20-F/A

As filed with the Securities and Exchange Commission on 27 April 2018

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 20-F/A

(Amendment No. 1)

(Mark One)

☐REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934

or

☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended 31 December 2017

or

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                              to

or

☐SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of event requiring this shell company report

For the transition period from                               to

Commission file number: 001-35785

Sibanye Gold Limited

(Exact name of registrant as specified in its charter)

Republic of South Africa

(Jurisdiction of incorporation or organization)

Libanon Business Park

1 Hospital Street (off Cedar Avenue)

Libanon, Westonaria, 1780

South Africa.

011-27-11-278-9600

(Address of principal executive offices)

With copies to:

Charl Keyter

Chief Financial Officer

Sibanye Gold Limited

Tel: 011-27-11-278-9700

Fax: 011-27-11-278-9863

Libanon Business Park

1 Hospital Street (off Cedar Avenue)

Libanon, Westonaria, 1780

South Africa

(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

and

Thomas B. Shropshire, Jr.

Linklaters LLP

Tel: 011-44-20-7456-3223

Fax: 011-44-20-7456-2222

One Silk Street

London EC2Y 8HQ

United Kingdom

Securities registered or to be registered pursuant to Section 12(b) of the Act

Title of Each Class	Name of Each Exchange on Which Registered
Ordinary shares of no par value each	New York Stock Exchange*
American Depositary Shares, each representing four ordinary shares	New York Stock Exchange

*Not for trading, but only in connection with the registration of the American Depositary Shares pursuant to the requirements of the Securities and Exchange Commission.

Securities registered or to be registered pursuant to Section 12(g) of the Act

None

(Title of Class)

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act

None

(Title of Class)

Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock

as of the close of the period covered by the Annual Report 2,168,721,220 ordinary shares of no par value each

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act: Yes ☒ No ☐

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. Yes ☐ No ☒

Note – Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one): 

Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Emerging growth company ☐

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ☐

† The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP ☐ International Financial Reporting Standards as issued by the International Accounting Standards Board ☒ Other ☐

If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow: Item 17 ☐ Item 18 ☐

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes ☐ No ☐

EXPLANATORY NOTE

Sibanye Gold Limited (trading as Sibanye-Stillwater (“Sibanye-Stillwater”)) is filing this Amendment No. 1 (the “Form 20-F/A”) to its annual report on Form 20-F (the “Form 20-F”) for the fiscal year ended December 31, 2017, to submit its Interactive Data File (as defined in Rule 11 of Regulation S-T) with respect to the audited consolidated financial statements of the Sibanye-Stillwater Group (as defined in the Form 20-F) for that fiscal year as an exhibit to the Form 20-F pursuant to paragraph 101 under “Instructions as to Exhibits” of Form 20-F in accordance with Rule 405 of Regulation S-T.

Other than as expressly set forth below, this Form 20-F/A does not, and does not purport to, amend, update or restate the information in any Item of the Form 20-F.

SIBANYE GOLD LIMITED – EXHIBIT LIST

No.	Exhibit
1.1	Memorandum of Incorporation of Sibanye-Stillwater.1
2.1	Form of Deposit Agreement among Sibanye-Stillwater, BNYM, as depositary, and the owners and beneficial owners from time to time of ADRs.2
2.2	Form of ADR.2
2.3	The Sibanye 2013 Share Plan, adopted 21 November 2012.1
2.4	Trust Deed among Orogen, as issuer; Gold Fields, GFIMSA, GFO and GFH, as guarantors; and Citicorp Trustee Company Limited, as trustee, dated 7 October 2010 in relation to the Notes.1
4.1	R4.5 billion term and revolving credit facilities agreement between Bank of China Limited Johannesburg Branch, FirstRand Bank, ABSA Bank Limited, J.P. Morgan Chase Bank, N.A., Johannesburg Branch, Standard Bank, Nedbank, the Financial Institutions listed in Schedule 1, Opiconsivia Trading 305 (RF) Proprietary Limited and Sibanye-Stillwater dated 10 December 2013.3
4.2	First Addendum to the R4.5 billion term and revolving credit facilities agreement between Bank of China Limited Johannesburg Branch, FirstRand Bank, ABSA Bank Limited, J.P. Morgan Chase Bank, N.A., Johannesburg Branch, Standard Bank, Nedbank, the Financial Institutions listed in Schedule 1, Opiconsivia Trading 305 (RF) Proprietary Limited and Sibanye-Stillwater dated 13 March 2014.3
4.3	Second Addendum to the R4.5 billion term and revolving credit facilities agreement between Bank of China Limited Johannesburg Branch, FirstRand Bank, ABSA Bank Limited, J.P. Morgan Chase Bank, N.A., Johannesburg Branch, Standard Bank, Nedbank, the Financial Institutions listed in Schedule 1, Opiconsivia Trading 305 (RF) Proprietary Limited and Sibanye-Stillwater dated 12 May 2014.4
4.4	Third Addendum to the R4.5 billion term and revolving credit facilities agreement between Bank of China Limited Johannesburg Branch, FirstRand Bank, ABSA Bank Limited, J.P. Morgan Chase Bank, N.A., Johannesburg Branch, Standard Bank, Nedbank, the Financial Institutions listed in Schedule 1, Opiconsivia Trading 305 (RF) Proprietary Limited and Sibanye-Stillwater dated 22 July 2014.4
4.5	Fourth Addendum to the R4.5 billion term and revolving credit facilities agreement between Bank of China Limited Johannesburg Branch, FirstRand Bank, ABSA Bank Limited, J.P. Morgan Chase Bank, N.A., Johannesburg Branch, Standard Bank, Nedbank, the Financial Institutions listed in Schedule 1, Opiconsivia Trading 305 (RF) Proprietary Limited and Sibanye-Stillwater dated 14 August 2014.4
4.6	Fifth Addendum to the R4.5 billion term and revolving credit facilities agreement between Bank of China Limited Johannesburg Branch, FirstRand Bank, ABSA Bank Limited, J.P. Morgan Chase Bank, N.A., Johannesburg Branch, Standard Bank, Nedbank, the Financial Institutions listed in Schedule 1, Opiconsivia Trading 305 (RF) Proprietary Limited and Sibanye-Stillwater dated 6 October 2014.4
4.7	Amended and Restatement Agreement of the R4.5 billion term and revolving credit facilities agreement between Bank of China Limited Johannesburg Branch, FirstRand Bank, ABSA Bank Limited, J.P. Morgan Chase Bank, N.A., Johannesburg Branch, Standard Bank, Nedbank, the Financial Institutions listed in Schedule 1, Opiconsivia Trading 305 (RF) Proprietary Limited and Sibanye-Stillwater dated 6 October 2015.5
4.8	Cession and Pledge in Security by Sibanye Gold Limited (as Pledgor) in favor of Opiconsivia Trading 305 Proprietary Limited (as Debt Guarantor), dated 22 August 2013.3
4.9	Addendum to the Cession and Pledge in Security by Sibanye Gold Limited (as Pledgor) in favor of Opiconsivia Trading 305 Proprietary Limited (as Debt Guarantor), dated 10 December 2013.3
4.10	Cession in Security by Sibanye Gold Limited (as Pledgor) in favor of Opiconsivia Trading 305 Proprietary Limited (as Debt Guarantor), dated 22 August 2013.3
4.11	Cession in Security by Sibanye Gold Limited (as Pledgor) in favor of Opiconsivia Trading 305 Proprietary Limited (as Debt Guarantor), dated 22 October 2013.3
4.12	Cession in Security by Sibanye Gold Limited (as Pledgor) in favor of Opiconsivia Trading 305 Proprietary Limited (as Debt Guarantor), dated 15 August 2014.4
4.13	Notorial General Bond by Sibanye Gold Limited in favor of Opiconsivia Trading 305 Proprietary Limited (as Debt Guarantor), registered 24 October 2013.3
4.14	Merger Agreement between Sibanye-Stillwater, Gold One International Limited, and Newshelf 1114 Proprietary Limited dated 20 August 2013.3
4.15	First Addendum to the Merger Agreement between Sibanye-Stillwater, Gold One International Limited, and Newshelf 1114 Proprietary Limited dated 26 September 2013.3
4.16	Second Addendum to the Merger Agreement between Sibanye-Stillwater, Gold One International Limited, and Newshelf 1114 Proprietary Limited dated 17 February 2014.3
4.17	Third Addendum to the Merger Agreement between Sibanye-Stillwater, Gold One International Limited, and Newshelf 1114 Proprietary Limited dated 24 March 2014.3
4.18	Fourth Addendum to the Merger Agreement between Sibanye-Stillwater, Gold One International Limited, and Newshelf 1114 Proprietary Limited dated 30 April 2014.4
4.19	Fifth Addendum to the Merger Agreement between Sibanye-Stillwater, Gold One International Limited, and Newshelf 1114 Proprietary Limited dated 6 May 2014.4

No.	Exhibit
4.20	Sixth Addendum to the Merger Agreement between Sibanye-Stillwater, Gold One International Limited, and Newshelf 1114 Proprietary Limited dated 15 May 2014.4
4.21	Indemnity Agreement among Orogen, Gold Fields, GFO, GFH and Sibanye-Stillwater, in respect of Sibanye-Stillwater’s obligations under the Notes, dated 20 December 2012.1
4.22	Cession in Security Agreement among Sibanye-Stillwater, ABSA Bank Limited, Nedbank, Standard Bank, FirstRand Bank and JP Morgan Chase Bank, N.A., Johannesburg Branch, dated 20 December 2012.1
4.23	Agreement between Neal Froneman and Sibanye-Stillwater, dated 7 December 2012.1
4.24	Agreement between Charl Keyter and Sibanye-Stillwater, dated 7 December 2012.1
4.25	Term Loan Facility Agreement between SGEO (previously Southgold Exploration Proprietary Limited), the Financial Institutions listed in Schedule 1, Credit Suisse AG, Standard Chartered Bank and Purple Rain Security SPV (RF) Proprietary Limited, dated 17 April 2014.4
4.26	First Amendment to the Term Loan Facility Agreement between SGEO (previously Southgold Exploration Proprietary Limited), the Financial Institutions listed in Schedule 1, Credit Suisse AG, Standard Chartered Bank and Purple Rain Security SPV (RF) Proprietary Limited, dated 26 June 2014.4
4.27	Second Amendment to the Term Loan Facility Agreement between SGEO (previously Southgold Exploration Proprietary Limited), the Financial Institutions listed in Schedule 1, Credit Suisse AG, Standard Chartered Bank and Purple Rain Security SPV (RF) Proprietary Limited, dated 1 July 2014.4
4.28	Third Amendment to the Term Loan Facility Agreement between SGEO (previously Southgold Exploration Proprietary Limited), the Financial Institutions listed in Schedule 1, Credit Suisse AG, Standard Chartered Bank and Purple Rain Security SPV (RF) Proprietary Limited, dated 8 July 2014.4
4.29	Cession and Pledge in Security amongst Witwatersrand Consolidated Gold Resources Limited, K2013164354 Proprietary Limited and Purple Rain Security SPV (RF) Proprietary Limited, dated 2 April 2014.4
4.30	Cession in Security by SGEO (previously Southgold Exploration Proprietary Limited) in favour of Purple Rain Security SPV (RF) Proprietary Limited, dated 2 April 2014.4
4.31	Sale and Purchase Agreement between Rustenburg Platinum Mines Limited, Sibanye Rustenburg Platinum Mines Proprietary Limited and Sibanye Gold Limited, signed on 8 September 2015.5
4.32	Implementation Agreement between Sibanye Gold Limited and Sibanye Platinum Bermuda Proprietary Limited and Aquarius Platinum Limited, signed on 6 October 2015.5
4.33	Revolving Facility Agreement between Sibanye Gold Limited, Bank of America Merrill Lynch International Limited and HSBC Bank plc, dated 24 August 2015.5
4.34	$350 million Bridge Facility Agreement between Sibanye Gold Limited and HSBC Bank plc, dated 5 October 2015.5
4.35	Revolving Credit Facility Agreement between ABSA Bank Limited (acting through its Corporate and Investment Banking Division), Bank of China Limited, Johannesburg Branch, FirstRand Bank Limited (acting through its Rand Merchant Bank Division), Nedbank Limited, The Standard Bank of South Africa Limited and Sibanye-Stillwater, dated 15 November 2016.6
4.36	US$2.65 billion Acquisition Bridge Facilities Agreement with Citibank, HSBC ABSA Bank Limited (acting through its Corporate and Investment Banking Division), Barclays Bank PLC, Banca IMI S.P.A., London branch, Credit Suisse International, FirstRand Bank Limited (acting through its Rand Merchant Bank Division), J.P. Morgan Limited, Mizuho Bank Europe N.V., Morgan Stanley Bank International Limited, Royal Bank of Canada, Societe Generale, the Bank of Nova Scotia, The Bank of Tokyo-Mitsubishi UFJ, Ltd., The Standard Bank of South Africa Limited, BNP Paribas, Nedbank Limited, London Branch and Sibanye-Stillwater, dated 9 December 2016.6
4.37	Merger Agreement between Sibanye-Stillwater, Thor US Holdco Inc., Thor Mergeco Inc. and Stillwater Mining Company, dated 9 December 2016.6
4.38	Indenture, with respect to 6.125% Senior Notes due 2022 and 7.125% Senior Notes due 2025, among Stillwater Mining Company, as issuer, Sibanye Gold Limited as guarantor, the other guarantors party thereto and The Bank Of New York Mellon, London Branch, as Trustee, dated 27 June 2017.7
4.39	Trust Deed, with respect to USD 450,000,000 1.875% Guaranteed Convertible Bonds due 2023, among Sibanye Gold Limited, as issuer, Stillwater Mining Company and Kroondal Operations Proprietary Limited, as guarantors, and BNY Mellon Corporate Trustee Services Limited, as Trustee, dated 26 September 2018.7
4.40	Supplemental Trust Deed, with respect to USD 450,000,000 1.875% Guaranteed Convertible Bonds due 2023, among Sibanye Gold Limited, as issuer, Stillwater Mining Company and Kroondal Operations Proprietary Limited, as guarantors, and BNY Mellon Corporate Trustee Services Limited, as Trustee, dated 28 March 2018.7
4.41	Co-operation Agreement between Sibanye and Lonmin plc, dated 14 December 2017.7
8.1	List of subsidiaries of the registrant.7
12.1	Certification of Chief Executive Officer.7
12.2	Certification of Chief Financial Officer.7
13.1	Certification of Chief Executive Officer.7
13.2	Certification of Chief Financial Officer.7
16	Mine Safety Disclosures.7
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Scheme Linkbase Document

No.	Exhibit
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	XBRL Taxonomy Extension Label Linkbase Document
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document

1  Filed as an exhibit to the registration statement on Form 20-F (File No. 001-35785), filed by Sibanye-Stillwater with the Securities and Exchange Commission on 16 January 2013.

2  Filed as an exhibit to the registration statement on Form 20-F (File No. 001-35785), filed by Sibanye-Stillwater with the Securities and Exchange Commission on 1 February 2013.

3  Filed as an exhibit to the annual report on Form 20-F (File No. 001-35785), filed by Sibanye-Stillwater with the Securities and Exchange Commission on 29 April 2014.

4  Filed as an exhibit to the annual report on Form 20-F (File No. 001-35785), filed by Sibanye-Stillwater with the Securities and Exchange Commission on 24 March 2015.

5  Filed as an exhibit to the annual report on Form 20-F (File No. 001-35785), filed by Sibanye-Stillwater with the Securities and Exchange Commission on 21 March 2016.

6  Filed as an exhibit to the annual report on Form 20-F (File No. 001-35785), filed by Sibanye-Stillwater with the Securities and Exchange Commission on 6 April 2017.

7  Filed as an exhibit to the annual report on Form 20-F (File No. 001-35785), filed by Sibanye-Stillwater with the Securities and Exchange Commission on 30 March 2018.

The registrant hereby certifies that it meets all of the requirements for filing on Form 20 F and that it has duly caused and authorised the undersigned to sign this 20-F/A on its behalf.

SIBANYE GOLD LIMITED
/s/ Charl Keyter
Name:	Charl Keyter
Title:	Chief Financial Officer
Date:	27 April 2018

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Document and Entity Information	12 Months Ended
	Dec. 31, 2017 shares
Document and Entity Information [Abstract]
Entity Registrant Name	Sibanye Gold Ltd
Entity Central Index Key	0001561694
Document Type	20-F
Document Period End Date	Dec. 31, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	2,168,721,220
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	FY

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CONSOLIDATED INCOME STATEMENT - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
CONSOLIDATED INCOME STATEMENT
Revenue	R 45,911.6	R 31,240.7	R 22,717.4
Cost of sales	(42,182.4)	(24,751.0)	(20,017.0)
Interest income	415.5	331.4	257.0
Finance expense	(2,971.8)	(903.1)	(561.8)
Share-based payments	(231.9)	(496.2)	(274.4)
Loss on financial instruments	(1,114.4)	(1,032.8)	(229.5)
(Gain)/loss on foreign exchange differences	292.4	219.6	(359.4)
Share of results of equity-accounted investees after tax	291.6	13.3	116.0
Other income	300.0	131.9	125.7
Other costs	(932.7)	(490.6)	(227.9)
Impairments	(4,411.0)	(1,381.1)
Occupational healthcare expense	(1,106.9)
Gain on disposal of property, plant and equipment	40.7	95.4	58.7
Restructuring costs	(729.8)	(187.7)	(104.8)
Transaction costs	(552.1)	(157.0)	(25.7)
Gain on acquisition		2,178.6
Net loss on derecognition of financial guarantee asset and liability			(158.3)
(Loss)/profit before royalties and tax	(6,981.2)	4,811.4	1,316.0
Royalties	(398.5)	(566.6)	(400.6)
(Loss)/profit before tax	(7,379.7)	4,244.8	915.4
Mining and income tax	2,946.6	(1,202.1)	(377.2)
(Loss)/profit for the year	(4,433.1)	3,042.7	538.2
Attributable to:
Owners of Sibanye-Stillwater	(4,437.4)	3,473.3	716.9
Non-controlling interests	R 4.3	R (430.6)	R (178.7)
Earnings per share attributable to owners of Sibanye-Stillwater
Basic earnings per share	R (2.29)	R 2.25	R 0.47
Diluted earnings per share	R (2.29)	R 2.25	R 0.47

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CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME
Profit for the year	R (4,433.1)	R 3,042.7	R 538.2
Other Comprehensive Income - Items that may be reclassified to profit or loss
Foreign currency translation	(632.4)	(131.4)
Mark to Market valuation	5.2
Other comprehensive income, net of tax	(627.2)	(131.4)
Total comprehensive loss/income	(5,060.3)	2,911.3	538.2
Attributable to:
Owners of Sibanye	(5,064.6)	3,341.9	716.9
Non-controlling interests	R 4.3	R (430.6)	R (178.7)

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CONSOLIDATED STATEMENT OF FINANCIAL POSITION - ZAR (R) R in Millions	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
ASSETS
Non-current assets	R 64,067.3	R 34,018.1	R 25,515.0
Property, plant and equipment	51,444.6	27,240.7	22,132.4
Goodwill	6,396.0	936.0	736.7
Equity-accounted investments	2,244.1	2,157.4	167.5
Environmental rehabilitation obligation funds	3,492.4	3,100.5	2,413.9
Other receivables	284.0	355.3	1.3
Deferred tax assets	206.2	228.2	63.2
Current assets	12,004.5	7,703.2	2,750.7
Inventories	3,526.5	676.8	405.9
Trade and other receivables	6,197.6	5,747.9	1,627.4
Other receivables, current	35.2	310.6
Tax receivable	182.8
Cash and cash equivalents	2,062.4	967.9	717.4
Total assets	76,071.8	41,721.3	28,265.7
EQUITIES AND LIABILITIES
Equity attributable to owners of Sibanye	23,978.4	16,451.4	14,875.0
Stated share capital	34,667.0	21,734.6	21,734.6
Other reserves	2,569.0	2,978.8	2,938.2
Accumulated loss	(13,257.6)	(8,262.0)	(9,797.8)
Non-controlling interests	19.8	17.7	109.8
Total equity	23,998.2	16,469.1	14,984.8
Non-current liabilities	43,635.8	18,995.6	7,933.6
Borrowings, non-current	23,992.0	8,221.5	1,808.3
Derivative financial instrument	1,093.5
Environmental rehabilitation obligation	4,678.7	3,982.2	2,411.0
Post-retirement healthcare obligation	11.3	16.3	16.3
Occupational healthcare obligation	1,152.5
Non-current portion of share-based payment obligations	422.2	246.5	136.6
Other payables	3,760.4	1,613.7
Deferred tax liabilities	8,525.2	4,915.4	3,561.4
Total current liabilities	8,437.8	6,256.6	5,347.3
Borrowings, current	1,657.5	752.3	1,995.3
Occupational healthcare obligation, current	0.8
Share-based payment obligations	12.3	235.2	463.0
Trade and other payables	6,690.4	5,180.5	2,759.4
Tax and royalties payable	34.9	88.6	129.6
Other payables, current	41.9
Total equity and liabilities	R 76,071.8	R 41,721.3	R 28,265.7

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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - ZAR (R) R in Millions	Stated share capital	Share-based payment reserve	Mark to market reserve	Foreign currency translation reserve	Accumulated loss	Equity attributable to owners of Sibanye	Non-controlling interests member	Total
Balance at beginning of period at Dec. 31, 2014	R 21,734.6	R 2,819.1			R (9,897.4)	R 14,656.3	R 329.6	R 14,985.9
Comprehensive income					716.9	716.9	(178.7)	538.2
Profit for the year					716.9	716.9	(178.7)	538.2
Share-based payments		119.1				119.1		119.1
Dividends paid					(658.4)	(658.4)		(658.4)
Transaction with non-controlling interests					41.1	41.1	(41.1)
Balance at end of period at Dec. 31, 2015	21,734.6	2,938.2			(9,797.8)	14,875.0	109.8	14,984.8
Comprehensive income				R (131.4)	3,473.3	3,341.9	(430.6)	2,911.3
Profit for the year					3,473.3	3,473.3	(430.6)	3,042.7
Other comprehensive income				(131.4)		(131.4)		(131.4)
Share-based payments		172.0				172.0		172.0
Dividends paid					(1,610.6)	(1,610.6)	(1.3)	(1,611.9)
Acquisition of subsidiary with non-controlling interests							12.9	12.9
Transaction with non-controlling interests					(326.9)	(326.9)	326.9
Balance at end of period at Dec. 31, 2016	21,734.6	3,110.2		(131.4)	(8,262.0)	16,451.4	17.7	16,469.1
Comprehensive income			R 5.2	(632.4)	(4,437.4)	(5,064.6)	4.3	(5,060.3)
Profit for the year					(4,437.4)	(4,437.4)	4.3	(4,433.1)
Other comprehensive income			5.2	(632.4)		(627.2)		(627.2)
Share-based payments		217.4				217.4		217.4
Dividends paid					(558.2)	(558.2)	(2.2)	(560.4)
Rights issue	12,932.4					12,932.4		12,932.4
Balance at end of period at Dec. 31, 2017	R 34,667.0	R 3,327.6	R 5.2	R (763.8)	R (13,257.6)	R 23,978.4	R 19.8	R 23,998.2

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CONSOLIDATED STATEMENT OF CASHFLOWS - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Cash generated by operations	R 7,097.9	R 9,836.3	R 6,130.4
Post-retirement health care payments	(6.4)	(1.2)	(0.1)
Cash-settled share-based payments paid	(433.6)	(1,518.6)	(42.2)
Change in working capital	(522.3)	(237.6)	(668.0)
Total cash generated by operations	6,135.6	8,078.9	5,420.1
Interest received	118.7	112.2	117.3
Interest paid	(2,053.9)	(441.1)	(260.2)
Tax and royalties paid	(899.3)	(1,732.6)	(1,051.7)
Dividends paid	(560.4)	(1,611.9)	(658.4)
Guarantee fee received			9.6
Guarantee release fee			(61.4)
Net cash from operating activities	2,740.7	4,405.5	3,515.3
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to property, plant and equipment	(6,098.8)	(4,151.1)	(3,344.8)
Proceeds from sales of property, plant and equipment	71.3	99.4	65.1
Investment in subsidiaries	(27,386.4)	(5,801.5)
Cash acquired on acquisition of subsidiaries	1,792.2	494.2
Loan advanced to equity-accounted investee	(13.5)	(10.1)	(3.0)
Loan repaid by equity-accounted investee			20.9
Contributions to environmental rehabilitation funds	(114.5)	(74.7)	(77.8)
Proceeds on disposal of Stillwater marketable securities investments acquired	3,605.3
Payment of environmental rehabilitation obligation			(0.3)
Net cash used in investing activities	(28,144.4)	(9,443.8)	(3,339.9)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from shares issued	13,438.5
Transaction costs paid on rights issue shares issued	(506.1)
Loans raised	69,593.8	17,280.5	1,552.0
Loans repaid	(55,719.5)	(11,834.7)	(1,572.9)
Net cash from /(used in) financing activities	26,806.7	5,445.8	(20.9)
Net increase/(decrease) in cash and cash equivalents	1,403.0	407.5	154.5
Effect of exchange rate fluctuations on cash held	(308.5)	(157.0)
Cash and cash equivalents at beginning of year	967.9	717.4	562.9
Cash and cash equivalents at end of year	R 2,062.4	R 967.9	R 717.4

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ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2017

ACCOUNTING POLICY

ACCOUNTING POLICIES

1.  ACCOUNTING POLICIES

The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. Where an accounting policy is specific to a note, the policy is described in the note which it relates to. These policies have been consistently applied to all the periods presented.

1.1  REPORTING ENTITY

Sibanye Gold Limited, trading as Sibanye-Stillwater (Sibanye-Stillwater or the Group), an independent, global, precious metals mining company, produces a mix of metals that includes gold and platinum group metals (PGMs). Domiciled in South Africa, Sibanye-Stillwater currently owns and operates a portfolio of high-quality operations and projects, which are grouped into two regions: the Southern Africa (SA) region and the United States (US) region.

The SA region houses the gold and PGM operations and projects located in South Africa and Zimbabwe. The underground and surface gold mining operations in South Africa are the Driefontein and Kloof operations in the West Witwatersrand (West Wits) region of Gauteng, and the Beatrix operation in the southern Free State. Sibanye-Stillwater also owns and manages significant gold extraction and processing facilities where ore is treated and beneficiated to produce gold doré. In addition, several organic projects currently underway are aimed at sustaining these gold mining operations into the long term. The PGM assets in the SA region are Kroondal (50%), the Rustenburg operations and the tailings retreatment entity, Platinum Mile (91.7%) in North West Province, and Mimosa (50%) in Zimbabwe.

The US region houses the PGM operations and projects located in the US, Canada and Argentina. These include the East Boulder and Stillwater mining operations and the Blitz project in Montana, in the US, and two exploration-stage projects, Marathon, a PGM-copper porphyry in Ontario, Canada, and Altar, a copper-gold property in San Juan, Argentina. The assets in this region also include the Columbus Metallurgical complex in Montana. This complex houses the concentrator and smelter facilities as well as a base metal refinery which produces a PGM-rich filter cake that is further refined by a third-party precious metal refinery. These processing and metallurgical facilities are also used to process recycled material such as spent autocatalytic convertors and petroleum refinery catalysts.

1.2  BASIS OF PREPARATION

The consolidated financial statements for the year ended 31 December 2017 have been prepared on a going concern basis in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board, the South African Institute of Chartered Accountants Financial Reporting Guides issued by the Accounting Practices Committee and Financial Reporting Pronouncements issued by the Financial Reporting Standards Council, as well as the requirements of the South African Companies Act and JSE Listings Requirements. The consolidated annual financial statements have been prepared under the historical cost convention, except for financial assets and financial liabilities (including derivative instruments) which are measured at fair value through profit or loss or through the mark to market reserve in equity.

STANDARDS, INTERPRETATIONS AND AMENDMENTS TO PUBLISHED STANDARDS EFFECTIVE FOR THE YEAR ENDED 31 DECEMBER 2017

During the financial year, the following new and revised accounting standards and amendments to standards became effective and had no significant impact on the Group’s financial statements:

Pronouncement	Details of amendments	Effective date
IFRS 12 Disclosure of Interests in Other Entities (Amendment)	Annual Improvements 2014-2016 Cycle Clarification of the scope of IFRS 12 with respect to interests in entities classified as held for sale in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations.	1 January 2017
IAS 7 Statement of Cash Flows (Amendment)	Disclosure Initiative Amendments requiring entities to disclose information about changes in their financing liabilities.	1 January 2017
IAS 12 Income Taxes (Amendment)	Recognition of Deferred Tax Assets for Unrealised Losses Narrow-scope amendment to clarify the requirements on recognition of deferred tax assets for unrealised losses on debt instruments measured at fair value.	1 January 2017

STANDARDS, INTERPRETATIONS AND AMENDMENTS TO PUBLISHED STANDARDS WHICH ARE NOT YET EFFECTIVE

Certain new standards, amendments and interpretations to existing standards have been published that apply to the Group’s accounting periods beginning on or after 1 January 2018 but have not been early adopted by the Group. The standards, amendments and interpretations that are applicable to the Group are:

Pronouncement	Details of amendments and estimated impact	Effective date1
IFRS 2 Share-based payment (Amendment)2	Classification and Measurement of Share-based Payment Transactions: A collection of three distinct narrow-scope amendments dealing with classification and measurement of share-based payments. The amendments address:  The effects of vesting conditions on the measurement of a cash-settled share-based payment;  The accounting requirements for a modification to the terms and conditions of a share-based payment that changes the classification of the transaction from cash-settled to equity-settled; and  The classification of share-based payment transactions with net settlement features.	1 January 2018
IFRS 3 Business Combinations (Amendment)2	Annual Improvements 2015-2017 Cycle Clarification that when an entity obtains control of a business that is a joint operation, it is required to remeasure previously held interests in that business.	1 January 2019
IFRS 9 Financial Instruments (New standard)	IFRS 9 arises from a three-part project to replace IAS 39 Financial Instruments: Recognition and Measurement. IFRS 9 addresses the classification, measurement and derecognition of financial assets and financial liabilities, introduces new rules for hedge accounting, and a new impairment model for financial assets. The Group performed an assessment of the impact of adoption of IFRS 9 calculated that it had no significant impact on its statement of financial position. The new standard also introduces expanded disclosure requirements and changes in presentation. These will change the nature and extent of the Group’s disclosures about its financial instruments which will be provided in the financial statements for the year ending 31 December 2018.	1 January 2018
IFRS 9 Financial instruments (Amendment)	Prepayment Features with Negative Compensation The narrow-scope amendment allows companies to measure particular prepayable financial assets with negative compensation at amortised cost or at fair value through other comprehensive income if a specified condition is met.	1 January 2019
IFRS 11 Disclosure of Interest in Other Entities (Amendment)2	Annual Improvements 2015-2017 Cycle Clarification that when an entity obtains joint control of a business that is a joint operation, the entity does not remeasure previously held interests in that business.	1 January 2019
IFRS 15 Revenue from Contracts with Customers (New standard)	IFRS 15 will supersede the current revenue recognition guidance including IAS 18 Revenue, IAS 11 Construction Contracts and the related interpretation when it becomes effective. IFRS 15 establishes a single comprehensive five-step model to account for revenue arising from contracts with customers and is based on the core principle that revenue is recognised when control of a good or service transfers to a customer. The Group assessed the “new” recognition of its gold, PGM and chrome sales. There will not be any adjustment as of 1 January 2018 due to the transition to IFRS 15.	1 January 2018
IFRS 16 Leases (New standard)	IFRS 16 replaces the previous lead standard IAS 17 Leases and related interpretations. IFRS 16 has one model for lessees which will result in almost all leases being recognised on balance sheet as the distinction between operating and finance leases is removed. The only exceptions are short-term and low-value leases. At the commencement date of a lease, a lessee will recognise a liability to make lease payments (i.e. the lease liability) and an asset representing the right to use the underlying asset during the lease term (i.e. the right-of-use asset). Lessees also will be required to remeasure the lease liability upon the occurrence of certain events (e.g. a change in the lease term, a change in future lease payments resulting from a change in an index or rate used to determine those payments). The lessee will generally recognise the amount of the remeasurement of the lease liability as an adjustment to the right-of-use asset. In 2017, the Group assembled a project team to begin the process of assessing the impact of the leases standard. The project team has developed its project plan, established a steering committee, identified key stakeholders, high level education sessions have been completed and the process has begun to gather more information (through the use of interviews and questionnaires) with respect to the population of procurement contracts that will need to be assessed in light of the new requirements. In 2018, the Group plans to continue to assess the potential effect of IFRS 16 on its consolidated financial statements. An area of specific focus already identified relates to certain service contracts which may fall in the scope of IFRS 16. The Group does not intend to adopt IFRS 16 before the effective date.	1 January 2019
IAS 12 Income Taxes (Amendment)2	Annual Improvements 2015-2017 Cycle Clarification that all income tax consequences of dividends should be recognised in profit or loss, regardless how the tax arises.	1 January 2019
IAS 19 Employee Benefits (Amendment)2	Plan Amendment, Curtailment or Settlement The amendments require an entity to use the updated assumptions from a remeasurement net defined benefit liability or asset resulting from a plan amendment, curtailment or settlement to determine current service cost and net interest for the remainder of the reporting period after the change to the plan.	1 January 2019
IAS 23 Borrowing Costs (Amendment)  2	Annual Improvements 2015-2017 Cycle The amendments clarify that if any specific borrowing remains outstanding after the related asset is ready for its intended use or sale, that borrowing becomes part of the funds that an entity borrows generally when calculating the capitalisation rate on general borrowings.	1 January 2019
IAS 28 Investments in Associates and Joint Ventures (Amendment)2	Annual Improvements 2014-2016 Cycle Clarification that a venture capital organisation, or a mutual fund, unit trust and similar entities may elect, at initial recognition, to measure investments in an associate or joint venture at fair value through profit or loss separately for each associate or joint venture.	1 January 2018
IAS 28 Investments in Associates and Joint Ventures (Amendment)2	Long-term interest in Associates and Joint Ventures Clarification provided that an entity should apply IFRS 9 to long-term interests in an associate or joint venture that form part of the net investment in the associate or joint venture but to which the equity method is not applied.	1 January 2019
IFRIC 22 Foreign Currency Transactions and Advance Consideration2	This interpretation addresses the exchange rate to use in transactions that involve advance consideration paid or received in a foreign currency.	1 January 2018
IFRIC 23 Uncertainty over Income Tax Treatments	The interpretation specifies how an entity should reflect the effects of uncertainties in accounting for income taxes.	1 January 2019

1 Effective date refers to annual period beginning on or after said date

2 No impact

SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES

Use of estimates: The preparation of the financial statements requires the Group’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. The determination of estimates requires the exercise of judgement based on various assumptions and other factors such as historical experience, current and expected economic conditions, and in some cases valuation techniques. Actual results could differ from those estimates.

The more significant areas requiring the use of management estimates and assumptions relate to Mineral Reserves (that are the basis of future cash flow estimates and unit-of-production depreciation and amortisation calculations, impairments, and reversal of impairments); revenue recognition; deferred tax; joint arrangements; write-downs of inventory to net realisable value; borrowings; environmental, reclamation and closure obligations; occupational healthcare obligation and contingent liabilities.

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the financial period are discussed under the relevant note of the item affected.

1.3  CONSOLIDATION

The Sibanye-Stillwater group structure is not presented and can be found in the annual report on Form 20-F (File No. 001-35785), filed by Sibanye-Stillwater with the Securities and Exchange Commission on 30 March 2018.

1  The non-controlling interests in the statement of changes in equity relates to the attributable share of accumulated profits of the Newshelf 1114 Proprietary Limited (Newshelf 1114) group, Goldfields Technical Security Management Proprietary Limited (GTSM) and Platinum Mile Resources Proprietary Limited (Platinum Mile) (refer to note 23).

2 Witwatersrand Consolidated Gold Resources Proprietary Limited (Wits Gold) has ceded and pledged its shares in K2013164354 Proprietary Limited (K2013) (a dormant entity) and K2013 has ceded and pledged it shares in Sibanye Gold Eastern Operations Proprietary Limited (SGEO) in favour of the lenders of the Burnstone Debt (refer to note 24.6).

3 Rand Uranium Proprietary Limited (Rand Uranium) and Ezulwini Mining Company Proprietary Limited (Ezulwini) together own a number of underground and surface mining operations. These operations report to the Group’s chief operating decision maker (the Executive Committee) as a separate segment, namely Cooke.

4 In terms of the Aquarius Transaction (refer to note 13.3) Sibanye-Stillwater acquired all of the shares in Aquarius Platinum Limited (Aquarius), and Sibanye Platinum Bermuda Proprietary Limited and Aquarius were amalgamated. Aquarius’ ownership in its subsidiaries remained unchanged.

5 In terms of the Rustenburg operations Transaction (refer to note 13.2) a 26% stake in Sibanye Rustenburg Platinum Mines Proprietary Limited (SRPM) was acquired through Newshelf 1335 Proprietary Limited (BBBEE SPV). The shareholders of BBBEE SPV are Rustenburg Mine Employees Trust (30.4%), Rustenburg Mine Community Development Trust (24.8%) Bakgatla-Ba-Kgafela Investment Holdings (24.8%) and Siyanda Resources Proprietary Limited (20.0%). The Rustenburg Mine Employees Trust and the Rustenburg Mine Community Development Trust are controlled and consolidated by Sibanye-Stillwater.

6  The Group has no current or contractual obligation to provide financial support to any of its structured entities.

SUBSIDIARIES

Subsidiaries are all entities over which the Group exercises control. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are consolidated from the date on which control is obtained by the Group until the date on which control ceases.

Inter-company transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.

TRANSACTIONS WITH SHAREHOLDERS OF SIBANYE-STILLWATER

Transactions with owners in the capacity as equity participants are not recognised in profit or loss, but instead are recognised in equity with a corresponding change in assets or liabilities.

1.4  FOREIGN CURRENCIES

FUNCTIONAL AND PRESENTATION CURRENCY

Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The consolidated financial statements are presented in South African rand, which is the Group’s presentation currency.

TRANSACTIONS AND BALANCES

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities are translated into the functional currency at each reporting date. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies, are recognised in profit or loss.

FOREIGN OPERATIONS

The results and financial position of all the Group entities (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows:

· Assets and liabilities are translated at the exchange rate ruling at the reporting date. Equity items are translated at historical rates. The income and expenses are translated at the average exchange rate for the year, unless this average was not a reasonable approximation of the rates prevailing on the transaction dates, in which case these items were translated at the rate prevailing on the date of the transaction. Exchange differences on translation are accounted for in other comprehensive income. These differences will be recognised in profit or loss upon realisation of the underlying operation.

· On consolidation, exchange differences arising from the translation of the net investment in foreign operations (i.e. the reporting entity’s interest in the net assets of that operation), and of borrowings and other currency instruments designated as hedges of such investments, are taken to other comprehensive income. When a foreign operation is sold, exchange differences that were recorded in other comprehensive income are recognised in profit or loss as part of the gain or loss on disposal. If the Group disposes of part of its interest in a subsidiary but retains control, then the relevant proportion of the cumulative amount is reattributed to non-controlling interests. When the Group disposes of only part of an associate or joint venture while retaining significant influence or joint control, the relevant proportion of the cumulative amount is reclassified to profit or loss.

· Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and are translated at each reporting date at the closing rate.

1.5  COMPARATIVES

Where necessary comparative periods may be adjusted to conform to changes in presentation.

During 2017, the effective date tax valuation was finalised by the Department of Mineral Resources (DMR) and the South African Revenue Services resulting in an increase of R249.4 million in the deferred tax liabilities recognised on acquisition of the Rustenburg operations (refer to note 13.2) and a corresponding decrease in the gain on bargain purchase. The valuation also had an impacted on the deductibility of expenses and taxability of income for the two months ended 31 December 2016, resulting in a decrease of R41.1 million in deferred tax and an increase of R20.0 million in royalties (refer to note 9.1 and 9.2). The consolidated financial statements for the year ended 31 December 2016 (comparatives) have been revised retrospectively in terms of IFRS 3 to reflect the adjustment of initial accounting.

On 14 June 2017, Sibanye-Stillwater raised capital of R12,962.5 million from a rights issue (refer to note 22), when 1,195,787,294 ordinary shares were issued with 9 new ordinary shares issued for every 7 existing ordinary share held. The earnings per share (EPS) calculations have been adjusted retrospectively as required by IAS 33 Earnings per Share. For the calculation of the EPS, the number of shares held prior to 14 June 2017 has been adjusted by a factor of 1.53 to reflect the bonus element of the rights issue.

On 29 August 2017 and 21 February 2018, the Board approved capitalisation issues in the form of 2 (two) and 4 (four) ordinary shares, respectively, for every 100 ordinary shares held. The EPS calculations have been adjusted retrospectively as required by IAS 33.

.

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SEGMENT REPORTING

12 Months Ended

Dec. 31, 2017

SEGMENT REPORTING

SEGMENT REPORTING

2.  SEGMENT REPORTING

ACCOUNTING POLICY

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker and is based on individual mining operations. The chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the executive management team that makes strategic decisions.

CONCENTRATION OF CUSTOMERS

SA gold – Revenue by customer

The concentration of customers graphs for the SA gold, SA PGM and US PGM operations are not presented and can be found in the annual report on Form 20-F (File No. 001-35785), filed by Sibanye-Stillwater with the Securities and Exchange Commission on 30 March 2018.

SA PGM – Revenue by customer

The concentration of customers graphs for the SA gold, SA PGM and US PGM operations are not presented and can be found in the annual report on Form 20-F (File No. 001-35785), filed by Sibanye-Stillwater with the Securities and Exchange Commission on 30 March 2018.

US PGM – Revenue by customer

The concentration of customers graphs for the SA gold, SA PGM and US PGM operations are not presented and can be found in the annual report on Form 20-F (File No. 001-35785), filed by Sibanye-Stillwater with the Securities and Exchange Commission on 30 March 2018.

Figures in million - SA rand	Group	Total SA Region	Total SA Gold	Drie-fontein	Kloof	Beatrix	Cooke	Corporate and re- conciling ite	Total SA PGM	Kroondal	Platinum Mile	Mimosa	Rustenburg Operations	Corporate and re- conciling ite	Total US Region Stillwater
31 December 2017
Revenue	45,911.6	36,750.0	23,473.6	8,076.9	8,845.1	4,875.8	1,676.5	(0.7)	13,276.4	2,861.5	194.1	1,687.7	10,220.8	(1,687.7)	9,161.6
Underground	37,790.3	33,168.0	21,143.2	7,148.1	7,985.3	4,753.1	1,257.4	(0.7)	12,024.8	2,861.5	-	1,687.7	9,163.3	(1,687.7)	4,622.3
Surface	3,582.0	3,582.0	2,330.4	928.8	859.8	122.7	419.1	-	1,251.6	-	194.1	-	1,057.5	-	-
Recycling	4,539.3	-	-	-	-	-	-	-	-	-	-	-	-	-	4,539.3
Cost of sales, before amortisation and depreciation	(36,482.7)	(29,471.0)	(17,879.2)	(6,203.5)	(5,762.7)	(3,952.5)	(1,960.5)	-	(11,591.8)	(2,395.9)	(129.8)	(1,200.5)	(9,066.1)	1,200.5	(7,011.7)
Underground	(29,345.3)	(26,710.5)	(16,032.2)	(5,488.9)	(5,109.5)	(3,852.1)	(1,581.7)	-	(10,678.3)	(2,395.9)	-	(1,200.5)	(8,282.4)	1,200.5	(2,634.8)
Surface	(2,760.5)	(2,760.5)	(1,847.0)	(714.6)	(653.2)	(100.4)	(378.8)	-	(913.5)	-	(129.8)	-	(783.7)	-	-
Recycling	(4,376.9)	-	-	-	-	-	-	-	-	-	-	-	-	-	(4,376.9)
Amortisation and depreciation	(5,699.7)	(4,268.3)	(3,507.5)	(1,126.5)	(1,404.5)	(696.2)	(256.4)	(23.9)	(760.8)	(239.0)	(2.6)	(211.7)	(514.7)	207.2	(1,431.4)
Interest income	415.5	363.7	205.7	77.6	71.1	18.4	12.5	26.1	158.0	57.0	2.1	8.8	96.6	(6.5)	51.8
Finance expense	(2,971.8)	(1,517.7)	(1,182.2)	(220.9)	(246.9)	(128.4)	(76.7)	(509.3)	(335.5)	(90.7)	-	(10.0)	(244.9)	10.1	(1,454.1)
Share-based payments	(231.9)	(227.0)	(227.0)	(2.8)	(1.8)	(1.3)	-	(221.1)	-	-	-	-	-	-	(4.9)
Net other costs3	(1,163.1)	(1,132.7)	10.4	(8.5)	(14.5)	(48.0)	(320.3)	401.7	(1,143.1)	(216.4)	(11.9)	23.2	(934.9)	(3.1)	(30.4)
Non-underlying items4	(6,759.1)	(6,688.2)	(6,535.8)	(74.9)	(50.4)	(675.3)	(3,664.7)	(2,070.5)	(152.4)	(9.0)	-	-	(134.9)	(8.5)	(70.9)
Royalties	(398.5)	(398.5)	(325.3)	(77.8)	(189.3)	(44.5)	(13.7)	-	(73.2)	(5.6)	-	(60.4)	(67.6)	60.4	-
Current taxation	(504.2)	(405.3)	(385.4)	(14.8)	(350.1)	(12.4)	-	(8.1)	(19.9)	-	(9.3)	(59.3)	(10.0)	58.7	(98.9)
Deferred taxation	3,450.8	533.8	549.2	(12.0)	61.4	245.3	1.5	253.0	(15.4)	(24.8)	(4.3)	(2.8)	12.7	3.8	2,917.0
Loss for the year	(4,433.1)	(6,461.2)	(5,803.5)	412.8	957.4	(419.1)	(4,601.8)	(2,152.8)	(657.7)	(62.9)	38.3	175.0	(643.0)	(165.1)	2,028.1
Attributable to:														-
Owners of the parent	(4,437.4)	(6,465.5)	(5,804.6)	412.8	957.4	(419.1)	(4,601.8)	(2,153.9)	(660.9)	(62.9)	35.1	175.0	(643.0)	(165.1)	2,028.1
Non-controlling interest holders	4.3	4.3	1.1	-	-	-	-	1.1	3.2	-	3.2	-	-	-	-
Adjusted EBITDA	9,045.1	6,902.5	5,308.5	1,841.0	3,044.5	910.0	(527.4)	40.4	1,594.0	430.9	51.7	521.4	1,112.9	(522.9)	2,142.6
Sustaining capital expenditure	(1,325.6)	(1,098.7)	(531.1)	(235.0)	(210.2)	(63.1)	(8.5)	(14.3)	(567.6)	(190.5)	(11.0)	(222.5)	(366.1)	222.5	(226.9)
Ore reserve development	(3,291.6)	(2,753.0)	(2,288.0)	(876.1)	(876.2)	(482.0)	(53.7)	-	(465.0)	-	-	-	(465.0)	-	(538.6)
Growth projects	(1,481.6)	(593.3)	(591.0)	(44.4)	(147.1)	(0.5)	(11.7)	(387.3)	(2.3)	-	(2.3)	-	-	-	(888.3)
Total capital expenditure	(6,098.8)	(4,445.0)	(3,410.1)	(1,155.5)	(1,233.5)	(545.6)	(73.9)	(401.6)	(1,034.9)	(190.5)	(13.3)	(222.5)	(831.1)	222.5	(1,653.8)

1 Corporate and reconciling items represents the items to reconcile segment data to consolidated financial statement totals. This does not represent a separate segment as it does not generate mining revenue.

2 Stillwater’s performance is for eight months ended 31 December 2017 since acquisition (refer to note 13.1).

3 Net other costs consists of loss on financial instruments, gain on foreign exchange differences, other income and other costs as detailed in profit or loss. Corporate and reconciling items net other costs includes the share of results equity-accounted investees after tax as detailed in profit or loss.

4 Non-underlying items consists of impairments, occupational healthcare expense, gain on disposal of property, plant and equipment, restructuring costs and transaction costs as detailed in profit or loss.

Figures in million - SA rand	Group Total SA Region	Total SA Gold	Driefontein	Kloof	Beatrix	Cooke	Corporate and re- conciling items2	Total SA PGM	Kroondal3	Platinum Mile	Mimosa3	Rustenburg Operations	Corporate and re- conciling items2
31 December 2016 (Revised)1
Revenue	31,240.7	27,501.3	9,401.1	8,890.9	5,883.9	3,362.2	(36.8)	3,739.4	1,973.3	131.1	1,223.2	1,656.0	(1,244.2)
Underground	28,026.5	24,608.4	8,105.3	8,012.6	5,626.9	2,900.4	(36.8)	3,418.1	1,973.3	-	1,223.2	1,465.8	(1,244.2)
Surface	3,214.2	2,892.9	1,295.8	878.3	257.0	461.8	-	321.3	-	131.1	-	190.2	-
Cost of sales, before amortisation and depreciation	(20,709.1)	(17,346.0)	(5,566.6)	(5,041.0)	(3,753.4)	(2,985.0)	-	(3,363.1)	(1,689.8)	(90.8)	(969.0)	(1,582.5)	969.0
Underground	(18,800.6)	(15,655.1)	(4,852.1)	(4,609.4)	(3,567.4)	(2,626.2)	-	(3,145.5)	(1,689.8)	-	(969.0)	(1,455.7)	969.0
Surface	(1,908.5)	(1,690.9)	(714.5)	(431.6)	(186.0)	(358.8)	-	(217.6)	-	(90.8)	-	(126.8)	-
Amortisation and depreciation	(4,041.9)	(3,814.7)	(1,012.9)	(1,190.7)	(818.0)	(770.8)	(22.3)	(227.2)	(162.9)	(1.2)	(223.7)	(58.6)	219.2
Interest income	331.4	289.6	70.8	62.3	34.1	32.5	89.9	41.8	34.6	(9.0)	0.5	8.2	7.5
Finance expense	(903.1)	(806.2)	(143.1)	(156.0)	(77.6)	(75.8)	(353.7)	(96.9)	(70.6)	-	(11.2)	(26.2)	11.1
Share-based payments	(496.2)	(255.9)	(16.5)	(13.7)	(9.1)	-	(216.6)	(240.3)	-	-	-	-	(240.3)
Net other costs5	(1,158.6)	(1,029.3)	(226.1)	(187.9)	(170.5)	(115.0)	(329.8)	(129.3)	(1.2)	(0.6)	187.7	(92.2)	(223.0)
Non-underlying items6	548.2	(1,548.5)	(20.8)	15.7	(12.6)	(1,423.9)	(106.9)	2,096.7	(1.3)	-	-	2,105.2	(7.2)
Royalties	(566.6)	(528.0)	(204.8)	(194.3)	(113.2)	(15.7)	-	(38.6)	(10.2)	-	(82.9)	(28.3)	82.8
Current taxation	(1,111.8)	(1,111.3)	(472.3)	(422.0)	(223.0)	(1.1)	7.1	(0.5)	-	-	(22.8)	-	22.3
Deferred taxation	(90.3)	(164.5)	(64.3)	(148.5)	19.4	35.3	(6.4)	74.2	16.9	(11.6)	13.1	68.1	(12.3)
Profit for the year	3,042.7	1,186.5	1,744.5	1,614.8	760.0	(1,957.3)	(975.5)	1,856.2	88.8	17.9	114.9	2,049.7	(415.1)
Attributable to:													-
Owners of the parent	3,473.3	1,619.4	1,744.5	1,614.8	760.0	(1,523.5)	(976.4)	1,853.9	88.8	15.6	114.9	2,049.7	(415.1)
Non-controlling interest holders	(430.6)	(432.9)	-	-	-	(433.8)	0.9	2.3	-	2.3	-	-	-
Adjusted EBITDA	10,270.4	9,920.1	3,782.5	3,800.7	2,085.9	290.1	(39.1)	350.3	262.9	39.6	446.7	76.7	(475.6)
Sustaining capital expenditure	(1,010.5)	(683.5)	(218.5)	(261.2)	(84.8)	(48.9)	(70.1)	(327.0)	(175.8)	(1.3)	(159.8)	(148.7)	158.6
Ore reserve development	(2,394.4)	(2,394.4)	(779.0)	(912.9)	(542.9)	(159.6)	-	-	-	-	-	-	-
Growth projects	(746.3)	(746.3)	(54.1)	(130.1)	(0.7)	(40.7)	(520.7)	-	-	-	-	-	-
Total capital expenditure	(4,151.2)	(3,824.2)	(1,051.6)	(1,304.2)	(628.4)	(249.2)	(590.8)	(327.0)	(175.8)	(1.3)	(159.8)	(148.7)	158.6

1 Subsequent to the successful integration of the US PGM operations, management has included the corporate and reconciling items directly attributable to the SA PGM operations in the respective operating segments, in line with how the information from these segments is reviewed by and reported to the executive management team. The comparative segment reporting for the year ended 31 December 2016 has been revised to conform to the current presentation.

2 Corporate represents the items to reconcile segment data to consolidated financial statement totals. This does not represent a separate segment as it does not generate mining revenue.

3 The performance of Kroondal, Platinum Mile, and Mimosa is for the nine months ended 31 December 2016 since acquisition (refer to note 13.3). The Mimosa segment information reflects the financial information provided to the chief operating decision maker. In the consolidated financial statements this operating segment is accounted for using the equity method which differs from the measures used by the chief operating decision maker.

4 Rustenburg operations’ performance is for two months ended 31 December 2016 since acquisition (refer to note 13.2).

5 Net other costs consists of loss on financial instruments, gain on foreign exchange differences, other income and other costs as detailed in profit or loss. Corporate and reconciling items net other costs includes the share of results of equity-accounted investees after tax as detailed in profit or loss.

6 Non-underlying items consists of impairments, gain on disposal of property, plant and equipment, restructuring costs, transaction costs and gain on acquisition as detailed in profit or loss.

Figures in million - SA rand	Group Total SA Gold	Driefontein	Kloof	Beatrix	Cooke	Corporate and reconciling items1
31 December 2015
Revenue	22,717.4	8,236.0	6,691.4	4,815.5	2,974.5	-
Underground	20,515.0	7,284.1	6,112.8	4,555.7	2,562.4	-
Surface	2,202.4	951.9	578.6	259.8	412.1	-
Cost of sales, before amortisation and depreciation	(16,380.4)	(5,234.2)	(4,777.2)	(3,391.0)	(2,978.0)	-
Underground	(14,940.8)	(4,681.2)	(4,454.9)	(3,184.5)	(2,620.2)	-
Surface	(1,439.6)	(553.0)	(322.3)	(206.5)	(357.8)	-
Amortisation and depreciation	(3,636.6)	(1,142.6)	(1,029.3)	(739.4)	(704.6)	(20.7)
Interest income	257.0	67.5	50.6	31.3	27.1	80.5
Finance expense	(561.8)	(147.7)	(150.1)	(57.2)	(61.3)	(145.5)
Share-based payments	(274.4)	(35.1)	(27.6)	(23.5)	-	(188.2)
Net other costs2	(575.1)	(77.9)	(60.4)	(47.3)	(30.1)	(359.4)
Non-underlying items3	(230.1)	(2.9)	7.2	(8.4)	(31.8)	(194.2)
Royalties	(400.6)	(196.8)	(98.4)	(88.7)	(16.7)	-
Current taxation	(696.7)	(430.8)	(97.4)	(153.4)	-	(15.1)
Deferred taxation	319.5	53.4	0.9	18.0	122.0	125.2
Profit for the year	538.2	1,088.9	509.7	355.9	(698.9)	(717.4)
Attributable to:
Owners of the parent	716.9	1,088.9	509.7	355.9	(519.9)	(717.7)
Non-controlling interest holders	(178.7)	-	-	-	(179.0)	0.3
Adjusted EBITDA	6,234.9	2,934.4	1,865.1	1,389.1	(21.7)	67.9
Sustaining capital expenditure	(668.9)	(249.2)	(225.6)	(86.1)	(92.9)	(15.1)
Ore reserve development	(2,304.9)	(727.0)	(840.6)	(510.4)	(226.9)	-
Growth projects	(371.0)	(18.0)	(63.7)	-	(17.6)	(271.7)
Total capital expenditure	(3,344.8)	(994.2)	(1,129.9)	(596.5)	(337.4)	(286.8)

1 Corporate represents the items to reconcile segment data to consolidated financial statement totals. This does not represent a separate segment as it does not generate mining revenue.

2 Net other costs consists of loss on financial instruments, loss on foreign exchange differences, other income and other costs as detailed in profit or loss. Corporate and reconciling net other costs includes the share of results of equity-accounted investees after tax as detailed in profit or loss.

3 Non-underlying items consists of gain on disposal of property, plant and equipment, restructuring costs, transaction costs and net loss on derecognition of financial guarantee asset and liability as detailed in profit or loss.

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REVENUE

12 Months Ended

Dec. 31, 2017

REVENUE.

REVENUE

3.  REVENUE

SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES

The determination of PGM concentrate sales revenue from the time of initial recognition of the sale on a provisional basis through to final pricing requires management to continuously re-estimate the fair value of the price adjustment feature. Management determines this with reference to estimated forward prices using consensus forecasts.

ACCOUNTING POLICY

Revenue is recognised to the extent that it is probable that economic benefits will flow to the Group and the amount of revenue can be reliably measured.

Revenue arising from gold sales is recognised at the fair value of the consideration received or receivable, once the significant risks and rewards of ownership have passed to the buyer. These criteria are typically met when the gold is delivered to the refinery. The price of gold is determined by market forces.

Revenue arising from PGM concentrate and metal sales is recognised when risks and rewards of ownership of the mine product are passed to the buyer pursuant to a sales contract. The sales price is determined on a provisional basis at the date of delivery. Adjustments to the sale price occur based on movements in the metal market price up to the date of final pricing. Final pricing is based on the monthly average market price in the month of settlement. The period between provisional invoicing and final pricing is typically between two and four months. Revenue on provisionally priced sales is initially recorded at the estimated fair value of the consideration receivable. The revenue adjustment mechanism embedded within provisionally priced sales arrangements has the characteristics of a commodity derivative. Accordingly, the fair value of the final sales price adjustment is re-estimated continuously and changes in fair value recognised as an adjustment to revenue in profit or loss and trade receivables in the statement of financial position. In all cases, fair value is determined with reference to estimated forward prices using consensus forecasts.

Revenue arising from PGM recycling consists of the sales of recycled palladium, platinum and rhodium derived from spent catalytic material. Revenue arising from PGM recycling revenue also includes revenue from toll processing, which is recognised at the time the contained metals are returned to the supplier at a third party refinery.

Figures in million - SA rand	2017	2016	2015
Revenue from:
Gold mining activities	23,473.6	27,501.3	22,717.4
PGM mining activities	17,898.7	3,739.4	-
Recycling activities	4,539.3	-	-
Total revenue	45,911.6	31,240.7	22,717.4

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COST OF SALES

12 Months Ended

Dec. 31, 2017

COST OF SALES.

COST OF SALES

4.  COST OF SALES

ACCOUNTING POLICY

The following accounting policies relates to some costs that are included in cost of sales:

Short-term employee benefits

Short-term employee benefits are expensed as the related service is provided. A liability is recognised for the amount expected to be paid if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be reliably estimated.

Pension and provident funds

The Group operates a defined contribution retirement plan and contributes to a number of industry-based defined contribution retirement plans. The retirement plans are funded by payments from employees and Group companies.

Contributions to defined contribution funds are expensed as incurred.

Figures in million - SA rand	Notes	2017	2016	2015
Salaries and wages		(15,323.0)	(9,276.1)	(7,345.0)
Consumable stores	19	(8,789.4)	(5,243.2)	(3,995.7)
Utilities		(4,930.1)	(3,709.0)	(3,128.2)
Mine contracts		(2,956.9)	(2,105.3)	(1,457.9)
Recycling		(4,376.9)	-	-
Other		(3,398.0)	(2,769.9)	(2,758.5)
Ore reserve development costs capitalised	12	3,291.6	2,394.4	2,304.9
Cost of sales, before amortisation and depreciation		(36,482.7)	(20,709.1)	(16,380.4)
Amortisation and depreciation	12	(5,699.7)	(4,041.9)	(3,636.6)
Total cost of sales		(42,182.4)	(24,751.0)	(20,017.0)

The SA region employees are members of various defined contribution retirement plans. The cost of providing retirement benefits for the year amounted to R959.9 million(2016: R626.0 million and 2015: R691.1 million).

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FINANCE EXPENSE

12 Months Ended

Dec. 31, 2017

FINANCE EXPENSE

FINANCE EXPENSE

5.  FINANCE EXPENSE

ACCOUNTING POLICY

Finance expense comprises interest on borrowings, environmental rehabilitation obligation, occupational healthcare obligation and Deferred Payment and offset by borrowing costs capitalised on qualifying assets.

Interest payable on borrowings is recognised in profit or loss over the term of the borrowings using the effective interest method. Cash flows from interest paid are classified under operating activities in the statement of cash flows.

Figures in million - SA rand	Notes	2017	2016	2015
Interest charge on:
Borrowings - interest paid	24	(2,091.9)	(427.5)	(247.9)
Borrowings - accrued interest and unwinding of amortised cost	24	(251.8)	(141.4)	(102.3)
Environmental rehabilitation obligation	25	(357.1)	(291.4)	(197.9)
Occupational healthcare obligation	26	(46.4)	-	-
Deferred payment	18.2	(148.2)	(24.1)	-
Other		(76.4)	(18.7)	(13.7)
Total finance expense		(2,971.8)	(903.1)	(561.8)

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SHARE-BASED PAYMENTS

12 Months Ended

Dec. 31, 2017

SHARE-BASED PAYMENTS

SHARE-BASED PAYMENTS

6.  SHARE-BASED PAYMENTS

ACCOUNTING POLICY

The Group operates an equity-settled compensation plan in which certain employees of the Group participate. The fair value of the equity-settled instruments is measured by reference to the fair value of the equity instrument granted.

Fair value is based on market prices of the equity-settled instruments granted, if available, taking into account the terms and conditions upon which those equity-settled instruments were granted. Fair value of equity-settled instruments granted is estimated using appropriate valuation models and appropriate assumptions at the grant date. Non-market vesting conditions (service period prior to vesting) are not taken into account when estimating the fair value of the equity-settled instruments at grant date. Market conditions are taken into account in determining the fair value at grant date.

The grant date fair value of the equity-settled instruments is recognised as an employee benefit expense over the vesting period based on the Group’s estimate of the number of instruments that will eventually vest, with a corresponding increase in the share-based payment reserve. Vesting assumptions for non-market conditions are reviewed at each reporting date to ensure they reflect current expectations.

The Group also operates a cash-settled compensation plan in which certain employees of the Group participate. In terms of the Rustenburg operations acquisition, the Group issued cash-settled instruments to black economic empowerment (BEE) shareholders. The grant date fair value of the cash-settled instruments is equal to the value of the equity-settled instrument granted on the same grant date.

The grant date fair value of the cash-settled instruments is recognised as an employee benefit expense or share-based payment on BEE transaction over the vesting period based on the Group’s estimate of the number of instruments that will eventually vest, with a corresponding increase in the share-based payment obligation. At each reporting date the obligation is remeasured to the fair value of the instrument, to reflect the potential outflow of cash resources to settle the liability, with a corresponding adjustment to gain or loss on financial instrument in profit or loss. Vesting assumptions for non-market conditions are reviewed at each reporting date to ensure they reflect current expectations.

Where the terms of an equity-settled or a cash-settled award are modified, the originally determined expense is recognised as if the terms had not been modified. In addition, an expense is recognised for any modification, which increases the total fair value of the share-based payment arrangement, or is otherwise beneficial to the participant as measured at the date of the modification.

Figures in million - SA rand	Notes	2017	2016	2015
Sibanye 2017 Share Plan	6.1	(9.0)	-	-
Performance shares		(9.0)	-	-
Sibanye Gold Limited 2013 Share Plan	6.2	(208.4)	(172.1)	(119.1)
Performance shares		(186.3)	(145.5)	(96.2)
Bonus shares		(22.1)	(26.6)	(22.9)
Sibanye Gold Limited Phantom Share Scheme	6.3	(11.2)	(83.8)	(155.3)
Performance shares		(11.2)	(83.8)	(136.4)
Bonus shares		-	-	(17.7)
Phantom share dividends		-	-	(1.2)
Stillwater cash settled scheme		(3.3)	-	-
Share-based payment on BEE transaction	6.4	-	(240.3)	-
Total share-based payments		(231.9)	(496.2)	(274.4)

6.1  SIBANYE 2017 SHARE PLAN

On 23 May 2017, the shareholders of Sibanye-Stillwater approved the adoption of the Sibanye 2017 Share Plan (2017 Share Plan) with effect for allocations made after this date. The 2017 Share plan provides for two methods of participation, namely Conditional Shares and Forfeitable Shares. This plan seeks to attract, retain, motivate and reward participating employees on a basis which seeks to align the interest of such employees with those of the shareholders. All employees at above Vice President level are eligible to participate in the plan.

FORFEITABLE SHARES

The Remuneration Committee makes an annual award of Forfeitable Shares to eligible participants. The number of shares awarded depends on the individual’s annual cash bonus, which is determined by reference to actual performance against predetermined targets for the preceding cycle, and using the relevant share price calculation at the award date.

The face value of the Forfeitable Share award is equal to two-thirds of the actual annual cash bonus and is allocated in the form of restricted forfeitable shares. The Forfeitable Shares vest in two equal tranches at nine months and 18 months after the award date. Except for the right to dispose, participants have full shareholder rights in the unvested Forfeitable Shares during the vesting period, including the right to receive dividends.

CONDITIONAL SHARES

The Remuneration Committee makes an annual award of Conditional Shares to eligible participants. The number of Conditional Shares awarded to an employee is based on the employee’s annual guaranteed pay and grade combined with a factor related to the employee’s assessed performance rating for the prior year and using the relevant share price calculation at the award date.

Performance Shares vest no earlier than the third anniversary of the award, to the extent that Sibanye-Stillwater has met specified performance criteria over the intervening period. Essentially the number of shares that vest will depend on the extent to which Sibanye-Stillwater’s has performed over the intervening three year period relative to two particular performance criteria, Total Shareholder Return (TSR) and Return on Capital Employed (ROCE). These are considered to be the most widely acceptable vesting performance measures suited to aligning the outcome of long-term share incentive awards with shareholders’ interests. This change will result in a possible vesting percentage ranging from 0%, in the case of very poor performance, to 100% vesting of the awarded Performance Shares in the event of having achieved stretched performance outcomes.

The methodology to determine the performance condition that is applied on the vesting of Conditional Shares is approved by the Remuneration Committee. Due to concerns expressed by shareholders during 2015, a review was conducted to identify appropriate adjustments to the methodology for determining the performance condition to be reflective of the Company’s evolving strategic market position and to enhance alignment with shareholder interests. The revised performance condition determination methodology that is applicable to all Conditional Share awards as from 1 March 2016 is described below.

The performance condition comprises two elements that are applied with the indicated weighting.

Total Shareholder Return (TSR) – 70% Weighting

TSR is generally recognised as the most faithful indicator of shareholder value creation. It is used extensively internationally and increasingly in South Africa, sometimes as a single metric but most often as one of two or three weighted performance metrics. In some company share plans, an absolute target is set, but more often it is referenced to a peer or comparator group of “like” companies.

The TSR element is measured against a benchmark of eight peer mining and resource companies that can collectively be deemed to represent an alternative investment portfolio for Sibanye-Stillwater’s shareholders. The eight peer companies for TSR comprises of similar market capitalisation companies reflective of the expected positioning of Sibanye-Stillwater over the short to medium term as a value driven multi-commodity resources company with a specific focus on gold and platinum, and are set out in the table below.

Sibanye-Stillwater’s TSR over the vesting period is compared with the peer group TSR curve constructed on a market capitalisation weighted basis in the following manner. The annualised TSR over the vesting period (TSR_ANN) is determined for each of the companies in the peer group. The peer group companies are sorted from lowest to highest TSR_ANN. The average market capitalisation based on daily closing price is determined for each company, and each peer company is assigned its proportion of the overall average market capitalisation of the peer group. The peer company TSR curve is plotted at the midpoint of each company’s percentage of peer group market capitalisation on a cumulative basis above the worse performing companies in the peer group. In the event that one or more of the peer companies become ineligible for comparison, a peer company curve based on the companies remaining in the peer group is utilised.

The cumulative position of Sibanye-Stillwater’s TSR_ANN is then mapped onto the TSR curve for the peer group to determine the percentile at which Sibanye-Stillwater performed over the vesting period. The performance curve governing vesting is set out in the table below.

TSR element of performance conditions
Percentile on peer group TSR curve	% vesting
0%	0%
10%	0%
20%	0%
30%	5%
40%	20%
50%	35%
60%	55%
70%	75%
80%	90%
90%	100%
100%	100%

The eight peer group comparator companies for TSR comprises of similar market capitalisation companies reflective of the expected positioning of Sibanye-Stillwater over the short to medium term as a value driven multi-commodity resources company with a specific focus on gold and platinum and are set out in the table below.

Peer group companies for TSR comparison

AngloGold Ashanti Limited (AngloGold Ashanti)

Anglo American Platinum Limited (Anglo American Platinum)

Gold Fields Limited (Gold Fields)

Impala Platinum Holdings Limited

Northam Platinum Limited

Exxaro Resources Limited

Harmony Gold Mining Company Limited (Harmony)

African Rainbow Minerals Limited

Return On Capital Employed (ROCE) – 30% Weighting

ROCE is a profitability ratio that measures how efficiently a company generates profits from its capital employed. There is an increased focus on measuring the returns earned by businesses on the capital deployed by shareholders over and above the steady low risk returns typically available on financial markets.

For Sibanye-Stillwater, ROCE is evaluated against the company’s cost of capital (Ke). A minimum threshold on the performance scale for ROCE is set as equalling the cost of capital, Ke, which would lead to the ROCE element contributing 0% towards the performance condition. Delivering a return that exceeds Ke by 6% or more would be regarded as a superior return representing the maximum 100% on the performance scale and full vesting in respect of the ROCE element. The performance curve governing vesting is set out in the table below.

ROCE element of performance condition
Annual ROCE	% vesting
≤Ke	0.00%
Ke + 1%	16.7%
Ke + 2%	33.3%
Ke + 3%	50.0%
Ke + 4%	66.7%
Ke + 5%	83.3%
Ke + 6%	100.00%

The overall performance condition is determined by adding 70% of the TSR element to 30% of the ROCE element. Furthermore should the Board, at its sole discretion, determine that there is evidence of extreme environmental, social and governance malpractice during the vesting period, up to 20% of the Performance Shares that would otherwise settle on vesting may be forfeited.

As indicated, the performance criteria described above govern vesting of all awards effective from 23 May 2017. Should any further adjustment be made these will govern future awards but will not be applied retrospectively.

The inputs to the models for options granted during the year were as follows:

Performance		Bonus
shares		Shares
2017	MONTE CARLO SIMULATION	2017
53.96%	Weighted average historical volatility (based on a statistical analysis of the share price on a weighted moving average basis for the expected term of the option)	53.96%
3	Expected term (years)	n/a
n/a	Expected term (months)	9 - 18
4.65%	Expected dividend yield	4.65%
7.40%	Weighted average three-year risk-free interest rate (based on SA interest rates)	7.24%
n/a	Marketability discount	1.27% / 0.50%
24.07	Weighted average fair value	24.84 / 24.14

The compensation cost related to awards not yet recognised under the plan at 31 December 2017 amounts to R48.2 million and is to be spread over three years.

At the annual general meeting (AGM) on 23 May 2017, the directors of Sibanye-Stillwater were authorised to issue and allot all or any of such shares required for the 2017 Share Plan, but in aggregate all plans may not exceed 40,000,000 shares. An individual participant may also not be awarded an aggregate of shares exceeding 4,000,000 shares.

OPTIONS GRANTED, EXERCISED AND FORFEITED UNDER THIS PLAN

Performance		Bonus
shares		Shares
2017	Number of instruments	2017
	Movement during the year:
2,376,742	Granted during the year	-
10,933,066	Supplementary awards related to the SGL 2013 Plan1	-
(105,449)	Exercised and released	-
(250,471)	Forfeited	-
12,953,888	Outstanding at end of the year	-

6.2  SIBANYE GOLD LIMITED 2013 SHARE PLAN

On 21 November 2012, the shareholders of Sibanye-Stillwater approved the adoption of the Sibanye Gold Limited 2013 Share Plan (SGL Share Plan) with effect from the date of listing. The SGL Share plan provides for two methods of participation, namely Performance Shares and the Bonus Shares. This plan seeks to attract, retain, motivate and reward participating employees on a basis which seeks to align the interest of such employees with those of the shareholders.

BONUS SHARES

The Remuneration Committee makes an annual award of forfeitable shares to the executive directors, prescribed officers, senior vice presidents and vice presidents. These are referred to as Bonus Shares. The size of this Bonus Share award depends on the individual’s annual cash bonus, which is determined by actual performance against predetermined targets.

The face value of the Bonus Share award is equal to two-thirds of the actual annual cash bonus and is allocated in the form of restricted forfeitable shares. The Bonus Shares vest in two equal parts at nine months and 18 months after the award date. Dividends are payable on the Bonus Shares during the holding period.

PERFORMANCE SHARES

The Remuneration Committee makes an annual award of conditional shares to the executive directors, prescribed officers, senior vice presidents and vice presidents. These are referred to as Performance Shares. The number of Performance Shares awarded to an employee is based on the employee’s annual guaranteed pay and their grade combined with a factor related to their assessed performance rating for the prior year and using the relevant share price calculation at the offer date.

Performance Shares vest no earlier than the third anniversary of their award, to the extent that Sibanye-Stillwater has met specified performance criteria over the intervening period. Essentially the number of shares that vest will depend on the extent to which Sibanye-Stillwater’s has performed over the intervening three year period relative to two particular performance criteria, TSR and ROCE. These are considered to be the most widely acceptable vesting performance measures suited to aligning the outcome of long-term share incentive awards with shareholders’ interests. This change will result in a possible vesting percentage ranging from 0%, in the case of very poor performance, to 100% vesting of the awarded Performance Shares in the event of having achieved stretched performance outcomes.

FOR ALLOCATIONS FROM MARCH 2016 ONWARDS

The performance criteria used to govern the vesting performance shares are determined by the Remuneration Committee and communicated in award letters to participants. The revised performance conditions, as described in note 6.1, applied with the indicated weightings, were implemented for determining the vesting of future awards effective from March 2016 onwards.

As indicated, the performance criteria described above govern vesting of all awards effective from 1 March 2016. Should any further adjustment be made these will govern future offers but will not be applied retrospectively.

The inputs to the models for options granted during the year were as follows:

Performance			Bonus
shares			Shares
2016	2017	MONTE CARLO SIMULATION	2017	2016
55.12%	53.96%	Weighted average historical volatility (based on a statistical analysis of the share price on a weighted moving average basis for the expected term of the option)	53.96%	55.15%
3	3	Expected term (years)	n/a	n/a
n/a	n/a	Expected term (months)	9 - 18	9 - 18
3.75%	4.65%	Expected dividend yield	4.65%	3.75%
8.51%	7.40%	Weighted average three-year risk-free interest rate (based on SA interest rates)	7.24%	7.78%
n/a	n/a	Marketability discount	1.27% / 0.50%	1.60% / 0.69%
50.81	24.07	Weighted average fair value	24.84 / 24.14	54.27 / 53.02

FOR ALLOCATIONS UP TO FEBRUARY 2016

The Remuneration Committee made an annual conditional award of Performance Shares to the chief executive officer, chief financial officer (CFO), senior vice presidents and vice presidents (referred to as Performance Shares). The number of Performance Shares awarded to an employee was based on the employee’s annual guaranteed remuneration, grade and performance. The actual number of Performance Shares which vest was determined by Sibanye-Stillwater’s share price performance measured against the performance of a peer group, being Harmony, Pan African Resources PLC and Gold One International Limited (Gold One) (subsequently delisted), over a performance period of three years. This peer group was determined and approved by the Remuneration Committee. The Performance Shares, which vest, were based on the relative change in the Sibanye-Stillwater share price compared to the respective share prices of the individual companies within the peer group and with discretion allowed due to the small sample size. For any Performance Shares award to be settled to executives, an internal company performance target was required to be met before the external relative measure was applied. The target performance criterion was set at 85% of Sibanye-Stillwater’s expected gold production over the three-year measurement period as set out in the business plans of Sibanye-Stillwater as approved by the Board. Only once the internal measure has been achieved, was the external measure (Sibanye-Stillwater’s share price performance measured against the abovementioned peer group) applied to determine the scale of the vesting of awards of Performance Shares.

The Remuneration Committee makes an annual conditional award of Bonus Shares to each executive director and senior executive. The size of the award depended on the individual’s annual cash bonus, which was determined by actual performance against predetermined targets. Restricted Bonus Shares were allocated on the ratio of two-thirds of an individual’s annual bonus. The Bonus Shares vest in two equal parts at nine months and 18 months after the award date. Dividends are payable on the Bonus Shares during the holding period.

The fair value of the above Performance Shares equity instruments granted during the period were valued using the Monte Carlo Simulation model. For the Bonus Shares equity instruments, a future trading model was used to estimate the loss in value to the holders of bonus shares due to trading restrictions. The actual valuation was developed using a Monte Carlo analysis of the future share price of Sibanye-Stillwater.

The inputs to the models for options granted during the year ended 31 December 2015 was as follows:

Performance		Bonus
shares		Shares
2015	MONTE CARLO SIMULATION	2015
42.3%	Weighted average historical volatility (based on a statistical analysis of the share price on a weighted moving average basis for the expected term of the option)	42.3%
3	Expected term (years)	n/a
n/a	Expected term (months)	9 - 18
4.9%	Expected dividend yield	4.9%
6.4%	Weighted average three-year risk-free interest rate (based on SA interest rates)	6.4%
n/a	Marketability discount	2.1%
37.41	Weighted average fair value	25.56

The compensation cost related to awards not yet recognised under the plan at 31 December 2017 amounts to R335.5 million and is to be spread over three years. The number of options that had vested and were exercisable as at 31 December 2017 was 1,832,166 options.

At the AGM on 24 May 2016 the directors of Sibanye-Stillwater were authorised to issue and allot all or any of such shares required for the plans, but in aggregate all plans may not exceed 70,619,126 (10%) of the total issued ordinary share capital of the Company. An individual participant may also not be awarded an aggregate of shares from all or any such plans exceeding 7,061,913 (1%) of the Company’s total issued ordinary share capital. The unexercised options and shares under all plans represented 15,112,493 (2%) of the total issued ordinary share capital of Sibanye-Stillwater at 31 December 2016.

OPTIONS GRANTED, EXERCISED AND FORFEITED UNDER THIS PLAN

Performance shares				Bonus Shares
2015	2016	2017	Number of instruments	2017	2016	2015
23,289,262	9,398,072	10,610,779	Outstanding at beginning of the year	250,827	417,266	595,012
			Movement during the year:
3,059,058	5,103,184	12,851,131	Granted during the year	2,421,522	504,739	862,702
(16,690,497)	(3,832,758)	(2,616,050)	Exercised and released	(2,126,415)	(667,063)	(1,010,209)
(259,751)	(57,719)	(1,466,474)	Forfeited	(99,465)	(4,115)	(30,239)
9,398,072	10,610,779	19,379,386	Outstanding at end of the year	446,469	250,827	417,266

DIRECTORS AND PRESCRIBED OFFICERS’ EQUITY-SETTLED INSTRUMENTS

The directors and prescribed officers of Sibanye-Stillwater held the following equity-settled instruments in the above 2017 Share Plan and SGL 2013 Share Plan at 31 December 2017:

	2016	Instruments granted	Equity-settled instruments exercised during the year			Instruments forfeited	2017
	Number of instruments	Number of instruments1	Number of instruments1	Average price	Share proceeds (rand)	Number of instruments	Number of instruments
Executive directors
Neal Froneman	1,421,434	3,254,046	1,164,811	22.23	25,890,953	-	3,510,669
Charl Keyter	598,360	1,547,398	441,890	21.09	9,321,625	-	1,703,868
Prescribed officers
Chris Bateman2	-	413,920	-	-	-	-	413,920
Hartley Dikgale	288,235	854,177	249,867	21.73	5,429,285	-	892,545
Dawie Mostert	345,231	890,147	256,239	20.56	5,269,478	-	979,139
Jean Nel3	166,151	-	-	-	-	166,151	-
Themba Nkosi	67,666	625,869	53,463	12.56	671,388	-	640,072
Wayne Robinson	324,682	921,495	165,169	13.26	2,189,959	-	1,081,008
Richard Stewart	484,170	1,132,375	147,356	14.39	2,120,644	-	1,469,189
Robert van Niekerk	445,920	1,280,519	361,056	21.80	7,870,624	-	1,365,383
John Wallington4	126,740	717,372	39,414	11.28	444,590	-	804,698

1  Instruments granted and exercised may differ from that presented in the Integrated Annual Report 2017 as the instruments granted and exercised presented above includes the Bonus Shares granted and exercised that relate to the rights offer.

1  Appointed as a prescribed officer on 1 July 2017.

2  Appointed as a prescribed officer on 13 April 2016, and resigned as a prescribed officer on 1 November 2016. Jean forfeited the instruments granted after his notice period in 2017.  

3  Resigned as prescribed officer on 30 June 2017.

6.3  SIBANYE GOLD LIMITED 2013 PHANTOM SHARE SCHEME

On 14 May 2013, Sibanye-Stillwater’s Remuneration Committee limited the issuance of share options for the 2013 allocation under the SGL Share Plan to senior management only. Middle and certain senior management, who previously participated in the equity-settled share option scheme, participated in a cash-settled share scheme, the Sibanye Gold 2013 Phantom Share Scheme (the SGL Phantom Scheme). Notwithstanding that the SGL Phantom Scheme was not subject to compliance with the JSE Listings Requirements as it was a purely cash-settled remuneration scheme, and the SGL Share Plan rules applied, in all material aspects, to the SGL Phantom Scheme, other than the issue of new shares to participants.

Details of the phantom shares granted under this scheme to employees are detailed below:

Performance shares				Bonus Shares
2015	2016	2017	Number of instruments	2017	2016	2015
22,212,627	20,198,875	5,301,626	Outstanding at beginning of the year	-	-	1,731,262
			Movement during the year:
(773,814)	(14,275,138)	(5,178,775)	Vested and paid	-	-	(1,668,503)
(1,239,938)	(622,111)	(122,851)	Forfeited	-	-	(62,759)
20,198,875	5,301,626	-	Outstanding at end of the year	-	-	-

The grant date fair value of the above Performance Shares and Bonus Shares cash-settled instruments granted during the year were valued using the Monte Carlo Simulation model and a future trading model, respectively, as with the equity settled instruments above. As the cash-settled and equity-settled instruments were issued on the same day, the grant date fair value assumptions of the cash-settled instruments were the same as for the equity-settled instruments.

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

6.4  SHARE-BASED PAYMENT ON BEE TRANSACTION

In terms of the Rustenburg operations Transaction (refer to note 13.2), a 26% equity stake in SRPM was acquired by the BBBEE SPV (the BBBEE Transaction) by a vendor financed facility from Sibanye Platinum Proprietary Limited (Sibanye Platinum), on the following terms:

· Interest at up to 0.2% above Sibanye-Stillwater’s highest cost of debt;

· Post payment of the annual Deferred Payment to Rustenburg Platinum Mines Limited (RPM) and in respect of any repayment by SRPM of shareholder loans or the distribution of dividends, 74% will be paid to Sibanye Platinum and 26% to BBBEE SPV;

· Of the 26% payment to BBBEE SPV, 85% will be used to service the facility owing by BBBEE SPV to Sibanye Platinum;

· The remaining 15% of any such payment or 100%, once the facility owing by BBBEE SPV to Sibanye Platinum is repaid, will be declared by BBBEE SPV as a dividend to the BBBEE SPV shareholders; and

· The facility will be capped at R3,500 million.

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

6.5  SHARE-BASED PAYMENT OBLIGATIONS

Figures in million - SA rand	2017	2016	2015
Share based payment on BEE transaction	399.5	240.3	-
Share based payment	35.0	241.4	599.6
Balance at end of the year	434.5	481.7	599.6
Reconciliation of the share-based payment obligations
Balance at beginning of the year	481.7	599.6	399.2
Share-based payments expense	14.5	83.8	155.3
Share-based payment on BEE transaction	-	240.3	-
Fair value loss on obligations1	171.5	1,076.6	87.3
Cash-settled share-based payments paid2	(433.6)	(1,518.6)	(42.2)
Share-based payment obligation on acquisition of subsidiary	200.4	-	-
Balance at end of the year	434.5	481.7	599.6
Reconciliation of the non-current and current portion of the share-based payment obligation:
Share-based payment obligations	434.5	481.7	599.6
Current portion of share-based payment obligations	(12.3)	(235.2)	(463.0)
Non-current portion of share-based payment obligations	422.2	246.5	136.6

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

2   Payments made during the year relates to vesting of shares to employees.

.

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OTHER COSTS

12 Months Ended

Dec. 31, 2017

OTHER COSTS

OTHER COSTS

7.  Other COSTS

Figures in million - SA rand	Note	2017	2016	2015
Included in other costs are the following:
Care and maintenance		(249.2)	(75.0)	-
Change in estimate of environmental rehabilitation obligation, and right of recovery receivable and payable	25	(248.9)	(97.5)	-

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IMPAIRMENT

12 Months Ended

Dec. 31, 2017

IMPAIRMENTS

IMPAIRMENTS

8.  IMPAIRMENTS

Figures in million - SA rand	Notes	2017	2016	2015
Impairment of property, plant and equipment	12	(4,303.4)	(1,171.7)	-
Impairment of goodwill	14	(99.1)	(201.3)	-
Impairment of loan to equity-accounted investee		(8.5)	(8.1)	-
Total impairments		(4,411.0)	(1,381.1)	-

31 DECEMBER 2017

Impairment of Cooke Operations and Beatrix West mining assets

Ongoing losses experienced at the Cooke 1, 2 and 3 Operations and Beatrix West mine negatively affected group cash flow as well as the sustainability and economic viability of other operations in the Southern Africa region. In this regard, after numerous attempts to address the losses, it became necessary to enter into consultations in terms of Section 189 of the Labour Relations Act 66 of 1995 (S189) with relevant stakeholders regarding restructuring at the SA gold operations. As a result a decision was taken during the six months ended 30 June 2017, to impair the Cooke 1, 2 and 3 mining assets by R2,187.8 million and the Beatrix West assets by R603.7 million. These impairments were based on the estimated fair value less cost to sell over the life of mine calculated as expected discounted cash flows from the expected gold reserves and costs to extract the gold.

Impairment of West Rand Tailings Retreatment Project (WRTRP) exploration and evaluation assets, and allocated goodwill

On 22 November 2017, Sibanye-Stillwater announced that it has entered into various agreements with DRDGOLD Limited (DRDGOLD) to exchange selected surface gold processing assets and tailings storage facilities (TSFs) for approximately 265 million newly issued DRDGOLD shares (the DRDGOLD Transaction). Following the implementation of the DRDGOLD Transaction, Sibanye-Stillwater will retain full ownership of the Cooke and Ezulwini TSFs (of 2.4Moz probable gold reserves and 54.26Mlb probable uranium reserves), and, as such, retains full exposure to the low uranium price environment without the higher gold price TSF. As a result a decision was taken during the six months ended 31 December 2017, to impair the WRTRP exploration and evaluation assets, and allocated goodwill by R1,245.1 million and R99.1 million, respectively. These impairments were based on the estimated fair value less cost to sell over the life ofmine calculated as expected discounted cash flows from the expected gold and uranium reserves, and costs to extract the gold and uranium.

Impairment of De Bron-Merriespruit exploration and evaluation assets

No expenditure on further exploration for and evaluation of the De Bron-Merriespruit mineral resources is budgeted or planned for 2018. As a result a decision was taken to impair the De Bron-Merriespruit exploration and evaluation asset by R227.1 million.

31 DECEMBER 2016

Impairment of Cooke 4

Despite intense monitoring and interventions by a joint management and labour committee since the previous S189 consultation was concluded, the Cooke 4 Operation continued to fall short of production targets and losses continued to accumulate. In view of the sustained losses at the Cooke 4 Operation and considering the extensive efforts to improve productivity and reduce the operation’s cost structures, Sibanye-Stillwater gave notice in terms of S189. As a result a decision was taken during the six months ended 30 June 2016 to fully impair the Cooke 4 Operation’s mining assets by R816.7 million. This impairment was based on negative cash flow projections for the remainder of the life of mine.

Impairment of Cooke 1, 2 and 3 mining assets, and allocated goodwill

As a result of a decrease in the rand gold price from 30 June 2016 and continued losses, a decision was taken during the six months ended 31 December 2016, to impair the Cooke 1, 2 and 3 mining assets by R355.0 million and the goodwill allocated to the Cooke cash-generating unit (CGU) by R201.3 million. The impairment was based on the estimated fair value less cost to sell over the life of mine calculated as expected discounted cash flows from the expected gold reserves and costs to extract the gold.

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ROYALTIES, AND MINING AND INCOME TAX, AND DEFERRED TAX

12 Months Ended

Dec. 31, 2017

ROYALTIES, AND MINING AND INCOME TAX, AND DEFERRED TAX

ROYALTIES, AND MINING AND INCOME TAX, AND DEFERRED TAX

9.  ROYALTIES, MINING AND INCOME TAX, and deferred tax

SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES

The Group is subject to income tax in South Africa and the United States. Significant judgement is required in determining the liability for income tax due to the complexity of legislation. There are many transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business. The Group recognises liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made.

The Group recognises the net future tax benefit related to deferred tax assets to the extent that it is probable that the deductible temporary differences will reverse in the foreseeable future. Assessing the recoverability of deferred tax assets requires the Group to make significant estimates related to expectations of future taxable income. Estimates of future taxable income are based on forecast cash flows from operations and the application of existing tax laws in South Africa. To the extent that future cash flows and taxable income differ significantly from estimates, the ability of the Group to realise the net deferred tax assets recorded at the reporting date could be impacted.

The Group’s gold mining operations are taxed on a variable rate that increases as the profitability of the operation increases. The deferred tax rate used to calculate deferred tax is based on the current estimate of future profitability when the temporary differences will reverse based on tax rates and laws that have been enacted or substantively enacted at the reporting date. Depending on the profitability of the operations, the deferred tax rate can consequently be significantly different from year to year. Calculating the future profitability of the operations is inherently uncertain and could materially change over time.

Additionally, future changes in tax laws in South Africa could limit the ability of the Group to obtain tax deductions in future periods.

ACCOUNTING POLICY

Income tax comprises current and deferred tax. Current tax and deferred tax is recognised in profit or loss except to the extent that it relates to a business combination, or items recognised directly in equity or in other comprehensive income.

Current tax is measured on taxable income at the applicable statutory rate enacted or substantively enacted at the reporting date.

Deferred tax is provided on temporary differences existing at each reporting date between the tax values of assets and liabilities and their carrying amounts. Substantively enacted tax rates are used to determine future anticipated effective tax rates which in turn are used in the determination of deferred tax.

Deferred tax is not recognised for:

· temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss;

· temporary differences related to investments in subsidiaries, and interest in associates and joint ventures to the extent that the Group is able to control the timing of the reversal of the temporary differences and it is probable that these will not reverse in the foreseeable future; and

· taxable temporary differences arising on the initial recognition of goodwill.

These temporary differences are expected to result in taxable or deductible amounts in determining taxable profits for future periods when the carrying amount of the asset is recovered or the liability is settled. The principal temporary differences arise from depreciation of property, plant and equipment, provisions, unutilised capital allowances and tax losses carried forward.

Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and relate to taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realised simultaneously.

Deferred tax assets relating to the carry forward of unutilised tax losses and/or unutilised capital allowances are recognised to the extent it is probable that future taxable profit will be available against which the unutilised tax losses and/or unutilised capital allowances can be recovered. Deferred tax assets are reviewed at each reporting date and are adjusted if recovery is no longer probable.

9.1  ROYALTIES

Revenue from mineral resources in South Africa are subject to the Mineral and Petroleum Resource Royalty Act 2008 (Royalty Act). The Royalty Act imposes a royalty on refined (mineral resources that have undergone a comprehensive level of beneficiation such as smelting and refining as defined in Schedule 1 of the Royalty Act) and unrefined (mineral resources that have undergone limited beneficiation as defined in Schedule 2 of the Royalty Act) minerals payable to the State. The royalty in respect of refined and unrefined minerals (which include gold refined to 99.5% and above and PGMs) is calculated by dividing earnings before interest and taxes (EBIT) by the product of 12.5 times gross revenue calculated as a percentage, plus an additional 0.5%. EBIT refers to taxable mining income (with certain exceptions such as no deduction for interest payable and foreign exchange losses) before assessed losses but after capital expenditure. A maximum royalty of 5% of mining revenue has been introduced on refined minerals. The effective rate of royalty tax payable for the year ended 31 December 2017 was approximately 1.4% (2016: 1.9% and 2015: 1.8%) of revenue at the SA gold operations and 0.6% (2016: 0.5%) of revenue at the SA PGM operations.

		Revised
Figures in million - SA rand	2017	2016	2015
Current charge on:
SA Gold revenue	(325.2)	(528.0)	(400.6)
SA PGM revenue	(73.3)	(38.6)	-
Total royalties	(398.5)	(566.6)	(400.6)

9.2  MINING AND INCOME TAX

SOUTH AFRICAN STATUTORY TAX RATES

Gold mining and non-mining tax

Gold mining tax is determined according to a formula which takes into account the profit and revenue attributable to mining operations. Mining taxable income is determined after the deduction of all mining capital expenditure, with the provision that this cannot result in an assessed loss. Capital expenditure amounts not deducted are carried forward as unredeemed capital expenditure to be deducted from future mining income. Accounting depreciation is ignored for the purpose of calculating mining tax. In the formula, Y is the percentage rate of tax payable and X is the ratio of mining profit, after the deduction of redeemable capital expenditure, to mining revenue expressed as a percentage.

Non-mining income consists primarily of interest income, and is taxed at the South African company tax rate of 28%

Company tax rate

Companies, other than gold mining companies are subject to the maximum South African company tax rate of 28%.

UNITED STATES STATUTORY TAX RATES

Stillwater’s US operations were subject to the federal tax rate of 35%. On 22 December 2017, the Tax Cuts and Jobs Act was signed into legislation in the United States and the tax rate changed to 21%.

MINING AND INCOME TAX

The components of mining and income tax are the following:

			Revised
Figures in million - SA rand	Note	2017	2016	2015
Current tax		(504.2)	(1,111.8)	(696.7)
Mining tax		(425.2)	(1,031.6)	(665.6)
Non-mining tax		(70.6)	(83.9)	(16.0)
Company and capital gain tax		(8.4)	3.7	(15.1)
Deferred tax	9.3	3,450.8	(90.3)	319.5
Deferred tax charge		879.7	(30.5)	348.3
Deferred tax rate adjustment1, 2		2,571.1	(59.8)	(28.8)
Total mining and income tax		2,946.6	(1,202.1)	(377.2)

1 The change in the estimated long term deferred tax rate, as a result of applying the mining tax formula at the SA gold operations, at which the temporary differences will reverse amounted to a deferred tax benefit of R39.6 million for the year ended 31 December 2017 (2016: charge of R59.8 million and 2015: charge of R28.8 million).

2 On 22 December 2017, the Tax Cuts and Jobs Act was signed into legislation in the United States. As a result the Stillwater Group’s deferred tax rate changed from 37.69% to 24.23% and a deferred tax benefit of R2,531.5 million (US$204.8 million) was recognised.

Reconciliation of the Group’s mining and income tax to the South African statutory company tax rate of 28%:

		Revised
Figures in million - SA rand	2017	2016	2015
Tax on loss/(profit) before tax at maximum South African statutory company tax rate	2,066.3	(1,188.5)	(256.3)
South African gold mining tax formula rate adjustment	157.6	160.9	129.5
United States statutory tax rate adjustment	57.3	-	-
Non-deductible amortisation and depreciation	(0.9)	(35.0)	(25.7)
Non-deductible finance charges	(165.8)	(48.7)	-
Non-deductible share-based payments	(58.4)	(115.5)	(33.3)
Non-taxable gain/(non-deductible loss) on foreign exchange differences	45.0	(52.1)	17.8
Non-taxable share of results of equity-accounted investees	81.6	3.7	32.5
Non-deductible impairments	(1,054.9)	(65.6)	-
Non-taxable gain on acquisition	-	610.0	-
Non-deductible transaction costs	(154.6)	(44.0)	(7.2)
Net other non-taxable income and non-deductible expenditure	(294.6)	62.5	6.3
Change in estimated deferred tax rate	2,571.1	(59.8)	(28.8)
Deferred tax assets not recognised	(303.1)	(430.0)	(267.1)
Non-taxable gain on derecognition of financial guarantee liability	-	-	55.1
Mining and income tax	2,946.6	(1,202.1)	(377.2)

9.3 DEFERRED TAX

			Revised
Figures in million - SA rand	Notes	2017	2016	2015
Included in the statement of financial position as follows:
Deferred tax assets		(206.2)	(228.2)	(63.2)
Deferred tax liabilities		8,525.2	4,915.4	3,561.4
Net deferred tax liabilities		8,319.0	4,687.2	3,498.2
Reconciliation of the deferred tax balance:
Balance at beginning of the year		4,687.2	3,498.2	3,817.7
Deferred tax recognised in profit or loss	9.2	(3,450.8)	90.3	(319.5)
Deferred tax recognised in other comprehensive income		(27.7)	-	-
Deferred tax on acquisition of subsidiaries	13	7,486.3	1,098.7	-
Foreign currency translation		(376.0)
Balance at end of the year		8,319.0	4,687.2	3,498.2

The detailed components of the net deferred tax liabilities which result from the differences between the amounts of assets and liabilities recognised for financial reporting and tax purposes are:

		Revised
Figures in million - SA rand	2017	2016	2015
Deferred tax liabilities
Mining assets	9,642.6	6,365.4	4,822.8
Environmental rehabilitation obligation funds	600.7	729.6	575.3
Other	47.5	128.6	14.9
Gross deferred tax liabilities	10,290.8	7,223.6	5,413.0
Deferred tax assets
Environmental rehabilitation obligation	(840.7)	(1,041.0)	(612.3)
Occupational healthcare obligation	(299.7)	-	-
Other provisions	(434.0)	(546.3)	(341.6)
Tax losses and unredeemed capital expenditure	(397.4)	(890.1)	(812.6)
Share-based payment obligation	-	(59.0)	(148.3)
Gross deferred tax assets	(1,971.8)	(2,536.4)	(1,914.8)
Net deferred tax liabilities	8,319.0	4,687.2	3,498.2

At 31 December 2017, the Group had the following estimated amounts not recognised but available for set-off against future income:

Figures in million - SA rand	2017	2016	2015
Tax losses
Wits Gold	64.6	64.6	84.4
Burnstone	-	-	155.3
Ezulwini	2,591.1	2,561.2	1,481.0
Other - SA region	15.9	19.0	31.3
Total gross tax losses	2,671.6	2,644.8	1,752.0
Other deductible temporary differences
Burnstone	11,306.8	10,012.6	9,009.0
Ezulwini	2,923.7	2,909.1	2,778.8
Ridge Mining Services Proprietary Limited	499.5	643.9	-
Stillwater Canada Inc.	1,550.8	-	-
Perigrine Minera Argentina SA	301.4	-	-
Other - SA region	54.2	55.6	-
Other - US region	183.3	55.6	-
Total gross tax losses and other deductible temporary differences	19,491.3	16,321.6	13,539.8
Deferred tax assets not recognised
Wits Gold	18.1	18.1	23.6
Burnstone	3,165.9	2,803.5	2,566.0
Ezulwini	1,544.1	1,531.7	1,192.7
Ridge Mining Services Proprietary Limited	139.9	180.3	-
Stillwater Canada Inc.	284.4	-	-
Perigrine Minera Argentina SA	105.5	-	-
Other - SA region	19.6	20.9	8.8
Other - US region	70.9	-	-
Total deferred tax assets not recognised	5,348.5	4,554.5	3,791.1

These deductions are available to be utilised against income generated by the relevant tax entity and do not expire unless the tax entity concerned ceases to operate for a period of longer than one year. Under South African mining tax ring-fencing legislation, each tax entity is treated separately and as such these deductions can only be utilised by the tax entities in which the deductions have been generated.

9.4  TAX AND ROYALTIES PAYABLE

			Revised
Figures in million - SA rand	Notes	2017	2016	2015
Included in the statement of financial position as follows:
Tax receivable		(182.8)	-	-
Tax and royalties payable		34.9	88.6	129.6
Net tax and royalties (receivable)/payable		(147.9)	88.6	129.6
Reconciliation of the net tax and royalties (receivable)/payable balance:
Balance at beginning of the year		88.6	129.6	84.0
Royalties and current tax	9.1, 9.2	902.7	1,678.4	1,097.3
Tax and royalties paid		(899.3)	(1,732.6)	(1,051.7)
Tax payable on acquisition of subsidiaries	13	(260.4)	13.2	-
Foreign currency translation		20.5	-	-
Balance at end of the year		(147.9)	88.6	129.6

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EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2017

EARNINGS PER SHARE

EARNINGS PER SHARE

10.  EARNINGS PER SHARE

ACCOUNTING POLICY

EPS is calculated based on the profit attributable to owners of Sibanye-Stillwater divided by the weighted average number of ordinary shares in issue during the year. A diluted EPS is presented when the inclusion of ordinary shares that may be issued in the future has a dilutive effect on EPS.

Headline EPS is calculated by dividing the headline earnings attributable to owners of Sibanye-Stillwater by the weighted average number of ordinary shares in issue during the year.

10.1   BASIC EARNINGS PER SHARE

Basic EPS is calculated by dividing the profit attributable to owners of Sibanye-Stillwater by the weighted average number of ordinary shares in issue during the year.

			Revised	Revised
	Notes	2017	2016	2015
Weighted average number of shares
Ordinary shares in issue (’000)		2,168,721	929,004	916,140
Bonus element of the rights issue (’000)	22	-	493,645	493,645
Bonus element of the capitalisation issue (’000)	34	86,749	129,272	129,272
Adjustment for weighting of ordinary shares in issue (’000)		(321,620)	(7,271)	(4,102)
Weighted average number of shares (’000)		1,933,850	1,544,650	1,534,955
Profit attributable to owners of Sibanye-Stillwater (SA rand million)		(4,437.4)	3,473.3	716.9
Basic EPS (cents)		(229)	225	47

10.2   DILUTED EARNINGS PER SHARE

Diluted EPS is calculated by dividing the profit attributable to owners of Sibanye-Stillwater by the diluted number of ordinary shares in issue during the year.

Dilutive shares are the number of potentially dilutive ordinary shares that could be issued as a result of share options granted to employees under the share option schemes (refer to note 6) or as a result of the conversion of the US$450 million Convertible Bond (refer to note 24.4). At 31 December 2017, both of these were anti-dilutive.

		Revised	Revised
	2017	2016	2015
Diluted weighted average number of shares
Weighted average number of shares (’000)	1,933,850	1,544,650	1,534,955
Potential ordinary shares (’000)	-	2,161	5,671
Diluted weighted average number of shares (’000)	1,933,850	1,546,811	1,540,626
Diluted basic EPS (cents)	(229)	225	47

10.3   HEADLINE EARNINGS PER SHARE

Reconciliation of (loss)/profit attributable to owners of Sibanye-Stillwater to headline earnings:

Figures in million - SA rand	Notes	Gross	Net of tax
31 December 2017
Loss attributable to owners of Sibanye-Stillwater			(4,437.4)
Gain on disposal of property, plant and equipment	12	(40.7)	(29.3)
Impairments	8	4,411.0	4,242.8
Headline earnings			(223.9)
Headline EPS - cents			(12)
31 December 2016 (Revised)
Profit attributable to owners of Sibanye-Stillwater			3,473.3
Gain on disposal of property, plant and equipment	12	(95.4)	(68.7)
Impairments	8	1,381.1	1,281.7
Gain on acquisition	13.2	(2,178.6)	(2,178.6)
Headline earnings			2,507.7
Headline EPS - cents			162
31 December 2015 (Revised)
Profit attributable to owners of Sibanye-Stillwater			716.9
Gain on disposal of property, plant and equipment	12	(58.7)	(42.3)
Headline earnings			674.6
Headline EPS - cents			44

10.4   DILUTED HEADLINE EARNINGS PER SHARE

Diluted headline EPS is calculated by dividing the headline earnings attributable to owners of Sibanye-Stillwater by the diluted weighted average number of ordinary shares in issue during the year.

		Revised	Revised
	2017	2016	2015
Diluted headline EPS - cents	(12)	162	44

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DIVIDENDS

12 Months Ended

Dec. 31, 2017

DIVIDENDS

DIVIDENDS

11.  DIVIDENDS

ACCOUNTING POLICY

Dividends are recognised only when such dividends are declared.

Dividends withholding tax is a tax on shareholders receiving dividends and is applicable to all dividends paid. The Group withholds dividend tax on behalf of its shareholders at a rate of 15% on dividends paid before 22 February 2017 and 20% on dividends paid after this date. Amounts withheld are not recognized as part of the Group’s tax charge but rather as part of the dividend paid, recognised directly in equity.

Cash flows from dividends paid are classified under operating activities in the statement of cash flows.

.

Figures in million - SA rand	2017	2016	2015
Dividend declared and paid1	558.2	1,610.6	658.4
Dividend per share - cents	60	175	72

1The dividend declared and paid relates to the final dividend of 60 SA cents per share or R558.2 million in respect of the six months ended 31 December 2016 declared on 23 February 2017.

DIVIDEND POLICY

Sibanye-Stillwater’s dividend policy is to return at least 25% to 35% of normalised earnings to shareholders and after due consideration of future requirements the dividend may be increased beyond these levels. Management, therefore, considers normalised earnings in determining what value will be distributed to shareholders. Management believes normalised earnings provides useful information to investors regarding the extent to which results of operations may affect shareholder returns. Normalised earnings is defined as earnings attributable to the owners of Sibanye-Stillwater excluding gains and losses on financial instruments and foreign exchange differences, impairments, gain on disposal of property, plant and equipment, occupational healthcare expense, restructuring costs, transactions costs, share-based payment on BEE transaction, gain on acquisition, other business development costs, share of results of equity-accounted investees, after tax, and changes in estimated deferred tax rate.

Reconciliation of (loss)/profit attributable to the owners of Sibanye-Stillwater to normalised earnings:

Figures in million - SA rand	2017	2016	2015
(Loss)/profit attributable to the owners of Sibanye-Stillwater	(4,437.4)	3,473.3	716.9
Adjusted for:
Loss on financial instruments	1,114.4	1,032.8	229.5
(Gain)/loss on foreign exchange differences	(292.4)	(219.6)	359.4
Impairments	4,411.0	1,381.1	-
Occupational healthcare expense	1,106.9	-	-
Gain on disposal of property, plant and equipment	(40.7)	(95.4)	(58.7)
Restructuring costs	729.8	187.7	104.8
Transaction costs	552.1	157.0	25.7
Share-based payment on BEE transaction	-	240.3	-
Gain on acquisition	-	(2,178.6)	-
Net loss on derecognition of guarantee asset and liability	-	-	158.3
Other	52.7	72.4	44.1
Tax effect of the items adjusted above	(813.4)	(419.4)	(244.2)
Change in estimated deferred tax rate	(2,571.1)	59.8	28.8
Share of results of equity-accounted investees after tax	(291.6)	(13.3)	(116.0)
Normalised earnings	(479.7)	3,678.1	1,248.6

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PROPERTY, PLANT AND EQUIPMENT

12 Months Ended

Dec. 31, 2017

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT

12.  PROPERTY, PLANT AND EQUIPMENT

SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES

Carrying value of property, plant and equipment

All mining assets are amortised using the units-of-production method where the mine operating plan calls for production from proved and probable Mineral Reserves.

Mobile and other equipment are depreciated over the shorter of the estimated useful life of the asset or the estimate of mine life based on proved and probable Mineral Reserves.

The calculation of the units-of-production rate of amortisation could be impacted to the extent that actual production in the future is different from current forecast production based on proved and probable Mineral Reserves. This would generally result from the extent that there are significant changes in any of the factors or assumptions used in estimating Mineral Reserves.

These factors could include:

· Changes in proved and probable Mineral Reserves;

· Differences between actual commodity prices and commodity price assumptions;

· Unforeseen operational issues at mine sites;

· Changes in capital, operating, mining, processing and reclamation costs, discount rates and foreign exchange rates; and

· Changes in Mineral Reserves could similarly impact the useful lives of assets depreciated on a straight-line basis, where those lives are limited to the life of the mine.

The recoverable amounts of CGUs and individual assets have been determined based on the higher of value-in-use calculations and fair value less cost to sell. These calculations require the use of estimates and assumptions. It is reasonably possible that the gold and PGM price assumptions may change which may then impact the Group estimated life of mine determinant and may then require a material adjustment to the carrying value of property, plant and equipment.

The Group reviews and tests the carrying value of assets when events or changes in circumstances suggest that the carrying amount may not be recoverable by comparing expected future cash flows to these carrying values. Assets are grouped at the lowest level for which identifiable cash flows are largely independent of cash flows of other assets and liabilities. If there are indications that impairment may have occurred, estimates are prepared of expected future cash flows of each group of assets. Expected future cash flows used to determine the value in use and fair value less costs to sell of property, plant and equipment are inherently uncertain and could materially change over time. They are significantly affected by a number of factors including reserves and production estimates, together with economic factors such as spot and future gold and PGM prices, discount rates, foreign currency exchange rates, estimates of costs to produce reserves and future capital expenditure.

Pre-production

The Group assesses the stage of each mine construction project to determine when a mine moves into the production stage. The criteria used to assess the start date are determined based on the unique nature of each mine construction project. The Group considers various relevant criteria to assess when the mine is substantially complete, ready for its intended use and moves into the production stage. Some of the criteria would include, but are not limited to the following:

· the level of capital expenditure compared to the construction cost estimates;

· ability to produce metal in saleable form (within specifications); and

· ability to sustain commercial levels of production of metal.

When a mine construction project moves into the production stage, the capitalisation of certain mine construction costs ceases and costs are expensed, except for capitalisable costs related to mining asset additions or improvements, underground mine development or ore reserve development.

Mineral Reserves estimates

Mineral Reserves are estimates of the amount of product that can be economically and legally extracted from the Group’s properties. In order to calculate the reserves, estimates and assumptions are required about a range of geological, technical and economic factors, including but not limited to quantities, grades, production techniques, recovery rates, production costs, transport costs, commodity demand, commodity prices and exchange rates.

Estimating the quantity and grade of the Mineral Reserves requires the size, shape and depth of orebodies to be determined by analysing geological data such as the logging and assaying of drill samples. This process may require complex and difficult geological judgements and calculations to interpret the data.

The Group is required to determine and report, inter alia, on the Mineral Reserves in accordance with the South African Code for Reporting of Exploration Results, Mineral Resources and Mineral Reserves (SAMREC).

Estimates of Mineral Reserves may change from period to period due to the change in economic assumptions used to estimate Mineral Reserves and due to additional geological data becoming available during the course of operations. Changes in reported proven and probable reserves may affect the Group’s financial results and position in a number of ways, including the following:

· Asset carrying values may be affected due to changes in estimated cash flows;

· Depreciation and amortisation charges to profit or loss may change as these are calculated on the units-of production method, or where the useful lives of assets change;

· Decommissioning site restoration and environmental provisions may change where changes in ore reserves affect expectations about the timing or cost of these activities; and

· The carrying value of deferred tax assets may change due to changes in estimates of the likely recovery of the tax benefits.

ACCOUNTING POLICY

Mineral and surface rights

Mineral and surface rights are recorded at cost less accumulated amortisation and accumulated impairment losses. When there is little likelihood of a mineral right being exploited, or the carrying amount has exceeded its recoverable amount, impairment is recognised in profit or loss in the year that such determination is made.

Mine development and infrastructure

Mining assets, including mine development and infrastructure costs and mine plant facilities, are recorded at cost less accumulated depreciation and accumulated impairment losses.

These costs which include the purchase price of assets used in the construction of the mine, expenditure incurred to evaluate and develop new ore bodies, to define mineralisation in existing ore bodies and to establish or expand productive capacity, are capitalised until commercial levels of production are achieved, at which times the costs are amortised as set out below.

Development of ore bodies includes the development of shaft systems and waste rock removal that allows access to reserves that are economically recoverable in the future. Subsequent to this, costs are capitalised if the criteria for recognition as an asset are met. Access to individual orebodies exploited by the Group is limited to the time span of the respective mining leases.

Land

Land is shown at cost and is not depreciated.

Other assets

Non-mining assets are recorded at cost less accumulated depreciation and accumulated impairment losses. These assets include the assets of the mining operations not included in mine development and infrastructure, borrowing costs, mineral and surface rights, land and all the assets of the non-mining operations.

Amortisation and depreciation of mining assets

Amortisation and depreciation is determined to give a fair and systematic charge in profit or loss taking into account the nature of a particular ore body and the method of mining that ore body. To achieve this, the following calculation methods are used:

· Mining assets, including mine development and infrastructure costs, mine plant facilities and evaluation costs, are amortised over the life of the mine using the units-of-production method, based on estimated proved and probable Mineral Reserves above infrastructure.

· Proved and probable Mineral Reserves reflect estimated quantities of economically recoverable reserves, which can be recovered in future from known mineral deposits.

· Certain mining plant and equipment included in mine development and infrastructure is depreciated on a straight-line basis over their estimated useful lives.

· For certain shafts, which have a short life and/or are marginal, the depreciation is accelerated based on an adjustment to the reserves for accounting purposes.

Depreciation of non-mining assets

Non-mining assets are recorded at cost and depreciated on a straight-line basis over their current expected useful lives to their residual values as follows:

· Vehicles: 5 years

· Computers: 3 years

· Furniture and equipment: 1 - 10 years

The assets’ useful lives, depreciation methods and residual values are reassessed at each reporting date and adjusted if appropriate.

Impairment

Recoverability of the carrying values of long-term assets or CGUs of the Group are reviewed whenever events or changes in circumstances indicate that such carrying value may not be recoverable. To determine whether a long-term asset or CGU may be impaired, the higher of value in use (defined as: the present value of future cash flows expected to be derived from an asset or CGU) or fair value less costs to sell (defined as: the price that would be received to sell an asset in an orderly transaction between market participants at the measured rate, less the costs of disposal) is compared to the carrying value of the asset/unit.

A CGU is defined by the Group as the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. Generally for the Group this represents an individual operating mine, including mines which are part of a larger mine complex. The costs attributable to individual shafts of a mine are impaired if the shaft is closed.

Impairment losses are recognised in profit or loss. Impairment recognised in respect of a CGU is allocated first to goodwill to that particular CGU and thereafter to the individual assets in the CGU.

When any infrastructure is closed down or placed on care and maintenance during the year, any carrying value attributable to that infrastructure is impaired. Expenditure incurred on care and maintenance is recognised in profit or loss.

When the review of the events or changes in circumstances of an asset or CGU that was previously impaired indicate that such historical carrying value is recoverable, the impairment is reversed. The impairment is only reversed to such an amount that the new carrying amount does not exceed the historical carrying amount. Reversal of impairment losses are recognised in profit or loss. Reversal of impairment recognised in respect of a CGU is allocated to the individual assets in the CGU.

Derecognition of property, plant and equipment

Property, plant and equipment is derecognised on disposal or closure of a shaft when no future economic benefits are expected from its use or disposal. Any gain or loss on derecognition of an item of property, plant and equipment (calculated as the net proceeds from disposal and the carrying amount of the item) is recognised in profit or loss.

Exploration and evaluation expenditure

All exploration and evaluation expenditure, prior to obtaining the legal rights to explore a specific area, is recognised in profit or loss. After the legal rights to explore are obtained, exploration and evaluation expenditure, comprising the costs of acquiring prospecting rights and directly attributable exploration expenditure, is capitalised as a separate class of property, plant and equipment or intangible assets, on a project-by-project basis, pending determination of the technical feasibility and commercial viability.

The technical feasibility and commercial viability of extracting a mineral resource is generally considered to be determinable through a feasibility study and when proven reserves are determinable to exist. Upon determination of proven reserves, exploration and evaluation assets attributable to those reserves are first tested for impairment and then reclassified from exploration and evaluation assets to another appropriate class of property, plant and equipment. Subsequently, all cost directly incurred to prepare an identified mineral asset for production is capitalised to mine development assets. Amortisation of these assets commences once these assets are available for use, which is expected to be when the mine is in commercial production. These assets will be measured at cost less accumulated amortisation and impairment losses.

Figures in million - SA rand	Notes	Total	Mine development, infrastructure and other	Land, mineral rights and rehabilitation	Exploration and evaluation assets
31 December 2017
Cost
Balance at beginning of the year		67,689.8	59,904.4	5,714.4	2,071.0
Additions1		6,140.6	5,979.1	95.3	66.2
Change in estimates of rehabilitation assets	25	(187.8)	-	(187.8)	-
Disposals		(142.3)	(134.1)	(7.9)	(0.3)
Assets acquired on acquisition of subsidiaries	13.1	29,948.6	11,513.6	17,115.2	1,319.8
Foreign currency translation		(1,728.2)	(733.8)	(921.3)	(73.1)
Balance at end of the year		101,720.7	76,529.2	21,807.9	3,383.6
Accumulated depreciation, amortisation and impairment
Balance at beginning of the year		40,449.1	38,341.9	2,107.2	-
Amortisation and depreciation1	4	5,741.6	5,067.6	674.0	-
Impairment	8	4,303.4	1,504.6	1,300.3	1,498.5
Disposals		(111.7)	(534.2)	422.5	-
Foreign currency translation		(106.3)	(71.0)	(33.0)	(2.3)
Balance at end of the year		50,276.1	44,308.9	4,471.0	1,496.2
Carrying value at end of the year		51,444.6	32,220.3	17,336.9	1,887.4

1 During the year, amortisation and depreciation on assets used in the development of the Burnstone project was capitalised. As a result, additions includes non-cash additions (or amortisation and depreciation capitalised) of R41.8 million.

Figures in million - SA rand	Notes	Total	Mine development, infrastructure and other	Land, mineral rights and rehabilitation	Exploration and evaluation assets
31 December 2016
Cost
Balance at beginning of the year		57,431.7	51,919.9	3,591.5	1,920.3
Additions		4,151.1	4,065.7	3.7	81.7
Change in estimates of rehabilitation assets	25	472.5	-	472.5	-
Disposals		(67.8)	(65.9)	(1.9)	-
Assets acquired on acquisition of subsidiaries	13.2, 13.3	5,702.3	3,984.7	1,648.6	69.0
Balance at end of the year		67,689.8	59,904.4	5,714.4	2,071.0
Accumulated depreciation, amortisation and impairment
Balance at beginning of the year		35,299.3	33,978.1	1,321.2	-
Amortisation and depreciation	4	4,041.9	3,656.7	385.2	-
Impairment	8	1,171.7	770.3	401.4	-
Disposals		(63.8)	(63.2)	(0.6)	-
Balance at end of the year		40,449.1	38,341.9	2,107.2	-
Carrying value at end of the year		27,240.7	21,562.5	3,607.2	2,071.0

Figures in million - SA rand	Notes	Total	Mine development, infrastructure and other	Land, mineral rights and rehabilitation	Exploration and evaluation assets
31 December 2015
Cost
Balance at beginning of the year		54,404.9	48,637.6	3,882.3	1,885.0
Additions		3,344.8	3,303.5	6.0	35.3
Change in estimates of rehabilitation assets	25	(273.4)	-	(273.4)	-
Disposals		(44.6)	(21.2)	(23.4)	-
Balance at end of the year		57,431.7	51,919.9	3,591.5	1,920.3
Accumulated depreciation, amortisation and impairment
Balance at beginning of the year		31,700.9	30,650.2	1,050.7	-
Amortisation and depreciation	4	3,636.6	3,358.4	278.2	-
Disposals		(38.2)	(30.5)	(7.7)	-
Balance at end of the year		35,299.3	33,978.1	1,321.2	-
Carrying value at end of the year		22,132.4	17,941.8	2,270.3	1,920.3

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ACQUISITIONS

12 Months Ended

Dec. 31, 2017

ACQUISITIONS

ACQUISITIONS

13.  ACQUISITIONS

SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES

Expected future cash flows used to determine the fair value of, inter alia, property, plant and equipment and contingent consideration are inherently uncertain and could materially change over time. The fair value is significantly affected by a number of factors including reserves and production estimates, together with economic factors such as the expected commodity price, foreign currency exchange rates, and estimates of production costs, future capital expenditure and discount rates.

ACCOUNTING POLICY

Business combinations

The acquisition method of accounting is used to account for business combinations by the Group. The consideration transferred for the acquisition of a business is the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Any contingent consideration is measured at fair value at the date of acquisition. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. On an acquisition-by-acquisition basis, the Group recognises any non-controlling interest in the acquiree either at fair value or at the non-controlling interest’s proportionate share of the acquiree’s net assets. Subsequently, the carrying amount of non-controlling interest is the amount of the interest at initial recognition plus the non-controlling interest’s share of the subsequent changes in equity, plus or minus changes in the portion of interest of the equity of the subsidiary not attributable, directly or indirectly, to Sibanye-Stillwater shareholders.

The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets acquired is recorded as goodwill. If this is less than the fair value of the net assets of the subsidiary acquired in the case of a bargain purchase, the difference is a gain recognised directly in profit or loss.

13.1 STILLWATER ACQUISITION

On 9 December 2016, Sibanye-Stillwater announced it had reached a definitive agreement to acquire Stillwater Mining Company (Stillwater) for US$18 per share in cash, or US$2,200 million in aggregate (the Stillwater Transaction). On 25 April 2017, at the shareholders meeting of Sibanye-Stillwater, the Sibanye-Stillwater shareholders approved the proposed Stillwater Transaction by voting in favour of the various resolutions to give effect to the Stillwater Transaction and at the shareholders meeting of Stillwater, the requisite majority of Stillwater shareholders resolved to approve the Stillwater Transaction. Sibanye-Stillwater obtained control (100%) of Stillwater on this date. The effective date of the implementation of the Stillwater Transaction was 4 May 2017, when Sibanye-Stillwater took over legal ownership of Stillwater.

For the eight months ended 31 December 2017, Stillwater contributed revenue of US$688.3 million (R9,161.6 million) and a profit of US$152.4 million (R2,028.1 million) to the Group’s results.

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

Subsequent to the date of the acquisition, the Group received new information relating to exploration and evaluation assets that existed at acquisition date and adjustments were made to the provisional calculation of the fair values resulting in a decrease of USS$9.4 million (R123.7 million) in the fair value of property, plant and equipment, a decrease of US$3.6 million (R46.7 million) to the net deferred tax liabilities, and an increase of US$5.8 million (R77.0 million) in the reported value of goodwill. Accordingly, the PPA has been restated as required by IFRS 3.

CONSIDERATION

The consideration paid is as follows:

Figures in million	Note	US dollar	SA rand
Cash		2,080.7	27,174.5
Liability raised in respect of dissenting shareholders	18.2	104.5	1,364.3
Settlement of share-based payment awards (cash)		16.2	211.9
Total consideration		2,201.4	28,750.7

ACQUISITION RELATED COSTS

The Group incurred acquisition related costs of R528.5 million on advisory and legal fees. These costs are recognised as transaction costs in profit or loss.

IDENTIFIABLE ASSETS ACQUIRED AND LIABILITIES ASSUMED

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

Figures in million	Notes	US dollar	SA rand
Property, plant and equipment	12	2,293.2	29,948.6
Other non-current assets		6.9	90.8
Inventories		159.7	2,085.4
Current investments		278.9	3,642.2
Cash and cash equivalents		137.2	1,792.2
Other current assets		37.3	487.3
Borrowings		(454.6)	(5,937.6)
Environmental rehabilitation obligation	25	(23.9)	(312.1)
Deferred tax liabilities	9.3	(573.2)	(7,486.3)
Other non-current liabilities		(19.9)	(260.3)
Trade and other payables		(88.1)	(1,150.1)
Other current liabilities		(1.8)	(23.3)
Total fair value of identifiable net assets acquired		1,751.7	22,876.8

The fair value of assets and liabilities excluding property, plant and equipment, inventories and borrowings approximate the carrying value. The fair value of property, plant and equipment was based on the expected discounted cash flows of the expected ore reserves and costs to extract the ore discounted at a real discount rate of 8.6% for the Stillwater and East Boulder mines and Columbus metallurgical complex, and 10.3% for the Blitz project, an average platinum price of US$1,375/oz and an average palladium price of US$880/oz. The fair value of borrowings (Convertible Debentures) was based on the settlement price.

GOODWILL

Goodwill arising from the acquisition has been recognised as follows:

Figures in million	Note	US dollar	SA rand
Consideration		2,201.4	28,750.7
Fair value of identifiable net assets		(1,751.7)	(22,876.8)
Goodwill	14	449.7	5,873.9

The goodwill is attributable to the talent and skills of Stillwater’s workforce.

The goodwill has been provisionally allocated to the Stillwater CGU. None of the goodwill recognised is expected to be deducted for tax purposes.

13.2 THE RUSTENBURG OPERATIONS ACQUISITION

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

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

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

For the two months ended 31 December 2016, the Rustenburg operations contributed revenue of R1,656.0 million and a loss of R150.0 million to the Group’s results.

At 19 October 2016, the PPA was prepared on a provisional basis in accordance with IFRS 3. During the remeasurement period, the Group received new information relating to deferred tax and the effective date valuations that existed at acquisition date, and adjustments were made to the provisional calculation of the fair values resulting an increase of R249.4 million to the net deferred tax liabilities and a decrease of R249.4 million to the reported gain on acquisition. According, the PPA has been restated as required by IFRS 3.

Consideration

The consideration paid is as follows:

Figures in million - SA rand	Note	2016
Cash		1,500.0
Deferred Payment1	18.2	1,553.3
True-up amount2		65.1
Total consideration		3,118.4

1  The Deferred Payment was based on 35% of the expected distributable free cash flow generated by the Rustenburg operations over an extended payment period from 1 January 2017, subject to a minimum payment of R3.0 billion discounted at a cost of debt of 9.5%

2 The upfront purchase price was adjusted after Closing (i.e. the true-up amount) for actual Closing cash of the Rustenburg operations in excess of the estimated Closing cash of the Rustenburg operations and actual Closing working capital of the Rustenburg operations in excess of the targeted Closing working capital of the Rustenburg operations (in essence, representing a normalised level of working capital).

Acquisition related costs

The Group incurred acquisition related costs of R63.9 million on advisory and legal fees. These costs are recognised as transaction costs in profit or loss.

Identifiable assets acquired and liabilities assumed

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

		Revised
Figures in million - SA rand	Notes	2016
Property, plant and equipment	12	4,021.5
Environmental rehabilitation obligation funds	17	280.7
Other non-current assets		220.9
Inventories		80.4
Trade and other receivables		2,991.6
Other current assets		242.0
Cash and cash equivalents		0.1
Environmental rehabilitation obligation	25	(79.8)
Deferred tax liabilities	9.3	(1,147.9)
Trade and other payables		(1,312.5)
Total fair value of identifiable net assets acquired		5,297.0

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

Gain on acquisition

A gain on acquisition has been recognised as follows:

		Revised
Figures in million - SA rand	Note	2016
Consideration		3,118.4
Fair value of identifiable net assets		(5,297.0)
Gain on acquisition	14	(2,178.6)

The excess of the fair value of the net assets acquired over the consideration is recognised immediately in profit or loss as a gain on acquisition. The gain on acquisition is attributable to the fact that Anglo American Platinum has repositioned its portfolio by among others exiting certain assets. The Rustenburg operations Transaction represented an attractively priced entry for Sibanye-Stillwater into the PGM sector.

13.3 AQUARIUS ACQUISITION

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

On 12 April 2016, Sibanye-Stillwater paid R4,301.5 million to the Aquarius shareholders and obtained control (100%) of Aquarius.

The acquisition had a strong strategic and financial rationale for Sibanye-Stillwater, both as a stand-alone transaction and particularly when considered in conjunction with the Rustenburg operations acquisition.

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

CONSIDERATION

The consideration paid is as follows:

Figures in million - SA rand	2016
Cash	4,301.5
Total consideration	4,301.5

ACQUISITION RELATED COSTS

The Group incurred acquisition related costs of R84.7 million on advisory and legal fees. These costs are recognised as transaction costs in profit or loss in 2016.

IDENTIFIABLE ASSETS ACQUIRED AND LIABILITIES ASSUMED

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

Figures in million - SA rand	Notes	2016
Property, plant and equipment	12	1,680.8
Equity-accounted investments	15	2,066.7
Environmental rehabilitation obligation funds	17	151.9
Other non-current assets		108.4
Inventories		155.0
Trade and other receivables		908.9
Cash and cash equivalents		494.1
Environmental rehabilitation obligation	25	(630.0)
Deferred tax liabilities	9.3	49.2
Other non-current liabilities		(32.4)
Trade and other payables		(1,025.6)
Tax and royalties payable		(13.2)
Total fair value of identifiable net assets acquired		3,913.8

The fair value of assets and liabilities excluding property, plant and equipment, and environmental rehabilitation obligation approximate their carrying value. The fair value of property, plant and equipment was based on the expected discounted cash flows of the expected PGM reserves and costs to extract the PGMs discounted at a WACC of 9.0% for Kroondal and Platinum Mile, and 15.0% for Mimosa, and an average PGM (4E) basket price of R14,700/oz.

GOODWILL

Goodwill arising from the acquisition has been recognised as follows:

Figures in million - SA rand	Note	2016
Consideration		4,301.5
Fair value of identifiable net assets		(3,913.8)
Non-controlling interests, based on their proportionate interest in the recognised amounts of the assets and liabilities		12.9
Goodwill	14	400.6

The goodwill is attributable to the synergies between the PGM assets in the Rustenburg area. Refer to note 14 for the allocation of goodwill. None of the goodwill recognised is expected to be deducted for tax purposes.

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GOODWILL

12 Months Ended

Dec. 31, 2017

GOODWILL.

GOODWILL

14.  GOODWILL

SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES

Goodwill is tested for impairment on an annual basis. Expected future cash flows used to determine the recoverable amount of property, plant and equipment and goodwill are inherently uncertain and could materially change over time. The recoverable amount is significantly affected by a number of factors including reserves and production estimates, together with economic factors such as the expected commodity price, foreign currency exchange rates, and estimates of production costs, future capital expenditure and discount rates.

An individual operating mine does not have an indefinite life because of the finite life of its reserves. The allocation of goodwill to an individual mine will result in an eventual goodwill impairment due to the wasting nature of the mine.

ACCOUNTING POLICY

Goodwill is stated at cost less accumulated impairment losses. In accordance with the provisions of IAS 36 Impairment of Assets, the Group performs its annual impairment review of goodwill at each financial year end or whenever there are impairment indicators to establish whether there is any indication of impairment to goodwill. A write-down is made if the carrying amount exceeds the recoverable amount. The recoverable amount is determined by reference to “fair value less costs to sell” being the higher of “value in use” and “fair value less cost to sell”, based on the cash flows over the life of the CGUs and discounted to present value at an appropriate discount rate. Impairment losses on goodwill are not reversed. Gains and losses on the disposal of an entity include the carrying amount of goodwill allocated to the entity sold.

Goodwill is allocated to CGUs for the purpose of impairment testing. The allocation is made to those CGUs or groups of CGUs that are expected to benefit from the business combination in which the goodwill arose.

Figures in million - SA rand	Notes	2017	2016	2015
Balance at beginning of the year		936.0	736.7	736.7
Impairment	8	(99.1)	(201.3)
Goodwill on acquisition of subsidiaries	13.1, 13.3	5,873.9	400.6	-
Foreign currency translation		(314.8)	-	-
Balance at end of the year		6,396.0	936.0	736.7

The goodwill arose on the acquisition of Cooke, Aquarius and Stillwater. The goodwill on acquisition of Cooke was attributable to the synergies at the Group’s other operations, and the underlying assets of Cooke and WRTRP. At year end the remaining goodwill from the acquisition of Cooke is allocated to the Beatrix (R103.9 million), Driefontein (R166.9 million) and Kloof (R165.5 million) CGUs where it is tested for impairment.

The goodwill on acquisition of Aquarius is attributable to the synergies between the PGM assets in the Rustenburg area. At year end the goodwill on acquisition of Aquarius is allocated to the Kroondal (R133.5 million) and the Rustenburg operations (R267.1 million) CGUs, where it is tested for impairment. The goodwill on the acquisition of Stillwater is attributable to the premium paid, and the talent and skills of Stillwater’s workforce, and has been provisionally allocated to the Stillwater CGU.

None of the goodwill recognised is expected to be deducted for tax purposes.

The Group’s estimates and assumptions used in the 31 December 2017 impairment testing include:

Platinum					Gold
2016	2017				2017	2016
			Long-term gold price	R/kg	545,000	570,000
14,725	14,270	R/4Eoz	Long-term PGM (4E) basket price
	1,015	US$/2Eoz	Long-term PGM (2E) basket price
15.7	14.5	%	Nominal discount rate1	%	12.1	12.5
6.0	5.3	%	Inflation rate	%	5.3	6.0
8 - 26	9 - 34	years	Life of mine	years	12 - 22	7 - 20

1 Nominal discount rate for WRTRP of 14.7% (2016: 13.5%).

The annual life-of-mine plan that takes into account the following:

· Proved and probable ore reserves of the CGUs;

· Resources are valued using appropriate price assumptions;

· Cash flows are based on the life-of-mine plan; and

· Capital expenditure estimates over the life-of-mine plan.

During the six months ended 31 December 2017, the goodwill allocated to the WRTRP was impaired by R99.1 million (see note 8). There were no other events or changes in circumstances that suggest that the carrying amount of a CGU may not be recoverable.

The recoverable amounts of the Driefontein, Kloof, Kroondal, Platinum Mile and Rustenburg operations CGUs are significantly higher than their carry values, therefore a reasonably possible adverse change in the abovementioned assumptions would not likely result in an adjustment to the carrying values.

The recoverable amounts of the Beatrix and Stillwater CGUs approximate their carrying values and, therefore, any reasonably possible adverse change in the abovementioned assumptions could result in further impairment.

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EQUITY-ACCOUNTED INVESTMENTS

12 Months Ended

Dec. 31, 2017

EQUITY-ACCOUNTED INVESTMENTS

EQUITY-ACCOUNTED INVESTMENTS

15.  EQUITY-ACCOUNTED INVESTMENTS

SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES

Joint arrangements

Judgement is required to determine when the Group has joint control, which requires an assessment of the relevant activities and when the decisions in relation to those activities require unanimous consent. The Group has determined that the relevant activities for its joint arrangements are those relating to the operating and capital decisions of the arrangement, such as: the approval of the capital expenditure programme for each year, and appointing, remunerating and terminating the key management personnel or service providers of the joint arrangement. The considerations made in determining joint control are similar to those necessary to determine control over subsidiaries.

Judgement is also required to classify a joint arrangement as either a joint operation or a joint venture. Classifying the arrangement requires the Group to assess their rights and obligations arising from the arrangement. Specifically, it considers:

· The structure of the joint arrangement – whether it is structured through a separate vehicle.

· When the arrangement is structured through a separate vehicle, the Group also considers the rights and obligations arising from:

   - the legal form of the separate vehicle; and

   - the terms of the contractual arrangement.

This assessment often requires significant judgement, and a different conclusion on joint control and also whether the arrangement is a joint operation or a joint venture may materially impact the accounting.

ACCOUNTING POLICY

The Group’s interest in equity-accounted investees comprise interests in associates and joint ventures.

Associates are those entities in which the Group has significant influence, but not control or joint control, over the financial and operating policies. Joint ventures are arrangements in which the Group has joint control, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for it liabilities.

Interests in associates and joint ventures are accounted for using the equity method. The interests are initially recognised at cost using the same principles as with business combinations. Subsequent to initial recognition, the consolidated financial statements include the Group’s share of profit or loss and other comprehensive income of equity-accounted investees until the date on which significant influence or joint control ceases.

Results of associates and joint ventures are equity-accounted using the results of their most recent audited annual financial statements or unaudited management accounts. Any losses from associates are brought to account in the consolidated financial statements until the interest in such associates is written down to zero. The interest includes any long-term interests that in substance, form part of the entity’s net investment in the equity-accounted investee, for example long-term receivables for which settlement is neither planned nor likely to occur in the foreseeable future. Thereafter, losses are accounted for only insofar as the Group is committed to providing financial support to such associates.

The carrying value of an equity-accounted investment represents the cost of the investment, including goodwill, the proportionate share of the post-acquisition retained earnings and losses, any other movements in reserves, any impairment losses and loans to or from the equity-accounted investee. The carrying value together with any long-term interests that in substance form part of the net investment in the equity-accounted investee is assessed annually for existence of indicators of impairment and if such exist, the carrying amount is compared to the recoverable amount, being the higher of value in use or fair value less costs to sell. If an impairment in value has occurred, it is recognised in the period in which the impairment arose. Indicators of impairment include a significant or prolonged decline in the investments fair value below its carrying value.

The Group holds the following equity-accounted investments:

Figures in million - SA rand	Notes	2017	2016	2015
Rand Refinery	15.1	198.4	72.4	148.7
Mimosa	15.2	2,012.9	2,049.3	-
Other equity-accounted investments		32.8	35.7	18.8
Total equity-accounted investments		2,244.1	2,157.4	167.5

MATERIAL EQUITY-ACCOUNTED INVESTMENTS

15.1 RAND REFINERY

Sibanye-Stillwater has a 33.1% interest in Rand Refinery Proprietary Limited (Rand Refinery), a company incorporated in South Africa, which is involved in the refining of bullion and by-products sourced from, inter alia, South African and foreign gold producing mining companies. Rand Refinery is accounted for using the equity method.

On 18 December 2014, Rand Refinery drew down R1.029 billion under a R1.2 billion subordinated shareholders loan (the Facility), with Sibanye-Stillwater’s proportional share being R384.6 million. Amounts drawn down under the Facility were repayable within two years from the first draw down date. If the loan was not repaid within two years, it would automatically convert into equity in Rand Refinery. During February 2017, Rand Refinery resolved to convert the Facility to redeemable preference shares.

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

Figures in million - SA rand	2017	2016	2015
Balance at beginning of the year	72.4	148.7	55.1
Share of results of equity-accounted investee after tax1	124.5	(116.5)	114.5
Interest income on loan to equity-accounted investee capitalised	1.5	40.2	-
Loan repaid by equity-accounted investee	-	-	(20.9)
Balance at end of the year	198.4	72.4	148.7

1  Rand Refinery is equity accounted based on its results for the period ended 30 November.

The Group’s interest in the summarised financial statements of Rand Refinery are:

Figures in million - SA rand	Note	2017	2016	2015
Revenue		649.0	903.0	1,021.0
Total comprehensive (loss)/income		374.0	(352.0)	346.0
Non-current assets		702.0	636.0	708.0
Current assets		669.0	419.0	512.0
Non-current liabilities		(31.0)	(1,095.0)	(992.0)
Current liabilities		(391.0)	(467.0)	(383.0)
Net assets/(liabilities) (100.0%)		949.0	(507.0)	(155.0)
Reconciliation of the total investment in Rand Refinery with attributable net assets:
Net assets/(liabilities) (33.1%)		314.1	(168.2)	(51.7)
Dividend received		(8.2)	(8.2)	(8.2)
Fair value adjustment1		(35.5)	(35.5)	(35.5)
Impairment	8	(119.6)	(119.6)	(119.6)
Loan to equity-accounted investee		-	403.9	363.7
Redeemable preference shares in excess of 33.1% interest2		47.6	-	-
Total investment in Rand Refinery		198.4	72.4	148.7

1 The investment in equity-accounted investee was fair valued at 1 July 2002, the date when significant influence was obtained.

2  Sibanye-Stillwater’s proportional share of the Facility was 37.4%. On conversion of the Facility to redeemable preference shares, the Group shares in more than its 33.1% interest of the net assets of Rand Refinery.

15.2 MIMOSA

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

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

Figures in million - SA rand	Note	2017	2016	2015
Balance at the beginning of the year		2,049.3	-	-
Share of results of equity-accounted investee after tax		175.0	114.9	-
Equity-accounted investment on acquisition of subsidiaries	13.3	-	2,066.7	-
Foreign currency translation		(211.4)	(132.3)	-
Balance at end of the year		2,012.9	2,049.3	-

The Group’s interest in the summarised financial statements of Mimosa are:

Figures in million - SA rand	2017	2016	2015
Revenue	3,375.4	2,446.4	-
Amortisation and depreciation	(423.4)	(447.4)	-
Interest income	17.5	1.0	-
Finance expense	(20.0)	(22.4)	-
Income tax	(245.0)	(185.1)	-
Profit or loss	350.1	229.8	-
Other comprehensive income	72.7	(264.6)	-
Total comprehensive income	422.8	(34.8)	-
Non-current assets	4,007.8	4,079.0	-
Property, plant and equipment	4,007.8	4,079.0	-
Current assets	1,916.3	2,259.5	-
Cash and cash equivalents	281.5	191.2	-
Other current assets	1,634.7	2,068.3	-
Non-current liabilities	(993.6)	(1,131.2)	-
Non-current financial liabilities	(94.2)	(141.2)	-
Other non-current liabilities	(899.4)	(990.0)	-
Current liabilities	(539.0)	(900.1)	-
Current financial liabilities	(487.4)	(762.2)	-
Other current liabilities	(51.7)	(137.9)	-
Net assets (100.0%)	4,391.5	4,307.2	-
Reconciliation of the total investment in Mimosa with attributable net assets:
Net assets (50.0%)	2,195.7	2,153.6	-
Reconciling items1	(182.8)	(104.3)	-
Total investment in Mimosa	2,012.9	2,049.3	-

1 The reconciling items include the difference between the carrying amount and fair value of the Mimosa’s identifiable assets and liabilities on acquisition less accumulated amortisation, and foreign exchange differences on translation of assets and liabilities of the foreign joint venture. In 2016, the reconciling items also included the remaining impairment of the Reserve Bank of Zimbabwe bond notes.

Repatriation of funds from Zimbabwe is subject to regulatory approval in Zimbabwe.

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INTERESTS IN JOINT OPERATIONS

12 Months Ended

Dec. 31, 2017

INTERESTS IN JOINT OPERATIONS

INTERESTS IN JOINT OPERATIONS

16.  INTERESTS IN JOINT OPERATIONS

ACCOUNTING POLICY

A joint operation is a joint arrangement in which the parties that share joint control have rights to the assets, and obligations for the liabilities, relating to the arrangement.

In relation to the Group’s interests in joint operations, the following are recognised in the financial statements:

· the Group’s share of the jointly controlled assets, classified according to the nature of the assets;

· any liabilities that the Group has incurred;

· the Group’s share of any liabilities incurred jointly with the other ventures in relation to the joint operation;

· any income from the sale or use of the Group’s share of the output of the joint operation, together with the Group’s share of any expenses incurred by the joint operation; and

· any expenses that the Group has incurred in respect of its interest in the joint operation.

The Group’s interests in joint operations includes a 50% interest in two joint operations each referred to as the “Notarial Pooling and Sharing Agreements”. The principal activities of the joint operations are to extend the Kroondal mine over the boundary of the properties covering the Kroondal mine and expand the Marikana mine operations through mineral rights contributed by Anglo American Platinum through its subsidiary, RPM.

The Group’s share of the assets, liabilities, revenue and expenses of the joint operations which are included in the consolidated financial statements, are as follows:

Kroondal Mine

Figures in million - SA rand	2017	2016	2015
Loss on foreign exchange differences	(94.4)	(67.8)	-
Profit before tax	175.0	90.8	-
Profit for the year	175.0	90.8	-
Non-current assets	1,284.0	1,296.1	-
Current assets	1,400.5	1,208.1	-
Current liabilities	(283.2)	(288.7)	-
Net assets (50.0%)	2,401.3	2,215.5	-

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ENVIRONMENTAL REHABILITATION OBLIGATION FUNDS

12 Months Ended

Dec. 31, 2017

ENVIRONMENTAL REHABILITATION OBLIGATION FUNDS

ENVIRONMENTAL REHABILITATION OBLIGATION FUNDS

17.  ENVIRONMENTAL REHABILITATION OBLIGATION FUNDS

ACCOUNTING POLICY

The Group’s rehabilitation obligation funds includes equity-linked investments that are fair valued at each reporting date. The fair value is calculated with reference to underlying equity instruments using industry valuation techniques and appropriate models. While Sibanye-Stillwater’s management believes that these assumptions are appropriate, the use of different assumptions could have a material impact on the fair value of the investments.

Annual contributions are made to dedicated environmental rehabilitation obligation funds to fund the estimated cost of rehabilitation during and at the end of the life of the relevant mine. The amounts contributed to these funds are included under non-current assets and are measured at fair value through profit or loss. Interest earned on monies paid to rehabilitation funds is accrued on a time proportion basis and is recorded as interest income.

In addition, bank guarantees are provided for funding shortfalls of the environmental rehabilitation obligations.

Figures in million - SA rand	Note	2017	2016	2015
Balance at beginning of the year		3,100.5	2,413.9	2,192.8
Contributions		114.5	74.7	77.8
Interest income		230.4	168.2	134.8
Fair value gain1		46.5	11.1	8.5
Environmental rehabilitation obligation funds on acquisition of subsidiaries	13	0.5	432.6	-
Balance at end of the year		3,492.4	3,100.5	2,413.9
Environmental rehabilitation obligation funds comprise of the following:
Restricted cash2		483.8	352.3	341.8
Funds		3,008.6	2,748.2	2,072.1

1 The environmental rehabilitation trust fund includes equity-linked investments that are fair valued at each reporting date.

2 The funds are set aside to serve as collateral against the guarantees made to the Department of Minerals and Resources (DMR) for environmental rehabilitation obligations.

.

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OTHER RECEIVABLES AND OTHER PAYABLES

12 Months Ended

Dec. 31, 2017

OTHER RECEIVABLES AND OTHER PAYABLES

OTHER RECEIVABLES AND OTHER PAYABLES

18.  OTHER RECEIVABLES AND OTHER PAYABLES

SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES

Expected future cash flows used to determine the fair value of the other receivables and other payables (namely the Anglo American Platinum financial asset and Deferred Payment, and rates and taxes receivable) are inherently uncertain and could materially change over time. The expected future cash flows are significantly affected by a number of factors including reserves and production estimates, together with economic factors such as the expected commodity price, currency exchange rates, and estimates of production costs, future capital expenditure and discount rates.

ACCOUNTING POLICY

Other receivables and other payables are initially recognised at fair value. Subsequent to initial recognition other receivables and other payables are measured at amortised cost.

Reimbursements, such as rehabilitation reimbursements from other parties, are recognised as a separate asset where recovery is virtually certain. The amount recognised is limited to the amount of the provision. If the party that will make the reimbursement cannot be identified, then the reimbursement is generally not virtually certain and cannot be recognised. If the only uncertainty regarding the certainty of the amount relates to recovery, the reimbursement amount qualifies to be recognised as an asset.

18.1   OTHER RECEIVABLES

Figures in million - SA rand	2017	2016	2015
Anglo American Platinum financial asset	-	469.7	-
Right of recovery receivable	160.5	112.4	-
Rates and taxes receivable	105.6	82.4	-
Other	53.1	1.4	1.3
Total other receivables	319.2	665.9	1.3
Reconciliation of the non-current and current portion of the other receivables:
Other receivables	319.2	665.9	1.3
Current portion of other receivables	(35.2)	(310.6)	-
Non-current portion of other receivables	284.0	355.3	1.3

The Anglo American Platinum financial asset movement for the year is as follows:

Figures in million - SA rand	Note	2017	2016	2015
Balance at the beginning of the year		469.7	-	-
Interest income		42.2	6.8	-
Fair value loss		(467.5)	-	-
Payments received		(44.4)	-	-
Financial asset on acquistion of subsidiary	13.2	-	462.9	-
Balance at end of the year		-	469.7	-

18.2   OTHER PAYABLES

Figures in million - SA rand	Note	2017	2016	2015
Deferred Payment		2,194.7	1,577.4	-
Right of recovery payable		69.3	36.3	-
Dissenting shareholder liability	13.1	1,349.7	-	-
Other		188.6	-	-
Total other payables		3,802.3	1,613.7	-
Reconciliation of the non-current and current portion of the other payables:
Other payables		3,802.3	1,613.7	-
Current portion of other payables		(41.9)	-	-
Non-current portion of other payables		3,760.4	1,613.7	-

The Deferred Payment movement for the year is as follows:

Figures in million - SA rand	Notes	2017	2016	2015
Balance at the beginning of the year		1,577.4	-	-
Interest charge	5	148.2	24.1	-
Loss on revised estimated cash flows		469.1	-	-
Deferred Payment on acquisition of subsidiaries	13.2	-	1,553.3	-
Balance at end of the year		2,194.7	1,577.4	-

ANGLO AMERICAN PLATINUM FINANCIAL ASSET AND DEFERRED PAYMENT

In terms of the Rustenburg operations Transaction (refer to note 13.2) the purchase consideration includes a Deferred Payment, subject to a minimum payment of R3.0 billion. In addition to the Deferred Payment, which allows for a favourable extended payment period; should the Rustenburg operations generate negative distributable free cash flows in either 2016, 2017 or 2018, RPM will be required to pay up to R267 million per annum to ensure that the free cash flow for the relevant year is equal to zero.

RIGHT OF RECOVERY RECEIVABLE AND PAYABLE

Based on the first and second Notarial Pooling and Sharing agreements (PSAs) with Anglo American Platinum, Kroondal Operations Proprietary Limited (Kroondal Operations) (previously Aquarius Platinum (South Africa) Proprietary Limited (AQPSA)) holds a contractual right to recover 50% of the rehabilitation obligation relating to environmental rehabilitation resulting from PSA operations from RPM, where this rehabilitation relates to property owned by Kroondal Operations. Likewise RPM holds a contractual right to recover 50% of the rehabilitation obligation relating to environmental rehabilitation resulting from PSA operations from Kroondal Operations, where the rehabilitation relates to property owned by RPM. With respect to the opencast section of the Marikana mine that is on Kroondal Operations property, RPM have limited their contractual liability to approximately R150 million, being a negotiated liability in terms of an amendment to the second PSA.

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INVENTORIES

12 Months Ended

Dec. 31, 2017

INVENTORIES

INVENTORIES

19.  INVENTORIES

SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES

Net realisable value tests are performed at least annually and represent the estimated future sales price of the product based on prevailing spot commodity prices at the reporting date, less estimated costs to complete production and bring the product to sale. Future commodity price fluctuations could negatively impact the valuation of inventory. If any inventories are expected to be realised in the long-term horizon, estimated future sales prices are used for valuation purposes.

ACCOUNTING POLICY

Inventory is valued at the lower of cost and net realisable value. The Group values ore stockpiles, uranium-in-process and gold-in-process when it can be reliably measured. Cost is determined on the following basis:

· PGM concentrate awaiting further processing, reef ore stockpiles and uranium stockpiles are valued using weighted average cost. Cost includes production, amortisation, depreciation and related administration costs; and

· Consumable stores are valued at weighted average cost after appropriate provision for surplus and slow-moving items.

Figures in million - SA rand	2017	2016	2015
Consumable stores1	828.7	481.7	277.5
Uranium finished goods and uranium-in-process2	104.4	100.4	128.4
Ore stockpiles and in-process	1,955.9	51.8	-
Gold-on-hand	-	42.9	-
PGMs-on-hand	637.5	-	-
Total inventories	3,526.5	676.8	405.9

1 The cost of consumable stores consumed during the year and included in operating cost amounted to R8,789.4 million (2016: R5,243.2 million and 2015: R3,995.7 million).

2  Although the uranium finished goods and uranium-in-process was presented under current assets, management does not expect that all this inventory will be realised within 12 months from the reporting date.

During 2017, the Group did not recognise a net realisable value write down of on its uranium finished goods and uranium-in-process inventory (2016: R93.3 million), which was recognised as part of cost of sales.

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TRADE AND OTHER RECEIVABLES

12 Months Ended

Dec. 31, 2017

TRADE AND OTHER RECEIVABLES

TRADE AND OTHER RECEIVABLES

20.  TRADE AND OTHER RECEIVABLES

ACCOUNTING POLICY

Trade and other receivables are initially recognised at fair value and subsequently carried at amortised cost less allowance for impairment. Estimates made for impairment are based on a review of all outstanding amounts at year end. Irrecoverable amounts are written off during the period in which they are identified.

Trade receivables include actual invoiced sales of PGM concentrate as well as sales not yet invoiced for which deliveries have been made and the risks and rewards of ownership have passed. The receivable amount calculated for the PGM concentrate delivered but not yet invoiced is recorded at the fair value of the consideration receivable at the date of delivery. At each subsequent reporting date the receivable is restated to reflect the fair value movements in the pricing mechanism which is considered to represent an embedded derivative. Foreign exchange movements subsequent to the recognition of a sale are recognised as a foreign exchange gain or loss in profit or loss.

Figures in million - SA rand	2017	2016	2015
Trade receivables - gold sales	499.6	658.1	933.4
Trade receivables - PGM sales	4,512.4	4,001.9	-
Other trade receivables	431.4	306.5	108.4
Payroll debtors	174.1	154.7	109.5
Interest receivable	8.5	6.6	7.8
Financial assets	5,626.0	5,127.8	1,159.1
Prepayments	245.0	298.1	123.7
Value added tax	326.6	322.0	344.6
Total trade and other receivables	6,197.6	5,747.9	1,627.4

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CASH AND CASH EQUIVALENTS

12 Months Ended

Dec. 31, 2017

CASH AND CASH EQUIVALENTS.

CASH AND CASH EQUIVALENTS

21.  CASH AND CASH EQUIVALENTS

ACCOUNTING POLICY

Cash and cash equivalents comprise cash on hand, demand deposits and short-term, highly liquid investments readily convertible to known amounts of cash and subject to insignificant risk of changes in value and are measured at amortised cost which is deemed to be fair value as they have a short-term maturity.

Figures in million - SA rand	2017	2016	2015
Cash at the bank and on hand1	2,062.4	967.9	717.4
Total cash and cash equivalents	2,062.4	967.9	717.4

1At 31 December 2017, restricted cash of US$6.2 million (R76.6 million) was held in a money market fund as collateral for the environmental bonding requirements in the US.

7

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STATED SHARE CAPITAL

12 Months Ended

Dec. 31, 2017

STATED SHARE CAPITAL.

STATED SHARE CAPITAL

22.  STATED SHARE CAPITAL

ACCOUNTING POLICY

Ordinary share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity, net of any tax effects.

Figures in thousand	2017	2016	2015
Authorised number of shares	10,000,000	2,000,000	2,000,000
Reconciliation of issued number of shares:
Number of shares in issue at beginning of the year	929,004	916,140	898,840
Shares issued under SGL Share Plan	1,407	12,864	17,300
Rights issue	1,195,787	-	-
Capitalisation issue	42,523	-	-
Number of shares in issue at end of the year	2,168,721	929,004	916,140

AUTHORISED AND ISSUED

At the shareholder’s meeting held on 21 November 2012 (when Gold Fields was the sole shareholder), the Company’s authorised and issued share capital of 1,000 par value shares of R1.00 each was converted into 1,000 ordinary shares with no par value. The authorised share capital was increased by the creation of a further 999,999,000 ordinary no par value shares, each ranking pari passu in all respects with the existing no par value shares in the Company’s share capital so as to result in the Company’s authorised share capital being 1,000,000,000 ordinary no par value shares. As at 31 December 2012, the authorised share capital was 1,000,000,000 ordinary no par value shares and the issued share capital was 1,000 ordinary no par value shares.

On 1 February 2013, prior to the unbundling of Sibanye-Stillwater from Gold Fields on 18 February 2013, Gold Fields subscribed for a further 731,647,614 shares in Sibanye-Stillwater for R17,246 million.

During 2015, the Company issued 17,300,356 shares as part of the SGL Share Plan. As of 31 December 2015, the authorised share capital was 2,000,000,000 ordinary no par value shares and the issued share capital was 916,140,552 ordinary no par value shares.

During 2016, the Company issued 12,863,790 shares as part of the SGL Share Plan, and as of 31 December 2016, the authorised share capital was 2,000,000,000 ordinary no par value shares and issued share capital was 929,004,342 ordinary no par value shares.

At the shareholder’s AGM on 25 April 2017, the authorised number of shares was increased to 10,000,000,000 ordinary no par value shares.

On 14 June 2017, Sibanye-Stillwater raised net capital of R12,932.4 million, being proceeds of R13,438.5 million and transactions costs of R506.1 million, from a rights issue, when 1,195,787,294 shares were issued with nine (9) new shares issued for every seven (7) existing shares held, on 4 October 2017, 42,522,524 shares were issued with two (2) capitalisation issue shares for every 100 existing share held, and on various dates during 2017, 1,407,060 shares were issued as part of the SGL Share Plan. As of 31 December 2017, the issued share capital was 2,168,721,220 ordinary no par value shares.

In terms of the general authority granted at the shareholder’s AGM on 23 May 2017, the authorised but unissued ordinary share capital of the Company representing not more than 5% of the issued share capital of the Company as at 31 December 2016, after setting aside so many ordinary shares as may be required to be allotted and issued pursuant to the share incentive scheme, was placed under the control of the directors.

This authority expires at the next AGM where shareholders will be asked to place under the control of the directors the authorised but unissued ordinary share capital of the Company representing not more than 5% of the issued share capital of the Company from time to time.

All the Sibanye-Stillwater ordinary shares rank pari passu in all respects, there being no conversion or exchange rights attached thereto, and all of the ordinary shares will have equal rights to participate in capital, dividend and profit distributions by the Company.

REPURCHASE OF SHARES

The Company has not exercised the general authority granted to buy back shares from its issued ordinary share capital granted at the shareholders’ meeting held on 23 May 2017. At the next AGM, shareholders will be asked to approve the general authority for the acquisition by the Company, or a subsidiary of the Company, of its own shares.

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NON-CONTROLLING INTERESTS

12 Months Ended

Dec. 31, 2017

NON-CONTROLLING INTERESTS

NON-CONTROLLING INTERESTS

23.  NON-CONTROLLING INTERESTS

ACCOUNTING POLICY

Non-controlling interests

The Group recognises any non-controlling interest in an acquiree either at fair value or at the non-controlling interest’s proportionate share of the acquiree’s net assets on an acquisition by acquisition basis. Subsequently, the carrying amount of non-controlling interest is the amount of the interest at initial recognition plus the non-controlling interest’s subsequent share of changes in equity.

Transactions with non-controlling interests

The Group treats transactions with non-controlling interests as transactions with equity owners of the Group. For purchases from non-controlling interests, the difference between any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests where control is not lost are also recorded in equity. Where control is lost over a subsidiary, the gains or losses are recognised in profit or loss.

The Group’s non-controlling interests relates to the following subsidiaries:

Figures in million - SA rand	2017	2016	2015
Non-controlling interests of Newshelf 1114	-	-	107.3
Non-controlling interests of GTSM	4.1	3.4	2.5
Non-controlling interest of Platinum Mile	15.7	14.3	-
Total non-controlling interests	19.8	17.7	109.8

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BORROWINGS

12 Months Ended

Dec. 31, 2017

Disclosure of detailed information about borrowings [abstract]

Disclosure of borrowings [text block]

24.  BORROWINGS and derivative financial instrument

SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES

Borrowings

Expected future cash flows used to determine the fair value of borrowings (namely the Burnstone Debt) are inherently uncertain and could materially change over time. They are significantly affected by a number of factors including reserves and production estimates, together with economic factors such as the expected commodity price, foreign currency exchange rates, and estimates of production costs, future capital expenditure and discount rates.

ACCOUNTING POLICY

Borrowings

Borrowings are recognised initially at fair value, net of transaction costs incurred, where applicable and subsequently measured at amortised cost using the effective interest method.

Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting date.

Derivative financial instruments

Derivatives are initially recognised at fair value using option pricing methodologies. Any directly attributable transaction costs are recognised in profit or loss as incurred. Subsequent to initial recognition, derivatives are measured at fair value, and changes are generally recognised in profit or loss.

BORROWINGS

Figures in million - SA rand	Notes	2017	2016	2015
R6.0 billion revolving credit facility	24.1	5,536.4	5,100.0	-
US$350 million revolving credit facility	24.2	1,137.1	1,369.0	-
US$1.05 billion Bond	24.3	12,597.7	-	-
US$450 million Convertible Bond	24.4	4,357.1	-	-
R4.5 billion Facilities	24.5	-	-	1,961.6
Burnstone Debt	24.6	1,537.5	1,752.6	1,808.3
Other borrowings	24.8	478.7	749.5	-
Franco-Nevada liability		1.7	2.7	33.7
Stillwater Convertible Debentures		3.3	-	-
Total borrowings		25,649.5	8,973.8	3,803.6
Reconciliation of the non-current and current portion of the borrowings:
Borrowings		25,649.5	8,973.8	3,803.6
Current portion of borrowings		(1,657.5)	(752.3)	(1,995.3)
Non-current portion of borrowings		23,992.0	8,221.5	1,808.3

The current portion of borrowings will be repaid out of operational cash flows or it will be refinanced by utilising available Group facilities.

DERIVATIVE FINANCIAL INSTRUMENT

Figures in million - SA rand	Note	2017	2016	2015
Reconciliation of the non-current and current portion of the derivative financial instrument:
Derivative financial instrument	24.4	1,093.5	-	-
Non-current portion of derivative financial instrument		1,093.5	-	-

24.1 R6.0 BILLION REVOLVING CREDIT FACILITY

On 15 November 2016, Sibanye-Stillwater cancelled and refinanced the R4.5 billion Facilities (refer to note 24.5) by drawing under the R6.0 billion revolving credit facility (RCF). The purpose of the facility was to refinance the R4.5 billion Facilities, finance ongoing capital expenditure, working capital and general corporate expenditure requirements which may include the financing of future acquisitions of business combinations.

Terms of the R6.0 billion RCF
Facility:	R6.0 billion
Interest rate:	JIBAR
Interest rate margin:	During the Covenant adjustment period, being 30 June 2017 to 31 December 2018, the margin will be based on the following Net debt to adjusted EBITDA ratios:
	Net debt to adjusted EBITDA ratios	Margin %
	0.00:1 – 3.00:1	2.40%
	3.00:1 – 3.25:1	2.65%
	3.25:1 – 3.50:1	2.90%
	After the covenant adjustment period the margin will return to 2.4%
Term of loan:	Three years
Borrowers:	Sibanye Gold Limited, SRPM and Kroondal Operations
Security and/or guarantors:	The facility is unsecured and guaranteed by Sibanye Gold Limited, Rand Uranium, SRPM and Kroondal.

Figures in million - SA rand	2017	2016	2015
Balance at beginning of the year	5,100.0	-	-
Loans raised	800.0	5,100.0	-
Loans repaid	(363.6)	-	-
Balance at end of the year	5,536.4	5,100.0	-

24.2 US$350 MILLION REVOLVING CREDIT FACILITY

On 24 August 2015, Sibanye-Stillwater entered into a US$300 million syndicated RCF agreement. On 15 February 2016, the facility increased to US$350 million. The purpose of the facility was to finance ongoing capital expenditure, working capital and general corporate expenditure requirements which may include the financing of future acquisitions of business combinations.

Terms of the US$350 million RCF
Facility	US$350 million RCF (2015: US$300 million RCF)
Interest rate:	LIBOR
Interest rate margin	2% per annum
Utilisation Fees	Where the total outstanding loans under the RCF fall within the range of the percentage of the total loan as set out below, Sibanye-Stillwater shall pay a utilisation fee equal to the percentage per annum set out opposite such percentage range.
	% of the total loans	Utilisation fee
	Less than or equal to 33⅓%	0.15%
	Greater than 33⅓% and less than or equal to 66⅔%	0.30%
	Greater than 66⅔%	0.50%
Term of loan:	Three years
Borrowers:	Sibanye Gold Limited, SRPM and Kroondal Operations
Security and/or guarantors:	The facility is unsecured and guaranteed by SibanyeGold Limited, Rand Uranium, SRPM and Kroondal.

Figures in million - SA rand	2017	2016	2015
Balance at beginning of the year	1,369.0	-	-
Loans raised	1,031.4	2,771.5	-
Loans repaid	(1,198.2)	(1,211.6)	-
Gain on foreign exchange differences	(65.1)	(190.9)	-
Balance at end of the year	1,137.1	1,369.0	-

24.3   US$1.05 BILLION BOND

The acquisition of Stillwater was financed by a US$2.65 billion bridge loan (Stillwater Bridge Facility) (refer to note 24.7). On 27 June 2017, Sibanye-Stillwater completed a two tranche US$1.05 billion international corporate bond offering (the Notes) and the proceeds of the bond offering were applied to the partial repayment of the Stillwater Bridge Facility raised for the acquisition of Stillwater.

Terms of the US$1.05 billion Bond
Facility:	US$500 million 6.125% Senior Notes due 2022 (the 2022 Notes)
	US$550 million 7.125% Senior Notes due 2025 (the 2025 Notes)
Interest rate:	2022 Notes: 6.125%
	2025 Notes: 7.125%
Term of the Notes:	2022 Notes: Five years
	2025 Notes: Eight years
Issuer:	Stillwater Mining Company
Guarantors:	Each of the Notes will be fully and unconditionally guaranteed, jointly and severally by the Guarantors (Kroondal Operations, Rand Uranium, SRPM and Sibanye Gold Limited). The Guarantees will rank equally in right of payment to all existing and future senior debt of the Guarantors.

Figures in million - SA rand	Notes	2017	2016	2015
Loans raised		13,109.5	-	-
Interest charge	5	478.1	-	-
Accrued interest paid	5	(431.5)	-	-
Unwinding of amortised cost		29.7	-	-
Foreign currency translation		(588.1)	-	-
Balance at end of the year		12,597.7	-	-

24.4   US$450 MILLION CONVERTIBLE BOND

The Stillwater Bridge Facility was partially repaid through the US$1 billion rights offer, the Notes (refer to note 24.3) and existing cash at Stillwater. The balance was repaid through the issuance of a US$450 million Convertible Bond. The convertible bond launched and was priced on 19 September 2017.

Terms of the US$ 450 million Convertible Bond
Issue size:	US$450 million
Coupon:	1.875%
Maturity date:	26 September 2023 (six years)
Conversion premium:	35%
Reference share price:	US$1.2281, being the volume weighted average price of a share on the JSE from launch to pricing on 19 September 2017, converted at a fixed exchange rate.
Initial conversion price:	US$1.6580
Issuer:	Sibanye Gold Limited
Guarantors:	Stillwater Mining Company and Kroondal Operations (together, the Guarantors), 100% subsidiaries of Sibanye Gold Limited.

The US$450 million Convertible Bond has two components. The option component is recognised as a derivative liability, measured at fair value, with changes in fair value recorded in profit or loss and reported separately in the statement of financial position. The bond component is recognised as a financial liability and measured at amortised cost using the effective interest rate.

CONVERTIBLE BOND AT AMORTISED COST

Figures in million - SA rand	Note	2017	2016	2015
Loans raised		4,634.5	-	-
Accrued interest and unwinding of amortised cost	5	80.5	-	-
Gain on foreign exchange differences		(357.9)	-	-
Balance at end of the year		4,357.1	-	-

DERIVATIVE FINANCIAL INSTRUMENT

Figures in million - SA rand	2017	2016	2015
Derivative financial instrument recognised	1,296.6	-	-
Gain on financial instruments	(115.9)	-	-
Gain on foreign exchange differences	(87.2)	-	-
Balance at end of the year	1,093.5	-	-

24.5   R4.5 BILLION FACILITIES

Sibanye-Stillwater entered into the R4.5 billion Facilities on 13 December 2013. The R4.5 billion Facilities was used to refinance the unbundling bridge loan facilities.

Terms of the R4.5 billion Facilities
Facility:	R2.5 billion RCF
	R2.0 billion term loan facility (Term Loan)
Interest rate:	JIBAR
Interest rate margin:	RCF: 2.85%
	Term Loan: 2.75%
Term of loan:	Three years
Repayment period:	The Term Loan was repaid in equal six-monthly instalments of R250 million, with the R750 million balance and any amounts outstanding under the RCF due for settlement on final maturity, being 13 December 2016.
Security and/or guarantors:	The Facilities were unsecured and guaranteed by Rand Uranium and Ezulwini.
Cancellation:	These facilities were cancelled and repaid on 15 November 2016.

Figures in million - SA rand	Note	2017	2016	2015
Balance at beginning of the year		-	1,961.6	1,979.5
Loans raised		-	1,936.4	1,000.0
Loans repaid		-	(3,900.0)	(1,020.9)
Unwinding of amortised cost	5	-	2.0	3.0
Balance at end of the year		-	-	1,961.6
Reconciliation of facilities:
RCF		-	-	963.6
Term loan		-	-	998.0

24.6   BURNSTONE DEBT

SGEO has bank debt of US$178.1 million (R1,883.9 million) (the Burnstone Debt) outstanding as part of the net assets acquired on 1 July 2014.

Terms of the Burnstone Debt

Facility:	A1: US$0.2 million
	A2: US$7.8 million
	A3: US$51.0 million
	A4: US$119.1 million
Interest rate:	A1 and A2: Interest free
	A3 and A4: Interest free until 1 July 2017, then at London Interbank Offered Rate (LIBOR)
Interest rate margin:	A3 and A4: 4% from 1 July 2017
Term of loan:	No fixed term
Repayment period:	A1: Repaid on 1 July 2014
	A2: From 1 July 2017 the first 50% of Burnstone’s free cash flow (as defined in the settlement agreement) will be used to repay the Wits Gold Loan and the balance of 50% to repay A2
	A3 and A4: On settlement of A2. 90% of Burnstone’s free cash flow will be used to repay the Wits Gold Loan and the balance of 10% to repay the Burnstone Debt. On settlement of the Wits Gold Loan and interest, 30% of Burnstone’s free cash flow will be used to repay the Burnstone Debt and the balance will be distributed to Wits Gold.
	The Bank Lenders will continue to participate in 10% of Burnstone’s free cash flow after the Burnstone Debt has been repaid in full to a maximum amount of US$63.0 million under a revenue participation agreement.
Security:	The Burnstone Debt is fully secured against the assets of Burnstone (of R2.0 billion) and there is no recourse to the Sibanye-Stillwater Group. The security package includes a cession over the bank accounts, insurance policies’ proceeds, special and general notarial bonds over movable assets and mortgage bonds over property.

The Burnstone Debt facilities of US$178.1 million (R1,883.9 million) were initially recognised at the acquisition fair value using level 2 (refer note 30) assumptions,  being R1,007.6 million, in terms of IFRS 3. The expected free cash flows to repay the loan as detailed above were based on the estimates and assumptions to determine the fair value:

· A US$ swap forward curve adjusted with the 4% interest rate margin above;

· The annual life of mine plan that takes into account the following:

- Proved and probable ore reserves of Burnstone;

- Cash flows are based on the life-of-mine plan of 18 years; and

- Capital expenditure estimates over the life-of-mine plan.

Figures in million - SA rand	Note	2017	2016	2015
Balance at beginning of the year		1,752.6	1,808.3	1,134.4
Accrued interest and unwinding of amortised cost	5	141.6	139.4	99.3
(Gain)/loss on revised estimated cash flows1		(181.7)	29.3	162.5
(Gain)/loss on foreign exchange differences		(175.0)	(224.4)	412.1
Balance at end of the year		1,537.5	1,752.6	1,808.3

1  At 31 December 2017, the expected free cash flows expected to repay the loan as detailed above were revised as a result of:

• Revised proven and probable reserves;

• Revised cash flows over the life of mine plan as a result of:

◦ Revised forecast costs and capital expenditure; and

◦ Revised gold prices 2017: R545,000/kg (2016: R570,000/kg and 2015: R550,000/kg) and exchange rates 2017:  R12.94/US$ (2016:  R13.68/US$S and 2015: R15.00/US$).

In terms of IAS 39 AG8 the carrying value of the Burnstone Debt decreased by R181.7 million (2016: increased by R29.3 million and 2015: increased by R162.5 million), recognised as part of loss on financial instruments in profit or loss.

24.7   ACQUISITION BRIDGE FACILITIES

STILLWATER BRIDGE FACILITY

On 9 December 2016, Sibanye-Stillwater obtained a US$2.65 billion bridge facility (Stillwater Bridge Facility) to finance the purchase of Stillwater, to refinance existing indebtedness at Stillwater and to pay certain related fees, costs and expenses.

Terms of the Stillwater Bridge Facilities
Facility:	A: US$750 million bridge to equity
	B: US$300 million bridge to cash
	C: US$1.6 billion bridge to debt
Interest rate:	LIBOR
Interest rate margin:	Months 1 - 3: 3.25% per annum
	Months 4 - 6: 4.25% per annum or 5.25% per annum if Net debt to EBITDA > 2.0x
	Months 7 - 9: 5.25% per annum or 6.25% per annum if Net debt to EBITDA > 2.0x
	Months 10 - 12: 6.25% per annum or 7.25% per annum if Net debt to EBITDA > 2.0x
Term of loan:	Facility A and B: Earlier of nine months from completion of the Stillwater acquisition and 31 October 2017
	Facility C: 364 days from completion of the Stillwater acquisition
Borrowers:	Sibanye Gold Limited and Thor Mergeco Inc
Security and/or guarantors:	The facility was unsecured and guaranteed by Sibanye Gold Limited, Thor Mergeco Inc, Kroondal Operations, Rand Uranium and SRPM.

Figures in million - SA rand	2017	2016	2015
Loans raised	34,000.3	-	-
Loans repaid	(33,304.0)	-	-
Gain on foreign exchange differences	(514.5)
Foreign currency translation	(181.8)	-	-
Balance at end of the year	-	-	-

24.8   OTHER BORROWINGS

SHORT-TERM CREDIT FACILITIES

Sibanye-Stillwater has uncommitted loan facilities with various banks to fund capital expenditure and working capital requirements at its operations. These facilities have no fixed terms, are short-term in nature and interest rates are market related.

Figures in million - SA rand	2017	2016	2015
Balance at beginning of the year	749.5	-	-
Loans raised	14,721.5	7,472.6	552.0
Loans repaid	(14,992.3)	(6,723.1)	(552.0)
Balance at end of the year	478.7	749.5	-

24.9   THE EXPOSURE TO INTEREST RATE CHANGES AND THE CONTRACTUAL REPRICING DATES

The exposure of the Group’s borrowings to interest rate changes and the contractual repricing dates at the reporting dates are as follows:

Figures in million - SA rand	2017	2016	2015
Floating rate with exposure to change in JIBAR	6,015.1	5,849.5	1,961.6
Floating rate with exposure to change in LIBOR	2,674.6	3,121.6	1,808.3
Non-current borrowings exposed to interest rate changes	8,689.7	8,971.1	3,769.9
The Group has the following undrawn borrowing facilities:
Committed	3,652.5	4,322.5	6,198.4
Uncommitted	471.3	200.5	548.0
Total undrawn facilities	4,123.8	4,523.0	6,746.4
All of the above facilities have floating rates. The undrawn
committed facilities have the following expiry dates:
– within one year	3,188.9	-	1,536.4
– later than one year and not later than two years	463.6	3,422.5	-
– later than two years and not later than three years	-	900.0	4,662.0
Total undrawn committed facilities	3,652.5	4,322.5	6,198.4

24.10 CAPITAL MANAGEMENT

The Group’s primary objective with regards to managing its capital is to ensure that there is sufficient capital available to support the funding requirements of the Group, including capital expenditure, in a way that: optimises the cost of capital; maximises shareholders’ returns; and ensures that the Group remains in a sound financial position.

The Group manages and makes adjustments to the capital structure as and when borrowings mature or as and when funding is required. This may take the form of raising equity, market or bank debt or hybrids thereof. Opportunities in the market are also monitored closely to ensure that the most efficient funding solutions are implemented.

The Group monitors capital using the ratio of net debt to adjusted EBITDA (earnings before interest, taxes, depreciation and amortization), but does not set absolute limits for this ratio.

Net debt to adjusted EBITDA at 31 December 2017 of 2.6 exceeds the Group’s targeted ratio of net debt to adjusted EBITDA of 1.0:1 or lower. Utilising the committed unutilised debt facilities above, will impact on the leverage ratio. The borrowing facilities, permit a leverage ratio of 3.5:1 through to 31 December 2018, and 2.5:1 thereafter, calculated on a quarterly basis. Sibanye-Stillwater plans to deleverage over time back to its targeted leverage ratio of no greater than 1.0:1.

			Revised	Revised
Figures in million - SA rand	Notes	2017	2016	2015
Borrowings1	24	25,205.5	7,221.2	1,995.3
Cash and cash equivalents2	21	2,029.8	928.4	633.4
Net debt3		23,175.7	6,292.8	1,361.9
Adjusted EBITDA4		9,045.1	10,270.4	6,234.8
Net debt to adjusted EBITDA (ratio)5		2.6	0.6	0.2

1  Borrowings are only those borrowings that have recourse to Sibanye-Stillwater. Borrowings, therefore, exclude the Burnstone Debt and include the derivative financial instrument.

2  Cash and cash equivalents exclude cash of Burnstone.

3  Net debt represents borrowings and bank overdraft less cash and cash equivalents. Borrowings are only those borrowings that have recourse to Sibanye-Stillwater and therefore exclude the Burnstone Debt and include the derivative financial instrument. Net debt excludes cash of Burnstone.

4 The adjusted EBITDA calculation included is based on the formula included in the facility agreements for compliance with the debt covenant formula. Adjusted EBITDA may not be comparable to similarly titled measures of other companies. Adjusted EBITDA is not a measure of performance under IFRS and should be considered in addition to, and not as a substitute for, other measures of financial performance and liquidity.

5  Net debt to adjusted EBITDA ratio is defined as net debt as at the end of a reporting period divided by adjusted EBITDA of the 12 months ended on the same reportingdate.

Reconciliation of (loss)/profit before royalties and tax to adjusted EBITDA:

		Revised
Figures in million - SA rand	2017	2016	2015
(Loss)/profit before royalties and tax	(6,981.2)	4,811.4	1,316.0
Adjusted for:
Amortisation and depreciation	5,699.7	4,041.9	3,636.6
Interest income	(415.5)	(331.4)	(257.0)
Finance expense	2,971.8	903.1	561.8
Share-based payments	231.9	496.2	274.4
Loss on financial instruments	1,114.4	1,032.8	229.5
(Gain)/loss on foreign exchange differences	(292.4)	(219.6)	359.4
Share of results of equity-accounted investees after tax	(291.6)	(13.3)	(116.0)
Change in estimate of environmental rehabilitation obligation, and right of recovery receivable and payable	248.9	97.5	-
Gain on disposal of property, plant and equipment	(40.7)	(95.4)	(58.7)
Impairments	4,411.0	1,381.1	-
Occupational healthcare expense	1,106.9	-	-
Restructuring costs	729.8	187.7	104.8
Transaction costs	552.1	157.0	25.7
Gain on acquisition	-	(2,178.6)	-
Net loss on derecognition of financial guarantee asset and liability	-	-	158.3
Adjusted EBITDA	9,045.1	10,270.4	6,234.8

XML

ENVIRONMENTAL REHABILITATION OBLIGATION

12 Months Ended

Dec. 31, 2017

Provision for decommissioning, restoration and rehabilitation costs [abstract]

ENVIRONMENTAL REHABILITATION OBLIGATION

25.  ENVIRONMENTAL REHABILITATION OBLIGATION

SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES

The Group’s mining and exploration activities are subject to various laws and regulations governing the protection of the environment. The Group recognises management’s best estimate for asset retirement obligations in the period in which they are incurred. Actual costs incurred in future periods could differ materially from the estimates. Additionally, future changes to environmental laws and regulations, life of mine estimates and discount rates could affect the carrying amount of this provision.

ACCOUNTING POLICY

Provisions are recognised when the Group has a present obligation, legal or constructive resulting from past events and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.

Long-term environmental obligations are based on the Group’s environmental management plans, in compliance with applicable environmental and regulatory requirements.

The estimated costs of rehabilitation are reviewed annually and adjusted as appropriate for changes in legislation, technology or other circumstances. Cost estimates are not reduced by the potential proceeds from the sale of assets or from plant clean up at closure.

Based on disturbances to date, the net present value of expected rehabilitation cost estimates is recognised and provided for in full in the financial statements. The estimates are reviewed annually and are discounted using a risk-free rate that is adjusted to reflect the current market assessments of the time value of money and the risks specific to the obligation.

Annual changes in the provision consist of finance costs relating to the change in the present value of the provision and inflationary increases in the provision estimate, as well as changes in estimates. Changes in estimates are capitalised or reversed against the relevant asset to the extent that it meets the definition of dismantling and removing the item and restoring the site on which it is located. Costs that relate to an existing condition caused by past operations and do not have a future economic benefit are recognised in profit or loss. If a decrease in the liability exceeds the carrying amount of the asset, the excess is recognised immediately in profit or loss. The present value of environmental disturbances created are capitalised to mining assets against an increase in the environmental rehabilitation obligation.

Rehabilitation projects undertaken, included in the estimates are charged to the provision as incurred. The cost of ongoing current programmes to prevent and control environmental disturbances is charged against income as incurred. The unwinding of the discount due to the passage of time is recognised as finance cost, and the capitalised cost is amortised over the remaining lives of the mines.

Figures in million - SA rand	Notes	2017	2016	2015
Balance at beginning of the year		3,982.2	2,411.0	2,486.8
Interest charge1	5	357.1	291.4	197.9
Payment of environmental rehabilitation obligation2		(26.9)	-	(0.3)
Change in estimatescharged to profit or loss	7	248.9	97.5	-
Change in estimates capitalised3	12	(177.7)	472.5	(273.4)
Environmental rehabilitation obligation on acquisition of subsidiaries	13	312.1	709.8	-
Foreign currency translation		(17.0)	-	-
Balance at end of the year		4,678.7	3,982.2	2,411.0

1 The provision is calculated based on the discount rates of 7.2% – 9.7% (2016: 7.8% - 9.7% and 2015: 8.5% - 10.2%).

2  The cost of ongoing current programmes to prevent and control environmental disturbances, including reclamation activities, is charged to cost of sales as incurred.

3Changes in estimates are defined as changes in reserves and corresponding changes in life of mine, changes in discount rates, and changes in laws and regulations governing environmental matters. In 2016 the environmental rehabilitation obligation acquired was calculated based on the weighted average cost of capital in terms of IFRS 3 for acquisition purposes. Subsequent to initial recognition the provision was recalculated based on the risk free rate of interest in terms of IAS 37 Provisions, Contingent Liabilities and Contingent Assets. The resulting change in estimate during 2016 was R157.4 million and R197.6 million related to Aquarius and the Rustenburg operations, respectively.

The Group’s mining operations are required by law to undertake rehabilitation works as part of their ongoing operations. The Group makes contributions into environmental rehabilitation obligation funds (refer to note 17) and holds guarantees to fund the estimated costs.

POST CLOSURE WATER MANAGEMENT LIABILITY

The Group has identified a risk of potential long-term Acid Mine Drainage (AMD) and other groundwater pollution issues which are also being experienced by peer mining groups. AMD relates to the acidification and contamination of naturally occurring water resources by pyrite-bearing ore contained in underground mines and in rock dumps, tailings dams and pits on the surface. The Group has not been able to reliably determine the financial impact that AMD and ground water pollution might have on the Group, nor the timing of possible out flow, however, the Group has adopted a proactive approach by initiating projects which include understanding the mining impacts on the catchments within which the Group operates, the Sibanye Amanzi (long-term water management strategy), the refinement of innovative treatment technologies and the development of regional mine closure models to predict water quality impacts. The Group operates a comprehensive water quality monitoring program, including bio-monitoring, as an early detection of potential AMD.

No adjustment for the effects that may result from AMD and other groundwater pollution issues, if any, have been made in the consolidated financial statements other than in the environmental rehabilitation obligation.

XML

OCCUPATIONAL HEALTHCARE OBLIGATION

12 Months Ended

Dec. 31, 2017

OCCUPATIONAL HEALTHCARE OBLIGATION

OCCUPATIONAL HEALTHCARE OBLIGATION

26.  OCCUPATIONAL HEALTHCARE OBLIGATION

SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES

The Group recognises management’s best estimates to settle any occupational healthcare claims against the Group’s operations. The ultimate outcome of these matters remains uncertain, with a possible failure to reach a settlement or to obtain the requisite court approval for a potential settlement. The provision is consequently subject to adjustment in the future, depending on the progress of the Occupational Lung Disease Group (the Working Group) discussions, stakeholder engagements and the ongoing legal proceedings. Actual costs incurred in future periods could differ materially from the estimates.

Estimates that were used in the assessment include value of benefits, required contributions, timing of payments, tracing pattern, period discount rates, period inflation rates and a 60% take-up rate. These estimates were informed by a professional opinion.

ACCOUNTING POLICY

Provisions are recognised when the Group has a present obligation, legal or constructive resulting from past events and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.

The estimated costs of settlement claims are reviewed at least annually and adjusted as appropriate for changes in cash flow predictions or other circumstances.

Based on estimates to date, the net present value of expected settlement claims is recognised and provided for in full in the financial statements. The estimated cash flows are discounted using a risk-free rate with similar terms to the obligation to reflect the current market assessments of the time value of money.

Annual changes in the provision consist of finance costs relating to the change in the present value of the provision and changes in estimates.

As a result of the ongoing work of the Working Group, engagements with affected stakeholders since 31 March 2017 and the likely settlement, at 30 June 2017 it became possible for Sibanye-Stillwater to reasonably estimate its share of the estimated cost in relation to the Working Group of a possible settlement of the class action claims and related costs. As a result, Sibanye-Stillwater provided an amount of R1,077.2 million for this obligation in the statement of financial position. The estimated costs were reviewed at 31 December 2017 and discounted using a risk-free rate. A change in estimate of R29.7 million was recognised in profit or loss.

Figures in million - SA rand	Note	2017	2016	2015
Occupational healthcare obligation recognised		1,077.2	-	-
Interest charge	5	46.4	-	-
Change in estimate charge to profit or loss		29.7	-	-
Balance at the end of the year		1,153.3	-	-
Reconciliation of the non-current and current portion of the occupational healthcare obligation:
Occupational healthcare obligation		1,153.3	-	-
Current portion of occupational healthcare obligation		(0.8)	-	-
Non-current portion of occupational healthcare obligation		1,152.5	-	-

XML

TRADE AND OTHER PAYABLES

12 Months Ended

Dec. 31, 2017

TRADE AND OTHER PAYABLES

TRADE AND OTHER PAYABLES

27.  TRADE AND OTHER PAYABLES

ACCOUNTING POLICY

Trade and other payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

Provision is made for employee entitlement benefits accumulated as a result of employees rendering services up to the reporting date. Liabilities arising in respect of wages and salaries, annual leave and other benefits due to be settled within 12 months of the reporting date are measured at rates which are expected to be paid when the liability is settled. Termination benefits are expensed at the earlier of when the Group can no longer withdraw the offer of those benefits and when the Group recognises costs for a restructuring. If benefits are not expected to be settled wholly within 12 months of the reporting date, then they are discounted.

All other employee entitlement liabilities are measured at the present value of estimated payments to be made in respect of services rendered up to reporting date.

Figures in million - SA rand	2017	2016	2015
Trade creditors	1,728.1	1,121.3	508.7
Accruals and other creditors	2,380.6	1,971.4	873.3
Payroll creditors	1,253.5	867.7	797.8
Leave pay accrual	1,160.5	1,110.7	553.8
Other	167.7	109.4	25.8
Total trade and other payables	6,690.4	5,180.5	2,759.4

XML

CASH GENERATED BY OPERATIONS

12 Months Ended

Dec. 31, 2017

CASH GENERATED BY OPERATIONS

Disclosure of cash generated by operations

28.  CASH GENERATED BY OPERATIONS

			Revised
Figures in million - SA rand	Notes	2017	2016	2015
(Loss)/profit for the year		(4,433.1)	3,042.7	538.2
Royalties	9.1	398.5	566.6	400.6
Mining and income tax	9.2	(2,946.6)	1,202.1	377.2
Interest income		(415.5)	(331.4)	(257.0)
Finance expense	5	2,971.8	903.1	561.8
(Loss)/profit before interest, royalties and tax		(4,424.9)	5,383.1	1,620.8
Non-cash and other adjusting items:
Amortisation and depreciation	4	5,699.7	4,041.9	3,636.6
Share-based payments	6	231.9	496.2	274.4
Loss on financial instruments		764.0	1,094.6	229.5
(Gain)/loss on foreign exchange differences		(546.8)	(418.0)	420.1
Share of results of equity-accounted investees after tax	15	(291.6)	(13.3)	(116.0)
Impairments	8	4,411.0	1,381.1	-
Occupational healthcare expense	26	1,106.9	-	-
Gain on acquisition		-	(2,178.6)	-
Net loss on derecognition of financial guarantee asset and liability		-	-	158.3
Other		147.7	49.3	(93.3)
Total cash generated by operations		7,097.9	9,836.3	6,130.4

XML

CHANGE IN WORKING CAPITAL

12 Months Ended

Dec. 31, 2017

Change In Working Capital [Abstract]

Change in working capital

29.  CHANGE IN WORKING CAPITAL

Figures in million - SA rand	2017	2016	2015
Inventories	(937.7)	(35.5)	(78.2)
Trade and other receivables	(214.9)	(220.0)	(634.6)
Trade and other payables	630.3	17.9	44.8
Total change in working capital	(522.3)	(237.6)	(668.0)

XML

FAIR VALUE OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES, AND RISK MANAGEMENT

12 Months Ended

Dec. 31, 2017

FAIR VALUE OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES, AND RISK MANAGEMENT

FAIR VALUE OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES, AND RISK MANAGEMENT

30.  FAIR VALUE OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES, AND RISK MANAGEMENT

ACCOUNTING POLICY

Financial instruments recognised in the statement of financial position include cash and cash equivalents, trade and other receivables, borrowings, derivative financial instrument and trade and other payables.

The Group initially recognises loans and receivables on the date these originate. All other financial assets (including assets designated at fair value through profit or loss) are recognised initially on trade date, which is the date that the Group becomes a party to the contractual provisions of the instrument. The Group derecognises a financial asset when the contractual rights to the cash flows in a transaction in which substantially all the risks and rewards of the ownership of the financial asset are transferred. The Group derecognises a financial liability when its contractual obligations are discharged, cancelled or expired. Any interest in such transferred financial asset that is created or retained by the Group is recognised as a separate asset or liability. The particular recognition and measurement methods adopted are disclosed in the individual policy statements associated with each item.

A financial asset not classified at fair value through profit or loss is assessed at each reporting date to determine whether there is objective evidence that it is impaired. A financial asset is impaired if there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the asset and those event(s) had an impact on the estimated future cash flows of that asset, that can be estimated reliably. Impairment losses are recognised through profit or loss.

On derecognition of a financial asset or liability, the difference between the carrying amount of the asset or liability and the sum of the consideration received and cumulative gains recognised in equity is recognised in profit or loss.

Refer to the relevant notes for the accounting policies of the following financial assets and financial liabilities:

· Environmental rehabilitation obligation funds

· Other receivables and other payables

· Trade and other receivables

· Cash and cash equivalents

· Borrowings

· Derivative financial instrument

· Trade and other payables

30.1   ACCOUNTING CLASSIFICATIONS AND MEASUREMENT OF FAIR VALUES

The following methods and assumptions were used to estimate the fair value of each class of financial instrument:

· Trade and other receivables/payables, and cash and cash equivalents

The carrying amounts approximate fair values due to the short maturity of these instruments.

· Investments and environmental rehabilitation obligation funds

The fair value of publicly traded instruments is based on quoted market values. The environmental rehabilitation obligation funds are stated at fair value based on the nature of the funds’ investments.

· Borrowings

The fair value of borrowings approximates its carrying amounts as the impact of credit risk is included in the measurement of carrying amounts.

· Financial instruments

The fair value of financial instruments is estimated based on ruling market prices, volatilities and interest rates. All derivatives are carried on the statement of financial position at fair value.

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

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

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

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

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

	Carrying value				Fair Value
Figures in million - SA rand	Fair value through profit or loss	Loans and other receivables	Other financial liabilities	Total	Level 1	Level 2	Level 3	Total
31 December 2017
Financial assets
Measured at fair value:
- Environmental rehabilitation obligation funds1	3,492.4	-	-	3,492.4	3,117.6	374.8	-	3,492.4
- Trade receivables - PGM sales	4,512.4	-	-	4,512.4	4,512.4	-	-	4,512.4
Not measured at fair value:
- Other receivables2	-	319.2	-	319.2
Financial liabilities
Not measured at fair value:
- Other payables2	-	-	(3,760.4)	(3,760.4)
- Borrowings	-	-	(25,649.5)	(25,649.5)
Measured at fair value:
- Derivative financial instrument3	(1,093.5)	-	-	(1,093.5)		(1,093.5)		(1,093.5)
31 December 2016
Financial assets
Measured at fair value:
- Environmental rehabilitation obligation funds1	3,100.5	-	-	3,100.5	2,630.6	469.9	-	3,100.5
- Trade receivables - PGM sales	4,001.9	-	-	4,001.9	4,001.9	-	-	4,001.9
Not measured at fair value:
- Other receivables2	-	665.9	-	665.9
Financial liabilities
Not measured at fair value:
- Other payables2	-	-	(1,613.7)	(1,613.7)
- Borrowings	-	-	(8,973.8)	(8,973.8)

1 Environmental rehabilitation obligation funds comprises interest-bearing short-term investments valued using quoted market prices.

2 Other receivables and other payables are initially recognised at fair value. The non-recurring fair value measurement is a level 3 measurement as per the fair value hierarchy.

3 The derivative financial instrument is recognised at fair value and valued using option pricing methodologies based on observable quoted inputs.

30.2   RISK MANAGEMENT ACTIVITIES

In the normal course of its operations, the Group is exposed to market risks, including commodity price, foreign currency, interest rate, liquidity and credit risk associated with underlying assets, liabilities and anticipated transactions. In order to manage these risks, the Group has developed a comprehensive risk management process to facilitate control and monitoring of these risks.

CONTROLLING AND MANAGING RISK IN THE GROUP

Sibanye-Stillwater has policies in areas such as counterparty exposure, hedging practices and prudential limits which have been approved by Sibanye-Stillwater’s Board of Directors (the Board). Management of financial risk is centralised at Sibanye-Stillwater's treasury department (Treasury), which acts as the interface between Sibanye-Stillwater’s Operations and counterparty banks. Treasury manages financial risk in accordance with the policies and procedures established by the Board and executive committee.

The Board has approved dealing limits for money market, foreign exchange and commodity transactions, which Treasury is required to adhere to. Among other restrictions, these limits describe which instruments may be traded and demarcate open position limits for each category as well as indicating counterparty credit-related limits. The dealing exposure and limits are checked and controlled each day and reported to the CFO.

The objective of Treasury is to manage all financial risks arising from the Group’s business activities in order to protect profit and cash flows. Treasury activities of Sibanye-Stillwater and its subsidiaries are guided by the Treasury Policy, the Treasury Framework as well as domestic and international financial market regulations. Treasury activities are currently performed within the Treasury Framework with appropriate resolutions from the Board, which are reviewed and approved annually by the Audit Committee.

The financial risk management objectives of the Group are defined as follows:

· Liquidity risk management: the objective is to ensure that the Group is able to meet its short-term commitments through the effective and efficient management of cash and usage of credit facilities.

· Currency risk management: the objective is to maximise the Group’s profits by minimising currency fluctuations.

· Funding risk management: the objective is to meet funding requirements timeously and at competitive rates by adopting reliable liquidity management procedures.

· Investment risk management: the objective is to achieve optimal returns on surplus funds.

· Interest rate risk management: the objective is to identify opportunities to prudently manage interest rate exposures.

· Counterparty exposure: the objective is to only deal with approved counterparts that are of a sound financial standing and who have an official credit rating. The Group is limited to a maximum investment of 2.5% of the financial institutions’ equity, which is dependent on the institutions’ credit rating. The credit rating used is Fitch Ratings’ short-term credit rating for financial institutions.

· Commodity price risk management: commodity risk management takes place within limits and with counterparts as approved in the treasury framework.

CREDIT RISK

Credit risk represents risk that an entity will suffer a financial loss due to the other party of a financial instrument not discharging its obligation.

The Group has reduced its exposure to credit risk by dealing with a number of counterparties. The Group approves these counterparties according to its risk management policy and ensures that they are of good credit quality.

The carrying value of the financial assets represents the combined maximum credit risk exposure of the group.

Trade receivables are reviewed on a regular basis and an allowance for impairment is raised when they are not considered recoverable. Trade receivables comprise banking institutions purchasing commodities. These receivables are currently in a sound financial position and no impairment has been recognised.

Receivables that are past due but not impaired total R9.0 million (2016: R11.7 million and 2015: R5.4 million). At 31 December 2017, receivables of R5.7 million (2016: R2.6 million and 2015: R1.9 million) are considered impaired and are provided for.

Concentration of credit risk on cash and cash equivalents and non-current assets is considered minimal due to the abovementioned investment risk management and counterparty exposure risk management policies.

LIQUIDITY RISK

In the ordinary course of business, the Group receives cash proceeds from its operations and is required to fund working capital and capital expenditure requirements. The cash is managed to ensure surplus funds are invested to maximise returns whilst ensuring that capital is safeguarded to the maximum extent possible by investing only with top financial institutions.

Uncommitted borrowing facilities are maintained with several banking counterparties to meet the Group’s normal and contingency funding requirements.

The following are contractually due, undiscounted cash flows resulting from maturities of financial liabilities including interest payments:

Figures in million - SA rand	Total	Within one year	Between one and five years	After five years
31 December 2017
Trade and other payables	5,529.9	5,529.9	-	-
Borrowings
- Capital
R6.0 billion revolving credit facility	5,536.4	-	5,536.4	-
US$350 million revolving credit facility	1,137.1	1,137.1	-	-
US$1.05 billion Bond	12,978.0	-	-	12,978.0
US$450 million Convertible Bond	5,562.0	-	-	5,562.0
Burnstone Debt	2,102.4	-	96.2	2,006.2
Other borrowings	478.7	478.7	-	-
Franco-Nevada liability	1.7	1.7	-	-
Stillwater Convertible Debentures	3.3	3.3	-	-
- Interest	9,231.5	1,632.3	4,672.2	2,927.0
Total	42,561.0	8,783.0	10,304.8	23,473.2
31 December 2016
Trade and other payables	4,069.8	4,069.8	-	-
Borrowings
- Capital
R6.0 billion revolving credit facility	5,100.0	-	5,100.0	-
US$350 million revolving credit facility	1,369.0	-	1,369.0	-
Burnstone Debt	2,338.8	-	106.6	2,232.2
Other borrowings	749.5	749.5	-	-
Franco-Nevada liability	2.7	2.7	-	-
- Interest	1,443.2	-	312.9	1,130.3
Total	15,073.0	4,822.0	6,888.5	3,362.5

Working capital and going concern assessment

For the year ended 31 December 2017, the Group incurred a loss of R4,433.1 million (2016: profit of R3,042.7 million). As at 31 December 2017, the Group’s current assets exceeded its current liabilities by R3,566.7 million (2016: R1,446.6 million) and during the year then ended the Group generated cash from operating activities of R2,740.7 million (2016: R4,405.5 million).

Gold and PGMs are sold in US dollars, and while the majority of the Group’s gold and a substantial amount of the Group’s PGMs costs are denominated in rand, the Group’s results and financial condition may be impacted if there is a material change in the value of the rand.

Subsequent to year end, the average rand/US dollar exchange rate strengthened to R11.68/US$ from the average exchange rate of R13.31/US$ for the year ended 31 December 2017. Management has performed various sensitivities relating to the rand/US dollar exchange rate and the impact on the rand commodity prices. Should a strong rand/US dollar exchange rate persist without a corresponding gain in commodity prices, the Group could consider increasing operational flexibility by adjusting mine plans, reducing capital expenditure and/or selling assets. The Group may also, if necessary, consider options to increase funding flexibility which may include, among others, streaming facilities, prepayment facilities, facility restructuring or, in the event that other options are not deemed preferable or achievable by the Board, an equity capital raise.

The Group currently has committed undrawn debt facilities of R3,653 million at 31 December 2017. In order to maintain adequate liquidity, the refinancing and upsizing of the US$350 million RCF, maturing on 23 August 2018, to US$600 million, has been initiated. The facility has been fully syndicated with a group of eight international banks having provided commitment letters. The facility documentation is expected to be executed by the end of March 2018. The terms and conditions largely mirror the current US$350 million RCF which is US$92 million drawn as at 31 December 2017. On successful completion an additional US$250 million (approximately R3,000 million) of committed unutilised financing would be available.

Sibanye-Stillwater’s leverage ratio (or net debt to adjusted EBITDA) at 31 December 2017 is 2.6.  Using the committed unutilised debt facilities could impact on the leverage ratio if used to fund operating losses. As indicated above, management have significant operational and financing flexibility and will continue to manage the operations and capital structure to ensure compliance with debt covenants. The borrowing facilities, permit a leverage ratio of 3.5:1 through to 31 December 2018, and 2.5:1, thereafter, calculated on a quarterly basis. Consistent with its long-term strategy, Sibanye-Stillwater plans to deleverage over time to its targeted leverage ratio of no greater than 1.0:1.

The directors believe that the cash generated by its operations, cash on hand, the committed unutilised debt facilities as well as additional funding opportunities will enable the Group to continue to meet its obligations as they fall due. The consolidated financial statements for the year ended 31 December 2017, therefore, have been prepared on a going concern basis.

MARKET RISK

The Group is exposed to market risks, including foreign currency, commodity price and interest rate risk associated with underlying assets, liabilities and anticipated transactions. Following periodic evaluation of these exposures, the Group may enter into derivative financial instruments to manage some of these exposures (refer to sensitivity analysis further in this note).

SENSITIVITY ANALYSIS

The sensitivity analysis shows the effects of reasonable possible changes of relevant risk variables on profit or loss or shareholders’ equity. The Group is exposed to commodity price, currency and interest rate risks. The effects are determined by relating the reasonable possible change in the risk variable to the balance of financial instruments at period end date.

The amounts generated from the sensitivity analyses are forward-looking estimates of market risks assuming certain adverse or favourable market conditions occur. Actual results in the future may differ materially from those projected results and therefore should not be considered a projection of likely future events and gains/losses.

Foreign currency sensitivity

General and policy

In the ordinary course of business, the Group enters into transactions, such as gold sales and PGM sales, denominated in foreign currencies, primarily US dollar. Although this exposes the Group to transaction and translation exposure from fluctuations in foreign currency exchange rates, the Group does not generally hedge this exposure, although it could be considered for significant expenditures based in foreign currency or those items which have long lead times to produce or deliver. Also, the Group on occasion undertakes currency hedging to take advantage of favourable short-term fluctuations in exchange rates when management believes exchange rates are at unsustainably high levels.

Currency risk only exists on account of financial instruments being denominated in a currency that is not the functional currency and being of a monetary nature. This includes but is not limited to US$350 million RCF (refer to note 24.2), US$450 million Convertible Bond (refer to note 24.4), Burnstone Debt (refer to note 24.6) and Franco-Nevada liability.

Foreign currency economic hedging experience

As at 31 December 2017, 2016 and 2015 there were no material foreign currency contract positions. As of 23 March 2018, there were no material foreign currency positions.

During May 2017, the Group entered into a various forward exchange contract to acquire US$779.1 million at R13.23/US$ on 15 June 2017 with the proceeds of the rights offer (refer to note 22) to partially repay the Stillwater Bridge facility (refer to note 24.7). The exchange rate on 15 June 2017 was R12.89/US$ and the Group recognised a loss on financial instruments of R283.2 million. During 2016 and 2015, no forward cover was taken out to cover various commitments of Sibanye-Stillwater’s operations.

Foreign currency sensitivity analysis

Sibanye-Stillwater’s operations are all located in South Africa except for Stillwater and Mimosa, which are located in the United States and Zimbabwe, respectively, and its revenues are equally sensitive to changes in the US dollar gold price and the rand/US dollar exchange rate (the exchange rate). Depreciation of the rand against the US dollar results in Sibanye-Stillwater’s revenues and operating margin increasing. Conversely, should the rand appreciate against the US dollar, revenues and operating margins would decrease. The impact on profitability of any change in the exchange rate can be substantial. Furthermore, the exchange rates obtained when converting US dollars to rand are set by foreign exchange markets over which Sibanye-Stillwater has no control. The relationship between currencies and commodities, which includes the gold price, is complex and changes in exchange rates can influence commodity prices and vice versa.

Certain of the Group’s US dollar borrowing facilities have been drawn down by Companies with SA Rand as their functional currency, therefore some of the Groups borrowings are sensitive to changes in the rand/US dollar exchange rate. A one percentage point depreciation in the SA rand closing exchange rate of R12.36/US$ (2016: R13.69/US$ and 2015: R15.54/US$) would have reduced the gain on foreign exchange differences by R81.2 million (2016: R31.2 million and 2015: R18.4 million). A one percentage point appreciation in the exchange rate would have increased the gain on foreign exchange differences by R81.2 million (2016: R31.2 million and 2015: R18.4 million).

The SA region’s revenue is sensitive to changes in the exchange rate, and the Group’s earnings are sensitive to changes in the exchange rate when translating the US regions earnings from its functional currency to the Group’s reporting currency. A one percentage point depreciation in the SA rand average exchange rate for the year ended 31 December 2017 of R13.31/US$ would have increased adjusted EBITDA by approximately R388.9 million. . A one percentage point appreciation in the SA rand average exchange rate for the year ended 31 December 2017 of R13.31/US$ would have decreased adjusted EBITDA by approximately R388.9 million.

A sensitivity analysis of the mark-to-market valuation has not been performed as there were no material foreign currency contracts as of 23 March 2018.

Commodity price sensitivity

The market price of commodities has a significant effect on the results of operations of the Group and the ability of the Group to pay dividends and undertake capital expenditures. The gold and PGM basket prices has historically fluctuated widely and is affected by numerous industry factors over which the Group does not have any control. The aggregate effect of these factors on the gold and PGM basket prices, all of which are beyond the control of the Group, is impossible for the Group to predict.

The Deferred Payment (refer to note 18.2) and Share based payment on BEE transaction (refer to note 6.4 and 6.5) is sensitive to changes in the Rustenburg operations’ 4E basket price. A one percentage point decrease in the R/4Eoz of the Rustenburg operations’ 4E basket price would have decreased the loss on financial instruments by R61.0 million. A one percentage point increase in the R/4Eoz of the Rustenburg operations’ 4E basket price would have increased the loss on financial instruments by R61.0 million.

Commodity price hedging policy

As a general rule, the Group does not enter into forward sales, derivatives or other hedging arrangements to establish a price in advance for future gold and PGM production. Commodity hedging could, however, be considered in future under one or more of the following circumstances: to protect cash flows at times of significant capital expenditure; financing projects or to safeguard the viability of higher cost operations.

To the extent that it enters into commodity hedging arrangements, the Group seeks to use different counterparty banks consisting of local and international banks to spread risk. None of the counterparties is affiliated with, or related to parties of the Group.

Commodity price hedging experience

During December 2017, Sibanye-Stillwater entered into the following sale of gold forward agreements to:

· sell forward 17,843 ounces of Cooke’s gold effective from 1 December 2017 to 24 December 2017 at an average price of R19,700/oz.; and

· sell forward 115,740 ounces of Driefontein, Kloof and Beatrix’s gold effective from 1 January 2018 to 28 December 2018 at an average price of R17,530/oz.

Commodity price contract position

As of 31 December 2016, 2015 and 2014, Sibanye-Stillwater had no outstanding commodity price contracts.

Interest rate sensitivity

General

The Group’s income and operating cash flows are dependent of changes in market interest rates. The Group’s interest rate risk arises from long-term borrowings.

As at 31 December 2017, the Group’s total borrowings amounted to R25,649.5 million (2016: R8,973.8 million and 2015: R3,803.6 million). The Group generally does not undertake any specific action to cover its exposure to interest rate risk, although it may do so in specific circumstances. Refer to note 24 for all the borrowings and the relevant interest rates per facility.

The portion of Sibanye-Stillwater’s interest-bearing borrowings at period end that is exposed to interest rate fluctuations is R25,644.5 million (2016: R8,971.1 million and 2015: R3,769.9 million). This debt is normally rolled for periods between one and three months and is therefore exposed to the rate changes in this period.

At 31 December 2017, of the total borrowings, R6,015.1 million (2016: R5,849.5 million and 2015: R 1,961.6 million) is exposed to changes in the JIBAR rate and R2,674.6 million (2016: R3,121.6 million and 2015: R1,808.3 million) is exposed to changes in the LIBOR rate. The relevant interest rates for each facility are described in note 24.

The table below summarises the effect of a change in finance expense on the Group’s profit or loss had JIBAR and LIBOR differed as indicated. The analysis is based on the assumption that the applicable interest rate increased/decreased with all other variables held constant. All financial instruments with fixed interest rates that are carried at amortised cost are not subject to the interest rate sensitivity analysis.

Interest rate sensitivity analysis

	Change in interest expenses for a change in interest rate1
Figures in million - SA rand	-1.5%	-1.0%	-0.5%	0.5%	1.0%	1.5%
31 December 2017
- JIBAR	83.0	55.4	27.7	(27.7)	(55.4)	(83.0)
- LIBOR	49.5	33.0	16.5	(16.5)	(33.0)	(49.5)
Change in finance expense	132.5	88.3	44.2	(44.2)	(88.3)	(132.5)
31 December 2016
- JIBAR	45.6	30.4	15.2	(15.2)	(30.4)	(45.6)
- LIBOR2	-	-	-	(13.6)	(27.2)	(40.8)
Change in finance expense	45.6	30.4	15.2	(28.8)	(57.6)	(86.4)

1 Interest rate sensitivity analysis is performed on the borrowings balance at 31 December.

2 No interest rate sensitivity analysis has been performed for a reduction in LIBOR due to LIBOR being less than 1%, a decrease in LIBOR would have no impact on the Group’s profit or loss.

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COMMITMENTS

12 Months Ended

Dec. 31, 2017

COMMITMENTS

COMMITMENTS

31.  COMMITMENTS

Figures in million - SA rand	2017	2016	2015
Capital expenditure
Authorised	5,397.3	3,757.4	3,052.6
Kloof	1,200.8	1,256.0	1,307.7
Driefontein	724.5	780.4	725.5
Beatrix	210.1	130.0	120.3
Cooke	195.5	207.2	194.1
Burnstone	445.9	704.0	705.0
Kroondal	69.8	260.7	-
Platinum Mile	72.3	5.0	-
Rustenburg operations	2,478.3	413.0	-
Other	0.1	1.1	-
Contracted for	346.6	321.2	294.4
Other guarantees	266.7	55.5	55.5

Commitments will be funded from internal sources and to the extent necessary from borrowings. This expenditure primarily relates to hostel upgrades, mining activities and infrastructure.

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CONTINGENT LIABILITIES

12 Months Ended

Dec. 31, 2017

CONTINGENT LIABILITIES

CONTINGENT LIABILITIES

32.  contingent liabilities

SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES

Contingencies can be either possible assets or possible liabilities arising from past events which, by their nature, will only be resolved when one or more future events not wholly within the control of the Group occur or fail to occur or for contingent liabilities where a present obligation arising from a past event exists but is not recognised because either it is not probable that an out-flow of resources embodying economic benefits will be required to settle the obligation or the amount of the obligation cannot be determined with sufficient reliability. The assessment of such contingencies inherently involves the exercise of significant judgement and estimates of the outcome of future events.

DISSENTING SHAREHOLDERS

Following the closing of the Stillwater Transaction on 4 May 2017, three Petitions for Appraisal of Stock were filed in the Chancery Court for the State of Delaware. The first action, captioned Blue Mountain Credit Alternatives Master Fund L.P. et al. vs. Stillwater Mining Company, Case No. 2017-0385-JTL, was filed 19 May 2017 on behalf of holders of a purported 4,219,523 shares of common stock of Stillwater. The second action, captioned Brigade Leveraged Capital Structures Fund Ltd. et al. vs. Stillwater Mining Company, Case No. 2017-0389-JTL, was filed 22 May 2017 on behalf of holders of a purported 1,200,000 shares of common stock of Stillwater. The third action, captioned Hillary Shane Revocable Trust, et al. vs. Stillwater Mining Company, Case No. 2017-0400-JTL, was filed 26 May 2017 on behalf of holders of a purported 384,000 shares of common stock of Stillwater.

On 29 August 2017, the three actions were consolidated into a single action, captioned In re Appraisal of Stillwater Mining Company, Case No. 2017-0385-JTL. At this point, the total number of shares of Stillwater common stock for which appraisal has been demanded and not requested to be withdrawn is approximately 5,803,623, inclusive of the shares purportedly held by Petitioners in the three appraisal actions. Each of the three appraisal actions seeks a determination of the fair value of the shares of the common stock of Stillwater under Section 262 of the General Corporation Law of the State of Delaware. Petitioners seek a judgment awarding them, among other things, the fair value of their Stillwater shares plus interest. The current case scheduling order provides for a four-day trial, commencing on 10 December 2018. The parties are currently engaged in discovery. Because the appraisal action is in the early stages, the court’s determination as to fair value of the shares is currently unknown. Accordingly, for accounting purposes only, we have used the merger price of US$18.00 per share in estimating our liability relating to the shares for which appraisal has been demanded (see note 13.1 and 17); however, fair value may ultimately be determined by the court to be equal to, or different from, the merger price.

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RELATED-PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2017

RELATED-PARTY TRANSACTIONS

RELATED-PARTY TRANSACTIONS

33.  RELATED-PARTY TRANSACTIONS

Sibanye-Stillwater entered into related-party transactions with Rand Refinery, and its subsidiaries during the year as detailed below. The transactions with these related parties are generally conducted with terms comparable to transactions with third parties, however in certain circumstances such as related-party loans, the transactions were not at arm’s length.

RAND REFINERY

Rand Refinery, in which Sibanye-Stillwater holds a 33.1% interest, has an agreement with the Group whereby it refines all the Group’s gold production. No dividends were received during the years ended 31 December 2017, 2016 and 2015. For the year ended 31 December 2017, the group paid refining fees to Rand Refinery and received interest.

The table below details the transactions and balances between the Group and its related-parties:

Figures in million - SA rand	Notes	2017	2016	2015
Rand Refinery
Refining fees paid		(32.5)	(44.4)	(30.8)
Interest income	15.1	1.5	40.2	37.3
Loan receivable	15.1	-	403.9	363.7

KEY MANAGEMENT REMUNERATION

The executive directors and prescribed officers were paid the following remuneration during the year:

Figures in thousands - SA rand	Salary1	Cash bonus accrued for the period ended 31 Dec 2017 paid in 2018	Shares proceeds and Dividends payments	Pension scheme total contributions	Expense allowance	For the period ended 31 Dec 2017	For the period ended 31 Dec 2016
Executive directors
Neal Froneman	10,265	15,158	25,956	1,103	174	52,656	104,727
Charl Keyter	5,518	7,775	9,354	758	35	23,440	26,299
Prescribed officers
Chris Bateman2	4,506	2,615	-	148	-	7,269	-
Hartley Dikgale	3,886	2,176	5,448	258	-	11,768	10,849
Dawie Mostert	3,683	2,577	5,289	495	-	12,044	11,711
Themba Nkosi	3,535	2,372	686	276	-	6,869	2,951
Wayne Robinson	4,381	2,328	2,211	348	-	9,268	6,180
Richard Stewart	3,808	4,925	2,141	414	-	11,288	5,331
Robert van Niekerk	4,547	4,492	7,896	489	-	17,424	21,725
John Wallington3	1,772	1,309	459	313	-	3,853	4,948
Total	45,901	45,727	59,440	4,602	209	155,879	194,721

1Salary may differ from that presented in the Integrated Annual Report 2017 as the salary presented above includes expenditure reimbursements.

2Appointed as a prescribed officer on 1 July 2017. Total remuneration of US$0.54 million was converted at the average exchange rate of R13.41/US$ for the six months ended 31 December 2017.

3Resigned as prescribed officer 30 June 2017.

The non-executive directors were paid the following fees during the year:

Figures in thousands - SA rand	Directors fees	Committee fees	Expense allowance	2017	2016
Chris Chadwick1	345	97	-	442	1,099
Robert Chan2	718	203	277	1,198	1,369
Tim Cumming	908	459	61	1,428	1,337
Barry Davison	908	587	60	1,555	1,411
Savannah Danson3	544	201	-	745	-
Rick Menell	908	681	21	1,610	1,602
Sello Moloko	1,717	-	8	1,725	1,621
Nkosemntu Nika	874	411	-	1,285	1,260
Keith Rayner	908	637	-	1,545	1,530
Sue van der Merwe	908	315	-	1,223	1,139
Jerry Vilakazi	897	327	-	1,224	1,169
Jiyu Yuan2	718	101	-	819	978
Total	10,353	4,019	427	14,799	14,515

1Resigned 23 May 2017

2Resigned on 18 September 2017

3Appointed on 23 May 2017

The directors’ and prescribed officers’ share ownership at 31 December 2017 was:

	Number of shares		%
	2017	2016	2017	2016
Executive directors
Neal Froneman1	3,342,087	804,402	0.15	0.09
Charl Keyter2	1,212,745	469,954	0.06	0.05
Non-executive directors
Tim Cumming3	102	100	-	-
Barry Davison3	1,507,414	500,000	0.07	0.05
Rick Menell3	104,448	44,800	-	-
Sello Moloko3	107,245	46,000	-	-
Keith Rayner3	66,339	45,000	-	-
Sue van der Merwe3	988	424	-	-
Total share ownership by directors	6,341,368	1,910,680
Prescribed officers
Chris Bateman4	-	-	-	-
Hartley Dikgale5	292,785	175,215	0.01	0.02
Themba Nkosi3	18,370	367	-	-
Wayne Robinson6	346	-	-	-
Richard Stewart7	102,971	12,854	-	-
Robert van Niekerk8	176,266	-	0.01	-
Total	6,932,106	2,099,116

1Share ownership at the date of this report is 4,125,184 ordinary shares.

2Share ownership at the date of this report is 1,385,352 ordinary shares.

3Share ownership at the date of this report is unchanged.

4Share ownership at the date of this report is 12,722 ADRs.

5Share ownership at the date of this report is 367,168 ordinary shares.

6Share ownership at the date of this report is 101,997 ordinary shares.

7Share ownership at the date of this report is 187,412 ordinary shares.

8Share ownership at the date of this report is 302,251 ordinary shares.

None of the directors’ immediate families or associates held any direct shareholding in Sibanye-Stillwater’s issued share capital.

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EVENTS AFTER REPORTING DATE

12 Months Ended

Dec. 31, 2017

EVENTS AFTER REPORTING DATE

EVENTS AFTER REPORTING DATE

34.  EVENTS AFTER REPORTING DATE

There were no events that could have a material impact on the financial results of the Group after 31 December 2017, other than those disclosed below.

DRDGOLD TRANSACTION

On 22 November 2017, Sibanye-Stillwater announced the DRDGOLD Transaction. Sibanye has received approval for the DRDGOLD Transaction from the South African competition authorities in accordance with the Competition Act. The implementation of the DRDGOLD Transaction is still subject to the fulfilment of conditions precedent and is expected to complete during April 2018.

LONMIN ACQUISITION

On 14 December 2017, Sibanye-Stillwater announced that it had reached agreement with Lonmin plc (Lonmin) on the terms of a recommended all-share offer to acquire the entire issued and to be issued ordinary share capital of Lonmin (the Lonmin Acquisition). It is proposed that the Lonmin Acquisition will be effected by means of a scheme of arrangement between Lonmin and the Lonmin Shareholders under Part 26 of the UK Companies Act. Under the terms of the Lonmin Acquisition, each Lonmin Shareholder will be entitled to receive: 0.967 new Sibanye-Stillwater shares for each Lonmin share. The Lonmin Acquisition is subject to the fulfilment of conditions precedent and is expected to complete during the second half of 2018.

CAPITALISATION ISSUE

As a result of various temporary factors discussed elsewhere in this report, a final dividend was not declared. Instead, the Board approved a capitalisation issue in the form of 4 (four) new shares for every 100 (one hundred) held. EPS figures have been adjusted retrospectively as required by IAS 33.

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ACCOUNTING POLICY (Policies)

12 Months Ended

Dec. 31, 2017

ACCOUNTING POLICY

BASIS OF PREPARATION

BASIS OF PREPARATION

The consolidated financial statements for the year ended 31 December 2017 have been prepared on a going concern basis in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board, the South African Institute of Chartered Accountants Financial Reporting Guides issued by the Accounting Practices Committee and Financial Reporting Pronouncements issued by the Financial Reporting Standards Council, as well as the requirements of the South African Companies Act and JSE Listings Requirements. The consolidated annual financial statements have been prepared under the historical cost convention, except for financial assets and financial liabilities (including derivative instruments) which are measured at fair value through profit or loss or through the mark to market reserve in equity.

STANDARDS, INTERPRETATIONS AND AMENDMENTS TO PUBLISHED STANDARDS EFFECTIVE FOR THE YEAR ENDED 31 DECEMBER 2017

During the financial year, the following new and revised accounting standards and amendments to standards became effective and had no significant impact on the Group’s financial statements:

Pronouncement	Details of amendments	Effective date
IFRS 12 Disclosure of Interests in Other Entities (Amendment)	Annual Improvements 2014-2016 Cycle Clarification of the scope of IFRS 12 with respect to interests in entities classified as held for sale in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations.	1 January 2017
IAS 7 Statement of Cash Flows (Amendment)	Disclosure Initiative Amendments requiring entities to disclose information about changes in their financing liabilities.	1 January 2017
IAS 12 Income Taxes (Amendment)	Recognition of Deferred Tax Assets for Unrealised Losses Narrow-scope amendment to clarify the requirements on recognition of deferred tax assets for unrealised losses on debt instruments measured at fair value.	1 January 2017

STANDARDS, INTERPRETATIONS AND AMENDMENTS TO PUBLISHED STANDARDS WHICH ARE NOT YET EFFECTIVE

Certain new standards, amendments and interpretations to existing standards have been published that apply to the Group’s accounting periods beginning on or after 1 January 2018 but have not been early adopted by the Group. The standards, amendments and interpretations that are applicable to the Group are:

Pronouncement	Details of amendments and estimated impact	Effective date1
IFRS 2 Share-based payment (Amendment)2	Classification and Measurement of Share-based Payment Transactions: A collection of three distinct narrow-scope amendments dealing with classification and measurement of share-based payments. The amendments address:  The effects of vesting conditions on the measurement of a cash-settled share-based payment;  The accounting requirements for a modification to the terms and conditions of a share-based payment that changes the classification of the transaction from cash-settled to equity-settled; and  The classification of share-based payment transactions with net settlement features.	1 January 2018
IFRS 3 Business Combinations (Amendment)2	Annual Improvements 2015-2017 Cycle Clarification that when an entity obtains control of a business that is a joint operation, it is required to remeasure previously held interests in that business.	1 January 2019
IFRS 9 Financial Instruments (New standard)	IFRS 9 arises from a three-part project to replace IAS 39 Financial Instruments: Recognition and Measurement. IFRS 9 addresses the classification, measurement and derecognition of financial assets and financial liabilities, introduces new rules for hedge accounting, and a new impairment model for financial assets. The Group performed an assessment of the impact of adoption of IFRS 9 calculated that it had no significant impact on its statement of financial position. The new standard also introduces expanded disclosure requirements and changes in presentation. These will change the nature and extent of the Group’s disclosures about its financial instruments which will be provided in the financial statements for the year ending 31 December 2018.	1 January 2018
IFRS 9 Financial instruments (Amendment)	Prepayment Features with Negative Compensation The narrow-scope amendment allows companies to measure particular prepayable financial assets with negative compensation at amortised cost or at fair value through other comprehensive income if a specified condition is met.	1 January 2019
IFRS 11 Disclosure of Interest in Other Entities (Amendment)2	Annual Improvements 2015-2017 Cycle Clarification that when an entity obtains joint control of a business that is a joint operation, the entity does not remeasure previously held interests in that business.	1 January 2019
IFRS 15 Revenue from Contracts with Customers (New standard)	IFRS 15 will supersede the current revenue recognition guidance including IAS 18 Revenue, IAS 11 Construction Contracts and the related interpretation when it becomes effective. IFRS 15 establishes a single comprehensive five-step model to account for revenue arising from contracts with customers and is based on the core principle that revenue is recognised when control of a good or service transfers to a customer. The Group assessed the “new” recognition of its gold, PGM and chrome sales. There will not be any adjustment as of 1 January 2018 due to the transition to IFRS 15.	1 January 2018
IFRS 16 Leases (New standard)	IFRS 16 replaces the previous lead standard IAS 17 Leases and related interpretations. IFRS 16 has one model for lessees which will result in almost all leases being recognised on balance sheet as the distinction between operating and finance leases is removed. The only exceptions are short-term and low-value leases. At the commencement date of a lease, a lessee will recognise a liability to make lease payments (i.e. the lease liability) and an asset representing the right to use the underlying asset during the lease term (i.e. the right-of-use asset). Lessees also will be required to remeasure the lease liability upon the occurrence of certain events (e.g. a change in the lease term, a change in future lease payments resulting from a change in an index or rate used to determine those payments). The lessee will generally recognise the amount of the remeasurement of the lease liability as an adjustment to the right-of-use asset. In 2017, the Group assembled a project team to begin the process of assessing the impact of the leases standard. The project team has developed its project plan, established a steering committee, identified key stakeholders, high level education sessions have been completed and the process has begun to gather more information (through the use of interviews and questionnaires) with respect to the population of procurement contracts that will need to be assessed in light of the new requirements. In 2018, the Group plans to continue to assess the potential effect of IFRS 16 on its consolidated financial statements. An area of specific focus already identified relates to certain service contracts which may fall in the scope of IFRS 16. The Group does not intend to adopt IFRS 16 before the effective date.	1 January 2019
IAS 12 Income Taxes (Amendment)2	Annual Improvements 2015-2017 Cycle Clarification that all income tax consequences of dividends should be recognised in profit or loss, regardless how the tax arises.	1 January 2019
IAS 19 Employee Benefits (Amendment)2	Plan Amendment, Curtailment or Settlement The amendments require an entity to use the updated assumptions from a remeasurement net defined benefit liability or asset resulting from a plan amendment, curtailment or settlement to determine current service cost and net interest for the remainder of the reporting period after the change to the plan.	1 January 2019
IAS 23 Borrowing Costs (Amendment)  2	Annual Improvements 2015-2017 Cycle The amendments clarify that if any specific borrowing remains outstanding after the related asset is ready for its intended use or sale, that borrowing becomes part of the funds that an entity borrows generally when calculating the capitalisation rate on general borrowings.	1 January 2019
IAS 28 Investments in Associates and Joint Ventures (Amendment)2	Annual Improvements 2014-2016 Cycle Clarification that a venture capital organisation, or a mutual fund, unit trust and similar entities may elect, at initial recognition, to measure investments in an associate or joint venture at fair value through profit or loss separately for each associate or joint venture.	1 January 2018
IAS 28 Investments in Associates and Joint Ventures (Amendment)2	Long-term interest in Associates and Joint Ventures Clarification provided that an entity should apply IFRS 9 to long-term interests in an associate or joint venture that form part of the net investment in the associate or joint venture but to which the equity method is not applied.	1 January 2019
IFRIC 22 Foreign Currency Transactions and Advance Consideration2	This interpretation addresses the exchange rate to use in transactions that involve advance consideration paid or received in a foreign currency.	1 January 2018
IFRIC 23 Uncertainty over Income Tax Treatments	The interpretation specifies how an entity should reflect the effects of uncertainties in accounting for income taxes.	1 January 2019

1 Effective date refers to annual period beginning on or after said date

2 No impact

SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES

Use of estimates: The preparation of the financial statements requires the Group’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. The determination of estimates requires the exercise of judgement based on various assumptions and other factors such as historical experience, current and expected economic conditions, and in some cases valuation techniques. Actual results could differ from those estimates.

The more significant areas requiring the use of management estimates and assumptions relate to Mineral Reserves (that are the basis of future cash flow estimates and unit-of-production depreciation and amortisation calculations, impairments, and reversal of impairments); revenue recognition; deferred tax; joint arrangements; write-downs of inventory to net realisable value; borrowings; environmental, reclamation and closure obligations; occupational healthcare obligation and contingent liabilities.

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the financial period are discussed under the relevant note of the item affected.

CONSOLIDATION

1.3  CONSOLIDATION

The Sibanye-Stillwater group structure is not presented and can be found in the annual report on Form 20-F (File No. 001-35785), filed by Sibanye-Stillwater with the Securities and Exchange Commission on 30 March 2018.

1  The non-controlling interests in the statement of changes in equity relates to the attributable share of accumulated profits of the Newshelf 1114 Proprietary Limited (Newshelf 1114) group, Goldfields Technical Security Management Proprietary Limited (GTSM) and Platinum Mile Resources Proprietary Limited (Platinum Mile) (refer to note 23).

2 Witwatersrand Consolidated Gold Resources Proprietary Limited (Wits Gold) has ceded and pledged its shares in K2013164354 Proprietary Limited (K2013) (a dormant entity) and K2013 has ceded and pledged it shares in Sibanye Gold Eastern Operations Proprietary Limited (SGEO) in favour of the lenders of the Burnstone Debt (refer to note 24.6).

3 Rand Uranium Proprietary Limited (Rand Uranium) and Ezulwini Mining Company Proprietary Limited (Ezulwini) together own a number of underground and surface mining operations. These operations report to the Group’s chief operating decision maker (the Executive Committee) as a separate segment, namely Cooke.

4 In terms of the Aquarius Transaction (refer to note 13.3) Sibanye-Stillwater acquired all of the shares in Aquarius Platinum Limited (Aquarius), and Sibanye Platinum Bermuda Proprietary Limited and Aquarius were amalgamated. Aquarius’ ownership in its subsidiaries remained unchanged.

5 In terms of the Rustenburg operations Transaction (refer to note 13.2) a 26% stake in Sibanye Rustenburg Platinum Mines Proprietary Limited (SRPM) was acquired through Newshelf 1335 Proprietary Limited (BBBEE SPV). The shareholders of BBBEE SPV are Rustenburg Mine Employees Trust (30.4%), Rustenburg Mine Community Development Trust (24.8%) Bakgatla-Ba-Kgafela Investment Holdings (24.8%) and Siyanda Resources Proprietary Limited (20.0%). The Rustenburg Mine Employees Trust and the Rustenburg Mine Community Development Trust are controlled and consolidated by Sibanye-Stillwater.

6  The Group has no current or contractual obligation to provide financial support to any of its structured entities.

SUBSIDIARIES

Subsidiaries are all entities over which the Group exercises control. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are consolidated from the date on which control is obtained by the Group until the date on which control ceases.

Inter-company transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.

TRANSACTIONS WITH SHAREHOLDERS OF SIBANYE-STILLWATER

Transactions with owners in the capacity as equity participants are not recognised in profit or loss, but instead are recognised in equity with a corresponding change in assets or liabilities.

FUNCTIONAL AND PRESENTATION CURRENCY

FUNCTIONAL AND PRESENTATION CURRENCY

Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The consolidated financial statements are presented in South African rand, which is the Group’s presentation currency.

TRANSACTIONS AND BALANCES AND FOREIGN OPERATIONS

TRANSACTIONS AND BALANCES

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities are translated into the functional currency at each reporting date. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies, are recognised in profit or loss.

FOREIGN OPERATIONS

The results and financial position of all the Group entities (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows:

· Assets and liabilities are translated at the exchange rate ruling at the reporting date. Equity items are translated at historical rates. The income and expenses are translated at the average exchange rate for the year, unless this average was not a reasonable approximation of the rates prevailing on the transaction dates, in which case these items were translated at the rate prevailing on the date of the transaction. Exchange differences on translation are accounted for in other comprehensive income. These differences will be recognised in profit or loss upon realisation of the underlying operation.

· On consolidation, exchange differences arising from the translation of the net investment in foreign operations (i.e. the reporting entity’s interest in the net assets of that operation), and of borrowings and other currency instruments designated as hedges of such investments, are taken to other comprehensive income. When a foreign operation is sold, exchange differences that were recorded in other comprehensive income are recognised in profit or loss as part of the gain or loss on disposal. If the Group disposes of part of its interest in a subsidiary but retains control, then the relevant proportion of the cumulative amount is reattributed to non-controlling interests. When the Group disposes of only part of an associate or joint venture while retaining significant influence or joint control, the relevant proportion of the cumulative amount is reclassified to profit or loss.

· Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and are translated at each reporting date at the closing rate.

COMPARATIVES

1.5  COMPARATIVES

Where necessary comparative periods may be adjusted to conform to changes in presentation.

SEGMENT REPORTING

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker and is based on individual mining operations. The chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the executive management team that makes strategic decisions.

REVENUE

ACCOUNTING POLICY

Revenue is recognised to the extent that it is probable that economic benefits will flow to the Group and the amount of revenue can be reliably measured.

Revenue arising from gold sales is recognised at the fair value of the consideration received or receivable, once the significant risks and rewards of ownership have passed to the buyer. These criteria are typically met when the gold is delivered to the refinery. The price of gold is determined by market forces.

Revenue arising from PGM concentrate and metal sales is recognised when risks and rewards of ownership of the mine product are passed to the buyer pursuant to a sales contract. The sales price is determined on a provisional basis at the date of delivery. Adjustments to the sale price occur based on movements in the metal market price up to the date of final pricing. Final pricing is based on the monthly average market price in the month of settlement. The period between provisional invoicing and final pricing is typically between two and four months. Revenue on provisionally priced sales is initially recorded at the estimated fair value of the consideration receivable. The revenue adjustment mechanism embedded within provisionally priced sales arrangements has the characteristics of a commodity derivative. Accordingly, the fair value of the final sales price adjustment is re-estimated continuously and changes in fair value recognised as an adjustment to revenue in profit or loss and trade receivables in the statement of financial position. In all cases, fair value is determined with reference to estimated forward prices using consensus forecasts.

Revenue arising from PGM recycling consists of the sales of recycled palladium, platinum and rhodium derived from spent catalytic material. Revenue arising from PGM recycling revenue also includes revenue from toll processing, which is recognised at the time the contained metals are returned to the supplier at a third party refinery.

Short-term employee benefits

Short-term employee benefits

Short-term employee benefits are expensed as the related service is provided. A liability is recognised for the amount expected to be paid if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be reliably estimated.

Pension and provident funds

Pension and provident funds

The Group operates a defined contribution retirement plan and contributes to a number of industry-based defined contribution retirement plans. The retirement plans are funded by payments from employees and Group companies.

Contributions to defined contribution funds are expensed as incurred.

FINANCE EXPENSE

ACCOUNTING POLICY

Finance expense comprises interest on borrowings, environmental rehabilitation obligation, occupational healthcare obligation and Deferred Payment and offset by borrowing costs capitalised on qualifying assets.

Interest payable on borrowings is recognised in profit or loss over the term of the borrowings using the effective interest method. Cash flows from interest paid are classified under operating activities in the statement of cash flows.

SHARE-BASED PAYMENTS

ACCOUNTING POLICY

The Group operates an equity-settled compensation plan in which certain employees of the Group participate. The fair value of the equity-settled instruments is measured by reference to the fair value of the equity instrument granted.

Fair value is based on market prices of the equity-settled instruments granted, if available, taking into account the terms and conditions upon which those equity-settled instruments were granted. Fair value of equity-settled instruments granted is estimated using appropriate valuation models and appropriate assumptions at the grant date. Non-market vesting conditions (service period prior to vesting) are not taken into account when estimating the fair value of the equity-settled instruments at grant date. Market conditions are taken into account in determining the fair value at grant date.

The grant date fair value of the equity-settled instruments is recognised as an employee benefit expense over the vesting period based on the Group’s estimate of the number of instruments that will eventually vest, with a corresponding increase in the share-based payment reserve. Vesting assumptions for non-market conditions are reviewed at each reporting date to ensure they reflect current expectations.

The Group also operates a cash-settled compensation plan in which certain employees of the Group participate. In terms of the Rustenburg operations acquisition, the Group issued cash-settled instruments to black economic empowerment (BEE) shareholders. The grant date fair value of the cash-settled instruments is equal to the value of the equity-settled instrument granted on the same grant date.

The grant date fair value of the cash-settled instruments is recognised as an employee benefit expense or share-based payment on BEE transaction over the vesting period based on the Group’s estimate of the number of instruments that will eventually vest, with a corresponding increase in the share-based payment obligation. At each reporting date the obligation is remeasured to the fair value of the instrument, to reflect the potential outflow of cash resources to settle the liability, with a corresponding adjustment to gain or loss on financial instrument in profit or loss. Vesting assumptions for non-market conditions are reviewed at each reporting date to ensure they reflect current expectations.

Where the terms of an equity-settled or a cash-settled award are modified, the originally determined expense is recognised as if the terms had not been modified. In addition, an expense is recognised for any modification, which increases the total fair value of the share-based payment arrangement, or is otherwise beneficial to the participant as measured at the date of the modification.

Income taxes

ACCOUNTING POLICY

Income tax comprises current and deferred tax. Current tax and deferred tax is recognised in profit or loss except to the extent that it relates to a business combination, or items recognised directly in equity or in other comprehensive income.

Current tax is measured on taxable income at the applicable statutory rate enacted or substantively enacted at the reporting date.

Deferred tax is provided on temporary differences existing at each reporting date between the tax values of assets and liabilities and their carrying amounts. Substantively enacted tax rates are used to determine future anticipated effective tax rates which in turn are used in the determination of deferred tax.

Deferred tax is not recognised for:

· temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss;

· temporary differences related to investments in subsidiaries, and interest in associates and joint ventures to the extent that the Group is able to control the timing of the reversal of the temporary differences and it is probable that these will not reverse in the foreseeable future; and

· taxable temporary differences arising on the initial recognition of goodwill.

These temporary differences are expected to result in taxable or deductible amounts in determining taxable profits for future periods when the carrying amount of the asset is recovered or the liability is settled. The principal temporary differences arise from depreciation of property, plant and equipment, provisions, unutilised capital allowances and tax losses carried forward.

Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and relate to taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realised simultaneously.

Deferred tax assets relating to the carry forward of unutilised tax losses and/or unutilised capital allowances are recognised to the extent it is probable that future taxable profit will be available against which the unutilised tax losses and/or unutilised capital allowances can be recovered. Deferred tax assets are reviewed at each reporting date and are adjusted if recovery is no longer probable.

EARNINGS PER SHARE

ACCOUNTING POLICY

EPS is calculated based on the profit attributable to owners of Sibanye-Stillwater divided by the weighted average number of ordinary shares in issue during the year. A diluted EPS is presented when the inclusion of ordinary shares that may be issued in the future has a dilutive effect on EPS.

Headline EPS is calculated by dividing the headline earnings attributable to owners of Sibanye-Stillwater by the weighted average number of ordinary shares in issue during the year.

DIVIDENDS

ACCOUNTING POLICY

Dividends are recognised only when such dividends are declared.

Dividends withholding tax is a tax on shareholders receiving dividends and is applicable to all dividends paid. The Group withholds dividend tax on behalf of its shareholders at a rate of 15% on dividends paid before 22 February 2017 and 20% on dividends paid after this date. Amounts withheld are not recognized as part of the Group’s tax charge but rather as part of the dividend paid, recognised directly in equity.

Cash flows from dividends paid are classified under operating activities in the statement of cash flows.

.

PROPERTY, PLANT AND EQUIPMENT

ACCOUNTING POLICY

Mineral and surface rights

Mineral and surface rights are recorded at cost less accumulated amortisation and accumulated impairment losses. When there is little likelihood of a mineral right being exploited, or the carrying amount has exceeded its recoverable amount, impairment is recognised in profit or loss in the year that such determination is made.

Mine development and infrastructure

Mining assets, including mine development and infrastructure costs and mine plant facilities, are recorded at cost less accumulated depreciation and accumulated impairment losses.

These costs which include the purchase price of assets used in the construction of the mine, expenditure incurred to evaluate and develop new ore bodies, to define mineralisation in existing ore bodies and to establish or expand productive capacity, are capitalised until commercial levels of production are achieved, at which times the costs are amortised as set out below.

Development of ore bodies includes the development of shaft systems and waste rock removal that allows access to reserves that are economically recoverable in the future. Subsequent to this, costs are capitalised if the criteria for recognition as an asset are met. Access to individual orebodies exploited by the Group is limited to the time span of the respective mining leases.

Land

Land is shown at cost and is not depreciated.

Other assets

Non-mining assets are recorded at cost less accumulated depreciation and accumulated impairment losses. These assets include the assets of the mining operations not included in mine development and infrastructure, borrowing costs, mineral and surface rights, land and all the assets of the non-mining operations.

Amortisation and depreciation of mining assets

Amortisation and depreciation is determined to give a fair and systematic charge in profit or loss taking into account the nature of a particular ore body and the method of mining that ore body. To achieve this, the following calculation methods are used:

· Mining assets, including mine development and infrastructure costs, mine plant facilities and evaluation costs, are amortised over the life of the mine using the units-of-production method, based on estimated proved and probable Mineral Reserves above infrastructure.

· Proved and probable Mineral Reserves reflect estimated quantities of economically recoverable reserves, which can be recovered in future from known mineral deposits.

· Certain mining plant and equipment included in mine development and infrastructure is depreciated on a straight-line basis over their estimated useful lives.

· For certain shafts, which have a short life and/or are marginal, the depreciation is accelerated based on an adjustment to the reserves for accounting purposes.

Depreciation of non-mining assets

Non-mining assets are recorded at cost and depreciated on a straight-line basis over their current expected useful lives to their residual values as follows:

· Vehicles: 5 years

· Computers: 3 years

· Furniture and equipment: 1 - 10 years

The assets’ useful lives, depreciation methods and residual values are reassessed at each reporting date and adjusted if appropriate.

Impairment

Recoverability of the carrying values of long-term assets or CGUs of the Group are reviewed whenever events or changes in circumstances indicate that such carrying value may not be recoverable. To determine whether a long-term asset or CGU may be impaired, the higher of value in use (defined as: the present value of future cash flows expected to be derived from an asset or CGU) or fair value less costs to sell (defined as: the price that would be received to sell an asset in an orderly transaction between market participants at the measured rate, less the costs of disposal) is compared to the carrying value of the asset/unit.

A CGU is defined by the Group as the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. Generally for the Group this represents an individual operating mine, including mines which are part of a larger mine complex. The costs attributable to individual shafts of a mine are impaired if the shaft is closed.

Impairment losses are recognised in profit or loss. Impairment recognised in respect of a CGU is allocated first to goodwill to that particular CGU and thereafter to the individual assets in the CGU.

When any infrastructure is closed down or placed on care and maintenance during the year, any carrying value attributable to that infrastructure is impaired. Expenditure incurred on care and maintenance is recognised in profit or loss.

When the review of the events or changes in circumstances of an asset or CGU that was previously impaired indicate that such historical carrying value is recoverable, the impairment is reversed. The impairment is only reversed to such an amount that the new carrying amount does not exceed the historical carrying amount. Reversal of impairment losses are recognised in profit or loss. Reversal of impairment recognised in respect of a CGU is allocated to the individual assets in the CGU.

Derecognition of property, plant and equipment

Property, plant and equipment is derecognised on disposal or closure of a shaft when no future economic benefits are expected from its use or disposal. Any gain or loss on derecognition of an item of property, plant and equipment (calculated as the net proceeds from disposal and the carrying amount of the item) is recognised in profit or loss.

Exploration and evaluation expenditure

All exploration and evaluation expenditure, prior to obtaining the legal rights to explore a specific area, is recognised in profit or loss. After the legal rights to explore are obtained, exploration and evaluation expenditure, comprising the costs of acquiring prospecting rights and directly attributable exploration expenditure, is capitalised as a separate class of property, plant and equipment or intangible assets, on a project-by-project basis, pending determination of the technical feasibility and commercial viability.

The technical feasibility and commercial viability of extracting a mineral resource is generally considered to be determinable through a feasibility study and when proven reserves are determinable to exist. Upon determination of proven reserves, exploration and evaluation assets attributable to those reserves are first tested for impairment and then reclassified from exploration and evaluation assets to another appropriate class of property, plant and equipment. Subsequently, all cost directly incurred to prepare an identified mineral asset for production is capitalised to mine development assets. Amortisation of these assets commences once these assets are available for use, which is expected to be when the mine is in commercial production. These assets will be measured at cost less accumulated amortisation and impairment losses.

Business combinations

Business combinations

The acquisition method of accounting is used to account for business combinations by the Group. The consideration transferred for the acquisition of a business is the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Any contingent consideration is measured at fair value at the date of acquisition. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. On an acquisition-by-acquisition basis, the Group recognises any non-controlling interest in the acquiree either at fair value or at the non-controlling interest’s proportionate share of the acquiree’s net assets. Subsequently, the carrying amount of non-controlling interest is the amount of the interest at initial recognition plus the non-controlling interest’s share of the subsequent changes in equity, plus or minus changes in the portion of interest of the equity of the subsidiary not attributable, directly or indirectly, to Sibanye-Stillwater shareholders.

The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets acquired is recorded as goodwill. If this is less than the fair value of the net assets of the subsidiary acquired in the case of a bargain purchase, the difference is a gain recognised directly in profit or loss.

GOODWILL

ACCOUNTING POLICY

Goodwill is stated at cost less accumulated impairment losses. In accordance with the provisions of IAS 36 Impairment of Assets, the Group performs its annual impairment review of goodwill at each financial year end or whenever there are impairment indicators to establish whether there is any indication of impairment to goodwill. A write-down is made if the carrying amount exceeds the recoverable amount. The recoverable amount is determined by reference to “fair value less costs to sell” being the higher of “value in use” and “fair value less cost to sell”, based on the cash flows over the life of the CGUs and discounted to present value at an appropriate discount rate. Impairment losses on goodwill are not reversed. Gains and losses on the disposal of an entity include the carrying amount of goodwill allocated to the entity sold.

Goodwill is allocated to CGUs for the purpose of impairment testing. The allocation is made to those CGUs or groups of CGUs that are expected to benefit from the business combination in which the goodwill arose.

EQUITY-ACCOUNTED INVESTMENTS

ACCOUNTING POLICY

The Group’s interest in equity-accounted investees comprise interests in associates and joint ventures.

Associates are those entities in which the Group has significant influence, but not control or joint control, over the financial and operating policies. Joint ventures are arrangements in which the Group has joint control, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for it liabilities.

Interests in associates and joint ventures are accounted for using the equity method. The interests are initially recognised at cost using the same principles as with business combinations. Subsequent to initial recognition, the consolidated financial statements include the Group’s share of profit or loss and other comprehensive income of equity-accounted investees until the date on which significant influence or joint control ceases.

Results of associates and joint ventures are equity-accounted using the results of their most recent audited annual financial statements or unaudited management accounts. Any losses from associates are brought to account in the consolidated financial statements until the interest in such associates is written down to zero. The interest includes any long-term interests that in substance, form part of the entity’s net investment in the equity-accounted investee, for example long-term receivables for which settlement is neither planned nor likely to occur in the foreseeable future. Thereafter, losses are accounted for only insofar as the Group is committed to providing financial support to such associates.

The carrying value of an equity-accounted investment represents the cost of the investment, including goodwill, the proportionate share of the post-acquisition retained earnings and losses, any other movements in reserves, any impairment losses and loans to or from the equity-accounted investee. The carrying value together with any long-term interests that in substance form part of the net investment in the equity-accounted investee is assessed annually for existence of indicators of impairment and if such exist, the carrying amount is compared to the recoverable amount, being the higher of value in use or fair value less costs to sell. If an impairment in value has occurred, it is recognised in the period in which the impairment arose. Indicators of impairment include a significant or prolonged decline in the investments fair value below its carrying value.

INTERESTS IN JOINT OPERATIONS

ACCOUNTING POLICY

A joint operation is a joint arrangement in which the parties that share joint control have rights to the assets, and obligations for the liabilities, relating to the arrangement.

In relation to the Group’s interests in joint operations, the following are recognised in the financial statements:

· the Group’s share of the jointly controlled assets, classified according to the nature of the assets;

· any liabilities that the Group has incurred;

· the Group’s share of any liabilities incurred jointly with the other ventures in relation to the joint operation;

· any income from the sale or use of the Group’s share of the output of the joint operation, together with the Group’s share of any expenses incurred by the joint operation; and

· any expenses that the Group has incurred in respect of its interest in the joint operation.

ENVIRONMENTAL REHABILITATION OBLIGATION FUNDS

ACCOUNTING POLICY

The Group’s rehabilitation obligation funds includes equity-linked investments that are fair valued at each reporting date. The fair value is calculated with reference to underlying equity instruments using industry valuation techniques and appropriate models. While Sibanye-Stillwater’s management believes that these assumptions are appropriate, the use of different assumptions could have a material impact on the fair value of the investments.

Annual contributions are made to dedicated environmental rehabilitation obligation funds to fund the estimated cost of rehabilitation during and at the end of the life of the relevant mine. The amounts contributed to these funds are included under non-current assets and are measured at fair value through profit or loss. Interest earned on monies paid to rehabilitation funds is accrued on a time proportion basis and is recorded as interest income.

In addition, bank guarantees are provided for funding shortfalls of the environmental rehabilitation obligations.

OTHER RECEIVABLES AND OTHER PAYABLES

ACCOUNTING POLICY

Other receivables and other payables are initially recognised at fair value. Subsequent to initial recognition other receivables and other payables are measured at amortised cost.

Reimbursements, such as rehabilitation reimbursements from other parties, are recognised as a separate asset where recovery is virtually certain. The amount recognised is limited to the amount of the provision. If the party that will make the reimbursement cannot be identified, then the reimbursement is generally not virtually certain and cannot be recognised. If the only uncertainty regarding the certainty of the amount relates to recovery, the reimbursement amount qualifies to be recognised as an asset.

INVENTORIES

ACCOUNTING POLICY

Inventory is valued at the lower of cost and net realisable value. The Group values ore stockpiles, uranium-in-process and gold-in-process when it can be reliably measured. Cost is determined on the following basis:

· PGM concentrate awaiting further processing, reef ore stockpiles and uranium stockpiles are valued using weighted average cost. Cost includes production, amortisation, depreciation and related administration costs; and

· Consumable stores are valued at weighted average cost after appropriate provision for surplus and slow-moving items.

TRADE AND OTHER RECEIVABLES

ACCOUNTING POLICY

Trade and other receivables are initially recognised at fair value and subsequently carried at amortised cost less allowance for impairment. Estimates made for impairment are based on a review of all outstanding amounts at year end. Irrecoverable amounts are written off during the period in which they are identified.

Trade receivables include actual invoiced sales of PGM concentrate as well as sales not yet invoiced for which deliveries have been made and the risks and rewards of ownership have passed. The receivable amount calculated for the PGM concentrate delivered but not yet invoiced is recorded at the fair value of the consideration receivable at the date of delivery. At each subsequent reporting date the receivable is restated to reflect the fair value movements in the pricing mechanism which is considered to represent an embedded derivative. Foreign exchange movements subsequent to the recognition of a sale are recognised as a foreign exchange gain or loss in profit or loss.

CASH AND CASH EQUIVALENTS

ACCOUNTING POLICY

Cash and cash equivalents comprise cash on hand, demand deposits and short-term, highly liquid investments readily convertible to known amounts of cash and subject to insignificant risk of changes in value and are measured at amortised cost which is deemed to be fair value as they have a short-term maturity.

STATED SHARE CAPITAL

ACCOUNTING POLICY

Ordinary share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity, net of any tax effects.

NON-CONTROLLING INTERESTS

Non-controlling interests

The Group recognises any non-controlling interest in an acquiree either at fair value or at the non-controlling interest’s proportionate share of the acquiree’s net assets on an acquisition by acquisition basis. Subsequently, the carrying amount of non-controlling interest is the amount of the interest at initial recognition plus the non-controlling interest’s subsequent share of changes in equity.

BORROWINGS

ACCOUNTING POLICY

Borrowings

Borrowings are recognised initially at fair value, net of transaction costs incurred, where applicable and subsequently measured at amortised cost using the effective interest method.

Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting date.

Derivative financial instruments

Derivatives are initially recognised at fair value using option pricing methodologies. Any directly attributable transaction costs are recognised in profit or loss as incurred. Subsequent to initial recognition, derivatives are measured at fair value, and changes are generally recognised in profit or loss.

ENVIRONMENTAL REHABILITATION OBLIGATION

ACCOUNTING POLICY

Provisions are recognised when the Group has a present obligation, legal or constructive resulting from past events and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.

Long-term environmental obligations are based on the Group’s environmental management plans, in compliance with applicable environmental and regulatory requirements.

The estimated costs of rehabilitation are reviewed annually and adjusted as appropriate for changes in legislation, technology or other circumstances. Cost estimates are not reduced by the potential proceeds from the sale of assets or from plant clean up at closure.

Based on disturbances to date, the net present value of expected rehabilitation cost estimates is recognised and provided for in full in the financial statements. The estimates are reviewed annually and are discounted using a risk-free rate that is adjusted to reflect the current market assessments of the time value of money and the risks specific to the obligation.

Annual changes in the provision consist of finance costs relating to the change in the present value of the provision and inflationary increases in the provision estimate, as well as changes in estimates. Changes in estimates are capitalised or reversed against the relevant asset to the extent that it meets the definition of dismantling and removing the item and restoring the site on which it is located. Costs that relate to an existing condition caused by past operations and do not have a future economic benefit are recognised in profit or loss. If a decrease in the liability exceeds the carrying amount of the asset, the excess is recognised immediately in profit or loss. The present value of environmental disturbances created are capitalised to mining assets against an increase in the environmental rehabilitation obligation.

Rehabilitation projects undertaken, included in the estimates are charged to the provision as incurred. The cost of ongoing current programmes to prevent and control environmental disturbances is charged against income as incurred. The unwinding of the discount due to the passage of time is recognised as finance cost, and the capitalised cost is amortised over the remaining lives of the mines.

OCCUPATIONAL HEALTHCARE OBLIGATION

ACCOUNTING POLICY

Provisions are recognised when the Group has a present obligation, legal or constructive resulting from past events and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.

The estimated costs of settlement claims are reviewed at least annually and adjusted as appropriate for changes in cash flow predictions or other circumstances.

Based on estimates to date, the net present value of expected settlement claims is recognised and provided for in full in the financial statements. The estimated cash flows are discounted using a risk-free rate with similar terms to the obligation to reflect the current market assessments of the time value of money.

Annual changes in the provision consist of finance costs relating to the change in the present value of the provision and changes in estimates.

TRADE AND OTHER PAYABLES

ACCOUNTING POLICY

Trade and other payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

Provision is made for employee entitlement benefits accumulated as a result of employees rendering services up to the reporting date. Liabilities arising in respect of wages and salaries, annual leave and other benefits due to be settled within 12 months of the reporting date are measured at rates which are expected to be paid when the liability is settled. Termination benefits are expensed at the earlier of when the Group can no longer withdraw the offer of those benefits and when the Group recognises costs for a restructuring. If benefits are not expected to be settled wholly within 12 months of the reporting date, then they are discounted.

All other employee entitlement liabilities are measured at the present value of estimated payments to be made in respect of services rendered up to reporting date.

FAIR VALUE OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES, AND RISK MANAGEMENT

ACCOUNTING POLICY

Financial instruments recognised in the statement of financial position include cash and cash equivalents, trade and other receivables, borrowings, derivative financial instrument and trade and other payables.

The Group initially recognises loans and receivables on the date these originate. All other financial assets (including assets designated at fair value through profit or loss) are recognised initially on trade date, which is the date that the Group becomes a party to the contractual provisions of the instrument. The Group derecognises a financial asset when the contractual rights to the cash flows in a transaction in which substantially all the risks and rewards of the ownership of the financial asset are transferred. The Group derecognises a financial liability when its contractual obligations are discharged, cancelled or expired. Any interest in such transferred financial asset that is created or retained by the Group is recognised as a separate asset or liability. The particular recognition and measurement methods adopted are disclosed in the individual policy statements associated with each item.

A financial asset not classified at fair value through profit or loss is assessed at each reporting date to determine whether there is objective evidence that it is impaired. A financial asset is impaired if there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the asset and those event(s) had an impact on the estimated future cash flows of that asset, that can be estimated reliably. Impairment losses are recognised through profit or loss.

On derecognition of a financial asset or liability, the difference between the carrying amount of the asset or liability and the sum of the consideration received and cumulative gains recognised in equity is recognised in profit or loss.

Refer to the relevant notes for the accounting policies of the following financial assets and financial liabilities:

· Environmental rehabilitation obligation funds

· Other receivables and other payables

· Trade and other receivables

· Cash and cash equivalents

· Borrowings

· Derivative financial instrument

· Trade and other payables

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SEGMENT REPORTING (Tables)

12 Months Ended

Dec. 31, 2017

SEGMENT REPORTING

Schedule of segment reporting

Figures in million - SA rand	Group	Total SA Region	Total SA Gold	Drie-fontein	Kloof	Beatrix	Cooke	Corporate and re- conciling ite	Total SA PGM	Kroondal	Platinum Mile	Mimosa	Rustenburg Operations	Corporate and re- conciling ite	Total US Region Stillwater
31 December 2017
Revenue	45,911.6	36,750.0	23,473.6	8,076.9	8,845.1	4,875.8	1,676.5	(0.7)	13,276.4	2,861.5	194.1	1,687.7	10,220.8	(1,687.7)	9,161.6
Underground	37,790.3	33,168.0	21,143.2	7,148.1	7,985.3	4,753.1	1,257.4	(0.7)	12,024.8	2,861.5	-	1,687.7	9,163.3	(1,687.7)	4,622.3
Surface	3,582.0	3,582.0	2,330.4	928.8	859.8	122.7	419.1	-	1,251.6	-	194.1	-	1,057.5	-	-
Recycling	4,539.3	-	-	-	-	-	-	-	-	-	-	-	-	-	4,539.3
Cost of sales, before amortisation and depreciation	(36,482.7)	(29,471.0)	(17,879.2)	(6,203.5)	(5,762.7)	(3,952.5)	(1,960.5)	-	(11,591.8)	(2,395.9)	(129.8)	(1,200.5)	(9,066.1)	1,200.5	(7,011.7)
Underground	(29,345.3)	(26,710.5)	(16,032.2)	(5,488.9)	(5,109.5)	(3,852.1)	(1,581.7)	-	(10,678.3)	(2,395.9)	-	(1,200.5)	(8,282.4)	1,200.5	(2,634.8)
Surface	(2,760.5)	(2,760.5)	(1,847.0)	(714.6)	(653.2)	(100.4)	(378.8)	-	(913.5)	-	(129.8)	-	(783.7)	-	-
Recycling	(4,376.9)	-	-	-	-	-	-	-	-	-	-	-	-	-	(4,376.9)
Amortisation and depreciation	(5,699.7)	(4,268.3)	(3,507.5)	(1,126.5)	(1,404.5)	(696.2)	(256.4)	(23.9)	(760.8)	(239.0)	(2.6)	(211.7)	(514.7)	207.2	(1,431.4)
Interest income	415.5	363.7	205.7	77.6	71.1	18.4	12.5	26.1	158.0	57.0	2.1	8.8	96.6	(6.5)	51.8
Finance expense	(2,971.8)	(1,517.7)	(1,182.2)	(220.9)	(246.9)	(128.4)	(76.7)	(509.3)	(335.5)	(90.7)	-	(10.0)	(244.9)	10.1	(1,454.1)
Share-based payments	(231.9)	(227.0)	(227.0)	(2.8)	(1.8)	(1.3)	-	(221.1)	-	-	-	-	-	-	(4.9)
Net other costs3	(1,163.1)	(1,132.7)	10.4	(8.5)	(14.5)	(48.0)	(320.3)	401.7	(1,143.1)	(216.4)	(11.9)	23.2	(934.9)	(3.1)	(30.4)
Non-underlying items4	(6,759.1)	(6,688.2)	(6,535.8)	(74.9)	(50.4)	(675.3)	(3,664.7)	(2,070.5)	(152.4)	(9.0)	-	-	(134.9)	(8.5)	(70.9)
Royalties	(398.5)	(398.5)	(325.3)	(77.8)	(189.3)	(44.5)	(13.7)	-	(73.2)	(5.6)	-	(60.4)	(67.6)	60.4	-
Current taxation	(504.2)	(405.3)	(385.4)	(14.8)	(350.1)	(12.4)	-	(8.1)	(19.9)	-	(9.3)	(59.3)	(10.0)	58.7	(98.9)
Deferred taxation	3,450.8	533.8	549.2	(12.0)	61.4	245.3	1.5	253.0	(15.4)	(24.8)	(4.3)	(2.8)	12.7	3.8	2,917.0
Loss for the year	(4,433.1)	(6,461.2)	(5,803.5)	412.8	957.4	(419.1)	(4,601.8)	(2,152.8)	(657.7)	(62.9)	38.3	175.0	(643.0)	(165.1)	2,028.1
Attributable to:														-
Owners of the parent	(4,437.4)	(6,465.5)	(5,804.6)	412.8	957.4	(419.1)	(4,601.8)	(2,153.9)	(660.9)	(62.9)	35.1	175.0	(643.0)	(165.1)	2,028.1
Non-controlling interest holders	4.3	4.3	1.1	-	-	-	-	1.1	3.2	-	3.2	-	-	-	-
Adjusted EBITDA	9,045.1	6,902.5	5,308.5	1,841.0	3,044.5	910.0	(527.4)	40.4	1,594.0	430.9	51.7	521.4	1,112.9	(522.9)	2,142.6
Sustaining capital expenditure	(1,325.6)	(1,098.7)	(531.1)	(235.0)	(210.2)	(63.1)	(8.5)	(14.3)	(567.6)	(190.5)	(11.0)	(222.5)	(366.1)	222.5	(226.9)
Ore reserve development	(3,291.6)	(2,753.0)	(2,288.0)	(876.1)	(876.2)	(482.0)	(53.7)	-	(465.0)	-	-	-	(465.0)	-	(538.6)
Growth projects	(1,481.6)	(593.3)	(591.0)	(44.4)	(147.1)	(0.5)	(11.7)	(387.3)	(2.3)	-	(2.3)	-	-	-	(888.3)
Total capital expenditure	(6,098.8)	(4,445.0)	(3,410.1)	(1,155.5)	(1,233.5)	(545.6)	(73.9)	(401.6)	(1,034.9)	(190.5)	(13.3)	(222.5)	(831.1)	222.5	(1,653.8)

1 Corporate and reconciling items represents the items to reconcile segment data to consolidated financial statement totals. This does not represent a separate segment as it does not generate mining revenue.

2 Stillwater’s performance is for eight months ended 31 December 2017 since acquisition (refer to note 13.1).

3 Net other costs consists of loss on financial instruments, gain on foreign exchange differences, other income and other costs as detailed in profit or loss. Corporate and reconciling items net other costs includes the share of results equity-accounted investees after tax as detailed in profit or loss.

4 Non-underlying items consists of impairments, occupational healthcare expense, gain on disposal of property, plant and equipment, restructuring costs and transaction costs as detailed in profit or loss.

Figures in million - SA rand	Group Total SA Region	Total SA Gold	Driefontein	Kloof	Beatrix	Cooke	Corporate and re- conciling items2	Total SA PGM	Kroondal3	Platinum Mile	Mimosa3	Rustenburg Operations	Corporate and re- conciling items2
31 December 2016 (Revised)1
Revenue	31,240.7	27,501.3	9,401.1	8,890.9	5,883.9	3,362.2	(36.8)	3,739.4	1,973.3	131.1	1,223.2	1,656.0	(1,244.2)
Underground	28,026.5	24,608.4	8,105.3	8,012.6	5,626.9	2,900.4	(36.8)	3,418.1	1,973.3	-	1,223.2	1,465.8	(1,244.2)
Surface	3,214.2	2,892.9	1,295.8	878.3	257.0	461.8	-	321.3	-	131.1	-	190.2	-
Cost of sales, before amortisation and depreciation	(20,709.1)	(17,346.0)	(5,566.6)	(5,041.0)	(3,753.4)	(2,985.0)	-	(3,363.1)	(1,689.8)	(90.8)	(969.0)	(1,582.5)	969.0
Underground	(18,800.6)	(15,655.1)	(4,852.1)	(4,609.4)	(3,567.4)	(2,626.2)	-	(3,145.5)	(1,689.8)	-	(969.0)	(1,455.7)	969.0
Surface	(1,908.5)	(1,690.9)	(714.5)	(431.6)	(186.0)	(358.8)	-	(217.6)	-	(90.8)	-	(126.8)	-
Amortisation and depreciation	(4,041.9)	(3,814.7)	(1,012.9)	(1,190.7)	(818.0)	(770.8)	(22.3)	(227.2)	(162.9)	(1.2)	(223.7)	(58.6)	219.2
Interest income	331.4	289.6	70.8	62.3	34.1	32.5	89.9	41.8	34.6	(9.0)	0.5	8.2	7.5
Finance expense	(903.1)	(806.2)	(143.1)	(156.0)	(77.6)	(75.8)	(353.7)	(96.9)	(70.6)	-	(11.2)	(26.2)	11.1
Share-based payments	(496.2)	(255.9)	(16.5)	(13.7)	(9.1)	-	(216.6)	(240.3)	-	-	-	-	(240.3)
Net other costs5	(1,158.6)	(1,029.3)	(226.1)	(187.9)	(170.5)	(115.0)	(329.8)	(129.3)	(1.2)	(0.6)	187.7	(92.2)	(223.0)
Non-underlying items6	548.2	(1,548.5)	(20.8)	15.7	(12.6)	(1,423.9)	(106.9)	2,096.7	(1.3)	-	-	2,105.2	(7.2)
Royalties	(566.6)	(528.0)	(204.8)	(194.3)	(113.2)	(15.7)	-	(38.6)	(10.2)	-	(82.9)	(28.3)	82.8
Current taxation	(1,111.8)	(1,111.3)	(472.3)	(422.0)	(223.0)	(1.1)	7.1	(0.5)	-	-	(22.8)	-	22.3
Deferred taxation	(90.3)	(164.5)	(64.3)	(148.5)	19.4	35.3	(6.4)	74.2	16.9	(11.6)	13.1	68.1	(12.3)
Profit for the year	3,042.7	1,186.5	1,744.5	1,614.8	760.0	(1,957.3)	(975.5)	1,856.2	88.8	17.9	114.9	2,049.7	(415.1)
Attributable to:													-
Owners of the parent	3,473.3	1,619.4	1,744.5	1,614.8	760.0	(1,523.5)	(976.4)	1,853.9	88.8	15.6	114.9	2,049.7	(415.1)
Non-controlling interest holders	(430.6)	(432.9)	-	-	-	(433.8)	0.9	2.3	-	2.3	-	-	-
Adjusted EBITDA	10,270.4	9,920.1	3,782.5	3,800.7	2,085.9	290.1	(39.1)	350.3	262.9	39.6	446.7	76.7	(475.6)
Sustaining capital expenditure	(1,010.5)	(683.5)	(218.5)	(261.2)	(84.8)	(48.9)	(70.1)	(327.0)	(175.8)	(1.3)	(159.8)	(148.7)	158.6
Ore reserve development	(2,394.4)	(2,394.4)	(779.0)	(912.9)	(542.9)	(159.6)	-	-	-	-	-	-	-
Growth projects	(746.3)	(746.3)	(54.1)	(130.1)	(0.7)	(40.7)	(520.7)	-	-	-	-	-	-
Total capital expenditure	(4,151.2)	(3,824.2)	(1,051.6)	(1,304.2)	(628.4)	(249.2)	(590.8)	(327.0)	(175.8)	(1.3)	(159.8)	(148.7)	158.6

1 Subsequent to the successful integration of the US PGM operations, management has included the corporate and reconciling items directly attributable to the SA PGM operations in the respective operating segments, in line with how the information from these segments is reviewed by and reported to the executive management team. The comparative segment reporting for the year ended 31 December 2016 has been revised to conform to the current presentation.

2 Corporate represents the items to reconcile segment data to consolidated financial statement totals. This does not represent a separate segment as it does not generate mining revenue.

3 The performance of Kroondal, Platinum Mile, and Mimosa is for the nine months ended 31 December 2016 since acquisition (refer to note 13.3). The Mimosa segment information reflects the financial information provided to the chief operating decision maker. In the consolidated financial statements this operating segment is accounted for using the equity method which differs from the measures used by the chief operating decision maker.

4 Rustenburg operations’ performance is for two months ended 31 December 2016 since acquisition (refer to note 13.2).

5 Net other costs consists of loss on financial instruments, gain on foreign exchange differences, other income and other costs as detailed in profit or loss. Corporate and reconciling items net other costs includes the share of results of equity-accounted investees after tax as detailed in profit or loss.

6 Non-underlying items consists of impairments, gain on disposal of property, plant and equipment, restructuring costs, transaction costs and gain on acquisition as detailed in profit or loss.

Figures in million - SA rand	Group Total SA Gold	Driefontein	Kloof	Beatrix	Cooke	Corporate and reconciling items1
31 December 2015
Revenue	22,717.4	8,236.0	6,691.4	4,815.5	2,974.5	-
Underground	20,515.0	7,284.1	6,112.8	4,555.7	2,562.4	-
Surface	2,202.4	951.9	578.6	259.8	412.1	-
Cost of sales, before amortisation and depreciation	(16,380.4)	(5,234.2)	(4,777.2)	(3,391.0)	(2,978.0)	-
Underground	(14,940.8)	(4,681.2)	(4,454.9)	(3,184.5)	(2,620.2)	-
Surface	(1,439.6)	(553.0)	(322.3)	(206.5)	(357.8)	-
Amortisation and depreciation	(3,636.6)	(1,142.6)	(1,029.3)	(739.4)	(704.6)	(20.7)
Interest income	257.0	67.5	50.6	31.3	27.1	80.5
Finance expense	(561.8)	(147.7)	(150.1)	(57.2)	(61.3)	(145.5)
Share-based payments	(274.4)	(35.1)	(27.6)	(23.5)	-	(188.2)
Net other costs2	(575.1)	(77.9)	(60.4)	(47.3)	(30.1)	(359.4)
Non-underlying items3	(230.1)	(2.9)	7.2	(8.4)	(31.8)	(194.2)
Royalties	(400.6)	(196.8)	(98.4)	(88.7)	(16.7)	-
Current taxation	(696.7)	(430.8)	(97.4)	(153.4)	-	(15.1)
Deferred taxation	319.5	53.4	0.9	18.0	122.0	125.2
Profit for the year	538.2	1,088.9	509.7	355.9	(698.9)	(717.4)
Attributable to:
Owners of the parent	716.9	1,088.9	509.7	355.9	(519.9)	(717.7)
Non-controlling interest holders	(178.7)	-	-	-	(179.0)	0.3
Adjusted EBITDA	6,234.9	2,934.4	1,865.1	1,389.1	(21.7)	67.9
Sustaining capital expenditure	(668.9)	(249.2)	(225.6)	(86.1)	(92.9)	(15.1)
Ore reserve development	(2,304.9)	(727.0)	(840.6)	(510.4)	(226.9)	-
Growth projects	(371.0)	(18.0)	(63.7)	-	(17.6)	(271.7)
Total capital expenditure	(3,344.8)	(994.2)	(1,129.9)	(596.5)	(337.4)	(286.8)

1 Corporate represents the items to reconcile segment data to consolidated financial statement totals. This does not represent a separate segment as it does not generate mining revenue.

2 Net other costs consists of loss on financial instruments, loss on foreign exchange differences, other income and other costs as detailed in profit or loss. Corporate and reconciling net other costs includes the share of results of equity-accounted investees after tax as detailed in profit or loss.

3 Non-underlying items consists of gain on disposal of property, plant and equipment, restructuring costs, transaction costs and net loss on derecognition of financial guarantee asset and liability as detailed in profit or loss.

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REVENUE (Tables)

12 Months Ended

Dec. 31, 2017

REVENUE.

Schedule of revenue

Figures in million - SA rand	2017	2016	2015
Revenue from:
Gold mining activities	23,473.6	27,501.3	22,717.4
PGM mining activities	17,898.7	3,739.4	-
Recycling activities	4,539.3	-	-
Total revenue	45,911.6	31,240.7	22,717.4

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COST OF SALES (Tables)

12 Months Ended

Dec. 31, 2017

COST OF SALES.

Schedule of cost of sales

Figures in million - SA rand	Notes	2017	2016	2015
Salaries and wages		(15,323.0)	(9,276.1)	(7,345.0)
Consumable stores	19	(8,789.4)	(5,243.2)	(3,995.7)
Utilities		(4,930.1)	(3,709.0)	(3,128.2)
Mine contracts		(2,956.9)	(2,105.3)	(1,457.9)
Recycling		(4,376.9)	-	-
Other		(3,398.0)	(2,769.9)	(2,758.5)
Ore reserve development costs capitalised	12	3,291.6	2,394.4	2,304.9
Cost of sales, before amortisation and depreciation		(36,482.7)	(20,709.1)	(16,380.4)
Amortisation and depreciation	12	(5,699.7)	(4,041.9)	(3,636.6)
Total cost of sales		(42,182.4)	(24,751.0)	(20,017.0)

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FINANCE EXPENSE (Tables)

12 Months Ended

Dec. 31, 2017

FINANCE EXPENSE

Schedule of finance expense

Figures in million - SA rand	Notes	2017	2016	2015
Interest charge on:
Borrowings - interest paid	24	(2,091.9)	(427.5)	(247.9)
Borrowings - accrued interest and unwinding of amortised cost	24	(251.8)	(141.4)	(102.3)
Environmental rehabilitation obligation	25	(357.1)	(291.4)	(197.9)
Occupational healthcare obligation	26	(46.4)	-	-
Deferred payment	18.2	(148.2)	(24.1)	-
Other		(76.4)	(18.7)	(13.7)
Total finance expense		(2,971.8)	(903.1)	(561.8)

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SHARE-BASED PAYMENTS (Tables)

12 Months Ended

Dec. 31, 2017

SHARE-BASED PAYMENTS

Expenses from share based payment arrangements

Figures in million - SA rand	Notes	2017	2016	2015
Sibanye 2017 Share Plan	6.1	(9.0)	-	-
Performance shares		(9.0)	-	-
Sibanye Gold Limited 2013 Share Plan	6.2	(208.4)	(172.1)	(119.1)
Performance shares		(186.3)	(145.5)	(96.2)
Bonus shares		(22.1)	(26.6)	(22.9)
Sibanye Gold Limited Phantom Share Scheme	6.3	(11.2)	(83.8)	(155.3)
Performance shares		(11.2)	(83.8)	(136.4)
Bonus shares		-	-	(17.7)
Phantom share dividends		-	-	(1.2)
Stillwater cash settled scheme		(3.3)	-	-
Share-based payment on BEE transaction	6.4	-	(240.3)	-
Total share-based payments		(231.9)	(496.2)	(274.4)

Reconciliation of the share-based payment obligations

Figures in million - SA rand	2017	2016	2015
Share based payment on BEE transaction	399.5	240.3	-
Share based payment	35.0	241.4	599.6
Balance at end of the year	434.5	481.7	599.6
Reconciliation of the share-based payment obligations
Balance at beginning of the year	481.7	599.6	399.2
Share-based payments expense	14.5	83.8	155.3
Share-based payment on BEE transaction	-	240.3	-
Fair value loss on obligations1	171.5	1,076.6	87.3
Cash-settled share-based payments paid2	(433.6)	(1,518.6)	(42.2)
Share-based payment obligation on acquisition of subsidiary	200.4	-	-
Balance at end of the year	434.5	481.7	599.6
Reconciliation of the non-current and current portion of the share-based payment obligation:
Share-based payment obligations	434.5	481.7	599.6
Current portion of share-based payment obligations	(12.3)	(235.2)	(463.0)
Non-current portion of share-based payment obligations	422.2	246.5	136.6

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

2   Payments made during the year relates to vesting of shares to employees.

Sibanye 2017 and 2013 Share Plan [Member]

SHARE-BASED PAYMENTS

Summary of activity of other equity instruments

	2016	Instruments granted	Equity-settled instruments exercised during the year			Instruments forfeited	2017
	Number of instruments	Number of instruments1	Number of instruments1	Average price	Share proceeds (rand)	Number of instruments	Number of instruments
Executive directors
Neal Froneman	1,421,434	3,254,046	1,164,811	22.23	25,890,953	-	3,510,669
Charl Keyter	598,360	1,547,398	441,890	21.09	9,321,625	-	1,703,868
Prescribed officers
Chris Bateman2	-	413,920	-	-	-	-	413,920
Hartley Dikgale	288,235	854,177	249,867	21.73	5,429,285	-	892,545
Dawie Mostert	345,231	890,147	256,239	20.56	5,269,478	-	979,139
Jean Nel3	166,151	-	-	-	-	166,151	-
Themba Nkosi	67,666	625,869	53,463	12.56	671,388	-	640,072
Wayne Robinson	324,682	921,495	165,169	13.26	2,189,959	-	1,081,008
Richard Stewart	484,170	1,132,375	147,356	14.39	2,120,644	-	1,469,189
Robert van Niekerk	445,920	1,280,519	361,056	21.80	7,870,624	-	1,365,383
John Wallington4	126,740	717,372	39,414	11.28	444,590	-	804,698

1  Instruments granted and exercised may differ from that presented in the Integrated Annual Report 2017 as the instruments granted and exercised presented above includes the Bonus Shares granted and exercised that relate to the rights offer.

1  Appointed as a prescribed officer on 1 July 2017.

2  Appointed as a prescribed officer on 13 April 2016, and resigned as a prescribed officer on 1 November 2016. Jean forfeited the instruments granted after his notice period in 2017.  

3  Resigned as prescribed officer on 30 June 2017.

Sibanye 2017 Share Plan [Member]

SHARE-BASED PAYMENTS

Summary of percentile on peer group

TSR element of performance conditions
Percentile on peer group TSR curve	% vesting
0%	0%
10%	0%
20%	0%
30%	5%
40%	20%
50%	35%
60%	55%
70%	75%
80%	90%
90%	100%
100%	100%

Summary of return on capital employed

ROCE element of performance condition
Annual ROCE	% vesting
≤Ke	0.00%
Ke + 1%	16.7%
Ke + 2%	33.3%
Ke + 3%	50.0%
Ke + 4%	66.7%
Ke + 5%	83.3%
Ke + 6%	100.00%

Inputs to the models for equity instruments granted during the year

Performance		Bonus
shares		Shares
2017	MONTE CARLO SIMULATION	2017
53.96%	Weighted average historical volatility (based on a statistical analysis of the share price on a weighted moving average basis for the expected term of the option)	53.96%
3	Expected term (years)	n/a
n/a	Expected term (months)	9 - 18
4.65%	Expected dividend yield	4.65%
7.40%	Weighted average three-year risk-free interest rate (based on SA interest rates)	7.24%
n/a	Marketability discount	1.27% / 0.50%
24.07	Weighted average fair value	24.84 / 24.14

Summary of activity of other equity instruments

Performance		Bonus
shares		Shares
2017	Number of instruments	2017
	Movement during the year:
2,376,742	Granted during the year	-
10,933,066	Supplementary awards related to the SGL 2013 Plan1	-
(105,449)	Exercised and released	-
(250,471)	Forfeited	-
12,953,888	Outstanding at end of the year	-

SGL 2013 Share Plan

SHARE-BASED PAYMENTS

Summary of activity of other equity instruments

Performance shares				Bonus Shares
2015	2016	2017	Number of instruments	2017	2016	2015
23,289,262	9,398,072	10,610,779	Outstanding at beginning of the year	250,827	417,266	595,012
			Movement during the year:
3,059,058	5,103,184	12,851,131	Granted during the year	2,421,522	504,739	862,702
(16,690,497)	(3,832,758)	(2,616,050)	Exercised and released	(2,126,415)	(667,063)	(1,010,209)
(259,751)	(57,719)	(1,466,474)	Forfeited	(99,465)	(4,115)	(30,239)
9,398,072	10,610,779	19,379,386	Outstanding at end of the year	446,469	250,827	417,266

Sibanye 2013 Share Plan - Allocations From March 2016 Onwards [Member]

SHARE-BASED PAYMENTS

Inputs to the models for equity instruments granted during the year

Performance			Bonus
shares			Shares
2016	2017	MONTE CARLO SIMULATION	2017	2016
55.12%	53.96%	Weighted average historical volatility (based on a statistical analysis of the share price on a weighted moving average basis for the expected term of the option)	53.96%	55.15%
3	3	Expected term (years)	n/a	n/a
n/a	n/a	Expected term (months)	9 - 18	9 - 18
3.75%	4.65%	Expected dividend yield	4.65%	3.75%
8.51%	7.40%	Weighted average three-year risk-free interest rate (based on SA interest rates)	7.24%	7.78%
n/a	n/a	Marketability discount	1.27% / 0.50%	1.60% / 0.69%
50.81	24.07	Weighted average fair value	24.84 / 24.14	54.27 / 53.02

Sibanye 2013 Share Plan Allocations Before March 2016 [Member]

SHARE-BASED PAYMENTS

Inputs to the models for equity instruments granted during the year

Performance		Bonus
shares		Shares
2015	MONTE CARLO SIMULATION	2015
42.3%	Weighted average historical volatility (based on a statistical analysis of the share price on a weighted moving average basis for the expected term of the option)	42.3%
3	Expected term (years)	n/a
n/a	Expected term (months)	9 - 18
4.9%	Expected dividend yield	4.9%
6.4%	Weighted average three-year risk-free interest rate (based on SA interest rates)	6.4%
n/a	Marketability discount	2.1%
37.41	Weighted average fair value	25.56

SGL Phantom Scheme

SHARE-BASED PAYMENTS

Summary of activity of other equity instruments

Performance shares				Bonus Shares
2015	2016	2017	Number of instruments	2017	2016	2015
22,212,627	20,198,875	5,301,626	Outstanding at beginning of the year	-	-	1,731,262
			Movement during the year:
(773,814)	(14,275,138)	(5,178,775)	Vested and paid	-	-	(1,668,503)
(1,239,938)	(622,111)	(122,851)	Forfeited	-	-	(62,759)
20,198,875	5,301,626	-	Outstanding at end of the year	-	-	-

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OTHER COSTS (Tables)

12 Months Ended

Dec. 31, 2017

OTHER COSTS

Schedule of other costs

Figures in million - SA rand	Note	2017	2016	2015
Included in other costs are the following:
Care and maintenance		(249.2)	(75.0)	-
Change in estimate of environmental rehabilitation obligation, and right of recovery receivable and payable	25	(248.9)	(97.5)	-

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IMPAIRMENT (Tables)

12 Months Ended

Dec. 31, 2017

IMPAIRMENTS

Schedule of impairments

Figures in million - SA rand	Notes	2017	2016	2015
Impairment of property, plant and equipment	12	(4,303.4)	(1,171.7)	-
Impairment of goodwill	14	(99.1)	(201.3)	-
Impairment of loan to equity-accounted investee		(8.5)	(8.1)	-
Total impairments		(4,411.0)	(1,381.1)	-

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ROYALTIES, AND MINING AND INCOME TAX, AND DEFERRED TAX (Tables)

12 Months Ended

Dec. 31, 2017

ROYALTIES, AND MINING AND INCOME TAX, AND DEFERRED TAX

Schedule of royalty tax expense

		Revised
Figures in million - SA rand	2017	2016	2015
Current charge on:
SA Gold revenue	(325.2)	(528.0)	(400.6)
SA PGM revenue	(73.3)	(38.6)	-
Total royalties	(398.5)	(566.6)	(400.6)

Schedule of mining and income tax expense

			Revised
Figures in million - SA rand	Note	2017	2016	2015
Current tax		(504.2)	(1,111.8)	(696.7)
Mining tax		(425.2)	(1,031.6)	(665.6)
Non-mining tax		(70.6)	(83.9)	(16.0)
Company and capital gain tax		(8.4)	3.7	(15.1)
Deferred tax	9.3	3,450.8	(90.3)	319.5
Deferred tax charge		879.7	(30.5)	348.3
Deferred tax rate adjustment1, 2		2,571.1	(59.8)	(28.8)
Total mining and income tax		2,946.6	(1,202.1)	(377.2)

1 The change in the estimated long term deferred tax rate, as a result of applying the mining tax formula at the SA gold operations, at which the temporary differences will reverse amounted to a deferred tax benefit of R39.6 million for the year ended 31 December 2017 (2016: charge of R59.8 million and 2015: charge of R28.8 million).

2 On 22 December 2017, the Tax Cuts and Jobs Act was signed into legislation in the United States. As a result the Stillwater Group’s deferred tax rate changed from 37.69% to 24.23% and a deferred tax benefit of R2,531.5 million (US$204.8 million) was recognised.

Schedule of reconciliation of the Group's mining and income tax to the South African statutory company tax rate

		Revised
Figures in million - SA rand	2017	2016	2015
Tax on loss/(profit) before tax at maximum South African statutory company tax rate	2,066.3	(1,188.5)	(256.3)
South African gold mining tax formula rate adjustment	157.6	160.9	129.5
United States statutory tax rate adjustment	57.3	-	-
Non-deductible amortisation and depreciation	(0.9)	(35.0)	(25.7)
Non-deductible finance charges	(165.8)	(48.7)	-
Non-deductible share-based payments	(58.4)	(115.5)	(33.3)
Non-taxable gain/(non-deductible loss) on foreign exchange differences	45.0	(52.1)	17.8
Non-taxable share of results of equity-accounted investees	81.6	3.7	32.5
Non-deductible impairments	(1,054.9)	(65.6)	-
Non-taxable gain on acquisition	-	610.0	-
Non-deductible transaction costs	(154.6)	(44.0)	(7.2)
Net other non-taxable income and non-deductible expenditure	(294.6)	62.5	6.3
Change in estimated deferred tax rate	2,571.1	(59.8)	(28.8)
Deferred tax assets not recognised	(303.1)	(430.0)	(267.1)
Non-taxable gain on derecognition of financial guarantee liability	-	-	55.1
Mining and income tax	2,946.6	(1,202.1)	(377.2)

Schedule of deferred tax

			Revised
Figures in million - SA rand	Notes	2017	2016	2015
Included in the statement of financial position as follows:
Deferred tax assets		(206.2)	(228.2)	(63.2)
Deferred tax liabilities		8,525.2	4,915.4	3,561.4
Net deferred tax liabilities		8,319.0	4,687.2	3,498.2
Reconciliation of the deferred tax balance:
Balance at beginning of the year		4,687.2	3,498.2	3,817.7
Deferred tax recognised in profit or loss	9.2	(3,450.8)	90.3	(319.5)
Deferred tax recognised in other comprehensive income		(27.7)	-	-
Deferred tax on acquisition of subsidiaries	13	7,486.3	1,098.7	-
Foreign currency translation		(376.0)
Balance at end of the year		8,319.0	4,687.2	3,498.2

Schedule of components of net deferred tax liabilities

		Revised
Figures in million - SA rand	2017	2016	2015
Deferred tax liabilities
Mining assets	9,642.6	6,365.4	4,822.8
Environmental rehabilitation obligation funds	600.7	729.6	575.3
Other	47.5	128.6	14.9
Gross deferred tax liabilities	10,290.8	7,223.6	5,413.0
Deferred tax assets
Environmental rehabilitation obligation	(840.7)	(1,041.0)	(612.3)
Occupational healthcare obligation	(299.7)	-	-
Other provisions	(434.0)	(546.3)	(341.6)
Tax losses and unredeemed capital expenditure	(397.4)	(890.1)	(812.6)
Share-based payment obligation	-	(59.0)	(148.3)
Gross deferred tax assets	(1,971.8)	(2,536.4)	(1,914.8)
Net deferred tax liabilities	8,319.0	4,687.2	3,498.2

Detailed components of the net deferred tax liabilities and estimated amounts available for set-off against future income

Figures in million - SA rand	2017	2016	2015
Tax losses
Wits Gold	64.6	64.6	84.4
Burnstone	-	-	155.3
Ezulwini	2,591.1	2,561.2	1,481.0
Other - SA region	15.9	19.0	31.3
Total gross tax losses	2,671.6	2,644.8	1,752.0
Other deductible temporary differences
Burnstone	11,306.8	10,012.6	9,009.0
Ezulwini	2,923.7	2,909.1	2,778.8
Ridge Mining Services Proprietary Limited	499.5	643.9	-
Stillwater Canada Inc.	1,550.8	-	-
Perigrine Minera Argentina SA	301.4	-	-
Other - SA region	54.2	55.6	-
Other - US region	183.3	55.6	-
Total gross tax losses and other deductible temporary differences	19,491.3	16,321.6	13,539.8
Deferred tax assets not recognised
Wits Gold	18.1	18.1	23.6
Burnstone	3,165.9	2,803.5	2,566.0
Ezulwini	1,544.1	1,531.7	1,192.7
Ridge Mining Services Proprietary Limited	139.9	180.3	-
Stillwater Canada Inc.	284.4	-	-
Perigrine Minera Argentina SA	105.5	-	-
Other - SA region	19.6	20.9	8.8
Other - US region	70.9	-	-
Total deferred tax assets not recognised	5,348.5	4,554.5	3,791.1

Schedule of tax and royalties receivables and payables

			Revised
Figures in million - SA rand	Notes	2017	2016	2015
Included in the statement of financial position as follows:
Tax receivable		(182.8)	-	-
Tax and royalties payable		34.9	88.6	129.6
Net tax and royalties (receivable)/payable		(147.9)	88.6	129.6
Reconciliation of the net tax and royalties (receivable)/payable balance:
Balance at beginning of the year		88.6	129.6	84.0
Royalties and current tax	9.1, 9.2	902.7	1,678.4	1,097.3
Tax and royalties paid		(899.3)	(1,732.6)	(1,051.7)
Tax payable on acquisition of subsidiaries	13	(260.4)	13.2	-
Foreign currency translation		20.5	-	-
Balance at end of the year		(147.9)	88.6	129.6

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EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2017

EARNINGS PER SHARE

EARNINGS PER SHARE

 BASIC EARNINGS PER SHARE

Basic EPS is calculated by dividing the profit attributable to owners of Sibanye-Stillwater by the weighted average number of ordinary shares in issue during the year.

			Revised	Revised
	Notes	2017	2016	2015
Weighted average number of shares
Ordinary shares in issue (’000)		2,168,721	929,004	916,140
Bonus element of the rights issue (’000)	22	-	493,645	493,645
Bonus element of the capitalisation issue (’000)	34	86,749	129,272	129,272
Adjustment for weighting of ordinary shares in issue (’000)		(321,620)	(7,271)	(4,102)
Weighted average number of shares (’000)		1,933,850	1,544,650	1,534,955
Profit attributable to owners of Sibanye-Stillwater (SA rand million)		(4,437.4)	3,473.3	716.9
Basic EPS (cents)		(229)	225	47

10.2   DILUTED EARNINGS PER SHARE

Diluted EPS is calculated by dividing the profit attributable to owners of Sibanye-Stillwater by the diluted number of ordinary shares in issue during the year.

Dilutive shares are the number of potentially dilutive ordinary shares that could be issued as a result of share options granted to employees under the share option schemes (refer to note 6) or as a result of the conversion of the US$450 million Convertible Bond (refer to note 24.4). At 31 December 2017, both of these were anti-dilutive.

		Revised	Revised
	2017	2016	2015
Diluted weighted average number of shares
Weighted average number of shares (’000)	1,933,850	1,544,650	1,534,955
Potential ordinary shares (’000)	-	2,161	5,671
Diluted weighted average number of shares (’000)	1,933,850	1,546,811	1,540,626
Diluted basic EPS (cents)	(229)	225	47

Headline earnings per share

10.3   HEADLINE EARNINGS PER SHARE

Reconciliation of (loss)/profit attributable to owners of Sibanye-Stillwater to headline earnings:

Figures in million - SA rand	Notes	Gross	Net of tax
31 December 2017
Loss attributable to owners of Sibanye-Stillwater			(4,437.4)
Gain on disposal of property, plant and equipment	12	(40.7)	(29.3)
Impairments	8	4,411.0	4,242.8
Headline earnings			(223.9)
Headline EPS - cents			(12)
31 December 2016 (Revised)
Profit attributable to owners of Sibanye-Stillwater			3,473.3
Gain on disposal of property, plant and equipment	12	(95.4)	(68.7)
Impairments	8	1,381.1	1,281.7
Gain on acquisition	13.2	(2,178.6)	(2,178.6)
Headline earnings			2,507.7
Headline EPS - cents			162
31 December 2015 (Revised)
Profit attributable to owners of Sibanye-Stillwater			716.9
Gain on disposal of property, plant and equipment	12	(58.7)	(42.3)
Headline earnings			674.6
Headline EPS - cents			44

10.4   DILUTED HEADLINE EARNINGS PER SHARE

Diluted headline EPS is calculated by dividing the headline earnings attributable to owners of Sibanye-Stillwater by the diluted weighted average number of ordinary shares in issue during the year.

		Revised	Revised
	2017	2016	2015
Diluted headline EPS - cents	(12)	162	44

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DIVIDENDS (Tables)

12 Months Ended

Dec. 31, 2017

DIVIDENDS

Schedule of Cash flows from dividends paid are classified under operating activities

Figures in million - SA rand	2017	2016	2015
Dividend declared and paid1	558.2	1,610.6	658.4
Dividend per share - cents	60	175	72

1The dividend declared and paid relates to the final dividend of 60 SA cents per share or R558.2 million in respect of the six months ended 31 December 2016 declared on 23 February 2017.

Schedule of Reconciliation of (loss)/profit attributable to the owners

Figures in million - SA rand	2017	2016	2015
(Loss)/profit attributable to the owners of Sibanye-Stillwater	(4,437.4)	3,473.3	716.9
Adjusted for:
Loss on financial instruments	1,114.4	1,032.8	229.5
(Gain)/loss on foreign exchange differences	(292.4)	(219.6)	359.4
Impairments	4,411.0	1,381.1	-
Occupational healthcare expense	1,106.9	-	-
Gain on disposal of property, plant and equipment	(40.7)	(95.4)	(58.7)
Restructuring costs	729.8	187.7	104.8
Transaction costs	552.1	157.0	25.7
Share-based payment on BEE transaction	-	240.3	-
Gain on acquisition	-	(2,178.6)	-
Net loss on derecognition of guarantee asset and liability	-	-	158.3
Other	52.7	72.4	44.1
Tax effect of the items adjusted above	(813.4)	(419.4)	(244.2)
Change in estimated deferred tax rate	(2,571.1)	59.8	28.8
Share of results of equity-accounted investees after tax	(291.6)	(13.3)	(116.0)
Normalised earnings	(479.7)	3,678.1	1,248.6

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PROPERTY, PLANT AND EQUIPMENT (Tables)

12 Months Ended

Dec. 31, 2017

PROPERTY, PLANT AND EQUIPMENT

Schedule of carrying value of property, plant and equipment

Figures in million - SA rand	Notes	Total	Mine development, infrastructure and other	Land, mineral rights and rehabilitation	Exploration and evaluation assets
31 December 2017
Cost
Balance at beginning of the year		67,689.8	59,904.4	5,714.4	2,071.0
Additions1		6,140.6	5,979.1	95.3	66.2
Change in estimates of rehabilitation assets	25	(187.8)	-	(187.8)	-
Disposals		(142.3)	(134.1)	(7.9)	(0.3)
Assets acquired on acquisition of subsidiaries	13.1	29,948.6	11,513.6	17,115.2	1,319.8
Foreign currency translation		(1,728.2)	(733.8)	(921.3)	(73.1)
Balance at end of the year		101,720.7	76,529.2	21,807.9	3,383.6
Accumulated depreciation, amortisation and impairment
Balance at beginning of the year		40,449.1	38,341.9	2,107.2	-
Amortisation and depreciation1	4	5,741.6	5,067.6	674.0	-
Impairment	8	4,303.4	1,504.6	1,300.3	1,498.5
Disposals		(111.7)	(534.2)	422.5	-
Foreign currency translation		(106.3)	(71.0)	(33.0)	(2.3)
Balance at end of the year		50,276.1	44,308.9	4,471.0	1,496.2
Carrying value at end of the year		51,444.6	32,220.3	17,336.9	1,887.4

1 During the year, amortisation and depreciation on assets used in the development of the Burnstone project was capitalised. As a result, additions includes non-cash additions (or amortisation and depreciation capitalised) of R41.8 million.

Figures in million - SA rand	Notes	Total	Mine development, infrastructure and other	Land, mineral rights and rehabilitation	Exploration and evaluation assets
31 December 2016
Cost
Balance at beginning of the year		57,431.7	51,919.9	3,591.5	1,920.3
Additions		4,151.1	4,065.7	3.7	81.7
Change in estimates of rehabilitation assets	25	472.5	-	472.5	-
Disposals		(67.8)	(65.9)	(1.9)	-
Assets acquired on acquisition of subsidiaries	13.2, 13.3	5,702.3	3,984.7	1,648.6	69.0
Balance at end of the year		67,689.8	59,904.4	5,714.4	2,071.0
Accumulated depreciation, amortisation and impairment
Balance at beginning of the year		35,299.3	33,978.1	1,321.2	-
Amortisation and depreciation	4	4,041.9	3,656.7	385.2	-
Impairment	8	1,171.7	770.3	401.4	-
Disposals		(63.8)	(63.2)	(0.6)	-
Balance at end of the year		40,449.1	38,341.9	2,107.2	-
Carrying value at end of the year		27,240.7	21,562.5	3,607.2	2,071.0

Figures in million - SA rand	Notes	Total	Mine development, infrastructure and other	Land, mineral rights and rehabilitation	Exploration and evaluation assets
31 December 2015
Cost
Balance at beginning of the year		54,404.9	48,637.6	3,882.3	1,885.0
Additions		3,344.8	3,303.5	6.0	35.3
Change in estimates of rehabilitation assets	25	(273.4)	-	(273.4)	-
Disposals		(44.6)	(21.2)	(23.4)	-
Balance at end of the year		57,431.7	51,919.9	3,591.5	1,920.3
Accumulated depreciation, amortisation and impairment
Balance at beginning of the year		31,700.9	30,650.2	1,050.7	-
Amortisation and depreciation	4	3,636.6	3,358.4	278.2	-
Disposals		(38.2)	(30.5)	(7.7)	-
Balance at end of the year		35,299.3	33,978.1	1,321.2	-
Carrying value at end of the year		22,132.4	17,941.8	2,270.3	1,920.3

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ACQUISITIONS - (Tables)

12 Months Ended

Dec. 31, 2017

Stillwater

Disclosure of detailed information about business combination [line items]

Schedule of consideration paid for acquisition

Figures in million	Note	US dollar	SA rand
Cash		2,080.7	27,174.5
Liability raised in respect of dissenting shareholders	18.2	104.5	1,364.3
Settlement of share-based payment awards (cash)		16.2	211.9
Total consideration		2,201.4	28,750.7

Schedule of identifiable assets acquired and liabilities assumed in acquisition

Figures in million	Notes	US dollar	SA rand
Property, plant and equipment	12	2,293.2	29,948.6
Other non-current assets		6.9	90.8
Inventories		159.7	2,085.4
Current investments		278.9	3,642.2
Cash and cash equivalents		137.2	1,792.2
Other current assets		37.3	487.3
Borrowings		(454.6)	(5,937.6)
Environmental rehabilitation obligation	25	(23.9)	(312.1)
Deferred tax liabilities	9.3	(573.2)	(7,486.3)
Other non-current liabilities		(19.9)	(260.3)
Trade and other payables		(88.1)	(1,150.1)
Other current liabilities		(1.8)	(23.3)
Total fair value of identifiable net assets acquired		1,751.7	22,876.8

Schedule of goodwill arising from acquisition

Figures in million	Note	US dollar	SA rand
Consideration		2,201.4	28,750.7
Fair value of identifiable net assets		(1,751.7)	(22,876.8)
Goodwill	14	449.7	5,873.9

Rustenburg Operations Acquisition

Disclosure of detailed information about business combination [line items]

Schedule of consideration paid for acquisition

Figures in million - SA rand	Note	2016
Cash		1,500.0
Deferred Payment1	18.2	1,553.3
True-up amount2		65.1
Total consideration		3,118.4

1  The Deferred Payment was based on 35% of the expected distributable free cash flow generated by the Rustenburg operations over an extended payment period from 1 January 2017, subject to a minimum payment of R3.0 billion discounted at a cost of debt of 9.5%

2 The upfront purchase price was adjusted after Closing (i.e. the true-up amount) for actual Closing cash of the Rustenburg operations in excess of the estimated Closing cash of the Rustenburg operations and actual Closing working capital of the Rustenburg operations in excess of the targeted Closing working capital of the Rustenburg operations (in essence, representing a normalised level of working capital).

Schedule of identifiable assets acquired and liabilities assumed in acquisition

		Revised
Figures in million - SA rand	Notes	2016
Property, plant and equipment	12	4,021.5
Environmental rehabilitation obligation funds	17	280.7
Other non-current assets		220.9
Inventories		80.4
Trade and other receivables		2,991.6
Other current assets		242.0
Cash and cash equivalents		0.1
Environmental rehabilitation obligation	25	(79.8)
Deferred tax liabilities	9.3	(1,147.9)
Trade and other payables		(1,312.5)
Total fair value of identifiable net assets acquired		5,297.0

Schedule of gain on acquisition

		Revised
Figures in million - SA rand	Note	2016
Consideration		3,118.4
Fair value of identifiable net assets		(5,297.0)
Gain on acquisition	14	(2,178.6)

Aquarius Acquisition

Disclosure of detailed information about business combination [line items]

Schedule of consideration paid for acquisition

Figures in million - SA rand	2016
Cash	4,301.5
Total consideration	4,301.5

Schedule of identifiable assets acquired and liabilities assumed in acquisition

Figures in million - SA rand	Notes	2016
Property, plant and equipment	12	1,680.8
Equity-accounted investments	15	2,066.7
Environmental rehabilitation obligation funds	17	151.9
Other non-current assets		108.4
Inventories		155.0
Trade and other receivables		908.9
Cash and cash equivalents		494.1
Environmental rehabilitation obligation	25	(630.0)
Deferred tax liabilities	9.3	49.2
Other non-current liabilities		(32.4)
Trade and other payables		(1,025.6)
Tax and royalties payable		(13.2)
Total fair value of identifiable net assets acquired		3,913.8

Schedule of goodwill arising from acquisition

Figures in million - SA rand	Note	2016
Consideration		4,301.5
Fair value of identifiable net assets		(3,913.8)
Non-controlling interests, based on their proportionate interest in the recognised amounts of the assets and liabilities		12.9
Goodwill	14	400.6

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GOODWILL (Tables)

12 Months Ended

Dec. 31, 2017

GOODWILL.

Schedule of changes in goodwill

Figures in million - SA rand	Notes	2017	2016	2015
Balance at beginning of the year		936.0	736.7	736.7
Impairment	8	(99.1)	(201.3)
Goodwill on acquisition of subsidiaries	13.1, 13.3	5,873.9	400.6	-
Foreign currency translation		(314.8)	-	-
Balance at end of the year		6,396.0	936.0	736.7

Schedule of estimates and assumptions used in calculation of impairment of goodwill

Platinum					Gold
2016	2017				2017	2016
			Long-term gold price	R/kg	545,000	570,000
14,725	14,270	R/4Eoz	Long-term PGM (4E) basket price
	1,015	US$/2Eoz	Long-term PGM (2E) basket price
15.7	14.5	%	Nominal discount rate1	%	12.1	12.5
6.0	5.3	%	Inflation rate	%	5.3	6.0
8 - 26	9 - 34	years	Life of mine	years	12 - 22	7 - 20

1 Nominal discount rate for WRTRP of 14.7% (2016: 13.5%).

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EQUITY-ACCOUNTED INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2017

EQUITY-ACCOUNTED INVESTMENTS

Schedule of components of equity method investments

Figures in million - SA rand	Notes	2017	2016	2015
Rand Refinery	15.1	198.4	72.4	148.7
Mimosa	15.2	2,012.9	2,049.3	-
Other equity-accounted investments		32.8	35.7	18.8
Total equity-accounted investments		2,244.1	2,157.4	167.5

Rand Refinery

EQUITY-ACCOUNTED INVESTMENTS

Schedule of movement in equity method investments

Figures in million - SA rand	2017	2016	2015
Balance at beginning of the year	72.4	148.7	55.1
Share of results of equity-accounted investee after tax1	124.5	(116.5)	114.5
Interest income on loan to equity-accounted investee capitalised	1.5	40.2	-
Loan repaid by equity-accounted investee	-	-	(20.9)
Balance at end of the year	198.4	72.4	148.7

1  Rand Refinery is equity accounted based on its results for the period ended 30 November.

Schedule of group's share in equity-accounted investments

Figures in million - SA rand	Note	2017	2016	2015
Revenue		649.0	903.0	1,021.0
Total comprehensive (loss)/income		374.0	(352.0)	346.0
Non-current assets		702.0	636.0	708.0
Current assets		669.0	419.0	512.0
Non-current liabilities		(31.0)	(1,095.0)	(992.0)
Current liabilities		(391.0)	(467.0)	(383.0)
Net assets/(liabilities) (100.0%)		949.0	(507.0)	(155.0)
Reconciliation of the total investment in Rand Refinery with attributable net assets:
Net assets/(liabilities) (33.1%)		314.1	(168.2)	(51.7)
Dividend received		(8.2)	(8.2)	(8.2)
Fair value adjustment1		(35.5)	(35.5)	(35.5)
Impairment	8	(119.6)	(119.6)	(119.6)
Loan to equity-accounted investee		-	403.9	363.7
Redeemable preference shares in excess of 33.1% interest2		47.6	-	-
Total investment in Rand Refinery		198.4	72.4	148.7

1 The investment in equity-accounted investee was fair valued at 1 July 2002, the date when significant influence was obtained.

2  Sibanye-Stillwater’s proportional share of the Facility was 37.4%. On conversion of the Facility to redeemable preference shares, the Group shares in more than its 33.1% interest of the net assets of Rand Refinery.

Mimosa

EQUITY-ACCOUNTED INVESTMENTS

Schedule of movement in equity method investments

Figures in million - SA rand	Note	2017	2016	2015
Balance at the beginning of the year		2,049.3	-	-
Share of results of equity-accounted investee after tax		175.0	114.9	-
Equity-accounted investment on acquisition of subsidiaries	13.3	-	2,066.7	-
Foreign currency translation		(211.4)	(132.3)	-
Balance at end of the year		2,012.9	2,049.3	-

Schedule of group's share in equity-accounted investments

Figures in million - SA rand	2017	2016	2015
Revenue	3,375.4	2,446.4	-
Amortisation and depreciation	(423.4)	(447.4)	-
Interest income	17.5	1.0	-
Finance expense	(20.0)	(22.4)	-
Income tax	(245.0)	(185.1)	-
Profit or loss	350.1	229.8	-
Other comprehensive income	72.7	(264.6)	-
Total comprehensive income	422.8	(34.8)	-
Non-current assets	4,007.8	4,079.0	-
Property, plant and equipment	4,007.8	4,079.0	-
Current assets	1,916.3	2,259.5	-
Cash and cash equivalents	281.5	191.2	-
Other current assets	1,634.7	2,068.3	-
Non-current liabilities	(993.6)	(1,131.2)	-
Non-current financial liabilities	(94.2)	(141.2)	-
Other non-current liabilities	(899.4)	(990.0)	-
Current liabilities	(539.0)	(900.1)	-
Current financial liabilities	(487.4)	(762.2)	-
Other current liabilities	(51.7)	(137.9)	-
Net assets (100.0%)	4,391.5	4,307.2	-
Reconciliation of the total investment in Mimosa with attributable net assets:
Net assets (50.0%)	2,195.7	2,153.6	-
Reconciling items1	(182.8)	(104.3)	-
Total investment in Mimosa	2,012.9	2,049.3	-

1 The reconciling items include the difference between the carrying amount and fair value of the Mimosa’s identifiable assets and liabilities on acquisition less accumulated amortisation, and foreign exchange differences on translation of assets and liabilities of the foreign joint venture. In 2016, the reconciling items also included the remaining impairment of the Reserve Bank of Zimbabwe bond notes.

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INTERESTS IN JOINT OPERATIONS (Tables)

12 Months Ended

Dec. 31, 2017

Kroondal Mine

Disclosure of joint operations [line items]

Schedule of joint operations

Figures in million - SA rand	2017	2016	2015
Loss on foreign exchange differences	(94.4)	(67.8)	-
Profit before tax	175.0	90.8	-
Profit for the year	175.0	90.8	-
Non-current assets	1,284.0	1,296.1	-
Current assets	1,400.5	1,208.1	-
Current liabilities	(283.2)	(288.7)	-
Net assets (50.0%)	2,401.3	2,215.5	-

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ENVIRONMENTAL REHABILITATION OBLIGATION FUNDS (Tables)

12 Months Ended

Dec. 31, 2017

ENVIRONMENTAL REHABILITATION OBLIGATION FUNDS

Schedule of the environment rehabilitation obligation funds

Figures in million - SA rand	Note	2017	2016	2015
Balance at beginning of the year		3,100.5	2,413.9	2,192.8
Contributions		114.5	74.7	77.8
Interest income		230.4	168.2	134.8
Fair value gain1		46.5	11.1	8.5
Environmental rehabilitation obligation funds on acquisition of subsidiaries	13	0.5	432.6	-
Balance at end of the year		3,492.4	3,100.5	2,413.9
Environmental rehabilitation obligation funds comprise of the following:
Restricted cash2		483.8	352.3	341.8
Funds		3,008.6	2,748.2	2,072.1

1 The environmental rehabilitation trust fund includes equity-linked investments that are fair valued at each reporting date.

2 The funds are set aside to serve as collateral against the guarantees made to the Department of Minerals and Resources (DMR) for environmental rehabilitation obligations.

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OTHER RECEIVABLES AND OTHER PAYABLE (Tables)

12 Months Ended

Dec. 31, 2017

OTHER RECEIVABLES AND OTHER PAYABLES

Schedule of other receivables

Figures in million - SA rand	2017	2016	2015
Anglo American Platinum financial asset	-	469.7	-
Right of recovery receivable	160.5	112.4	-
Rates and taxes receivable	105.6	82.4	-
Other	53.1	1.4	1.3
Total other receivables	319.2	665.9	1.3
Reconciliation of the non-current and current portion of the other receivables:
Other receivables	319.2	665.9	1.3
Current portion of other receivables	(35.2)	(310.6)	-
Non-current portion of other receivables	284.0	355.3	1.3

The Anglo American Platinum financial asset movement for the year is as follows:

Figures in million - SA rand	Note	2017	2016	2015
Balance at the beginning of the year		469.7	-	-
Interest income		42.2	6.8	-
Fair value loss		(467.5)	-	-
Payments received		(44.4)	-	-
Financial asset on acquistion of subsidiary	13.2	-	462.9	-
Balance at end of the year		-	469.7	-

Schedule of other payables

Figures in million - SA rand	Note	2017	2016	2015
Deferred Payment		2,194.7	1,577.4	-
Right of recovery payable		69.3	36.3	-
Dissenting shareholder liability	13.1	1,349.7	-	-
Other		188.6	-	-
Total other payables		3,802.3	1,613.7	-
Reconciliation of the non-current and current portion of the other payables:
Other payables		3,802.3	1,613.7	-
Current portion of other payables		(41.9)	-	-
Non-current portion of other payables		3,760.4	1,613.7	-

The Deferred Payment movement for the year is as follows:

Figures in million - SA rand	Notes	2017	2016	2015
Balance at the beginning of the year		1,577.4	-	-
Interest charge	5	148.2	24.1	-
Loss on revised estimated cash flows		469.1	-	-
Deferred Payment on acquisition of subsidiaries	13.2	-	1,553.3	-
Balance at end of the year		2,194.7	1,577.4	-

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INVENTORIES (Tables)

12 Months Ended

Dec. 31, 2017

INVENTORIES

Schedule of inventories

·

Figures in million - SA rand	2017	2016	2015
Consumable stores1	828.7	481.7	277.5
Uranium finished goods and uranium-in-process2	104.4	100.4	128.4
Ore stockpiles and in-process	1,955.9	51.8	-
Gold-on-hand	-	42.9	-
PGMs-on-hand	637.5	-	-
Total inventories	3,526.5	676.8	405.9

1 The cost of consumable stores consumed during the year and included in operating cost amounted to R8,789.4 million (2016: R5,243.2 million and 2015: R3,995.7 million).

2  Although the uranium finished goods and uranium-in-process was presented under current assets, management does not expect that all this inventory will be realised within 12 months from the reporting date.

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TRADE AND OTHER RECEIVABLES (Tables)

12 Months Ended

Dec. 31, 2017

TRADE AND OTHER RECEIVABLES

Schedule of trade and other receivables

Figures in million - SA rand	2017	2016	2015
Trade receivables - gold sales	499.6	658.1	933.4
Trade receivables - PGM sales	4,512.4	4,001.9	-
Other trade receivables	431.4	306.5	108.4
Payroll debtors	174.1	154.7	109.5
Interest receivable	8.5	6.6	7.8
Financial assets	5,626.0	5,127.8	1,159.1
Prepayments	245.0	298.1	123.7
Value added tax	326.6	322.0	344.6
Total trade and other receivables	6,197.6	5,747.9	1,627.4

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CASH AND CASH EQUIVALENTS (Tables)

12 Months Ended

Dec. 31, 2017

CASH AND CASH EQUIVALENTS.

Schedule of cash and cash equivalents

Figures in million - SA rand	2017	2016	2015
Cash at the bank and on hand1	2,062.4	967.9	717.4
Total cash and cash equivalents	2,062.4	967.9	717.4

1At 31 December 2017, restricted cash of US$6.2 million (R76.6 million) was held in a money market fund as collateral for the environmental bonding requirements in the US.

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STATED SHARE CAPITAL (Tables)

12 Months Ended

Dec. 31, 2017

STATED SHARE CAPITAL.

Schedule of shares authorized and issued

Figures in thousand	2017	2016	2015
Authorised number of shares	10,000,000	2,000,000	2,000,000
Reconciliation of issued number of shares:
Number of shares in issue at beginning of the year	929,004	916,140	898,840
Shares issued under SGL Share Plan	1,407	12,864	17,300
Rights issue	1,195,787	-	-
Capitalisation issue	42,523	-	-
Number of shares in issue at end of the year	2,168,721	929,004	916,140

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NON-CONTROLLING INTERESTS (Tables)

12 Months Ended

Dec. 31, 2017

NON-CONTROLLING INTERESTS

Schedule of subsidiaries related to non-controlling interests

Figures in million - SA rand	2017	2016	2015
Non-controlling interests of Newshelf 1114	-	-	107.3
Non-controlling interests of GTSM	4.1	3.4	2.5
Non-controlling interest of Platinum Mile	15.7	14.3	-
Total non-controlling interests	19.8	17.7	109.8

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BORROWINGS (Tables)

12 Months Ended

Dec. 31, 2017

Disclosure of detailed information about borrowings [line items]

Schedule of the summary of borrowings

Figures in million - SA rand	Notes	2017	2016	2015
R6.0 billion revolving credit facility	24.1	5,536.4	5,100.0	-
US$350 million revolving credit facility	24.2	1,137.1	1,369.0	-
US$1.05 billion Bond	24.3	12,597.7	-	-
US$450 million Convertible Bond	24.4	4,357.1	-	-
R4.5 billion Facilities	24.5	-	-	1,961.6
Burnstone Debt	24.6	1,537.5	1,752.6	1,808.3
Other borrowings	24.8	478.7	749.5	-
Franco-Nevada liability		1.7	2.7	33.7
Stillwater Convertible Debentures		3.3	-	-
Total borrowings		25,649.5	8,973.8	3,803.6
Reconciliation of the non-current and current portion of the borrowings:
Borrowings		25,649.5	8,973.8	3,803.6
Current portion of borrowings		(1,657.5)	(752.3)	(1,995.3)
Non-current portion of borrowings		23,992.0	8,221.5	1,808.3

Schedule of non-current portion of derivative financial instruments

Figures in million - SA rand	Note	2017	2016	2015
Reconciliation of the non-current and current portion of the derivative financial instrument:
Derivative financial instrument	24.4	1,093.5	-	-
Non-current portion of derivative financial instrument		1,093.5	-	-

Schedule of roll forward of derivative financial instruments

Figures in million - SA rand	2017	2016	2015
Derivative financial instrument recognised	1,296.6	-	-
Gain on financial instruments	(115.9)	-	-
Gain on foreign exchange differences	(87.2)	-	-
Balance at end of the year	1,093.5	-	-

Schedule of the exposure to interest rate changes and the contractual repricing dates

Figures in million - SA rand	2017	2016	2015
Floating rate with exposure to change in JIBAR	6,015.1	5,849.5	1,961.6
Floating rate with exposure to change in LIBOR	2,674.6	3,121.6	1,808.3
Non-current borrowings exposed to interest rate changes	8,689.7	8,971.1	3,769.9
The Group has the following undrawn borrowing facilities:
Committed	3,652.5	4,322.5	6,198.4
Uncommitted	471.3	200.5	548.0
Total undrawn facilities	4,123.8	4,523.0	6,746.4
All of the above facilities have floating rates. The undrawn
committed facilities have the following expiry dates:
– within one year	3,188.9	-	1,536.4
– later than one year and not later than two years	463.6	3,422.5	-
– later than two years and not later than three years	-	900.0	4,662.0
Total undrawn committed facilities	3,652.5	4,322.5	6,198.4

Schedule of the calculation of net debt to adjusted EBITDA ratio

			Revised	Revised
Figures in million - SA rand	Notes	2017	2016	2015
Borrowings1	24	25,205.5	7,221.2	1,995.3
Cash and cash equivalents2	21	2,029.8	928.4	633.4
Net debt3		23,175.7	6,292.8	1,361.9
Adjusted EBITDA4		9,045.1	10,270.4	6,234.8
Net debt to adjusted EBITDA (ratio)5		2.6	0.6	0.2

1  Borrowings are only those borrowings that have recourse to Sibanye-Stillwater. Borrowings, therefore, exclude the Burnstone Debt and include the derivative financial instrument.

2  Cash and cash equivalents exclude cash of Burnstone.

3  Net debt represents borrowings and bank overdraft less cash and cash equivalents. Borrowings are only those borrowings that have recourse to Sibanye-Stillwater and therefore exclude the Burnstone Debt and include the derivative financial instrument. Net debt excludes cash of Burnstone.

4 The adjusted EBITDA calculation included is based on the formula included in the facility agreements for compliance with the debt covenant formula. Adjusted EBITDA may not be comparable to similarly titled measures of other companies. Adjusted EBITDA is not a measure of performance under IFRS and should be considered in addition to, and not as a substitute for, other measures of financial performance and liquidity.

5  Net debt to adjusted EBITDA ratio is defined as net debt as at the end of a reporting period divided by adjusted EBITDA of the 12 months ended on the same reportingdate.

Schedule of reconciliation of (loss)/profit before royalties and tax to adjusted EBITDA

		Revised
Figures in million - SA rand	2017	2016	2015
(Loss)/profit before royalties and tax	(6,981.2)	4,811.4	1,316.0
Adjusted for:
Amortisation and depreciation	5,699.7	4,041.9	3,636.6
Interest income	(415.5)	(331.4)	(257.0)
Finance expense	2,971.8	903.1	561.8
Share-based payments	231.9	496.2	274.4
Loss on financial instruments	1,114.4	1,032.8	229.5
(Gain)/loss on foreign exchange differences	(292.4)	(219.6)	359.4
Share of results of equity-accounted investees after tax	(291.6)	(13.3)	(116.0)
Change in estimate of environmental rehabilitation obligation, and right of recovery receivable and payable	248.9	97.5	-
Gain on disposal of property, plant and equipment	(40.7)	(95.4)	(58.7)
Impairments	4,411.0	1,381.1	-
Occupational healthcare expense	1,106.9	-	-
Restructuring costs	729.8	187.7	104.8
Transaction costs	552.1	157.0	25.7
Gain on acquisition	-	(2,178.6)	-
Net loss on derecognition of financial guarantee asset and liability	-	-	158.3
Adjusted EBITDA	9,045.1	10,270.4	6,234.8

R6.0 billion revolving credit facility

Disclosure of detailed information about borrowings [line items]

Schedule of the summary of borrowings

Terms of the R6.0 billion RCF
Facility:	R6.0 billion
Interest rate:	JIBAR
Interest rate margin:	During the Covenant adjustment period, being 30 June 2017 to 31 December 2018, the margin will be based on the following Net debt to adjusted EBITDA ratios:
	Net debt to adjusted EBITDA ratios	Margin %
	0.00:1 – 3.00:1	2.40%
	3.00:1 – 3.25:1	2.65%
	3.25:1 – 3.50:1	2.90%
	After the covenant adjustment period the margin will return to 2.4%
Term of loan:	Three years
Borrowers:	Sibanye Gold Limited, SRPM and Kroondal Operations
Security and/or guarantors:	The facility is unsecured and guaranteed by Sibanye Gold Limited, Rand Uranium, SRPM and Kroondal.

Schedule of the rollforward of borrowings

Figures in million - SA rand	2017	2016	2015
Balance at beginning of the year	5,100.0	-	-
Loans raised	800.0	5,100.0	-
Loans repaid	(363.6)	-	-
Balance at end of the year	5,536.4	5,100.0	-

US$350 million revolving credit facility

Disclosure of detailed information about borrowings [line items]

Schedule of the summary of borrowings

Terms of the US$350 million RCF
Facility	US$350 million RCF (2015: US$300 million RCF)
Interest rate:	LIBOR
Interest rate margin	2% per annum
Utilisation Fees	Where the total outstanding loans under the RCF fall within the range of the percentage of the total loan as set out below, Sibanye-Stillwater shall pay a utilisation fee equal to the percentage per annum set out opposite such percentage range.
	% of the total loans	Utilisation fee
	Less than or equal to 33⅓%	0.15%
	Greater than 33⅓% and less than or equal to 66⅔%	0.30%
	Greater than 66⅔%	0.50%
Term of loan:	Three years
Borrowers:	Sibanye Gold Limited, SRPM and Kroondal Operations
Security and/or guarantors:	The facility is unsecured and guaranteed by SibanyeGold Limited, Rand Uranium, SRPM and Kroondal.

Schedule of the rollforward of borrowings

Figures in million - SA rand	2017	2016	2015
Balance at beginning of the year	1,369.0	-	-
Loans raised	1,031.4	2,771.5	-
Loans repaid	(1,198.2)	(1,211.6)	-
Gain on foreign exchange differences	(65.1)	(190.9)	-
Balance at end of the year	1,137.1	1,369.0	-

US$1.05 billion Bond

Disclosure of detailed information about borrowings [line items]

Schedule of the summary of borrowings

Terms of the US$1.05 billion Bond
Facility:	US$500 million 6.125% Senior Notes due 2022 (the 2022 Notes)
	US$550 million 7.125% Senior Notes due 2025 (the 2025 Notes)
Interest rate:	2022 Notes: 6.125%
	2025 Notes: 7.125%
Term of the Notes:	2022 Notes: Five years
	2025 Notes: Eight years
Issuer:	Stillwater Mining Company
Guarantors:	Each of the Notes will be fully and unconditionally guaranteed, jointly and severally by the Guarantors (Kroondal Operations, Rand Uranium, SRPM and Sibanye Gold Limited). The Guarantees will rank equally in right of payment to all existing and future senior debt of the Guarantors.

Schedule of the rollforward of borrowings

Figures in million - SA rand	Notes	2017	2016	2015
Loans raised		13,109.5	-	-
Interest charge	5	478.1	-	-
Accrued interest paid	5	(431.5)	-	-
Unwinding of amortised cost		29.7	-	-
Foreign currency translation		(588.1)	-	-
Balance at end of the year		12,597.7	-	-

US$450 million Convertible Bond

Disclosure of detailed information about borrowings [line items]

Schedule of the summary of borrowings

Terms of the US$ 450 million Convertible Bond
Issue size:	US$450 million
Coupon:	1.875%
Maturity date:	26 September 2023 (six years)
Conversion premium:	35%
Reference share price:	US$1.2281, being the volume weighted average price of a share on the JSE from launch to pricing on 19 September 2017, converted at a fixed exchange rate.
Initial conversion price:	US$1.6580
Issuer:	Sibanye Gold Limited
Guarantors:	Stillwater Mining Company and Kroondal Operations (together, the Guarantors), 100% subsidiaries of Sibanye Gold Limited.

Schedule of the rollforward of borrowings

Figures in million - SA rand	Note	2017	2016	2015
Loans raised		4,634.5	-	-
Accrued interest and unwinding of amortised cost	5	80.5	-	-
Gain on foreign exchange differences		(357.9)	-	-
Balance at end of the year		4,357.1	-	-

R4.5 billion facilities

Disclosure of detailed information about borrowings [line items]

Schedule of the summary of borrowings

Terms of the R4.5 billion Facilities
Facility:	R2.5 billion RCF
	R2.0 billion term loan facility (Term Loan)
Interest rate:	JIBAR
Interest rate margin:	RCF: 2.85%
	Term Loan: 2.75%
Term of loan:	Three years
Repayment period:	The Term Loan was repaid in equal six-monthly instalments of R250 million, with the R750 million balance and any amounts outstanding under the RCF due for settlement on final maturity, being 13 December 2016.
Security and/or guarantors:	The Facilities were unsecured and guaranteed by Rand Uranium and Ezulwini.
Cancellation:	These facilities were cancelled and repaid on 15 November 2016.

Schedule of the rollforward of borrowings

Figures in million - SA rand	Note	2017	2016	2015
Balance at beginning of the year		-	1,961.6	1,979.5
Loans raised		-	1,936.4	1,000.0
Loans repaid		-	(3,900.0)	(1,020.9)
Unwinding of amortised cost	5	-	2.0	3.0
Balance at end of the year		-	-	1,961.6
Reconciliation of facilities:
RCF		-	-	963.6
Term loan		-	-	998.0

Burnstone Debt

Disclosure of detailed information about borrowings [line items]

Schedule of the summary of borrowings

Facility:	A1: US$0.2 million
	A2: US$7.8 million
	A3: US$51.0 million
	A4: US$119.1 million
Interest rate:	A1 and A2: Interest free
	A3 and A4: Interest free until 1 July 2017, then at London Interbank Offered Rate (LIBOR)
Interest rate margin:	A3 and A4: 4% from 1 July 2017
Term of loan:	No fixed term
Repayment period:	A1: Repaid on 1 July 2014
	A2: From 1 July 2017 the first 50% of Burnstone’s free cash flow (as defined in the settlement agreement) will be used to repay the Wits Gold Loan and the balance of 50% to repay A2
	A3 and A4: On settlement of A2. 90% of Burnstone’s free cash flow will be used to repay the Wits Gold Loan and the balance of 10% to repay the Burnstone Debt. On settlement of the Wits Gold Loan and interest, 30% of Burnstone’s free cash flow will be used to repay the Burnstone Debt and the balance will be distributed to Wits Gold.
	The Bank Lenders will continue to participate in 10% of Burnstone’s free cash flow after the Burnstone Debt has been repaid in full to a maximum amount of US$63.0 million under a revenue participation agreement.
Security:	The Burnstone Debt is fully secured against the assets of Burnstone (of R2.0 billion) and there is no recourse to the Sibanye-Stillwater Group. The security package includes a cession over the bank accounts, insurance policies’ proceeds, special and general notarial bonds over movable assets and mortgage bonds over property.

Schedule of the rollforward of borrowings

Figures in million - SA rand	Note	2017	2016	2015
Balance at beginning of the year		1,752.6	1,808.3	1,134.4
Accrued interest and unwinding of amortised cost	5	141.6	139.4	99.3
(Gain)/loss on revised estimated cash flows1		(181.7)	29.3	162.5
(Gain)/loss on foreign exchange differences		(175.0)	(224.4)	412.1
Balance at end of the year		1,537.5	1,752.6	1,808.3

1  At 31 December 2017, the expected free cash flows expected to repay the loan as detailed above were revised as a result of:

• Revised proven and probable reserves;

• Revised cash flows over the life of mine plan as a result of:

◦ Revised forecast costs and capital expenditure; and

◦ Revised gold prices 2017: R545,000/kg (2016: R570,000/kg and 2015: R550,000/kg) and exchange rates 2017:  R12.94/US$ (2016:  R13.68/US$S and 2015: R15.00/US$).

Stillwater bridge facility

Disclosure of detailed information about borrowings [line items]

Schedule of the summary of borrowings

Terms of the Stillwater Bridge Facilities
Facility:	A: US$750 million bridge to equity
	B: US$300 million bridge to cash
	C: US$1.6 billion bridge to debt
Interest rate:	LIBOR
Interest rate margin:	Months 1 - 3: 3.25% per annum
	Months 4 - 6: 4.25% per annum or 5.25% per annum if Net debt to EBITDA > 2.0x
	Months 7 - 9: 5.25% per annum or 6.25% per annum if Net debt to EBITDA > 2.0x
	Months 10 - 12: 6.25% per annum or 7.25% per annum if Net debt to EBITDA > 2.0x
Term of loan:	Facility A and B: Earlier of nine months from completion of the Stillwater acquisition and 31 October 2017
	Facility C: 364 days from completion of the Stillwater acquisition
Borrowers:	Sibanye Gold Limited and Thor Mergeco Inc
Security and/or guarantors:	The facility was unsecured and guaranteed by Sibanye Gold Limited, Thor Mergeco Inc, Kroondal Operations, Rand Uranium and SRPM.

Schedule of the rollforward of borrowings

Figures in million - SA rand	2017	2016	2015
Loans raised	34,000.3	-	-
Loans repaid	(33,304.0)	-	-
Gain on foreign exchange differences	(514.5)
Foreign currency translation	(181.8)	-	-
Balance at end of the year	-	-	-

Other borrowings

Disclosure of detailed information about borrowings [line items]

Schedule of the rollforward of borrowings

Figures in million - SA rand	2017	2016	2015
Balance at beginning of the year	749.5	-	-
Loans raised	14,721.5	7,472.6	552.0
Loans repaid	(14,992.3)	(6,723.1)	(552.0)
Balance at end of the year	478.7	749.5	-

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ENVIRONMENTAL REHABILITATION OBLIGATION (Tables)

12 Months Ended

Dec. 31, 2017

Provision for decommissioning, restoration and rehabilitation costs [abstract]

Schedule of environmental rehabilitation obligation activity

Figures in million - SA rand	Notes	2017	2016	2015
Balance at beginning of the year		3,982.2	2,411.0	2,486.8
Interest charge1	5	357.1	291.4	197.9
Payment of environmental rehabilitation obligation2		(26.9)	-	(0.3)
Change in estimatescharged to profit or loss	7	248.9	97.5	-
Change in estimates capitalised3	12	(177.7)	472.5	(273.4)
Environmental rehabilitation obligation on acquisition of subsidiaries	13	312.1	709.8	-
Foreign currency translation		(17.0)	-	-
Balance at end of the year		4,678.7	3,982.2	2,411.0

1 The provision is calculated based on the discount rates of 7.2% – 9.7% (2016: 7.8% - 9.7% and 2015: 8.5% - 10.2%).

2  The cost of ongoing current programmes to prevent and control environmental disturbances, including reclamation activities, is charged to cost of sales as incurred.

3Changes in estimates are defined as changes in reserves and corresponding changes in life of mine, changes in discount rates, and changes in laws and regulations governing environmental matters. In 2016 the environmental rehabilitation obligation acquired was calculated based on the weighted average cost of capital in terms of IFRS 3 for acquisition purposes. Subsequent to initial recognition the provision was recalculated based on the risk free rate of interest in terms of IAS 37 Provisions, Contingent Liabilities and Contingent Assets. The resulting change in estimate during 2016 was R157.4 million and R197.6 million related to Aquarius and the Rustenburg operations, respectively.

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OCCUPATIONAL HEALTHCARE OBLIGATION (Tables)

12 Months Ended

Dec. 31, 2017

OCCUPATIONAL HEALTHCARE OBLIGATION

Schedule of estimated costs and discounted using a risk-free rate

Figures in million - SA rand	Note	2017	2016	2015
Occupational healthcare obligation recognised		1,077.2	-	-
Interest charge	5	46.4	-	-
Change in estimate charge to profit or loss		29.7	-	-
Balance at the end of the year		1,153.3	-	-
Reconciliation of the non-current and current portion of the occupational healthcare obligation:
Occupational healthcare obligation		1,153.3	-	-
Current portion of occupational healthcare obligation		(0.8)	-	-
Non-current portion of occupational healthcare obligation		1,152.5	-	-

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TRADE AND OTHER PAYABLES (Tables)

12 Months Ended

Dec. 31, 2017

TRADE AND OTHER PAYABLES

Schedule of Trade and Other Payables

.

Figures in million - SA rand	2017	2016	2015
Trade creditors	1,728.1	1,121.3	508.7
Accruals and other creditors	2,380.6	1,971.4	873.3
Payroll creditors	1,253.5	867.7	797.8
Leave pay accrual	1,160.5	1,110.7	553.8
Other	167.7	109.4	25.8
Total trade and other payables	6,690.4	5,180.5	2,759.4

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CASH GENERATED BY OPERATIONS (Tables)

12 Months Ended

Dec. 31, 2017

CASH GENERATED BY OPERATIONS

Schedule of cash generated by operations

			Revised
Figures in million - SA rand	Notes	2017	2016	2015
(Loss)/profit for the year		(4,433.1)	3,042.7	538.2
Royalties	9.1	398.5	566.6	400.6
Mining and income tax	9.2	(2,946.6)	1,202.1	377.2
Interest income		(415.5)	(331.4)	(257.0)
Finance expense	5	2,971.8	903.1	561.8
(Loss)/profit before interest, royalties and tax		(4,424.9)	5,383.1	1,620.8
Non-cash and other adjusting items:
Amortisation and depreciation	4	5,699.7	4,041.9	3,636.6
Share-based payments	6	231.9	496.2	274.4
Loss on financial instruments		764.0	1,094.6	229.5
(Gain)/loss on foreign exchange differences		(546.8)	(418.0)	420.1
Share of results of equity-accounted investees after tax	15	(291.6)	(13.3)	(116.0)
Impairments	8	4,411.0	1,381.1	-
Occupational healthcare expense	26	1,106.9	-	-
Gain on acquisition		-	(2,178.6)	-
Net loss on derecognition of financial guarantee asset and liability		-	-	158.3
Other		147.7	49.3	(93.3)
Total cash generated by operations		7,097.9	9,836.3	6,130.4

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CHANGE IN WORKING CAPITAL (Tables)

12 Months Ended

Dec. 31, 2017

Change In Working Capital [Abstract]

Schedule of the change in working capital

Figures in million - SA rand	2017	2016	2015
Inventories	(937.7)	(35.5)	(78.2)
Trade and other receivables	(214.9)	(220.0)	(634.6)
Trade and other payables	630.3	17.9	44.8
Total change in working capital	(522.3)	(237.6)	(668.0)

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FAIR VALUE OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES, AND RISK MANAGEMENT (Tables)

12 Months Ended

Dec. 31, 2017

FAIR VALUE OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES, AND RISK MANAGEMENT

Schedule of fair value of financial assets and financial liabilities, and risk management

	Carrying value				Fair Value
Figures in million - SA rand	Fair value through profit or loss	Loans and other receivables	Other financial liabilities	Total	Level 1	Level 2	Level 3	Total
31 December 2017
Financial assets
Measured at fair value:
- Environmental rehabilitation obligation funds1	3,492.4	-	-	3,492.4	3,117.6	374.8	-	3,492.4
- Trade receivables - PGM sales	4,512.4	-	-	4,512.4	4,512.4	-	-	4,512.4
Not measured at fair value:
- Other receivables2	-	319.2	-	319.2
Financial liabilities
Not measured at fair value:
- Other payables2	-	-	(3,760.4)	(3,760.4)
- Borrowings	-	-	(25,649.5)	(25,649.5)
Measured at fair value:
- Derivative financial instrument3	(1,093.5)	-	-	(1,093.5)		(1,093.5)		(1,093.5)
31 December 2016
Financial assets
Measured at fair value:
- Environmental rehabilitation obligation funds1	3,100.5	-	-	3,100.5	2,630.6	469.9	-	3,100.5
- Trade receivables - PGM sales	4,001.9	-	-	4,001.9	4,001.9	-	-	4,001.9
Not measured at fair value:
- Other receivables2	-	665.9	-	665.9
Financial liabilities
Not measured at fair value:
- Other payables2	-	-	(1,613.7)	(1,613.7)
- Borrowings	-	-	(8,973.8)	(8,973.8)

1 Environmental rehabilitation obligation funds comprises interest-bearing short-term investments valued using quoted market prices.

2 Other receivables and other payables are initially recognised at fair value. The non-recurring fair value measurement is a level 3 measurement as per the fair value hierarchy.

3 The derivative financial instrument is recognised at fair value and valued using option pricing methodologies based on observable quoted inputs.

Schedule of undiscounted cash flows resulting from maturities of financial liabilities including interest payments;

The following are contractually due, undiscounted cash flows resulting from maturities of financial liabilities including interest payments:

Figures in million - SA rand	Total	Within one year	Between one and five years	After five years
31 December 2017
Trade and other payables	5,529.9	5,529.9	-	-
Borrowings
- Capital
R6.0 billion revolving credit facility	5,536.4	-	5,536.4	-
US$350 million revolving credit facility	1,137.1	1,137.1	-	-
US$1.05 billion Bond	12,978.0	-	-	12,978.0
US$450 million Convertible Bond	5,562.0	-	-	5,562.0
Burnstone Debt	2,102.4	-	96.2	2,006.2
Other borrowings	478.7	478.7	-	-
Franco-Nevada liability	1.7	1.7	-	-
Stillwater Convertible Debentures	3.3	3.3	-	-
- Interest	9,231.5	1,632.3	4,672.2	2,927.0
Total	42,561.0	8,783.0	10,304.8	23,473.2
31 December 2016
Trade and other payables	4,069.8	4,069.8	-	-
Borrowings
- Capital
R6.0 billion revolving credit facility	5,100.0	-	5,100.0	-
US$350 million revolving credit facility	1,369.0	-	1,369.0	-
Burnstone Debt	2,338.8	-	106.6	2,232.2
Other borrowings	749.5	749.5	-	-
Franco-Nevada liability	2.7	2.7	-	-
- Interest	1,443.2	-	312.9	1,130.3
Total	15,073.0	4,822.0	6,888.5	3,362.5

Schedule of interest rate sensitivity analysis

	Change in interest expenses for a change in interest rate1
Figures in million - SA rand	-1.5%	-1.0%	-0.5%	0.5%	1.0%	1.5%
31 December 2017
- JIBAR	83.0	55.4	27.7	(27.7)	(55.4)	(83.0)
- LIBOR	49.5	33.0	16.5	(16.5)	(33.0)	(49.5)
Change in finance expense	132.5	88.3	44.2	(44.2)	(88.3)	(132.5)
31 December 2016
- JIBAR	45.6	30.4	15.2	(15.2)	(30.4)	(45.6)
- LIBOR2	-	-	-	(13.6)	(27.2)	(40.8)
Change in finance expense	45.6	30.4	15.2	(28.8)	(57.6)	(86.4)

1 Interest rate sensitivity analysis is performed on the borrowings balance at 31 December.

2 No interest rate sensitivity analysis has been performed for a reduction in LIBOR due to LIBOR being less than 1%, a decrease in LIBOR would have no impact on the Group’s profit or loss.

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COMMITMENTS (Tables)

12 Months Ended

Dec. 31, 2017

COMMITMENTS

Schedule of commitments

Figures in million - SA rand	2017	2016	2015
Capital expenditure
Authorised	5,397.3	3,757.4	3,052.6
Kloof	1,200.8	1,256.0	1,307.7
Driefontein	724.5	780.4	725.5
Beatrix	210.1	130.0	120.3
Cooke	195.5	207.2	194.1
Burnstone	445.9	704.0	705.0
Kroondal	69.8	260.7	-
Platinum Mile	72.3	5.0	-
Rustenburg operations	2,478.3	413.0	-
Other	0.1	1.1	-
Contracted for	346.6	321.2	294.4
Other guarantees	266.7	55.5	55.5

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RELATED-PARTY TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2017

RELATED-PARTY TRANSACTIONS

Schedule of transactions and balances between the Group and its related-parties

Figures in million - SA rand	Notes	2017	2016	2015
Rand Refinery
Refining fees paid		(32.5)	(44.4)	(30.8)
Interest income	15.1	1.5	40.2	37.3
Loan receivable	15.1	-	403.9	363.7

Schedule of key management remuneration, fees and share ownership

The executive directors and prescribed officers were paid the following remuneration during the year:

Figures in thousands - SA rand	Salary1	Cash bonus accrued for the period ended 31 Dec 2017 paid in 2018	Shares proceeds and Dividends payments	Pension scheme total contributions	Expense allowance	For the period ended 31 Dec 2017	For the period ended 31 Dec 2016
Executive directors
Neal Froneman	10,265	15,158	25,956	1,103	174	52,656	104,727
Charl Keyter	5,518	7,775	9,354	758	35	23,440	26,299
Prescribed officers
Chris Bateman2	4,506	2,615	-	148	-	7,269	-
Hartley Dikgale	3,886	2,176	5,448	258	-	11,768	10,849
Dawie Mostert	3,683	2,577	5,289	495	-	12,044	11,711
Themba Nkosi	3,535	2,372	686	276	-	6,869	2,951
Wayne Robinson	4,381	2,328	2,211	348	-	9,268	6,180
Richard Stewart	3,808	4,925	2,141	414	-	11,288	5,331
Robert van Niekerk	4,547	4,492	7,896	489	-	17,424	21,725
John Wallington3	1,772	1,309	459	313	-	3,853	4,948
Total	45,901	45,727	59,440	4,602	209	155,879	194,721

1Salary may differ from that presented in the Integrated Annual Report 2017 as the salary presented above includes expenditure reimbursements.

2Appointed as a prescribed officer on 1 July 2017. Total remuneration of US$0.54 million was converted at the average exchange rate of R13.41/US$ for the six months ended 31 December 2017.

3Resigned as prescribed officer 30 June 2017.

The non-executive directors were paid the following fees during the year:

Figures in thousands - SA rand	Directors fees	Committee fees	Expense allowance	2017	2016
Chris Chadwick1	345	97	-	442	1,099
Robert Chan2	718	203	277	1,198	1,369
Tim Cumming	908	459	61	1,428	1,337
Barry Davison	908	587	60	1,555	1,411
Savannah Danson3	544	201	-	745	-
Rick Menell	908	681	21	1,610	1,602
Sello Moloko	1,717	-	8	1,725	1,621
Nkosemntu Nika	874	411	-	1,285	1,260
Keith Rayner	908	637	-	1,545	1,530
Sue van der Merwe	908	315	-	1,223	1,139
Jerry Vilakazi	897	327	-	1,224	1,169
Jiyu Yuan2	718	101	-	819	978
Total	10,353	4,019	427	14,799	14,515

1Resigned 23 May 2017

2Resigned on 18 September 2017

3Appointed on 23 May 2017

The directors’ and prescribed officers’ share ownership at 31 December 2017 was:

	Number of shares		%
	2017	2016	2017	2016
Executive directors
Neal Froneman1	3,342,087	804,402	0.15	0.09
Charl Keyter2	1,212,745	469,954	0.06	0.05
Non-executive directors
Tim Cumming3	102	100	-	-
Barry Davison3	1,507,414	500,000	0.07	0.05
Rick Menell3	104,448	44,800	-	-
Sello Moloko3	107,245	46,000	-	-
Keith Rayner3	66,339	45,000	-	-
Sue van der Merwe3	988	424	-	-
Total share ownership by directors	6,341,368	1,910,680
Prescribed officers
Chris Bateman4	-	-	-	-
Hartley Dikgale5	292,785	175,215	0.01	0.02
Themba Nkosi3	18,370	367	-	-
Wayne Robinson6	346	-	-	-
Richard Stewart7	102,971	12,854	-	-
Robert van Niekerk8	176,266	-	0.01	-
Total	6,932,106	2,099,116

1Share ownership at the date of this report is 4,125,184 ordinary shares.

2Share ownership at the date of this report is 1,385,352 ordinary shares.

3Share ownership at the date of this report is unchanged.

4Share ownership at the date of this report is 12,722 ADRs.

5Share ownership at the date of this report is 367,168 ordinary shares.

6Share ownership at the date of this report is 101,997 ordinary shares.

7Share ownership at the date of this report is 187,412 ordinary shares.

8Share ownership at the date of this report is 302,251 ordinary shares.

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ACCOUNTING POLICIES (Details) R in Millions						2 Months Ended	12 Months Ended
	Feb. 21, 2018	Aug. 29, 2017	Jun. 14, 2017 ZAR (R) shares	Jun. 13, 2017	Oct. 19, 2016 ZAR (R)	Dec. 31, 2016 ZAR (R)	Dec. 31, 2017 ZAR (R) region item shares	Dec. 31, 2015 ZAR (R)
Accounting policies
Number of regions | region							2
Deferred tax liabilities						R 7,223.6	R 10,290.8	R 5,413.0
Raised net capital			R 12,962.5				R 12,932.4
Right shares issued | shares			1,195,787,294				1,195,787,294
Share rights issuance ratio			128.5714%				128.5714%
Rights issue bonus				153.00%
Capitalisation issuance ratio		0.02					0.02
US Region/ Stillwater2
Accounting policies
Number of exploration stage projects | item							2
Mimosa
Accounting policies
Proportion of ownership interest in associate							50.00%
Mimosa | Zimbabwe
Accounting policies
Proportion of ownership interest in joint operation							50.00%
Newshelf 1335 Proprietary Limited | Rustenburg Mine Employees Trust
Accounting policies
Percentage of stake held					30.40%
Newshelf 1335 Proprietary Limited | Rustenburg Mine Community Development Trust
Accounting policies
Percentage of stake held					24.80%
Newshelf 1335 Proprietary Limited | Bakgatla Ba Kgafela Investment Holdings
Accounting policies
Percentage of stake held					24.80%
Newshelf 1335 Proprietary Limited | Siyanda Resources Proprietary Limited
Accounting policies
Percentage of stake held					20.00%
Sibanye Rustenburg Platinum Mines Proprietary Limited Subsidiary | North West Province
Accounting policies
Proportion of ownership interest in subsidiary							91.70%
Sibanye Rustenburg Platinum Mines Proprietary Limited Subsidiary | Newshelf 1335 Proprietary Limited
Accounting policies
Percentage of voting equity interests acquired					26.00%
Kroondal Mine
Accounting policies
Proportion of ownership interest in joint operation							50.00%
Kroondal Mine | South Africa
Accounting policies
Proportion of ownership interest in joint operation							50.00%
Rustenburg Operations Acquisition
Accounting policies
Percentage of voting equity interests acquired					88.40%
Decrease in deferred tax expense						41.1
Increase in royalty						R 20.0
Net deferred tax liabilities | Rustenburg Operations Acquisition
Accounting policies
Measurement period adjustments recognised for particular assets, liabilities, non-controlling interests or items of consideration					R 249.4
Potential ordinary share transactions [member]
Accounting policies
Capitalisation issuance ratio	0.04

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SEGMENT REPORTING (Details) - ZAR (R) R in Millions	2 Months Ended	8 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
SEGMENT REPORTING
Revenue				R 45,911.6	R 31,240.7	R 22,717.4
Underground revenue				37,790.3	28,026.5	20,515.0
Surface revenue				3,582.0	3,214.2	2,202.4
Recycling				4,539.3
Cost of sales, before amortisation and depreciation				(36,482.7)	(20,709.1)	(16,380.4)
Underground cost of sales				(29,345.3)	(18,800.6)	(14,940.8)
Surface cost of sales				(2,760.5)	(1,908.5)	(1,439.6)
Recycling cost				(4,376.9)
Amortisation and depreciation				(5,699.7)	(4,041.9)	(3,636.6)
Interest income				415.5	331.4	257.0
Finance expense				(2,971.8)	(903.1)	(561.8)
Share-based payments				(231.9)	(496.2)	(274.4)
Net other costs				(1,163.1)	(1,158.6)	(575.1)
Non-underlying items				(6,759.1)	548.2	(230.1)
Royalties				(398.5)	(566.6)	(400.6)
Current taxation				(504.2)	(1,111.8)	(696.7)
Deferred taxation				3,450.8	(90.3)	319.5
(Loss)/profit for the year				(4,433.1)	3,042.7	538.2
Adjusted EBITDA				9,045.1	10,270.4	6,234.8
Attributable to:
Owners of the parent				(4,437.4)	3,473.3	716.9
Non-controlling interests				4.3	(430.6)	(178.7)
Sustaining capital expenditure				(1,325.6)	(1,010.5)	(668.9)
Ore reserve development				(3,291.6)	(2,394.4)	(2,304.9)
Growth projects				(1,481.6)	(746.3)	(371.0)
Total capital expenditure				(6,098.8)	(4,151.2)	(3,344.8)
SA Gold
SEGMENT REPORTING
Royalties				(325.2)	(528.0)	(400.6)
SA Platinum
SEGMENT REPORTING
Royalties				(73.3)	(38.6)
Total SA Region
SEGMENT REPORTING
Revenue				36,750.0
Underground revenue				33,168.0
Surface revenue				3,582.0
Cost of sales, before amortisation and depreciation				(29,471.0)
Underground cost of sales				(26,710.5)
Surface cost of sales				(2,760.5)
Amortisation and depreciation				(4,268.3)
Interest income				363.7
Finance expense				(1,517.7)
Share-based payments				(227.0)
Net other costs				(1,132.7)
Non-underlying items				(6,688.2)
Royalties				(398.5)
Current taxation				(405.3)
Deferred taxation				533.8
(Loss)/profit for the year				(6,461.2)
Adjusted EBITDA				6,902.5
Attributable to:
Owners of the parent				(6,465.5)
Non-controlling interests				4.3
Sustaining capital expenditure				(1,098.7)
Ore reserve development				(2,753.0)
Growth projects				(593.3)
Total capital expenditure				(4,445.0)
US Region/ Stillwater2
SEGMENT REPORTING
Revenue				9,161.6
Underground revenue				4,622.3
Recycling				4,539.3
Cost of sales, before amortisation and depreciation				(7,011.7)
Underground cost of sales				(2,634.8)
Recycling cost				(4,376.9)
Amortisation and depreciation				(1,431.4)
Interest income				51.8
Finance expense				(1,454.1)
Share-based payments				(4.9)
Net other costs				(30.4)
Non-underlying items				(70.9)
Current taxation				(98.9)
Deferred taxation				2,917.0
(Loss)/profit for the year				2,028.1
Adjusted EBITDA				2,142.6
Attributable to:
Owners of the parent				2,028.1
Sustaining capital expenditure				(226.9)
Ore reserve development				(538.6)
Growth projects				(888.3)
Total capital expenditure				(1,653.8)
Period of time for which results are included		8 months
Operating segments | SA Gold
SEGMENT REPORTING
Revenue				23,473.6	27,501.3
Underground revenue				21,143.2	24,608.4
Surface revenue				2,330.4	2,892.9
Cost of sales, before amortisation and depreciation				(17,879.2)	(17,346.0)
Underground cost of sales				(16,032.2)	(15,655.1)
Surface cost of sales				(1,847.0)	(1,690.9)
Amortisation and depreciation				(3,507.5)	(3,814.7)
Interest income				205.7	289.6
Finance expense				(1,182.2)	(806.2)
Share-based payments				(227.0)	(255.9)
Net other costs				10.4	(1,029.3)
Non-underlying items				(6,535.8)	(1,548.5)
Royalties				(325.3)	(528.0)
Current taxation				(385.4)	(1,111.3)
Deferred taxation				549.2	(164.5)
(Loss)/profit for the year				(5,803.5)	1,186.5
Adjusted EBITDA				5,308.5	9,920.1
Attributable to:
Owners of the parent				(5,804.6)	1,619.4
Non-controlling interests				1.1	(432.9)
Sustaining capital expenditure				(531.1)	(683.5)
Ore reserve development				(2,288.0)	(2,394.4)
Growth projects				(591.0)	(746.3)
Total capital expenditure				(3,410.1)	(3,824.2)
Operating segments | Driefontein
SEGMENT REPORTING
Revenue				8,076.9	9,401.1	8,236.0
Underground revenue				7,148.1	8,105.3	7,284.1
Surface revenue				928.8	1,295.8	951.9
Cost of sales, before amortisation and depreciation				(6,203.5)	(5,566.6)	(5,234.2)
Underground cost of sales				(5,488.9)	(4,852.1)	(4,681.2)
Surface cost of sales				(714.6)	(714.5)	(553.0)
Amortisation and depreciation				(1,126.5)	(1,012.9)	(1,142.6)
Interest income				77.6	70.8	67.5
Finance expense				(220.9)	(143.1)	(147.7)
Share-based payments				(2.8)	(16.5)	(35.1)
Net other costs				(8.5)	(226.1)	(77.9)
Non-underlying items				(74.9)	(20.8)	(2.9)
Royalties				(77.8)	(204.8)	(196.8)
Current taxation				(14.8)	(472.3)	(430.8)
Deferred taxation				(12.0)	(64.3)	53.4
(Loss)/profit for the year				412.8	1,744.5	1,088.9
Adjusted EBITDA				1,841.0	3,782.5	2,934.4
Attributable to:
Owners of the parent				412.8	1,744.5	1,088.9
Sustaining capital expenditure				(235.0)	(218.5)	(249.2)
Ore reserve development				(876.1)	(779.0)	(727.0)
Growth projects				(44.4)	(54.1)	(18.0)
Total capital expenditure				(1,155.5)	(1,051.6)	(994.2)
Operating segments | Kloof
SEGMENT REPORTING
Revenue				8,845.1	8,890.9	6,691.4
Underground revenue				7,985.3	8,012.6	6,112.8
Surface revenue				859.8	878.3	578.6
Cost of sales, before amortisation and depreciation				(5,762.7)	(5,041.0)	(4,777.2)
Underground cost of sales				(5,109.5)	(4,609.4)	(4,454.9)
Surface cost of sales				(653.2)	(431.6)	(322.3)
Amortisation and depreciation				(1,404.5)	(1,190.7)	(1,029.3)
Interest income				71.1	62.3	50.6
Finance expense				(246.9)	(156.0)	(150.1)
Share-based payments				(1.8)	(13.7)	(27.6)
Net other costs				(14.5)	(187.9)	(60.4)
Non-underlying items				(50.4)	15.7	7.2
Royalties				(189.3)	(194.3)	(98.4)
Current taxation				(350.1)	(422.0)	(97.4)
Deferred taxation				61.4	(148.5)	0.9
(Loss)/profit for the year				957.4	1,614.8	509.7
Adjusted EBITDA				3,044.5	3,800.7	1,865.1
Attributable to:
Owners of the parent				957.4	1,614.8	509.7
Sustaining capital expenditure				(210.2)	(261.2)	(225.6)
Ore reserve development				(876.2)	(912.9)	(840.6)
Growth projects				(147.1)	(130.1)	(63.7)
Total capital expenditure				(1,233.5)	(1,304.2)	(1,129.9)
Operating segments | Beatrix
SEGMENT REPORTING
Revenue				4,875.8	5,883.9	4,815.5
Underground revenue				4,753.1	5,626.9	4,555.7
Surface revenue				122.7	257.0	259.8
Cost of sales, before amortisation and depreciation				(3,952.5)	(3,753.4)	(3,391.0)
Underground cost of sales				(3,852.1)	(3,567.4)	(3,184.5)
Surface cost of sales				(100.4)	(186.0)	(206.5)
Amortisation and depreciation				(696.2)	(818.0)	(739.4)
Interest income				18.4	34.1	31.3
Finance expense				(128.4)	(77.6)	(57.2)
Share-based payments				(1.3)	(9.1)	(23.5)
Net other costs				(48.0)	(170.5)	(47.3)
Non-underlying items				(675.3)	(12.6)	(8.4)
Royalties				(44.5)	(113.2)	(88.7)
Current taxation				(12.4)	(223.0)	(153.4)
Deferred taxation				245.3	19.4	18.0
(Loss)/profit for the year				(419.1)	760.0	355.9
Adjusted EBITDA				910.0	2,085.9	1,389.1
Attributable to:
Owners of the parent				(419.1)	760.0	355.9
Sustaining capital expenditure				(63.1)	(84.8)	(86.1)
Ore reserve development				(482.0)	(542.9)	(510.4)
Growth projects				(0.5)	(0.7)
Total capital expenditure				(545.6)	(628.4)	(596.5)
Operating segments | Cooke
SEGMENT REPORTING
Revenue				1,676.5	3,362.2	2,974.5
Underground revenue				1,257.4	2,900.4	2,562.4
Surface revenue				419.1	461.8	412.1
Cost of sales, before amortisation and depreciation				(1,960.5)	(2,985.0)	(2,978.0)
Underground cost of sales				(1,581.7)	(2,626.2)	(2,620.2)
Surface cost of sales				(378.8)	(358.8)	(357.8)
Amortisation and depreciation				(256.4)	(770.8)	(704.6)
Interest income				12.5	32.5	27.1
Finance expense				(76.7)	(75.8)	(61.3)
Net other costs				(320.3)	(115.0)	(30.1)
Non-underlying items				(3,664.7)	(1,423.9)	(31.8)
Royalties				(13.7)	(15.7)	(16.7)
Current taxation					(1.1)
Deferred taxation				1.5	35.3	122.0
(Loss)/profit for the year				(4,601.8)	(1,957.3)	(698.9)
Adjusted EBITDA				(527.4)	290.1	(21.7)
Attributable to:
Owners of the parent				(4,601.8)	(1,523.5)	(519.9)
Non-controlling interests					(433.8)	(179.0)
Sustaining capital expenditure				(8.5)	(48.9)	(92.9)
Ore reserve development				(53.7)	(159.6)	(226.9)
Growth projects				(11.7)	(40.7)	(17.6)
Total capital expenditure				(73.9)	(249.2)	(337.4)
Operating segments | SA Platinum
SEGMENT REPORTING
Revenue				13,276.4	3,739.4
Underground revenue				12,024.8	3,418.1
Surface revenue				1,251.6	321.3
Cost of sales, before amortisation and depreciation				(11,591.8)	(3,363.1)
Underground cost of sales				(10,678.3)	(3,145.5)
Surface cost of sales				(913.5)	(217.6)
Amortisation and depreciation				(760.8)	(227.2)
Interest income				158.0	41.8
Finance expense				(335.5)	(96.9)
Share-based payments					(240.3)
Net other costs				(1,143.1)	(129.3)
Non-underlying items				(152.4)	2,096.7
Royalties				(73.2)	(38.6)
Current taxation				(19.9)	(0.5)
Deferred taxation				(15.4)	74.2
(Loss)/profit for the year				(657.7)	1,856.2
Adjusted EBITDA				1,594.0	350.3
Attributable to:
Owners of the parent				(660.9)	1,853.9
Non-controlling interests				3.2	2.3
Sustaining capital expenditure				(567.6)	(327.0)
Ore reserve development				(465.0)
Growth projects				(2.3)
Total capital expenditure				(1,034.9)	(327.0)
Operating segments | Kroondal
SEGMENT REPORTING
Revenue				2,861.5	1,973.3
Underground revenue				2,861.5	1,973.3
Cost of sales, before amortisation and depreciation				(2,395.9)	(1,689.8)
Underground cost of sales				(2,395.9)	(1,689.8)
Amortisation and depreciation				(239.0)	(162.9)
Interest income				57.0	34.6
Finance expense				(90.7)	(70.6)
Net other costs				(216.4)	(1.2)
Non-underlying items				(9.0)	(1.3)
Royalties				(5.6)	(10.2)
Deferred taxation				(24.8)	16.9
(Loss)/profit for the year				(62.9)	88.8
Adjusted EBITDA				430.9	262.9
Attributable to:
Owners of the parent				(62.9)	88.8
Sustaining capital expenditure				(190.5)	(175.8)
Total capital expenditure				(190.5)	(175.8)
Period of time for which results are included			9 months
Operating segments | Platinum Mile
SEGMENT REPORTING
Revenue				194.1	131.1
Surface revenue				194.1	131.1
Cost of sales, before amortisation and depreciation				(129.8)	(90.8)
Surface cost of sales				(129.8)	(90.8)
Amortisation and depreciation				(2.6)	(1.2)
Interest income				2.1	(9.0)
Net other costs				(11.9)	(0.6)
Current taxation				(9.3)
Deferred taxation				(4.3)	(11.6)
(Loss)/profit for the year				38.3	17.9
Adjusted EBITDA				51.7	39.6
Attributable to:
Owners of the parent				35.1	15.6
Non-controlling interests				3.2	2.3
Sustaining capital expenditure				(11.0)	(1.3)
Growth projects				(2.3)
Total capital expenditure				(13.3)	(1.3)
Period of time for which results are included			9 months
Operating segments | Mimosa
SEGMENT REPORTING
Revenue				1,687.7	1,223.2
Underground revenue				1,687.7	1,223.2
Cost of sales, before amortisation and depreciation				(1,200.5)	(969.0)
Underground cost of sales				(1,200.5)	(969.0)
Amortisation and depreciation				(211.7)	(223.7)
Interest income				8.8	0.5
Finance expense				(10.0)	(11.2)
Net other costs				23.2	187.7
Royalties				(60.4)	(82.9)
Current taxation				(59.3)	(22.8)
Deferred taxation				(2.8)	13.1
(Loss)/profit for the year				175.0	114.9
Adjusted EBITDA				521.4	446.7
Attributable to:
Owners of the parent				175.0	114.9
Sustaining capital expenditure				(222.5)	(159.8)
Total capital expenditure				(222.5)	(159.8)
Period of time for which results are included			9 months
Operating segments | Rustenburg Operations
SEGMENT REPORTING
Revenue				10,220.8	1,656.0
Underground revenue				9,163.3	1,465.8
Surface revenue				1,057.5	190.2
Cost of sales, before amortisation and depreciation				(9,066.1)	(1,582.5)
Underground cost of sales				(8,282.4)	(1,455.7)
Surface cost of sales				(783.7)	(126.8)
Amortisation and depreciation				(514.7)	(58.6)
Interest income				96.6	8.2
Finance expense				(244.9)	(26.2)
Net other costs				(934.9)	(92.2)
Non-underlying items				(134.9)	2,105.2
Royalties				(67.6)	(28.3)
Current taxation				(10.0)
Deferred taxation				12.7	68.1
(Loss)/profit for the year				(643.0)	2,049.7
Adjusted EBITDA				1,112.9	76.7
Attributable to:
Owners of the parent				(643.0)	2,049.7
Sustaining capital expenditure				(366.1)	(148.7)
Ore reserve development				(465.0)
Total capital expenditure				(831.1)	(148.7)
Period of time for which results are included	2 months
Material reconciling items [member] | SA Gold
SEGMENT REPORTING
Revenue				(0.7)	(36.8)
Underground revenue				(0.7)	(36.8)
Amortisation and depreciation				(23.9)	(22.3)	(20.7)
Interest income				26.1	89.9	80.5
Finance expense				(509.3)	(353.7)	(145.5)
Share-based payments				(221.1)	(216.6)	(188.2)
Net other costs				401.7	(329.8)	(359.4)
Non-underlying items				(2,070.5)	(106.9)	(194.2)
Current taxation				(8.1)	7.1	(15.1)
Deferred taxation				253.0	(6.4)	125.2
(Loss)/profit for the year				(2,152.8)	(975.5)	(717.4)
Adjusted EBITDA				40.4	(39.1)	67.9
Attributable to:
Owners of the parent				(2,153.9)	(976.4)	(717.7)
Non-controlling interests				1.1	0.9	0.3
Sustaining capital expenditure				(14.3)	(70.1)	(15.1)
Growth projects				(387.3)	(520.7)	(271.7)
Total capital expenditure				(401.6)	(590.8)	R (286.8)
Material reconciling items [member] | SA Platinum
SEGMENT REPORTING
Revenue				(1,687.7)	(1,244.2)
Underground revenue				(1,687.7)	(1,244.2)
Cost of sales, before amortisation and depreciation				1,200.5	969.0
Underground cost of sales				1,200.5	969.0
Amortisation and depreciation				207.2	219.2
Interest income				(6.5)	7.5
Finance expense				10.1	11.1
Share-based payments					(240.3)
Net other costs				(3.1)	(223.0)
Non-underlying items				(8.5)	(7.2)
Royalties				60.4	82.8
Current taxation				58.7	22.3
Deferred taxation				3.8	(12.3)
(Loss)/profit for the year				(165.1)	(415.1)
Adjusted EBITDA				(522.9)	(475.6)
Attributable to:
Owners of the parent				(165.1)	(415.1)
Sustaining capital expenditure				222.5	158.6
Total capital expenditure				R 222.5	R 158.6

XML

REVENUE (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
REVENUE
Gold mining activities	R 23,473.6	R 27,501.3	R 22,717.4
PGM mining activities	17,898.7	3,739.4
Recycling activities	4,539.3
Revenue	R 45,911.6	R 31,240.7	R 22,717.4
Minimum
REVENUE
Period between provisional invoicing and final pricing	2 months
Maximum
REVENUE
Period between provisional invoicing and final pricing	4 months

XML

COST OF SALES (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
COST OF SALES.
Salaries and wages	R (15,323.0)	R (9,276.1)	R (7,345.0)
Consumable stores	(8,789.4)	(5,243.2)	(3,995.7)
Utilities	(4,930.1)	(3,709.0)	(3,128.2)
Mine contracts	(2,956.9)	(2,105.3)	(1,457.9)
Recycling	(4,376.9)
Other	(3,398.0)	(2,769.9)	(2,758.5)
Ore reserve development costs capitalised	3,291.6	2,394.4	2,304.9
Operating costs	(36,482.7)	(20,709.1)	(16,380.4)
Amortisation and depreciation	(5,699.7)	(4,041.9)	(3,636.6)
Total cost of sales	(42,182.4)	(24,751.0)	(20,017.0)
Cost of providing defined contribution retirement benefits	R 959.9	R 626.0	R 691.1

XML

FINANCE EXPENSE (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
FINANCE EXPENSE
Borrowings - interest paid	R (2,091.9)	R (427.5)	R (247.9)
Borrowings - accrued interest and unwinding of amortised cost	(251.8)	(141.4)	(102.3)
Environmental rehabilitation obligation	(357.1)	(291.4)	(197.9)
Occupational Healthcare obligation	(46.4)
Deferred payment	148.2	24.1
Other	(76.4)	(18.7)	(13.7)
Total finance expense	R (2,971.8)	R (903.1)	R (561.8)

XML

SHARE BASED PAYMENTS (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
SHARE-BASED PAYMENTS
Share-based payments	R (231.9)	R (496.2)	R (274.4)
Sibanye 2017 Share Plan [Member]
SHARE-BASED PAYMENTS
Share-based payments	(9.0)
Sibanye 2017 Share Plan - Performance Shares [Member]
SHARE-BASED PAYMENTS
Share-based payments	(9.0)
SGL 2013 Share Plan
SHARE-BASED PAYMENTS
Share-based payments	(208.4)	(172.1)	(119.1)
SGL 2013 Share Plan - Performance shares
SHARE-BASED PAYMENTS
Share-based payments	(186.3)	(145.5)	(96.2)
SGL 2013 Share Plan - Bonus shares
SHARE-BASED PAYMENTS
Share-based payments	(22.1)	(26.6)	(22.9)
SGL Phantom Scheme
SHARE-BASED PAYMENTS
Share-based payments	(11.2)	(83.8)	(155.3)
Phantom Scheme - Performance shares
SHARE-BASED PAYMENTS
Share-based payments	(11.2)	(83.8)	(136.4)
Phantom Scheme - Bonus shares
SHARE-BASED PAYMENTS
Share-based payments			(17.7)
Phantom share dividends
SHARE-BASED PAYMENTS
Share-based payments			R (1.2)
Stillwater Cash Settled Scheme
SHARE-BASED PAYMENTS
Share-based payments	R (3.3)
Share-based payment on BEE transaction
SHARE-BASED PAYMENTS
Share-based payments		R (240.3)

XML

SHARE BASED PAYMENTS - SGL Share Plan (Details)	12 Months Ended
	Dec. 31, 2017 ZAR (R) tranche item	Dec. 31, 2016 ZAR (R) shares	Dec. 31, 2015 ZAR (R) shares	Apr. 25, 2017 shares	Dec. 31, 2012 shares	Nov. 21, 2012 shares
SHARE-BASED PAYMENTS
Authorised number of shares | shares		2,000,000,000	2,000,000,000	10,000,000,000	1,000,000,000	1,000
Sibanye 2017 Share Plan [Member]
SHARE-BASED PAYMENTS
Number of forfeitable share tranches | tranche	2
Percentage of actual annual cash bonus	67.00%
Number of methods of participation | item	2
Performance period	3 years
TSR Weighting percentage	70.00%
Number of peer-group companies | item	8
Number of performance criteria | item	2
ROCE Weighting percentage	30.00%
ROCE incremental increase (as a percent)	6.00%
Forfeiture percentage	20.00%
Sibanye 2017 Share Plan - Bonus Shares [Member]
SHARE-BASED PAYMENTS
Vesting period of first part of share award	9 months
Vesting period of second part of share award	18 months
Weighted average historical volatility	53.96%
Expected dividend yield	4.65%
Weighted average three-year risk-free interest rate	7.24%
Marketability Discount, Initial Term	1.27%
Marketability discount, 18 month term	0.50%
Weighted average fair value, 9-month term	R 24.84
Weighted average fair value, 18-month term	R 24.14
Sibanye 2017 Share Plan - Performance Shares [Member]
SHARE-BASED PAYMENTS
Performance period	3 years
Weighted average historical volatility	53.96%
Expected dividend yield	4.65%
Weighted average three-year risk-free interest rate	7.40%
Weighted average fair value	R 24.07
SGL 2013 Share Plan
SHARE-BASED PAYMENTS
Number of methods of participation | item	2
SGL 2013 Share Plan - Bonus shares
SHARE-BASED PAYMENTS
Vesting period of first part of share award	9 months		9 months
Vesting period of second part of share award	18 months		18 months
Bonus share award to annual cash bonus (as a percent)	67.00%
Number of vesting periods | item	2
Weighted average historical volatility	53.96%	55.15%	42.30%
Expected dividend yield	4.65%	3.75%	4.90%
Weighted average three-year risk-free interest rate	7.24%	7.78%	6.40%
Marketability Discount, Initial Term	1.27%	1.60%
Marketability discount, 18 month term	0.50%	0.69%
Marketability discount			2.10%
Weighted average fair value			R 25.56
Weighted average fair value, 9-month term	R 24.84	R 54.27
Weighted average fair value, 18-month term	R 24.14	R 53.02
SGL 2013 Share Plan - Performance shares
SHARE-BASED PAYMENTS
Performance period	3 years	3 years	3 years
Performance achievement percentage	85.00%
Number of performance criteria | item	2
Weighted average historical volatility	53.96%	55.12%	42.30%
Expected dividend yield	4.65%	3.75%	4.90%
Weighted average three-year risk-free interest rate	7.40%	8.51%	6.40%
Weighted average fair value	R 24.07	R 50.81	R 37.41
TSR at 0% | Sibanye 2017 Share Plan [Member]
SHARE-BASED PAYMENTS
Vesting percentage	0.00%
TSR at 10% | Sibanye 2017 Share Plan [Member]
SHARE-BASED PAYMENTS
Vesting percentage	0.00%
TSR at 20% | Sibanye 2017 Share Plan [Member]
SHARE-BASED PAYMENTS
Vesting percentage	0.00%
TSR at 30% | Sibanye 2017 Share Plan [Member]
SHARE-BASED PAYMENTS
Vesting percentage	5.00%
TSR at 40% | Sibanye 2017 Share Plan [Member]
SHARE-BASED PAYMENTS
Vesting percentage	20.00%
TSR at 50% | Sibanye 2017 Share Plan [Member]
SHARE-BASED PAYMENTS
Vesting percentage	35.00%
TSR at 60% | Sibanye 2017 Share Plan [Member]
SHARE-BASED PAYMENTS
Vesting percentage	55.00%
TSR at 70% | Sibanye 2017 Share Plan [Member]
SHARE-BASED PAYMENTS
Vesting percentage	75.00%
TSR at 80% | Sibanye 2017 Share Plan [Member]
SHARE-BASED PAYMENTS
Vesting percentage	90.00%
TSR at 90% | Sibanye 2017 Share Plan [Member]
SHARE-BASED PAYMENTS
Vesting percentage	100.00%
TSR at 100% | Sibanye 2017 Share Plan [Member]
SHARE-BASED PAYMENTS
Vesting percentage	100.00%
ROCE Ke | Sibanye 2017 Share Plan [Member]
SHARE-BASED PAYMENTS
Vesting percentage	0.00%
ROCE at Ke + 1% | Sibanye 2017 Share Plan [Member]
SHARE-BASED PAYMENTS
Vesting percentage	16.70%
ROCE at Ke + 2% | Sibanye 2017 Share Plan [Member]
SHARE-BASED PAYMENTS
Vesting percentage	33.30%
ROCE at Ke + 3% | Sibanye 2017 Share Plan [Member]
SHARE-BASED PAYMENTS
Vesting percentage	50.00%
ROCE at Ke + 4% | Sibanye 2017 Share Plan [Member]
SHARE-BASED PAYMENTS
Vesting percentage	66.70%
ROCE at Ke + 5% | Sibanye 2017 Share Plan [Member]
SHARE-BASED PAYMENTS
Vesting percentage	83.30%
ROCE at Ke + 6% | Sibanye 2017 Share Plan [Member]
SHARE-BASED PAYMENTS
Vesting percentage	100.00%
Minimum | Sibanye 2017 Share Plan [Member]
SHARE-BASED PAYMENTS
Vesting percentage	0.00%
Percentile on peer group TSR curve (as a percent)	0.00%
Minimum | SGL 2013 Share Plan - Performance shares
SHARE-BASED PAYMENTS
Vesting percentage	0.00%
Maximum | Sibanye 2017 Share Plan [Member]
SHARE-BASED PAYMENTS
Vesting percentage	100.00%
Percentile on peer group TSR curve (as a percent)	100.00%
Maximum | SGL 2013 Share Plan - Performance shares
SHARE-BASED PAYMENTS
Vesting percentage	100.00%

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SHARE BASED PAYMENTS - Compensation Cost and Activity (Details)	12 Months Ended
	Dec. 31, 2017 ZAR (R) EquityInstruments shares	Dec. 31, 2016 ZAR (R) EquityInstruments	Dec. 31, 2015 EquityInstruments
Sibanye 2017 Share Plan [Member]
SHARE-BASED PAYMENTS
Compensation cost not yet recognised | R	R 48,200,000
Compensation cost recognition period	3 years
Shares authorized | shares	40,000,000
Maximum shares allowed per individual participant | shares	4,000,000
Sibanye 2017 Share Plan - Performance Shares [Member]
SHARE-BASED PAYMENTS
Number of instruments, granted	2,376,742
Supplementary awards related to the SGL 2013 Plan	10,933,066
Exercised and released	(105,449)
Forfeited	(250,471)
Number of other equity instruments outstanding in share-based payment arrangement at end of period	12,953,888
SGL 2013 Share Plan
SHARE-BASED PAYMENTS
Compensation cost not yet recognised | R	R 335,500,000
Compensation cost recognition period	3 years
Equity instruments exercisable	1,832,166
Shares authorized | shares	70,619,126
Percentage of total issued share capital	10.00%
Maximum shares allowed per individual participant | shares	7,061,913
Percentage of total issued share capital to an individual participant	1.00%
Percentage of unexercised equity instruments | R		R 2
Number of other equity instruments outstanding in share-based payment arrangement at beginning of period	15,112,493
Number of other equity instruments outstanding in share-based payment arrangement at end of period		15,112,493
SGL 2013 Share Plan - Performance shares
SHARE-BASED PAYMENTS
Number of other equity instruments outstanding in share-based payment arrangement at beginning of period	10,610,779	9,398,072	23,289,262
Number of instruments, granted	12,851,131	5,103,184	3,059,058
Exercised and released	(2,616,050)	(3,832,758)	(16,690,497)
Forfeited	(1,466,474)	(57,719)	(259,751)
Number of other equity instruments outstanding in share-based payment arrangement at end of period	19,379,386	10,610,779	9,398,072
SGL 2013 Share Plan - Bonus shares
SHARE-BASED PAYMENTS
Number of other equity instruments outstanding in share-based payment arrangement at beginning of period	250,827	417,266	595,012
Number of instruments, granted	2,421,522	504,739	862,702
Exercised and released	(2,126,415)	(667,063)	(1,010,209)
Forfeited	(99,465)	(4,115)	(30,239)
Number of other equity instruments outstanding in share-based payment arrangement at end of period	446,469	250,827	417,266

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SHARE BASED PAYMENTS - Directors and Prescribed Officers (Details) - Sibanye 2017 and 2013 Share Plans [Member]	12 Months Ended
	Dec. 31, 2017 ZAR (R) EquityInstruments
Neal Froneman
SHARE-BASED PAYMENTS
Number of other equity instruments outstanding in share-based payment arrangement at beginning of period	1,421,434
Number of instruments, granted	3,254,046
Number of instruments, exercised	1,164,811
Average price of instruments exercised | R	R 22.23
Share proceeds from instruments | R	R 25,890,953
Number of other equity instruments outstanding in share-based payment arrangement at end of period	3,510,669
Charl Keyter
SHARE-BASED PAYMENTS
Number of other equity instruments outstanding in share-based payment arrangement at beginning of period	598,360
Number of instruments, granted	1,547,398
Number of instruments, exercised	441,890
Average price of instruments exercised | R	R 21.09
Share proceeds from instruments | R	R 9,321,625
Number of other equity instruments outstanding in share-based payment arrangement at end of period	1,703,868
Chris Bateman
SHARE-BASED PAYMENTS
Number of instruments, granted	413,920
Number of other equity instruments outstanding in share-based payment arrangement at end of period	413,920
Hartley Dikgale
SHARE-BASED PAYMENTS
Number of other equity instruments outstanding in share-based payment arrangement at beginning of period	288,235
Number of instruments, granted	854,177
Number of instruments, exercised	249,867
Average price of instruments exercised | R	R 21.73
Share proceeds from instruments | R	R 5,429,285
Number of other equity instruments outstanding in share-based payment arrangement at end of period	892,545
Dawie Mostert
SHARE-BASED PAYMENTS
Number of other equity instruments outstanding in share-based payment arrangement at beginning of period	345,231
Number of instruments, granted	890,147
Number of instruments, exercised	256,239
Average price of instruments exercised | R	R 20.56
Share proceeds from instruments | R	R 5,269,478
Number of other equity instruments outstanding in share-based payment arrangement at end of period	979,139
Jean Nel
SHARE-BASED PAYMENTS
Number of other equity instruments outstanding in share-based payment arrangement at beginning of period	166,151
Number of instruments, forfeited	166,151
Number of other equity instruments outstanding in share-based payment arrangement at end of period
Themba Nkosi
SHARE-BASED PAYMENTS
Number of other equity instruments outstanding in share-based payment arrangement at beginning of period	67,666
Number of instruments, granted	625,869
Number of instruments, exercised	53,463
Average price of instruments exercised | R	R 12.56
Share proceeds from instruments | R	R 671,388
Number of other equity instruments outstanding in share-based payment arrangement at end of period	640,072
Wayne Robinson
SHARE-BASED PAYMENTS
Number of other equity instruments outstanding in share-based payment arrangement at beginning of period	324,682
Number of instruments, granted	921,495
Number of instruments, exercised	165,169
Average price of instruments exercised | R	R 13.26
Share proceeds from instruments | R	R 2,189,959
Number of other equity instruments outstanding in share-based payment arrangement at end of period	1,081,008
Richard Stewart
SHARE-BASED PAYMENTS
Number of other equity instruments outstanding in share-based payment arrangement at beginning of period	484,170
Number of instruments, granted	1,132,375
Number of instruments, exercised	147,356
Average price of instruments exercised | R	R 14.39
Share proceeds from instruments | R	R 2,120,644
Number of other equity instruments outstanding in share-based payment arrangement at end of period	1,469,189
Robert van Niekerk
SHARE-BASED PAYMENTS
Number of other equity instruments outstanding in share-based payment arrangement at beginning of period	445,920
Number of instruments, granted	1,280,519
Number of instruments, exercised	361,056
Average price of instruments exercised | R	R 21.80
Share proceeds from instruments | R	R 7,870,624
Number of other equity instruments outstanding in share-based payment arrangement at end of period	1,365,383
John Wallington
SHARE-BASED PAYMENTS
Number of other equity instruments outstanding in share-based payment arrangement at beginning of period	126,740
Number of instruments, granted	717,372
Number of instruments, exercised	39,414
Average price of instruments exercised | R	R 11.28
Share proceeds from instruments | R	R 444,590
Number of other equity instruments outstanding in share-based payment arrangement at end of period	804,698

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SHARE BASED PAYMENTS - SGL Phantom Scheme (Details) - item	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Phantom Scheme - Performance shares
SHARE-BASED PAYMENTS
Number of other equity instruments outstanding in share-based payment arrangement at beginning of period	5,301,626	20,198,875	22,212,627
Vested and paid	(5,178,775)	(14,275,138)	(773,814)
Forfeited	(122,851)	(622,111)	(1,239,938)
Number of other equity instruments outstanding in share-based payment arrangement at end of period		5,301,626	20,198,875
Phantom Scheme - Bonus shares
SHARE-BASED PAYMENTS
Number of other equity instruments outstanding in share-based payment arrangement at beginning of period			1,731,262
Vested and paid			(1,668,503)
Forfeited			(62,759)

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SHARE BASED PAYMENTS - BEE Transaction (Details) - Sibanye Rustenburg Platinum Mines Proprietary Limited Subsidiary - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2017	Oct. 19, 2016
Share-based payment on BEE transaction
SHARE-BASED PAYMENTS
Percentage of payment or distribution	74.00%
Newshelf 1335 Proprietary Limited
SHARE-BASED PAYMENTS
Percentage of voting equity interests acquired		26.00%
Newshelf 1335 Proprietary Limited | Share-based payment on BEE transaction
SHARE-BASED PAYMENTS
Percentage of voting equity interests acquired	26.00%
Incremental interest rate above highest cost of debt (as a percent)	0.20%
Percentage of payment or distribution	26.00%
Post payment used to service the facility (as a percent)	85.00%
Post payment declared as a dividend (as a percent)	15.00%
Post payment declared as a dividend after repayment (as a percent)	100.00%
Facility capped amount	R 3,500
Percentage of expense restricted	44.80%

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SHARE BASED PAYMENTS - Share-Based Obligations (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
SHARE-BASED PAYMENTS
Balance at beginning of the year	R 481.7	R 599.6	R 399.2
Fair value loss on obligations	(171.5)	(1,076.6)	(87.3)
Cash-settled share-based payments paid	(433.6)	(1,518.6)	(42.2)
Share-based payment obligation on acquisition of subsidiary	200.4
Balance at end of the year	434.5	481.7	599.6
Current portion of share-based payment obligations	(12.3)	(235.2)	(463.0)
Non-current portion of share-based payment obligations	422.2	246.5	136.6
Share-based payment on BEE transaction
SHARE-BASED PAYMENTS
Balance at beginning of the year	240.3
Increase due to share-based payments expense		240.3
Balance at end of the year	399.5	240.3
Share-Based Payment Arrangements Other Than BEE Transaction [Member]
SHARE-BASED PAYMENTS
Balance at beginning of the year	241.4	599.6
Increase due to share-based payments expense	14.5	83.8	155.3
Balance at end of the year	R 35.0	R 241.4	R 599.6

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OTHER COSTS (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
OTHER COSTS
Care and maintenance	R (249.2)	R (75.0)
Change in estimate of environmental rehabilitation obligation, and right of recovery receivable and payable	R (248.9)	R (97.5)

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IMPAIRMENTS (Details) - ZAR (R) R in Millions	6 Months Ended	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2017	Dec. 31, 2016
IMPAIRMENTS
Total impairments		R (4,411.0)	R (1,381.1)
Property, plant and equipment member
IMPAIRMENTS
Total impairments		(4,303.4)	(1,171.7)
Goodwill
IMPAIRMENTS
Total impairments	R (99.1)	(99.1)	(201.3)
Loan to equity-accounted investee
IMPAIRMENTS
Total impairments		R (8.5)	R (8.1)

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IMPAIRMENTS - Narrative (Details) lb in Thousands, shares in Millions, oz in Millions, R in Millions		6 Months Ended				12 Months Ended
	Nov. 22, 2017 lb oz shares	Dec. 31, 2017 ZAR (R)	Jun. 30, 2017 ZAR (R)	Dec. 31, 2016 ZAR (R)	Jun. 30, 2016 ZAR (R)	Dec. 31, 2017 ZAR (R)	Dec. 31, 2016 ZAR (R)
IMPAIRMENTS
Impairments						R 4,411.0	R 1,381.1
Probable gold reserves | oz	2.4
Probable uranium reserves | lb	54,260
DRDGOLD Limited
IMPAIRMENTS
Number of shares to be received in exchange for assets | shares	265
Property, plant and equipment member
IMPAIRMENTS
Impairments						4,303.4	1,171.7
Property, plant and equipment member | Cooke 1 2 and 3 operation mining assets
IMPAIRMENTS
Impairments			R 2,187.8	R 355.0
Property, plant and equipment member | Beatrix West
IMPAIRMENTS
Impairments			R 603.7
Property, plant and equipment member | WRTRP exploration and evaluation assets
IMPAIRMENTS
Impairments		R 1,245.1
Property, plant and equipment member | De Bron-Merriespruit exploration and evaluation asset
IMPAIRMENTS
Impairments						227.1
Property, plant and equipment member | Cooke 4 operation mining assets
IMPAIRMENTS
Impairments					R 816.7
Loan to equity-accounted investee
IMPAIRMENTS
Impairments						8.5	8.1
Goodwill
IMPAIRMENTS
Impairments		R 99.1				R 99.1	R 201.3

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ROYALTIES, AND MINING AND INCOME TAX, AND DEFERRED TAX (Details) R in Millions, $ in Millions			12 Months Ended
	Dec. 22, 2017 USD ($)	Dec. 22, 2017 ZAR (R)	Dec. 31, 2018	Dec. 31, 2017 ZAR (R)	Dec. 31, 2016 ZAR (R)	Dec. 31, 2015 ZAR (R)
Royalties, and mining and income tax and deferred tax
Percentage of gold refined				99.50%
Number of times gross revenue calculated as a percentage				12.5
Additional percentage used in calculating royalty				0.50%
Maximum royalty percentage introduced on refined minerals				5.00%
Royalties				R (398.5)	R (566.6)	R (400.6)
Mining tax				(425.2)	(1,031.6)	(665.6)
Non-mining tax				(70.6)	(83.9)	(16.0)
Company and capital gain tax				(8.4)	3.7	(15.1)
Total current tax				(504.2)	(1,111.8)	(696.7)
Deferred tax				3,450.8	(90.3)	319.5
Deferred tax charge				879.7	(30.5)	348.3
Deferred tax rate adjustment				2,571.1	(59.8)	(28.8)
Total mining and income tax				R 2,946.6	(1,202.1)	(377.2)
Non-mining tax rate				28.00%
Deferred tax rate				37.69%
Tax on profit before tax at maximum South African statutory company tax rate				R 2,066.3	(1,188.5)	(256.3)
South African mining tax formula rate adjustment				157.6	160.9	129.5
United States statutory tax rate adjustment				57.3
Non-deductible amortisation and depreciation				(0.9)	(35.0)	(25.7)
Non-deductible finance charges				(165.8)	(48.7)
Non-deductible share-based payments				(58.4)	(115.5)	(33.3)
Non-taxable gain/(non-deductible loss) on foreign exchange differences				45.0	(52.1)	17.8
Non-taxable share of results of equity-accounted investees				81.6	3.7	32.5
Non-deductible impairments				(1,054.9)	(65.6)
Non-taxable gain on acquisition					610.0
Non-deductible transaction costs				(154.6)	(44.0)	(7.2)
Net other non-taxable income and non-deductible expenditure				(294.6)	62.5	6.3
Change in estimated deferred tax rate				2,571.1	(59.8)	(28.8)
Deferred tax assets not recognised				R (303.1)	R (430.0)	(267.1)
Non-taxable gain on derecognition of financial guarantee liability						R 55.1
UNITED STATES
Royalties, and mining and income tax and deferred tax
Deferred tax rate adjustment	$ 204.8	R 2,531.5
Company tax rate				35.00%
South Africa
Royalties, and mining and income tax and deferred tax
Company tax rate				28.00%
Forecast
Royalties, and mining and income tax and deferred tax
Deferred tax rate			24.23%
Forecast | UNITED STATES
Royalties, and mining and income tax and deferred tax
Company tax rate			21.00%
SA Gold
Royalties, and mining and income tax and deferred tax
Effective rate of royalty tax payable				1.40%	1.90%	1.80%
Royalties				R (325.2)	R (528.0)	R (400.6)
Deferred tax rate adjustment				R 39.6	R (59.8)	R (28.8)
SA Platinum
Royalties, and mining and income tax and deferred tax
Effective rate of royalty tax payable				0.60%	0.50%
Royalties				R (73.3)	R (38.6)

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ROYALTIES, AND MINING AND INCOME TAX, AND DEFERRED TAX - Deferred Tax (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income tax
Deferred tax liabilities				R 8,525.2	R 4,915.4	R 3,561.4
Deferred tax assets				(206.2)	(228.2)	(63.2)
Net deferred tax liabilities	R 4,687.2	R 3,498.2	R 3,817.7	8,319.0	4,687.2	3,498.2
Reconciliation of the deferred tax balance:
Deferred tax liability (asset) at beginning of period	4,687.2	3,498.2	3,817.7
Deferred tax recognised in profit or loss	(3,450.8)	90.3	(319.5)
Deferred tax recognised in other comprehensive income	(27.7)
Deferred tax on acquisition of subsidiaries	7,486.3	1,098.7
Foreign currency translation	(376.0)
Deferred tax liability (asset) at end of period	8,319.0	R 4,687.2	R 3,498.2
Deferred tax assets				(1,971.8)	(2,536.4)	(1,914.8)
Deferred tax liabilities				10,290.8	7,223.6	5,413.0
Tax losses				2,671.6	2,644.8	1,752.0
Total gross tax losses and other deductible temporary differences				19,491.3	16,321.6	13,539.8
Deferred tax assets not recognised				5,348.5	4,554.5	3,791.1
Wits Gold
Reconciliation of the deferred tax balance:
Tax losses				64.6	64.6	84.4
Deferred tax assets not recognised				18.1	18.1	23.6
Burnstone
Reconciliation of the deferred tax balance:
Tax losses						155.3
Other deductible temporary differences				11,306.8	10,012.6	9,009.0
Deferred tax assets not recognised				3,165.9	2,803.5	2,566.0
Ezulwini
Reconciliation of the deferred tax balance:
Tax losses				2,591.1	2,561.2	1,481.0
Other deductible temporary differences				2,923.7	2,909.1	2,778.8
Deferred tax assets not recognised				1,544.1	1,531.7	1,192.7
Ridge Mining Services Proprietary Limited
Reconciliation of the deferred tax balance:
Other deductible temporary differences				499.5	643.9
Deferred tax assets not recognised				139.9	180.3
Stillwater Canada, Inc. [Member]
Reconciliation of the deferred tax balance:
Other deductible temporary differences				1,550.8
Deferred tax assets not recognised				284.4
Perigrine Minera Argentina S.A. [Member]
Reconciliation of the deferred tax balance:
Other deductible temporary differences				301.4
Deferred tax assets not recognised				105.5
Mine development, infrastructure and other
Reconciliation of the deferred tax balance:
Deferred tax liabilities				9,642.6	6,365.4	4,822.8
Environment rehabilitation obligation funds
Reconciliation of the deferred tax balance:
Deferred tax assets				(840.7)	(1,041.0)	(612.3)
Deferred tax liabilities				600.7	729.6	575.3
Occupational healthcare obligation
Reconciliation of the deferred tax balance:
Deferred tax assets				(299.7)
Other
Reconciliation of the deferred tax balance:
Deferred tax liabilities				47.5	128.6	14.9
Other provisions
Reconciliation of the deferred tax balance:
Deferred tax assets				(434.0)	(546.3)	(341.6)
Tax losses and unredeemed capital expenditure
Reconciliation of the deferred tax balance:
Deferred tax assets				(397.4)	(890.1)	(812.6)
Share-based payment obligation
Reconciliation of the deferred tax balance:
Deferred tax assets					(59.0)	(148.3)
Total SA Region
Reconciliation of the deferred tax balance:
Deferred tax recognised in profit or loss	(533.8)
Other deductible temporary differences				54.2	55.6
Deferred tax assets not recognised				19.6	20.9	8.8
Total SA Region | Other
Reconciliation of the deferred tax balance:
Tax losses				15.9	19.0	R 31.3
US Region/ Stillwater2
Reconciliation of the deferred tax balance:
Deferred tax recognised in profit or loss	R (2,917.0)
US Region/ Stillwater2 | Other
Reconciliation of the deferred tax balance:
Other deductible temporary differences				183.3	R 55.6
Deferred tax assets not recognised				R 70.9

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ROYALTIES, AND MINING AND INCOME TAX, AND DEFERRED TAX - Tax and Royalty (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
ROYALTIES, AND MINING AND INCOME TAX, AND DEFERRED TAX
Tax receivable				R (182.8)
Tax and royalties payable				34.9	R 88.6	R 129.6
Net tax and royalties (receivable)/payable	R 88.6	R 129.6	R 84.0	R (147.9)	R 88.6	R 129.6
Reconciliation of the net tax and royalties (receivable)/payable balance:
Balance at beginning of the year	88.6	129.6	84.0
Royalties and current tax	902.7	1,678.4	1,097.3
Tax and royalties paid	(899.3)	(1,732.6)	(1,051.7)
Tax payable on acquisition of subsidiaries	(260.4)	13.2
Foreign currency translation	20.5
Balance at end of the year	R (147.9)	R 88.6	R 129.6

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EARNINGS PER SHARE (Details) R / shares in Units, shares in Thousands, R in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2017 ZAR (R) R / shares shares	Dec. 31, 2016 ZAR (R) R / shares shares	Dec. 31, 2015 ZAR (R) R / shares shares	Dec. 31, 2017 USD ($)	Sep. 19, 2017 USD ($)
Weighted average number of shares
Ordinary shares in issue ('000) | shares	2,168,721	929,004	916,140
Bonus element of the rights issue ('000) | shares		493,645	493,645
Bonus element of the capitalization issue ('000) | shares	86,749	129,272	129,272
Adjustment for weighting of ordinary shares in issue ('000) | shares	(321,620)	(7,271)	(4,102)
Weighted average number of shares ('000) | shares	1,933,850	1,544,650	1,534,955
Profit (loss) attributable to owners of Sibanye (SA rand million)	R (4,437.4)	R 3,473.3	R 716.9
Basic EPS (cents) | R / shares	R (2.29)	R 2.25	R 0.47
Potential ordinary shares (000) | shares		2,161	5,671
Diluted weighted average number of shares ('000) | shares	1,933,850	1,546,811	1,540,626
Diluted basic EPS (cents) | R / shares	R (2.29)	R 2.25	R 0.47
Gain on disposal of property, plant and equipment, gross	R (40.7)	R (95.4)	R (58.7)
Gains on disposals of property plant and equipment, net of tax	(29.3)	(68.7)	(42.3)
Impairments	4,411.0	1,381.1
Impairments, net of tax	4,242.8	1,281.7
Gain on acquisition, gross		(2,178.6)
Gain on acquisition, net of tax		(2,178.6)
Headline earnings	R (223.9)	R 2,507.7	R 674.6
Headline EPS - cents | R / shares	R (0.12)	R 1.62	R 0.44
Diluted headline EPS - cents | R / shares	R (0.12)	R 1.62	R 0.44
US$450 million Convertible Bond
Weighted average number of shares
Notional amount | $				$ 450	$ 450

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DIVIDENDS - Accounting Policy (Details) - ZAR (R) R / shares in Units, R in Millions	2 Months Ended	10 Months Ended	12 Months Ended
	Feb. 22, 2017	Dec. 31, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
DIVIDENDS
Percentage of dividends withheld	15.00%	20.00%
Dividend declared and paid			R 558.2	R 1,610.6	R 658.4
Dividend declared and paid			R 0.60	R 1.75	R 0.72
Final dividend declared and paid (per share)			R 0.60
Final dividend declared and paid			R 558.2

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DIVIDENDS - Dividend Policy (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of terms and conditions of share-based payment arrangement [line items]
Profit (loss), attributable to owners of parent	R (4,437.4)	R 3,473.3	R 716.9
Adjusted for:
Loss on financial instruments	1,114.4	1,032.8	229.5
Gain/(loss) on foreign exchange differences	(292.4)	(219.6)	359.4
Impairments	4,411.0	1,381.1
Occupational healthcare expense	1,106.9
Gain on disposal of property, plant and equipment	(40.7)	(95.4)	(58.7)
Restructuring costs	729.8	187.7	104.8
Transaction costs	552.1	157.0	25.7
Adjustment for Share-based payment on BEE transaction		240.3
Gain on acquisition		(2,178.6)
Net loss on derecognition of guarantee asset and liability			158.3
Other	52.7	72.4	44.1
Tax effect of the items adjusted above	(813.4)	(419.4)	(244.2)
Change in estimated deferred tax rate	(2,571.1)	59.8	28.8
Share of results of equity-accounted investees after tax	(291.6)	(13.3)	(116.0)
Normalised earnings	R (479.7)	R 3,678.1	R 1,248.6
Minimum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Dividends percentage	25.00%
Maximum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Dividends percentage	35.00%

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PROPERTY, PLANT AND EQUIPMENT - Depreciation of non-mining assets (Details)	12 Months Ended
	Dec. 31, 2017
Vehicles
Disclosure of detailed information about property, plant and equipment [line items]
Useful life	5 years
Computers
Disclosure of detailed information about property, plant and equipment [line items]
Useful life	3 years
Minimum | Furniture and equipment
Disclosure of detailed information about property, plant and equipment [line items]
Useful life	1 year
Maximum | Furniture and equipment
Disclosure of detailed information about property, plant and equipment [line items]
Useful life	10 years

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PROPERTY, PLANT AND EQUIPMENT - Cost, accumulated amortisation and carrying value (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning of the year	R 27,240.7	R 22,132.4
Balance at end of the year	51,444.6	27,240.7	R 22,132.4
Non-cash additions, capitalised amortisation and depreciation	41.8
Cost
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning of the year	67,689.8	57,431.7	54,404.9
Additions	6,140.6	4,151.1	3,344.8
Change in estimates of rehabilitation assets	(187.8)	472.5	(273.4)
Disposals	(142.3)	(67.8)	(44.6)
Foreign currency translation	(1,728.2)
Assets acquired on acquisition of subsidiaries	29,948.6	5,702.3
Balance at end of the year	101,720.7	67,689.8	57,431.7
Accumulated depreciation, amortisation and impairment
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning of the year	(40,449.1)	(35,299.3)	(31,700.9)
Amortisation and depreciation	5,741.6	4,041.9	3,636.6
Impairment	4,303.4	1,171.7
Disposals	111.7	63.8	38.2
Foreign currency translation	106.3
Balance at end of the year	(50,276.1)	(40,449.1)	(35,299.3)
Mine development, infrastructure and other
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning of the year	21,562.5	17,941.8
Balance at end of the year	32,220.3	21,562.5	17,941.8
Mine development, infrastructure and other | Cost
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning of the year	59,904.4	51,919.9	48,637.6
Additions	5,979.1	4,065.7	3,303.5
Disposals	(134.1)	(65.9)	(21.2)
Foreign currency translation	(733.8)
Assets acquired on acquisition of subsidiaries	11,513.6	3,984.7
Balance at end of the year	76,529.2	59,904.4	51,919.9
Mine development, infrastructure and other | Accumulated depreciation, amortisation and impairment
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning of the year	(38,341.9)	(33,978.1)	(30,650.2)
Amortisation and depreciation	5,067.6	3,656.7	3,358.4
Impairment	1,504.6	770.3
Disposals	534.2	63.2	30.5
Foreign currency translation	71.0
Balance at end of the year	(44,308.9)	(38,341.9)	(33,978.1)
Land, mineral rights and rehabilitation
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning of the year	3,607.2	2,270.3
Balance at end of the year	17,336.9	3,607.2	2,270.3
Land, mineral rights and rehabilitation | Cost
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning of the year	5,714.4	3,591.5	3,882.3
Additions	95.3	3.7	6.0
Change in estimates of rehabilitation assets	(187.8)	472.5	(273.4)
Disposals	(7.9)	(1.9)	(23.4)
Foreign currency translation	(921.3)
Assets acquired on acquisition of subsidiaries	17,115.2	1,648.6
Balance at end of the year	21,807.9	5,714.4	3,591.5
Land, mineral rights and rehabilitation | Accumulated depreciation, amortisation and impairment
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning of the year	(2,107.2)	(1,321.2)	(1,050.7)
Amortisation and depreciation	674.0	385.2	278.2
Impairment	1,300.3	401.4
Disposals	(422.5)	0.6	7.7
Foreign currency translation	33.0
Balance at end of the year	(4,471.0)	(2,107.2)	(1,321.2)
Exploration and evaluation assets
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning of the year	2,071.0	1,920.3
Balance at end of the year	1,887.4	2,071.0	1,920.3
Exploration and evaluation assets | Cost
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning of the year	2,071.0	1,920.3	1,885.0
Additions	66.2	81.7	35.3
Disposals	(0.3)
Foreign currency translation	(73.1)
Assets acquired on acquisition of subsidiaries	1,319.8	69.0
Balance at end of the year	3,383.6	R 2,071.0	R 1,920.3
Exploration and evaluation assets | Accumulated depreciation, amortisation and impairment
Disclosure of detailed information about property, plant and equipment [line items]
Impairment	1,498.5
Foreign currency translation	2.3
Balance at end of the year	R (1,496.2)

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ACQUISITIONS - Stillwater acquisition, consideration paid and related costs (Details) $ / shares in Units, R in Millions, $ in Millions			8 Months Ended		12 Months Ended
	May 04, 2017 USD ($) $ / shares	May 04, 2017 ZAR (R)	Dec. 31, 2017 USD ($)	Dec. 31, 2017 ZAR (R)	Dec. 31, 2017 ZAR (R)	Dec. 31, 2016 ZAR (R)	Dec. 31, 2015 ZAR (R)	Aug. 29, 2017 $ / shares	May 04, 2017 ZAR (R)
Disclosure of detailed information about business combination [line items]
Price offered per share | $ / shares								$ 18.00
CONSIDERATION
Acquisition related costs | R					R 552.1	R 157.0	R 25.7
Stillwater
Disclosure of detailed information about business combination [line items]
Price offered per share | $ / shares	$ 18
Percentage of control acquired	100.00%								100.00%
Revenue contributed			$ 688.3	R 9,161.6
Profit contributed			$ 152.4	R 2,028.1
CONSIDERATION
Cash	$ 2,080.7								R 27,174.5
Liability raised in respect of dissenting shareholders	104.5								1,364.3
Settlement of share-based payment awards (cash)	16.2								211.9
Total consideration	2,201.4								R 28,750.7
Acquisition related costs | R					R 528.5
Stillwater | Net deferred tax liabilities
Disclosure of detailed information about business combination [line items]
Increase (decrease) due to remeasurement	(3.6)	R (46.7)
Stillwater | Property, plant and equipment member
Disclosure of detailed information about business combination [line items]
Increase (decrease) due to remeasurement	(9.4)	(123.7)
Stillwater | Goodwill
Disclosure of detailed information about business combination [line items]
Increase (decrease) due to remeasurement	$ 5.8	R 77.0

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ACQUISITIONS - Stillwater identifiable assets acquired and liabilities assumed and gain on acquisition (Details) R in Millions	May 04, 2017 USD ($)	Dec. 31, 2017 ZAR (R)	May 04, 2017 ZAR (R)	Dec. 31, 2016 ZAR (R)	Dec. 31, 2015 ZAR (R)	Dec. 31, 2014 ZAR (R)
IDENTIFIABLE ASSETS ACQUIRED AND LIABILITIES ASSUMED
Environmental rehabilitation obligation		R (312.1)		R (709.8)
Gain on Acquisition
Goodwill..		6,396.0		R 936.0	R 736.7	R 736.7
Goodwill expected to be deductible for tax purposes		R 0.0
Stillwater
IDENTIFIABLE ASSETS ACQUIRED AND LIABILITIES ASSUMED
Property, plant and equipment	$ 2,293,200,000		R 29,948.6
Other non-current assets	6,900,000		90.8
Inventories	159,700,000		2,085.4
Current investments	278,900,000		3,642.2
Cash and cash equivalents	137,200,000		1,792.2
Other current assets	37,300,000		487.3
Borrowings	(454,600,000)		(5,937.6)
Environmental rehabilitation obligation	(23,900,000)		(312.1)
Deferred tax liabilities	(573,200,000)		(7,486.3)
Other non-current liabilities	(19,900,000)		(260.3)
Trade and other payables	(88,100,000)		(1,150.1)
Other current liabilities	(1,800,000)		(23.3)
Total fair value of identifiable net assets acquired	1,751,700,000		22,876.8
PGM (4E) basket price (R/oz) | $	1,375
Palladium price (USD/oz) | $	880
Gain on Acquisition
Consideration	2,201,400,000		28,750.7
Fair value of identifiable net assets	(1,751,700,000)		(22,876.8)
Goodwill..	$ 449,700,000		5,873.9
Goodwill expected to be deductible for tax purposes			R 0.0
Stillwater and East Boulder mines and Columbus metallurgical complex
IDENTIFIABLE ASSETS ACQUIRED AND LIABILITIES ASSUMED
Discount rate used in current estimate of value in use	8.60%		8.60%
Blitz project
IDENTIFIABLE ASSETS ACQUIRED AND LIABILITIES ASSUMED
Discount rate used in current estimate of value in use	10.30%		10.30%

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ACQUISITIONS - Rustenburg acquisition, consideration paid and related costs (Details) R in Millions		2 Months Ended	12 Months Ended
	Oct. 19, 2016 ZAR (R) item	Dec. 31, 2016 ZAR (R)	Dec. 31, 2017 ZAR (R)	Dec. 31, 2016 ZAR (R)	Dec. 31, 2015 ZAR (R)
CONSIDERATION
Deferred payment		R 1,577.4	R 2,194.7	R 1,577.4	R 0.0
Acquisition related costs			552.1	R 157.0	R 25.7
Rustenburg Operations Acquisition
Disclosure of detailed information about business combination [line items]
Number of concentrating plants acquired | item	2
Term of operations for which free cash flow is considered	6 years
Percentage of control acquired	88.40%
Revenue contributed		1,656.0
Loss contributed		R 150.0
CONSIDERATION
Cash	R 1,500.0
Deferred payment	1,553.3
True-up amount	65.1
Total consideration	R 3,118.4
Percentage of expected distributable free cash flow generated by operations used to determine the Deferred Payment	35.00%
Cost of debt	9.50%
Acquisition related costs			R 63.9
Rustenburg Operations Acquisition | Maximum
Disclosure of detailed information about business combination [line items]
Annual payment from seller to ensure that free cash flow for the year is zero	R 267.0
Rustenburg Operations Acquisition | Minimum
Disclosure of detailed information about business combination [line items]
Annual free cash flow ensured by seller	0.0
CONSIDERATION
Gross minimum deferred payment for the contingent consideration	3,000.0
Rustenburg Operations Acquisition | Net deferred tax liabilities
Disclosure of detailed information about business combination [line items]
Increase (decrease) due to remeasurement	R 249.4

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ACQUISITIONS - Rustenburg identifiable assets acquired and liabilities assumed and gain on acquisition (Details) - ZAR (R)		12 Months Ended
	Oct. 19, 2016	Dec. 31, 2016	Dec. 31, 2017
IDENTIFIABLE ASSETS ACQUIRED AND LIABILITIES ASSUMED
Environmental rehabilitation obligation		R (709,800,000)	R (312,100,000)
Gain on Acquisition
Gain on acquisition, gross		R (2,178,600,000)
Rustenburg Operations Acquisition
IDENTIFIABLE ASSETS ACQUIRED AND LIABILITIES ASSUMED
Property, plant and equipment	R 4,021,500,000
Environmental rehabilitation obligation funds	280,700,000
Other non-current assets	220,900,000
Inventories	80,400,000
Trade and other receivables	2,991,600,000
Other current assets	242,000,000
Cash and cash equivalents	100,000
Environmental rehabilitation obligation	(79,800,000)
Deferred tax liabilities	(1,147,900,000)
Trade and other payables	(1,312,500,000)
Total fair value of identifiable net assets acquired	R 5,297,000,000
Weighted average cost of capital	9.20%
PGM (4E) basket price (R/oz)	R 14,725
Gain on Acquisition
Consideration	3,118,400,000
Fair value of identifiable net assets	(5,297,000,000)
Gain on acquisition, gross	R (2,178,600,000)

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ACQUISITIONS - Aquarius acquisition, consideration paid and related costs (Details) $ / shares in Units, R in Millions, $ in Millions	9 Months Ended	12 Months Ended
	Dec. 31, 2016 ZAR (R)	Dec. 31, 2017 ZAR (R)	Dec. 31, 2016 ZAR (R)	Dec. 31, 2015 ZAR (R)	Aug. 29, 2017 $ / shares	Apr. 12, 2016 USD ($) $ / shares	Apr. 12, 2016 ZAR (R)
Disclosure of detailed information about business combination [line items]
Price offered per share | $ / shares					$ 18.00
CONSIDERATION
Acquisition related costs		R 552.1	R 157.0	R 25.7
Aquarius Acquisition
Disclosure of detailed information about business combination [line items]
Price offered per share | $ / shares						$ 0.195
Percentage of control acquired						100.00%	100.00%
Revenue contributed	R 2,104.4
Profit contributed	R 223.6
CONSIDERATION
Cash							R 4,301.5
Total consideration						$ 294	R 4,301.5
Acquisition related costs			R 84.7

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ACQUISITIONS - Aquarius identifiable assets acquired and liabilities assumed and goodwill (Details) $ in Millions	Apr. 12, 2016 ZAR (R)	Dec. 31, 2017 ZAR (R)	Dec. 31, 2016 ZAR (R)	Apr. 12, 2016 USD ($)	Apr. 12, 2016 ZAR (R)	Dec. 31, 2015 ZAR (R)	Dec. 31, 2014 ZAR (R)
IDENTIFIABLE ASSETS ACQUIRED AND LIABILITIES ASSUMED
Environmental rehabilitation obligation		R (312,100,000)	R (709,800,000)
Goodwill
Goodwill		6,396,000,000	R 936,000,000			R 736,700,000	R 736,700,000
Goodwill expected to be deducted for tax purposes		R 0
Aquarius Acquisition
IDENTIFIABLE ASSETS ACQUIRED AND LIABILITIES ASSUMED
Property, plant and equipment					R 1,680,800,000
Equity-accounted investments					2,066,700,000
Environmental rehabilitation obligation funds					151,900,000
Other non-current assets					108,400,000
Inventories					155,000,000
Trade and other receivables					908,900,000
Cash and cash equivalents					494,100,000
Deferred tax asset					49,200,000
Environmental rehabilitation obligation					(630,000,000)
Other non-current liabilities					(32,400,000)
Trade and other payables					(1,025,600,000)
Tax and royalties payable					(13,200,000)
Total fair value of identifiable net assets acquired					3,913,800,000
PGM (4E) basket price (R/oz)	R 14,700
Goodwill
Consideration				$ 294	4,301,500,000
Fair value of identifiable net assets					(3,913,800,000)
Non-controlling interests, based on their proportionate interest in the recognised amounts of the assets and liabilities					12,900,000
Goodwill					400,600,000
Goodwill expected to be deducted for tax purposes					R 0
Aquarius Acquisition | Kroondal
IDENTIFIABLE ASSETS ACQUIRED AND LIABILITIES ASSUMED
Weighted average cost of capital	9.00%
Aquarius Acquisition | Platinum Mile
IDENTIFIABLE ASSETS ACQUIRED AND LIABILITIES ASSUMED
Weighted average cost of capital	9.00%
Aquarius Acquisition | Mimosa
IDENTIFIABLE ASSETS ACQUIRED AND LIABILITIES ASSUMED
Weighted average cost of capital	15.00%

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GOODWILL - Changes to balance and allocations of goodwill in acquisitions (Details) - ZAR (R) R in Millions	6 Months Ended	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2017	Dec. 31, 2016	Apr. 12, 2016
Changes in goodwill
Balance at beginning of the year		R 936.0	R 736.7
Impairment		(99.1)	(201.3)
Goodwill on acquisition		5,873.9	400.6
Foreign currency translation		(314.8)
Balance at end of the year	R 6,396.0	6,396.0	R 936.0
Goodwill expected to be deducted for tax purposes	0.0	0.0
WRTRP exploration and evaluation assets
Changes in goodwill
Impairment	(99.1)
Aquarius Acquisition
Changes in goodwill
Goodwill expected to be deducted for tax purposes				R 0.0
Aquarius Acquisition | Kroondal
Changes in goodwill
Goodwill on acquisition		133.5
Aquarius Acquisition | Rustenburg Operations
Changes in goodwill
Goodwill on acquisition		267.1
Cooke Acquisition | Beatrix
Changes in goodwill
Balance at end of the year	103.9	103.9
Cooke Acquisition | Driefontein
Changes in goodwill
Balance at end of the year	166.9	166.9
Cooke Acquisition | Kloof
Changes in goodwill
Balance at end of the year	R 165.5	R 165.5

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GOODWILL - Estimates and Assumptions Used in the Calculation of Goodwill (Details)	6 Months Ended	12 Months Ended
	Dec. 31, 2017 ZAR (R)	Dec. 31, 2017 ZAR (R)	Dec. 31, 2016 ZAR (R)	Dec. 31, 2017 USD ($)	Dec. 31, 2017 ZAR (R)
Disclosure of reconciliation of changes in goodwill [line items]
Goodwill impairment		R 99,100,000	R 201,300,000
WRTRP exploration and evaluation assets
Disclosure of reconciliation of changes in goodwill [line items]
Nominal discount rate			13.50%	14.70%	14.70%
Goodwill impairment	R 99,100,000
SA Platinum
Disclosure of reconciliation of changes in goodwill [line items]
Long-term PGM 4E basket price (R/4Eoz)			R 14,725		R 14,270
Long-term PGM 2E basket price (USD/2Eoz) | $				$ 1,015
Nominal discount rate			15.70%	14.50%	14.50%
Inflation rate			6.00%	5.30%	5.30%
SA Platinum | Mine development, infrastructure and other | Minimum
Disclosure of reconciliation of changes in goodwill [line items]
Useful life		9 years	8 years
SA Platinum | Mine development, infrastructure and other | Maximum
Disclosure of reconciliation of changes in goodwill [line items]
Useful life		34 years	26 years
SA Gold
Disclosure of reconciliation of changes in goodwill [line items]
Long-term gold price (R/kg)			R 570,000		R 545,000
Nominal discount rate			12.50%	12.10%	12.10%
Inflation rate			6.00%	5.30%	5.30%
SA Gold | Mine development, infrastructure and other | Minimum
Disclosure of reconciliation of changes in goodwill [line items]
Useful life		12 years	7 years
SA Gold | Mine development, infrastructure and other | Maximum
Disclosure of reconciliation of changes in goodwill [line items]
Useful life		22 years	20 years

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EQUITY-ACCOUNTED INVESTMENTS (Details) - ZAR (R) R in Millions		12 Months Ended
	Dec. 18, 2014	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
EQUITY-ACCOUNTED INVESTMENTS
Balance at the beginning of the period		R 2,157.4	R 167.5
(Gain)/loss on foreign exchange differences		292.4	219.6	R (359.4)
Balance at the end of the period		R 2,244.1	2,157.4	167.5
Rand Refinery
EQUITY-ACCOUNTED INVESTMENTS
Interest in associates (as a percent)		33.10%
Loan	R 384.6
Debt term		2 years
Balance at the beginning of the period		R 72.4	148.7	55.1
Share of results of equity-accounted investee after tax		124.5	(116.5)	114.5
Interest on the loan to equity-accounted investee capitalised		1.5	40.2
Loan (repaid by)/advanced to equity-accounted investee				(20.9)
Balance at the end of the period		R 198.4	72.4	148.7
Mimosa
EQUITY-ACCOUNTED INVESTMENTS
Interest in associates (as a percent)		50.00%
Balance at the beginning of the period		R 2,049.3
Share of results of equity-accounted investee after tax		175.0	114.9
Equity-accounted investment on acquisition of subsidiaries			2,066.7
Foreign currency translation		(211.4)	(132.3)
Balance at the end of the period		2,012.9	2,049.3
Other equity-accounted investments
EQUITY-ACCOUNTED INVESTMENTS
Balance at the beginning of the period		35.7	18.8
Balance at the end of the period		R 32.8	R 35.7	R 18.8
Subordinated shareholders loan [member] | Rand Refinery
EQUITY-ACCOUNTED INVESTMENTS
Amount of draw down from loan	1,029.0
Loan	R 1,200.0

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EQUITY-ACCOUNTED INVESTMENTS - Rand Refinery and Mimosa tables (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
EQUITY-ACCOUNTED INVESTMENTS
Revenue	R 45,911.6	R 31,240.7	R 22,717.4
Depreciation and amortisation	(5,699.7)	(4,041.9)	(3,636.6)
Interest income	415.5	331.4	257.0
Finance expense	(2,971.8)	(903.1)	(561.8)
Income tax	2,946.6	(1,202.1)	(377.2)
Profit for the year	(4,433.1)	3,042.7	538.2
Other comprehensive income	(627.2)	(131.4)
Total comprehensive loss/income	(5,060.3)	2,911.3	538.2
Non-current assets	64,067.3	34,018.1	25,515.0
Property, plant and equipment	51,444.6	27,240.7	22,132.4
Current assets	12,004.5	7,703.2	2,750.7
Cash and cash equivalents	2,062.4	967.9	717.4	R 562.9
Non-current liabilities	(43,635.8)	(18,995.6)	(7,933.6)
Current liabilities	(8,437.8)	(6,256.6)	(5,347.3)
Impairments	(4,411.0)	(1,381.1)
Total equity-accounted investments	2,244.1	2,157.4	167.5
Rand Refinery
EQUITY-ACCOUNTED INVESTMENTS
Revenue	649.0	903.0	1,021.0
Total comprehensive loss/income	374.0	(352.0)	346.0
Non-current assets	702.0	636.0	708.0
Current assets	669.0	419.0	512.0
Non-current liabilities	(31.0)	(1,095.0)	(992.0)
Current liabilities	(391.0)	(467.0)	(383.0)
Net assets (liabilities)	949.0	(507.0)	(155.0)
Share of net assets (liabilities)	314.1	(168.2)	(51.7)
Dividend received	(8.2)	(8.2)	(8.2)
Fair value adjustment	(35.5)	(35.5)	(35.5)
Impairments	(119.6)	(119.6)	(119.6)
Loan to equity-accounted investee		403.9	363.7
Redeemable Preference Share Capital	47.6
Total equity-accounted investments	R 198.4	72.4	R 148.7	R 55.1
Percentage of Contribution in Facility	37.40%
Mimosa
EQUITY-ACCOUNTED INVESTMENTS
Revenue	R 3,375.4	2,446.4
Depreciation and amortisation	(423.4)	(447.4)
Interest income	17.5	1.0
Finance expense	(20.0)	(22.4)
Income tax	(245.0)	(185.1)
Profit for the year	350.1	229.8
Other comprehensive income	72.7	(264.6)
Total comprehensive loss/income	422.8	(34.8)
Non-current assets	4,007.8	4,079.0
Property, plant and equipment	4,007.8	4,079.0
Current assets	1,916.3	2,259.5
Cash and cash equivalents	281.5	191.2
Other current assets	1,634.7	2,068.3
Non-current liabilities	(993.6)	(1,131.2)
Non-current financial liabilities	(94.2)	(141.2)
Other non-current liabilities	(899.4)	(990.0)
Current liabilities	(539.0)	(900.1)
Current financial liabilities	(487.4)	(762.2)
Other current liabilities	(51.7)	(137.9)
Net assets (liabilities)	4,391.5	4,307.2
Share of net assets (liabilities)	2,195.7	2,153.6
Reconciling items	(182.8)	(104.3)
Total equity-accounted investments	R 2,012.9	R 2,049.3

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INTERESTS IN JOINT OPERATIONS (Details) R in Millions	12 Months Ended
	Dec. 31, 2017 ZAR (R) item	Dec. 31, 2016 ZAR (R)	Dec. 31, 2015 ZAR (R)
INTERESTS IN JOINT OPERATIONS
Loss on foreign exchange differences	R (292.4)	R (219.6)	R 359.4
Profit before tax	(7,379.7)	4,244.8	915.4
Profit for the year	(4,433.1)	3,042.7	538.2
Non-current assets	64,067.3	34,018.1	25,515.0
Current assets	12,004.5	7,703.2	2,750.7
Current liabilities	R (8,437.8)	(6,256.6)	R (5,347.3)
Kroondal Mine
INTERESTS IN JOINT OPERATIONS
Interest in joint operation (as a percent)	50.00%
Number of joint operation | item	2
Loss on foreign exchange differences	R 94.4	67.8
Profit before tax	175.0	90.8
Profit for the year	175.0	90.8
Non-current assets	1,284.0	1,296.1
Current assets	1,400.5	1,208.1
Current liabilities	(283.2)	(288.7)
Net assets (liabilities)	R 2,401.3	R 2,215.5

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ENVIRONMENTAL REHABILITATION OBLIGATION FUND (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
ENVIRONMENTAL REHABILITATION OBLIGATION FUNDS
Balance at beginning of the year	R 3,100.5	R 2,413.9	R 2,192.8
Contributions	114.5	74.7	77.8
Interest income	230.4	168.2	134.8
Fair value adjustment	46.5	11.1	8.5
Environmental rehabilitation obligation funds on acquisition of subsidiaries	0.5	432.6
Balance at end of the year	3,492.4	3,100.5	2,413.9
Restricted cash portion	483.8	352.3	341.8
Funds	R 3,008.6	R 2,748.2	R 2,072.1

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OTHER RECEIVABLES AND OTHER PAYABLE - Other receivables (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2016	Dec. 31, 2015
Other Receivables
Anglo American Platinum financial assets	R 469.7	R 469.7	R 469.7
Right of recovery receivable	160.5		112.4
Rates and taxes receivable	105.6		82.4
Other	53.1		1.4	R 1.3
Other receivables	319.2		665.9	1.3
Reconciliation of the non-current and current portion of the other receivables
Other receivables	319.2		665.9	1.3
Current portion of other receivables	(35.2)		(310.6)
Other non-current receivables	284.0		R 355.3	R 1.3
Anglo American Platinum financial asset movement
Balance at the beginning of the year	469.7
Interest income	42.2	6.8
Fair value loss	(467.5)
Payments received	R (44.4)
Financial asset on acquisition of subsidiary		462.9
Balance at end of the year		R 469.7

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OTHER RECEIVABLES AND OTHER PAYABLE - Other payables (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Other payables
Deferred payment	R 1,577.4	R 0.0	R 2,194.7	R 1,577.4
Right of recovery payable			69.3	36.3
Dissenting shareholders liability			1,349.7
Other			188.6
Other payables			3,802.3	1,613.7
Reconciliation of the non-current and current portion of the other payables
Other payables			3,802.3	1,613.7
Current portion of other payables			(41.9)
Non-current portion of other payables			R 3,760.4	R 1,613.7
Deferred Payment movement
Balance at the beginning of the year	1,577.4	0.0
Interest charge	148.2	24.1
Loss on revised estimated cash flows	469.1
Deferred Payment on acquisition of subsidiaries		1,553.3
Balance at end of the year	R 2,194.7	R 1,577.4

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OTHER RECEIVABLES AND OTHER PAYABLE - Additional disclosures (Details) - ZAR (R) R in Millions	Oct. 19, 2016	Dec. 31, 2017
Disclosure of detailed information about business combination [line items]
Rehabilitation obligation payable (as a percent)		50.00%
Rehabilitation recoverable (as a percent)		50.00%
Minimum | Rustenburg Operations Acquisition
Disclosure of detailed information about business combination [line items]
Gross minimum deferred payment for the contingent consideration	R 3,000
Maximum
Disclosure of detailed information about business combination [line items]
Contractual rehabilitation liability		R 150
Maximum | Rustenburg Operations Acquisition
Disclosure of detailed information about business combination [line items]
Business combinations, reimbursement payments from seller for negative free cash flows	R 267

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INVENTORIES (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
INVENTORIES
Consumable stores	R 828.7	R 481.7	R 277.5
Uranium finished goods and uranium-in-process	104.4	100.4	128.4
Ore stockpiles and in-process	1,955.9	51.8
Gold-on-hand		42.9
PGMs-on-hand	637.5
Total inventories	3,526.5	676.8	405.9
Cost of consumable stores consumed	R 8,789.4	5,243.2	R 3,995.7
Net realisable value write down		R 93.3

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TRADE AND OTHER RECEIVABLES (Details) - ZAR (R) R in Millions	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
TRADE AND OTHER RECEIVABLES
Trade receivables - gold sales	R 499.6	R 658.1	R 933.4
Trade receivables - PGM sales	4,512.4	4,001.9
Other trade receivables	431.4	306.5	108.4
Payroll debtors	174.1	154.7	109.5
Interest receivable	8.5	6.6	7.8
Financial assets	5,626.0	5,127.8	1,159.1
Prepayments	245.0	298.1	123.7
Value added tax	326.6	322.0	344.6
Total trade and other receivables	R 6,197.6	R 5,747.9	R 1,627.4

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CASH AND CASH EQUIVALENTS (Details) R in Millions, $ in Millions	Dec. 31, 2017 USD ($)	Dec. 31, 2017 ZAR (R)	Dec. 31, 2016 ZAR (R)	Dec. 31, 2015 ZAR (R)	Dec. 31, 2014 ZAR (R)
CASH AND CASH EQUIVALENTS.
Cash at the bank and on hand		R 2,062.4	R 967.9	R 717.4
Total cash and cash equivalents		2,062.4	R 967.9	R 717.4	R 562.9
Restricted cash held in money market fund as collateral for environmental bonding	$ 6.2	R 76.6

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STATED SHARE CAPITAL (Details) R / shares in Units, R in Millions				12 Months Ended
	Aug. 29, 2017	Jun. 14, 2017 ZAR (R) shares	Feb. 18, 2013 ZAR (R) shares	Dec. 31, 2017 ZAR (R) shares	Dec. 31, 2016 shares	Dec. 31, 2015 shares	Apr. 25, 2017 shares	Dec. 31, 2014 shares	Dec. 31, 2012 shares	Nov. 21, 2012 R / shares shares	Nov. 20, 2012 R / shares shares
STATED SHARE CAPITAL.
Authorised number of shares					2,000,000,000	2,000,000,000	10,000,000,000		1,000,000,000	1,000
Number of shares issued				2,168,721,220	929,004,342	916,140,552		898,840,000	1,000	1,000	1,000
Par value per share | R / shares										R 0	R 1.00
Share capital increased (in shares)										999,999,000
Number of shares subscribed			731,647,614
Value of shares subscribed | R			R 17,246.0
Shares issued under SGL Share Plan				1,407,060	12,863,790	17,300,356
Raised net capital | R		R 12,962.5		R 12,932.4
Proceeds from shares issued | R				13,438.5
Transaction costs paid on rights issue shares issued | R				R 506.1
Rights issue		1,195,787,294		1,195,787,294
Share rights issuance ratio		128.5714%		128.5714%
Capitalization Issue				42,522,524
Capitalisation issuance ratio	0.02			0.02
Percentage of issued share capital available for issuance (as a percent)					5.00%

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NON-CONTROLLING INTERESTS - Non-controlling interests subsidiaries (Details) - ZAR (R) R in Millions	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Disclosure of subsidiaries [line items]
Non-controlling interests	R 23,998.2	R 16,469.1	R 14,984.8	R 14,985.9
Non-controlling interests member
Disclosure of subsidiaries [line items]
Non-controlling interests	19.8	17.7	109.8	R 329.6
Newshelf 1114 | Non-controlling interests member
Disclosure of subsidiaries [line items]
Non-controlling interests			107.3
GTSM | Non-controlling interests member
Disclosure of subsidiaries [line items]
Non-controlling interests	4.1	3.4	R 2.5
Platinum Mile Subsidiary [Member] | Non-controlling interests member
Disclosure of subsidiaries [line items]
Non-controlling interests	R 15.7	R 14.3

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BORROWINGS (Details) R in Millions, $ in Millions	Dec. 31, 2017 USD ($)	Dec. 31, 2017 ZAR (R)	Sep. 19, 2017 USD ($)	Jun. 27, 2017 USD ($)	Dec. 31, 2016 ZAR (R)	Nov. 15, 2016 ZAR (R)	Feb. 15, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2015 ZAR (R)	Aug. 24, 2015 USD ($)	Dec. 31, 2014 ZAR (R)	Jul. 01, 2014 USD ($)	Dec. 13, 2013 ZAR (R)
Disclosure of detailed information about borrowings [line items]
Total borrowings		R 25,649.5			R 8,973.8				R 3,803.6
Current portion of borrowings		(1,657.5)			(752.3)				(1,995.3)
Total non-current portion of non-current borrowings		23,992.0			8,221.5				1,808.3
DERIVATIVE FINANCIAL INSTRUMENT
Derivative financial instrument		1,093.5
Non-current portion of derivative financial instrument		1,093.5
R6.0 billion revolving credit facility
Disclosure of detailed information about borrowings [line items]
Face amount of debt		6,000.0				R 6,000.0
Total borrowings		5,536.4			5,100.0
US$350 million revolving credit facility
Disclosure of detailed information about borrowings [line items]
Face amount of debt | $	$ 350.0						$ 350.0	$ 300.0		$ 300.0
Total borrowings	92.0	1,137.1			1,369.0
US$1.05 billion Bond
Disclosure of detailed information about borrowings [line items]
Face amount of debt | $	1,050.0			$ 1,050.0
Total borrowings		12,597.7
US$450 million Convertible Bond
Disclosure of detailed information about borrowings [line items]
Face amount of debt | $	$ 450.0		$ 450.0
Total borrowings		4,357.1
DERIVATIVE FINANCIAL INSTRUMENT
Derivative financial instrument		1,093.5
R4.5 billion facilities
Disclosure of detailed information about borrowings [line items]
Face amount of debt		4,500.0				R 4,500.0							R 4,500.0
Total borrowings									1,961.6		R 1,979.5
Burnstone Debt
Disclosure of detailed information about borrowings [line items]
Total borrowings		1,537.5			1,752.6				1,808.3		R 1,134.4	$ 178.1
Other borrowings
Disclosure of detailed information about borrowings [line items]
Total borrowings		478.7			749.5
Franco-Nevada liability
Disclosure of detailed information about borrowings [line items]
Total borrowings		1.7			R 2.7				R 33.7
Stillwater Convertible Debentures
Disclosure of detailed information about borrowings [line items]
Total borrowings		R 3.3

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BORROWINGS - R6.0 BILLION REVOLVING CREDIT FACILITY (Details) - ZAR (R) R in Millions			12 Months Ended
	Nov. 15, 2016	Dec. 13, 2013	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of detailed information about borrowings [line items]
Balance at beginning of period			R 8,973.8	R 3,803.6
Loans raised			69,593.8	17,280.5	R 1,552.0
Loans repaid			(55,719.5)	(11,834.7)	(1,572.9)
Balance at end of period			25,649.5	8,973.8	3,803.6
R6.0 billion revolving credit facility
Disclosure of detailed information about borrowings [line items]
Face amount of debt	R 6,000.0		R 6,000.0
Debt term	3 years		3 years
Balance at beginning of period			R 5,100.0
Loans raised			800.0	5,100.0
Loans repaid			(363.6)
Balance at end of period			5,536.4	5,100.0
R4.5 billion facilities
Disclosure of detailed information about borrowings [line items]
Face amount of debt	R 4,500.0	R 4,500.0	R 4,500.0
Debt term		3 years
Balance at beginning of period				1,961.6	1,979.5
Loans raised				1,936.4	1,000.0
Loans repaid				R (3,900.0)	(1,020.9)
Balance at end of period					R 1,961.6
JIBAR | R6.0 billion revolving credit facility
Disclosure of detailed information about borrowings [line items]
Interest rate margin, covenant period, ratio below 3.0			2.40%
Interest rate margin, covenant period, ration between 3.0 and 3.25			2.65%
Interest rate margin, ratio above 3.25			2.90%
Interest rate margin			2.40%

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BORROWINGS - US$350 MILLION REVOLVING CREDIT FACILITY (Details) R in Millions, $ in Millions		12 Months Ended
	Aug. 24, 2015 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2017 ZAR (R)	Dec. 31, 2016 ZAR (R)	Dec. 31, 2015 ZAR (R)	Feb. 15, 2016 USD ($)	Dec. 31, 2015 USD ($)
Disclosure of detailed information about borrowings [line items]
Balance at beginning of period			R 8,973.8	R 3,803.6
Loans raised			69,593.8	17,280.5	R 1,552.0
Loans repaid			(55,719.5)	(11,834.7)	(1,572.9)
Gain/(loss) on foreign exchange differences			(292.4)	(219.6)	359.4
Balance at end of period			25,649.5	8,973.8	R 3,803.6
US$350 million revolving credit facility
Disclosure of detailed information about borrowings [line items]
Face amount of debt | $	$ 300.0	$ 350.0				$ 350.0	$ 300.0
Debt term	3 years
Balance at beginning of period			1,369.0
Loans raised			1,031.4	2,771.5
Loans repaid			(1,198.2)	(1,211.6)
Gain/(loss) on foreign exchange differences			(65.1)	(190.9)
Balance at end of period		$ 92.0	R 1,137.1	R 1,369.0
LIBOR | US$350 million revolving credit facility
Disclosure of detailed information about borrowings [line items]
Utilisation fee when loans outstanding as % of the total loans is less than or equal to 33 1/3%	0.15%
Utilisation fee when loans outstanding as % of the total loans is greater than 33 1/3 % and less than or equal to 66 2/3 %	0.30%
Utilisation fee when loans outstanding as % of the total loans is greater than 66 2/3 %	0.50%
Interest rate margin	2.00%

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BORROWINGS - US$1.05 BILLION BOND (Details) R in Millions, $ in Millions		12 Months Ended
	Jun. 27, 2017 USD ($)	Dec. 31, 2017 ZAR (R)	Dec. 31, 2016 ZAR (R)	Dec. 31, 2015 ZAR (R)	Dec. 31, 2017 USD ($)	Dec. 09, 2016 USD ($)
Disclosure of detailed information about borrowings [line items]
Loans raised		R 69,593.8	R 17,280.5	R 1,552.0
Interest charge		2,091.9	427.5	247.9
Unwinding of amortised cost		251.8	141.4	102.3
Balance at end of period		25,649.5	R 8,973.8	R 3,803.6
Stillwater bridge facility
Disclosure of detailed information about borrowings [line items]
Face amount of debt | $						$ 2,650
Loans raised		34,000.3
Foreign currency translation		(181.8)
US$1.05 billion Bond
Disclosure of detailed information about borrowings [line items]
Face amount of debt | $	$ 1,050				$ 1,050
Loans raised		13,109.5
Interest charge		478.1
Accrued interest paid		(431.5)
Unwinding of amortised cost		29.7
Foreign currency translation		(588.1)
Balance at end of period		R 12,597.7
6.125% Senior Notes due 2022
Disclosure of detailed information about borrowings [line items]
Face amount of debt | $	$ 500
Interest rate (as a percent)	6.125%
Debt term	5 years
7.125% Senior Notes due 2025
Disclosure of detailed information about borrowings [line items]
Face amount of debt | $	$ 550
Interest rate (as a percent)	7.125%
Debt term	8 years

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BORROWINGS - US$450 MILLION CONVERTIBLE BOND (Details) $ / shares in Units, R in Millions		12 Months Ended
	Sep. 19, 2017 USD ($) $ / shares	Dec. 31, 2017 ZAR (R)	Dec. 31, 2016 ZAR (R)	Dec. 31, 2015 ZAR (R)	Dec. 31, 2017 USD ($)	Dec. 31, 2017 ZAR (R)	Dec. 09, 2016 USD ($)
Disclosure of detailed information about borrowings [line items]
Loans repaid		R 55,719.5	R 11,834.7	R 1,572.9
Loans raised		69,593.8	17,280.5	1,552.0
Accrued interest and unwinding of amortised cost		251.8	141.4	102.3
Balance at end of period		25,649.5	8,973.8	3,803.6
Gain on foreign exchange differences		(292.4)	R (219.6)	R 359.4
Balance at end of the year		1,093.5
Stillwater bridge facility
Disclosure of detailed information about borrowings [line items]
Loans repaid		33,304.0
Face amount of debt | $							$ 2,650,000,000
Loans raised		34,000.3
Gain on foreign exchange differences		(514.5)
US$450 million Convertible Bond
Disclosure of detailed information about borrowings [line items]
Face amount of debt | $	$ 450,000,000				$ 450,000,000
Coupon rate (as a percent)	1.875%
Debt term	6 years
Conversion premium	35.00%
Weighted average share price | $	$ 1.2281
Initial conversion price | $ / shares	$ 1.6580
Balance at end of period		4,357.1
Derivative financial instrument recognised						R 1,296.6
Gain on financial instruments						R (115.9)
Gain on foreign exchange differences		(87.2)
Balance at end of the year		1,093.5
US$450 million Convertible Bond | AMORTIZED COST
Disclosure of detailed information about borrowings [line items]
Loans raised		4,634.5
Accrued interest and unwinding of amortised cost		80.5
Balance at end of period		4,357.1
Gain on foreign exchange differences		R (357.9)

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BORROWINGS - R4.5 BILLION FACILITIES (Details) - ZAR (R) R in Millions			12 Months Ended
	Dec. 13, 2016	Dec. 13, 2013	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Nov. 15, 2016
Disclosure of detailed information about borrowings [line items]
Balance at beginning of period			R 8,973.8	R 3,803.6
Loans raised			69,593.8	17,280.5	R 1,552.0
Loans repaid			(55,719.5)	(11,834.7)	(1,572.9)
Unwinding of amortised cost			251.8	141.4	102.3
Balance at end of period			25,649.5	8,973.8	3,803.6
R4.5 billion facilities
Disclosure of detailed information about borrowings [line items]
Face amount of debt		R 4,500.0	R 4,500.0			R 4,500.0
Debt term		3 years
Balance at beginning of period				1,961.6	1,979.5
Loans raised				1,936.4	1,000.0
Loans repaid				(3,900.0)	(1,020.9)
Unwinding of amortised cost				2.0	3.0
Balance at end of period					1,961.6
R2.5 Billion Revolving Credit Facility [Member]
Disclosure of detailed information about borrowings [line items]
Face amount of debt		R 2,500.0
Balance at beginning of period				998.0
Balance at end of period					998.0
R2.0 Billion Term Loan Facility [Member]
Disclosure of detailed information about borrowings [line items]
Face amount of debt		R 2,000.0
Period of instalment payments		6 months
Amount of equal instalment payments		R 250.0
Amount of final instalment payment	R 750.0
Balance at beginning of period				R 963.6
Balance at end of period					R 963.6
JIBAR | R2.5 Billion Revolving Credit Facility [Member]
Disclosure of detailed information about borrowings [line items]
Interest rate margin		2.85%
JIBAR | R2.0 Billion Term Loan Facility [Member]
Disclosure of detailed information about borrowings [line items]
Interest rate margin		2.75%

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BORROWINGS - BURNSTONE DEBT (Details) R in Millions, $ in Millions		12 Months Ended
	Jul. 01, 2017	Dec. 31, 2017 USD ($)	Dec. 31, 2017 ZAR (R)	Dec. 31, 2016 ZAR (R)	Dec. 31, 2015 ZAR (R)	Dec. 31, 2017 ZAR (R) R / kg R / $	Dec. 31, 2016 ZAR (R) R / kg R / $	Dec. 31, 2015 ZAR (R) R / kg R / $	Jul. 01, 2014 USD ($)	Jul. 01, 2014 ZAR (R)
Disclosure of detailed information about borrowings [line items]
Borrowings			R 8,973.8	R 3,803.6	R 3,803.6	R 25,649.5	R 8,973.8	R 3,803.6
Balance at beginning of period			8,973.8	3,803.6
Accrued interest and unwinding of amortised cost			251.8	141.4	102.3
Gain/(loss) on foreign exchange differences			(292.4)	(219.6)	359.4
Loans repaid			(55,719.5)	(11,834.7)	(1,572.9)
Balance at end of period			R 25,649.5	8,973.8	3,803.6
Revised gold prices | R / kg						545,000	570,000	550,000
Burnstone
Disclosure of detailed information about borrowings [line items]
Borrowings										R 1,883.9
Bank Lenders participation in Burnstone free cash flow after Burnstone Debt repaid in full		10.00%	10.00%
Maximum participation in Burnstone free cash flow after Burnstone Debt repaid in full | $		$ 63.0
Burnstone Debt
Disclosure of detailed information about borrowings [line items]
Borrowings			R 1,752.6	1,808.3	1,134.4	R 1,537.5	R 1,752.6	R 1,808.3	$ 178.1
Burnstone assets						2,000.0
Period of the life-of-mine plan		18 years	18 years
Balance at beginning of period			R 1,752.6	1,808.3	1,134.4
Accrued interest and unwinding of amortised cost			141.6	139.4	99.3
(Gain)/loss on revised estimated cash flows						R (181.7)	R 29.3	R 162.5
Gain/(loss) on foreign exchange differences			(175.0)	(224.4)	412.1
Borrowings on acquisition of subsidiary										R 1,007.6
Balance at end of period			R 1,537.5	R 1,752.6	R 1,808.3
Exchange rates | R / $						12.94	13.68	15.00
A1 U S $0.2 Million [Member]
Disclosure of detailed information about borrowings [line items]
Face amount of debt | $									0.2
A2 U S $7.8 Million [Member]
Disclosure of detailed information about borrowings [line items]
Face amount of debt | $									7.8
Free cash flow used to repay Wits Gold Loan (as a percent)	50.00%
Free cash flow used to repay Burnstone Debt (as a percent)	50.00%
A3 U S $51.0 Million And A4 US $119.1 Million [Member]
Disclosure of detailed information about borrowings [line items]
Free cash flow used to repay Wits Gold Loan (as a percent)		90.00%	90.00%
Free cash flow used to repay Burnstone Debt (as a percent)		10.00%	10.00%
Free cash flow used to repay Burnstone Debt after settlement of Wits Gold Loan (as a percent)		30.00%	30.00%
A3 U S $51.0 Million [Member]
Disclosure of detailed information about borrowings [line items]
Face amount of debt | $									51.0
A4 U S $119.1 Million [Member]
Disclosure of detailed information about borrowings [line items]
Face amount of debt | $									$ 119.1
LIBOR | A3 U S $51.0 Million And A4 US $119.1 Million [Member]
Disclosure of detailed information about borrowings [line items]
Interest rate margin									4.00%	4.00%

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BORROWINGS - ACQUISITION BRIDGE FACILITIES (Details) R in Millions, $ in Millions		12 Months Ended
	Dec. 09, 2016 USD ($)	Dec. 31, 2017 ZAR (R)	Dec. 31, 2016 ZAR (R)	Dec. 31, 2015 ZAR (R)
Disclosure of detailed information about borrowings [line items]
Balance at beginning of period		R 8,973.8	R 3,803.6
Loans raised		69,593.8	17,280.5	R 1,552.0
Loans repaid		(55,719.5)	(11,834.7)	(1,572.9)
Gain on foreign exchange differences		(292.4)	(219.6)	359.4
Balance at end of period		25,649.5	R 8,973.8	R 3,803.6
Stillwater bridge facility
Disclosure of detailed information about borrowings [line items]
Face amount of debt | $	$ 2,650
Loans raised		34,000.3
Loans repaid		(33,304.0)
Gain on foreign exchange differences		(514.5)
Foreign currency translation		R (181.8)
C: US $1.6 billion bridge to debt
Disclosure of detailed information about borrowings [line items]
Face amount of debt | $	$ 1,600
Term of loan:	364 days
Facility A and B
Disclosure of detailed information about borrowings [line items]
Earlier term of loan	9 months
A: US $750 million bridge to equity
Disclosure of detailed information about borrowings [line items]
Face amount of debt | $	$ 750
B: US $300 million bridge to cash
Disclosure of detailed information about borrowings [line items]
Face amount of debt | $	$ 300
LIBOR | Stillwater bridge facility
Disclosure of detailed information about borrowings [line items]
Interest rate margin months 1 - 3	3.25%
LIBOR | Stillwater bridge facility | Net debt to EBITDA less than or equal to 2.0x
Disclosure of detailed information about borrowings [line items]
Interest rate margin months 4 - 6	4.25%
Interest rate margin months 7 - 9	5.25%
Interest rate margin months 10 - 12	6.25%
LIBOR | Stillwater bridge facility | Net debt to EBITDA greater than 2.0x
Disclosure of detailed information about borrowings [line items]
Interest rate margin months 4 - 6	5.25%
Interest rate margin months 7 - 9	6.25%
Interest rate margin months 10 - 12	7.25%

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BORROWINGS - OTHER BORROWINGS (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of detailed information about borrowings [line items]
Balance at beginning of period	R 8,973.8	R 3,803.6
Loans raised	69,593.8	17,280.5	R 1,552.0
Loans repaid	(55,719.5)	(11,834.7)	(1,572.9)
Balance at end of period	25,649.5	8,973.8	3,803.6
Other borrowings
Disclosure of detailed information about borrowings [line items]
Balance at beginning of period	749.5
Loans raised	14,721.5	7,472.6	552.0
Loans repaid	(14,992.3)	(6,723.1)	R (552.0)
Balance at end of period	R 478.7	R 749.5

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BORROWINGS - EXPOSURE TO INTEREST RATE CHANGES (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of detailed information about borrowings [line items]
Non-current borrowings exposed to interest rate changes	R 8,689.7	R 8,971.1	R 3,769.9
Total undrawn facilities	4,123.8	4,523.0	6,746.4
Committed Facilities Undrawn [Member]
Disclosure of detailed information about borrowings [line items]
Total undrawn facilities	3,652.5	4,322.5	6,198.4
Committed Facilities Undrawn [Member] | Within one year
Disclosure of detailed information about borrowings [line items]
Total undrawn facilities	3,188.9		1,536.4
Committed Facilities Undrawn [Member] | later than one year and not later than two years
Disclosure of detailed information about borrowings [line items]
Total undrawn facilities	463.6	3,422.5
Committed Facilities Undrawn [Member] | later than two years and not later than three years
Disclosure of detailed information about borrowings [line items]
Total undrawn facilities		900.0	4,662.0
Uncommitted Facilities Undrawn [Member]
Disclosure of detailed information about borrowings [line items]
Total undrawn facilities	471.3	200.5	548.0
JIBAR
Disclosure of detailed information about borrowings [line items]
Non-current borrowings exposed to interest rate changes	6,015.1	5,849.5	1,961.6
LIBOR
Disclosure of detailed information about borrowings [line items]
Non-current borrowings exposed to interest rate changes	R 2,674.6	R 3,121.6	R 1,808.3

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BORROWINGS - CAPITAL MANAGEMENT (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of detailed information about borrowings [abstract]
Borrowings.	R 25,205.5	R 7,221.2	R 1,995.3
Cash and cash equivalents	2,029.8	928.4	633.4
Net debt	23,175.7	6,292.8	1,361.9
Adjusted EBITDA	R 9,045.1	R 10,270.4	R 6,234.8
Net debt to EBITDA (Ratio)	260.00%	60.00%	20.00%
Leverage ratio, next year	3.5
Leverage ratio, following next year	2.5

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BORROWINGS - RECONCILIATION OF EBITDA (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of detailed information about borrowings [abstract]
(Loss)/profit before royalties and tax	R (6,981.2)	R 4,811.4	R 1,316.0
Adjusted for:
Amortisation and depreciation	5,699.7	4,041.9	3,636.6
Interest income	(415.5)	(331.4)	(257.0)
Finance expense	2,971.8	903.1	561.8
Share-based payments	231.9	496.2	274.4
Loss on financial instruments	(1,114.4)	(1,032.8)	(229.5)
Gain/(loss) on foreign exchange differences	(292.4)	(219.6)	359.4
Share of results of equity-accounted investees after tax	(291.6)	(13.3)	(116.0)
Change in estimates charged to profit or loss	248.9	97.5
Gain on disposal of property, plant and equipment	40.7	95.4	58.7
Impairments	4,411.0	1,381.1
Occupational healthcare expense	1,106.9
Restructuring costs	729.8	187.7	104.8
Transaction costs	552.1	157.0	25.7
Gain on acquisition		(2,178.6)
Net loss on derecognition of guarantee asset and liability			158.3
Adjusted EBITDA	R 9,045.1	R 10,270.4	R 6,234.8

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ENVIRONMENTAL REHABILITATION OBLIGATION (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Oct. 19, 2016	Apr. 12, 2016
Environmental Rehabilitation Obligation
Balance at beginning of the year	R 3,982.2	R 2,411.0	R 2,486.8
Interest charge	357.1	291.4	197.9
Payment of environmental rehabilitation obligation	(26.9)		(0.3)
Change in estimates charged to profit or loss	248.9	97.5
Changes in estimates capitalised	(177.7)	472.5	(273.4)
Environmental rehabilitation obligation on acquisition of subsidiaries	312.1	709.8
Foreign currency translation	(17.0)
Balance at the end of the year	R 4,678.7	3,982.2	R 2,411.0
Aquarius Acquisition
Environmental Rehabilitation Obligation
Changes in estimates capitalised		157.4
Environmental rehabilitation obligation on acquisition of subsidiaries					R 630.0
Rustenburg Operations Acquisition
Environmental Rehabilitation Obligation
Changes in estimates capitalised		R 197.6
Environmental rehabilitation obligation on acquisition of subsidiaries				R 79.8
Minimum
Environmental Rehabilitation Obligation
Provision discount rate	7.20%	7.80%	8.50%
Maximum
Environmental Rehabilitation Obligation
Provision discount rate	9.70%	9.70%	10.20%

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OCCUPATIONAL HEALTHCARE OBLIGATION (Details) - 12 months ended Dec. 31, 2017 - ZAR (R) R in Millions	Total	Total
Disclosure of other provisions [line items]
Take-up rate (as a percent)	60.00%
Reconciliation of changes in other provisions [abstract]
Balance at the end of the year	R 1,153.3
Reconciliation of the non-current and current portion of the occupational healthcare obligation:
Occupational healthcare obligation	1,153.3	R 1,153.3
Current portion of occupational healthcare obligation		(0.8)
Non-current portion of occupational healthcare obligation		1,152.5
Occupational Healthcare provision
Reconciliation of changes in other provisions [abstract]
Obligation recognised	1,077.2
Interest charge	46.4
Change in estimate charge to profit or loss	29.7
Balance at the end of the year	1,153.3
Reconciliation of the non-current and current portion of the occupational healthcare obligation:
Occupational healthcare obligation	R 1,153.3	R 1,153.3

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TRADE AND OTHER PAYABLES (Details) - ZAR (R) R in Millions	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
TRADE AND OTHER PAYABLES
Trade creditors	R 1,728.1	R 1,121.3	R 508.7
Accruals and other creditors	2,380.6	1,971.4	873.3
Payroll creditors	1,253.5	867.7	797.8
Leave pay accrual	1,160.5	1,110.7	553.8
Other	167.7	109.4	25.8
Total trade and other payables	R 6,690.4	R 5,180.5	R 2,759.4

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CASH GENERATED BY OPERATIONS (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
CASH GENERATED BY OPERATIONS
(Loss)/profit for the year	R (4,433.1)	R 3,042.7	R 538.2
Royalties	398.5	566.6	400.6
Mining and income tax	(2,946.6)	1,202.1	377.2
Interest income	(415.5)	(331.4)	(257.0)
Finance expense	2,971.8	903.1	561.8
Profit before interest, royalties and tax	(4,424.9)	5,383.1	1,620.8
Adjustments to reconcile profit (loss) [abstract]
Amortisation and depreciation	5,699.7	4,041.9	3,636.6
Share-based payments	231.9	496.2	274.4
Loss on financial instruments	764.0	1,094.6	229.5
(Gain)/loss on foreign exchange differences	(546.8)	(418.0)	420.1
Share of results of equity-accounted investees after tax	(291.6)	(13.3)	(116.0)
Impairments	4,411.0	1,381.1
Occupational healthcare expense	1,106.9
Gain on acquisition		(2,178.6)
Net loss on derecognition of financial guarantee asset and liability			158.3
Other	147.7	49.3	(93.3)
Total cash generated by operations	R 7,097.9	R 9,836.3	R 6,130.4

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CHANGE IN WORKING CAPITAL (Detail) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Change In Working Capital [Abstract]
Inventories	R (937.7)	R (35.5)	R (78.2)
Trade and other receivables	(214.9)	(220.0)	(634.6)
Trade and other payables	630.3	17.9	44.8
Total change in working capital	R (522.3)	R (237.6)	R (668.0)

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FAIR VALUE OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES, AND RISK MANAGEMENT - (Details) - ZAR (R) R in Millions	Dec. 31, 2017	Dec. 31, 2016
Environment rehabilitation obligation funds
Financial instruments
Financial assets	R 3,492.4	R 3,100.5
Financial assets, at fair value	3,492.4	3,100.5
Environment rehabilitation obligation funds | Level 1
Financial instruments
Financial assets, at fair value	3,117.6	2,630.6
Environment rehabilitation obligation funds | Level 2
Financial instruments
Financial assets, at fair value	374.8	469.9
Trade receivables - PGM sales
Financial instruments
Financial assets		4,001.9
Financial assets, at fair value	4,512.4	4,001.9
Trade receivables - PGM sales | Level 1
Financial instruments
Financial assets, at fair value	4,512.4	4,001.9
Other receivables (not at fair value)
Financial instruments
Financial assets	319.2	665.9
Other payables
Financial instruments
Financial liabilities	(3,760.4)	(1,613.7)
Borrowings
Financial instruments
Financial liabilities	(25,649.5)	(8,973.8)
Derivative financial instrument
Financial instruments
Financial liabilities	(1,093.5)
Financial liabilities, at fair value	(1,093.5)
Derivative financial instrument | Level 2
Financial instruments
Financial liabilities, at fair value	(1,093.5)
Other financial liabilities | Other payables
Financial instruments
Financial liabilities	(3,760.4)	(1,613.7)
Other financial liabilities | Borrowings
Financial instruments
Financial liabilities	(25,649.5)	(8,973.8)
Fair value through profit or loss | Environment rehabilitation obligation funds
Financial instruments
Financial assets	3,492.4	3,100.5
Fair value through profit or loss | Trade receivables - PGM sales
Financial instruments
Financial assets	4,512.4	4,001.9
Fair value through profit or loss | Fair value through profit or loss | Derivative financial instrument
Financial instruments
Financial liabilities	(1,093.5)
Loans and other receivables | Other receivables (not at fair value)
Financial instruments
Financial assets	R 319.2	R 665.9

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FAIR VALUE OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES, AND RISK MANAGEMENT - Counterparty exposure and Credit Risk (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Counterparty exposure and Credit Risk
Maximum investment percent	2.50%
Impairments	R 4,411.0	R 1,381.1
Trade receivables
Counterparty exposure and Credit Risk
Impairments	0.0
Past due but not impaired | Trade receivables
Counterparty exposure and Credit Risk
Receivables	9.0	11.7	R 5.4
Impaired | Trade receivables
Counterparty exposure and Credit Risk
Receivables	R 5.7	R 2.6	R 1.9

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FAIR VALUE OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES, AND RISK MANAGEMENT - undiscounted cash flows resulting from maturities of financial liabilities (Details) R in Millions, $ in Millions	Dec. 31, 2017 USD ($)	Dec. 31, 2017 ZAR (R)	Sep. 19, 2017 USD ($)	Jun. 27, 2017 USD ($)	Dec. 31, 2016 ZAR (R)	Nov. 15, 2016 ZAR (R)	Feb. 15, 2016 USD ($)	Dec. 31, 2015 USD ($)	Aug. 24, 2015 USD ($)
Maturity analysis for financial assets held for managing liquidity risk
Trade and other payables		R 5,529.9			R 4,069.8
Total		42,561.0			15,073.0
Within one year
Maturity analysis for financial assets held for managing liquidity risk
Trade and other payables		5,529.9			4,069.8
Total		8,783.0			4,822.0
Between one and five years
Maturity analysis for financial assets held for managing liquidity risk
Total		10,304.8			6,888.5
After five years
Maturity analysis for financial assets held for managing liquidity risk
Total		23,473.2			3,362.5
R6.0 billion revolving credit facility
Maturity analysis for financial assets held for managing liquidity risk
Face amount of debt		6,000.0				R 6,000.0
US$350 million revolving credit facility
Maturity analysis for financial assets held for managing liquidity risk
Face amount of debt | $	$ 350.0						$ 350.0	$ 300.0	$ 300.0
US$1.05 billion Bond
Maturity analysis for financial assets held for managing liquidity risk
Face amount of debt | $	1,050.0			$ 1,050.0
US$450 million Convertible Bond
Maturity analysis for financial assets held for managing liquidity risk
Face amount of debt | $	$ 450.0		$ 450.0
Capital | R6.0 billion revolving credit facility
Maturity analysis for financial assets held for managing liquidity risk
Bank borrowings		5,536.4			5,100.0
Capital | R6.0 billion revolving credit facility | Between one and five years
Maturity analysis for financial assets held for managing liquidity risk
Bank borrowings		5,536.4			5,100.0
Capital | US$350 million revolving credit facility
Maturity analysis for financial assets held for managing liquidity risk
Bank borrowings		1,137.1			1,369.0
Capital | US$350 million revolving credit facility | Within one year
Maturity analysis for financial assets held for managing liquidity risk
Bank borrowings		1,137.1
Capital | US$350 million revolving credit facility | Between one and five years
Maturity analysis for financial assets held for managing liquidity risk
Bank borrowings					1,369.0
Capital | US$1.05 billion Bond
Maturity analysis for financial assets held for managing liquidity risk
Non-bank borrowings		12,978.0
Capital | US$1.05 billion Bond | After five years
Maturity analysis for financial assets held for managing liquidity risk
Non-bank borrowings		12,978.0
Capital | US$450 million Convertible Bond
Maturity analysis for financial assets held for managing liquidity risk
Non-bank borrowings		5,562.0
Capital | US$450 million Convertible Bond | After five years
Maturity analysis for financial assets held for managing liquidity risk
Non-bank borrowings		5,562.0
Capital | Burnstone Debt
Maturity analysis for financial assets held for managing liquidity risk
Non-bank borrowings		2,102.4			2,338.8
Capital | Burnstone Debt | Between one and five years
Maturity analysis for financial assets held for managing liquidity risk
Non-bank borrowings		96.2			106.6
Capital | Burnstone Debt | After five years
Maturity analysis for financial assets held for managing liquidity risk
Non-bank borrowings		2,006.2			2,232.2
Capital | Other borrowings
Maturity analysis for financial assets held for managing liquidity risk
Non-bank borrowings		478.7			749.5
Capital | Other borrowings | Within one year
Maturity analysis for financial assets held for managing liquidity risk
Non-bank borrowings		478.7			749.5
Capital | Franco-Nevada liability
Maturity analysis for financial assets held for managing liquidity risk
Non-bank borrowings		1.7			2.7
Capital | Franco-Nevada liability | Within one year
Maturity analysis for financial assets held for managing liquidity risk
Non-bank borrowings		1.7			2.7
Capital | Stillwater Convertible Debentures
Maturity analysis for financial assets held for managing liquidity risk
Non-bank borrowings		3.3
Capital | Stillwater Convertible Debentures | Within one year
Maturity analysis for financial assets held for managing liquidity risk
Non-bank borrowings		3.3
Interest
Maturity analysis for financial assets held for managing liquidity risk
Non-bank borrowings		9,231.5			1,443.2
Interest | Within one year
Maturity analysis for financial assets held for managing liquidity risk
Non-bank borrowings		1,632.3
Interest | Between one and five years
Maturity analysis for financial assets held for managing liquidity risk
Non-bank borrowings		4,672.2			312.9
Interest | After five years
Maturity analysis for financial assets held for managing liquidity risk
Non-bank borrowings		R 2,927.0			R 1,130.3

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FAIR VALUE OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES, AND RISK MANAGEMENT - Working capital and going concern assessment (Details) R in Millions, $ in Millions		1 Months Ended		6 Months Ended	12 Months Ended
	Jan. 01, 2018 item	Mar. 31, 2018 USD ($)	Mar. 31, 2018 ZAR (R)	Dec. 31, 2017 USD ($) R / $	Dec. 31, 2017 ZAR (R) item	Dec. 31, 2016 ZAR (R)	Dec. 31, 2015 ZAR (R)	Dec. 31, 2017 ZAR (R)	Feb. 15, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2015 ZAR (R)	Aug. 24, 2015 USD ($)
Working capital and going concern assessment
Profit or loss					R (4,433.1)	R 3,042.7	R 538.2
Working capital					3,566.7	1,446.6
Cash from operating activities					R 2,740.7	4,405.5	R 3,515.3
Exchange rate	11.68			13.41	13.31
Undrawn borrowing facilities						4,523.0		R 4,123.8			R 6,746.4
Number of bank coordinators | item					8
Borrowings						8,973.8		R 25,649.5			3,803.6
Amount of additional borrowings available		$ 250.0	R 3,000.0
Actual leverage ratio				2.6				2.6
Leverage ratio maximum per covenant for the first specified period					3.5
Leverage ratio maximum per covenant for the second specified period					2.5
Leverage ratio targeted maximum					1.0
US$350 million revolving credit facility
Working capital and going concern assessment
Notional amount | $				$ 350.0					$ 350.0	$ 300.0		$ 300.0
Borrowings				92.0		1,369.0		R 1,137.1
US$600 million revolving credit facility
Working capital and going concern assessment
Notional amount | $				$ 600.0
Committed Facilities Undrawn [Member]
Working capital and going concern assessment
Undrawn borrowing facilities						R 4,322.5		R 3,652.5			R 6,198.4

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FAIR VALUE OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES, AND RISK MANAGEMENT - Foreign currency sensitivity (Details) R in Millions, $ in Millions			6 Months Ended	12 Months Ended
	Jan. 01, 2018 item	Jun. 15, 2017 ZAR (R) R / $	Dec. 31, 2017 USD ($) R / $ item	Dec. 31, 2017 ZAR (R) item	Dec. 31, 2016 ZAR (R) item	Dec. 31, 2015 ZAR (R)	Sep. 19, 2017 USD ($)	May 31, 2017 USD ($) R / $	Feb. 15, 2016 USD ($)	Dec. 31, 2015 USD ($) item	Aug. 24, 2015 USD ($)
Disclosure of risk management strategy related to hedge accounting [line items]
Loss on financial instruments				R (1,114.4)	R (1,032.8)	R (229.5)
Average foreign exchange rate	11.68		13.41	13.31
Increase in adjusted EBITDA due to decrease in exchange rate				R 388.9
Decrease in adjusted EBITDA due to increase in exchange rate				R 388.9
Currency risk
Disclosure of risk management strategy related to hedge accounting [line items]
Closing foreign exchange rate | item			12.36		13.69					15.54
Percentage decrease in risk assumption				1.00%
Percentage increase in risk assumption				1.00%
Decrease in gain on foreign exchange differences due to decrease in exchange rate				R 81.2	R 31.2	18.4
Increase in gain on foreign exchange differences due to increase in exchange rate				R 81.2	R 31.2	R 18.4
Currency risk | Forward contract
Disclosure of risk management strategy related to hedge accounting [line items]
Contracts amount | $								$ 779.1
Closing foreign exchange rate | R / $		12.89						13.23
Loss on financial instruments		R 283.2
US$350 million revolving credit facility
Disclosure of risk management strategy related to hedge accounting [line items]
Face amount of debt | $			$ 350.0						$ 350.0	$ 300.0	$ 300.0
US$450 million Convertible Bond
Disclosure of risk management strategy related to hedge accounting [line items]
Face amount of debt | $			$ 450.0				$ 450.0

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FAIR VALUE OF FA AND FL, RISK MANAGEMENT - Commodity price sensitivity and hedging (Details) - Commodity price risk R in Millions	12 Months Ended
	Dec. 31, 2017 ZAR (R) R / oz item	Dec. 31, 2016 ZAR (R)	Dec. 31, 2015 ZAR (R)	Dec. 31, 2014 ZAR (R)
Foreign currency sensitivity analysis
Percentage decrease in risk assumption	1.00%
Decrease in loss due to decrease in commodity price	R 61.0
Percentage increase in risk assumption	1.00%
Increase in loss due to increase in commodity price	R 61.0
Futures contract
Foreign currency sensitivity analysis
Contracts amount		R 0.0	R 0.0	R 0.0
Later Than 30 November 2017 And Not Later Than 24 December 2017 [Member] | Forward contract
Foreign currency sensitivity analysis
Number of ounces of Cooke's gold | item	17,843
Average price of Cooke's gold | R / oz	19,700
Later Than 31 December 2017 And Not Later Than 28 December 2018 [Member] | Forward contract
Foreign currency sensitivity analysis
Number of ounces of Cooke's gold | item	115,740
Average price of Cooke's gold | R / oz	17,530

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FAIR VALUE OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES, AND RISK MANAGEMENT - Interest rate sensitivity (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Interest rate sensitivity
Borrowings	R 25,649.5	R 8,973.8	R 3,803.6
Interest rate risk
Interest rate sensitivity
Borrowings	25,644.5	8,971.1	3,769.9
Change in interest expense for downward change by 1.5% in interest rate	132.5	45.6
Change in interest expense for downward change by 1% in interest rate	88.3	30.4
Change in interest expense for downward change by 0.5% in interest rate	44.2	15.2
Change in interest expense for upward change by 0.5% in interest rate	(44.2)	(28.8)
Change in interest expense for upward change by 1% in interest rate	(88.3)	(57.6)
Change in interest expense for upward change by 1.5% in interest rate	(132.5)	(86.4)
JIBAR | Interest rate risk
Interest rate sensitivity
Borrowings	6,015.1	5,849.5	1,961.6
Change in interest expense for downward change by 1.5% in interest rate	83.0	45.6
Change in interest expense for downward change by 1% in interest rate	55.4	30.4
Change in interest expense for downward change by 0.5% in interest rate	27.7	15.2
Change in interest expense for upward change by 0.5% in interest rate	(27.7)	(15.2)
Change in interest expense for upward change by 1% in interest rate	(55.4)	(30.4)
Change in interest expense for upward change by 1.5% in interest rate	(83.0)	(45.6)
LIBOR | Interest rate risk
Interest rate sensitivity
Borrowings	2,674.6	3,121.6	R 1,808.3
Change in interest expense for downward change by 1.5% in interest rate	49.5
Change in interest expense for downward change by 1% in interest rate	33.0
Change in interest expense for downward change by 0.5% in interest rate	16.5
Change in interest expense for upward change by 0.5% in interest rate	(16.5)	(13.6)
Change in interest expense for upward change by 1% in interest rate	(33.0)	(27.2)
Change in interest expense for upward change by 1.5% in interest rate	R (49.5)	R (40.8)
Minimum | Interest rate risk
Interest rate sensitivity
Debt term	1 month
Maximum | Interest rate risk
Interest rate sensitivity
Debt term	3 months

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COMMITMENTS (Details) - ZAR (R) R in Millions	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure Of Commitments [Line Items]
Authorised capital expenditure	R 5,397.3	R 3,757.4	R 3,052.6
Contracted for capital expenditure	346.6	321.2	294.4
Other guarantees	266.7	55.5	55.5
Burnstone
Disclosure Of Commitments [Line Items]
Authorised capital expenditure	445.9	704.0	705.0
Kloof
Disclosure Of Commitments [Line Items]
Authorised capital expenditure	1,200.8	1,256.0	1,307.7
Driefontein
Disclosure Of Commitments [Line Items]
Authorised capital expenditure	724.5	780.4	725.5
Beatrix
Disclosure Of Commitments [Line Items]
Authorised capital expenditure	210.1	130.0	120.3
Cooke
Disclosure Of Commitments [Line Items]
Authorised capital expenditure	195.5	207.2	R 194.1
Kroondal
Disclosure Of Commitments [Line Items]
Authorised capital expenditure	69.8	260.7
Platinum Mile
Disclosure Of Commitments [Line Items]
Authorised capital expenditure	72.3	5.0
Rustenburg Operations
Disclosure Of Commitments [Line Items]
Authorised capital expenditure	2,478.3	413.0
Other segments
Disclosure Of Commitments [Line Items]
Authorised capital expenditure	R 0.1	R 1.1

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CONTINGENT LIABILITIES (Details)	Aug. 29, 2017 $ / shares shares	May 26, 2017 shares	May 22, 2017 shares	May 19, 2017 shares	May 04, 2017 item $ / shares
Disclosure of contingent liabilities [line items]
Ifrs Business Acquisition Share Price | $ / shares	$ 18.00
Stillwater
Disclosure of contingent liabilities [line items]
Ifrs Business Acquisition Share Price | $ / shares					$ 18
Appraisal of Stock
Disclosure of contingent liabilities [line items]
Number of petitions | item					3
Trial period (in days)	4 days
Appraisal of Stock | In re Appraisal of Stillwater Mining Company
Disclosure of contingent liabilities [line items]
Purported number of shares of common stock	5,803,623
Appraisal of Stock | Blue Mountain Credit Alternatives Master Fund L.P. et al. vs. Stillwater Mining Company
Disclosure of contingent liabilities [line items]
Purported number of shares of common stock				4,219,523
Appraisal of Stock | Brigade Leveraged Capital Structures Fund Ltd. et al. vs. Stillwater Mining Company
Disclosure of contingent liabilities [line items]
Purported number of shares of common stock			1,200,000
Appraisal of Stock | Hillary Shane Revocable Trust, et al. vs. Stillwater Mining Company
Disclosure of contingent liabilities [line items]
Purported number of shares of common stock		384,000

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RELATED-PARTY TRANSACTIONS - Transactions and balances (Details) - Rand Refinery - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of transactions between related parties [line items]
Interest in associates (as a percent)	33.10%
Dividends received from related parties	R 0.0	R 0.0	R 0.0
Refining fees paid	(32.5)	(44.4)	(30.8)
Interest income	R 1.5	40.2	37.3
Loan receivable		R 403.9	R 363.7

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RELATED-PARTY TRANSACTIONS - Key management remuneration (Details) R in Thousands, $ in Thousands		6 Months Ended	12 Months Ended
	Jan. 01, 2018 item	Dec. 31, 2017 USD ($) R / $	Dec. 31, 2017 ZAR (R) item	Dec. 31, 2016 ZAR (R)	Dec. 31, 2015 ZAR (R)
Disclosure of transactions between related parties [line items]
Salary			R 15,323,000	R 9,276,100	R 7,345,000
Average foreign exchange rate	11.68	13.41	13.31
Directors and Prescribed officers
Disclosure of transactions between related parties [line items]
Salary			R 45,901
Cash bonus accrued for 2017 paid in 2018			45,727
Share proceeds and dividends payments			59,440
Pension scheme total contributions			4,602
Expense allowance			209
Total			155,879	194,721
Neal Froneman
Disclosure of transactions between related parties [line items]
Salary			10,265
Cash bonus accrued for 2017 paid in 2018			15,158
Share proceeds and dividends payments			25,956
Pension scheme total contributions			1,103
Expense allowance			174
Total			52,656	104,727
Charl Keyter
Disclosure of transactions between related parties [line items]
Salary			5,518
Cash bonus accrued for 2017 paid in 2018			7,775
Share proceeds and dividends payments			9,354
Pension scheme total contributions			758
Expense allowance			35
Total			23,440	26,299
Chris Bateman
Disclosure of transactions between related parties [line items]
Salary			4,506
Cash bonus accrued for 2017 paid in 2018			2,615
Pension scheme total contributions			148
Total		$ 540	7,269
Hartley Dikgale
Disclosure of transactions between related parties [line items]
Salary			3,886
Cash bonus accrued for 2017 paid in 2018			2,176
Share proceeds and dividends payments			5,448
Pension scheme total contributions			258
Total			11,768	10,849
Dawie Mostert
Disclosure of transactions between related parties [line items]
Salary			3,683
Cash bonus accrued for 2017 paid in 2018			2,577
Share proceeds and dividends payments			5,289
Pension scheme total contributions			495
Total			12,044	11,711
Themba Nkosi
Disclosure of transactions between related parties [line items]
Salary			3,535
Cash bonus accrued for 2017 paid in 2018			2,372
Share proceeds and dividends payments			686
Pension scheme total contributions			276
Total			6,869	2,951
Wayne Robinson
Disclosure of transactions between related parties [line items]
Salary			4,381
Cash bonus accrued for 2017 paid in 2018			2,328
Share proceeds and dividends payments			2,211
Pension scheme total contributions			348
Total			9,268	6,180
Richard Stewart
Disclosure of transactions between related parties [line items]
Salary			3,808
Cash bonus accrued for 2017 paid in 2018			4,925
Share proceeds and dividends payments			2,141
Pension scheme total contributions			414
Total			11,288	5,331
Robert Van Niekerk
Disclosure of transactions between related parties [line items]
Salary			4,547
Cash bonus accrued for 2017 paid in 2018			4,492
Share proceeds and dividends payments			7,896
Pension scheme total contributions			489
Total			17,424	21,725
John Wallington
Disclosure of transactions between related parties [line items]
Salary			1,772
Cash bonus accrued for 2017 paid in 2018			1,309
Share proceeds and dividends payments			459
Pension scheme total contributions			313
Total			R 3,853	R 4,948

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RELATED-PARTY TRANSACTIONS - Non-executive director fees (Details) - ZAR (R) R in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Non-executive directors
Disclosure of transactions between related parties [line items]
Directors' fees	R 10,353
Committee fees	4,019
Expense allowance	427
Total	14,799	R 14,515
Chris Chadwick
Disclosure of transactions between related parties [line items]
Directors' fees	345
Committee fees	97
Total	442	1,099
Robert Chan
Disclosure of transactions between related parties [line items]
Directors' fees	718
Committee fees	203
Expense allowance	277
Total	1,198	1,369
Tim Cumming
Disclosure of transactions between related parties [line items]
Directors' fees	908
Committee fees	459
Expense allowance	61
Total	1,428	1,337
Barry Davison
Disclosure of transactions between related parties [line items]
Directors' fees	908
Committee fees	587
Expense allowance	60
Total	1,555	1,411
Savannah Danson
Disclosure of transactions between related parties [line items]
Directors' fees	544
Committee fees	201
Total	745
Rick Menell
Disclosure of transactions between related parties [line items]
Directors' fees	908
Committee fees	681
Expense allowance	21
Total	1,610	1,602
Sello Moloko
Disclosure of transactions between related parties [line items]
Directors' fees	1,717
Expense allowance	8
Total	1,725	1,621
Nkosemntu Nika
Disclosure of transactions between related parties [line items]
Directors' fees	874
Committee fees	411
Total	1,285	1,260
Keith Rayner
Disclosure of transactions between related parties [line items]
Directors' fees	908
Committee fees	637
Total	1,545	1,530
Sue van der Merwe
Disclosure of transactions between related parties [line items]
Directors' fees	908
Committee fees	315
Total	1,223	1,139
Jerry Vilakazi
Disclosure of transactions between related parties [line items]
Directors' fees	897
Committee fees	327
Total	1,224	1,169
Jiyu Yuan
Disclosure of transactions between related parties [line items]
Directors' fees	718
Committee fees	101
Total	R 819	R 978

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RELATED-PARTY TRANSACTIONS - Key management share ownership (Details) - shares	Mar. 30, 2018	Dec. 31, 2017	Dec. 31, 2016
Directors and Prescribed officers
Disclosure of transactions between related parties [line items]
Total share ownership		6,932,106,000	2,099,116,000
Directors
Disclosure of transactions between related parties [line items]
Total share ownership		6,341,368	1,910,680
Neal Froneman
Disclosure of transactions between related parties [line items]
Total share ownership	4,125,184	3,342,087	804,402
Percentage of shares		0.15%	0.09%
Charl Keyter
Disclosure of transactions between related parties [line items]
Total share ownership	1,385,352	1,212,745	469,954
Percentage of shares		0.06%	0.05%
Tim Cumming
Disclosure of transactions between related parties [line items]
Total share ownership	102	102	100
Barry Davison
Disclosure of transactions between related parties [line items]
Total share ownership	1,507,414	1,507,414	500,000
Percentage of shares		0.07%	0.05%
Rick Menell
Disclosure of transactions between related parties [line items]
Total share ownership	104,448	104,448	44,800
Sello Moloko
Disclosure of transactions between related parties [line items]
Total share ownership	107,245	107,245	46,000
Keith Rayner
Disclosure of transactions between related parties [line items]
Total share ownership	66,339	66,339	45,000
Sue van der Merwe
Disclosure of transactions between related parties [line items]
Total share ownership	988	988	424
Chris Bateman
Disclosure of transactions between related parties [line items]
Total share ownership	12,722
Hartley Dikgale
Disclosure of transactions between related parties [line items]
Total share ownership	367,168	292,785	175,215
Percentage of shares		0.01%	0.02%
Themba Nkosi
Disclosure of transactions between related parties [line items]
Total share ownership	18,370	18,370	367
Wayne Robinson
Disclosure of transactions between related parties [line items]
Total share ownership	101,997	346
Richard Stewart
Disclosure of transactions between related parties [line items]
Total share ownership	187,412	102,971	12,854
Robert Van Niekerk
Disclosure of transactions between related parties [line items]
Total share ownership	302,251	176,266
Percentage of shares		0.01%

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EVENTS AFTER REPORTING DATE (Details)			12 Months Ended
	Feb. 21, 2018	Aug. 29, 2017	Dec. 31, 2017	Dec. 14, 2017 EquityInstruments
Disclosure of non-adjusting events after reporting period [line items]
Capitalisation issuance ratio		0.02	0.02
Lonmin
Disclosure of non-adjusting events after reporting period [line items]
Number of shares entitled to receive per share				0.967
Potential ordinary share transactions [member]
Disclosure of non-adjusting events after reporting period [line items]
Capitalisation issuance ratio	0.04