Annual Report 2007
Mineral Reserves and Mineral Resources

Mineral reserves and mineral resources

Mineral Resource summary – exclusive of Mineral Reserves

Historically Implats reported Mineral Resources exclusive of Mineral Reserves. This practice has been reviewed to facilitate consistent reporting with that of its strategic partners. A collation of the Mineral Resource estimates exclusive of Mineral Reserves is presented below to allow for comparisons with previous reports and also for transparency purposes. Note that this format is not adhered to by strategic partners and the corresponding estimates have been derived from details provided to Implats. Both inclusive and exclusive reporting styles are permitted by the governing codes. The tabulation below should be read in conjunction with the Mineral Reserve statements in the preceding sections. A direct comparison of tonnes and grade is not possible between the inclusive and exclusive styles of reporting forms owing to the mixing of channel and mill figures.

Mineral Resources exclusive of Mineral Reserves - as at 30 June 2007
  Orebody Remarks Category Tonnage
(millions)		   Grade (g/t)
3PGE +Au		   Pt oz
(millions)
Impala Merensky   Measured 23.0   6.42   3.1
  Merensky   Indicated 89.3   6.13   11.5
  Merensky   Inferred 71.2   6.83   10.2
  UG2   Measured 36.8   6.90   5.1
  UG2   Inicated 73.8   6.75   9.9
  UG2   Inferred 58.5   6.96   8.1
      Total 353   6.64   47.9
Marula Merensky   Indicated 50.2   5.12   4.7
  Merensky   Inferred 5.2   5.36   0.5
  UG2   Indicated 22.0   8.28   2.6
  UG2   Inferred 3.5   7.50   0.4
      Total 81   6.10   8.2
Afplats UG2 Leeuwkop Inferred 128.9   4.70   11.9
  UG2 Imbasa and Inkosi Inferred 167.3   4.62   15.2
      Total 296   4.65   27.1
Two Rivers Merensky   Indicated 18.7   3.34   1.2
  Merensky   Inferred 3.9   3.16   0.2
  UG2   Inferred 8.1   3.90   0.6
      Total 31   3.46   2.0
Zimplats MSZ   Measured 45.8   4.00   2.9
  MSZ   Indicated 367.1   3.78   22.0
  MSZ   Inferred 875   3.58   48.4
      Total 1,288   3.65   73.2
Mimosa MSZ South Hill Measured 16.8   4.06   1.1
  MSZ   Indicated 5.2   3.58   0.3
  MSZ   Inferred 14.7   3.89   0.9
  MSZ   Inferred(Oxides) 6.5   3.74   0.4
  MSZ North Hill Inferred 47.4   3.70   2.8
      Total 91   3.79   5.4
All Mineral Resources exclusive of Mineral Reserves Measured 122   5.33   12
      Indicated 626   4.71   52
      Inferred 1,390   4.14   100
      Total 2,139   4.38   164
Individual platinum group metal proportions

The platinum–bearing deposits typically host six metals of the platinum group which are nearly always found in association with each other. These metals are platinum, palladium, rhodium, ruthenium, iridium and osmium. The southern African deposits are typically dominated by platinum; however, significant value can be derived from the other metals, depending on prevailing market conditions. The proportion of osmium is not routinely measured due to its inhibiting chemical properties and extremely low concentration levels. In addition gold is found in association with these metals. The table below gives an estimate of the relative proportion of these metals as found in the Implats deposits. Note that rounding–off of numbers affects the accuracy of the proportions reported.

Proportions of platinum group metals expressed as a percentage relative to the total:

5PGM+Au Proportions(%)
    Pt Pd Rh Ru Ir Au
Impala Merensky b 57.0 24.9 4.4 8.3 1.8 3.7
  UG2 b 47.5 25.8 8.9 13.6 3.4 0.7
Marula Merensky Merensky a 53.9 30.5 2.6 5.5 0.9 6.8
  UG2 b 37.1 38.0 8.3 12.1 3.4 1.1
Afplats UG2 a 47.5 23.0 9.2 15.8 4.0 0.5
Two Rivers Merensky c 56.6 27.4 2.7 5.9 1.0 6.4
  UG2 c 46.0 27.8 8.6 13.3 3.4 0.8
Zimplats MSZ b 46.7 36.5 4.4 3.6 2.2 6.6
Mimosa MSZ b 45.9 35.4 3.7 4.3 3.1 7.7
  1. Estimate derived from borehole sampling estimates/ resource
  2. Estimate derived from historic mill feed composite control sampling
  3. Implats estimates, not published by ARM
Implats’ attributable Mineral Resources and Mineral Reserves

In FY2006, Implats reported a summary of total attributable platinum ounces sourced from all categories of Mineral Resources of the Implat’s group of companies and its other strategic interests on a potential marketing basis. This methodology has been reviewed and the tabulation below reflects estimates for platinum, palladium and rhodium, based on the percentage equity interest in the Implats group of companies and its strategic partners. The BEE transaction with the RBN was executed at an Implats level and such ownership is not reflected below. No future potential additional BEE participation is accounted for.

For clarity, both attributable Mineral Resources, inclusive of Mineral Reserves, and attributable Mineral Reserves are shown in separate tables. Note that these are not in addition to each other. These are summary estimates and inaccuracy is derived from the rounding–off of numbers. The AQPSA estimates were not finalised in time for inclusion in this report; the attributable Mineral Resources and Ore Reserves for AQPSA refer to the estimates at at 30 June 2006.

Attributable Mineral Resources inclusive of Mineral Reserves - as at 30 June 2007
        Ounces at 100% Implats Attributable ounces
  Orebody Category Tonnage
(millions)		   Pt Pd
(millions)		 Rh %
ownership		 Pt Pd
(millions)		 Rh
Impala Merensky Measured 121.3   15.4 6.7 1.19 100 15.4 6.7 1.19
    Indicated 89.3   11.5 5.0 0.88 100 11.5 5.0 0.88
    Inferred 71.2   10.2 4.5 0.79 100 10.2 4.5 0.79
  UG2 Measured 117.8   16.3 8.8 3.04 100 16.3 8.8 3.04
    Indicated 73.8   9.9 5.4 1.85 100 9.9 5.4 1.85
    Inferred 58.5   8.1 4.4 1.52 100 8.1 4.4 1.52
    Total 532   71.4 34.9 9.26   71.4 34.9 9.26
Marula Merensky Indicated 50.2   4.7 2.7 0.23 77.5 3.7 2.1 0.18
    Inferred 5.2   0.5 0.3 0.02 77.5 0.4 0.2 0.02
  UG2 Measured 28.6   3.4 3.5 0.76 77.5 2.6 2.7 0.59
    Indicated 22.0   2.6 2.6 0.58 77.5 2.0 2.0 0.45
    Inferrred 3.5   0.4 0.4 0.08 77.5 0.3 0.3 0.06
    Total 110   11.6 9.5 1.67   9.0 7.3 1.30
Afplats                      
Leeuwkop UG2 Indicated 54.8   5.4 2.6 0.99 74 4.0 1.9 0.73
    Inferred 128.9   11.9 5.3 2.18 74 8.8 3.9 1.61
Imbasa UG2 Inferred 70.0   6.2 2.7 1.13 60 3.7 1.6 0.68
Inkosi UG2 Inferred 97.3   9.0 4.0 1.64 49 4.4 2.0 0.80
    Total 351   32.5 14.6 5.94   20.9 9.4 3.83
Two Rivers Merensky Indicated 18.7   1.2 0.6 0.06 45 0.5 0.3 0.03
    Inferred 3.9   0.2 0.1 0.01 45 0.1 0.1 0.01
  UG2 Measured 13.7   1.1 0.7 0.20 45 0.5 0.3 0.09
    Indicated 44.1   3.0 1.8 0.55 45 1.3 0.8 0.25
    Inferred 8.1   0.6 0.3 0.10 45 0.3 0.2 0.05
    Total 89   6.1 3.5 0.93   2.7 1.6 0.42
Zimplats MSZ Measured 114.9   6.7 5.3 0.57 86.9 5.8 4.6 0.50
    Indicated 572.9   33.7 26.4 2.85 86.9 29.3 22.9 2.48
    Inferred 875   48.4 39.4 4.23 86.9 42.0 34.2 3.68
    Total 1,563   88.7 71.0 7.65   77.1 61.7 6.65
Mimosa MSZ Measured 41.9   2.7 2.1 0.24 50 1.3 1.1 0.12
    Indicated 26.2   1.5 1.2 0.13 50 0.7 0.6 0.07
    Inferred 14.7   0.9 0.7 0.08 50 0.5 0.4 0.04
    Inferred (Oxides) 6.5   0.4 0.3 0.03 50 0.2 0.1 0.02
    Inferred N Hill 47.4   2.8 2.2 0.25 50 1.4 1.1 0.12
    Total 137   8.2 6.4 0.74   4.1 3.2 0.37
AQPSA*   Measured 59.0   5.5 2.8 1.00 20 1.1 0.6 0.20
    Indicated 28.5   2.2 1.1 0.40 20 0.4 0.2 0.08
    Inferred 9.5   0.5 0.3 0.10 20 0.1 0.1 0.02
    Total 97   8.2 4.2 1.50   1.6 0.8 0.30
    Grand total 2,877   227 144 28   187 119 22

* Note that the numbers for AQPSA refer to the estimates as at 30 June 2006

For comparative purposes note that Implats reported 183 million attributable platinum ounces in FY2006, based on its mine-to-market operations, the corresponding estimate on the same basis as at 30 June 2007 is 213 million platinum ounces.

Attributable Mineral Reserves - as at 30 June 2007
        Ounces at 100% Implats Attributable ounces
  Orebody Category Tonnage
(millions)		 Pt Pd
(millions)		   Rh %
ownership		 Pt   Pd
(millions)		   Rh
Impala Merensky Proved 23.0 2.0 0.9   0.15 100 2.0   0.9   0.15
    Probable 104.7 8.9 4.3   0.78 100 8.9   4.3   0.78
  UG2 Proved 23.2 1.8 1.0   0.34 100 1.8   1.0   0.34
    Probable 105.6 8.2 4.4   1.53 100 8.2   4.4   1.53
    Total 256.4 20.8 10.6   2.79 100 20.8   10.6   2.79
Marula UG2 Probable 39.5 2.5 2.5   0.55 77.5 1.9   2.0   0.43
Afplats UG2 Probable 49.3 3.6 1.7   0.66 74 2.6   1.3   0.49
Two Rivers UG2 Proved 10.4 0.7 0.4   0.13 45 0.3   0.2   0.06
  UG2 Probable 30.2 1.8 1.1   0.33 45 0.8   0.5   0.15
    Total 40.6 2.5 1.5   0.46 45 1.1   0.7   0.21
Zimplats MSZ Proved 57.0 3.0 2.4   0.26 86.9 2.6   2.1   0.22
    Probable 184.3 9.9 7.7   0.84 86.9 8.6   6.7   0.73
    Total 241.5 12.9 10.1   1.10 86.9 11.2   8.8   0.95
Mimosa MSZ Proved 19.5 1.1 0.9   0.10 50 0.6   0.4   0.05
    Probable 16.5 0.9 0.7   0.08 50 0.4   0.3   0.04
    Total 36.0 2.0 1.6   0.18 50 1.0   0.8   0.09
AQPSA*   Proved 59.8 3.4 1.8   0.60 20 0.7   0.4   0.12
    Probable 18.0 1.1 0.6   0.20 20 0.2   0.1   0.04
    Total 77.8 4.5 2.4   0.80 20 0.9   0.5   0.16
    Grand total 741 49 30   7   40   25   5

* Note that the numbers for AQPSA refer to the estimates as at 30 June 2006

Implats’ total attributable Mineral Reserves based
based on equity interest (Moz)

Implats’ attributable Mineral Reserves based
on equity interest (Moz)



Implats’ total attributable Mineral Resources inclusive
of Mineral Reserves based on equity interest (Moz)

Implats’ attributable Mineral Resources inclusive
of Mineral Reserves based on equity interest (Moz)




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Mineral reserves and resources

Impala Platinum Holdings Limited — Annual Report 2007