News

Sibanye-Stillwater Mineral Resources and Mineral Reserves declaration as at 31 December 2023

Sibanye-Stillwater Ltd.

Johannesburg, 23 February 2024: Sibanye-Stillwater (Tickers JSE: SSW and NYSE: SBSW) - https://www.commodity-tv.com/ondemand/companies/profil/sibanye-stillwater-ltd/ - is pleased to report attributable Group Mineral Resources and Mineral Reserves as at 31 December 2023.

 

The declared Mineral Resources and Mineral Reserves for the Group's managed operations and projects are the outcome of a detailed annual operational and life of mine (LoM) planning process and are indicative of the considerable underlying mineral assets base which supports sustainable long-life production.

 

CEO, Neal Froneman commented: "In line with our strategy, we have expanded and diversified our asset portfolio across five continents. The substantial Mineral Resources and Reserves the Group holds, serve as the foundation for long-term production of a varied mix of metals and minerals. This not only mitigates risk through diversification, but supports the company's strategy of producing green metals that will underpin future energy solutions.  The 55.1% increase in attributable lithium Mineral Resources, and the addition of the Mt Lyell copper Mineral Resources, are particularly pleasing. "

 

This Mineral Resources and Mineral Reserves declaration represents a condensed and consolidated summary of the full Sibanye-Stillwater Mineral Resources and Mineral Reserves declaration which will be available in the Group Mineral Resources and Mineral Reserves Report, when published on 26 April 2024 at www.sibanyestillwater.com/news-investors/reports/annual/.

 

  1. Salient features
  • Stable 2E PGM Mineral Resources of 87.8Moz (+4.4%) and Mineral Reserves of 26.3Moz (unchanged) at our US PGM operations
  • 4E PGM Mineral Resources of 182.8Moz (+3.1%) and Mineral Reserves of 28.1Moz (-10.4%) at our SA PGM operations
  • The reduction in Reserves is largely driven by depletion (-1.9Moz) and the exclusion of the North Hill Project at Mimosa (-1.5Moz)
  • Gold Mineral Resources of 41.2Moz (-23%) and Mineral Reserves of 10.9Moz (-15.7%) at our SA gold operations and projects (including DRDGOLD)
  • Impacted by the rationalisation at the Kloof and Beatrix operations, which led to the cessation of production at the Kloof 4 shaft and Beatrix West shafts.
  • A 55.1% increase in attributable lithium Mineral Resources to 702kt of lithium carbonate equivalent (LCE)
  • Driven by successful exploration activities at the Keliber project in Finland and an updated Mineral Resource estimate at the Rhyolite Ridge project in Nevada
  • Zinc Mineral Resources of 3,002Mlb (+257%) and Mineral Reserves of 1,726Mlb (+287%)
  • Driven by the 100% acquisition of New Century Resources Ltd.
  • Copper Mineral Resources of 8,163Mlb (-39.4%)
  • The exercise of the Mt Lyell option, obtained via the acquisition of NCR, has added 1,609Mlb of contained copper
  • Unchanged Mineral Resources at the Altar Project, but due to a 60% earn-in obtained by Aldebaran Resources Ltd., the manager of the Altar exploration project, 6,752Mlb of attributable copper Mineral Resources have been impacted. Mineral Resources now stands at 6,386Mlb copper (48.61% attrib.)        
  • Uranium (U3O8) Mineral Resources of 59.2Mlb, a decrease of -11.1%
  • Due to reasonable prospect for eventual economic extraction (RPEEE) considerations, portions of the Cooke Millsite TSF (-7.4Mlb) have been excluded

 

2.Group overview

 

Mineral Resources Inclusive of Mineral Reserves

 

 

 

31 Dec 2023

31 Dec 2022

 

 

 

Attributable

100%

Attributable

100%

PGM

 

 

Tonnes

Grade

PGM

PGM

Tonnes

Grade

PGM

PGM

 

 

 

(Mt)

(g/t)

(Moz)

(Moz)

(Mt)

(g/t)

(Moz)

(Moz)

Americas¹

Operations

Measured

44.5

15.2

21.7

21.7

42.6

13.7

18.7

18.7

 

 

Indicated

49.1

14.2

22.4

22.4

50.4

12.8

20.7

20.7

 

 

Measured + Indicated

93.6

14.7

44.1

44.1

93.0

13.2

39.4

39.4

 

 

Inferred

113.8

11.9

43.7

43.7

114.0

12.2

44.8

44.8

 

Exploration

Measured

22.1

0.8

0.6

4.1

18.8

0.8

0.5

2.8

 

 

Indicated

10.0

0.6

0.2

1.3

21.5

0.6

0.4

2.3

 

 

Measured + Indicated

32.1

0.7

0.7

5.4

40.3

0.7

0.9

5.1

 

 

Inferred

4.0

0.5

0.1

0.4

5.0

0.5

0.1

0.4

Southern Africa²

Operations

Measured

416.3

4.3

58.1

79.1

419.7

4.3

58.2

81.8

 

 

Indicated

648.9

4.3

89.5

113.5

644.1

4.3

89.3

113.7

 

 

Measured + Indicated

1,065.1

4.3

147.5

192.6

1,063.7

4.3

147.6

195.5

 

 

Inferred

242.0

4.5

35.2

44.9

212.3

4.4

29.7

38.5

 

Exploration

Measured

1.8

4.2

0.2

0.3

1.8

4.2

0.2

0.3

 

 

Indicated

244.5

4.1

32.5

45.1

253.7

4.1

33.5

47.0

 

 

Measured + Indicated

246.2

4.1

32.7

45.4

255.4

4.1

33.7

47.3

 

 

Inferred

158.8

3.7

18.8

26.2

165.4

3.7

19.4

27.5

Total Measured + Indicated

1,437.0

4.9

225.2

287.6

1,452.4

4.7

221.5

287.3

Grand total

 

 

1,955.6

5.1

323.0

402.8

1,949.1

5.0

315.6

398.5

 

 

 

Attributable

100%

Attributable

100%

GOLD

 

 

Tonnes

Grade

Gold

Gold

Tonnes

Grade

Gold

Gold

 

 

 

(Mt)

(g/t)

(Moz)

(Moz)

(Mt)

(g/t)

(Moz)

(Moz)

Southern Africa

Operations

Measured

         465.0

            1.7

           24.7

           27.4

         483.5

            1.8

           28.5

           31.4

 

 

Indicated

         390.9

            1.2

           14.6

           17.0

         401.8

            1.4

           18.2

           20.6

 

 

Measured + Indicated

         855.9

            1.4

           39.3

           44.4

         885.3

            1.6

           46.7

           51.9

 

 

Inferred

           22.7

            2.6

            1.9

            2.0

           35.4

            5.8

            6.6

            6.7

 

Development

Measured

            1.0

            5.6

            0.2

            0.2

            1.1

            6.2

            0.2

            0.2

 

 

Indicated

           24.8

            5.6

            4.5

            4.5

           25.5

            5.6

            4.6

            4.6

 

 

Measured + Indicated

           25.9

            5.6

            4.7

            4.7

           26.6

            5.7

            4.8

            4.8

 

 

Inferred

           29.3

            4.3

            4.1

            4.1

           31.5

            4.2

            4.3

            4.3

 

Exploration

Measured

             —

             —

             —

             —

             —

             —

             —

             —

 

 

Indicated

           44.1

            4.5

            6.4

            6.4

           44.1

            4.5

            6.4

            6.4

 

 

Measured + Indicated

           44.1

            4.5

            6.4

            6.4

           44.1

            4.5

            6.4

            6.4

 

 

Inferred

            4.0

            3.6

            0.5

            0.5

            4.0

            3.6

            0.5

            0.5

Australia

Exploration

Measured

            3.7

            0.2

           0.03

           0.03

             —

             —

             —

             —

 

 

Indicated

           51.4

            0.3

            0.4

            0.4

             —

             —

             —

             —

 

 

Measured + Indicated

           55.1

            0.2

            0.4

            0.4

             —

             —

             —

             —

 

 

Inferred

           24.3

            0.1

            0.1

            0.1

             —

             —

             —

             —

Americas

Exploration

Measured

         332.1

            0.1

            1.2

            2.8

         656.7

            0.1

            2.5

            2.6

 

 

Indicated

         292.1

            0.1

            0.8

            1.7

         614.2

            0.1

            1.7

            2.5

 

 

Measured + Indicated

         624.2

            0.1

            2.0

            4.4

       1,270.9

            0.1

            4.1

            5.2

 

 

Inferred

           96.5

            0.1

            0.2

            0.5

         202.7

            0.1

            0.5

            0.8

Total Measured + Indicated

       1,605.2

            1.0

           52.8

           60.4

       2,226.9

            0.9

           62.1

           68.4

Grand total

 

 

       1,782.1

            1.0

           59.5

           67.4

       2,500.5

            0.9

           73.9

           80.6

 

 

 

Attributable

100%

Attributable

100%

LITHIUM

 

 

Tonnes

Li

Li₂O

LCE

LCE

Tonnes

Li

Li₂O

LCE

LCE

 

 

 

(Mt)

(%)

(%)

(kt)

(kt)

(Mt)

(%)

(%)

(kt)

(kt)

Europe³

Development

Measured

            3.3

0.62

1.33

           108

           135

            3.7

0.55

1.18

           106

           125

 

 

Indicated

            8.0

0.57

1.22

           241

           302

            8.0

0.48

1.03

           202

           238

 

 

Measured + Indicated

           11.3

0.58

1.25

           349

           437

           11.6

0.50

1.07

           309

           364

 

 

Inferred

            4.5

0.51

1.10

           122

           153

            2.8

0.38

0.82

             57

             67

Americas³

Exploration

Measured

            3.0

0.17

0.37

             28

           403

            2.7

0.17

0.37

             25

           357

 

 

Indicated

           17.3

0.17

0.37

           160

         2,317

            6.1

0.16

0.33

             50

           725

 

 

Measured + Indicated

           20.4

0.17

0.37

           188

         2,720

            8.8

0.16

0.35

             75

         1,082

 

 

Inferred

            4.5

0.18

0.39

             44

           630

            1.4

0.16

0.35

             12

           167

Total Measured + Indicated

           31.6

0.32

0.69

           537

         3,157

           20.4

0.35

0.76

           384

         1,446

Grand total

 

 

           40.7

0.32

0.70

           702

         3,940

           24.6

0.35

0.74

           453

         1,680

 

 

 

Attributable

100%

Attributable

100%

URANIUM

 

 

Tonnes

Grade

U₃O₈

U₃O₈

Tonnes

Grade

U₃O₈

U₃O₈

 

 

 

(Mt)

 (kg/t)

 (Mlb)

 (Mlb)

(Mt)

 (kg/t)

 (Mlb)

 (Mlb)

Southern Africa

Exploration

Measured

           63.8

           0.24

           33.2

           41.0

         158.0

           0.12

           40.4

           50.5

 

 

Indicated

           47.5

           0.25

           25.9

           28.3

           49.1

           0.24

           26.1

           28.5

 

 

Measured + Indicated

         111.4

           0.24

           59.1

           69.3

         207.0

           0.15

           66.5

           79.0

 

 

Inferred

             —

           1.10

            0.1

            0.1

           0.04

           1.10

            0.1

            0.1

Grand total

 

 

         111.4

           0.24

           59.2

           69.4

         207.1

           0.15

           66.6

           79.1

 

 

 

Attributable

100%

Attributable

100%

COPPER

 

 

Tonnes

Grade

Copper

Copper

Tonnes

Grade

Copper

Copper

 

 

 

(Mt)

(%)

(Mlb)

(Mlb)

(Mt)

(%)

(Mlb)

(Mlb)

Australia

Exploration

Measured

            3.7

           0.89

             73

             73

             —

             —

             —

             —

 

 

Indicated

           51.4

           0.91

         1,036

         1,036

             —

             —

             —

             —

 

 

Measured + Indicated

           55.1

           0.91

         1,108

         1,108

             —

             —

             —

             —

 

 

Inferred

           24.3

           0.94

           501

           501

             —

             —

             —

             —

Americas

Exploration

Measured

         332.1

           0.42

         3,062

         6,807

         656.7

           0.43

         6,179

         6,558

 

 

Indicated

         292.1

           0.41

         2,622

         5,643

         614.2

           0.40

         5,477

         6,321

 

 

Measured + Indicated

         624.2

           0.41

         5,683

       12,450

       1,270.9

           0.42

       11,656

       12,879

 

 

Inferred

           96.5

           0.41

           871

         1,893

         202.7

           0.41

         1,812

         2,098

Total Measured + Indicated

         679.3

           0.45

         6,792

       13,558

       1,270.9

           0.42

       11,656

       12,879

Grand total

 

 

         800.2

           0.46

         8,163

       15,952

       1,473.6

           0.41

       13,468

       14,977

 

 

 

Attributable

100%

Attributable

100%

ZINC

 

 

Tonnes

Grade

Zinc

Zinc

Tonnes

Grade

Zinc

Zinc

 

 

 

(Mt)

(%)

(Mlb)

(Mlb)

(Mt)

(%)

(Mlb)

(Mlb)

Australia

Operations

Measured

           25.6

            3.1

         1,750

         1,750

            7.3

            3.1

           491

         2,467

 

 

Indicated

             —

             —

             —

             —

             —

             —

             —

             —

 

 

Measured + Indicated

           25.6

            3.1

         1,750

         1,750

            7.3

            3.1

           491

         2,467

 

 

Inferred

             —

             —

             —

             —

             —

             —

             —

             —

 

Exploration

Measured

            1.0

            4.8

           106

           106

            0.2

            4.8

             21

           106

 

 

Indicated

            8.9

            5.7

         1,111

         1,111

            1.8

            5.7

           221

         1,111

 

 

Measured + Indicated

            9.9

            5.6

         1,217

         1,217

            2.0

            5.6

           242

         1,217

 

 

Inferred

            0.6

            2.7

             35

             35

            0.5

            6.5

             66

           331

Total Measured + Indicated

           35.5

            3.8

         2,967

         2,967

            9.2

            3.6

           733

         3,684

Grand total

 

 

           36.1

            3.8

         3,002

         3,002

            9.7

            3.7

           799

         4,015

Note: Mineral Resources are reported on an attributable basis, and metal content is additionally stated on a 100% ownership basis

1For the US PGM operations, PGM is represented by the 2E (Pt and Pd)

2For the SA PGM operations, PGM is represented by the 4E (Pt, Pd, Rh and Au)

3For the Lithium Mineral Resources, Li (%) was derived from Li2O by dividing by a factor of 2.153. LCE content was calculated by multiplying the Li (%) content by a factor of 5.323. Lithium Hydroxide Monohydrate (LiOH.H2O)) can be derived from LCE by dividing by a factor of 0.88

 

Mineral Reserves

 

 

 

31 Dec 2023

31 Dec 2022

 

 

 

Attributable

100%

Attributable

100%

PGM

 

 

Tonnes

Grade

PGM

PGM

Tonnes

Grade

PGM

PGM

 

 

 

(Mt)

(g/t)

(Moz)

(Moz)

(Mt)

(g/t)

(Moz)

(Moz)

Americas¹

Operation

Proved

           10.9

           13.5

            4.8

            4.8

           10.0

           13.5

            4.3

            4.3

 

 

Probable

           49.5

           13.6

           21.5

           21.5

           50.3

           13.6

           22.0

           22.0

 

 

Proved + Probable

           60.4

           13.5

           26.3

           26.3

           60.2

           13.6

           26.3

           26.3

Southern Africa²

Operation

Proved

         113.2

            3.5

           12.9

           17.8

         128.9

            3.5

           14.7

           21.4

 

 

Probable

         132.8

            3.6

           15.3

           19.3

         151.2

            3.4

           16.7

           21.6

 

 

Proved + Probable

         246.0

            3.6

           28.1

           37.1

         280.0

            3.5

           31.4

           43.0

Grand total Proved + Probable

         306.4

            5.5

           54.5

           63.4

         340.3

            5.3

           57.7

           69.3

 

 

 

Attributable

100%

Attributable

100%

GOLD

 

 

Tonnes

Grade

Gold

Gold

Tonnes

Grade

Gold

Gold

 

 

 

(Mt)

(g/t)

(Moz)

(Moz)

(Mt)

(g/t)

(Moz)

(Moz)

Southern Africa

Operation

Proved

         211.8

            0.8

            5.4

            7.3

         227.8

            0.9

            6.6

            8.7

 

 

Probable

         124.2

            0.8

            3.0

            3.9

         124.6

            0.9

            3.7

            4.5

 

 

Proved + Probable

         336.0

            0.8

            8.4

           11.2

         352.4

            0.9

           10.3

           13.2

 

Development

Proved

             —

             —

             —

             —

             —

             —

             —

             —

 

 

Probable

           19.8

            4.0

            2.5

            2.5

           20.5

            4.0

            2.7

            2.7

 

 

Proved + Probable

           19.8

            4.0

            2.5

            2.5

           20.5

            4.0

            2.7

            2.7

Grand total Proved + Probable

         355.8

            1.0

           10.9

           13.7

         373.0

            1.1

           12.9

           15.9

 

 

 

Attributable

100%

Attributable

100%

LITHIUM

 

 

Tonnes

Li

Li₂O

LCE

LCE

Tonnes

Li

Li₂O

LCE

LCE

 

 

 

(Mt)

(%)

(%)

(kt)

(kt)

(Mt)

(%)

(%)

(kt)

(kt)

Europe³

Development

Proved

            3.1

0.48

1.04

             80

           101

            3.3

0.48

1.04

             85

           101

 

 

Probable

4.6

0.42

0.90

           102

           127

            4.9

0.42

0.90

           108

           127

Grand total Proved + Probable

7.7

0.44

0.96

182

228

8.2

0.44

0.96

194

228

 

 

 

Attributable

100%

Attributable

100%

ZINC

 

 

Tonnes

Grade

Zinc

Zinc

Tonnes

Grade

Zinc

Zinc

 

 

 

(Mt)

(%)

(Mlb)

(Mlb)

(Mt)

(%)

(Mlb)

(Mlb)

Australia

Operation

Proved

           26.1

            3.0

         1,726

         1,726

            6.8

            3.0

           446

         2,240

 

 

Probable

             —

             —

             —

             —

             —

             —

             —

             —

Grand total Proved + Probable

           26.1

            3.0

         1,726

         1,726

            6.8

            3.0

           446

         2,240

Note: Mineral Reserves are reported on an attributable basis, and metal content is additionally stated on a 100% ownership basis

1For the US PGM operations, PGM is represented by the 2E (Pt and Pd)

2For the SA PGM operations, PGM is represented by the 4E (Pt, Pd, Rh and Au)

3For the Lithium Mineral Reserves, Li (%) was derived from Li2O by dividing by a factor of 2.153. LCE content was calculated by multiplying the Li (%) content by a factor of 5.323. Lithium Hydroxide Monohydrate (LiOH.H2O)) can be derived from LCE by dividing by a factor of 0.88

 

 

 

2.1. About our disclosure and related assumptions

 

The Group reports in accordance with both the JSE and the US Securities and Exchange Commission (SEC) rules and guidelines for the estimation of Mineral Resources and Mineral Reserves at all managed operations, development, and exploration properties. This specific disclosure is in compliance with the JSE rules, while the SEC compliant version can be located at https://www.sibanyestillwater.com/download/reserves-resources-dec2023-nyse

Forward looking prices, based on extensive market research that reflect “through the cycle” pricing, is considered in Mineral Resources and Mineral Reserves estimations. Mineral Resources price assumptions, which focus on longer timeframes, are based on moderately higher prices than for Mineral Reserves to reflect the ore-body flexibility.

For the PGM mineral properties, the US$ based, forward looking commodity prices used for the 2023 life of mine process has largely been retained from 2022, with the only change relating to rhodium, where prices have been adjusted downwards to US$6,000/oz from US$8,000/oz. The longer term outlook of US$1,250/oz for platinum and palladium are maintained based on our evaluation of sustainable, through the cycle, price assumptions.

At our South African gold operations, the most recent (at the time of estimation) bank consensus forward looking prices for Mineral Reserves has been considered. This recognizes increase in spot gold prices, while still maintaining a conservative longer term outlook.

As it relates to base metals, adjustments to our longer-term outlooks for chrome ore and uranium have been made. Over the past year a 42% increase in lumpy chrome ore prices have been sustained - well above our previous assumptions of US$150-US$165/tonne, with current spot at approximately US$280/tonne.

Over the past year, there has been an acceleration of a structural shift in the long-term fundamentals for uranium, underpinned by the recognition of uranium as a potential source of green energy, and a crucial contributor to the global decarbonization requirements going forward. This has resulted in the U3O8 spot price recently breaching US$100/lb and long term consensus prices breaching US$ 60/lb U3O8. As a result, the adjustments in the long term contract price to US$60/lb is deemed reasonable and reflects a price that is sustainable in the foreseeable future.

The commodity prices used in the estimation of Mineral Resources and Mineral Reserves at non-managed entities are provided in the notes to the relevant tables. At the Keliber lithium project, the estimates still reflect the Keliber Competent Persons (CP's) review, prior to the company taking majority ownership and were conducted at a Li price of ~US$25,000/t LiOH.H2O.

The exchange rates used for the Mineral Resources and Mineral Reserves Declaration as at 31 December 2023 is R17.00:US$ (up from R16.00:US$ at end 2022, reflecting the continuing deteriorating long-term Rand:US$ outlook),  US$1.12:EUR, R19:EUR and US$0.75:AUD.

2023 price decks for managed Mineral Resources & Mineral Reserves (excluding SA gold Mineral Reserves)

 

31 Dec 2023

31 Dec 2022

 

MINERAL RESOURCES

MINERAL RESERVES

MINERAL RESERVES

Precious metals

US$/oz

R/oz

R/kg

US$/oz

R/oz

R/kg

US$/oz

R/oz

R/kg

Gold

    1,800

         30,600

      983,812

    1,650

         28,050

      901,828

1,650

26,400

850,000

Platinum

    1,500

         25,500

      819,843

    1,250

         21,250

      683,203

1,250

20,000

643,014

Palladium

    1,500

         25,500

      819,843

    1,250

         21,250

      683,203

1,250

20,000

643,014

Rhodium

    8,000

       136,000

   4,372,498

    6,000

       102,000

   3,279,374

8,000

128,000

4,115,292

Iridium

    3,000

         51,000

   1,639,687

    2,500

         42,500

   1,366,406

2,500

40,000

1,286,029

Ruthenium

       350

           5,950

      191,297

       300

           5,100

      163,969

300

4,800

154,323

Base metals

US$/lb

US$/tonne

R/tonne

US$/lb

US$/tonne

R/tonne

US$/lb

US$/tonne

R/tonne

Nickel

7.94

         17,500

      297,500

      7.35

         16,200

      275,400

7.35

16,200

259,200

Copper

4.54

         10,000

      170,000

      4.06

           8,950

      152,150

4.06

8,950

143,200

Cobalt

25

         55,116

      936,964

         22

         48,502

      824,528

22

48,502

776,026

Zinc

      1.30

           2,866

       48,722

      1.15

           2,535

       43,100

N/A

N/A

N/A

Uranium oxide (U3O8)¹

60

       132,277

   2,248,712

         50

       110,231

   1,873,927

50

110,231

1,763,696

Chromium oxide (Cr2O3),

(42% concentrate) 1

0.10

              220

         3,740

      0.09

              200

         3,400

0.06

150

2,400

Lithium carbonate

14.97

         33,000

      561,000

    13.61

         30,000

      510,000

N/A

N/A

N/A

Lithium hydroxide

15.88

         35,000

      595,000

    14.51

         32,000

      544,000

N/A

N/A

N/A

1 Long term contract prices

 

Sibanye-Stillwater 2023 price deck for Mineral Reserves at managed gold operations.

 

2024

2025

2026

2027

Long Term

(US$/oz)

                        1,984

                        1,875

                        1,750

                        1,700

                        1,600

(R/kg)

                 1,179,872

                 1,091,092

                    975,333

                    934,075

                    941,374

 

  1. Group Mineral Resources and Mineral Reserves per geographical region & commodity

 

 

3.1. Americas

 

 

3.1.1. Platinum group metals (PGM)

 

3.1.1.1. US PGM  operations

  • Total 2E PGM Mineral Resources of 87.8Moz, a year-on-year increase of 4.4%
  • Total 2E PGM Mineral Reserves of 26.3Moz, unchanged year-on-year

PGM Mineral Resources Inclusive of Mineral Reserves

 

 

 

31 Dec 2023

31 Dec 2022

 

 

 

Attributable

100%

Attributable

100%

PGM

Americas

 

Tonnes

Grade

PGM

PGM

Tonnes

Grade

PGM

PGM

 

 

 

(Mt)

(g/t)

(Moz)

(Moz)

(Mt)

(g/t)

(Moz)

(Moz)

Operations

Stillwater and

Measured

           44.5

           15.2

           21.7

           21.7

           42.6

           13.7

           18.7

           18.7

 

East Boulder

Indicated

           49.1

           14.2

           22.4

           22.4

           50.4

           12.8

           20.7

           20.7

 

 

Measured + Indicated

           93.6

           14.7

           44.1

           44.1

           93.0

           13.2

           39.4

           39.4

 

 

Inferred

         113.8

           11.9

           43.7

           43.7

         114.0

           12.2

           44.8

           44.8

Grand total

 

 

         207.4

           13.2

           87.8

           87.8

         207.0

           12.6

           84.2

           84.2

PGM Mineral Reserves

 

 

 

31 Dec 2023

31 Dec 2022

 

 

 

Attributable

100%

Attributable

100%

PGM

Americas

 

Tonnes

Grade

PGM

PGM

Tonnes

Grade

PGM

PGM

 

 

 

(Mt)

(g/t)

(Moz)

(Moz)

(Mt)

(g/t)

(Moz)

(Moz)

Operations

Stillwater and

Proved

           10.9

           13.5

            4.8

            4.8

           10.0

           13.5

            4.3

            4.3

 

East Boulder

Probable

           49.5

           13.6

           21.5

           21.5

           50.3

           13.6

           22.0

           22.0

Grand total Proved + Probable

           60.4

           13.5

           26.3

           26.3

           60.2

           13.6

           26.3

           26.3

2E PGM = Pt (22%) + Pd (78%)

 

 

Given our longer term outlook on PGM prices, Mineral Reserves and Mineral Resources has remained relatively stable, with Mineral Resources depletion off-set by successful brownfield exploration activity, and enhance by continued improvement in estimation practices. In light of the current depressed palladium price, ongoing review of the US PGM operations production and ramp-up profiles is currently taking place.

 

A detailed reconciliation of the 2022 to 2023 US PGM operations Mineral Reserves is shown in the adjacent table.

 

US PGM operations – Mineral Reserves reconciliation

Factors

2E PGM (Moz)

31 Dec 2022

26.3

Depletion

-0.5

Post depletion

25.8

Area inclusion/exclusion

0.2

Estimation methodology

2.2

Modifying factors

-1.9

31 Dec 2023

26.3

 

 

 

3.1.1.2. US PGM - Marathon exploration project

 

  • Total 2E PGM Mineral Resources of 0.8Moz, a year-on-year decrease of -18.9%

PGM Mineral Resources

 

 

31 Dec 2023

31 Dec 2022

PGM

Americas

Tonnes

PGM

PGM

Copper

Copper

Tonnes

PGM

PGM

Copper

Copper

Exploration

 

(Mt)

(g/t)

(Moz)

(%)

(Mlb)

(Mt)

(g/t)

(Moz)

(%)

(Mlb)

Marathon¹

Measured

       22.1

         0.8

         0.6

       0.20

         99

       18.8

         0.8

         0.5

       0.20

         84

 

Indicated

       10.0

         0.6

         0.2

       0.22

         49

       21.5

         0.6

         0.4

       0.21

        102

 

Measured + Indicated

       32.1

         0.7

         0.7

       0.21

        148

       40.3

         0.7

         0.9

       0.21

        186

 

Inferred

         4.0

         0.5

         0.1

       0.23

         20

         5.0

         0.5

         0.1

       0.23

         25

Grand total

 

       36.0

         0.7

         0.8

       0.21

        167

       45.3

         0.7

         1.0

       0.21

        211

113.9% Attributable, non-managed, excluding gold and silver by products which are not material.

 

The Mineral Resource estimate for the Marathon project in Canada has remained unchanged during 2023. The Groups' shareholding in Generation Mining Ltd. changed from 18.19% to 13.9% during the year, resulting in the associated decrease in attributable Mineral Resources.

 

 

3.1.2. Battery metals

 

3.1.2.1. Rhyolite Ridge lithium exploration project

 

  • Total LCE Mineral Resources of 232 kt, a year-on-year increase of 167%

Lithium Mineral Resources

 

 

 

31 Dec 2023

31 Dec 2022

LITHIUM

Americas

 

Tonnes

Li

LCE

H₃BO₃

H₃BO₃

Tonnes

Li

LCE

H₃BO₃

H₃BO₃

 

 

 

(Mt)

(%)

(kt)

(%)

(kt)

(Mt)

(%)

(kt)

(%)

(kt)

Exploration

Rhyolite Ridge

Measured

         3.0

       0.17

         28

         8.2

        248

         2.7

       0.17

         25

         8.3

        225

 

 

Indicated

       17.3

       0.17

        160

         3.4

        595

         6.1

       0.16

         50

         8.1

        494

 

 

Measured + Indicated

       20.4

       0.17

        188

         4.1

        843

         8.8

       0.16

         75

         8.2

        720

 

 

Inferred

         4.5

       0.18

         44

         2.8

        128

         1.4

       0.16

         12

         7.9

        106

Grand total

 

 

       24.9

       0.17

        232

         3.9

        971

       10.2

       0.16

         87

         8.1

        826

 6.91% attributable interest in Ioneer Ltd, manager of the Rhyolite Ridge project

 

The Group has an agreement with ioneer Limited to establish a 50:50 joint venture with respect to the Rhyolite Ridge project in Nevada, subject to the satisfaction of all conditions precedent. The project is in the final stage of permitting, with a record of decision (ROD) expected in the second half of 2024.

 

During April 2023, ioneer announced an updated Mineral Resource estimate for the South Basin at the project, now comprising 360Mt, containing 3.4Mt of LCE and 14.1Mt Boric acid equivalent (BAE). Accordingly, the Groups attributable Mineral Resources have been adjusted based on its 6.91% legal interest in ioneer.

 

3.1.2.2. Altar copper exploration project

 

  • Total copper Mineral Resources of 6,386Mlb, a year-on-year decrease of -39.4%

Copper Mineral Resources

 

 

31 Dec 2023

31 Dec 2022

COPPER

Americas

Tonnes

Copper

Copper

Gold

Gold

Tonnes

Copper

Copper

Gold

Gold

Exploration

 

(Mt)

(%)

(Mlb)

(g/t)

(Moz)

(Mt)

(%)

(Mlb)

(g/t)

(Moz)

Altar¹

Measured

     310.1

       0.43

     2,963

         0.1

         1.2

     637.9

       0.43

     6,095

         0.1

         2.4

 

Indicated

     282.1

       0.41

     2,573

         0.1

         0.7

     580.3

       0.41

     5,293

         0.1

         1.5

 

Measured + Indicated

     592.2

       0.42

     5,536

         0.1

         1.9

   1,218.2

       0.42

    11,388

         0.1

         3.9

 

Inferred

       92.6

       0.42

        851

         0.1

         0.2

     190.4

       0.42

     1,750

         0.1

         0.4

Rio Grande

Measured

          —

          —

          —

          —

          —

          —

          —

          —

          —

          —

 

Indicated

          —

          —

          —

          —

          —

       12.5

       0.30

         82

         0.4

         0.1

 

Measured + Indicated

          —

          —

          —

          —

          —

       12.5

       0.30

         82

         0.4

         0.1

 

Inferred

          —

          —

          —

          —

          —

         7.2

       0.23

         37

         0.3

         0.1

Total Measured + Indicated

     592.2

       0.42

     5,536

         0.1

         1.9

   1,230.7

       0.42

    11,470

         0.1

         4.1

Grand total

 

     684.7

       0.42

     6,386

         0.1

         2.1

   1,428.3

       0.42

    13,257

         0.1

         4.5

148.61% Attributable, non-managed

 

The Altar in situ Mineral Resource Estimate remained unchanged year-on-year. During 2023, Aldebaran Resources, the manager of the project, gave notice that they have completed the contractual expenditures to gain a 60% interest in the Altar project from the Group. Accordingly, the Group's attributable copper Mineral Resources have been adjusted, taking into consideration the groups 40% project level interest, and 14.35% equity shareholding in Aldebaran Resources Ltd. as of 31 December 2023, which now totals 48.61% vs 100% in 2022.

 

Given the lack of continued project and exploration work by Aldebaran, and considering the requirement for the reasonable prospect for economic extraction, the group has excluded the previously reported Rio Grande project from its total copper Mineral Resources.

 

 

3.2. Southern Africa

 

3.2.1. Platinum group metals

 

3.2.1.1. SA PGM operations

 

  • Total 4E PGM Mineral Resources of 182.8Moz, a year-on-year increase of 3.1%
  • Total 4E PGM Mineral Reserves of 28.1Moz, a year-on-year decrease of -10.4%

PGM Mineral Resources Inclusive of Mineral Reserves

 

 

 

31 Dec 2023

31 Dec 2022

 

 

 

Attributable

100%

Attributable

100%

PGM

Southern Africa

 

Tonnes

Grade

PGM

PGM

Tonnes

Grade

PGM

PGM

 

 

 

(Mt)

(g/t)

(Moz)

(Moz)

(Mt)

(g/t)

(Moz)

(Moz)

Operations

Marikana¹

Measured

           74.5

            4.2

           10.0

           12.4

           73.1

            4.2

            9.9

           12.2

 

 

Indicated

         541.5

            4.1

           72.2

           89.5

         513.4

            4.1

           67.8

           84.1

 

 

Measured + Indicated

         616.0

            4.1

           82.2

         101.9

         586.5

            4.1

           77.7

           96.3

 

 

Inferred

         201.4

            4.5

           28.9

           35.8

         179.4

            4.4

           25.1

           31.2

 

Rustenburg²

Measured

         270.2

            4.6

           40.3

           54.4

         287.8

            4.5

           41.9

           56.6

 

 

Indicated

           90.2

            5.3

           15.4

           20.6

         112.7

            5.4

           19.4

           25.4

 

 

Measured + Indicated

         360.4

            4.8

           55.7

           75.0

         400.6

            4.8

           61.3

           82.0

 

 

Inferred

           26.1

            5.7

            4.8

            5.9

           14.9

            5.6

            2.7

            3.5

 

Kroondal³

Measured

           37.0

            3.3

            3.9

            4.5

           25.0

            3.3

            2.7

            5.4

 

 

Indicated

            4.8

            3.3

            0.5

            0.6

            4.7

            3.8

            0.6

            1.2

 

 

Measured + Indicated

           41.9

            3.3

            4.4

            5.1

           29.8

            3.4

            3.3

            6.6

 

 

Inferred

             —

             —

             —

             —

            2.5

            2.9

            0.2

            0.5

 

Mimosa⁴

Measured

           34.5

            3.5

            3.9

            7.8

           33.7

            3.5

            3.8

            7.6

 

 

Indicated

           12.4

            3.5

            1.4

            2.8

           13.1

            3.5

            1.5

            3.0

 

 

Measured + Indicated

           46.9

            3.5

            5.3

           10.6

           46.9

            3.5

            5.3

           10.6

 

 

Inferred

           14.4

            3.4

            1.6

            3.2

           15.5

            3.4

            1.7

            3.4

Total Measured + Indicated

       1,065.1

            4.3

         147.5

         192.6

       1,063.7

            4.3

         147.6

         195.5

Grand total

 

 

       1,307.1

            4.3

         182.8

         237.5

       1,276.0

            4.3

         177.3

         234.0

PGM Mineral Reserves

 

 

 

31 Dec 2023

31 Dec 2022

 

 

 

Attributable

100%

Attributable

100%

PGM

Southern Africa

 

Tonnes

Grade

PGM

PGM

Tonnes

Grade

PGM

PGM

 

 

 

(Mt)

(g/t)

(Moz)

(Moz)

(Mt)

(g/t)

(Moz)

(Moz)

Operations

Marikana¹

Proved

           19.8

            3.9

            2.5

            3.1

           21.5

            3.9

            2.7

            3.4

 

 

Probable

         111.5

            3.9

           14.0

           17.4

         117.9

            3.9

           14.7

           18.2

 

 

Proved + Probable

         131.4

            3.9

           16.5

           20.4

         139.4

            3.9

           17.4

           21.6

 

Rustenburg²

Proved

           72.9

            3.6

            8.4

           11.4

           79.3

            3.5

            9.0

           12.2

 

 

Probable

           17.9

            1.6

            0.9

            1.2

           24.7

            1.4

            1.1

            1.5

 

 

Proved + Probable

           90.9

            3.2

            9.3

           12.6

         103.9

            3.0

           10.2

           13.7

 

Kroondal³

Proved

            9.1

            2.5

            0.7

            0.8

            8.0

            2.6

            0.7

            1.3

 

 

Probable

             —

             —

             —

             —

             —

             —

             —

             —

 

 

Proved + Probable

            9.1

            2.5

            0.7

            0.8

            8.0

            2.6

            0.7

            1.3

 

Mimosa⁴

Proved

           11.3

            3.5

            1.3

            2.6

           20.1

            3.5

            2.2

            4.5

 

 

Probable

            3.3

            3.3

            0.4

            0.7

            8.6

            3.4

            1.0

            1.9

 

 

Proved + Probable

           14.6

            3.5

            1.6

            3.3

           28.7

            3.5

            3.2

            6.4

Grand total Proved + Probable

         246.0

            3.6

           28.1

           37.1

         280.0

            3.5

           31.4

           43.0

180.64% Attributable, managed; 274% Attributable with Hoedspruit 86.35%, managed; 387% Attributable, managed; 450% Attributable, non-managed

 

 

Mineral Resources were positively impacted by the incorporation of the Schaapkraal Prospecting Right Mineral Resources (8.97Moz) into the Marikana operation, which was previously excluded subject to the approval of the prospecting right renewal.

 

Apart from depletion (-1.9Moz) the reduction in Mineral Reserves can mainly be ascribed to the exclusion of the Mimosa North Hill project (-1.5Moz) due to commercial considerations, partially off-set by the gain (+0.5Moz) from the acquisition of the additional 50% in the Kroondal operation.

 

A detailed reconciliation of the 2022 to 2023 SA PGM operations Mineral Reserves is shown in the adjacent table.

 

 

SA PGM operations – Mineral Reserves reconciliation

Factors

4E PGM (Moz)

31 Dec 2022

31.4

Depletion

-1.9

Post depletion

29.5

Geological interpretation

-0.1

Estimation methodology

-0.2

Economic valuation

-1.5

Modifying factors

-0.1

Attr. % gain Kroondal

0.5

31 Dec 2023

28.1

 

 

3.2.1.2. SA PGM exploration projects

  • Total 4E PGM Mineral Resources of 51.5Moz, a year-on-year decrease of -3%

PGM Mineral Resources

 

 

 

31 Dec 2023

31 Dec 2022

 

 

 

Attributable

100%

Attributable

100%

PGM

Southern Africa

 

Tonnes

Grade

PGM

PGM

Tonnes

Grade

PGM

PGM

 

 

 

(Mt)

(g/t)

(Moz)

(Moz)

(Mt)

(g/t)

(Moz)

(Moz)

Exploration

Akanani¹

Measured

             —

             —

             —

             —

             —

             —

             —

             —

 

 

Indicated

         164.5

            4.2

           22.0

           27.5

         164.5

            4.2

           22.0

           27.5

 

 

Measured + Indicated

         164.5

            4.2

           22.0

           27.5

         164.5

            4.2

           22.0

           27.5

 

 

Inferred

           87.9

            3.4

            9.6

           12.0

           87.9

            3.4

            9.6

           12.0

 

Limpopo²

Measured

            1.8

            4.2

            0.2

            0.3

            1.8

            4.2

            0.2

            0.3

 

 

Indicated

           80.0

            4.1

           10.5

           17.6

           80.0

            4.1

           10.5

           17.6

 

 

Measured + Indicated

           81.7

            4.1

           10.7

           17.9

           81.7

            4.1

           10.7

           17.9

 

 

Inferred

           70.9

            4.0

            9.2

           14.2

           70.9

            4.0

            9.2

           14.2

 

Blue Ridge³

Measured

             —

             —

             —

             —

             —

             —

             —

             —

 

 

Indicated

             —

             —

             —

             —

            9.2

            3.2

            1.0

            1.9

 

 

Measured + Indicated

             —

             —

             —

             —

            9.2

            3.2

            1.0

            1.9

 

 

Inferred

             —

             —

             —

             —

            6.7

            3.0

            0.6

            1.3

Total Measured + Indicated

         246.2

            4.1

           32.7

           45.4

         255.4

            4.1

           33.7

           47.3

Grand total

 

 

         405.0

            4.0

           51.5

           71.6

         420.9

            3.9

           53.1

           74.8

180.13% Attributable, managed, 2Attributable for Baobab and Doornvlei (80.64%), and Dwaalkop (40.32%), 350% Attributable, managed

 

The change relates to the Blue Ridge JV with Imbani Platinum, where agreement has been reached to apply for and proceed with official mine closure. Hence, the related Mineral Resources has been excluded.

 

 

 

 

3.2.2. Gold

3.2.2.1 SA gold operations

  • Total gold Mineral Resources of 41.2Moz, a year-on-year decrease of -22.7%
  • Total gold Mineral Reserves of 8.4Moz, a year-on-year decrease of -18.4%

Gold Mineral Resources Inclusive of Mineral Reserves

 

 

 

31 Dec 2023

31 Dec 2022

 

 

 

Attributable

100%

Attributable

100%

GOLD

Southern Africa

 

Tonnes

Grade

Gold

Gold

Tonnes

Grade

Gold

Gold

 

 

 

(Mt)

(g/t)

(Moz)

(Moz)

(Mt)

(g/t)

(Moz)

(Moz)

Operations

Kloof

Measured

           31.8

            9.8

           10.0

           10.0

           32.8

           11.4

           12.0

           12.0

 

 

Indicated

           25.5

            5.6

            4.6

            4.6

           35.8

            6.8

            7.9

            7.9

 

 

Measured + Indicated

           57.3

            7.9

           14.6

           14.6

           68.6

            9.0

           19.9

           19.9

 

 

Inferred

            7.0

            4.5

            1.0

            1.0

           21.7

            8.7

            6.1

            6.1

 

Driefontein

Measured

           21.4

           10.7

            7.3

            7.3

           20.7

           11.0

            7.3

            7.3

 

 

Indicated

           12.5

            8.6

            3.4

            3.4

           11.7

            9.0

            3.4

            3.4

 

 

Measured + Indicated

           33.9

            9.9

           10.8

           10.8

           32.4

           10.2

           10.7

           10.7

 

 

Inferred

            4.5

            5.0

            0.7

            0.7

            1.3

            4.8

            0.2

            0.2

 

Beatrix

Measured

           20.3

            5.7

            3.7

            3.7

           25.7

            6.5

            5.4

            5.4

 

 

Indicated

           24.2

            5.0

            3.9

            3.9

           25.2

            5.3

            4.3

            4.3

 

 

Measured + Indicated

           44.5

            5.3

            7.6

            7.6

           50.9

            5.9

            9.6

            9.6

 

 

Inferred

            0.5

            4.0

            0.1

            0.1

            1.6

            4.4

            0.2

            0.2

 

Cooke¹

Measured

         157.9

            0.3

            1.3

            1.7

         159.6

            0.3

            1.3

            1.7

 

 

Indicated

           41.8

            0.3

            0.4

            0.5

           43.3

            0.3

            0.4

            0.6

 

 

Measured + Indicated

         199.7

            0.3

            1.7

            2.3

         202.9

            0.3

            1.7

            2.3

 

 

Inferred

             —

             —

             —

             —

             —

             —

             —

             —

 

DRDGOLD²

Measured

         233.7

            0.3

            2.3

            4.6

         244.8

            0.3

            2.5

            5.0

 

 

Indicated

         286.8

            0.3

            2.3

            4.6

         285.8

            0.2

            2.3

            4.5

 

 

Measured + Indicated

         520.5

            0.3

            4.6

            9.2

         530.5

            0.3

            4.8

            9.5

 

 

Inferred

           10.7

            0.2

            0.1

            0.2

           10.7

            0.2

            0.1

            0.2

Total Measured + Indicated

         855.9

            1.4

           39.3

           44.4

         885.3

            1.6

           46.7

           51.9

Grand total

 

 

         878.6

            1.5

           41.2

           46.4

         920.7

            1.8

           53.3

           58.6

Gold Mineral Reserves

 

 

 

31 Dec 2023

31 Dec 2022

 

 

 

Attributable

100%

Attributable

100%

GOLD

Southern Africa

 

Tonnes

Grade

Gold

Gold

Tonnes

Grade

Gold

Gold

 

 

 

(Mt)

(g/t)

(Moz)

(Moz)

(Mt)

(g/t)

(Moz)

(Moz)

Operations

Kloof

Proved

            7.6

            5.1

            1.3

            1.3

           11.0

            6.1

            2.1

            2.1

 

 

Probable

            3.2

            5.6

            0.6

            0.6

            7.5

            5.4

            1.3

            1.3

 

 

Proved + Probable

           10.8

            5.3

            1.8

            1.8

           18.6

            5.8

            3.4

            3.4

 

Driefontein

Proved

            5.6

            8.7

            1.6

            1.6

            5.8

            8.4

            1.6

            1.6

 

 

Probable

            6.0

            7.1

            1.4

            1.4

            5.6

            7.9

            1.4

            1.4

 

 

Proved + Probable

           11.6

            7.9

            2.9

            2.9

           11.4

            8.1

            3.0

            3.0

 

Beatrix

Proved

            4.7

            3.5

            0.5

            0.5

            5.9

            3.8

            0.7

            0.7

 

 

Probable

            1.2

            3.5

            0.1

            0.1

            0.7

            3.1

            0.1

            0.1

 

 

Proved + Probable

            5.9

            3.5

            0.7

            0.7

            6.7

            3.7

            0.8

            0.8

 

Cooke¹

Proved

             —

             —

             —

             —

             —

             —

             —

             —

 

 

Probable

            8.8

            0.3

            0.1

            0.1

            7.3

            0.3

            0.1

            0.1

 

 

Proved + Probable

            8.8

            0.3

            0.1

            0.1

            7.3

            0.3

            0.1

            0.1

 

DRDGOLD²

Proved

         193.8

            0.3

            2.0

            4.0

         205.0

            0.3

            2.2

            4.3

 

 

Probable

         105.1

            0.3

            0.9

            1.7

         103.5

            0.2

            0.8

            1.6

 

 

Proved + Probable

         298.9

            0.3

            2.9

            5.7

         308.5

            0.3

            3.0

            5.9

Grand total Proved + Probable

         336.0

            0.8

            8.4

           11.2

         352.4

            0.9

           10.3

           13.2

176% Attributable, managed, 250.28% Attributable, non-managed

 

 

The change in Mineral Resources can mainly be attributed to the closure of Kloof 4 Shaft (-6.1Moz), the exclusion of the below infrastructure EBA area at Kloof 7 Shaft (-4.9Moz) due to having no reasonable prospect for eventual economic extraction (RPEEE) post the closure of Kloof 4 Shaft and the cessation of Beatrix 4 Shaft (-1.5Moz), off-set by minor additions elsewhere.

Apart from depletion (-0.8Moz), the change in Mineral Reserves can mainly be attributed to the closure of Kloof 4 Shaft(-1.5Moz) as well as further adjustments at Driefontein and Kloof operations due to area exclusions and changes in the Resource (0.5Moz).

 

SA gold operations – Mineral Reserves reconciliation

Factors

Gold (Moz)

31 Dec 2022

10.3

Depletion

-0.8

Post depletion

9.5

Area inclusions/exclusions

0.2

Geological interpretation

0.3

Economic valuation

-1.6

31 Dec 2023

8.4

 

 

3.2.2.2. SA gold - Burnstone development project

 

  • Total gold Mineral Resources of 8.8Moz, a year-on-year decrease of -4%
  • Total gold Mineral Reserves of 2.5Moz, a year-on-year decrease of -5.4%

Gold Mineral Resources Inclusive of Mineral Reserves

 

 

 

31 Dec 2023

31 Dec 2022

 

 

 

Attributable

100%

Attributable

100%

GOLD

Southern Africa

 

Tonnes

Grade

Gold

Gold

Tonnes

Grade

Gold

Gold

 

 

 

(Mt)

(g/t)

(Moz)

(Moz)

(Mt)

(g/t)

(Moz)

(Moz)

Development

Burnstone

Measured

            1.0

            5.6

            0.2

            0.2

            1.1

            6.2

            0.2

            0.2

 

 

Indicated

           24.8

            5.6

            4.5

            4.5

           25.5

            5.6

            4.6

            4.6

 

 

Measured + Indicated

           25.9

            5.6

            4.7

            4.7

           26.6

            5.7

            4.8

            4.8

 

 

Inferred

           29.3

            4.3

            4.1

            4.1

           31.5

            4.2

            4.3

            4.3

Grand total

 

 

           55.2

            4.9

            8.8

            8.8

           58.1

            4.9

            9.1

            9.1

Gold Mineral Reserves

 

 

 

31 Dec 2023

31 Dec 2022

 

 

 

Attributable

100%

Attributable

100%

GOLD

Southern Africa

 

Tonnes

Grade

Gold

Gold

Tonnes

Grade

Gold

Gold

 

 

 

(Mt)

(g/t)

(Moz)

(Moz)

(Mt)

(g/t)

(Moz)

(Moz)

Development

Burnstone

Proved

             —

             —

             —

             —

             —

             —

             —

             —

 

 

Probable

           19.8

            4.0

            2.5

            2.5

           20.5

            4.0

            2.7

            2.7

Grand total Proved + Probable

           19.8

            4.0

            2.5

            2.5

           20.5

            4.0

            2.7

            2.7

 

 

At the Burnstone development project, the decrease in Mineral Resources is ascribed to a reduction in the Inferred Mineral Resources based on estimation practices. The minor reduction in Mineral Reserves was driven by the exclusion of a small area based on logistical considerations.

 

 

 

SA gold development – Mineral Reserves reconciliation

Factors

Gold (Moz)

31 Dec 2022

2.7

Area inclusions/exclusions

-0.2

31 Dec 2023

2.5

 

 

3.2.2.3. SA gold - SOFS exploration project

 

  • Total gold Mineral Resources of 6.9Moz, remained unchanged

Gold Mineral Resources

 

 

 

31 Dec 2023

31 Dec 2022

 

 

 

Attributable

100%

Attributable

100%

GOLD

Southern Africa

 

Tonnes

Grade

Gold

Gold

Tonnes

Grade

Gold

Gold

 

 

 

(Mt)

(g/t)

(Moz)

(Moz)

(Mt)

(g/t)

(Moz)

(Moz)

Exploration

SOFS

Measured

             —

             —

             —

             —

             —

             —

             —

             —

 

 

Indicated

           44.1

            4.5

            6.4

            6.4

           44.1

            4.5

            6.4

            6.4

 

 

Measured + Indicated

           44.1

            4.5

            6.4

            6.4

           44.1

            4.5

            6.4

            6.4

 

 

Inferred

            4.0

            3.6

            0.5

            0.5

            4.0

            3.6

            0.5

            0.5

Grand total

 

 

           48.1

            4.4

            6.9

            6.9

           48.1

            4.4

            6.9

            6.9

The SOFS project in the Free State, adjacent to our Beatrix Mining Right, remains a fully mining permitted development option.

 

 

3.2.3. Uranium exploration projects

 

  • Total U3O8 Mineral Resources of 59.2Mlb, a decrease of -11.1%

Uranium Mineral Resources

 

 

 

31 Dec 2023

31 Dec 2022

 

 

 

Attributable

100%

Attributable

100%

URANIUM

Southern Africa

 

Tonnes

Grade

U₃O₈

U₃O₈

Tonnes

Grade

U₃O₈

U₃O₈

 

 

 

(Mt)

 (kg/t)

 (Mlb)

 (Mlb)

(Mt)

 (kg/t)

 (Mlb)

 (Mlb)

Exploration

 Beatrix (Beisa)

Measured

            3.6

            1.1

            8.5

            8.5

            3.6

           1.09

            8.5

            8.5

 

 

Indicated

            7.8

            1.1

           18.3

           18.3

            7.8

           1.07

           18.3

           18.3

 

 

Measured + Indicated

           11.4

            1.1

           26.9

           26.9

           11.4

           1.07

           26.9

           26.9

 

 

Inferred

             —

            1.1

            0.1

            0.1

           0.04

           1.10

            0.1

            0.1

 

Cooke¹

Measured

           60.3

           0.19

           24.7

           32.5

         154.4

           0.09

           31.9

           42.0

 

 

Indicated

           39.7

           0.09

            7.6

            9.9

           41.3

           0.09

            7.8

           10.2

 

 

Measured + Indicated

         100.0

           0.15

           32.2

           42.4

         195.7

           0.09

           39.6

           52.2

 

 

Inferred

             —

             —

             —

             —

             —

             —

             —

             —

Total Measured + Indicated

         111.4

           0.24

           59.1

           69.3

         207.0

           0.15

           66.5

           79.0

Grand total

 

 

         111.4

           0.24

           59.2

           69.4

         207.1

           0.15

           66.6

           79.1

176% Attributable, managed

Uranium Mineral Resources occur as co-mineralisation within tonnage also reported under the SA gold Mineral Resources.

 

A review of the economic potential of the remaining uranium Mineral Resources associated with the Cooke and Ezulwini tailings storage facilities (TSFs), has resulted in the exclusion of -7.4Mlb, relating to the Millsite TSF.

 

 

3.3. Europe

3.3.1. Battery metals

3.3.1.1. Keliber lithium development project

 

  • LCE Mineral Resources of 471kt, a year-on-year increase of 28.6%
  • LCE Mineral Reserves of 182kt, a year-on-year decrease of -6%

Lithium Mineral Resources Inclusive of Mineral Reserves

 

 

 

31 Dec 2023

31 Dec 2022

 

 

 

Attributable

100%

Attributable

100%

LITHIUM

Europe

 

Tonnes

Li

Li₂O

LCE

LCE

Tonnes

Li

Li₂O

LCE

LCE

 

 

 

(Mt)

(%)

(%)

(kt)

(kt)

(Mt)

(%)

(%)

(kt)

(kt)

Development

Keliber¹

Measured

            3.3

0.62

1.33

           108

           135

            3.7

0.55

1.18

           106

           125

 

 

Indicated

            8.0

0.57

1.22

           241

           302

            8.0

0.48

1.03

           202

           238

 

 

Measured + Indicated

           11.3

0.58

1.25

           349

           437

           11.6

0.50

1.07

           309

           364

 

 

Inferred

            4.5

0.51

1.10

           122

           153

            2.8

0.38

0.82

             57

             67

Grand total

 

 

           15.8

0.56

1.21

           471

           590

           14.5

0.48

1.02

           366

           431

Lithium Mineral Reserves

 

 

 

31 Dec 2023

31 Dec 2022

 

 

 

Attributable

100%

Attributable

100%

LITHIUM

Europe

 

Tonnes

Li

Li₂O

LCE

LCE

Tonnes

Li

Li₂O

LCE

LCE

 

 

 

(Mt)

(%)

(%)

(kt)

(kt)

(Mt)

(%)

(%)

(kt)

(kt)

Development

Keliber¹

Proved

3.1

0.48

1.04

80

101

            3.3

0.48

1.04

             85

           101

 

 

Probable

4.6

0.42

0.90

102

127

            4.9

0.42

0.90

           108

           127

Grand total Proved + Probable

7.7

0.44

0.96

182

228

            8.2

0.44

0.96

           194

           228

179.82% Attributable, managed

 

Ongoing, successful exploration activities at the Keliber project in Finland has resulted in an increase of the Mineral Resources at the previously reported deposits, as well as the identification of additional mineralised areas. A revision in estimation methodology, which now better delineates and distinguishes between ore and barren material inclusions, has also had a positive impact on the reported grade which has increased to 1.21% Li₂O.

 

The reported Mineral Reserves remain based on the previously (2022) reported Mineral Resource estimate, and will be updated with the new Resource estimate during 2024. The decrease of -6% is due to a reduction in attributable ownership from 84.96% to 79.82%.

 

 

3.4. Australia

3.4.1. Zinc tailings retreatment (part of the circular economy)

3.4.1.1. Century zinc operation (including on-lease in-situ exploration projects)

  • Zinc Mineral Resources of 3,002Mlb, a year-on-year increase of 257%
  • Zinc Mineral Reserves of 1,726Mlb, a year-on-year increase of 287%

Zinc Mineral Resources Inclusive of Mineral Reserves

 

 

 

31 Dec 2023

31 Dec 2022

 

 

 

Attributable

100%

Attributable

100%

ZINC

Australia

 

Tonnes

Zinc

Zinc

Zinc

Tonnes

Zinc

Zinc

Zinc

 

 

 

(Mt)

(%)

(Mlb)

(Mlb)

(Mt)

(%)

(Mlb)

(Mlb)

Operations

Century

Measured

           25.6

            3.1

         1,750

         1,750

            7.3

            3.1

           491

         2,467

 

 

Indicated

             —

             —

             —

             —

             —

             —

             —

             —

 

 

Measured + Indicated

           25.6

            3.1

         1,750

         1,750

            7.3

            3.1

           491

         2,467

 

 

Inferred

             —

             —

             —

             —

             —

             —

             —

             —

Grand total

 

 

           25.6

            3.1

         1,750

         1,750

            7.3

            3.1

           491

         2,467

Zinc Mineral Resources

 

 

 

31 Dec 2023

31 Dec 2022

ZINC

Australia

 

Tonnes

Zinc

Zinc

Lead

Lead

Tonnes

Zinc

Zinc

Lead

Lead

 

 

 

(Mt)

(%)

(Mlb)

(%)

(Mlb)

(Mt)

(%)

(Mlb)

(%)

(Mlb)

Exploration

Century

Measured

         1.0

         4.8

        106

         5.4

        119

         0.2

         4.8

         21

         5.4

         24

 

 

Indicated

         8.9

         5.7

     1,111

         2.4

        465

         1.8

         5.7

        221

         2.4

         93

 

 

Measured + Indicated

         9.9

         5.6

     1,217

         2.7

        584

         2.0

         5.6

        242

         2.7

        116

 

 

Inferred

         0.6

         2.7

         35

         6.2

         82

         0.5

         6.5

         66

         3.1

         32

Grand total

 

 

       10.5

         5.4

     1,252

         2.9

        666

         2.4

         5.8

        308

         2.8

        148

Zinc Mineral Reserves

 

 

 

31 Dec 2023

31 Dec 2022

 

 

 

Attributable

100%

Attributable

100%

ZINC

Australia

 

Tonnes

Zinc

Zinc

Zinc

Tonnes

Zinc

Zinc

Zinc

 

 

 

(Mt)

(%)

(Mlb)

(Mlb)

(Mt)

(%)

(Mlb)

(Mlb)

Operations

Century

Proved

           26.1

            3.0

         1,726

         1,726

            6.8

            3.0

           446

         2,240

 

 

Probable

             —

             —

             —

             —

             —

             —

             —

             —

Grand total Proved + Probable

           26.1

            3.0

         1,726

         1,726

            6.8

            3.0

           446

         2,240

 

The year-on-year change in Mineral Resources and Mineral Reserves were primarily driven by the increase in attributable ownership to 100%, off-set partially by mining depletion off the finite TSF Mineral Reserves.

 

The Watson's Lode Inferred Mineral Resource, previously reported on, has been excluded due to unfavourable RPEEE considerations, driven by structural complexity.

 

 

3.4.1.1. Mt Lyell copper project

  • Copper Mineral Resources of 1,609Mlb.

Copper Mineral Resources

 

 

 

31 Dec 2023

31 Dec 2022

COPPER

Australia

 

Tonnes

Copper

Copper

Gold

Gold

Tonnes

Copper

Copper

Gold

Gold

 

 

 

(Mt)

(%)

(Mlb)

(g/t)

(Moz)

(Mt)

(%)

(Mlb)

(g/t)

(Moz)

Exploration

Mt Lyell

Measured

         3.7

       0.89

         73

         0.2

       0.03

          —

          —

          —

          —

          —

 

 

Indicated

       51.4

       0.91

     1,036

         0.3

         0.4

          —

          —

          —

          —

          —

 

 

Measured + Indicated

       55.1

       0.91

     1,108

         0.2

         0.4

          —

          —

          —

          —

          —

 

 

Inferred

       24.3

       0.94

        501

         0.1

         0.1

          —

          —

          —

          —

          —

Grand total

 

 

       79.4

       0.92

     1,609

         0.2

         0.5

          —

          —

          —

          —

          —

 

During 2023, with the take-over of New Century Resources, the Group acquired the option to acquire the historic Mt Lyell Copper mine, situated in Tasmania, from Vedanta Resources Ltd.. The option was exercised during November 2023. A study into the feasibility of reopening the mine is in progress.

 

  1. Corporate governance

This Mineral Reserves and Mineral Resources declaration represents a condensed and consolidated summary of the full Sibanye-Stillwater Mineral Resources and Mineral Reserves declaration available in the Group Mineral Resources and Mineral Reserves Report, which will be published on 26 April 2024 and will be available at www.sibanyestillwater.com/news-investors/reports/annual/.

 

The Mineral Resources and Mineral Reserves are estimates at a particular date, and are affected by fluctuations in mineral prices, the exchange rates, operating costs, mining permits, changes in legislation and operating factors.

 

Sibanye-Stillwater prepares and reports its Mineral Resources and Mineral Reserves in accordance with the SAMREC Code, the updated Section 12 of the JSE Listings Requirements; and the SEC regulation S-K Sub-part 1300. For non-managed mineral properties, Mineral Resources and Mineral Reserves are in certain cases prepared under different codes, such as JORC and NI-43-101. These codes are closely aligned with SAMREC, form part of CRIRSCO (Committee for Mineral Reserves International Reporting Standards), and the estimates are therefore deemed to be consistent with SAMREC and S-K1300.

 

Production volumes are reported in metric tonnes (t). By-product metals that do not constitute material contribution to potential revenue-flows are typically excluded from the estimates, but are included in the economic assessments.

 

All financial models used to determine the managed Mineral Reserves are based on current tax regulations as at 31 December 2023. Rounding of figures may result in minor computational discrepancies. Where this happens, it is not deemed significant.

 

There are teams CP's, designated in terms of the respective national reporting codes, who take responsibility for the reporting of Mineral Resources and Mineral Reserves at the respective operations and projects. Corporate governance on the overall compliance of the Group’s figures and responsibility for the generation of a Group consolidated statement has been overseen by the Group's lead Competent Persons, included below. The Group has the written confirmation of the lead Competent Persons that the information, as disclosed in this report, is compliant with the relevant security exchanges’ listing requirements (Section 12 of the JSE listing requirements, SAMREC Table 1 and the US SEC SK1300), and that it may be published in the form and context in which it was intended.

 

For the managed operations, Stephan Stander is the Group Lead CP for Mineral Resources; and Tom Van Den Berg is the Group Lead CP for Mineral Reserves. Stephan is a registered member of the South African Council for Natural Scientific Professions (SACNASP 400089/96). Tom is a registered member of the South African Institute of Mining and Metallurgy (SAIMM 700497).

 

Investor relations contact:

Email: [email protected]

James Wellsted

EVP: Investor Relations and Corporate Affairs

Tel: +27 (0) 83 453 4014

 

www.sibanyestillwater.com

 

Sponsor: J.P. Morgan Equities South Africa Proprietary Limited

 

In Europe:

Swiss Resource Capital AG

Jochen Staiger & Marc Ollinger

[email protected]

www.resource-capital.ch

 

About Sibanye-Stillwater

Sibanye-Stillwater is a multinational mining and metals processing group with a diverse portfolio of operations, projects and investments across five continents. The Group is also one of the foremost global recyclers of PGM autocatalysts and has interests in leading mine tailings retreatment operations.

 

Sibanye-Stillwater has established itself as one of the world’s largest primary producers of platinum, palladium, and rhodium and is a top tier gold producer. It also produces and refines iridium and ruthenium, nickel, chrome, copper and cobalt. The Group has recently begun to diversify its asset portfolio into battery metals mining and processing and increase its presence in the circular economy by growing its recycling and tailings reprocessing exposure globally. For more information refer to www.sibanyestillwater.com.

 

Ends.

 

 

  1. Forward looking statements

 

The information in this document may contain forward-looking statements within the meaning of the “safe harbour” provisions of the United States Private Securities Litigation Reform Act of 1995 with respect to Sibanye Stillwater Limited’s (Sibanye-Stillwater or the Group) financial condition, results of operations, business strategies, operating efficiencies, competitive position, growth opportunities for existing services, plans and objectives of management for future operations, markets for stock and other matters. These forward-looking statements, including, among others, those relating to Sibanye-Stillwater’s future business prospects, revenues and income, climate change-related targets and metrics, the potential benefits of past and future acquisitions (including statements regarding growth, cost savings, benefits from and access to international financing and financial re-ratings), gold, PGM, nickel and lithium pricing expectations, levels of output, supply and demand, information relating to Sibanye-Stillwater’s  new or ongoing development projects, any proposed, anticipated or planned expansions into the battery metals or adjacent sectors and estimations or expectations of enterprise value, adjusted EBITDA and net asset, are necessarily estimates reflecting the best judgment of the senior management and directors of Sibanye-Stillwater and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. As a consequence, these forward-looking statements should be considered in light of various important factors, including those set forth in this document.

 

All statements other than statements of historical facts included in this document may be forward-looking statements. Forward-looking statements also often use words such as “will”, “would”, “expect”, “forecast”, “goal”, “vision”, “potential”, “may”, “could”, “believe”, “aim”, “anticipate”, “target”, “estimate” and words of similar meaning. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances and should be considered in light of various important factors, including those set forth in this disclaimer. Readers are cautioned not to place undue reliance on such statements.

 

The important factors that could cause Sibanye-Stillwater’s actual results, performance or achievements to differ materially from estimates or projections contained in the forward-looking statements include, without limitation, Sibanye-Stillwater’s future financial position, plans, strategies, objectives, capital expenditures, projected costs and anticipated cost savings, financing plans, position and ability to reduce debt leverage; economic, business, political and social conditions in South Africa, Zimbabwe, the United States, Europe and elsewhere; plans and objectives of management for future operations; Sibanye-Stillwater’s ability to obtain the benefits of any streaming arrangements or pipeline financing; the ability of Sibanye-Stillwater to comply with loan and other covenants and restrictions and difficulties in obtaining additional financing or refinancing; Sibanye-Stillwater’s ability to service its bond instruments; changes in assumptions underlying Sibanye-Stillwater’s estimation of its Mineral Resources and Mineral Reserves; any failure of a tailings storage facility; the ability to achieve anticipated efficiencies and other cost savings in connection with, and the ability to successfully integrate, past, ongoing and future acquisitions, as well as at existing operations; the ability of Sibanye-Stillwater to complete any ongoing or future acquisitions; the success of Sibanye-Stillwater’s business strategy and exploration and development activities, including any proposed, anticipated or planned expansions into the battery metals or adjacent sectors and estimations or expectations of enterprise value (including the Rhyolite Ridge project); the ability of Sibanye-Stillwater to comply with requirements that it operate in ways that provide progressive benefits to affected communities; changes in the market price of gold, PGMs, battery metals (e.g., nickel, lithium, copper and zinc) and the cost of power, petroleum fuels, and oil, among other commodities and supply requirements; the occurrence of hazards associated with underground and surface mining; any further downgrade of South Africa’s credit rating; the impact of South Africa's greylisting; a challenge regarding the title to any of Sibanye-Stillwater’s properties by claimants to land under restitution and other legislation; Sibanye-Stillwater’s ability to implement its strategy and any changes thereto; the outcome of legal challenges to the Group’s mining or other land use rights; the occurrence of labour disputes, disruptions and industrial actions; the availability, terms and deployment of capital or credit; changes in the imposition of industry standards, regulatory costs and relevant government regulations, particularly environmental, sustainability, tax, health and safety regulations and new legislation affecting water, mining, mineral rights and business ownership, including any interpretation thereof which may be subject to dispute; increasing regulation of environmental and sustainability matters such as greenhouse gas emissions and climate change; being subject to, and the outcome and consequence of, any potential or pending litigation or regulatory proceedings, including in relation to any environmental, health or safety issues; the ability of Sibanye-Stillwater to meet its decarbonisation targets, including by diversifying its energy mix with renewable energy projects; failure to meet ethical standards, including actual or alleged instances of fraud, bribery or corruption; the effect of climate change or other extreme weather events on Sibanye-Stillwater’s business; the concentration of all final refining activity and a large portion of Sibanye-Stillwater’s PGM sales from mine production in the United States with one entity; the identification of a material weakness in disclosure and internal controls over financial reporting; the effect of US tax reform legislation on Sibanye-Stillwater and its subsidiaries; the effect of South African Exchange Control Regulations on Sibanye-Stillwater’s financial flexibility; operating in new geographies and regulatory environments where Sibanye-Stillwater has no previous experience; power disruptions, constraints and cost increases; supply chain disruptions and shortages and increases in the price of production inputs; the regional concentration of Sibanye-Stillwater’s operations; fluctuations in exchange rates, currency devaluations, inflation and other macro-economic monetary policies; the occurrence of temporary stoppages or precautionary suspension of operations at its mines for safety or environmental incidents (including natural disasters) and unplanned maintenance; Sibanye-Stillwater’s ability to hire and retain senior management and employees with sufficient technical and/or production skills across its global operations necessary to meet its labour recruitment and retention goals, as well as its ability to achieve sufficient representation of historically disadvantaged South Africans in its management positions; failure of Sibanye-Stillwater’s information technology, communications and systems; the adequacy of Sibanye-Stillwater’s insurance coverage; social unrest, sickness or natural or man-made disaster at informal settlements in the vicinity of some of Sibanye-Stillwater’s South African-based operations; and the impact of HIV, tuberculosis and the spread of other contagious diseases, including global pandemics.

 

Further details of potential risks and uncertainties affecting Sibanye-Stillwater are described in Sibanye-Stillwater’s filings with the Johannesburg Stock Exchange and the United States Securities and Exchange Commission, including the 2022 Integrated Report and the Annual Financial Report for the fiscal year ended 31 December 2022 on Form 20-F filed with the United States Securities and Exchange Commission on 24 April 2023 (SEC File no. 333-234096).

 

These forward-looking statements speak only as of the date of the content. Sibanye-Stillwater expressly disclaims any obligation or undertaking to update or revise any forward-looking statement (except to the extent legally required). These forward-looking statements have not been reviewed or reported on by the Group’s external auditors.

 

Non-IFRS Measures

The information contained in this document may contain certain non-IFRS measures, including, among others, adjusted EBITDA, AISC, AIC, sustaining capital, Nickel equivalent sustaining cost and average equivalent zinc concentrate price. These measures may not be comparable to similarly-titled measures used by other companies and are not measures of Sibanye-Stillwater’s financial performance under IFRS. These measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Sibanye-Stillwater is not providing a reconciliation of the forecast non-IFRS financial information presented in this document because it is unable to provide this reconciliation without unreasonable effort. These forecast non-IFRS financial information presented have not been reviewed or reported on by the Group’s external auditors.

 

Websites

References in this document to information on websites (and/or social media sites) are included as an aid to their location and such information is not incorporated in, and does not form part of, this document.

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