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Sibanye Stillwater: Operating Update Quarter Ended 30 September 2020

ID: 1561874
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(businesspress24) -
Johannesburg, 29 October 2020: Sibanye Stillwater Limited (Sibanye-Stillwater or the Group) (JSE: SSW & NYSE: SBSW - https://www.commodity-tv.com/ondemand/companies/profil/sibanye-stillwater-ltd/ ) is pleased to provide an operating update for the quarter ended 30 September 2020. Financial results are only provided on a six-monthly basis.


SALIENT FEATURES FOR THE QUARTER ENDED 30 SEPTEMBER 2020

- Record quarterly adjusted EBITDA3 of R15,592 million (US$922 million)
- Production build-up at SA operations post lockdown restrictions delivered ahead of schedule
- Leverage 40% lower compared to H1 2020 with net debt: adjusted EBITDA reducing to 0.33x at end Q3 2020
- Net debt reduced by further R11,164 million (US$666 million) following conversion of convertible bond during October 2020
- Another solid performance from the SA PGM Operations


US dollar SA rand
Quarter ended Quarter ended
Sep Jun Sep KEY STATISTICS Sep Jun Sep
2019 2020 2020 2020 2020 2019

UNITED STATES (US)
OPERATIONS

PGM operations1,2
147, 156, 147,oz 2E PGM production2 kg 4,59 4,85 4,58
353 155 835 8 7 3

202, 175, 202,oz PGM recycling1 kg 6,30 5,46 6,28
141 674 661 3 4 7

1,38 1,73 1,89US$/2Average basket price R/2Eo 32,0 31,1 20,3
8 3 8 Eoz z 95 16 62

123. 219. 190.US$m Adjusted EBITDA3 Rm 3,22 3,94 1,81
4 7 8 6.7 3.5 0.0

27 24 34 % Adjusted EBITDA margin3% 34 24 27
791 838 875 US$/2All-in sustaining cost4R/2Eo 14,8 15,0 11,6


Eoz z 03 38 03

SOUTHERN AFRICA (SA)
OPERATIONS

PGM operations2
518, 239, 427,oz 4E PGM production2 kg 13,3 7,45 16,1
623 756 715 03 7 31

1,38 1,72 2,17US$/4Average basket price R/4Eo 36,8 30,9 20,3
5 4 9 Eoz z 40 42 16

199. 56.1 549.US$m Adjusted EBITDA3 Rm 9,28 1,00 2,93
7 2 7.1 7.0 0.3

25 18 58 % Adjusted EBITDA margin3% 58 18 25
1,10 1,33 1,00US$/4All-in sustaining cost4R/4Eo 16,9 24,0 16,1
4 8 4 Eoz z 85 11 90

Gold operations
287, 165, 288,oz Gold production kg 8,98 5,14 8,93
330 544 938 7 9 7

1,45 1,68 1,84US$/oAverage gold price R/kg 1,00 972, 684,
1 5 5 z 2,945396 172

57.4 31.0 190.US$m Adjusted EBITDA3 Rm 3,21 557. 842.
3 8.2 1 6

14 12 37 % Adjusted EBITDA margin3% 37 12 14
1,38 1,54 1,31US$/oAll-in sustaining cost4R/kg 715, 890, 653,
6 3 6 z 345 444 666

GROUP
377.299.8 922.US$m Adjusted EBITDA3 Rm 15,5 5,38 5,53
4 1 92.1 2.3 6.1

14.6 17.9 16.9R/US$Average exchange rate
7 5 1 using daily closing
rates

1 The 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 facility agreements for compliance with the debt covenant formula. 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
4 See salient features and cost benchmarks - quarters for the definition of All-in sustaining cost


Stock data for the quarter JSE Limited - (SSW)
ended 30 September
2020

Number of shares in Price range per R36.75 to
issue ordinary share R57.59
1 (high/low)

- at 30 September 2020 2,924,5Average daily volume19,276,266
60,172

- weighted average 2,676,0NYSE - (SBSW); one ADR represents
24,386 four ordinary
shares

Free Float 99% Price range per ADR US$8.64 to
(high/low) US$13.44

Bloomberg/Reuters SSW Average daily volume3,390,990
SJ/SSWJ
.J
1 The number of shares in issue at 30 September 2020 includes 248 430 319 shares block listed which were issued post the September 2020 quarter pursuant to the convertible bond conversions


OVERVIEW FOR THE QUARTER ENDED 30 SEPTEMBER 2020 COMPARED TO QUARTER ENDED 30 SEPTEMBER 2019

The operational recovery from the severe lockdown in SA in response to the COVID-19 pandemic has progressed well. The proactive and decisive response by the Group to address the COVID-19 challenges, while ensuring the integrity of the operating environment and the safety of all our employees has been pleasing. Comprehensive health and safety protocols, which were developed and implemented early on, have proven to be effective. In the interests of employee safety and operational continuity a more measured and phased production build up was deemed appropriate, particularly as employees from neighbouring countries and other provinces in South Africa were recalled.

The build-up to normalised production levels at the SA operations has progressed better than planned and the manner in which employees have been reintegrated into the operations without a notable increase in infection rates or operational disruptions, validates the more gradual recall and production build-up strategy.

By the end of Q3 2020, the SA gold operations had recalled approximately 92% of the workforce and achieved a production run rate of approximately 99% of planned levels, with the SA PGM operation having recalled approximately 88% of the workforce with a production run rate of 93% of planned levels achieved. By mid-October 2020, both the SA gold and PGM operations were operating at close to planned production rates with the employee complement close to pre-COVID-19 levels.

While the US PGM operations have continued to operate throughout the year, COVID-19 protocols, particularly compliance with social distancing requirements, has had an ongoing negative impact on productivity. The social distancing impact is most prevalent on transport to and from work, with employees living throughout the state of Montana and travelling longer distances to work than in SA. Restricted access to the operations has also affected shift arrangements and blasting schedules, resulting in a negative 8% impact on productivity.

COVID-19 infection rates at the SA operations, have declined significantly after peaking in July 2020 and while there has been a slight increase in infections in recent weeks, we do not anticipate a significant rise in cases or significant risk of the operations being closed. There has been a sharp spike in infections in the US and the state of Montana, and there has been a corresponding increase in positive cases at the US PGM operations. Again, we believe that our protocols are effective to manage the situation and ensure the safety of employees as well as the integrity of the operations insofar as practicable.

Elevated precious metal prices for Q3 2020, together with the 15% depreciation of the rand against the dollar during 2020 year-to-date, has ensured record prices for the basket of metals produced in SA and close to record levels in the US. Despite still being impacted by COVID-19 constraints during Q3 2020, the consistent operational performance coupled with high commodity prices, underpinned an exceptional financial result for the Group for Q3 2020.

Group adjusted EBITDA for Q3 2020 increased by 182% (or R10,056 million/US$545 million) to R15,592 million (US$922 million), compared with the same period in 2019. This represents another record quarterly financial result, surpassing the full-year Group adjusted EBITDA of R14,956 million (US$1,034 million) for 2019. This outstanding result reflects the significant value accretive PGM acquisition strategy embarked on from 2016.

Strong cash flow generation drove a further reduction in net debt during the period, despite the payment of the R1.4 billion H1 2020 dividend. Net debt: adjusted EBITDA (ND: adjusted EBITDA) at the end of Q3 2020, decreased by 40% to 0.33x from 0.55x at the end of June 2020. Subsequent to quarter end, the soft call option on the Convertible Bond (CB) was exercised and the CB was fully redeemed by 19 October 2020. On a proforma basis there is thus a further reduction in net debt of R11,164 million (US$666 million), resulting in ND: adjusted EBITDA declining on a proforma basis to 0.05x* at 30 September 2020.

Available funding increased by 19% from R23,799 million (US$1,372 million) at 30 June 2020 to R28,202 million (US$1,683 million) at 30 September 2020, comprising cash on hand of R15,151 million (US$904 million) (30 June 2020: R12,041 million (US$694 million)), committed undrawn facilities of R11,869 million (US$708 million) (30 June 2020: R9,000 million (US$519 million)), and available uncommitted overnight facilities of R1,182 million (US$71 million) (30 June 2020: R2,758 million (US$159 million)).

The strategic deleveraging which has been a primary focus since 2017 is now complete. At current commodity prices and the prevailing exchange rate, and with the SA operations having attained normalised production run rates, the Group is likely to continue generating significant cash flow. Following the resumption of the dividend in August 2020, the Group is well positioned to deliver superior total returns to shareholders. We will continue to maintain a disciplined approach to capital allocation, with the primary focus on securing the future of the company and delivering on our vision of superior value creation for all our stakeholders by prioritising dividends, share buy backs when appropriate, and smart, value accretive growth.

* Certain information presented in this quarterly update constitutes pro forma financial information. 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 Companys 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 safe production performance for Q3 2020 was mixed, with another good quarterly safety performance from the SA PGM operations, offset by a decline in the safety performance of the SA gold operations.

The SA PGM operations delivered another fatality free quarter (mirroring the zero fatalities for Q2 2020), relative to two fatalities experienced in Q3 2019. On 13 October 2020, the SA PGM operations achieved a milestone of four million fatality free shifts with the last fatality recorded at Siphumelele shaft in March 2020.

Regrettably, after over 13 million shifts and almost two years without any fatal incidents, the SA gold operations suffered two fatalities during Q3 2020. On 8 August 2020, Mr Mfuneka Manikela, a contractor employee at Kloof Thuthukani shaft, was struck by ore flowing down the raise towards the tip while he was travelling in a centre gully to collect equipment. Mr Manikela was 36 years old and is survived by his wife. On 13 August 2020 Mr Bonginkosi Hlophe, a learner miner at Driefontein Hlanganani shaft, was struck by a gravity fall of ground while travelling above the strike gully. Mr Hlope was 38 years old and is survived by his fiancée and three dependents. Our heartfelt condolences go out to the family, friends and colleagues of Mr Manikela and Mr Hlophe. Both incidents are being investigated together with the relevant stakeholders and appropriate support has been provided to both families.

Despite these fatalities we believe that our safety strategy remains appropriate and we will continue to work towards our goal of zero harm. An improvement in serious injury frequency rate (SIFR), lost day injury frequency rate (LDIFR) and the total injury frequency rates of 12%, 20% and 23% respectively was achieved for the quarter, compared to the same period in 2019 for the SA gold operations. The focus on proactively managing leading indicators, in line with our Safe Production Strategy, will remain key in achieving ongoing continual improvement.

The US PGM reported a total reportable injury frequency rate (TRIFR) of 13 per million hours for Q3 2020, compared to 8.5 per million hours for Q3 2019. The majority of incidents were due to slips, trips and falls, which primarily resulted in minor lacerations.

OPERATING REVIEW

US PGM operations

Compliance with COVID-19 protocols continued to affect productivity at the US PGM operations. Logistical constraints (transport of employees) and the need to stagger shift arrangements and blast cycles to accommodate social distancing has resulted in productivity declines of approximately 8% versus pre-COVID-19 levels. For 2020 this is equivalent to a loss of approximately 20,000 2Eoz of mined production. Mined 2E PGM production for Q3 2020 of 147,835 2Eoz was in line with the comparable period in 2019. Production from the Stillwater mine (including Stillwater West and Stillwater East) of 91,940 2Eoz for Q3 2020, was 1% lower than for the comparable period in 2019. The East Boulder mine (EB) produced 55,895 2Eoz, 3% higher than for Q3 2019. Mined tonnes milled for Q3 2020 increased to 370,201 tonnes, 7% higher than for Q3 2019. Plant head grade was 13.6 g/t in Q3 2020, 6% lower than for Q3 2019. Head-grade challenges were largely attributed to lower than expected availability of higher grade stopes. Remedial action has been taken, and a recovery in grade is anticipated for Q4 2020. PGM sales for Q3 2020 of 143,716 2Eoz were 3% higher than for Q3 2019, largely due to the timing of production deliveries in Q3 2020.

All-in sustaining cost (AISC) of US$875/2Eoz for Q3 2020 was 11% higher than for Q3 2019, due to lower than planned 2E PGM production from the Stillwater mine complex and higher royalties and insurance. The average 2E PGM basket price for Q3 2020, was approximately 96% higher than the average basket price used for planning, with a consequential increase in royalties and insurance accounting for approximately US$51/2Eoz (6%) of the increase in AISC year-on-year.

The recycling operation fed an average of 25tpd of spent catalyst for Q3 2020. Recycling inventory normalised at approximately 200 tonnes following the accelerated processing of inventory in Q2 2020, although has increased subsequent to quarter end due to planned maintenance at the smelter early in Q4 2020. Ongoing COVID-19 related logistical and liquidity constraints constraining the global recycling industry, continued to affect recycle receipts during Q3 2020 although recycle receipts have begun normalising and are trending back to pre-COVID-19 levels. It should be noted that recycle receipts are region specific, with COVID-19 continuing to constrain global supply from some regions.

The 2E PGM basket price for Q3 2020 averaged US$1,898/2Eoz, 37% higher than for Q3 2019, driving the mined adjusted EBITDA margin to 62% from 57% in Q3 2019. Adjusted EBITDA for the US PGM operations increased by 55% year-on-year to US$191 million (R3,227 million), with the recycling operation contributing US$10 million (R170 million). After accounting for recycling, the blended adjusted EBITDA margin for the US PGM operations increased from 27% in Q3 2019 to 34% in Q3 2020.

Total capital expenditure for Q3 2020 amounted to US$69 million and was mainly spent on the Blitz and Fill the mill (FTM) growth projects (54% or US$37 million).

The Blitz project has been reviewed following the suspension of growth capital activities due to COVID-19 during Q1 and Q2 2020, which, as signalled in our H1 2020 results, further delayed the project schedule. The project review has indicated a delay of up to two years, with production from Blitz now expected to reach a steady state run rate of approximately 300,000 2Eoz per annum by 2024. Further detail on the project will be provided in Q1 2021, following the completion of the annual production planning cycle.The FTM project is on schedule and on budget, building up to an annualised production run rate of approximately 40,000 2Eoz per annum from December 2020. This project yields an estimated net present value of over US$460m at spot 2E PGM prices.

SA PGM operations

Despite ongoing COVID-19 related constraints at the SA PGM operations during Q3 2020, the ongoing production build-up was well managed, with costs kept under control. Primarily due to the progressive production build up during the quarter, 4E PGM production of 427,715 4Eoz for Q3 2020 was 18% lower than for the comparable period in 2019.

Costs were well managed with AISC increasing by only 5% year-on-year to R16,985/4Eoz (US$1,004/4Eoz), despite lower production and above inflation electricity tariffs and wage adjustments. Higher state royalty tax arising from the increase in revenue and profitability were partly offset by financial benefits accruing to the Marikana smelting and refining operations from the processing of Purchase of Concentrate (PoC) from Rustenburg, Kroondal and Platinum Mile following the declaration of Force Majeure (FM) by Anglo American Platinum (Anglo Platinum) during March 2020 after breakdowns at its converter plants (ACP).

The average 4E PGM basket price of R36,840/4Eoz (US$2,179/4Eoz) for Q3 2020 was 81% higher than for Q3 2019. This was primarily driven by significant price gains in rhodium (166%) and palladium (41%) period-on-period and a 15% weaker rand exchange rate. Rhodium and palladium respectively contributed approximately 42% and 30% of the spot 4E PGM basket revenue for Q3 2020, despite comprising just 8% and 30% of the 4E prill split. The record average 4E basket price combined with the steady increase in production post the COVID-19 lockdown, enabled a 217% increase in adjusted EBITDA for the SA PGM operations to R9,287 million (US$549 million) for Q3 2020, with the adjusted EBITDA margin more than doubling from 25% for Q3 2019 to 58% for Q3 2020.

Notably, the R9,287 million adjusted EBITDA generated during this quarter accounts for 72% of the R12.8 billion aggregated initial acquisition cost of Kroondal, Rustenburg and Marikana. Considering the higher prevailing average PGM basket price in Q4 2020 to date, combined with the return to normalised production rates during October, the outlook for Q4 2020 is extremely positive.

PGM production of 154,904 4Eoz from the Rustenburg operation was 14% lower than for Q3 2019. Underground production was 17% lower due to the ongoing build-up of production post the COVID-19 lockdown. This was partly offset by an 18% increase in production from the surface operations, which were less affected by COVID-19 related restrictions. AISC for the Rustenburg operation increased by 19% year-on-year to R18,864/4Eoz (US$1,116/4Eoz), primarily due to lower production, compounded by above inflation increases in wages and electricity tariffs, with higher royalty tax adding approximately R1,624/4Eoz (US$96/4Eoz). At normalised production levels and adjusting for the higher royalty tax, AISC would have been R14,813/4Eoz (US$876/4Eoz), well within SA inflation. The combined AISC margin for the Rustenburg operation increased from 31% for Q3 2019 to 59% for Q3 2020.

The Kroondal operation delivered another solid operational performance despite COVID-19 constraints. Despite being a primarily mechanised operation, a relatively higher proportion of Kroondals labour complement comes from neighbouring countries and other SA provinces which, due to COVID-19 travel restrictions on travel, resulted in a more delayed recall of employees, compounded by the need to quarantine or isolate returning employees. As a result, 4E PGM production of 53,299oz was 21% lower for Q3 2020 than for Q3 2019. Absolute costs were well managed, with above inflationary electricity tariff and wage increases being absorbed, but due to the lower production volumes, AISC increased by 18% to R12,805/4Eoz (US$757/4Eoz) year-on-year, considerably less than the 93% year-on-year increase in the average PGM basket price.

PGM production from the Marikana operation for Q3 2020 of 177,717 4Eoz was 26% lower than for Q3 2019. The production decline was again primarily due to the gradual production build, with the buildup at the conventional Marikana shafts slower than at the more mechanised Rustenburg operation. The Marikana operation also employs a higher proportion of foreign nationals and employees from other provinces than the Rustenburg operations, which further delayed the production build up. Restructuring of the Marikana operations and closure of three Generation 1 shafts, which produced 10,537 4Eoz for Q3 2019, also contributed to the decline in production year-on-year. AISC of R16,779/4Eoz (US$992/4Eoz) was 7% lower than R17,955/4Eoz (US$1,224/4Eoz) for Q3 2019 despite significantly lower production. This partly reflects the ongoing realisation of cost synergies from the integration of the Marikana operation into the SA PGM operations, as well as one-off benefits from processing of PoC from Rustenburg, Kroondal and Platinum Mile (due to the Anglo Platinum ACP FM) at the Marikana smelting and refining operations.

Revenue from chrome sales amounted to R309 million for Q3 2020, 6% lower than revenue of R330 million for Q3 2019 due to lower volumes produced and lower prices year-on-year. Chrome sales of 429kt for Q3 2020, compared with 591kt for Q3 2019 with the average chrome price for Q3 2020 of US$138/t, 6% lower than the Q3 2019 average price of US$147/tonne.

Mimosa was largely unaffected by COVID-19 and continued to perform steadily. Attributable 4E PGM production of 31,572 4Eoz was 23% higher than for Q3 2019.

SA gold operations

The post lockdown production build up at the SA Gold operations progressed smoothly and ahead of plan. Gold production of 8,987kg (288,938oz) for Q3 2020 was flat year-on-year, with production building up during both Q3 2020 and Q3 2019 following significant operational disruptions in prior periods. During H1 2020 operations were suspended due to COVID-19 and during H1 2019, the production was significantly affected by the five-month AMCU strike. AISC of R715,345/kg (US$1,316/oz) remained elevated due to lower production, above inflation electricity tariff and wage increases.

Gold production (excluding DRDGOLD) of 7,473kg (240,262oz) was similar to the comparable period in 2019, with AISC of R746,127/kg (US$1,372/oz), 9% higher than for Q3 2019.

The average gold price for Q3 2020 of US$1,845/oz was 27% higher than for the comparable period in 2019, which together with the 15% depreciation of the average rand: dollar exchange rate year-on-year boosted the average rand gold price received for Q3 2020 by 47% to a record level of R1,002,945/kg. The inherent leverage of the SA gold operations to the rand gold price was clearly evident with the adjusted EBITDA margin for the SA Gold operations expanding to 37% compared with 14% for Q3 2019 and adjusted EBITDA increasing 282% to R3,218 million (US$190 million) for Q3 2020.

Underground production from the Driefontein operation of 2,424kg (77,933oz) increased by 17% due to a 14% increase in the average yield to 6.26g/t compared with 5.51g/t for the comparable period in 2019. The higher average yield during the period was a planned consequence of the phased recall of employees since May 2020, with returning crews initially directed to high grade areas, in order to build production and revenue as fast as possible. Underground yields have naturally normalised as the employee complement has increased. AISC declined by 5% to R741,525/kg (US$1,364/oz).

Underground production from the Kloof operation increased by 11% to 2,881kg (92,626oz) compared to Q3 2019, due to a 14% increase in the underground yield for the same reason outlined above. The Kloof surface operation was less impacted by COVID-19 constraints and spare capacity at the underground plants was utilised to accelerate surface throughput in order to offset lower throughput from underground. Surface production for Q3 2020 increased by 23% compared with Q3 2019, to 457kg (14,693oz). Considering the additional cost associated with COVID-19, costs were well controlled, with AISC for Q3 2020 of R718,630/kg (US$1,322/oz) being similar to Q3 2019. As mentioned above total AISC for Kloof is14% higher than the total AISC for the comparative period as a result of higher sales in the current quarter compared to the same period in 2019 (higher GIP and gold on hand in Q3 2019 compared to Q3 2020).

In contrast to the Driefontein and Kloof operations, underground gold production from the Beatrix operation of 1,319kg (42,407oz) declined by 36% compared with Q3 2019. Beatrix employs a higher proportion of foreign nationals than Kloof and Driefontein, with lower crew availability delaying the production build up. Gold production from surface sources increased by 56% to 64kg (2,058oz) due to utilisation of spare plant capacity. AISC for Q3 2020 of R847,561/kg (US$1,559/oz) was 53% higher than for the comparable period in 2019 due to the high fixed cost nature of the operations offset by the lower wage costs of employees not recalled, with lower production in the period.

OUTLOOK

Mined 2E PGM production from the US PGM operations for 2020 is forecast at between 620,000 2Eoz and 650,000 2Eoz, although due to ongoing COVID-19 constraints, is likely to be at the lower end of guidance. AISC is forecast to be between US$830/2Eoz and US$860/2Eoz, after accounting for the price driven royalties and taxes detailed previously. Capital expenditure is forecast to be between US$250 million to US$270 million, with the majority of this spend project in nature.

4E PGM production for 2020 from the SA PGM operations is forecast at between 1.35 million 4Eoz and 1.45 million 4Eoz with AISC between R19,700/4Eoz and R21,000/4Eoz (US$1,159/4Eoz and US$1,235/4Eoz). Given the smooth recovery in production, the upper end of production guidance and lower end of AISC guidance are very achievable. Capital expenditure is forecast at approximately R2,000 million (US$117 million).

Gold production from the managed SA gold operations (excluding DRDGOLD) for 2020 is forecast to be at the upper end of the production guidance of between 23,500kg and 24,500kg (756,000oz and 812,000oz) and as a result AISC is anticipated to be at the lower end of the cost guidance of between R805,000/kg and R840,000/kg (US$1,473/oz and US$1491/oz). Capital expenditure is expected to be marginally lower than the guidance of R2,850 million (US$168 million).

The 2020 dollar guidance is based on an average exchange rate of R17.00/US$.

NEAL FRONEMAN
CHIEF EXECUTIVE OFFICER

SALIENT FEATURES AND COST BENCHMARKS - QUARTERS
US and SA PGM operations

US SA OPERATIONS
OPE
RATI
ONS

TotTotaTotal SA RustenMarikaKrooPlaMimo
al l PGM burg na ndalt sa
SA US Mi2
an PGM le
d
USStil
PGlwat
M er
op
era
tio
ns

Attributable UndeTotUndeSurUndSurUndSurAttrSurAttr
r - al r- facer-facer-facibutfacibut
gro e e e ablee able
und grou gro gro
1 nd und und

Production
Tonnes 000''t Sep 9, 371 9, 4,2 4, 1, 1, 1, 97 795 2, 362
milled/tr 20570 19929 9705464465266 548
eated 20

Jun 6, 380 5, 2,2 3, 69 1, 80 72 449 1, 356
20035 65598 3572 1021 5 530
20

Sep 9, 345 9, 5,4 4, 1, 1, 2, 92 1,0 2, 295
20936 59102 1898481612275 32 103
19

Plant g/t Sep 2. 13. 1. 3.3 0. 3. 0. 3. 0. 2.4 0. 3.6
head 2042 62 96 1 82 25 98 72 87 9 71 0
grade 20

Jun 2. 14. 1. 3.1 0. 3. 1. 3. 0. 2.4 0. 3.5
2064 09 87 9 97 12 07 49 85 2 95 9
20

Sep 2. 14. 2. 3.3 0. 3. 1. 3. 0. 2.4 0. 3.5
2071 54 28 4 92 47 24 60 90 6 75 9
19

Plant % Sep 77 91. 73 84. 36 86 34 85 41 83. 17 75.
recoverie 20.3002 .6740 .82.14.59.26.9875 .5835
s 20

Jun 77 89. 70 82. 43 82 32 85 37 82. 14 76.
20.2957 .5648 .71.43.69.01.1795 .8785
20

Sep 76 91. 73 83. 29 81 29 85 24 82. 8. 75.
20.9310 .7704 .79.04.01.91.5091 22 37
19

Yield g/t Sep 1. 12. 1. 2.7 0. 2. 0. 3. 0. 2.0 0. 2.7
2087 40 44 9 30 80 34 17 37 9 12 1
20

Jun 2. 12. 1. 2.6 0. 2. 0. 2. 0. 2.0 0. 2.7
2004 62 32 3 42 57 35 97 32 1 14 6
20

Sep 2. 13. 1. 2.7 0. 2. 0. 3. 0. 2.0 0. 2.7
2008 25 68 7 27 81 36 09 22 4 06 1
19

PGM 4Eoz - Sep 57 147 42 379 48 13 15 15 22 53, 10 31,
productio 2Eoz 205,5,8357,7,478,239,1,765,4,25299 ,22572
n 20 50 15 7 44 0 63 4 3
3,8
Jun 39 156 23 194 45 57 12 76 26 28, 6, 31,
205,9,1559,7,100,65,22,39,32,31977 949576
20 11 56 6 1 3 6 4

Sep 66 147 51 481 36 16 13 22 19 67, 4, 25,
205,9,3538,6,715,906,8,381,6,37600 146598
19 76 23 8 82 7 35 5

PGM sold 4Eoz - Sep 51 143 36 349 17 11 6,149,14 53, 10 31,
2Eoz 200,1,7166,4,285,195,69709 299 ,22175
20 94 78 3 62 3

Jun 43 191 24 229 16 79 9,108,03 28, 6, 12,
208,0,9036,1,480,66,517186 977 949953
20 50 47 7 4

Sep 68 140 54 529 15 15 10279,36 67, 4, 25,
204,7,2014,5,538,036,9,886 600 146598
19 71 70 2 74 6

Price and
costs
4
Average R/4Eoz Sep 35 32, 36 37, 30 37 2636,141 40, 22 31,
PGM - 20,41095 ,84605 ,45,87,81 595 ,54936
basket R/2Eoz20 6 0 3 8 8 1
price
5
Jun 31 31, 30 31, 28 32 2330,018 34, 27 28,
20,02116 ,94580 ,22,12,43 428 ,79878
20 1 2 8 0 2 8

Sep 20 20, 20 20, 17 20 1720,287 21, 18 19,
20,31362 ,31405 ,31,33,01 053 ,09326
19 4 6 4 7 6 8

US$/4EoSep 2, 1,8 2, 2,2 1, 2, 1,2,137 2,4 1, 1,8
z 2009498 17924 801240586 01 33389
- US$/20
2Eoz

Jun 1, 1,7 1, 1,7 1, 1, 1,1,672 1,9 1, 1,6
2072833 72459 573789305 18 54909
20

Sep 1, 1,3 1, 1,3 1, 1, 1,1,383 1,4 1, 1,3
2038588 38591 180386160 35 23417
19

Operating R/t Sep 1, 5,1 89 1,9 79 1, 181,772 892 51 1,2
cost 2007292 9 53 5583 04
6 20

Jun 1, 5,4 99 2,5 10 2, 241,968 1,0 55 1,2
2029268 2 25 6 0486 76 12
20

Sep 93 4,3 80 1,3 94 1, 291,250 721 27 1,0
207 81 9 95 3210 75
19

US$/t Sep 63 307 53 115 5 92 11105 53 3 71
20
20

Jun 72 305 55 141 6 11 14110 60 3 68
20 4
20

Sep 64 299 55 95 6 90 2085 49 2 73
20
19

R/4Eoz Sep 18 13, 20 21, 8, 17 1624,947 13, 12 13,
- 20,14030 ,05706 170,31,75 302 ,71800
R/2Eoz20 8 8 4 1 6

Jun 20 13, 25 30, 7, 24 2129,257 16, 12 13,
20,13307 ,26172 784,77,83 679 ,20659
20 8 2 1 5 3

Sep 14 10, 15 15, 10 14 2516,342 11, 13 12,
20,10258 ,24619 ,67,63,18 003 ,70384
19 1 9 5 2 8 0

US$/4EoSep 1, 771 1, 1,2 48 1, 991,475 787 75 816
z 20073 18684 3 0241 2
- US$/20
2Eoz

Jun 1, 741 1, 1,6 43 1, 1,1,630 929 68 761
20122 40781 4 380216 0
20

Sep 96 699 1, 1,0 72 99 1,1,114 750 93 844
201 03965 8 7 717 4
19

All-in R/4Eoz Sep 16 14, 16 18,86416,779 12, 13 15,
sustainin - 20,39803 ,98 805 ,88450
g R/2Eoz20 2 5 0
cost
7
Jun 20 15, 24 22,76627,596 16, 13 15,
20,16038 ,01 927 ,08420
20 6 1 1

Sep 15 11, 16 15,84417,955 10, 15 13,
20,13603 ,19 877 ,19267
19 4 0 5

US$/4EoSep 96 875 1, 1,116 992 757 82914
z - 209 004 1
US$/2E20
oz

Jun 1, 838 1, 1,268 1,537 943 72 859
20123 338 9
20

Sep 1, 791 1, 1,080 1,224 741 1, 904
20032 104 036
19

All-in R/4Eoz Sep 17 18, 17 18,86416,814 12, 13 15,
cost - 20,54997 ,00 805 ,88450
7 R/2Eoz20 3 1 0

Jun 21 19, 24 22,76627,714 16, 14 15,
20,99183 ,10 927 ,16420
20 6 6 0

Sep 15 15, 16 15,84417,957 10, 15 13,
20,96195 ,19 877 ,41267
19 3 2 2

US$/4EoSep 1, 1,1 1, 1,116 994 757 82 914
z 2003723 005 1
- 20
US$/2E
oz

Jun 1, 1,0 1, 1,268 1,544 943 78 859
2022569 343 9
20

Sep 1, 1,0 1, 1,080 1,224 741 1, 904
2008836 104 051
19

Capital
expenditu
re
4
Ore Rm Sep 60 301 30 107.1 198.3 - - -
reserve 207.1.7 5.4
developme 20
nt

Jun 44 352 94 14.4 80.5 - - -
207.4.5 .9
20

Sep 67 235 44 135.9 306.4 - - -
207.4.1 2.3
19

Sustaining Sep 44 238 20 57.1 102.9 37. 8. 129
capital 204.3.4 5.9 8 1 .5
20

Jun 34 215 13 40.1 65.4 20. 4. 78.
206.3.6 0.7 9 2 4
20

Sep 53 116 42 91.9 269.9 57. 2. 72.
207.4.0 1.4 0 6 9
19

Corporate Sep 62 620 - - - - - -
and 200.0.0
projects 20

Jun 65 647 7. - - - 7. -
204.7.2 5 5
20

Sep 53 530 1. - 0.2 - 0. -
201.6.5 1 9
19

Total Rm Sep 1, 1,1 51 164.2 301.2 37. 8. 129
capital 2067160.11.3 8 1 .5
expenditu 20 .4
re

Jun 1, 1,2 23 54.5 145.9 20. 11 78.
2044815.33.1 9 .7 4
20 .4

Sep 1, 881 86 227.8 576.5 57. 3. 72.
20746.6 4.7 0 4 9
19 .3

US$m Sep 98 68. 30 9.7 17.8 2.2 0. 7.7
20.8 6 .2 5
20

Jun 80 67. 13 3.0 8.1 1.2 0. 4.4
20.7 7 .0 7
20

Sep 11 60. 58 15.5 39.3 3.9 0. 5.0
209.01 .9 2
19

Average exchange rates for the quarters ended 30 September 2020, 30 June 2020 and 30 September 2019 were R16.91/US$, R17.95/US$ and R14.67/US$, respectively
Figures may not add as they are rounded independently
1 The US PGM operations underground production is converted to metric tonnes 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
2 During Q2 2020, sales were affected by the COVID-19 pandemic, however Mimosa continued production of PGM concentrate that resulted in a build up of concentrate stockpile. A difference arose whereby the Mimosa 4Eoz sold during Q2 2020 were included as equal to the produced 4Eoz in the Q2 2020 salient feature tables. The effect of this difference resulted in sold 4Eoz for Q2 2020 being reported as 31,576 4Eoz compared to an actual of 12,953 4Eoz. The AISC and AIC per 4Eoz for Mimosa were reported as R8,741/4Eoz compared to R15,420/4Eoz due to the inventory change not adjusted in these calculations
3 Production per product - see prill split in the table below
4 The Group and total SA PGM operations unit cost benchmarks and capital exclude the financial results of Mimosa, which is equity accounted and excluded from revenue and cost of sales
5 The average PGM basket price is the PGM revenue per 4E/2E ounce, prior to a purchase of concentrate adjustment
6 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 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. The operating cost of Marikana operation includes the purchase of concentrate from Rustenburg, Kroondal and Platinum Mile
7 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 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
8 The Marikana PGM production includes the processing of 10,781 4Eoz, 18,949 4Eoz and 12,790 4Eoz third party concentrate purchases for the quarters ended 30 September 2020, 30 June 2020 and 30 September 2019, respectively

Mining - Prill split excluding recycling operations

GROUP SA OPERATIONS US OPERATIONS
Sep Jun Sep Sep Jun Sep Sep Jun Sep
2020 2020 2019 2020 2020 2019 2020 2020 2019

% % % % % % % % %
Platinum 28850 1745% 3451% 2560 146030759 3322 3422% 3323
,406% 8,0 0,9 5,2% 3,3% ,77% ,13% ,75 ,16%
71 43 68 13 7 8 8 6

Palladiu 24142 1949% 2741% 1230 713015530 1178 1278% 1177
m ,852% 2,6 0,0 7,1% ,24% ,87% 4,6% 1,3 4,1%
41 59 55 4 2 97 97 87

Rhodium 35,6% 185% 467% 358% 188%46,9%
600 ,55 ,07 ,60 ,55 079
4 9 0 4

Gold 9,62% 6,1% 8,1% 9,2% 6,2%8,82%
92 645 895 692 645 95

PGM 57510 39100 66100 4210 2310 5110 1410 15100 1410
product,5500%5,9% 5,9% 7,70%9,70%8,60%7,80%6,1% 7,30%
ion 11 76 15 56 23 35 55 53
4E/2E

Rutheniu 56, 31 74 56 31 74,
m 991 ,19 ,26 ,99 ,19 264
2 4 1 2

Iridium 14, 7, 18 14 7, 18,
039 788 ,73 ,03 788 731
1 9

Total 646 43 75 49 27 61 14 15 14
6E/2E ,580 4,8 8,9 8,7 8,7 1,6 7,8 6,1 7,3
91 71 45 36 18 35 55 53

Recycling operation

Unit Sep Jun Sep
202 2020 2019
0

Average Tonne 24. 22.8 25.3
catalyst 5
fed/day

Total Tonne 2,2 2,07 2,32
processed 54 1 7

Tolled Tonne 103 347 354
Purchased Tonne 2,1 1,72 1,97
51 5 3

PGM fed 3Eoz 202 175, 202,
,661674 141

PGM sold 3Eoz 113 220, 178,
,225838 685

PGM tolled 3Eoz 24, 32,0 49,3
returned 585 74 17


SA gold operations

SA OPERATIONS
Total SA goldDriefontKloof Beatrix Cooke DRDG
ein OLD

TotaUnderSurfUndeSurfUndeSurfUndeSurfUndeSurfSurf
l - ace r- ace r- ace r- ace r- ace ace

groun grou grou grou grou
d nd nd nd nd

Productio
n

Tonnes 000Sep 11, 1,21 10, 387 - 472 1,4 354 165 - 1,3 7,2
milled/t''t 202399 3 186 50 11 60
reated 0

Jun 8,7 533 8,2 139 - 205 1,4 189 93 - 999 5,7
20263 30 01 37
0

Sep 10, 1,44 9,4 376 - 485 1,2 558 72 27 948 7,1
201907 6 61 86 55
9

Yield g/tSep 0.7 5.46 0.2 6.2 - 6.1 0.3 3.7 0.3 - 0.2 0.2
2029 3 6 0 2 3 9 5 1
0

Jun 0.5 6.31 0.2 7.0 - 7.6 0.3 4.3 0.2 - 0.2 0.1
2029 2 8 0 6 4 4 3 8
0

Sep 0.8 4.65 0.2 5.5 - 5.3 0.2 3.6 0.5 0.4 0.3 0.2
2012 3 1 3 9 9 7 4 2 1
9

Gold kg Sep 8,9 6,62 2,3 2,4 - 2,8 457 1,3 64 - 328 1,5
produced 20287 4 63 24 81 19 14
0

Jun 5,1 3,36 1,7 984 - 1,5 498 820 22 - 227 1,0
20249 1 88 57 41
0

Sep 8,9 6,73 2,2 2,0 - 2,5 373 2,0 41 12 300 1,4
20137 0 07 72 87 59 93
9

oz Sep 288 212, 75, 77, - 92, 14, 42, 2,0 - 10, 48,
202,938966 972 933 626 693 407 58 545 676
0

Jun 165 108, 57, 31, - 50, 16, 26, 707 - 7,2 33,
202,544059 485 636 059 011 364 98 469
0

Sep 287 216, 70, 66, - 83, 11, 66, 1,3 386 9,6 48,
201,330374 956 616 174 992 198 18 45 001
9

Gold soldkg Sep 8,7 6,34 2,3 2,2 - 2,8 463 1,2 58 - 334 1,5
20226 9 77 30 65 54 22
0

Jun 4,8 3,19 1,6 920 - 1,5 493 763 21 - 230 951
20287 2 95 09
0

Sep 8,5 6,29 2,2 1,8 - 2,4 412 1,9 35 11 258 1,5
20110 5 15 56 85 43 10
9

oz Sep 280 204, 76, 71, - 92, 14, 40, 1,8 - 10, 48,
202,547125 422 696 112 886 317 65 738 933
0

Jun 157 102, 54, 29, - 48, 15, 24, 675 - 7,3 30,
202,120625 495 579 515 850 531 95 575
0

Sep 273 202, 71, 59, - 79, 13, 62, 1,1 354 8,2 48,
201,604390 214 672 895 246 469 25 95 548
9

Price
and
costs

Gold R/kSep 1,0 1,004,841,001,68962,652 1,025,74 1,0
price g 20202,9 3 3 9 31,4
received 0 45 06

Jun 972 809,783 900,899 873,597 974,783 971
202,396 ,083
0

Sep 684 651,940 663,583 660,971 683,643 697
201,172 ,483
9

US$Sep 1,8 1,848 1,842 1,771 1,887 1,8
/oz 20245 97
0

Jun 1,6 1,403 1,561 1,514 1,689 1,6
20285 83
0

Sep 1,4 1,382 1,407 1,401 1,449 1,4
20151 79
9

OperatingR/tSep 473 3,38 127 3,6 - 3,6 190 2,7 207 - 149 108
cost 202 3 83 26 32
1 0

Jun 483 5,97 127 7,9 - 6,5 201 3,9 185 - 142 106
202 3 78 13 26
0

Sep 463 2,68 123 3,4 - 3,2 216 1,7 131 200 165 101
201 6 99 21 93
9

US$Sep 28 200 8 218 - 214 11 162 12 - 9 6
/t 202
0

Jun 27 333 7 444 - 363 11 219 10 - 8 6
202
0

Sep 32 183 8 239 - 220 15 122 9 14 11 7
201
9

R/kSep 600 619, 545 587 - 594 604 733 532 - 594517,
g 202,033520 ,408,995 ,030,376,131,813 ,817437
0

Jun 821 947, 586 1,1 - 857 564 905 781 - 624 583
202,829248 ,07426,9 ,482,458,000,818 ,229,958
0 31

Sep 564 577, 527 634 - 603 746 485 229 450 522 483
201,709043 ,096,990 ,788,113,867,268,000,333,255
9

US$Sep 1,1 1,14 1,0 1,0 - 1,0 1,1 1,3 980 - 1,0 952
/oz 20204 0 03 82 93 12 48 94
0

Jun 1,4 1,64 1,0 1,9 - 1,4 978 1,5 1,3 - 1,0 1,0
20224 1 16 53 86 68 55 82 12
0

Sep 1,1 1,22 1,1 1,3 - 1,2 1,5 1,0 486 954 1,1 1,0
20197 3 18 46 80 82 30 07 25
9

All-in R/kSep 715 741,525 718,630 847,561 648,503 591
sustainig 202,345 ,393
ng 0
cost
2
Jun 890 1,239,56837,363 976,403 678,261 643
202,444 5 ,428
0

Sep 653 777,532 726,096 552,679 565,056 509
201,666 ,868
9

US$Sep 1,3 1,364 1,322 1,559 1,193 1,0
/oz 20216 88
0

Jun 1,5 2,148 1,451 1,692 1,175 1,1
20243 15
0

Sep 1,3 1,649 1,539 1,172 1,198 1,0
20186 81
9

All-in R/kSep 726 741,525 729,447 847,561 648,503 608
cost g 202,782 ,016
2 0

Jun 890 1,239,56845,654 976,403 678,261 648
202,853 5 ,160
0

Sep 671 777,532 738,971 552,932 565,056 517
201,293 ,285
9

US$Sep 1,3 1,364 1,342 1,559 1,193 1,1
/oz 20237 18
0

Jun 1,5 2,148 1,465 1,692 1,175 1,1
20244 23
0

Sep 1,4 1,649 1,567 1,172 1,198 1,0
20123 97
9

Capital
expendit
ure

Ore Rm Sep 529 233.1 215.2 81.5 - -
reserve 202.8
developm 0
ent

Jun 155 71.3 57.5 26.7 - -
202.5
0

Sep 560 216.8 251.1 92.4 - -
201.3
9

Sustainin Sep 257 54.9 88.0 19.9 - 95.
g 202.9 1
capital 0

Jun 144 17.8 32.7 9.1 - 84.
202.0 4
0

Sep 143 65.3 55.8 16.5 - 5.5
201.1
9

Corporate Sep 69. - 36.0 - - 25.
and 2028 3
projects 0
3
Jun 21. - 16.6 - - 4.5
2023
0

Sep 75. - 37.3 0.5 - 11.
2017 2
9

Total RmSep 857 288.0 339.2 101.4 - 120
capital 202.5 .4
expendit 0
ure


Jun 320 89.1 106.8 35.7 - 88.
202.7 9
0

Sep 779 282.0 344.1 109.5 - 16.
201.0 7
9

US$Sep 50. 17.0 20.1 6.0 - 7.1
m 2027
0

Jun 17. 5.0 5.9 2.0 - 5.0
2029
0

Sep 53. 19.2 23.5 7.5 - 1.1
2011
9

Average exchange rates for the quarters ended 30 September 2020, 30 June 2020 and 30 September 2019 were R16.91/US$, R17.95/US$ and R14.67/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 30 September 2020, 30 June 2020 and 30 September 2019 was R8.5 million (US$0.5 million), R0.2 million (US$0 million) and R26.7 million (US$1.8 million), respectively

ALL-IN COSTS - QUARTERS
SA and US PGM operations
Figures are in millions unless otherwise stated

US SA OPERATIONS
OPE
RATI
ONS

TotaTotaTotRustMariKrooPlatMimoCorp
l l al enbukanandal Milsa orat
US US SArg e 2 e
and PGM PG
SA 1 M
PGM

Cost of sales, Sep 8,3 1,8 6, 2,4 3,4 760 130 462 (74
before 2074.565.450979.124.7.9 .0 .5 8.1)
amortisation and 20 .1
depreciation
3
Jun 7,3 2,6 4, 1,8 2,6 498 84. 220 (76
2013.277.863599.098.8.9 8 .4 6.5)
20 .4

Sep 9,8 1,3 8, 2,4 5,2 801 56. 317 (31
2071.502.556968.741.8.7 8 .0 7.0)
19 .0

Royalties Sep 444 - 44 326 114 3.4 - 30. (30
20.2 4.2.7 .1 6 .6)
20

Jun 55. - 55 33. 21. 0.5 - 18. (18
200 .0 5 0 1 .1)
20

Sep 112 - 11 75. 36. 1.7 - 14. (14
20.8 2.80 0 9 .8)
19

Carbon tax Sep 0.7 - 0. 0.1 0.5 0.1 - - -
20 7
20

Jun 1.3 - 1. 0.1 1.1 0.1 - - -
20 3
20

Sep - - - - - - - - -
20
19

Community costs Sep 46. - 46 (4. 50. - - - -
200 .0 7) 7
20

Jun 13. - 13 5.8 7.6 - - - -
204 .4
20

Sep 14. - 14 14. - - - - -
206 .6 6
19

Inventory change4 Sep 1,6 60. 1, 265 1,0 - - (26 312
2054.89 593.1 43.1 .8) .5
20 .9

Jun 203 (59 80 (76 332 - - 210 335
20.1 9.8)2.9.0) .7 .9 .3
20

Sep (66 209 (8 361 (1, - - - -
200.4).0 69..4 230.
19 4) 8)

Share-based Sep 41. 20. 21 8.6 10. 1.8 - - -
payments 200 0 .0 6
5 20

Jun 13. 0.9 12 4.7 4.7 2.9 - - -
202 .3
20

Sep 13. 13. - - - - - - -
203 3
19

Rehabilitation Sep 67. 7.4 60 1.2 38. 20. - 1.0 (1.
interest and 205 .1 9 0 0)
amortisation 20
6
Jun 66. 8.5 57 0.4 36. 21. - 0.7 (0.
202 .7 3 1 8)
20

Sep 56. 1.9 55 (0. 36. 19. - 0.8 (0.
209 .0 5) 1 4 8)
19

Leases Sep 14. 0.6 14 3.5 8.5 2.2 - - -
208 .2
20

Jun 15. 1.9 13 3.5 8.1 2.2 - - -
207 .8
20

Sep 13. 1.6 12 3.7 10. (2. - - -
208 .2 6 1)
19

Ore reserve Sep 607 301 30 107 198 - - - -
development 20.1 .7 5.4.1 .3
20

Jun 447 352 94



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Date: 10/29/2020 - 18:24
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