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Abstract

Sibanye Gold (SBGL) is a South African gold mining company that was spun out by Gold Fields (GFI) at the beginning of this year. The new company was greeted with strong head winds created by a drop in gold price; market skepticism; and bad news stemming from labor unrest in South Africa. The company has presented its maiden results and we see encouraging indications of a turnaround for Sibanye.

Last week Sibanye announced that it has acquired a 74% interest in a group of assets called Cooke Operations from Gold One (OTC:GLDZF). We believe that this move has some remarkable long-term implications for Sibanye and that it will potentially unlock value...

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