,039.3) (321.7) (1,717.6) (1,203.2) (316.3) (660.4) (212.8) (13.3) (343.1) 342.7 (514.4) (163.0) (238.1) (70.5) - (42.8) - - Ore reserve development (3,401.9) (1,036.2) (2,365.7) (1,029.2) (500.6) (528.6) - - - - (1,336.5) (512.9) (590.4) (233.2) - - - - Growth projects (2,264.9) (2,035.0) (229.9) (15.2) (1.8) - - (13.4) - - (214.7) - (108.9) (2.1) - (39.0) (64.7) - Total capital expenditure (7,706.1) (3,392.9) (4,313.2) (2,247.6) (818.7) (1,189.0) (212.8) (26.7) (343.1) 342.7 (2,065.6) (675.9) (937.4) (305.8) (81.8) (64.7) - 1 The SA PGM operations’ results for the year ended 31 December 2019 include Marikana for the seven months since acquisition (refer to note 14.1) 2 Corporate and reconciling items represents the items to reconcile segment data to consolidated financial statement totals. This does not represent a separate segment as it does not generate mining revenue. Corporate includes net revenue generated through the Wheaton Stream settlement mechanism 3 Net other cash costs consist of care and maintenance, strike cost and other costs as detailed in profit or loss. Lease payments are included in net other cash costs to conform with the adjusted EBITDA reconciliation disclosed in note 26.9 4 Net other consists of gain on financial instruments, gain on foreign exchange differences, and change in estimate of environmental rehabilitation obligation, and right of recovery receivable and payable as detailed in profit or loss. Corporate and reconciling items net other includes the share of results of equity-accounted investees after tax as detailed in profit or loss 5 Non-underlying items consists of gain on disposal of property, plant and equipment, impairments, gain on acquisition, occupational healthcare expense, restructuring costs and transaction costs as detailed in profit or loss Figures in million - SA rand Group Total US PGM operations Stillwater Total Southern Africa Total Kroondal Platinum Mimosa Rusten- Corporate 2 Total Drie-fontein Kloof Beatrix Cooke DRD-GOLD 1 Corporate 2 Group 2018 Revenue 50,656.4 15,872.8 34,810.3 15,153.6 3,584.4 196.7 1,857.5 11,372.5 (1,857.5) 19,656.7 5,111.2 8,131.7 4,601.3 841.8 1,047.5 (76.8) (26.7) Underground 38,605.7 8,430.1 30,202.3 14,045.1 3,584.4 - 1,857.5 10,460.7 (1,857.5) 16,157.2 4,782.4 6,937.9 4,467.8 45.9 - (76.8) (26.7) Surface 4,608.0 - 4,608.0 1,108.5 - 196.7 - 911.8 - 3,499.5 328.8 1,193.8 133.5 795.9 1,047.5 - - Recycling 7,442.7 7,442.7 - - - - - - - - - - - - - - - Cost of sales, before amortisation and depreciation (41,515.2) (11,720.9) (29,794.3) (12,096.0) (2,739.4) (152.7) (1,235.7) (9,203.9) 1,235.7 (17,698.3) (5,709.3) (6,364.8) (3,910.8) (693.4) (1,020.0) - - Underground (30,248.7) (4,524.4) (25,724.3) (11,131.4) (2,739.4) - (1,235.7) (8,392.0) 1,235.7 (14,592.9) (5,386.7) (5,352.2) (3,841.0) (13.0) - - - Surface (4,070.0) - (4,070.0) (964.6) - (152.7) - (811.9) - (3,105.4) (322.6) (1,012.6) (69.8) (680.4) (1,020.0) - - Recycling (7,196.5) (7,196.5) - - - - - - - - - - - - - - - Net other cash costs 3 (771.8) - (771.8) (175.8) (52.7) (1.2) (6.7) (121.1) 5.9 (596.0) (50.2) (44.8) (37.2) (573.4) 8.7 100.9 - Adjusted EBITDA 8,369.4 4,151.9 4,244.2 2,881.8 792.3 42.8 615.1 2,047.5 (615.9) 1,362.4 (648.3) 1,722.1 653.3 (425.0) 36.2 24.1 (26.7) Amortisation and depreciation (6,613.8) (2,234.4) (4,379.4) (1,074.4) (370.4) (3.0) (191.6) (697.1) 187.7 (3,305.0) (1,200.9) (1,378.8) (635.3) (5.7) (57.9) (26.4) - Interest income 482.1 83.2 398.9 83.5 60.3 1.3 0.1 20.2 1.6 315.4 94.3 72.0 40.0 41.7 26.1 41.3 - Finance expense (3,134.7) (1,797.1) (1,177.3) (422.4) (130.5) - (13.0) (1,890.6) 1,611.7 (754.9) (234.9) (245.9) (143.6) (78.1) (33.0) (19.4) (160.3) Share-based payments (299.4) (35.7) (263.7) - - - - - - (263.7) (0.2) - - - (3.2) (260.3) - Net other 4 3,284.0 68.8 3,215.2 726.3 137.6 0.7 (9.2) 4,348.0 (3,750.8) 2,488.9 (362.8) (110.3) (57.8) (106.2) (419.1) 3,545.1 - Non-underlying items 5 (3,311.9) (210.7) (3,101.2) (29.7) 0.4 - - (30.7) 0.6 (3,071.5) (2,157.6) 27.2 (156.6) (50.6) (4.6) (729.3) - Royalties (212.6) - (212.6) (162.0) (5.5) - (57.6) (156.5) 57.6 (50.6) 1.4 (29.0) (18.8) (4.2) - - - Current taxation (95.3) 238.3 (333.6) (278.5) - - (103.4) (277.4) 102.3 (55.1) 63.9 (75.3) 5.5 0.8 (3.0) (47.0) - Deferred taxation (988.5) (1,795.7) 807.2 (192.6) (168.9) (9.2) (29.9) (15.5) 30.9 999.8 922.9 313.1 127.8 - (132.0) (232.0) - (Loss)/profit for the year (2,520.7) (1,531.4) (802.3) 1,532.0 315.3 32.6 210.5 3,347.9 (2,374.3) (2,334.3) (3,522.2) 295.1 (185.5) (627.3) (590.5) 2,296.1 (187.0) Attributable to: Owners of the parent (2,499.6) (1,531.4) (781.2) 1,529.3 315.3 29.9 210.5 3,347.9 (2,374.3) (2,310.5) (3,522.2) 295.1 (185.5) (627.3) (565.8) 2,295.2 (187.0) Non-controlling interest holders (21.1) - (21.1) 2.7 - 2.7 - - - (23.8) - - - - (24.7) 0.9 - Sustaining capital expenditure (1,271.2) (260.2) (1,011.0) (464.4) (141.4) (9.5) (170.9) (313.5) 170.9 (546.6) (228.1) (220.6) (82.6) - (14.5) (0.8) Ore reserve development (3,530.4) (998.9) (2,531.5) (477.9) - - - (477.9) - (2,053.6) (817.1) (839.6) (396.9) - - - - Growth projects (2,279.2) (1,574.0) (705.2) (57.7) - (57.1) - (0.6) - (647.5) (0.4) (141.8) (1.7) - (303.3) (200.3) - Total capital expenditure (7,080.8) (2,833.1) (4,247.7) (1,000.0) (141.4) (66.6) (170.9) (792.0) 170.9 (3,247.7) (1,045.6) (1,202.0) (481.2) - (317.8) (201.1) - 1 DRDGOLD’s performance is for five months ended 31 December 2018 since acquisition 2 Corporate and reconciling items represents the items to reconcile segment data to consolidated financial statement totals. This does not represent a separate segment as it does not generate mining revenue. Corporate includes net revenue generated through the Wheaton Stream settlement mechanism 3 Net other cash costs consist of care and maintenance, strike costs and other costs as detailed in profit or loss 4 Net other costs consists of gain on financial instruments, gain on foreign exchange differences, change in estimate of environmental rehabilitation obligation, and right of recovery receivable and payable, and other income. Corporate and reconciling items net other costs includes the share of results of equity-accounted investees after tax as detailed in profit or loss 5 Non-underlying items consists of gain on disposal of property, plant and equipment, impairments, gain on derecognition of borrowings and derivative financial instrument, occupational healthcare expense, restructuring costs, and transaction costs as detailed in profit or loss Figures in million - SA rand Group Total US PGM operations 2 Stillwater Total Southern Africa Total Kroondal Platinum Mimosa Rusten- Corporate and re- conciling items 1 Total Driefontein Kloof Beatrix Cooke Corporate and re- conciling items 1 2017 Revenue 45,911.6 9,161.6 36,750.0 13,276.4 2,861.5 194.1 1,687.7 10,220.8 (1,687.7) 23,473.6 8,076.9 8,845.1 4,875.8 1,676.5 (0.7) Underground 37,790.3 4,622.3 33,168.0 12,024.8 2,861.5 - 1,687.7 9,163.3 (1,687.7) 21,143.2 7,148.1 7,985.3 4,753.1 1,257.4 (0.7) Surface 3,582.0 - 3,582.0 1,251.6 - 194.1 - 1,057.5 - 2,330.4 928.8 859.8 122.7 419.1 - Recycling 4,539.3 4,539.3 - - - - - - - - - - - - - Cost of sales, before amortisation and depreciation (36,482.7) (7,011.7) (29,471.0) (11,591.8) (2,395.9) (129.8) (1,200.5) (9,066.1) 1,200.5 (17,879.2) (6,203.5) (5,762.7) (3,952.5) (1,960.5) - Underground (29,345.3) (2,634.8) (26,710.5) (10,678.3) (2,395.9) - (1,200.5) (8,282.4) 1,200.5 (16,032.2) (5,488.9) (5,109.5) (3,852.1) (1,581.7) - Surface (2,760.5) - (2,760.5) (913.5) - (129.8) - (783.7) - (1,847.0) (714.6) (653.2) (100.4) (378.8) - Recycling (4,376.9) (4,376.9) - - - - - - - - - - - - - Net other cash costs 3 (383.8) (7.3) (376.5) (90.6) (34.7) (12.6) 34.2 (41.8) (35.7) (285.9) (32.4) (37.9) (13.3) (243.4) 41.1 Adjusted EBITDA 9,045.1 2,142.6 6,902.5 1,594.0 430.9 51.7 521.4 1,112.9 (522.9) 5,308.5 1,841.0 3,044.5 910.0 (527.4) 40.4 Amortisation and depreciation (5,699.7) (1,431.4) (4,268.3) (760.8) (239.0) (2.6) (211.7) (514.7) 207.2 (3,507.5) (1,126.5) (1,404.5) (696.2) (256.4) (23.9) Interest income 415.5 51.8 363.7 158.0 57.0 2.1 8.8 96.6 (6.5) 205.7 77.6 71.1 18.4 12.5 26.1 Finance expense (2,971.8) (1,454.1) (1,517.7) (335.5) (90.7) - (10.0) (244.9) 10.1 (1,182.2) (220.9) (246.9) (128.4) (76.7) (509.3) Share-based payments (231.9) (4.9) (227.0) - - - - - - (227.0) (2.8) (1.8) (1.3) - (221.1) Net other 4 (779.1) (23.1) (756.0) (1,052.5) (181.7) 0.7 (11.0) (893.1) 32.6 296.5 24.1 23.4 (34.7) (76.9) 360.6 Non-underlying items 5 (6,759.1) (70.9) (6,688.2) (152.4) (9.0) - - (134.9) (8.5) (6,535.8) (74.9) (50.4) (675.3) (3,664.7) (2,070.5) Royalties (398.5) - (398.5) (73.2) (5.6) - (60.4) (67.6) 60.4 (325.3) (77.8) (189.3) (44.5) (13.7) - Current taxation (504.2) (98.9) (405.3) (19.9) - (9.3) (59.3) (10.0) 58.7 (385.4) (14.8) (350.1) (12.4) - (8.1) Deferred taxation 3,450.8 2,917.0 533.8 (15.4) (24.8) (4.3) (2.8) 12.7 3.8 549.2 (12.0) 61.4 245.3 1.5 253.0 Loss for the year (4,433.1) 2,028.1 (6,461.2) (657.7) (62.9) 38.3 175.0 (643.0) (165.1) (5,803.5) 412.8 957.4 (419.1) (4,601.8) (2,152.8) Attributable to: Owners of the parent (4,437.4) 2,028.1 (6,465.5) (660.9) (62.9) 35.1 175.0 (643.0) (165.1) (5,804.6) 412.8 957.4 (419.1) (4,601.8) (2,153.9) Non-controlling interest holders 4.3 - 4.3 3.2 - 3.2 - - - 1.1 - - - - 1.1 Sustaining capital expenditure (1,325.6) (226.9) (1,098.7) (567.6) (190.5) (11.0) (222.5) (366.1) 222.5 (531.1) (235.0) (210.2) (63.1) (8.5) (14.3) Ore reserve development (3,291.6) (538.6) (2,753.0) (465.0) - - - (465.0) - (2,288.0) (876.1) (876.2) (482.0) (53.7) - Growth projects (1,481.6) (888.3) (593.3) (2.3) - (2.3) - - - (591.0) (44.4) (147.1) (0.5) (11.7) (387.3) Total capital expenditure (6,098.8) (1,653.8) (4,445.0) (1,034.9) (190.5) (13.3) (222.5) (831.1) 222.5 (3,410.1) (1,155.5) (1,233.5) (545.6) (73.9) (401.6) 1 Corporate and reconciling items represents the items to reconcile segment data to consolidated financial statement totals. This does not represent a separate segment as it does not generate mining revenue 2 Stillwater’s performance is for eight months ended 31 December 2017 since acquisition 3 Net other cash costs consist of care and maintenance and other costs as detailed in profit or loss 4 Net other costs consists of loss on financial instruments, gain on foreign exchange differences, change in estimate of environmental rehabilitation obligation, and right of recovery receivable and payable, and other income. Corporate and reconciling items net other costs includes the share of results of equity-accounted investees after tax as detailed in profit or loss 5 Non-underlying items consists of gain on disposal of property, plant and equipment, impairments, occupational healthcare expense, restructuring costs, and transaction costs as detailed in profit or loss

REVENUE (Tables)

REVENUE (Tables)	12 Months Ended
	Dec. 31, 2019
REVENUE.
Disclosure of revenue from contracts with customers	Figures in million - SA rand Gold mining activities 18,644.2 19,656.7 23,473.6 PGM mining activities 39,219.6 23,355.4 17,898.7 Recycling activities 14,521.2 7,442.7 4,539.3 Stream 540.4 201.6 - Total revenue from contracts with customers 72,925.4 50,656.4 45,911.6 Revenue generated by operations are from the following geographical regions: Figures in million - SA rand Southern Africa 46,222.6 34,810.3 36,750.0 United States 26,702.8 15,846.1 9,161.6 Total revenue from contracts with customers 72,925.4 50,656.4 45,911.6
Schedule of revenue generated by product	Figures in million - SA rand Gold 18,882.1 21,434.2 PGMs 1 51,504.9 27,545.7 Platinum 13,013.2 9,233.9 Palladium 28,031.0 15,282.3 Rhodium 9,338.1 2,236.0 Iridium 649.6 442.9 Ruthenium 473.0 350.6 Chrome 1,749.3 1,128.9 Nickel 617.9 383.0 Other 171.2 164.6 Total revenue 72,925.4 50,656.4 1 In line with Sibanye-Stillwater’s mine-to-market PGM strategy and according to the processing agreements with Anglo American Platinum Limited (AAP), the processing arrangement for SRPM production changed from a Purchase of Concentrate arrangement (PoC) to a Toll processing arrangement (Toll arrangement) from 1 January 2019

COST OF SALES (Tables)

COST OF SALES (Tables)	12 Months Ended
	Dec. 31, 2019
COST OF SALES.
Schedule of cost of sales	Figures in million - SA rand Notes Salaries and wages (21,215.6) (15,710.3) (15,323.0) Consumable stores (12,784.3) (9,327.9) (8,789.4) Utilities (6,089.3) (5,049.2) (4,930.1) Mine contracts (3,566.4) (3,197.6) (2,956.9) Recycling 1 (13,968.6) (7,196.5) (4,376.9) Other (1,878.0) (4,564.0) (3,398.0) Ore reserve development costs capitalised 3,401.8 3,530.3 3,291.6 Cost of sales, before amortisation and depreciation (56,100.4) (41,515.2) (36,482.7) Amortisation and depreciation (7,214.1) (6,613.8) (5,699.7) Total cost of sales (63,314.5) (48,129.0) (42,182.4) 1 Recycling cost consists of cost relating to the purchasing of spent catalytic material and the cost incurred to convert the spent catalytic material into finished PGMs

Finance expense (Tables)

Finance expense (Tables)	12 Months Ended
	Dec. 31, 2019
Finance expense
Schedule of finance expense	Figures in million - SA rand Notes Interest charge on: Borrowings - interest (1,444.9) (1,572.5) (2,091.9) Borrowings - accrued interest and unwinding of amortised cost (374.4) (538.3) (251.8) Lease liabilities (33.9) - - Environmental rehabilitation obligation (578.7) (398.8) (357.1) Occupational healthcare obligation (115.5) (105.4) (46.4) Deferred Payment (related to the Rustenburg operation acquisition) (179.0) (200.4) (148.2) Dissenting shareholders (21.2) (68.1) (62.9) Deferred revenue 1 (352.3) (160.3) - Deferred consideration (related to Pandora acquisition) (40.5) - - Other (162.1) (90.9) (13.5) Total finance expense (3,302.5) (3,134.7) (2,971.8) 1 For the year ended 31 December 2019, interest expense includes R352.3 million (2018: R160.3 million) of non-cash interest expense relating to streaming arrangements. Although there is no cash financing cost related to this arrangement, IFRS 15 requires the Group to recognise a notional financing charge due to the significant time delay between receiving the upfront streaming payment and satisfying the related performance obligations. A discount rate of 4.6% and 5.2% was used for the Wheaton palladium and gold stream respectively and 11.5% was used for the BTT stream in determining the finance costs to be recognised as part of the steaming transactions entered into

SHARE-BASED PAYMENTS (Tables)

SHARE-BASED PAYMENTS (Tables)	12 Months Ended
	Dec. 31, 2019
SHARE-BASED PAYMENTS
Expenses from share based payment arrangements	Figures in million - SA rand Notes Sibanye-Stillwater 2017 Share Plan (equity-settled scheme) (194.4) (139.2) (9.0) Performance shares (194.4) (139.2) (9.0) Sibanye Gold Limited 2013 Share Plan (equity-settled scheme) (95.9) (142.5) (208.4) Performance shares (95.9) (142.5) (186.3) Bonus shares - - (22.1) Sibanye Gold Limited Phantom Share Scheme - - (11.2) Stillwater (cash-settled scheme) (8.9) (14.5) (3.3) DRDGOLD (cash-settled scheme) 1 (64.1) (3.2) - Total share-based payment expense (363.3) (299.4) (231.9) 1 The DRDGOLD share-based payment expense represents a cash-settled long-term incentive scheme in which phantom shares were issued. The increase in expense relates mainly to the remeasurement of the cash-settled liability over the vesting period and an increase in the seven day volume weighted average price of the DRDGOLD share price
Disclosure of information about key management personnel [text block]	The executive directors and prescribed officers were paid the following remuneration during the year: Figures in thousands - SA rand Salary Cash bonus accrued for 2018 paid in 2019 Accrual of Bonus Share awards and Performance Share proceeds Pension scheme total contributions Expense allowance and other benefits Executive directors Neal Froneman 1 12,521 10,482 6,989 912 1,013 31,917 35,760 Charl Keyter 6,295 4,994 3,329 899 507 16,024 17,697 Prescribed officers Chris Bateman 2 8,919 4,481 2,988 318 8,583 25,289 16,885 Shadwick Bessit 4,186 3,252 2,168 739 250 10,595 688 Hartley Dikgale 3,721 2,235 1,490 260 192 7,898 8,761 Dawie Mostert 3,833 2,808 1,872 523 248 9,284 10,112 Themba Nkosi 3,797 2,424 1,616 280 - 8,117 7,265 Wayne Robinson 4,511 2,940 1,960 366 267 10,044 10,925 Richard Stewart 3,947 2,828 1,885 438 330 9,428 12,986 Robert van Niekerk 5,083 4,567 3,045 565 287 13,547 13,508 Total 56,813 41,011 27,342 5,300 11,677 142,143 134,587 1 Entered into a dual service contract with effect 1 May 2018. Remuneration paid in US dollars was converted at the average exchange rate of R14.46/US$ for the year ended 31 December 2019 2 Remuneration paid in US dollars was converted at the average exchange rate of R14.46/US$ for the year ended 31 December 2019. The other (cash) benefit represents the contracted payout of benefits arising from the treatment of unvested share-based remuneration in respect of the Stillwater Mining Company share plan, which comprised shares granted in the form of time-based restricted stock unit awards and performance-based restricted stock unit awards. In accordance with the change of control provisions of the Stillwater Mining Company share plan, on the acquisition of Stillwater Mining Company by Sibanye-Stillwater all shares (i.e. time-based restricted stock unit awards and performance-based restricted stock unit awards) were converted to a cash settlement at US$18/share with phased payments. No further performance criteria were to be applied with settlement subject to the prescribed officer remaining in the employment of Sibanye-Stillwater at 31 December to qualify for the payment. The final tranche was payable at 31 December 2019 The non-executive directors were paid the foll owing fees during the year: Figures in thousands - SA rand Directors fees Committee fees Expense allowance Tim Cumming 998 692 105 1,795 1,698 Savannah Danson 998 611 - 1,609 1,480 Barry Davison 1 404 262 - 666 1,649 Harry Kenyon-Slaney 2 1,103 596 - 1,699 - Rick Menell 998 833 - 1,831 1,723 Sello Moloko 1,407 - - 1,407 1,802 Nkosemntu Nika 998 611 - 1,609 1,435 Keith Rayner 998 784 99 1,881 1,723 Sue van der Merwe 998 611 - 1,609 1,491 Jerry Vilakazi 998 364 - 1,362 1,289 Vincent Maphai 3 340 482 - 822 - Total 10,240 5,846 204 16,290 14,290 1 Resigned as a non-executive director on 28 May 2019 2 Appointed as a non-executive director on 16 January 2019 3 Appointed as a non-executive chairman of the board on 1 June 2019 The directors’ and prescribed officers’ share ownership at 31 December 2019 was 1 : Number of shares % Executive directors Neal Froneman 3 4,858,723 4,555,954 0.18 0.20 Charl Keyter 3 1,673,316 1,530,119 0.06 0.07 Non-executive directors - Tim Cumming 2 242 106 - - Barry Davison 4 - 1,567,710 - 0.07 Rick Menell 2 108,625 108,625 - - Sello Moloko 4 - 111,534 - - Keith Rayner 2 68,992 68,992 - - Sue van der Merwe 2 1,028 1,028 - - Total share ownership by directors 6,710,926 7,944,068 Prescribed officers Chris Bateman 3 32,747 32,747 - - Shadwick Bessit 3 31,652 219,782 - 0.01 Hartley Dikgale 3 184,311 114,744 0.01 0.01 Dawie Mostert 3 38,975 50,743 - - Themba Nkosi 3 796 19,107 - - Wayne Robinson 3 73,292 39,321 - - Richard Stewart 3 362,747 421,653 0.01 0.02 Robert van Niekerk 3 257,732 271,537 0.01 0.01 Total 7,693,178 9,113,702 1 Following the scheme of arrangement between Sibanye Gold Limited and Sibanye Stillwater Limited, effective 24 February 2020, the Directors’ shareholdings are in Sibanye Stillwater Limited. On the effective date of the scheme of arrangement, Sibanye Stillwater Limited owns 100% of the issued share capital of Sibanye Gold Limited 2 Share ownership in Sibanye Stillwater Limited 1 at the date of this report is unchanged 3 Share ownership in Sibanye Stillwater Limited 1 at the date of this report was: · Neal Froneman - 5,167,082 shares · Charl Keyter - 1,846,767 shares · Chris Bateman - 130,988 shares · Shadwick Bessit - 124,707 shares · Hartley Dikgale - 283,079 shares · Dawie Mostert – 27,118 shares · Themba Nkosi - 89,290 shares · Wayne Robinson - 184,333 shares · Richard Stewart - 495,303 shares · Robert van Niekerk - 501,057 shares 4 Resigned during 2019
Reconciliation of the share-based payment obligations	Figures in million - SA rand Share-based payment on BEE transaction 1,367.6 149.7 399.5 Share-based payment 57.5 76.0 35.0 Balance at end of the year 1,425.1 225.7 434.5 Reconciliation of the share-based payment obligations Balance at beginning of the year 225.7 434.5 481.7 Share-based payments expense 73.0 17.7 14.5 Fair value loss/(gain) on obligations 1 1,217.9 (249.9) 171.5 Cash-settled share-based payments paid 2 (90.9) (21.7) (433.6) Share-based payment obligation on acquisition of subsidiary - 45.1 200.4 Foreign currency translation (0.6) - - Balance at end of the year 1,425.1 225.7 434.5 Reconciliation of the non-current and current portion Share-based payment obligations 1,425.1 225.7 434.5 Current portion of share-based payment obligations (82.1) (56.8) (12.3) Non-current portion of share-based payment obligations 1,343.0 168.9 422.2 1 The fair value adjustment at reporting date is included in loss on financial instruments in profit or loss and not as part of share-based payments expense 2 Payments made during the year relates to vesting of shares to employees
Sibanye 2017 and 2013 Share Plan [Member]
SHARE-BASED PAYMENTS
Disclosure of information about key management personnel [text block]	Instruments granted Equity-settled instruments Instruments forfeited Number of instruments Number of instruments Number of instruments Average Share Number of instruments Number of instruments Executive directors Neal Froneman 7,765,494 3,302,443 552,074 22.40 12,368,821 868,300 9,647,563 Charl Keyter 3,891,588 1,460,066 267,654 22.51 6,026,128 394,554 4,689,446 Prescribed officers Chris Bateman 2,377,917 1,831,070 232,973 24.32 5,666,514 - 3,976,014 Shadwick Bessit 1,713,797 613,949 160,409 21.74 3,487,293 238,480 1,928,857 Hartley Dikgale 1,734,599 735,088 130,027 22.52 2,927,623 183,696 2,155,964 Dawie Mostert 2,039,260 810,486 150,643 22.40 3,373,689 236,555 2,462,548 Themba Nkosi 1,605,157 749,968 115,670 24.02 2,778,700 76,259 2,163,196 Wayne Robinson 2,082,811 898,669 146,629 22.44 3,290,222 254,904 2,579,947 Richard Stewart 2,428,496 940,812 162,656 22.81 3,709,672 249,433 2,957,219 Robert van Niekerk 3,121,139 1,308,919 231,063 22.42 5,179,367 274,278 3,924,717
Sibanye Stillwater 2017 Share Plan [Member]
SHARE-BASED PAYMENTS
Summary of percentile on peer group	TSR element of performance conditions Percentile on peer group TSR curve % vesting 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Summary of return on capital employed	ROCE element of performance condition Annual ROCE % vesting ≤K e K e + 1% K e + 2% K e + 3% K e + 4% K e + 5% K e + 6%
Summary of activity of other equity instruments	Performance Bonus shares shares Number of instruments - 12,953,888 48,535,348 Outstanding at beginning of the year 3,269,210 - - Movement during the year: 2,376,742 41,103,872 30,512,439 Granted during the year 3,994,507 5,977,437 - 10,933,066 - - Supplementary awards related to the SGL 2013 Plan - - - (105,449) (1,457,586) - Exercised and released (5,823,174) (2,348,445) - (250,471) (3,995,018) (765,896) Forfeited (917,461) (359,782) - - (69,808) (10,045,449) Condition forfeited 2,059,407 - - 12,953,888 48,535,348 68,236,442 Outstanding at end of the year 2,582,489 3,269,210 -
Sibanye 2013 Share Plan - Allocations From March 2016 Onwards [Member]
SHARE-BASED PAYMENTS
Inputs to the models for equity instruments granted during the year	Performance Bonus shares shares MONTE CARLO SIMULATION Weighted average historical volatility (based on a statistical analysis of the share price on a weighted moving average basis for the expected term of the option) n/a 3 3 3 Expected term (years) n/a n/a n/a n/a n/a n/a Expected term (months) 9 - 18 9 - 18 9 - 18 Expected dividend yield 2.14% / 2.30% Weighted average three-year risk-free interest rate (based on SA interest rates) 7.06% / 7.07% 6.87% / 6.77% n/a n/a n/a Marketability discount n/a n/a 1.27% / 0.50% 24.07 6.86 11.17 Weighted average fair value 15.58 11.43 24.84 / 24.14
Summary of activity of other equity instruments	Performance shares Bonus shares Number of instruments 10,610,779 19,379,386 15,215,982 Outstanding at beginning of the year - 446,469 250,827 Movement during the year: 12,851,131 - - Granted during the year - - 2,421,522 (2,616,050) (2,523,162) (467,017) Exercised and released - (415,579) (2,126,415) (1,466,474) (1,514,145) (3,602,595) Forfeited - (30,890) (99,465) - (126,097) 11,090 Condition forfeited - - - 19,379,386 15,215,982 11,157,460 Outstanding at end of the year - - 446,469

OTHER COSTS (Tables)

OTHER COSTS (Tables)	12 Months Ended
	Dec. 31, 2019
OTHER COSTS
Schedule of other costs	Figures in million - SA rand Included in other costs are the following: Care and maintenance (765.9) (576.5) (249.2) Change in estimate of environmental rehabilitation obligation, (88.9) 66.6 (248.9) Strike related costs (402.3) (31.7) - Service entities costs (129.9) 102.0 -

IMPAIRMENT (Tables)

IMPAIRMENT (Tables)	12 Months Ended
	Dec. 31, 2019
IMPAIRMENTS
Schedule of impairments	Figures in million - SA rand Notes Impairment of property, plant and equipment (5.1) (2,603.3) (4,303.4) Impairment of goodwill (54.3) (436.3) (99.1) Impairment of equity-accounted investee (12.3) - - Impairment of loan to equity-accounted investee (14.3) (1.8) (8.5) Total impairments (86.0) (3,041.4) (4,411.0)

Mining and income tax (Tables)

Mining and income tax (Tables)	12 Months Ended
	Dec. 31, 2019
Mining and income tax
Schedule of royalty tax expense	Figures in million - SA rand Current charge (431.0) (255.5) (398.5) SA gold revenue (73.7) (93.5) (325.3) SA PGM revenue (357.3) (162.0) (73.2) Prior year tax refund - 42.9 - Total royalties (431.0) (212.6) (398.5)
Schedule of mining and income tax expense	Figures in million - SA rand Note Current tax (1,848.7) (95.3) (504.2) Mining tax (1,363.9) (36.8) (425.2) Non-mining tax 3.1 (57.6) (70.6) Company and capital gains tax (487.9) (0.9) (8.4) Deferred tax 3,581.7 (988.5) 3,450.8 Deferred tax charge 2,030.7 306.7 879.7 Deferred tax rate adjustment 1 1,551.0 (1,295.2) 2,571.1 Total mining and income tax 1,733.0 (1,083.8) 2,946.6 1 The deferred tax rate adjustment in South Africa and the US was: Figures in million - SA rand South Africa (23.1) 249.5 39.6 United States 1,574.1 (1,544.7) 2,531.5 Deferred tax rate adjustment 1,551.0 (1,295.2) 2,571.1
Schedule of reconciliation of the Group’s mining and income tax to the South African statutory company tax rate	Figures in million - SA rand Tax on loss before tax at maximum South African statutory company tax rate (28%) 364.1 402.3 2,066.3 South African gold mining tax formula rate adjustment (192.6) (53.0) 157.6 US statutory tax rate adjustment 205.4 19.4 57.3 Non-deductible amortisation and depreciation (14.7) (21.2) (0.9) Non-taxable dividend received 2.1 15.4 - Non-deductible finance expense (86.3) (118.2) (165.8) Non-deductible share-based payments (81.3) (78.9) (58.4) (Non-deductible loss)/non-taxable gain on fair value of financial instruments (571.1) 136.9 (42.9) Non-taxable gain on foreign exchange differences - 250.3 45.0 Non-taxable share of results of equity-accounted investees 201.9 96.4 81.6 Non-deductible impairments (21.9) (123.2) (1,054.9) Non-taxable gain on acquisition 308.8 - - Non-deductible transaction costs (94.4) (110.0) (154.6) Tax adjustment in respect of prior periods 12.4 51.4 - Net other non-taxable income and non-deductible expenditure 533.5 121.0 (251.7) Change in estimated deferred tax rate 1,551.0 (1,295.2) 2,571.1 Deferred tax assets not recognised (383.9) (377.2) (303.1) Mining and income tax 1,733.0 (1,083.8) 2,946.6
Schedule of deferred tax	Figures in million - SA rand Notes Included in the statement of financial position as follows: Deferred tax assets (288.9) (76.9) (206.2) Deferred tax liabilities 6,656.8 10,153.2 8,525.2 Net deferred tax liabilities 6,367.9 10,076.3 8,319.0 Reconciliation of the deferred tax balance: Balance at beginning of the year 10,076.3 8,319.0 4,687.2 Deferred tax recognised in profit or loss (3,581.7) 988.5 (3,450.8) Deferred tax recognised in other comprehensive income - (22.8) (27.7) Deferred tax on acquisition of subsidiaries - 132.2 7,486.3 Foreign currency translation (126.7) 659.4 (376.0) Balance at end of the year 6,367.9 10,076.3 8,319.0
Schedule of components of net deferred tax liabilities	Figures in million - SA rand Deferred tax liabilities Mining assets 9,759.5 11,344.4 9,642.6 Environmental rehabilitation obligation funds 682.3 507.7 600.7 Other 208.7 284.7 47.5 Gross deferred tax liabilities 10,650.5 12,136.8 10,290.8 Deferred tax assets Environmental rehabilitation obligation (1,109.2) (989.2) (840.7) Occupational healthcare obligation (333.3) (302.7) (299.7) Other provisions (498.5) (464.1) (434.0) Financial instruments (1,351.3) - - Tax losses and unredeemed capital expenditure (990.3) (304.5) (397.4) Gross deferred tax assets (4,282.6) (2,060.5) (1,971.8) Net deferred tax liabilities 6,367.9 10,076.3 8,319.0
Detailed components of the net deferred tax liabilities and estimated amounts available for set-off against future income	Figures in million - SA rand Tax losses Wits Gold 63.5 63.9 64.6 Ezulwini 2,156.7 2,230.2 2,591.1 Rand Uranium 1,259.4 1,132.7 886.6 DRDGOLD 26.2 37.3 - Western Platinum Limited 839.9 - - Eastern Platinum Limited 539.2 - - Other - SA region 12.9 15.9 15.9 Total gross tax losses 4,897.8 3,480.0 3,558.2 Other deductible temporary differences Burnstone 15,207.4 13,419.8 11,306.8 Ezulwini 3,597.4 3,208.4 2,923.7 Rand Uranium 4,200.3 4,115.7 4,045.7 DRDGOLD 494.6 602.9 - Western Platinum Limited 7,926.6 - - Eastern Platinum Limited 3,123.9 - - Akanani 685.1 - - Messina Platinum Limited 2,867.5 - - Ridge Mining Services Proprietary Limited 677.5 715.5 499.5 Stillwater Canada Inc 1,385.4 1,916.4 1,550.8 Other - SA region 63.6 48.9 54.2 Other - US region 165.3 172.0 183.3 Total gross tax losses and other deductible temporary differences 45,292.4 27,679.6 24,122.2 Deferred tax assets not recognised Wits Gold 17.8 17.9 18.1 Burnstone 4,258.1 3,757.5 3,165.9 Ezulwini 1,611.1 1,522.8 1,544.1 Rand Uranium 1,528.7 1,469.6 - DRDGOLD 145.8 130.0 - Western Platinum Limited 2,454.6 - - Eastern Platinum Limited 1,025.7 - - Akanani 191.8 - - Messina Platinum Limited 802.9 - - Ridge Mining Services Proprietary Limited 189.7 200.3 139.9 Stillwater Canada Inc 351.6 395.4 284.4 Other - SA region 21.5 18.1 19.6 Other - US region 37.5 53.2 70.9 Total deferred tax assets not recognised 12,636.8 7,564.8 5,242.9
Schedule of tax and royalties receivables and payables	Figures in million - SA rand Notes Included in the statement of financial position as follows: Tax receivable (355.1) (483.2) (182.8) Tax, carbon tax and royalties payable 508.9 88.0 34.9 Net tax, carbon tax and royalties payable/(receivable) 153.8 (395.2) (147.9) Reconciliation of the net tax, carbon tax and royalties payable/(receivable) balance: Balance at beginning of the year (395.2) (147.9) 88.6 Royalties, carbon tax and current tax 9.1, 9.2 2,292.6 307.9 902.7 Royalties and tax paid (1,818.9) (542.2) (899.3) Royalties paid (411.5) (234.4) (387.4) Tax paid (1,407.4) (307.8) (511.9) Tax payable on acquisition of subsidiaries 68.7 4.4 (260.4) Other 18.6 - - Foreign currency translation (12.0) (17.4) 20.5 Balance at end of the year 153.8 (395.2) (147.9)

Earnings per share (Tables)

Earnings per share (Tables)	12 Months Ended
	Dec. 31, 2019
Earnings per share
Earnings per share	Basic earnings per share Basic EPS is calculated by dividing the profit or loss attributable to owners of Sibanye-Stillwater by the weighted average number of ordinary shares in issue during the year. Weighted average number of shares Ordinary shares in issue (’000) 2,670,029 2,266,261 2,168,721 Bonus element of the capitalisation issue (’000) - - 86,749 Adjustment for weighting of ordinary shares in issue (’000) (162,446) (2,404) (321,620) Weighted average number of shares (’000) 2,507,583 2,263,857 1,933,850 Profit attributable to owners of Sibanye-Stillwater (SA rand million) 62.1 (2,499.6) (4,437.4) Basic EPS (cents) 2 (110) (229) 10.2 Diluted earnings per share Diluted EPS is calculated by dividing the profit attributable to owners of Sibanye-Stillwater by the diluted number of ordinary shares in issue during the year. Dilutive shares are the number of potentially dilutive ordinary shares that could be issued as a result of share options granted to employees under the share option schemes (refer to note 6). As at 31 December 2018 and 2017, these were anti-dilutive. Diluted weighted average number of shares Weighted average number of shares (’000) 2,507,583 2,263,857 1,933,850 Potential ordinary shares (’000) 71,372 - - Diluted weighted average number of shares (’000) 2,578,955 2,263,857 1,933,850 Diluted basic EPS (cents) 2 (110) (229)
Headline earnings per share	Headline EPS is calculated by dividing the headline earnings attributable to owners of Sibanye-Stillwater by the weighted average number of ordinary shares in issue during the year. Reconciliation of profit/(loss) attributable to owners of Sibanye-Stillwater to headline earnings: Figures in million - SA rand Notes Gross Net of tax 2019 Profit attributable to owners of Sibanye-Stillwater 62.1 Gain on disposal of property, plant and equipment (76.6) (57.9) Impairments 86.0 66.6 Impairment recognised by equity accounted associate 21.0 21.0 Gain on acquisition (1,103.0) (1,103.0) Re-measurement items, attributable to non-controlling interest 3.0 Headline earnings (1,008.2) Headline EPS (cents) (40) 2018 Loss attributable to owners of Sibanye-Stillwater (2,499.6) Gain on disposal of property, plant and equipment (60.2) (47.9) Impairments 3,041.4 2,530.9 Headline earnings (16.6) Headline EPS (cents) (1) 2017 Loss attributable to owners of Sibanye-Stillwater (4,437.4) Gain on disposal of property, plant and equipment (40.7) (29.3) Impairments 4,411.0 4,242.8 Headline earnings (223.9) Headline EPS (cents) (12) 10.4 Diluted headline earnings per share Diluted headline EPS is calculated by dividing the headline earnings attributable to owners of Sibanye-Stillwater by the diluted weighted average number of ordinary shares in issue during the year. Diluted headline EPS (cents) (40) (1) (12)

Dividends (Tables)

Dividends (Tables)	12 Months Ended
	Dec. 31, 2019
Dividends
Schedule of Cash flows from dividends paid are classified under operating activities	Figures in million - SA rand Dividend declared and paid - - 558.2 Dividend per share - cents - - 60
Schedule of Reconciliation of (loss)/profit attributable to the owners	Figures in million - SA rand Profit/(loss) attributable to the owners of Sibanye-Stillwater 62.1 (2,499.6) (4,437.4) Adjusted for: Loss/(gain) on financial instruments 6,015.1 (1,704.1) 1,114.4 Gain on foreign exchange differences (325.5) (1,169.1) (292.4) Gain on disposal of property, plant and equipment (76.6) (60.2) (40.7) Impairments 86.0 3,041.4 4,411.0 Gain on acquisition (1,103.0) - - Restructuring costs 1,252.4 142.8 729.8 Transaction costs 447.8 402.5 552.1 Gain on derecognition of borrowings and derivative financial instrument - (230.0) - Occupational healthcare expense (39.6) 15.4 1,106.9 Other - 18.7 52.7 Change in estimated deferred tax rate (1,551.0) 1,295.2 (2,571.1) Share of results of equity-accounted investees after tax (721.0) (344.2) (291.6) Tax effect of the items adjusted above (1,643.8) (345.7) (813.4) NCI effect of the items listed above (42.7) - - Normalised earnings 1 2,360.2 (1,436.9) (479.7)

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2019
PROPERTY, PLANT AND EQUIPMENT
Schedule of carrying value of property, plant and equipment	Figures in million - SA rand Notes Total Mine Land, mineral Exploration 2019 Cost Balance at beginning of the year 99,994.6 72,811.2 25,095.3 2,088.1 Additions 7,803.0 7,790.9 0.4 11.7 Change in estimates of rehabilitation assets 101.0 (99.4) 200.4 - Disposals (281.8) (281.2) (0.6) - Derecognition of property, plant and equipment (2,409.9) (695.0) (1,714.9) - Transfers between classes of property, plant and equipment - (94.9) 94.9 - Transfers to right-of-use assets (18.8) (18.8) - - Assets acquired on acquisition of subsidiaries 3,158.6 3,152.1 6.5 - Assets derecognised on loss of control of subsidiary (62.7) - - (62.7) Foreign currency translation (998.9) (518.3) (472.5) (8.1) Balance at end of the year 107,285.1 82,046.6 23,209.5 2,029.0 Accumulated depreciation, amortisation and impairment Balance at beginning of the year 45,436.4 38,576.2 5,276.4 1,583.8 Amortisation and depreciation 7,102.4 6,275.2 788.2 39.0 Impairment 5.1 - - 5.1 Disposals (257.4) (257.4) - - Derecognition of property, plant and equipment (2,409.9) (695.0) (1,714.9) - Transfers to right-of-use assets (15.5) (15.5) - - Depreciation capitalised to inventory 111.4 111.4 - - Foreign currency translation (167.6) (117.4) (47.1) (3.1) Balance at end of the year 49,804.9 43,877.5 4,302.6 1,624.8 Carrying value at end of the year 57,480.2 38,169.1 18,906.9 404.2 1 During the year, amortisation and depreciation on assets used in the development of the Blitz project was capitalised. As a result, additions includes non-cash additions (or amortisation and depreciation capitalised) of R85.5 million Figures in million - SA rand Notes Total Mine Land, mineral Exploration 2018 Cost Balance at beginning of the year 101,720.7 76,529.2 21,807.9 3,383.6 Additions 1 7,107.5 7,034.6 (0.5) 73.4 Change in estimates of rehabilitation assets 618.8 - 618.8 - Disposals (171.2) (168.1) (3.1) - Derecognition of property, plant and equipment 2 (14,416.4) (14,287.7) (128.7) - Transfers between classes of property, plant and equipment - 192.8 134.5 (327.3) Assets acquired on acquisition of subsidiaries 1,443.2 1,325.0 50.0 68.2 Assets derecognised on loss of control of subsidiary (1,322.3) (12.5) - (1,309.8) Foreign currency translation 5,014.3 2,197.9 2,616.4 200.0 Balance at end of the year 99,994.6 72,811.2 25,095.3 2,088.1 Accumulated depreciation, amortisation and impairment Balance at beginning of the year 50,276.1 44,308.9 4,471.0 1,496.2 Amortisation and depreciation 6,640.6 5,900.8 739.8 - Impairment 2,603.3 2,461.5 70.8 71.0 Disposals (77.2) (75.9) (1.3) - Derecognition of property, plant and equipment 2 (14,416.4) (14,287.7) (128.7) - Assets derecognised on loss of control of subsidiary (10.9) (10.9) - - Foreign currency translation 420.9 279.5 124.8 16.6 Balance at end of the year 45,436.4 38,576.2 5,276.4 1,583.8 Carrying value at end of the year 54,558.2 34,235.0 19,818.9 504.3 1 During the year, amortisation and depreciation on assets used in the development of the Burnstone project was capitalised. As a result, additions includes non-cash additions (or amortisation and depreciation capitalised) of R26.8 million 2 During the year, short-term ore reserve development, which was capitalised up to 31 December 2016 and fully depreciated by 2018, was derecognised as no future economic benefits are expected from its use Figures in million - SA rand Notes Total Mine Land, mineral Exploration 2017 Cost Balance at beginning of the year 67,689.8 59,904.4 5,714.4 2,071.0 Additions 1 6,140.6 5,979.1 95.3 66.2 Change in estimates of rehabilitation assets (187.8) - (187.8) - Disposals (142.3) (134.1) (7.9) (0.3) Assets acquired on acquisition of subsidiaries 29,948.6 11,513.6 17,115.2 1,319.8 Foreign currency translation (1,728.2) (733.8) (921.3) (73.1) Balance at end of the year 101,720.7 76,529.2 21,807.9 3,383.6 Accumulated depreciation, amortisation and impairment Balance at beginning of the year 40,449.1 38,341.9 2,107.2 - Amortisation and depreciation 5,741.6 5,067.6 674.0 - Impairment 4,303.4 1,504.6 1,300.3 1,498.5 Disposals (111.7) (534.2) 422.5 - Foreign currency translation (106.3) (71.0) (33.0) (2.3) Balance at end of the year 50,276.1 44,308.9 4,471.0 1,496.2 Carrying value at end of the year 51,444.6 32,220.3 17,336.9 1,887.4 1 During the year, amortisation and depreciation on assets used in the development of the Burnstone project was capitalised. As a result, additions includes non-cash additions (or amortisation and depreciation capitalised) of R41.8 million.

Right-of-use asset (Tables)

Right-of-use asset (Tables)	12 Months Ended
	Dec. 31, 2019
Right-of-use asset
Summary of right-of-use asset	Figures in million - SA rand Notes Impact of adopting IFRS 16 on 1 January 2019 302.0 - - Additions and modifications 43.6 - - Right-of-use assets acquired on acquisition of subsidiaries 133.3 - - Depreciation (111.7) - - Transfers and other movements (5.7) - - Foreign currency translation (0.6) - - Balance at end of the year 360.9 - -

Acquisitions - (Tables)

Acquisitions - (Tables)	12 Months Ended
	Dec. 31, 2019
Lonmin
Disclosure of detailed information about business combination [line items]
Schedule of consideration paid for acquisition	Figures in million Equity instruments (290,394,531 ordinary shares) 4,306.6 Total consideration 4,306.6
Schedule of identifiable assets acquired and liabilities assumed in acquisition	Figures in million Notes Property, plant and equipment 3,158.6 Right-of-use assets 133.3 Other investments 320.8 Environmental rehabilitation obligation funds 443.2 Other non-current assets 395.0 Inventories 5,219.5 Trade and other receivables 925.3 Other current assets 14.6 Cash and cash equivalents 2,999.3 Lease liabilities (133.3) Environmental rehabilitation obligation and other provisions (1,696.9) Other non-current liabilities (863.0) Borrowings (2,574.8) Trade and other payables (2,585.7) Other current liabilities (99.3) Total fair value of identifiable net assets acquired 1 5,656.6 1 Fair value of assets and liabilities excluding property, plant and equipment, inventories, borrowings, non-current liabilities and environmental rehabilitation obligation approximate the carrying value The fair value of property, plant and equipment was based on the expected discounted cash flows of the expected ore reserves and costs to extract the ore discounted at a real discount rate of 13.5% for the Marikana operations, an average platinum price of US$1,025/oz and an average palladium price of US$1,170/oz The fair value of inventories was based on the estimated selling price less costs to complete and costs to sell The fair value of borrowings is based on the settlement price. The Group restructured the Lonmin group entities funding arrangements to optimise financing costs. The Lonmin Pangaea Investments Management Limited (PIM) prepayment arrangement of US$174.3 million was fully settled by cash on hand and available within the Lonmin group on 5 July 2019 The fair value of other non-current liabilities is calculated based on a discounted cash flows using an effective discount rate of 12.5% The fair value of environmental rehabilitation obligation is calculated with updated life of mines used in the discounted cash flows of property, plant and equipment
Schedule of gain on acquisition	Figures in million Consideration 4,306.6 Fair value of identifiable net assets acquired (5,656.6) Non-controlling interest, based on the proportionate interest in the recognised amounts of assets and liabilities 1 247.0 Gain on acquisition (1,103.0) 1 The amount recognised as non-controlling interest represents the non-controlling interest holders’ effective proportionate share in the fair value of the identifiable net assets acquired
SFA Oxford Limited [Member]
Disclosure of detailed information about business combination [line items]
Schedule of goodwill arising from acquisition	Figures in million SA rand Consideration 127.1 Fair value of identifiable net assets acquired (4.4) Goodwill 122.7
Qinisele Resources [Member]
Disclosure of detailed information about business combination [line items]
Schedule of goodwill arising from acquisition	Figures in million SA rand Consideration 54.8 Fair value of identifiable net assets acquired (0.5) Goodwill 54.3
DRDGOLD Limited
Disclosure of detailed information about business combination [line items]
Schedule of identifiable assets acquired and liabilities assumed in acquisition	Figures in million Notes Property, plant and equipment1 1,443.2 Environmental rehabilitation obligation funds 244.7 Other non-current assets 28.7 Inventories 243.5 Trade and other receivables 138.4 Cash and cash equivalents 282.8 Environmental rehabilitation obligation and other provisions (672.7) Deferred tax liabilities (132.2) Other non-current liabilities (54.9) Trade and other payables (337.1) Other current liabilities (17.6) Total fair value of identifiable net assets acquired 1,166.8 1 The fair value of property, plant and equipment was based on the expected discounted cash flows of the expected ore reserves and costs to extract the ore discounted at a real discount rate of 9.3% and an average gold price of R580,000/kg
Schedule of goodwill arising from acquisition	Figures in million Note SA rand Transaction with DRDGOLD shareholders (Consideration) 1 261.4 Fair value of identifiable net assets acquired (1,166.8) Non-controlling interest, based on the proportionate interest in the recognised amounts of assets and liabilities 2 940.3 Goodwill 34.9 1 The purchase consideration was calculated as 61.95% of the fair value of Far West Gold Recoveries assets and liabilities. The fair value of assets and liabilities, excluding property, plant and equipment, approximate the carrying value. The fair value of property, plant and equipment was based on the expected discounted cash flows of the expected ore reserves and costs to extract the ore discounted at a real discount rate of 13.8%, an average gold price of R580,000/kg. Although Sibanye-Stillwater exchanged (i.e. disposed) the Far West Gold Recoveries assets and liabilities, the Group effectively retains control. The transaction with DRDGOLD shareholders, therefore, represents the difference between 61.95% of the fair value and carrying value of Far West Gold Recoveries assets and liabilities 2 Non-controlling interest was based on the proportionate interest (of 61.95%) in the carrying value of the Far West Gold Recoveries assets and liabilities, and fair value of the DRDGOLD net assets and liabilities acquired
Stillwater
Disclosure of detailed information about business combination [line items]
Schedule of consideration paid for acquisition	Figures in million Note US dollar SA rand Cash 2,080.7 27,174.5 Liability raised in respect of dissenting shareholders 104.5 1,364.3 Settlement of share-based payment awards (cash) 16.2 211.9 Total consideration 2,201.4 28,750.7
Schedule of identifiable assets acquired and liabilities assumed in acquisition	Figures in million Notes US dollar SA rand Property, plant and equipment 2,293.2 29,948.6 Other non-current assets 6.9 90.8 Inventories 159.7 2,085.4 Current investments 278.9 3,642.2 Cash and cash equivalents 137.2 1,792.2 Other current assets 37.3 487.3 Borrowings (454.6) (5,937.6) Environmental rehabilitation obligation (23.9) (312.1) Deferred tax liabilities (573.2) (7,486.3) Other non-current liabilities (19.9) (260.3) Trade and other payables (88.1) (1,150.1) Other current liabilities (1.8) (23.3) Total fair value of identifiable net assets acquired 1 1,751.7 22,876.8 1 The fair value of assets and liabilities excluding property, plant and equipment, inventories and borrowings approximate the carrying value. The fair value of property, plant and equipment was based on the expected discounted cash flows of the expected ore reserves and costs to extract the ore discounted at a real discount rate of 8.6% for the Stillwater and East Boulder mines and Columbus metallurgical complex, and 10.3% for the Blitz project, an average platinum price of US$1,375/oz and an average palladium price of US$880/oz. The fair value of borrowings (Convertible Debentures) was based on the settlement price
Schedule of goodwill arising from acquisition	Figures in million Note US dollar SA rand Consideration 2,201.4 28,750.7 Fair value of identifiable net assets (1,751.7) (22,876.8) Goodwill 449.7 5,873.9

GOODWILL (Tables)

GOODWILL (Tables)	12 Months Ended
	Dec. 31, 2019
GOODWILL.
Schedule of changes in goodwill	Figures in million - SA rand Note Balance at beginning of the year 6,889.6 6,396.0 936.0 Impairment (54.3) (436.3) (99.1) Goodwill on acquisition of subsidiaries 176.9 34.9 5,873.9 Foreign currency translation (157.3) 895.0 (314.8) Balance at end of the year 6,854.9 6,889.6 6,396.0
Schedule of estimates and assumptions used in calculation of impairment of goodwill	PGM operations Gold operations 2018 Long-term gold price R/kg R/4Eoz Long-term PGM (4E) basket price US$/2Eoz Long-term PGM (2E) basket price % Nominal discount rate – South Africa 1 % % Nominal discount rate – US % Inflation rate – South Africa % % Inflation rate – US 12 - 28 13 - 35 years Life of mine years 6 - 18 5 - 20 1 Nominal discount rate for Burnstone and Mimosa of 17.1% and 23.3%, respectively

Equity accounted investments (T

Equity accounted investments (Tables)	12 Months Ended
	Dec. 31, 2019
EQUITY-ACCOUNTED INVESTMENTS
Schedule of components of equity method investments	Figures in million - SA rand Notes Rand Refinery 1 396.9 239.3 198.4 Mimosa 2 2,687.7 2,492.4 2,012.9 Peregrine 2 954.1 978.0 - Other equity-accounted investments 0.1 24.2 32.8 Total equity-accounted investments 4,038.8 3,733.9 2,244.1 1 Associate 2 Joint venture
Peregrine Metals Ltd. [Member]
EQUITY-ACCOUNTED INVESTMENTS
Schedule of movement in equity method investments	Figures in million - SA rand Balance at the beginning of the year 978.0 - - Equity-accounted investment retained on loss of control of subsidiary - 956.0 - Foreign currency translation (23.9) 22.0 - Balance at end of the year 954.1 978.0 -
Schedule of group's interest in summarised financial statements of joint venture	Figures in million - SA rand Non-current assets 1,472.4 1,714.6 - Current assets 3.3 23.9 - Non-current liabilities (369.2) (342.6) - Current liabilities (1.4) (1.3) - Net assets/(liabilities) (100.0%) 1,105.1 1,394.6 - Reconciliation of the total investment in Peregrine with attributable net assets: Net assets/(liabilities) (40%) 442.0 557.8 - Reconciling items 1 512.1 420.2 - Total investment in Peregrine 954.1 978.0 - 1 The reconciling items include the difference between the carrying amount and fair value of the Peregrine’s identifiable assets and liabilities on acquisition less accumulated amortisation, and foreign exchange differences on translation of assets and liabilities of the foreign equity-accounted investment
Mimosa
EQUITY-ACCOUNTED INVESTMENTS
Schedule of movement in equity method investments	Figures in million - SA rand Balance at the beginning of the year 2,492.4 2,012.9 2,049.3 Share of results of equity-accounted investee after tax 377.1 210.5 175.0 Dividends received (111.0) (87.0) - Foreign currency translation (70.8) 356.0 (211.4) Balance at end of the year 2,687.7 2,492.4 2,012.9
Schedule of group's interest in summarised financial statements of associate	Figures in million - SA rand Revenue 4,685.2 3,714.9 3,375.4 Amortisation and depreciation (437.4) (383.1) (423.4) Interest income 4.5 - 17.5 Finance expense (43.5) (26.0) (20.0) Income tax (436.4) (381.8) (245.0) Profit or loss 754.2 420.9 350.1 Other comprehensive income (141.3) 712.0 72.7 Total comprehensive income 612.9 1,132.9 422.8 Non-current assets 4,723.9 4,592.3 4,007.8 Property, plant and equipment 1 4,704.8 4,592.3 4,007.8 Right-of-use assets 19.1 - - Current assets 2,535.1 2,047.9 1,916.2 Cash and cash equivalents 27.9 184.8 281.5 Other current assets 2,507.2 1,863.1 1,634.7 Non-current liabilities (1,235.4) (1,168.1) (993.6) Non-current financial liabilities (128.7) (60.7) (94.2) Other non-current liabilities (1,106.7) (1,107.4) (899.4) Current liabilities (553.0) (384.6) (539.1) Current financial liabilities (446.5) (377.7) (487.4) Other current liabilities (106.5) (6.9) (51.7) Net assets (100.0%) 5,470.6 5,087.5 4,391.3 Reconciliation of the total investment in Mimosa with attributable net assets: Net assets (50.0%) 2,735.3 2,543.8 2,195.7 Reconciling items 1 (47.6) (51.4) (182.8) Total investment in Mimosa 2,687.7 2,492.4 2,012.9 1 The reconciling items include the difference between the carrying amount and fair value of the Mimosa’s identifiable assets and liabilities on acquisition less accumulated amortisation, and foreign exchange differences on translation of assets and liabilities of the foreign joint venture
Rand Refinery
EQUITY-ACCOUNTED INVESTMENTS
Schedule of movement in equity method investments	Figures in million - SA rand Balance at beginning of the year 239.3 198.4 72.4 Share of results of equity-accounted investee after tax 1 344.5 143.7 124.5 Preference shares redeemed (186.9) (102.8) - Interest income on loan to equity-accounted investee capitalised - - 1.5 Balance at end of the year 396.9 239.3 198.4 1 Rand Refinery is equity accounted based on its latest management accounts for the period ended 30 November, since Rand Refinery has a 31 August year-end
Schedule of group's interest in summarised financial statements of associate	Figures in million - SA rand Revenue 811.0 644.0 649.0 Total comprehensive income 777.0 434.0 374.0 Non-current assets 667.0 699.0 702.0 Current assets 1,433.0 1,088.0 669.0 Non-current liabilities (111.0) (44.0) (31.0) Current liabilities (104.0) (359.0) (391.0) Net assets/(liabilities) (100.0%) 1,885.0 1,384.0 949.0 Reconciliation of the total investment in Rand Refinery with attributable net assets: Net assets/(liabilities) (44.4% (2017: 33.1%)) 836.9 614.5 314.1 Preference shares redeemed (186.9) (102.8) - Dividend received (8.2) (8.2) (8.2) Fair value adjustment 1 (35.5) (35.5) (35.5) Impairment (119.6) (119.6) (119.6) Redeemable preference shares below 44.4% interest 2 (89.8) (109.1) 47.6 Total investment in Rand Refinery 396.9 239.3 198.4 1 The investment in equity-accounted investee was fair valued at 1 July 2002, the date when significant influence was obtained 2 Sibanye-Stillwater’s took up a 37.4% of the Facility, which is less than its current proportional interest in Rand Refinery. Rand Refinery converted the Facility into redeemable preference shares, classified within equity, and therefore Sibanye-Stillwater shares in less than its current 44.4% proportional interest of the net asset value of Rand Refinery

INTERESTS IN JOINT OPERATIONS (

INTERESTS IN JOINT OPERATIONS (Tables)	12 Months Ended
	Dec. 31, 2019
Kroondal Mine and Marikana Mine
Disclosure of joint operations [line items]
Schedule of joint operations	Figures in million - SA rand Loss on foreign exchange differences (63.2) 132.7 (94.4) Profit before tax 2,061.6 677.7 175.0 Profit for the year 2,061.4 677.7 175.0 Non-current assets 945.7 1,115.7 1,284.0 Current assets 2,303.0 1,828.2 1,400.5 Current liabilities (353.1) (271.3) (283.2) Net assets (50.0%) 2,895.6 2,672.6 2,401.3

Other investments (Tables)

Other investments (Tables)	12 Months Ended
	Dec. 31, 2019
Financial assets measured at fair value through other comprehensive income [abstract]
Schedule of other investments	Figures in million - SA rand Rand Mutual Assurance Investment 112.4 67.8 - Furuya Metals Investment 303.1 - - SpinCo Investment 78.2 81.5 - Generation Mining 33.3 - - Other 71.7 6.7 - Total other investments 598.7 156.0 -

Environmental rehabilitation _3

Environmental rehabilitation obligation fund (Tables)	12 Months Ended
	Dec. 31, 2019
Disclosure of fair value measurement of assets [line items]
Schedule of the environment rehabilitation obligation funds	Figures in million - SA rand Note Balance at beginning of the year 3,998.7 3,492.4 3,100.5 Contributions made 12.9 63.0 114.5 Payments received (151.9) - - Interest income 265.5 223.5 230.4 Fair value gain/(loss) 1 33.8 (24.9) 46.5 Environmental rehabilitation obligation funds on acquisition of subsidiaries 443.2 244.7 0.5 Foreign currency translation - - - Balance at end of the year 4,602.2 3,998.7 3,492.4 Environmental rehabilitation obligation funds comprise of the following: Restricted cash 2 610.0 633.9 483.8 Funds 3,992.2 3,364.8 3,008.6 1 The environmental rehabilitation trust fund includes equity-linked investments that are fair valued at each reporting date 2 The funds are set aside to serve as collateral against the guarantees made to the Department of Minerals and Resources for environmental rehabilitation obligations
Disclosure of fair value of financial instruments [text block]	Figures in million - SA rand 2019 2018 2017 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial assets measured at fair value - Environmental rehabilitation obligation funds 3,578.3 1,023.9 - 3,634.0 364.7 - 3,117.6 374.8 - - Trade receivables - PGM concentrate sales - 2,341.6 - - 5,310.1 - - 4,512.4 - - Other investments 414.7 - 184.0 81.5 - 74.5 - - - Financial liabilities measured at fair value - Derivative financial instrument - 4,144.9 - - 408.8 - - 1,093.5 - - Rand gold forward sale contracts - 68.3 - - 240.8 - - - -
Environment rehabilitation obligation funds
Disclosure of fair value measurement of assets [line items]
Disclosure of fair value of financial instruments [text block]	Figures in million - SA rand Level 1 3,578.3 3,634.0 3,117.6 Level 2 1 1,023.9 364.7 374.8 1 Equity-linked notes have a fixed component of 5% capital guarantee and equity-linked portion which is linked to the performance of the JSE top 40 index. Fair value is determined by the fund manager based on the composition of the underlying investment portfolio, relevant equity prices and the terms of the investments

Other receivables and other p_2

Other receivables and other payables (Tables)	12 Months Ended
	Dec. 31, 2019
Disclosure of detailed information about business combination [line items]
Schedule of other receivables	Figures in million - SA rand Right of recovery receivable 186.8 176.8 160.5 Rates and taxes receivable 103.0 106.2 105.6 Pre-paid royalties 392.8 - - Other 52.1 66.6 53.1 Total other receivables 734.7 349.6 319.2 Reconciliation of the non-current and current portion of the other receivables: Other receivables 734.7 349.6 319.2 Current portion of other receivables (51.2) (35.2) (35.2) Non-current portion of other receivables 683.5 314.4 284.0
Schedule of other payables	Figures in million - SA rand Deferred Payment (related to Rustenburg operations acquisition) 2,825.6 2,205.9 2,194.7 Contingent consideration (related to SFA (Oxford) acquisition) 55.8 - - Right of recovery payable 79.4 83.2 69.3 Deferred consideration (related to Pandora acquisition) 275.9 - - Dissenting shareholder liability - 287.1 1,349.7 Other 212.2 256.3 188.6 Total other payables 3,448.9 2,832.5 3,802.3 Reconciliation of the non-current and current portion of the other payables: Other payables 3,448.9 2,832.5 3,802.3 Current portion of other payables (761.4) (303.3) (41.9) Non-current portion of other payables 2,687.5 2,529.2 3,760.4
Schedule of dissenting shareholder liability	Figures in million - SA rand Note Balance at the beginning of the year 287.1 1,349.7 - Interest charge 21.2 68.1 62.9 Payments to dissenting shareholders (319.4) (1,375.8) - Dissenting shareholder liability on acquisition of subsidiary - - 1,364.3 Foreign currency translation reserve 11.1 245.1 (77.5) Balance at end of the year - 287.1 1,349.7
Pandora Acquisition By Lonmin [Member]
Disclosure of detailed information about business combination [line items]
Schedule of deferred payment/consideration	Figures in million - SA rand Note Deferred consideration on acquisition of subsidiary 235.4 Interest charge 40.5 - - Balance at end of the year 275.9 - -
Rustenburg Operations Acquisition
Disclosure of detailed information about business combination [line items]
Schedule of deferred payment/consideration	Figures in million - SA rand Note Balance at the beginning of the year 2,205.9 2,194.7 1,577.4 Interest charge 179.0 200.4 148.2 Payment of Deferred Payment (283.4) (38.6) - Loss/(gain) on revised estimated cash flows 724.1 (150.6) 469.1 Balance at end of the year 2,825.6 2,205.9 2,194.7

INVENTORIES (Tables)

INVENTORIES (Tables)	12 Months Ended
	Dec. 31, 2019
INVENTORIES
Schedule of inventories	Figures in million - SA rand Consumable stores 1 1,580.8 1,043.5 820.7 PGM ore and mill inventory 127.7 71.0 62.8 PGM in process 2 10,496.9 3,251.7 1,893.1 Gold in process 309.7 143.3 - PGM finished goods 2,958.7 777.8 637.5 Other 29.6 7.5 8.0 Uranium finished goods and uranium-in-process - - 104.4 Total inventories 15,503.4 5,294.8 3,526.5 1 The cost of consumable stores consumed during the year and included in operating cost amounted to R12,784.3 million (2018: R9,327.9 million and 2017: R8,789.4 million) 2 Included in PGM in process, is R3,826.5 million relating to the Marikana operations. It also includes R4,182.4 million relating to SRPM operations due to the processing agreements between SRPM and Anglo American Platinum Limited changing from a Purchase of Concentrate arrangement to a Toll processing arrangement from 1 January 2019

TRADE AND OTHER RECEIVABLES (Ta

TRADE AND OTHER RECEIVABLES (Tables)	12 Months Ended
	Dec. 31, 2019
TRADE AND OTHER RECEIVABLES
Schedule of trade and other receivables	Figures in million - SA rand Trade receivables - gold sales - 433.8 499.6 Trade receivables - PGM sales 1 2,681.1 5,310.1 4,512.4 PGM sales concentrate 2,341.6 5,310.1 4,512.4 PGM sales other 339.5 - - Other trade receivables 889.0 436.6 431.4 Payroll debtors 251.5 127.9 174.1 Interest receivable 14.6 8.9 8.5 Financial assets 3,836.2 6,317.3 5,626.0 Prepayments 442.9 296.9 245.0 Value added tax 355.9 218.8 326.6 Total trade and other receivables 4,635.0 6,833.0 6,197.6 1 The PGM sales trade receivables includes a contract receivable of R1,606.4 million (2018: R3,786.5 million)

CASH AND CASH EQUIVALENTS (Tabl

CASH AND CASH EQUIVALENTS (Tables)	12 Months Ended
	Dec. 31, 2019
CASH AND CASH EQUIVALENTS.
Schedule of cash and cash equivalents	Figures in million - SA rand Cash at the bank and on hand 1 5,619.0 2,549.1 2,062.4 Total cash and cash equivalents 5,619.0 2,549.1 2,062.4 1 At 31 December 2019, restricted cash of US$6.4 million (R89.6 million ) was held in a money market fund as collateral for the environmental bonding requirements in the US

STATED SHARE CAPITAL (Tables)

STATED SHARE CAPITAL (Tables)	12 Months Ended
	Dec. 31, 2019
STATED SHARE CAPITAL.
Schedule of shares authorized and issued	Figures in thousand Authorised number of shares 10,000,000 10,000,000 10,000,000 Reconciliation of issued number of shares: Number of shares in issue at beginning of the year 2,266,261 2,168,721 929,004 Shares issued under SGL Share Plan 4,442 10,394 1,407 Shares issued for cash 108,932 - - Shares issued with acquisition of subsidiary 290,395 - - Rights issue - - 1,195,787 Capitalisation issue - 87,146 42,523 Number of shares in issue at end of the year 2,670,030 2,266,261 2,168,721

NON-CONTROLLING INTERESTS (Tabl

NON-CONTROLLING INTERESTS (Tables)	12 Months Ended
	Dec. 31, 2019
NON-CONTROLLING INTERESTS
Schedule of subsidiaries related to non-controlling interests	Figures in million - SA rand Non-controlling interest of DRDGOLD 1,135.2 913.2 - Non-controlling interest of Platinum Mile 21.1 18.4 15.7 Non-controlling interests of Group Technical Security Management (GTSM) 5.4 4.4 4.1 Non-controlling interests of Marikana 1 306.0 - - Total non-controlling interests 1,467.7 936.0 19.8 1 Included in Marikana’s non-controlling interest (NCI) is NCI of Western Platinum (Pty) Ltd amounting to R253.3 million
Schedule of summarised financial information of subsidiary groups	Figures in million - SA rand DRDGOLD Limited Revenue 3,621.0 1,047.5 Profit for the year 460.2 (39.9) Total comprehensive income 459.1 (43.8) Profit attributable to NCI 285.1 (24.7) Net increase/(decrease) in cash and cash equivalents 334.0 (73.4) Dividends paid 85.0 - Non-current assets 3,393.1 3,581.9 Current Assets 972.2 591.0 Non-current liabilities (1,108.6) (1,275.6) Current liabilities (463.3) (425.2) Net assets 2,793.5 2,472.1 Western Platinum Proprietary Limited Revenue 11,124.5 - Profit for the year 763.7 - Total comprehensive income 763.7 - Profit attributable to NCI 17.0 - Net decrease in cash and cash equivalents (2,070.2) - Dividends paid - - Non-current assets 7,749.5 - Current Assets 6,832.0 - Non-current liabilities (22,462.3) - Current liabilities (2,201.7) - Net assets (10,082.6) -

Borrowings (Tables)

Borrowings (Tables)	12 Months Ended
	Dec. 31, 2019
Disclosure of detailed information about borrowings [line items]
Schedule of the summary of borrowings	Figures in million - SA rand Notes US$600 million RCF 5,711.9 2,726.5 - R6.0 billion RCF - 5,896.4 5,536.4 R5.5 billion RCF 2,500.0 - - 2022 and 2025 Notes 9,609.8 9,808.7 12,597.7 US$ Convertible Bond 4,578.6 4,496.6 4,357.1 Burnstone Debt 1,330.4 1,145.1 1,537.5 Other borrowings - 425.6 478.7 Franco-Nevada liability 2.0 2.0 1.7 Stillwater Convertible Debentures 3.5 3.8 3.3 US$350 million RCF - - 1,137.1 Total borrowings 23,736.2 24,504.7 25,649.5 Reconciliation of the non-current and current portion of the borrowings: Borrowings 23,736.2 24,504.7 25,649.5 Current portion of borrowings (38.3) (6,188.2) (1,657.5) Non-current portion of borrowings 23,697.9 18,316.5 23,992.0
Schedule of non-current portion of derivative financial instruments	Figures in million - SA rand Note Reconciliation of the non-current and current portion of the derivative financial instrument: Derivative financial instruments 4,144.9 408.9 1,093.5 Non-current portion of derivative financial instrument 4,144.9 408.9 1,093.5
Schedule of the rollforward of borrowings	Figures in million - SA rand Note Balance at beginning of the year 24,504.7 25,649.5 8,973.8 Borrowings acquired on acquisition of subsidiary 2,574.8 - 5,937.6 Loans raised 18,981.7 17,130.2 68,297.2 Loans repaid (22,008.3) (21,231.5) (55,719.5) Unwinding of loans recognised at amortised cost 374.4 538.3 222.1 Accrued interest (related to the 2022 and 2025 Notes, and US$ Convertible Bond) 769.9 942.5 507.8 Accrued interest paid (777.7) (907.2) (431.5) Gain on derecognition of borrowings - (179.7) - Loss/(gain) on the revised cash flow of the Burnstone Debt 96.6 (804.6) (181.7) (Gain)/loss on foreign exchange differences and foreign currency translation (779.9) 3,367.2 (1,956.3) Balance at end of the year 23,736.2 24,504.7 25,649.5
Schedule of fair value of borrowings	Carrying value Fair value Figures in million - SA rand Level 1 Level 2 Level 3 31 December 2019 2022 and 2025 Notes 9,609.8 10,138.4 - - US$ Convertible Bond 1 4,578.6 - 4,724.5 - Burnstone Debt 2 1,330.4 - - 1,441.0 Total 15,518.8 10,138.4 4,724.5 1,441.0 31 December 2018 2022 and 2025 Notes 9,808.7 9,312.0 - - US$ Convertible Bond 1 4,496.6 - 3,736.1 - Burnstone Debt 2 1,145.1 - - 1,075.6 Total 15,450.4 9,312.0 3,736.1 1,075.6 31 December 2017 2022 and 2025 Notes 12,597.7 13,295.3 - - US$ Convertible Bond 1 4,357.1 - 4,239.1 - Burnstone Debt 2 1,537.5 - - 1,536.5 Total 18,492.3 13,295.3 4,239.1 1,536.5 1 The fair value of the amortised cost component of the US$ Convertible Bond is based on the quoted price of the instrument after separating the fair value of the derivative component 2 The fair value of the Burnstone Debt been derived from discounted cash flow models. These models use several key assumptions, including estimates of future sales volumes, Gold prices, operating costs, capital expenditure and discount rate
Schedule of liquidity risk	Figures in million - SA rand Total Within one Between After five years 31 December 2019 Other payables 3,808.6 775.4 2,918.6 114.6 Trade and other payables 7,739.5 7,739.5 - - Borrowings - - Capital - US$600 million RCF 5,711.9 - 5,711.9 - R5.5 billion RCF 2,500.0 - 2,500.0 - 2022 and 2025 Notes 9,808.4 - 4,951.8 4,856.6 US$ Convertible Bond 5,376.0 - 5,376.0 - Burnstone Debt 109.0 - 109.0 - Franco-Nevada liability 2.0 2.0 - - Stillwater Convertible Debentures 3.5 3.5 - - Other borrowings - - - - - Interest 7,820.8 1,184.2 2,698.3 3,938.3 Total 42,879.7 9,704.6 24,265.6 8,909.5 31 December 2018 Other payables 3,386.8 293.3 1,968.9 1,124.6 Trade and other payables 5,159.9 5,159.9 - - Borrowings - Capital US$600 million RCF 2,726.5 - 2,726.5 - R6.0 billion RCF 5,896.4 5,896.4 - - 2022 and 2025 Notes 10,053.6 - 5,075.6 4,978.0 US$ Convertible Bond 5,510.4 - 5,510.4 - Burnstone Debt 2,552.9 - - 2,552.9 Franco-Nevada liability 2.0 2.0 - - Stillwater Convertible Debentures 3.8 3.8 - - Other borrowings 252.3 252.3 - - - Interest 9,386.9 1,543.8 3,568.6 4,274.5 Total 44,931.5 13,151.5 18,850.0 12,930.0
Schedule of interest rate sensitivity analysis	Change in interest expenses for a change in interest rate 1 Figures in million - SA rand -1.5% -1.0% -0.5% 31 December 2019 - JIBAR 37.5 25.0 12.5 (12.5) (25.0) (37.5) - LIBOR 105.6 70.4 35.2 (35.2) (70.4) (105.6) Change in finance expense 143.1 95.4 47.7 (47.7) (95.4) (143.1) 31 December 2018 - JIBAR 88.5 59.0 29.5 (29.5) (59.0) (88.5) - LIBOR 79.2 52.8 26.4 (26.4) (52.8) (79.2) Change in finance expense 167.7 111.8 55.9 (55.9) (111.8) (167.7) 1 Interest rate sensitivity analysis is performed on the borrowings balance at 31 December
Schedule of the exposure to interest rate changes and the contractual repricing dates	Figures in million - SA rand Floating rate with exposure to change in JIBAR 2,500.0 6,322.0 6,015.1 Floating rate with exposure to change in LIBOR 7,042.3 3,871.6 2,674.6 Non-current borrowings exposed to interest rate changes 9,542.3 10,193.6 8,689.7 The Group has the following undrawn borrowing facilities: Committed 5,688.0 5,987.1 3,652.5 Uncommitted 1,050.0 757.7 471.3 Total undrawn facilities 6,738.0 6,744.8 4,123.8 All of the above facilities have floating rates. The undrawn committed facilities have the following expiry dates: - within one year - 103.6 3,188.9 - later than one year and not later than two years 672.0 - 463.6 - later than two years and not later than three years 5,016.0 5,883.5 - Total undrawn committed facilities 5,688.0 5,987.1 3,652.5
Schedule of the calculation of net debt to adjusted EBITDA ratio	Figures in million - SA rand Borrowings 1 26,550.7 23,768.5 25,205.5 Cash and cash equivalents 2 5,586.3 2,499.4 2,029.8 Net debt 3 20,964.4 21,269.1 23,175.7 Adjusted EBITDA 4 14,956.0 8,369.4 9,045.1 Net debt to adjusted EBITDA (ratio) 5 1.4 2.5 2.6 1 Borrowings are only those borrowings that have recourse to Sibanye-Stillwater. Borrowings, therefore, exclude the Burnstone Debt and include the derivative financial instrument 2 Cash and cash equivalents exclude cash of Burnstone 3 Net debt represents borrowings and bank overdraft less cash and cash equivalents. Borrowings are only those borrowings that have recourse to Sibanye-Stillwater and therefore exclude the Burnstone Debt and include the derivative financial instrument. Net debt excludes cash of Burnstone 4 The adjusted EBITDA calculation is based on the formula included in the facility agreements for compliance with the debt covenant formula. Adjusted EBITDA may not be comparable to similarly titled measures of other companies. Adjusted EBITDA is not a measure of performance under IFRS and should be considered in addition to, and not as a substitute for, other measures of financial performance and liquidity 5 Net debt to adjusted EBITDA ratio is defined as net debt as at the end of a reporting period divided by adjusted EBITDA of the 12 months ended on the same reporting date
Schedule of reconciliation of (loss)/profit before royalties and tax to adjusted EBITDA	Figures in million - SA rand Loss before royalties, carbon tax and tax (856.3) (1,224.3) (6,981.2) Adjusted for: Amortisation and depreciation 7,214.1 6,613.8 5,699.7 Interest income (560.4) (482.1) (415.5) Finance expense 3,302.5 3,134.7 2,971.8 Share-based payments 363.3 299.4 231.9 Loss/(gain) on financial instruments 6,015.1 (1,704.1) 1,114.4 Gain on foreign exchange differences (325.5) (1,169.1) (292.4) Share of results of equity-accounted investees after tax (721.0) (344.2) (291.6) Change in estimate of environmental rehabilitation obligation, 88.9 (66.6) 248.9 Gain on disposal of property, plant and equipment (76.6) (60.2) (40.7) Impairments 86.0 3,041.4 4,411.0 Gain on derecognition of borrowing and derivative financial instrument - (230.0) - Gain on acquisition (1,103.0) - - Restructuring costs 1,252.4 142.8 729.8 Transaction costs 447.8 402.5 552.1 IFRS 16 lease payments (131.7) - - Occupational healthcare expense (39.6) 15.4 1,106.9 Adjusted EBITDA 14,956.0 8,369.4 9,045.1
US$600 million RCF
Disclosure of detailed information about borrowings [line items]
Schedule of the summary of borrowings	Terms of the US$600 million RCF Facility: US$600 million Interest rate: LIBOR Interest rate margin: 1.85% if net debt to adjusted EBITDA is equal to or less than 2.50x 2.00% if net debt to adjusted EBITDA is greater than 2.50x Utilisation fees: Where the total outstanding loans under the RCF fall within the range of the percentage of the total loan as set out below, Sibanye-Stillwater shall pay an utilisation fee equal to the percentage per annum set out opposite such percentage range . % of the total loans Less than or equal to 33⅓% Greater than 33⅓% and less than or equal to 66⅔% Greater than 66⅔% Term of facility: Three years, subject to 2 one-year extensions at the lenders option. US$450 million of the facility lenders (i.e. six of the eight lenders) have exercised the first one year extension option year extension option. Borrowers: Sibanye Gold Limited, Stillwater, Kroondal Operations, SRPM and WPL. Security and/or guarantors: The facility is unsecured and guaranteed by Sibanye Gold Limited, Stillwater, Kroondal Operations, SRPM and WPL.
Schedule of the rollforward of borrowings	Figures in million - SA rand Balance at beginning of the year 2,726.5 - - Loans raised 9,067.1 5,391.6 - Loans repaid (5,826.2) (2,744.7) - Loss on foreign exchange differences 6.4 73.1 - Foreign currency translation (261.9) 6.5 - Balance at end of the year 5,711.9 2,726.5 -
R6.0 billion RCF
Disclosure of detailed information about borrowings [line items]
Schedule of the summary of borrowings	Terms of the R6.0 billion RCF Facility: R6.0 billion Interest rate: JIBAR Interest rate margin: During the Covenant adjustment period, being 30 June 2017 to 31 December 2019, the margin will be based on the following net debt to adjusted EBITDA ratios: Net debt to adjusted EBITDA ratios Margin % 0.00:1 – 3.00:1 3.00:1 – 3.25:1 3.25:1 – 3.50:1 After the covenant adjustment period the margin will return to 2.4% Term of facility: Three years Borrowers: Sibanye Gold Limited, SRPM and Kroondal Operations Security and/or guarantors: The facility was unsecured and guaranteed by Sibanye Gold Limited, Stillwater, SRPM and Kroondal.
Schedule of the rollforward of borrowings	Figures in million - SA rand Balance at beginning of the year 5,896.4 5,536.4 5,100.0 Loans raised 1,150.0 360.0 800.0 Loans repaid (5,046.4) - (363.6) Inter Bank transfer (2,000.0) - - Balance at end of the year - 5,896.4 5,536.4
R5.5 billion RCF
Disclosure of detailed information about borrowings [line items]
Schedule of the summary of borrowings	Terms of the R5.5 billion RCF Facility: R5.5 billion Interest rate: JIBAR Interest rate margin: 2.40% if net debt to adjusted EBITDA is equal to or less than 2.00x 2.60% if net debt to adjusted EBITDA is greater than 2.00x Term of facility: Three years, subject to two one-year extensions at the lenders option Borrowers: Sibanye Gold Limited, Kroondal Operations , SRPM and WPL. Security and/or guarantors: The facility is unsecured and guaranteed by Sibanye Gold Limited, Stillwater, Kroondal Operations, SRPM and WPL.
Schedule of the rollforward of borrowings	Figures in million - SA rand Balance at beginning of the year - - - Loans raised 500.0 - - Loans repaid - - - Inter Bank transfer 2,000.0 Balance at end of the year 2,500.0 - -
2022 and 2025 Notes
Disclosure of detailed information about borrowings [line items]
Schedule of the summary of borrowings	Terms of the 2022 and 2025 Notes Facility: US$500 million 6.125% Senior Notes due 2022 (the 2022 Notes) US$550 million 7.125% Senior Notes due 2025 (the 2025 Notes) Outstanding nominal value: 2022 Notes: US$353.7 million 2025 Notes: US$346.9 million Interest rate: 2022 Notes: 6.125% 2025 Notes: 7.125% Term of the Notes: 2022 Notes: Five years 2025 Notes: Eight years Issuer: Stillwater Mining Company Guarantors: Each of the Notes will be fully and unconditionally guaranteed, jointly and severally by the Guarantors (Kroondal Operations, SRPM and Sibanye Gold Limited). WPL acceded as a guarantor on 8 January 2020, post the year end. The Guarantees rank equally in right of payment to all existing and future senior debt of the Guarantors.
Schedule of the rollforward of borrowings	Figures in million - SA rand Balance at beginning of the year 9,808.7 12,597.7 - Loans raised - - 13,109.5 Loans repaid - (5,107.4) - Accrued interest paid (672.2) (795.5) (431.5) Interest charge 664.9 836.6 478.1 Unwinding of amortised cost 47.9 196.7 29.7 Gain on derecognition of borrowings - (128.8) - Foreign currency translation (239.5) 2,209.4 (588.1) Balance at end of the year 9,609.8 9,808.7 12,597.7
US 450 Million Convertible Bond [Member]
Disclosure of detailed information about borrowings [line items]
Schedule of the summary of borrowings	Terms of the US$ Convertible Bond Issue size: US$450 million Outstanding nominal value: US$384 million Coupon: 1.875% Maturity date: 26 September 2023 (six years) Conversion premium: 35% Reference share price: US$1.2281, being the volume weighted average price of a share on the JSE from launch to pricing on 19 September 2017, converted at a fixed exchange rate. Initial conversion price: US$1.6580 Issuer: Sibanye Gold Limited Guarantors: Stillwater and Kroondal Operations
Schedule of the rollforward of borrowings	Figures in million - SA rand Balance at beginning of the year 4,496.6 4,357.1 - Loans raised - - 4,634.5 Loans repaid - (745.2) - Accrued interest paid (105.5) (111.7) - Interest charge 105.0 105.9 29.8 Unwinding of amortised cost 196.8 185.8 50.7 Gain on derecognition of borrowings - (50.9) - Gain/(loss) on foreign exchange differences (114.3) 755.6 (357.9) Balance at end of the year 4,578.6 4,496.6 4,357.1
Schedule of roll forward of derivative financial instruments	Figures in million - SA rand Balance at beginning of the year 408.9 1,093.5 - Loss/(gain) on financial instruments 1 3,911.5 (678.1) (115.9) Gain on derecognition of derivative financial instrument - (50.3) - Derivative financial instrument recognised - - 1,296.6 (Gain)/loss on foreign exchange differences (175.5) 43.8 (87.2) Balance at end of the year 4,144.9 408.9 1,093.5 1 The R3,911.5 million loss on financial instrument is mainly attributable to the 258% increase in the Sibanye-Stillwater share price as at 31 December 2019 relative to the prior year. The loss on financial instrument is calculated based on the year end share price of R35.89 per share, ZAR/USD exchange rate of R14.00 and a volatility of 38.76%. The derivative was valued using a partial differential equation model
Burnstone Debt
Disclosure of detailed information about borrowings [line items]
Schedule of the summary of borrowings	Facility: A1: US$0.2 million A2: US$7.8 million A3: US$51.0 million A4: US$119.1 million Interest rate: A1 and A2: Interest free A3 and A4: Interest free until 1 July 2017, then at LIBOR Interest rate margin: A3 and A4: 4% from 1 July 2017 Term of loan: No fixed term Repayment period: A1: Repaid on 1 July 2014 A2: From 1 July 2017 the first 50% of Burnstone’s free cash flow (as defined in the settlement agreement) will be used to repay the Wits Gold Loan and the balance of 50% to repay A2. A3 and A4: On settlement of A2. 90% of Burnstone’s free cash flow will be used to repay the Wits Gold Loan and the balance of 10% to repay the Burnstone Debt. On settlement of the Wits Gold Loan and interest, 30% of Burnstone’s free cash flow will be used to repay the Burnstone Debt and the balance will be distributed to Wits Gold. The Bank Lenders will continue to participate in 10% of Burnstone’s free cash flow after the Burnstone Debt has been repaid in full to a maximum amount of US$63.0 million under a revenue participation agreement. Security: The Burnstone Debt is fully secured against the assets of Burnstone (of R2.0 billion) and there is no recourse to the Sibanye-Stillwater Group. The security package includes a cession over the bank accounts, insurance policies’ proceeds, special and general notarial bonds over movable assets and mortgage bonds over property.
Schedule of the rollforward of borrowings	Figures in million - SA rand Balance at beginning of the year 1,145.1 1,537.5 1,752.6 Accrued interest and unwinding of amortised cost 120.1 152.9 141.6 Loss/(gain) on revised estimated cash flows 1 96.6 (804.6) (181.7) (Gain)/loss on foreign exchange differences (31.4) 259.3 (175.0) Balance at end of the year 1,330.4 1,145.1 1,537.5 1 At 31 December 2019, the expected free cash flows expected to repay the loan as detailed above were revised as a result of revised cash flows over the life of mine plan due to:  Revised forecast costs and capital expenditure; and  Revised gold prices 2019: R686,225/kg (2018: R585,500/kg and 2017: R545,000/kg) and exchange rates 2019: R14.00/US$ (2018: R14.00/US$ and 2017: R12.94/US$)
Other borrowings
Disclosure of detailed information about borrowings [line items]
Schedule of the rollforward of borrowings	Figures in million - SA rand Balance at beginning of the year 425.6 478.7 749.5 Loans raised 8,264.6 10,798.6 14,721.5 Loans repaid (11,135.7) (10,854.6) (14,992.3) Unwinding of amortised cost 9.6 2.9 - Borrowings acquired on acquisition of subsidiary 2,574.8 - - Other 1.3 - - Gain on foreign exchange differences (140.2) - - Balance at end of the year - 425.6 478.7

Lease liabilities - (Tables)

Lease liabilities - (Tables)	12 Months Ended
	Dec. 31, 2019
Lease liabilities
Summary of lease liabilities	Figures in million - SA rand Notes Impact of adopting IFRS 16 on 1 January 2019 302.0 - - New leases and modifications 51.5 Lease liabilities on acquisition of subsidiaries 133.3 - - Repayment of lease liabilities (131.7) - - Interest charge 33.9 - - Re-classification and other (5.7) - - Foreign currency translation (0.5) - - Balance at end of the year 382.8 - - Current portion of lease liabilities (110.0) - - Non-current lease liabilities 272.8 - -
Schedule of lease costs	Figures in million - SA rand Short-term leases 43.4 Leases of low value assets 54.2 Variable lease payments 13.1 Total 110.7
Schedule of lease maturities	Figures in million - SA rand Total Within one Between After five years Contractual undiscounted cash flows 474.9 140.0 297.8 37.1

ENVIRONMENTAL REHABILITATION _4

ENVIRONMENTAL REHABILITATION OBLIGATION (Tables)	12 Months Ended
	Dec. 31, 2019
Provision for decommissioning, restoration and rehabilitation costs [abstract]
Schedule of assumptions used to calculate provision	Inflation rate Discount rate LOM 2019 SA gold operations 6% 6.69% - 9.99% 1 – 19 years SA PGM operations 6% 6.69% - 10.09% 1 – 31 years US PGM operations 2% 2.32% - 2.39% 25 – 37 years 2018 SA gold operations 6% 6.27% - 9.73% 1 – 19 years SA PGM operations 6% 6.27% -9.81% 1 – 28 years US PGM operations 2% 2.87% -3.02% 26 – 38 years
Schedule of environmental rehabilitation obligation activity	Figures in million - SA rand Note Balance at beginning of the year 6,294.2 4,678.7 3,982.2 Interest charge 578.7 398.8 357.1 Payment of environmental rehabilitation obligation 1 (34.9) (32.3) (26.9) Change in estimates charged to profit or loss 2 88.9 (90.4) 248.9 Change in estimates capitalised 2 105.1 618.8 (177.7) Environmental rehabilitation obligation on acquisition of subsidiaries 1,696.9 672.7 312.1 Foreign currency translation (14.1) 47.9 (17.0) Balance at end of the year 8,714.8 6,294.2 4,678.7 Environmental rehabilitation obligation and other provisions consists of: Environmental rehabilitation obligation 8,597.6 6,176.2 4,678.7 Other provisions 117.2 118.0 - Environmental rehabilitation obligation and other provisions 8,714.8 6,294.2 4,678.7 1 The cost of ongoing current programmes to prevent and control environmental disturbances, including reclamation activities, is charged to cost of sales as incurred 2 Changes in estimates are defined as changes in reserves and corresponding changes in life of mine, changes in discount rates, and changes in laws and regulations governing environmental matters

OCCUPATIONAL HEALTHCARE OBLIG_2

OCCUPATIONAL HEALTHCARE OBLIGATION (Tables)	12 Months Ended
	Dec. 31, 2019
OCCUPATIONAL HEALTHCARE OBLIGATION
Schedule of estimated costs and discounted using a risk-free rate	Figures in million - SA rand Note Balance at beginning of the year 1,274.1 1,153.3 - Occupational healthcare obligation recognised - - 1,077.2 Interest charge 115.5 105.4 46.4 Change in estimate charge to profit or loss (39.6) 15.4 29.7 Payments made (67.9) - - Balance at the end of the year 1,282.1 1,274.1 1,153.3 Reconciliation of the non-current and current portion of the occupational healthcare obligation: Occupational healthcare obligation 1,282.1 1,274.1 1,153.3 Current portion of occupational healthcare obligation (148.7) (109.9) (0.8) Non-current portion of occupational healthcare obligation 1,133.4 1,164.2 1,152.5

Deferred revenues (Tables)

Deferred revenues (Tables)	12 Months Ended
	Dec. 31, 2019
Disclosure Of Contract Liabilities [Line Items]
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [text block]	Inflation rate Discount rate LOM 2019 SA gold operations 6% 6.69% - 9.99% 1 – 19 years SA PGM operations 6% 6.69% - 10.09% 1 – 31 years US PGM operations 2% 2.32% - 2.39% 25 – 37 years 2018 SA gold operations 6% 6.27% - 9.73% 1 – 19 years SA PGM operations 6% 6.27% -9.81% 1 – 28 years US PGM operations 2% 2.87% -3.02% 26 – 38 years
Explanation of significant changes in contract assets and contract liabilities [text block]	Figures in million - SA rand Note Balance at beginning of the year 6,555.4 - Deferred revenue advance received 2,859.3 6,555.4 - Deferred revenue recognised during the period (2,227.5) (160.3) - Interest charge 352.3 160.3 - Deferred revenue recognised on acquisition of subsidiary 627.6 - - Balance at the end of the year 8,167.1 6,555.4 - Reconciliation of the non-current and current portion of the deferred revenue: Deferred revenue 8,167.1 6,555.4 - Current portion of deferred revenue (1,270.6) (30.1) - Non-current portion of deferred revenue 6,896.5 6,525.3 -
BTT streaming revenue
Disclosure Of Contract Liabilities [Line Items]
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [text block]	Further information Estimated financing rate over life of arrangement 11.5% Refer note 5 Remaining life of stream 6 years The life of the stream is determined by the reserves of the Marikana Easterns’ Tailings Dam no.1. 6E PGM entitlement percentage 23% The 6E PGM entitlement percentage ranges from 23% to 38% based on a weighted 6E PGM basket price that is determined monthly. Monthly cash percentage 20% The monthly cash payment to be received is a percentage of the 6E PGM weighted basket price, ranging from 16% to 20%, and is based on a weighted 6E PGM basket price that is determined monthly. This cash payment is caped at a minimum of $106 per ounce and a maximum of $280 per ounce. Commodity prices Average monthly basket price The monthly basket price for any calendar month is calculated by dividing the sum of the monthly average value of weighted 6E PGM basket by the total number of ounces for such calendar month.
Wheaton Precious Metals International [Member]
Disclosure Of Contract Liabilities [Line Items]
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [text block]	Key input Estimate at year end Further information Estimated financing rate over life of arrangement 4.6% - 5.2% Refer note 5 Remaining life of stream 67 years The starting point for the life of mine is the approved life of mine for the US PGM operations. However, as IFRS 15 requires the constraint on revenue recognition to be considered, it is more prudent to include a portion of resources in the life of stream for the purposes of revenue recognition. This will reduce the chance of having a significant decrease in revenue recognised in the future, when the life of mine is updated to include a conversion of resources to reserves. As such, Sibanye-Stillwater management have determined that is it appropriate to include 50% of inferred resources. Palladium entitlement percentage 4.5% The palladium entitlement percentage will be either 4.5%, 2.25% or 1% over the life of the mine, depending on whether or not the advance has been fully utilised, and a certain number of contractual ounces have been delivered (375,000 ounces for the first trigger drop down to 2.25% and 550,000oz for the second trigger drop down rate to 1%). Monthly cash percentage 18% The monthly cash payment to be received is a percentage of 18%, 16%, 14% or 10% of the market price of the metal credit delivery to Wheaton International while the advance is not fully utilised. After the advance has been fully utilised, the cash percentage is 22%, 20%, 18% or 14%. The percentage applicable depends on the investment grade of the Group and its leverage ratio. As long as Sibanye-Stillwater’s current investment grade conditions as stipulated in the contract have been satisfied, the monthly cash percentage decreases if the Group’s leverage ratio increases above 3.5:1. The balance of the ounces in the monthly delivery (i.e. 100%-18%= 82%) is then used to determine the utilisation of the deferred revenue balance. Commodity prices Five day simple average calculated the day before delivery The value of each metal credit delivery is determined in terms of the contract.

Trade and other payables (Table

Trade and other payables (Tables)	12 Months Ended
	Dec. 31, 2019
Other payables
Schedule of Trade and Other Payables	Figures in million - SA rand Trade creditors 3,208.0 2,200.0 1,728.1 Accruals and other creditors 3,195.6 2,952.7 2,380.6 Other 1 1,335.9 7.2 18.5 Financial liabilities 7,739.5 5,159.9 4,127.2 Payroll creditors 1,898.2 1,465.3 1,253.5 Leave pay accrual 1,692.5 1,152.6 1,160.5 VAT payable 135.7 78.5 149.2 Total trade and other payables 11,465.9 7,856.3 6,690.4 1 Included in other is an amount of R1,227.8 which related to the Kroondal pipeline creditor

CASH GENERATED BY OPERATIONS (T

CASH GENERATED BY OPERATIONS (Tables)	12 Months Ended
	Dec. 31, 2019
CASH GENERATED BY OPERATIONS
Schedule of cash generated by operations	Figures in million - SA rand Notes Profit/(Loss) for the year 432.8 (2,520.7) (4,433.1) Royalties 431.0 212.6 398.5 Carbon tax 12.9 - - Mining and income tax (1,733.0) 1,083.8 (2,946.6) Interest income (560.4) (482.1) (415.5) Finance expense 3,302.5 3,134.7 2,971.8 Profit/(Loss) before interest, royalties and tax 1,885.8 1,428.3 (4,424.9) Non-cash and other adjusting items: Amortisation and depreciation 7,214.1 6,613.8 5,699.7 Share-based payments 363.3 299.4 231.9 Loss/(gain) on financial instruments 5,731.3 (1,591.3) 764.0 Gain on foreign exchange differences (461.4) (241.3) (546.8) Share of results of equity-accounted investees after tax (721.0) (344.2) (291.6) Impairments 86.0 3,041.4 4,411.0 Gain on derecognition of borrowings and derivative financial instrument - (230.0) - Occupational healthcare expense (39.6) 15.4 1,106.9 Gain on acquisition (1,103.0) - - Deferred revenue recognised (2,227.5) - - Other (162.1) (282.5) 147.7 Total cash generated by operations 10,565.9 8,709.0 7,097.9

CHANGE IN WORKING CAPITAL (Tabl

CHANGE IN WORKING CAPITAL (Tables)	12 Months Ended
	Dec. 31, 2019
Change In Working Capital [Abstract]
Schedule of the change in working capital	Figures in million - SA rand Inventories (5,000.0) (924.8) (937.7) Trade and other receivables 3,115.2 (461.0) (214.9) Trade and other payables 1,259.2 315.8 630.3 Total change in working capital (625.6) (1,070.0) (522.3)

Financial instruments and ris_2

Financial instruments and risk management (Tables)	12 Months Ended
	Dec. 31, 2019
FINANCIAL INSTRUMENTS AND RISK MANAGEMENT
Disclosure of fair value of financial instruments [text block]	Figures in million - SA rand 2019 2018 2017 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial assets measured at fair value - Environmental rehabilitation obligation funds 3,578.3 1,023.9 - 3,634.0 364.7 - 3,117.6 374.8 - - Trade receivables - PGM concentrate sales - 2,341.6 - - 5,310.1 - - 4,512.4 - - Other investments 414.7 - 184.0 81.5 - 74.5 - - - Financial liabilities measured at fair value - Derivative financial instrument - 4,144.9 - - 408.8 - - 1,093.5 - - Rand gold forward sale contracts - 68.3 - - 240.8 - - - -

COMMITMENTS (Tables)

COMMITMENTS (Tables)	12 Months Ended
	Dec. 31, 2019
COMMITMENTS
Schedule of commitments	Figures in million - SA rand Capital expenditure Authorised 5,972.3 4,411.7 5,397.3 Kloof 1,289.8 970.2 1,200.8 Driefontein 846.1 830.9 724.5 Beatrix 231.7 218.0 210.1 SGL corporate 762.4 - - Cooke 55.1 195.5 195.5 Burnstone 5.4 40.4 445.9 Kroondal 220.3 131.6 69.8 Platinum Mile 19.9 72.3 72.3 Rustenburg operation 2,033.1 1,830.0 2,478.3 Marikana 153.4 - - Other 355.1 122.8 0.1 Contracted for 594.5 281.8 346.6 Other guarantees 1,420.5 266.7 266.7

RELATED-PARTY TRANSACTIONS (Tab

RELATED-PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2019
RELATED-PARTY TRANSACTIONS
Schedule of transactions and balances between the Group and its related-parties	Figures in million - SA rand Note Rand Refinery Gold sales 505.5 616.2 - Refining fees paid (24.8) (29.1) (32.5) Interest income - - 1.5 Trade payable (4.5) (3.1) (4.0)
Schedule of key management remuneration, fees and share ownership	The executive directors and prescribed officers were paid the following remuneration during the year: Figures in thousands - SA rand Salary Cash bonus accrued for 2018 paid in 2019 Accrual of Bonus Share awards and Performance Share proceeds Pension scheme total contributions Expense allowance and other benefits Executive directors Neal Froneman 1 12,521 10,482 6,989 912 1,013 31,917 35,760 Charl Keyter 6,295 4,994 3,329 899 507 16,024 17,697 Prescribed officers Chris Bateman 2 8,919 4,481 2,988 318 8,583 25,289 16,885 Shadwick Bessit 4,186 3,252 2,168 739 250 10,595 688 Hartley Dikgale 3,721 2,235 1,490 260 192 7,898 8,761 Dawie Mostert 3,833 2,808 1,872 523 248 9,284 10,112 Themba Nkosi 3,797 2,424 1,616 280 - 8,117 7,265 Wayne Robinson 4,511 2,940 1,960 366 267 10,044 10,925 Richard Stewart 3,947 2,828 1,885 438 330 9,428 12,986 Robert van Niekerk 5,083 4,567 3,045 565 287 13,547 13,508 Total 56,813 41,011 27,342 5,300 11,677 142,143 134,587 1 Entered into a dual service contract with effect 1 May 2018. Remuneration paid in US dollars was converted at the average exchange rate of R14.46/US$ for the year ended 31 December 2019 2 Remuneration paid in US dollars was converted at the average exchange rate of R14.46/US$ for the year ended 31 December 2019. The other (cash) benefit represents the contracted payout of benefits arising from the treatment of unvested share-based remuneration in respect of the Stillwater Mining Company share plan, which comprised shares granted in the form of time-based restricted stock unit awards and performance-based restricted stock unit awards. In accordance with the change of control provisions of the Stillwater Mining Company share plan, on the acquisition of Stillwater Mining Company by Sibanye-Stillwater all shares (i.e. time-based restricted stock unit awards and performance-based restricted stock unit awards) were converted to a cash settlement at US$18/share with phased payments. No further performance criteria were to be applied with settlement subject to the prescribed officer remaining in the employment of Sibanye-Stillwater at 31 December to qualify for the payment. The final tranche was payable at 31 December 2019 The non-executive directors were paid the foll owing fees during the year: Figures in thousands - SA rand Directors fees Committee fees Expense allowance Tim Cumming 998 692 105 1,795 1,698 Savannah Danson 998 611 - 1,609 1,480 Barry Davison 1 404 262 - 666 1,649 Harry Kenyon-Slaney 2 1,103 596 - 1,699 - Rick Menell 998 833 - 1,831 1,723 Sello Moloko 1,407 - - 1,407 1,802 Nkosemntu Nika 998 611 - 1,609 1,435 Keith Rayner 998 784 99 1,881 1,723 Sue van der Merwe 998 611 - 1,609 1,491 Jerry Vilakazi 998 364 - 1,362 1,289 Vincent Maphai 3 340 482 - 822 - Total 10,240 5,846 204 16,290 14,290 1 Resigned as a non-executive director on 28 May 2019 2 Appointed as a non-executive director on 16 January 2019 3 Appointed as a non-executive chairman of the board on 1 June 2019 The directors’ and prescribed officers’ share ownership at 31 December 2019 was 1 : Number of shares % Executive directors Neal Froneman 3 4,858,723 4,555,954 0.18 0.20 Charl Keyter 3 1,673,316 1,530,119 0.06 0.07 Non-executive directors - Tim Cumming 2 242 106 - - Barry Davison 4 - 1,567,710 - 0.07 Rick Menell 2 108,625 108,625 - - Sello Moloko 4 - 111,534 - - Keith Rayner 2 68,992 68,992 - - Sue van der Merwe 2 1,028 1,028 - - Total share ownership by directors 6,710,926 7,944,068 Prescribed officers Chris Bateman 3 32,747 32,747 - - Shadwick Bessit 3 31,652 219,782 - 0.01 Hartley Dikgale 3 184,311 114,744 0.01 0.01 Dawie Mostert 3 38,975 50,743 - - Themba Nkosi 3 796 19,107 - - Wayne Robinson 3 73,292 39,321 - - Richard Stewart 3 362,747 421,653 0.01 0.02 Robert van Niekerk 3 257,732 271,537 0.01 0.01 Total 7,693,178 9,113,702 1 Following the scheme of arrangement between Sibanye Gold Limited and Sibanye Stillwater Limited, effective 24 February 2020, the Directors’ shareholdings are in Sibanye Stillwater Limited. On the effective date of the scheme of arrangement, Sibanye Stillwater Limited owns 100% of the issued share capital of Sibanye Gold Limited 2 Share ownership in Sibanye Stillwater Limited 1 at the date of this report is unchanged 3 Share ownership in Sibanye Stillwater Limited 1 at the date of this report was: · Neal Froneman - 5,167,082 shares · Charl Keyter - 1,846,767 shares · Chris Bateman - 130,988 shares · Shadwick Bessit - 124,707 shares · Hartley Dikgale - 283,079 shares · Dawie Mostert – 27,118 shares · Themba Nkosi - 89,290 shares · Wayne Robinson - 184,333 shares · Richard Stewart - 495,303 shares · Robert van Niekerk - 501,057 shares 4 Resigned during 2019

ACCOUNTING POLICIES (Details)

ACCOUNTING POLICIES (Details)	12 Months Ended
	Dec. 31, 2019region
Accounting policies
Number of regions	2
Sibanye Rustenburg Platinum Mines Proprietary Limited Subsidiary | North West Province
Accounting policies
Proportion of ownership interest in subsidiary	91.70%
Kroondal Mine and Marikana Mine
Accounting policies
Proportion of ownership interest in joint operation	50.00%
Kroondal Mine and Marikana Mine | South Africa
Accounting policies
Proportion of ownership interest in joint operation	50.00%
Mimosa | Zimbabwe
Accounting policies
Proportion of ownership interest in joint operation	50.00%

ACCOUNTING POLICIES - New stand

ACCOUNTING POLICIES - New standards (Details) R in Millions, $ in Millions	Jan. 01, 2019USD ($)	Jan. 01, 2019ZAR (R)	Dec. 31, 2019ZAR (R)	Dec. 31, 2018ZAR (R)	Dec. 31, 2017ZAR (R)
Accounting policies
Right-of-use assets			R 360.9
Lease liabilities.			382.8
Accumulated loss			(15,433.7)	R (15,495.8)	R (13,257.6)
Tax provision			R (1,733)	1,083.8	R (2,946.6)
IFRS 16
Accounting policies
Right-of-use assets		R 302
Lease liabilities.		302		R 302
Accumulated loss		R 0
South Africa Region [Member]
Accounting policies
Incremental borrowing rate (as a percent)		9.22%
US Region/ Stillwater
Accounting policies
Incremental borrowing rate (as a percent)		4.05%
US Region/ Stillwater | IFRIC 23 Uncertainty Over Income Tax Treatments [Member]
Accounting policies
Tax provision	$ 8.8	R 123.2

ACCOUNTING POLICIES - Consolida

ACCOUNTING POLICIES - Consolidation (Details)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Oct. 19, 2016
Rustenburg Mine Employees Trust | Newshelf 1335 Proprietary Limited
Accounting policies
Percentage of stake held	30.40%
Rustenburg Mine Community Development Trust | Newshelf 1335 Proprietary Limited
Accounting policies
Percentage of stake held	24.80%
Sibanye Rustenburg Platinum Mines Proprietary Limited Subsidiary | Newshelf 1335 Proprietary Limited
Accounting policies
Percentage of voting equity interests acquired			26.00%
Sibanye Rustenburg Platinum Mines Proprietary Limited Subsidiary | Bakgatla Ba Kgafela Investment Holdings
Accounting policies
Percentage of stake held	24.80%
Sibanye Rustenburg Platinum Mines Proprietary Limited Subsidiary | Siyanda Resources Proprietary Limited
Accounting policies
Percentage of stake held	20.00%
Akanani [Member]
Accounting policies
Proportion of ownership interest in subsidiary	6.87%
Akanani [Member] | LSA UK Limited [Member]
Accounting policies
Percentage of stake held	6.13%
Akanani [Member] | Phembani Group [Member]
Accounting policies
Percentage of stake held	13.01%
LSA UK Limited [Member]
Accounting policies
Proportion of ownership interest in subsidiary	4.75%
LSA UK Limited [Member] | Lonplats Siyakhula Employee Profit Share Trust [Member]
Accounting policies
Percentage of stake held	3.80%
LSA UK Limited [Member] | Phembani Group [Member]
Accounting policies
Percentage of stake held	9.01%
LSA UK Limited [Member] | Marikana Community Trust [Member]
Accounting policies
Percentage of stake held	0.90%
LSA UK Limited [Member] | Bapo Ba Mogale Community Trust [Member]
Accounting policies
Percentage of stake held	0.90%
LSA UK Limited [Member] | Incwala Platinum Pty Ltd Subsidiaries [Member]
Accounting policies
Percentage of stake held	4.24%
DRDGOLD Limited
Accounting policies
Percentage of stake held	61.95%	61.95%
Potential ownership, as a percent	50.10%
Shares option, price discount, as a percent	10.00%

SEGMENT REPORTING (Details)

SEGMENT REPORTING (Details) R in Millions	12 Months Ended
	Dec. 31, 2019ZAR (R)R / $	Dec. 31, 2018ZAR (R)	Dec. 31, 2017ZAR (R)
SEGMENT REPORTING
Revenue	R 72,925.4	R 50,656.4	R 45,911.6
Cost of sales, before amortisation and depreciation	(56,100.4)	(41,515.2)	(36,482.7)
Net other cash costs	(1,869)	(771.8)	(383.8)
Amortisation and depreciation	(7,214.1)	(6,613.8)	(5,699.7)
Interest income	560.4	482.1	415.5
Finance expense	(3,302.5)	(3,134.7)	(2,971.8)
Share-based payments	(363.3)	(299.4)	(231.9)
Net other costs	(4,925.8)	3,284	(779.1)
Non-underlying items	(567)	(3,311.9)	(6,759.1)
Royalties and carbon tax	443.9	212.6	398.5
Current taxation	(1,848.7)	(95.3)	(504.2)
Deferred taxation	3,581.7	(988.5)	3,450.8
Profit/(loss) for the period	432.8	(2,520.7)	(4,433.1)
Adjusted EBITDA	14,956	8,369.4	9,045.1
Attributable to:
Owners of the parent	62.1	(2,499.6)	(4,437.4)
Non-controlling interests	370.7	(21.1)	4.3
Sustaining capital expenditure	(2,039.3)	(1,271.2)	(1,325.6)
Ore reserve development	(3,401.9)	(3,530.4)	(3,291.6)
Growth projects	(2,264.9)	(2,279.2)	(1,481.6)
Total capital expenditure	R (7,706.1)	(7,080.8)	(6,098.8)
Average foreign exchange rate | R / $	14.46
Market For Mine Output, Underground Source [Member]
SEGMENT REPORTING
Revenue	R 51,528.2	38,605.7	37,790.3
Cost of sales, before amortisation and depreciation	(36,520.3)	(30,248.7)	(29,345.3)
Market For Mine Output, Surface Source [Member]
SEGMENT REPORTING
Revenue	6,876	4,608	3,582
Cost of sales, before amortisation and depreciation	(5,611.5)	(4,070)	(2,760.5)
Market For Recycled Products [Member]
SEGMENT REPORTING
Revenue	14,521.2	7,442.7	4,539.3
Cost of sales, before amortisation and depreciation	R (13,968.6)	R (7,196.5)	(4,376.9)
DRD Gold Segment [Member]
Attributable to:
Period of time for which results are included		5 months
Marikana operations
Attributable to:
Period of time for which results are included	7 months
South Africa Region [Member]
SEGMENT REPORTING
Revenue	R 46,222.6	R 34,810.3	36,750
Cost of sales, before amortisation and depreciation	(36,531)	(29,794.3)	(29,471)
Net other cash costs	(1,864.8)	(771.8)	(376.5)
Amortisation and depreciation	(4,928.5)	(4,379.4)	(4,268.3)
Interest income	415.2	398.9	363.7
Finance expense	(2,381.8)	(1,177.3)	(1,517.7)
Share-based payments	(309.9)	(263.7)	(227)
Net other costs	(4,934.1)	3,215.2	(756)
Non-underlying items	(492.4)	(3,101.2)	(6,688.2)
Royalties and carbon tax	443.9	212.6	398.5
Current taxation	(1,367.4)	(333.6)	(405.3)
Deferred taxation	2,145.4	807.2	533.8
Profit/(loss) for the period	(4,470.6)	(802.3)	(6,461.2)
Adjusted EBITDA	7,826.8	4,244.2	6,902.5
Attributable to:
Owners of the parent	(4,841.3)	(781.2)	(6,465.5)
Non-controlling interests	370.7	(21.1)	4.3
Sustaining capital expenditure	(1,717.6)	(1,011)	(1,098.7)
Ore reserve development	(2,365.7)	(2,531.5)	(2,753)
Growth projects	(229.9)	(705.2)	(593.3)
Total capital expenditure	(4,313.2)	(4,247.7)	(4,445)
South Africa Region [Member] | Market For Mine Output, Underground Source [Member]
SEGMENT REPORTING
Revenue	39,346.6	30,202.3	33,168
Cost of sales, before amortisation and depreciation	(30,919.5)	(25,724.3)	(26,710.5)
South Africa Region [Member] | Market For Mine Output, Surface Source [Member]
SEGMENT REPORTING
Revenue	6,876	4,608	3,582
Cost of sales, before amortisation and depreciation	(5,611.5)	(4,070)	(2,760.5)
South Africa Region [Member] | SA Gold operations
SEGMENT REPORTING
Revenue	18,644.2	19,656.7	23,473.6
Cost of sales, before amortisation and depreciation	(18,334.3)	(17,698.3)	(17,879.2)
Net other cash costs	(1,279.3)	(596)	(285.9)
Amortisation and depreciation	(3,009.5)	(3,305)	(3,507.5)
Interest income	269.4	315.4	205.7
Finance expense	(1,677.6)	(754.9)	(1,182.2)
Share-based payments	(309.9)	(263.7)	(227)
Net other costs	(3,420.9)	2,488.9	296.5
Non-underlying items	(751.2)	(3,071.5)	(6,535.8)
Royalties and carbon tax	85.7	50.6	325.3
Current taxation	(63.7)	(55.1)	(385.4)
Deferred taxation	2,131.3	999.8	549.2
Profit/(loss) for the period	(7,887.2)	(2,334.3)	(5,803.5)
Adjusted EBITDA	(969.4)	1,362.4	5,308.5
Attributable to:
Owners of the parent	(8,196.3)	(2,310.5)	(5,804.6)
Non-controlling interests	309.1	(23.8)	1.1
Sustaining capital expenditure	(514.4)	(546.6)	(531.1)
Ore reserve development	(1,336.5)	(2,053.6)	(2,288)
Growth projects	(214.7)	(647.5)	(591)
Total capital expenditure	(2,065.6)	(3,247.7)	(3,410.1)
South Africa Region [Member] | SA Gold operations | Market For Mine Output, Underground Source [Member]
SEGMENT REPORTING
Revenue	12,730.1	16,157.2	21,143.2
Cost of sales, before amortisation and depreciation	(13,711.6)	(14,592.9)	(16,032.2)
South Africa Region [Member] | SA Gold operations | Market For Mine Output, Surface Source [Member]
SEGMENT REPORTING
Revenue	5,914.1	3,499.5	2,330.4
Cost of sales, before amortisation and depreciation	(4,622.7)	(3,105.4)	(1,847)
South Africa Region [Member] | SA PGM operations
SEGMENT REPORTING
Revenue	27,578.4	15,153.6	13,276.4
Cost of sales, before amortisation and depreciation	(18,196.7)	(12,096)	(11,591.8)
Net other cash costs	(585.5)	(175.8)	(90.6)
Amortisation and depreciation	(1,919)	(1,074.4)	(760.8)
Interest income	145.8	83.5	158
Finance expense	(704.2)	(422.4)	(335.5)
Net other costs	(1,513.2)	726.3	(1,052.5)
Non-underlying items	258.8	(29.7)	(152.4)
Royalties and carbon tax	358.2	162	73.2
Current taxation	(1,303.7)	(278.5)	(19.9)
Deferred taxation	14.1	(192.6)	(15.4)
Profit/(loss) for the period	3,416.6	1,532	(657.7)
Adjusted EBITDA	8,796.2	2,881.8	1,594
Attributable to:
Owners of the parent	3,355	1,529.3	(660.9)
Non-controlling interests	61.6	2.7	3.2
Sustaining capital expenditure	(1,203.2)	(464.4)	(567.6)
Ore reserve development	(1,029.2)	(477.9)	(465)
Growth projects	(15.2)	(57.7)	(2.3)
Total capital expenditure	(2,247.6)	(1,000)	(1,034.9)
South Africa Region [Member] | SA PGM operations | Market For Mine Output, Underground Source [Member]
SEGMENT REPORTING
Revenue	26,616.5	14,045.1	12,024.8
Cost of sales, before amortisation and depreciation	(17,207.9)	(11,131.4)	(10,678.3)
South Africa Region [Member] | SA PGM operations | Market For Mine Output, Surface Source [Member]
SEGMENT REPORTING
Revenue	961.9	1,108.5	1,251.6
Cost of sales, before amortisation and depreciation	(988.8)	(964.6)	(913.5)
US Region/ Stillwater
SEGMENT REPORTING
Revenue	26,864.5	15,872.8	9,161.6
Cost of sales, before amortisation and depreciation	(19,569.4)	(11,720.9)	(7,011.7)
Net other cash costs	(4.2)		(7.3)
Amortisation and depreciation	(2,285.6)	(2,234.4)	(1,431.4)
Interest income	145.2	83.2	51.8
Finance expense	(920.7)	(1,797.1)	(1,454.1)
Share-based payments	(53.4)	(35.7)	(4.9)
Net other costs	8.3	68.8	(23.1)
Non-underlying items	(74.6)	(210.7)	(70.9)
Current taxation	(481.3)	238.3	(98.9)
Deferred taxation	1,436.3	(1,795.7)	2,917
Profit/(loss) for the period	5,065.1	(1,531.4)	2,028.1
Adjusted EBITDA	7,290.9	4,151.9	2,142.6
Attributable to:
Owners of the parent	5,065.1	(1,531.4)	2,028.1
Sustaining capital expenditure	(321.7)	(260.2)	(226.9)
Ore reserve development	(1,036.2)	(998.9)	(538.6)
Growth projects	(2,035)	(1,574)	(888.3)
Total capital expenditure	(3,392.9)	(2,833.1)	R (1,653.8)
Period of time for which results are included			8 months
US Region/ Stillwater | Market For Mine Output, Underground Source [Member]
SEGMENT REPORTING
Revenue	12,343.3	8,430.1	R 4,622.3
Cost of sales, before amortisation and depreciation	(5,600.8)	(4,524.4)	(2,634.8)
US Region/ Stillwater | Market For Recycled Products [Member]
SEGMENT REPORTING
Revenue	14,521.2	7,442.7	4,539.3
Cost of sales, before amortisation and depreciation	(13,968.6)	(7,196.5)	(4,376.9)
Operating segments | South Africa Region [Member] | Driefontein
SEGMENT REPORTING
Revenue	3,303.1	5,111.2	8,076.9
Cost of sales, before amortisation and depreciation	(4,438.6)	(5,709.3)	(6,203.5)
Net other cash costs	(197.6)	(50.2)	(32.4)
Amortisation and depreciation	(920.5)	(1,200.9)	(1,126.5)
Interest income	60.1	94.3	77.6
Finance expense	(242.8)	(234.9)	(220.9)
Share-based payments		(0.2)	(2.8)
Net other costs	17.5	(362.8)	24.1
Non-underlying items	(169.5)	(2,157.6)	(74.9)
Royalties and carbon tax	16.6	(1.4)	77.8
Current taxation	(22.7)	63.9	(14.8)
Deferred taxation	74.8	922.9	(12)
Profit/(loss) for the period	(2,552.8)	(3,522.2)	412.8
Adjusted EBITDA	(1,333.1)	(648.3)	1,841
Attributable to:
Owners of the parent	(2,552.8)	(3,522.2)	412.8
Sustaining capital expenditure	(163)	(228.1)	(235)
Ore reserve development	(512.9)	(817.1)	(876.1)
Growth projects		(0.4)	(44.4)
Total capital expenditure	(675.9)	(1,045.6)	(1,155.5)
Operating segments | South Africa Region [Member] | Driefontein | Market For Mine Output, Underground Source [Member]
SEGMENT REPORTING
Revenue	3,301.4	4,782.4	7,148.1
Cost of sales, before amortisation and depreciation	(4,428.6)	(5,386.7)	(5,488.9)
Operating segments | South Africa Region [Member] | Driefontein | Market For Mine Output, Surface Source [Member]
SEGMENT REPORTING
Revenue	1.7	328.8	928.8
Cost of sales, before amortisation and depreciation	(10)	(322.6)	(714.6)
Operating segments | South Africa Region [Member] | Kloof
SEGMENT REPORTING
Revenue	6,808.5	8,131.7	8,845.1
Cost of sales, before amortisation and depreciation	(6,872.9)	(6,364.8)	(5,762.7)
Net other cash costs	(152.7)	(44.8)	(37.9)
Amortisation and depreciation	(1,200.9)	(1,378.8)	(1,404.5)
Interest income	53	72	71.1
Finance expense	(242.9)	(245.9)	(246.9)
Share-based payments			(1.8)
Net other costs	31	(110.3)	23.4
Non-underlying items	(35.1)	27.2	(50.4)
Royalties and carbon tax	34.2	29	189.3
Current taxation	(5.5)	(75.3)	(350.1)
Deferred taxation	150.4	313.1	61.4
Profit/(loss) for the period	(1,501.3)	295.1	957.4
Adjusted EBITDA	(217.1)	1,722.1	3,044.5
Attributable to:
Owners of the parent	(1,501.3)	295.1	957.4
Sustaining capital expenditure	(238.1)	(220.6)	(210.2)
Ore reserve development	(590.4)	(839.6)	(876.2)
Growth projects	(108.9)	(141.8)	(147.1)
Total capital expenditure	(937.4)	(1,202)	(1,233.5)
Operating segments | South Africa Region [Member] | Kloof | Market For Mine Output, Underground Source [Member]
SEGMENT REPORTING
Revenue	5,552.4	6,937.9	7,985.3
Cost of sales, before amortisation and depreciation	(5,741.1)	(5,352.2)	(5,109.5)
Operating segments | South Africa Region [Member] | Kloof | Market For Mine Output, Surface Source [Member]
SEGMENT REPORTING
Revenue	1,256.1	1,193.8	859.8
Cost of sales, before amortisation and depreciation	(1,131.8)	(1,012.6)	(653.2)
Operating segments | South Africa Region [Member] | Beatrix
SEGMENT REPORTING
Revenue	3,798.2	4,601.3	4,875.8
Cost of sales, before amortisation and depreciation	(3,669.2)	(3,910.8)	(3,952.5)
Net other cash costs	(179.8)	(37.2)	(13.3)
Amortisation and depreciation	(640)	(635.3)	(696.2)
Interest income	31.4	40	18.4
Finance expense	(141.1)	(143.6)	(128.4)
Share-based payments			(1.3)
Net other costs	13.4	(57.8)	(34.7)
Non-underlying items	(112.4)	(156.6)	(675.3)
Royalties and carbon tax	30.8	18.8	44.5
Current taxation	(13.3)	5.5	(12.4)
Deferred taxation	89.9	127.8	245.3
Profit/(loss) for the period	(853.7)	(185.5)	(419.1)
Adjusted EBITDA	(50.8)	653.3	910
Attributable to:
Owners of the parent	(853.7)	(185.5)	(419.1)
Sustaining capital expenditure	(70.5)	(82.6)	(63.1)
Ore reserve development	(233.2)	(396.9)	(482)
Growth projects	(2.1)	(1.7)	(0.5)
Total capital expenditure	(305.8)	(481.2)	(545.6)
Operating segments | South Africa Region [Member] | Beatrix | Market For Mine Output, Underground Source [Member]
SEGMENT REPORTING
Revenue	3,576.9	4,467.8	4,753.1
Cost of sales, before amortisation and depreciation	(3,525.3)	(3,841)	(3,852.1)
Operating segments | South Africa Region [Member] | Beatrix | Market For Mine Output, Surface Source [Member]
SEGMENT REPORTING
Revenue	221.3	133.5	122.7
Cost of sales, before amortisation and depreciation	(143.9)	(69.8)	(100.4)
Operating segments | South Africa Region [Member] | Cooke
SEGMENT REPORTING
Revenue	828.4	841.8	1,676.5
Cost of sales, before amortisation and depreciation	(617.3)	(693.4)	(1,960.5)
Net other cash costs	(568.6)	(573.4)	(243.4)
Amortisation and depreciation	(15.1)	(5.7)	(256.4)
Interest income	39.8	41.7	12.5
Finance expense	(73.7)	(78.1)	(76.7)
Net other costs	(113.9)	(106.2)	(76.9)
Non-underlying items	(6.9)	(50.6)	(3,664.7)
Royalties and carbon tax	4.1	4.2	13.7
Current taxation		0.8
Deferred taxation			1.5
Profit/(loss) for the period	(531.4)	(627.3)	(4,601.8)
Adjusted EBITDA	(357.5)	(425)	(527.4)
Attributable to:
Owners of the parent	(531.4)	(627.3)	(4,601.8)
Sustaining capital expenditure			(8.5)
Ore reserve development			(53.7)
Growth projects			(11.7)
Total capital expenditure			(73.9)
Operating segments | South Africa Region [Member] | Cooke | Market For Mine Output, Underground Source [Member]
SEGMENT REPORTING
Revenue	21.2	45.9	1,257.4
Cost of sales, before amortisation and depreciation	(16.6)	(13)	(1,581.7)
Operating segments | South Africa Region [Member] | Cooke | Market For Mine Output, Surface Source [Member]
SEGMENT REPORTING
Revenue	807.2	795.9	419.1
Cost of sales, before amortisation and depreciation	(600.7)	(680.4)	(378.8)
Operating segments | South Africa Region [Member] | DRD Gold Segment [Member]
SEGMENT REPORTING
Revenue	3,621	1,047.5
Cost of sales, before amortisation and depreciation	(2,736.3)	(1,020)
Net other cash costs	(30.7)	8.7
Amortisation and depreciation	(172.1)	(57.9)
Interest income	64.5	26.1
Finance expense	(73)	(33)
Share-based payments	(64.2)	(3.2)
Net other costs	81.6	(419.1)
Non-underlying items	4.3	(4.6)
Current taxation	(69.1)	(3)
Deferred taxation	(129.9)	(132)
Profit/(loss) for the period	496.1	(590.5)
Adjusted EBITDA	854	36.2
Attributable to:
Owners of the parent	188.7	(565.8)
Non-controlling interests	307.4	(24.7)
Sustaining capital expenditure	(42.8)	(14.5)
Growth projects	(39)	(303.3)
Total capital expenditure	(81.8)	(317.8)
Operating segments | South Africa Region [Member] | DRD Gold Segment [Member] | Market For Mine Output, Surface Source [Member]
SEGMENT REPORTING
Revenue	3,621	1,047.5
Cost of sales, before amortisation and depreciation	(2,736.3)	(1,020)
Operating segments | South Africa Region [Member] | Marikana operations
SEGMENT REPORTING
Revenue	11,187.9
Cost of sales, before amortisation and depreciation	(8,439.9)
Net other cash costs	(299.9)
Amortisation and depreciation	(500.4)
Interest income	30.9
Finance expense	(282.4)
Net other costs	12.9
Non-underlying items	212.7
Royalties and carbon tax	54.5
Current taxation	13.3
Profit/(loss) for the period	1,880.6
Adjusted EBITDA	2,448.1
Attributable to:
Owners of the parent	1,821.6
Non-controlling interests	59
Sustaining capital expenditure	(660.4)
Ore reserve development	(528.6)
Total capital expenditure	(1,189)
Operating segments | South Africa Region [Member] | Marikana operations | Market For Mine Output, Underground Source [Member]
SEGMENT REPORTING
Revenue	11,125
Cost of sales, before amortisation and depreciation	(8,439.9)
Operating segments | South Africa Region [Member] | Marikana operations | Market For Mine Output, Surface Source [Member]
SEGMENT REPORTING
Revenue	62.9
Operating segments | South Africa Region [Member] | Kroondal
SEGMENT REPORTING
Revenue	5,590.4	3,584.4	2,861.5
Cost of sales, before amortisation and depreciation	(3,076.3)	(2,739.4)	(2,395.9)
Net other cash costs	(103.4)	(52.7)	(34.7)
Amortisation and depreciation	(494.8)	(370.4)	(239)
Interest income	67.1	60.3	57
Finance expense	(146.9)	(130.5)	(90.7)
Net other costs	(0.3)	137.6	(181.7)
Non-underlying items	44.8	0.4	(9)
Royalties and carbon tax	7.6	5.5	5.6
Current taxation	(536)
Deferred taxation	(0.7)	(168.9)	(24.8)
Profit/(loss) for the period	1,336.3	315.3	(62.9)
Adjusted EBITDA	2,410.7	792.3	430.9
Attributable to:
Owners of the parent	1,336.3	315.3	(62.9)
Sustaining capital expenditure	(212.8)	(141.4)	(190.5)
Total capital expenditure	(212.8)	(141.4)	(190.5)
Operating segments | South Africa Region [Member] | Kroondal | Market For Mine Output, Underground Source [Member]
SEGMENT REPORTING
Revenue	5,590.4	3,584.4	2,861.5
Cost of sales, before amortisation and depreciation	(3,076.3)	(2,739.4)	(2,395.9)
Operating segments | South Africa Region [Member] | Platinum Mile
SEGMENT REPORTING
Revenue	300.6	196.7	194.1
Cost of sales, before amortisation and depreciation	(213.6)	(152.7)	(129.8)
Net other cash costs	(25.3)	(1.2)	(12.6)
Amortisation and depreciation	(4.8)	(3)	(2.6)
Interest income	1.3	1.3	2.1
Net other costs	1.1	0.7	0.7
Current taxation			(9.3)
Deferred taxation	(16.5)	(9.2)	(4.3)
Profit/(loss) for the period	42.8	32.6	38.3
Adjusted EBITDA	61.7	42.8	51.7
Attributable to:
Owners of the parent	39.3	29.9	35.1
Non-controlling interests	3.5	2.7	3.2
Sustaining capital expenditure	(13.3)	(9.5)	(11)
Growth projects	(13.4)	(57.1)	(2.3)
Total capital expenditure	(26.7)	(66.6)	(13.3)
Operating segments | South Africa Region [Member] | Platinum Mile | Market For Mine Output, Surface Source [Member]
SEGMENT REPORTING
Revenue	300.6	196.7	194.1
Cost of sales, before amortisation and depreciation	(213.6)	(152.7)	(129.8)
Operating segments | South Africa Region [Member] | Mimosa
SEGMENT REPORTING
Revenue	2,342.6	1,857.5	1,687.7
Cost of sales, before amortisation and depreciation	(1,336.3)	(1,235.7)	(1,200.5)
Net other cash costs	(8)	(6.7)	34.2
Amortisation and depreciation	(218.7)	(191.6)	(211.7)
Interest income	2.2	0.1	8.8
Finance expense	(21.8)	(13)	(10)
Net other costs	(137.2)	(9.2)	(11)
Non-underlying items	(27.5)
Royalties and carbon tax	77.1	57.6	60.4
Current taxation	(135.5)	(103.4)	(59.3)
Deferred taxation	(5.6)	(29.9)	(2.8)
Profit/(loss) for the period	377.1	210.5	175
Adjusted EBITDA	998.3	615.1	521.4
Attributable to:
Owners of the parent	377.1	210.5	175
Sustaining capital expenditure	(343.1)	(170.9)	(222.5)
Total capital expenditure	(343.1)	(170.9)	(222.5)
Operating segments | South Africa Region [Member] | Mimosa | Market For Mine Output, Underground Source [Member]
SEGMENT REPORTING
Revenue	2,342.6	1,857.5	1,687.7
Cost of sales, before amortisation and depreciation	(1,336.3)	(1,235.7)	(1,200.5)
Operating segments | South Africa Region [Member] | Rustenburg operations
SEGMENT REPORTING
Revenue	10,499.5	11,372.5	10,220.8
Cost of sales, before amortisation and depreciation	(6,466.9)	(9,203.9)	(9,066.1)
Net other cash costs	(156.1)	(121.1)	(41.8)
Amortisation and depreciation	(914.4)	(697.1)	(514.7)
Interest income	44.6	20.2	96.6
Finance expense	(1,407.5)	(1,890.6)	(244.9)
Net other costs	(11,381.8)	4,348	(893.1)
Non-underlying items	2.4	(30.7)	(134.9)
Royalties and carbon tax	296.1	156.5	67.6
Current taxation	(780.3)	(277.4)	(10)
Deferred taxation	30	(15.5)	12.7
Profit/(loss) for the period	(10,826.6)	3,347.9	(643)
Adjusted EBITDA	3,876.5	2,047.5	1,112.9
Attributable to:
Owners of the parent	(10,826.6)	3,347.9	(643)
Sustaining capital expenditure	(316.3)	(313.5)	(366.1)
Ore reserve development	(500.6)	(477.9)	(465)
Growth projects	(1.8)	(0.6)
Total capital expenditure	(818.7)	(792)	(831.1)
Operating segments | South Africa Region [Member] | Rustenburg operations | Market For Mine Output, Underground Source [Member]
SEGMENT REPORTING
Revenue	9,901.1	10,460.7	9,163.3
Cost of sales, before amortisation and depreciation	(5,691.7)	(8,392)	(8,282.4)
Operating segments | South Africa Region [Member] | Rustenburg operations | Market For Mine Output, Surface Source [Member]
SEGMENT REPORTING
Revenue	598.4	911.8	1,057.5
Cost of sales, before amortisation and depreciation	(775.2)	(811.9)	(783.7)
Material reconciling items [member]
SEGMENT REPORTING
Revenue	(161.7)
Profit/(loss) for the period	(161.7)
Adjusted EBITDA	(161.7)
Attributable to:
Owners of the parent	(161.7)
Material reconciling items [member] | Market For Mine Output, Underground Source [Member]
SEGMENT REPORTING
Revenue	(161.7)
Material reconciling items [member] | South Africa Region [Member] | SA Gold operations
SEGMENT REPORTING
Revenue	285	(76.8)	(0.7)
Net other cash costs	(149.9)	100.9	41.1
Amortisation and depreciation	(60.9)	(26.4)	(23.9)
Interest income	20.6	41.3	26.1
Finance expense	(904.1)	(19.4)	(509.3)
Share-based payments	(245.7)	(260.3)	(221.1)
Net other costs	(3,450.5)	3,545.1	360.6
Non-underlying items	(431.6)	(729.3)	(2,070.5)
Current taxation	46.9	(47)	(8.1)
Deferred taxation	1,946.1	(232)	253
Profit/(loss) for the period	(2,944.1)	2,296.1	(2,152.8)
Adjusted EBITDA	135.1	24.1	40.4
Attributable to:
Owners of the parent	(2,945.8)	2,295.2	(2,153.9)
Non-controlling interests	1.7	0.9	1.1
Sustaining capital expenditure		(0.8)	(14.3)
Growth projects	(64.7)	(200.3)	(387.3)
Total capital expenditure	(64.7)	(201.1)	(401.6)
Material reconciling items [member] | South Africa Region [Member] | SA Gold operations | Market For Mine Output, Underground Source [Member]
SEGMENT REPORTING
Revenue	278.2	(76.8)	(0.7)
Material reconciling items [member] | South Africa Region [Member] | SA Gold operations | Market For Mine Output, Surface Source [Member]
SEGMENT REPORTING
Revenue	6.8
Material reconciling items [member] | South Africa Region [Member] | SA PGM operations
SEGMENT REPORTING
Revenue	(2,342.6)	(1,857.5)	(1,687.7)
Cost of sales, before amortisation and depreciation	1,336.3	1,235.7	1,200.5
Net other cash costs	7.2	5.9	(35.7)
Amortisation and depreciation	214.1	187.7	207.2
Interest income	(0.3)	1.6	(6.5)
Finance expense	1,154.4	1,611.7	10.1
Net other costs	9,992.1	(3,750.8)	32.6
Non-underlying items	26.4	0.6	(8.5)
Royalties and carbon tax	(77.1)	(57.6)	(60.4)
Current taxation	134.8	102.3	58.7
Deferred taxation	6.9	30.9	3.8
Profit/(loss) for the period	10,606.4	(2,374.3)	(165.1)
Adjusted EBITDA	(999.1)	(615.9)	(522.9)
Attributable to:
Owners of the parent	10,607.3	(2,374.3)	(165.1)
Non-controlling interests	(0.9)
Sustaining capital expenditure	342.7	170.9	222.5
Total capital expenditure	342.7	170.9	222.5
Material reconciling items [member] | South Africa Region [Member] | SA PGM operations | Market For Mine Output, Underground Source [Member]
SEGMENT REPORTING
Revenue	(2,342.6)	(1,857.5)	(1,687.7)
Cost of sales, before amortisation and depreciation	R 1,336.3	R 1,235.7	R 1,200.5

REVENUE (Details)

REVENUE (Details) R in Millions

Oct. 21, 2019ZAR (R)

Apr. 11, 2019USD ($)

Apr. 11, 2019ZAR (R)

Sep. 19, 2018USD ($)

Sep. 11, 2018USD ($)

Jul. 25, 2018USD ($)

Jul. 25, 2018ZAR (R)

Jul. 31, 2018USD ($)

Dec. 31, 2019USD ($)R / $

Dec. 31, 2019ZAR (R)R / $

Dec. 31, 2018ZAR (R)

Dec. 31, 2017ZAR (R)

Dec. 31, 2016USD ($)

Jun. 10, 2019ZAR (R)

Disclosure of disaggregation of revenue from contracts with customers [line items]

Deferred revenue advance received

R 1,100

$ 125,000,000

R 1,750

$ 500,000,000

R 2,859.3

R 6,555.4

Revenue from contracts with customers

R 72,925.4

50,656.4

R 45,911.6

Average foreign exchange rate | R / $

14.46

14.46

Wheaton Precious Metals International [Member]

Disclosure of disaggregation of revenue from contracts with customers [line items]

Percent of production covered by agreement

4.50%

4.50%

Deferred revenue advance received

$ 500,000,000

R 6,555.4

Additional monthly amounts receivable, as a percent

18.00%

18.00%

BTT streaming revenue

Disclosure of disaggregation of revenue from contracts with customers [line items]

Percent of production covered by agreement

23.00%

23.00%

Deferred revenue advance received | $

$ 500,000,000

$ 500,000,000

$ 50,000,000

Additional monthly amounts receivable, as a percent

20.00%

20.00%

Deferred income recognised as of acquisition date

R 627.6

Gold

Disclosure of disaggregation of revenue from contracts with customers [line items]

Revenue from contracts with customers

R 18,882.1

21,434.2

Gold | Wheaton Precious Metals International [Member]

Disclosure of disaggregation of revenue from contracts with customers [line items]

Percent of production covered by agreement

100.00%

100.00%

PGM

Disclosure of disaggregation of revenue from contracts with customers [line items]

Revenue from contracts with customers

R 51,504.9

27,545.7

Platinum

Disclosure of disaggregation of revenue from contracts with customers [line items]

Revenue from contracts with customers

13,013.2

9,233.9

Palladium

Disclosure of disaggregation of revenue from contracts with customers [line items]

Revenue from contracts with customers

R 28,031

15,282.3

Palladium | Wheaton Precious Metals International [Member]

Disclosure of disaggregation of revenue from contracts with customers [line items]

Percent of production covered by agreement

4.50%

4.50%

Rhodium

Disclosure of disaggregation of revenue from contracts with customers [line items]

Revenue from contracts with customers

R 9,338.1

2,236

Iridium

Disclosure of disaggregation of revenue from contracts with customers [line items]

Revenue from contracts with customers

649.6

442.9

Ruthenium

Disclosure of disaggregation of revenue from contracts with customers [line items]

Revenue from contracts with customers

473

350.6

Chrome

Disclosure of disaggregation of revenue from contracts with customers [line items]

Revenue from contracts with customers

1,749.3

1,128.9

Nickel

Disclosure of disaggregation of revenue from contracts with customers [line items]

Revenue from contracts with customers

617.9

383

Other Product

Disclosure of disaggregation of revenue from contracts with customers [line items]

Revenue from contracts with customers

171.2

164.6

Goods or services transferred at point in time [member] | Gold

Disclosure of disaggregation of revenue from contracts with customers [line items]

Revenue from contracts with customers

18,644.2

19,656.7

23,473.6

Goods or services transferred at point in time [member] | PGM

Disclosure of disaggregation of revenue from contracts with customers [line items]

Revenue from contracts with customers

39,219.6

23,355.4

17,898.7

Streaming agreements (over time)

Disclosure of disaggregation of revenue from contracts with customers [line items]

Revenue from contracts with customers

540.4

201.6

Market For Recycled Products [Member]

Disclosure of disaggregation of revenue from contracts with customers [line items]

Revenue from contracts with customers

14,521.2

7,442.7

4,539.3

Market For Recycled Products [Member] | Goods or services transferred at point in time [member]

Disclosure of disaggregation of revenue from contracts with customers [line items]

Revenue from contracts with customers

R 14,521.2

7,442.7

4,539.3

Currency risk

Disclosure of disaggregation of revenue from contracts with customers [line items]

Percentage decrease in risk assumption

1.00%

1.00%

Percentage increase in risk assumption

1.00%

1.00%

Increase in adjusted EBITDA due to decrease in exchange rate

R 50.6

Decrease in adjusted EBITDA due to increase in exchange rate

R 50.6

Minimum

Disclosure of disaggregation of revenue from contracts with customers [line items]

Period between provisional invoicing and final pricing

1 month

1 month

Minimum | BTT streaming revenue

Disclosure of disaggregation of revenue from contracts with customers [line items]

Percent of production covered by agreement

23.00%

23.00%

Additional monthly amounts receivable, as a percent

16.00%

16.00%

Basket price per oz | $

$ 106

Minimum | PGM | BTT streaming revenue

Disclosure of disaggregation of revenue from contracts with customers [line items]

Percent of production covered by agreement

23.00%

Maximum

Disclosure of disaggregation of revenue from contracts with customers [line items]

Period between provisional invoicing and final pricing

4 months

4 months

Maximum | BTT streaming revenue

Disclosure of disaggregation of revenue from contracts with customers [line items]

Percent of production covered by agreement

38.00%

38.00%

Additional monthly amounts receivable, as a percent

20.00%

20.00%

Basket price per oz | $

$ 280

Maximum | PGM | BTT streaming revenue

Disclosure of disaggregation of revenue from contracts with customers [line items]

Percent of production covered by agreement

38.00%

SA Gold operations

Disclosure of disaggregation of revenue from contracts with customers [line items]

Revenue from largest customer

7,371

SA PGM operations

Disclosure of disaggregation of revenue from contracts with customers [line items]

Revenue from largest customer

13,881

South Africa Region [Member]

Disclosure of disaggregation of revenue from contracts with customers [line items]

Revenue from contracts with customers

R 46,222.6

34,810.3

36,750

South Africa Region [Member] | SA Gold operations

Disclosure of disaggregation of revenue from contracts with customers [line items]

Revenue from contracts with customers

18,644.2

19,656.7

23,473.6

South Africa Region [Member] | SA PGM operations

Disclosure of disaggregation of revenue from contracts with customers [line items]

Revenue from contracts with customers

27,578.4

15,153.6

13,276.4

US Region/ Stillwater

Disclosure of disaggregation of revenue from contracts with customers [line items]

Revenue from contracts with customers

26,864.5

15,872.8

9,161.6

Revenue from largest customer

30,598

11,809

US Region/ Stillwater | Market For Recycled Products [Member]

Disclosure of disaggregation of revenue from contracts with customers [line items]

Revenue from contracts with customers

14,521.2

7,442.7

4,539.3

UNITED STATES

Disclosure of disaggregation of revenue from contracts with customers [line items]

Revenue from contracts with customers

R 26,702.8

R 15,846.1

R 9,161.6

COST OF SALES (Details)

COST OF SALES (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of performance obligations [line items]
Salaries and wages	R (21,215.6)	R (15,710.3)	R (15,323)
Consumable stores	(12,784.3)	(9,327.9)	(8,789.4)
Utilities	(6,089.3)	(5,049.2)	(4,930.1)
Mine contracts	(3,566.4)	(3,197.6)	(2,956.9)
Other	(1,878)	(4,564)	(3,398)
Ore reserve development costs capitalised	3,401.8	3,530.3	3,291.6
Cost of sales, before amortisation and depreciation	(56,100.4)	(41,515.2)	(36,482.7)
Amortisation and depreciation	(7,214.1)	(6,613.8)	(5,699.7)
Total cost of sales	(63,314.5)	(48,129)	(42,182.4)
Cost of providing defined contribution retirement benefits	1,233.7	919.1	959.9
Market For Recycled Products [Member]
Disclosure of performance obligations [line items]
Cost of sales, before amortisation and depreciation	R (13,968.6)	R (7,196.5)	R (4,376.9)

FINANCE EXPENSE (Details)

FINANCE EXPENSE (Details) R in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2019ZAR (R)	Dec. 31, 2018ZAR (R)	Dec. 31, 2017ZAR (R)	Dec. 31, 2019USD ($)	Dec. 31, 2019ZAR (R)	Nov. 11, 2019ZAR (R)	May 31, 2018ZAR (R)	Nov. 15, 2016ZAR (R)	Jul. 01, 2014USD ($)	Jul. 01, 2014ZAR (R)
Finance expense
Borrowings - interest	R (1,444.9)	R (1,572.5)	R (2,091.9)
Borrowings - unwinding of amortised cost	(374.4)	(538.3)	(251.8)
Lease liabilities	(33.9)
Environmental rehabilitation obligation	(578.7)	(398.8)	(357.1)
Occupational healthcare obligation	(115.5)	(105.4)	(46.4)
Deferred payment	(179)	(200.4)	(148.2)
Dissenting shareholders	(21.2)	(68.1)	(62.9)
Deferred revenue	(352.3)	(160.3)
Deferred consideration	(40.5)
Other	(162.1)	(90.9)	(13.5)
Total finance expense	(3,302.5)	(3,134.7)	(2,971.8)
Streaming agreements (over time)
Finance expense
Borrowings - interest	(352.3)	(160.3)
BTT streaming revenue
Finance expense
Discount rate used in current estimate of value in use				11.50%	11.50%
Wheaton Precious Metals International [Member] | Gold
Finance expense
Discount rate used in current estimate of value in use				5.20%	5.20%
Wheaton Precious Metals International [Member] | Palladium
Finance expense
Discount rate used in current estimate of value in use				4.60%	4.60%
US$600 million RCF
Disclosure of detailed information about borrowings [line items]
Face amount of debt				$ 600			R 600
R6.0 billion RCF
Disclosure of detailed information about borrowings [line items]
Face amount of debt					R 6,000	R 6,000		R 6,000
R4.5 billion facilities
Disclosure of detailed information about borrowings [line items]
Face amount of debt								R 4,500
US$350 million RCF
Disclosure of detailed information about borrowings [line items]
Face amount of debt				$ 350			R 350
Burnstone Debt
Disclosure of detailed information about borrowings [line items]
Face amount of debt									$ 178.1	R 1,883.9
Finance expense
Borrowings - unwinding of amortised cost	(120.1)	(152.9)	R (141.6)
Other borrowings
Finance expense
Borrowings - unwinding of amortised cost	R (9.6)	R (2.9)

SHARE BASED PAYMENTS (Details)

SHARE BASED PAYMENTS (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
SHARE-BASED PAYMENTS
Share-based payments	R (363.3)	R (299.4)	R (231.9)
Sibanye Stillwater 2017 Share Plan [Member]
SHARE-BASED PAYMENTS
Share-based payments	(194.4)	(139.2)	(9)
Sibanye Stillwater 2017 Share Plan - Performance Shares [Member]
SHARE-BASED PAYMENTS
Share-based payments	(194.4)	(139.2)	(9)
SGL 2013 Share Plan
SHARE-BASED PAYMENTS
Share-based payments	(95.9)	(142.5)	(208.4)
SGL 2013 Share Plan - Performance shares
SHARE-BASED PAYMENTS
Share-based payments	(95.9)	(142.5)	(186.3)
SGL 2013 Share Plan - Bonus shares
SHARE-BASED PAYMENTS
Share-based payments			(22.1)
SGL Phantom Scheme
SHARE-BASED PAYMENTS
Share-based payments			(11.2)
Stillwater Cash Settled Scheme
SHARE-BASED PAYMENTS
Share-based payments	(8.9)	(14.5)	R (3.3)
DRD Gold Cash Settled Scheme [Member]
SHARE-BASED PAYMENTS
Share-based payments	R (64.1)	R (3.2)

SHARE BASED PAYMENTS - SGL Shar

SHARE BASED PAYMENTS - SGL Share Plan (Details)	12 Months Ended
	Dec. 31, 2019companytrancheitemR / sharesshares	Dec. 31, 2018R / sharesshares	Dec. 31, 2017R / sharesshares	Apr. 25, 2017shares	Dec. 31, 2016shares
SHARE-BASED PAYMENTS
Authorised number of shares | shares	10,000,000,000	10,000,000,000	10,000,000,000	10,000,000,000	2,000,000,000
Percentage of actual annual cash bonus	60.00%
Percent of bonus paid in shares	40.00%
Share price period for determination of number of shares awarded	3 days
Forfeiture percentage	20.00%
Sibanye Stillwater 2017 Share Plan [Member]
SHARE-BASED PAYMENTS
Maximum shares allowed per individual participant | shares	8,674,885
Number of forfeitable share tranches | tranche	2
Performance period	3 years
Number of performance criteria | item	2
TSR Weighting percentage	70.00%
Number of peer-group companies | company	8
ROCE Weighting percentage	30.00%
ROCE incremental increase (as a percent)	6.00%
Sibanye Stillwater 2017 Share Plan [Member] | Minimum
SHARE-BASED PAYMENTS
Vesting percentage	0.00%
Percentile on peer group TSR curve (as a percent)	0.00%
Sibanye Stillwater 2017 Share Plan [Member] | Maximum
SHARE-BASED PAYMENTS
Vesting percentage	100.00%
Percentile on peer group TSR curve (as a percent)	100.00%
Sibanye Stillwater 2017 Share Plan [Member] | TSR at 0%
SHARE-BASED PAYMENTS
Vesting percentage	0.00%
Sibanye Stillwater 2017 Share Plan [Member] | TSR at 10%
SHARE-BASED PAYMENTS
Vesting percentage	0.00%
Sibanye Stillwater 2017 Share Plan [Member] | TSR at 20%
SHARE-BASED PAYMENTS
Vesting percentage	0.00%
Sibanye Stillwater 2017 Share Plan [Member] | TSR at 30%
SHARE-BASED PAYMENTS
Vesting percentage	5.00%
Sibanye Stillwater 2017 Share Plan [Member] | TSR at 40%
SHARE-BASED PAYMENTS
Vesting percentage	20.00%
Sibanye Stillwater 2017 Share Plan [Member] | TSR at 50%
SHARE-BASED PAYMENTS
Vesting percentage	35.00%
Sibanye Stillwater 2017 Share Plan [Member] | TSR at 60%
SHARE-BASED PAYMENTS
Vesting percentage	55.00%
Sibanye Stillwater 2017 Share Plan [Member] | TSR at 70%
SHARE-BASED PAYMENTS
Vesting percentage	75.00%
Sibanye Stillwater 2017 Share Plan [Member] | TSR at 80%
SHARE-BASED PAYMENTS
Vesting percentage	90.00%
Sibanye Stillwater 2017 Share Plan [Member] | TSR at 90%
SHARE-BASED PAYMENTS
Vesting percentage	100.00%
Sibanye Stillwater 2017 Share Plan [Member] | TSR at 100%
SHARE-BASED PAYMENTS
Vesting percentage	100.00%
Sibanye Stillwater 2017 Share Plan [Member] | ROCE Ke
SHARE-BASED PAYMENTS
Vesting percentage	0.00%
Sibanye Stillwater 2017 Share Plan [Member] | ROCE at Ke + 1%
SHARE-BASED PAYMENTS
Vesting percentage	16.70%
Sibanye Stillwater 2017 Share Plan [Member] | ROCE at Ke + 2%
SHARE-BASED PAYMENTS
Vesting percentage	33.30%
Sibanye Stillwater 2017 Share Plan [Member] | ROCE at Ke + 3%
SHARE-BASED PAYMENTS
Vesting percentage	50.00%
Sibanye Stillwater 2017 Share Plan [Member] | ROCE at Ke + 4%
SHARE-BASED PAYMENTS
Vesting percentage	66.70%
Sibanye Stillwater 2017 Share Plan [Member] | ROCE at Ke + 5%
SHARE-BASED PAYMENTS
Vesting percentage	83.30%
Sibanye Stillwater 2017 Share Plan [Member] | ROCE at Ke + 6%
SHARE-BASED PAYMENTS
Vesting percentage	100.00%
Sibanye 2017 Share Plan - Bonus Shares [Member]
SHARE-BASED PAYMENTS
Vesting period of first part of share award	9 months
Vesting period of second part of share award	18 months
Sibanye 2017 Share Plan - Bonus Shares [Member] | Minimum
SHARE-BASED PAYMENTS
Expected term	9 months	9 months	9 months
Expected dividend yield		2.14%
Risk-free interest rate	7.06%	6.77%
Marketability discount			0.50%
Weighted average fair value per share			R 24.14
Sibanye 2017 Share Plan - Bonus Shares [Member] | Maximum
SHARE-BASED PAYMENTS
Expected term	18 months	18 months	18 months
Expected dividend yield		2.30%
Risk-free interest rate	7.07%	6.87%
Marketability discount			1.27%
Weighted average fair value per share			R 24.84
SGL 2013 Share Plan
SHARE-BASED PAYMENTS
Number of methods of participation | item	2
SGL 2013 Share Plan - Bonus shares
SHARE-BASED PAYMENTS
Weighted average historical volatility		50.35%	53.96%
Expected dividend yield	0.00%		4.65%
Risk-free interest rate			7.24%
Weighted average fair value per share	R 15.58	R 11.43
SGL 2013 Share Plan - Performance shares
SHARE-BASED PAYMENTS
Weighted average historical volatility	54.82%	55.71%	53.96%
Expected term	3 years	3 years	3 years
Expected dividend yield	1.22%	3.64%	4.65%
Risk-free interest rate	7.19%	6.90%	7.40%
Weighted average fair value per share	R 11.17	R 6.86	R 24.07

SHARE BASED PAYMENTS - Compensa

SHARE BASED PAYMENTS - Compensation Cost and Activity (Details)	12 Months Ended
	Dec. 31, 2019ZAR (R)EquityInstrumentsshares	Dec. 31, 2018EquityInstrumentsZAR (R)shares	Dec. 31, 2017EquityInstrumentsZAR (R)
Sibanye Stillwater 2017 Share Plan [Member]
SHARE-BASED PAYMENTS
Compensation cost not yet recognised	R 363,800,000
Compensation cost recognition period	3 years
Shares authorized | shares	86,748,850
Maximum shares allowed per individual participant | shares	8,674,885
Sibanye 2017 Share Plan - Bonus Shares [Member]
SHARE-BASED PAYMENTS
Number of other equity instruments outstanding in share-based payment arrangement at beginning of period	3,269,210
Number of instruments, granted	3,994,507	5,977,437
Exercised and released	(5,823,174)	(2,348,445)
Forfeited	(917,461)	(359,782)
Condition forfeited | shares	2,059,407
Number of other equity instruments outstanding in share-based payment arrangement at end of period	2,582,489	3,269,210
Sibanye Stillwater 2017 Share Plan - Performance Shares [Member]
SHARE-BASED PAYMENTS
Number of other equity instruments outstanding in share-based payment arrangement at beginning of period	48,535,348	12,953,888
Number of instruments, granted	30,512,439	41,103,872	2,376,742
Supplementary awards related to the SGL 2013 Plan			10,933,066
Exercised and released		(1,457,586)	(105,449)
Forfeited	(765,896)	(3,995,018)	(250,471)
Condition forfeited | shares	(10,045,449)	(69,808)
Number of other equity instruments outstanding in share-based payment arrangement at end of period	68,236,442	48,535,348	12,953,888
SGL 2013 Share Plan
SHARE-BASED PAYMENTS
Compensation cost not yet recognised	R 17,200,000
Compensation cost recognition period	3 years
SGL 2013 Share Plan - Performance shares
SHARE-BASED PAYMENTS
Number of other equity instruments outstanding in share-based payment arrangement at beginning of period | EquityInstruments	15,215,982	19,379,386	10,610,779
Number of instruments, granted | EquityInstruments			12,851,131
Exercised and released | EquityInstruments	(467,017)	(2,523,162)	(2,616,050)
Forfeited | EquityInstruments	(3,602,595)	(1,514,145)	(1,466,474)
Condition forfeited | shares	11,090	(126,097)
Number of other equity instruments outstanding in share-based payment arrangement at end of period | EquityInstruments	11,157,460	15,215,982	19,379,386
SGL 2013 Share Plan - Bonus shares
SHARE-BASED PAYMENTS
Number of other equity instruments outstanding in share-based payment arrangement at beginning of period | EquityInstruments		446,469	250,827
Number of instruments, granted | EquityInstruments			2,421,522
Exercised and released | EquityInstruments		(415,579)	(2,126,415)
Forfeited | EquityInstruments		(30,890)	(99,465)
Number of other equity instruments outstanding in share-based payment arrangement at end of period | EquityInstruments			446,469

SHARE BASED PAYMENTS - Director

SHARE BASED PAYMENTS - Directors and Prescribed Officers (Details) - Sibanye 2017 and 2013 Share Plans [Member]	12 Months Ended
	Dec. 31, 2019ZAR (R)R / shares
Neal Froneman
SHARE-BASED PAYMENTS
Number of other equity instruments outstanding in share-based payment arrangement at beginning of period	7,765,494
Number of instruments, granted	3,302,443
Number of instruments, exercised	552,074
Average price of instruments exercised | R / shares	R 22.40
Share proceeds from instruments	R 12,368,821
Number of instruments, forfeited	868,300
Number of other equity instruments outstanding in share-based payment arrangement at end of period	9,647,563
Charl Keyter
SHARE-BASED PAYMENTS
Number of other equity instruments outstanding in share-based payment arrangement at beginning of period	3,891,588
Number of instruments, granted	1,460,066
Number of instruments, exercised	267,654
Average price of instruments exercised | R / shares	R 22.51
Share proceeds from instruments	R 6,026,128
Number of instruments, forfeited	394,554
Number of other equity instruments outstanding in share-based payment arrangement at end of period	4,689,446
Chris Bateman
SHARE-BASED PAYMENTS
Number of other equity instruments outstanding in share-based payment arrangement at beginning of period	2,377,917
Number of instruments, granted	1,831,070
Number of instruments, exercised	232,973
Average price of instruments exercised | R / shares	R 24.32
Share proceeds from instruments	R 5,666,514
Number of other equity instruments outstanding in share-based payment arrangement at end of period	3,976,014
Shadwick Bessit [Member]
SHARE-BASED PAYMENTS
Number of other equity instruments outstanding in share-based payment arrangement at beginning of period	1,713,797
Number of instruments, granted	613,949
Number of instruments, exercised	160,409
Average price of instruments exercised | R / shares	R 21.74
Share proceeds from instruments	R 3,487,293
Number of instruments, forfeited	238,480
Number of other equity instruments outstanding in share-based payment arrangement at end of period	1,928,857
Hartley Dikgale
SHARE-BASED PAYMENTS
Number of other equity instruments outstanding in share-based payment arrangement at beginning of period	1,734,599
Number of instruments, granted	735,088
Number of instruments, exercised	130,027
Average price of instruments exercised | R / shares	R 22.52
Share proceeds from instruments	R 2,927,623
Number of instruments, forfeited	183,696
Number of other equity instruments outstanding in share-based payment arrangement at end of period	2,155,964
Dawie Mostert
SHARE-BASED PAYMENTS
Number of other equity instruments outstanding in share-based payment arrangement at beginning of period	2,039,260
Number of instruments, granted	810,486
Number of instruments, exercised	150,643
Average price of instruments exercised | R / shares	R 22.40
Share proceeds from instruments	R 3,373,689
Number of instruments, forfeited	236,555
Number of other equity instruments outstanding in share-based payment arrangement at end of period	2,462,548
Themba Nkosi
SHARE-BASED PAYMENTS
Number of other equity instruments outstanding in share-based payment arrangement at beginning of period	1,605,157
Number of instruments, granted	749,968
Number of instruments, exercised	115,670
Average price of instruments exercised | R / shares	R 24.02
Share proceeds from instruments	R 2,778,700
Number of instruments, forfeited	76,259
Number of other equity instruments outstanding in share-based payment arrangement at end of period	2,163,196
Wayne Robinson
SHARE-BASED PAYMENTS
Number of other equity instruments outstanding in share-based payment arrangement at beginning of period	2,082,811
Number of instruments, granted	898,669
Number of instruments, exercised	146,629
Average price of instruments exercised | R / shares	R 22.44
Share proceeds from instruments	R 3,290,222
Number of instruments, forfeited	254,904
Number of other equity instruments outstanding in share-based payment arrangement at end of period	2,579,947
Richard Stewart
SHARE-BASED PAYMENTS
Number of other equity instruments outstanding in share-based payment arrangement at beginning of period	2,428,496
Number of instruments, granted	940,812
Number of instruments, exercised	162,656
Average price of instruments exercised | R / shares	R 22.81
Share proceeds from instruments	R 3,709,672
Number of instruments, forfeited	249,433
Number of other equity instruments outstanding in share-based payment arrangement at end of period	2,957,219
Robert Van Niekerk
SHARE-BASED PAYMENTS
Number of other equity instruments outstanding in share-based payment arrangement at beginning of period	3,121,139
Number of instruments, granted	1,308,919
Number of instruments, exercised	231,063
Average price of instruments exercised | R / shares	R 22.42
Share proceeds from instruments	R 5,179,367
Number of instruments, forfeited	274,278
Number of other equity instruments outstanding in share-based payment arrangement at end of period	3,924,717

SHARE BASED PAYMENTS - BEE Tran

SHARE BASED PAYMENTS - BEE Transaction (Details) - Sibanye Rustenburg Platinum Mines Proprietary Limited Subsidiary - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2018	Oct. 19, 2016
Share-based payment on BEE transaction
SHARE-BASED PAYMENTS
Percentage of payment or distribution	74.00%
Newshelf 1335 Proprietary Limited
SHARE-BASED PAYMENTS
Percentage of voting equity interests acquired		26.00%
Newshelf 1335 Proprietary Limited | Share-based payment on BEE transaction
SHARE-BASED PAYMENTS
Percentage of voting equity interests acquired	26.00%
Incremental interest rate above highest cost of debt (as a percent)	0.20%
Percentage of payment or distribution	26.00%
Post payment used to service the facility (as a percent)	85.00%
Post payment declared as a dividend (as a percent)	15.00%
Post payment declared as a dividend after repayment (as a percent)	100.00%
Facility capped amount	R 3,500
Percentage of expense restricted	44.80%

SHARE BASED PAYMENTS - Share-Ba

SHARE BASED PAYMENTS - Share-Based Obligations (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
SHARE-BASED PAYMENTS
Balance at beginning of the year	R 225.7	R 434.5	R 481.7
Fair value (gain) / loss on obligations	1,217.9	(249.9)	171.5
Cash-settled share-based payments paid	(90.9)	(21.7)	(433.6)
Share-based payment obligation on acquisition of subsidiary		45.1	200.4
Foreign currency translation	(0.6)
Balance at end of the year	1,425.1	225.7	434.5
Current portion of share-based payment obligations	(82.1)	(56.8)	(12.3)
Share-based payment obligations, non-current	1,343	168.9	422.2
Share-based payment on BEE transaction
SHARE-BASED PAYMENTS
Balance at beginning of the year	149.7	399.5
Balance at end of the year	1,367.6	149.7	399.5
Share-Based Payment Arrangements Other Than BEE Transaction [Member]
SHARE-BASED PAYMENTS
Balance at beginning of the year	76	35
Increase due to share-based payments expense	73	17.7	14.5
Balance at end of the year	R 57.5	R 76	R 35

OTHER COST (Details)

OTHER COST (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of operating segments [line items]
Care and maintenance	R (765.9)	R (576.5)	R (249.2)
Change in estimate of environmental rehabilitation obligation, and right of recovery receivable and payable	(88.9)	66.6	(248.9)
Strike related costs	(402.3)	(31.7)
Service entities cost	129.9	(102)
Expense of restructuring activities	1,252.4	R 142.8	R 729.8
Marikana operations
Disclosure of operating segments [line items]
Expense of restructuring activities	357
SA Gold operations
Disclosure of operating segments [line items]
Expense of restructuring activities	R 867

IMPAIRMENTS (Details)

IMPAIRMENTS (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
IMPAIRMENTS
Total impairments	R (86)	R (3,041.4)	R (4,411)
Property, plant and equipment member
IMPAIRMENTS
Total impairments	(5.1)	(2,603.3)	(4,303.4)
Goodwill
IMPAIRMENTS
Total impairments	(54.3)	(436.3)	(99.1)
Loan to equity-accounted investee
IMPAIRMENTS
Total impairments	(14.3)	R (1.8)	R (8.5)
Investment in equity-accounted investee
IMPAIRMENTS
Total impairments	R (12.3)

Impairments - Narrative (Detail

Impairments - Narrative (Details) shares in Millions, R in Millions	Nov. 22, 2017lbozshares	Dec. 31, 2018ZAR (R)	Dec. 31, 2017ZAR (R)	Jun. 30, 2017ZAR (R)	Dec. 31, 2019ZAR (R)	Dec. 31, 2018ZAR (R)	Dec. 31, 2017ZAR (R)
IMPAIRMENTS
Impairments					R 86	R 3,041.4	R 4,411
Probable gold reserves | oz	2,400,000
Probable uranium reserves | lb	54,260,000
DRDGOLD Limited
IMPAIRMENTS
Number of shares acquired | shares	265
Property, plant and equipment member
IMPAIRMENTS
Impairments					5.1	2,603.3	4,303.4
Property, plant and equipment member | Driefontein Assets [Member]
IMPAIRMENTS
Impairments		R 2,171.8
Property, plant and equipment member | Beatrix Assets [Member]
IMPAIRMENTS
Impairments		166.9		R 603.7
Property, plant and equipment member | Burnstone Assets [Member]
IMPAIRMENTS
Impairments						193.6
Property, plant and equipment member | Cooke Assets [Member]
IMPAIRMENTS
Impairments				R 2,187.8
Property, plant and equipment member | WRTRP Assets [Member]
IMPAIRMENTS
Impairments			R 1,245.1
Property, plant and equipment member | De Bron Merriespruit Assets [Member]
IMPAIRMENTS
Impairments						227.1
Goodwill
IMPAIRMENTS
Impairments					54.3	436.3	99.1
Goodwill | Driefontein Assets [Member]
IMPAIRMENTS
Impairments		166.9
Goodwill | Kloof Assets [Member]
IMPAIRMENTS
Impairments		165.5
Goodwill | Beatrix Assets [Member]
IMPAIRMENTS
Impairments		R 103.9
Goodwill | WRTRP Assets [Member]
IMPAIRMENTS
Impairments			R 99.1
Loan to equity-accounted investee
IMPAIRMENTS
Impairments					14.3	R 1.8	R 8.5
Investment in equity-accounted investee
IMPAIRMENTS
Impairments					R 12.3

ROYALTIES, AND MINING AND INCOM

ROYALTIES, AND MINING AND INCOME TAX, AND DEFERRED TAX (Details) R in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2019ZAR (R)	Dec. 31, 2018USD ($)	Dec. 31, 2018ZAR (R)	Dec. 31, 2017ZAR (R)
Royalties, and mining and income tax and deferred tax
Percentage to which refined	99.50%
Gross revenue factor, refined minerals	12.5
Gross revenue factor, unrefined minerals	9
Additional percentage used in calculating royalty	0.50%
Maximum royalty percentage introduced on refined minerals	5.00%
Maximum royalty percentage introduced on unrefined minerals	7.00%
Royalties	R (431)		R (255.5)	R (398.5)
Prior year tax refund			42.9
Total royalties	(431)		(212.6)	(398.5)
Mining tax	(1,363.9)		(36.8)	(425.2)
Non-mining tax	3.1		(57.6)	(70.6)
Company and capital gain tax	(487.9)		(0.9)	(8.4)
Total current tax	(1,848.7)		(95.3)	(504.2)
Deferred tax	3,581.7		(988.5)	3,450.8
Deferred tax charge	2,030.7		306.7	879.7
Deferred tax rate adjustment	1,551		(1,295.2)	2,571.1
Mining and income tax	R 1,733		(1,083.8)	2,946.6
Non-mining tax rate	28.00%
UNITED STATES
Royalties, and mining and income tax and deferred tax
Deferred tax rate adjustment	R 1,574.1		(1,544.7)	2,531.5
Company tax rate	21.00%
South Africa
Royalties, and mining and income tax and deferred tax
Deferred tax rate adjustment	R (23.1)		R 249.5	R 39.6
Company tax rate	28.00%
SA Gold operations
Royalties, and mining and income tax and deferred tax
Effective rate of royalty tax payable	0.40%	0.50%	0.50%	1.40%
Royalties	R (73.7)		R (93.5)	R (325.3)
Deferred tax rate adjustment	R 23.1		R 249.5	R (39.6)
SA PGM operations
Royalties, and mining and income tax and deferred tax
Effective rate of royalty tax payable	1.30%	1.10%	1.10%	0.60%
Royalties	R (357.3)		R (162)	R (73.2)
SA PGM operations | New Jersey [Member]
Royalties, and mining and income tax and deferred tax
Deferred tax rate adjustment	R 1,574.1	$ (107.7)	R (1,544.7)

ROYALTIES, AND MINING AND INC_2

ROYALTIES, AND MINING AND INCOME TAX - Mining and income tax (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Reconciliation of average effective tax rate and applicable tax rate [abstract]
Tax on loss before tax at maximum South African statutory company tax rate	R 364.1	R 402.3	R 2,066.3
South African mining tax formula rate adjustment	(192.6)	(53)	157.6
US statutory tax rate adjustment	205.4	19.4	57.3
Non-deductible amortisation and depreciation	(14.7)	(21.2)	(0.9)
Non-taxable dividend received	2.1	15.4
Non-deductible finance expense	(86.3)	(118.2)	(165.8)
Non-deductible share-based payments	(81.3)	(78.9)	(58.4)
(Non-deductible loss)/non-taxable gain on fair value of financial instruments	(571.1)	136.9	(42.9)
(Non-deductible loss)/non-taxable gain on foreign exchange differences		250.3	45
Non-taxable share of results of equity-accounted investees	201.9	96.4	81.6
Non-deductible impairments	(21.9)	(123.2)	(1,054.9)
Non-taxable gain on acquisition	308.8
Non-deductible transaction costs	(94.4)	(110)	(154.6)
Tax adjustment in respect of prior periods	12.4	51.4
Net other non-taxable income and non-deductible expenditure	533.5	121	(251.7)
Change in estimated deferred tax rate	1,551	(1,295.2)	2,571.1
Deferred tax assets not recognised	(383.9)	(377.2)	(303.1)
Mining and income tax	R 1,733	R (1,083.8)	R 2,946.6

ROYALTIES, AND MINING AND INC_3

ROYALTIES, AND MINING AND INCOME TAX, AND DEFERRED TAX - Deferred Tax (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income tax
Deferred tax assets				R (288.9)	R (76.9)	R (206.2)
Deferred tax liabilities				6,656.8	10,153.2	8,525.2
Net deferred tax liabilities	R 6,367.9	R 10,076.3	R 8,319	6,367.9	10,076.3	8,319
Reconciliation of the deferred tax balance:
Deferred tax liability (asset) at beginning of period	10,076.3	8,319	4,687.2
Deferred tax recognised in profit or loss	(3,581.7)	988.5	(3,450.8)
Deferred tax recognised in other comprehensive income		(22.8)	(27.7)
Deferred tax on acquisition of subsidiaries		132.2	7,486.3
Foreign currency translation	(126.7)	659.4	(376)
Deferred tax liability (asset) at end of period	R 6,367.9	R 10,076.3	R 8,319
Deferred tax assets				(4,282.6)	(2,060.5)	(1,971.8)
Deferred tax liabilities				10,650.5	12,136.8	10,290.8
Mine development, infrastructure and other
Reconciliation of the deferred tax balance:
Deferred tax liabilities				9,759.5	11,344.4	9,642.6
Environment rehabilitation obligation funds
Reconciliation of the deferred tax balance:
Deferred tax assets				(1,109.2)	(989.2)	(840.7)
Deferred tax liabilities				682.3	507.7	600.7
Occupational healthcare obligation
Reconciliation of the deferred tax balance:
Deferred tax assets				(333.3)	(302.7)	(299.7)
Other
Reconciliation of the deferred tax balance:
Deferred tax liabilities				208.7	284.7	47.5
Other provisions [Member]
Reconciliation of the deferred tax balance:
Deferred tax assets				(498.5)	(464.1)	(434)
Financial instruments
Income tax
Deferred tax assets				(1,351.3)
Tax losses and unredeemed capital expenditure
Reconciliation of the deferred tax balance:
Deferred tax assets				R (990.3)	R (304.5)	R (397.4)

ROYALTIES, AND MINING AND INC_4

ROYALTIES, AND MINING AND INCOME TAX - Unrecognized (Details) - ZAR (R) R in Millions	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income tax
Tax losses	R 4,897.8	R 3,480	R 3,558.2
Other deductible temporary differences	45,292.4	27,679.6	24,122.2
Deferred tax assets not recognised	12,636.8	7,564.8	5,242.9
Wits Gold
Income tax
Tax losses	63.5	63.9	64.6
Deferred tax assets not recognised	17.8	17.9	18.1
Ezulwini
Income tax
Tax losses	2,156.7	2,230.2	2,591.1
Other deductible temporary differences	3,597.4	3,208.4	2,923.7
Deferred tax assets not recognised	1,611.1	1,522.8	1,544.1
Rand Refinery
Income tax
Tax losses	1,259.4	1,132.7	886.6
Other deductible temporary differences	4,200.3	4,115.7	4,045.7
Deferred tax assets not recognised	1,528.7	1,469.6
DRDGOLD Limited
Income tax
Tax losses	26.2	37.3
Other deductible temporary differences	494.6	602.9
Deferred tax assets not recognised	145.8	130
Western Platinum Limited [Member]
Income tax
Tax losses	839.9
Other deductible temporary differences	7,926.6
Deferred tax assets not recognised	2,454.6
Eastern Platinum Limited [Member]
Income tax
Tax losses	539.2
Other deductible temporary differences	3,123.9
Deferred tax assets not recognised	1,025.7
Akanani [Member]
Income tax
Other deductible temporary differences	685.1
Deferred tax assets not recognised	191.8
Messina Platinum Limited [Member]
Income tax
Other deductible temporary differences	2,867.5
Deferred tax assets not recognised	802.9
Burnstone
Income tax
Other deductible temporary differences	15,207.4	13,419.8	11,306.8
Deferred tax assets not recognised	4,258.1	3,757.5	3,165.9
Ridge Mining Services Proprietary Limited
Income tax
Other deductible temporary differences	677.5	715.5	499.5
Deferred tax assets not recognised	189.7	200.3	139.9
Stillwater Canada, Inc. [Member]
Income tax
Other deductible temporary differences	1,385.4	1,916.4	1,550.8
Deferred tax assets not recognised	351.6	395.4	284.4
South Africa Region [Member] | Other
Income tax
Tax losses	12.9	15.9	15.9
Other deductible temporary differences	63.6	48.9	54.2
Deferred tax assets not recognised	21.5	18.1	19.6
US Region/ Stillwater | Other
Income tax
Other deductible temporary differences	165.3	172	183.3
Deferred tax assets not recognised	R 37.5	R 53.2	R 70.9

ROYALTIES, AND MINING AND INC_5

ROYALTIES, AND MINING AND INCOME TAX, AND DEFERRED TAX - Tax and Royalty (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Mining and income tax
Tax receivable				R (355.1)	R (483.2)	R (182.8)
Tax, carbon tax and royalties payable				508.9	88	34.9
Net tax, carbon tax and royalties payable/(receivable)	R 153.8	R (395.2)	R (147.9)	R 153.8	R (395.2)	R (147.9)
Reconciliation of the net tax, carbon tax and royalties payable/(receivable) balance:
Balance at beginning of the year	(395.2)	(147.9)	88.6
Royalties, carbon tax and current tax	2,292.6	307.9	902.7
Royalties and tax paid	(1,818.9)	(542.2)	(899.3)
Royalties paid	(411.5)	(234.4)	(387.4)
Tax (paid)/refund received	(1,407.4)	(307.8)	(511.9)
Tax payable on acquisition of subsidiaries	68.7	4.4	(260.4)
Other	18.6
Foreign currency translation	(12)	(17.4)	20.5
Balance at end of the year	R 153.8	R (395.2)	R (147.9)

Earnings per share (Details)

Earnings per share (Details) - ZAR (R) R / shares in Units, shares in Thousands, R in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Weighted average number of shares
Ordinary shares in issue ('000)	2,670,029	2,266,261	2,168,721
Bonus element of the capitalization issue ('000)			86,749
Adjustment for weighting of ordinary shares in issue ('000)	(162,446)	(2,404)	(321,620)
Weighted average number of shares (’000)	2,507,583	2,263,857	1,933,850
(Loss)/profit attributable to owners of Sibanye-Stillwater (SA rand million)	R 62.1	R (2,499.6)	R (4,437.4)
Basic earnings per share (EPS) (cents)	R 0.02	R (1.1)	R (2.29)
Potential ordinary shares (000)	71,372
Diluted weighted average number of shares ('000)	2,578,955	2,263,857	1,933,850
Diluted basic EPS (cents)	R 0.02	R (1.10)	R (2.29)
Gain on disposal of property, plant and equipment, gross	R (76.6)	R (60.2)	R (40.7)
Gain on disposal of property, plant and equipment	(76.6)	(60.2)	(40.7)
Gains on disposals of property plant and equipment, net of tax	(57.9)	(47.9)	(29.3)
Impairments	86	3,041.4	4,411
Impairments, net of tax	66.6	2,530.9	4,242.8
Impairment recognised by equity accounted associate	21
Impairment by equity method associate, net of tax	21
Gain on acquisition	(1,103)
Gain on acquisition, net of tax	(1,103)
Re-measurement items, net of tax attributable to non-controlling interests	3
Headline earnings	R (1,008.2)	R (16.6)	R (223.9)
Headline EPS - cents	R (0.40)	R (0.01)	R (0.12)
Diluted headline EPS - cents	R (0.40)	R (0.01)	R (0.12)

DIVIDENDS - Accounting Policy (

DIVIDENDS - Accounting Policy (Details) - ZAR (R) R / shares in Units, R in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2017
Dividends
Percentage of dividends withheld	20.00%
Dividend declared and paid		R 558.2
Dividend declared and paid		R 0.6

Dividends - Dividend Policy (De

Dividends - Dividend Policy (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of terms and conditions of share-based payment arrangement [line items]
(Loss)/profit attributable to the owners of Sibanye-Stillwater	R 62.1	R (2,499.6)	R (4,437.4)
Adjusted for:
Loss/(gain) on financial instruments	6,015.1	(1,704.1)	1,114.4
Gain on foreign exchange differences	(325.5)	(1,169.1)	(292.4)
Gain on disposal of property, plant and equipment	(76.6)	(60.2)	(40.7)
Impairments	86	3,041.4	4,411
Gain on acquisition	(1,103)
Restructuring costs	1,252.4	142.8	729.8
Transaction costs	447.8	402.5	552.1
Gain on derecognition of borrowings and derivative instrument		(230)
Occupational healthcare expense	(39.6)	15.4	1,106.9
Other		(18.7)	(52.7)
Change in estimated deferred tax rate	(1,551)	1,295.2	(2,571.1)
Share of results of equity-accounted investees after tax	(721)	(344.2)	(291.6)
Tax effect of the items adjusted above	(1,643.8)	(345.7)	(813.4)
NCI effect of the items listed above	(42.7)
Normalised earnings	2,360.2	R (1,436.9)	R (479.7)
SA Gold operations
Adjusted for:
Restructuring costs	867
Marikana operations
Adjusted for:
Restructuring costs	R 357
Minimum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Dividends percentage	25.00%
Maximum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Dividends percentage	35.00%

PROPERTY, PLANT AND EQUIPMENT -

PROPERTY, PLANT AND EQUIPMENT - Depreciation of non-mining assets (Details)	12 Months Ended
	Dec. 31, 2019
Vehicles
Disclosure of detailed information about property, plant and equipment [line items]
Useful life	5 years
Computers
Disclosure of detailed information about property, plant and equipment [line items]
Useful life	3 years
Minimum | Furniture and equipment
Disclosure of detailed information about property, plant and equipment [line items]
Useful life	1 year
Maximum | Furniture and equipment
Disclosure of detailed information about property, plant and equipment [line items]
Useful life	10 years

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT - Cost, accumulated amortisation and carrying value (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning of the year	R 54,558.2	R 51,444.6
Derecognition of property, plant and equipment	(2,409.9)
Transfers to right of use assets	(43.6)
Balance at end of the year	57,480.2	54,558.2	R 51,444.6
Non-cash additions, capitalised amortisation and depreciation	85.5	26.8	41.8
Cost
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning of the year	99,994.6	101,720.7	67,689.8
Additions	7,803	7,107.5	6,140.6
Change in estimates of rehabilitation assets	101	618.8	(187.8)
Disposals	(281.8)	(171.2)	(142.3)
Derecognition of property, plant and equipment		(14,416.4)
Transfers to right of use assets	(18.8)
Assets acquired on acquisition of subsidiaries	3,158.6	1,443.2	29,948.6
Assets derecognised on loss of control of subsidiary	(62.7)	(1,322.3)
Foreign currency translation	(998.9)	5,014.3	(1,728.2)
Balance at end of the year	107,285.1	99,994.6	101,720.7
Accumulated depreciation, amortisation and impairment
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning of the year	(45,436.4)	(50,276.1)	(40,449.1)
Amortisation and depreciation	7,102.4	6,640.6	5,741.6
Impairment	5.1	2,603.3	4,303.4
Disposals	257.4	77.2	111.7
Derecognition of property, plant and equipment	2,409.9	14,416.4
Transfers to right of use assets	(15.5)
Depreciation reclassified to inventory	(111.4)
Assets derecognised on loss of control of subsidiary		10.9
Foreign currency translation	167.6	(420.9)	106.3
Balance at end of the year	(49,804.9)	(45,436.4)	(50,276.1)
Mine development, infrastructure and other
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning of the year	34,235	32,220.3
Derecognition of property, plant and equipment	(695)
Transfers between classes of property, plant and equipment	(94.9)
Balance at end of the year	38,169.1	34,235	32,220.3
Mine development, infrastructure and other | Cost
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning of the year	72,811.2	76,529.2	59,904.4
Additions	7,790.9	7,034.6	5,979.1
Change in estimates of rehabilitation assets	(99.4)
Disposals	(281.2)	(168.1)	(134.1)
Derecognition of property, plant and equipment		(14,287.7)
Transfers between classes of property, plant and equipment		192.8
Transfers to right of use assets	(18.8)
Assets acquired on acquisition of subsidiaries	3,152.1	1,325	11,513.6
Assets derecognised on loss of control of subsidiary		(12.5)
Foreign currency translation	(518.3)	2,197.9	(733.8)
Balance at end of the year	82,046.6	72,811.2	76,529.2
Mine development, infrastructure and other | Accumulated depreciation, amortisation and impairment
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning of the year	(38,576.2)	(44,308.9)	(38,341.9)
Amortisation and depreciation	6,275.2	5,900.8	5,067.6
Impairment		2,461.5	1,504.6
Disposals	257.4	75.9	534.2
Derecognition of property, plant and equipment	695	14,287.7
Transfers to right of use assets	(15.5)
Depreciation reclassified to inventory	(111.4)
Assets derecognised on loss of control of subsidiary		10.9
Foreign currency translation	117.4	(279.5)	71
Balance at end of the year	(43,877.5)	(38,576.2)	(44,308.9)
Land, mineral rights and rehabilitation
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning of the year	19,818.9	17,336.9
Derecognition of property, plant and equipment	(1,714.9)
Transfers between classes of property, plant and equipment	94.9
Balance at end of the year	18,906.9	19,818.9	17,336.9
Land, mineral rights and rehabilitation | Cost
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning of the year	25,095.3	21,807.9	5,714.4
Additions	0.4		95.3
Contra-additions		(0.5)
Change in estimates of rehabilitation assets	200.4	618.8	(187.8)
Disposals	(0.6)	(3.1)	(7.9)
Derecognition of property, plant and equipment		(128.7)
Transfers between classes of property, plant and equipment		134.5
Assets acquired on acquisition of subsidiaries	6.5	50	17,115.2
Foreign currency translation	(472.5)	2,616.4	(921.3)
Balance at end of the year	23,209.5	25,095.3	21,807.9
Land, mineral rights and rehabilitation | Accumulated depreciation, amortisation and impairment
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning of the year	(5,276.4)	(4,471)	(2,107.2)
Amortisation and depreciation	788.2	739.8	674
Impairment		70.8	1,300.3
Disposals		1.3
Contra-disposals			422.5
Derecognition of property, plant and equipment	1,714.9	128.7
Foreign currency translation	47.1	(124.8)	33
Balance at end of the year	(4,302.6)	(5,276.4)	(4,471)
Exploration and evaluation assets
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning of the year	504.3	1,887.4
Balance at end of the year	404.2	504.3	1,887.4
Exploration and evaluation assets | Cost
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning of the year	2,088.1	3,383.6	2,071
Additions	11.7	73.4	66.2
Disposals			(0.3)
Transfers between classes of property, plant and equipment		(327.3)
Assets acquired on acquisition of subsidiaries		68.2	1,319.8
Assets derecognised on loss of control of subsidiary	(62.7)	(1,309.8)
Foreign currency translation	(8.1)	200	(73.1)
Balance at end of the year	2,029	2,088.1	3,383.6
Exploration and evaluation assets | Accumulated depreciation, amortisation and impairment
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning of the year	(1,583.8)	(1,496.2)
Amortisation and depreciation	39
Impairment	5.1	71	1,498.5
Foreign currency translation	3.1	(16.6)	2.3
Balance at end of the year	R (1,624.8)	R (1,583.8)	R (1,496.2)

Right-of-use asset (Details)

Right-of-use asset (Details) R in Millions	12 Months Ended
	Dec. 31, 2019ZAR (R)
Right-of-use asset
Additions and modifications	R 43.6
Right-of-use assets	133.3
Depreciation	(111.7)
Transfers and other movements	(5.7)
Foreign currency translation	(0.6)
Carrying value at end of the period	R 360.9

ACQUISITIONS - Lonmin acquisiti

ACQUISITIONS - Lonmin acquisition, consideration paid and related costs (Details) - ZAR (R)	Apr. 25, 2019	Nov. 21, 2018	Dec. 14, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2019	Jun. 10, 2019
Disclosure of detailed information about business combination [line items]
Acquisition related costs				R 447,800,000	R 402,500,000	R 552,100,000
Lonmin
Disclosure of detailed information about business combination [line items]
Initial offer, shares received per share tendered			0.967
Retrenchment moratorium period		6 months
Increased offer, shares received per share tendered	1
Shares issued in acquisition									290,394,531
Period of time for which results are included				7 months
Revenue contributed				R 11,188,000,000
Profit contributed				1,881,000,000
Equity interests of acquirer									R 4,306,600,000
Total consideration				4,306,600,000				R 4,306,600,000	R 4,306,600,000
Acquisition related costs				R 283,900,000	R 117,200,000	R 15,500,000	R 12,200,000	R 428,800,000

Acquisitions - Lonmin - Assets_

Acquisitions - Lonmin - Assets/liabilities, gain (Details) R in Millions	Jun. 10, 2019USD ($)	Dec. 31, 2019ZAR (R)	Jun. 10, 2019ZAR (R)	Dec. 31, 2018ZAR (R)	Dec. 31, 2017ZAR (R)
IDENTIFIABLE ASSETS ACQUIRED AND LIABILITIES ASSUMED
Right-of-use assets		R 133.3
Environmental rehabilitation obligation		(1,696.9)		R (672.7)	R (312.1)
Lonmin
IDENTIFIABLE ASSETS ACQUIRED AND LIABILITIES ASSUMED
Property, plant and equipment			R 3,158.6
Right-of-use assets			133.3
Other investments			320.8
Environmental rehabilitation obligation funds			443.2
Other non-current assets			395
Inventories			5,219.5
Trade and other receivables			925.3
Other current assets			14.6
Cash and cash equivalents			2,999.3
Lease liabilities			(133.3)
Environmental rehabilitation obligation			(1,696.9)
Other non-current liabilities			(863)
Borrowings			(2,574.8)
Trade and other payables			(2,585.7)
Other current liabilities			(99.3)
Total fair value of identifiable net assets acquired		5,656.6	R 5,656.6
PGM (4E) basket price (R/oz) | $	$ 1,025
Palladium price (USD/oz) | $	1,170
Borrowing settled | $	$ 174,300,000
Discount rate for assets or liabilities received in acquisition	12.50%		12.50%
Gain on Acquisition
Consideration		4,306.6	R 4,306.6
Fair value of identifiable net assets		(5,656.6)	R (5,656.6)
Non-controlling interest, based on the proportionate interest in the recognised amounts of assets and liabilities		247
Gain on acquisition		R (1,103)
Marikana operations
IDENTIFIABLE ASSETS ACQUIRED AND LIABILITIES ASSUMED
Discount rate used in current estimate of value in use	13.50%		13.50%

Acquisitions - SFA Oxford, Qini

Acquisitions - SFA Oxford, Qinisele (Details) £ in Millions, R in Millions	Dec. 31, 2019ZAR (R)	Oct. 31, 2019ZAR (R)	Mar. 04, 2019GBP (£)	Mar. 04, 2019ZAR (R)
Disclosure of detailed information about business combination [line items]
Contingent consideration related to acquisition	R 55.8
Gain on Acquisition
Goodwill expected to be deductible for tax purposes	0
SFA Oxford Limited [Member]
Disclosure of detailed information about business combination [line items]
Upfront payment			£ 4	R 74.7
Contingent consideration related to acquisition | £			£ 6
Percentage of control acquired			100.00%	100.00%
Gain on Acquisition
Consideration				R 127.1
Fair value of identifiable net assets				(4.4)
Goodwill recognised as of acquisition date				122.7
Goodwill expected to be deductible for tax purposes				R 0
Qinisele Resources [Member]
Disclosure of detailed information about business combination [line items]
Percentage of control acquired		100.00%
Gain on Acquisition
Consideration		R 54.8
Fair value of identifiable net assets		(0.5)
Goodwill recognised as of acquisition date		R 54.3
Goodwill expected to be deductible for tax purposes	R 0

Acquisitions - DRDGOLD acquisit

Acquisitions - DRDGOLD acquisition, consideration paid and related costs (Details) - ZAR (R) shares in Millions, R in Millions	Aug. 01, 2018	Nov. 22, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of detailed information about business combination [line items]
Acquisition related costs			R 447.8	R 402.5	R 552.1
DRDGOLD Limited
Disclosure of detailed information about business combination [line items]
Number of shares acquired		265
Percentage of control acquired		38.05%
Potential ownership, as a percent		50.10%
Shares option, price discount, as a percent		10.00%
Period of time for which results are included				5 months
Revenue contributed				R 1,047.5
Loss contributed				R 39.9
Acquisition related costs	R 25

Acquisitions - DRDGOLD - Assets

Acquisitions - DRDGOLD - Assets/liabilities, goodwill (Details) R in Millions	Aug. 01, 2018ZAR (R)R / kg	Dec. 31, 2019ZAR (R)	Dec. 31, 2018ZAR (R)	Dec. 31, 2017ZAR (R)
IDENTIFIABLE ASSETS ACQUIRED AND LIABILITIES ASSUMED
Environmental rehabilitation obligation		R (1,696.9)	R (672.7)	R (312.1)
DRDGOLD Limited
IDENTIFIABLE ASSETS ACQUIRED AND LIABILITIES ASSUMED
Property, plant and equipment	R 1,443.2
Environmental rehabilitation obligation funds	244.7
Other non-current assets	28.7
Inventories	243.5
Trade and other receivables	138.4
Cash and cash equivalents	282.8
Environmental rehabilitation obligation	(672.7)
Deferred tax liabilities	(132.2)
Other non-current liabilities	(54.9)
Trade and other payables	(337.1)
Other current liabilities	(17.6)
Total fair value of identifiable net assets acquired	R 1,166.8
Average gold price per KG | R / kg	580,000
Discount rate used in current estimate of value in use	9.30%
Discount rate for consideration	13.80%
Non-controlling interest in acquiree recognised at acquisition date	R 940.3
Proportion of ownership interests held by non-controlling interests	61.95%
Consideration transferred, acquisition-date fair value	R 261.4
Goodwill recognised as of acquisition date	R 34.9

Acquisitions - Stillwater acqui

Acquisitions - Stillwater acquisition, consideration paid and related costs (Details) $ / shares in Units, R in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2019ZAR (R)	Dec. 31, 2018ZAR (R)	Dec. 31, 2017USD ($)	Dec. 31, 2017ZAR (R)	May 04, 2017USD ($)$ / shares	May 04, 2017ZAR (R)
CONSIDERATION
Acquisition related costs	R 447.8	R 402.5		R 552.1
Stillwater
Disclosure of detailed information about business combination [line items]
Price offered per share | $ / shares					$ 18
Percentage of control acquired					100.00%	100.00%
Period of time for which results are included			8 months	8 months
Revenue contributed			$ 688.3	R 9,161.6
Profit contributed			$ 152.4	2,028.1
CONSIDERATION
Cash					$ 2,080.7	R 27,174.5
Liability raised in respect of dissenting shareholders					104.5	1,364.3
Settlement of share-based payment awards (cash)					16.2	211.9
Total consideration					$ 2,200	R 28,750.7
Acquisition related costs				R 528.5

Acquisitions - Stillwater - Ass

Acquisitions - Stillwater - Assets/liabilities, gain (Details) $ in Millions	May 04, 2017ZAR (R)	Dec. 31, 2019ZAR (R)	Dec. 31, 2018ZAR (R)	Dec. 31, 2017ZAR (R)	May 04, 2017USD ($)	May 04, 2017ZAR (R)	Dec. 31, 2016ZAR (R)
IDENTIFIABLE ASSETS ACQUIRED AND LIABILITIES ASSUMED
Environmental rehabilitation obligation		R (1,696,900,000)	R (672,700,000)	R (312,100,000)
Gain on Acquisition
Goodwill expected to be deductible for tax purposes		0
Goodwill		R 6,854,900,000	R 6,889,600,000	R 6,396,000,000			R 936,000,000
Stillwater
IDENTIFIABLE ASSETS ACQUIRED AND LIABILITIES ASSUMED
Property, plant and equipment					$ 2,293.2	R 29,948,600,000
Other non-current assets					6.9	90,800,000
Inventories					159.7	2,085,400,000
Current investments					278.9	3,642,200,000
Cash and cash equivalents					137.2	1,792,200,000
Other current assets					37.3	487,300,000
Borrowings					(454.6)	(5,937,600,000)
Environmental rehabilitation obligation					(23.9)	(312,100,000)
Deferred tax liabilities					(573.2)	(7,486,300,000)
Other non-current liabilities					(19.9)	(260,300,000)
Trade and other payables					(88.1)	(1,150,100,000)
Other current liabilities					(1.8)	(23,300,000)
Total fair value of identifiable net assets acquired					1,751.7	22,876,800,000
PGM (4E) basket price (R/oz)	R 1,375
Palladium price (USD/oz)	R 880
Gain on Acquisition
Consideration					2,200	28,750,700,000
Fair value of identifiable net assets					(1,751.7)	(22,876,800,000)
Goodwill recognised as of acquisition date					$ 449.7	5,873,900,000
Goodwill expected to be deductible for tax purposes						R 0
Stillwater And East Boulder Mines And Columbus Metallurgical Complex [Member]
IDENTIFIABLE ASSETS ACQUIRED AND LIABILITIES ASSUMED
Discount rate used in current estimate of value in use					8.60%	8.60%
Blitz Project[ Member]
IDENTIFIABLE ASSETS ACQUIRED AND LIABILITIES ASSUMED
Discount rate used in current estimate of value in use					10.30%	10.30%

GOODWILL - Changes to balance a

GOODWILL - Changes to balance and allocations of goodwill in acquisitions (Details) R in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)	Dec. 31, 2019ZAR (R)	Dec. 31, 2018ZAR (R)	Dec. 31, 2017ZAR (R)	Dec. 31, 2016ZAR (R)	Dec. 31, 2015ZAR (R)	Mar. 04, 2019ZAR (R)
Changes in goodwill
Balance at beginning of the year		R 6,889.6	R 6,396	R 936
Impairment		(54.3)	(436.3)	(99.1)
Goodwill on acquisition		176.9	34.9	5,873.9
Foreign currency translation		(157.3)	895	(314.8)
Balance at end of the year		6,854.9	6,889.6	6,396	R 936
Goodwill expected to be deducted for tax purposes		0
SFA Oxford Limited [Member]
Changes in goodwill
Impairment		0
Balance at end of the year		122.7
Goodwill expected to be deducted for tax purposes							R 0
SFA Oxford Limited [Member] | Stillwater
Changes in goodwill
Balance at end of the year		60.2
SFA Oxford Limited [Member] | Rustenburg operations
Changes in goodwill
Balance at end of the year		44.3
SFA Oxford Limited [Member] | Kroondal
Changes in goodwill
Balance at end of the year		18.2
Qinisele Resources [Member]
Changes in goodwill
Goodwill on acquisition		54.3
Balance at end of the year		0
Goodwill expected to be deducted for tax purposes		0
Cooke Acquisition
Changes in goodwill
Impairment			R (436.3)	R (99.1)	R (201.3)
Goodwill on acquisition						R 736.7
Aquarius Acquisition
Changes in goodwill
Impairment		0
Balance at end of the year		400.6
Aquarius Acquisition | Rustenburg operations
Changes in goodwill
Goodwill on acquisition		267.1
Balance at end of the year		267.1
Aquarius Acquisition | Kroondal
Changes in goodwill
Goodwill on acquisition		133.5
Balance at end of the year		133.5
Stillwater Canada, Inc. [Member]
Changes in goodwill
Impairment		0
Balance at end of the year	$ 449.7	5,873.9
DRDGOLD Limited
Changes in goodwill
Impairment		0
Balance at end of the year		R 34.9

GOODWILL - Estimates and Assump

GOODWILL - Estimates and Assumptions Used in the Calculation of Goodwill (Details) - ZAR (R)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Burnstone
Disclosure of reconciliation of changes in goodwill [line items]
Nominal discount rate	17.10%
Mimosa
Disclosure of reconciliation of changes in goodwill [line items]
Nominal discount rate	23.30%
SA PGM operations
Disclosure of reconciliation of changes in goodwill [line items]
Long-term PGM 4E basket price (R/4Eoz)	R 20,600	R 15,050
Long-term PGM 2E basket price (USD/2Eoz)	R 1,250	R 1,010
SA PGM operations | UNITED STATES
Disclosure of reconciliation of changes in goodwill [line items]
Nominal discount rate	7.60%	7.00%
Inflation rate	2.00%	1.90%
SA PGM operations | South Africa
Disclosure of reconciliation of changes in goodwill [line items]
Nominal discount rate	13.60%	14.30%
Inflation rate	5.00%	5.00%
SA PGM operations | Minimum
Disclosure of reconciliation of changes in goodwill [line items]
Useful life	1 year	1 year
SA PGM operations | Maximum
Disclosure of reconciliation of changes in goodwill [line items]
Useful life	31 years	28 years
SA PGM operations | Mine development, infrastructure and other | Minimum
Disclosure of reconciliation of changes in goodwill [line items]
Useful life	13 years	12 years
SA PGM operations | Mine development, infrastructure and other | Maximum
Disclosure of reconciliation of changes in goodwill [line items]
Useful life	35 years	28 years
SA Gold operations
Disclosure of reconciliation of changes in goodwill [line items]
Long-term gold price (R/kg)	R 686,225	R 585,500
SA Gold operations | South Africa
Disclosure of reconciliation of changes in goodwill [line items]
Nominal discount rate	12.40%	12.60%
Inflation rate	5.00%	5.00%
SA Gold operations | Minimum
Disclosure of reconciliation of changes in goodwill [line items]
Useful life	1 year	1 year
SA Gold operations | Maximum
Disclosure of reconciliation of changes in goodwill [line items]
Useful life	19 years	19 years
SA Gold operations | Mine development, infrastructure and other | Minimum
Disclosure of reconciliation of changes in goodwill [line items]
Useful life	6 years	5 years
SA Gold operations | Mine development, infrastructure and other | Maximum
Disclosure of reconciliation of changes in goodwill [line items]
Useful life	18 years	20 years

Equity accounted investments -

Equity accounted investments - Summary (Details) - ZAR (R) R in Millions	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
EQUITY-ACCOUNTED INVESTMENTS
Investments accounted for using equity method	R 4,038.8	R 3,733.9	R 2,244.1
Mimosa
EQUITY-ACCOUNTED INVESTMENTS
Investments accounted for using equity method	2,687.7	2,492.4	2,012.9	R 2,049.3
Peregrine Metals Ltd. [Member]
EQUITY-ACCOUNTED INVESTMENTS
Investments accounted for using equity method	954.1	978
Rand Refinery
EQUITY-ACCOUNTED INVESTMENTS
Investments accounted for using equity method	396.9	239.3	198.4	R 72.4
Other equity-accounted investments
EQUITY-ACCOUNTED INVESTMENTS
Investments accounted for using equity method	R 0.1	R 24.2	R 32.8

Equity accounted investments _2

Equity accounted investments - Rand (Details) - ZAR (R) R in Millions	Dec. 18, 2014	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
EQUITY-ACCOUNTED INVESTMENTS
Balance at the beginning of the period		R 3,733.9	R 2,244.1
Balance at the end of the period		4,038.8	3,733.9	R 2,244.1
Revenue		72,925.4	50,656.4	45,911.6
Comprehensive income		(33.1)	(756.6)	(5,060.3)
Non-current assets		74,908.1	69,727.7	64,067.3
Current assets		26,163.7	15,195.3	12,004.5
Non-current liabilities		55,606.7	45,566	43,635.8
Current liabilities		14,326.8	14,632.6	8,437.8
Impairments		R (86)	(3,041.4)	R (4,411)
Rand Refinery
EQUITY-ACCOUNTED INVESTMENTS
Interest in associates (as a percent)		44.40%		33.10%
Amount of draw down from loan	R 1,029
Loan	1,200
Balance at the beginning of the period		R 239.3	198.4	R 72.4
Share of results of equity-accounted associate investee after tax		344.5	143.7	124.5
Preference shares redeemed		(186.9)	(102.8)
Interest income on loan to equity-accounted investee capitalised				1.5
Balance at the end of the period		396.9	239.3	198.4
Assets (liabilities)		836.9	614.5	314.1
Dividend received		(8.2)	(8.2)	(8.2)
Fair value adjustment		(35.5)	(35.5)	(35.5)
Impairments		(119.6)	(119.6)	(119.6)
Redeemable preference shares in excess of interest		R (89.8)	(109.1)	47.6
Proportional share, as a percent		37.40%
Rand Refinery | Separate [member]
EQUITY-ACCOUNTED INVESTMENTS
Revenue		R 811	644	649
Comprehensive income		777	434	374
Non-current assets		667	699	702
Current assets		1,433	1,088	669
Non-current liabilities		111	44	31
Current liabilities		104	359	391
Assets (liabilities)		R 1,885	R 1,384	R 949
Rand Refinery | Subordinated shareholders loan [member]
EQUITY-ACCOUNTED INVESTMENTS
Loan	R 384.6
Debt term		2 years

Equity accounted investments _3

Equity accounted investments - Mimosa (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Mar. 31, 2020	Dec. 31, 2016
EQUITY-ACCOUNTED INVESTMENTS
Balance at the beginning of the period	R 3,733.9	R 2,244.1
Balance at the end of the period	4,038.8	3,733.9	R 2,244.1
Revenue	72,925.4	50,656.4	45,911.6
Amortisation and depreciation	(7,214.1)	(6,613.8)	(5,699.7)
Interest income	560.4	482.1	415.5
Finance expense	(3,302.5)	(3,134.7)	(2,971.8)
Income tax	1,733	(1,083.8)	2,946.6
Profit/(loss) for the period	432.8	(2,520.7)	(4,433.1)
Other comprehensive income	(465.9)	1,764.1	(627.2)
Comprehensive income	(33.1)	(756.6)	(5,060.3)
Non-current assets	74,908.1	69,727.7	64,067.3
Property, plant and equipment	57,480.2	54,558.2	51,444.6
Right-of-use assets	360.9
Current assets	26,163.7	15,195.3	12,004.5
Cash and cash equivalents	5,619	2,549.1	2,062.4	R 14,600	R 967.9
Non-current liabilities	55,606.7	45,566	43,635.8
Current liabilities	R 14,326.8	14,632.6	R 8,437.8
Mimosa
EQUITY-ACCOUNTED INVESTMENTS
Interest in associates (as a percent)	50.00%		50.00%
Balance at the beginning of the period	R 2,492.4	2,012.9	R 2,049.3
Share of results of equity-accounted joint venture investee after tax	377.1	210.5	175
Dividend received	(111)	(87)
Foreign currency translation	(70.8)	356	(211.4)
Balance at the end of the period	2,687.7	2,492.4	2,012.9
Assets (liabilities)	2,735.3	2,543.8	2,195.7
Reconciling items	(47.6)	(51.4)	(182.8)
Mimosa | Separate [member]
EQUITY-ACCOUNTED INVESTMENTS
Revenue	4,685.2	3,714.9	3,375.4
Amortisation and depreciation	(437.4)	(383.1)	(423.4)
Interest income	4.5		17.5
Finance expense	(43.5)	(26)	(20)
Income tax	(436.4)	(381.8)	(245)
Profit/(loss) for the period	754.2	420.9	350.1
Other comprehensive income	(141.3)	712	72.7
Comprehensive income	612.9	1,132.9	422.8
Non-current assets	4,723.9	4,592.3	4,007.8
Property, plant and equipment	4,704.8	4,592.3	4,007.8
Right-of-use assets	19.1
Current assets	2,535.1	2,047.9	1,916.2
Cash and cash equivalents	27.9	184.8	281.5
Other current assets	2,507.2	1,863.1	1,634.7
Non-current liabilities	1,235.4	1,168.1	993.6
Non-current financial liabilities	(128.7)	(60.7)	(94.2)
Other non-current liabilities	(1,106.7)	(1,107.4)	(899.4)
Current liabilities	553	384.6	539.1
Current financial liabilities	(446.5)	(377.7)	(487.4)
Other current liabilities	(106.5)	(6.9)	(51.7)
Assets (liabilities)	R 5,470.6	R 5,087.5	R 4,391.3

Equity accounted investments _4

Equity accounted investments - Peregrine (Details) R in Millions, $ in Millions	Oct. 25, 2018USD ($)shares	Jun. 29, 2018USD ($)	Dec. 31, 2019ZAR (R)shares	Dec. 31, 2018ZAR (R)shares	Dec. 31, 2017ZAR (R)shares	Apr. 15, 2019shares	Apr. 11, 2018shares	Dec. 31, 2016shares
EQUITY-ACCOUNTED INVESTMENTS
Number of shares issued | shares			2,670,030,000	2,266,261,000	2,168,721,000	108,900,000	87,145,885	929,004,342
Balance at the beginning of the period			R 3,733.9	R 2,244.1
Balance at the end of the period			4,038.8	3,733.9	R 2,244.1
Non-current assets			74,908.1	69,727.7	64,067.3
Current assets			26,163.7	15,195.3	12,004.5
Non-current liabilities			55,606.7	45,566	43,635.8
Current liabilities			R 14,326.8	14,632.6	R 8,437.8
Aldebaran Resources Inc. [Member]
EQUITY-ACCOUNTED INVESTMENTS
Number of shares issued | shares	77,635,957
Peregrine Metals Ltd. [Member]
EQUITY-ACCOUNTED INVESTMENTS
Proceeds from sales of investments accounted for using equity method | $	$ 15	$ 15
Initial financing | $		$ 30
Debt term			5 years
Additional earn-in period		3 years
Balance at the beginning of the period			R 978
Equity-accounted investment of acquisition of joint venture				956
Foreign currency translation			(23.9)	22
Balance at the end of the period			954.1	978
Assets (liabilities)			442	557.8
Reconciling items			R 512.1	R 420.2
Interest in associates (as a percent)			40.00%	40.00%
Peregrine Metals Ltd. [Member] | Separate [member]
EQUITY-ACCOUNTED INVESTMENTS
Non-current assets			R 1,472.4	R 1,714.6
Current assets			3.3	23.9
Non-current liabilities			369.2	342.6
Current liabilities			1.4	1.3
Assets (liabilities)			R 1,105.1	R 1,394.6
Peregrine Metals Ltd. [Member] | Aldebaran Resources Inc. [Member]
EQUITY-ACCOUNTED INVESTMENTS
Maximum ownership interest of counterparty, as a percent		80.00%
Equity interest consideration, as a percent	19.90%	19.90%
Initial ownership interest of counterparty, as a percent		60.00%
Additional possible ownership interest, as a percent		20.00%
Expenditure for additional ownership interest | $		$ 25
Joint venture number of shares received | shares	15,449,555

INTERESTS IN JOINT OPERATIONS_2

INTERESTS IN JOINT OPERATIONS (Details) R in Millions	12 Months Ended
	Dec. 31, 2019ZAR (R)item	Dec. 31, 2018ZAR (R)	Dec. 31, 2017ZAR (R)
INTERESTS IN JOINT OPERATIONS
Loss on foreign exchange differences	R (325.5)	R (1,169.1)	R (292.4)
Profit before tax	(1,300.2)	(1,436.9)	(7,379.7)
Profit/(loss) for the period	432.8	(2,520.7)	(4,433.1)
Non-current assets	74,908.1	69,727.7	64,067.3
Current assets	26,163.7	15,195.3	12,004.5
Current liabilities	R (14,326.8)	(14,632.6)	(8,437.8)
Kroondal Mine and Marikana Mine
INTERESTS IN JOINT OPERATIONS
Interest in joint operation (as a percent)	50.00%
Number of joint operations | item	2
Loss on foreign exchange differences	R (63.2)	132.7	(94.4)
Profit before tax	2,061.6	677.7	175
Profit/(loss) for the period	2,061.4	677.7	175
Non-current assets	945.7	1,115.7	1,284
Current assets	2,303	1,828.2	1,400.5
Current liabilities	(353.1)	(271.3)	(283.2)
Net assets (liabilities)	R 2,895.6	R 2,672.6	R 2,401.3

Other investments (Details)

Other investments (Details) - ZAR (R) R in Millions	Dec. 31, 2019	Dec. 31, 2018
Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [line items]
Other investments	R 598.7	R 156
Rand Mutual Assurance Investment [Member]
Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [line items]
Other investments	112.4	67.8
Furuya Metals Investment [Member]
Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [line items]
Other investments	303.1
SpinCo Investment [Member]
Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [line items]
Other investments	78.2	81.5
Generation Mining Investment [Member]
Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [line items]
Other investments	33.3
Other
Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [line items]
Other investments	R 71.7	R 6.7

ENVIRONMENTAL REHABILITATION _5

ENVIRONMENTAL REHABILITATION OBLIGATION FUNDS (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of fair value measurement of assets [line items]
Balance at beginning of the year	R 3,998.7	R 3,492.4	R 3,100.5
Contributions made	12.9	63	114.5
Payments received	(151.9)
Interest income	265.5	223.5	230.4
Environmental rehabilitation obligation funds on acquisition of subsidiaries	443.2	244.7	0.5
Balance at end of the year	4,602.2	3,998.7	3,492.4
Restricted cash portion	610	633.9	483.8
Funds	3,992.2	3,364.8	3,008.6
Environment rehabilitation obligation funds
Disclosure of fair value measurement of assets [line items]
Fair value adjustment	R 33.8	R (24.9)	R 46.5

ENVIRONMENTAL REHABILITATION _6

ENVIRONMENTAL REHABILITATION OBLIGATION FUND - FV (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of fair value measurement of assets [line items]
Environmental rehabilitation obligation funds	R 4,602.2	R 3,998.7	R 3,492.4	R 3,100.5
Level 1
Disclosure of fair value measurement of assets [line items]
Environmental rehabilitation obligation funds	3,578.3	3,634	3,117.6
Level 2
Disclosure of fair value measurement of assets [line items]
Environmental rehabilitation obligation funds	R 1,023.9	R 364.7	R 374.8
Percentage of capital guarantee and equity-linked portion	5.00%

OTHER RECEIVABLES AND OTHER P_3

OTHER RECEIVABLES AND OTHER PAYABLES - Other receivables (Details) - ZAR (R) R in Millions	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Other Receivables
Right of recovery receivable	R 186.8	R 176.8	R 160.5
Rates and taxes receivable	103	106.2	105.6
Pre-paid royalties	392.8
Other	52.1	66.6	53.1
Other receivables	734.7	349.6	319.2
Reconciliation of the non-current and current portion of the other receivables
Other receivables	734.7	349.6	319.2
Current portion of other receivables	(51.2)	(35.2)	(35.2)
Other non-current receivables	R 683.5	R 314.4	R 284

OTHER RECEIVABLES AND OTHER P_4

OTHER RECEIVABLES AND OTHER PAYABLES - Other payables (Details) £ in Millions, R in Millions	Dec. 31, 2019ZAR (R)	Mar. 04, 2019GBP (£)	Dec. 31, 2018ZAR (R)	Dec. 31, 2017ZAR (R)	Dec. 31, 2016ZAR (R)
Other Payables [Abstract]
Contingent consideration recognised as of acquisition date	R 55.8
Right of recovery payable	79.4		R 83.2	R 69.3
Dissenting shareholder liability			287.1	1,349.7
Other	212.2		256.3	188.6
Other payables	3,448.9		2,832.5	3,802.3
Reconciliation of the non-current and current portion of the other payables
Other payables	3,448.9		2,832.5	3,802.3
Current portion of other payables	(761.4)		(303.3)	(41.9)
Non-current portion of other payables	2,687.5		2,529.2	3,760.4
Rustenburg Operations Acquisition
Other Payables [Abstract]
Deferred payment	2,825.6		R 2,205.9	R 2,194.7	R 1,577.4
Pandora Acquisition By Lonmin [Member]
Other Payables [Abstract]
Deferred payment	R 275.9
SFA Oxford Limited [Member]
Other Payables [Abstract]
Contingent consideration recognised as of acquisition date | £		£ 6

OTHER RECEIVABLES AND OTHER P_5

OTHER RECEIVABLES AND OTHER PAYABLE - Right of recovery and Deferred Payment (Details) - ZAR (R) R in Millions	Oct. 19, 2016	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of detailed information about business combination [line items]
Rehabilitation obligation payable (as a percent)		50.00%
Rehabilitation recoverable (as a percent)		50.00%
Deferred Payment movement
Payment of Deferred Payment		R (283.4)	R (38.6)
Rustenburg Operations Acquisition
Disclosure of detailed information about business combination [line items]
Deferred payment percentage	35.00%
Measurement period	6 years
Deferred Payment movement
Balance at the beginning of the year		2,205.9	2,194.7	R 1,577.4
Interest charge		179	200.4	148.2
Payment of Deferred Payment		(283.4)	(38.6)
Loss on revised estimated cash flows		724.1	(150.6)	469.1
Balance at end of the year		2,825.6	2,205.9	R 2,194.7
Pandora Acquisition By Lonmin [Member]
Disclosure of detailed information about business combination [line items]
Deferred payment percentage				20.00%
Measurement period				6 years
Gross minimum deferred payment for the contingent consideration				R 400
Percentage of voting equity interests acquired				50.00%
Discount rate applied to cash flow projections				12.50%
Deferred Payment movement
Interest charge		40.5
Payment of Deferred Payment			235.4
Balance at end of the year		275.9
Minimum | Rustenburg Operations Acquisition
Disclosure of detailed information about business combination [line items]
Gross minimum deferred payment for the contingent consideration	R 3,000
Maximum
Disclosure of detailed information about business combination [line items]
Contractual rehabilitation liability		R 179	R 172

OTHER RECEIVABLES AND OTHER P_6

OTHER RECEIVABLES AND OTHER PAYABLE - Dissenting shareholder and Risk (Details) $ / shares in Units, R in Millions, $ in Millions	1 Months Ended	6 Months Ended	12 Months Ended
	May 31, 2017$ / shares	Dec. 31, 2019USD ($)	Dec. 31, 2019ZAR (R)	Dec. 31, 2018ZAR (R)	Dec. 31, 2017ZAR (R)	Aug. 21, 2019$ / shares	May 04, 2017$ / shares
Movement In Dissenting Shareholder Liability [Abstract]
Balance at the beginning of the year			R 287.1	R 1,349.7
Interest charge			21.2	68.1	R 62.9
Payments to dissenting shareholders			(319.4)	(1,375.8)
Dissenting shareholder liability on acquisition of subsidiary					1,364.3
Foreign currency translation reserve			11.1	245.1	(77.5)
Balance at the end of the year				R 287.1	R 1,349.7
Stillwater
Disclosure of nature and extent of risks arising from financial instruments [line items]
Price offered per share | $ / shares							$ 18
Rustenburg Operations Acquisition
Movement In Dissenting Shareholder Liability [Abstract]
Increase in loss due to increase in commodity price			R 95.6
Rustenburg Operations Acquisition | Commodity price risk
Movement In Dissenting Shareholder Liability [Abstract]
Percentage decrease in risk assumption			1.00%
Decrease in loss due to decrease in commodity price			R 95.6
Percentage increase in risk assumption			1.00%
Increase in loss due to increase in commodity price			R 95.6
In re Appraisal of Stillwater Mining Company
Disclosure of nature and extent of risks arising from financial instruments [line items]
Dissenting shareholder ownership, as a percent	4.50%
Price offered per share | $ / shares	$ 18					$ 18
Movement In Dissenting Shareholder Liability [Abstract]
Payments to dissenting shareholders | $		$ 21

Inventories (Details)

Inventories (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of disaggregation of revenue from contracts with customers [line items]
Consumable stores	R 1,580.8	R 1,043.5	R 820.7
Ore and mill inventory	127.7	71	62.8
Current finished goods	2,958.7	777.8	637.5
Other	29.6	7.5	8
Uranium finished goods and uranium in process			104.4
Total inventories	15,503.4	5,294.8	3,526.5
Raw materials and consumables used	12,784.3	9,327.9	8,789.4
Gold
Disclosure of disaggregation of revenue from contracts with customers [line items]
Work in process	309.7	143.3
PGM
Disclosure of disaggregation of revenue from contracts with customers [line items]
Work in process	10,496.9	R 3,251.7	R 1,893.1
PGM | Marikana operations
Disclosure of disaggregation of revenue from contracts with customers [line items]
Work in process	3,826.5
PGM | Platinum Mile
Disclosure of disaggregation of revenue from contracts with customers [line items]
Work in process	R 4,182.4

TRADE AND OTHER RECEIVABLE (Det

TRADE AND OTHER RECEIVABLE (Details) - ZAR (R) R in Millions	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of disaggregation of revenue from contracts with customers [line items]
Payroll debtors	R 251.5	R 127.9	R 174.1
Interest receivable	14.6	8.9	8.5
Total financial assets	3,836.2	6,317.3	5,626
Prepayments	442.9	296.9	245
Value added tax receivables	355.9	218.8	326.6
Total trade and other receivables	4,635	6,833	6,197.6
Gold
Disclosure of disaggregation of revenue from contracts with customers [line items]
Current trade receivables		433.8	499.6
PGM
Disclosure of disaggregation of revenue from contracts with customers [line items]
Current trade receivables	2,681.1	5,310.1	4,512.4
Contract receivables	1,606.4	3,786.5
PGM Concentrate [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Current trade receivables	2,341.6	5,310.1	4,512.4
PGM Other [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Current trade receivables	339.5
Other Than Gold And PGM Mining Activities [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Current trade receivables	889	436.6	431.4
Other Than Gold And PGM Mining Activities [Member] | Financial instruments credit-impaired [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Current trade receivables	R 139.9	R 15.8	R 5.7

CASH AND CASH EQUIVALENTS (Deta

CASH AND CASH EQUIVALENTS (Details) R in Millions, $ in Millions	Mar. 31, 2020ZAR (R)	Dec. 31, 2019USD ($)	Dec. 31, 2019ZAR (R)	Dec. 31, 2018ZAR (R)	Dec. 31, 2017ZAR (R)	Dec. 31, 2016ZAR (R)
CASH AND CASH EQUIVALENTS.
Cash at the bank and on hand			R 5,619	R 2,549.1	R 2,062.4
Total cash and cash equivalents	R 14,600		5,619	R 2,549.1	R 2,062.4	R 967.9
Restricted cash held in money market fund as collateral for environmental bonding		$ 6.4	R 89.6

STATED SHARE CAPITAL (Details)

STATED SHARE CAPITAL (Details) R / shares in Units, R in Millions	Jun. 10, 2019shares	Apr. 15, 2019ZAR (R)shares	Apr. 11, 2018shares	Oct. 04, 2017shares	Jun. 14, 2017ZAR (R)	Jun. 14, 2014shares	Dec. 31, 2019ZAR (R)shares	Dec. 31, 2018shares	Dec. 31, 2017ZAR (R)shares	Apr. 25, 2017R / sharesshares	Dec. 31, 2016R / sharesshares
STATED SHARE CAPITAL.
Authorised number of shares							10,000,000,000	10,000,000,000	10,000,000,000	10,000,000,000	2,000,000,000
Reconciliation of issued number of shares
Number of shares in issue at beginning of the year							2,266,261,000	2,168,721,000	929,004,342
Shares issued for cash		108,932,356					108,932,000
Shares issued under SGL Share Plan							4,442,000	10,394,000	1,407,000
Shares issued with acquisition	290,394,531						290,395,000
Rights issue						1,195,787,294			1,195,787,000
Capitalization Issue				42,522,524				87,146,000	42,523,000
Number of shares in issue at end of the year		108,900,000	87,145,885				2,670,030,000	2,266,261,000	2,168,721,000
Par value per share | R / shares										R 0	R 0
Raised net capital | R		R 1,700			R 12,932.4
Proceeds from share issue | R					13,438.5		R 1,688.4		R 13,438.5
Transaction costs paid on rights issue shares issued | R					R 506.1				R 506.1
Share rights issuance ratio					128.5714%
Capitalisation issuance ratio			0.04	0.02

NON-CONTROLLING INTERESTS (Deta

NON-CONTROLLING INTERESTS (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of subsidiaries [line items]
Equity	R 31,138.3	R 24,724.4	R 23,998.2	R 16,469.1
Revenue	72,925.4	50,656.4	45,911.6
Profit (loss)	432.8	(2,520.7)	(4,433.1)
Comprehensive income	(33.1)	(756.6)	(5,060.3)
Profit (loss), attributable to non-controlling interests	370.7	(21.1)	4.3
Increase (decrease) in cash and cash equivalents before effect of exchange rate changes	3,129.2	352.4	1,403
Dividends paid, classified as operating activities	85	0.6	560.4
Non-current assets	74,908.1	69,727.7	64,067.3
Current assets	26,163.7	15,195.3	12,004.5
Non-current liabilities	(55,606.7)	(45,566)	(43,635.8)
Current liabilities	(14,326.8)	(14,632.6)	(8,437.8)
Non-controlling interests
Disclosure of subsidiaries [line items]
Equity	1,467.7	936	19.8	R 17.7
Profit (loss)	370.7	(21.1)	4.3
Comprehensive income	R 370	R (23.5)	4.3
DRDGOLD Limited
Disclosure of subsidiaries [line items]
Percentage of stake held	61.95%	61.95%
Potential ownership, as a percent	50.10%
DRDGOLD Limited | Operating segments
Disclosure of subsidiaries [line items]
Revenue	R 3,621	R 1,047.5
Profit (loss)	460.2	(39.9)
Comprehensive income	459.1	(43.8)
Profit (loss), attributable to non-controlling interests	285.1	(24.7)
DRDGOLD Limited | Non-controlling interests
Disclosure of subsidiaries [line items]
Equity	1,135.2	913.2
DRDGOLD Limited | Non-controlling interests | Operating segments
Disclosure of subsidiaries [line items]
Equity	2,793.5	2,472.1
Increase (decrease) in cash and cash equivalents before effect of exchange rate changes	334	(73.4)
Dividends paid, classified as operating activities	85
Non-current assets	3,393.1	3,581.9
Current assets	972.2	591
Non-current liabilities	(1,108.6)	(1,275.6)
Current liabilities	(463.3)	(425.2)
Platinum Mile Subsidiary [Member] | Non-controlling interests
Disclosure of subsidiaries [line items]
Equity	21.1	18.4	15.7
GTSM | Non-controlling interests
Disclosure of subsidiaries [line items]
Equity	5.4	R 4.4	R 4.1
Marikana operations | Non-controlling interests
Disclosure of subsidiaries [line items]
Equity	R 306
Western Platinum Limited [Member]
Disclosure of subsidiaries [line items]
Percentage of stake held	4.75%
Western Platinum Limited [Member] | Operating segments
Disclosure of subsidiaries [line items]
Revenue	R 11,124.5
Profit (loss)	763.7
Comprehensive income	763.7
Profit (loss), attributable to non-controlling interests	17
Western Platinum Limited [Member] | Non-controlling interests
Disclosure of subsidiaries [line items]
Equity	253.3
Western Platinum Limited [Member] | Non-controlling interests | Operating segments
Disclosure of subsidiaries [line items]
Equity	(10,082.6)
Increase (decrease) in cash and cash equivalents before effect of exchange rate changes	(2,070.2)
Non-current assets	7,749.5
Current assets	6,832
Non-current liabilities	(22,462.3)
Current liabilities	R (2,201.7)

Borrowings - Components (Detail

Borrowings - Components (Details) R in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2019ZAR (R)	Dec. 31, 2018ZAR (R)	Dec. 31, 2017ZAR (R)	Dec. 31, 2019USD ($)	Dec. 31, 2019ZAR (R)	Nov. 11, 2019ZAR (R)	Dec. 31, 2018ZAR (R)	Sep. 19, 2018USD ($)	Sep. 11, 2018USD ($)	May 31, 2018ZAR (R)	Dec. 31, 2017ZAR (R)	Sep. 19, 2017USD ($)	Nov. 15, 2016ZAR (R)	Jul. 01, 2014USD ($)	Jul. 01, 2014ZAR (R)
Disclosure of detailed information about borrowings [line items]
Total borrowings	R 23,736.2	R 24,504.7	R 25,649.5		R 23,736.2		R 24,504.7				R 25,649.5
Current portion of borrowings					(38.3)		(6,188.2)				(1,657.5)
Total non-current portion of non-current borrowings					23,697.9		18,316.5				23,992
Derivative financial liabilities					4,144.9		408.9				1,093.5
Non-current derivative financial liabilities					4,144.9		408.9				1,093.5
Balance at beginning of period	24,504.7	25,649.5	8,973.8
Borrowings acquired on acquisition of subsidiary	2,574.8		5,937.6
Loans raised	18,981.7	17,130.2	69,593.8
Loans repaid	(22,008.3)	(21,231.5)	(55,719.5)
Unwinding of loans recognised at amortised cost	374.4	538.3	222.1
Accrued interest	1,444.9	1,572.5	2,091.9
Accrued interest paid	(777.7)	(907.2)	(431.5)
Gain on derecognition of borrowings		(179.7)
Loss on revised estimated cash flows	96.6	(804.6)	(181.7)
(Gain)/loss on foreign exchange differences and foreign currency translation	(779.9)	3,367.2	(1,956.3)
Balance at end of period	23,736.2	24,504.7	25,649.5
US$600 million RCF
Disclosure of detailed information about borrowings [line items]
Face amount of debt				$ 600						R 600
Total borrowings	5,711.9	2,726.5			5,711.9		2,726.5
Current portion of borrowings				(150)	(2,100)
Balance at beginning of period	2,726.5
Loans raised	9,067.1	5,391.6
Loans repaid	(5,826.2)	(2,744.7)
(Gain)/loss on foreign exchange differences and foreign currency translation	261.9	(6.5)
Balance at end of period	5,711.9	2,726.5
R6.0 billion RCF
Disclosure of detailed information about borrowings [line items]
Face amount of debt					6,000	R 6,000							R 6,000
Total borrowings	5,896.4	5,896.4	5,536.4				5,896.4				5,536.4
Balance at beginning of period	5,896.4	5,536.4	5,100
Loans raised	1,150	360	800
Loans repaid	(5,046.4)		(363.6)
Balance at end of period		5,896.4	5,536.4
R5.5 billion RCF
Disclosure of detailed information about borrowings [line items]
Face amount of debt					5,500	R 5,500
Total borrowings	2,500				2,500
Loans raised	500
Balance at end of period	2,500
Bond Borrowings [Member]
Disclosure of detailed information about borrowings [line items]
Accrued interest	769.9	942.5	507.8
2022 and 2025 Notes
Disclosure of detailed information about borrowings [line items]
Face amount of debt | $								$ 349
Total borrowings	9,609.8	9,808.7	12,597.7		9,609.8		9,808.7				12,597.7
Balance at beginning of period	9,808.7	12,597.7
Loans raised			13,109.5
Loans repaid		(5,107.4)
Accrued interest	672.2	795.5	431.5
Accrued interest paid	(664.9)	(836.6)	(478.1)
Gain on derecognition of borrowings		(128.8)
(Gain)/loss on foreign exchange differences and foreign currency translation	(239.5)	2,209.4	(588.1)
Balance at end of period	9,609.8	9,808.7	12,597.7
US 450 Million Convertible Bond [Member]
Disclosure of detailed information about borrowings [line items]
Face amount of debt | $				384					$ 66			$ 450
Total borrowings	4,578.6	4,496.6	4,357.1		4,578.6		4,496.6				4,357.1
Derivative financial liabilities					4,144.9		408.9				1,093.5
Balance at beginning of period	4,496.6	4,357.1
Loans repaid		(745.2)
Accrued interest	105	105.9	29.8
Gain on derecognition of borrowings		(50.9)
Balance at end of period	4,578.6	4,496.6	4,357.1
Burnstone Debt
Disclosure of detailed information about borrowings [line items]
Face amount of debt														$ 178.1	R 1,883.9
Total borrowings	1,330.4	1,145.1	1,537.5	178.1	1,330.4		1,145.1				1,537.5
Balance at beginning of period	1,145.1	1,537.5	1,752.6
Loss on revised estimated cash flows	96.6	(804.6)	(181.7)
Balance at end of period	1,330.4	1,145.1	1,537.5
Other borrowings
Disclosure of detailed information about borrowings [line items]
Total borrowings	425.6	425.6	478.7				425.6				478.7
Balance at beginning of period	425.6	478.7	749.5
Loans raised	8,264.6	10,798.6	14,721.5
Loans repaid	(11,135.7)	(10,854.6)	(14,992.3)
Balance at end of period		425.6	478.7
Franco-Nevada liability
Disclosure of detailed information about borrowings [line items]
Total borrowings	2	2	1.7		2		2				1.7
Balance at beginning of period	2	1.7
Balance at end of period	2	2	1.7
Stillwater Convertible Debentures
Disclosure of detailed information about borrowings [line items]
Total borrowings	3.5	3.8	3.3		R 3.5		R 3.8				3.3
Balance at beginning of period	3.8	3.3
Balance at end of period	R 3.5	3.8	3.3
US$350 million RCF
Disclosure of detailed information about borrowings [line items]
Face amount of debt				$ 350						R 350
Total borrowings		1,137.1	1,137.1								R 1,137.1
Balance at beginning of period		R 1,137.1
Balance at end of period			R 1,137.1
R4.5 billion facilities
Disclosure of detailed information about borrowings [line items]
Face amount of debt													R 4,500

BORROWINGS - US$600 MILLION RCF

BORROWINGS - US$600 MILLION RCF (Details) R in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)item	Dec. 31, 2019ZAR (R)item	Dec. 31, 2018ZAR (R)	Dec. 31, 2017ZAR (R)	May 31, 2018ZAR (R)
Disclosure of detailed information about borrowings [line items]
Balance at beginning of period		R 24,504.7	R 25,649.5	R 8,973.8
Loans raised		18,981.7	17,130.2	69,593.8
Loans repaid		(22,008.3)	(21,231.5)	(55,719.5)
Interest charge		1,444.9	1,572.5	2,091.9
(Gain)/loss on foreign exchange differences		(325.5)	(1,169.1)	(292.4)
Foreign currency translation		779.9	(3,367.2)	1,956.3
Balance at end of period		R 23,736.2	24,504.7	25,649.5
US$600 million RCF
Disclosure of detailed information about borrowings [line items]
Face amount of debt	$ 600				R 600
Net debt to EBITDA threshold	2.50	2.50
Utilisation fee when loans outstanding as % of the total loans is less than or equal to 33 1/3%	0.15%	0.15%
Utilisation fee when loans outstanding as % of the total loans is greater than 33 1/3 % and less than or equal to 66 2/3 %	0.30%	0.30%
Utilisation fee when loans outstanding as % of the total loans is greater than 66 2/3 %	0.50%	0.50%
Debt term	3 years	3 years
Number of one-year extensions | item	2	2
Borrowings amount on extended term | $	$ 450
Number of lenders extending term | item	6	6
Number of lenders | item	8	8
Balance at beginning of period		R 2,726.5
Loans raised		9,067.1	5,391.6
Loans repaid		(5,826.2)	(2,744.7)
(Gain)/loss on foreign exchange differences		6.4	73.1
Foreign currency translation		(261.9)	6.5
Balance at end of period		R 5,711.9	2,726.5
US$600 million RCF | Net Debt To EBITDA Less Than Threshold [Member]
Disclosure of detailed information about borrowings [line items]
Interest rate margin	1.85%
US$600 million RCF | Net Debt To EBITDA Above Threshold [Member]
Disclosure of detailed information about borrowings [line items]
Interest rate margin	2.00%
US$350 million RCF
Disclosure of detailed information about borrowings [line items]
Face amount of debt	$ 350				R 350
Balance at beginning of period			R 1,137.1
Balance at end of period				R 1,137.1

BORROWINGS - R6.0 BILLION RCF (

BORROWINGS - R6.0 BILLION RCF (Details) R in Millions	12 Months Ended
	Dec. 31, 2019ZAR (R)item	Dec. 31, 2018ZAR (R)	Dec. 31, 2017ZAR (R)	Nov. 11, 2019ZAR (R)	Nov. 15, 2016ZAR (R)
Disclosure of detailed information about borrowings [line items]
Balance at beginning of period	R 24,504.7	R 25,649.5	R 8,973.8
Loans raised	18,981.7	17,130.2	69,593.8
Loans repaid	(22,008.3)	(21,231.5)	(55,719.5)
Balance at end of period	23,736.2	24,504.7	25,649.5
R6.0 billion RCF
Disclosure of detailed information about borrowings [line items]
Face amount of debt	R 6,000			R 6,000	R 6,000
Net debt to EBITDA threshold | item	3
Net debt to EBITDA threshold, mid-range | item	3.25
Debt term	3 years
Balance at beginning of period	R 5,896.4	5,536.4	5,100
Loans raised	1,150	360	800
Loans repaid	(5,046.4)		(363.6)
Inter Bank transfer	R (2,000)
Balance at end of period		R 5,896.4	R 5,536.4
R6.0 billion RCF | JIBAR
Disclosure of detailed information about borrowings [line items]
Interest rate margin	2.40%
R6.0 billion RCF | JIBAR | Net Debt To EBITDA Less Than Threshold [Member]
Disclosure of detailed information about borrowings [line items]
Interest rate margin	2.40%
R6.0 billion RCF | JIBAR | Net Debt To EBITDA At Midrange [Member]
Disclosure of detailed information about borrowings [line items]
Interest rate margin	2.65%
R6.0 billion RCF | JIBAR | Net Debt To EBITDA Above Threshold [Member]
Disclosure of detailed information about borrowings [line items]
Interest rate margin	2.90%
R4.5 billion facilities
Disclosure of detailed information about borrowings [line items]
Face amount of debt					R 4,500

BORROWINGS - R5.5 BILLION RCF (

BORROWINGS - R5.5 BILLION RCF (Details) R in Millions	12 Months Ended
	Dec. 31, 2019ZAR (R)item	Dec. 31, 2018ZAR (R)	Dec. 31, 2017ZAR (R)	Nov. 11, 2019ZAR (R)	Nov. 15, 2016ZAR (R)
Disclosure of detailed information about borrowings [line items]
Balance at beginning of period	R 24,504.7	R 25,649.5	R 8,973.8
Loans raised	18,981.7	17,130.2	69,593.8
Loans repaid	(22,008.3)	(21,231.5)	(55,719.5)
(Gain)/loss on foreign exchange differences	(325.5)	(1,169.1)	(292.4)
Balance at end of period	23,736.2	24,504.7	25,649.5
R6.0 billion RCF
Disclosure of detailed information about borrowings [line items]
Face amount of debt	R 6,000			R 6,000	R 6,000
Net debt to EBITDA threshold | item	3
Debt term	3 years
Balance at beginning of period	R 5,896.4	5,536.4	5,100
Loans raised	1,150	360	800
Loans repaid	(5,046.4)		(363.6)
Borrowings Inter Bank Transfer	R (2,000)
Balance at end of period		R 5,896.4	R 5,536.4
R6.0 billion RCF | JIBAR
Disclosure of detailed information about borrowings [line items]
Interest rate margin	2.40%
R6.0 billion RCF | JIBAR | Net Debt To EBITDA Less Than Threshold [Member]
Disclosure of detailed information about borrowings [line items]
Interest rate margin	2.40%
R6.0 billion RCF | JIBAR | Net Debt To EBITDA Above Threshold [Member]
Disclosure of detailed information about borrowings [line items]
Interest rate margin	2.90%
R5.5 billion RCF
Disclosure of detailed information about borrowings [line items]
Face amount of debt	R 5,500			R 5,500
Net debt to EBITDA threshold	2
Debt term	3 years
Number of one-year extensions | item	2
Loans raised	R 500
Borrowings Inter Bank Transfer	2,000
Balance at end of period	R 2,500
R5.5 billion RCF | Net Debt To EBITDA Less Than Threshold [Member]
Disclosure of detailed information about borrowings [line items]
Interest rate margin	2.40%
R5.5 billion RCF | Net Debt To EBITDA Above Threshold [Member]
Disclosure of detailed information about borrowings [line items]
Interest rate margin	2.60%

BORROWINGS - 2022 and 2025 Note

BORROWINGS - 2022 and 2025 Notes (Details) R in Millions, $ in Millions	Oct. 21, 2019ZAR (R)	Apr. 11, 2019USD ($)	Apr. 11, 2019ZAR (R)	Sep. 19, 2018USD ($)	Sep. 11, 2018USD ($)	Jun. 27, 2017USD ($)item	Jul. 31, 2018USD ($)	Dec. 31, 2019ZAR (R)	Dec. 31, 2018ZAR (R)	Dec. 31, 2017ZAR (R)	Dec. 31, 2016USD ($)	Dec. 31, 2019USD ($)
Disclosure of detailed information about borrowings [line items]
Deferred revenue advance received	R 1,100	$ 125	R 1,750				$ 500	R 2,859.3	R 6,555.4
Balance at beginning of period								24,504.7	25,649.5	R 8,973.8
Loans raised								18,981.7	17,130.2	69,593.8
Loans repaid								(22,008.3)	(21,231.5)	(55,719.5)
Interest charge								1,444.9	1,572.5	2,091.9
Accrued interest paid								(777.7)	(907.2)	(431.5)
Unwinding of amortised cost								374.4	538.3	251.8
Gain on derecognition of borrowings									(179.7)
Foreign currency translation								(779.9)	3,367.2	(1,956.3)
Balance at end of period								23,736.2	24,504.7	25,649.5
BTT streaming revenue
Disclosure of detailed information about borrowings [line items]
Deferred revenue advance received | $				$ 500	$ 500						$ 50
2022 and 2025 Notes
Disclosure of detailed information about borrowings [line items]
Number of tranches | item						2
Bond purchase price | $				345
Face amount of debt | $				$ 349
Balance at beginning of period								9,808.7	12,597.7
Loans raised										13,109.5
Loans repaid									(5,107.4)
Interest charge								672.2	795.5	431.5
Accrued interest paid								(664.9)	(836.6)	(478.1)
Unwinding of amortised cost								47.9	196.7	29.7
Gain on derecognition of borrowings									(128.8)
Foreign currency translation								(239.5)	2,209.4	(588.1)
Balance at end of period								R 9,609.8	R 9,808.7	R 12,597.7
US$500 million 6.125$% Senior Notes
Disclosure of detailed information about borrowings [line items]
Interest rate (as a percent)						6.125%						6.125%
Face amount of debt | $						$ 500						$ 353.7
Debt term								5 years
US$550 million 7.125$% Senior Notes
Disclosure of detailed information about borrowings [line items]
Interest rate (as a percent)						7.125%						7.125%
Face amount of debt | $						$ 550						$ 346.9
Debt term								8 years

Borrowings - US$ CONVERTIBLE BO

Borrowings - US$ CONVERTIBLE BOND (Details) R / shares in Units, $ / shares in Units, R in Millions, $ in Millions	Oct. 21, 2019ZAR (R)	Apr. 11, 2019USD ($)	Apr. 11, 2019ZAR (R)	Sep. 19, 2018USD ($)	Sep. 11, 2018USD ($)	Sep. 19, 2017USD ($)$ / shares	Jul. 31, 2018USD ($)	Dec. 31, 2019ZAR (R)itemR / shares	Dec. 31, 2018ZAR (R)	Dec. 31, 2017ZAR (R)	Dec. 31, 2016USD ($)	Dec. 31, 2019USD ($)R / $
Disclosure of detailed information about borrowings [line items]
Deferred revenue advance received	R 1,100	$ 125	R 1,750				$ 500	R 2,859.3	R 6,555.4
Accrued interest and unwinding of amortised cost								374.4	538.3	R 251.8
Balance at beginning of period								24,504.7	25,649.5	8,973.8
Loans raised								18,981.7	17,130.2	69,593.8
Loans repaid								22,008.3	21,231.5	55,719.5
Accrued interest paid								(777.7)	(907.2)	(431.5)
Interest charge								1,444.9	1,572.5	2,091.9
Unwinding of amortised cost								374.4	538.3	251.8
Gain on derecognition of borrowings									(179.7)
Foreign currency translation								779.9	(3,367.2)	1,956.3
Balance at end of period								23,736.2	24,504.7	25,649.5
Balance at beginning of the year								408.9	1,093.5
(Gain)/loss on financial instruments								6,015.1	(1,704.1)	1,114.4
Gain on derecognition of derivative financial instruments									(50.3)
Gain on foreign exchange differences								(325.5)	(1,169.1)	(292.4)
Balance at end of the year								R 4,144.9	408.9	1,093.5
BTT streaming revenue
Disclosure of detailed information about borrowings [line items]
Deferred revenue advance received | $				$ 500	$ 500						$ 50
US 450 Million Convertible Bond [Member]
Disclosure of detailed information about borrowings [line items]
Face amount of debt | $					66	$ 450						$ 384
Bond purchase price | $					$ 50
Coupon rate (as a percent)												1.875%
Debt term								6 years
Conversion premium								35.00%
Weighted average share price | $ / shares						$ 1.2281
Initial conversion price | $ / shares						$ 1.6580
Number of tranches | item								2
Accrued interest and unwinding of amortised cost								R 196.8	185.8	50.7
Balance at beginning of period								4,496.6	4,357.1
Loans repaid									745.2
Interest charge								105	105.9	29.8
Unwinding of amortised cost								196.8	185.8	50.7
Gain on derecognition of borrowings									(50.9)
Balance at end of period								4,578.6	4,496.6	4,357.1
Balance at beginning of the year								408.9	1,093.5
(Gain)/loss on financial instruments								3,911.5	(678.1)	(115.9)
Derivative financial instrument recognised										1,296.6
Gain on foreign exchange differences								(175.5)	43.8	(87.2)
Balance at end of the year								R 4,144.9	408.9	1,093.5
Share price appreciation, as a percent								258.00%
Year-end share price | R / shares								R 35.89
Closing foreign exchange rate | R / $												14
US 450 Million Convertible Bond [Member] | AMORTIZED COST
Disclosure of detailed information about borrowings [line items]
Balance at beginning of period								R 4,496.6	4,357.1
Loans raised										4,634.5
Accrued interest paid								(105.5)	(111.7)
Balance at end of period								4,578.6	4,496.6	4,357.1
Gain on foreign exchange differences								R (114.3)	R 755.6	R (357.9)
US 450 Million Convertible Bond [Member] | Historical volatility for shares, measurement input [member]
Disclosure of detailed information about borrowings [line items]
Significant unobservable input, liabilities												38.76

BORROWINGS - BURNSTONE DEBT (De

BORROWINGS - BURNSTONE DEBT (Details) R in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)	Dec. 31, 2019ZAR (R)	Dec. 31, 2018ZAR (R)	Dec. 31, 2017ZAR (R)	Dec. 31, 2019USD ($)R / kgR / $	Dec. 31, 2019ZAR (R)R / kgR / $	Dec. 31, 2018ZAR (R)R / kgR / $	Dec. 31, 2017ZAR (R)R / kgR / $	Jul. 01, 2014USD ($)	Jul. 01, 2014ZAR (R)
Disclosure of detailed information about borrowings [line items]
Borrowings		R 23,736.2	R 24,504.7	R 25,649.5		R 23,736.2	R 24,504.7	R 25,649.5
Balance at beginning of period		24,504.7	25,649.5	8,973.8
Accrued interest and unwinding of amortised cost		374.4	538.3	251.8
(Gain)/loss on revised estimated cash flows		96.6	(804.6)	(181.7)
(Gain)/loss on foreign exchange differences		(325.5)	(1,169.1)	(292.4)
Loans repaid		(22,008.3)	(21,231.5)	(55,719.5)
Balance at end of period		23,736.2	24,504.7	25,649.5
Revised gold prices | R / kg					686,225	686,225	585,500	545,000
Burnstone
Disclosure of detailed information about borrowings [line items]
Borrowings		R 1,883.9				R 1,883.9
Bank Lenders participation in Burnstone free cash flow after Burnstone Debt repaid in full	10.00%	10.00%
Maximum participation in Burnstone free cash flow after Burnstone Debt repaid in full | $	$ 63
Balance at end of period		R 1,883.9
Burnstone Debt
Disclosure of detailed information about borrowings [line items]
Borrowings	$ 178.1	R 1,330.4	1,145.1	1,537.5	$ 178.1	1,330.4	R 1,145.1	R 1,537.5
Face amount of debt									$ 178.1	R 1,883.9
Net assets (liabilities)						R 2,000
Borrowings on acquisition of subsidiary										R 1,007.6
Period of the life-of-mine plan	20 years	20 years
Balance at beginning of period		R 1,145.1	1,537.5	1,752.6
Accrued interest and unwinding of amortised cost		120.1	152.9	141.6
(Gain)/loss on revised estimated cash flows		96.6	(804.6)	(181.7)
(Gain)/loss on foreign exchange differences		(31.4)	259.3	(175)
Balance at end of period	$ 178.1	R 1,330.4	R 1,145.1	R 1,537.5
Exchange rates | R / $					14	14	14	12.94
A1 U S $0.2 Million [Member]
Disclosure of detailed information about borrowings [line items]
Face amount of debt | $					$ 0.2
A2 U S $7.8 Million [Member]
Disclosure of detailed information about borrowings [line items]
Face amount of debt | $					7.8
Free cash flow used to repay Wits Gold Loan (as a percent)	50.00%	50.00%
Free cash flow used to repay Burnstone Debt (as a percent)	50.00%	50.00%
A3 U S $51.0 Million And A4 US $119.1 Million [Member]
Disclosure of detailed information about borrowings [line items]
Free cash flow used to repay Wits Gold Loan (as a percent)	90.00%	90.00%
Free cash flow used to repay Burnstone Debt (as a percent)	10.00%	10.00%
Free cash flow used to repay Burnstone Debt after settlement of Wits Gold Loan (as a percent)	30.00%	30.00%
A3 U S $51.0 Million [Member]
Disclosure of detailed information about borrowings [line items]
Face amount of debt | $					51
A4 U S $119.1 Million [Member]
Disclosure of detailed information about borrowings [line items]
Face amount of debt | $					$ 119.1
LIBOR | A3 U S $51.0 Million And A4 US $119.1 Million [Member]
Disclosure of detailed information about borrowings [line items]
Interest rate margin					4.00%	4.00%

BORROWINGS - OTHER BORROWINGS (

BORROWINGS - OTHER BORROWINGS (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of detailed information about borrowings [line items]
Balance at beginning of period	R 24,504.7	R 25,649.5	R 8,973.8
Loans raised	18,981.7	17,130.2	69,593.8
Loans repaid	(22,008.3)	(21,231.5)	(55,719.5)
Unwinding of amortised cost	374.4	538.3	251.8
(Gain)/loss on foreign exchange differences	(325.5)	(1,169.1)	(292.4)
Balance at end of period	23,736.2	24,504.7	25,649.5
Other borrowings
Disclosure of detailed information about borrowings [line items]
Balance at beginning of period	425.6	478.7	749.5
Loans raised	8,264.6	10,798.6	14,721.5
Loans repaid	(11,135.7)	(10,854.6)	(14,992.3)
Unwinding of amortised cost	9.6	2.9
Borrowings on acquisition of subsidiary	2,574.8
Other	1.3
(Gain)/loss on foreign exchange differences	R (140.2)
Balance at end of period		R 425.6	R 478.7

Borrowings - Fair Value (Detail

Borrowings - Fair Value (Details) - ZAR (R) R in Millions	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Level 1
Disclosure of fair value measurement of liabilities [line items]
Liabilities	R 10,138.4	R 9,312	R 13,295.3
Level 1 | 2022 and 2025 Notes
Disclosure of fair value measurement of liabilities [line items]
Liabilities	10,138.4	9,312	13,295.3
Level 2
Disclosure of fair value measurement of liabilities [line items]
Liabilities	4,724.5	3,736.1	4,239.1
Level 2 | US 450 Million Convertible Bond [Member]
Disclosure of fair value measurement of liabilities [line items]
Liabilities	4,724.5	3,736.1	4,239.1
Level 3
Disclosure of fair value measurement of liabilities [line items]
Liabilities	1,441	1,075.6	1,536.5
Level 3 | Burnstone Debt
Disclosure of fair value measurement of liabilities [line items]
Liabilities	1,441	1,075.6	1,536.5
Not measured at fair value in statement of financial position but for which fair value is disclosed [member]
Disclosure of fair value measurement of liabilities [line items]
Liabilities	15,518.8	15,450.4	18,492.3
Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | 2022 and 2025 Notes
Disclosure of fair value measurement of liabilities [line items]
Liabilities	9,609.8	9,808.7	12,597.7
Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | US 450 Million Convertible Bond [Member]
Disclosure of fair value measurement of liabilities [line items]
Liabilities	4,578.6	4,496.6	4,357.1
Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | Burnstone Debt
Disclosure of fair value measurement of liabilities [line items]
Liabilities	R 1,330.4	R 1,145.1	R 1,537.5

Borrowings - LIQUIDITY RISK (De

Borrowings - LIQUIDITY RISK (Details) R in Millions, $ in Millions

Dec. 31, 2019USD ($)

Dec. 31, 2019ZAR (R)

Nov. 11, 2019ZAR (R)

Dec. 31, 2018ZAR (R)

Sep. 19, 2018USD ($)

Sep. 11, 2018USD ($)

May 31, 2018ZAR (R)

Dec. 31, 2017ZAR (R)

Sep. 19, 2017USD ($)

Nov. 15, 2016ZAR (R)

Jul. 01, 2014USD ($)

Jul. 01, 2014ZAR (R)

Maturity analysis for financial assets held for managing liquidity risk

Other payables.

R 3,448.9

R 2,832.5

R 3,802.3

Trade and other payables

7,739.5

5,159.9

Total

42,879.7

44,931.5

Within one year

Maturity analysis for financial assets held for managing liquidity risk

Trade and other payables

7,739.5

5,159.9

Total

9,704.6

13,151.5

Between one and five years

Maturity analysis for financial assets held for managing liquidity risk

Total

24,265.6

18,850

After five years

Maturity analysis for financial assets held for managing liquidity risk

Total

8,909.5

12,930

US$600 million RCF

Maturity analysis for financial assets held for managing liquidity risk

Face amount of debt

$ 600

R 600

R6.0 billion RCF

Maturity analysis for financial assets held for managing liquidity risk

Face amount of debt

6,000

R 6,000

R 6,000

US$350 million RCF

Maturity analysis for financial assets held for managing liquidity risk

Face amount of debt

350

R 350

2022 and 2025 Notes

Maturity analysis for financial assets held for managing liquidity risk

Face amount of debt | $

$ 349

US 450 Million Convertible Bond [Member]

Maturity analysis for financial assets held for managing liquidity risk

Face amount of debt | $

$ 384

$ 66

$ 450

Burnstone Debt

Maturity analysis for financial assets held for managing liquidity risk

Face amount of debt

$ 178.1

R 1,883.9

Capital

Maturity analysis for financial assets held for managing liquidity risk

Other payables.

3,808.6

3,386.8

Capital | Within one year

Maturity analysis for financial assets held for managing liquidity risk

Other payables.

775.4

293.3

Capital | Between one and five years

Maturity analysis for financial assets held for managing liquidity risk

Other payables.

2,918.6

1,968.9

Capital | After five years

Maturity analysis for financial assets held for managing liquidity risk

Other payables.

114.6

1,124.6

Capital | US$600 million RCF

Maturity analysis for financial assets held for managing liquidity risk

Bank borrowings

5,711.9

2,726.5

Capital | US$600 million RCF | Between one and five years

Maturity analysis for financial assets held for managing liquidity risk

Bank borrowings

5,711.9

2,726.5

Capital | R6.0 billion RCF

Maturity analysis for financial assets held for managing liquidity risk

Bank borrowings

2,500

5,896.4

Capital | R6.0 billion RCF | Within one year

Maturity analysis for financial assets held for managing liquidity risk

Bank borrowings

5,896.4

Capital | R6.0 billion RCF | Between one and five years

Maturity analysis for financial assets held for managing liquidity risk

Bank borrowings

2,500

Capital | 2022 and 2025 Notes

Maturity analysis for financial assets held for managing liquidity risk

Non-bank borrowings

9,808.4

10,053.6

Capital | 2022 and 2025 Notes | Between one and five years

Maturity analysis for financial assets held for managing liquidity risk

Non-bank borrowings

4,951.8

5,075.6

Capital | 2022 and 2025 Notes | After five years

Maturity analysis for financial assets held for managing liquidity risk

Non-bank borrowings

4,856.6

4,978

Capital | US 450 Million Convertible Bond [Member]

Maturity analysis for financial assets held for managing liquidity risk

Non-bank borrowings

5,376

5,510.4

Capital | US 450 Million Convertible Bond [Member] | Between one and five years

Maturity analysis for financial assets held for managing liquidity risk

Non-bank borrowings

5,376

5,510.4

Capital | Burnstone Debt

Maturity analysis for financial assets held for managing liquidity risk

Non-bank borrowings

109

2,552.9

Capital | Burnstone Debt | Between one and five years

Maturity analysis for financial assets held for managing liquidity risk

Non-bank borrowings

109

Capital | Burnstone Debt | After five years

Maturity analysis for financial assets held for managing liquidity risk

Non-bank borrowings

2,552.9

Capital | Other borrowings

Maturity analysis for financial assets held for managing liquidity risk

Non-bank borrowings

252.3

Capital | Other borrowings | Within one year

Maturity analysis for financial assets held for managing liquidity risk

Non-bank borrowings

252.3

Capital | Franco-Nevada liability

Maturity analysis for financial assets held for managing liquidity risk

Non-bank borrowings

2

2

Capital | Franco-Nevada liability | Within one year

Maturity analysis for financial assets held for managing liquidity risk

Non-bank borrowings

2

2

Capital | Stillwater Convertible Debentures

Maturity analysis for financial assets held for managing liquidity risk

Non-bank borrowings

3.5

3.8

Capital | Stillwater Convertible Debentures | Within one year

Maturity analysis for financial assets held for managing liquidity risk

Non-bank borrowings

3.5

3.8

Interest

Maturity analysis for financial assets held for managing liquidity risk

Non-bank borrowings

7,820.8

9,386.9

Interest | Within one year

Maturity analysis for financial assets held for managing liquidity risk

Non-bank borrowings

1,184.2

1,543.8

Interest | Between one and five years

Maturity analysis for financial assets held for managing liquidity risk

Non-bank borrowings

2,698.3

3,568.6

Interest | After five years

Maturity analysis for financial assets held for managing liquidity risk

Non-bank borrowings

R 3,938.3

R 4,274.5

BORROWINGS - MARKET RISK (Detai

BORROWINGS - MARKET RISK (Details) R in Millions	12 Months Ended
	Dec. 31, 2019ZAR (R)R / $	Dec. 31, 2018ZAR (R)R / $	Dec. 31, 2017ZAR (R)R / $	Dec. 31, 2016ZAR (R)
Other payables
Borrowings.	R 23,736.2	R 24,504.7	R 25,649.5	R 8,973.8
Currency risk
Other payables
Closing foreign exchange rate | R / $	14	14.35	12.36
Decrease in gain on foreign exchange differences due to decrease in exchange rate	R 102.2	R 38.7	R 81.2
Increase in gain on foreign exchange differences due to increase in exchange rate	102.2	38.7	81.2
Interest rate risk
Other payables
Amount exposed to risk	23,730.7	24,498.9	25,644.5
Change in interest expense for downward change by 1.5% in interest rate	143.1	167.7
Change in interest expense for downward change by 1% in interest rate	95.4	111.8
Change in interest expense for downward change by 0.5% in interest rate	47.7	55.9
Change in interest expense for upward change by 0.5% in interest rate	(47.7)	(55.9)
Change in interest expense for upward change by 1% in interest rate	(95.4)	(111.8)
Change in interest expense for upward change by 1.5% in interest rate	(143.1)	(167.7)
JIBAR | Interest rate risk
Other payables
Amount exposed to risk	2,500	6,322	6,015.1
Change in interest expense for downward change by 1.5% in interest rate	37.5	88.5
Change in interest expense for downward change by 1% in interest rate	25	59
Change in interest expense for downward change by 0.5% in interest rate	12.5	29.5
Change in interest expense for upward change by 0.5% in interest rate	(12.5)	(29.5)
Change in interest expense for upward change by 1% in interest rate	(25)	(59)
Change in interest expense for upward change by 1.5% in interest rate	(37.5)	(88.5)
LIBOR | Interest rate risk
Other payables
Amount exposed to risk	7,042.3	3,871.6	R 2,674.6
Change in interest expense for downward change by 1.5% in interest rate	105.6	79.2
Change in interest expense for downward change by 1% in interest rate	70.4	52.8
Change in interest expense for downward change by 0.5% in interest rate	35.2	26.4
Change in interest expense for upward change by 0.5% in interest rate	(35.2)	(26.4)
Change in interest expense for upward change by 1% in interest rate	(70.4)	(52.8)
Change in interest expense for upward change by 1.5% in interest rate	R (105.6)	R (79.2)
Minimum | Interest rate risk
Other payables
Debt term	1 month
Maximum | Interest rate risk
Other payables
Debt term	3 months

BORROWINGS - INTEREST RATE CHAN

BORROWINGS - INTEREST RATE CHANGES (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Mar. 31, 2020
Disclosure of detailed information about borrowings [line items]
Non-current borrowings exposed to interest rate changes	R 9,542.3	R 10,193.6	R 8,689.7
Committed undrawn facilities	5,688	5,987.1	3,652.5	R 200
Uncommitted undrawn facilities	1,050	757.7	471.3
Total undrawn facilities	6,738	6,744.8	4,123.8
Within one year
Disclosure of detailed information about borrowings [line items]
Committed undrawn facilities		103.6	3,188.9
later than one year and not later than two years
Disclosure of detailed information about borrowings [line items]
Committed undrawn facilities	672		463.6
later than two years and not later than three years
Disclosure of detailed information about borrowings [line items]
Committed undrawn facilities	5,016	5,883.5
JIBAR
Disclosure of detailed information about borrowings [line items]
Non-current borrowings exposed to interest rate changes	2,500	6,322	6,015.1
LIBOR
Disclosure of detailed information about borrowings [line items]
Non-current borrowings exposed to interest rate changes	R 7,042.3	R 3,871.6	R 2,674.6

Borrowings - Capital management

Borrowings - Capital management (Details) R in Millions	12 Months Ended
	Dec. 31, 2019ZAR (R)	Dec. 31, 2018ZAR (R)	Dec. 31, 2017ZAR (R)
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Actual leverage ratio	1.4	2.5	2.6
Leverage ratio targeted maximum	1
Leverage ratio maximum per covenant for the first specified period	3.5
Leverage ratio maximum per covenant for the second specified period	2.5
Borrowings with recourse	R 26,550.7	R 23,768.5	R 25,205.5
Cash and cash equivalents	5,586.3	2,499.4	2,029.8
Net debt	20,964.4	21,269.1	23,175.7
Adjusted EBITDA	R 14,956	R 8,369.4	R 9,045.1
US$600 million RCF
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Leverage ratio maximum per covenant for the first specified period	2.5

Borrowings - Reconciliation of

Borrowings - Reconciliation of EBITDA (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Borrowings
Loss before royalties, carbon tax and tax	R (856.3)	R (1,224.3)	R (6,981.2)
Adjusted for:
Amortisation and depreciation	7,214.1	6,613.8	5,699.7
Interest income	(560.4)	(482.1)	(415.5)
Finance expense	3,302.5	3,134.7	2,971.8
Share-based payments	363.3	299.4	231.9
Loss/(gain) on financial instruments	6,015.1	(1,704.1)	1,114.4
(Gain)/loss on foreign exchange differences	(325.5)	(1,169.1)	(292.4)
Share of results of equity-accounted investees after tax	(721)	(344.2)	(291.6)
Change in estimates charged to profit or loss	88.9	(66.6)	248.9
Gain on disposal of property, plant and equipment	(76.6)	(60.2)	(40.7)
Impairments	86	3,041.4	4,411
Gain on derecognition of borrowings and derivative instrument		(230)
Gain on acquisition	(1,103)
Restructuring costs	1,252.4	142.8	729.8
Transaction costs	447.8	402.5	552.1
Impact of IFRS 16	(131.7)
Occupational healthcare expense	(39.6)	15.4	1,106.9
Adjusted Earnings Before Interest Tax Depreciation And Amortisation	R 14,956	R 8,369.4	R 9,045.1

Lease liabilities (Details)

Lease liabilities (Details) R in Millions	12 Months Ended
	Dec. 31, 2019ZAR (R)
Disclosure of quantitative information about right-of-use assets [line items]
New leases and modifications	R 51.5
Lease liabilities on acquisition of subsidiaries	133.3
Repayment of lease liabilities	(131.7)
Interest charge	33.9
Re-classification and other	(5.7)
Foreign currency translation	(0.5)
Balance at end of the period	382.8
Current portion of lease liabilities	(110)
Non-current lease liabilities	272.8
Short-term leases	43.4
Leases of low value assets	54.2
Variable lease payments	13.1
Total lease expense	110.7
Gross lease liabilities	474.9
Within one year
Disclosure of quantitative information about right-of-use assets [line items]
Gross lease liabilities	140
Between one and five years
Disclosure of quantitative information about right-of-use assets [line items]
Gross lease liabilities	297.8
After five years
Disclosure of quantitative information about right-of-use assets [line items]
Gross lease liabilities	37.1
IFRS 16
Disclosure of quantitative information about right-of-use assets [line items]
Impact of adopting IFRS 16 on 1 January 2019	R 302

ENVIRONMENTAL REHABILITATION _7

ENVIRONMENTAL REHABILITATION OBLIGATION (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Environmental Rehabilitation Obligation
Balance at beginning of the year	R 6,294.2	R 4,678.7	R 3,982.2
Interest charge	578.7	398.8	357.1
Payment of environmental rehabilitation obligation	(34.9)	(32.3)	(26.9)
Change in estimates charged to profit or loss	88.9	(90.4)	248.9
Changes in estimates capitalised	105.1	618.8	(177.7)
Environmental rehabilitation obligation on acquisition of subsidiaries	1,696.9	672.7	312.1
Foreign currency translation	(14.1)	47.9	(17)
Balance at the end of the year	8,714.8	6,294.2	4,678.7
Rehabilitation provision	8,597.6	6,176.2	R 4,678.7
Other provisions	117.2	R 118
Provision for post closure aspects	R 965.3
SA Gold operations
Environmental Rehabilitation Obligation
Inflation rate	6.00%
SA Gold operations | Minimum
Environmental Rehabilitation Obligation
Provision discount rate	6.69%	6.27%
Useful life	1 year	1 year
SA Gold operations | Maximum
Environmental Rehabilitation Obligation
Provision discount rate	9.99%	9.73%
Useful life	19 years	19 years
SA PGM operations
Environmental Rehabilitation Obligation
Inflation rate	6.00%
SA PGM operations | Minimum
Environmental Rehabilitation Obligation
Provision discount rate	6.69%	6.27%
Useful life	1 year	1 year
SA PGM operations | Maximum
Environmental Rehabilitation Obligation
Provision discount rate	10.09%	(9.81%)
Useful life	31 years	28 years
US Region/ Stillwater
Environmental Rehabilitation Obligation
Inflation rate	2.00%
US Region/ Stillwater | Minimum
Environmental Rehabilitation Obligation
Provision discount rate	2.32%	2.87%
Useful life	25 years	26 years
US Region/ Stillwater | Maximum
Environmental Rehabilitation Obligation
Provision discount rate	2.39%	(3.02%)
Useful life	37 years	38 years

OCCUPATIONAL HEALTHCARE OBLIG_3

OCCUPATIONAL HEALTHCARE OBLIGATION (Details) - ZAR (R) R in Millions	Dec. 19, 2019	Jul. 26, 2019	May 03, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of other provisions [line items]
Take-up rate (as a percent)				60.00%
Total settlement amount	R 1,372	R 5,000	R 5,000
Reconciliation of changes in other provisions [abstract]
Balance at beginning of the year				R 1,274.1	R 1,153.3
Balance at the end of the year				1,282.1	1,274.1	R 1,153.3
Reconciliation of the non-current and current portion of the occupational healthcare obligation:
Occupational healthcare obligation				1,282.1	1,274.1	1,153.3	R 1,282.1	R 1,274.1	R 1,153.3
Current portion of occupational healthcare obligation							(148.7)	(109.9)	(0.8)
Non-current portion of occupational healthcare obligation							R 1,133.4	R 1,164.2	R 1,152.5
Occupational Healthcare provision
Disclosure of other provisions [line items]
Discount rate applied to cash flow projections							8.25%	8.83%	8.604%
Reconciliation of changes in other provisions [abstract]
Balance at beginning of the year				1,274.1	1,153.3
Obligation recognised						1,077.2
Interest charge				115.5	105.4	46.4
Change in estimate charge to profit or loss				(39.6)	15.4	29.7
Payments made				(67.9)
Balance at the end of the year				1,282.1	1,274.1	1,153.3
Reconciliation of the non-current and current portion of the occupational healthcare obligation:
Occupational healthcare obligation				R 1,282.1	R 1,274.1	R 1,153.3	R 1,282.1	R 1,274.1	R 1,153.3

Deferred revenue (Details)

Deferred revenue (Details) R in Millions	Oct. 21, 2019ZAR (R)ozitem	Apr. 11, 2019USD ($)ozitem	Apr. 11, 2019ZAR (R)ozitem	Sep. 19, 2018USD ($)	Sep. 11, 2018USD ($)	Jul. 25, 2018USD ($)	Jul. 25, 2018ZAR (R)	Jul. 31, 2018USD ($)	Dec. 31, 2019USD ($)oz	Dec. 31, 2019ZAR (R)oz	Dec. 31, 2018ZAR (R)	Dec. 31, 2016USD ($)	Oct. 21, 2019kg	Oct. 21, 2019R / oz	Oct. 21, 2019R / kg	Jun. 10, 2019ZAR (R)	Apr. 11, 2019kg	Apr. 11, 2019$ / oz
Disclosure Of Contract Liabilities [Line Items]
Amount of hedged instrument	67,856	105,906	105,906										2,111				3,294
Number of ounces per delivery | oz	8,482	26,476	26,476
Number of forward contract deliveries | item	8	4	4
Average Price														17,371	558,491
Balance at the beginning of the year										R 6,555.4
Deferred revenue advance received	R 1,100	$ 125,000,000	R 1,750					$ 500,000,000		2,859.3	R 6,555.4
Deferred revenue recognised during the period										(2,227.5)	(160.3)
Interest charge										352.3	160.3
Deferred revenue attributable to acquisition										627.6
Balance at end of the period										8,167.1	6,555.4
Current portion of deferred revenue										(1,270.6)	(30.1)
Non-current contract liabilities										R 6,896.5	R 6,525.3
Wheaton Precious Metals International [Member]
Disclosure Of Contract Liabilities [Line Items]
Expected life									67 years	67 years
Inferred resources, as a percent									50.00%	50.00%
Entitlement percentage									4.50%	4.50%
Monthly cash percentage									18.00%	18.00%
Monthly deferred revenue percentage									82.00%	82.00%
Leverage ratio threshold									3.5	3.5
Price averaging period									5 days	5 days
Deferred revenue advance received						$ 500,000,000	R 6,555.4
BTT streaming revenue
Disclosure Of Contract Liabilities [Line Items]
Estimated financing rate										11.50%
Expected life									6 years	6 years
Entitlement percentage									23.00%	23.00%
Monthly cash percentage									20.00%	20.00%
Deferred revenue advance received | $				$ 500,000,000	$ 500,000,000							$ 50,000,000
Deferred income recognised as of acquisition date																R 627.6
Balance at end of the period										R 607
Minimum
Disclosure Of Contract Liabilities [Line Items]
Average Price | $ / oz																		1,200
Minimum | Wheaton Precious Metals International [Member]
Disclosure Of Contract Liabilities [Line Items]
Estimated financing rate										4.60%
Minimum | BTT streaming revenue
Disclosure Of Contract Liabilities [Line Items]
Entitlement percentage									23.00%	23.00%
Monthly cash percentage									16.00%	16.00%
Basket price per oz | $									$ 106
Maximum
Disclosure Of Contract Liabilities [Line Items]
Average Price | $ / oz																		1,323
Maximum | Wheaton Precious Metals International [Member]
Disclosure Of Contract Liabilities [Line Items]
Estimated financing rate										5.20%
Maximum | BTT streaming revenue
Disclosure Of Contract Liabilities [Line Items]
Entitlement percentage									38.00%	38.00%
Monthly cash percentage									20.00%	20.00%
Basket price per oz | $									$ 280
Advance Fully Utilised [Member] | Wheaton Precious Metals International [Member]
Disclosure Of Contract Liabilities [Line Items]
Monthly cash percentage, 1st level									18.00%	18.00%
Monthly cash percentage, 2nd level									16.00%	16.00%
Monthly cash percentage, 3rd level									14.00%	14.00%
Monthly cash percentage, 4th level									10.00%	10.00%
Advance Not Fully Utilised [Member] | Wheaton Precious Metals International [Member]
Disclosure Of Contract Liabilities [Line Items]
Monthly cash percentage, 1st level									22.00%	22.00%
Monthly cash percentage, 2nd level									20.00%	20.00%
Monthly cash percentage, 3rd level									18.00%	18.00%
Monthly cash percentage, 4th level									14.00%	14.00%
High Range Of Product Delivery [Member] | Wheaton Precious Metals International [Member]
Disclosure Of Contract Liabilities [Line Items]
Entitlement percentage									1.00%	1.00%
High Range Of Product Delivery [Member] | Minimum | Wheaton Precious Metals International [Member]
Disclosure Of Contract Liabilities [Line Items]
Number of ounces delivered | oz									550,000	550,000
Lowest Range Of Product Delivery [Member] | Wheaton Precious Metals International [Member]
Disclosure Of Contract Liabilities [Line Items]
Entitlement percentage									4.50%	4.50%
Lowest Range Of Product Delivery [Member] | Maximum | Wheaton Precious Metals International [Member]
Disclosure Of Contract Liabilities [Line Items]
Number of ounces delivered | oz									375,000	375,000
Middle Range Of Product Delivery [Member] | Wheaton Precious Metals International [Member]
Disclosure Of Contract Liabilities [Line Items]
Entitlement percentage									2.25%	2.25%
Middle Range Of Product Delivery [Member] | Minimum | Wheaton Precious Metals International [Member]
Disclosure Of Contract Liabilities [Line Items]
Number of ounces delivered | oz									375,000	375,000
Middle Range Of Product Delivery [Member] | Maximum | Wheaton Precious Metals International [Member]
Disclosure Of Contract Liabilities [Line Items]
Number of ounces delivered | oz									550,000	550,000

Trade and other payable (Detail

Trade and other payable (Detail) - ZAR (R) R in Millions	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of operating segments [line items]
Trade creditors	R 3,208	R 2,200	R 1,728.1
Accruals and other creditors	3,195.6	2,952.7	2,380.6
Other	1,335.9	7.2	18.5
Financial liabilities	7,739.5	5,159.9	4,127.2
Payroll creditors	1,898.2	1,465.3	1,253.5
Leave pay accrual	1,692.5	1,152.6	1,160.5
VAT payable	135.7	78.5	149.2
Total trade and other payables	11,465.9	R 7,856.3	R 6,690.4
Kroondal
Disclosure of operating segments [line items]
Other	R 1,227.8

CASH GENERATED BY OPERATIONS (D

CASH GENERATED BY OPERATIONS (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
CASH GENERATED BY OPERATIONS
Profit/(loss) for the period	R 432.8	R (2,520.7)	R (4,433.1)
Royalties	431	212.6	398.5
Carbon tax	12.9
Mining and income tax	(1,733)	1,083.8	(2,946.6)
Interest income	(560.4)	(482.1)	(415.5)
Finance expense	3,302.5	3,134.7	2,971.8
Profit before interest, royalties and tax	1,885.8	1,428.3	(4,424.9)
Adjustments to reconcile profit (loss) [abstract]
Amortisation and depreciation	7,214.1	6,613.8	5,699.7
Share-based payments	363.3	299.4	231.9
Loss on financial instruments	5,731.3	(1,591.3)	764
(Gain)/loss on foreign exchange differences	(461.4)	(241.3)	(546.8)
Share of results of equity-accounted investees after tax	(721)	(344.2)	(291.6)
Impairments	86	3,041.4	4,411
Gain on derecognition of borrowings and derivative instrument		(230)
Occupational healthcare expense	(39.6)	15.4	1,106.9
Gain on acquisition	(1,103)
Deferred revenue recognised during the period	(2,227.5)	(160.3)
Other	(162.1)	(282.5)	147.7
Total cash generated by operations	R 10,565.9	R 8,709	R 7,097.9

CHANGE IN WORKING CAPITAL (Deta

CHANGE IN WORKING CAPITAL (Detail) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Change In Working Capital [Abstract]
Inventories	R (5,000)	R (924.8)	R (937.7)
Trade and other receivables	3,115.2	(461)	(214.9)
Trade and other payables	1,259.2	315.8	630.3
Total change in working capital	R (625.6)	R (1,070)	R (522.3)

Financial instruments and ris_3

Financial instruments and risk management (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
(Loss)/gain on financial instruments
Financial assets	R 3,836.2	R 6,317.3	R 5,626
Maximum investment percent	2.50%
Environment rehabilitation obligation funds | Level 1
(Loss)/gain on financial instruments
Financial assets, at fair value	R 3,578.3	3,634	3,117.6
Environment rehabilitation obligation funds | Level 2
(Loss)/gain on financial instruments
Financial assets, at fair value	1,023.9	364.7	374.8
Trade receivables - PGM sales | Level 2
(Loss)/gain on financial instruments
Financial assets, at fair value	2,341.6	5,310.1	4,512.4
Other investments | Level 1
(Loss)/gain on financial instruments
Financial assets, at fair value	414.7	81.5
Other investments | Level 3
(Loss)/gain on financial instruments
Financial assets, at fair value	184	74.5
Derivative financial instrument | Level 2
(Loss)/gain on financial instruments
Financial liabilities, at fair value	4,144.9	408.8	R 1,093.5
Rand gold forward sale contracts | Level 2
(Loss)/gain on financial instruments
Financial liabilities, at fair value	R 68.3	R 240.8

FINANCIAL INSTRUMENTS AND RIS_4

FINANCIAL INSTRUMENTS AND RISK MANAGEMENT- Working capital and going concern assessment (Details) $ in Millions

Oct. 21, 2019ZAR (R)

Apr. 17, 2019item

Apr. 15, 2019ZAR (R)shares

Apr. 11, 2019USD ($)

Apr. 11, 2019ZAR (R)

Jul. 31, 2018USD ($)

Jun. 30, 2019ZAR (R)

Dec. 31, 2019ZAR (R)item$ / oz

Dec. 31, 2018ZAR (R)shares

Dec. 31, 2017ZAR (R)shares

Mar. 31, 2020ZAR (R)

Dec. 31, 2019USD ($)shares

Dec. 31, 2019ZAR (R)shares

Nov. 11, 2019ZAR (R)

May 31, 2018ZAR (R)

Apr. 11, 2018shares

Dec. 31, 2016ZAR (R)shares

Nov. 15, 2016ZAR (R)

Working capital and going concern assessment

Profit or loss

R 432,800,000

R (2,520,700,000)

R (4,433,100,000)

Working capital

11,836,900,000

562,700,000

Equity

24,724,400,000

23,998,200,000

R 31,138,300,000

R 16,469,100,000

Cash from operating activities

R 9,464,000,000

12,197,200,000

2,740,700,000

Committed undrawn facilities

5,987,100,000

3,652,500,000

R 200,000,000

5,688,000,000

Cash and cash equivalents

2,549,100,000

2,062,400,000

14,600,000,000

5,619,000,000

R 967,900,000

Borrowings, current

6,188,200,000

1,657,500,000

38,300,000

Borrowings, non-current

R 18,316,500,000

R 23,992,000,000

R 23,697,900,000

Actual leverage ratio

2.5

2.6

1.4

1.4

Leverage ratio, actual adjusted

1.25

1.25

Interest coverage ratio

6.5

4.9

Interest coverage ratio, adjusted

12.5

Leverage ratio maximum per covenant for the first specified period

3.5

Leverage ratio maximum per covenant for the second specified period

2.5

Leverage ratio targeted maximum

1

Number of wage negotiations | item

3

Number of shares issued | shares

108,900,000

2,266,261,000

2,168,721,000

2,670,030,000

2,670,030,000

87,145,885

929,004,342

Value of shares for cash

R 1,700,000,000

Deferred revenue advance received

R 1,100,000,000

$ 125

R 1,750,000,000

$ 500

R 2,859,300,000

R 6,555,400,000

Number of unions | item

1

Strike period

5 months

Estimated working capital lockup

2,500,000,000

Average exchange rate for remainder of year, ZAR to USD

R 18

Liquidity

16,500,000,000

Available Uncommitted Overnight Facilities

R 1,700,000,000

Gold

Working capital and going concern assessment

Average commodity price for remainder of year | $ / oz

1,600

Palladium

Working capital and going concern assessment

Average commodity price for remainder of year | $ / oz

2,000

Platinum

Working capital and going concern assessment

Average commodity price for remainder of year | $ / oz

750

Rhodium

Working capital and going concern assessment

Average commodity price for remainder of year | $ / oz

7,500

Minimum

Working capital and going concern assessment

Interest coverage ratio

3.5

5.36

Maximum

Working capital and going concern assessment

Actual leverage ratio

3.75

2.98

2.98

US$600 million RCF

Working capital and going concern assessment

Notional amount

$ 600

R 600,000,000

Borrowings, current

$ 150

R 2,100,000,000

Leverage ratio maximum per covenant for the first specified period

2.5

US$600 million RCF | Minimum

Working capital and going concern assessment

Interest coverage ratio

4

R6.0 billion RCF

Working capital and going concern assessment

Refinancing

R 6,000,000,000

Notional amount

6,000,000,000

6,000,000,000

R 6,000,000,000

R5.5 billion RCF

Working capital and going concern assessment

Refinancing

5,500,000,000

Notional amount

R 5,500,000,000

R 5,500,000,000

FINANCIAL INSTRUMENTS AND RIS_5

FINANCIAL INSTRUMENTS AND RISK MANAGEMENT - Foreign currency risk (Details) R in Millions, $ in Millions	Jun. 15, 2017ZAR (R)R / $	Dec. 31, 2019ZAR (R)	Dec. 31, 2018ZAR (R)	Dec. 31, 2017ZAR (R)R / $	Dec. 31, 2019USD ($)R / $	Dec. 31, 2019ZAR (R)R / $	Dec. 31, 2018USD ($)R / $	Dec. 31, 2018ZAR (R)R / $	May 31, 2018ZAR (R)	May 31, 2017USD ($)R / $
Disclosure of risk management strategy related to hedge accounting [line items]
Contracts amount | R				R 5,626		R 3,836.2		R 6,317.3
Total (loss)/gain on financial instruments | R		R (6,015.1)	R 1,704.1	R (1,114.4)
Forward contract
Disclosure of risk management strategy related to hedge accounting [line items]
Closing foreign exchange rate	12.89
Contractual foreign exchange rate										13.23
Forward contract | Weighted average [member]
Disclosure of risk management strategy related to hedge accounting [line items]
Contractual foreign exchange rate							14.11	14.11
Currency risk
Disclosure of risk management strategy related to hedge accounting [line items]
Closing foreign exchange rate				12.36	14	14	14.35	14.35
Currency risk | Forward contract
Disclosure of risk management strategy related to hedge accounting [line items]
Face amount of debt | $							$ 12.1			$ 779.1
Total (loss)/gain on financial instruments | R	R (283.2)
US$600 million RCF
Disclosure of risk management strategy related to hedge accounting [line items]
Face amount of debt					$ 600				R 600
US$350 million RCF
Disclosure of risk management strategy related to hedge accounting [line items]
Face amount of debt					$ 350				R 350

FINANCIAL INSTRUMENTS AND RIS_6

FINANCIAL INSTRUMENTS AND RISK MANAGEMENT - Commodity price sensitivity and hedging (Details) R in Millions

Dec. 31, 2019oz

Dec. 31, 2019R / oz

Dec. 31, 2019R / kg

Dec. 31, 2019ZAR (R)

Oct. 21, 2019oz

Oct. 21, 2019kg

Oct. 21, 2019R / oz

Oct. 21, 2019R / kg

Apr. 11, 2019oz

Apr. 11, 2019kg

Apr. 11, 2019$ / oz

Dec. 31, 2018ZAR (R)

Dec. 31, 2017ZAR (R)

Foreign currency sensitivity analysis

Amount of hedged instrument

67,856

2,111

105,906

3,294

Average Price

17,371

558,491

Contracts amount | R

R 3,836.2

R 6,317.3

R 5,626

Minimum

Foreign currency sensitivity analysis

Average Price | $ / oz

1,200

Maximum

Foreign currency sensitivity analysis

Average Price | $ / oz

1,323

Forward contract | Minimum

Foreign currency sensitivity analysis

Average Price

19,222

618,001

Forward contract | Maximum

Foreign currency sensitivity analysis

Average Price

21,218

682,174

Forward contract | Commodity price risk

Foreign currency sensitivity analysis

Amount of hedged instrument | oz

88,415

Futures contract | Commodity price risk

Foreign currency sensitivity analysis

Contracts amount | R

R 0

R 0

R 0

COMMITMENTS (Details)

COMMITMENTS (Details) - ZAR (R) R in Millions	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure Of Commitments [Line Items]
Authorised capital expenditure	R 5,972.3	R 4,411.7	R 5,397.3
Contracted for capital expenditure	594.5	281.8	346.6
Other guarantees	1,420.5	266.7	266.7
Burnstone
Disclosure Of Commitments [Line Items]
Authorised capital expenditure	5.4	40.4	445.9
Kloof
Disclosure Of Commitments [Line Items]
Authorised capital expenditure	1,289.8	970.2	1,200.8
Driefontein
Disclosure Of Commitments [Line Items]
Authorised capital expenditure	846.1	830.9	724.5
Beatrix
Disclosure Of Commitments [Line Items]
Authorised capital expenditure	231.7	218	210.1
Stillwater
Disclosure Of Commitments [Line Items]
Authorised capital expenditure	762.4
Cooke
Disclosure Of Commitments [Line Items]
Authorised capital expenditure	55.1	195.5	195.5
Kroondal
Disclosure Of Commitments [Line Items]
Authorised capital expenditure	220.3	131.6	69.8
Platinum Mile
Disclosure Of Commitments [Line Items]
Authorised capital expenditure	19.9	72.3	72.3
Rustenburg operations
Disclosure Of Commitments [Line Items]
Authorised capital expenditure	2,033.1	1,830	2,478.3
Marikana operations
Disclosure Of Commitments [Line Items]
Authorised capital expenditure	153.4
Other segments
Disclosure Of Commitments [Line Items]
Authorised capital expenditure	R 355.1	R 122.8	R 0.1

Contingent liabilities (Details

Contingent liabilities (Details) $ / shares in Units, R in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)$ / shares	Dec. 31, 2019ZAR (R)	Dec. 31, 2018ZAR (R)item
Disclosure of contingent liabilities [line items]
Number of petitions | item			2
Payment to dissenting shareholders | R		R 319.4	R 1,375.8
Sibanye-Stillwater dissenting shareholder action
Disclosure of contingent liabilities [line items]
Dissenting shareholder ownership, as a percent	4.50%	4.50%
Price offered per share | $ / shares	$ 18
Payment to dissenting shareholders | $	$ 21

RELATED-PARTY TRANSACTIONS - Tr

RELATED-PARTY TRANSACTIONS - Transactions and balances (Details) - Rand Refinery - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of transactions between related parties [line items]
Interest in associates (as a percent)	44.40%		33.10%
Dividends received from related parties	R 0	R 0	R 0
Revenue from sale of goods, related party transactions	505.5	616.2
Refining fees paid	(24.8)	(29.1)	(32.5)
Interest income			1.5
Trade payable	R (4.5)	R (3.1)	R (4)

RELATED-PARTY TRANSACTIONS - Ke

RELATED-PARTY TRANSACTIONS - Key management remuneration (Details) R in Thousands	8 Months Ended	12 Months Ended
	Dec. 31, 2018R / $$ / shares	Dec. 31, 2019ZAR (R)R / $	Dec. 31, 2018ZAR (R)R / $	Dec. 31, 2017ZAR (R)
Disclosure of transactions between related parties [line items]
Salary		R 21,215,600	R 15,710,300	R 15,323,000
Average foreign exchange rate | R / $		14.46
Directors and Prescribed officers
Disclosure of transactions between related parties [line items]
Salary		R 56,813
Cash bonus accrued for 2018 paid in 2019		41,011
Share awards and conditional share proceeds		27,342
Pension scheme total contributions		5,300
Expense allowance and other benefits		11,677
Total		142,143	134,587
Neal Froneman
Disclosure of transactions between related parties [line items]
Salary		12,521
Cash bonus accrued for 2018 paid in 2019		10,482
Share awards and conditional share proceeds		6,989
Pension scheme total contributions		912
Expense allowance and other benefits		1,013
Total		31,917	35,760
Average foreign exchange rate | R / $	14.46
Charl Keyter
Disclosure of transactions between related parties [line items]
Salary		6,295
Cash bonus accrued for 2018 paid in 2019		4,994
Share awards and conditional share proceeds		3,329
Pension scheme total contributions		899
Expense allowance and other benefits		507
Total		16,024	17,697
Chris Bateman
Disclosure of transactions between related parties [line items]
Salary		8,919
Cash bonus accrued for 2018 paid in 2019		4,481
Share awards and conditional share proceeds		2,988
Pension scheme total contributions		318
Expense allowance and other benefits		8,583
Total		25,289	R 16,885
Average foreign exchange rate | R / $			14.46
Share price | $ / shares	$ 18
Shadwick Bessit [Member]
Disclosure of transactions between related parties [line items]
Salary		4,186
Cash bonus accrued for 2018 paid in 2019		3,252
Share awards and conditional share proceeds		2,168
Pension scheme total contributions		739
Expense allowance and other benefits		250
Total		10,595	R 688
Hartley Dikgale
Disclosure of transactions between related parties [line items]
Salary		3,721
Cash bonus accrued for 2018 paid in 2019		2,235
Share awards and conditional share proceeds		1,490
Pension scheme total contributions		260
Expense allowance and other benefits		192
Total		7,898	8,761
Dawie Mostert
Disclosure of transactions between related parties [line items]
Salary		3,833
Cash bonus accrued for 2018 paid in 2019		2,808
Share awards and conditional share proceeds		1,872
Pension scheme total contributions		523
Expense allowance and other benefits		248
Total		9,284	10,112
Themba Nkosi
Disclosure of transactions between related parties [line items]
Salary		3,797
Cash bonus accrued for 2018 paid in 2019		2,424
Share awards and conditional share proceeds		1,616
Pension scheme total contributions		280
Total		8,117	7,265
Wayne Robinson
Disclosure of transactions between related parties [line items]
Salary		4,511
Cash bonus accrued for 2018 paid in 2019		2,940
Share awards and conditional share proceeds		1,960
Pension scheme total contributions		366
Expense allowance and other benefits		267
Total		10,044	10,925
Richard Stewart
Disclosure of transactions between related parties [line items]
Salary		3,947
Cash bonus accrued for 2018 paid in 2019		2,828
Share awards and conditional share proceeds		1,885
Pension scheme total contributions		438
Expense allowance and other benefits		330
Total		9,428	12,986
Robert Van Niekerk
Disclosure of transactions between related parties [line items]
Salary		5,083
Cash bonus accrued for 2018 paid in 2019		4,567
Share awards and conditional share proceeds		3,045
Pension scheme total contributions		565
Expense allowance and other benefits		287
Total		R 13,547	R 13,508

RELATED-PARTY TRANSACTIONS - No

RELATED-PARTY TRANSACTIONS - Non-executive director fees (Details) - ZAR (R) R in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Non-executive directors
Disclosure of transactions between related parties [line items]
Directors' fees	R 10,240
Committee fees	5,846
Expense allowance and other benefits	204
Total	16,290	R 14,290
Tim Cumming
Disclosure of transactions between related parties [line items]
Directors' fees	998
Committee fees	692
Expense allowance and other benefits	105
Total	1,795	1,698
Savannah Danson
Disclosure of transactions between related parties [line items]
Directors' fees	998
Committee fees	611
Total	1,609	1,480
Barry Davison
Disclosure of transactions between related parties [line items]
Directors' fees	404
Committee fees	262
Total	666	1,649
Harry Kenyon-Slaney [Member]
Disclosure of transactions between related parties [line items]
Directors' fees	1,103
Committee fees	596
Total	1,699
Rick Menell
Disclosure of transactions between related parties [line items]
Directors' fees	998
Committee fees	833
Total	1,831	1,723
Sello Moloko
Disclosure of transactions between related parties [line items]
Directors' fees	1,407
Total	1,407	1,802
Nkosemntu Nika
Disclosure of transactions between related parties [line items]
Directors' fees	998
Committee fees	611
Total	1,609	1,435
Keith Rayner
Disclosure of transactions between related parties [line items]
Directors' fees	998
Committee fees	784
Expense allowance and other benefits	99
Total	1,881	1,723
Sue van der Merwe
Disclosure of transactions between related parties [line items]
Directors' fees	998
Committee fees	611
Total	1,609	1,491
Jerry Vilakazi
Disclosure of transactions between related parties [line items]
Directors' fees	998
Committee fees	364
Total	1,362	R 1,289
Vincent Maphai [Member]
Disclosure of transactions between related parties [line items]
Directors' fees	340
Committee fees	482
Total	R 822

RELATED-PARTY TRANSACTIONS - _2

RELATED-PARTY TRANSACTIONS - Key management share ownership (Details) - shares	Apr. 22, 2020	Dec. 31, 2019	Dec. 31, 2018
Directors and Prescribed officers
Disclosure of transactions between related parties [line items]
Total share ownership		7,693,178,000	9,113,702,000
Directors
Disclosure of transactions between related parties [line items]
Total share ownership		6,710,926	7,944,068
Neal Froneman
Disclosure of transactions between related parties [line items]
Total share ownership	5,167,082	4,858,723	4,555,954
Percentage of shares		0.18%	0.20%
Charl Keyter
Disclosure of transactions between related parties [line items]
Total share ownership	1,846,767	1,673,316	1,530,119
Percentage of shares		0.06%	0.07%
Tim Cumming
Disclosure of transactions between related parties [line items]
Total share ownership		242	106
Barry Davison
Disclosure of transactions between related parties [line items]
Total share ownership			1,567,710
Percentage of shares			0.07%
Rick Menell
Disclosure of transactions between related parties [line items]
Total share ownership		108,625	108,625
Sello Moloko
Disclosure of transactions between related parties [line items]
Total share ownership			111,534
Keith Rayner
Disclosure of transactions between related parties [line items]
Total share ownership		68,992	68,992
Sue van der Merwe
Disclosure of transactions between related parties [line items]
Total share ownership		1,028	1,028
Chris Bateman
Disclosure of transactions between related parties [line items]
Total share ownership	130,988	32,747	32,747
Shadwick Bessit [Member]
Disclosure of transactions between related parties [line items]
Total share ownership	124,707	31,652	219,782
Percentage of shares			0.01%
Hartley Dikgale
Disclosure of transactions between related parties [line items]
Total share ownership	283,079	184,311	114,744
Percentage of shares		0.01%	0.01%
Dawie Mostert
Disclosure of transactions between related parties [line items]
Total share ownership	27,118	38,975	50,743
Themba Nkosi
Disclosure of transactions between related parties [line items]
Total share ownership	89,290	796	19,107
Wayne Robinson
Disclosure of transactions between related parties [line items]
Total share ownership	184,333	73,292	39,321
Richard Stewart
Disclosure of transactions between related parties [line items]
Total share ownership	495,303	362,747	421,653
Percentage of shares		0.01%	0.02%
Robert Van Niekerk
Disclosure of transactions between related parties [line items]
Total share ownership	501,057	257,732	271,537
Percentage of shares		0.01%	0.01%

Events after the reporting pe_2

Events after the reporting period (Details) R / shares in Units, R in Millions, $ in Millions

Mar. 09, 2020kgR / kg

Mar. 06, 2020

Jan. 24, 2020USD ($)

Jan. 17, 2020oz$ / oz

Jan. 10, 2020R / sharesshares

Oct. 21, 2019ZAR (R)oz

Apr. 11, 2019USD ($)oz

Apr. 11, 2019ZAR (R)oz

Jul. 31, 2018USD ($)

Dec. 31, 2019ZAR (R)

Dec. 31, 2018ZAR (R)

Oct. 21, 2019kg

Oct. 21, 2019R / oz

Oct. 21, 2019R / kg

Apr. 11, 2019kg

Apr. 11, 2019$ / oz

Nov. 22, 2017

Events after the reporting period

Average price of hedging instrument

17,371

558,491

Nominal amount of hedging instrument

67,856

105,906

105,906

2,111

3,294

Quantity per month | oz

8,482

26,476

26,476

Deferred revenue advance received

R 1,100

$ 125

R 1,750

$ 500

R 2,859.3

R 6,555.4

Minimum

Events after the reporting period

Average price of hedging instrument | $ / oz

1,200

Maximum

Events after the reporting period

Average price of hedging instrument | $ / oz

1,323

DRDGOLD Limited

Events after the reporting period

Percentage of voting equity interests acquired

38.05%

Major business combination [member] | DRDGOLD Limited

Events after the reporting period

Number of shares acquired | shares

168,158,944

Percentage of voting equity interests acquired

50.10%

Share price | R / shares

R 6.46

Discount from closing price, as a percent

22.69%

Closing price per share | R / shares

R 8.35

Discount from traded price, as a percent

10.00%

Entering into significant commitments or contingent liabilities [member]

Events after the reporting period

Nominal amount of hedging instrument

1,800

240,000

Quantity per month

150

10,000

Hedge Agreement Term

2 years

Entering into significant commitments or contingent liabilities [member] | Minimum

Events after the reporting period

Average price of hedging instrument

800,000

1,500

Entering into significant commitments or contingent liabilities [member] | Maximum

Events after the reporting period

Average price of hedging instrument

1,080,000

3,400

Cancellation Of Agreement [Member]

Events after the reporting period

Deferred revenue advance received | $

$ 50

Temporary Closure Of Production Facility [Member]

Events after the reporting period

Period of contract renegotiation

80 days

Toll agreement, share to each party, as a percent

50.00%