Projects

Marikana K4 is a large, long-life, high-grade (tier 1) PGM project situated on the western limb of the Bushveld Complex, in South Africa’s North West Province. Sibanye-Stillwater’s Board approved the related capital growth project in early 2021, allocating R3.9 billion to complete the mine’s vertical shaft infrastructure.

The Marikana K4 project is a largely predeveloped and equipped, high-return project, which will access both the Merensky and UG2 reefs to produce approximately 250,000 4Eoz annually over a 50-year life. Both the main and vertical shafts have been pre-developed and equipped to depths of 1,332m and 1,078m below surface respectively.

Associated surface infrastructure to a large extend is in place, requiring only minor refurbishments. In addition, the K4 concentrator, able to treat approximately 130,000tpm (tonnes per month) of UG2 and Merensky reef is already fully operational. The Marikana K4 project will sustain around 4,380 direct jobs at steady state. In addition, it will create meaningful long-term opportunities for local procurement, SMME development and skills transfer.

The project, which has begun development and production ramp up, is currently on track.

Klipfontein is a shallow open-pit project adjacent to Kroondal’s East Bambanani shaft that will be operated as 50/50 joint venture with Anglo American Platinum as part of the current pooling and sharing area (PSA).

Klipfontein will mine the UG2 reef to a depth of approximately 45m and is expected to produce 118,240oz of 4E PGMs over a three-year operating life. Ore will be transported to and treated at Kroondal’s K2 concentrator. The project is on track and is ramping up with full production expected in the second quarter of 2022

Blue Ridge is a 50:50 joint venture with Imbani Platinum acquired following the acquisition of Aquarius Platinum in 2016. It is approximately 30km southeast of Groblersdal on the eastern limb of the Bushveld Complex. The operation was placed on under care and maintenance in 2011 and no exploration work has been undertaken in this time.

Due to the relatively low-grade nature of the orebody, the complex shareholding, and the historic project finance agreements, which include substantial external debt holders, significant barriers exist to the restart of this operation. This mining operation remains under care and maintenance while Sibanye-Stillwater engages with its partners and stakeholders to find an optimum way to maximise value for all stakeholders.

At 31 December 2021, Blue Ridge had a total attributable PGM Mineral Resource of 1.6Moz.

Akanani, acquired as part of the Lonmin transaction, is an advanced stage exploration project located on the northern limb of the Bushveld Complex, 30km northeast of the town of Mokopane in the province of Limpopo, South Africa. The project was acquired by Sibanye-Stillwater in 2019 as part of the Lonmin transaction.

Extensive exploration drilling, targeting the Platreef, has been conducted on the property, confirming significant Mineral Resources which offers the potential for a long-life, low-cost operation. The wide orebody would enable a mechanised, long-hole, open-stope mining operation

A unique feature of the Platreef mineralisation, is the ratio of platinum:palladium, which is close to 1:1, as well as the high concentration in base metal by-products, with nickel and copper grading 0.24% and 0.13% respectively, making for a very attractive and diversified metal mix.

The key focus for 2022 is to advance the Mining Right application, which is currently under consideration by the DMRE. The necessary exploration activities to support the initial 20 years of mining has been concluded, and subject to the granting of the Mining Right, Akanani will become a strategic investment and development option.

At 31 December 2021, Akanani had a total attributable PGM Mineral Resource of 31.6Moz.

The Limpopo project, in which Sibanye-Stillwater has an effective 95.3% interest, is located on the northern section of the eastern limb of the Bushveld Complex, approximately 50km south of the city of Polokwane, in Limpopo, South Africa. The larger project area consists of three contiguous mineral title areas, namely Voorpseod, Dwaalkop and Doornvlei. They are centred around the Baobab mining operation, located on the Vooersped mining right, which is currently under care and maintenance.

Since acquiring the Limpopo project in June 2019 (through the acquisition of Lonmin), the Group has initiated a strategic review process, which included revising and updating the 2017 feasibility study, to assess an optimal development timeframe for these assets. Due to the steep dip of the UG2 and Merensky Reefs, the project remains an attractive mechanisation option, which fits well with Sibanye-Stillwater’s strategic goals.

Given the steep dip of the UG2 and Merensky reefs on the property, the project remains an attractive mechanisation option, which fits well with Sibanye-Stillwater’s strategic goals. Project development remains subject to group capital expenditure ranking. A Mineral Reserve has not been declared for these assets, nor was any exploration work conducted here in 2021.

At 31 December 2021, the Limpopo project had a total attributable PGM Mineral Resource of 19.6Moz.