MINERAL RESERVES AND RESOURCES

Mineral resources

The Mineral Resources and Mineral Reserves of RBPlat are classified, verified and reported according to the prescribed South African code (SAMREC) and the Australian Institute of Mining and Metallurgy Joint Mineral Reserves Committee code (JORC). The resources and reserves are stated as RBPlat’s attributable interest (67%) of Royal Bafokeng Platinum and include those of Boschkoppie 104JQ, Styldrift 90JQ and portions 10, 14 and 17 of Frischgewaagd 96JQ. They have been prepared under the guidance of competent persons from RBPlat and Anglo Platinum, in accordance with the principles and guidelines of the South African Code of Mineral Resources and Mineral Reserves (SAMREC Code, 2007, amended in July 2009). For further information, please review the comprehensive Mineral Resources and Mineral Reserves statement of the Annual Report 2012. (PDF - 756KB)

Mineral Resource summary and explanation

The total remaining in situ 2012 Mineral Resources reported for the Merensky and UG2 reefs contains 48.52Moz at a 4E grade of 6.18g/t. The net decrease in total ounces from 50.25Moz to 48.52Moz is primarily due to the decrease in our Merensky ounces. The 2010 and 2011 Styldrift II drilling campaigns demarcated the transition between the regional Rustenburg and the Swartklip Facies within the Western Bushveld Complex, the extent of which is unique to Styldrift. This has resulted in a decrease in the tonnes and ounce estimation.

Significant improvement in the delineation of this transition area resulted in a 12% increase in the Measured category, 7% decrease in Indicated and 5% decrease in Inferred for both reef types.

In 2012 the Merensky resource contains 45% Measured, 36% Indicated and 19% Inferred 4E ounces. The 2012 UG2 resource has 38% Measured, 41% Indicated and 21% Inferred 4E ounces.

The Mineral Reserve interest expressed here is the 67% attributable to RBPlat for the New Order Mining Right held over portions of Boschkoppie 104 JQ and Styldrift 90 JQ as at 31 December 2012. Based on the level of confidence the resource area scheduled per investment centre has been converted to a reserve for the life of mine (LOM).

Total attributable Mineral Reserves decreased by 0.17 million 4E ounces to 11.16 million 4E ounces. Year-on-year comparisons indicate a stable inventory with the decrease being a result of depletion. Although no additional resources were brought to book this year, additional work resulted in updated estimates in certain areas.

After depletion Merensky Mineral Reserve tonnage decreased by only 1.5% from 48.69Mt to 47.95Mt (0.75Mt). In line with this, and at a slightly improved 4E grade (4.30g/t to 4.31g/t) Merensky Mineral Reserve 4E ounces decreased by 1.3% from 6.73Moz to 6.64Moz (0.09Moz).

• Production depletion: 1.34Mt equating to 0.19Moz
• Mine design and boundary changes resulted in a marginal gain in reserve of 0.5Mt equating to 0.07Moz

The UG2 Mineral Reserve tonnage decreased by 1% from 36.92Mt to 36.57Mt (0.35Mt). The UG2 Mineral Reserve ounces decreased by 1.7% from 4.60Moz to 4.52Moz (0.08Moz) primarily owing to the following:

• Production depletion: 0.24Mt equating to 0.03Moz
• Mine design and boundary changes: 0.29Mt and 0.03Moz.