Our business

Bushveld Complex

Two Rivers

Two Rivers, a joint venture between African Rainbow Minerals (ARM) (51%) and Impala Platinum Holdings Limited (Implats) (49%), is managed by ARM. The operation is situated on the farm Dwarsrivier on the southern part of the eastern limb of the Bushveld Complex some 35 kilometers south-west of Burgersforst in Mpumalanga, South Africa. The operation comprises two on-reef decline shafts and a concentrator plant and has a life-of-mine offtake agreement with Impala Refining Services (IRS).


Business summary

  • Joint venture with African Rainbow Minerals Limited
  • Two on-reef shafts
  • Concentrator plant
  • Reserves: 1.1 million attributable ounces of platinum
  • Resources (including reserves) 12.4 million attributable ounces of platinum
  • Production: 173 500 ounces of platinum in concentrate
  • Employees and contractors: 3 283

Operational review 2015

Both the Merensky and underlying UG2 Reefs occur on the property but only the UG2 is currently exploited. The UG2 outcrops in the Klein Dwarsrivier valley over a north-south strike length of 7.5 kilometres and dips to the west at about 7 to 10 degrees. The vertical separation between the Merensky and UG2 Reefs is around 140 metres. Due to the extreme topography, the Merensky reef outcrops further up the mountain slope and also results in the UG2 occurring at a depth of 935 metres below surface on the western boundary.

Three distinct reef types have been defined for the UG2 Reef at Two Rivers, namely the ‘normal reef’ with a thick main chromitite layer; a ‘split reef’ characterised by an internal pyroxenite/norite lens within the main chromitite layer; and a ‘multiple split reef’ with numerous pyroxenite/norite lenses occuring within the main chromitite layer.


Two Rivers Mineral Resources and Mineral Reserve Statement 2015
View online 

The UG2 orebody is accessed via two decline shaft systems situated three kilometres apart, namely the Main Decline and the North Decline. Underground mining operations are fully mechanised and the bord and pillar mining method is employed where stoping widths average around 1.8 metres. A mining section consists of eight 12 metre rooms, with pillar sizes increasing with depth below surface. The larger portion of the mineral reserves (75%) is located in the Main Decline section.


Two Rivers has a concentrator plant on site, where initial processing is done. It comprises a standard MF2 design as generally used in the industry. Concentrate is transported by road to Implats’ Mineral Processes in Rustenburg where further processing takes place in terms of an agreement with Impala Refining Services (IRS).


Two Rivers is committed to social development initiatives and engages in, develops and builds community relationships. It takes responsibility for economic, social and environmental issues that impact its people, communities and environments and is involved in a number of community projects in the area. The Two Rivers Platinum Community Forum was established primarily to share information about the mine with local communities and to set up a focus and network for social upliftment projects. .


African Rainbow Minerals (ARM) was founded in 2004 as South Africa’s first black-owned mining company. As such Two Rivers complies with the BEE equity component of the Mining Charter while all other aspects of the Charter are dealt with at an operational level. The operation subscribes to the transformation of South African business by actively promoting BEE ownership and employing local SMEs (small- and medium-sized enterprises).


Platinum was first discovered in the area by renowned explorer Hans Merensky on the nearby farm Maandagshoek (now Modikwa Platinum) in the 1920’s. During 2001, Assmang elected to dispose of its platinum interests at the Dwarsrivier Chrome mine. Two Rivers Platinum, the incorporated Joint Venture between Avmin and Implats secured the platinum rights in December of that year. Subsequent corporate activity involving Avmin, ARM and Harmony resulted in the transfer of Avmin’s share in Two Rivers to a new, empowered platinum entity, ARM Platinum, a division of ARM. The joint venture partners began development of the Two Rivers project in June 2005. The concentrator plant was commissioned early in FY2007 and in FY2008 the mine successfully made the transition from project to operation.

In 2015 portions 4, 5 and 6 of the farm Kalkfontein, as well as portion of the farm Tweefontein was incorporated into the Two Rivers mining right. An agreement was also reached for the remaining Implats-owned mineral rights on portions of the farms Kalkfontein and Buffelshoek in exchange for a royalty payment.

Production     2015   2014   2013   2012   2011  
  Tonnes milled ex mine   ('000t)  3 362   3 279   3 172   3 103   2 950  
  Headgrade (6E)  (g/t)  3.98   4.01   4.02   3.86   3.94  
  Platinum in concentrate   ('000oz)  173.5   175.1   162.2   149.9   145.3  
  PGM in concentrate   ('000oz)  372.6   374.7   350.4   320.1   307.2  
Labour efficiency              
  Tonnes milled per employee costed**   (t/man/annum)  1 029   988   921   941   993  
Mining cost of sales   (Rm)  (2 657)   (2 587)  (2 233)  (1 827)  (1 651) 
  Mining operations   (Rm)  (1 714)   (1 657)  (1 581)  (1 357)  (1 172) 
  Processing operations   (Rm)  (359)   (345)  (314)  (264)  (225) 
  Other   (Rm)  (584)   (585)  (338)  (206)  (254) 
Total cost   (Rm)  2 073   2 002   1895   1621   1 397  
Unit costs               
  per tonne milled   (R/t)  617   611   597   522   474  
    (US$/t)  54   59   68   67   67  
  per platinum ounce in concentrate   (R/oz)  11 948   11 433   11 683   10 814   9 615  
    (US$/oz)  1 047   1 103   1 325   1 396   1 367  
Financial ratios              
  Gross margin ex mine   (%)  27.7   29.5   22.1   21.8   27.4  
Capital expenditure              
    (Rm)  275   319   489   467   280  
    (US$m)  24   31   55   60   40  
  LTIFR     (pmmhwǂ ?   1.40   1.78   1.43   3.11  
  FIFR      (pmmhwǂ 0.000   0.000   0.000   0.280   0.000  
Labour complement              
  Own employees   (no)  2 404   2 350   2 410   779   756  
  Contractors   (no)  879   1 066   1 296   2 735   2 537  
  **Total employees excluding capital project employees 
  ǂPer million man hours worked