impala Fact sheet TIVE VISION CREA

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1 impala Fact sheet

2 mpala is Implats primary operational unit and has operations situated I on the Impala lease area on the western limb of the world-renowned Bushveld Complex near Rustenburg, and in Springs, east of Johannesburg. In FY2014, a year impacted by a five-month strike, Impala produced ounces of refined platinum. A strategic review is currently being undertaken and is scheduled to be completed by the end of December The results will be communicated in February IMPALA 2

3 Both the Merensky and UG2 Reefs, which are contained in the Rustenburg Layered Suite, a well-layered ultramafic to mafic igneous succession on the 2 billion year-old Bushveld Complex, are present throughout the lease area. Both reefs sub-outcrop on the mining area and dip approximately 10 to 12 degrees towards the centre of the Complex, although locally dips may increase to 15 degrees. The vertical separation between the Merensky and UG2 reefs varies from about 125 metres in the south to some 45 metres in the north. geology Mineral resources and reserves* Mineral resources as at 30 June 2014 Orebody Category Tonnes (Mt) Width (cm) 4E Grade (g/t) 6E Grade (g/t) Platinum (Moz) measured Merensky indicated inferred measured UG2 indicated inferred Total Mineral resources (tailings) as at 30 June 2014 Orebody Category Tonnes (Mt) Grade (Pt g/t) Platinum (Moz) 1 & 2 tailings complex indicated Mineral resources as at 30 June 2014 Impala/RBR JV Orebody Category Tonnes (Mt) Width (cm) 4E Grade (g/t) 6E Grade (g/t) Platinum (Moz) measured Merensky indicated inferred measured UG2 indicated inferred Total Mineral reserves as at 30 June 2014 Orebody Category Mill Tonnes (Mt) Width (cm) 4E Grade (g/t) 6E Grade (g/t) Platinum (Moz) Merensky proved probable UG2 proved probable Total *As at 30 June 2014 and excluding mineral resources under review Note: Mineral Resources are quoted inclusive of Mineral Reserves. See Implats Mineral Resources and Mineral Reserve Statement 2014 for full details. 3

4 MINING Impala Merensky 6E metal ratio (%) Impala UG2 6E metal ratio (%) Pt 56.6 Pt 48.4 Pd 24.8 Pd 25.5 Rh 4.7 Rh 8.8 Ru 8.6 Ru 13.3 Ir 1.8 Ir 3.4 Au 3.5 Au 0.7 IMPALA MERENSKY Pegmatoid Reef Pt Pd 6E Grade (g/t) Width (cm) Impala, together with the joint venture with Royal Bafokeng Resources, holds contiguous mining and prospecting rights over a total area of hectares. The shafts across the property can be divided into three groupings the old shafts (the Old Men comprising 4, 6, 7, 7A, 8, 9 and E/F), the mature shafts (the Big 5 include 1, 10, 11, 12 and 14) and the new shafts (the Triple Build-up, 16, 17 and 20). The bulk of reserves (53%) are located in the Triple Build-up project shafts. Pyroxenite Pegmatoid Anorthosite/norite Chromitite IMPALA MERENSKY Pyroxenite Reef Pt Pd 6E Triple Build-up Impala mineral reserve distribution (Moz Pt) Big5 Old Men Width (cm) Width (cm) Grade (g/t) Pyroxenite Pegmatoid Anorthosite/norite Chromitite IMPALA UG2 Pt Pd 6E Grade (g/t) Pyroxenite Pegmatoid Anorthosite/norite Chromitite The Merensky and UG2 reefs are mined concurrently and the mining method is predominantly conventional breast mining. Mechanised bord and pillar mining occurs in selected Merensky Reef areas on two of the shafts (12 and 14 Shafts). Mining currently extends to a depth of around metres, with most operations occurring at an average depth of 800 metres. The mining width, including dilution, for Merensky Reef is typically about 1 metre, whilst that for UG2 is about 0.9 metres. Each shaft develops and mines about 8 square kilometres. Impala: 30-year tonnage profile Thousands Level I Current shafts 20 Shaft Merensky 16 Shaft 17 Shaft Level II 20 Shaft UG2 20 Shaft MER Decline Level III 18 Shaft 19 Shaft 16 Decline 0 FY15 FY44 Financial years 4

5 CAPITAL PROJECTS The three new major shafts, namely 20, 16 and 17 shafts, are designed as replacement shafts for the older infrastructure which is experiencing declining resource availability. All three projects are currently undergoing a stringent review process which is expected to be completed by the end of December Shaft commenced production in FY2013 and is currently in ramp-up phase. On-reef access development and stoping was interrupted in the last year by the prolonged industrial action experienced at this operation. Steady state throughput of 1.7 million tonnes per annum of Merensky Reef or ounces of platinum is now forecast for FY Shaft was commissioned at the end of FY2013. First stoping on the four upper levels was initiated in FY2014, while infrastructure of the four bottom levels continued. The build up to full production of 2.7 million tonnes of ore per annum or ounces of platinum will be achieved in FY2020 due to the strike delay, slower development to reef, bad ground conditions and difficulties in reef access development due to the Hex River fault. Ore will be sourced from the Merensky and UG2 reefs. 17 Shaft is expected to produce around 2.7 million tonnes equating to ounces of platinum per annum. The project has been affected by contractor performance challenges and was further slowed as a result of cash preservation measures relating to the strike. First production is now only expected in FY2020. METALLURGY Mineral Processes houses the concentrator and smelter operations and is located on the mine property in Rustenburg. Concentrating recoveries in FY2014 were 87.4%. Current smelting capacity is 2.6 million ounces of platinum per annum. The refineries located in Springs comprises a Base Metal Refinery (BMR) and a Precious Metal Refinery (PMR). Current refining capacity is 2.3 million ounces of platinum per annum. 5

6 sustainable DEVELOPMENT Impala focuses on addressing those social, economic and environmental issues that are seen as having a material impact on the long-term success of the business, the sustainability of the economy, the environment and the communities in which we operate or that are important to key stakeholders. The pursuit of sustainable development and zero harm are seen as competitive imperatives. BLACK ECONOMIC EMPOWERMENT Impala meets the ownership requirements of the Mining Charter for In terms of an agreement finalised in early March 2007, Impala agreed to pay the Royal Bafokeng Nation (RBN) all royalties due to them from the 1st of July 2007 onwards. This amounted to R12.5 billion. Effectively through this transaction, Impala have discharged its obligation to pay royalties to the RBN. The RBN, in turn, have subscribed for 75.1 million shares in Implats giving them a 13.2% share in the holding company. HISTORY Hans Merensky first discovered platinum in the Bushveld Igneous Complex in Impala was created in the mid 1960 s to house Union Corporation s platinum interests. At that time a prospecting permit was acquired and initial production commenced in Initially Impala mined the Merensky Reef and mining on the UG2 chromitite layer only began in the early 1980 s as the technology to smelt higher chrome ore was developed. By the early 1990 s Impala was producing in the region of 1 million platinum ounces per annum. A mining lease over land predominantly owned by the Bafokeng Tribe (now the Royal Bafokeng Nation (RBN)) was originally granted in A landmark agreement securing Impala s access to these mineral rights for a period of 40 years was signed with the RBN in February In terms of this agreement, the RBN not only enjoyed royalties from metals mined in areas over which they hold mineral rights, but they also became a major shareholder in the holding company, Implats, with board representation. A new agreement finalised in early March 2007 resulted in the royalty being converted into equity making the RBN the group s largest shareholder. 6

7 IMPALA key statistics IMPALA KEY STATISTICS FY2014 FY2013 FY2012 FY2011 FY2010 Production Tonnes milled ex mine* ('000t) % Merensky milled* (%) Headgrade (6E)* (g/t) Platinum refined production ('000oz) PGM refined production ('000oz) Labour efficiency Centares per employee costed** (m 2 /man/annum) Tonnes milled per employee costed (t/man/annum) Cost of sales (Rm) (12 229) (12 491) (10 120) (11 322) (9 181) Mining operations (Rm) (6 914) (9 329) (7 733) (7 679) (6 506) Processing operations (Rm) (1 308) (1 959) (1 782) (1 673) (1 457) Refining operations (Rm) (430) (542 (505) (459) (413) Other (Rm) (3 577) (661) (100) (1 511) (805) Total cost (Rm) (R/t) per tonne milled* ($/t) (R/oz) per platinum ounce refined* ($/oz) Financial ratios Gross margin ex mine (%) (18.4) Capital expenditure (Rm) ($m) Safety LTIFR (per million man hours worked) FIFR (per million man hours worked) Own employees (000) Contractors (000) *The ex mine tonnage and grade statistics excludes the low grade material from surface sources **Total employees including capital project employees 7

8 CONTACT DETAILS For further information visit Implats corporate website: Group Executive: Corporate Relations Johan Theron Tel: +27 (11) Group Corporate Relations Manager Alice Lourens Tel: +27 (11) HEAD OFFICE 2 Fricker Road, Illovo, 2196 Private Bag X18, Northlands, 2116 Tel: +27 (11) Fax: +27 (11) investor@implats.co.za November 2014 CREATIVE VISION