Exxaro Resource limited Report Selector 2018

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Report Selector

Exxaro Resources Limited Mineral Resources Report

OVERVIEW

OVERVIEW OF RESOURCE AND RESERVE ESTIMATES

OUR CONSOLIDATED MINERAL RESOURCE AND RESERVE REPORT

ANCILLARY RESOURCE AND RESERVE INFORMATION BY OPERATION

ADDITIONAL INFORMATION

GROUP SUMMARY OF RESOURCE AND RESERVE ESTIMATES

This document indicates Exxaro's Coal Resources and Coal Reserves remaining as at 31 December 2018. Mineral Resource and Mineral Reserve figures are not an inventory of all mineral occurrences drilled or sampled, but a realistic record of those which, under assumed and justifiable technical and economic conditions, may be economically extractable currently and in future.

Figure 9: Coal joint-venture operations in Mpumalanga province

Mineral Resources and Mineral Reserves are reported inclusive of Mineral Resources that have been converted to Mineral Reserves. An exception is reporting for Gamsberg and Black Mountain Mining, because figures received from Vedanta plc (JORC Code) represent Mineral Resources excluding Mineral Reserves.

Exxaro includes all estimates directly under its management control and estimates of entities in which Exxaro holds a 25% interest or larger. Mineral resources and Mineral Reserves are reported at 100%, irrespective of the percentage attributable to Exxaro.

The percentage attributable tonnage (only coal) can be deduced from the attributable ownership (figure 9) stated in the Coal Resources and Coal Reserves tables and the summarised tonnages are shown in table 3. Explanations for material changes are provided as footnotes in the Coal Resources and Coal Reserves tables and detailed explanations for year-on-year movements are provided.

 

 

Table 3: Attributable Coal Resource and Coal Reserve tonnages

    
Commodity - Coal 2018
MTIS (Mt)		  
Exxaro attributable tonnes Measured   4 720  
Indicated   2 227  
Inferred   6 970  
Total resources   13 918  
Proved   3 030  
Probable   763  
Total reserves   3 793  

Coal Resources

Table below details the total inclusive Coal Resources estimated as at 31 December 2018.

Table 4: Coal Resources and qualities for 2018

2018 - tonnes and grade4 2017 - tonnes and grade4
Operation1 Location3 Resource category   Tonnes
(Mt)		 CV
MJ/kg		 %
Ash		 %
IM		 %
VM		 %
S		   Tonnes
(Mt)		 CV
MJ/kg		 %
Ash		 %
IM		 %
S		 %  
change  
in  
tonnes5
Arnot mine6 Measured   20.2 24.2 26.6 4.0 1.0   20.2 24.2 26.6 4.0 1.0 0 
(OC) Indicated 18.9 24.5 26.7 3.8   0.9   18.9 24.5 26.7 3.8 0.9   0 
(in closure) Inferred 8.8 24.0 26.7 3.9   0.8   8.8 24.0 26.7 3.9 0.8 0 
Mpumalanga Total 47.9 24.3 26.7 3.9   1.0   47.9 24.3 26.7 3.9 1.0 0 
100% attributable to Exxaro2 Resources inside life-of-mine plan5 (LoMP)
Arnot mine6 Measured   118.3 23.6 22.0 4.0 1.0   118.3 23.6 22.0 4.0 1.0 0 
(UG) Indicated 45.4 23.4 22.6 4.2   0.9   45.4 23.4 22.6 4.2 0.9 0 
(in closure) Inferred 12.5 23.8 21.4 4.3   0.9   12.5 23.8 21.4 4.3 0.9 0 
Mpumalanga Total 176.2 23.5 22.1 4.1   1.0   176.2 23.5 22.1 4.1 1.0 0 
100% attributable to Exxaro2 Resources inside LoMP
Matla mine7 Measured   713 20.2 30.6 4.5 1.0   641 20.1 30.9 4.5 1.0 11 
(UG) Indicated 97 20.8 28.1 4.4   0.9   204 20.0 30.3 4.5 0.9 (52)
(captive market) Inferred 240 19.6 30.9 4.5   0.9   251 19.9 29.6 4.6 0.9 (4)
Mpumalanga Total 1 050 20.1 30.4 4.5   1.0   1 096 20.0 30.5 4.5 1.0 (4)
100% attributable to Exxaro2 Resources inside LoMP 327 21.1 27.7 4.7   1.0   354 21.1 27.8 4.6 1.0 (8)
Leeuwpan mine8 Measured   101.1 20.1 31.3 3.2 18.7 1.1   115.6 20.5 31.2 3.2 1.1 (13)
(OC) Indicated 2.6 20.7 29.1 2.8 21.1 1.2
(commercial market) Inferred 3.6 21.0 32.3 2.3 14.0 1.1   3.7 21.1 32.1 2.3 1.2 (2)
Mpumalanga Total 107.3 20.1 31.3 3.2 18.6 1.1   119.3 20.5 31.3 3.2 1.1 (10)
100% attributable to Exxaro2 Resources inside LoMP 71.7 20.0 31.1 3.1 19.6 1.2   94.7 20.4 31.5 3.1 1.2 (24)
Mafube mine9 Measured   124.5 21.5 26.9 3.8 1.0   129.3 21.6 26.8 3.8 1.0 (4)
(OC) Indicated 10.1 22.0 25.7 3.9   0.9   10.1 22.0 25.7 3.9 0.9 0 
(commercial market) Inferred
Mpumalanga Total 134.7 21.6 26.8 3.8   1.0   139.4 21.6 26.7 3.8 1.0 (3)
50% attributable to Exxaro2 Resources inside LoMP 61.7 21.9 25.6 3.7   1.0   64.6 22.0 25.6 3.7 1.0 (4)
NBC mine10 Measured   Disinvested 15.0 21.1 27.3 3.9 0.9
(OC) Indicated
(commercial market) Inferred
Mpumalanga Total 15.0 21.1 27.3 3.9 0.9
100% attributable to Exxaro2 Resources inside LoMP 4.1 20.5 29.4 3.8 0.7
Glisa South project11 Measured   Disinvested 62.1 19.0 31.6 3.4 0.9
(prospecting) Indicated 16.2 20.7 28.6 3.5 1.0
Mpumalanga Inferred 13.2 20.3 29.4 3.4 1.2
100% attributable to Exxaro2   Total 91.5 19.5 30.8 3.4 1.0
Belfast project12 Measured   81.1 24.8 18.7 3.6   1.1   81.1 24.8 18.7 3.6 1.1 0 
(OC) Indicated 22.4 21.6 26.9 3.7   1.1   22.4 21.6 26.9 3.7 1.1 0 
(mining right) Inferred 34.4 20.0 31.2 3.4   1.0   34.4 20.0 31.2 3.4 1.0 0 
Mpumalanga Total 137.8 23.1 23.2 3.6   1.1   137.8 23.1 23.2 3.6 1.1 0 
100% attributable to Exxaro2 Resources inside LoMP 47.1 25.2 17.6 3.6   1.2   47.1 25.2 17.6 3.6 1.2 0 
Dorstfontein complex13 Measured   156.4 19.9 33.3 2.9   1.1   158.1 19.9 33.4 2.9 1.1 (1)
(OC/UG) Indicated 137.5 19.3 34.2 3.2 1.2   142.4 19.2 34.6 3.1 1.2 (3)
(commercial market) Inferred 52.8 19.3 34.6 2.9 1.1   47.4 19.4 34.4 2.9 1.1 11 
Mpumalanga Total 346.7 19.6 33.9 3.0 1.1   347.9 19.5 34.1 2.9 1.1 (0)
74% attributable to Exxaro2 Resources inside LoMP 228.8 19.9 32.7 3.0 1.1   62.3 21.3 29.1 3.1 1.0 267 
Rietkuil Vhakoni Measured   81.9 19.1 36.0 2.5   1.1   82.3 19.0 36.2 2.6 1.0 0 
(prospecting right) Indicated 11.6 18.6 37.4 2.8 1.2   11.6 18.6 37.4 2.8 1.2 0 
Mpumalanga Inferred 8.3 18.5 37.7 2.8 1.0   8.6 18.5 37.2 2.6 1.0 (3)
74% attributable to Exxaro2   Total 101.8 19.0 36.3 2.6 1.1   102.5 18.7 37.0 2.6 1.0 (1)
Forzando mine Measured   81.5 21.6 29.1 2.8   1.1   83.1 21.6 29.1 2.8 1.1 (2)
(OC/UG) Indicated 35.9 22.3 27.5 2.8 1.2   35.2 22.2 27.6 2.8 1.2 2 
(commercial market) Inferred 25.8 21.3 30.1 2.9 1.2   26.1 21.2 30.2 2.9 1.2 (1)
Mpumalanga   Total 143.2 21.8 28.9 2.8 1.2   144.4 21.7 28.8 2.8 1.2 (1)
87% attributable to Exxaro2 Resources inside LoMP 70.3 21.2 30.0 2.8 1.1   74.1 21.4 29.6 2.8 1.1 (5)
Forzando projects Measured   0.9 21.8 28.8 3.3   1.3   0.2 21.4 30.6 2.5 0.5 291
(prospecting right) Indicated 16.5 20.4 21.3 3.1 1.5   16.5 20.4 21.3 3.1 1.5 0 
Mpumalanga Inferred 4.3 20.9 32.9 2.5 1.4   4.3 20.9 32.9 2.5 1.4 (1)
86.75% attributable to Exxaro2   Total 21.7 20.6 23.9 3.0 1.5   21.0 20.6 24.9 2.9 1.5 3 
Schurvekop 1063 PR14 Measured   35.0 20.2 31.7 3.3   1.2   35.0 20.2 31.7 3.3 1.2 0 
(prospecting right) Indicated 5.6 20.1 31.7 3.4 1.1   5.6 20.0 31.8 3.3 1.1 0 
Mpumalanga Inferred 0.2 19.7 32.3 3.8 0.8   0.2 19.7 32.3 3.8 0.8 (1)
86.75% attributable to Exxaro2   Total 40.8 20.1 31.7 3.3 1.2   40.8 20.2 31.7 3.3 1.2 0 
Tumelo mine Measured   8.7 21.7 29.7 2.5   1.5   8.7 21.7 29.7 2.5 1.5 0 
(UG) Indicated 0.2 20.6 32.8 2.5 1.6   0.2 20.6 32.8 2.5 1.6 0 
Mpumalanga Inferred 1.8 21.4 31.0 2.4 1.8   1.8 21.4 31.0 2.4 1.8 0 
49% attributable to Exxaro2   Total 10.7 21.6 29.9 2.5 1.6   10.7 21.6 29.9 2.5 1.6 0 
Grootegeluk mine Measured   2 844 16.7 47.8 1.7   1.5   2 902 16.7 47.8 1.7 1.5 (2)
(OC) Indicated 1 017 16.5 48.4 1.6 1.4   1 017 16.5 48.4 1.6 1.4 0 
(commercial market) Inferred 653 16.5 48.0 1.8 1.5   653 16.5 48.0 1.8 1.5 0 
Limpopo   Total 4 514 18.2 48.0 1.7 1.5   4 572 16.6 48.0 1.7 1.5 (1)
100% attributable to Exxaro2 Resources inside GG open-cast LoMP 3 780 16.3 48.8 1.7 1.5   3 837 16.3 48.8 1.7 1.5 (1)
Thabametsi project15 Measured   270 13.0 52.3 1.9   1.2   270 13.0 52.3 1.9 1.2 0 
(OC/UG) Indicated 749 12.6 53.1 1.8 1.1   749 12.6 53.1 1.8 1.1 0 
(mining right) Inferred 2 916 12.7 52.7 1.9 1.3   2 916 12.7 52.7 1.9 1.3 0 
Limpopo   Total 3 935 12.7 52.7 1.9 1.3   3 935 12.7 52.7 1.9 1.3 0 
100% attributable to Exxaro2 Resources inside IPP LoMP 133 12.0 54.7 1.9 1.0   133 12.0 54.7 1.9 1.0 0 
Waterberg North project16 Measured  
(prospecting) Indicated
Limpopo Inferred 2 147 13.3 49.7 2.5 1.2   2 147 13.3 49.7 2.5 1.2 0 
100% attributable to Exxaro2   Total 2 147 13.3 49.7 2.5 1.2   2 147 13.3 49.7 2.5 1.2 0 
Waterberg South project17 Measured  
(prospecting) Indicated
Limpopo Inferred 869 15.9 39.6 2.9 1.7   869 15.9 39.6 2.9 1.7 0 
100% attributable to Exxaro2   Total 869 15.9 39.6 2.9 1.7   869 15.9 39.6 2.9 1.7 0 
Moranbah South project18 Measured   482 26.7 23.7 2.6   0.6   482 26.7 23.7 2.6 0.6 0 
(UG) (prospecting) Indicated 222 27.3 21.7 2.6 0.6   222 27.3 21.7 2.6 0.6 0 
Australia Inferred 28 28.5 18.9 2.7 0.5   28 28.5 18.9 2.7 0.5 0 
50% attributable to Exxaro2   Total 732 27.0 22.9 2.6 0.6   732 27.0 22.9 2.6 0.6 0 

•Rounding figures may cause computational discrepancies
•All changes more than 10% are explained
•Tonnages are quoted in metric tonnes and million tonnes is abbreviated as Mt
•Coal Resources and qualities (raw coal) are quoted on a mineable tonnage in-situ (MTIS) and air-dried basis
• Coal Resources are quoted inclusive of coal resources that have been modifi ed to Coal Reserves unless otherwise stated
•Resources inside life-of-mine plan (LoMP) refer to total mineable tonnes in-situ (MTIS) resources in LoMP layout
1 Operation refers to operating mine or signifi cant project. Mining method: OC — opencut, UG — underground
2 Figures are reported at 100% irrespective of percentage attributable to Exxaro and refer to 2018 only
3 Locality maps are for illustrative purposes only. Detailed maps are provided in the ancillary section
4 Raw coal qualities (air-dried basis). CV: calorifi c value (gross), IM: inherent moisture, S: total sulphur, VM: volatile matter
5 The percentage difference between 2018 reported MTIS and 2017 reported MTIS. Brackets signify a negative
6 Mine is in closure. The remaining Coal Resources have reasonable prospects for eventual economic extraction
7 Movements within resource categories are the result of updated geological model and revised resource classification
8 Decrease is primarily the result of mining depletion (6.9Mt) and disposals due to environmental and infrastructure considerations (7.9Mt)
9 Estimates are received from Anglo American Coal Proprietary Limited and not audited by Exxaro
10 Exxaro divested from the operation
11 The project forms part of the North Block Complex (NBC). Exxaro divested from NBC
12 Mine is currently under construction
13 The complex comprises the East (opencast) and West (underground) operations
14 Estimates are received from Mmakau Mining, the majority (51%) owner of the project
15 Project is adjacent to the operating Grootegeluk mine
16 Reasonable prospects for eventual economic extraction are guided by potential economic value as indicated by a concept mining exploitation strategy
17 Reasonable prospects for eventual economic extraction are guided by potential economic value as indicated by a concept mining exploitation strategy
18 Estimates are received from Anglo American Metallurgical Coal Proprietary Limited and not audited by Exxaro

Coal Reserves

The table below details the total Coal Reserves estimated as at 31 December 2018.

Table 5: Coal Reserves reported for 2018

2018 - ROM and saleable tonnes5   2017 — ROM and saleable tonnes5
Operation1 Location3 Life of
mine
(years)4		 Category ROM
(Mt)		 ROM
moisture
%		 Export
(Mt)		 Thermal
(Mt)		 Metal-
lurgical
(Mt)		   ROM
(Mt)		 Export
(Mt)		 Thermal
(Mt)		 Metal-
lurgical
(Mt)		 %  
change  
in  
ROM6
Matla mine7

 6+ Proved 171.6 7.8 171.6 194.9 194.9 (12)
(UG)   Probable 16.3 6.3 16.3 36.8 36.1 (56)
(captive market)   Total 187.9 7.6 187.9 231.7 231.0 (19)
100% attributable to Exxaro2 Inferred resources inside life-of-mine plan (LoMP) 25.6   9.3   176 
Leeuwpan 12 Proved 53.7 3.2 38.8 61.9 43.2 1.0 (13)
(OC)   Probable 6.2 2.7 2.3 0.4 3.3 2.0 90  
(commercial market)   Total 59.8 3.1 41.0 0.4 65.1 45.2 1.0 (8)
100% attributable to Exxaro2 Inferred resources inside LoMP
Mafube8 12 Proved 0.8   0.5 0.2 (100)
    Probable   62.0 8.3 26.5 13.9     64.0 27.4 14.3 (3)
(commercial market)   Total   62.0 8.3 26.5 13.9     64.8 27.9 14.5 (4)
50% attributable to Exxaro2 Inferred resources inside LoMP
NBC mine9 - Proved Disinvest   1.5 1.1
(OC) Probable 1.4 1.3
(commercial market) Total 2.9 2.4
100% attributable to Exxaro2 Inferred resources inside LoMP
Belfast project 17 Proved 45.7 3.6 35.3 8.1 45.7 35.3   8.1 0 
(OC) Probable
(commercial market)   Total   45.7 3.6 35.3 8.1     45.7 35.3   8.1 0 
100% attributable to Exxaro2 Inferred resources inside LoMP 0.5   0.5   0 
Dorstfontein complex10 23 Proved 54.3 2.7 29.4 36.5 20.4 49 
(OC/UG)   Probable   40.5 3.1 24.6       7.7 4.6   426 
(commercial market)   Total   94.8 2.9 54.0       44.2 25.0   114 
74% attributable to Exxaro2 Inferred resources inside LoMP   5.7 2.8 2.8   2.3   148 
Forzando mine 10+ Proved 38.6 2.2 19.9 37.8 20.8 2 
(UG)   Probable   15.9 2.8 9.3       16.3 9.4   (2)
(commercial market)   Total   54.5 2.4 29.2       54.1 30.1   1 
74% attributable to Exxaro2 Inferred resources inside LoMP   7.5 2.5 4.0   7.1   6 
2018 - ROM and saleable tonnes5   2017 — ROM and saleable tonnes5  
Operation1 Location3 Life of
mine
(years)4		 Category ROM
(Mt)		 ROM
moisture
%		 Export
(Mt)		 Thermal
(Mt)		 Metal-
lurgical
(Mt)		 ROM
(Mt)		 Export
(Mt)		 Thermal
(Mt)		 Metal-
lurgical
(Mt)		 %   
change  
in  
ROM6
Waterberg Complex
Grootegeluk mine 22+ Proved 2 576 3.0 149 1 039 72 2 633 151 1 065 73 (2)
(OC)   Probable   645 3.0 60 398 26   645 60 398 26 0 
(commercial market)   Total   3 221 3.0 209 1 437 98   3 278 211 1 463 99 (2)
100% attributable to Exxaro2 Inferred resources inside LoMP 510   510   0 
Thabametsi project 27+ Proved 109.0 3.0 107.0 109.0 107.0 0 
(OC)   Probable 21.0 3.0 20.0   21.0 20.0 0 
(IPP market)   Total 130.0 3.0 127.0   130.0 127.0 0 
100% attributable to Exxaro2 Inferred resources inside LoMP
  • Rounding figures may cause computational discrepancies
  • Tonnages are quoted in metric tonnes and million tonnes is abbreviated as Mt
  • Inferred Resources inside life-of-mine plan (LoMP) refer to Inferred Resources considered for the LoMP. These resources have not been converted to reserves
  • Coal Reserves are quoted on a run-of-mine (ROM) reserve tonnage basis which represents tonnages delivered to the plant at an applicable moisture and quality basis
  • Saleable reserve tonnage represents the product tonnes of coal available for sale on an applicable moisture basis
  • All changes more than 10% are explained

    • 1 Operation refers to operating mine or significant project. Mining method: OC - opencut, UG - underground

    2 Figures are reported at 100% irrespective of percentage attributable to Exxaro and refer to 2018 only

    3 Locality maps are for illustrative purposes only. Detailed maps are provided in the ancillary section

    4The + symbol is used in instances where the scheduled LoMP extends beyond the expiry of the mining right. In each instance, Exxaro has a reasonable expectation that the mining right will be renewed

    5Export refers to export thermal coal except at Grootegeluk mine where it refers to semi-soft coking coal, suitable for both the export and inland market

    6The percentage difference between 2018 reported ROM and 2017 reported ROM and the percentage difference between 2018 reported total saleable tonnes and 2017 reported total saleable tonnes. Brackets signify a negative

    7LoMP exceeds the mining right, expiring in 2025. The total decrease and movement within categories are the result of a change in the resource base (~6%) and reduction in pillar extraction recovery after reviewing the extraction process to enhance safety and ventilation and considering actual extraction figures in the reporting period

    8Estimates are received from Anglo American Coal Proprietary Limited and not audited by Exxaro

    9Exxaro divested from the operation

    10The increase reflects incorporation of the 2017 geological model in the updated LoM and coal reserve classification for both Dorstfontein West and Dorstfontein East operations. This resulted in including a material amount of seams 2 and 4 lower in the underground reserve at the Dorstfontein operation

    Table 6: Coal Reserve qualities 2018

    Thermal saleable (proved + probable) Metallurgical saleable (proved + probable) Coking saleable (proved + probable)
    Operation1 Seam/layer Tonnes
    (Mt)1    		 CV MJ/
    kg    		 %
    VM    		 %
    Ash    		 %
    S    		 Yield
    %    		 Tonnes
    (Mt)1    		 CV MJ/
    kg    		 %
    VM    		 %
    Ash    		 %
    S    		 Yield
    %    		 Tonnes
    (Mt)1    		 CV MJ/
    kg    		 %
    VM    		 %
    Ash    		 %
    S    		 Yield
    %
    Matla mine Seam 2 61.0 22.4 23.7 21.7 0.8 100
    Seam 4 126.9 19.3 21.4 26.7 1.0 100
    Leeuwpan mine TC2 16.0 22.9 19.4 25.3 0.9 57
    BC2 25.0 23.7 22.7 22.6 1.0 80 0.4 28.0 8.2 15.0 0.9 58
    Mafube Mine Middlings 13.9 22.0 21.7 25.0 0.6 22
    Export 26.5 26.5 26.3 13.6 0.4 43
    NBC All seams Disinvested
    Belfast project Thermal 8.1 21.9 22.4 26.6 1.8 53
    Export 35.3 26.9 24.1 13.7 0.5 76
    Dorstfontein complex All seams 54.0 24.6 21.9 19.1 0.6 57
    Forzando mines All seams 29.2 24.4 23.7 17.6 0.9 54
    Grootegeluk mine All seams 1 437 21.0 23.8 33.1 1.5 42 98 29.0 23.9 13.7 0.6 60 209 29.1 35.1 11.7 1.2 13
    Thabametsi project3 T1 64.0 12.7 20.0 53.9 1.1 98
    T2 63.0 11.3 19.0 55.7 1.0 98
  • VM - volatile matter, S - sulphur, CV - gross calorific value
  • Rounding figures may cause computational discrepancies
  • Saleable reserve tonnage represents the product tonnes of coal available for sale on an applicable moisture and air-dried quality basis

    • 1 Saleable product tonnages are quoted in metric tonnes and million tonnes is abbreviated as Mt

    2 TC: Top coal BC: bottom coal

    3 Based on Thabametsi bench configuration as defined in phase 1 feasibility study

    Mineral Sands

    Mineral Sands Resources as on 31 December 2018

    Table 7: Mineral Sands Resources reported for 2018

    2018 - tonnes and grade 2017 - tonnes and grade
    Operation1 Category Tonnes
    (Mt)    		 %
    Ilmenite    		 %
    Zircon    		 Tonnes
    (Mt)    		 %
    Ilmenite    		 %
    Zircon    		 Change
    in
    tonnes
    %
    Hillendale mine Measured 12.2 2.9 12.2 2.9 0
    KwaZulu-Natal Indicated
    (OC) (in closure) Inferred
    43.3% attributable to Exxaro2 Total 12.2 12.2 2.9 0
    Fairbreeze mine3 Measured 287.5 3.5 149.7 4.1 92
    KwaZulu-Natal Indicated 9.1 2.1 55.7 2.6 (84)
    (OC) (mining right) Inferred 53.7 1.8 9.0 1.9 497
    43.3% attributable to Exxaro2 Total 350.3 3.2 214.4 3.6 63
    Block P Measured
    KwaZulu-Natal Indicated 40.6 3.1 40.6 3.1 0
    (OC) (mining right) Inferred
    43.3% attributable to Exxaro2 Total 40.6 3.1 40.6 3.1 0
    Port Durnford project Measured 143 3.0 143 3.0 0
    KwaZulu-Natal Indicated 340 2.8 340 2.8 0
    (OC) (prospecting) Inferred 466 2.5 466 2.5 0
    43.3% attributable to Exxaro2 Total 949 2.7 949 2.7 0
    Namakwa sands mine Measured 630 2.7 0.6 648 2.7 0.6 (3)
    Western Cape Indicated 365 2.3 0.5 369 2.3 0.5 (1)
    (OC) (mining right) Inferred 580 1.5 0.3 581 1.5 0.3 0
    43.3% attributable to Exxaro2 Total 1 575 2.2 0.5 1 598 2.2 0.5 (1)
    2018 - tonnes and grade 2017 - tonnes and grade  
    Operation1 Category Tonnes
    (Mt)    		 %
    total heavy
    minerals
    (THM)    		   Tonnes
    (Mt)    		 %
    total heavy
    minerals
    (THM)    		 Change
    in
    tonnes
    %
    Cooljarloo mine Measured 272 1.8 296 1.8 (8)
    Western Australia Indicated 204 1.7 204 1.7 0
    (OC) Inferred
    23.35% attributable to Exxaro2 Total 477 1.8 501 1.8 (5)
    Cooljarloo West project4 Measured
    Western Australia Indicated 211 1.7 177 1.8 19
    (OC) (mining right) Inferred
    23.35% attributable to Exxaro2 Total 211 1.7 177 1.8 19
    Cooljarloo North West project Measured
    Western Australia Indicated
    (OC) (prospecting) Inferred 142 2.1 142 2.1 0
    23.35% attributable to Exxaro2 Total 142 2.1 142 2.1 0
    Jurien project Measured 36 5.8 36 5.8 0
    Western Australia Indicated 6 3.3 6 3.3 0
    (OC) (mining right) Inferred 1 1 0
    23.35% attributable to Exxaro2 Total 43 5.4 43 5.4 0
    Dongara project Measured 107 3.9 107 3.9 0
    Western Australia Indicated 31 3.5 18 4.5 73
    (OC) (mining right) Inferred 38 2.7 39 2.7 (4)
    23.35% attributable to Exxaro2 Total 175 3.6 164 3.7 7
  • Mineral Resources are quoted inclusive of Mineral Resources that have been modified to Mineral Reserves unless otherwise stated
  • Estimates as received from Tronox at 31 December 2018 and not audited by Exxaro
  • Rounding figures may cause computational discrepancies
  • Tonnages are quoted in metric tonnes and million tonnes is abbreviated as Mt
  • All changes more than 10% are explained

    • 1 Operation refers to operating mine or significant project. Mining method: OC - opencut, UG - underground

    2 Figures are reported at 100% irrespective of percentage attributable to Exxaro and refer to 2018 only

    3 The increase (~136Mt) is the result of new drilling information

    4 The increase is primarily the result of a change in the resource base

    Mineral Sands Mineral Reserves as on 31 December 2018

    Table 8: Mineral Sands Reserves reported for 2018

    2018 - ROM and grade   2017 — ROM and grade    
    Total heavy mineral (THM) composition          
    Operation1 Life of mine (years)3 Category ROM
    (Mt)    		 %
    THM    		 %
    Ilmenite    		 %
    Rutile    		 %
    Zircon    		 %
    Leucoxene    		 ROM
    (Mt)    		 %
    THM    		 Change
    in
    ROM
    %
    Fairbreeze mine4 17+ Proved 231 5.9 3.7 0.3 0.5 0.1 131 6.7

    76
    KwaZulu-Natal   Probable   11 3.7 1.9 0.1 0.3 0.1   45 4.6 (76)
    (OC) (mining right)   Total   242 5.8 3.6 0.3 0.5 0.1   177 6.2 37
    43.3% attributable to Exxaro2 Inferred resources inside LoMP
    Namakwa sands mine 26+ Proved 172 8.3 3.0 0.2 0.8 0.5 195 8.6

    (12)
    Western Cape   Probable   485 5.5 2.8 0.2 0.6 0.4   492 5.5 (1)
    (OC) (mining right)   Total   657 6.2 2.8 0.2 0.7 0.4   687 6.4 (4)
    43.3% attributable to Exxaro2 Inferred resources inside LoMP
    Cooljarloo mine 13+ Proved 270 1.8 61.0 5.4 10.2 2.3 294 1.8 (8)
    Western Australia   Probable   20 2.1 61.8 5.2 9.4 2.6   20 2.1 0 
    (OC)   Total   289 1.9 61.1 5.4 10.2 2.3   314 1.9 (8)
    23.35% attributable to Exxaro2 Inferred resources inside LoMP
    Cooljarloo West project5 9 Proved
    Western Australia   Probable   130 2.0 60.5 5.4 12.2 2.9   105 2.0 24
    (OC) (mining right)   Total   130 2.0 60.5 5.4 12.2 2.9   105 2.0 24
    23.35% attributable to Exxaro2 Inferred resources inside LoMP
    Dongara project 12+ Proved 62 5.2 48.7 6.1 10.9 2.8 62 5.2 0
    Western Australia   Probable
    (OC) (mining right)   Total   62 5.2 48.7 6.1 10.9 2.8   62 5.2 0
    23.35% attributable to Exxaro2 Inferred resources inside LoMP
  • % THM — percent total heavy minerals
  • Rounding figures may cause computational discrepancies
  • Figures are reported at 100% irrespective of percentage attributable to other shareholders
  • Tonnages are quoted in metric tonnes and million tonnes is abbreviated as Mt
  • Reserves are quoted on a run-of-mine (ROM) reserve tonnage basis which represents tonnages delivered to the plant at applicable moisture and quality
  • Inferred resources in life-of-mine plan (LoMP) refer to Inferred resources considered for LoMP
  • Estimates as received from Tronox at 31 December 2018 and not audited by Exxaro
  • All changes more than 10% are explained

    • 1 Operation refers to operating mine or significant project. Mining method: OC — opencut, UG — underground

    2 Figures are reported at 100% irrespective of percentage attributable to Exxaro and refer to 2018 only

    3 The + symbol is used where the scheduled LoMP extends beyond the expiry of the mining right

    4 The increase is primarily the result of a change in the resource base

    5 The increase is primarily the result of a change in the resource base as well as remodelling and optimisation of the Woolka Road, Harrier and Kestrel reserve areas

    Base Metals

    Base Metal Resources - exclusive - as at 31 March 2018

    Table 9: Base Metal Resources (exclusive) reported for 2018

          2018 - tonnes and grade     2017 - tonnes and grade          
    Operation1  Category    Tonnes
    (Mt)    		 %Zn  % 
    Pb         		 % 
    Cu         		 Ag 
    g/t         		    Tonnes
    (Mt)    		 %
    Zn         		 %
    Pb         		 %
    Cu         		 Ag
    g/t         		   % 
    change 
    in 
    tonnes         		   
    Deeps mine3  Measured    4.0  3.1  3.4  0.3  38.1     2.9  3.6  3.9  0.4  41.5    37    
    Northern Cape  Indicated    6.6  2.8  2.7  0.5  32.7     4.1  3.0  3.0  0.5  33.9    62    
    (UG) (zinc, lead, copper and silver) Inferred                               
    26% attributable to Exxaro2  Total    10.6  2.9  3.0  0.4.  34.7     7.0  3.3  3.4  0.5  37.0    52    
    Swartberg mine4  Measured                               
    Northern Cape  Indicated    35.7  0.8  3.7  0.3  57.0     45.4  0.5  3.2  0.5  30.7    (21)   
    (UG) (zinc, lead, copper and silver) Inferred    26.5  2.2  3.0  0.2  50.2     4.7  0.8  2.8  0.2  52.2    459    
    26% attributable to Exxaro2  Total    62.2  1.4  3.4  0.3  54.1     50.1  0.6  3.2  0.5  32.8    24    
    Gamsberg North mine   Measured    43.3  6.6  0.6        43.3  6.6  0.6        0   
    Northern Cape  Indicated    54.6  5.9  0.5        54.6  5.9  0.5        0   
    (OC) (zinc) Inferred    32.1  5.8  0.5        32.1  5.8  0.5        0   
    26% attributable to Exxaro2  Total    130.0  6.1  0.5        130.0  5.8  0.5        0   
    Gamsberg East  Measured                               
    Northern Cape  Indicated                               
    (project) (zinc) Inferred    32.3  9.8  0.6        32.3  9.8  0.6        0   
    26% attributable to Exxaro2  Total    32.3  9.8  0.6          32.3  9.8  0.6        0   
  • % Zn - percent zinc, % Cu - percent copper, % Pb - percent lead, Ag g/t - grams per tonne silver, % Mn - percent manganese, % S - percent sulphur
  • Rounding figures may cause computational discrepancies
  • Tonnages are quoted in metric tonnes and million tonnes is abbreviated as Mt
  • Estimates as received from Vedanta Resources plc at 31 December 2018 and not audited by Exxaro
  • All changes more than 10% are explained
  • Tonnages are reported on a dry basis

    • 1 Operation refers to Black Mountain Mining operating mine or significant project. Mining method: OC - opencut, UG - underground

    2 Figures are reported at 100% irrespective of percentage attributable to Exxaro

    3 The increase is mainly the result of updating the geological model with new mapping and drilling information as well as the use of higher input metal prices which allowed for a greater increase in economical tonnes

    4 The increase is mainly the result of updating the geological model with new drillhole information and model refinement

    Base Metal Reserves - exclusive - as at 31 March 2018

    Table 10: Base Metal Reserves (exclusive) reported for 2018

    2018 - ROM, grade and contained metals     2017 - ROM, grade and contained metals   
    Operation1  Life of
    mine
    (years)    		 Category  ROM  
    (Mt)3         		 % 
    Zn         		 % 
    Pb         		 %
    Cu         		 Ag 
    g/t         		    ROM 
    (Mt)3         		 % 
    Zn         		 %  
    Pb         		 %  
    Cu         		 Ag 
    g/t         		 %
    change
    in 
    ROM     
    BMM Deeps mine  6  Proved  1.3  3.0  4.0  0.3  43.3     1.7  2.9  3.5  0.4  42.8 

    (27)
    Northern Cape     Probable     4.3  3.0  1.7  0.7  23.8       4.3  2.8  2.1  0.7  25.9   0  
    (UG) (zinc, lead, copper and silver)    Total     5.6  3.0  2.2  0.6  28.2       6.1  2.9  2.5  0.6  30.8    (8)
    26% attributable to Exxaro2  Inferred resources inside life-of-mine plan (LoMP)    
    BMM Swartberg mine3  6  Proved 
    Northern Cape     Probable     2.3  0.6  3.3  0.5  30.8       2.1  0.6  3.7  0.5  31.6   13 
    (UG) (zinc, lead, copper and silver)    Total     2.3  0.6  3.3  0.5  30.8       2.1  0.6  3.7  0.5  31.6   13 
    26% attributable to Exxaro2  Inferred resources inside LoMP 
    Gamsberg North mine  13  Proved  44.5  6.8  0.5     44.5  6.8  0.5 

    0 
    Northern Cape     Probable     8.7  6.0  0.5       8.7  6.0  0.5   0 
    (OC) (zinc)    Total     53.2  6.6  0.5       53.2  6.6  0.5   0 
    26% attributable to Exxaro2  Inferred resources inside LoMP     0.4  
  • % Zn — percent zinc, % Cu — percent copper, % Pb — percent lead, Ag g/t — grams per tonne silver, % Mn — percent manganese, % S — percent sulphur
  • Rounding figures may cause computational discrepancies
  • Figures are reported at 100% irrespective of percentage attributable to Exxaro and refer to March 2018 only
  • Figures are reported at 100% irrespective of percentage attributable to Exxaro and refer to March 2018 only
  • Tonnages are quoted in metric tonnes and million tonnes is abbreviated as Mt
  • Reserves are quoted on a run-of-mine (ROM) reserve tonnage basis which represents tonnages delivered to the plant at applicable moisture and quality
  • Inferred resources in life-of-mine plan (LoMP) refer to inferred resources considered for LoMP
  • Estimates as received from Vedanta Resources plc at 31 December 2018 and not audited by Exxaro
  • All changes more than 10% are explained

    • 1 Operation refers to Black Mountain Mining operating mine or significant project. Mining method: OC - opencut, UG - underground

    2 Figures are reported at 100% irrespective of percentage attributable to Exxaro

    3 The increase is primarily due to design changes of longhole stopping as well as implementation of additional stopes and declines

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