Mineral Resource and Mineral Reserve Statement as at 30 June 2022
Supplement to the Annual Integrated Report 30 June 2022
Creating a better future
Annual integrated report
- Report explains to providers of financial capital how Implats creates, preserves or erodes value over time.
ESG report
- Detail on material economic, social and environmental performance
- GRI G4 core compliance
- Internal reporting guidelines in line with the UN Global Compacts
- Independent assurance report.
Remuneration report
- Basis of preparation
- Background statement
- Remuneration philosophy and policy
- Implementation report.
Contents
Audited annual financial statements
- Financial statement assurance, including the audit and risk committee report and directors' report
- Consolidated financial statements
- Company financial statements.
Notice to shareholders
• Notice and proxy.
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Introduction, Group overview and governance
1 - 21
Headline summary | 2 |
Attributable Mineral Resources | |
and Mineral Reserves | 4 |
Reconciliation of estimates | 11 |
Governance and compliance | 12 |
Reporting principles and framework | 14 |
Mineral rights and legal tenure | 16 |
ESG in Mineral Resource and Mineral Reserve reporting | 18 |
Mineral Resource management risk | 19 |
Managing Mineral Resources | 20 |
Managing Mineral Reserves and life-of-mine | 21 |
Technical synopsis 22 - 31
Regional geological settings | 22 |
Exploration synopsis | 27 |
Historic Group production trends | 28 |
Group life-of-mine outlook | 30 |
Valuation and sensitivities | 31 |
The operations - Mineral Resource and Mineral Reserve estimates 32 - 87
Impala Rustenburg | 32 |
Marula | 42 |
Two Rivers | 51 |
Zimplats | 60 |
Mimosa | 69 |
Impala Canada | 78 |
The projects - Mineral Resource estimates and chromium ore 88 - 97
Afplats project | 88 |
Waterberg project | 92 |
Chromium ore | 97 |
Appendices 98 - 107
Glossary of terms | 98 |
Mineral Resource and Mineral | |
Reserve definitions | 100 |
Third-party assurance | 101 |
Appointed Competent Persons and recognised | |
professional organisations' details | 105 |
Contact details and administration | 107 |
Introduction, | The operations - Mineral | The projects - Mineral | |
Group overview | Technical | Resource and Mineral | Resource estimates |
and governance | synopsis | Reserve estimates | and chromium ore |
Welcome to our Mineral Resource and Mineral Reserve Statement
This report contains the Mineral Resource and Mineral Reserve statement of Impala Platinum Holdings Limited as at 30 June 2022.
The report provides updated estimates and reconciliations of Mineral Resources and Mineral Reserves. It conforms to the South African Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves, SAMREC Code (2016). The report also conforms to Section 12.13 of the JSE Listings Requirements and has been signed off by the appointed Competent Persons. As at 30 June 2022, Implats is pleased to report a stable inventory of Mineral Resources and Mineral Reserves.
Appendices | 1 |
Strategic objectives
Sustainable development
Aspire to become an industry leader in ESG, producing metals that sustain livelihoods beyond mining and create a better future
Operational excellence
Generate superior value for all stakeholders through modern, safe, responsible, competitive and consistent operational delivery
Organisational effectiveness
Place people at the centre of our organisation, and engender a shared culture founded on our values to respect, care and deliver
Optimal capital structure
Pursue value creation by sustaining and leveraging a strong and flexible balance sheet within a prudent capital allocation framework
Our vision | Our |
To be the most valued | purpose |
and responsible metals producer, | To create a |
creating a better future for our | |
stakeholders | better future |
Our values
RESPECT | CARE | DELIVER |
We believe in | We set each other up | We play our |
ourselves | for success | A-game everyday |
We work together | We care for the | We go the extra |
as a team | environment | mile |
We take ownership | We work safely | We learn, adapt |
of our responsibilities | and smartly | and grow |
We are accountable | We make a positive | We create a |
for our actions | contribution to society | better future |
We welcome your feedback to ensure we cover all aspects
Go to www.implats.co.za or email investor@implats.co.za to provide us with your feedback.
Competitive asset portfolio
Seek to leverage, strengthen and grow our diverse asset base through operational exposure to shallow, mechanisable orebodies
Future focus
Sustain and grow value by supporting present and future demand drivers, creating strong customer relationships and aligning our production to evolving demand
Key take-away 2022
Attributable Mineral Resources
2022
-3.1% 268.6Moz 6E
2021
277.3Moz 6E
Attributable Mineral Reserves
2022 | |
55.7Moz 6E | |
2021 | |
4.3% | 53.4Moz 6E |
Implats 2022 Mineral Resource and Mineral Reserve Statement
2
The report | Headline summary |
Forward-looking statements
This report contains certain forward-looking statements and forecasts, which involve risk and uncertainty as they relate to events and rely on, or may be influenced by, future events. Several factors beyond our control could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements.
Impala Platinum Holdings Limited (Implats) is one of the world's foremost platinum group metals (PGMs) producers. Implats is currently structured around six main operations with a total of 22 underground shafts and one open pit.
Mineral Resource and Mineral Reserve Statement
The Mineral Resource and Mineral Reserve Statement as at 30 June 2022 reflects the benefit of the positive long-term pricing outlook for the significant PGMs and capital investments in material projects in the period under review. In addition to the Two Rivers Merensky project which was approved in 2021, two additional mining projects were approved during FY2022 - the Marula Phase II UG2 project and the North Hill project at Mimosa. These projects result in a significant increase in the Mineral Reserve position at both operations and have a significant positive impact at a Group portfolio level. Given that the Royal Bafokeng Platinum (RBPlat) transaction had not been concluded by year-end, Implats has elected not to account for the secured proportion of RBPlat in this declaration and this shall be included in the CY2023 declaration.
Our operations are located within the Bushveld Complex in South Africa, the Great Dyke in Zimbabwe and the Lac des Iles Intrusive Complex in Ontario, Canada.
Implats has its primary listing on the JSE Limited (JSE) in South Africa and a secondary listing on the A2X Markets (A2X), also in South Arica. Our headquarters are based in Johannesburg. The six primary operations are Impala Rustenburg, Marula and Two Rivers in South Africa, Mimosa and Zimplats in Zimbabwe, and Lac des Iles in Canada. The Mimosa and Two Rivers Platinum operations are joint venture operations with Sibanye Stillwater and African Rainbow Minerals (ARM), respectively, with Mimosa being managed by an on-site mine team and overseen
by a joint venture board, and Two Rivers by ARM.
The structure of our operating framework allows for each of our operations to establish and maintain close relationships with its stakeholders, while operating within a Group-wide framework to managing the economic, social and environmental aspects of sustainability.
The report relates to the Mineral Resource and Mineral Reserve Statement, compiled for Implats and its subsidiaries and provides the status of estimates as at
30 June 2022. An abridged version is included in the Implats integrated annual report for 2022, published annually and available at (www.implats.co.za). The report seeks to provide transparent and compliant details relating to the Mineral Resources and Mineral Reserves considered material to stakeholders.
The Group Mineral Resource estimate decreased by 8.7Moz 6E on an attributable basis to 268.6Moz 6E, while the Group Mineral Reserve estimate increased by 2.3Moz 6E on an attributable basis to 55.7Moz 6E.
Greenfields exploration activities remain dormant at the South African and Zimbabwean operations, with some activity undertaken by Impala Canada in the Ontario province. Shaft sinking activities at Impala Rustenburg's 17 and Afplats' Leeuwkop Shafts remain suspended.
Group operations
Implats is structured around six mining and processing operations and Impala Refining Services (IRS), a toll-refining business. Group operations are located on the Bushveld
Relationship between Exploration Results, Mineral Resources and Mineral Reserves showing Implats' attributable Mineral Resources and Mineral Reserves as at 30 June 2022 (Moz 6E)
geoscientificoflevelIncreasing confidenceandknowledge | Exploration Results | |||||||||
Mineral Resources | Total 268.6Moz 6E | Mineral Reserves | Total 55.7Moz | 6E | ||||||
Inferred | 48.3Moz 6E | |||||||||
Indicated | 109.6Moz 6E | Probable | 38.4Moz | 6E | ||||||
Measured | 110.7Moz 6E | Proved | 17.3Moz | 6E | ||||||
Reported as in situ mineralisation estimates | Reported as mineable production estimates |
Consideration of mining, metallurgical, processing, infrastructural, economic, marketing, legal, environmental, social and governmental factors (the modifying factors)
Complex in South Africa, the Great Dyke in Zimbabwe - the two most significant PGM orebodies in the world - as well as the Canadian Shield, a prominent igneous complex domain for PGMs in Canada.
In South Africa our operations at Impala Rustenburg and the Afplats project are located in the Bojanala Platinum district of the North West province. RBPlat, which will be included in the year-end FY2023 declaration, is located contiguous to Impala Rustenburg. The Marula and Two Rivers operations, together with the Waterberg Joint Venture project, are located in the Limpopo province.
Implats 2022 Mineral Resource and Mineral Reserve Statement
Introduction, | The operations - Mineral | |
Group overview | Technical | Resource and Mineral |
and governance | synopsis | Reserve estimates |
Group structure
as at 30 June 2022
The projects - Mineral | 3 | |
Resource estimates | ||
and chromium ore | Appendices |
Impala Platinum Holdings Limited
96% | |
73.26% | Africa |
46% | |
South | |
74% | |
37.83% | |
15% | |
87% | Zimbabwe |
50% | |
100% | Canada |
Impala | Impala Share Ownership Trust | ||
4% | |||
Rustenburg | |||
Marula | Tubatse Platinum (Pty) Ltd, Mmakau Mining (Pty) Ltd, | ||
26.74% | |||
Marula Community Trust | Canada | ||
Two Rivers | |||
African Rainbow Minerals Ltd | |||
54% | |||
Afplats | Ba-Mogopa Platinum Investments (Pty) Ltd | ||
26% | |||
RBPlat | RBPlat, Northam Platinum Holdings Limited, Public | ||
62.17% | |||
Investment Corporation, Royal Bafokeng Holdings | |||
Waterberg | Zimbabwe | ||
Platinum Group Metals Ltd, Mnombo, JOGMEC, Hanwa | |||
85% | |||
South Africa | |||
Zimplats | Minorities | ||
13% | |||
Mimosa | Sibanye Stillwater | ||
50% | |||
Lac des Iles
Implats announced in November 2021 the acquisition of 24.5% of the RBPlat shares and has increased this to 37.83% as at
30 June 2022. A shareholder offer to purchase all RBPlat shares was issued on 7 January 2022. Northam Platinum Holdings Limited applied to the Competition Tribunal to intervene in the approval process, which is under review. The date for finalising the Implats transaction is 19 September 2022. However, the date may be extended. Implats intends incorporating its final consolidated equity-based interest in the year-end FY2023 Mineral Resource and Mineral Reserve declaration.
Given the uncompleted transaction, Implats has elected not to report attributable Mineral Resources and Mineral Reserves related to the RBPlat transaction. Details regarding the RBPlat mineral assets can be viewed at (https://www.bafokengplatinum.co.za).
Headline numbers
The headline summary for the Group is shown below. Combined estimates as at 30 June 2022 show a stable inventory with a 3.1% reduction in the Mineral Resource estimates and a substantial increase in the Mineral Reserve estimates. The estimates are reported in the following section and the various chapters per operation and project, where the changes are discussed in more detail.
Attributable estimates* | 2022 | 2021 | 2020 | 2019 | 2018 | ||
Mineral Resources | Moz Pt | 128.2 | 132.3 | 132.4 | 131.6 | 133.8 | |
Moz Pd | 87.7 | 90.2 | 89.9 | 81.5 | 83.0 | ||
Moz 3E | 227.7 | 234.4 | 233.9 | 228.0 | 228.0 | ||
Moz 4E | 242.4 | 249.7 | 249.1 | 239.5 | 243.9 | ||
Moz 6E | 268.6 | 277.3 | 277.1 | 268.3 | 273.2 | ||
Mt | 1 834.6 | 1 885.9 | 1 818.8 | 1 710.1 | 1 740.7 | ||
Mineral Reserves | Moz Pt | 25.5 | 24.6 | 21.8 | 21.2 | 21.2 | |
Moz Pd | 19.7 | 18.8 | 17.3 | 14.7 | 14.4 | ||
Moz 3E | 47.8 | 46.0 | 41.2 | 38.0 | 37.5 | ||
Moz 4E | 50.7 | 48.7 | 43.6 | 40.3 | 40.0 | ||
Moz 6E | 55.7 | 53.4 | 47.8 | 44.3 | 44.2 | ||
Mt | 528.2 | 512.4 | 419.7 | 370.7 | 365.5 | ||
* Mineral Resource estimates are inclusive of Mineral Reserves.
Implats 2022 Mineral Resource and Mineral Reserve Statement
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Impala Platinum Holdings Limited published this content on 01 September 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 September 2022 14:40:00 UTC.