Mineral Resource and Mineral Reserve Statement as at 30 June 2011 Zimplats concentrator Contents 3 Introduction 4 Geological settings 4 The Bushveld Complex 6 The Great Dyke 7 Regulatory compliance 9 Mineral rights status 11 Exploration review 13 Auditing and Risk 13 Pertinent assessment and reporting criteria 15 Integrated Mineral Resource Management 15 Mine Planning 17 Key year-on-year changes 18 Attributable Mineral Resources and Mineral Reserves 23 Mineral Resource summary – exclusive of Mineral Reserves 25 Reconciliation 30 Historic production 31 Life-of-mine production 32 Mineral Resources and Mineral Reserves 32 Impala 38 Marula Impala: page 32 Marula: page 38 42 Afplats 46 Two Rivers 50 Tamboti 54 Zimplats Two Afplats: page 42 Rivers: page 46 58 Mimosa 62 Glossary of terms 65 Mineral Resource and Mineral Reserve definitions 67 Contact details Tamboti Project: page 50 Zimplats: page 54 Mimosa: page 58 Implats Mineral Resource and Mineral Reserve Statement June 2011 www.implats.co.za 1 Group Mineral Resources and Mineral Reserves This report serves as the annual update of the Group Mineral Resources and Mineral Reserves for Implats and to inform shareholders and potential investors of the status of Group mineral assets Underground trackless machines in operation Implats Mineral Resource and Mineral Reserve Statement June 2011 www.implats.co.za 2 Introduction This report serves as the annual update of Total attributable Group Mineral Reserves Attributable Mineral the Group Mineral Resources and Mineral decreased by 1.9 million platinum ounces Resources of 228 million Reserves for Implats and to inform to 35.0 million platinum ounces platinum ounces as at 30 June 2011 shareholders and potential investors of the Material restatement of Mineral Reserves status of group mineral assets. This is the at Marula, in line with a new mine plan detailed version of the Mineral Resource and Additional work resulted in updated Mineral Reserve Statement, an abridged estimates for Impala, Afplats, Two Rivers, version is contained in the Implats Integrated Zimplats and Mimosa Annual Report for 2011. Steady progress is being made to convert Mineral Resources across the Group from Main features relating to Implats’ Mineral the inferred category to an indicated and Q Zimplats 41% Q Impala 30% Resources and Mineral Reserves as at measured status Q Tamboti 12% 30 June 2011 relative to 30 June 2010: Attributable Mineral Resources remain Q Afplats 10% Q Marula 4% Estimated total attributable Mineral dominated by the Impala and Zimplats Q Mimosa 2% Q Two Rivers 1% Resources increased by 2.4 million platinum contributions. ounces to 228 million platinum ounces Attributable platinum ounces, net of depletion, corporate activity and additional work (Moz Pt) Resources 187 2% increase, Afplats included 30 June 2007 Reserves 40.0 8% increase, Afplats included Resources 237 27% increase, Tamboti added, reporting principle adjusted 30 June 2008 Reserves 42.0 5% increase, progression of 17 Shaft to reserves Resources 230 3% decrease, northern graben at Impala excluded 30 June 2009 Reserves 37.4 12% decrease, Afplats excluded Resources 225 2% decrease, mostly due to introduction of a depth cut-off 30 June 2010 Reserves 36.9 No material changes Resources 228 1% increase, mostly due to increase in estimated widths 30 June 2011 Reserves 35.0 5% decrease, mostly due to Marula mine plan and depletion Note: Mineral Resources are inclusive of Mineral Reserves. Implats Mineral Resource and Mineral Reserve Statement June 2011 www.implats.co.za 3 Geological settings Implats exploits platiniferous horizons within The Bushveld Complex the Bushveld Complex in South Africa and the The Bushveld Complex is an extremely large Great Dyke in Zimbabwe. These are the two (66 000 km2), two billion year-old layered largest known deposits of platinum group igneous intrusion occurring in the northern minerals in the world and are unique in terms part of South Africa. Rock types range in of geological continuity. Mining mostly takes composition from ultramafic to felsic. The place as underground operations focusing on complex is not only unique in size but also relatively narrow mineralised horizons with in the range and economic significance of its specific mining methods adapted to suit the contained mineral wealth. In addition to the local geology and morphology of the platinum group metals (PGMs) and associated mineralised horizons. base metals, vast quantities of chromite, iron, vanadium and dimension stone are produced. Musengezi HARARE Complex Hartley Mine Zimplats Hartley Complex Ngezi Mine Selukwe Complex Great Dyke BULAWAYO ZIMBABWE Mimosa Wedza Complex NAMIBIA BOTSWANA Northern Limb Eastern Western Limb Limb SOUTH AFRICA POLOKWANE Marula Burgersfort Two Rivers Pilanesberg Tamboti Afplats Impala Rustenburg Brits PRETORIA JOHANNESBURG Great Dyke 0 250 500 Bushveld Complex Scale (km) Pilanesberg Implats Mineral Resource and Mineral Reserve Statement June 2011 www.implats.co.za 4 The layered sequence, the Rustenburg Layered recovered. A detailed geological description of Suite, comprises five major subdivisions, the the various reef types is provided in the relevant Marginal, Lower, Critical, Main and Upper operations section. Zones. Two horizons within the Critical Zone, namely the Merensky Reef and the Upper Implats’ operations on the Bushveld Complex Group 2 (UG2) Reef, host economically comprise Impala Platinum, located north of exploitable quantities of PGMs. These two Rustenburg, and Marula situated north-west horizons, along with other layers, that can be of Burgersfort. The Two Rivers Mine, a joint traced for hundreds of kilometres around the venture between Implats and African Rainbow complex, are the focus of Implats’ operations. Minerals Limited (ARM), is located south-west The PGMs – platinum, palladium, rhodium, of Burgersfort. Afplats, with its Leeuwkop ruthenium and iridium as well as the associated Project and contiguous prospecting areas gold, copper, nickel, cobalt, chromite and other is situated west of Brits. minor metals and compounds, are mined and Subdivision Main Rock Type Anothosite Magnetite UPPER ZONE Gabbro Layers Olivine diorite Pyroxenite Marker Anothosite Gabbro MAIN ZONE Norite Pyroxenite Merensky Reef Merensky Reef Upper Group UG2 Reef Chromitites Anothosite UPPER CRITICAL Norite UG1 Chromitite Layer ZONE Pyroxenite Middle Group Chromitites Pyroxenite Lower Group LOWER CRITICAL Harzburgite Chromitites ZONE Dunite Pyroxenite LOWER ZONE Harzburgite Dunite Legend Anorthosite/Norite Pyroxenite Chromitite MARGINAL ZONE Norite (NOT TO SCALE) GENERALISED STRATIGRAPHIC COLUMN OF THE BUSHVELD COMPLEX Implats Mineral Resource and Mineral Reserve Statement June 2011 www.implats.co.za 5 Geological settings continued The Great Dyke The Main Sulphide Zone (MSZ), host to The Great Dyke is a long (550km) and narrow economically exploitable PGMs and associated (11km), 2.5 billion year-old layered igneous base metal mineralisation, is located 10m to intrusion which bisects Zimbabwe in a north- 50m below the ultramafic/mafic contact in the north-easterly trend. Rock types range in P1 pyroxenite. Before erosion the MSZ would composition from ultramafic to mafic. The have been continuously developed along the Dyke is divided vertically into a lower ultramafic length of the Dyke. The PGMs – platinum, sequence, comprising cyclic repetitions of palladium, rhodium, ruthenium and iridium dunite, hartzburgite, pyroxenite and chromitite, along with gold, copper and nickel occur in the and an upper mafic sequence consisting mainly MSZ. Unlike the Bushveld Complex no chromite of olivine-gabbro, gabbronorite and norite. It is is present and it is difficult to identify V- to Y-shaped in section with layers dipping mineralisation visually. A detailed description of and flattening towards the axis of the intrusion. the MSZ and the value distributions is provided in the relevant operations sections. Chromitite Much of the mafic sequence has been removed layers present below the MSZ contain little to by erosion and at the present plane of erosion no PGM mineralisation and are mined for their the Dyke is exposed as a series of narrow chromium content only. contiguous layered complexes or chambers. These are, from north to south, Musengezi, Implats’ operations on the Great Dyke comprise Hartley (comprising the Darwendele and Zimplats’ Ngezi Mine south-west of Harare and Sebakwe sub-chambers) and a southern the Mimosa Mine, a joint venture between chamber comprising the Selukwe and Wedza Implats and Aquarius Platinum Limited sub-chambers. (Aquarius) situated east of Bulawayo. Subdivision Main Rock Type Upper Mafic Norite Middle Mafic MAFIC Gabbronorite SEQUENCE Olivine Gabbro Lower Mafic MSZ LSZ Pyroxenite MSZ Succession Multiple Cycles: Pyroxenite ULTRAMAFIC Harzburgite SEQUENCE Dunite Chromitite Legend Dunite Succession Gabbronorite Websterite Orthopyroxenite Pyroxenite + Sulphides (NOT TO SCALE) Border Group GENERALISED STRATIGRAPHIC COLUMN OF THE GREAT DYKE Implats Mineral Resource and Mineral Reserve Statement June 2011 www.implats.co.za 6 Regulatory compliance The reporting of Mineral Resources and Mineral Reserves for Implats’ South African operations Exploration results is done in accordance with the principles and guidelines of the South African Code for Reporting of Mineral Resources and Mineral Resources Reserves Reserves (SAMREC Code). SAMREC was Increasing established in 1998 and modelled its code on the level of Australasian Code for Reporting of Exploration geoscientific