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Anglo Platinum Ore Reserves Report 2017

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Anglo Platinum Ore Reserves Report 2017 POSITIONED FOR A SUSTAINABLE FUTURE SUSTAINABLE A FOR POSITIONED BUILDING ON OUR FOUNDATIONS FOUNDATIONS OUR ON BUILDING MINERAL RESOURCES REPORT 2017 REPORT RESOURCES MINERAL ORE RESERVES AND RESERVES ORE ANGLO AMERICAN PLATINUM LIMITED ANGLO AMERICAN PLATINUM ANGLO AMERICAN PLATINUM LIMITED ORE RESERVES AND MINERAL RESOURCES REPORT 2017 CONTENTS BUILDING ON OUR Ore Reserves and Mineral Resources FOUNDATIONS 2 Lead Competent Person’s letter POSITIONED FOR A 6 External auditor’s letter (Optiro) 7 Competent Person – Resources SUSTAINABLE FUTURE 10 Competent Person – Reserves Amid unprecedented challenges facing the global 12 Mineral Resources and Ore Reserves: definitions mining sector, Anglo American Platinum (Amplats) is proving its resilience and ability to manage Ore Reserve and Mineral Resource estimates change through a focused strategy that has 13 Ore Reserves (by reef) positioned our group for a different future. 17 Ore Reserves (by mine/project) By concentrating on elements we can control, 20 Ore Reserves classification building the foundations for continuous 23 Mineral Resources exclusive of Ore Reserves improvement and developing international markets (by reef ) for our products, we are delivering on our strategy. 29 Mineral Resources exclusive of Ore Reserves After several years of intense work, we have (by mine/project) shaped our business for a sustainable future – a 33 Mineral Resources inclusive of Ore Reserves (by reef) business that is more robust, responsive and 36 Mineral Resources inclusive of Ore Reserves competitive. (by mine/project) By focusing strategically on value and not volume, 38 Mineral Resources classification we have repositioned our portfolio by exiting 44 Mineral Resources (prill and base metal estimates) certain assets and capitalised focused on market- 44 Mineral Resources inclusive of Ore Reserves (3E project) development opportunities. We are also building positive relationships with all our stakeholders 45 Deposits while our operations concentrate on optimising 46 Definition for waterfall charts their potential. 47 Competent Persons List Refers to other pages in this report. 48 Administration Supporting documentation on the website Integrated report Full annual financial statements Supplementary report UN Global Compact Assessment GRI Standards referenced index www.angloamericanplatinum.com/investors/annual-reporting/2017 Anglo American Platinum Limited Ore Reserves and Mineral Resources Report 2017 1 ORE RESERVES AND MINERAL RESOURCES LEAD COMPETENT PERSON’S LETTER ORE RESERVES AND MINERAL RESOURCES Gordon Smith Executive head: technical GENERAL STATEMENT The Anglo American Platinum Limited (Amplats) method of reporting Ore Reserves and Mineral Resources is in accordance to the South African Code for Reporting of Exploration Results, Mineral Resources and Mineral Reserves (the SAMREC Code). The reporting of Mineral Resources and Ore Reserves for 2017 has been aligned to changes prescribed in the new SAMREC Code published in 2016, for implementation in 2017. The estimates (tonnes and content) quoted in the report are on an attributable interest basis and the attributable interest is noted in the tabulations. The Anglo American plc Ore Reserves and Mineral Resources Report quotes the reported estimates on a 100% basis. Ore Reserve and Mineral Resource estimates are quoted as at 31 December 2017. ORE RESERVES the sale of our interest in Pandora Mine to Lonmin Platinum Limited The combined South African and Zimbabwean Ore Reserves have (Lonmin). The reduction of Ore Reserves has been partially offset by an decreased by 2.4% from 170.2 4E Moz to 166.2 4E Moz in the review increase in Ore Reserves at Mogalakwena, Tumela and Dishaba mines period. The reduction was primarily due to Bokoni Mine being placed on due to the additional conversion of Mineral Resources to Ore Reserves. care and maintenance by Atlatsa Resource Corporation (Atlatsa) and Anglo Platinum Merensky, UG2, Platreef and Main Sulphide Zone (MSZ) Ore Reserves (4E Moz) – South Africa and Zimbabwe Changes between 2016 and 2017 (Amplats attributable) 180 175 3.7 (5.8) 170.2 (2.2) 170 (1.2) 2.7 (1.2) 166.2 (5.1) 165 161.1 Reserves Moz 160 155 150 2017 2018 2016 Bokoni Platreef Economic UG2, MSZ Production Production Conversion assumptions of 85% interest of 42.5% interest Platreef (includes Pandora: disposal Merensky, UG2, MSZ stockpile movements) Conversion Merensky, Union: pending disposal At Mogalakwena Mine, a combination of enhanced geological modelling, At the Amandelbult mining complex, the continued execution of the pit shell optimisation, production and stockpile movements resulted in Tumela and Dishaba UG2 strategy has an additional 1.3 4E Moz being the Mogalakwena Platreef Ore Reserves increasing by 2.5 4E Moz from converted to Ore Reserves from the exclusive Mineral Resources. 124.1 4E Moz in 2016 to 126.6 4E Moz in 2017. The combination of MINERAL RESOURCES basket metal prices and exchange rate used to optimise the The combined South African and Zimbabwean Mineral Resources, Mogalakwena pit is based on long-term forecasts in a balanced supply/ inclusive of Ore Reserves, decreased by 3.7% from 831.7 4E Moz to demand scenario. Mining costs are escalated in real terms to account for 801.1 4E Moz in the review period. This was primarily the result of the mining inflation and increasing mining depth. disposal of the interest in Pandora Mine Mineral Resources to Lonmin (-12.0 4E Moz) and the sale of a long dated portion of the Tumela Mine inclusive Mineral Resource to Northam (-17.5 4E Moz). 2 Anglo American Platinum Limited Ore Reserves and Mineral Resources Report 2017 IMPACT OF PORTFOLIO REPOSITIONING STRATEGY · The sale of Union Mine to be concluded by the end of February 2018 Since 2013, Amplats has been executing a portfolio repositioning · Ongoing engagements on interests in the Kroondal and Mototolo strategy comprising three core elements: a restructuring of mineral joint ventures. assets into a value optimised portfolio, deriving full value from To date the net impact of this strategy is a reduction of Mineral Resource operations, and enhancing cost and financial performance. inclusive of Ore Reserves of 29.5 4E Moz for the 2017 reporting period The restructuring component has resulted in: and a further 39.8 4E Moz following closure of the Union Mine transaction in 2018 (see waterfall chart below). The disposal of the Rustenburg mining and concentrating operations · to Sibanye-Stillwater During this period Amplats has maintained output of profitable metal to Twickenham Mine project placed on care and maintenance market and significantly improved its financial performance through · Operations ceasing at Bokoni Mine following a decision by Atlatsa improved productivity, controlling costs below inflation and reducing · to place it under care and maintenance overhead cost and net debt – all on the foundation of a value-optimising Interests in the Pandora Mine have been sold to Lonmin and the sale mineral asset portfolio. · of a portion of Tumela Mine to Northam Anglo Platinum Merensky, UG2, Platreef and Main Sulphide Zone (MSZ), Inclusive Mineral Resources (4E Moz) – South Africa and Zimbabwe Changes between 2013 and 2018 (Amplats attributable) 950 917.7 0.3 (1.3) (3.1) 913.6 (0.9) (2.4) 6.2 916.4 (1.7) (85.5) 900 850 (6.8) 9.3 831.7 (0.2) (12.0) (17.5) Resources Moz 1.0 (1.6) 801.1 (39.8) 800 761.3 750 2016 2013 2014 2015 2017 2018 information MR and UG2 MR and UG2 and depletion of 85% interest New information Driekop: disposal Portion of Tumela: Unki: methodology Mogalakwena: new disposal to Northam Pandora: disposal of New information and New information and New information and Mogalakwena: mainly Unki: new information Unki: new information Unki: new information depletion MR and UG2 depletion depletion Union: pending disposal inclusion of Boikgantsho 42.5% interest to Lonmin Mogalakwena: new model Rustenburg mines: disposal DISPOSAL OF THE INTEREST OF PANDORA MINE DISPOSAL OF UNION MINE – 2018 TO LONMIN PLATINUM LIMITED – 2017 Mineral Resources inclusive of Ore Reserves Mineral Resources inclusive of Ore Reserves In executing the portfolio repositioning strategy, Amplats is progressing As part of the portfolio repositioning strategy, interests in the Pandora transactions for the disposal of its share of Mineral Resources inclusive Mine was sold to Lonmin on 5 December 2017, resulting in: of Ore Reserves at Union Mine. Execution of the sale is expected in the first quarter of 2018. Finalisation of this transaction would decrease the –12.0 4E Moz of UG2 Reef (42.5% attributable). · combined South African and Zimbabwean Mineral Resource inclusive DISPOSAL OF A PORTION OF TUMELA MINE of Ore Reserves by 5.0% from 801.2 4E Moz to 761.3 4E Moz (RUSTENBURG PLATINUM MINES) TO NORTHAM (-39.8 4E Moz) based on the 2017 declaration. PLATINUM LIMITED – 2017 -14.7 4E Moz Merensky Reef (85% attributable). Mineral Resources inclusive of Ore Reserves · -24.5 4E Moz UG2 Reef (85% attributable). As part of the portfolio repositioning strategy, a long dated portion of the · -0.6 4E Moz tailings dams (85% attributable). Tumela Mine inclusive Mineral Resource was transferred to Northam on · 6 December 2017, resulting in: · -8.2 4E Moz of Merensky Reef (100% owned). · -9.3 4E Moz of UG2 Reef (100% owned). Anglo American Platinum Limited Ore Reserves and Mineral Resources Report 2017 3 ORE RESERVES AND MINERAL RESOURCES LEAD COMPETENT PERSON’S LETTER ORE RESERVES AND MINERAL RESOURCES continued Ore Reserves Resource and Reserve management database Finalisation of the disposal of Amplats’ share of Ore Reserves at Union Web-based data capturing of all relevant Mineral Resource and Mine would decrease of combined South African and Zimbabwean Ore · Ore Reserve information. Reserves by 3.1% from 166.2 4E Moz to 161.1 4E Moz (–5.1 4E Moz) Integration with the Anglo American plc’s group Resource and based on the 2017 declaration (see waterfall chart on page 2). · Reserve reporting management systems. Internal database audit and approval.
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