mineral resources and mineral reserves supplement...

Mineral Resources and Mineral Reserves Supplement to the Integrated Report 2013

SECTION SECTION

intentSibanye Gold Limited’s guiding principle is to ensure integrity and responsibility in reporting its Mineral Resources and Mineral Reserves, to be compliant with public and internal regulatory codes and to inform all stakeholders on the status of the Group’s fundamental asset base. Sibanye further aims to report on information that is rated important for disclosure to a level of detail that ensures completeness, transparency and materiality.

Beatrix No. 1 metallurgical plant

Sibanye Gold Mineral Resources and Mineral Reserves 1

Section One

Section TwoSection Three

‘Striving to deliver a sustainable future’

contents2 SECTION 1 Scope

3 Highlights

4 Group overview

6 Reporting code and reporting criteria

8 Consolidated Mineral Resource and Mineral Reserve statement

12 Reconciliation of the Mineral Resources and Mineral Reserves

14 SECTION 2 Operations overview

16 Geological setting and mineralisation

17 Exploration

18 Quality assurance and quality control

19 Group summary

20 The Beatrix operation

28 The Driefontein operation

36 The Kloof operation

44 SECTION 3 Projects

44 West Rand Tailings Retreatment Project

46 Beisa Project

48 SECTION 4 Corporate governance

49 Assessment and reporting criteria

49 Competent Persons

50 SECTION 5 Supporting information

SECTION 6 Beatrix shareholder plan

Driefontein shareholder plan

Kloof shareholder plan

Section FourSection Five

Section Six

2 Sibanye Gold Mineral Resources and Mineral Reserves

SECTION ONE SCOPE

scope

IMPORTANT NOTICES1. The United States Securities and Exchange Commission (SEC) permits mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can

economically and legally extract or produce from. Certain terms are used in this report, such as Mineral Resources, that the SEC guidelines strictly prohibit companies from including in filings. US investors are urged to consider closely the disclosure in the Form 20-F submission.

2. Rounding-off of figures in this report may result in minor computational discrepancies. Where this occurs it is not deemed significant.3. The 31 December 2013 Mineral Resources and Mineral Reserves are net of depletion.

To give an account of Sibanye Gold Limited’s (Sibanye’s) Mineral Resources and Mineral Reserves as at 31 December 2013. The Supplement represents a summary of the respective operational Competent Person Reports, and is supported by comprehensive management processes and protocols.

The 2013 geology and evaluation models of the three operations owned by Sibanye have been updated to reflect the latest available information. These models are coupled with an integrated holistic mine design and schedule based on actual pertinent performance levels. The information is presented on both a Group and Operations basis, and reports at an appropriate level of detail on the current status and changes since the previous declaration.

Thuthukani (Main) Shaft


Section One

SECTION ONE HIGHLIGHTS

Stable production profiles planned at each of the operations based on current performance levels:

• No ‘hockey stick’ increase in production profiles

Maintaining the Life of Mine production above 1.2Moz per annum:

• A decrease in the overall pay limit at all three operations

• Secondary reefs targeted on an incremental basis

• Previous un-mined areas (white areas) reviewed and included in Mineral Reserves where deemed feasible

Proving up major opportunities:

• A maiden gold and uranium Mineral Resource declared for the Beisa Reef (old Beisa Mine at Beatrix 4 Shaft)

• The pre-feasibility study of the West Rand Tailings Re-treatment Project (WRTRP) successfully concluded (a joint venture with Gold One International Limited)

• The safe extraction of the Driefontein 1 Shaft Pillar demonstrated

• Comprehensive review of the Mineral Resource classifications and reporting in order to ensure SAMREC compliance

Stable geology and evaluation models:

• Only minor changes to geology structure and facies models recorded year-on-year

highlights

Gold Mineral Resources

65MozUranium Mineral Resources

69Mlb

Gold Mineral Reserves

20MozUranium Mineral Reserves

43Mlb

A high-level synopsis of the key year-on-year changes in the Group’s Mineral Resources and Mineral Reserves is as follows:

• The gold Mineral Resources decreased by 13% from 74.2 million ounces (Moz) to 65.0Moz, net of production depletion. This decrease was primarily the result of a comprehensive review of the operational Mineral Resource classifications based on material assumptions made in determining the ‘reasonable and realistic prospects of eventual economic extraction’. The decrease was partially offset by the inclusion of the gold Mineral Resources contained in the Beisa Reef.

• The total gold Mineral Reserves increased by 46% from 13.5Moz to 19.7Moz, net of production depletion. This increase was primarily due to lowering pay limits as a result of operating cost reductions and improved mining factors realised in 2013, as well as the inclusion of the gold contained in tailings storage facilities of the Kloof and Driefontein operations.


SECTION ONE GROUP OVERVIEW

group overview

Sibanye is committed to maintaining profitable, stable and low-cost operations supported by appropriate investment in Mineral Reserve development, Mineral Resource to Mineral Reserve conversion and Mineral Resource definition drilling, in an attempt to ensure sustainable production.

KLOOF OPERATION

DRIEFONTEINOPERATION

BEATRIXOPERATION Free State

Goldfields

Far West RandGoldfields JOHANNESBURG

Welkom

ParysKlerksdorp

Evander

Carletonville

Carletonville

Welkom

JOHANNESBURG

BUSHVELD IGNEOUS COMPLEX

CENTRAL RAND GROUP

WEST RAND GROUP

DOMINION REEF GROUP

OTHER AND HISTORIC GOLD MINES

SIBANYE GOLD LIMITED

0 20 40 60 80

km

“WITWATERSRAND BASIN”

GEOGRAPHIC LOCATION

Sibanye with its three mature operations is capable of maintaining its status as the leading South African gold producer for many years to come. The implementation of a new operating model and structures, and an enhanced operational focus are already evident in Sibanye’s improved 2013 production results and the extended operating lives of its operations.


Section One

HEADLINE NUMBERS

• All Mineral Resources and Mineral Reserves 100% attributable and managed by Sibanye• Mineral Resources inclusive of Mineral Reserves

31 December 2012



Uranium Mineral Resources

Uranium Mineral Reserves

74.246Moz13.530Moz

––

12 Months

(1.713Moz)(1.481Moz)

––

Gold Mineral Resource depletion

Gold Mineral Reserve depletion

Uranium Mineral Resource depletion

Uranium Mineral Reserve depletion



Uranium Mineral Resources

Uranium Mineral Reserves

31 December 2013

64.962Moz19.733Moz68.813Mlb43.155Mlb

The graphs below depict the Group’s managed gold ounces split per operation and projects.

Gold Mineral Resources (65.0Moz)

12%

33%

47%

8%

Beatrix KloofDriefontein Projects

8.2Moz5.2Moz

21.3Moz

30.4Moz

Gold Mineral Reserves (19.7Moz)

18%

31%

31%

20%

BeatrixProjects

3.6Moz4.0Moz

6.1Moz

6.0Moz

KloofDriefontein


SECTION ONE REPORTING CODE AND REPORTING CRITERIA

reporting code and reporting criteria

REPORTING CODESibanye reports its Mineral Resources and Mineral Reserves in accordance with the South African Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves (2007 SAMREC Code), the South African Code for the reporting of Mineral Asset Valuation (2009 SAMVAL Code) and other relevant international codes such as the United States Securities and Exchange Commission (SEC) Industry Guide 7 for the reporting of Mineral Reserves.

The reporting code, as outlined in the SAMREC Code, have been used in the preparation of individual internal Competent Persons’ Reports for each of the operations from which the numbers stated in this supplement are drawn.

The Mineral Resources and Mineral Reserves are supported by appropriate Mineral Resource management processes and protocols that ensure adequate corporate governance in respect of the intent of the Sarbanes-Oxley Act.

The three Sibanye operations operate under a New Order Mining Right in terms of the Minerals and Petroleum Resources Development of Act of 2002 (Act No. 28, of 2002) (MPRDA). All required operating permits have been obtained, and are in good standing.

The gold price used for the Mineral Reserve declaration is in accordance with the SEC guidelines and approximates the historical three-year average spot prices. The uranium price used approximates the historical three-year long-term-contract price. The December 2013 Mineral Resource gold price used has a premium of ~10% over the R/kg Mineral Reserve gold price, representing upside leverage over the spot price.

Commodity prices used in this declaration are as follows:

December 2013 December 2012 December 2011

Commodity Unit Resource Reserve Resource Reserve Resource Reserve

Gold R/kg 450,000 410,000 420,000 380,000 340,000 310,000

US$/oz 1,650 1,500 1,650 1,500 1,450 1,300

Uranium R/kg 1,124 1,124 – – – –

US$/lb 60 60 – – – –Exchange rate: US$:R8.50. Rounding-off of figures may result minor computational discrepancies. Where this happens it is not deemed significant.

REPORTING CRITERIAThe Mineral Resource and Mineral Reserve figures are derived from a rigorous strategic and operational planning process that is embedded at each of Sibanye’s operations.

• Mineral Resource tonnages and grades are estimated in situ over a mining width and at a total cost pay limit. These include mineralisation below the selected cut-off grade to ensure that the Mineral Resources comprise practical mining blocks of adequate size and continuity. Measured and Indicated Mineral Resources are reported inclusive of those Mineral Resources modified to produce Mineral Reserves.

• Mineral Reserves are that portion of the Mineral

Resources which technical and economic studies have demonstrated can justify extraction at the time of disclosure (to minimum pre-feasibility study level). Estimates of tonnages and grades quoted as Mineral Reserves include allowances for all mining dilution, all other mining factors (modifying factors) and consequently are reported as net tons and grades delivered to the mill.

• The protocols for estimation and modelling include the following: • The Mineral Resource is divided into domains based on

the geology models (structure and facies). The domains may be further sub divided to ensure homogeneity.


Section One

Exploration results

Mineral Resources

Probable

Proved

Inferred

Indicated

Measured

Mineral Reserves

Reported as mineable production estimates

Consideration of mining, metallurgical, economic, marketing, legal, environmental, social and governmental factors (the ‘modifying’ factors)

Reported as in situ mineralisation estimates

Increasing level of geoscientificknowledge and confidence

RELATIONSHIP BETWEEN EXPLORATION RESULTS, MINERAL RESOURCES AND MINERAL RESERVES (SAMREC CODE)

The homogeneous domains are then used as the basis for geostatistical estimation. Detailed exploratory data analyses, including sample verification, histogram and cumulative frequency plots for distributional analysis, additive constant estimates, outlier checks, trend analyses, and declustering are carried out on individual domains.

• The main interpolation methodology utilised is ordinary and simple Kriging of various block sizes including macro Kriging. Detailed checks are carried out on the Kriged estimates by compiling Kriging efficiencies and Kriging slopes of regression on an individual Kriged block basis.

• Variography studies are carried out on point and regularised data. Relative and traditional variograms are used for Kriging purposes. Resource block widths are estimated using the historical relationship between channel width and stoping width.

• Historical statistics are used as the basis of unavoidable un-pay mining included in the Mineral Resource. The historical percentage un-pay is then added to the portion of blocks above the pay limit.

• All operations have documented the guidelines and modifying factors that underpin the Life of Mine (LoM) plans, which are supported by mine designs and schedules.

• A detailed two-year operating and capital cost budget is produced and, where appropriate, extended for the LoM production schedule. The operational plan is prepared on a monthly basis, using zero-based costing. Of critical importance is the utilisation of historically achieved data to estimate productivity and operating cost.

• The Sibanye operations are entitled to mine all declared material located within their Mining Rights and all necessary statutory mining authorisations and permits are in place or have reasonable expectation of being granted. However, the duration taken for final approval may impact the production schedules.

• All financial models are based on promulgated tax laws as at 31 December 2013

• Mineral Reserves are estimated using a total cost pay limit (excluding capital) at a margin, historic cost levels and mining efficiencies at each operation. The conversion ratio from Mineral Resources to Mineral Reserves is further affected by the following key factors:• the exclusion from Mineral Reserves of regional support

and safety pillars as designed and set out in the current mine plan;

• mining constraints applied to the extraction, based on the geometry of the geological structures as presently interpreted; and

• mining quality factors, such as Mine Call Factor (MCF) and dilution.

• Caution should be exercised when interpreting the grade tonnage curves presented. The ability to high-grade (selectively mine) the deposits may be precluded by the deposit geometry, mining method and the need for practical development of the ore body.

• Where appropriate, above inflation escalations have been factored into all financial models.

• All tabulated numbers represent Sibanye’s total managed Mineral Resources and Mineral Reserves unless otherwise stated.

• All references to tons are metric units.• Rounding-off of figures in this report may result in minor

computational discrepancies. Where this occurs it is not deemed significant.

The Group has proven expertise in exploration, resource modelling, mine planning and reconciliation methodologies for shallow and deep to ultra-deep underground mining operations. It constantly reviews and considers the application of international leading practices in Mineral Resource Management at all its operations and projects.


SECTION ONE CONSOLIDATED MINERAL RESOURCE AND MINERAL RESERVE STATEMENT

consolidated mineral resource and mineral reserve statement

Mineral Resources and Mineral Reserves are reported in full compliance with the 2007 SAMREC Code and are consistent with the approach used at other Witwatersrand gold operations. Realistic mine design and scheduling is underpinned by best practise resource modelling.

Gold being poured as gold bars


Section One

Gold Mineral Resources (Moz)

ProjectsKloofDriefonteinBeatrix

8.434

22.24121.253

39.836

8.168

537

30.378

3.7355.163

38

December 2012 (74.2Moz) December 2013 (65.0Moz)

0

10

20

30

40

Gold Mineral Reserves (Moz)

KloofDriefonteinBeatrix

3.358

4.369

6.057

3.631

5.8046.023

0

4.022

December 2012 (13.5Moz) December 2013 (19.7Moz)

0

2

4

6

8

Projects

OVERVIEWAll Mineral Resources and Mineral Reserves are net of twelve months’ production depletion, with the December 2012 statement’s numbers, where appropriate, shown in brackets for a year-on-year comparison:

• At 31 December 2013, Sibanye had total attributable gold Mineral Resources of 65.0Moz (December 2012: 74.2Moz) and gold Mineral Reserves of 19.7Moz (December 2012: 13.5Moz) net of production depletion in 2013. Total uranium Mineral Resources attributable to the Group amounted to 68.8Mlb, inclusive of 43.2Mlb of uranium Mineral Reserves. All the declared Mineral Reserves are above current infrastructure limits.

• The total gold Mineral Resources decreased by 13% (net of 1.713Moz depletion due to production in 2013), primarily because of a comprehensive review of the operational Mineral Resource classifications based on material assumptions made in determining the ‘reasonable and realistic prospects of eventual economic extraction’ thereof. The decrease was partially offset by the inclusion of the gold Mineral Resources contained in the Beisa Reef at Beatrix West Section (1.141Moz) following the conclusion of a related concept study in December 2013.

• Total Mineral Reserves increased by 46% or 6.203Moz (net of 1.481Moz depletion due to production in 2013).

‘Gold Mineral Reserves increased by 46%’

This increase is primarily due to the use of lower pay limits as a result of operating cost reductions and improved mining factors realised during 2013 (due to an increased focus on the quality of mining). Lower pay limits allowed for additional Mineral Reserves from secondary reefs (0.932Moz) to be included, while a comprehensive review of white areas (previous un-mined areas) resulted in additional available Mineral Reserves (2.849Moz) for inclusion in the 2014 LoM production plan. A pre-feasibility study was also conducted on the potential to safely extract the Driefontein 1 Shaft Pillar, which added a further 0.491Moz to the Mineral Reserves.

• The total Mineral Reserves now also include 4.022Moz of gold contained in the Tailings Storage Facilities (TSFs) of Kloof and Driefontein which form part of the West Rand Tailings Retreatment Project (WRTRP). The Joint Venture WRTRP pre-feasibility study on the extraction of gold and uranium from Sibanye’s West Wits TSFs and the adjacent Gold One Cooke TSFs was concluded in 2013 and is currently subject to a definitive feasibility study.

The graphs below depict the Group’s managed gold ounces split per operation and growth projects, with the 31 December 2012 statement ounces added for a year-on-year comparison.


SECTION ONE CONSOLIDATED MINERAL RESOURCE AND MINERAL RESERVE STATEMENT

consolidated mineral resource and mineral reserve statement continued

CLASSIFIED GOLD MINERAL RESOURCE AND MINERAL RESERVE STATEMENT1

Mineral Resources Mineral Reserves

2013 2012 2013 2012

Gold classificationTons (Mt)

Grade (g/t)

Gold (Moz)

Gold (Moz) Gold classification

Tons (Mt)

Grade (g/t)

Gold (Moz)

Gold (Moz)

Beatrix Beatrix

Measured (AI) 16.2 6.2 3.210 4.252 Proved (AI) 15.2 3.8 1.836 1.462

Indicated (AI) 21.1 5.6 3.822 3.053 Probable (AI) 15.5 3.4 1.706 1.859

Inferred (AI) – – – –

Total (AI) 37.3 5.9 7.033 7.305 Total (AI) 30.7 3.6 3.543 3.321

Indicated (BI2) 8.8 3.5 1.001 0.981 Probable (BI2) – – – –

Total underground 46.1 5.4 8.034 8.286 Total underground 30.7 3.6 3.543 3.321

Driefontein Driefontein

Measured (AI) 17.8 11.8 6.769 10.177 Proved(AI) 10.5 7.3 2.467 1.802

Indicated (AI) 8.2 12.7 3.351 4.147 Probable (AI) 15.2 7.1 3.440 2.424

Inferred (AI) 0.8 12.2 0.315 –

Total (AI) 26.8 12.1 10.435 14.324 Total (AI) 25.7 7.2 5.907 4.226


Inferred (BI3) 0.6 9.7 0.201 –

Total (BI) 33.3 10.0 10.667 7.775 Total (BI) – – – –


Kloof Kloof

Measured (AI) 19.0 14.1 8.636 7.883 Proved AI 11.9 9.4 3.599 3.421

Indicated (AI) 2.9 11.7 1.088 11.971 Probable AI 10.3 6.6 2.178 2.041

Total (AI) 21.9 13.5 9.724 19.854 Total (AI) 22.2 8.1 5.777 5.462


Inferred (BI3) 19.2 16.6 10.281 9.552

Total (BI) 43.2 14.7 20.407 19.640 Total (BI) – – – –


Sibanye: Total underground 171.4 10.8 59.269 69.879 Sibanye: Total underground 78.5 6.0 15.226 13.009

Surface Rock Dumps Surface Rock Dumps

Beatrix (Indicated) 10.5 0.4 0.134 0.148 Beatrix (Probable) 7.5 0.4 0.088 0.037

Driefontein (Indicated) 6.4 0.7 0.150 0.142 Driefontein (Probable) 6.4 0.7 0.150 0.142

Kloof (Indicated) 15.8 0.5 0.246 0.342 Kloof (Probable) 15.8 0.5 0.246 0.342

SRD total 32.7 0.5 0.530 0.632 SRD total 29.6 0.5 0.485 0.521

Total (excl. projects) Total (excl. projects)

Beatrix 56.6 4.5 8.168 8.434 Beatrix 38.1 3.0 3.631 3.358

Driefontein 66.5 9.9 21.253 22.241 Driefontein 32.0 5.9 6.057 4.369

Kloof 81.0 11.6 30.378 39.836 Kloof 37.9 4.9 6.023 5.804

Operations total 204.1 9.1 59.799 70.511 Operations total 108.1 4.5 15.711 13.531


Section One


2013 2012 2013 2012

Gold classificationTons (Mt)

Grade (g/t)

Gold (Moz)

Gold (Moz) Gold classification

Tons (Mt)

Grade (g/t)

Gold (Moz)

Gold (Moz)

Tailings Storage Facilities (Sibanye TSF)


Beatrix – – – – Beatrix – – – –

Driefontein (Measured) 161.9 0.3 1.786 1.516 Driefontein (Probable) 161.9 0.3 1.786 –

Kloof (Measured) 252.3 0.3 2.236 2.219 Kloof (Probable) 252.3 0.3 2.236 –

TSF total 414.3 0.3 4.022 3.735 TSF total 414.3 0.3 4.022 –

Beisa Project (AI) Beisa Project

Beisa (Indicated) 6.8 2.6 0.576 – Beisa – – – –

Beisa (Inferred) 5.7 3.1 0.566 – Beisa – – – –

Beisa Project total 12.5 2.8 1.141 – Beisa Project total – – – –

Projects total 426.8 0.4 5.163 3.735 Projects total 414.3 0.3 4.022 –

Underground total (+ projects)

183.8 10.2 60.411 69.881 Underground total (+ projects)

78.5 6.0 15.226 13.009

Surface total(+ projects)

447.0 0.3 4.552 4.367 Surface total (+ projects)

443.8 0.3 4.506 0.521

Grand total 630.9 3.2 64.962 74.246 Grand total 522.4 1.2 19.733 13.530Al: Above Infrastructure; Bl: Below Infrastructure. Mineral Resources are inclusive of Mineral Reserves. All tons (t) relate to metric units. Rounding-off of figures may result in minor computational discrepancies, where this happens it is not deemed significant.Mineral Resources were determined at ZAR450,000/kg and the Mineral Reserves at ZAR410,000/kg.1 Managed, unless otherwise stated.2 Beatrix BI refers to material below 26 level (1,341mbs).3 BI refers to material below 50 level (3,300mbs) at Driefontein and below 45 level (3,347mbs) at Kloof.

CLASSIFIED URANIUM MINERAL RESOURCE AND MINERAL RESERVE STATEMENT1


Uranium (Projects) 2013 2012 Uranium (Projects) 2013 2012

ClassificationTons(Mt)

Grade(kg/t)

U3O8

(Mlb)U3O8

(Mlb) ClassificationTons(Mt)

Grade(kg/t)

U3O8

(Mlb)U3O8

(Mlb)

Underground (UG) Underground

Beatrix (Indicated) 6.8 0.925 11.791 – Beatrix – – – –

Beatrix (Inferred) 5.7 0.946 13.867 – Beatrix – – – –

Driefontein – – – – Driefontein – – – –

Kloof – – – – Kloof – – – –

Total underground 12.5 0.934 25.658 – Total underground – – – –



Beatrix – – – – Beatrix – – – –

Driefontein (Measured) 153.7 0.064 21.764 – Driefontein (Probable) 153.7 0.064 21.764 –

Kloof (Measured) 252.3 0.038 21.391 – Kloof (Probable) 252.3 0.038 21.391 –

TSF total 406.0 0.048 43.155 – TSF total 406.0 0.048 43.155 –

Operations Totals Operations Totals

Beatrix 12.5 0.934 25.658 – Beatrix – – – –

Driefontein 153.7 0.064 21.764 – Driefontein 153.7 0.064 21.764 –

Kloof 252.3 0.038 21.391 – Kloof 252.3 0.038 21.391 –

Grand total (UG & TSF) 418.5 0.075 68.813 – Grand total (UG & TSF) 406.0 0.048 43.155 –All tons (t) relate to metric units. Rounding-off of figures may result in minor computational discrepancies, where this happens it is not deemed significant. Uranium Mineral Resources and Mineral Reserves were determined at US$60/lb.1 Attributable, unless otherwise stated.


SECTION ONE RECONCILIATION OF THE MINERAL RESOURCES AND MINERAL RESERVES

reconciliation of the mineral resources and mineral reserves

Key aspects that impacted the 2013 Mineral Resource and Mineral Reserve statement are summarised below:

• The Group’s gold Mineral Resources decreased by 13% (net of 1.713Moz depletion due to production in 2013), primarily as a result of a review of the ‘realistic prospects for eventual economic extraction’;

• A maiden gold and uranium Mineral Resource declared for the Beisa Reef at Beatrix 4 Shaft;

• A decrease in the overall pay limit formed part of and culminated in a combined gold Mineral Reserve increase of 46% net of 1.481Moz production depletion;

DEPTH PROFILE (MINERAL RESERVES PER WORKING DEPTH)

koz

Met

res b

elow

surfa

ce

Maximum working depth Mineral Reserves

(4,000)(3,500)

(3,000)(2,500)

(2,000)(1,500)

(1,000)(500)

00

1,000

2,000

3,000

4,000

5,000

SRD BSTSF BN D8 D2 BW D6 D4 D1 K7 K Main K3 K4 D5K8

(4,000)

(3,000)

(2,000)

(1,000)

0

SRD: Surface rock dumpsTSF: Tailings storage facilitiesB: Beatrix shaftsD: Driefontein shaftsK: Kloof shafts

• The pay limit decrease and other initiatives further materialised in a major programme to include white areas (areas previously not included in the Mineral Reserves) and secondary reefs in the planned LoM production;

• Inclusion of the Driefontein 1 Shaft Pillar Mineral Reserves (0.491Moz) following the completion of a pre-feasibility study; and

• The inclusion of the WRTRP gold and uranium Mineral Reserves contained in the TSFs of Kloof and Driefontein following the completion of a pre-feasibility study in 2013.

Sibanye’s LoM plans are derived from its economically extractable Mineral Reserves which are the foundation of wealth and security of the Group. Mineral Reserve sustainability is reliant on a sound project stream, delivering quality mineable gold ounces at a margin.


Section One

Mineral Reserves (December 2012 versus December 2013)

Gol

d (M

oz)

0

5

10

15

20

25

0.245(1.481) 0.932

2.849

4.022

0.491

19.733

December 2012

Depletion Geology/estimation

models

Secondaryreefs

Whiteareas

Driefontein1Shaft Pillar

WRTRP Exclusions/factors

December 2013

(0.855)

13.529

Mineral Resources (December 2012 versus December 2013)

Gol

d (M

oz)

0

10

20

30

40

50

60

70

80 (2.781)(1.713)74.246(2.427)

(1.239) 1.141(2.551) 64.962

December2012

Depletion Estimation Geologystructure

Modelling Pay limit Beisa WRTRP December2013

0.287

Managed Mineral Reserve Sensitivities

Gold price (R/kg)+10%+5%R410,000-5%-10%

WRTRP Beatrix Driefontein Kloof

Gol

d (M

oz)

0

5

10

15

20

25

30

4.022 4.022 4.022 4.022 4.022

3.197 3.550 3.631 4.205 4.521

5.398 5.743 6.057 6.362

10,107

5.196 5.604 6.0236.451

6.886

The change in the gold Mineral Resources and Mineral Reserves, per operation and projects, are depicted below.

MINERAL RESOURCE RECONCILIATION

Gold (Moz)Gold Mineral Resources at 31 December 2012 74.2462013 depletion (actual) (1.713)Gold Mineral Resources post depletion 72.533Changes in geology structure and facies models (2.427)Changes in Mineral Resource models (2.781)Changes in estimation modelling parameters (1.239)Changes in applicable pay limits (2.551)Changes in the WRTRP 0.287Specific inclusions: • Beisa Mineral Resources 1.141Gold Mineral Resources at 31 December 2013 64.962

MINERAL RESERVE RECONCILIATION

Gold (Moz)Gold Mineral Reserves at 31 December 2012 13.5292013 depletion (actual) (1.481)Gold Mineral Reserves post depletion 12.049Changes in geology structure and facies models 0.145Changes in Mineral Resource estimation models 0.100Specific inclusions:• Secondary reefs 0.932• White areas 2.849• Driefontein 1 Shaft Pillar 0.491• WRTRP (excluding the Cooke Mineral Reserves) 4.022Specific exclusions:• Areas below cut-off grades and at end of life when

shafts become uneconomic.(0.704)

• Previous mineable areas that were re-classified as rock engineering pillars and abandoned due to unacceptable risk.

(0.100)

Technical factors (0.050)Gold Mineral Reserves at 31 December 2013 19.733

MINERAL RESERVE SENSITIVITYThe sensitivity to the gold price of the Mineral Reserve ounces at all the operations is shown in the accompanying chart at - 10%, - 5%, Base (R410,000/kg), + 5% and + 10%. The sensitivities are derived from a factored application of the base case scheduled Mineral Reserve, reflecting the impact of a changing gold price on the prevailing pay limits.

The Mineral Reserve sensitivities are not based on detailed depletion schedules and should be considered on a relative and indicative basis only.


SECTION TWO OPERATIONS OVERVIEW

operations overview

Sibanye is the largest individual producer of gold from South Africa and is one of the 10 largest producers in the world. In 2013, the Group produced 1.431 million ounces of gold at an All-in cost of R354,376/kg.

Northern Cape

Western Cape

Eastern Cape

KwaZulu-Natal

Durban

Free State

Lesotho

North West

Mpumalanga

Limpopo

Cape Town

All three operations are wholly owned.

‘High-quality operations consolidated into one Group with one vision and strategy’


Section Two

BEATRIX

MINERAL RESOURCES (9.3 Moz)Measured 3.2MozIndicated 5.5Moz Inferred 0.6Moz

MINERAL RESERVES (3.6 Moz)Proved 1.8Moz Probable 1.8Moz


MINERAL RESERVES (6.1 Moz)Proved 2.5MozProbable 3.6Moz


MINERAL RESERVES (6.0 Moz)Proved 3.6MozProbable 2.4Moz

DRIEFONTEIN KLOOF

R537mCapex

R1,223mOperating profit

9,722kgGold produced

R1,023mCapex



R1,304mCapex



KEY METRICS FOR 2013



GEOLOGICAL SETTING AND MINERALISATIONGold was first discovered near Johannesburg in 1886 with the recognition of gold in quartz-pebble conglomerates (traditionally termed ‘reefs’) occuring in a >6,000 metre thick sequence of principally argillaceous and arenaceous sediments deposited in a sedimentary basin called the Witwatersrand Basin.

The Witwatersrand Basin is located in the central north to north-eastern parts of South Africa and extends from Johannesburg in the north to some 40km south of Welkom, and covers an area of approximately 70,000km2. Sibanye’s operations are hosted in this unique and renowned sedimentary basin, which remains the world’s largest cumulative gold production region.

The operations are located in two geographical regions of the Basin, namely the Far West Rand Goldfield (West Rand and West Wits Line), some 60 to 90km west of Johannesburg, and the Free State Goldfield, some 240km southwest of Johannesburg. The operations of the Far West Rand Goldfield are the Driefontein and Kloof operations near the towns of Carletonville and Westonaria and in the Free State Goldfield, the Beatrix operation near Virginia.

The Basin is overlain by outliers of Karoo Supergroup shales and sandstones at the surface, followed by Pretoria Group sediments and the Chuniespoort Group dolomites. The dolomite overlies the Klipriviersberg Group volcanic rocks, which in turn cap the Ventersdorp Contact Reef and sediments of the Central Rand Group that host the other gold bearing reefs.

The reefs, which are generally less than 2m thick, are widely considered to represent extensive fluvial deposits into a

yoked basin. The gold is mainly of detrital origin, deposited syngenetically with conglomerates and interrelated with sedimentary features such as unconformities and fluvial channels. Deposition took place along the interface between a fluvial system that brought the sediments and heavy minerals from an elevated source-area, and a lacustrine littoral system that reworked the material and redistributed the finer sediments along the shoreline of an intracratonic lake or shallow inland sea.

Although the gold generally occurs in native form and is usually associated with pyrite and carbon, most of it has been subsequently modified and remobilised during secondary hydrothermalism. This has informed the Modified Palaeoplacer Model, which emphasises a control on the occurrence of ore minerals by placer-forming mechanisms, while accepting some modification by metamorphism. It is the generally accepted geological model for the origin of gold and uranium mineralisation of the Witwatersrand Basin.

For several decades, models using sedimentological principles have been successfully used to predict gold distribution on mine properties. The most fundamental control to the gold distribution remains the association with quartz-pebble conglomerates on intra-basinal unconformities. The reefs are continuous due to the regional nature of the erosional surfaces. Bedrock (footwall) controls govern the distribution of many of the reefs. Consequently, the identification and modelling of erosional/sedimentary features is the key to in situ resource estimation.

operations overview continued

Klipviersberg

Platberg

Dominion

Basement

Pniel

Bushveld Intrusion2.0Ga

2.7Ga

2.9Ga

>3.1Ga

Vredefort-age thrusting

SIMPLIFIED STRATIGRAPHY OF THE WITWATERSRAND BASIN

4.0km

1.1km

1.8km

1.5km

2.9km

7.5km

2.7km Gra

ntic

Intr

usio

n

Thrusting

ThrustingCentral Rand

West Rand

VCR

Witw

ate

rsra

nd

Sup

erg

rou

pVe

nte

rsd

orp

Sup

erg

rou

p

Extension

Transvaal

Extension


Section Two

SCHEMATIC WITWATERSRAND BASIN DEPOSITIONAL MODEL

EXPLORATIONExploration drilling during the discovery period of the Sibanye operations was executed from surface, on irregular grids of 500 to 2,000m depending on the exploration strategy, depth of the mineralised horizons and geological uncertainty. Once underground access is established, infill grade control drilling is conducted from access haulages and cross-cuts to provide a 30 to 100m grid depending on geological requirements, evaluation and safety.

Sibanye’s current exploration strategy includes the following:i. to increase confidence in the geology models;ii. underground fan drilling (primarily for grade control);iii. timeous prospect development; andiv. exploratory visits to previously mined areas to confirm

structure and facies.

A continuous Mineral Resource definition programme is in place to facilitate better planning and optimisation with

appropriate lead time, and to ensure robust geological and evaluation models that will underpin the resource definition of the various reefs mined at each of the operations. The programme confirms the ore body potential in all areas of operation, including secondary reefs and minerals such as uranium and sulphur.

Over the past 12 months, on-mine exploration accelerated with the main focus on Mineral Resource definition drilling and the timeous conversion of Mineral Resources to Mineral Reserves. The table below summarises exploration metres drilled and expenditure for the 12-month period ending 31 December 2013 with those of 2012 and 2011 added for comparison.

Exploration drilling details for 12 months to 31 December 2013

2013 2012 2011

Operation Metres drilled R (million) Metres drilled R (million) Metres drilled R (million)

Beatrix 7,966 6.295 7,021 4.124 10,081 6.646

Driefontein 18,211 16.003 11,708 13.379 10,615 11.518

Kloof 22,762 17.616 13,155 14.501 14,519 13.257

Total 48,939 39.915 31,884 32.004 35,215 31.421Figures are exclusive of non-capex cover drilling



operations overview continued

QUALITY ASSURANCE AND QUALITY CONTROLSibanye applies rigorous Quality Assurance and Quality Control (QA/QC) standards to all of its exploration programmes. It follows industry best practice for data collection and utilises SANAS accredited laboratories which are frequently reviewed, both internally and externally. Analytical QA/QC is maintained and enforced through the submission of blanks, certified reference material and duplicate samples plus umpire laboratory checks.

Accredited laboratories utilised by Sibanye are as follows:• West Wits Analytical Laboratory Reg. No. is 2002/031431/07• Performance Labs Reg. No. is 1996/01447/07 (now part of

SGS)• SGS Reg. No. is 1949/032643/07

‘The creation of Sibanye and the implementation of an improved operational focus are already evident in Sibanye’s commendable 2013 production results’

Kloof Manyano (7) Shaft


Section Two

GROUP SUMMARYSibanye’s three mature operations and project portfolio remain the bedrock and key to the Sibanye vision to create superior value for all stakeholders.

Key extracts for the 2013 statement are as follow:• The Sibanye operations have a combined declared

underground gold Mineral Resources of 59.3 (69.9)Moz, down by 15% net of production depletion in 2013 (1.498Moz), primarily due to changes in the Mineral Resource classification.

• Sibanye has underground gold Mineral Reserves of 15.2 (13.0)Moz, up 17% year-on-year, net of 1.354Moz production depletion in 2013. The increase is as a result of lower pay limits due to operating cost reductions during 2013, improved mining quality factors and an 8% increase in the average gold price applied.

• Substantial Mineral Resources provides Sibanye with significant leverage to future changes in the gold price.

• The Group’s operations continue to focus on quality mining programmes centered on improving the mine call factor (MCF), stope width control, optimal fragmentation, old gold reclamation and dilution controls.

• The creation of additional mineable face length through development remains key in providing increased production flexibility and is a priority focus at all operations.

• Gold Mineral Reserves at Beatrix increased by 8% mainly due to a 10% decrease in the overall pay limit. Gold Mineral Resources increased by approximately 10%, mainly as a result of a decrease in pay limits and the inclusion of gold Mineral Resources contained in the Beisa Project.

• Driefontein’s overall pay limit decreased by 8% resulting in a 39% increase in the Mineral Reserves. Mineral Resources at Driefontein decreased by 4% mainly as a result of production depletion (0.661Moz) and changes in the geology models (0.851Moz).

• Kloof’s overall pay limit decreased by 15% resulting in a 4% increase in the mines Mineral Reserves. Mineral Resources at Kloof decreased by approximately 24% largely due to a comprehensive review and clean-up of the Mineral Resource classification across all the shafts.

• Low-grade surface rock dumps account for 3% of the total Mineral Reserves (0.485Moz), net of production depletion of 0.127Moz during 2013.


SECTION TWO THE BEATRIX OPERATION

the Beatrix operation

Beatrix is the southernmost gold mine in the Witwatersrand Basin and differs from the other operations in the Free State Goldfields in that it is the only mine that exploits the Beatrix and Kalkoenkrans Reefs. The current Mineral Reserves are estimated to sustain a LoM to 2027.

2 Shaft headgear

Mineral Resources 8.2Moz (-3.2% post depletion of 0.303Moz in 2013)Mineral Reserves 3.6Moz (+8.2% post depletion of 0.324Moz in 2013)

Strategic intent:• Extend the Life of Mine• Stabilise production profiles at current performance levels• Reduce pay limits through quality mining and cost reduction• Fast track Mineral Resource to Mineral Reserve conversion • Prove-up the gold and uranium Mineral Resources at Beisa


Section Two

Beatrix is a shallow to deep level gold operation, operating under a Mining Right [DMR Ref. FS30/5/1/2/2(81)MR] valid from 07 February 2007 to 06 February 2019 covering a total area of 16,821 hectares. The current LoM plan continues beyond 2019 and Beatrix will apply for a Mining Right extension in due course.

Geographically Beatrix is located in the southern portion of the Free State Goldfields of the Witwatersrand Basin near the towns of Welkom and Virginia, approximately 240km southwest of Johannesburg in the Free State Province of South Africa. The topography of the area is relatively flat, situated in a semi-arid region. Pre-mining conditions were generally that of farmlands, where the natural vegetation had been removed and replaced with cultivated crops. No extreme climatic conditions are experienced that may affect mining operations.

Beatrix in its current form dates from 2002 when the St Helena Gold Mine was sold to ARMgold/Harmony Freegold Joint Venture Company (Pty) Ltd and Beatrix and Oryx merged to form the Beatrix operation. The current mine infrastructure consists of three producing shaft complexes, with the deepest operating level some 2,155m below surface (22 Level at 4 Shaft), and two gold plants. Mining is primarily focused on the Beatrix Reef (BXR and local facies variations thereof), which constitutes almost 76% of the underground Mineral Reserve ounces, with the Kalkoenkrans Reef (KKR), comprising 23%. The remaining 1% is derived from surface sources. The current Beatrix LoM extends to 2027.

Exploration samples



the Beatrix operation continued

OPERATIONAL PROFILE AT A GLANCE

Mining method Conventional breast mining, scattered mining, some pillar mining and surface rock dump mining

Infrastructure Three shaft complexes (one sub-shaft)

Mineralisation style Palaeo-placer

Mineralisation characteristics i. Hosted by auriferous and uraniferous predominantly quartz pebble conglomerates (reefs)

ii. Laterally continuous with relatively long-range predictabilityiii. Clear patterns of mineralisation governed by sedimentary characteristics

Mineral processing Two gold plants:i. No. 1 CIL Plant – Processing underground ore and low-grade surface rock

dump materialii. No. 2 CIL Plant – Processing underground ore and low-grade surface rock

dump material

Tailings disposal Two tailing storage facilities with LoM deposition estimated at 39.0Mt against a combined capacity of 50.6Mt (surplus of 11.6Mt)

SCHEMATIC 3D SECTION THROUGH THE BEATRIX ORE BODY LOOKING NORTH-NORTHEAST


Section Two

REVIEWGold Mineral Resources at Beatrix decreased by approximately 0.266Moz to 8.168Moz (post production depletion in 2013). Gold Mineral Reserves increased by 8% to 3.631Moz, mainly due to a decrease in pay limits and the inclusion of additional white areas in the LoM plan. Mineral Reserve development will remain a key performance indicator for 2014. The following table details the development during 2013 (2012 numbers added for comparison). A total of 17.5km was developed in 2013, of which 4.3km was on-reef.

Category Unit BXR KKR 2013 2012

Main development (advanced) m 15,498 2,033 17,531 20,117

Main on-reef development (advanced) m 3,677 626 4,303 4,782

Sampled m 3,594 579 4,173 4,833

Channel width cm 142 100 136 120

Average reef value g/t 7.1 10.7 7.4 9.3

cm.g/t 1,002 1,069 1,012 1,121

Area mined ’000m2 434 392

Total mill tons (including surface) ’000t 4,091 3,368

Yield (including surface) g/t 2.4 2.7

Total operating cost (including surface) R/t 731 779

PROJECTS• Beatrix is assessing the potential to access the Vlakpan

area over the LoM as part of the strategy of optimising the Mineral Resource to Mineral Reserve conversion. The Vlakpan Project comprises ground between 16 and 22 Level to the west of the Beatrix North and South Sections. Access to the area is by means of twin haulages, and a winze from South Section. A detailed mine design and schedule, based on the current geological interpretation, evaluation and economic parameters, coupled with a detailed engineering layout, cost and cash flow

models, have been completed for the project, and as a

consequence have been incorporated into the current

LoM plan.

• The Operation has concluded a concept study on the re-

opening of the Beisa Mine at 4 Shaft. The intent is to take

this study to a feasibility study during 2014 (see Projects).

• Further studies are required to unlock potential below the

current infrastructure at 3 Shaft and the Bloemhoek area

to the north of 3 Shaft (outside the Beatrix Mining Right).

4 Shaft headgear and No. 2 metallurgical plant




MINERAL RESOURCES AND MINERAL RESERVES

Mineral Resources

Classification Tons (Mt) Grade (g/t) Gold (‘000oz)

2013 2012 2013 2012 2013 2012

Underground

Measured 16.2 18.5 6.2 7.1 3,210 4,252

Indicated (AI) 21.1 13.2 5.6 7.2 3,822 3,053

Indicated (BI) 8.8 5.4 3.5 5.7 1,001 981

Total underground 46.1 37.2 5.4 6.9 8,034 8,286

Total (AI) 37.3 32.4 5.9 7.0 7,033 7,305

Total (BI) 8.8 5.4 3.5 5.7 1,001 981

Surface

Indicated surface rock dumps 10.5 11.7 0.4 0.4 134 148

Total Mineral Resources 56.1 48.9 4.5 5.4 8,168 8,434AI: Above infrastructure; BI: Below infrastructure. Rounding-off of figures may result in minor computational discrepancies, where this happens it is not deemed significant.

Modifying factors

Parameter Unit 2013 2012

Mineral Resource pay limit cm.g/t 750 870*

Mineral Reserve pay limit cm.g/t 830 970*

Mined value cm.g/t 868 1,026

Block width cm 172 166

Mine call factor % 82 77

Block factor % 100 100

Shortfall % 3 4

Mining dilution % 14 20

Stoping width cm 176 166

Mill width cm 201 200

Plant recovery factor % 96 96 *Pay limits based on final approved 2013 operational plan

Grade tonnage curve

Tons

(milli

ons)

Aver

age

grad

e ab

ove

cut-o

ff (c

m.g

/t)

2,5002,0001,5001,0005000

Tons

Cut-off grade (cm.g/t)

Grade

0

1,000

2,000

3,000

4,000

0

20

40

60

80

100

120

140

‘A decrease in the overall pay limit resulted in an 8% increase in Mineral Reserves’


Section Two

Mineral Reserves

Classification Tons (Mt) Head Grade (g/t) Gold (‘000oz)

2013 2012 2013 2012 2013 2012

Underground

Proved 15.2 9.6 3.8 4.7 1,836 1,462

Probable (AI) 15.5 14.4 3.4 4.0 1,706 1,859

Probable (BI) – – – – – –


Surface

Probable surface rock dumps 7.5 4.0 0.4 0.3 88 37

Total surface 7.5 4.0 0.4 0.3 88 37


Mineral Reserves per mining area

Proved Mineral Reserves Probable Mineral Reserves Total Mineral Reserves

Mining areaTons (Mt)

Grade (g/t)

Gold (‘000oz)

Tons (Mt)

Grade (g/t)

Gold (‘000oz)

Tons (Mt)

Grade (g/t)

Gold (‘000oz)

North Section (3 Shaft) 9.7 2.8 878 12.4 3.2 1,266 22.1 3.0 2,144

South Section (1 Shaft) 2.7 4.1 351 2.1 3.2 219 4.8 3.7 570

West Section (4 Shaft) 2.8 6.7 607 1.0 7.0 222 3.8 6.7 829

Total underground 15.2 3.8 1,836 15.5 3.4 1,706 30.7 3.6 3,543

Surface

Surface rock dumps – – – 7.5 0.4 88 7.5 0.4 88

Total Mineral Resources 15.2 3.8 1,836 23.0 2.4 1,795 38.1 3.0 3,631Rounding-off of figures may result in minor computational discrepancies, where this happens it is not deemed significant.

Mineral Reserve Reconciliation at 31 December 2013

Moz

Gold Mineral Reserves at 31 December 2012 3.357

2013 depletion (actual) (0.324)

Gold Mineral Reserves post depletion 3.034

Technical factors (0.071)

Change in evaluation models (0.268)

Inclusion/exclusion of white areas 0.869

Increase in surface sources 0.068





PLAN SHOWING MINE INFRASTRUCTURE AND MINED OUT AREAS

‘Beatrix is a low-cost, long-life asset positioned for delivery of safe, stable and profitable production’


Section Two

Plant capacities

Plant TypeDesign capacity

(ktpm)Current operational

capacity (ktpm)Efficiency

(% of extraction)Material treated

1 CIL 233 240 96 85

UG Ore SRD

2 CIL 132 130 96 85

UG Ore SRD

No 1. meallurgical plant with 2 shaft headgear in background

BXR LoM Mineral Resource classification KKR LoM Mineral Resource classification

Hoisting and production capacities

Mining UnitOperating

Shaft

Hoisting Capacity

(ktpm)

Planned Production

(ktpm)*

South Section 1 138 45

North Section 3 170 147

West Section 4 120 35

West Section 4 SV 120 35*Planned production is five-year hoisted average from C2014 onwards


SECTION TWO THE DRIEFONTEIN OPERATION

the Driefontein operation

To date Driefontein has produced 107Moz of gold and remains a world class asset with the current LoM Mineral Reserves estimated to sustain the operation until 2029.

No1 metallurgical plant and Masakhane (1) Shaft complex


Strategic intent:• Extend the LoM• Stabilise production profiles at current performance levels• Reduce pay limits through quality mining and cost reduction• Target secondary reefs on an incremental basis above infrastructure


Section Two

Driefontein is a shallow to ultra-deep level gold mine,

operating under a Mining Right [DMR Ref. GP30/5/1/2/2(51)

MR] valid from 30 January 2007 to 29 January 2037 covering

a total area of 8,561 hectares.

Geographically Driefontein is located in the West Wits Line

Goldfields of the Witwatersrand Basin, near Carletonville in

the Gauteng Province of South Africa. Topography is relatively

flat and the vegetation of the area is classified as Bankenveld

consisting of grassland with livestock farming widespread

in the surrounding areas. No extremes of climate are

experienced that may affect mining operations.

The current mine infrastructure consists of six producing

shaft complexes, with the deepest operating level some

3,420m below surface (50 Level at 5 Shaft), and three gold

plants. Mining primarily takes place on the Carbon Leader

Reef (CL), which constitutes almost 58% of the Mineral

Reserves, the Ventersdorp Contact Reef (VCR) 38% and the

remaining 4% comprising mainly the Middelvlei Reef (MR).

Driefontein’s current LoM extends to 2029. Surface mining operations



the Driefontein operation continued


Mining method Scattered stoping, mini longwall stoping with closely spaced dip pillars (140 x 40 m and 130 x 30 m regional pillars) and surface rock dump mining

Infrastructure Six shaft complexes (five sub-shafts and one tertiary shaft)




Mineral processing Three gold plants and a centralised elution and carbon treatment facility at the No 1 Plant:i. No 1 CIP Plant – Processing underground oreii. No 2 CIP Plant – Processing only low-grade surface rock dump materialiii. No 3 CIL Plant – Processing only low-grade surface rock dump material

Tailings disposal Three tailing storage facilities with LoM deposition estimated at 32.2Mt against a combined capacity of 85.2Mt (surplus 53.0Mt)

SCHEMATIC 3D SECTION THROUGH THE DRIEFONTEIN ORE BODY LOOKING NORTH


Section Two

REVIEWGold Mineral Resources at Driefontein decreased by approximately 0.988Moz (4%) post production depletion to 21.253Moz. Gold Mineral Reserves increased by 1.689Moz (39%) to 6.057Moz. This increase results from detailed investigation into the economic potential of white areas which were previously not considered in the LoM plans and secondary reefs which became economically extratable following an 8% decrease in the overall pay limit.

A pre-feasibility study was also concluded in 2013 on the extraction of the 1 Shaft Pillar, resulting in the inclusion of an additional 0.491Moz in the gold Mineral Reserves.

Mineral Reserve development will remain a key performance indicator for 2014. The following table details the development during 2013 (2012 added for comparison). A total of 17.8km was developed in 2013 of which 4.4km was on-reef.

Category Unit CL VCR MR 2013 2012

Main development (advanced) km 10.7 3.4 3.7 17.8 20.1

Main on-reef development (advanced) km 2.3 1.1 1.0 4.4 4.1

Sampled m 1,659 677 804 3,140 3,480

Channel width cm 80 56 47 67 67

Average reef value g/t 20.0 29.6 16.9 21.0 23.0

cm.g/t 1,600 1,664 800 1,409 1,482





PROJECTSThe following projects are ongoing and have been included or excluded from the LoM pending completion and approval of the respective pre-feasibility studies:• The 1 Shaft Pillar extraction project pre-feasibility study has

been completed by Royal HaskoningDHV and as such it has been included in the LoM Mineral Reserves. Salient features for this project are:• Mill tons: 2Mt• Head grade: 7.2g/t• Potential mineable Mineral Reserves: 0.491Moz• Capex: R0.6 billion

• The Driefontein depth extension project (below 50 Level) has been excluded pending the completion of a more in-depth study of the project. There are potential mineable Mineral Reserves of >2.4Moz in the project area. Gold pour




MINERAL RESOURCES AND MINERAL RESERVESMineral Resources

Classification Tons (Mt) Grade (g/t) Gold (‘000oz)

2013 2012 2013 2012 2013 2012

Underground

Measured 17.8 22.7 11.8 13.9 6,769 10,177

Indicated (AI) 8.2 10.7 12.7 12.0 3,351 4,147

Indicated (BI) 32.7 26.3 10.0 9.2 10,466 7,775

Inferred (AI) 0.8 – 12.7 – 315 –

Inferred (BI) 0.6 – 9.7 – 201 –


Total (AI) 26.8 33.4 12.1 13.3 10,435 14,324

Total (BI) 33.3 26.3 10.0 9.2 10,667 7,775

Surface



Modifying factors

Parameter Unit 2013 2012

Mineral Resource pay limit cm.g/t 1,220 1,460*

Mineral Reserve pay limit cm.g/t 1,340 1,460*

Mined value cm.g/t 1,766 1,866




Shortfall % 11 14




Plant recovery factor - UG % 97 97

Plant recovery factor - SRD % 85 90*Pay limits based on final approved 2013 operational plan

Grade tonnage curve

Tons

(milli

ons)

Aver

age

grad

e ab

ove

cut-o

ff (c

m.g

/t)

0

1,000

2,000

3,000

4,000

2,5002,0001,5001,0005000

Tons Grade

0

100

200

300


‘Mineral Reserves of 0.491Moz underpin 1 Shaft Pillar Project’


Section Two

Mineral Reserves

Classification Tons (Mt) Head grade (g/t) Gold (‘000oz)

2013 2012 2013 2012 2013 2012

Underground

Proved (AI) 10.5 7.1 7.3 7.9 2,467 1,802

Probable (AI) 15.2 10.5 7.1 7.2 3,440 2,424

Total (AI) 25.7 17.5 7.2 7.5 5,907 4,226



Surface


Total Mineral Reserves 32.0 23.4 5.9 5.8 6,057 4,369AI: Above infrastructure; BI: Below infrastructure. Rounding-off of figures may result in minor computational discrepancies, where this happens it is not deemed significant.




Grade(g/t)

Gold (‘000oz)

Tons (Mt)

Grade(g/t)

Gold (‘000oz)

Tons (Mt)

Grade(g/t)

Gold (‘000oz)

Underground

1 Shaft 1.6 7.3 368 1.3 8.7 370 2.9 7.9 739

1 Shaft Pillar – – – 2.1 7.2 491 2.1 7.2 491

2 Shaft 1.0 8.5 268 0.6 7.9 165 1.6 8.3 434

4 Shaft 2.7 10.0 887 2.1 7.9 534 4.9 9.1 1,421

5 Shaft 3.3 5.8 614 5.6 7.6 1,365 8.9 6.9 1,979

6 Shaft 0.5 8.7 143 1.0 5.7 185 1.5 6.7 328

8 Shaft 1.4 4.2 186 2.3 4.4 330 3.7 4.3 516


Surface

Surface rock dumps – – – 6.4 0.7 150 6.4 0.7 150

Total Mineral Reserves 10.5 7.3 2,467 21.5 5.2 3,590 32.0 5.9 6,057Rounding-off of figures may result in minor computational discrepancies, where this happens it is not deemed significant.

Mineral Reserve Reconciliation at 31 December 2013

MozGold Mineral Reserves at 31 December 2012 4.3692013 depletion (actual) (0.625)Gold Mineral Reserves post depletion 3.743Inclusion of secondary reefs1 0.497Inclusion of white areas2 1.138Inclusion of 1 Shaft Pillar3 0.491Other minor inclusions/exclusions (0.035)Increase in surface sources 0.068Change in average value mined 0.132Changes in modifying factors 0.023Gold Mineral Reserves at 31 December 2013 6.0571 Areas included at 6 and 8 Shafts which were previously excluded due to costs2 Areas included on primary reef at all shafts due to costs and investigations3 The 1 Shaft Pillar has been included following the successful conclusion of a pre-feasibility study





‘Driefontein is a high-yield, medium- to long-term asset geared for delivery of safe, stable and profitable production’


Section Two

Plant capacities


(ktpm)

Current operational


(% extraction)Material treated

1 CIP 240 240 97 UG Ore

2 CIP 200 150 85 SRD

3 CIL 115 100 85 SRD


Mining Unit

Operating Shaft

Hoisting Capacity

(ktpm)

Planned Production

(ktpm)*

1 1 101

1 1 SV 101

1 1 T 69 43

2 2 165 15

2 4 SV 57 29

3 6 SV 26 16

3 8 55 44

4 5 70

4 5 SV 159 68*Planned production is five-year hoisted average from C2014 onwards

CL LoM Mineral Resource classification

MR LoM Mineral Resource classificationVCR LoM Mineral Resource classification


SECTION TWO THE KLOOF OPERATION

the Kloof operation

Kloof officially reached a cumulative 74 million ounces of gold produced after some 74 years in production and remains a world-class asset with the current LoM Mineral Reserves estimated to sustain the mine until 2027.


Strategic intent:• Extend the Life of Mine• Stabilise production profiles at current performance levels• Reduce pay limits through quality mining and cost reduction• Target secondary reefs on an incremental basis above infrastructure

Masimthembe (8) Shaft


Section Two

Kloof is a shallow to ultra-deep level gold mine, operating under a Mining Right [DMR Ref. GP30/5/1/2/2(66)MR] valid from 30 January 2007 to 29 January 2027 covering a total area of 20,087 hectares. Geographically Kloof is located in the West Wits Line Goldfields of the Witwatersrand Basin near Westonaria in the Gauteng Province of South Africa. Topography is relatively flat and the vegetation of the area is classified as Bankenveld consisting mainly of grassland with livestock farming widespread in the surrounding areas. No extremes of climate are experienced that may affect mining operations.

Kloof in its current form dates from April 2000 when the Venterspost (1939), Libanon (1945), Kloof (1968) and Leeudoorn (1993) Mines were amalgamated. The current mine infrastructure consists of five producing shaft complexes, with the deepest operating level some 3,347m below surface (45 Level at 4 Shaft), and three gold plants. The principal mining takes place on the Ventersdorp Contact Reef (VCR), which constitutes almost 84% of the underground Mineral Reserve ounces, the Middelvlei Reef (MR) 8% and the remaining 8% comprising mainly the Kloof Reef (KR) at 7% and the Libanon Reef (LR) at 1%. Kloof’s current LoM extends to 2027. Python (No. 3) Plant




Mining method Scattered stoping, mini longwall stoping with closely spaced dip pillars (75 x 25 m and 100 x 35 m regional pillars) and surface rock dump mining

Infrastructure Five shaft complexes (five sub-shafts and one tertiary shaft)




Mineral processing Three gold plants and a centralised elution and carbon treatment facility at the No. 2 Planti. No.1 CIP Plant – Processing only low-grade surface rock dump materialii. No. 2 CIP Plant – Processing underground oreiii. No. 3 Python Plant – Processing only low-grade surface rock dump material

Tailings disposal Two tailing storage facilities with LoM deposition estimated at 33.3Mt against a combined capacity of 60.4Mt (surplus of 27.1Mt)

the Kloof operation continued

SCHEMATIC 3D SECTION THROUGH THE KLOOF ORE BODY LOOKING NORTH-NORTHWEST


Section Two

REVIEWMineral Resources at Kloof decreased by approximately 9.458Moz (-24%) to 30.378Moz. This decrease was due to a comprehensive review of the Mineral Resource classification across all the shafts and ensuring compliance with the SAMREC code. Mineral Reserves increased by 0.219Moz (4%) to 6.023Moz. This increase is mainly as a result of detailed investigation into the economic potential of white areas which were previously not considered in the LoM plans and

secondary reefs which became economically extractable following an 15% decrease in the overall pay limit.

Mineral Reserve development will remain a key performance indicator for 2014. The following table details the development advanced during 2013 (2012 numbers added for comparison). A total of 19.3km was developed in 2013 of which 3.6km was on-reef.

Category Unit VCR MR LR KR 2013 2012

Main development (advanced) km 14.133 3.899 0.097 1.202 19.331 16.437

Main on-reef development (advanced) km 2.415 0.673 0.077 0.393 3.558 2.241

Sampled m 1,638 768 54 336 2,796 2,018

Channel width cm 112 104 77 177 117 121

Average reef value g/t 22.4 9.9 5.9 4.5 17.0 19.0

cm.g/t 2,517 1,032 460 804 1,864 2,365





PROJECTSThe following projects are on-going and have been included or excluded from the LoM pending completion and approval of the respective pre-feasability studies:• Kloof commenced with a pre-feasibility study on the

mining of the area between 45 and 46 Levels at Kloof 4 Shaft. It is foreseen that the area will be accessed by means of a spiral ramp. Once the access has been completed, raise-bore holes will be drilled and reamed back to 45 level for infrastructure and return ventilation purposes.

• The Eastern Boundary Area (EBA) Project embodies a significant high-grade opportunity and remains in the current Mineral Resource.

• Sibanye is currently conducting a major project on the Kloof Reef at Kloof 7, 8 and Main Shafts with the intentIion of developing selective areas for future extraction once payable trends, which characterise this orebody, have been delineated.

Ikamva (4) Shaft



MINERAL RESOURCES AND MINERAL RESERVESMineral Resources

Tons (Mt) Grade (g/t) Gold (‘000oz)

Classification 2013 2012 2013 2012 2013 2012

Underground

Measured 19.0 16.9 14.1 14.5 8,636 7,883

Indicated (AI) 2.9 48.3 11.7 7.7 1,088 11,971

Indicated (BI) 24.0 20.4 13.1 15.4 10,126 10,088

Inferred (BI) 19.2 17.7 16.6 16.8 10,281 9,552


Total (AI) 21.9 65.2 13.5 9.5 9,724 19,854

Total (BI) 43.2 38.1 15.0 16.0 20,407 19,640

Surface



Modifying factors

Element Unit 2013 2012

Mineral Resource pay limit cm.g/t 1,560 1,560*

Mineral Reserve pay limit cm.g/t 1,710 1,710*

Mined value cm.g/t 2032 2 048




Shortfall % 17 14




Plant recovery factor - UG % 98 97

Plant recovery factor - SRD % 80 75

*Pay limits based on final approved 2013 operational plan


Grade tonnage curve average

Tons

(milli

ons)

Aver

age

grad

e ab

ove

cut-o

ff (c

m.g

/t)

Tons Grade


0

500

1,000

1,500

2,000

2,500

3,000

3,500

0

20

40

60

80

100

2,5002,0001,5001,0005000

‘Project driven focus for incremental build-up on secondary reefs to sustain Mineral Reserve growth’


Section Two

Mineral Reserves

Mill tons (Mt) Head Grade (g/t) Gold (‘000oz)

Classification 2013 2012 2013 2012 2013 2012

Underground sources

Proved 11.9 10.8 9.4 9.8 3,599 3,421

Probable (AI) 10.3 9.6 6.6 6.6 2,178 2,041

Total (AI) 22.2 20.5 8.1 8.3 5,777 5,462



Surface


Total Mineral Reserves 37.9 37.8 4.9 4.8 6,023 5,804AI: Above infrastructure; BI: Below infrastructure. Rounding-off of figures may result in minor computational discrepancies, where this happens it is not deemed significant.




Grade (g/t)

Gold (‘000oz)

Tons (Mt)

Grade (g/t)

Gold (‘000oz)

Tons (Mt)

Grade (g/t)

Gold (‘000oz)

Underground

Main Shaft 3.1 9.3 924 4.7 4.9 736 7.8 6.7 1,660

3 Shaft 2.0 11.1 717 0.9 7.0 210 2.9 9.8 927

4 Shaft 5.6 9.0 1,627 3.4 9.1 999 9.1 9.0 2,626

7 Shaft 1.1 8.2 278 0.9 6.1 184 2.0 7.2 462

8 Shaft 0.2 10.9 54 0.3 5.4 49 0.4 7.4 103


Surface

Surface rock dumps - - - 15.8 0.5 246 15.8 0.5 246

Total Mineral Reserves 11.9 9.4 3,599 26.0 2.9 2,424 37.9 4.9 6,023Rounding-off of figures may result in minor computational discrepancies, where this happens it is not deemed significant.

Mineral Reserve reconciliation at 31 December 2013

Moz


2013 depletion (actual) (0.532)

Gold Mineral Reserves post depletion 5.272

Secondary reefs1 0.435

Inclusion of white areas2 0.704

Change in geological models3 0.110

Other minor inclusions/exclusions4 (0.480)

Evaluation5 0.231

Technical factors (0.203)

Change in surface sources (0.046)

Gold Mineral Reserves at 31 December 2013 6.0231 Kloof and Middelvlei Reef additions at Kloof Main, 3, 7 and 8 Shafts 2 Primary reef new areas included at all shafts 3 Net result of changes in geology model 4 Result of changes in value – exclusions mainly at Kloof 3 and 4 Shafts 5 Changes in mining factor/regression





‘Kloof is a high-yield, long-life asset focused on delivery of safe, stable and profitable production’


Section Two

Plant capacity


(ktpm)Current operational


Extraction (%)Material treated

1 CIP 180 165 90 SRD

2 CIP 120 165 98 UG Ore

3 Python 150 140 68 SRD


Mining Unit

Operating Shaft

Hoisting Capacity

(ktpm)

Planned Production

(ktpm)*

1 Main 100 44

1 Main SV 1 110 21

1 Main SV 2 30 23

2 7 137 26

2 7 SV 58 26

2 8 73 7

3 3 SV 36 28

4 4 82 51

4 4 SV 120 51* Planned production is five-year hoisted average from C2014 onwards

KR LoM Mineral Resource classification

MR LoM Mineral Resource classificationVCR LoM Mineral Resource classification


SECTION THREE PROJECTS

projects

Current delivery on major operational projects and steps to improve the quality of the assets in line with Sibanye’s strategy, includes the following:

WEST RAND TAILINGS RE-TREATMENT PROJECTPrior to the West Rand Tailings Re-treatment Project (WRTRP) Pre-Feasibility Study a number of other studies had been conducted including the Gold Fields Limited Tailings Treatment Project (DFS accuracy), Cooke Uranium Project (DFS accuracy and 70% engineering), Gold Fields/Senet Kloof Driefontein Complex Study (PFS accuracy) and the West Rand Surface Optimisation Scoping Study.

The business rationale leading to the current WRTRP joint venture with Gold One is based on the following:i. Value accretive (NPV and IRR positive project); • Regional synergies add potential upside to current value ii. Remediation solution for existing and future surface

tailings; • Extracting residual gold and uranium unlocks value • Leverages existing metallurgical capacity and extends

operational life • Reduces future environmental liability • Releases land for developmentiii. A modular and phased design to get into business; and • Utilising capacity at existing infrastructure (lower upfront

capital)

• Phased and flexible capital scheduling • Early phases partially fund later capex • Flexibility and leverage to future commodity pricesiv. Significant investment into the declining West Rand. • Direct and indirect job creation

Historically Witwatersrand tailings have been treated very successfully for gold and uranium. Sibanye currently operates in a region with a long history of gold and uranium mining that contains numerous old tailings storage facilities, which carry economically recoverable grades of gold and uranium. The Driefontein and Kloof operations with 11 TSFs (5 active and 6 dormant) are estimated to hold more than 400Mt of tailings containing in excess of 43Mlb of uranium and 4Moz of gold.

The WRTRP pre-feasibility study (assessing the potential for extraction of gold and uranium from Sibanye’s West Wits Line and the adjacent Gold One Cooke TSFs alluded to in the December 2012 Annual Report) was successfully concluded in 2013 and is currently the subject of a definitive feasibility study. The Sibanye gold and uranium Mineral Resource and Mineral Reserve estimates for the WRTRP are tabulated below and are compliant in respect of the 2007 SAMREC Code.


2013 2012 2013 2012

GoldTons(Mt)

Grade(g/t)

Gold(Moz)

Gold(Moz)

Tons(Mt)

Grade(g/t)

Gold(Moz)

Gold(Moz)

Tailings Storage Facilities

Driefontein 161.9 0.34 1.786 1.516 161.9 0.34 1.786 –

Kloof 252.3 0.28 2.236 2.219 252.3 0.28 2.236 –

Total 414.3 0.30 4.022 3.735 414.3 0.30 4.022 –Rounding-off of figures may result in minor computational discrepancies, where this happens it is not deemed significant.

Options to increase value are being assessed aiming to grow Sibanye’s Mineral Reserves and commodity production by focusing on high-quality targets and opportunities by leveraging off a large Mineral Resource base.


Section Three


2013 2012 2013 2012

UraniumTons(Mt)

Grade(kg/t)

U3O8

(Mlb)U3O8

(Mlb)Tons(Mt)

Grade(kg/t)

U3O8

(Mlb)U3O8

(Mlb)

Tailings Storage Facilities

Driefontein 153.7 0.064 21.764 – 153.7 0.064 21.764 –

Kloof 252.3 0.038 21.391 – 252.3 0.038 21.391 –

Total 406.0 0.048 43.155 – 406.0 0.048 43.155 –Mineral Resources and Mineral Reserves were determined at US$60/lb. Rounding-off of figures may result in minor computational discrepancies, where this happens it is not deemed significant.

TSF locality plan

In order to quantify the mineral content of the TSFs, a well-planned and extensive drilling programme was conducted in 2008 and 2009. Sample sections were selected on a 100 x 100m grid spacing, and assaying was conducted for gold (Au) and uranium oxide (uranium or U3O8).

The Mineral Resources and Mineral Reserves were estimated using an in situ dry density of 1.4 t/m3 for TSF material located on dolomite and arenaceous material, as per the approved Group standard. This was since reviewed by additional test

work and an in situ dry density of 1.42 t/m³ was deemed more representative of the TSFs of the area. Density testing of the TSF material ranged between 1.342 t/m³ and 1.752 t/m³ for the TSFs on a dolomite footprint. Sensitivities were calculated using other industry densities, these values being 1.42 t/m³ and 1.45 t/m³.

In conclusion, key to the success of the WRTRP will be strategic partnerships in a phased approach to optimise existing infrastructure and capital requirements.


SECTION THREE PROJECTS

BEISA PROJECTSibanye concluded a concept study in 2013 with regards to mining uranium at Beatrix West Section (4 shaft). The Beisa Project Area (‘the Project’ or ‘Beisa Project’) incorporates mining of the uraniferous and auriferous Beisa Reef which is situated to the west of the current Beatrix 4 Shaft workings and forms part of the Beatrix Mining Right. The target area is located between Beisa Reef subcrop (±400mbs) and 5 Level (975mbs), accessible from the current 4 Shaft infrastructure.

Gencor sank the Beisa Shaft (now Beatrix West Section) to exploit the Beisa Reef for uranium in the early 1980’s. Production from the Beisa Shaft started in 1982 but the mine closed down in 1984 due to the prevailing low uranium price.

The Beisa Project could readily be brought to account as the existing mining infrastructure requires minimal rehabilitation. Any mining on the Beisa Reef would be from the existing West Section infrastructure and in all probability be on an incremental volume basis over and above current mining at the Beatrix West Section on the Kalkoenkrans Reef.

The study was conducted on a considerable amount of available historical data (borehole data, geological and

technical reports, underground visits, external technical investigations, etc.) and the general consensus is that the geology has been interpreted with a high degree of diligence with respect to the depositional model, stratigraphic continuity and regional geological structure.

Drilling and assaying techniques used by Gencor during the exploration campaign were of high industry standards. The borehole geology logs, core sampling data, down-hole survey data and related technical information have been professionally stored and remain in good order.

The evaluation exercise was based on extensive historical information. There are 26 surface boreholes over the extent of the old Beisa Mine, of which all were valid and suitable for evaluation purposes. In addition, there are 16,003 underground samples, both from drilling and chip sampling, of which 15,694 are valid. All the underground samples were assayed for gold, but not all for uranium.

As detailed in various technical studies (internal and external) conducted over the years, the opinion is that the data used for the Mineral Resource estimation are in good standing and meet the minimum SAMREC guidelines.

Witwatersrand Supergroup

BEISA REEF

Kalkoenkrans Reef

Klipriviersberg Group (Lava)

Karoo Sediments

WEST

4 SHAFT

4 SV

EASTSurface

SIMPLIFIED CROSS SECTION LOOKING NORTHBEATRIX WEST SECTION

3,000m

2,500m

2,000m

1,500m

1,000m

500m

0 500 1,000

Metres

5

1A1

2

4

3

1718192021222324

BEISA REEF

BEISA PROJECT

projects continued


Section Three

Beisa Reef Mineral Resources

Indicated Mineral Resources Inferred Mineral Resources Total Mineral Resources

Metal MtGrade

(g/t)Contained

Metal MtGrade

(g/t)Contained

Metal MtGrade

(g/t)Contained

Metal

Au 6.8 2.6 0.576Moz 5.7 3.1 0.566Moz 12.5 2.8 1.141Moz

U3O8 6.8 924.7 11.791Mlb 5.7 946.5 13.867Mlb 12.5 934.5 25.658MlbRounding-off of figures may result in minor computational discrepancies, where this happens it is not deemed significant.

The focus of the Beisa Project is to investigate the potential to re-open the old uranium workings at Beatrix West Section which could assist in securing the future of Beatrix 4 Shaft, and also add to the uranium production potential of Sibanye. The Beisa Project is situated on the upper abandoned portion of Beatrix 4 Shaft and re-opening the mine could have the following benefits:• Exposure both to the gold and to the uranium price;• A shallow mine, with depths around 1,000 metre below surface, potentially lowering the overall risk profile of the company;• Maximising existing infrastructure; and• Assist in securing the long-term future of Beatrix West Section.

Beisa Reef

‘Beisa is ideally positioned to leverage the potential upside in the uranium market’


SECTION FOUR CORPORATE GOVERNANCE

Driefontein No. 2 metallurgical plant

corporate governance

Guided by a commitment to sound corporate governance, this statement has been audited by leading global mining consultancies and found to be compliant with the relevant codes


Section Four

ASSESSEMENT AND REPORTING CRITERIAThe December 2013 Mineral Resource and Mineral Reserve declaration reports information that is rated important for disclosure and reflects a level of detail required for completeness, transparency and materiality in reporting.

The Mineral Resource and Mineral Reserve declaration is based on systematic and sustainable mineral reporting practices within a mining right and adjusted to show the separation between above and below the current mine infrastructure. Mineral Resources are quoted at an appropriate in situ economic cut-off grade with tonnages and grades based on the relevant resource block model, which includes estimates of any material that is below the cut-off grade but is required to be mined in order to extract the complete pay portion. Ongoing grid-based sampling of all on-reef development and stope faces coupled with data from underground mapping and prospect drilling, used to update the geology models (structure and facies), are incorporated into a detailed evaluation model, which in turn is used as the foundation of the declaration.

Updated mine designs and schedules are then compiled and evaluated against the most recent technical-economic models, and used to develop a LoM plan for each operational shaft (mining unit) which takes note of infrastructural capacities, limitations and the need for any additional infrastructure requirements. Detailed economic and scenario models are subsequently completed to ensure validity of a positive cash flow for Mineral Reserve declaration purposes.

Sibanye’s Mineral Resource and Mineral Reserve statement is reviewed and audited on an ongoing basis by internal competent persons, with formal audits conducted as follows:

• Ongoing technical review of all the operations and projects; and

• Annual executive review of all operations and projects.

In addition to the internal audits, the December 2013 Mineral Resource and Mineral Reserve statement was reviewed and audited by external auditors Minxcon (Pty) Ltd (Mineral Resources) and by Royal HaskoningDHV (Mineral Reserves), and was found to comply with the relevant codes. No material shortcomings were identified in any of the processes by which Sibanye’s Mineral Resources and Mineral Reserves were compiled and evaluated.

COMPETENT PERSONSThe Competent Persons designated in terms of SAMREC, who take responsibility for the reporting of Mineral Resources and Mineral Reserves, are the respective operation-based Mineral Resource Managers of each Mining Unit. The Competent Persons have sufficient experience relative to the type and style of mineral deposit under consideration and are full-time employees of Sibanye.

Corporate Governance on the overall compliance of these figures and responsibility for the generation of this consolidated statement has been overseen by the Libanon Business Park Technical Services team listed below, who are permanent employees of Sibanye, and who function independently of the operating mines.

Competent Person Title QualificationsYears

Experience

Gerhard Janse van Vuuren PMS 02431

VP Mineral Resource Management and Mine Planning

B Tech (Mineral Resource Management); GDE (Mining Engineering); MBA; MSCC

26

Johan van Eeden 400043/092

Manager Geology MSc (Geology) 30

Leon Tolmay 7041403

Manager Evaluation NHD (Mine Survey); GDE (Mining Engineering); MSCC

37

Steven Wild MST00801

Manager Mine Planning NHD MRM; GDE Mining Engineering 18

Werner de Klerk MPS02331

Manager Survey MSCC & ND Survey; GDE Mining Engineering

31

1 Registered PLATO Members 2 Registered SACNASP Members 3 Registered SAIMM Members


supporting information

SAMREC CODE DEFINITIONSTerm Definition

Competency The Public Report is based on work that is the responsibility of suitably qualified and experienced persons who are subject to an enforceable Professional Code of Ethics.

Competent Person A ‘Competent Person’ is a person who is registered with SACNASP, ECSA or PLATO, or is a Member or Fellow of the SAIMM, the GSSA or a Recognised Overseas Professional Organisation (ROPO). The Competent Person must comply with the provisions of the relevant promulgated Acts, have a minimum of five years experience relevant to the style of mineralisation and type of deposit or class of deposit under consideration and to the activity he or she is undertaking. Persons being called upon to sign as a Competent Person must be clearly satisfied in their own minds that they are able to face their peers and demonstrate competence in the commodity, type of deposit and the situation under consideration.

Deposit A concentration (or occurrence) of material of possible economic interest, in or on the earth crust, that may include mineralised material that cannot be estimated with sufficient confidence to be classified in the Inferred category. Portions of a deposit that do not have reasonable and realistic prospects for eventual economic extraction are not included in a Mineral Resource.

Materiality A Public Report contains all the relevant information that investors and their professional advisors would reasonably require, and expect to find, for the purpose of making a reasoned and balanced judgement regarding the Exploration Results, Mineral Resources and Mineral Reserves reported on.

Mineral Resource (Resource)

A concentration or occurrence of material of economic interest in or on the earth’s crust in such form, quality and quantity that there are reasonable and realistic prospects for eventual economic extraction. The location, quantity, grade, continuity and other geological characteristics of a Mineral Resource are known, or estimated from specific geological evidence, sampling and knowledge interpreted from an appropriately constrained and portrayed geological model. Mineral Resources are subdivided, and must be so reported, in order of increasing confidence in respect of geoscientific evidence, into Inferred, Indicated and Measured categories.

Measured Mineral Resource

That part of a Mineral Resource for which tonnage, densities, shape, physical characteristics, grade and mineral content can be estimated with a high level of confidence. It is based on detailed and reliable information from exploration, sampling and testing of material from locations such as outcrops, trenches, pits, workings and drill holes. The locations are spaced closely enough to confirm geological and grade continuity.

Indicated Mineral Resource

That part of a Mineral Resource for which tonnage, densities, shape, physical characteristics, grade and mineral content can be estimated with a reasonable level of confidence. It is based on information from exploration, sampling and testing of material gathered from locations such as outcrops, trenches, pits, workings and drill holes. The locations are too widely or inappropriately spaced to confirm geological and/or grade continuity but are spaced closely enough for continuity to be assumed.

Inferred Mineral Resource

That part of a Mineral Resource for which tonnage, grade and mineral content can be estimated with a low level of confidence. It is inferred from geological evidence and sampling and assumed but not verified geologically or through analysis of grade continuity. It is based on information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that may be limited or of uncertain quality and reliability.

Mineral Reserve (Reserve)

The economically mineable material derived from a Measured and/or Indicated Mineral Resource. It is inclusive of diluting and contaminating materials and allows for losses that are expected to occur when the material is mined. Appropriate assessments to a minimum of a Pre-Feasibility Study for a project and a LoM Plan for an operation must have been completed, including consideration of, and modification by, realistically assumed mining, metallurgical, economic, marketing, legal, environmental, social and governmental factors (the modifying factors). Such modifying factors must be disclosed.

Probable Mineral Reserve

Economically mineable material derived from a Measured or Indicated Mineral Resource or both. It is estimated with a lower level of confidence than a Proved Mineral Reserve. It includes diluting and contaminating materials and allows for losses that are expected to occur when the material is mined. Appropriate assessments to a minimum of a Pre-Feasibility Study for a project or a LoM Plan for an operation must have been carried out, including consideration of, and modification by, realistic assumed mining, metallurgical, economic, marketing, legal, environmental, social and governmental factors. Such modifying factors must be disclosed.

Proved Mineral Reserve

Economically mineable material derived from a Measured Mineral Resource. It is estimated with a high level of confidence. It includes diluting and contaminating materials and allows for losses that are expected to occur when the material is mined. Appropriate assessments to a minimum of a Pre-Feasibility Study for a project or a LoM Plan for an operation must have been carried out, including consideration of, and modification by, realistic assumed mining, metallurgical, economic, marketing, legal, environmental, social and governmental factors. Such modifying factors must be disclosed.

Transparency The reader of a Public Report must be provided with sufficient information, the presentation of which is clear and unambiguous, to understand the report and not to be mislead.

GLOSSARY OF TERMS

Term Definition

Above Infrastructure

(AI)

That part of the Mineral Reserves, which are above the lowest mining level and can be easily accessed via the current mine infrastructure (shafts and underground haulages).

Below Infrastructure

(BI)

That part of the Mineral Reserves which are below the lowest mining level and that can only be accessed following approved capital expenditure.

Block Width The average width at which it is estimated a block of ore will be mined.

Carbon-in-leach

(CIL)

Gold is leached from a gold ore slurry with cyanide in agitation tanks and absorbed onto carbon granules in the same circuit. The carbon granules are separated from the slurry and treated in an elution circuit to extract the gold.

Carbon-in-pulp

(CIP)

Gold is leached conventionally from a gold ore slurry with cyanide in agitation tanks. The leached slurry then passes into the CIP circuit where carbon granules are mixed with the slurry and gold is absorbed onto the carbon. The carbon granules are separated from the slurry and treated in an elution circuit to extract the gold.

Concept Study A study of the viability of a range of major options designed to determine the potential value of the opportunity and confirm alignment with the business strategy. The study describes the work that needs to be conducted to fully define the opportunity, and comprises a number of economically attractive options that warrant further investigation.

SECTION FIVE SUPPORTING INFORMATION


Section Five

Cut-off Grade The lowest grade of mineralised rock which determines as to whether or not it is economic to recover its gold content by further concentration.

Depletion The decrease in the quantity of ore in a deposit or property (mining right) resulting from extraction or production.

Dilution Waste or material below the cut-off grade that contaminates the ore during the course of mining operations and thereby reduces the average grade mined.

Elution Recovery of gold from the activated carbon into solution before zinc precipitation or electro-winning

Feasibility Study A comprehensive design and costing study of the selected option for the development of a mineral project in which appropriate assessments have been made of realistically assumed geological, mining, metallurgical, economic, marketing, legal, environmental, social, governmental, engineering, operational and all other modifying factors, which are considered in sufficient detail to demonstrate at the time of reporting that extraction is reasonably justified (economically mineable) and the factors reasonably serve as the basis for a final decision by a proponent or financial institution to proceed with, or finance, the development of the project. The overall confidence of the study should be stated.

Grade The quantity of gold contained within a unit weight of gold-bearing material, generally expressed in grams per metric ton (g/t).

Kriging Efficiency (KE)

Provides a measure of the reliability of block evaluations.

Life of Mine (LoM) Number of years that an operation is planning to mine and treat ore and is derived from the current mining plan.

Mill Width Calculated width expressing the relationship between the total reef area excavated and the total mill tons milled from underground sources.

Mine Call Factor The ratio expressed as a percentage which the specific product accounted for in “recovery plus residue” bears to the corresponding product “called for” by the mine’s measuring and evaluation methods.

Pay Limit The value at which it is estimated that ore can be mined at break-even.

Pillars Pillars comprise of:• Dip and strike stability pillars• Water and ventilation pillars• Regional stability pillars as define by Rock Engineering• Bracket pillars adjacent to seismically active areas or large structures• Boundary and remnant pillars• Abandoned areasInter alia, some pillars may become available to mine once appropriate investigations and rehabilitation have taken place.

Plant Recovery Factor

The ratio expressed as a percentage, of the mass of the specific mineral product actually recovered from ore treated at the plant to its total specific mineral content before treatment.

Pre-feasibility Study A comprehensive study of the viability of a range of options for a mineral project that has advanced to a stage at which the preferred mining method in the case of underground mining or the pit configuration in the case of an open pit has been established and an effective method of mineral processing has been determined. It includes a financial analysis based on realistic assumptions of technical, engineering, operating, economic factors and the evaluation of other relevant factors that are sufficient for a Competent Person, acting reasonably, to determine if all or part of the Mineral Resource may be classified as a Mineral Reserve. The overall confidence of the study should be stated. A Pre-feasibility Study is at a lower confidence level than a Feasibility Study.

Reef A gold-bearing sedimentary horizon, normally a conglomerate that may contain economic levels of gold.

Stope Underground excavation where the ore body is extracted.

Subcrop A rock stratum that unconformable underlies another rock stratum.

Tonnage Discrepancy

Difference between the tonnage hoisted as ore and that accounted for by the plant measuring methods. Discrepancy is referred to as a shortfall when the calculated tonnage is less than the tonnage accounted for by the plant, or an excess when the opposite occurs.

Ton(s) Metric ton(s) = 1,000 kilograms.

Uraninite A strong radioactive mineral, UO2, forming the chief ore of uranium (U3O8) and containing variable amounts of radium, lead, thorium and other elements of impurities.

White Areas Areas that were excluded from previous LoM plans that have since been proven to have realistic expectation of safe economic extraction, with the required investigations, rock engineering modelling and detail mining plan to support it. White areas include open ground, areas that were excluded due to economics or lack of information, and pillars

Witwatersrand Basin

A sedimentary basin in South Africa that contains close to a 6,000 metre thick sequence of principally argillaceous and arenaceous sediments with inter-bedded auriferous conglomerates.

CONVERSION TABLEThe following conversion factors are applicable:

Metric Imperial Imperial Metric

1 centimetre 0.3937 inches 1 inch 2.54 centimetres

1 metre 3.28084 feet 1 foot 0.3047972654 metres

1 kilometre 0.62150 miles 1 mile 1.609 kilometres

1 gram 0.03215 troy ounces 1 troy ounce 32.1507466 grams

1 kilogram 2.20458 pounds 1 pound 0.4536 kilograms

1 ton 1.10229 short tons 1 short ton 0.9072 tons

1 hectare 2.47097 acres 1 acres 0.4047 hectares


supporting information continued

ABBREVIATIONS

AI Above infrastructure

Au Gold

BI Below infrastructure

BXR Beatrix Reef

CIL Carbon in Leach

CIP Carbon in Pulp

CL Carbon Leader Reef

cm Centimetre

cm. g/t Centimetre gram per ton

CW Channel width

DFS Definitive Feasibility Study

DMR Department of Mineral Resources

g Gram

g/t Gram per ton

Ga Billion years

ha Hectare

IRR Internal rate of return

JSE JSE Limited (formerly Johannesburg Security Exchange Limited)

kg Kilogram

kg/t Kilogram per ton

KKR Kalkoenkrans Reef

km Kilometre

koz Thousand ounces

KR Kloof Reef

ktpm Kilo ton per month

LoM Life of Mine

LR Libanon Reef

m Metre

m2 Square metre

mbs Metres below surface

MCF Mine Call Factor

Mlb Million pounds

Moz Million ounces

MR Middelvlei Reef

Mt Million tons

NPV Net present value

oz Ounce (troy)

PFS Pre-feasibility Study

SAMREC Code The South African Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves

SAMVAL Code The South African Code for the reporting of Mineral Asset Valuation

SEC The United States Securities and Exchange Commission

SGL Sibanye Gold Limited

SOX Sarbanes-Oxley Act

SV Sub-vertical

SRD Surface rock dump

SW Stoping width

t Metric tons

t/m3 Tons per cubic meter

TSF Tailings Storage Facility

VCR Ventersdorp Contact Reef

UG Underground

U3O8 Uranium oxide

US$ United States dollar

US$/oz United States dollar per ounce

SECTION FIVE SUPPORTING INFORMATION


Section Five

DISCLAIMERThis Mineral Resource and Mineral Reserve statement (the Report) contains information as at 31 December 2013 (the Effective Date of this Report). The statements and information set out in this Report speak only as of the Effective Date of this Report. Shareholders and other interested and affected parties are therefore urged to review all public disclosures made by Sibanye after the Effective Date of this Report, as some of the information contained in the Report may have changed or been updated. Sibanye does not undertake any obligation to update publicly or release any revisions to statements and information set out in this Report to reflect events or circumstances after the Effective Date of this Report, or to reflect the occurrence of unanticipated events, unless obliged to do so pursuant to law or regulation. In such event, Sibanye does not undertake to refer back to any information contained in this Report.

Registered Office South Africa:Libanon Business ParkHospital Street (Off Cedar Ave)LibanonWestonaria, 1780GautengPrivate Bag X5Westonaria, 1780

Website: http://www.sibanyegold.co.zaEmail: [email protected]: +27 (0) 11 278 9600Facsimile: +27 (0) 86 520 5023

SECTION FIVE DISCLAIMER


SECTION FIVE NOTES

notes

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Beatrix history at a glance

1998A new company, Goldco, is formed, which brings together the gold assets of Gold Fields of South Africa Limited with those of the unbundled Gencor. Goldco was later renamed Gold Fields Limited.

2011Partial extraction and flaring of methane gas commenced in May 2011.

2001Beatrix 3 Shaft completed.

2012Announcement of the unbundling of Sibanye Gold Limited from Gold Fields Limited.

2002St Helena Gold Mine sold to Freegold, Beatrix and Oryx mines merged to form Beatrix Gold Mine. Beatrix Gold Mine is awarded ISO 14001 certification in July 2002.

2013Beisa Reef concept study undertaken to establish the economic potential in re-opening the old Beisa Mine (upper levels of Beatrix 4 Shaft) to exploit gold and uranium

1987Sinking of two new sub-vertical shafts and a ventilation shaft at Beisa Mine, renamed Oryx Mine, to exploit KKR, commenced.

1993Gold production began at Oryx Mine.

1995Sinking of Beatrix 3 Shaft complex and down dip expansion of mine initiated.

2004Completion of a new surface ventilation shaft to service the south-west corner of the mine near 2 Shaft. Beatrix achieves two million fatality-free shifts for the first time.

1969Exploration drilling for gold and uranium commenced in the southern limits of the Free State Goldfields.

1933Exploration in the Free State started as far back as 1885 but only commenced in earnest in 1933 when the first borehole was drilled on the farm Aandenk 227 HP. The discovery of the Basal Reef in 1939 set exploration afire, which resulted in a score of mines being developed in the Free State.

2005Beatrix North and South Sections achieve three million fatality-free shifts for the first time.

1976 General Mining acquired Union Corporation in 1976. General Mining Union Corporation Limited, as it was then called, became Gencor Limited.

2003Beatrix achieves one million and Beatrix North and South Sections achieve two million fatality-free shifts for the first time.

1985 Beatrix 1 and 2 Shafts commissioned. Exploration for Kalkoenkrans Reef in the vicinity of the old Beisa Mine commenced.

2007Beatrix granted a new order Mining Right.

1981Beisa Shaft commissioned to exploit uranium. Sinking of Beatrix 1 and 2 Shafts commenced.

2009Beatrix achieves full compliance from the ICMI during an external cyanide audit conducted during June 2009.

1984Beisa Uranium Mine closed due to the low prevailing uranium price.

2010Beatrix West Section achieves two million fatality-free shifts for the first time.

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Driefontein history at a glance

2011TSFs pre-feasibility study and trial mining initiated.

2012Announcement of the unbundling of Sibanye Gold Limited from Gold Fields Limited.

2013Driefontein showed an overall improvement in all safety lagging indicators, particularly the FIFR, which improved by 64% and was the lowest ever recorded by the mine to date.

1999In September 1999 the two entities are formally amalgamated, pooling their resources to form one mine, Driefontein Gold Mine.

1999Gold Fields wins control of the Driefontein Gold Mine by buying AngloGold Ashanti’s 21.5% shareholding. The deal makes Gold Fields the world’s second largest gold producer. Gold Fields Ltd holds 100% interest in GFI Mining South Africa (Proprietary) Limited which in turn hold a 100% interest in Driefontein.

2005On 30th August 2005, Driefontein officially pours the 100 millionth ounce of gold after some 53 years of production.

2006Driefontein successfully converts its old order mining licence to new order Mining Rights. Approval given for completion of 9 Shaft Project.

2009Suspension of the 9 Shaft deepening project.

20105 Shaft decline option pre-feasibility study replaced the 9 Shaft deepening option.

1887Cecil Rhodes and Charles Rudd, as joint Managing Directors, are co-founders of ‘The Gold Fields of South Africa Limited’ in 1887.

1892The Gold Fields of South Africa Limited is renamed Consolidated Gold Fields of South Africa to mine the deep-level gold deposits of the Witwatersrand.

1931 Using a magnetometer, Dr Rudolf Krahman discovered the vast gold deposits of the West Wits Line near Carletonville, including the mines known today as Driefontein and Kloof.

1952 West Driefontein starts milling in 1952.

1932On 12 November 1932, West Witwatersrand Areas Limited is formed to take over the Gold Fields Mineral Rights and to continue exploration work.

1945Exploration activities between 1933 and 1939 culminate in the registration of West Driefontein Mining Company on March 07, 1945. Sinking of the No’s 1 and 2 Shafts commences (now the No’s 11 and 12 Shafts).

1968Disaster strikes again in October 1968 when a stope in the 8 Shaft area is flooded. It floods the entire East Driefontein development area and threatens the whole of West Driefontein. Only a tremendous effort saves the mines without loss of life.

1962Disaster strikes in 1962 when 29 people tragically lose their lives when a severe subsidence results in the collapse of the entire sorting and crushing plant on West Driefontein.

1968Intensive drilling carried out between 1962 and 1963 indicates the viability of an area adjoining West Driefontein mine and the East Driefontein Gold Mining Company Limited is registered on May 03, 1968.

1972East Driefontein starts production in 1972, with an expected life of 52 years, and is immediately among the lowest cost producers in South Africa.

1979West Driefontein succeeds Crown Mines as the largest gold producer ever.

1981On July 01, 1981 East Driefontein Gold Mining Company Ltd changes its name to Driefontein Consolidated Ltd and West Driefontein becomes a wholly-owned subsidiary of Driefontein Consolidated Ltd but still manages its own lease area.

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Kloof history at a glance

2010Kloof and Driefontein were combined to create the Kloof/Driefontein Complex (KDC).

2011Surface rock dump Python Plant Project and TSFs pre-feasibility study

2012Announcement of the formation of Sibanye Gold Limited following the unbundling from Gold Fields Limited

2013Secondary reef project initiated.

1992Venterspost Gold Mine incorporated into the Libanon division of the Kloof Gold Mine.

1993Leeudoorn shaft completed.

2000Formation of the Kloof Gold Mine with the amalgamation of the Venterspost, Libanon, Kloof and Leeudoorn Gold Mines.

2005Production reached a cumulative 70 million ounces of gold (yield).

2007Kloof successfully converted its old order mining right to new order mining rights.

2009TSF uranium models completed and included in Mineral Resource Statement.

1909A shaft was sunk which flooded with water from the dolomites and was abandoned.

1898Drilling commenced by the Pullinger brothers intersecting VCR and MR at depth in the Far West Rand area (later renamed the West Wits Line).

1930’s Dr Krahmann used geophysical techniques to delineate the extent of the reefs underlying the dolomite.

1936Shaft sinking commenced at Libanon.

1939 Crushing of ore began and first gold from the West Wits Line Goldfield was poured at Venterspost.

1934Shaft sinking commenced at Venterspost using the newly developed cementation process.

1964Work commenced on Kloof’s main twin-shaft complex.

1939Sinking of Libanon’s second shaft stopped to curtail capital expenditure and the mine closed for the duration of the 2nd world war.

1945Libanon Mine reopened.

1968Kloof Gold Mine officially opened.

1982Prospecting lease obtained over an area to the south and west of the Kloof lease area, dubbed the Bank Break area.

1987The southern portion of the Kloof Gold Mine and part of the Bank Break area culminated in the Leeudoorn Mining Lease. Leeudoorn shaft sinking commenced.

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administration and corporate information

Investor enquiriesJames Wellsted Head of corporate affairs Sibanye Gold Limited Tel: +27 83 453 4014 +27 11 278 9656E-mail: [email protected]

Corporate Secretary Cain Farrel Tel: +27 10 001 1122Fax: +27 11 278 9863E-mail: [email protected]

Registered office Libanon Business Park1 Hospital Street(off Cedar Avenue) Libanon Westonaria 1780South Africa

Private Bag X5Westonaria 1780South AfricaTel: +27 11 278 9600 Fax: +27 11 278 9863

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

Listings JSE: SGLNYSE: SBGL

Websitewww.sibanyegold.co.za

DirectorsM Sello Moloko* (Chairman) Neal J Froneman (CEO)Charl Keyter (CFO) Timothy J Cumming*Barry E Davison* Richard P Menell* Nkosemntu G Nika* Keith A Rayner*Zola ST Skweyiya*Susan C van der Merwe*Jerry S Vilakazi* Cain Farrel (Company Secretary) *Independent non-executive

JSE sponsorJP Morgan Equities South Africa (Proprietary) Limited(Registration number: 1995/011815/07)1 Fricker Road, IllovoJohannesburg, 2196Private Bag X9936, Sandton, 2196, South Africa

Office of the United Kingdom secretaries London St James’s Corporate Services LimitedSuite 31, Second Floor107 CheapsideLondonEC2V 6DNUnited KingdomTel: +44 20 7796 8644 Fax: +44 20 7796 8645

American Depositary Receipt transfer agent BNY Mellon Shareowner ServicesPO Box 358516Pittsburgh, PA 15252-8516US Toll Free: +1 888 269 2377Tel: +1 201 680 6825Email: [email protected] SchwarzVice President, Relationship ManagerBNY MellonDepositary ReceiptsDirect Line: +1 212 815 2852Mobile: +1 347 515 0068Fax: +1 212 571 3050Email: [email protected]

Transfer secretaries South Africa Computershare Investor Services (Proprietary) Limited Ground Floor 70 Marshall Street Johannesburg2001

PO Box 61051 Marshalltown 2107 Tel: +27 11 370 5000 Fax: +27 11 688 5248

Transfer secretariesUnited KingdomCapita Asset ServicesThe Registry 34 Beckenham Road Beckenham Kent BR3 4TUEnglandTel: 0871 664 0300 (calls cost 10p a

minute plus network extras, lines are open 8:30 to 17:00, Monday to Friday) or +44 20 8639 3399 (overseas)

Fax: +44 20 8658 3430E-mail: [email protected]

Auditors KPMG Services Proprietary LimitedKPMG Crescent85 Empire Road Parktown 2193JohannesburgSouth AfricaTel: +27 11 647 7111 Fax: +27 11 647 8000

www.sibanyegold.co.za

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