Report of Foreign Issuer (6-k)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

Report of Foreign Private Issuer

Pursuant to Rules 13a-16 or 15d-16 under

the Securities Exchange Act of 1934

Dated

File Number: 001-35785

SIBANYE GOLD LIMITED

(Translation of registrant’s name into English)

Libanon Business Park

1 Hospital Street (off Cedar Avenue)

Libanon, Westonaria, 1780

South Africa

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F

Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

_____

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

_____

February 23, 2017

Sibanye Operating and Financial Results | Six months and financial year ended 31 December 2016

WESTONARIA 23 February 2017: Sibanye Gold Limited ("Sibanye" or the "Group") (JSE: SGL & NYSE: SBGL) is pleased to report
operating and financial results for the six months ended 31 December 2016, and reviewed condensed consolidated
preliminary financial statements for the year ended 31 December 2016.

SALIENT FEATURES FOR THE YEAR ENDED 31 DECEMBER 2016
·

Record operating profit of R10.5 billion (US$717 million)

Headline earnings of R2.5 billion (US$169 million) – represents a 269% increase year-on-year

Normalised earnings per share increased 196% to 397 cents (ZAR) (27 US cents)

Total dividend of 145 cents per share (ZAR) for the year, representing 37% of normalised earnings

SALIENT FEATURES FOR THE SIX MONTHS ENDED 31 DECEMBER 2016
·

Platinum Division delivers operating profit of R304 million (US$21 million)

Rustenburg operations return to profitability with a R74 million (US$5 million) operating profit for November and December

Kroondal and Mimosa Operations continued their excellent performance

Gold production was 2% higher than for the first half of 2016 at 23,805kg (765,400oz)

Final dividend, number 8 of 60 cents per share (ZAR) declared

United States Dollars

South African Rand

Year

Six months ended

Year

Dec

2015

Dec

2016

Dec

2015

June

2016

Dec

2016

KEY STATISTICS

Dec

2016

June

2016

Dec

2015

Dec

2016

Dec

2015

Gold Division

1,536.0 1,512.2

822.1

746.8

765.4 000’oz

Gold produced

23,805

23,229

25,571

47,034

47,775

1,160

1,242

1,115

1,220

1,268 US$/oz

Revenue

R/kg 569,535 603,427 487,736 586,319 475,508

61 US$/t

Operating cost

R/t

854

869

839

862

825

497.0

691.7

298.0

346.0

345.7 US$m

Operating profit

Rm 4,834.6 5,320.7 3,971.0 10,155.3 6,337.0

36 %

Operating margin

1,031

954

941

908

1,005 US$/oz

All-in sustaining cost

R/kg 451,352 448,922 411,795 450,152 422,472

Platinum Division – attributable

- 238,662

- 51,346 187,316 oz

Platinum produced

5,826

1,597

7,423

- 420,763

- 92,773 327,990 oz

4E PGM

production

10,201

2,886

13,087

832

832

874 US$/4Eoz Average basket price R/4Eoz

12,204

12,499

12,209

25.6

4.7

20.9 US$m

Operating profit

304.1

72.2

376.3

10 %

Operating margin

701

683

734 US$/4Eoz

Operating cost

R/4Eoz

10,260

10,268

10,296

Group

56.2

252.2

41.1

21.7

230.5 US$m

Basic earnings

Rm 3,368.6

333.0

537.1 3,701.6

716.9

52.9

169.4

38.6

72.4

97.0 US$m

Headline earnings

Rm 1,372.7 1,113.9

505.0 2,486.6

674.6

95.7

249.1

75.2

139.9

109.2 US$m

Normalised earnings

Rm 1,505.0 2,152.0

976.5 3,657.0 1,219.8

12 cps

Normalised earnings

cps

163

234

107

397

134

The Platinum Division’s results for the year ended 31 December 2016 are for the nine months since acquisition for Aquarius and for two months since acquisition for the Rustenburg Operations. 2 Platinum Group
Metals of which 4E represents platinum, palladium, rhodium and gold.

Stock data for the six months ended 31 December 2016

JSE Limited – (SGL)

Number of shares in issue

Price range per ordinary share

ZAR21.98 to ZAR70.23

– at end December 2016

929,004,342

Average daily volume

6,213,336

– weighted average

924,379,018

NYSE – (SBGL); one ADR represents four ordinary shares

Free Float

80%

Price range per ADR

US$6.41 to US$20.78

Bloomberg/Reuters

SGLS / SGLJ.J

Average daily volume

1,635,498

Sibanye Operating and Financial Results | Six months and financial year ended 31 December 2016

STATEMENT BY NEAL FRONEMAN, CHIEF EXECUTIVE OFFICER OF SIBANYE

“The new safety structures and interventions announced in August 2016, have thus far been effective, with the Group
safety performance much improved in the second half of the year. The safety performance for the Gold Division for the
six months ended 31 December 2016, compared with the previous period included:
·   50% improvement in the FIFR to 0.07 per million man hours;
·   27% improvement SIFR to 3.72 per million man hours; and
·   19% improvement in the LDIFR to 6.25 per million man hours.

The Sibanye Group delivered a solid operating result. The Gold Division benefited from a relatively high rand gold price
for most of the year. Unfortunately margins towards the end of the year have shrunk considerably due to a substantially
lower rand gold price.

Operating profit for the Gold Division for the six months ended 31 December 2016, was R4,835 million (US$346 million),
22% higher than for the comparable period in 2015, driven primarily by a 17% increase in the average rand gold price
received to R569,535/kg (US$1,268/oz) compared with the same period in 2015. While the average rand gold price
during the last six months of 2016 was 9% lower than for the six months ended 30 June 2016. Operating profit from the
Gold Division, for the year ended 31 December 2016 of R10,155 million (US$692 million), 60% higher than for the previous
year.

Operating profit for the Platinum Division for the six months ended 31 December 2016, of R304 million (US$21 million)
reflects a positive contribution from the Rustenburg Operations from 1 November 2016 and another good performance
at the Kroondal and Mimosa Operations. The operating margin for the Platinum Division increased to 10%.

Normalised earnings of R1,505 million (US$109 million) for the six months ended 31 December 2016, was R528 million
(US$34 million) higher than the R977 million (US$75 million) reported for the comparative period in 2015. Normalised
earnings of R3,657 million (US$249 million) for the year, were also significantly higher than in 2015 (R1,220 million and
US$96 million).

Consistent with Sibanye’s dividend policy, the Board has declared a final dividend of 60 cents per share (R560 million)
equivalent to 37% of normalised earnings. The comparative final dividend declared in 2015 was 90 cents per share
(R916 million). The total dividend of 145 cents per share (R1,345 million) for the year ended 31 December 2016 represents
a dividend yield of 5%.

GOLD DIVISION

For the six months ended 31 December 2016, total gold production from Sibanye’s Gold Division was 23,805/kg (765,400oz).
While this is similar to that produced during the six months ended 30 June 2016, it is 7% lower than the comparative period in
2015, primarily due to the cessation of underground mining operations at Cooke 4 mine during the period, ongoing
engineering-related bottlenecks at Driefontein and the impact of severe storm activity in the December quarter, which
resulted in a number of power outages.

Gold sales were marginally lower than production at 23,676kg (761,200oz), which resulted in 129kg (4,100oz) remaining unsold
at year end. Accordingly, operating costs were credited R43 million (US$3 million).

A stronger US dollar gold price, together with a weaker rand/dollar exchange rate, resulted in a 17% year-on-year increase in
the average rand gold price from R487,736/kg to R569,535/kg, offsetting the lower production, with revenue increasing by 8%
to R13,484 million from R12,472 million.

Unit costs reflect the decline in production with total cash cost (TCC) and All-in sustaining cost (AISC), increasing by 10% to
R372,504/kg (US$829/oz) and R451,352/kg (US$1,005/oz) respectively year-on-year. An increase in project expenditure resulted
in All-in cost (AIC) increasing by 13% to R476,774/kg (US$1,062/oz). Margins of 35% (TCC), 21% (AISC) and 16% (AIC) were
approximately three percentage points higher than for the comparative period in 2015, driven by the higher gold price.

Underground production at Driefontein for the six months ended 31 December 2016, was 9% lower year-on-year at 7,208kg
(231,700oz) due to various engineering issues, power outages and a seismic event, which affected volumes from the
Masakhane, Ya Rona and Hlanganani shafts. This was despite the yield increasing from 6.69g/t to 7.05g/t due to significantly
improved mining quality factors. As a result of the lower production, TCC and AISC increased by 17% and 14% to R350,875/kg
(US$781/oz) and R420,763/kg (US$937/oz), respectively.

Kloof underground production was 3% higher year-on-year at 7,062kg (227,000oz) for the second half of 2016, as a result of a
1% increase in throughput and a 2% improvement in the average yield to 6.59g/t, driven largely by a 13% improvement in the
Mine Call Factor (MCF). Costs continued to be well managed with TCC 2% lower at R331,818/kg (US$739/oz) and AISC
marginally higher at R426,233/kg (US$949/oz) mainly due to an increase in capital expenditure.

Beatrix’s production six months under review was 7% lower year-on-year at 4,975kg (159,900oz) due to a 7% decline in the
average yield to 3.45g/t. This decrease was primarily due to lower volumes mined and processed from the higher grade
Beatrix 4 shaft. Throughput was similar at 1.44 Mt.

Underground production from Cooke for the second half of 2016 was 30% lower year-on-year mainly due to the closure of
Cooke 4 shaft in September 2016. Tonnes milled decreased by 42%, while the average grade increased from 3.62g/t to
4.39g/t.

Gold production from the surface operations increased by 8% for the comparable six months in 2015, mainly due to an
increase in volume from Kloof surface sources. Following the cessation of underground operation at the Cooke 4 shaft, Kloof
utilised spare capacity at the Cooke 4 plant to mill additional volumes of lower grade Venterspost surface material, resulting
in an additional 14kg (450oz) of production or an increase of 23%. The other surface operations were similar year-on-year.

Sibanye Operating and Financial Results | Six months and financial year ended 31 December 2016

PLATINUM DIVISION

The Platinum Division delivered attributable PGM production of 327,990oz (4E) for the six months ended 31 December 2016.
Average operating costs for the Division were well managed at R10,260/4Eoz (US$734/4Eoz), resulting in an 11% cash
operating margin, despite the average basket price remaining subdued at R12,204/oz (4E) (US$874/oz (4E). The Platinum
Division recorded a R304 million (US$21 million) operating profit, excluding the equity accounted attributable operating profit
of R186 million from Mimosa.

Particularly pleasing was the turnaround at the Rustenburg Operations, which were acquired effective from 1 November
2016. Attributable production from the Rustenburg Operations for November 2016 and December 2016 was 137,787oz (4E),
which was in line with our expectations. While not owned by Sibanye for the full December 2016 quarter, for comparative
purposes the Rustenburg Operations produced approximately 210,000oz (4E) for the quarter, an improvement of 7% from the
previous quarter and 9% more than for the comparable quarter in 2015. Operating cost for the Rustenburg Operations
averaged R11,485/4Eoz (US$822/4Eoz) for November 2016 and December 2016, which, while consistent with our expectations,
is unsustainable and highlights the necessity and importance of realising the operating and cost synergies identified during
the due diligence to ensure the sustainability of the Rustenburg Operations.

Attributable PGM production of 190,203oz (4E) from Kroondal, Mimosa and Platinum Mile was above guidance for both the
September and December 2016 quarter. The solid operational performance at Kroondal through the period enabled
sufficient stockpiles to be built to support planned milling operations throughout the annual 11-day Christmas break, for the
first time in four years. Due to operational outperformance and good cost control, operating costs at all these operations for
the six months ended 31 December 2016 were lower than for the previous six months, with unit costs at Kroondal declining by
3%, Mimosa by 13% and Platinum Mile by 48%. Platinum Mile delivered a 39% operating margin for the December half year,
a notable achievement. Attributable capital expenditure from Kroondal and Platinum Mile for the six months was R109 million
(US$8 million).

Following the successful integration of the Aquarius Operations, the integration of the Rustenburg Operations is now underway
and according to schedule. The Group has previously highlighted that it expects to realise operational synergies of
approximately R800 million per annum from the combined Aquarius and Rustenburg operations over a three year period. The
first steps in realising these synergies have begun, with approximately R400 million in synergies expected to be realised by
year-end. A Section 189 process at the Platinum Division was announced on 26 January 2017.

INTERNAL GROWTH PROJECTS

Expenditure on organic growth projects for the year ended 31 December 2016 was R762 million (US$52 million), 70% of which
was spent at the Burnstone project. As a result of the recent strength in the rand and its impact on operating margins for the
gold industry, organic project capital expenditure is being reviewed. This includes reviewing the planned 2017 capital profile
at the UG2 project at Rustenburg, the Burnstone project and the West Rand Tailings Retreatment Project (WRTRP). Certain
projects may be deferred or placed on care and maintenance until commodity prices sustainably improve and/or exchange
rate volatility has subsided.

CORPORATE ACTIVITY

The Stillwater Acquisition

Good progress has been made regarding the proposed acquisition of Stillwater Mining Company Limited (Stillwater), which
was announced on 9 December 2016 (Transaction). The acquisition of this Tier 1, low cost PGM producer is expected to
significantly enhance Sibanye’s asset base and create a globally competitive South African mining champion.

In addition to expanding Sibanye’s portfolio with high-grade reserves that currently support over 25 years of mine life, Stillwater
also offers near-term, low-cost organic growth through the Blitz Project, medium term growth through the Lower East Boulder
project and longer term opportunities through the substantial unmined strike extensions of the current operations.

The world class downstream processing facilities will provide Sibanye with a mine-to-market PGM business and a steady state
recycling operation that has consistent margins and strategic insight into the PGM markets. Ultimately, this transaction will
attractively position Sibanye’s Platinum Division on the global cost curve, enhancing our ability to sustain and pay industry-
leading dividends.

On 3 February 2017, an update on the transaction was released which indicated that a General Meeting of shareholders to
approve the proposed Transaction will be held in in mid-April 2017, followed by an equity capital raise in the form of a rights
offer with a minimum value of US$750 million and a targeted value of US$1.3 billion.

OUTLOOK

Gold production for the year ending 31 December 2017 is forecast between 47,000kg and 48,000kg (1.51Moz and 1.54Moz),
with TCC forecast between R385,000/kg and R395,000/kg (US$890/oz to US$910/oz) and AISC of between R470,000/kg and
R480,000/kg (US$1,080/oz to US$1,105/oz). Total capital expenditure for 2017, including Burnstone, is currently planned at
approximately R4.0 billion (US$300 million). The dollar costs are based on an average exchange rate of R13.50/US$.

The Platinum Division is forecast to produce between 1.05Moz and 1.10Moz (4E). Operating cost for the Kroondal Operation
is forecast at R10,500/4Eoz (US$780/4Eoz), the Mimosa Operation at R11,400/4Eoz (US$845/4Eoz), the Platinum Mile Operation
at R8,500/4Eoz (US$615/4Eoz) and the Rustenburg Operation at R11,800/4Eoz (US$875/4Eoz). The total operating cost for the
Platinum Division is forecast at R11,150/4Eoz to R11,450/4Eoz (US$825/4Eoz – US$850/4Eoz). The expected capital expenditure
for 2017 is planned at approximately R900 million (US$67 million) or R780/4Eoz to R850/4Eoz. Marketable (saleable) chrome
production from Rustenburg is forecast at approximately 400,000t.

Sibanye Operating and Financial Results | Six months and financial year ended 31 December 2016

The ongoing strength in the rand and relatively muted consensus outlook for the gold price will impact the South African
mining industry operating margins in 2017, including those of Sibanye’s South African Gold and Platinum Divisions. As
mentioned, in light of these factors and the likely impact on cash flow, management is re-evaluating its current growth capital
expenditure plans.

23 February 2017
Neal Froneman
Chief Executive Officer

Sibanye Operating and Financial Results | Six months and financial year ended 31 December 2016

SALIENT FEATURES AND COST BENCHMARKS

Gold Division – Salient features and cost benchmarks for the six months ended
31 December 2016, 30 June 2016 and 31 December 2015

Gold Division

Driefontein

Kloof

Beatrix

Cooke

Total

Under-

ground

Surface

Under-

ground Surface

Under-

ground Surface

Under-

ground Surface

Under-

ground

Surface

Tonnes milled/treated

000’t

Dec 2016

10,174

4,018

6,156

1,022

2,017

1,072

1,476

1,444

720

480

1,943

Jun 2016

10,007

4,066

5,941

1,033

1,899

937

1,191

1,418

751

678

2,100

Dec 2015

10,129

4,539

5,590

1,203

1,764

1,064

996

1,441

756

831

2,074

Yield

g/t

Dec 2016

2.34

5.31

0.40

7.05

0.52

6.59

0.51

3.45

0.31

4.39

0.22

Jun 2016

2.32

5.10

0.42

6.50

0.61

7.09

0.63

3.26

0.29

4.05

0.18

Dec 2015

2.52

5.13

0.41

6.69

0.60

6.44

0.62

3.72

0.32

3.62

0.19

Gold produced

Dec 2016

23,805

21,352

2,453

7,208

1,049

7,062

760

4,975

222

2,107

422

Jun 2016

23,229

20,726

2,503

6,712

1,161

6,642

746

4,626

218

2,746

378

Dec 2015

25,571

23,271

2,300

8,043

1,050

6,852

619

5,364

240

3,012

391

000’oz

Dec 2016

765.4

686.5

78.9

231.8

33.7

227.1

24.4

159.9

7.2

67.7

13.6

Jun 2016

746.8

666.3

80.5

215.8

37.3

213.5

24.0

148.7

7.0

88.3

12.2

Dec 2015

822.1

748.2

73.9

258.6

33.7

220.3

19.9

172.5

7.7

96.8

12.6

Gold price received

R/kg

Dec 2016

569,535

568,824

569,209

569,078

589,277

Jun 2016

603,427

603,595

603,384

604,129

601,312

Dec 2015

487,736

487,078

488,583

488,276

486,747

US$/oz

Dec 2016

1,268

1,266

1,267

1,312

Jun 2016

1,220

1,221

1,220

1,222

1,216

Dec 2015

1,115

1,113

1,117

1,116

1,112

Operating cost

R/t

Dec 2016

854

1,946

142

2,395

188

2,150

155

1,273

120

2,558

Jun 2016

869

1,937

138

2,354

177

2,471

171

1,219

132

2,062

Dec 2015

839

1,714

129

1,953

165

2,181

160

1,167

134

1,719

Operating margin

Dec 2016

Jun 2016

Dec 2015

Total cash cost 1

R/kg

Dec 2016

372,504

350,875

331,818

378,718

555,838

Jun 2016

381,635

360,130

350,189

384,723

505,410

Dec 2015

339,017

300,319

337,692

326,481

465,971

US$/oz

Dec 2016

829

781

739

843

1,238

Jun 2016

772

728

708

778

1,022

Dec 2015

775

686

772

746

1,065

All-in sustaining cost 1

R/kg

Dec 2016

451,352

420,763

426,233

453,454

623,550

Jun 2016

448,922

422,253

427,883

452,044

560,723

Dec 2015

411,795

370,043

416,905

389,097

523,244

US$/oz

Dec 2016

1,005

937

949

1,010

1,388

Jun 2016

908

854

865

914

1,134

Dec 2015

941

846

953

889

1,196

All-in cost 1

R/kg

Dec 2016

476,774

425,315

438,392

454,320

637,927

Jun 2016

465,952

424,400

432,661

452,106

562,164

Dec 2015

421,548

371,572

425,177

389,097

527,329

US$/oz

Dec 2016

1,062

947

976

1,012

1,420

Jun 2016

942

858

875

914

1,137

Dec 2015

963

849

972

889

1,205

All-in cost margin

Dec 2016

(11)

Jun 2016

Dec 2015

(8)

Total capital expenditure 2

Dec 2016

2,130.9

583.4

764.4

339.2

136.0

Jun 2016

1,693.3

468.2

539.8

289.2

113.2

Dec 2015

1,787.9

579.1

598.7

300.7

154.8

US$ mil

Dec 2016

150.4

41.2

53.8

24.0

9.6

Jun 2016

110.1

30.4

35.1

18.8

7.4

Dec 2015

131.4

43.1

43.9

21.8

11.2

Average exchange rates for the six months ended 31 December 2016, 30 June 2016 and 31 December 2015 were R13.97/US$, R15.38/US$ and R13.61/US$, respectively.

Figures may not add as they are rounded independently.

Total cost, All-in sustaining cost and All-in cost are defined in the Gold Division - Unit Cost Benchmarking Metrics included elsewhere in this report.

Included in total capital expenditure is expenditure of R307.9 million (US$21.8 million), R282.9 million (US$18.4 million) and R154.6 million (US$11.4 million) for the six months ended
31 December 2016, 30 June 2016 and 31 December 2015, respectively, the majority of which was spent on our growth project, Burnstone.

Sibanye Operating and Financial Results | Six months and financial year ended 31 December 2016

Platinum Division – Salient features and cost benchmarks for the six months ended
31 December 2016 and 30 June 2016 covering periods from the relevant acquisition dates ¹.

Platinum Division – attributable 1

Kroondal

Mimosa

Platinum

Mile

Rustenburg

Total

Under-

ground

Surface

Attributable

Surface

Under

ground

Surface

Tonnes milled/treated

000’t

Dec 2016

8,920

3,690

5,230

1,801

685

4,236

1,204

994

Jun 2016

2,692

1,259

1,433

932

327

1,433

Plant head grade

g/t

Dec 2016

1.74

3.06

0.82

2.47

3.57

0.65

3.65

1.53

Jun 2016

1.65

2.78

0.65

2.50

3.57

0.65

Plant recoveries

Dec 2016

65.55

82.26

21.40

82.13

78.39

12.54

84.54

37.42

Jun 2016

65.09

80.15

8.58

80.96

78.54

8.58

PGM 4E production 2

4Eoz

Dec 2016

327,990

298,576

29,414

117,520

61,585

11,098

119,471

18,316

Jun 2016

92,773

90,198

2,575

60,707

29,491

2,575

Average PGM 4E basket price

R/4Eoz

Dec 2016

12,204

12,197

12,277

12,324

12,590

12,300

11,870

12,263

Jun 2016

12,499

12,491

12,769

12,578

12,313

12,769

US$/4Eoz

Dec 2016

874

873

879

882

901

880

850

878

Jun 2016

832

831

846

836

822

846

Operating cost

R/t

Dec 2016

377

861

613

902

1,209

128

Jun 2016

354

735

630

1,035

US$/t

Dec 2016

Jun 2016

Operating margin

Dec 2016

Jun 2016

Operating cost 3

R/4Eoz

Dec 2016

10,260

10,639

6,411

9,388

10,028

5,569

12,185

6,923

Jun 2016

10,268

10,256

10,660

9,683

11,482

10,660

US$/4Eoz

Dec 2016

734

762

459

672

718

399

872

496

Jun 2016

683

682

707

642

766

707

Total capital expenditure

Dec 2016

356.8

356.3

0.5

108.5

99.1

0.5

148.7

Jun 2016

128.8

128.0

0.8

67.3

60.7

0.8

US$ mil

Dec 2016

24.8

7.7

7.0

10.1

Jun 2016

8.3

8.2

0.1

4.3

3.9

0.1

Platinum Division includes the attributable operations of Kroondal (50%), Mimosa (50%), Platinum Mile surface operation and Rustenburg. Kroondal, Mimosa and Platinum Mile

are included in the six months ended 30 June 2016 for three months since acquisition, and Rustenburg is included in the six months ended 31 December 2016 for two months
since acquisition.

Production per product

Six months ended

Dec 2016

Jun 2016

Platinum

187,316

51,346

Palladium

105,134

31,022

Rhodium

27,586

7,996

Gold

7,954

2,409

PGM4E production (4Eoz)

327,990

92,773

Ruthenium

43,172

12,186

Iridium

10,085

3,079

Total

381,247

108,038

Operating costs are all mining related costs before amortisation and depreciation, royalties, taxation and non-recurring items.

Sibanye Operating and Financial Results | Six months and financial year ended 31 December 2016

FINANCIAL AND OPERATING REVIEW OF THE GROUP

For the six months ended 31 December 2016
compared with the six months ended
31 December 2015

REVENUE

Revenue increased by 33% to R16,536 million from
R12,472 million. This included first time revenue from the newly
acquired Platinum Division of R3,052 million. The balance of
the increase of R1,012 million represents an increase of 8% for
the Gold Division. This increase was due to a 17% increase in
the rand gold price, offsetting the decrease in gold sales
partly due to the cessation of mining at Cooke 4.

OPERATING COSTS

Operating costs, including R2,748 million at the Platinum
Division, increased by 34% to R11,397 million. Costs at the
Gold Division were well controlled and showed an increase
of 2% to R8,650 million from R8,501 million, despite above
inflation increases on electricity and labour costs. These
increases were partly offset by the cessation of mining at
Cooke 4. Gold production of 129kg was unsold at year end
due to timing differentials, resulting in a credit to operating
costs of R43 million.

OPERATING PROFIT

Operating profit for the Group was 29% higher at
R5,139 million, from R3,971 million for the comparable period
in 2015. The Group operating margin remains robust at 31%,
while the operating margin at the Gold Division increased
from 32% to 36%.

CAPITAL EXPENDITURE

Capital expenditure of R2,131 million at the Gold Division was
19% higher year-on-year largely due to expenditure of
R461 million on Burnstone and other projects, approved in
2015.

Sustaining capital expenditure at the Gold Division was
higher at R418 million due to the timing of winder and
technical upgrades as well as energy saving projects. Ore
reserve development capital (ORD) was similar year-on-year
at R1,252 million.

Attributable capital expenditure at the Platinum Division was
R259 million for the six months ended 31 December 2016 of
which the majority was spent on conveyor installations.

AMORTISATION AND DEPRECIATION

Amortisation and depreciation of R2,097 million was
marginally higher than for the comparable period in 2015.
This included an attributable R171 million from the
consolidation of the Platinum Division, partly offset by lower
amortisation and depreciation from the Gold Division,
primarily due to the impairment of Cooke 4.

FINANCE EXPENSES

Finance expenses increased from R299 million to R518 million.
This increase was due to a R132 million increase in interest
paid following an increase in gross debt required to fund the
acquisition of the Aquarius and Rustenburg Operations.
Sibanye’s average gross debt outstanding (excluding the
Burnstone Debt) was approximately R6,300 million during the
second half of 2016, compared with R3,600 million for the
comparable period in 2015.

In addition, there was a R48 million increase in the
environmental rehabilitation obligation accretion expenses
mainly due to the acquisition of Aquarius and the Rustenburg
Operations, which added R35 million, and new disturbances.

SHARE OF RESULTS OF EQUITY-ACCOUNTED INVESTMENTS

The R98 million gain from share of results of equity-accounted
investments, was primarily due to Sibanye’s share of losses of
R41 million relating to its 33.1% interest in Rand Refinery, and
share of gains of R144 million from its attributable share in
Mimosa.

For additional information of Sibanye’s equity-accounted
investments see note 9 of the condensed consolidated
preliminary financial statements included elsewhere in this
report.

GAIN AND LOSS ON FINANCIAL INSTRUMENTS

The R144 million net gain for the six months ended
31 December 2016 compares with a R255 million net loss on
financial instruments for the six months ended 31 December
2015. This primarily consists of a R105 million fair value gain
(31 December 2015: R96 million fair value loss) related to the
share-based payment obligations, a R45 million fair value
gain (31 December 2015: Rnil) on the Cooke hedges, a
R21 million fair value gain (31 December 2015: Rnil) on the
“purchase of concentrate” debtor acquired on acquisition
of the Rustenburg Operations, and a R29 million loss
(31 December 2015: R163 million loss) on revised estimated
cash flows of the Burnstone Debt.

For additional information of the gain and loss on financial
instruments see note 4 of the condensed consolidated
preliminary financial statements included elsewhere in this
report.

GAIN AND LOSS ON FOREIGN EXCHANGE DIFFERENCES

The gain on foreign exchange differences of R182 million was
mainly due to exchange rate gains of R124 million on the
Burnstone Debt and R98 million on the US$350 million
revolving credit facility, partly offset by the effect of
exchange rate fluctuations on other financial assets and
financial liabilities of R40 million.

NON-RECURRING ITEMS

GAIN ON ACQUISITION

A gain on acquisition of R2.4 billion arose on the acquisition
of the Rustenburg Operations.

For additional information on the gain on acquisition see
note 8

of the condensed consolidated financial statements

included elsewhere in this report.

IMPAIRMENTS

As a result of a decrease in the gold price from 30 June 2016,
a decision was taken during the six months ended
31 December 2016, to impair the goodwill allocated to the
Cooke CGU by R201 million and the Cooke 1, 2 and 3 mining
assets by R355 million.

For additional information on the impairments see note 5 of
the condensed consolidated financial statements included
elsewhere in this report.

SHARE-BASED PAYMENT ON BEE TRANSACTION

An expense of R240 million relating to share-based payment
on BEE transaction was recognised as part of the Rustenburg
Operations acquisition. This represents the BEE shareholders
attributable value over the expected life of mine.

For additional information on the impairments see note 8 of
the condensed consolidated financial statements included
elsewhere in this report.

Sibanye Operating and Financial Results | Six months and financial year ended 31 December 2016

RESTRUCTURING COSTS

Restructuring costs, including voluntary separation
packages, of R149 million (31 December 2015: R74 million)
were incurred at Driefontein, Kloof, Beatrix, Cooke and
Corporate Services.

TRANSACTION COSTS

Transaction costs of R43 million primarily related to the
acquisition of the Rustenburg Operations.

MINING AND INCOME TAX

Mining and income tax increased from R383 million to
R738

million. Current tax increased by R83 million to

R618 million due to an increase in taxable mining income for
the period. Deferred tax increased from a credit of
R153 million to a charge of R120 million.

CASH FLOW ANALYSIS

Sibanye defines free cash flow as cash from operating
activities before dividends, less additions to property, plant
and equipment.

Free cash flow of R330 million compares with R438 million for
the six months ended 31 December 2015. This was largely due
to the R832 million increase in cash generated from the
operating activities, a R41 million increase in investment in
working capital, a R129 million increase in net interest paid, a
R150 million increase in royalties and taxation paid, and a
R602 million increase in capital expenditure.

Available cash at 31 December 2016 (after net loans raised
of R2,075 million) increased to R968 million from R871 million
at 30 June 2016.

DIVIDEND DECLARATION

The Sibanye Board approved a final dividend, number 8, of
60 cents per share (ZAR) (gross) resulting in a total dividend
of 145 cents per share (ZAR) (gross) for the year ended
31 December 2016.

Sibanye‘s dividend policy is to return at least 25% to 35% of
normalised earnings to shareholders and after due
consideration of future requirements the dividend may be
increased beyond these levels. Normalised earnings are
defined as: basic earnings excluding gains and losses on
foreign exchange differences and financial instruments, non-
recurring items and share of results of equity-accounted
investees. After due consideration of the Group cash position
and future requirements, the Board has determined the final
dividend at 60 cents per share (ZAR).

The final dividend is subject to the Dividends Withholding Tax.
In accordance with paragraphs 11.17 (a) (i) and 11.17 (c) of
the JSE Listings Requirements the following additional
information is disclosed:
· The dividend has been declared out of income reserves
· The local Dividends Withholding Tax rate is 15% (fifteen
    per centum). The implications of Minister Gordhan’s
    announcement of an increase in the dividend
    withholding tax from 15% to 20% in his budget speech of
    22 February 2017 will be evaluated and communicated
    to shareholders once clarity on implementation has been
    secured
· The gross local dividend amount is 60 cents per ordinary
    share (ZAR) for shareholders exempt from the Dividends
    Tax
· Dividend Withholding Tax of 15% will be applicable to this
    dividend
· The net local dividend amount is 51 cents (85% of
    60 cents) per ordinary share (ZAR) for shareholders liable
    to pay the Dividends Withholding Tax
· Sibanye currently has 929,004,342 ordinary shares in issue
· Sibanye’s income tax reference number is 9431292151
· Sibanye’s Auditors are KPMG Inc. and the individual
    auditor is Jacques Erasmus

Shareholders are advised of the following dates in respect of
the final dividend:
· Final dividend number 8: 60 cents per share (ZAR)
· Last date to trade cum dividend: Tuesday, 4 April 2017
· Sterling and US dollars conversion date: Wednesday,
   5 April 2017
· Shares commence trading ex-dividend: Wednesday,
   5 April 2017
· Record date: Friday, 7 April 2017
· Payment of dividend: Monday, 10 April 2017

Please note that share certificates may not be
dematerialised or rematerialised between Wednesday,
5 April 2017, and Friday, 7 April 2017, both dates inclusive.

Sibanye Operating and Financial Results | Six months and financial year ended 31 December 2016

CONDENSED CONSOLIDATED PRELIMINARY FINANCIAL STATEMENTS

Condensed consolidated income statement

Figures are in millions unless otherwise stated

United States Dollars

South African Rand

Year

Six months ended

Year

Dec

2015

Dec

2016

Dec

2015

Jun

2016

Dec

2016

Notes

Dec

2016

Reviewed

Jun

2016

Dec

2015

Reviewed

Dec

2016

Audited

Dec

2015

1,781.8

2,128.1

920.1

956.1

1,172.0

Revenue

16,536.0

14,704.7

12,471.9

31,240.7

22,717.4

(1,284.8)

(1,410.7)

(622.1)

(605.4)

(805.3)

Operating costs

(11,397.3)

(9,311.8)

(8,500.9)

(20,709.1)

(16,380.4)

497.0

717.4

298.0

350.7

366.7

Operating profit

5,138.7

5,392.9

3,971.0

10,531.6

6,337.0

(285.2)

(275.3)

(149.9)

(126.5)

(148.8)

Amortisation and

depreciation

(2,096.5)

(1,945.4)

(2,028.0)

(4,041.9)

(3,636.6)

211.8

442.1

148.1

224.2

217.9

Net operating profit

3,042.2

3,447.5

1,943.0

6,489.7

2,700.4

20.2

22.6

10.4

10.5

12.1

Interest income

169.6

161.8

140.1

331.4

257.0

(44.1)

(61.5)

(22.0)

(25.0)

(36.5)

Finance expense

(517.9)

(385.2)

(298.9)

(903.1)

(561.8)

(6.1)

(24.1)

(0.8)

(5.6)

(18.5)

Net other costs

(269.5)

(85.1)

(15.5)

(354.6)

(78.6)

(1.9)

(0.3)

(0.8)

(0.3)

Exploration and feasibility

costs

(4.0)

(0.1)

(10.7)

(4.1)

(23.6)

9.1

0.9

6.7

(5.5)

6.4

Share of results of equity-

accounted investees after

tax

98.2

(84.9)

87.2

13.3

116.0

(21.5)

(17.4)

(9.3)

(8.9)

(8.5)

Share-based payments

(118.5)

(137.4)

(129.4)

(255.9)

(274.4)

(18.1)

(70.4)

(20.2)

(76.5)

6.1

(Loss)/gain on financial

instruments

144.2

(1,177.0)

(254.5)

(1,032.8)

(229.5)

(27.3)

15.0

(23.1)

2.5

12.5

Gain/(loss) on foreign

exchange differences

181.7

37.9

(309.6)

219.6

(359.4)

122.1

306.9

89.0

115.7

191.2

Profit before non-recurring

items

2,726.0

1,777.5

1,151.7

4,503.5

1,546.1

4.6

6.5

3.4

3.5

3.0

Gain on disposal of property,

plant and equipment

42.3

53.1

44.5

95.4

58.7

(94.1)

(53.3)

(40.8)

Impairments

(562.0)

(819.1)

(1,381.1)

(16.4)

Share-based payment on BEE

transaction

(240.3)

165.4

Gain on acquisition

2,428.0

(8.2)

(12.8)

(5.6)

(2.5)

(10.3)

Restructuring costs

(148.8)

(38.9)

(73.6)

(187.7)

(104.8)

(2.0)

(10.7)

(2.0)

(7.4)

(3.3)

Transaction costs

(43.4)

(113.6)

(25.7)

(157.0)

(25.7)

(13.3)

Net loss on derecognition of

financial guarantee asset

and liability

(158.3)

103.2

344.8

84.8

56.0

288.8

Profit before royalties and tax

4,201.8

859.0

1,096.9

5,060.8

1,316.0

(31.4)

(37.2)

(19.7)

(17.3)

(19.9)

Royalties

(281.1)

(265.5)

(261.2)

(546.6)

(400.6)

71.8

307.6

65.1

38.7

268.9

Profit before tax

3,920.7

593.5

835.7

4,514.2

915.4

(29.6)

(84.7)

(30.0)

(32.9)

(51.8)

Mining and income tax

(737.8)

(505.4)

(382.5)

(1,243.2)

(377.2)

(54.6)

(75.7)

(41.0)

(32.1)

(43.6)

- Current tax

(618.1)

(493.7)

(535.0)

(1,111.8)

(696.7)

25.0

(9.0)

11.0

(0.8)

(8.2)

- Deferred tax

(119.7)

(11.7)

152.5

(131.4)

319.5

42.2

222.9

35.1

5.8

217.1

Profit for the period

3,182.9

88.1

453.2

3,271.0

538.2

Profit for the period

attributable to:

56.2

252.2

41.1

21.7

230.5

- Owners of Sibanye

3,368.6

333.0

537.1

3,701.6

716.9

(14.0)

(29.3)

(6.0)

(15.9)

(13.4)

- Non-controlling interests

(185.7)

(244.9)

(83.9)

(430.6)

(178.7)

Earnings per ordinary share

(cents)

Basic earnings per share

364

402

Diluted earnings per share

364

401

912,038

921,733

914,771

919,089

924,379

Weighted average number

of shares (‘000)

924,379

919,089

914,771

921,733

912,038

917,709

923,894

920,442

924,760

926,540

Diluted weighted average

number of shares (‘000)

926,540

924,760

920,442

923,894

917,709

Headline earnings per

ordinary share (cents)

Headline earnings per share

148

121

270

Diluted headline earnings per

148

120

269

12.75

14.68

13.61

15.38

13.97

Average R/US$ rate

The condensed consolidated financial statements for the year ended 31 December 2016 have been prepared by Sibanye Gold Limited’s Group financial reporting team headed
by Alicia Brink. This process was supervised by the Group’s Chief Financial Officer, Charl Keyter and approved by the board of Sibanye Gold Limited.

Sibanye Operating and Financial Results | Six months and financial year ended 31 December 2016

Condensed consolidated statement of other comprehensive income

Figures are in millions unless otherwise stated

United States Dollars

South African Rand

Year

Six months ended

Year

Dec

2015

Dec

2016

Dec

2015

Jun

2016

Dec

2016

Notes

Dec

2016

Reviewed

Jun

2016

Dec

2015

Reviewed

Dec

2016

Audited

Dec

2015

42.2

222.9

35.1

5.8

217.1

Profit for the period

3,182.9

88.1

453.2

3,271.0

538.2

(329.3)

130.8

(265.2)

54.4

76.4

Other comprehensive

income, net of tax

(140.9)

9.5

(131.4)

Foreign currency translation

adjustments

(140.9)

9.5

(131.4)

(329.3)

130.8

(265.2)

54.4

76.4

Currency translation

adjustments

(287.1)

353.7

(230.1)

60.2

293.5

Total comprehensive

income

3,042.0

97.6

453.2

3,139.6

538.2

Total comprehensive

income attributable to:

(268.9)

382.5

(221.1)

76.6

305.9

- Owners of Sibanye

3,227.7

342.5

537.1

3,570.2

716.9

(18.2)

(28.8)

(9.0)

(16.4)

(12.4)

- Non-controlling interests

(185.7)

(244.9)

(83.9)

(430.6)

(178.7)

12.75

14.68

13.61

15.38

13.97

Average R/US$ rate

The currency translation adjustments arise on the convenience translation of the South African Rand amount to the United States Dollars. These gains and losses will never be
reclassified to profit and loss.

Condensed consolidated statement of financial position

Figures are in millions unless otherwise stated

United States Dollars

South African Rand

Dec

2015

Revised

Jun

2016

Dec

2016

Notes

Reviewed

Dec

2016

Revised

Jun

2016

Audited

Dec

2015

1,641.9

1,986.6

2,485.0

Non-current assets

34,018.1

29,203.5

25,515.0

1,424.2

1,562.5

1,989.8

Property, plant and equipment

27,240.7

22,968.0

22,132.4

47.4

77.4

68.4

Goodwill

936.0

1,137.3

736.7

10.8

149.1

157.6

Equity-accounted investments

2,157.4

2,192.2

167.5

155.3

180.6

226.5

Environmental rehabilitation obligation funds

3,100.5

2,655.5

2,413.9

0.1

7.6

26.0

Non-current financial assets

355.3

111.6

1.3

4.1

9.4

16.7

Deferred tax

228.2

138.9

63.2

177.0

241.9

562.7

Current assets

7,703.2

3,555.6

2,750.7

26.1

37.5

49.4

Inventories

676.8

550.8

405.9

104.7

145.2

419.9

Trade and other receivables

5,747.9

2,134.1

1,627.4

22.7

Current financial assets

310.6

46.2

59.2

70.7

Cash and cash equivalents

967.9

870.7

717.4

1,818.9

2,228.5

3,047.7

Total assets

41,721.3

32,759.1

28,265.7

964.3

976.3

1,219.7

Shareholders’ equity

16,697.4

14,352.1

14,984.8

510.5

696.5

1,372.3

Non-current liabilities

18,787.3

10,238.1

7,933.6

229.2

244.9

343.8

Deferred tax liabilities

4,707.1

3,599.6

3,561.4

116.4

221.0

600.5

Borrowings

8,221.5

3,248.6

1,808.3

155.1

227.2

290.9

Environmental rehabilitation obligation

3,982.2

3,340.4

2,411.0

1.0

1.1

1.2

Post-retirement healthcare obligation

16.3

16.3

8.8

18.0

Share-based payment obligations

246.5

136.6

2.3

117.9

Non-current financial liabilities

7,8

1,613.7

33.2

344.1

555.7

455.7

Current liabilities

6,236.6

8,168.9

5,347.3

177.6

264.1

378.5

Trade and other payables

5,180.5

3,881.7

2,759.4

8.3

10.9

5.0

Tax and royalties payable

68.6

160.8

129.6

128.4

257.2

55.0

Current borrowings

752.3

3,780.3

1,995.3

29.8

23.5

17.2

Current share-based payment obligations

235.2

346.1

463.0

1,818.9

2,228.5

3,047.7

Total equity and liabilities

41,721.3

32,759.1

28,265.7

87.6

300.2

459.7

Net debt 1

6,292.8

4,412.7

1,361.9

15.54

14.70

13.69

Closing R/US$ rate

Net debt represents borrowings and bank overdraft less cash and cash equivalents. Borrowings are only those borrowings that have recourse to Sibanye and therefore exclude
the Burnstone Debt. Net debt excludes Burnstone cash and cash equivalents.

Sibanye Operating and Financial Results | Six months and financial year ended 31 December 2016

Condensed consolidated statement of changes in equity

Figures are in millions unless otherwise stated

United States Dollars

South African Rand

Stated

capital

Other

Reserves

Accumul

ated

loss

Non-

controlling

interests

Total

equity

Total

equity

Non-

controlling

interests

Accumul

ated

loss

Other

Reserves

Stated

capital

2,388.6

550.2 (1,671.0)

28.5

1,296.3

Balance at 31 December 2014 (Audited)

14,985.9

329.6

(9,897.4)

2,819.1

21,734.6

(325.1)

56.2

(18.2)

(287.1)

Total comprehensive income for the

period

538.2

(178.7)

716.9

56.2

(14.0)

42.2

Profit for the period

538.2

(178.7)

716.9

(325.1)

(4.2)

(329.3)

Other comprehensive income, net of tax

(54.2)

(54.2)

Dividends paid

(658.4)

(658.4)

9.3

9.3

Share-based payments

119.1

119.1

3.2

(3.2)

Transactions with non-controlling interests

(41.1)

41.1

2,388.6

234.4

(1,665.8)

7.1

964.3

Balance at 31 December 2015 (Audited)

14,984.8

109.8

(9,797.8)

2,938.2

21,734.6

130.3

252.2

(28.8)

353.7

Total comprehensive income for the

period

3,139.6

(430.6)

3,701.6

(131.4)

252.2

(29.3)

222.9

Profit for the period

3,271.0

(430.6)

3,701.6

130.3

0.5

130.8

Other comprehensive income, net of tax

(131.4)

(131.4)

(110.7)

(0.1)

(110.8)

Dividends paid

(1,611.9)

(1.3)

(1,610.6)

11.7

11.7

Share-based payments

172.0

172.0

(22.3)

22.3

Transactions with non-controlling

interests

326.9

(326.9)

0.8

0.8

Acquisition of subsidiary with non-

controlling interests

12.9

12.9

2,388.6

376.4

(1,546.6)

1.3

1,219.7

Balance at 31 December 2016 (Reviewed)

16,697.4

17.7

(8,033.7)

2,978.8

21,734.6

On acquisition of the Cooke Operations, the amount recognised as non-controlling interests represented the BEE consortium’s proportionate share of the net assets at
acquisition date after considering the loan amount due and payable to Sibanye. As the recoverable amount of the Cooke cash generating units (CGU) is lower than its
carrying value, the BEE consortium’s proportionate share of the net fair value at 31 December 2016 is not sufficient to fund the BEE consortium’s attributable loss, and therefore
the non-controlling interest was limited to zero.

Condensed consolidated statement of cash flows

Figures are in millions unless otherwise stated

United States Dollars

South African Rand

Year

Six months ended

Year

Dec

2015

Dec

2016

Dec

2015

Jun

2016

Dec

2016

Dec

2016

Reviewed

Jun

2016

Dec

2015

Reviewed

Dec

2016

Audited

December

2015

Cash flows from operating activities

480.8

669.9

291.3

333.3

336.6

Cash generated by operations

4,708.6

5,126.5

3,877.2

9,835.1

6,130.3

(3.3)

(103.4)

(2.8)

(96.9)

(6.5)

Cash-settled share-based payments paid

(28.8)

(1,489.8)

(35.8)

(1,518.6)

(42.2)

(52.4)

(16.2)

(55.5)

33.1

(49.3)

Change in working capital

(746.6)

509.0

(705.3)

(237.6)

(668.0)

425.1

550.3

233.0

269.5

280.8

3,933.2

4,145.7

3,136.1

8,078.9

5,420.1

(9.2)

7.6

5.4

4.1

3.5

Interest received

48.8

63.4

72.2

112.2

117.3

(20.4)

(30.0)

(10.4)

(11.1)

(18.9)

Interest paid

(270.9)

(170.2)

(141.7)

(441.1)

(260.2)

(31.0)

(37.9)

(22.0)

(16.7)

(21.2)

Royalties paid

(299.6)

(256.3)

(288.9)

(555.9)

(395.4)

(51.5)

(80.2)

(42.7)

(31.5)

(48.7)

Tax paid

(691.8)

(484.9)

(552.0)

(1,176.7)

(656.3)

(54.2)

(109.8)

(6.6)

(53.7)

(56.1)

Dividends paid

(786.5)

(825.4)

(91.3)

(1,611.9)

(658.4)

(4.4)

Guarantee release fee paid

(51.8)

272.8

300.0

156.7

160.6

139.4

Net cash from operating activities

1,933.2

2,472.3

2,134.4

4,405.5

3,515.3

Cash flows from investing activities

(262.3)

(282.8)

(131.4)

(114.5)

(168.3)

Additions to property, plant and

equipment

(2,389.7)

(1,761.4)

(1,787.9)

(4,151.1)

(3.344.8)

5.1

6.8

3.6

3.2

Proceeds on disposal of property, plant

and equipment

44.4

55.0

47.2

99.4

65.1

(6.1)

(5.1)

(6.1)

(0.2)

(4.9)

Contributions to funds and payment of
environmental rehabilitation obligation

(71.4)

(3.3)

(77.8)

(74.7)

(78.1)

(395.2)

(294.0)

(101.2)

Investment in subsidiaries

(1,500.0)

(4,301.5)

(5,801.5)

33.7

33.7

Cash acquired on acquisition of

subsidiaries

0.1

494.1

494.2

(0.2)

(0.7)

(0.2)

(1.0)

Loan advanced to equity-accounted

investee

(15.5)

(3.0)

(10.1)

(3.0)

1.4

0.3

Loan repaid by equity-accounted

investee

5.4

20.9

(262.1)

(643.3)

(132.7)

(372.4)

(270.9)

Net cash used in investing activities

(3,911.2)

(5,532.6)

(1,800.6)

(9,443.8)

(3,339.9)

Cash flows from financing activities

130.5

1,177.1

346.3

830.8

Loans raised

11,955.0

5,325.5

17,280.5

1,552.0

(122.0)

(806.2)

(29.3)

(127.1)

(679.1)

Loans repaid

(9,879.8)

(1,954.9)

(470.9) (11,834.7)

(1,572.9)

8.5

370.9

(29.3)

219.2

151.7

Net cash from/(used in) financing

activities

2,075.2

3,370.6

(470.9)

5,445.8

(20.9)

19.2

27.6

(5.3)

7.4

20.2

Net increase/(decrease) in cash and cash

equivalent

97.2

310.3

(137.1)

407.5

154.5

(21.7)

(3.1)

(18.7)

5.6

(8.7)

Effect of exchange rate fluctuations on

cash held

(157.0)

(157.0)

48.7

46.2

70.2

46.2

59.2

Cash and cash equivalents at beginning

of period

870.7

717.4

854.5

717.4

562.9

46.2

70.7

46.2

59.2

70.7

Cash and cash equivalents at end of

period

967.9

870.7

717.4

967.9

717.4

12.75

14.68

13.61

15.38

13.97

Average R/US$ rate

15.54

13.69

15.54

14.70

13.69

Closing R/US$ rate

Sibanye Operating and Financial Results | Six months and financial year ended 31 December 2016

NOTES TO THE CONDENSED CONSOLIDATED PRELIMINARY FINANCIAL STATEMENTS

1. Basis of accounting and preparation

The condensed consolidated preliminary financial statements are prepared in accordance with the requirements of the JSE
Listings Requirements for preliminary reports and the requirements of the Companies Act of South Africa. The JSE Listings
Requirements require preliminary reports to be prepared in accordance with the framework concepts and the measurement
and recognition requirements of International Financial Reporting Standards (IFRS) and the SAICA Financial Reporting Guides
as issued by the Accounting Practices Committee and Financial Pronouncements as issued by Financial Reporting Standards
Council and to also, as a minimum, contain the information required by IAS 34 Interim Financial Reporting. The accounting
policies applied in the preparation of the condensed consolidated preliminary financial statements are in terms of IFRS and
are consistent with those applied in the previous consolidated annual financial statements. The accounting policies (including
significant accounting judgements and estimates), however, have been expanded for the PGM assets (due to the Aquarius
and the Rustenburg Operations acquisitions) mainly relating to:

•

Revenue arising from PGM concentrate sales is recognised when risks and rewards of ownership of the mine product has

passed to the buyer pursuant to a sales contract. The sales price is determined on a provisional basis at the date of
delivery. Adjustments to the sales price occur based on movements in the metal market price up to the date of final
pricing. Revenue on provisionally priced sales is initially recorded at the estimated fair value of the consideration
receivable, determined with reference to estimated forward prices using consensus forecasts. The fair value of the final
sales price adjustment is re-estimated continuously and changes in fair value recognised as an adjustment to revenue in
profit or loss and trade receivables in the statement of financial position.

•

Judgement is required to determine when the Group has joint control, which requires an assessment of the relevant

activities and when the decisions in relation to those activities require unanimous consent. The Group has determined that
the relevant activities for its joint arrangements are those relating to the operating and capital decisions of the
arrangement. The considerations made in determining joint control are similar to those necessary to determine control
over subsidiaries. Judgement is also required to classify a joint arrangement as either a joint operation or a joint venture.
Classifying the arrangement requires the Group to assess their rights and obligations arising from the arrangement.

•

The consideration transferred for the acquisition of a business includes any liability resulting from a contingent

arrangement. The contingent consideration for the Rustenburg Operations acquisition includes a deferred payment and
is measured at fair value.

In terms of the Group’s accounting policies:
· Joint ventures are accounted for using the equity method; and
· Joint operations are accounted for by recognising the proportionate share of assets, liabilities and transactions incurred
jointly.

The condensed consolidated statement of financial position as at 30 June 2016 has been revised to reflect the adjustment of
the initial accounting in respect of Aquarius acquired on 12 April 2016. The impact of these adjustments is presented in note 7.

The condensed consolidated income statement and statements of other comprehensive income and cash flows for the six
months ended 31 December 2015 were not reviewed by the Company’s auditor and were prepared by subtracting the
reviewed condensed consolidated financial statements for the period ended 30 June 2015 from the audited comprehensive
consolidated financial statements for the year ended 31 December 2015. The condensed consolidated income statement
and statements of other comprehensive income and cash flows for the six months ended 31 December 2016 have not been
reviewed and were prepared by subtracting the reviewed condensed consolidated financial statements for the six months
ended 30 June 2016 from the reviewed condensed consolidated preliminary financial statements for the year ended 31
December 2016. The US dollars consolidated income statements, and statements of comprehensive income, financial
position, changes in equity, and cash flows have not been audited.

The translation of the financial statements into US Dollars is based on the average exchange rate for the period for the income
statement, statement of other comprehensive income and statement of cash flows and the period-end closing exchange
rate for the statement of financial position items. Exchange differences on translation are accounted for in the statement of
other comprehensive income. This information is provided as supplementary information only.

2. Operating costs

A net realisable value write down on uranium finished goods and uranium-in-process has been recognised in operating costs
as follows:

Figures are in South African Rand millions unless otherwise stated

Six months ended

Year ended

Dec

2016

Jun

2016

Dec

2015

Dec

2016

Dec

2015

Net realisable value write down

(55.6)

(37.7)

(24.0)

(93.3)

(24.0)

3. Share-based payments

Figures are in South African Rand millions unless otherwise stated

Six months ended

Year ended

Dec

2016

Jun

2016

Dec

2015

Dec

2016

Dec

2015

Sibanye Gold Limited 2013 Share Plan

(89.9)

(82.2)

(59.2)

(172.1)

(119.1)

Sibanye Gold Limited Phantom Share Scheme

(28.6)

(55.2)

(70.2)

(83.8)

(155.3)

Total share-based payments

(118.5)

(137.4)

(129.4)

(255.9)

(274.4)

Sibanye Gold Limited Phantom Share Scheme

Sibanye Operating and Financial Results | Six months and financial year ended 31 December 2016

On 14 May 2013 Sibanye’s Remuneration Committee limited the issuance of share options for the 2013 allocation under the
Sibanye Gold Limited 2013 Share Plan (SGL Share Plan) to senior management only. Middle and certain senior management,
who previously participated in the equity-settled share option scheme, now participate in a cash-settled share scheme, the
Sibanye Gold 2013 Phantom Share Scheme (SGL Phantom Scheme).

The fair value of the cash-settled instruments at reporting date, used to value the share-based payment obligation, is
determined using the same assumptions as for the grant date valuation. However, the respective models take into account
the actual share data of the peer group for the period from the grant date to the reporting date.

Reconciliation of the share-based payment obligations:

Figures are in South African Rand millions unless otherwise stated

Six months ended

Year ended

Note

Dec

2016

Jun

2016

Dec

2015

Dec

2016

Dec

2015

Balance at beginning of the period

346.1

599.6

468.8

599.6

399.2

Share-based payments expensed

28.6

55.2

70.2

83.8

155.3

Share-based payment on BBE transaction

240.3

Fair value adjustment of obligation 1

(104.5)

1,181.1

96.4

1,076.6

87.3

Cash-settled share-based payments paid 2

(28.8)

(1,489.8)

(35.8)

(1,518.6)

(42.2)

Balance at end of the period

481.7

346.1

599.6

481.7

599.6

Current share-based payment obligations

(235.2)

(346.1)

(463.0)

(235.2)

(463.0)

Non-current share-based payment obligations

246.5

136.6

246.5

136.6

The fair value adjustment at reporting date is included in loss on financial instruments in profit or loss and not as part of share-based payments expense. The appreciation in

Sibanye's share price for the six month period ended 30 June 2016 of approximately 120%, resulted in a fair value loss of R1,181.1 million. The depreciation in share price for the
six month period ended 31 December 2016 of approximately 49% resulted in a fair value gain of R110.7 million.

Payments made during the period relate to vesting of shares to employees and proportionate vesting of shares to employees that have left the Group in good faith. Bonus

Share (BS) options under the SGL Share Plan are issued on grant date and thus dividends are paid when the Company declares a dividend. Similarly, the BS holders under the
SGL Phantom Scheme receive share-based payments to the equivalent of dividends paid, which were also paid during the period.

4. (Loss)/gain on financial instruments

Figures are in South African Rand millions unless otherwise stated

Six months ended

Year ended

Note

Dec

2016

Jun

2016

Dec

2015

Dec

2016

Dec

2015

Fair value adjustment of share-based payment obligations

104.5

(1,181.1)

(96.4)

(1,076.6)

(87.3)

Loss on revised cash flows of the Burnstone Debt

(29.3)

(162.5)

(29.3)

(162.5)

Other 1

69.0

4.1

4.4

73.1

20.3

Total (loss)/gain on financial instruments

144.2

(1,177.0)

(254.5)

(1,032.8)

(229.5)

The other gain on financial instruments for the year ended 31 December 2016 includes fair value gains of R40.8 million of the Cooke hedges and R21.0 million on the “purchase

of concentrate” debtor acquired on acquisition of the Rustenburg Operations.

5. Impairments

Figures are in South African Rand millions unless otherwise stated

Six months ended

Year ended

Dec

2016

Jun

2016

Dec

2015

Dec

2016

Dec

2015

Impairment of goodwill 1

(201.3)

Impairment of property, plant and equipment 1,2

(355.0)

(816.7)

(1,171.7)

Impairment of loan to equity-accounted investee

(5.7)

(2.4)

(8.1)

Total impairments

(562.0)

(819.1)

(1,381.1)

The gold price decreased from R628,000/kg at 30 June 2016 to R510,000/kg at 31 December 2016. As a result a decision was taken during the six months ended 31 December

2016, to impair the goodwill allocated to the Cooke CGU by R201.3 million and the Cooke 1, 2 and 3 mining assets by R355.0 million. The impairment was based on the estimated
fair value less cost to sale over the life of mine calculated as expected discounted cash flows from the expected gold reserves and costs to extract the gold.

Despite intense monitoring and interventions, the Cooke 4 Operation continued to fall short of production targets and losses continued to accumulate. As a result a decision

was taken during the six months ended 30 June 2016 to impair the Cooke 4 Operation’s mining assets by R816.7 million. This impairment was based on negative cash flow
projections for the remainder of the life of mine.

6. Reconciliation of headline earnings with profit for the period

Figures are in South African Rand millions unless otherwise stated

Six months ended

Year ended

Dec

2016

Jun

2016

Dec

2015

Dec

2016

Dec

2015

Profit attributable to owners of Sibanye

3,368.6

333.0

537.1

3,701.6

716.9

Gain on disposal of property, plant and equipment

(42.3)

(53.1)

(44.5)

(95.4)

(58.7)

Impairments

562.0

819.1

1,381.1

Gain on acquisition

(2,428.0)

Taxation effect of re-measurement items

(87.6)

14.9

12.4

(72.7)

16.4

Headline earnings

1,372.7

1,113.9

505.0

2,486.6

674.6

Sibanye Operating and Financial Results | Six months and financial year ended 31 December 2016

7. Aquarius acquisition

On 6 October 2015 Sibanye announced a cash offer of US$0.195 per share for the entire issued share capital of Aquarius
Platinum Limited (Aquarius) (the Aquarius Transaction), valuing Aquarius at US$294 million. The transaction was subject to the
fulfilment of various conditions precedent which were completed on 12 April 2016.

On 12 April 2016, Sibanye paid R4,302 million to the Aquarius shareholders and obtained control (100%) of Aquarius.

The acquisition has a strong strategic and financial rationale for Sibanye, both as a stand-alone transaction and when
considered in conjunction with the announcement on 9 September 2015 of the conditional acquisition of the Rustenburg
PGM operations from Anglo American Platinum Limited. These acquisitions will result in significant value creation through the
realisation of synergies between the PGM assets in the Rustenburg area, thereby enhancing Sibanye’s platinum portfolio.

The Aquarius operations are efficiently managed, mechanised and low-cost operations that will consolidate Sibanye’s
position in the South African PGM sector and also provide Sibanye with additional PGM operational experience.

For the nine months ended 31 December 2016, Aquarius contributed revenue of R2,104.4 million and a profit of R223.6 million
to the Group’s results.

At 30 June 2016 the purchase price allocation (PPA) was prepared on a provisional basis in accordance with IFRS 3 Business
Combinations (IFRS 3). If new information obtained within one year of the acquisition date, about facts and circumstances
that existed at the acquisition date identifies adjustments to the below amounts, or any additional provisions that existed at
the date of acquisition, then the accounting for the acquisition will be revised.

Subsequently, the Group received new information relating to probable PGM reserves that existed at acquisition date and
adjustments were made to the provisional calculation of the fair values resulting in a decrease of R243.0 million in the fair
value of property, plant and equipment, and decrease of R68.1 million to the net deferred tax liability, and an increase of
R174.9 million in the reported value of goodwill. Accordingly, the PPA has been restated as required by IFRS 3.

Consideration

Figures are in South African Rand millions unless otherwise stated

Dec

2016

Cash

4,301.5

Total consideration

4,301.5

Acquisition-related costs

The Group incurred acquisition-related costs of R93.1 million on advisory and legal fees. These costs are recognised as
transaction costs in profit or loss.

Identifiable assets acquired and liabilities assumed

The following table summarises the recognised amounts of assets acquired and liabilities assumed at the acquisition date:

Figures are in South African Rand millions unless otherwise stated

Notes

Revised

Property, plant and equipment

1,680.8

Equity-accounted investments

2,066.7

Environmental rehabilitation obligation funds

151.9

Non-current financial assets

108.4

Inventories

155.0

Trade and other receivables

908.9

Cash and cash equivalents

494.1

Deferred tax

49.2

Environmental rehabilitation obligation

(630.0)

Non-current financial liabilities

(32.4)

Trade and other payables

(1,025.6)

Tax and royalties payable

(13.2)

Total fair value of identifiable net assets acquired

3,913.8

The fair value of assets and liabilities excluding property plant and equipment, and environmental rehabilitation obligation
approximate their carrying value. The fair value of property, plant and equipment was based on the expected discounted
cash flows of the expected (PGM) reserves and costs to extract the PGMs discounted at a discount rate of 9% for Kroondal
and Platinum Mile, and 15% for Mimosa, and an average PGM (4E) basket price of R14,700/kg.

Sibanye Operating and Financial Results | Six months and financial year ended 31 December 2016

Goodwill

Goodwill arising from the acquisition has been recognised as follows:

Figures are in South African Rand millions unless otherwise stated

Revised

Consideration paid

4,301.5

Fair value of identifiable net assets

(3,913.8)

Non-controlling interests, based on their proportionate interest in the recognised amounts of the assets and liabilities

12.9

Goodwill

400.6

The goodwill is attributable to the synergies between the PGM assets in the Rustenburg area. The allocation of goodwill has
been provisionally allocated to the Kroondal and Rustenburg Operations cash-generating units. None of the goodwill
recognised is expected to be deducted for tax purposes.

8. Rustenburg Platinum Mines acquisition

On 9 September 2015, Sibanye announced that it had entered into written agreements with Rustenburg Platinum Mines
Limited (RPM), a wholly owned subsidiary of Anglo American Platinum Limited (Anglo Platinum) to acquire the Bathopele,
Siphumelele (including Khomanani), and Thembelani (including Khuseleka) mining operations, two concentrating plants, an
on-site chrome recovery plant, the Western Limb Tailings Retreatment Plant, associated surface infrastructure and related
assets and liabilities on a going concern basis (the Rustenburg Operations) (the Rustenburg Operations Transaction).

The purchase consideration comprises an upfront payment of R1.5 billion at the closing of the Rustenburg Operation
Transaction (Closing) and a deferred payment calculated as being equal to 35% of the distributable free cash flow generated
by the Rustenburg Operations over a six-year period from the later of Closing or 1 January 2017 (Deferred Payment), subject
to a minimum payment of R3.0 billion. In addition to the Deferred Payment, which allows for a favourable extended payment
period; should the Rustenburg Operations generate negative distributable free cash flows in any of 2016, 2017 or 2018, RPM
will be required to pay up to R267 million per annum to ensure that the free cash flows for the relevant year is equal to zero.

On 19 October 2016, Sibanye obtained consent in terms of section 11 of the Mineral and Petroleum Resources Development
Act for the transfer of the mining right and prospecting right pursuant to the Rustenburg Operations Transaction. Sibanye
obtained control (88.4%) of the Rustenburg Operations on this date.

For the two months ended 31 December 2016, the Rustenburg Operations contributed revenue of R1,656.0 million and a loss
of R242.6 million to the Group's results.

The purchase price allocation has been prepared on a provisional basis in accordance with IFRS 3. The values measured on
a provisional basis include, inter alia, deferred tax and the process to determine the effective date tax valuations.

If new information obtained within one year of the acquisition date, about facts and circumstances that existed at the
acquisition date, identifies adjustments to the below amounts, or any additional provisions that existed at the date of
acquisition, then the accounting for the acquisition will be revised.

Consideration

Figures are in South African Rand millions unless otherwise stated

Dec

2016

Cash

1,500.0

Deferred Payment (included in non-current financial liabilities)

1,553.3

True-up amount

65.1

Total consideration

3,118.4

Acquisition-related costs

The Group incurred acquisition-related costs of R72.4 million on advisory and legal fees. These costs are recognised as
transaction costs in profit or loss.

Identifiable assets acquired and liabilities assumed

The following table summarises the provisional fair value of assets acquired and liabilities assumed at the acquisition date:

Figures are in South African Rand millions unless otherwise stated

Dec

2016

Property, plant and equipment

4,021.5

Environmental rehabilitation obligation funds

280.7

Non-current financial assets

220.9

Inventories

80.4

Trade and other receivables

2,991.6

Current financial assets

242.0

Cash and cash equivalents

0.1

Deferred tax

(898.5)

Environmental rehabilitation obligation

(79.8)

Trade and other payables

(1,312.5)

Total fair value of identifiable net assets acquired

5,546.4

Sibanye Operating and Financial Results | Six months and financial year ended 31 December 2016

The fair value of assets and liabilities excluding property, plant and equipment, and environmental rehabilitation obligation
approximate their carrying value. The fair value of property, plant and equipment was based on the expected discounted
cash flows of the expected PGM reserves and costs to extract the PGMs discounted at a discount rate of 9.2% and an average
PGM (4E) basket price of R14,725/kg.

Share-based payment on BEE transaction

The share-based payment on BEE transaction amounted to R240.3 million. In terms of the Rustenburg Operations Transaction
a 26% equity stake in Sibanye Rustenburg Platinum Mines Proprietary Limited (SRPM) was acquired by the BBBEE SPV (the
“BBBEE Transaction”) by a vendor financed facility from Sibanye Platinum Proprietary Limited (Sibanye Platinum), on the
following terms:

· Interest at up to 0.2% above Sibanye’s highest cost of debt;
· Post payment of the annual Deferred Payment to RPM and in respect of any repayment by SRPM of shareholder loans or
the distribution of dividends, 74% will be paid to Sibanye Platinum and 26% to BBBEE SPV;
· Of the 26% payment to BBBEE SPV, 85% will be used to service the facility owing by BBBEE SPV to Sibanye Platinum;
· The remaining 15% of any such payment or 100%, once the facility owing by BBBEE SPV to Sibanye Platinum is repaid, will
be declared by BBBEE SPV as a dividend to the BBBEE SPV shareholders; and
· The facility will be capped at R3,500 million.

The IFRS 2 Share-based Payment expense has been limited to 44.8% of the 26% interest relating to the Bakgatla-Ba-Kgafela
Investment Holdings, as the Rustenburg Mine Community Trust and Rustenburg Mine Employees Trust are controlled and
consolidated by Sibanye. The 44.8% interest was based on the expected discounted future cash flows of the expected PGM
reserves and costs to extract the PGMs.

Gain on acquisition

Gain on acquisition has been recognised as follows:

Figures are in South African Rand millions unless otherwise stated

Dec

2016

Consideration

3,118.4

Fair value of net identifiable assets

(5,546.4)

Gain on acquisition

(2,428.0)

The excess of the fair value of the net assets acquired over the consideration is recognised immediately in profit or loss as a
gain on acquisition. The gain on acquisition is attributable to the fact the Rustenburg Operations were considered non-core
operations by Anglo Platinum.

9. Equity-accounted investments

The Group holds the following equity-accounted investments:

Figures are in South African Rand millions unless otherwise stated

Six months ended

Year ended

Dec

2016

Jun

2016

Dec

2015

Dec

2016

Dec

2015

Rand Refinery

72.4

93.9

148.7

72.4

148.7

Mimosa

2,049.3

2,046.8

2,049.3

Other equity-accounted investments

35.7

51.5

18.8

35.7

18.8

Total equity-accounted investments

2,157.4

2,192.2

167.5

2,157.4

167.5

Rand Refinery

Sibanye has a 33.1% interest in Rand Refinery Proprietary Limited (Rand Refinery) which is accounted for using the equity
method.

Rand Refinery recognised losses during the period as a result of inefficiencies in processing by-product stockpiles.

The carrying value of Rand Refinery remains an area of estimation and uncertainty.

The equity-accounted investment in Rand Refinery movement for the period is as follows:

Figures are in South African Rand millions unless otherwise stated

Six months ended

Year ended

Dec

2016

Jun

2016

Dec

2015

Dec

2016

Dec

2015

Balance at beginning of the period

93.9

148.7

83.6

148.7

55.1

Share of results of equity-accounted investee after tax

(41.0)

(75.5)

86.0

(116.5)

114.5

Interest on the loan to equity-accounted investee capitalised

19.5

20.7

40.2

Loan repaid by equity-accounted investee

(20.9)

Balance at end of the period

72.4

93.9

148.7

72.4

148.7

Sibanye Operating and Financial Results | Six months and financial year ended 31 December 2016

Mimosa

Sibanye has a 50% interest in Mimosa Investments Limited, which owns and operates the Mimosa mine.

The equity-accounted investment in Mimosa movement for the period is as follows:

Figures are in South African Rand millions unless otherwise stated

Six months ended

Year ended

Note

Dec

2016

Jun

2016

Dec

2015

Dec

2016

Dec

2015

Balance at beginning of the period

2,046.8

Share of results of equity-accounted investee after tax

143.9

(29.0)

114.9

Foreign currency translation

(141.4)

9.1

(132.3)

Equity-accounted investment on acquisition of subsidiaries

2,066.7

2,066.7

Balance at end of the period

2,049.3

2,046.8

2,049.3

10. Borrowings

Figures are in South African Rand millions unless otherwise stated

Six month periods ended

Year ended

Dec

2016

Jun

2016

Dec

2015

Dec

2016

Dec

2015

Balance at beginning of the period

7,028.9

3,803.6

3,716.3

3,803.6

3,170.0

Loans raised

11,955.0

5,325.5

17,280.5

1,552.0

- R6.0 billion facilities

5,100.0

- R4.5 billion facilities

1,936.4

1,936.4

1,000.0

- US$350 million revolving credit facility

554.0

2,217.5

2,771.5

- Other uncommitted facilities

6,301.0

1,171.6

7,472.6

552.0

Loans repaid

(9,879.8)

(1,954.9)

(470.9)

(11,834.7)

(1,527.9)

- R4.5 billion facilities

(3,250.0)

(650.0)

(470.9)

(3,900.0)

(1,020.9)

- US$350 million revolving credit facility

(558.3)

(653.3)

(1,211.6)

- Other uncommitted facilities

(6,071.5)

(651.6)

(6,723.1)

(552.0)

Franco-Nevada settlement (non-cash)

(7.8)

(21.3)

(20.2)

(29.1)

(34.6)

Unwinding of loans recognised at amortised cost

69.0

72.4

55.1

141.4

102.3

Loss on revised estimated cash flows 1

29.3

162.5

29.3

162.5

(Gain)/loss on foreign exchange difference

(220.8)

(196.4)

360.8

(417.2)

424.3

Balance at end of the period

8,973.8

7,028.9

3,803.6

8,973.8

3,803.6

Borrowings consist of:

- R6.0 billion facilities

5,100.0

- US$350 million revolving credit facility

1,369.0

1,470.0

1,369.0

- R4.5 billion facilities

3,249.2

1,961.6

- Franco Nevada

2.7

11.1

33.7

2.7

33.7

- Burnstone Debt

1,752.6

1,778.6

1,808.3

1,752.6

1,808.3

- Other borrowings

749.5

520.0

749.5

Borrowings

8,973.8

7,028.9

3,803.6

8,973.8

3,803.6

Current portion of borrowings

(752.3)

(3,780.3)

(1,995.3)

(752.3)

(1,995.3)

Non-current borrowings

8,221.5

3,248.6

1,808.3

8,221.5

1,808.3

At 31 December 2016, the expected free cash flows expected to repay the Burnstone loan was revised as a result of revised cash flows over the life of mine plan updated for

revised gold prices, exchange rates, forecast cost and capital expenditure. In terms of IAS 39 AG8 the carrying value of the Burnstone Debt increased by R29.3 million, disclosed
as part of loss on financial instruments in profit or loss.

11. Environmental rehabilitation obligation

Figures are in South African Rand millions unless otherwise stated

Six months ended

Year ended

Note

Dec

2016

Jun

2016

Dec

2015

Dec

2016

Dec

2015

Balance at beginning of the period

3,340.4

2,411.0

2,583.1

2,411.0

2,486.8

Interest charge

149.4

142.0

101.3

291.4

197.9

Payment of environmental rehabilitation obligation

(0.3)

Change in estimates 1

411.5

157.4

(273.4)

568.9

(273.4)

Charge to profit or loss

1.1

Environmental rehabilitation obligation assumed on acquisition of
subsidiaries

7,8

79.8

630.0

709.8

Balance at end of the period

3,982.2

3,340.4

2,411.0

3,982.2

2,411.0

Changes in estimates are defined as changes in reserves and corresponding changes in life of mine, changes in discount rates, and changes in laws and regulations governing

environmental matters. At acquisition the environmental rehabilitation obligation acquired was calculated based on the weighted average cost of capital in terms of IFRS 3
for acquisition purposes. Subsequent to initial recognition the provision was recalculated based on the risk free rate of interest in terms of IAS 37. The resulting change in estimate
for Aquarius and Rustenburg Operations was R157.4 million and R197.6 million, respectively.

12. Fair value of financial assets and financial liabilities

The fair value of financial instruments is estimated based on ruling market prices, volatilities and interest rates at

31 December 2016.

The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments:

Level 1: unadjusted quoted prices in active markets for identical assets or liabilities;

Level 2: inputs other than quoted prices in level 1 that are observable for the asset or liability, either directly (as prices) or

indirectly (derived from prices); and

Sibanye Operating and Financial Results | Six months and financial year ended 31 December 2016

Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).

The following tables set out the Group’s significant financial instruments measured at fair value by level within the fair value
hierarchy:

Figures are in South African Rand millions unless
otherwise stated

Dec 2016

Jun 2016

Dec 2015

Level 1

Level 2

Level 3

Level 1

Level 2

Level 3

Level 1

Level 2

Level 3

Financial assets measured at fair value

Environmental rehabilitation obligation funds

3,100.5

2,655.5

2,413.9

Financial assets

665.9

111.6

1.3

Financial liabilities measured at fair value

Non-current financial liabilities

(1,613.7)

(33.2)

13. Contingent liabilities

As previously indicated, the claims relating to silicosis and other occupational lung diseases are being defended.

On 13 May, 2016, the High Court ruled in favour of the applicants and found that there were sufficient common issues to
certify two industry-wide classes: (i) a silicosis class comprising current and former mine workers who have contracted silicosis
and the dependents of mine workers who have died of silicosis; and (ii) a tuberculosis class comprising current and former
mine workers who have worked on the mines for a period of not less than two years and who have contracted pulmonary
tuberculosis and the dependents of deceased mine workers who died of pulmonary tuberculosis. The High Court ordered a
two-stage process in the class action: (i) resolve common issues and allow individuals to opt out, and (ii) allow the individuals
to opt in to the class to make claims against the Respondents. The High Court also decided that claims for general damages
will transmit to the estate of any deceased mine worker who dies after the date of filing of the certification application.

On 3 June 2016, Sibanye and the other Respondents filed an application with the High Court for leave to appeal to the
Supreme Court of Appeal. Arguments in the application for leave to appeal were heard on 23 June 2016. On 24 June 2016,
leave to appeal was (i) granted in respect of the transferability of general damages claims but (ii) denied in respect of
certification of silicosis and tuberculosis classes. On 15 July 2016, Sibanye and the other Respondents each filed petitions with
the Supreme Court of Appeal for leave to appeal against the certification of the two separate classes for silicosis and
tuberculosis.

At this stage, Sibanye can neither quantify the potential liability from the action due to the inherent legal and factual
uncertainties with respect to the pending claims and other claims not yet filed against the Group nor can the length of time
until finalisation be estimated.

14. Events after the reporting date

There were no events that could have a material impact on the financial results of the Group after 31 December 2016, other
than those disclosed below:

Dividend declared

A final dividend in respect of the six months ended 31 December 2016 of 60 cents per share (ZAR) was approved by the
Board. This dividend is not reflected in these financial statements. The final dividend will be subject to Dividend Withholding
Tax.

Stillwater

Good progress has been made regarding the proposed acquisition of Stillwater Mining Company Limited (Stillwater), which
was announced on 9 December 2016. Ultimately, this transaction will attractively position Sibanye’s Platinum Division on the
global cost curve, enhancing Sibanye’s ability to sustain and pay industry-leading dividends.

15. Mineral Reserves and Resources

Reserves and Resources as at 31 December 2016 are in the process of being updated and reviewed. Included in this update
will be added 4E reserves and resources from the recent Platinum acquisitions.

16. Review Report of the Independent Auditor

These condensed consolidated preliminary financial statements for the year ended 31 December 2016, have been reviewed
by the Company’s auditor, KPMG Inc., who expressed an unmodified review conclusion.

The auditor’s report does not necessarily report on all of the information contained in these financial results. Shareholders are
therefore advised that in order to obtain a full understanding of the nature of the auditor’s engagement they should obtain
a copy of the auditor’s report together with the accompanying financial information from the Company’s registered office.

Sibanye Operating and Financial Results | Six months and financial year ended 31 December 2016

REOTING

Segment financial results

Figures are in millions unless otherwise stated

South African Rand

For the six month ended 31 Dec 2016

Group

Total

Gold

Drie-

fontein

Kloof

Beatrix

Cooke

Cor-

porate

Total

Platinum

Kroondal

Platinum

Mile Mimosa

Rusten-

burg

Cor-

porate

Revenue

16,536.0 13,484.3

4,649.0

4,433.1

2,957.5

1,483.7

(39.0)

3,051.7

1,315.0

101.7

803.6

1,656.0

(824.6)

Underground

14,855.8 12,096.0

4,051.2

4,003.0

2,831.3

1,249.5

(39.0)

2,759.8

1,315.0

803.6

1,465.8

(824.6)

Surface

1,680.2

1,388.3

597.8

430.1

126.2

234.2

291.9

101.7

190.2

Operating costs

(11,397.3) (8,649.7) (2,799.2) (2,522.2) (1,925.3) (1,403.0)

- (2,747.6) (1,103.3)

(61.8)

(617.5) (1,582.5)

617.5

Underground

(10,340.1) (7,781.1) (2,420.4) (2,294.1) (1,838.7) (1,227.9)

- (2,559.0) (1,103.3)

(617.5) (1,455.7)

617.5

Surface

(1,057.2)

(868.6)

(378.8)

(228.1)

(86.6)

(175.1)

(188.6)

(61.8)

(126.8)

Operating profit

5,138.7

4,834.6

1,849.8

1,910.9

1,032.2

80.7

(39.0)

304.1

211.7

39.9

186.1

73.5

(207.1)

Underground

4,515.7

4,314.9

1,630.8

1,708.9

992.6

21.6

(39.0)

200.8

211.7

186.1

10.1

(207.1)

Surface

623.0

519.7

219.0

202.0

39.6

59.1

103.3

39.9

63.4

Amortisation and depreciation

(2,096.5) (1,925.2)

(518.6)

(625.2)

(426.7)

(345.1)

(9.6)

(171.3)

(90.3)

(0.8)

(155.8)

(58.6)

134.2

Net operating profit

3,042.2

2,909.4

1,331.2

1,285.7

605.5

(264.4)

(48.6)

132.8

121.4

39.1

30.3

14.9

(72.9)

Investment income

169.6

144.5

34.6

30.6

16.8

15.9

46.6

25.1

7.8

(9.3)

- (2,918.8)

2,945.4

Finance expenses

(517.9)

(452.5)

(72.5)

(85.5)

(39.4)

(35.8)

(219.3)

(65.4)

(0.7)

(7.7)

(26.2)

(30.8)

Share-based payments

(118.5)

(5.6)

(4.3)

(2.4)

(106.2)

Exploration and feasibility costs

(4.0)

(4.0)

Net other costs

154.6

98.1

(0.7)

(5.7)

(14.7)

(110.0)

229.2

56.5

(61.2)

(0.4)

189.3

(92.2)

21.0

Non-recurring items

1,475.8

(633.4)

(15.9)

(14.1)

(15.0)

(603.5)

15.1

2,109.2

(0.3)

2,354.6

(245.1)

Royalties

(281.1)

(265.3)

(102.8)

(94.4)

(60.9)

(7.2)

(15.8)

(55.8)

(8.3)

48.3

Current tax

(618.1)

(617.7)

(269.3)

(213.7)

(137.5)

(0.3)

3.1

(0.4)

(22.8)

22.4

Deferred tax

(119.7)

(148.6)

(51.2)

(142.8)

10.3

42.9

(7.8)

28.9

(11.3)

10.6

27.0

2.6

Profit for the period

3,182.9

912.0

847.8

755.8

358.7

(962.4)

(87.9)

2,270.9

67.0

18.1

143.9

(649.0)

2,690.9

Profit attributable to:

Owners of Sibanye

3,368.6

1,100.0

847.8

755.8

358.7

(773.5)

(88.8)

2,268.6

67.0

15.8

143.9

(649.0)

2,690.9

Non-controlling interests

(185.7)

(188.0)

(188.9)

0.9

2.3

2.3

Capital expenditure

Total expenditure

(2,389.8) (2,130.9)

(583.4)

(764.4)

(339.2)

(136.0)

(307.9)

(258.9)

(108.5)

(0.5)

(99.1)

(148.7)

97.9

Sustaining capital

(676.5)

(417.6)

(147.0)

(175.3)

(52.8)

(27.1)

(15.4)

(258.9)

(108.5)

(0.5)

(99.1)

(148.7)

97.9

Ore reserve development

(1,252.1) (1,252.1)

(399.2)

(494.3)

(285.9)

(72.7)

Growth projects

(461.2)

(37.2)

(94.8)

(0.5)

(36.2)

(292.5)

United Sates Dollars

For the six months ended 31 Dec 2016

Group

Total

Gold

Drie-

fontein

Kloof

Beatrix

Cooke

Cor-

porate

Total

Platinum

Kroondal

Platinum

Mile Mimosa

Rusten-

burg

Cor-

porate

Revenue

1,172.0

962.0

331.4

315.8

210.5

107.0

(2.6)

210.0

91.6

7.0

56.0

112.9

(57.5)

Underground

1,052.8

862.7

288.5

285.1

201.5

90.3

(2.6)

190.0

91.6

56.0

99.9

(57.5)

Surface

119.3

99.3

42.9

30.7

9.0

16.7

20.0

7.0

13.0

Operating costs

(805.3)

(616.2)

(199.3)

(179.7)

(136.8)

(100.5)

(189.1)

(77.0)

(4.3)

(43.1)

(107.8)

43.1

Underground

(730.6)

(554.4)

(172.4)

(163.5)

(130.6)

(88.0)

(176.2)

(77.0)

(43.1)

(99.2)

43.1

Surface

(74.7)

(61.8)

(26.9)

(16.2)

(6.2)

(12.5)

(12.9)

(4.3)

(8.6)

Operating profit

366.7

345.8

132.1

136.1

73.7

6.5

(2.6)

20.9

14.6

2.7

12.9

5.1

(14.4)

Underground

322.2

308.3

116.1

121.6

70.9

2.3

(2.6)

13.8

14.6

12.9

0.7

14.4

Surface

44.6

37.5

16.0

14.5

2.8

4.2

7.1

2.7

4.4

Amortisation and depreciation

(148.8)

(136.9)

(36.9)

(44.3)

(30.3)

(24.8)

(0.6)

(11.9)

(6.3)

(0.1)

(10.8)

(4.0)

9.3

Net operating profit

217.9

208.9

95.2

91.8

43.4

(18.3)

(3.2)

9.0

8.3

2.6

2.1

1.1

(5.1)

Investment income

12.1

10.3

2.4

2.1

1.2

1.1

3.5

1.8

0.5

(0.6)

(198.8)

200.7

Finance expenses

(36.5)

(31.9)

(5.1)

(6.0)

(2.8)

(2.6)

(15.4)

(4.6)

(0.1)

(0.6)

(1.8)

(2.1)

Share-based payments

(8.5)

(0.4)

(0.3)

(0.2)

(7.6)

Exploration and feasibility costs

(0.3)

(0.3)

Net other costs

6.5

3.0

(0.7)

(1.1)

(1.4)

(7.5)

13.7

3.5

(4.1)

12.9

(6.3)

1.0

Non-recurring items

97.6

(46.1)

(1.1)

(0.8)

(1.1)

(43.7)

0.6

143.7

160.4

(16.7)

Royalties

(19.9)

(18.8)

(7.4)

(6.7)

(4.2)

(0.5)

(1.1)

(3.8)

(0.6)

3.3

Current tax

(43.6)

(43.5)

(19.0)

(15.2)

(9.6)

0.3

(0.1)

(1.6)

1.5

Deferred tax

(8.2)

(10.1)

(3.5)

(9.7)

0.7

2.9

(0.5)

1.9

(0.8)

0.7

1.8

0.2

Profit for the period

217.1

63.0

60.4

54.1

25.7

(68.6)

(8.6)

154.1

4.6

1.2

9.7

(44.2)

182.8

Profit attributable to:

Owners of Sibanye

230.5

76.6

60.4

54.1

25.7

(54.9)

(8.7)

153.9

4.6

1.0

9.7

(44.2)

182.8

Non-controlling interests

(13.4)

(13.6)

(13.7)

0.1

0.2

0.2

Capital expenditure

Total expenditure

(168.3)

(150.4)

(41.2)

(53.8)

(24.0)

(9.6)

(21.8)

(17.9)

(7.7)

(7.0)

(10.1)

6.9

Sustaining capital

(47.2)

(29.3)

(10.3)

(12.2)

(3.7)

(1.9)

(1.2)

(17.9)

(7.7)

(7.0)

(10.1)

6.9

Ore reserve development

(88.8)

(28.3)

(35.0)

(20.3)

(5.2)

Growth projects

(32.3)

(2.6)

(6.6)

(2.5)

(20.6)

The Platinum Division’s results for the six months ended 31 December 2016 include the Rustenburg Operations for two months since acquisition.

The average exchange rate for the six months ended 31 December 2016 was R13.97/US$.

Sibanye Operating and Financial Results | Six months and financial year ended 31 December 2016

Segment financial results (continued)

Figures are in millions unless otherwise stated

South African Rand

For the six months ended 30 June 2016

Group

Total

Gold

Drie-

fontein

Kloof

Beatrix

Cooke

Cor-

porate

Total

Platinum

Kroondal

Platinum

Mile

Mimosa

Cor-

porate

Revenue

14,704.7

14,017.0

4,752.1

4,457.8

2,926.4

1,878.5

2.2

687.7

658.3

29.4

419.6

(419.6)

Underground

13,170.7

12,512.4

4,054.1

4,009.6

2,795.6

1,650.9

2.2

658.3

658.3

419.6

(419.6)

Surface

1,534.0

1,504.6

698.0

448.2

130.8

227.6

29.4

29.4

Operating costs

(9,311.8)

(8,696.3)

(2,767.4)

(2,518.8)

(1,828.1)

(1,582.0)

(615.5)

(586.5)

(29.0)

(351.5)

351.5

Underground

(8,460.5)

(7,874.0)

(2,431.7)

(2,315.3)

(1,728.7)

(1,398.3)

(586.5)

(586.5)

(351.5)

351.5

Surface

(851.3)

(822.3)

(335.7)

(203.5)

(99.4)

(183.7)

(29.0)

(29.0)

Operating profit

5,392.9

5,320.7

1,984.7

1,939.0

1,098.3

296.5

2.2

72.2

71.8

0.4

68.1

(68.1)

Underground

4,710.6

4,638.4

1,622.4

1,694.3

1,066.9

252.6

2.2

71.8

71.8

68.1

(68.1)

Surface

682.3

362.3

244.7

31.4

43.9

0.4

0.4

Amortisation and depreciation

(1,945.4)

(1,889.5)

(494.3)

(565.5)

(391.3)

(425.7)

(12.7)

(55.9)

(45.9)

(0.4)

(67.9)

58.3

Net operating profit

3,447.5

3,431.2

1,490.4

1,373.5

707.0

(129.2)

(10.5)

16.3

25.9

0.2

(9.8)

Investment income

161.8

145.1

36.2

31.7

17.3

16.6

43.3

16.7

4.2

0.3

0.5

11.7

Finance expenses

(385.2)

(353.7)

(70.6)

(70.5)

(38.2)

(40.0)

(134.4)

(31.5)

(0.7)

(3.5)

(27.3)

Share-based payments

(137.4)

(10.9)

(9.4)

(6.7)

(110.4)

Exploration and feasibility costs

(0.1)

(0.1)

Net other costs

(1,309.1)

(1123.3)

(225.4)

(182.2)

(151.7)

(5.0)

(559.0)

(185.8)

(4.6)

(0.2)

(1.6)

(179.4)

Non-recurring items

(918.5)

(915.1)

(4.9)

29.8

2.4

(820.4)

(122.0)

(3.4)

(1.0)

(2.4)

Royalties

(265.5)

(262.7)

(102.0)

(99.9)

(52.3)

(8.5)

(2.8)

(27.1)

24.3

Current tax

(493.7)

(493.6)

(203.0)

(208.3)

(85.5)

(0.8)

4.0

(0.1)

(0.1)

Deferred tax

(11.7)

(15.9)

(13.1)

(5.7)

9.1

(7.6)

1.4

4.2

(0.3)

2.5

2.0

Profit for the period

88.1

274.5

896.7

859.0

401.3

(994.9)

(887.6)

(186.4)

23.8

(0.2)

(29.0)

(181.0)

Profit attributable to:

Owners of Sibanye

333.0

519.3

896.7

859.0

401.3

(750.0)

(887.6)

(186.4)

23.8

(0.2)

(29.0)

(181.0)

Non-controlling interests

(244.9)

(244.9)

Capital expenditure

Total expenditure

(1,761.4)

(1,693.3)

(468.2)

(539.8)

(289.2)

(113.2)

(282.9)

(68.1)

(67.3)

(0.8)

(60.7)

60.7

Sustaining capital

(334.0)

(265.9)

(71.5)

(85.9)

(32.0)

(21.8)

(54.7)

(68.1)

(67.3)

(0.8)

(60.7)

60.7

Ore reserve development

(1,142.3)

(379.8)

(418.6)

(257.0)

(86.9)

Growth projects

(285.1)

(16.9)

(35.3)

(0.2)

(4.5)

(228.2)

United States Dollars

For the six months ended 30 June 2016

Group

Total

Gold

Drie-

fontein

Kloof

Beatrix

Cooke

Cor-

porate

Total

Platinum

Kroondal

Platinum

Mile

Mimosa

Cor-

porate

Revenue

956.1

911.4

309.0

289.8

190.3

122.1

0.1

44.7

42.8

1.9

27.3

(27.3)

Underground

856.3

813.6

263.6

260.7

181.8

107.3

0.1

42.8

42.8

27.3

(27.3)

Surface

99.7

97.8

45.4

29.1

8.5

14.8

1.9

1.9

Operating costs

(605.4)

(565.4)

(179.9)

(163.7)

(118.9)

(102.8)

(40.0)

(38.1)

(1.9)

(22.9)

22.9

Underground

(550.1)

(512.0)

(158.1)

(150.5)

(112.4)

(90.9)

(38.1)

(38.1)

(22.9)

22.9

Surface

(55.3)

(53.4)

(21.8)

(13.2)

(6.5)

(11.9)

(1.9)

(1.9)

Operating profit

350.7

346.0

129.1

126.1

71.4

19.3

0.1

4.7

4.4

(4.4)

Underground

306.3

301.3

105.5

110.2

69.4

16.4

0.1

4.7

4.4

(4.4)

Surface

44.4

23.6

15.9

2.0

2.9

Amortisation and depreciation

(126.5)

(122.9)

(32.1)

(36.8)

(25.4)

(27.7)

(0.9)

(3.6)

(3.0)

(4.4)

3.8

Net operating profit

224.2

223.1

97.0

89.3

46.0

(8.4)

(0.8)

1.1

1.7

(0.6)

Investment income

10.5

9.4

2.4

2.1

1.1

2.7

1.1

0.3

0.8

Finance expenses

(25.0)

(23.0)

(4.6)

(2.5)

(2.6)

(8.7)

(2.0)

(0.2)

(1.8)

Share-based payments

(8.9)

(0.7)

(0.6)

(0.4)

(7.2)

Exploration and feasibility costs

Net other costs

(85.1)

(73.0)

(14.7)

(11.8)

(9.9)

(0.3)

(36.3)

(12.1)

(0.3)

(0.1)

(11.7)

Non-recurring items

(59.7)

(59.4)

(0.3)

1.9

0.2

(53.3)

(7.9)

(0.3)

(0.1)

(0.2)

Royalties

(17.3)

(17.1)

(6.6)

(6.5)

(3.4)

(0.6)

(0.2)

(1.8)

1.6

Current tax

(32.1)

(13.2)

(13.5)

(5.6)

(0.1)

0.3

Deferred tax

(0.8)

(1.1)

(0.9)

(0.4)

0.6

(0.5)

0.1

0.3

0.2

0.1

Profit for the period

5.8

17.9

58.4

55.9

26.1

(64.7)

(57.8)

(12.1)

1.6

(1.9)

(11.8)

Profit attributable to:

Owners of Sibanye

21.7

33.8

58.4

55.9

26.1

(48.8)

(57.8)

(12.1)

1.6

(1.9)

(11.8)

Non-controlling interests

(15.9)

(15.9)

Capital expenditure

Total expenditure

(114.5)

(110.1)

(30.4)

(35.1)

(18.8)

(7.4)

(18.4)

(4.4)

(4.3)

(0.1)

(3.9)

3.9

Sustaining capital

(21.7)

(17.3)

(4.6)

(5.6)

(2.1)

(1.4)

(3.6)

(4.4)

(4.3)

(0.1)

(3.9)

3.9

Ore reserve development

(74.3)

(24.7)

(27.2)

(16.7)

(5.7)

Growth projects

(18.5)

(1.1)

(2.3)

(0.3)

(14.8)

The Platinum Division’s results for the six months ended 30 June 2016 include Aquarius for three months since acquisition.

The average exchange rate for the six and three months ended 30 June 2016 was R15.38/US$ and R14.97/US$, respectively.

Sibanye Operating and Financial Results | Six months and financial year ended 31 December 2016

Segment financial results (continued)

Figures are in millions unless otherwise stated

United States Dollars

For the six months ended

31 December 2015

South African Rand

Cor-

porate

Cooke

Beatrix

Kloof

Drie-

fontein

Group

Drie-

fontein

Kloof

Beatrix

Cooke

Cor-

porate

122.4

202.9

269.0

325.8

920.1

Revenue

12,471.9

4,429.0

3,650.2

2,736.3

1,656.4

109.3

194.4

247.1

288.2

839.0

Underground

11,358.6

3,917.8

3,349.1

2,618.7

1,473.0

13.1

8.5

21.9

37.6

81.1

Surface

1,113.3

511.2

301.1

117.6

183.4

(117.4)

(130.7)

(181.5)

(192.5)

(622.1)

Operating costs

(8,500.9) (2,641.2) (2,479.9) (1,782.6) (1,597.2)

(105.3)

(123.4)

(169.9)

(171.1)

(569.7)

Underground

(7,780.5) (2,349.3)

(2,321.0) (1,681.3) (1,428.9)

(12.1)

(7.3)

(11.6)

(21.4)

(52.4)

Surface

(720.4)

(291.9)

(158.9)

(101.3)

(168.3)

5.0

72.2

87.5

133.3

298.0

Operating profit

3,971.0

1,787.8

1,170.3

953.7

59.2

4.0

71.0

77.2

117.1

269.3

Underground

3,578.1

1,568.5

1,028.1

937.4

44.1

1.0

1.2

10.3

16.2

28.7

Surface

392.9

219.3

142.2

16.3

15.1

(0.7)

(29.0)

(35.0)

(39.8)

(45.4)

(149.9)

Amortisation and

depreciation

(2,028.0)

(617.5)

(543.8)

(464.6)

(392.3)

(9.8)

(0.7)

(24.0)

37.2

47.7

87.9

148.1

Net operating profit

1,943.0

1,170.3

626.5

489.1

(333.1)

(9.8)

2.9

0.9

1.5

2.1

3.0

10.4

Investment income

140.1

39.9

27.7

19.8

13.3

39.4

(7.8)

(0.5)

(2.3)

(6.0)

(5.4)

(22.0)

Finance expenses

(298.9)

(73.8)

(80.2)

(31.6)

(10.1)

(103.2)

(28.8)

(0.7)

(2.8)

(3.2)

(38.3)

Net other costs

(492.4)

(42.5)

(37.2)

(38.0)

(10.1)

(364.6)

(6.5)

(0.8)

(0.9)

(1.1)

(9.3)

Share-based payments

(129.4)

(16.0)

(12.0)

(11.3)

(90.1)

(0.1)

(0.5)

(0.8)

Exploration costs

(10.7)

(7.3)

(0.6)

(0.4)

(0.1)

(2.3)

(1.1)

(0.6)

(0.1)

(0.4)

(3.3)

Non-recurring items

(54.8)

(4.3)

(1.8)

(6.8)

(14.9)

(27.0)

(0.6)

(5.0)

(5.3)

(8.8)

(19.7)

Royalties

(261.2)

(117.9)

(69.7)

(65.4)

(8.2)

(1.3)

(11.4)

(7.3)

(21.0)

(41.0)

Current tax

(535.0)

(278.3)

(94.2)

(145.7)

(16.8)

1.6

4.5

1.7

1.5

1.7

11.0

Deferred tax

152.5

23.8

17.8

21.5

60.1

29.3

(41.8)

(21.5)

17.4

28.8

52.2

35.1

Profit for the period

453.2

693.9

376.3

231.2

(303.1)

(545.1)

Profit attributable to:

(41.8)

(15.5)

17.4

28.8

52.2

41.1

Owners of Sibanye

537.1

693.9

376.3

231.2

(219.2)

(545.1)

(6.0)

(6.0)

Non-controlling interests

(83.9)

(83.9)

Capital expenditure

(11.4)

(11.2)

(21.8)

(43.9)

(43.1)

(131.4)

Total expenditure

(1,787.9)

(579.1)

(598.7)

(300.7)

(154.8)

(154.6)

(0.5)

(2.7)

(2.8)

(8.3)

(12.5)

(26.8)

Sustaining capital

(363.5)

(165.1)

(114.4)

(39.4)

(38.0)

(6.6)

(7.4)

(19.0)

(30.8)

(29.6)

(86.8)

Ore reserve development

(1,186.8)

(400.1)

(422.5)

(261.3)

(102.9)

(10.9)

(1.1)

(4.8)

(1.0)

(17.8)

Growth projects

(237.6)

(13.9)

(61.8)

(13.9)

(148.0)

The average exchange rate for the six months ended 31 December 2015 was R13.61/US$.

Sibanye Operating and Financial Results | Six months and financial year ended 31 December 2016

Segment operating and financial results

Figures are in millions unless otherwise stated

South African Rand

For the year ended 31 Dec 2016

Group

Total

Gold

Drie-

fontein

Kloof

Beatrix

Cooke

Cor-

porate

Total

Platinum

Kroondal

Platinum

Mile

Mimosa

Rusten-

burg

Cor-

porate

Operating results

Ore milled

000’t

20,181

5,971

4,676

4,333

5,201

11,611

2,732

5,669

1,012

2,198

Underground

8,084

2,055

2,009

2,862

1,158

4,948

2,732

1,012

1,204

Surface

12,097

3,916

2,667

1,471

4,043

6,663

5,669

994

Yield

g/t

2.33

2.70

3.25

2.32

1.09

1.72

2.48

3.57

0.65

2.69

Underground

5.21

6.77

6.82

3.35

4.19

2.99

2.48

0.65

3.65

Surface

0.41

0.56

0.30

0.20

0.78

3.57

1.53

Gold
produced/PGM’s

47,034

16,130

15,210

10,041

5,653

Underground

42,078

13,920

13,704

9,601

4,853

Surface

4,956

2,210

1,506

440

800

Gold sold/PGM’s

46,905

16,046

15,176

10,041

5,642

13,087

5,543

425

2,833

4,286

Underground

41,960

13,836

13,670

9,601

4,853

12,092

5,543

2,833

3,716

Surface

4,945

2,210

1,506

440

789

995

425

570

Revenue

R/kg

586,319

585,884

585,853

585,997

595,923

287,339

355,999

308,471

431,768

386,374

Total cash cost

R/kg

377,034

355,416

340,762

381,625

527,916

All-in-cost

R/kg

472,585

424,872

435,609

453,232

595,959

All-in-cost margin

(1)

Operating cost

R/t

862

937

1,080

866

575

373

619

958

720

Underground

1,941

2,374

2,300

1,246

2,268

832

619

958

1,209

Surface

140

182

162

126

128

Revenue

31,240.7

27,501.3

9,401.1

8,890.9

5,883.9

3,362.2

(36.8)

3,739.4

1,973.3

131.1

1,223.2

1,656.0 (1,244.2)

Underground

28,026.5

24,608.4

8,105.3

8,012.6

5,626.9

2,900.4

(36.8)

3,418.1

1,973.3

1,223.2

1,465.8 (1,244.2)

Surface

3,214.2

2,892.9

1,295.8

878.3

257.0

461.8

321.3

131.1

190.2

Operating costs

(20,709.1) (17,346.0) (5,566.6) (5,041.0) (3,753.4) (2,985.0)

(3,363.1) (1,689.8)

(90.8)

(969.0) (1,582.5)

969.0

Underground

(18,800.6) (15,655.1) (4,852.1) (4,609.4) (3,567.4) (2,626.2)

(3,145.5) (1,689.8)

(969.0) (1,455.7)

969.0

Surface

(1,908.5)

(1,690.9)

(714.5)

(431.6)

(186.0)

(358.8)

(217.6)

(90.8)

(126.8)

Operating profit

10,531.6

10,155.3

3,834.5

3,849.9

2,130.5

377.2

(36.8)

376.3

283.5

40.3

254.2

73.5

(275.2)

Underground

9,225.9

8,953.3

3,253.2

3,403.2

2,059.5

274.2

(36.8)

272.6

283.5

254.2

10.1

(275.2)

Surface

1,305.7

1,202.0

581.3

446.7

71.0

103.0

103.7

40.3

63.4

Amortisation and depreciation

(4,041.9)

(3,814.7) (1,012.9) (1,190.7)

(818.0)

(770.8)

(22.3)

(227.2)

(136.2)

(1.2)

(223.7)

(58.6)

192.5

Net operating profit

6,489.7

6,340.6

2,821.6

2,659.2

1,312.5

(393.6)

(59.1)

149.1

147.3

39.1

30.5

14.9

(82.7)

Investment income

331.4

289.6

70.8

62.3

34.1

32.5

89.9

41.8

12.0

(9.0)

0.5 (2,918.8)

2,957.1

Finance expenses

(903.1)

(806.2)

(143.1)

(156.0)

(77.6)

(75.8)

(353.7)

(96.9)

(1.4)

(11.2)

(26.2)

(58.1)

Share-based payments

(255.9)

(16.5)

(13.7)

(9.1)

(216.6)

Exploration and feasibility costs

(4.1)

(4.1)

Net other costs

(1,154.5)

(1,025.2)

(226.1)

(187.9)

(166.4)

(115.0)

(329.8)

(129.3)

(65.8)

(0.6)

187.7

(92.2)

(158.4)

Non-recurring items

557.3

(1,548.5)

(20.8)

15.7

(12.6) (1,423.9)

(106.9)

2,105.8

(1.3)

2,354.6

(247.5)

Royalties

(546.6)

(528.0)

(204.8)

(194.3)

(113.2)

(15.7)

(18.6)

(82.9)

(8.3)

72.6

Current tax

(1,111.8)

(1,111.3)

(472.3)

(422.0)

(223.0)

(1.1)

7.1

(0.5)

(22.8)

22.3

Deferred tax

(131.4)

(164.5)

(64.3)

(148.5)

19.4

35.3

(6.4)

33.1

(11.6)

13.1

27.0

4.6

Profit for the period

3,271.0

1,186.5

1,744.5

1,614.8

760.0 (1,957.3)

(975.5)

2,084.5

90.8

17.9

114.9

(649.0)

2,509.9

Profit attributable to:

Owners of Sibanye

3,701.6

1,619.4

1,744.5

1,614.8

760.0 (1,523.5)

(976.4)

2,082.2

90.8

15.6

114.9

(649.0)

2,509.9

Non-controlling interests

(430.6)

(432.9)

(433.8)

0.9

2.3

2.3

Capital expenditure

Total expenditure

(4,151.2)

(3,824.2) (1,051.6) (1,304.2)

(628.4)

(249.2)

(590.8)

(327.0)

(175.8)

(1.3)

(159.8)

(148.7)

158.6

Sustaining capital

(1,010.5)

(683.5)

(218.5)

(261.2)

(84.8)

(48.9)

(70.1)

(327.0)

(175.8)

(1.3)

(159.8)

(148.7)

158.6

Ore reserve development

(2,394.4)

(779.0)

(912.9)

(542.9)

(159.6)

Growth projects

(746.3)

(54.1)

(130.1)

(0.7)

(40.7)

(520.7)

The Platinum Division’s results for the year ended 31 December 2016 include Aquarius for nine months since acquisition and the Rustenburg Operations for two months since

acquisition.

Sibanye Operating and Financial Results | Six months and financial year ended 31 December 2016

Segment financial results (continued)

Figures are in millions unless otherwise stated

United State Dollars

For the year ended 31 Dec 2016

Group

Total

Gold

Drie-

fontein

Kloof

Beatrix

Cooke

Cor-

porate

Total

Platinum

Kroondal

Platinum

Mile

Mimosa

Rusten-

burg

Cor-

porate

Revenue

2,128.1

1,873.4

640.4

605.6

400.8

229.1

(2.5)

254.7

134.4

8.9

83.3

112.9

(84.8)

Underground

1,909.1

1,676.3

552.1

545.8

383.3

197.6

(2.5)

232.8

134.4

83.3

99.9

(84.8)

Surface

219.0

197.1

88.3

59.8

17.5

31.5

21.9

8.9

13.0

Operating costs

(1,410.7) (1,181.6)

(379.2)

(343.4)

(255.7)

(203.3)

(229.1)

(115.1)

(6.2)

(66.0)

(107.8)

66.0

Underground

(1,280.7) (1,066.4)

(330.5)

(314.0)

(243.0)

(178.9)

(214.3)

(115.1)

(66.0)

(99.2)

66.0

Surface

(130.0)

(115.2)

(48.7)

(29.4)

(12.7)

(24.4)

(14.8)

(6.2)

(8.6)

Operating profit

717.4

691.8

261.2

262.2

145.1

25.8

(2.5)

25.6

19.3

2.7

17.3

5.1

(18.8)

Underground

628.4

609.9

221.6

231.8

140.3

18.7

(2.5)

18.5

19.3

17.3

0.7

(18.8)

Surface

89.0

81.9

39.6

30.4

4.8

7.1

7.1

2.7

4.4

Amortisation and depreciation

(275.3)

(259.8)

(69.0)

(81.1)

(55.7)

(52.5)

(1.5)

(15.5)

(9.3)

(0.1)

(15.2)

(4.0)

13.1

Net operating profit

442.1

432.0

192.2

181.1

89.4

(26.7)

(4.0)

10.1

10.0

2.6

2.1

1.1

(5.7)

Investment income

22.6

19.7

4.8

4.2

2.3

2.2

6.2

2.9

0.8

(0.6)

(198.8)

201.5

Finance expenses

(61.5)

(54.9)

(9.7)

(10.6)

(5.3)

(5.2)

(24.1)

(6.6)

(0.1)

(0.8)

(1.8)

(3.9)

Share-based payments

(17.4)

(1.1)

(0.9)

(0.6)

(14.8)

Exploration and feasibility costs

(0.3)

(0.3)

Net other costs

(78.6)

(70.0)

(15.4)

(12.9)

(11.3)

(7.8)

(22.6)

(8.6)

(4.4)

12.8

(6.3)

(10.7)

Non-recurring items

37.9

(105.5)

(1.4)

1.1

(0.9)

(97.0)

(7.3)

143.4

(0.1)

160.4

(16.9)

Royalties

(37.2)

(35.9)

(14.0)

(13.2)

(7.6)

(1.1)

(1.3)

(5.6)

(0.6)

4.9

Current tax

(75.7)

(75.6)

(32.2)

(28.7)

(15.2)

(0.1)

0.6

(0.1)

(1.6)

1.5

Deferred tax

(9.0)

(11.2)

(4.4)

(10.1)

1.3

2.4

(0.4)

2.2

(0.8)

0.9

1.8

0.3

Profit for the period

222.9

80.9

118.8

110.0

51.8

(133.3)

(66.4)

142.0

6.2

1.2

7.8

(44.2)

171.0

Profit attributable to:

Owners of Sibanye

252.2

110.4

118.8

110.0

51.8

(103.7)

(66.5)

141.8

6.2

1.0

7.8

(44.2)

171.0

Non-controlling interests

(29.3)

(29.5)

(29.6)

0.1

0.2

0.2

Capital expenditure

Total expenditure

(282.8)

(260.5)

(71.6)

(88.9)

(42.8)

(17.0)

(40.2)

(22.3)

(12.0)

(0.1)

(10.9)

(10.1)

10.8

Sustaining capital

(68.9)

(46.6)

(14.9)

(17.8)

(5.8)

(3.3)

(4.8)

(22.3)

(12.0)

(0.1)

(10.9)

(10.1)

10.8

Ore reserve development

(163.1)

(53.0)

(62.2)

(37.0)

(10.9)

Growth projects

(50.8)

(3.7)

(8.9)

(2.8)

(35.4)

The Platinum Division’s results for the year ended 31 December 2016 include Aquarius for nine months since acquisition and the Rustenburg Operations for two months since

acquisition.

The average exchange rate for the year ended 31 December 2016 was R14.68/US$.

Sibanye Operating and Financial Results | Six months and financial year ended 31 December 2016

Segment operating and financial results (continued)

Figures are in millions unless otherwise stated

United States Dollars

For the year ended

31 December 2015

South African Rand

Cor-

porate

Cooke

Beatrix

Kloof

Drie-

fontein

Group

Drie-

fontein

Kloof

Beatrix

Cooke

Cor-

porate

Operating results

5,793

4,319

3,977

5,772

19,861 000’t

Ore milled

000’t

19,861

5,772

3,977

4,319

5,793

1,470

2,723

1,979

2,412

8,584

Underground

8,584

2,412

1,979

2,723

1,470

4,323

1,596

1,998

3,360

11,277

Surface

11,277

3,360

1,998

1,596

4,323

1.08

2.34

3.54

3.01

2.41 g/t

Yield

g/t

2.41

3.01

3.54

2.34

1.08

3.65

3.51

6.50

6.36

5.02

Underground

5.02

6.36

6.49

3.51

3.65

0.21

0.34

0.61

0.60

0.41

Surface

0.41

0.60

0.61

0.34

0.21

201.0

324.9

452.3

557.8

1,536.0 000’oz

Gold

produced/sold

47,775

17,350

14,068

10,105

6,252

172.3

307.3

413.1

493.3

1,386.0

Underground

43,109

15,345

12,848

9,557

5,359

28.7

17.6

39.2

64.5

150.0

Surface

4,666

2,005

1,220

548

893

1,161

1,163

1,160

1,158

1,160 $/oz

Gold price

R/kg

475,508

474,697

475,647

476,546

475,768

1,158

831

836

756

848 $/oz

Total cash cost

R/kg

347,613

309,764

342,764

340,792

474,584

1,329

996

1,051

914

1,051 $/oz

All-in-cost

R/kg

430,746

374,790

430,751

408,422

544,658

(14)

9 %

All-in-cost margin

(14)

65 $/t

Operating cost

R/t

825

907

1,201

785

514

140

177

152

137

Underground

1,741

1,941

2,251

1,169

1,782

Surface

128

165

161

129

Financial results

233.3

377.7

524.8

646.0

1,781.8

Revenue

22,717.4

8,236.0

6,691.4

4,815.5

2,974.5

201.0

357.3

479.5

571.3

1,609.1

Underground

20,515.0

7,284.1

6,112.8

4,555.7

2,562.4

32.3

20.4

45.3

74.7

172.7

Surface

2,202.4

951.9

578.6

259.8

412.1

(233.5)

(266.0)

(374.7)

(410.6) (1,284.8)

Operating costs

(16,380.4)

(5,234.2) (4,777.2) (3,391.0) (2,978.0)

(205.5)

(249.8)

(349.4)

(367.2) (1,171.9)

Underground

(14,940.8)

(4,681.2)

(4,454.9) (3,184.5) (2,620.2)

(28.0)

(16.2)

(25.3)

(43.4)

(112.9)

Surface

(1,439.6)

(553.0)

(322.3)

(206.5)

(357.8)

(0.2)

111.7

150.1

235.4

497.0

Operating profit

6,337.0

3,001.8

1,914.2

1,424.5

(3.5)

(4.5)

107.5

130.1

204.1

437.2

Underground

5,574.2

2,602.9

1,657.9

1,371.2

(57.8)

4.3

4.2

20.0

31.3

59.8

Surface

762.8

398.9

256.3

53.3

54.3

(1.6)

(55.3)

(58.0)

(80.7)

(89.6)

(285.2)

Amortisation and depreciation

(3,636.6)

(1,142.6)

(1,029.3)

(739.4)

(704.6)

(20.7)

(1.6)

(55.5)

53.7

69.4

145.8

211.8

Net operating profit

2,700.4

1,859.2

884.9

685.1

(708.1)

(20.7)

6.3

2.1

2.5

4.0

5.3

20.2

Investment income

257.0

67.5

50.6

31.3

27.1

80.5

(11.4)

(4.8)

(4.5)

(11.8)

(11.6)

(44.1)

Finance expenses

(561.8)

(147.7)

(150.1)

(57.2)

(61.3) (145.5)

(27.8)

(2.2)

(3.6)

(4.7)

(5.0)

(43.3)

Net other costs

(551.5)

(64.0)

(59.8)

(46.4)

(28.2) (353.1)

(14.8)

(1.8)

(2.2)

(2.7)

(21.5)

Share-based payments

(274.4)

(35.1)

(27.6)

(23.5)

- (188.2)

(0.4)

(0.2)

(0.1)

(1.1)

(1.9)

Exploration/feasibility costs

(23.6)

(13.9)

(0.6)

(0.9)

(1.9)

(6.3)

(15.1)

(2.5)

(0.7)

0.6

(0.3)

(18.0)

Non-recurring items

(230.1)

(2.9)

7.2

(8.4)

(31.8) (194.2)

(1.3)

(7.0)

(7.7)

(15.4)

(31.4)

Royalties

(400.6)

(196.8)

(98.4)

(88.7)

(16.7)

(1.2)

(12.0)

(7.6)

(33.8)

(54.6)

Current tax

(696.7)

(430.8)

(97.4)

(153.4)

(15.1)

9.7

9.6

1.4

0.1

4.2

25.0

Deferred tax

319.5

53.4

0.9

18.0

122.0

125.2

(56.3)

(54.8)

27.9

40.0

85.4

42.2

Profit for the period

538.2

1,088.9

509.7

355.9

(698.9) (717.4)

Profit attributable to:

(56.3)

(40.8)

27.9

40.0

85.4

56.2

Owners of Sibanye

716.9

1,088.9

509.7

355.9

(519.9) (717.7)

(14.0)

(14.0)

Non-controlling interests

(178.7)

(179.0)

0.3

Capital expenditure

(22.5)

(26.5)

(46.7)

(88.6)

(78.0)

(262.3)

Total expenditure

(3,344.8)

(994.2)

(1,129.9)

(596.5)

(337.4) (286.8)

(1.2)

(7.3)

(6.7)

(17.7)

(19.6)

(52.5)

Sustaining capital

(668.9)

(249.2)

(225.6)

(86.1)

(92.9)

(15.1)

(17.8)

(40.0)

(65.9)

(57.1)

(180.8)

Ore reserve development

(2,304.9)

(727.0)

(840.6)

(510.4)

(226.9)

(21.3)

(1.4)

(5.0)

(1.3)

(29.0)

Growth projects

(371.0)

(18.0)

(63.7)

(17.6) (271.7)

The average exchange rate for the year ended 31 December 2015 was R12.75/US$.

Sibanye Operating and Financial Results | Six months and financial year ended 31 December 2016

GOLD DIVISION – UNIT COST BENCHMARKING METRICS

Cost benchmarks for the six months ended 31 December 2016, compared with the six months
ended 30 June 2016 and the six months ended 31 December 2015

Figures are in rand millions unless otherwise stated

Gold Division

Driefontein

Kloof

Beatrix

Cooke

Corporate

Operating cost 1

Dec 2016

8,649.7

2,799.2

2,522.2

1,925.3

1,403.0

Jun 2016

8,696.3

2,767.4

2,518.8

1,828.1

1,582.0

Dec 2015

8,500.9

2,641.2

2,479.9

1,782.6

1,597.2

Less: General and admin

Dec 2016

(95.3)

(34.3)

(32.4)

(18.0)

(10.6)

Jun 2016

(94.0)

(34.1)

(31.5)

(16.8)

(11.6)

Dec 2015

(93.1)

(28.3)

(26.7)

(18.4)

(19.7)

Plus: Royalty

Dec 2016

265.3

102.8

94.4

60.9

7.2

Jun 2016

262.7

102.0

99.9

52.3

8.5

Dec 2015

261.2

117.9

69.7

65.4

8.2

Total cash cost 2

Dec 2016

8,819.7

2,867.7

2,584.2

1,968.2

1,399.6

Jun 2016

8,865.0

2,835.3

2,587.2

1,863.6

1,578.9

Dec 2015

8,669.0

2,730.8

2,522.9

1,829.6

1,585.7

Plus: General and admin

Dec 2016

95.3

34.3

32.4

18.0

10.6

Jun 2016

94.0

34.1

31.5

16.8

11.6

Dec 2015

93.1

28.3

26.7

18.4

19.7

Community costs

Dec 2016

60.8

8.5

13.1

23.0

16.2

Jun 2016

19.7

8.0

7.2

4.0

0.5

Dec 2015

23.8

8.7

5.9

13.7

(4.5)

Share-based payments 3

Dec 2016

12.3

5.6

4.3

2.4

Jun 2016

27.0

10.9

9.4

6.7

Dec 2015

129.4

16.0

12.0

11.3

90.1

Rehabilitation

Dec 2016

58.8

(18.4)

19.7

10.4

46.0

1.1

Jun 2016

82.0

(10.6)

24.4

13.1

54.1

1.0

Dec 2015

74.6

12.9

12.4

9.8

40.2

(0.7)

Ore reserve development

Dec 2016

1,252.1

399.2

494.3

285.9

72.7

Jun 2016

1,142.3

379.8

418.6

257.0

86.9

Dec 2015

1,186.8

400.1

422.5

261.3

102.9

Sustaining capital

Dec 2016

402.2

147.0

175.3

52.8

27.1

expenditure

Jun 2016

211.2

71.5

85.9

32.0

21.8

Dec 2015

356.9

165.1

114.4

39.4

38.0

On-mine exploration

Dec 2016

Jun 2016

Dec 2015

8.4

7.3

0.6

0.4

0.1

Less: By-product credit

Dec 2016

(15.0)

(5.0)

(3.8)

(4.1)

(2.1)

Jun 2016

(13.2)

(4.6)

(3.0)

(3.5)

(2.1)

Dec 2015

(12.0)

(4.4)

(2.7)

(3.4)

(1.5)

Total All-in sustaining cost 4

Dec 2016

10,686.2

3,438.9

3,319.5

2,356.6

1,570.1

1.1

Jun 2016

10,428.0

3,324.4

3,161.2

2,189.7

1,751.7

1.0

Dec 2015

10,530.0

3,364.8

3,114.7

2,180.5

1,780.6

89.4

Plus: Corporate cost, growth

and capital expenditure

Dec 2016

601.9

37.2

94.7

4.5

36.2

429.3

Jun 2016

395.6

16.9

35.3

0.3

4.5

338.6

Dec 2015

249.4

13.9

61.8

13.9

159.8

Total All-in cost 5

Dec 2016

11,288.1

3,476.1

3,414.2

2,361.1

1,606.3

430.4

Jun 2016

10,823.6

3,341.3

3,196.5

2,190.0

1,756.2

339.6

Dec 2015

10,779.4

3,378.7

3,176.5

2,180.5

1,794.5

249.2

Gold sold

Dec 2016

23,676

8,173

7,788

5,197

2,518

Jun 2016

23,229

7,873

7,388

4,844

3,124

Dec 2015

25,571

9,093

7,471

5,604

3,403

000’ozs

Dec 2016

761.3

262.8

250.4

167.1

81.0

Jun 2016

746.8

253.1

237.5

155.7

100.4

Dec 2015

822.1

292.3

240.2

180.2

109.4

Total cash cost

R/kg

Dec 2016

372,504

350,875

331,818

378,718

555,838

Jun 2016

381,635

360,130

350,189

384,723

505,410

Dec 2015

339,017

300,319

337,692

326,481

465,971

US$/oz

Dec 2016

829

781

739

843

1,238

Jun 2016

772

728

708

778

1,022

Dec 2015

775

686

772

746

1,065

All-in sustaining cost

R/kg

Dec 2016

451,352

420,763

426,233

453,454

623,550

Jun 2016

448,922

422,253

427,883

452,044

560,723

Dec 2015

411,795

370,043

416,905

389,097

523,244

US$/oz

Dec 2016

1,005

937

949

1,010

1,388

Jun 2016

908

854

865

914

1,134

Dec 2015

941

846

953

889

1,196

All-in cost

R/kg

Dec 2016

476,774

425,315

438,392

454,320

637,927

Jun 2016

465,952

424,400

432,661

452,106

562,164

Dec 2015

421,548

371,572

425,177

389,097

527,329

US$/oz

Dec 2016

1,062

947

976

1,012

1,420

Jun 2016

942

858

875

914

1,137

Dec 2015

963

849

972

889

1,205

The average exchange rates for the six months ended 31 December 2016, 30 June 2016 and 31 December 2015 were R13.97/US$, R15.38/US$ and R13.61/US$, respectively.

Figures may not add as they are rounded independently.

Total cash costs are calculated in accordance with the Gold Institute Industry standard.

Operating costs – All gold mining related costs before amortisation/depreciation, tax, non-recurring items.

Total cash cost – Operating costs less off-mine costs, which include general and administration costs, as detailed in the table above

All-in costs are calculated in accordance with the World Gold Council guidance

Operating cost – As published and includes all mining and processing costs, third party refining costs, permitting costs and corporate G&A charges.

Share-based payments are calculated based on the fair value at initial recognition fair value and does not include the fair valuing adjustment of the cash-settled share-based

payment liability to the reporting date fair value.

Total All-in sustaining costs includes operating costs and costs detailed above, including sustaining capital expenditure, based on managed gold sales.

Total All-in costs includes sustaining and Group costs, excluding income tax, M&A activity, working capital, impairments, financing costs, one-time severance charges and
items needed to normalise earnings.

Sibanye Operating and Financial Results | Six months and financial year ended 31 December 2016

Cost benchmarks for the year ended 31 December 2016 compared with the year ended
31 December 2015

Figures are in rand millions unless otherwise stated

Gold Division

Driefontein

Kloof

Beatrix

Cooke

Corporate

Operating cost 1

Dec 2016

17,346.0

5,566.6

5,041.0

3,753.4

2,985.0

Dec 2015

16,380.4

5,234.2

4,777.2

3,391.0

2,978.0

Less: General and admin

Dec 2016

(189.3)

(68.4)

(63.9)

(34.8)

(22.2)

Dec 2015

(173.8)

(56.6)

(53.6)

(36.0)

(27.6)

Plus: Royalty

Dec 2016

528.1

204.8

194.3

113.3

15.7

Dec 2015

400.6

196.8

98.4

88.7

16.7

Total cash cost 2

Dec 2016

17,684.8

5,703.0

5,171.4

3,831.9

2,978.5

Dec 2015

16,607.2

5,374.4

4,822.0

3,443.7

2,967.1

Plus: General and admin

Dec 2016

189.3

68.4

63.9

34.8

22.2

Dec 2015

173.8

56.6

53.6

36.0

27.6

Community costs

Dec 2016

80.4

16.5

20.3

27.0

16.6

Dec 2015

40.7

13.9

8.9

15.0

2.9

Share-based payments 3

Dec 2016

39.3

16.5

13.7

9.1

Dec 2015

274.4

35.1

27.6

23.5

188.2

Rehabilitation

Dec 2016

141.0

(28.9)

44.1

23.2

100.1

2.5

Dec 2015

138.3

23.1

22.9

17.3

75.0

Ore reserve development

Dec 2016

2,394.4

779.0

912.9

542.9

159.6

Dec 2015

2,304.9

727.0

840.6

510.4

226.9

Sustaining capital expenditure

Dec 2016

613.4

218.5

261.2

84.8

48.9

Dec 2015

653.8

249.2

225.6

86.1

92.9

On-mine exploration

Dec 2016

Dec 2015

17.3

13.9

0.6

0.9

1.9

Less: By-product credit

Dec 2016

(28.2)

(9.6)

(6.8)

(7.6)

(4.2)

Dec 2015

(26.8)

(8.6)

(5.7)

(5.8)

(6.7)

Total All-in sustaining cost 4

Dec 2016

21,114.4

6,763.4

6,480.7

4,546.1

3,321.7

2.5

Dec 2015

20,183.6

6,484.6

5,996.1

4,127.1

3,387.6

188.2

Plus: Group exploration growth and

other capital exploration

Dec 2016

1,052.2

54.1

130.1

4.8

40.7

822.5

Dec 2015

395.3

18.0

63.7

17.6

296.0

Total All-in cost 5

Dec 2016

22,166.6

6,817.5

6,610.8

4,550.9

3,362.4

827.0

Dec 2015

20,578.9

6,502.6

6,059.8

4,127.1

3,405.2

484.2

Gold sold

Dec 2016

46,905

16,046

15,176

10,041

5,642

Dec 2015

47,775

17,350

14,068

10,105

6,252

000’ozs

Dec 2016

1,508

515.9

487.9

322.8

181.4

Dec 2015

1,536.0

557.8

452.3

324.9

201.0

Total cash cost

R/kg

Dec 2016

377,034

355,416

340,762

381,625

527,916

Dec 2015

347,613

309,764

342,764

340,792

474,584

US$/oz

Dec 2016

799

753

722

809

1,119

Dec 2015

848

756

836

831

1,158

All-in sustaining cost

R/kg

Dec 2016

450,152

421,501

427,036

452,754

588,745

Dec 2015

422,472

373,752

426,223

408,422

541,843

US$/oz

Dec 2016

954

893

905

960

1,248

Dec 2015

1,031

912

1,040

996

1,322

All-in cost

R/kg

Dec 2016

472,585

424,872

435,609

453,232

595,959

Dec 2015

430,746

374,790

430,751

408,422

544,658

US$/oz

Dec 2016

1,002

901

923

961

1,263

Dec 2015

1,051

914

1,051

996

1,329

The average exchange rates for the year ended 31 December 2016 and 31 December 2015 were R14.68/US$, and R12.75/US$, respectively.

Figures may not add as they are rounded independently.

Total cash costs are calculated in accordance with the Gold Institute Industry standard.

Operating costs – All gold mining-related costs before amortisation/depreciation, tax, non-recurring items.

Total cash cost – Operating costs less off-mine costs, which include general and administration costs, as detailed in the table above

All-in costs are calculated in accordance with the World Gold Council guidance

Operating cost – As published and includes all mining and processing costs, third party refining costs, permitting costs and corporate G&A charges.

Share-based payments are calculated based on the fair value at initial recognition fair value and does not include the fair valuing adjustment of the cash-settled share-based

payment liability to the reporting date fair value.

Total All-in sustaining costs includes operating costs and costs detailed above, including sustaining capital expenditure, based on managed gold sales.

Total All-in costs includes sustaining and Group costs, excluding income tax, M&A activity, working capital, impairments, financing costs, one-time severance charges and items

needed to normalise earnings.

Sibanye Operating and Financial Results | Six months and financial year ended 31 December 2016

GOLD DIVISION – QUARTERLY SALIENT FEATURES

Salient features and cost benchmarks for the quarters ended 31 December 2016 and
30 September 2016

Gold Division

Driefontein

Kloof

Beatrix

Cooke

Total

Under-

ground

Surface

Under-

ground

Surface

Under-

ground

Surface

Under-

ground Surface

Under-

ground

Surface

Tonnes milled/treated

000’t

Dec 2016

4,936

1,952

2,984

516

919

517

789

701

361

218

915

Sept 2016

5,238

2,066

3,172

506

1,098

555

687

743

359

262

1,028

Yield

g/t

Dec 2016

2,41

5.48

0.40

7.25

0.54

6.66

0.51

3.62

0.30

4.50

0.22

Sept 2016

2.27

5.15

0.39

6.85

0.50

6.52

0.53

3.28

0.32

4.30

0.22

Gold produced

Dec 2016

11,908

10,703

1,205

3,740

499

3,445

399

2,537

107

981

200

Sept 2016

11,897

10,649

1,248

3,468

550

3,617

361

2,438

115

1,126

222

000’oz

Dec 2016

382.9

344.3

38.8

120.3

16.0

110.8

12.8

81.5

3.5

31.5

6.5

Sept 2016

382.5

342.4

40.1

111.5

17.7

116.3

11.6

78.4

3.7

36.2

7.1

Gold price received

R/kg

Dec 2016

541,082

540,842

539,790

540,998

570,000

Sept 2016

597,705

597,760

597,386

598,198

606,009

US$/oz

Dec 2016

1,212

1,209

1,212

1,277

Sept 2016

1,322

1,323

1,322

1,324

1,341

Operating cost

R/t

Dec 2016

833

1,893

140

2,312

189

2,090

147

1,324

109

2,265

Sept 2016

874

1,996

144

2,479

187

2,207

164

1,226

131

2,802

Total cash cost

R/kg

Dec 2016

346,439

324,260

310,630

368,684

491,538

Sept 2016

398,319

378,372

352,086

389,111

611,573

US$/oz

Dec 2016

776

726

696

826

1,101

Sept 2016

881

837

779

861

1,353

Operating margin

Dec 2016

Sept 2016

(10)

All-in sustaining cost

R/kg

Dec 2016

427,091

393,333

409,843

445,045

562,308

Sept 2016

479,785

449,154

441,956

462,162

676,632

US$/oz

Dec 2016

957

881

918

997

1,260

Sept 2016

1,062

994

978

1,023

1,497

All-in cost

R/kg

Dec 2016

455,370

397,882

423,491

446,710

577,692

Sept 2016

497,794

453,708

452,690

462,201

690,134

US$/oz

Dec 2016

1,020

891

949

1,001

1,294

Sept 2016

1,102

1,004

1,002

1,023

1,527

All-in cost margin

Dec 2016

(6)

Sept 2016

(16)

Ore reserve development

R’mil

Dec 2016

591,1

184.9

231.6

140.4

34.2

Sept 2016

661.1

214.4

262.8

145.5

38.4

Sustaining capital

Dec 2016

258.1

93.4

115.5

35.6

13.6

Sept 2016

144.1

53.7

59.8

17.2

13.4

Corporate and project

Dec 2016

257.7

18.8

52.0

0.4

18.1

expenditure

Sept 2016

79.3

18.3

42.7

0.1

18.2

Total capital expenditure

R’mil

Dec 2016

1,106.9

297.1

399.1

176.4

65.9

Sept 2016

1,024.0

286.4

365.3

162.8

70.0

Total capital expenditure

US$’mil

Dec 2016

79.7

21.4

28.8

12.7

4.7

Sept 2016

71.7

20.1

25.2

11.5

4.9

The average exchange rates for the quarters ended 31 December 2016 and 30 September 2016 were R13.88/US$ and R14.06/US$, respectively.

Figures may not add as they are rounded independently.

Corporate and project expenditure for the quarters ended 31 December 2016 and 30 September 2016 amounted to R168.4 million (US$12.1 million) and R139.5 million

(US$10.0 million), respectively.

Sibanye Operating and Financial Results | Six months and financial year ended 31 December 2016

PLATINUM DIVISION – QUARTERLY SALIENT FEATURES

Platinum Division – Salient features and cost benchmarks for the quarters ended
31 December 2016 and 30 September 2016

Platinum Division – attributable

Kroondal

Mimosa

Plat Mile

Rustenburg

Total

Under-

ground

Surface Attributable Attributable

Surface

Under-

ground

Surface

Tonnes milled/treated

000’t

Dec 2016

5,808

2,448

3,360

904

340

2,366

1,204

994

Sep 2016

3,112

1,242

1,870

897

345

1,870

Plant head grade

g/t

Dec 2016

1.88

3.20

0.92

2.44

3.61

0.67

3.65

1.53

Sep 2016

1.49

2.79

0.63

2.51

3.53

0.63

Plant recoveries

Dec 2016

66.37

82.93

24.66

82.29

78.28

12.38

84.54

37.42

Sep 2016

63.60

80.75

12.77

81.97

78.50

12.77

PGM 4E production 2

4Eoz

Dec 2016

233,199

208,586

24,613

58,252

30,863

6,297

119,471

18,316

Sep 2016

94,791

89,990

4,801

59,268

30,722

4,801

Average PGM 4E basket price

R/4Eoz

Dec 2016

11,900

11,872

12,133

11,688

12,228

11,754

11,870

12,263

Sep 2016

12,726

12,711

13,015

12,949

12,252

13,015

US$/4Eoz

Dec 2016

857

855

874

842

881

847

855

883

Sep 2016

901

899

925

914

871

925

Operating cost

R/t

Dec 2016

424

945

604

917

1,209

128

Sep 2016

290

703

625

907

US$/t

Dec 2016

Sep 2016

Operating margin

Dec 2016

Sep 2016

Operating cost 3

R/4Eoz

Dec 2016

10,571

11,090

6,176

9,368

10,103

4,002

12,185

6,923

Sep 2016

9,532

9,701

6,361

9,453

10,179

6,361

US$/4Eoz

Dec 2016

762

799

445

675

728

288

878

499

Sep 2016

678

690

452

672

724

452

Total capital expenditure

Dec 2016

269.3

269.1

0.2

67.0

53.4

0.2

148.7

Sep 2016

87.5

87.2

0.3

41.5

45.7

0.3

US$ mil

Dec 2016

19.3

4.8

3.8

10.7

Sep 2016

6.2

2.9

3.3

Figures may not add as they are rounded independently.

Platinum Division includes the attributable operations of Kroondal (50%), Mimosa (50%), Platinum Mile surface operation and Rustenburg since acquisition on 1 November 2016.

Production per product

Quarter ended

Dec 2016

Sep 2016

Platinum

134,836

52,480

Palladium

73,437

31,697

Rhodium

19,457

8,129

Gold

5,469

2,485

PGM4E production (4Eoz)

233,199

94,791

Ruthenium

30,804

12,368

Iridium

7,047

3,038

Total

271,050

110,197

Operating costs are all mining related costs before amortisation and depreciation, royalties, taxation and non-recurring items.

Sibanye Operating and Financial Results | Six months and financial year ended 31 December 2016

DEVELOPMENT RESULTS

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.

Driefontein

Quarter ended

31 December 2016

Quarter ended

30 September 2016

Year ended

31 December 2016

Reef

Carbon

leader

Main

VCR

Carbon

leader

Main

VCR

Carbon

leader

Main

VCR

Advanced

(m)

1,512

974

845

1,237

963

771

6,111

3,480

3,866

Advanced on reef

(m)

237

378

131

130

214

109

874

1040

482

Channel width

(cm)

116

Average value

(g/t)

33.8

11.6

27.2

13.7

16.3

41.5

21.6

9.5

36.4

(cmg/t)

1,218

578

3,141

1,067

669

3,980

1,203

567

3,511

Kloof

Quarter ended

31 December 2016

Quarter ended

30 September 2016

Year ended

31 December 2016

Reef

Kloof

Main

Libanon

VCR

Kloof

Main

Libanon

VCR

Kloof

Main

Libanon

VCR

Advanced

(m)

681

768

170

2,425

617

782

226

2,330

2,824

3,064

696

9,583

Advanced on reef

(m)

206

454

292

116

476

992

422

1,949

Channel width

(cm)

115

102

142

110

156

117

111

Average value

(g/t)

11.6

18.9

25.4

5.6

13.8

22.9

7.8

8.7

11.0

22.8

(cmg/t)

1,331

907

2,584

794

696

2,514

1,220

714

1,286

2,526

Beatrix

Quarter ended

31 December 2016

Quarter ended

30 September 2016

Year ended

31 December 2016

Reef

Beatrix

Kalkoenkrans

Beatrix

Kalkoenkrans

Beatrix

Kalkoenkrans

Advanced

(m)

4,613

723

4,503

756

17,986

3,294

Advanced on reef

(m)

1,289

138

1,354

5,168

675

Channel width

(cm)

145

102

128

118

129

130

Average value

(g/t)

5.9

13.3

7.7

16.9

7.2

13.5

(cmg/t)

861

1,361

992

1,998

932

1,522

Cooke

Quarter ended

31 December 2016

Quarter ended

30 September 2016

Year ended

31 December 2016

Reef

VCR

Elsburgs

Reefs

Elsburg

Massives

Kimberley

Reefs

VCR

Elsburgs

Reefs

Elsburg

Massives

Kimberley

Reefs

VCR

Elsburgs

Reefs

Elsburg

Massives

Kimberley

Reefs

Advanced

(m)

203

831

184

268

1,124

226

1,155

5,002

173

785

Advanced on reef

(m)

142

129

434

534

1,758

125

201

Channel width

(cm)

119

248

232

213

241

243

352

223

Average value

(g/t)

5.4

10.6

4.7

3.8

3.5

2.9

3.0

4.0

4.7

3.6

(cmg/t)

392

933

559

954

816

628

725

982

1,654

807

Kroondal

Quarter ended

31 December 2016

Period ended

31 December 2016

Reef

Kopaneng

Simunye

Bambanani

Kwezi

Kopaneng

Simunye

Bambanani

Kwezi

Advanced

(m)

701

552

1,160

767

974

1,925

1,540

3,133

2,094

2,529

Advanced on reef

(m)

300

477

294

694

971

1,409

1,417

1,777

1,587

2,492

Channel width

(cm)

102

183

104

193

159

189

178

Height

(cm)

260

244

224

240

254

250

235

224

231

241

Average value

(g/t)

1.26

2.16

0.81

2.45

2.46

1.75

2.2

1.57

2.03

2.65

(cmg/t)

326

528

182

587

627

439

517

352

470

640

Development data since acquisition on 12 April 2016.

Rustenburg

Period ended

31 December 2016

Reef

Bathopele

Thembelani

Khuseleka

Siphumelele

Advanced

(m)

190

1,387

1,254

1,291

Advanced waste

(m)

942

1,018

986

Advanced on reef

(m)

190

445

236

305

Channel width

(cm)

Height (SW)

(cm)

219

119

117

122

Average value

(g/t)

2.61

4.06

4.14

5.55

(cmg/t)

570

483

485

677

Development data since acquisition on 1 November 2016.

Sibanye Operating and Financial Results | Six months and financial year ended 31 December 2016

FORWARD LOOKING STATEMENTS

This document includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as
“target”, “will”, “would”, “expect”, “anticipate”, “plans”, “potential”, “can”, “may” and other similar expressions that predict
or indicate future events or trends or that are not statements of historical matters.

These forward-looking statements, including, among others, those relating to Sibanye’s future business prospects, revenues
and income, expected timings of the Stillwater transaction (the “Transaction”) (including completion), potential Transaction
benefits (including statements regarding growth and cost savings) or information related to the Blitz Project, wherever they
may occur in this document and the exhibits to this document, are necessarily estimates reflecting the best judgment of the
senior management and directors of Sibanye, and involve a number of known and unknown risks and uncertainties that could
cause actual results, performance or achievements of the Group 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 document. Important factors that could cause the actual results to differ materially
from estimates or projections contained in the forward-looking statements include, without limitation, economic, business,
political and social conditions in South Africa, Zimbabwe and elsewhere; changes in assumptions underlying Sibanye’s
estimation of its current Mineral Reserves and Resources; the ability to achieve anticipated efficiencies and other cost savings
in connection with past and future acquisitions, as well as at existing operations; the ability of Sibanye to successfully integrate
acquired businesses and operations (whether in the gold mining business or otherwise) into its existing businesses; Sibanye’s or
Stillwater’s ability to complete the proposed Transaction; the inability to complete the proposed Transaction due to failure to
obtain approval of the shareholders of Sibanye or Stillwater or other conditions in the merger agreement; Sibanye’s ability to
achieve anticipated efficiencies and other cost savings in connection with the Transaction; the success of Sibanye’s business
strategy and changes thereto, exploration and development activities; the ability of Sibanye to comply with requirements
that it operate in a sustainable manner; changes in the market price of gold, platinum group metals (PGMs) and/or uranium;
the occurrence of hazards associated with underground and surface gold, PGMs and uranium mining; the occurrence of
labour disruptions and industrial action; the availability, terms and deployment of capital or credit; changes in relevant
government regulations, particularly environmental tax health and safety regulations and new legislation affecting water,
mining, mineral rights and business ownership, including any interpretations thereof which may be subject to dispute; the
outcome and consequence of any potential or pending litigation or regulatory proceedings or other environmental, health
and safety issues; power disruptions, constraints and cost increases; supply chain shortages and increases in the price of
production inputs; 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’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’s information
technology and communications systems; the adequacy of Sibanye’s insurance coverage; any social unrest, sickness or
natural or man-made disaster at informal settlements in the vicinity of some of Sibanye’s operations; and the impact of HIV,
tuberculosis and other contagious diseases. Further details of potential risks and uncertainties affecting Sibanye are described
in Sibanye’s filings with the JSE and the SEC, including in Sibanye’s Annual Report on Form 20-F, for the fiscal year ended
31 December 2015 and the Integrated Annual Report 2015. These forward-looking statements speak only as of the date of
this document.

The Group undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect
events or circumstances after the date of this document or to reflect the occurrence of unanticipated events.

ADDITIONAL INFORMATION AND WHERE TO FIND IT

This document does not constitute the solicitation of any vote, proxy or approval. In connection with the proposed
Transaction, Sibanye intends to post to its shareholders a JSE Limited (“JSE”) Category 1 circular subject to the approval of the
circular by the JSE and Stillwater has filed with the Securities and Exchange Commission (the “SEC”) relevant materials,
including a proxy statement. The JSE Category 1 circular and other relevant documents will be sent or otherwise disseminated
to Sibanye’s shareholders and will contain important information about the proposed Transaction and related matters.
SHAREHOLDERS OF SIBANYE ARE ADVISED TO READ THE JSE CATEGORY 1 CIRCULAR AND OTHER RELEVANT DOCUMENTS WHEN
THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. The
proxy statement and other relevant documents will be sent or otherwise disseminated to Stillwater’s shareholders and will
contain important information about the proposed Transaction and related matters. SHAREHOLDERS OF STILLWATER ARE
ADVISED TO READ THE PROXY STATEMENT THAT HAS BEEN FILED AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC WHEN
THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION.
When available, Sibanye shareholders may obtain free copies of the JSE Category 1 circular by going to Sibanye’s website
at www.sibanye.co.za. The proxy statement and other relevant documents may also be obtained, free of charge, on the
SEC's website (http://www.sec.gov). Stillwater shareholders may obtain free copies of the proxy statement from Stillwater by
going to Stillwater’s website at

www.stillwatermining.com

Sibanye Operating and Financial Results | Six months and financial year ended 31 December 2016

PARTICIPANTS IN THE SOLICITATION

Sibanye, Stillwater and their respective directors and officers may be deemed participants in the solicitation of proxies of
Sibanye’s and Stillwater’s respective shareholders in connection with the proposed Transaction. Sibanye’s shareholders and
other interested persons may obtain, without charge, more detailed information regarding the directors and officers of
Sibanye in Sibanye’s Annual Report on Form 20-F, for the fiscal year ended 31 December 2015, which was filed with the SEC
on 21 March 2016. Stillwater’s shareholders and other interested persons may obtain, without charge, more detailed
information regarding the directors and officers of Stillwater in Stillwater’s Annual Report on Form 10-K for the fiscal year ended
31 December 2015, which was filed with the SEC on 22 February 2016. Additional information regarding the interests of
participants in the solicitation of proxies in connection with the proposed Transaction is included in the proxy statement that
Stillwater has filed with the SEC.

NO OFFER OR SOLICITATION

This document is for informational purposes only and does not constitute an offer to sell, or a solicitation of offers to purchase
or subscribe for, securities in the United States or any other jurisdiction. Any securities referred to herein that are being offered
outside of the United States have not been, and will not be, registered under the U.S. Securities Act of 1933 and may not be
offered, exercised or sold in the United States absent registration or an applicable exemption from registration requirements.
The public offering of securities currently intended by the issuer to be made in the United States will be made by means of a
prospectus that may be obtained from the issuer and that will contain detailed information about the company, its
management and financial statements.

Sibanye Gold Operating and Financial Report 2015 | 32

ADMINISTRATION AND CORPORATE INFORMATION

Sibanye Gold Limited
Incorporated in the
Republic of South Africa
Registration number
2002/031431/06
Share code: SGL
Issuer code: SGL
ISIN: ZAE E000173951

Listings
JSE: SGL
NYSE: SBGL

Website
www.sibanyegold.co.za

Registered Office
Libanon Business Park
1 Hospital Street,
(Off Cedar Ave),
Libanon, Westonaria,
1780
South Africa
(Private Bag X5, Westonaria,
1780, South Africa)
Tel: +27 11 278 9600
Fax: +27 11 278 9863

Investor Enquiries
James Wellsted
Senior Vice President:
Investor Relations
Sibanye Gold Limited
Tel: +27 83 453 4014
+27 11 278 9656
E-mail:
james.wellsted@sibanyegol
d.co.za

Corporate Secretary
Cain Farrel
Tel: +27 10 001 1122
Fax: +27 11 278 9863
E-mail:
cain.farrel@sibanyegold.co.za

Directors
Sello Moloko 1 (Chairman)
Neal Froneman (CEO)
Charl Keyter (CFO)
Chris Chadwick 2
Robert Chan 2
Timothy Cumming 1
Barry Davison 1
Rick Menell 1
Nkosemntu Nika 1
Keith Rayner 1
Susan van der Merwe 1
Jerry Vilakazi 1
Jiyu Yuan 2

1 Independent non-executive
2 Non-independent non-
executive

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, 2196,
South Africa)

Office of the United Kingdom
Secretaries
London
St James’s Corporate Services
Limited
Suite 31, Second Floor
107 Cheapside
London
EC2V 6DN
United Kingdom
Tel: +44 20 7796 8644
Fax: +44 20 7796 8645

American Depository Receipts
Transfer Agent
BNY Mellon Shareowner Services
PO Box 358516
Pittsburgh
PA15252-8516
US toll-free:
+1 888 269 2377
Tel: +1 201 680 6825
e-mail: 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

Transfer Secretaries
United Kingdom
Capita Asset Services
The Registry
34 Beckenham Road
Beckenham
Kent
BR3 4TU
England
Tel: 0871 664 0300
[calls cost 10p a minute plus
network extras, lines are open
8.30am – 5pm Mon-Fri] or
+44 20 8639 3399 (from
overseas)
Fax: +44 20 8658 3430
e-mail:
ssd@capitaregistrars.com

Auditors
KPMG Inc.
KPMG Crescent
85 Empire Road
Parktown
2193
Johannesburg
South Africa
Tel: +27 11 647 7111

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorised.

SIBANYE GOLD LIMITED

By: /s/ Charl Keyter

Name: Charl Keyter
Title: Chief Financial Officer

Dated: February 23, 2017

This regulatory filing also includes additional resources:
sibanye_results.pdf

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