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Resources and Reserves

Platinum operations

Sibanye-Stillwater’s Mineral Resources and Mineral Reserves are reported in accordance with the SAMREC Code, and are considered to be fully compliant in all material respects with the requirements of the code.

The Mineral Resource and Mineral Reserve Report 2016 contains a comprehensive review of the Mineral Resources and Mineral Reserves as at 31 December 2016, and details the location, geology, mining, processing, operational statistics and changes at each of Sibanye-Stillwater’s mining operations and projects.

Mineral Resources and Mineral Reserves Report 2016
Cover thumbnail: Mineral resources and mineral reserves report 2016
4E PGM Mineral Resources
20% 2% 66% 6% 6% Rustenburg* 84.0Moz Kroondal** 7.4Moz Mimosa** 7.0Moz Tailings 3.1Moz Projects 25.0Moz * 50% attributable Excluding tailings ** 126.5Moz
4E PGM Mineral Reserves
14 5 26 69% 7% 10% Rustenburg* 16.1Moz Kroondal** 2.3Moz Mimosa** 1.7Moz Tailings 3.1Moz 23.2Moz * Excluding tailings ** 50% attributable

PLATINUM DIVISION CONSOLIDATED MINERAL RESOURCE AND MINERAL RESERVE STATEMENT

Classified 4E PGM Mineral Resource and Mineral Reserve statement
Mineral ResourcesMineral Reserves
   31 Dec 2016 20151   31 Dec 2016 20151
Reef Category 4E PGM Tonnes (Mt) Grade (g/t) 4E PGM (Moz) 4E PGM (Moz) Category 4E PGM Tonnes (Mt) Grade (g/t) 4E PGM (Moz) 4E PGM (Moz)
SOUTH AFRICA OPERATION: KROONDAL (50% ATTRIBUTABLE)
SOUTH AFRICA OPERATION: KROONDAL (50% ATTRIBUTABLE)
UG2 Measured 44.50 3.52 5.04 5.57 Proved 21.01 2.67 1.80 2.94
  Indicated 14.24 3.70 1.69 1.96 Probable 5.75 2.64 0.49 0.91
  Inferred 6.02 3.22 0.63 0.77          
  Total 64.76 3.53 7.36 8.30 Total 26.76 2.66 2.29 3.85
EVEREST (100% ATTRIBUTABLE)
EVEREST (100% ATTRIBUTABLE)
UG2 Measured 2.62 Proved 1.09
  Indicated 0.36 Probable 0.04
  Inferred 0.13          
  Total 3.11 Total 1.13
NON SOUTH AFRICA OPERATION: MIMOSA* (50% ATTRIBUTABLE)
NON SOUTH AFRICA OPERATION: MIMOSA* (50% ATTRIBUTABLE)
MSZ Measured 31.90 3.68 3.78 4.12 Proved 9.24 3.55 1.05 1.31
  Indicated 15.42 3.58 1.78 1.79 Probable 5.37 3.68 0.64 0.65
  Inferred 4.41 3.61 0.51 0.52          
  Inferred (Oxides) 4.41 3.61 0.51 0.98          
  Total 9.00 3.39 0.98 7.41 Total 14.61 3.60 1.69 1.96
SOUTH AFRICA OPERATIONS RUSTENBURG (EXCLUDING TAILINGS)
SOUTH AFRICA OPERATIONS RUSTENBURG (EXCLUDING TAILINGS)
MER Measured 65.27 6.17 12.94 13.13 Proved 9.57 5.20 1.60 2.31
  Indicated 43.05 5.94 8.23 8.23 Probable 0.80 4.87 0.13 0.16
  Inferred 10.99 5.70 2.02 2.04          
  Total 119.31 6.04 23.18 23.41 Total 10.38 5.18 1.73 2.47
UG2 Measured 310.60 4.69 46.81 49.88 Proved 113.57 3.71 13.56 18.96
  Indicated 82.51 5.01 3.40 14.02 Probable 5.88 4.10 0.78 4.04
  Inferred 4.17 5.23 13.30 0.72     1    
  Total 397.28 4.76 60.81 64.63 Total 119.46 3.73 14.34 23.01
Combined Measured 375.87 4.94 59.75 63.02 Proved 123.15 3.83 15.17 21.28
  Indicated 125.57 5.33 21.53 22.26 Probable 6.68 4.19 0.90 4.20
  Inferred 15.16 5.57 2.72 2.76          
  Total 516.60 5.06 83.99 88.03 Total 129.83 3.85 16.07 25.48
 
TAILINGS
TAILINGS
Combined Measured 90.38 1.08 3.14 63.02 Proved 0.00 0.00 0.00 0.00
  Indicated Probable 90.38 1.08 3.14 3.28
  Inferred          
  Total 90.38 1.08 3.14 88.03 Total 90.38 1.08 3.14 3.28
 
TOTAL PROJECTS
TOTAL PROJECTS
Combined Measured 32.54 1.06 1.11 1.11 Proved
  Indicated 37.91 0.85 1.04 7.73 Probable
  Inferred 261.91 2.71 22.80 22.51          
  Total 332.36 2.33 24.95 31.35 Total
 
TOTAL PLATINUM DIVISION
TOTAL PLATINUM DIVISION
Combined Measured 575.19 3.94 72.81 79.72 Proved 153.39 3.65 18.02 26.62
  Indicated 193.13 4.19 26.03 34.10 Probable 108.19 1.48 5.17 9.09
  Inferred 287.51 2.88 26.66 26.69          
  Inferred (Oxides) 9.00 3.39 0.98 0.98          
  Total 1,064.83 3.69 126.48 141.49 Total 261.59 2.76 23.19 35.70

Mineral Resources are inclusive of Mineral Reserves

Everest Mine was sold during the year, 3.11Moz were removed from the Mineral Resource alongside Hoogland (0.61Moz), 1.13Moz were removed from the Mineral Reserve

* Mimosa (Zimbabwe) is a non-South African operation managed as a standalone company in Zimbabwe, 50% attributable to Sibanye-Stillwater

Kroondal Extension is being mined by Sibanye-Stillwater with exclusive Mining Rights from Anglo Platinum, reporting 50% attributable

4E PGM g/t – corrected 4E PGM grade (Pt+Pd+Rh+Au)

Rustenburg Operations are reflected from December 2015 base, 12 months depletion considered. Kroondal and Mimosa Operations are reflected from a June 2015 base with 18 months depletions considered

1 Rustenburg, Kroondal and Mimosa were not required to report SEC compliant Mineral Reserves during 2015. Post Sibanye-Stillwater acquisition, Mineral Reserves were subject to evaluation in line with SEC guidelines. As a result, the LoM that informed the Mineral Reserves were valuated applying a trailing Platinum Group Metals price deck which is c.5% lower than that considered by AAP in 2016. The result is a combined removal of 6,220Moz 4E PGM from the Mineral Reserves reported by RPM in December 2015 and the previous AQP in June 2015. These metals contained in ore still remains in-situ for exploitation when the price improves. Sensitivity analysis indicates that a 4E PGM basket price shift of 3-5% will bring these Mineral Resources back into Mineral Reserves.

COMPETENT PERSONS AND DECLARATION CONSENT

The Competent Persons, designated in terms of SAMREC, who take responsibility for the reporting of Mineral Resources and Mineral Reserves, are the respective operation (per mining unit) and project based Mineral Resource Manager or Manager Geology. The Competent Persons have sufficient experience relative to the type and style of mineral deposit under consideration and are full-time employees of Sibanye-Stillwater. Competent Persons consent and confirmation signatures are presented in each individual Competent Person’s report per operation and project, which can be viewed on request.

Corporate governance on the overall compliance of the company’s figures and responsibility for the generation of a Group consolidated statement has been overseen by the Technical Services team. This team, whose members consent to the disclosure of the 2016 Mineral Resource and Mineral Reserve Statement, are permanent employees of Sibanye-Stillwater, and function independently of the operating mines and projects.

Competent PersonTitleQualificationsYears
Andrew Brown
SAIMM 705060
VP Mine Technical Services MSc (Mining Engineering) 32
Leonard Changara
SACNASP 400089/08
Resource Geologist MSc (Geology); Pr.Sci.Nat 18
Etienne Malherbe
SACNASP 400131/08
Resource Geologist BSc Hons (Geology); Pr.Sci.Nat 21
Brian Smith
SAIMM 702313
Chief Surveyor NHD (Mine Survey); MEng MRM;MSCC 30
Gawie van Heerden
SAIMM 702828
Planning, LoM and
Mineral Resources
MEng (Mining Engineering); BEng (Hons) (MOT); MMCC 19