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Sibanye-Stillwater Ltd.
Summary
| Project: | Driefontein | |
|---|---|---|
| Deposit: | Driefontein | |
| Location: | South Africa | |
| Commodities: | Gold | |
| Date: | 2/20/2019 | |
| Report Code: | SAMREC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Mine Development | |
| Report details: | 20-2-2019: Sibanye-Stillwater Ltd. announces a Resource Estimation report for its Driefontein deposit at the Driefontein project. Updated ore reserve and mineral resource statement. Johannesburg, 20 February 2019: Sibanye-Stillwater (Tickers JSE: SGL and | |
| Resources: | ||
| CP/QP: | [Resources]: Gerhard Janse van Vuuren (Internal) | |
| ABSTRACT: | Johannesburg, 20 February 2019: Sibanye-Stillwater (Tickers JSE: SGL and NYSE: SBGL) is pleased to report updated Group Mineral Resources and Mineral Reserves, as at 31 December 2018. All Group Mineral Reserves have been declared using a principle of three year trailing prices in line with SEC requirements. The rand gold price applied of R540 000/Kg is ~12% below current spot prices, the rand 4E PGM basket price applied of R12,694/4Eoz is ~35% below current spot prices; and the USD 2E PGM basket price applied of USD849/2Eoz is ~56% below current spot prices, demonstrating the robustness of the reserve figures under the current price environment, and the quality of the underlying mineral assets. The Group Mineral Resources and Reserves underpin operations with a Life of Mine in excess of 20 years at both the Southern Africa (SA) and United States (US) PGM operations and approximately 14 years at the SA gold operations. Neal Froneman, CEO of Sibanye-Stillwater Comments: “Our Mineral Resources and Reserves have been estimated in line with conservative pricing parameters, ensuring robust operational margins and greater operating flexibility, at current spot prices. The increase in our PGM Mineral Reserve base, largely as a result of ongoing Mineral Reserve definition at Blitz is pleasing and confirms the world class quality of the Stillwater orebody, while our SA PGM operations continue to deliver, in line with expectations. The rigorous review of our SA gold operations during 2018, in particular certain marginal operating shafts, was necessary and although this has 3 resulted in a decrease in total Mineral Reserves, it will enhance the resilience of the SA gold operations to short term economic fluctuations and create longer term sustainable production.” The recently completed transaction with DRDGOLD has successfully seen the first phase of the previously reported WRTRP being implemented by DRDGOLD, as part of their Far West Gold Recoveries (FWGR) project. This transaction has increased Sibanye-Stillwater’s exposure to mechanised, long life and low cost (R/t) surface mining operations, highly leveraged to the gold price | |
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