During 2009, Lonmin has reviewed its Mineral Resource and Reserves and certain areas have been re-estimated where necessary. The major changes are as follows:
· Continued extension drilling of the Marikana Mineral Resource area provided an additional 10 Moz 3PGE+Au in Resource;
· A 7% increase in the overall Marikana Mineral Resource grade resulted from extension drilling into high grade Merensky Reef areas and enhanced Merensky Mineral Resource estimation techniques;
· The Marikana Mineral Reserve grade increased by 2% overall;
· Optimisation of planned Resource extraction below the K4 Vertical Shaft Block has demonstrated that value is enhanced by combining the Sub Incline Resources with the K5 Resources, rather than with K4. The re-designation of the Sub Incline area resulted in a reduction of approximately 5 Moz 3PGE+Au in Probable Mineral Reserves, which remain as Mineral Resources in the inventory. The Reserves are expected to be re-instated once the necessary pre-feasibility work has been completed over the combined K5 and K4 Sub-Incline blocks;
· The total Mineral Resource content increased by 15% and the 3PGE+Au grade increased by 3%. This was largely realised in the Inferred Resource at both the Schaapkraal Prospecting Area at Marikana and the Limpopo Baobab Mine Block;
· Continued diamond drilling at Akanani resulted in a higher proportion of P2 Indicated Mineral Resources, further increasing the confidence of this Mineral Resource; and
· The Pandora Plan 4 area has been fully included in the Mineral Reserve resulting in an additional 0.4 Moz of 3PGE+Au in the Probable Reserve category attributable to Lonmin.
A summary of the changes in both the Lonmin Mineral Resources and Reserves is shown in the following tables and should be read in conjunction with the Key Assumptions outlined below.
Mineral Resources (Total Measured, Indicated & Inferred)1,4
|
Area |
30-Sep-2009 |
30-Sep-2008 |
|
Mt5 |
3PGE+Au |
Pt |
Mt5 |
3PGE+Au |
Pt |
|
g/t |
Moz |
Moz |
g/t |
Moz |
Moz |
|
Marikana |
750.7 |
5.01 |
120.8 |
71.1 |
672.0 |
4.68 |
101.1 |
59.3 |
|
Limpopo2 |
144.7 |
4.22 |
19.6 |
10.0 |
138.1 |
4.23 |
18.8 |
9.5 |
|
Limpopo Baobab shaft |
46.1 |
3.91 |
5.8 |
3.0 |
28.6 |
4.00 |
3.7 |
1.9 |
|
Akanani |
176.6 |
3.96 |
22.5 |
9.4 |
154.4 |
4.42 |
21.9 |
9.3 |
|
Pandora JV |
54.9 |
4.29 |
7.6 |
4.7 |
55.5 |
4.30 |
7.7 |
4.7 |
|
Loskop JV3 |
10.1 |
4.04 |
1.3 |
0.8 |
10.1 |
4.04 |
1.3 |
0.8 |
|
Total |
1,183.1 |
4.67 |
177.6 |
98.9 |
1,058.8 |
4.54 |
154.5 |
85.6 |
Mineral Reserves (Total Proved & Probable)1
|
Area |
30-Sep-2009 |
30-Sep-2008 |
|
Mt5 |
3PGE+Au |
Pt |
Mt5 |
3PGE+Au |
Pt |
|
g/t |
Moz |
Moz |
g/t |
Moz |
Moz |
|
Marikana |
297.5 |
4.11 |
39.3 |
23.8 |
332.6 |
4.03 |
43.1 |
25.9 |
|
Limpopo |
40.1 |
3.23 |
4.2 |
2.1 |
40.1 |
3.23 |
4.2 |
2.1 |
|
Limpopo Baobab shaft |
9.4 |
3.16 |
1.0 |
0.5 |
9.4 |
3.16 |
1.0 |
0.5 |
|
Pandora JV |
3.1 |
4.25 |
0.4 |
0.3 |
0.5 |
4.28 |
0.06 |
0.04 |
|
Total |
350.1 |
3.98 |
44.8 |
26.6 |
382.5 |
3.93 |
48.3 |
28.5 |
Notes
|
1) |
All figures are reported on a Lonmin Plc attribuable basis, the relative proportions of ownership per project being shown in the Key Assumptions outlined below. |
|
2) |
Limpopo2 excludes Baobab shaft. |
|
3) |
Loskop JV3 excludes Rh, due to insufficient assays, and therefore 2PGE+Au is reported. |
|
4) |
Resources are reported Inclusive of Reserves. |
|
5) |
Quantities have been rounded to one decimal place and grades have been rounded to two decimal places, therefore minor computational errors may occur. |
Key assumptions regarding the 2009 Lonmin Mineral Resource and Reserve Statement
· Mineral Resources are reported inclusive of Mineral Reserves. Resources that are converted to Reserves are also included in the Mineral Resource statement.
· All quoted Resources and Reserves include Lonmin's attributable portion only. There have been no changes in the percentage attributable to Lonmin during the year. The following percentages were applied to the total Mineral Resource and Reserve for each property:
|
Marikana |
Limpopo – Dwaalkop JV |
Limpopo – Baobab, Doornvlei, Zebediela |
Akanani |
Pandora |
Loskop |
|
Lonmin Attributable |
82% |
41% |
82% |
74% |
34.85% |
41% |
· Incwala Resources, Lonmin’s BEE partner, owns 18% of both Western Platinum Limited and Eastern Platinum Limited and 26% of Akanani.
· Limpopo includes Dwaalkop JV which is a Lonmin managed JV between Mvelaphanda Resources (50%) and Western Platinum (50%).
· Pandora JV: Eastern Platinum Limited has an attributable interest of 42.5% in the Pandora Joint Venture together with Anglo Platinum (42.5%), Mvelaphanda Resources (7.5%) and the Bapo Ba Mogale Mining Company (7.5%).
· Loskop JV: Western Platinum Limited has an attributable interest of 50% in the Loskop Joint Venture with Boynton Investments.
· Grades are reported as 3PGE+Au, which is a summation of the Platinum, Palladium, Rhodium and Gold grades. Available assay information, obtained from concentrate and drillhole core, indicates that the proportion of 3PGE+Au contained in 5PGE+Au is approximately as follows:
|
UG2 |
Merensky |
Platreef |
|
Marikana |
0.82 |
0.93 |
- |
|
Limpopo |
0.86 |
0.93 |
- |
|
Akanani |
- |
- |
0.95 |
|
Pandora |
0.81 |
- |
- |
· Mineral Resources are reported as "in-situ" tonnes and grade and allow for geological losses such as faults, dykes, potholes and Iron Rich Ultramafic Pegmatite (IRUP).
· Mineral Resources are estimated using a minimum true width of at least 90 cm and therefore may include some diluting material.
· Proved and Probable Mineral Reserves are reported as tonnes and grade expected to be delivered to the mill, are inclusive of diluting materials and allow for losses that may occur when the material is mined.
· Mine tailings dams are excluded from the above Mineral Resource summary.
· For economic studies and the determination of pay limits, consideration was made of both short and long term revenue drivers. The following long term assumptions were used: Pt $1600, Pd $400, Rh $3,000, Ru $150, Ir $430, Au $700 per ounce and Ni $15,000, Cu $4,000 per tonne, using an average exchange rate of $1 to R9.
· Unless otherwise stated, the Lonmin Mineral Resources and Reserves estimates were prepared or supervised by various persons employed by Lonmin.
Click here to view Lonmin's Mineral Resources and Reserves statement, as at 30 September 2009.