The Ore Reserves and Mineral Resources of the Group
are classified, verified and reported on in accordance
with statutory, stock exchange and industry/professional
guidelines. The classifications are based on the South
African Code (SAMREC) and the Australian Institute of
Mining and Metallurgy Joint Ore Reserves Committee
(JORC) Code. Anglo Platinum has an on-going
programme of internal and external reviews and audits
that are conducted on its reserve and resource
generation processes, which includes auditing/reviewing
borehole drilling and logging, sample analysis, resource
modelling and resource-to-reserve conversion
processes.
Reporting is by professionals with appropriate
experience in the estimation, economic evaluation,
exploitation and reporting of Ore Reserves and Mineral
Resources relevant to the various styles of Mineralisation
under consideration. The Group's experience with the
various orebodies it is engaged in evaluating and mining
spans decades, resulting in a thorough understanding of
the factors important in assessing their economic
potential.
Where Ore Reserves and Mineral Resources are
quoted for the same property, Resources are in addition
to Reserves. Attention is drawn to the fact that
Resources are by definition exclusive of any diluting
materials that might arise as a result of the mining
method and specific geological circumstances applicable
to mining that resource. Reserves, on the other hand,
include all such expected dilution.
Mineral Resource: a concentration or occurrence of
material of economic interest in or on the earth's crust
in such form 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 geoscientific evidence,
into inferred, indicated and measured categories. It
should be noted that the continuity of the Bushveld
Complex ore bodies, coupled with an expectation for a
robust demand for platinum group elements and
associated metals well into the future, allows the platinum
group element industry to classify large volumes of the
three Mineralised layers as "Resources" in the different
categories defined in SAMREC, as stated below. In Anglo
Platinum, cognisance is taken of cut-off grades which in
most instances are derived from information on pay
limits in the mining operations.
Inferred Mineral Resource: 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 outcrops, trenches, pits, workings and drillholes
that may be limited, or of uncertain quality and reliability.
A Mineral Resource is consistent with the 'inferred'
category when the risk associated with the grade or
accumulated metal estimate is greater than 20% (at a
90% confidence level).
Indicated Mineral Resource: 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 outcrops,
trenches, pits, workings and drillholes. 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 Mineral
Resource with a risk associated with the accumulated
metal estimate (at a 90% confidence level) between
10 – 20% is consistent with an Indicated Mineral
Resource.
Measured Mineral Resource: 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 outcrops, trenches, pits, workings and drillholes.
The locations are spaced closely enough to confirm
geological and grade continuity. A Mineral Resource
with a risk associated with the accumulated metal
estimate (at a 90% confidence level) less than 10% is
consistent with a Measured Mineral Resource.
Ore Reserve: the economically mineable material
derived from a measured and/or indicated Mineral
Resource. It includes 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
justifiable. Ore Reserves are subdivided, in order of
increasing confidence, into Probable Ore Reserves and
Proved Ore Reserves.
Probable Ore Reserve: 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 includes
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.
Proved Ore Reserve: the economically mineable material
derived from a measured Mineral Resource. It is
estimated with a high level of confidence, includes
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. Anglo
Platinum's Proved Ore Reserves are contained within
the limits of the five-year mining plans of its operations,
this being the area of greatest understanding and
certainty on the orebody. |
