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Exxaro Resources limited
Consolidated Mineral Resources and Mineral Reserves report 2021

Summarised Group Mineral Resource and Mineral Reserve estimates

The reported Mineral Resources and Mineral Reserves remaining as at 31 December 2021 are indicated in this section. Mineral Resource and Mineral Reserve figures are not an inventory of all mineral occurrences drilled or sampled but a realistic record of those, under assumed and justifiable technical and economic conditions, that may be economically extractable currently and in future.

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 (BMM) because figures received from Vedanta Resources (JORC Code) represent Mineral Resources excluding Mineral Resources converted to Mineral Reserves.

In addition, we provide Resource estimates within LoMP and insight into all applicable modifying factors. 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.

Explanations for material changes in year-on-year movements are provided as footnotes in the Mineral Resources and Mineral Reserves tables.

Total attributable coal resources and coal reserves

Commodity: Coal Category 2021 
MTIS (Mt)
Exxaro attributable tonnes Measured 3 831 
  Indicated 2 422 
  Inferred 3 342 
Total Coal Resources 9 595 
Proved 1 897 
Probable 1 083 
Total Coal Reserves 2 980 

Figure 6: Exxaro's Coal Resource and Coal Reserve attributable contribution

Resource contribution

Resource contribution

Reserve contribution

Reserve contribution

COAL RESOURCES

The table below details the total inclusive Coal Resources estimated as at 31 December 2021.

Table 9: Coal Resources and qualities

2021 2020 %  
change  
in  
tonnes5
         Tonnes and quality4 Tonnes and quality4
Operation1 Location3 Resource 
category
 
Tonnes 
(Mt)
CV  MJ/kg 
Ash
 

IM
 

VM
 

S
 
Tonnes 
(Mt)
CV 
MJ/kg
 

Ash
 

IM
 

VM
 

S
 
Matla mine6
(UG)
(captive market)
Mpumalanga
100% attributed
to Exxaro2         
       Measured  639  20.6  29.6  4.6  20.6  1.0  694  20.5  29.9  4.5  22.2  1.0  (8)
Indicated  114  20.7  28.7  4.5  20.7  0.8  123  20.4  29.4  4.5  22.1  0.8  (7)
Inferred  93  21.0  28.1  4.4  21.0  0.8  151  19.4  31.8  4.6  20.7  0.9  (38)
Total  847  20.7  29.3  4.5  20.7  1.0  969  20.3  30.2  4.5  21.9  0.9  (13)
  Resources inside LoMP  281  21.3  27.7  4.8  23.1  1.0  290  21.3  27.7  4.8  22.9  1.0  (3)
Leeuwpan mine7
(OC)
(commercial market)
Mpumalanga
100% attributed
to Exxaro2 
Measured  77.9  20.0  31.3  3.2  18.6  1.2  79.9  20.1  31.3  3.2  18.7  1.2  (2)
Indicated  2.6  21.9  26.9  3.3  21.2  1.3  (100)      
Inferred  3.6  20.1  34.6  2.6  14.7  1.0  3.6  20.1  34.6  2.6  14.7  1.0  – 
Total  81.5  20.0  31.5  3.2  18.4  1.2  86.1  20.1  31.3  3.2  18.6  1.2  (5)
Resources inside LoMP  49.1  20.0  30.6  3.1  19.5  1.3  52.6  20.1  30.7  3.1  19.6  1.3  (7)
Mafube mine
(OC)
(commercial market)
Mpumalanga
50% attributed
to Exxaro2 
Measured  104.3  21.4  26.8  3.9  22.1  1.0  111.2  21.6  26.2  3.8  22.5  1.0  (6)
Indicated  9.9  21.7  26.0  3.9  22.4  1.0  9.9  21.7  26.0  3.9  22.4  1.0  – 
Inferred  2.6  21.7  25.9  3.9  22.1  0.9  2.6  21.7  25.9  3.8  22.1  0.9  – 
Total  116.8  21.5  26.7  3.9  22.1  1.0  123.7  21.6  26.1  3.8  22.5  1.0  (6)
Resources inside LoMP  53.4  22.0  25.6  4.0  22.0  1.1  59.2  22.2  24.5  3.8  22.9  1.0  (10)
Belfast mine
(OC/UG)
(mining right)
Mpumalanga
100% attributed
to Exxaro2 
Measured  68.3  24.8  18.6  3.6  23.2  1.1  71.3  24.8  18.5  3.6  23.3  1.1  (4)
Indicated  19.9  22.3  25.3  3.6  22.0  1.1  19.9  22.3  25.3  3.6  22.0  1.1  – 
Inferred  33.8  21.5  27.0  3.4  20.9  0.8  34.0  21.5  26.9  3.4  20.9  0.8  (1)
Total  121.9  23.5  22.0  3.5  22.4  1.0  125.3  23.5  21.9  3.5  22.4  1.0  (3)
Resources inside LoMP  41.1  25.0  18.5  3.5  23.5  1.2  44.2  25.0  18.4  3.5  23.5  1.2  (7)
Grootegeluk mine
(OC)
(commercial market)
Limpopo
100% attributed
to Exxaro2 
Volksrust Formation  Measured  1 833  14.1  54.8  1.7  19.6  1.2  1 876  14.1  54.8  1.7  19.6  1.2  (2)
  Indicated  1 118  14.1  55.0  1.7  19.6  1.2  1 119  14.1  55.0  1.7  19.6  1.2  – 
  Inferred  262  14.3  54.0  1.8  19.8  1.4  262  14.3  54.0  1.8  19.8  1.4  – 
  Total  3 213  14.1  54.8  1.7  19.6  1.2  3 256  14.1  54.8  1.7  19.6  1.2  (1)
Resources inside LoMP  2 312  14.2  54.6  1.7  19.8  1.2  2 355  14.2  54.6  1.7  19.8  1.2  (2)
Grootegeluk mine
(OC)
(commercial market)
Limpopo
100% attributed
to Exxaro
Vryheid Formation  Measured  648  24.0  27.4  1.8  22.2  2.2  657  24.0  27.4  1.8  22.2  2.2  (1)
  Indicated  303  23.7  28.4  1.7  22.1  2.3  303  23.7  28.4  1.7  22.1  2.3  – 
  Inferred  76  23.6  28.9  1.7  21.5  2.2  76  23.6  28.9  1.7  21.5  2.2  – 
  Total  1 027  23.9  27.8  1.8  22.1  2.2  1 036  23.9  27.8  1.8  22.1  2.2  (1)
Resources inside LoMP  601  23.8  27.9  1.8  22.3  2.3  607  23.9  28.0  1.8  22.4  2.3  (1)
Total Grootegeluk mine
(OC)
(commercial market)
Limpopo
100% attributed
to Exxaro2 
Measured  2 481  16.7  47.7  1.8  20.3  1.5  2 532  16.7  47.7  1.8  20.3  1.5  (2)
Indicated  1 421  16.1  49.3  1.7  20.1  1.4  1 422  16.1  49.3  1.7  20.1  1.4  – 
Inferred  338  16.4  48.4  1.8  20.2  1.6  338  16.4  48.4  1.8  20.2  1.6  – 
Total  4 240  16.5  48.3  1.8  20.2  1.5  4 291  16.5  48.3  1.8  20.2  1.5  (1)
Resources inside Grootegeluk opencast LoMP  2 913  16.2  49.1  1.7  20.3  1.4  2 965  16.2  49.1  1.7  20.3  1.4  (2)
Thabametsi project
(OC/UG)
(mining right)
Limpopo
100% attributed
to Exxaro2 
Measured  270  13.0  52.3  1.9  20.0  1.2  270  13.0  52.3  1.9  20.0  1.2  – 
Indicated  749  12.6  53.1  1.8  19.8  1.1  749  12.6  53.1  1.8  19.8  1.1  – 
Inferred  2 857  12.7  52.7  1.9  19.3  1.3  2 857  12.7  52.7  1.9  19.3  1.3  – 
Total  3 876  12.7  52.7  1.9  19.5  1.3  3 876  12.7  52.7  1.9  19.7  1.3  – 
Resources inside IPP LoMP  133  12.0  54.7  1.9  20.0  1.0  133  12.0  54.7  1.9  20.0  1.0  – 
Moranbah South
project8

(UG)
(prospecting)
Australia
50% attributed
to Exxaro2 
Measured  484.6  26.9  23.6  2.6  18.5  0.6  482.0  26.7  23.7  2.6  18.5  0.6 
Indicated  226.0  27.4  21.4  2.6  17.8  0.5  222.0  27.3  21.7  2.6  17.9  0.6 
Inferred  29.7  28.2  19.6  2.7  16.9  0.5  28.0  28.5  18.9  2.7  17.0  0.5 
Total  740.4  27.1  22.8  2.6  18.2  0.6  732.0  27.0  22.9  2.6  18.3  0.6 
  • Rounding of figures may cause computational discrepancies.
  • All changes more than 10% in the total Resources of an operation are explained. Tonnages are quoted in metric tonnes and million tonnes is abbreviated as Mt.
  • Coal Resources and qualities (raw coal) are quoted on MTIS and air-dried basis.
  • Coal Resources are quoted inclusive of Coal Resources that have been modified to Coal Reserves unless otherwise stated.
  • Resources inside LoMP refer to MTIS Resources in LoMP layout.
  • Thickness and quality cut-offs applied at each project or mine are stated in the ancillary section.
1 Operation refers to operating mine or significant project. The mining methods are opencast (OC) and underground (UG).
2 Figures are reported at 100% irrespective of percentage attributable to Exxaro and refer to 2021 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: calorific value (gross), ash content (ash), IM: inherent moisture, S: total sulphur and VM: volatile matter.
5 The percentage difference between 2021 reported MTIS and 2020 reported MTIS with brackets signifying a negative.
6 The change is predominantly the result of the removal of remnant coal blocks not meeting RPEEE criteria.
7 The movement between categories is the result of infill drilling in the OI west area, upgrading the Indicated to Measured Resources.
8 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 2021.

Table 10: Coal Reserves

            2021 2020   
            RoM and saleable tonnes5 RoM and saleable tonnes5   
Operation1  Location3 LoM    
(years)4
Category  RoM 
(Mt)
RoM
moisture
%
 
Export 
(Mt)
Thermal 
(Mt)
Metal- 
lurgical 
(Mt)
RoM 
(Mt)
RoM 
moisture 
%
 
Export 
(Mt)
Thermal 
(Mt)
Metal- 
lurgical 
(Mt)
%  
change  
in RoM6
Matla7
(UG)
(captive market)
100% attributed
to Exxaro2 
3+   Proved  124  9.1  138  148  7.7     148     (16)
Probable  38  8.9  23  22  9.7     22     74 
Total  162  9.1  162  169  8.0     169     (4)
Inferred Resources inside LoMP             (10)
Leeuwpan8
(OC)
(commercial market)
100% attributed
to Exxaro2 
8   Proved  40.2  3.1  27.3  42.0  3.1     27.8     (4)
Probable  3.2  2.6  1.9  5.7  2.8     2.0  1.9  (44)
Total  43.5  3.1  27.3  1.9  47.8  3.1     29.8  1.9  (9)
Inferred Resources inside LoMP               
Mafube9
(OC)
(commercial market)
50% attributed
to Exxaro2 
10   Proved  26.7  5.7  18.0  32.1  5.7  21.1        (17)
Probable  23.0  5.8  14.8  23.0  5.8  14.8        – 
Total  49.7  5.7  32.8  55.1  5.7  35.9        (10)
Inferred Resources inside LoMP 1.7  1.7        – 
Belfast10
(OC)
(commercial market)
100% attributed
to Exxaro2 
12   Proved  37.5  3.4  33.3  40.2  3.3  36.5        (7)
Probable  2.4  2.6  1.8  2.1  2.9  1.7        14 
Total  39.9  3.3  35.1  42.3  3.3  38.2        (6)
Inferred Resources inside LoMP 0.5  0.5             
Waterberg Complex                      
Grootegeluk mine
(OC)
(commercial market)
100% attributed
to Exxaro2 
20+   Proved  1 682  3.0  109  689  39  1 730  3.0  113  712  40  (3)
Probable  898  3.0  58  368  21  898  3.0  59  370  21  – 
Total  2 580  3.0  168  1 057  59  2 628  3.0  171  1 082  61  (2)
Inferred Resources inside LoMP 137  137             
Thabametsi project11
(OC)
(IPP market)
100% attributed
to Exxaro2 
25   Proved                
Probable  130  3.0  127  130  3.0     127     – 
Total  130  3.0  127  130  3.0     127     – 
Inferred Resources inside LoMP                  
  • Rounding of figures may cause computational discrepancies.
  • Tonnages are quoted in metric tonnes and million tonnes is abbreviated as Mt.
  • Inferred Resources inside LoMP refer to Inferred Resources considered for the LoMP. These Resources have not been converted to Reserves.
  • Coal Reserves are quoted on a 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% in the total Reserves of an operation are explained.
  • Resource to Reserve modifying factors per operation are stated in the ancillary section.
1 Operation refers to operating mine or significant project. Mining method: opencast (OC) or underground (UG).
2 Figures are reported at 100% irrespective of percentage attributable to Exxaro and refer to 2021 only.
3 Locality maps are for illustrative purposes only. Detailed maps are provided in the ancillary section.
4 The + 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.
5 Export refers to export thermal coal except at Grootegeluk mine where it refers to semi-soft coking coal suitable for the export and inland markets.
6 The percentage difference between 2021 reported RoM and 2020 reported RoM, and the percentage difference between 2021 reported total saleable tonnes and 2020 reported total saleable tonnes. Brackets signify a negative.
7 Movement between categories is primarily the result of stooping areas downgraded to Probable Reserves (~15Mt) without surface ownership.
8 Movement from Probable to Proved reflects the change in the Resource. The increase in the LoM year is due to the adjustment in annual RoM volumes.
9 Decrease is primarily the result of mining depletion (5.2Mt).
10 Increase in Probable is the result of a new mine layout. The increase in the LoM year is due to the adjustment in annual RoM volumes.
11 The Coal Reserve is reported as Probable as a result of the lapse of the IPP project development agreement.

Table 11: Coal Reserve qualities

      THERMAL saleable
(Proved + Probable)
METALLURGICAL saleable
(Proved + Probable)
COKING saleable
(Proved + Probable)
Operation  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  62    22.6  24.8  22.7  0.8  100.0                      
   Seam 4  100    19.5  23.5  29.3  1.0  100.0                         
Leeuwpan mine  TC2  10.7    22.3  19.2  27.3  1.0  62.8                      
   BC2  16.6    24.0  24.1  21.5  0.9  66.8  1.9    27.8  8.4  15.0  0.9  57.7                   
Mafube mine  Middlings  12.7    21.7  19.9  25.8  0.4  24.3                                     
   Export  20.2    26.6  26.1  13.3  0.4  39.7                                     
Belfast mine  Export  35.1    25.4  23.2  17.1  0.6  88.1                                     
Grootegeluk mine  All seams  1 057    21.2  24.4  32.7  1.5  40.7  59    28.9  23.8  13.6  0.6  61.3  168    29.0  35.1  11.9  1.1  12.9 
Thabametsi Project3  T1  64    12.7  20.0  53.9  1.1  98.0                                     
   T2  63    11.3  19.0  55.7  1.0  98.0                                     
  • Rounding of figures may cause computational discrepancies.
  • Volatile matter (VM), sulphur (S), ash content (ash) and gross calorific value (CV).
  • Saleable Coal 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 Top coal (TC) and bottom coal (BC).
3 Based on Thabametsi bench configuration as defined in phase 1 of the feasibility study.

BASE METAL RESOURCES AND RESERVES

The table below details Base Metal Resources (exclusive) as at 31 March 2021.

Table 12: Base Metals Resources (exclusive) reported

    2021 2020  
    Tonnes and grade Tonnes and grade  
Operation1 Category Tonnes 
(Mt)
%
Zn
%
Pb
%
Cu
Ag
g/t
Tonnes 
(Mt)
%
Zn
%
Pb
%
Cu
Ag
g/t
% Change 
in RoM 
Deeps mine3
Northern Cape(UG)
(zinc, lead, copper and silver)
26% attributed to Exxaro2
Measured 4.4 2.9 3.2 0.3 34.0 3.3 3.2 3.6 0.3 38.5 35 
Indicated 5.9 3.0 2.2 0.5 31.0 3.9 3.2 2.7 0.5 37.1 51 
Inferred          
  Total 10.3 3.0 2.6 0.4 32.0 7.2 3.2 3.1 0.5 37.7 44 
Swartberg mine4
Northern Cape
(OC/UG) (zinc, lead, copper and silver)
26% attributed to Exxaro2
Measured          
Indicated 72.6 0.9 2.4 0.3 43.0 63.7 0.9 2.6 0.3 45.4 14 
Inferred 19.0 1.4 2.6 0.2 46.0 19.1 1.1 2.8 0.2 45.4 (1)
  Total 91.6 1.0 2.4 0.3 43.0 82.8 1.0 2.7 0.3 45.4 11 
Big Syncline project5
Northern Cape
(OC) (zinc)
26% attributed
to Exxaro2
Measured          
Indicated 6.1 3.0 1.1   16.0 6.1 3.0 1.1   15.5
Inferred 185.6 2.4 1.0   12.0 161.8 2.5 1.0   12.3 15 
  Total 191.7 2.5 1.0   12.0 167.9 2.5 1.0   12.4 14 
Gamsberg North mine6
Northern Cape
(OC/UG) (zinc)
26% attributed to Exxaro2
Measured 1.5 6.7 0.5   1.7 6.6 0.5     (11)
Indicated 34.8 6.0 0.5   38.5 5.9 0.5     (10)
Inferred 5.0 8.3 0.5   17.9 5.8 0.5     (72)
  Total 41.3 6.3 0.5   58.1 5.9 0.5     (29)
Gamsberg East7
Northern Cape
(project) (zinc)
26% attributed
to Exxaro2
Measured          
Indicated            
Inferred 49.8 8.5 0.5   48.5 8.5 0.5    
  Total 49.8 8.5 0.5   48.5 8.5 0.5    
Gamsberg South8
Northern Cape
(project) (zinc)
26% attributed to Exxaro2
Measured
Indicated                      
Inferred 23.2 7.1 0.6                
  Total 23.2 7.1 0.6                
  • Rounding of figures may cause computational discrepancies.
  • Percentage zinc (% Zn), percentage copper (% Cu), percentage lead (% Pb), grams per tonne silver (Ag g/t).
  • Tonnages are quoted in metric tonnes and million tonnes is abbreviated as Mt.
  • Estimates as received from Vedanta Resources at 31 March 2021 and not audited by Exxaro.
  • All changes more than 10% are explained.
  • Tonnages are reported on a dry basis.
1 Operation refers to the BMM operating mine or significant project. Mining method: opencast (OC) or underground (UG).
2 Figures are reported at 100% irrespective of percentage attributable to Exxaro.
3 The increase is mainly the result of changes to wireframes and commodity prices.
4 The increase is mainly the result of additional exploration and upgrade of Inferred material to Indicated.
5 Big Syncline is a brownfields exploration project. This is a high-volume, low-grade Zn deposit. The increase is the result of changes to Resource reporting criteria with increased commodity prices.
6 The decrease is the result of Resources being transferred to Reserves.
7 The increase is mainly the result of changes to reporting criteria with increased commodity prices.
8 Gamsberg South lies to the south of the Gamsberg open pit and was declared for the first time in 2021.

Table 13: Base Metals Reserves reported

 

      2021 2020  
      Grade and contained metals Grade and contained metals
Change 
in RoM 
Operation1 LoM
(years)
Category RoM   
(Mt)3
%
Zn
%
Pb
%
Cu
Ag
g/t
RoM   
(Mt)3
%
Zn
%
Pb
%
Cu
Ag
g/t
BMM Deeps mine3Northern Cape
(UG) (zinc, lead, copper and silver)
26% attributed to Exxaro2
3 Proved 1.3    2.7 3.5 0.3 35.0 1.5    2.9 3.4 0.3 35.2 (11)
Probable 2.9    2.9 1.4 0.7 20.0 2.5    3.1 1.6 0.7 21.1 18 
Total 4.2    2.8 2 0.5 24.0 3.9    3.0 2.3 0.5 26.4
  Inferred Resources inside LoMP –           
BMM Swartberg mine4
Northern Cape
(OC/UG) (zinc, lead, copper and silver)
26% attributed to Exxaro2
3 Proved          
Probable 24.4    0.5 1.8 0.5 22.0 25.4    0.5 1.7 0.5 21.6 (4)
Total 24.4    0.5 1.8 0.5 22.0 25.4    0.5 1.7 0.5 21.6 (4)
  Inferred Resources inside LoMP –             
Gamsberg North mine5
Northern Cape
(OC) (zinc)
26% attributed to Exxaro2
12 Proved 79.4    6.5 0.5 78.2    6.4 0.5    
Probable 30.9    5.2 0.5 29.9    5.2 0.5    
Total 110.4    6.1 0.5 108.1    6.1 0.5    
  Inferred Resources inside LoMP                    
  • Rounding of figures may cause computational discrepancies.
  • Percentage zinc (% Zn), percentage copper (% Cu), percentage lead (% Pb), grams per tonne silver (Ag g/t).
  • Tonnages are quoted in metric tonnes and million tonnes is abbreviated as Mt.
  • Reserves are quoted on a RoM) Reserve tonnage basis, which represents tonnages delivered to the plant at applicable moisture and quality.
  • Inferred Resources in LoM plan refer to Inferred Resources considered for LoM plan.
  • Estimates as received from Vedanta Resources at 31 March 2021 and not audited by Exxaro.
  • All changes more than 10% are explained.
1 Operation refers to the BMM operating mine or significant project. Mining method: opencast (OC) or underground (UG).
2 Figures are reported at 100% irrespective of percentage attributable to Exxaro and refer to March 2021 only.
3 The net increase is the result of both Resource transferred to Reserve and mining depletion.
4 The decrease is due to mining depletion.
5 The increase is due to transferral of exclusive Resources into Reserves.

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Assurance
Environmental, social and governance (ESG) matters
Summarised Group Mineral Resource and Mineral Reserve estimates
Ancillary Resource and Reserve information by operation
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Ancillary Resource and Reserve information by operation
Belfast
Leeuwpan
Matla
Grootegeluk
Thabametsi
Additional information
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Exploration expenditure
Endorsement
Abbreviations
Appendix
Administration