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SIBANYE STILLWATER LIMITED - S&P Global Ratings upgrades Sibanye-Stillwaters credit rating

Release Date: 04/11/2020 08:20
Code(s): SSW     PDF:  
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S&P Global Ratings upgrades Sibanye-Stillwater’s credit rating

Sibanye Stillwater Limited
Incorporated in the Republic of South Africa
Registration number 2014/243852/06
Share codes: SSW (JSE) and SBSW (NYSE)
ISIN – ZAE000259701
Issuer code: SSW
(“Sibanye-Stillwater” or “the Group” or “the Company”)

S&P Global Ratings upgrades Sibanye-Stillwater’s credit rating
Johannesburg, 4 November 2020: Sibanye-Stillwater (Tickers JSE: SSW and NYSE: SBSW)
is pleased to report that S&P Global Ratings has upgraded Sibanye-Stillwater’s issuer
credit rating to 'BB-’ from ‘B+’ with a Stable Outlook. In a recent report, S&P Global
Ratings stated: “materially higher cash flows owing to strong gold and PGM prices
have resulted in stronger-than-expected credit metrics and balance sheet”. Further
information is available from

Charl Keyter, CFO of Sibanye-Stillwater commented: “the recent S&P rating upgrade is
pleasing, and reflects the significant improvement in the Group’s operating and
financial position. Despite considerable operational disruptions and other challenges
associated with the COVID-19 pandemic earlier this year, the Group delivered solid
results for Q3 2020, with the production build up ahead of forecast, underpinning
another record financial result. Production from the SA operations is expected to
normalise during Q4 2020, underpinning a more robust outlook for the Group, should
precious metals prices sustain at current levels”.

Fitch Ratings assigned a first-time issuer credit rating of ‘BB’ with a Stable Outlook
to Sibanye-Stillwater in August 2020. The Fitch Ratings report published on 2 November
2020 notes that “the IDR reflects a robust financial profile with forecast funds from
operations gross leverage comfortably below 1x in the medium term, and strong demand
fundamentals of palladium and rhodium in the next decade”. Further information is
available from


Investor relations contact:
James Wellsted
Head of Investor Relations
Tel: +27 (0) 83 453 4014
Sponsor: J.P. Morgan Equities South Africa Proprietary Limited


The information in this announcement may contain forward-looking statements within the meaning of
the “safe harbour” provisions of the United States Private Securities Litigation Reform Act of
1995. These forward-looking statements, including, among others, those relating to Sibanye
Stillwater Limited’s (“Sibanye-Stillwater” or the “Group”) financial positions, business
strategies, plans and objectives of management for future operations, are necessarily estimates
reflecting the best judgment of the senior management and directors of Sibanye-Stillwater.

All statements other than statements of historical facts included in this announcement may be
forward-looking statements. Forward-looking statements also often use words such as “will”,
“forecast”, “potential”, “estimate”, “expect” and words of similar meaning. By their nature,
forward-looking statements involve risk and uncertainty because they relate to future events and

circumstances and should be considered in light of various important factors, including those set
forth in this disclaimer. Readers are cautioned not to place undue reliance on such statements.

The important factors that could cause Sibanye-Stillwater’s actual results, performance or
achievements to differ materially from those in the forward-looking statements include, among
others, our future business prospects; financial positions; debt position and our ability to reduce
debt leverage; business, political and social conditions in the United States, South Africa,
Zimbabwe and elsewhere; plans and objectives of management for future operations; our ability to
obtain the benefits of any streaming arrangements or pipeline financing; our ability to service
our bond instruments; changes in assumptions underlying Sibanye-Stillwater’s estimation of their
current mineral reserves and resources; the ability to achieve anticipated efficiencies and other
cost savings in connection with past, ongoing and future acquisitions, as well as at existing
operations; our ability to achieve steady state production at the Blitz project; the success of
Sibanye-Stillwater’s business strategy; exploration and development activities; the ability of
Sibanye-Stillwater to comply with requirements that they operate in a sustainable manner; changes
in the market price of gold, PGMs and/or uranium; the occurrence of hazards associated with
underground and surface gold, PGMs and uranium mining; the occurrence of labour disruptions and
industrial action; the availability, terms and deployment of capital or credit; changes in relevant
government regulations, particularly environmental, tax, health and safety regulations and new
legislation affecting water, mining, mineral rights and business ownership, including any
interpretations thereof which may be subject to dispute; the outcome and consequence of any
potential or pending litigation or regulatory proceedings or other environmental, health and safety
issues; power disruptions, constraints and cost increases; supply chain shortages and increases in
the price of production inputs; fluctuations in exchange rates, currency devaluations, inflation
and other macro-economic monetary policies; the occurrence of temporary stoppages of mines for
safety incidents and unplanned maintenance; the ability to hire and retain senior management or
sufficient technically skilled employees, as well as their ability to achieve sufficient
representation of historically disadvantaged South Africans in management positions; failure of
information technology and communications systems; the adequacy of insurance coverage; any social
unrest, sickness or natural or man-made disaster at informal settlements in the vicinity of some
of Sibanye-Stillwater’s operations; and the impact of HIV, tuberculosis and the spread of other
contagious diseases, such as coronavirus (“COVID-19”). Further details of potential risks and
uncertainties affecting Sibanye-Stillwater are described in Sibanye-Stillwater’s filings with the
Johannesburg Stock Exchange and the United States Securities and Exchange Commission.

These forward-looking statements speak only as of the date of the content. Sibanye-Stillwater
expressly disclaims any obligation or undertaking to update or revise any forward-looking statement
(except to the extent legally required).


Date: 04-11-2020 08:20:00
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