ore reserves and mineral resources 2011 report - Anglo American ...

SECURING OUR FUTURE
ORE RESERVE AND MINERAL RESOURCE ESTIMATES
as at 31 December 2011
MINERAL RESOURCES BY PROJECT
Mineral Resources inclusive of Ore Reserves (3E)
The figures in the table below represent Anglo American Platinum Limited’s (Amplats) attributable interests:
Resources
Contained
Project million Grade Grade Grade Contained 3E million
(AAPL interest) tonnes 3E g/t % Cu % Ni 3E tonnes troy ounces
SOUTH AFRICA
Boikgantsho Project Measured
(49%)* Indicated 37.0 1.30 0.07 0.11 47.9 1.5
Measured and Indicated 37.0 1.30 0.07 0.11 47.9 1.5
Inferred 1.8 1.14 0.04 0.08 2.1 0.1
Total 38.8 1.29 0.07 0.10 49.9 1.6
Sheba’s Ridge Project Measured 28.0 0.88 0.07 0.20 24.6 0.8
(35%)* Indicated 34.0 0.85 0.07 0.18 29.1 0.9
Measured and Indicated 62.0 0.87 0.07 0.19 53.6 1.7
Inferred 149.9 0.96 0.08 0.19 144.5 4.6
Total 211.9 0.94 0.08 0.19 198.2 6.4
AMERICAS
Pedra Branca – Brazil
(51%)* Inferred 6.6 2.27 0.03 0.23 15.0 0.5
* Not included in regional Mineral Resources.
Total 6.6 2.27 0.03 0.23 15.0 0.5
Rounding of figures may result in computational discrepancies. Figures not included in the global Mineral Resource summary. 3E grade reported: sum of platinum, palladium and
gold grades.
Boikgantsho
Sheba’s Ridge
Pedra Branca
Amplats and Anooraq Resources hold a 49% and 51% interest in Boikgantsho respectively. The figures quoted are for the attributable interest.
During 2011, a new Resource evaluation was completed by Amplats. Significant changes to the previous estimates conducted in 2004 are owing to:
A cut-off grade of 1 g/t (3E) was applied (as used at Mogalakwena Platreef (1 g/t 4E)).
Exclusion of oxidised material up to a depth of 40 m.
The Resource evaluation reported to a depth of 300 m below surface.
Excludes losses owing to the major dykes and a swathe of 200 m either side of the major Drenthe fault, which has a horizontal displacement of
approximately 2.2 km.
Amplats, Industrial Development Corporation (IDC) and Aquarius South Africa hold a 35%, 26% and 39% interest in Sheba’s Ridge respectively.
During 2011, a new Resource evaluation was completed by external consultants on behalf of Aquarius Platinum South Africa.
Reinterpretation of the geology, together with structural complexity, resulted in a revised model with a significant decrease of the Resource
classification confidence.
Additionally, the reporting depth below surface has been reduced.
It must be noted that since 2011 the joint-venture area encompasses all prospects rights of the Sheba’s Ridge Project.
The geological loss increased from a previously used 0.5% to 5% within the Measured category and to 10% within the Indicated and Inferred
category.
Previously, the cut-off grade used was $10.5/t recoverable value, a figure supplied by Ridge Mining using metal price projections and
metallurgical recoveries. This was changed to 0.5 g/t (3E) in the current model.
Amplats and Solitario hold a 51% and 49% interest in Pedra Branca respectively. The figure quoted is for the attributable interest. A cut-off of
0.7 g/t (3E) was used.
River Valley In previous years Amplats held an attributable interest of 50%. During 2011, Pacific North West Capital Corporation purchased the remaining 50%
interest in the unincorporated joint venture covering the River Valley Project from Amplats. As a consequence the Mineral Resources are now
excluded.
34 ANGLO AMERICAN PLATINUM LIMITED 2011