Resources and Reserves

Zimplats

Zimplats holds mining rights over two areas comprising a total of 48,500 hectares across the Hartley Complex in the Great Dyke.

The arrangements announced at the end of FY2006, whereby Zimplats released a large portion of its mining claims in exchange for a combination of empowerment credits and cash were concluded with the exception of the commercial payment. The extension of the special mining leases 1 and 27 were duly executed in FY2007 as part of this agreement.

Underground stoping at Zimplats currently consists of mechanised bord and pillar layouts. The development of portals 1 and 4 started with box cut excavations and the start of the declines. No production has come from these areas so far. Opencast mining continues, although this is presently scheduled to be phased out during FY2008.

MSZ metals split
(3PGM +Au)(%)

Zimplats – Mineral Resources
Orebody	Category	Tonnes (millions)	Grade (g/t) 3PGE+Au	Ni %	Cu %	Pt oz (millions)	Tonnes (millions)	Grade (g/t) 3PGE+Au	Pt oz (millions)
		as at 30 June 2007				as at 30 June 2006
Ngezi portals – advanced to reserve
MSZ	Measured	69.1	3.47	0.09	0.09	3.8	65.3	3.45	3.6
	Indicated	205.6	3.54	0.11	0.09	11.7	223.4	3.52	12.7
	Total	275	3.52	0.10	0.09	15.6	289	3.51	16.3
Ngezi portals – not advanced to reserve
MSZ	Measured	21.7	3.43	0.11	0.12	1.1	18.5	3.39	1.0
	Indicated	188.2	3.51	0.12	0.10	10.4	181	3.51	10.0
	Inferred	112	3.44	0.13	0.09	6.4	113	3.44	6.5
	Total	322	3.48	0.12	0.10	17.9	313	3.48	17.3
Mining extensions north of portal 10
MSZ	Indicated	44.6	4.56	0.22	0.18	3.0	44.6	4.56	3.0
	Inferred	673	3.59	0.15	0.13	36.6	673	3.59	36.6
	Total	718	3.65	0.15	0.13	39.7	718	3.65	39.7
Hartley (SML1)
MSZ	Measured	24.1	4.53	0.14	0.12	1.7	24.1	4.53	1.7
	Indicated	117.1	3.98	0.13	0.11	7.6	117.1	3.98	7.6
	Inferred	28	3.87	0.13	0.10	1.8	28	3.87	1.8
	Total	169	4.04	0.13	0.11	11.1	169	4.04	11.1
Oxides – all areas
MSZ	Indicated	17.0	3.47	0.10	0.07	1.0	17.0	3.47	1.0
	Inferred	61	3.67	0.12	0.10	3.5	61	3.67	3.5
	Total	78	3.62	0.12	0.09	4.5	78	3.62	4.5
Overall	Total	1,563	3.63	0.13	0.11	88.7	1,567	3.63	88.8

Zimplats – Mineral Resources
Orebody	Category	Tonnes (millions)	Grade (g/t) 3PGE+Au	Ni %	Cu %	Pt oz (millions)	Tonnes (millions)	Grade (g/t) 3PGE+Au	Pt oz (millions)
		as at 30 June 2007				as at 30 June 2006
MSZ	Proved	57.0	3.34	0.10	0.07	3.0	53.7	3.33	2.8
	Probable	184.3	3.37	0.11	0.08	9.9	200.6	3.35	10.7
	Total	241.5	3.36	0.11	0.08	12.9	254.3	3.35	13.5

Notes

The figures in the above statement reflect the total Mineral Resource and Ore Reserve estimate for Zimplats as at 30 June 2007.
Mineral Resources are reported in more detail than in previous reports so as to provide further transparency.
Mineral Resources are quoted inclusive of Ore Reserves.
Mineral Resource estimates allow for estimated geological losses and anticipated pillar losses during eventual mining.
The Ore Reserves quoted reflect anticipated grades delivered to mill.
Mineral Resources have been estimated using floating average and kriging techniques on data derived from surface drill holes. Estimates are based on composite widths that vary depending on cut-off grades, which are based on appropriate economic conditions.
In addition to a pre–feasibility study on portals 1–10, SRK Consulting carried out an external review of the Mineral Resource and Ore Reserve estimation and reporting practices in September 2004 and updated it in July 2005. SRK concluded that Mineral Resource estimates are valid and that within the limitations of the data, the results appear meaningful. SRK completed feasibility studies on portals 1 and 4 during 2006 and that lead to the board decision to develop these portals. Zimplats is currently working on the portal 3 feasibility study.
The Mineral Resources and Ore Reserves quoted indicate the position after the transaction with the Zimbabwean Government.
The overall Ore Reserves decreased due to depletion and re–estimation by 15%, while the Proved Ore Reserve increased by 3% after depletion.
Portal 5 resource drilling was completed and Mineral Resource was re-estimated. The overall Mineral Resource remained unchanged; however the reinterpretation of the position of the 9° contour resulted in a shift of approximately 11Mt from the ‘flat’ to the ‘steep’ region with a corresponding reduction in the Ore Reserve tonnage.
Rounding–off of numbers may result in minor computational discrepancies.