Projects

The Altar project is an advanced stage porphyry copper-gold exploration project located within the San Juan province, Argentina, approximately 10km from the Argentina/Chile border and 180km west of the city of San Juan. The project consists of eight wholly-owned and five optioned mining concessions which require additional drilling success and studies to allow a transition to feasibility stage.

Sibanye-Stillwater has a 40% stake in the Altar project with the remaining 60% held by Aldebaran Resources Inc (Aldebaran), a subsidiary of Regulus Resources Ltd. Aldebaran Resources Inc (Aldebaran) has entered into a joint venture and option agreement to acquire up to an 80% interest in Peregrine Metals Ltd (Peregrine), a wholly-owned subsidiary of Sibanye-Stillwater, which owns the Altar copper-gold project. Aldebaran is the operator of the joint venture.

As at 31 December 2020, Altar contained 2,614 million tonnes of declared attributable Mineral Resources at 0.3% copper and 0.1 g/t gold (17.9 billion pounds of copper and 6.3 million ounces of gold).

	2020
Gold mineral resources	Tonnes (Mt)	Grade (g/t)	Gold (Moz)
Measured	1,005.9	0.09	2.981
Indicated	1,051.5	0.07	2.253
Inferred	556.5	0.06	1.087
Total	2,613.9	0.08	6.321

	2020
Copper mineral resources	Tonnes (Mt)	Grade (%)	Copper (Mlb)
Measured	1,005.9	0.34	7,458.0
Indicated	1,051.5	0.30	7,053.0
Inferred	556.5	0.28	3,420.0
Total	2,613.9	0.31	17,931.0

The Rio Grande exploration stage project is a copper-gold porphyry deposit with an associated iron oxide copper-gold (IOCG) style alteration, located in the Salta Province of north-western Argentina. The project consists of one contiguous block comprising nine mining concessions, totalling 180 claims covering an area of approximately 16,953 hectares.

Sibanye-Stillwater holds a 19.9% interest in the project through its shareholding in Aldebaran Resources.

As at 31 December 2020, Rio Grande contained 22.3 million tonnes of declared attributable Mineral Resources at 0.3% copper and 0.3 g/t gold (134.7 million pounds of copper and 0.236 million ounces of gold).

	2020
Gold mineral resources	Tonnes (Mt)	Grade (g/t)	Gold (Moz)
Indicated	14.1	0.36	0.162
Inferred	8.2	0.28	0.074
Total	22.3	0.33	0.236

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	2019
Copper mineral resources	Tonnes (Mt)	Grade (%)	Copper (Mlb)
Indicated	14.1	0.30	93.2
Inferred	8.2	0.23	41.5
Total	22.3	0.27	134.7

The Marathon project is a PGM-gold copper project, situated 10km north of Marathon, Ontario province, Canada. The project is managed by our joint venture partner, Generation Mining Limited (Gen Mining), which has also assumed all liabilities for the property.

Sibanye-Stillwater concluded an acquisition agreement with Generation Mining Limited (Gen Mining) in 2019 through which Gen Mining acquired a 51% interest in the Marathon project and formed an unincorporated joint venture with Stillwater Canada Inc, in exchange for a cash consideration of CAD$3 million and a 12.9% equity interest in Gen Mining. Gen Mining has the option to earn up to an 80% interest through spending of CAD$10 million and preparing a preliminary economic assessment within four years of the property acquisition date, marked as 11 July 2019.

In 2020, Gen Mining increased its stake, reducing Sibanye-Stillwater’s effective interest to 26%. This includes the direct interest of 19.3% in the project and indirect interest through the Group’s investment in Gen Mining.

As at 31 December 2020, Marathon had 65.9 million tonnes of 2E PGM declared attributable Mineral Resources at 0.2% copper and 2E+Au PGM grade of 0.7g/t (307.8 million pounds copper and 1.4 million ounces 2PGM+Au).

	2020			2019
PGM mineral resources	Tonnes (Mt)	Grade (g/t)	2E PGM (Moz)	2E PGM(Moz)
Total	65.9	0.7	1.4	3.1

	2020			2019
Copper mineral resources	Tonnes (Mt)	Grade (%)	Copper (Mlb)	Copper (Mlb)
Total	65.9	0.2	307.8	645.8

26.49% Attributable, non-managed, based on a 20% direct and a 8,11% indirect interest.

 

The Denison project is a PGM exploration project on the Sudbury Igneous Complex (SC), approximately 30km to the southwest of the town of Sudbury, Canada. The project includes two zones adjacent to the old workings of the Crean Hill mine (the 109FW and 9400 zones).

Sibanye-Stillwater owns a 64.9% stake in the Denison project, which was acquired as part of the Lonmic transaction in June 2019. During 2019, a binding letter agreement with Wallbridge Mining was executed whereby Wallbridge was appointed as the operator of the revised Denison property with responsibilities including the raising of necessary funding, implementation of the business plan and management of the daily operations of Loncan.

As at 31 December 2020, Denison contains 2.5 million tonnes of 2E PGM declared attributable Mineral Resources at 1.2% copper and 0.5 g/t gold (66 million pounds of copper and 0.036 million ounces of gold).

	2020			2019
2E PGM mineral resources	Tonnes (Mt)	Grade (g/t)	2E PGM (Moz)	2E PGM (Moz)
Total	2.5	2.9	0.2	0.05

	2020			2019
Gold mineral resources	Tonnes (Mt)	Grade (g/t)	Gold (Moz)	Gold (Moz)
Total	2.5	0.5	0.04	0.01

	2020			2019
Copper mineral resources	Tonnes (Mt)	Grade (g/t)	Copper (Mlb)	Copper (Mlb)
Total	2.5	1.2	66.0