Exhibit 99.1
Johannesburg, 6 May 2021: Sibanye Stillwater Limited (Sibanye-Stillwater or the Group) (JSE: SSW & NYSE: SBSW) is pleased to provide an operating update for the quarter ended 31 March 2021 (Q1 2021). Financial results are only provided on a six-monthly basis.
SALIENT FEATURES - QUARTER ENDED 31 MARCH 2021 (Q1 2021) COMPARED TO QUARTER ENDED 31 MARCH 2020 (Q1 2020)
| ● | Record quarterly financial performance - 78% increase in adjusted EBITDA3 to R19.8 billion (US$1.3 billion) |
| ● | Solid operational results from all segments – pre-COVID (Q1 2020) production levels exceeded |
| − | 9% increase from the US PGM operations to 154,350 2E oz |
| − | 6% increase from the SA PGM operations to 444,609 4E oz |
| − | 5% increase from the SA gold operations to 249,392 oz (7,757kg) |
| ● | Precious metals fundamentals remain positive with prices well supported |
| ● | Robust Group financial position - well positioned for continued delivery of value |
| | | | | | | | | ||
US dollar | | | | | | SA rand | ||||
Quarter ended | | | | | | Quarter ended | ||||
Mar 2020 | Dec 2020 | Mar 2021 | | KEY STATISTICS | | Mar 2021 | Dec 2020 | Mar 2020 | ||
| | | | UNITED STATES (US) OPERATIONS | | | | | ||
| | | | PGM operations1,2 | | | | | ||
141,585 | 157,492 | 154,350 | oz | 2E PGM production2 | kg | 4,801 | 4,899 | 4,404 | ||
221,798 | 240,037 | 195,474 | oz | PGM recycling1 | kg | 6,080 | 7,466 | 6,899 | ||
2,053 | 2,033 | 2,128 | US$/2Eoz | Average basket price | R/2Eoz | 31,835 | 31,735 | 31,569 | ||
133.8 | 246.9 | 220.1 | US$m | Adjusted EBITDA3 | Rm | 3,292.6 | 3,854.5 | 2,058.6 | ||
30 | 30 | 23 | % | Adjusted EBITDA margin3 | % | 23 | 30 | 30 | ||
894 | 891 | 920 | US$/2Eoz | All-in sustaining cost4 | R/2Eoz | 13,763 | 13,911 | 13,756 | ||
| | | | SOUTHERN AFRICA (SA) OPERATIONS | | | | | ||
| | | | PGM operations2 | | | | | ||
418,072 | 490,964 | 444,609 | oz | 4E PGM production2 | kg | 13,829 | 15,271 | 13,004 | ||
2,158 | 2,582 | 3,524 | US$/4Eoz | Average basket price | R/4Eoz | 52,722 | 40,310 | 33,192 | ||
523.0 | 687.8 | 1,021.4 | US$m | Adjusted EBITDA3 | Rm | 15,280.3 | 10,737.3 | 8,043.1 | ||
51 | 62 | 66 | % | Adjusted EBITDA margin3 | % | 66 | 62 | 51 | ||
1,089 | 1,160 | 1,322 | US$/4Eoz | All-in sustaining cost4 | R/4Eoz | 19,771 | 18,102 | 16,745 | ||
| | | | Gold operations | | | | | ||
238,076 | 290,000 | 249,392 | oz | Gold production | kg | 7,757 | 9,020 | 7,405 | ||
1,608 | 1,858 | 1,782 | US$/oz | Average gold price | R/kg | 857,126 | 932,341 | 795,323 | ||
73.2 | 183.8 | 92.0 | US$m | Adjusted EBITDA3 | Rm | 1,375.8 | 2,869.2 | 1,125.8 | ||
19 | 34 | 21 | % | Adjusted EBITDA margin3 | % | 21 | 34 | 19 | ||
1,500 | 1,382 | 1,606 | US$/oz | All-in sustaining cost4 | R/kg | 772,572 | 693,574 | 741,858 | ||
| | | | GROUP | | | | | ||
723.8 | 1,106.9 | 1,325.3 | US$m | Adjusted EBITDA3 | Rm | 19,826.1 | 17,278.8 | 11,131.8 | ||
15.38 | 15.61 | 14.96 | R/US$ | Average exchange rate using daily closing rate | | | | | ||
1The US PGM operations’ underground production is converted to metric tonnes and kilograms, and performance is translated to SA rand (rand). In addition to the US PGM operations’ underground production, the operation treats recycling material which is excluded from the 2E PGM production, average basket price and All-in sustaining cost statistics shown. PGM recycling represents palladium, platinum, and rhodium ounces fed to the furnace
| 2 | Platinum Group Metals (PGM) production in the SA operations is principally platinum, palladium, rhodium and gold, referred to as 4E (3PGM+Au), and in the US operations is principally platinum and palladium, referred to as 2E (2PGM) |
| 3 | The Group reports adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) based on the formula included in the revolving credit 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. For a reconciliation of profit(loss) before royalties and tax to adjusted EBITDA see “Adjusted EBITDA reconciliation – Quarters”. Adjusted EBITDA margin is calculated by dividing adjusted EBITDA by revenue |
4See “Salient features and cost benchmarks – Quarters” for the definition of All-in sustaining cost (AISC)
| | | |
Stock data for the quarter ended 31 March 2021 | JSE Limited - (SSW) | ||
Number of shares in issue | | Price range per ordinary share (high/low) | R55.21 to R74.67 |
- at 31 March 2021 | 2,954,975,358 | Average daily volume | 17,440,514 |
- weighted average | 2,936,651,523 | NYSE - (SBSW); one ADR represents four ordinary shares | |
Free Float | 99% | Price range per ADR (high/low) | US$14.30 to US$20.04 |
Bloomberg/Reuters | SSWSJ/SSWJ.J | Average daily volume | 2,977,873 |
Sibanye-Stillwater Operating update | Quarter ended 31 March 2021 1
OVERVIEW FOR THE QUARTER ENDED 31 MARCH 2021 COMPARED TO QUARTER ENDED 31 MARCH 2020
The start to the year has been extremely positive, with the operational momentum from Q4 2020 (following normalisation of the operations post COVID-19 disruptions), carrying through into 2021. Despite ongoing adherence to COVID-19 protocols - with the South African (SA) operations in particular having to manage the health and safety challenges associated with the second wave of COVID-19 infections which affected the country in January 2021 - the SA gold, SA PGM and US PGM segments, all reported higher production year-on-year#.
This positive operational performance underpinned a record quarterly financial performance, with Group adjusted EBITDA of R19,826 million (US$1,325 million) for Q1 2021 78% higher than adjusted EBITDA for Q1 2020 of R11,132 million (US$724 million), which was then a record quarter for the Group. The SA PGM operations in particular benefited from a strong operational performance and sharply higher PGM prices, delivering a 90% increase in adjusted EBITDA to R15,280 million (US$1,021 million) from R8,043 million (US$523 million) for Q1 2020.
Notably, adjusted EBITDA generated by the SA PGM operations for this quarter, is higher than the total acquisition costs of these operations, emphasising the significant return on investment already delivered and the future windfalls stakeholders can continue to expect. With the 4E PGM basket having increased further during Q2 2021, the outlook for the year is very promising.
Precious metals prices remained strong during Q1 2021, with palladium and rhodium prices again reaching record levels, supported by ongoing supply disruptions and strong physical demand. For the US PGM operations, the 2E PGM basket price averaged US$2,128/2Eoz for Q1 2021, 4% higher than for Q1 2020, with the 4E PGM basket for the SA PGM operations 59% higher year-on-year at R52,722/4Eoz (US$3,524/4Eoz) and the average rand gold price, 8% higher at R857,126/kg (US$1,782/oz).
PGM prices have risen further in Q2 2021 to date, with the gold price remaining firm. PGM markets remain tight with the fundamental outlook for these metals positive. In the medium term, the roll out of COVID-19 vaccines across the globe continues and stimulus measures drive global economic recovery. Longer term our PGMs and green metals are expected to continue to play a critical role as global sentiment shifts towards a more environmentally conscious future.
As a consequence of our rapid growth in the PGM industry along with the significant outperformance of PGM prices relative to most commodities in recent years, the PGM operations’ contribution to the Group’s financial performance is predominant. We therefore continue to seek more balance in our portfolio by advancing our green metals strategy, with our first investment into the Keliber lithium project in Finland in March 2021, and through our stated intent to grow our gold portfolio internationally. Re-balancing our investment portfolio should ensure greater earnings consistency through the cycle and create a larger, more stable investment proposition, which will be relevant to a broader and deeper pool of investors.
The Group achieved full financial deleveraging and resumed industry leading dividends during 2020. Given a stable operational outlook and favourable precious metals fundamentals, the outlook for 2021 and beyond is expected to be positive. The enlarged Group is now in a robust financial position and well positioned to continue delivering superior financial returns through the implementation of our capital allocation strategy.
It has been pleasing to see the Group successfully deliver on its vision to create superior value for all stakeholders since its inception in 2013. For shareholders specifically, exceptional value has been created both through the over 500% appreciation in the share price (20 fold increase in market capitalisation from approximately R10 billion (US$1.2 billion) on listing, to approximately R200 billion (US$15 billion) and also through the approximately R15 billion (US$1 billion) in dividends returned to shareholders over the last eight years. The total dividend of just under R11 billion (US$729 million), declared for the 2020 year alone, was greater than the Group’s market capitalisation when it listed in 2013, illustrating the significant transformation the Group has undergone in the last eight years and the tangible value that has been created.
At the same time, we have been able to invest significantly in the sustainability of our operations – in SA, recently announcing investment of approximately R6.3 billion in projects at both our PGM and gold segments and in the US continuing to invest in growth at Blitz (Stillwater East). These investments will secure employment and deliver significant economic value to all stakeholders over the long term.
# The operational performance from the SA gold and PGM operations is seasonal due to the December holiday period, which affects production in the first quarter of each calendar year, hence year-on-year comparisons are made
Note: Certain information presented in this quarterly update constitutes pro forma financial information as per the JSE Listing Requirements. The responsibility for preparing and presenting the pro forma financial information, its completeness and accuracy is that of the directors of Sibanye Stillwater. The information is presented for illustrative purposes only. Because of its nature, the pro forma financial information may not fairly present the Company’s financial position, changes in equity, and results of operations or cash flows. The information has not been audited or reviewed or reported on by external auditors of the Company
SAFE PRODUCTION
The health and safety of our employees remains our key priority and we remain committed to continuous improvement in health and safety at our operations.
Sibanye-Stillwater Operating update | Quarter ended 31 March 2021 2
The safe production performance from the US PGM operations for Q1 2021 improved significantly year-on-year, with a total reportable injury frequency rate (TRIFR) per million hours worked, 34% better in Q1 2021 compared to Q1 2020. The US PGM operations reported another successive, fatality free quarter.
The SA PGM operations achieved 2 million fatality free shifts on 2 March 2021 and had no fatal incidents during Q1 2021, although regressions in other safety metrics are of concern and are being prioritised.
Regrettably, we lost three of our colleagues at the SA gold operations during the quarter.
On 8 January 2021, Mr Mhlangabezi Tulumani, a Team Leader at Kloof Thuthukani shaft, was fatally injured when he fell down a development ore pass, whilst in the process of constructing a platform. Mr Tulumani was 45 years old, single and is survived by 2 children. On 11 February 2021 Mr Thamsanqa Papinyana, a Team Leader at Thuthukani shaft, was involved in a gravity related fall of ground, whilst conducting barring activities. Mr Papinyana was 51 years old and is survived by his wife and four children. On 29 March 2021, Mr Albert Mkhabela a Rock Drill Operator, at Kloof Hlalanathi shaft was involved in a seismic related fall of ground. Mr Mkhabela was 43 years old and is survived by his wife and three children. Our heartfelt condolences are extended to the families, friends and colleagues of our three deceased colleagues. All incidents have been investigated together with the relevant stakeholders and appropriate support has been provided to the families and children who will benefit from the Matshediso trust.
The roll out of COVID-19 vaccines in Montana is proceeding, with a number of employees having already been inoculated. Progress in South Africa has been slow, but is gaining momentum, and the classification of mining employees as essential workers and their inclusion in the upcoming second phase (due to commence in May 2021) of the vaccine roll out programme, is positive. We continue to offer our services and assistance with the vaccine roll out to the SA government, but to date have not received approval to do so.
OPERATING REVIEW
US PGM operations
Mined 2E PGM production for Q1 2021 of 154,350 2Eoz was 9% higher than for Q1 2020. Mined production from the Stillwater Mine (including Stillwater East (SWE)) was 92,271 2Eoz, 11% higher than for Q1 2020, with mined production from East Boulder (EB) of 62,079 2Eoz, 7% higher than for Q1 2020. Tonnes milled for Q1 2021 totaled 389,068 tonnes, 12% higher than for Q1 2020. Plant head grade of 13.5 g/t for Q1 2021 was 3% lower than for Q1 2020. Head grade challenges were largely attributed to lower than expected heading availability.
All-in sustaining cost (AISC) of US$920/2Eoz for Q1 2021 was 3% higher than for the comparable period in 2020, primarily due to higher sustaining capital expenditure of US$37 million for Q1 2021. This compares with US$23 million in sustaining capital expediture for Q1 2020. Higher royalties, insurance and taxes also contributed US$47 per ounce to the year-on-year increase, driven by higher US$ PGM prices (3E) and the previously noted increase in mine production.
Consistent with the revised SWE (Blitz) plan and to improve mining flexibility at the US PGM operations, total development increased by 37% year-on-year to 8,037 metres. Total development for SWE of 2,153 metres was 79% higher than Q1 2020.
The average 2E PGM basket price of US$2,128/2Eoz for Q1 2021, was 4% higher than for the comparable period in 2020, which, together with increased mine production from the US PGM operations resulted in adjusted EBITDA increasing by 65% to US$220 million. The recycling operation contributed US$24 million of the total. The combined EBITDA margin of 23% for Q1 2021 was lower than for Q1 2020 as a result of the larger proportionate contribution of the recycling business to adjusted EBITDA.
Given the ongoing planned rebuild of electric furnace 1 (EF1), which is ahead of schedule, recycle feed rates were reduced resulting in an inventory build-up of 553 tonnes during the quarter. Once EF1 and EF2 are running at capacity, following the rebuild during May 2021, an accelerated feed of the recycled inventory is expected, yielding a concomitant reduction in this readily available and liquid inventory. This is anticipated from June 2021 onwards and should see recycle inventory being drawn down to a more normalised level of 200 – 300 tonnes. Recycle advances amounted to US$731 million at the end of the quarter, generating a positive net-interest carry well above current balance sheet interest rates.
SA PGM operations
The SA PGM operations delivered another very solid operating performance, which together with a higher 4E PGM basket price, resulted in another record financial result from the segment.
4E PGM production of 444,609oz for Q1 2021 was 6% higher than for the comparable period in 2020. AISC of R19,771/4Eoz (US$1,322/4Eoz) was 18% higher than for Q1 2020, primarily due to significantly higher cost of purchasing concentrate (PoC) from third parties. The processing of PoC contributed R350 million (US$23 million) at a margin of 22% to the Marikana adjusted EBITDA. Adjusting for these higher PoC costs, AISC of the underlying operations are R17,738/4Eoz (US$1,186/4Eoz). Higher royalty taxes added R1,151/4Eoz (US$77/4Eoz) to AISC compared with Q1 2020, due to the higher PGM prices.
The average 4E PGM basket price of R52,722/4Eoz (US$3,524/4Eoz) for Q1 2021 was 59% higher than for Q1 2020, primarily due to due to a significant increase in the rhodium price (up 127% year-on-year) and the platinum price (up 28% year-on-year).
Sibanye-Stillwater Operating update | Quarter ended 31 March 2021 3
As a result of higher production and the significant increase in the 4E PGM basket price, adjusted EBITDA increased by 90% to R15,280 million (US$1,021 million) from R8,043 million (US$523 million) for Q1 2020, which was a record at the time. The adjusted EBITDA margin for Q1 2021 increased to 66% from 51% for the comparable period in 2020.
4E PGM production from the Rustenburg operation was 2% higher than for Q1 2020 at 156,956 4Eoz, with an increase in production from surface sources, offsetting marginally lower underground production. AISC from the Rustenburg operations increased by 4% to R19,002/4Eoz (US$1,270/4Eoz), year-on-year, despite the impact of higher royalties and taxes (due to the significantly improved margins) and above inflation electricity price increases, with an improvement in plant recoveries an offsetting factor.
The Kroondal operation continued to perform steadily, with 4E PGM production of 53,046 4Eoz for Q1 2021, 1% lower than comparable period in 2020. Despite marginally lower production and inflation increases, AISC of R12,137/4Eoz (US$811/4Eoz), was 4% lower than for the comparable period in 2020.
4E PGM production from the Marikana operation of 193,995 4Eoz for Q1 2021, was 13% higher than for the comparable period in 2020. Production from underground was 7% higher and production from surface sources and third party processing 66% higher. The increase in surface production is primarily due to an increase in processing of third party concentrate, with 4E PGM production from PoC increasing by 140% year-on-year to 19,125 4Eoz for Q1 2021. AISC of R23,000/4Eoz (US$1,537/4Eoz) reflect the additional cost of purchasing this concentrate from third parties at higher prevailing PGM prices. AISC from Marikana excluding third party PoC costs were R18,755/4Eoz (US$1,254/4Eoz) for Q1 2021.
The Mimosa operation continued to perform steadily, with attributable 4E PGM production of 29,878 4Eoz, 4% higher than for Q1 2020, and AISC of R13,401/4Eoz (US$896/4Eoz) 6% higher than the comparable period in 2020.
Chrome sales for Q1 2021 of approximately 370,000 tonnes were significantly lower than for Q1 2020 (approximately 507,0000 tonnes) due to a slow start up of operations and logistical issues in March which resulted in no chrome sales from the Rustenburg operation. Chrome revenue was R347 million (US$23 million) for Q1 2021, 7% higher than the Q1 2020 chrome revenue of R324 million (US$21 million), due to an increase in the chrome price from $128/tonne for Q1 2020 to $162/tonne for Q1 2021.
SA gold operations
Production from the SA gold operations for Q1 2021 of 7,757kg (249,392oz) was 5% higher than for Q1 2020 and reflected the return to normalised production levels in November 2020, following the COVID-19 disruptions that year. AISC of R772,572/kg (US$1,606/oz) was 4% higher than for the comparable period in 2020.
Underpinned by this stable operational performance and combined with a 8% increase in the average gold price year on year to R857,126/kg (US$1,782/oz), adjusted EBITDA from the SA Gold operations of R1,376 million (US$92 million) for Q1 2021, was 22% higher than for the comparable period in 2020.
Underground production from the Driefontein operation increased by 18% to 2,220kg (71,375oz) year-on-year. The average yield from underground production was 14% higher than the previous period due to higher face grades and an improvement in mining quality, with the mine call factor improving by 7% on the previous comparable period in 2020. AISC of R731,851/kg (US$1,522/oz) was 7% lower than for Q1 2020 primarily as a result of the increase in gold sold.
Production of 2,010kg (64,623oz) from the Kloof underground operations was similar to Q1 2020, with improved underground throughput offsetting a lower underground yield. The underground operations were affected by safety stoppages and seismicity during the period, which temporarily restricted access to some higher grade areas. Production from surface sources of 487kg (15,657oz), was 25% higher year-on-year. Some surface sources from Kloof were toll treated at the Driefontein and Ezulwini metallurgical plants. AISC of R844,744/kg (US$1,756/oz) was 4% higher than for Q1 2020, primarily due to increased throughput of lower grade material.
Underground production from the Beatrix operation of 1,317kg (42,342oz), was 11% lower than for Q1 2020, primarily due to a slower than anticipated start-up post the December break, safety stoppages and temporary damage to infrastructure at Beatrix 4 shaft relating to a mud rush, which has since been repaired. Beatrix employs a higher proportion of foreign nationals (primarily from Lesotho) than the other operations, with COVID-19 related restrictions at border posts, affecting the return to work after the December break. Gold production from surface sources increased to 61kg (1,961oz) due to the higher gold price, which reduced the pay limits for surface sources, making it viable to utilise existing milling capacity to process lower grade surface material. AISC of R882,082/kg (US$1,834/oz) was 18% higher than for Q1 2020, primarily due to lower production.
Surface gold production from Cooke operations decreased by 6% to 280kg (9,002oz) mainly due to an expected decrease in grades. Care and maintenance costs at Cooke operations was in line with Q1 2020 at R136 million (US$9 million).
DRDGOLD delivered another consistent operating performance, with production of 1,382kg (44,432oz) for Q1 2021, 3% higher than for Q1 2020. AISC costs of R648,129/kg (US$1,348/oz) were 12% higher than for Q1 2020.
The 2021 annual guidance provided to the market in February 2021 remains unchanged except for the SA PGM project capital for the year. Four-year production and AISC guidance for the three segments were shared in the 2020 year-end
Sibanye-Stillwater Operating update | Quarter ended 31 March 2021 4
presentation slides on 18 February 2021, please refer to https://www.sibanyestillwater.com/news-investors/reports/quarterly/2020/.
Mined 2E PGM production from the US PGM operations for 2021 is forecast to be between 660,000 2Eoz and 680,000 2Eoz, with AISC of between US$840/2Eoz to US$860/2Eoz. Capital expenditure is forecast to be between US$300 million and US$320 million, approximately 60% of which is growth capital in nature.
4E PGM production from the SA PGM operations for 2021 is forecast to be between 1,750,000 4Eoz and 1,850,000 4Eoz with AISC between R18,500/4Eoz and R19,500/4Eoz (US$1,230/4Eoz and US$1,295/4Eoz). Capital expenditure is forecast at R 3,800 million (US$253 million) with levels for 2021 elevated due to carry-over of approximately R800 million (US$53 million) of capital from 2020 which was unspent due to the COVID-19 disruptions. In addition, R408 million (US$27 million) of project capital expenditure is expected to be spend in terms of the K4 and Klipfontein projects for the year.
Gold production from the SA gold operations for 2021 (excluding DRDGOLD) is forecast at between 27,500kg (884,000oz) and 29,500kg (948,000oz) with AISC between R760,000/kg and R815,000/kg (US$1,576/oz and US$1,690/oz). Capital expenditure is forecast at R4,025 million (US$268 million), including carry-over of approximately R400 million (US$27 million) from 2020 which was unspent due to the COVID-19 disruptions. R425 million (US$28 million) of project capital expenditure has been provided for.
The dollar costs are based on an average exchange rate of R15.00/US$.
Neal Froneman
Chief Executive Officer
Sibanye-Stillwater Operating update | Quarter ended 31 March 2021 5
SALIENT FEATURES AND COST BENCHMARKS - QUARTERS
US and SA PGM operations
| | | | | | | | | | | | | | |
| | US OPERATIONS | SA OPERATIONS | |||||||||||
| | | Total SA and US PGM operations | Total US PGM | Total SA PGM2 | Rustenburg | Marikana2 | Kroondal | Plat Mile | Mimosa | ||||
Attributable | | Under - ground1 | Total | Under- | Surface | Under- | Surface | Under- | Surface | Attributable | Surface | Attributable | ||
Production | | | | | | | | | | | | | | |
Tonnes milled/treated | 000't | Mar 2021 | 9,319 | 389 | 8,930 | 4,219 | 4,711 | 1,505 | 1,330 | 1,536 | 892 | 830 | 2,489 | 348 |
| | Dec 2020 | 10,061 | 389 | 9,672 | 4,748 | 4,924 | 1,686 | 1,361 | 1,796 | 927 | 912 | 2,636 | 354 |
| | Mar 2020 | 8,237 | 347 | 7,890 | 4,149 | 3,741 | 1,480 | 1,147 | 1,486 | 819 | 841 | 1,775 | 342 |
Plant head grade | g/t | Mar 2021 | 2.49 | 13.54 | 2.01 | 3.34 | 0.81 | 3.24 | 1.11 | 3.89 | 0.88 | 2.38 | 0.63 | 3.60 |
| | Dec 2020 | 2.52 | 13.75 | 2.06 | 3.37 | 0.80 | 3.45 | 1.02 | 3.69 | 0.87 | 2.50 | 0.67 | 3.62 |
| | Mar 2020 | 2.71 | 13.92 | 2.22 | 3.41 | 0.89 | 3.56 | 1.02 | 3.79 | 0.86 | 2.39 | 0.83 | 3.58 |
Plant recoveries | % | Mar 2021 | 80.29 | 90.07 | 77.22 | 85.26 | 47.66 | 88.79 | 37.42 | 85.34 | 43.71 | 83.52 | 21.29 | 74.18 |
| | Dec 2020 | 79.67 | 91.21 | 76.48 | 84.88 | 42.53 | 87.88 | 40.65 | 84.75 | 43.01 | 83.37 | 21.83 | 74.87 |
| | Mar 2020 | 77.98 | 90.12 | 74.38 | 83.47 | 35.98 | 84.62 | 29.86 | 84.82 | 45.30 | 82.72 | 19.58 | 73.10 |
Yield | g/t | Mar 2021 | 2.00 | 12.20 | 1.55 | 2.85 | 0.39 | 2.88 | 0.42 | 3.32 | 0.38 | 1.99 | 0.13 | 2.67 |
| | Dec 2020 | 2.00 | 12.54 | 1.58 | 2.86 | 0.34 | 3.03 | 0.41 | 3.13 | 0.37 | 2.08 | 0.15 | 2.71 |
| | Mar 2020 | 2.11 | 12.54 | 1.65 | 2.85 | 0.32 | 3.01 | 0.30 | 3.21 | 0.39 | 1.98 | 0.16 | 2.62 |
PGM production3,8 | 4Eoz - 2Eoz | Mar 2021 | 598,959 | 154,350 | 444,609 | 385,935 | 58,674 | 139,194 | 17,762 | 163,817 | 30,178 | 53,046 | 10,734 | 29,878 |
| | Dec 2020 | 648,456 | 157,492 | 490,964 | 436,802 | 54,162 | 164,345 | 18,143 | 180,499 | 23,622 | 61,113 | 12,397 | 30,845 |
| | Mar 2020 | 559,657 | 141,585 | 418,072 | 379,345 | 38,727 | 143,335 | 11,233 | 153,775 | 18,222 | 53,458 | 9,272 | 28,777 |
PGM sold | 4Eoz - 2Eoz | Mar 2021 | 596,486 | 129,900 | 466,586 | 438,882 | 27,704 | 164,689 | 16,970 | 193,783 | 53,046 | 10,734 | 27,364 | |
| | Dec 2020 | 607,460 | 166,430 | 441,030 | 413,733 | 27,297 | 120,858 | 14,900 | 189,095 | 61,113 | 12,397 | 42,667 | |
| | Mar 2020 | 614,818 | 91,975 | 522,843 | 501,830 | 21,013 | 188,417 | 11,741 | 231,178 | 53,458 | 9,272 | 28,777 | |
Price and costs4 | | | | | | | | | | | | | | |
Average PGM basket price5 | R/4Eoz - R/2Eoz | Mar 2021 | 47,954 | 31,835 | 52,722 | 54,025 | 44,132 | 52,982 | 31,114 | 53,663 | 58,377 | 37,944 | 38,383 | |
| | Dec 2020 | 37,783 | 31,735 | 40,310 | 41,053 | 35,037 | 41,049 | 29,822 | 39,741 | 44,648 | 33,000 | 33,237 | |
| | Mar 2020 | 32,937 | 31,569 | 33,192 | 33,574 | 29,422 | 33,563 | 23,254 | 32,954 | 36,011 | 27,901 | 28,924 | |
| US$/4Eoz - US$/2Eoz | Mar 2021 | 3,205 | 2,128 | 3,524 | 3,611 | 2,950 | 3,542 | 2,080 | 3,587 | 3,902 | 2,536 | 2,566 | |
| | Dec 2020 | 2,420 | 2,033 | 2,582 | 2,630 | 2,244 | 2,630 | 1,910 | 2,546 | 2,860 | 2,114 | 2,129 | |
| | Mar 2020 | 2,142 | 2,053 | 2,158 | 2,183 | 1,913 | 2,182 | 1,512 | 2,143 | 2,341 | 1,814 | 1,881 | |
Operating cost6 | R/t | Mar 2021 | 1,087 | 5,061 | 907 | 1,927 | 69 | 1,581 | 163 | 1,800 | 853 | 43 | 1,050 | |
| | Dec 2020 | 979 | 5,076 | 808 | 1,615 | 88 | 1,540 | 235 | 1,366 | 857 | 44 | 1,129 | |
| | Mar 2020 | 1,051 | 5,065 | 824 | 1,560 | 75 | 1,499 | 182 | 1,323 | 798 | 41 | 1,034 | |
| US$/t | Mar 2021 | 73 | 338 | 61 | 129 | 5 | 106 | 11 | 120 | 57 | 3 | 70 | |
| | Dec 2020 | 63 | 325 | 52 | 103 | 6 | 99 | 15 | 87 | 55 | 3 | 72 | |
| | Mar 2020 | 68 | 329 | 54 | 101 | 5 | 97 | 12 | 86 | 52 | 3 | 67 | |
| R/4Eoz - R/2Eoz | Mar 2021 | 17,137 | 12,755 | 18,768 | 20,948 | 5,534 | 17,093 | 12,211 | 22,533 | 13,351 | 10,043 | 12,233 | |
| | Dec 2020 | 15,393 | 12,538 | 16,369 | 17,483 | 8,022 | 15,801 | 17,605 | 18,218 | 12,793 | 9,293 | 12,958 | |
| | Mar 2020 | 15,028 | 12,414 | 15,979 | 16,941 | 7,269 | 15,474 | 18,588 | 17,731 | 12,561 | 7,841 | 12,288 | |
| US$/4Eoz - US$/2Eoz | Mar 2021 | 1,146 | 853 | 1,255 | 1,400 | 370 | 1,143 | 816 | 1,506 | 892 | 671 | 818 | |
| | Dec 2020 | 986 | 803 | 1,049 | 1,120 | 514 | 1,012 | 1,128 | 1,167 | 820 | 595 | 830 | |
| | Mar 2020 | 977 | 807 | 1,039 | 1,101 | 473 | 1,006 | 1,209 | 1,153 | 817 | 510 | 799 | |
All-in sustaining cost7 | R/4Eoz - R/2Eoz | Mar 2021 | 18,142 | 13,763 | 19,771 | | | 19,002 | 23,000 | 12,137 | 10,369 | 13,401 | ||
| | Dec 2020 | 17,034 | 13,911 | 18,102 | | | 17,153 | 20,876 | 13,295 | 10,027 | 13,782 | ||
| | Mar 2020 | 15,948 | 13,756 | 16,745 | | | 18,255 | 17,128 | 12,619 | 8,251 | 12,701 | ||
| US$/4Eoz - US$/2Eoz | Mar 2021 | 1,213 | 920 | 1,322 | | | 1,270 | 1,537 | 811 | 693 | 896 | ||
| | Dec 2020 | 1,091 | 891 | 1,160 | | | 1,099 | 1,337 | 852 | 642 | 883 | ||
| | Mar 2020 | 1,037 | 894 | 1,089 | | | 1,187 | 1,114 | 820 | 536 | 826 | ||
All-in cost7 | R/4Eoz - R/2Eoz | Mar 2021 | 19,162 | 17,523 | 19,772 | | | 19,002 | 23,002 | 12,137 | 10,369 | 13,401 | ||
| | Dec 2020 | 17,817 | 16,904 | 18,130 | | | 17,153 | 20,938 | 13,295 | 10,027 | 13,782 | ||
| | Mar 2020 | 17,193 | 18,322 | 16,782 | | | 18,255 | 17,140 | 12,619 | 9,566 | 12,701 | ||
| US$/4Eoz - US$/2Eoz | Mar 2021 | 1,281 | 1,171 | 1,322 | | | 1,270 | 1,538 | 811 | 693 | 896 | ||
| | Dec 2020 | 1,141 | 1,083 | 1,161 | | | 1,099 | 1,341 | 852 | 642 | 883 | ||
| | Mar 2020 | 1,118 | 1,191 | 1,091 | | | 1,187 | 1,114 | 820 | 622 | 826 | ||
Capital expenditure4 | | | | | | | | | | | | | | |
Ore reserve development | Rm | Mar 2021 | 656.5 | 305.5 | 351.0 | | | 146.1 | 204.9 | - | - | - | ||
| | Dec 2020 | 701.6 | 320.1 | 381.5 | | | 151.4 | 230.1 | - | - | - | ||
| | Mar 2020 | 608.0 | 264.9 | 343.1 | | | 144.1 | 199.0 | - | - | - | ||
Sustaining capital | | Mar 2021 | 499.2 | 250.2 | 249.0 | | | 111.8 | 95.6 | 35.3 | 6.0 | 113.9 | ||
| | Dec 2020 | 744.3 | 254.0 | 490.3 | | | 130.8 | 260.5 | 88.6 | 10.4 | 129.1 | ||
| | Mar 2020 | 311.9 | 86.7 | 225.2 | | | 97.6 | 86.4 | 40.4 | 0.6 | 76.9 | ||
Corporate and projects | | Mar 2021 | 580.4 | 580.4 | - | | | - | - | - | - | - | ||
| | Dec 2020 | 471.3 | 471.3 | - | | | - | - | - | - | - | ||
| | Mar 2020 | 658.6 | 646.4 | 12.2 | | | - | - | - | 12.2 | - | ||
Total capital expenditure | Rm | Mar 2021 | 1,736.1 | 1,136.1 | 600.0 | | | 257.9 | 300.5 | 35.3 | 6.0 | 113.9 | ||
| | Dec 2020 | 1,917.2 | 1,045.4 | 871.8 | | | 282.2 | 490.6 | 88.6 | 10.4 | 129.1 | ||
| | Mar 2020 | 1,578.5 | 998.0 | 580.5 | | | 241.7 | 285.4 | 40.4 | 12.8 | 76.9 | ||
| US$m | Mar 2021 | 116.0 | 75.9 | 40.1 | | | 17.2 | 20.1 | 2.4 | 0.4 | 7.6 | ||
| | Dec 2020 | 122.8 | 67.0 | 55.9 | | | 18.1 | 31.4 | 5.7 | 0.7 | 8.3 | ||
| | Mar 2020 | 102.6 | 64.9 | 37.7 | | | 15.7 | 18.6 | 2.6 | 0.8 | 5.0 | ||
Average exchange rates for the quarters ended 31 March 2021, 31 December 2020 and 31 March 2020 R14.96/US$, R15.61/US$ and R15.38/US$, respectively
Figures may not add as they are rounded independently
| 1 | The US PGM operations’ underground production is converted to metric tonnes and kilograms, and performance is translated into rand. In addition to the US PGM operations’ underground production, the operation treats various recycling material which is excluded from the statistics shown above and is detailed in the PGM recycling table below |
| 2 | The Marikana AISC and AIC includes the purchase of concentrate (PoC) cost from third parties. For a reconciliation of the AISC and AIC excluding PoC refer to “Reconciliation of AISC and AIC excluding PoC for SA PGM and Marikana – Quarters” |
3Production per product – see prill split in the table below
Sibanye-Stillwater Operating update | Quarter ended 31 March 2021 6
4The Group and total SA PGM operations’ unit cost benchmarks and capital expenditure exclude the financial results of Mimosa, which is equity accounted and excluded from revenue and cost of sales
5The average PGM basket price is the PGM revenue per 4E/2E ounce, prior to a purchase of concentrate adjustment
6Operating cost is the average cost of production and operating cost per tonne is calculated by dividing the cost of sales, before amortisation and depreciation and change in inventory in a period by the tonnes milled/treated in the same period, and operating cost per ounce (and kilogram) is calculated by dividing the cost of sales, before amortisation and depreciation and change in inventory in a period, by the PGM produced in the same period
7All-in cost is calculated in accordance with the World Gold Council guidance. All-in cost excludes income tax, costs associated with merger and acquisition activities, working capital, impairments, financing costs, one-time severance charges and items needed to normalise earnings. All-in cost is made up of All-in sustaining cost, being the cost to sustain current operations, given as a sub-total in the All-in cost calculation, together with corporate and major capital expenditure associated with growth. All-in sustaining cost per ounce (and kilogram) and All-in cost per ounce (and kilogram) are calculated by dividing the All-in sustaining cost and All-in cost, respectively, in a period by the total 4E/2E PGM produced in the same period. For a reconciliation of cost of sales before amortisation and depreciation to All-in costs, see “All-in costs – Quarters”
8The Marikana PGM production includes the processing of 19,125 4Eoz, 12,439 4Eoz and 7,967 4Eoz third party concentrate purchases for the quarters ended 31 March 2021, 31 December 2020 and 31 March 2020, respectively
Mining – PGM Prill split excluding recycling operations
| | | | | | | | | | | | | | | | | | |
| GROUP | SA OPERATIONS | US OPERATIONS | |||||||||||||||
| Mar 2021 | Dec 2020 | Mar 2020 | Mar 2021 | Dec 2020 | Mar 2020 | Mar 2021 | Dec 2020 | Mar 2020 | |||||||||
| | % | | % | | % | | % | | % | | % | | % | | % | | % |
Platinum | 299,695 | 50% | 326,898 | 50% | 281,209 | 50% | 264,712 | 60% | 291,473 | 59% | 249,415 | 60% | 34,983 | 23% | 35,425 | 22% | 31,794 | 22% |
Palladium | 251,570 | 42% | 269,690 | 42% | 234,337 | 42% | 132,203 | 30% | 147,623 | 30% | 124,546 | 30% | 119,367 | 77% | 122,067 | 78% | 109,791 | 78% |
Rhodium | 38,485 | 6% | 41,765 | 6% | 36,160 | 7% | 38,485 | 8% | 41,765 | 9% | 36,160 | 8% | | | | | | |
Gold | 9,209 | 2% | 10,103 | 2% | 7,951 | 1% | 9,209 | 2% | 10,103 | 2% | 7,951 | 2% | | | | | | |
PGM production 4E/2E | 598,959 | 100% | 648,456 | 100% | 559,657 | 100% | 444,609 | 100% | 490,964 | 100% | 418,072 | 100% | 154,350 | 100% | 157,492 | 100% | 141,585 | 100% |
Ruthenium | 60,996 | | 65,454 | | 58,908 | | 60,996 | | 65,454 | | 58,908 | | | | | | | |
Iridium | 15,436 | | 16,214 | | 14,506 | | 15,436 | | 16,214 | | 14,506 | | | | | | | |
Total 6E/2E | 675,391 | | 730,124 | | 633,071 | | 521,041 | | 572,632 | | 491,486 | | 154,350 | | 157,492 | | 141,585 | |
Recycling operation
| | | | |
| Unit | Mar 2021 | Dec 2020 | Mar 2020 |
Average catalyst fed/day | Tonne | 23.8 | 30.5 | 28.0 |
Total processed | Tonne | 2,139 | 2,803 | 2,547 |
Tolled | Tonne | 14 | 83 | 262 |
Purchased | Tonne | 2,125 | 2,721 | 2,285 |
PGM fed | 3Eoz | 195,474 | 240,037 | 221,798 |
PGM sold | 3Eoz | 218,450 | 206,115 | 133,714 |
PGM tolled returned | 3Eoz | 9,203 | 12,370 | 31,062 |
Sibanye-Stillwater Operating update | Quarter ended 31 March 2021 7
SA gold operations
| | | | | | | | | | | | | | |
| | | SA OPERATIONS | | ||||||||||
| | | Total SA gold | Driefontein | Kloof | Beatrix | Cooke | DRDGOLD | ||||||
| Total | Under- | Surface | Under- | Surface | Under- | Surface | Under- | Surface | Under- | Surface | Surface | ||
Production | | | | | | | | | | | | | | |
Tonnes milled/treated | 000't | Mar 2021 | 11,150 | 1,206 | 9,944 | 338 | - | 429 | 1,331 | 439 | 198 | - | 1,143 | 7,272 |
| | Dec 2020 | 11,170 | 1,265 | 9,905 | 373 | - | 478 | 1,411 | 414 | 234 | - | 1,187 | 7,073 |
| | Mar 2020 | 9,894 | 1,191 | 8,703 | 325 | - | 414 | 1,064 | 452 | 7 | - | 1,072 | 6,560 |
Yield | g/t | Mar 2021 | 0.70 | 4.60 | 0.22 | 6.57 | - | 4.69 | 0.37 | 3.00 | 0.31 | - | 0.24 | 0.19 |
| | Dec 2020 | 0.81 | 5.22 | 0.24 | 6.72 | - | 5.46 | 0.39 | 3.57 | 0.37 | - | 0.27 | 0.21 |
| | Mar 2020 | 0.75 | 4.51 | 0.23 | 5.77 | - | 4.85 | 0.37 | 3.29 | 0.29 | - | 0.28 | 0.21 |
Gold produced | kg | Mar 2021 | 7,757 | 5,547 | 2,210 | 2,220 | - | 2,010 | 487 | 1,317 | 61 | - | 280 | 1,382 |
| | Dec 2020 | 9,020 | 6,599 | 2,421 | 2,507 | - | 2,612 | 545 | 1,480 | 86 | - | 320 | 1,470 |
| | Mar 2020 | 7,405 | 5,369 | 2,036 | 1,875 | - | 2,007 | 391 | 1,487 | 2 | - | 297 | 1,346 |
| oz | Mar 2021 | 249,392 | 178,340 | 71,052 | 71,375 | - | 64,623 | 15,657 | 42,342 | 1,961 | - | 9,002 | 44,432 |
| | Dec 2020 | 290,000 | 212,163 | 77,837 | 80,602 | - | 83,978 | 17,522 | 47,583 | 2,765 | - | 10,288 | 47,262 |
| | Mar 2020 | 238,076 | 172,617 | 65,459 | 60,283 | - | 64,526 | 12,571 | 47,808 | 64 | - | 9,549 | 43,275 |
Gold sold | kg | Mar 2021 | 7,536 | 5,348 | 2,188 | 2,204 | - | 1,966 | 479 | 1,178 | 61 | - | 285 | 1,363 |
| | Dec 2020 | 8,933 | 6,586 | 2,347 | 2,551 | - | 2,536 | 505 | 1,499 | 93 | - | 265 | 1,484 |
| | Mar 2020 | 7,590 | 5,424 | 2,166 | 1,853 | - | 1,977 | 404 | 1,594 | 4 | - | 296 | 1,462 |
| oz | Mar 2021 | 242,287 | 171,942 | 70,345 | 70,860 | - | 63,208 | 15,400 | 37,874 | 1,961 | - | 9,163 | 43,821 |
| | Dec 2020 | 287,203 | 211,745 | 75,458 | 82,017 | - | 81,534 | 16,236 | 48,194 | 2,990 | - | 8,520 | 47,712 |
| | Mar 2020 | 244,024 | 174,385 | 69,639 | 59,575 | - | 63,562 | 12,989 | 51,248 | 129 | - | 9,517 | 47,004 |
Price and costs | | | | | | | | | | | | | | |
Gold price received | R/kg | Mar 2021 | 857,126 | | | 855,399 | 858,364 | 853,592 | 870,526 | 858,107 | ||||
| | Dec 2020 | 932,341 | | | 934,379 | 928,182 | 921,043 | 937,736 | 948,518 | ||||
| | Mar 2020 | 795,323 | | | 768,484 | 770,727 | 781,977 | 757,432 | 786,662 | ||||
| US$/oz | Mar 2021 | 1,782 | | | 1,778 | 1,785 | 1,775 | 1,810 | 1,784 | ||||
| | Dec 2020 | 1,858 | | | 1,862 | 1,849 | 1,835 | 1,868 | 1,890 | ||||
| | Mar 2020 | 1,608 | | | 1,554 | 1,559 | 1,581 | 1,532 | 1,591 | ||||
Operating cost1 | R/t | Mar 2021 | 459 | 3,220 | 124 | 3,765 | - | 3,716 | 196 | 2,315 | 116 | - | 145 | 108 |
| | Dec 2020 | 454 | 2,970 | 133 | 3,410 | - | 3,181 | 173 | 2,329 | 188 | - | 169 | 117 |
| | Mar 2020 | 475 | 3,031 | 125 | 3,694 | - | 3,489 | 199 | 2,130 | 329 | - | 157 | 108 |
| US$/t | Mar 2021 | 31 | 215 | 8 | 252 | - | 248 | 13 | 155 | 8 | - | 10 | 7 |
| | Dec 2020 | 29 | 190 | 9 | 218 | - | 204 | 11 | 149 | 12 | - | 11 | 7 |
| | Mar 2020 | 31 | 197 | 8 | 240 | - | 227 | 13 | 138 | 21 | - | 10 | 7 |
| R/kg | Mar 2021 | 659,688 | 700,090 | 558,281 | 573,288 | - | 793,134 | 535,524 | 771,830 | 375,410 | - | 593,929 | 567,149 |
| | Dec 2020 | 562,262 | 569,268 | 543,164 | 507,379 | - | 582,198 | 447,706 | 651,351 | 511,628 | - | 627,188 | 562,109 |
| | Mar 2020 | 634,490 | 672,378 | 534,578 | 640,267 | - | 719,631 | 541,432 | 647,478 | 1,150,000 | - | 568,350 | 524,220 |
| US$/oz | Mar 2021 | 1,372 | 1,456 | 1,161 | 1,192 | - | 1,649 | 1,113 | 1,605 | 781 | - | 1,235 | 1,179 |
| | Dec 2020 | 1,120 | 1,134 | 1,082 | 1,011 | - | 1,160 | 892 | 1,298 | 1,019 | - | 1,250 | 1,120 |
| | Mar 2020 | 1,283 | 1,360 | 1,081 | 1,295 | - | 1,455 | 1,095 | 1,309 | 2,326 | - | 1,149 | 1,060 |
All-in sustaining cost2 | R/kg | Mar 2021 | 772,572 | | | 731,851 | 844,744 | 882,082 | 658,596 | 648,129 | ||||
| | Dec 2020 | 693,574 | | | 665,778 | 727,425 | 782,538 | 693,208 | 617,183 | ||||
| | Mar 2020 | 741,858 | | | 790,772 | 812,516 | 746,621 | 634,459 | 580,506 | ||||
| US$/oz | Mar 2021 | 1,606 | | | 1,522 | 1,756 | 1,834 | 1,369 | 1,348 | ||||
| | Dec 2020 | 1,382 | | | 1,327 | 1,449 | 1,559 | 1,381 | 1,230 | ||||
| | Mar 2020 | 1,500 | | | 1,599 | 1,643 | 1,510 | 1,283 | 1,174 | ||||
All-in cost2 | R/kg | Mar 2021 | 784,554 | | | 731,851 | 865,440 | 882,082 | 658,596 | 648,129 | ||||
| | Dec 2020 | 710,332 | | | 665,778 | 750,871 | 782,538 | 693,208 | 626,146 | ||||
| | Mar 2020 | 757,892 | | | 790,772 | 825,787 | 746,746 | 634,459 | 582,627 | ||||
| US$/oz | Mar 2021 | 1,631 | | | 1,522 | 1,799 | 1,834 | 1,369 | 1,348 | ||||
| | Dec 2020 | 1,415 | | | 1,327 | 1,496 | 1,559 | 1,381 | 1,248 | ||||
| | Mar 2020 | 1,533 | | | 1,599 | 1,670 | 1,510 | 1,283 | 1,178 | ||||
Capital expenditure | | | | | | | | | | | | | | |
Ore reserve development | Rm | Mar 2021 | 603.1 | | | 271.6 | 208.6 | 122.9 | - | - | ||||
| | Dec 2020 | 571.6 | | | 233.5 | 233.2 | 104.9 | - | - | ||||
| | Mar 2020 | 529.3 | | | 204.4 | 216.3 | 108.6 | - | - | ||||
Sustaining capital | | Mar 2021 | 186.2 | | | 40.6 | 57.9 | 9.9 | - | 77.8 | ||||
| | Dec 2020 | 349.0 | | | 52.9 | 189.8 | 37.9 | - | 68.4 | ||||
| | Mar 2020 | 215.6 | | | 60.9 | 81.5 | 26.2 | - | 47.0 | ||||
Corporate and projects3 | | Mar 2021 | 60.6 | | | - | 50.6 | - | - | - | ||||
| | Dec 2020 | 110.9 | | | - | 71.3 | - | - | 13.3 | ||||
| | Mar 2020 | 41.9 | | | - | 31.6 | 0.2 | - | 3.1 | ||||
Total capital expenditure | Rm | Mar 2021 | 849.9 | | | 312.2 | 317.1 | 132.8 | - | 77.8 | ||||
| | Dec 2020 | 1,031.5 | | | 286.4 | 494.3 | 142.8 | - | 81.7 | ||||
| | Mar 2020 | 787.0 | | | 265.3 | 329.5 | 135.1 | - | 50.1 | ||||
| US$m | Mar 2021 | 56.8 | | | 20.9 | 21.2 | 8.9 | - | 5.2 | ||||
| | Dec 2020 | 66.1 | | | 18.3 | 31.7 | 9.1 | - | 5.2 | ||||
| | Mar 2020 | 51.2 | | | 17.2 | 21.4 | 8.8 | - | 3.3 | ||||
Average exchange rates for the quarters ended 31 March 2021, 31 December 2020 and 31 March 2020 R14.96/US$, R15.61/US$ and R15.38/US$, respectively
Figures may not add as they are rounded independently
| 1 | Operating cost is the average cost of production and operating cost per tonne is calculated by dividing the cost of sales, before amortisation and depreciation and change in inventory in a period by the tonnes milled/treated in the same period, and operating cost per kilogram (and ounce) is calculated by dividing the cost of sales, before amortisation and depreciation and change in inventory in a period by the gold produced in the same period |
| 2 | All-in cost is calculated in accordance with the World Gold Council guidance. All-in cost excludes income tax, costs associated with merger and acquisition activities, working capital, impairments, financing costs, one time severance charges and items needed to normalise earnings. All-in cost is made up of All-in sustaining cost, being the cost to sustain current operations, given as a sub-total in the All-in cost calculation, together with corporate and major capital expenditure associated with growth. All-in sustaining cost per kilogram (and ounce) and All-in cost per kilogram (and ounce) is calculated by dividing the All-in sustaining cost and All-in cost, respectively, in a period by the total gold sold over the same period. For a reconciliation of cost of sales before amortisation and depreciation to All-in costs, see “All-in costs – Quarters” |
| 3 | Corporate project expenditure for the quarters ended 31 March 2021, 31 December 2020 and 31 March 2020 was R10.0 million (US$0.7 million), R26.3 million (US$1.7 million) and R.7.1 million (US$0.5 million), respectively, the majority of which related to the Burnstone project and various IT projects |
Sibanye-Stillwater Operating update | Quarter ended 31 March 2021 8
ALL-IN COSTS - QUARTERS
SA and US PGM operations
Figures are in millions unless otherwise stated
| | | | | | | | | | | |
| | | | US OPERATIONS | SA OPERATIONS | ||||||
| R' million | | Total US and SA PGM | Total US PGM1 | Total SA PGM2 | Rustenburg | Marikana2 | Kroondal | Plat Mile | Mimosa | Corporate |
Cost of sales, before amortisation and depreciation3 | | Mar 2021 | 9,133.4 | 1,618.0 | 7,515.4 | 2,797.4 | 3,845.4 | 764.8 | 107.8 | 371.8 | (371.8) |
| | Dec 2020 | 8,145.8 | 2,007.0 | 6,138.8 | 2,278.1 | 2,989.8 | 832.3 | 115.2 | 564.6 | (641.2) |
| | Mar 2020 | 8,475.3 | 1,035.8 | 7,439.5 | 2,932.5 | 4,118.7 | 711.2 | 72.7 | 353.6 | (749.2) |
Royalties | | Mar 2021 | 828.6 | - | 828.6 | 439.8 | 385.1 | 3.7 | - | 44.4 | (44.4) |
| | Dec 2020 | 794.0 | - | 794.0 | 275.5 | 515.7 | 2.8 | - | 55.5 | (55.5) |
| | Mar 2020 | 329.8 | - | 329.8 | 288.2 | 38.7 | 2.9 | - | 30.9 | (30.9) |
Carbon tax | | Mar 2021 | 0.7 | - | 0.7 | 0.1 | 0.5 | 0.1 | - | - | - |
| | Dec 2020 | 0.7 | - | 0.7 | 0.1 | 0.5 | 0.1 | - | - | - |
| | Mar 2020 | 0.2 | - | 0.2 | 0.1 | - | 0.1 | - | - | - |
Community costs | | Mar 2021 | 34.2 | - | 34.2 | 2.9 | 31.3 | - | - | - | - |
| | Dec 2020 | 27.7 | - | 27.7 | (4.7) | 32.4 | - | - | - | - |
| | Mar 2020 | 19.9 | - | 19.9 | 11.1 | 8.8 | - | - | - | - |
Inventory change4 | | Mar 2021 | 842.9 | 350.7 | 492.2 | (91.5) | 583.7 | - | - | (6.3) | 6.3 |
| | Dec 2020 | 1,635.9 | (32.3) | 1,668.2 | 782.5 | 809.1 | - | - | (164.9) | 241.5 |
| | Mar 2020 | (304.2) | 721.9 | (1,026.1) | (418.8) | (1,003.0) | - | - | - | 395.7 |
Share-based payments5 | | Mar 2021 | 27.5 | 15.6 | 11.9 | 4.6 | 5.6 | 1.7 | - | - | - |
| | Dec 2020 | 31.3 | 18.1 | 13.2 | 5.3 | 5.9 | 2.0 | - | - | - |
| | Mar 2020 | 15.2 | 15.2 | - | - | - | - | - | - | - |
Rehabilitation interest and amortisation6 | | Mar 2021 | 69.5 | 7.8 | 61.7 | 0.8 | 42.7 | 18.2 | - | 0.8 | (0.8) |
| | Dec 2020 | 76.3 | 6.9 | 69.4 | 4.0 | 39.9 | 25.5 | - | 0.8 | (0.8) |
| | Mar 2020 | 61.0 | 6.2 | 54.8 | (0.6) | 36.5 | 18.9 | - | 1.4 | (1.4) |
Leases | | Mar 2021 | 14.3 | 0.4 | 13.9 | 3.6 | 8.1 | 2.2 | - | - | - |
| | Dec 2020 | 15.9 | 0.7 | 15.2 | 3.6 | 9.4 | 2.2 | - | - | - |
| | Mar 2020 | 17.7 | 1.6 | 16.1 | 3.6 | 9.3 | 3.2 | - | - | - |
Ore reserve development | | Mar 2021 | 656.5 | 305.5 | 351.0 | 146.1 | 204.9 | - | - | - | - |
| | Dec 2020 | 701.6 | 320.1 | 381.5 | 151.4 | 230.1 | - | - | - | - |
| | Mar 2020 | 608.0 | 264.9 | 343.1 | 144.1 | 199.0 | - | - | - | - |
Sustaining capital expenditure | | Mar 2021 | 499.2 | 250.2 | 249.0 | 111.8 | 95.6 | 35.3 | 6.0 | 113.9 | (113.6) |
| | Dec 2020 | 744.3 | 254.0 | 490.3 | 130.8 | 260.5 | 88.6 | 10.4 | 129.1 | (129.1) |
| | Mar 2020 | 311.9 | 86.7 | 225.2 | 97.6 | 86.4 | 40.4 | 0.6 | 76.9 | (76.7) |
Less: By-product credit | | Mar 2021 | (1,782.8) | (423.9) | (1,358.9) | (433.2) | (741.0) | (182.2) | (2.5) | (124.2) | 124.2 |
| | Dec 2020 | (1,653.4) | (383.6) | (1,269.8) | (496.4) | (632.1) | (141.0) | (1.3) | (160.0) | 161.0 |
| | Mar 2020 | (1,068.0) | (184.6) | (883.4) | (236.1) | (548.4) | (102.1) | 3.2 | (97.3) | 97.3 |
Total All-in-sustaining costs7 | | Mar 2021 | 10,324.0 | 2,124.3 | 8,199.7 | 2,982.4 | 4,461.9 | 643.8 | 111.3 | 400.4 | (400.1) |
| | Dec 2020 | 10,520.1 | 2,190.9 | 8,329.2 | 3,130.2 | 4,261.2 | 812.5 | 124.3 | 425.1 | (424.1) |
| | Mar 2020 | 8,466.8 | 1,947.7 | 6,519.1 | 2,821.7 | 2,946.0 | 674.6 | 76.5 | 365.5 | (365.2) |
Plus: Corporate cost, growth and capital expenditure | | Mar 2021 | 580.8 | 580.4 | 0.4 | - | 0.4 | - | - | - | - |
| | Dec 2020 | 484.0 | 471.3 | 12.7 | - | 12.7 | - | - | - | - |
| | Mar 2020 | 660.7 | 646.4 | 14.3 | - | 2.1 | - | 12.2 | - | - |
Total All-in-costs7 | | Mar 2021 | 10,904.8 | 2,704.7 | 8,200.1 | 2,982.4 | 4,462.3 | 643.8 | 111.3 | 400.4 | (400.1) |
| | Dec 2020 | 11,004.1 | 2,662.2 | 8,341.9 | 3,130.2 | 4,273.9 | 812.5 | 124.3 | 425.1 | (424.1) |
| | Mar 2020 | 9,127.5 | 2,594.1 | 6,533.4 | 2,821.7 | 2,948.1 | 674.6 | 88.7 | 365.5 | (365.2) |
PGM production | 4Eoz - 2Eoz | Mar 2021 | 598,959 | 154,350 | 444,609 | 156,956 | 193,995 | 53,046 | 10,734 | 29,878 | - |
| | Dec 2020 | 648,456 | 157,492 | 490,964 | 182,488 | 204,121 | 61,113 | 12,397 | 30,845 | - |
| | Mar 2020 | 559,657 | 141,585 | 418,072 | 154,568 | 171,997 | 53,458 | 9,272 | 28,777 | - |
| kg | Mar 2021 | 18,630 | 4,801 | 13,829 | 4,882 | 6,034 | 1,650 | 334 | 929 | - |
| | Dec 2020 | 20,169 | 4,899 | 15,271 | 5,676 | 6,349 | 1,901 | 386 | 959 | - |
| | Mar 2020 | 17,407 | 4,404 | 13,004 | 4,808 | 5,350 | 1,663 | 288 | 895 | - |
All-in-sustaining cost | R/4Eoz - R/2Eoz | Mar 2021 | 18,142 | 13,763 | 19,771 | 19,002 | 23,000 | 12,137 | 10,369 | 13,401 | - |
| | Dec 2020 | 17,034 | 13,911 | 18,102 | 17,153 | 20,876 | 13,295 | 10,027 | 13,782 | - |
| | Mar 2020 | 15,948 | 13,756 | 16,745 | 18,255 | 17,128 | 12,619 | 8,251 | 12,701 | - |
| US$/4Eoz - US$/2Eoz | Mar 2021 | 1,213 | 920 | 1,322 | 1,270 | 1,537 | 811 | 693 | 896 | - |
| | Dec 2020 | 1,091 | 891 | 1,160 | 1,099 | 1,337 | 852 | 642 | 883 | - |
| | Mar 2020 | 1,037 | 894 | 1,089 | 1,187 | 1,114 | 820 | 536 | 826 | - |
All-in-cost | R/4Eoz - R/2Eoz | Mar 2021 | 19,162 | 17,523 | 19,772 | 19,002 | 23,002 | 12,137 | 10,369 | 13,401 | - |
| | Dec 2020 | 17,817 | 16,904 | 18,130 | 17,153 | 20,938 | 13,295 | 10,027 | 13,782 | - |
| | Mar 2020 | 17,193 | 18,322 | 16,782 | 18,255 | 17,140 | 12,619 | 9,566 | 12,701 | - |
| US$/4Eoz - US$/2Eoz | Mar 2021 | 1,281 | 1,171 | 1,322 | 1,270 | 1,538 | 811 | 693 | 896 | - |
| | Dec 2020 | 1,141 | 1,083 | 1,161 | 1,099 | 1,341 | 852 | 642 | 883 | - |
| | Mar 2020 | 1,118 | 1,191 | 1,091 | 1,187 | 1,114 | 820 | 622 | 826 | - |
Average exchange rates for the quarters ended 31 March 2021, 31 December 2020 and 31 March 2020 R14.96/US$, R15.61/US$ and R15.38/US$, respectively
Figures may not add as they are rounded independently
1The US PGM operations’ underground production is converted to metric tonnes and kilograms, and performance is translated into rand. In addition to the US PGM operations’ underground production, the operation processes various recycling material which is excluded from the 2E PGM production, All-in sustaining cost and All-in cost statistics shown above
2The Marikana AISC and AIC includes the purchase of concentrate (PoC) cost from third parties. For a reconciliation of the AISC and AIC excluding PoC refer to “Reconciliation of AISC and AIC excluding PoC for SA PGM and Marikana – Quarters”
3Cost of sales, before amortisation and depreciation includes all mining and processing costs, third party refining costs, corporate general and administrative costs, and permitting costs. For the March 2020 and December 2020 quarter, Corporate includes the elimination of concentrate sales by Rustenburg, Kroondal and Platinum Mile to Marikana and the associated unrealised profit
4Inventory adjustment in Corporate for March 2020 and December 2020 quarter includes the elimination of concentrate sales by Rustenburg, Kroondal and Platinum Mile to Marikana and the associated unrealised profit
5Share-based payments are calculated based on the fair value at initial recognition and do not include the adjustment of the cash-settled share-based payment obligation to the reporting date fair value
6Rehabilitation includes the interest charge related to the environmental rehabilitation obligation and the amortisation of the related capitalised rehabilitation costs. The interest charge related to the environmental rehabilitation obligation and the amortisation of the capitalised rehabilitation costs reflect the periodic costs of rehabilitation associated with current PGM production
Sibanye-Stillwater Operating update | Quarter ended 31 March 2021 9
7All-in cost is calculated in accordance with the World Gold Council guidance. All-in cost excludes income tax, costs associated with merger and acquisition activities, working capital, impairments, financing costs, one-time severance charges and items needed to normalise earnings. All-in cost is made up of All-in sustaining cost, being the cost to sustain current operations, given as a sub-total in the All-in cost calculation, together with corporate and major capital expenditure associated with growth. All-in sustaining cost per ounce (and kilogram) and All-in cost per ounce (and kilogram) are calculated by dividing the All-in sustaining cost and All-in cost, respectively, in a period by the total 4E/2E PGM produced in the same period
| | | | | | | |
Reconciliation of AISC and AIC excluding PoC for SA PGM and Marikana - Quarters | | | | | | | |
| | SA PGM | Marikana | ||||
| R' million | Mar 2021 | Dec 2020 | Mar 2020 | Mar 2021 | Dec 2020 | Mar 2020 |
Total All-in-sustaining cost as reported per table above | | 8,199.7 | 8,329.2 | 6,519.1 | 4,461.9 | 4,261.2 | 2,946.0 |
Less: Purchase cost of PoC | | (1,246.7) | (475.8) | (439.0) | (1,246.7) | (475.8) | (439.0) |
Add: By-product credit of PoC | | 64.4 | 15.1 | 20.4 | 64.4 | 15.1 | 20.4 |
Total All-in-sustaining cost excluding PoC | | 7,017.4 | 7,868.5 | 6,100.5 | 3,279.6 | 3,800.5 | 2,527.4 |
Plus: Corporate cost, growth and capital expenditure | | 0.4 | 12.7 | 14.3 | 0.4 | 12.7 | 2.1 |
Total All-in-cost excluding PoC | | 7,017.8 | 7,881.2 | 6,114.8 | 3,280.0 | 3,813.2 | 2,529.5 |
| | | | | | | |
PGM production as reported per table above | 4Eoz | 444,609 | 490,964 | 418,072 | 193,995 | 204,121 | 171,997 |
Less: PoC production | | (19,125) | (12,439) | (7,967) | (19,125) | (12,439) | (7,967) |
Less: Mimosa production | | (29,878) | (30,845) | (28,777) | | | |
PGM production excluding PoC | | 395,606 | 447,680 | 381,328 | 174,870 | 191,682 | 164,030 |
| | | | | | | |
All-in-sustaining cost excluding PoC | R/4Eoz | 17,738 | 17,576 | 15,998 | 18,755 | 19,827 | 15,408 |
| US$/4Eoz | 1,186 | 1,126 | 1,040 | 1,254 | 1,270 | 1,002 |
| | | | | | | |
All-in-cost excluding PoC | R/4Eoz | 17,739 | 17,605 | 16,036 | 18,757 | 19,893 | 15,421 |
| US$/4Eoz | 1,186 | 1,128 | 1,043 | 1,254 | 1,274 | 1,003 |
Sibanye-Stillwater Operating update | Quarter ended 31 March 2021 10
SA gold operations
Figures are in millions unless otherwise stated
| | | | | | | | | |
| | | SA OPERATIONS | ||||||
| R' million | | Total SA gold | Driefontein | Kloof | Beatrix | Cooke | DRDGOLD | Corporate |
Cost of sales, before amortisation and depreciation1 | | Mar 2021 | 4,892.3 | 1,245.2 | 1,767.7 | 917.4 | 169.9 | 792.1 | - |
| | Dec 2020 | 5,059.9 | 1,327.6 | 1,704.0 | 1,035.2 | 161.8 | 831.3 | - |
| | Mar 2020 | 4,734.3 | 1,175.8 | 1,605.3 | 1,023.2 | 170.6 | 759.4 | - |
Royalties | | Mar 2021 | 26.5 | 30.9 | 10.5 | 5.3 | 1.2 | - | (21.4) |
| | Dec 2020 | 65.4 | 50.7 | 54.5 | 20.5 | 1.2 | - | (61.5) |
| | Mar 2020 | 23.6 | 7.1 | 9.2 | 6.2 | 1.1 | - | - |
Carbon tax | | Mar 2021 | 0.6 | - | - | 0.5 | - | 0.1 | - |
| | Dec 2020 | 0.6 | - | 0.1 | 0.4 | - | 0.1 | - |
| | Mar 2020 | 0.5 | - | 0.1 | 0.4 | - | - | - |
Community costs | | Mar 2021 | 32.6 | 11.6 | 9.7 | 11.3 | - | - | - |
| | Dec 2020 | 66.4 | 19.3 | 22.3 | 21.3 | - | 3.5 | - |
| | Mar 2020 | 23.0 | 3.9 | 8.2 | 10.9 | - | - | - |
Share-based payments2 | | Mar 2021 | 12.8 | 2.4 | 3.5 | 2.4 | - | 4.5 | - |
| | Dec 2020 | 14.4 | 3.2 | 3.8 | 2.9 | - | 4.5 | - |
| | Mar 2020 | 36.0 | - | - | - | - | 36.0 | - |
Rehabilitation interest and amortisation3 | | Mar 2021 | 52.5 | 10.7 | 4.4 | 17.1 | 13.8 | 5.4 | 1.1 |
| | Dec 2020 | 52.3 | 11.4 | 1.2 | 13.9 | 18.0 | 6.5 | 1.3 |
| | Mar 2020 | 53.8 | 12.7 | 10.0 | 14.9 | 12.1 | 2.9 | 1.2 |
Leases | | Mar 2021 | 20.3 | 2.1 | 4.2 | 7.1 | 3.1 | 3.8 | - |
| | Dec 2020 | 23.6 | 2.1 | 4.5 | 10.1 | 3.1 | 3.8 | - |
| | Mar 2020 | 19.8 | 2.0 | 4.9 | 3.6 | 4.3 | 5.0 | - |
Ore reserve development | | Mar 2021 | 603.1 | 271.6 | 208.6 | 122.9 | - | - | - |
| | Dec 2020 | 571.6 | 233.5 | 233.2 | 104.9 | - | - | - |
| | Mar 2020 | 529.3 | 204.4 | 216.3 | 108.6 | - | - | - |
Sustaining capital expenditure | | Mar 2021 | 186.2 | 40.6 | 57.9 | 9.9 | - | 77.8 | - |
| | Dec 2020 | 349.0 | 52.9 | 189.8 | 37.9 | - | 68.4 | - |
| | Mar 2020 | 215.6 | 60.9 | 81.5 | 26.2 | - | 47.0 | - |
Less: By-product credit | | Mar 2021 | (4.8) | (2.1) | (1.1) | (1.0) | (0.3) | (0.3) | - |
| | Dec 2020 | (7.5) | (2.3) | (1.3) | (1.3) | (0.4) | (2.2) | - |
| | Mar 2020 | (5.2) | (1.5) | (0.9) | (0.9) | (0.3) | (1.6) | - |
Total All-in-sustaining costs4 | | Mar 2021 | 5,822.1 | 1,613.0 | 2,065.4 | 1,092.9 | 187.7 | 883.4 | (20.3) |
| | Dec 2020 | 6,195.7 | 1,698.4 | 2,212.1 | 1,245.8 | 183.7 | 915.9 | (60.2) |
| | Mar 2020 | 5,630.7 | 1,465.3 | 1,934.6 | 1,193.1 | 187.8 | 848.7 | 1.2 |
Plus: Corporate cost, growth and capital expenditure | | Mar 2021 | 90.3 | - | 50.6 | - | - | - | 39.7 |
| | Dec 2020 | 149.7 | - | 71.3 | - | - | 13.3 | 65.1 |
| | Mar 2020 | 121.7 | - | 31.6 | 0.2 | - | 3.1 | 86.8 |
Total All-in-costs4 | | Mar 2021 | 5,912.4 | 1,613.0 | 2,116.0 | 1,092.9 | 187.7 | 883.4 | 19.4 |
| | Dec 2020 | 6,345.4 | 1,698.4 | 2,283.4 | 1,245.8 | 183.7 | 929.2 | 4.9 |
| | Mar 2020 | 5,752.4 | 1,465.3 | 1,966.2 | 1,193.3 | 187.8 | 851.8 | 88.0 |
Gold sold | kg | Mar 2021 | 7,536 | 2,204 | 2,445 | 1,239 | 285 | 1,363 | - |
| | Dec 2020 | 8,933 | 2,551 | 3,041 | 1,592 | 265 | 1,484 | - |
| | Mar 2020 | 7,590 | 1,853 | 2,381 | 1,598 | 296 | 1,462 | - |
| oz | Mar 2021 | 242,287 | 70,860 | 78,608 | 39,835 | 9,163 | 43,821 | - |
| | Dec 2020 | 287,203 | 82,017 | 97,770 | 51,184 | 8,520 | 47,712 | - |
| | Mar 2020 | 244,024 | 59,575 | 76,551 | 51,377 | 9,517 | 47,004 | - |
All-in-sustaining cost | R/kg | Mar 2021 | 772,572 | 731,851 | 844,744 | 882,082 | 658,596 | 648,129 | - |
| | Dec 2020 | 693,574 | 665,778 | 727,425 | 782,538 | 693,208 | 617,183 | - |
| | Mar 2020 | 741,858 | 790,772 | 812,516 | 746,621 | 634,459 | 580,506 | - |
| US$/oz | Mar 2021 | 1,606 | 1,522 | 1,756 | 1,834 | 1,369 | 1,348 | - |
| | Dec 2020 | 1,382 | 1,327 | 1,449 | 1,559 | 1,381 | 1,230 | - |
| | Mar 2020 | 1,500 | 1,599 | 1,643 | 1,510 | 1,283 | 1,174 | - |
All-in-cost | R/kg | Mar 2021 | 784,554 | 731,851 | 865,440 | 882,082 | 658,596 | 648,129 | - |
| | Dec 2020 | 710,332 | 665,778 | 750,871 | 782,538 | 693,208 | 626,146 | - |
| | Mar 2020 | 757,892 | 790,772 | 825,787 | 746,746 | 634,459 | 582,627 | - |
| US$/oz | Mar 2021 | 1,631 | 1,522 | 1,799 | 1,834 | 1,369 | 1,348 | - |
| | Dec 2020 | 1,415 | 1,327 | 1,496 | 1,559 | 1,381 | 1,248 | - |
| | Mar 2020 | 1,533 | 1,599 | 1,670 | 1,510 | 1,283 | 1,178 | - |
Average exchange rates for the quarters ended 31 March 2021, 31 December 2020 and 31 March 2020 R14.96/US$, R15.61/US$ and R15.38/US$, respectively
Figures may not add as they are rounded independently
| 1 | Cost of sales, before amortisation and depreciation includes all mining and processing costs, third party refining costs, corporate general and administrative costs, and permitting costs |
2Share-based payments are calculated based on the fair value at initial recognition and do not include the adjustment of the cash-settled share-based payment obligation to the reporting date fair value
3Rehabilitation include the interest charge related to the environmental rehabilitation obligation and the amortisation of the related capitalised rehabilitation costs. The interest charge related to the environmental rehabilitation obligation and the amortisation of the capitalised rehabilitation costs reflect the periodic costs of rehabilitation associated with current gold production
4All-in cost is calculated in accordance with the World Gold Council guidance. All-in cost excludes income tax, costs associated with merger and acquisition activities, working capital, impairments, financing costs, one time severance charges and items needed to normalise earnings. All-in cost is made up of All-in sustaining cost, being the cost to sustain current operations, given as a sub-total in the All-in cost calculation, together with corporate and major capital expenditure associated with growth. All-in sustaining cost per kilogram (and ounce) and All-in cost per kilogram (and ounce) are calculated by dividing the All-in sustaining cost and All-in cost, respectively, in a period by the total gold sold over the same period
Sibanye-Stillwater Operating update | Quarter ended 31 March 2021 11
ADJUSTED EBITDA RECONCILIATION - QUARTERS
| | | | | | | | | | | | | | | |
| Quarter ended Mar 2021 | Quarter ended Dec 2020 | Quarter ended Mar 2020 | ||||||||||||
Figures in million - SA rand | US PGM | SA PGM | SA Gold | Corporate | Total | US PGM | SA PGM | SA Gold | Corporate | Total | US PGM | SA PGM | SA Gold | Corporate | Total |
Profit/(loss) before royalties and tax | 2,235.0 | 15,094.0 | 644.5 | (198.1) | 17,775.4 | 2,969.0 | 10,181.8 | 485.8 | (304.7) | 13,331.9 | 1,334.7 | 7,817.0 | 2,215.8 | (181.3) | 11,186.2 |
Adjusted for: | | | | | - | | | | | - | | | | | |
Amortisation and depreciation | 582.7 | 552.3 | 679.6 | - | 1,814.6 | 699.8 | 650.0 | 798.0 | - | 2,147.8 | 497.8 | 555.2 | 764.8 | - | 1,817.8 |
Interest income | (102.1) | (44.4) | (142.5) | - | (289.0) | (100.3) | (65.1) | (168.9) | - | (334.3) | (70.1) | (53.9) | (128.4) | - | (252.4) |
Finance expense | 234.7 | 129.3 | 157.6 | 78.5 | 600.1 | 234.6 | 164.7 | 187.1 | 83.3 | 669.7 | 263.5 | 177.0 | 291.1 | 79.5 | 811.1 |
Share-based payments | 15.6 | 25.6 | 57.0 | - | 98.2 | 36.1 | 42.6 | 69.8 | - | 148.5 | 15.2 | - | 100.6 | - | 115.8 |
Loss/(gain) on financial instruments | 306.7 | 68.6 | (2.1) | - | 373.2 | - | 2,066.7 | (308.1) | - | 1,758.6 | (33.2) | 51.1 | (3,424.6) | - | (3,406.7) |
Loss/(gain) on foreign exchange differences | (0.2) | 51.5 | 55.4 | - | 106.7 | 11.7 | (1,175.0) | 408.5 | - | (754.8) | (1.5) | (618.4) | 1,425.6 | - | 805.7 |
Share of results of equity-accounted investees after tax | - | (588.2) | (64.5) | - | (652.7) | - | (697.5) | (51.2) | - | (748.7) | - | (324.8) | (98.2) | - | (423.0) |
Other non-cash cost/(income) | - | - | - | - | - | 30.2 | (424.2) | (18.0) | - | (412.0) | - | - | - | - | - |
Loss/(gain) on disposal of property, plant and equipment | 5.0 | (5.5) | (3.6) | - | (4.1) | 0.8 | (33.2) | (3.4) | - | (35.8) | - | - | (7.5) | - | (7.5) |
Impairments/(reversal of impairments) | 0.2 | - | - | - | 0.2 | (0.1) | (2.3) | (119.7) | - | (122.1) | 0.2 | - | - | - | 0.2 |
Restructuring cost | 3.0 | 9.9 | 15.0 | - | 27.9 | 7.8 | 39.4 | 59.2 | - | 106.4 | 1.8 | 270.5 | 6.9 | - | 279.2 |
IFRS 16 lease payments | (0.4) | (13.8) | (21.7) | - | (35.9) | (0.6) | (15.2) | (25.1) | - | (40.9) | (1.6) | (16.8) | (20.5) | - | (38.9) |
Loss on settlement of US$ Convertible bond | - | - | - | - | - | - | - | 1,506.7 | - | 1,506.7 | - | - | - | - | - |
Loss on Bulk Tailings re-Treatment transaction early settlement | - | - | - | - | - | - | - | - | - | - | - | 186.2 | - | - | 186.2 |
Other non-recurring costs/(income) | 12.4 | 1.0 | 1.1 | (3.0) | 11.5 | (34.5) | 4.6 | 48.5 | 39.2 | 57.8 | 51.8 | - | 0.2 | 6.1 | 58.1 |
Adjusted EBITDA | 3,292.6 | 15,280.3 | 1,375.8 | (122.6) | 19,826.1 | 3,854.5 | 10,737.3 | 2,869.2 | (182.2) | 17,278.8 | 2,058.6 | 8,043.1 | 1,125.8 | (95.7) | 11,131.8 |
Sibanye-Stillwater Operating update | Quarter ended 31 March 2021 12
Development values represent the actual results of sampling and no allowance has been made for any adjustments which may be necessary when estimating ore reserves. All figures below exclude shaft sinking metres, which are reported separately where appropriate.
| | | | | | | | | | | | | | | | |
US PGM operations | Mar 2021 quarter | Dec 2020 quarter | Mar 2020 quarter | |||||||||||||
| | | | | Stillwater West & East | East Boulder | | | | Stillwater West & East | East Boulder | | | | Stillwater West & East | East Boulder |
Stillwater | Unit | | | | | | | | | | | | | | | |
Primary development (off reef) | (m) | | | | 1,784 | 476 | | | | 1,678 | 363 | | | | 1,355 | 748 |
Secondary development | (m) | | | | 4,375 | 1,402 | | | | 3,971 | 1,497 | | | | 2,849 | 929 |
| | | | | | | | | | | | | | | | |
SA PGM operations | Mar 2021 quarter | Dec 2020 quarter | Mar 2020 quarter | |||||||||||||
| | | Batho- pele | Thembe- lani | Khuse- leka | Siphume- lele | | Batho- pele | Thembe- lani | Khuse- leka | Siphume- lele | | Batho- pele | Thembe- lani | Khuse- leka | Siphume- lele |
Rustenburg | Unit | | | | | | | | | | | | | | | |
Advanced | (m) | | 306 | 1,500 | 2,465 | 698 | | 434 | 1,655 | 3,169 | 893 | | 291 | 1,137 | 2,487 | 838 |
Advanced on reef | (m) | | 306 | 667 | 878 | 385 | | 434 | 813 | 1,096 | 534 | | 154 | 455 | 613 | 322 |
Height | (cm) | | 219 | 287 | 286 | 269 | | 223 | 280 | 283 | 266 | | 204 | 290 | 284 | 192 |
Average value | (g/t) | | 2.1 | 2.3 | 2.2 | 3.1 | | 2.4 | 2.4 | 2.3 | 3.2 | | 2.3 | 2.5 | 2.4 | 3.1 |
| (cm.g/t) | | 466 | 665 | 644 | 831 | | 535 | 680 | 649 | 842 | | 470 | 715 | 668 | 586 |
SA PGM operations | Mar 2021 quarter | Dec 2020 quarter | Mar 2020 quarter | |||||||||||||
| | K3 | Rowland | Saffy | E3 | 4B | K3 | Rowland | Saffy | E3 | 4B | K3 | Rowland | Saffy | E3 | 4B |
Marikana | Unit | | | | | | | | | | | | | | | |
Primary development | (m) | 6,459 | 5,332 | 3,982 | 896 | 1,147 | 9,468 | 6,312 | 5,163 | 1,145 | 1,597 | 7,415 | 4,618 | 4,559 | 989 | 1,483 |
Primary development - on reef | (m) | 4,929 | 4,213 | 2,835 | 552 | 776 | 7,340 | 4,909 | 3,621 | 795 | 1,101 | 5,859 | 3,629 | 3,110 | 750 | 1,062 |
Height | (cm) | 215 | 221 | 218 | 216 | 221 | 216 | 219 | 219 | 219 | 222 | 217 | 217 | 219 | 221 | 216 |
Average value | (g/t) | 3.2 | 2.5 | 2.7 | 3.0 | 2.7 | 3.0 | 2.8 | 2.7 | 3.0 | 2.6 | 3.2 | 2.7 | 2.6 | 2.5 | 2.5 |
| (cm.g/t) | 692 | 548 | 586 | 641 | 597 | 643 | 603 | 589 | 662 | 583 | 692 | 595 | 569 | 561 | 534 |
SA PGM operations | Mar 2021 quarter | Dec 2020 quarter | Mar 2020 quarter | |||||||||||||
| | Kopa- neng | Simun- ye | Bamba- nani | Kwezi | K6 | Kopa- neng | Simun- ye | Bamba- nani | Kwezi | K6 | Kopa- neng | Simun- ye | Bamba- nani | Kwezi | K6 |
Kroondal | Unit | | | | | | | | | | | | | | | |
Advanced | (m) | 504 | 110 | 460 | 437 | 455 | 421 | 480 | 655 | 601 | 352 | 602 | 172 | 627 | 348 | 519 |
Advanced on reef | (m) | 450 | - | 260 | 332 | 455 | 373 | - | 578 | 382 | 337 | 165 | 111 | 595 | 125 | 387 |
Height | (cm) | 241 | 291 | 218 | 223 | 238 | 246 | 356 | 211 | 205 | 233 | 247 | 217 | 207 | 217 | 235 |
Average value | (g/t) | 2.2 | - | 1.4 | 2.4 | 2.3 | 2.0 | - | 2.3 | 2.1 | 2.6 | 2.3 | 2.7 | 3.0 | 3.0 | 2.3 |
| (cm.g/t) | 538 | - | 309 | 525 | 540 | 496 | - | 474 | 436 | 600 | 571 | 594 | 621 | 655 | 538 |
| | | | | | | | | | | | | | | | |
SA gold operations | Mar 2021 quarter | Dec 2020 quarter | Mar 2020 quarter | |||||||||||||
| | | | Carbon | Main | VCR | | | Carbon | Main | VCR | | | Carbon | Main | VCR |
Driefontein | Unit | | | | | | | | | | | | | | | |
Advanced | (m) | | | 759 | 136 | 1,136 | | | 940 | 275 | 1,406 | | | 840 | 230 | 890 |
Advanced on reef | (m) | | | 80 | 43 | 366 | | | 262 | 127 | 273 | | | 147 | 92 | 78 |
Channel width | (cm) | | | 18 | 72 | 97 | | | 50 | 57 | 77 | | | 95 | 53 | 106 |
Average value | (g/t) | | | 18.4 | 9.9 | 43.2 | | | 19.8 | 10.0 | 45.8 | | | 10.3 | 11.2 | 10.6 |
| (cm.g/t) | | | 324 | 709 | 4,202 | | | 992 | 567 | 3,507 | | | 975 | 590 | 1,119 |
| | | | | | | | | | | | | | | | |
SA gold operations | Mar 2021 quarter | Dec 2020 quarter | Mar 2020 quarter | |||||||||||||
| | | Kloof | Main | Libanon | VCR | | Kloof | Main | Libanon | VCR | | Kloof | Main | Libanon | VCR |
Kloof | Unit | | | | | | | | | | | | | | | |
Advanced | (m) | | 1,197 | 430 | | 1,241 | | 1,389 | 546 | | 1,429 | | 1,184 | 476 | 67 | 1,450 |
Advanced on reef | (m) | | 245 | 142 | | 165 | | 349 | 186 | | 164 | | 209 | 56 | 47 | 227 |
Channel width | (cm) | | 167 | 61 | | 106 | | 152 | 96 | | 102 | | 109 | 116 | 178 | 95 |
Average value | (g/t) | | 8.3 | 15.7 | | 16.6 | | 7.2 | 11.6 | | 17.6 | | 7.0 | 10.9 | 6.1 | 8.6 |
| (cm.g/t) | | 1,393 | 959 | | 1,761 | | 1,097 | 1,112 | | 1,785 | | 763 | 1,271 | 1,089 | 814 |
| | | | | | | | | | | | | | | | |
SA gold operations | Mar 2021 quarter | Dec 2020 quarter | Mar 2020 quarter | |||||||||||||
| | | | | Beatrix | Kalkoen-krans | | | | Beatrix | Kalkoen-krans | | | | Beatrix | Kalkoen-krans |
Beatrix | Unit | | | | | | | | | | | | | | | |
Advanced | (m) | | | | 2,799 | 105 | | | | 2,708 | 154 | | | | 3,150 | 159 |
Advanced on reef | (m) | | | | 597 | 35 | | | | 914 | 94 | | | | 1,040 | 70 |
Channel width | (cm) | | | | 134 | 160 | | | | 145 | 180 | | | | 169 | 137 |
Average value | (g/t) | | | | 7.4 | 5.9 | | | | 9.8 | 7.5 | | | | 9.9 | 17.2 |
| (cm.g/t) | | | | 993 | 947 | | | | 1,429 | 1,348 | | | | 1,681 | 2,362 |
Sibanye-Stillwater Operating update | Quarter ended 31 March 2021 13
ADMINISTRATION AND CORPORATE INFORMATION
| 1 (Chairman) 1 1 1 1 1 1 1 1 Independent non-executive | |
(SIBANYE-STILLWATER) Incorporated in the Republic of South Africa Registration number 2014/243852/06 Share code: SSW and SBSW Issuer code: SSW ISIN: ZAE000259701 LISTINGS JSE: SSW NYSE: SBSW WEBSITE
REGISTERED AND CORPORATE OFFICE Constantia Office Park Bridgeview House, Building 11,Ground floor Cnr 14th Avenue & Hendrik Potgieter Road Weltevreden Park 1709 South Africa Private Bag X5 Westonaria 1780 South Africa Tel: +27 11 278 9600 Fax: +27 11 278 9863 COMPANY SECRETARY Lerato Matlosa Tel: +27 10 493 6921 Email: lerato.matlosa@sibanyestillwater.com DIRECTORS Dr Vincent Maphai* (Chairman) Neal Froneman (CEO) Charl Keyter (CFO) Timothy Cumming* Savannah Danson* Dr Elaine Dorward-King* Harry Kenyon-Slaney* Richard Menell*^ Nkosemntu Nika* Keith Rayner* Susan van der Merwe* Jeremiah Vilakazi* Sindiswa Zilwa*# * Independent non-executive ^ Lead independent director # Appointed 1 January 2021 | INVESTOR ENQUIRIES James Wellsted Senior Vice President: Investor Relations Cell: +27 83 453 4014 Tel: +27 10 493 6923 Email: james.wellsted@sibanyestillwater.com or ir@sibanyestillwater.com JSE SPONSOR JP Morgan Equities South Africa Proprietary Limited Registration number 1995/011815/07 1 Fricker Road Illovo Johannesburg 2196 South Africa Private Bag X9936 Sandton 2146 South Africa AUDITORS Ernst & Young Inc. (EY) 102 Rivonia Road Sandton 2196 South Africa Private Bag X14 Sandton 2146 South Africa Tel: +27 11 772 3000 AMERICAN DEPOSITARY RECEIPTS TRANSFER AGENT BNY Mellon Shareowner Services PO Box 358516 Pittsburgh PA 15252-8516 US toll free: +1 888 269 2377 Tel: +1 201 680 6825 Email: shrrelations@bnymellon.com Tatyana Vesselovskaya Relationship Manager BNY Mellon Depositary Receipts Direct line: +1 212 815 2867 Mobile: +1 203 609 5159 Fax: +1 212 571 3050 Email: tatyana.vesselovskaya@bnymellon.com | TRANSFER SECRETARIES SOUTH AFRICA Computershare Investor Services Proprietary Limited Rosebank Towers 15 Biermann Avenue Rosebank 2196 PO Box 61051 Marshalltown 2107 South Africa Tel: +27 11 370 5000 Fax: +27 11 688 5248 |
www.sibanyestillwater.com
Sibanye-Stillwater Operating update | Quarter ended 31 March 2021 14
FORWARD-LOOKING STATEMENTS
The information in this report may contain forward-looking statements within the meaning of the “safe harbour” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements, including, among others, those relating to Sibanye Stillwater Limited’s (“Sibanye-Stillwater” or the “Group”) financial positions, business strategies, plans and objectives of management for future operations, are necessarily estimates reflecting the best judgment of the senior management and directors of Sibanye-Stillwater and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. As a consequence, these forward-looking statements should be considered in light of various important factors, including those set forth in this report.
All statements other than statements of historical facts included in this report may be forward-looking statements. Forward-looking statements also often use words such as “will”, “forecast”, “potential”, “estimate”, “expect”, “plan”, “anticipate” and words of similar meaning. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances and should be considered in light of various important factors, including those set forth in this disclaimer. Readers are cautioned not to place undue reliance on such statements.
The important factors that could cause Sibanye-Stillwater’s actual results, performance or achievements to differ materially from estimates or projections contained in the forward-looking statements include, without limitation, Sibanye-Stillwater’s future financial position, plans, strategies, objectives, capital expenditures, projected costs and anticipated cost savings, financing plans, debt position and ability to reduce debt leverage; economic, business, political and social conditions in South Africa, Zimbabwe, the United States and elsewhere; plans and objectives of management for future operations; Sibanye-Stillwater’s ability to obtain the benefits of any streaming arrangements or pipeline financing; the ability of Sibanye-Stillwater to comply with loan and other covenants and restrictions and difficulties in obtaining additional financing or refinancing; Sibanye-Stillwater’s ability to service its bond instruments; changes in assumptions underlying Sibanye-Stillwater’s estimation of its current mineral reserves; any failure of a tailings storage facility; the ability to achieve anticipated efficiencies and other cost savings in connection with, and the ability to successfully integrate, past, ongoing and future acquisitions, as well as at existing operations; the ability of Sibanye-Stillwater to complete any ongoing or future acquisitions; the success of Sibanye-Stillwater’s business strategy and exploration and development activities; the ability of Sibanye-Stillwater to comply with requirements that it operate in ways that provide progressive benefits to affected communities; changes in the market price of gold and PGMs; the occurrence of hazards associated with underground and surface mining; any further downgrade of South Africa’s credit rating; a challenge regarding the title to any of Sibanye-Stillwater’s properties by claimants to land under restitution and other legislation; Sibanye-Stillwater’s ability to implement its strategy and any changes thereto; the occurrence of labour disruptions and industrial actions; the availability, terms and deployment of capital or credit; changes in the imposition of regulatory costs and relevant government regulations, particularly environmental, tax, health and safety regulations and new legislation affecting water, mining, mineral rights and business ownership, including any interpretation thereof which may be subject to dispute; the outcome and consequence of any potential or pending litigation or regulatory proceedings or environmental, health or safety issues; the concentration of all final refining activity and a large portion of Sibanye-Stillwater’s PGM sales from mine production in the United States with one entity; the identification of a material weakness in disclosure and internal controls over financial reporting; the effect of US tax reform legislation on Sibanye-Stillwater and its subsidiaries; the effect of South African Exchange Control Regulations on Sibanye-Stillwater’s financial flexibility; operating in new geographies and regulatory environments where Sibanye-Stillwater has no previous experience; power disruptions, constraints and cost increases; supply chain shortages and increases in the price of production inputs; the regional concentration of Sibanye-Stillwater’s operations; fluctuations in exchange rates, currency devaluations, inflation and other macro-economic monetary policies; the occurrence of temporary stoppages of mines for safety incidents and unplanned maintenance; Sibanye-Stillwater’s ability to hire and retain senior management or sufficient technically skilled employees, as well as its ability to achieve sufficient representation of historically disadvantaged South Africans in its management positions; failure of Sibanye-Stillwater’s information technology and communications systems; the adequacy of Sibanye-Stillwater’s insurance coverage; social unrest, sickness or natural or man-made disaster at informal settlements in the vicinity of some of Sibanye-Stillwater’s South African-based operations; and the impact of HIV, tuberculosis and the spread of other contagious diseases, such as the coronavirus disease (COVID-19). Further details of potential risks and uncertainties affecting Sibanye-Stillwater are described in Sibanye-Stillwater’s filings with the Johannesburg Stock Exchange and the United States Securities and Exchange Commission, including the Integrated Annual Report 2020 and the Annual Report on Form 20-F for the fiscal year ended 31 December 2020.
These forward-looking statements speak only as of the date of the content. Sibanye-Stillwater expressly disclaims any obligation or undertaking to update or revise any forward-looking statement (except to the extent legally required). These forward-looking statements have not been reviewed or reported on by the Group’s external auditors.
Sibanye-Stillwater Operating update | Quarter ended 31 March 2021 15