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Aquarius: Aquarius Platinum Limited Barplats: Barplats Mines Limited Concentrating: A process of splitting the ground ore in two fractions, one containing the valuable minerals, the other waste. Cost per ton/refined platinum ounce/refined pge ounce: The cost of mining, concentrating, smelting, refining, marketing, corporate office and insurance claim expressed per unit of measure. Decline: A shallow dipping mining excavation used to access the orebody. Dense
Media Separation: A means of separating reef from waste exploiting
differences in density. Falconbridge: Falconbridge Limited g/t:
grammes per tonne. The unit of measurement of grade, equivalent
to parts Headgrade: The value, usually expressed in parts per million or grammes per tonne, of the contained mineralisation of economic interest in material delivered to the mill. In situ: In its natural position or place. Inverse distance: A classical estimation technique whereby the influence of each neighbouring data point is inversely proportional to the distance from the point being estimated. IRS: Impala Refining Services Limited Kriging: A geostatistical estimation method that gives the best-unbiased linear estimates of point values or of block averages. Laterite: Residual soil, or surface product, developed in situ from the atmospheric weathering of rocks. Especially characteristic of humid tropical and subtropical regions. Merensky Reef: A horizon in the Critical Zone of the Bushveld Igneous Complex often containing economic grades of PGE. The term “Merensky Reef” as it is generally used refers to that part of the Merensky unit that is economically exploitable, regardless of the rock type. Mmakau Mining: Mmakau Mining (Pty) Limited Milling: Grinding of ore into fine particles to expose the valuable minerals. NOx: Nitrous Oxides contained in exhaust emissions. Pge: Platinum group elements comprising six elemental metals of the platinum group. The metals are;- platinum, palladium, rhodium, ruthenium, osmium and iridium. Pgms: Platinum group metals being the metals derived from pges. Pillar and stall: A mining method where the panel length is much greater than the pillar width. Price index: Basket of metals comprising platinum, palladium, rhodium and nickel, expressed per ounce of platinum, multiplied by the individual metal prices, in the production ratio. Return on assets (ROA): ROA is calculated using current year attributable income expressed as a percentage of fixed assets and investments as at the balance sheet date. Return on equity (ROE): ROE is calculated using current year attributable income expressed as a percentage of the opening balance of shareholders equity. Seismic surveys: A geophysical exploration method whereby rock layers can be mapped based on the time taken for energy reflected from these layers to return to surface. Smelting: A smelting process to upgrade further the fraction containing the valuable minerals. Stoping: Underground excavations to effect the removal of ore. Two Rivers: Two Rivers Platinum (Pty) Limited UG2: A distinct chromitite horizon in the Critical Zone of the Bushveld Igneous Complex often containing economic grades of pge. Zimplats: Zimbabwe Platinum Limited Resource
Definitions Data
has been compiled by a team of professionals, with the appropriate
experience in the evaluation, estimation, exploitation and reporting
of mineral resources and mineral reserves relevant to the style
of mineralisation and type of deposits under consideration. A ‘Mineral Resource’ is a concentration [or occurrence] of material of economic interest in or on the earth’s crust in such form, quality and quantity that there are reasonable and realistic prospects for eventual economic extraction. The location, quantity, grade, continuity and other geological characteristics of a mineral resource are known, estimated from specific geological evidence and knowledge, or interpreted from a well-constrained and portrayed geological model. Mineral resources are subdivided, in order of increasing confidence in respect of geoscientific evidence, into inferred, indicated and measured categories. An ‘Inferred Mineral Resource’ is that part of a mineral resource for which tonnage, grade and mineral content can be estimated with a low level of confidence. It is inferred from geological evidence and assumed but not verified geological and/or grade continuity. It is based on information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that may be limited or of uncertain quality and reliability. Inferred Resources have not been quoted in this report. An ‘Indicated Mineral Resource’ is that part of a mineral resource for which tonnage, densities, shape, physical characteristics, grade and mineral content can be estimated with a reasonable level of confidence. It is based on exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. The locations are too widely or inappropriately spaced to confirm geological and/or grade continuity but are spaced closely enough for continuity to be assumed. A ‘Measured Mineral Resource’ is that part of a mineral resource for which tonnage, densities, shape, physical characteristics, grade and mineral content can be estimated with a high level of confidence. It is based on detailed and reliable exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. The locations are spaced closely enough to confirm geological and grade continuity. A ‘Mineral Reserve’ is the economically mineable material derived from a measured and/or indicated mineral resource. It is inclusive of diluting materials and allows for losses that may occur when the material is mined. Appropriate assessments, which may include feasibility studies, have been carried out, including consideration of, and modification by, realistically assumed mining, metallurgical, economic, marketing, legal, environmental, social and governmental factors. These assessments demonstrate at the time of reporting that extraction is reasonably justified. Mineral reserves are sub-divided in order of increasing confidence into probable mineral reserves and proved mineral reserves. A ‘Probable Mineral Reserve’ is the economically mineable material derived from a measured and/or indicated mineral resource. It is estimated with a lower level of confidence than a proved mineral reserve. It is inclusive of diluting materials and allows for losses that may occur when the material is mined. Appropriate assessments, which may include feasibility studies, have been carried out, including consideration of, and modification by, realistically assumed mining, metallurgical, economic, marketing, legal, environmental, social and governmental factors. These assessments demonstrate at the time of reporting that extraction is reasonably justified. A ‘Proved Mineral Reserve’ is the economically mineable material derived from a measured mineral resource. It is estimated with a high level of confidence. It is inclusive of diluting materials and allows for losses that may occur when the material is mined. Appropriate assessments, which may include feasibility studies, have been carried out, including consideration of and modification by realistically assumed mining, metallurgical, economic, marketing, legal, environmental, social and governmental factors. These assessments demonstrate at the time of reporting that extraction is reasonably justified. |