Table 14: Kumba Iron Ore Mineral Resources (in addition to Ore Reserves)
| 2023 | 2022 | |||||||||
| Operation/project | Ore type | % Attributable to Exxaro |
Resource category |
Tonnage (Mt) |
Average % Fe |
% Fe cut-off** |
Tonnage (Mt) | Average % Fe |
% Fe cut-off** |
|
| In situ Mineral Resources (in addition to Ore Reserves) |
Measured (outside LoAP) | 52.1 | 65.1 | 50 | 52.1 | 65.1 | 50 | |||
| Indicated (outside LoAP) | 62.1 | 63.1 | 62.1 | 63.1 | ||||||
| Measured and Indicated (outside LoAP) | 114.2 | 64.0 | 114.2 | 64.0 | ||||||
| Inferred (considered in LoAP) | 1.2 | 64.7 | 1.2 | 64.7 | ||||||
| Inferred (outside LoAP) | 17.3 | 62.5 | 17.4 | 62.5 | ||||||
| Total Inferred | 18.5 | 62.6 | 18.6 | 62.6 | ||||||
| Sub-total | 132.7 | 63.8 | 132.8 | 63.8 | ||||||
Kolomela1 |
Long-term stockpiled Mineral Resources (in addition to Ore Reserves) |
Haematite |
20.37 |
Measured (outside LoAP) | 0.0 | 0.0 | 0.0 | 0.0 | ||
| Indicated (outside LoAP) | 0.0 | 0.0 | 0.0 | 0.0 | ||||||
| Measured and Indicated (outside LoAP) | 0.0 | 0.0 | 0.0 | 0.0 | ||||||
| Inferred (considered in LoAP) | 0.0 | 0.0 | 0.0 | 0.0 | ||||||
| Inferred (outside LoAP) | 0.0 | 0.0 | 0.0 | 0.0 | ||||||
| Total Inferred | 0.0 | 0.0 | 0.0 | 0.0 | ||||||
| Sub-total | 0.0 | 0.0 | 0.0 | 0.0 | ||||||
| Total Mineral Resources (in addition to Ore Reserves) |
Measured (outside LoAP) | 52.1 | 65.1 | 52.1 | 65.1 | |||||
| Indicated (outside LoAP) | 62.1 | 63.1 | 62.1 | 63.1 | ||||||
| Measured and Indicated (outside LoAP) | 114.2 | 64.0 | 114.2 | 64.0 | ||||||
| Inferred (considered in LoAP) | 1.2 | 64.7 | 1.2 | 64.7 | ||||||
| Inferred (outside LoAP) | 17.3 | 62.5 | 17.4 | 62.5 | ||||||
| Total Inferred | 18.5 | 62.6 | 18.6 | 62.6 | ||||||
| Sub-total | 132.7 | 63.8 | 132.8 | 63.0 | ||||||
| In situ Mineral Resources (in addition to Ore Reserves) |
Measured (outside LoAP) | 241.3 | 56.5 | 40 | 175.3 | 59.4 | 40 | |||
| Indicated (outside LoAP) | 194.9 | 55.1 | 222.2 | 55.4 | ||||||
| Measured and Indicated (outside LoAP) | 436.2 | 55.9 | 397.4 | 57.2 | ||||||
| Inferred (considered in LoAP) | 1.4 | 59.5 | 11.7 | 50.6 | ||||||
| Inferred (outside LoAP) | 7.8 | 47.8 | 24.4 | 56.7 | ||||||
| Total Inferred | 9.1 | 49.6 | 36.1 | 54.7 | ||||||
| Sub-total | 445.3 | 55.8 | 433.5 | 57.0 | ||||||
|
Sishen2
|
Long-term stockpiled Mineral Resources (in addition to Ore Reserves) |
Haematite |
20.37 |
Measured (outside LoAP) | 0.0 | 0.0 | 0.0 | 0.0 | ||
| Indicated (outside LoAP) | 7.8 | 53.4 | 0.0 | 0.0 | ||||||
| Measured and Indicated (outside LoAP) | 7.8 | 53.4 | 0.0 | 0.0 | ||||||
| Inferred (considered in LoAP) | 0.0 | 0.0 | 0.0 | 0.0 | ||||||
| Inferred (outside LoAP) | 0.0 | 0.0 | 0.0 | 0.0 | ||||||
| Total Inferred | 0.0 | 0.0 | 0.0 | 0.0 | ||||||
| Sub-total | 7.8 | 53.4 | 0.0 | 0.0 | ||||||
| Total Mineral Resources (in addition to Ore Reserves) |
Measured (outside LoAP) | 241.3 | 56.5 | 175.3 | 59.4 | |||||
| Indicated (outside LoAP) | 202.7 | 55.0 | 222.2 | 55.4 | ||||||
| Measured and Indicated (outside LoAP) | 444.0 | 55.8 | 397.4 | 57.2 | ||||||
| Inferred (considered in LoAP) | 1.4 | 59.5 | 11.7 | 50.6 | ||||||
| Inferred (outside LoAP) | 7.8 | 47.8 | 24.4 | 56.7 | ||||||
| Total Inferred | 9.1 | 49.6 | 36.1 | 54.7 | ||||||
| Sub-total | 453.1 | 55.7 | 433.5 | 57.0 | ||||||
|
Company Kumba Iron
Ore
|
Grand total Mineral Resources (in addition to Ore Reserves) |
Haematite |
20.37 |
Measured (outside LoAP) | 293.4 | 58.0 | 227.4 | 60.7 | ||
| Indicated (outside LoAP) | 264.7 | 56.9 | 284.2 | 57.1 | ||||||
| Measured and Indicated (outside LoAP) | 558.1 | 57.5 | 511.6 | 58.7 | ||||||
| Inferred (considered in LoAP) | 2.6 | 61.9 | 12.9 | 51.9 | ||||||
| Inferred (outside LoAP) | 25.1 | 58.0 | 41.8 | 59.1 | ||||||
| Total Inferred | 27.7 | 58.4 | 54.7 | 57.4 | ||||||
| Sub-total | 585.8 | 57.5 | 566.3 | 58.6 |
| For operations over which Exxaro has no management control, please refer to the relevant company’s website for supplementary information: www.angloamericankumba.com/investors | |
| • | Mineral Resources are reported as additional to Ore Reserves. |
| • | The tonnages are quoted in dry metric tonnes and million tonnes is abbreviated as Mt. |
| • | Rounding of figures may cause computational discrepancies |
| • | Mineral Resource figures are reported at 100%, irrespective of percentage attributable to Exxaro ownership. |
| • | The term Inferred Mineral Resource (outside life of asset plan (LoAP)) refers to that portion of the Inferred Mineral Resources not utilised in the LoAP. |
| • | The term Inferred Mineral Resource (considered for LoAP) refers to that portion of the Inferred Mineral Resources utilised in the LoAP; reported without having any modifying factors applied – therefore the term “considered for LoAP” instead of “inside LoAP”. |
| • | While it would be reasonable to expect that the majority of Inferred Mineral Resources would upgrade in confidence to Indicated Mineral Resources with continued exploration, due to the uncertainty of Inferred Mineral Resources, it should not be assumed that such upgrading will always occur on a one-to-one basis. |
| ** | The cut-off grade quoted for each of the Kumba sites is a fixed in situ Fe percentage. |
| 1 | Kolomela mine:Mineral Resources are reported above a cut-off of 50.0%. The exclusive Mineral Resources remained flat year-on-year with an insignificant net decrease recorded compared to 2022, as a result of the decision taken to deplete the 2022 LoAP for 2023 as the LoAP will only be updated in 2024. The minor 0.1Mt decrease represents the forecasted depletion of Inferred Mineral Resources for 2023. |
| 2 | Sishen mine:Mineral Resources are reported above a cut-off of 40.0% Fe in situ. The Sishen exclusive Mineral Resources 5% year-on-year net increase is primarily the result of a reallocation of Ore Reserves to Mineral Resources because of the decrease in the pit layout size, resulting in a 52.6Mt increase in Mineral Resources (mainly low-grade ore). The Resource shell changes, as a result of the reduction in the revenue factor from 1.6 (2022) to 1.3 (2023), were minimal. The increase was partially offset by a decrease of 26.4Mt based on the 2023 geological model update, considering additional borehole data. |
Table 15: Kumba Iron Ore, Ore Reserves
| 2023 | |||||||||||||
| Operation/project | Operation status |
Mining method |
Ore type | % Attributable to Exxaro |
Reserve category |
Tonnage (Mt) |
Average grade (% Fe) |
Grade cut-off* (% Fe) |
Reserve life** (years) |
Metallurgical yield (%) |
Saleable product tonnage (Mt) |
Saleable product grade (% Fe) Average |
|
Kolomela1 |
Ore Reserves from pit | Steady-state |
Open pit |
Haematite |
20.37 |
Proved | 87.9 | 64.2 | 50 | 11 | 94.3 | 83.0 | 65.0 |
| Probable | 22.2 | 63.3 | 20.9 | 64.2 | |||||||||
| Sub-total | 110.1 | 64.0 | 103.9 | 64.8 | |||||||||
| Ore Reserves from RoM buffer stockpiles |
Proved | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||
| Probable | 22.7 | 56.0 | 21.4 | 56.9 | |||||||||
| Sub-total | 22.7 | 56.0 | 21.4 | 56.9 | |||||||||
| Total Ore Reserves | Proved | 87.9 | 64.2 | 83.0 | 65.0 | ||||||||
| Probable | 44.9 | 59.6 | 42.3 | 60.5 | |||||||||
| Sub-total | 132.8 | 62.6 | 125.3 | 63.5 | |||||||||
Sishen2 |
Ore Reserves from pit | Steady-state |
Open pit |
Haematite |
20.37 |
Proved | 402.2 | 57.2 | Value based$ |
15 | 63.4 | 281.5 | 65.0 |
| Probable | 119.2 | 48.5 | 61.3 | 61.7 | |||||||||
| Sub-total | 521.4 | 55.3 | 342.8 | 64.4 | |||||||||
| Ore Reserves from RoM buffer stockpiles |
Proved | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||
| Probable | 77.2 | 46.3 | 36.8 | 61.1 | |||||||||
| Sub-total | 77.2 | 46.3 | 36.8 | 61.1 | |||||||||
| Total Ore Reserves | Proved | 402.2 | 57.2 | 281.5 | 65.0 | ||||||||
| Probable | 196.5 | 47.6 | 98.1 | 61.5 | |||||||||
| Sub-total | 598.6 | 54.0 | 379.6 | 64.1 | |||||||||
Company
Kumba Iron
Ore |
Grand total Ore Reserves | 20.37 |
|||||||||||
| Proved | 490.1 | 58.5 | 69.0 | 364.4 | 65.0 | ||||||||
| Probable | 241.3 | 49.8 | 140.5 | 61.2 | |||||||||
| Sub-total | 731.4 | 55.6 | 504.9 | 63.9 | |||||||||
| 2022 | |||||||||||||
| Operation/project | Operation status |
Mining method |
Ore type | % Attributable to Exxaro |
Reserve category |
Tonnage (Mt) |
Average grade (% Fe) |
Grade cut-off* (% Fe) |
Reserve life** (years) |
Metallurgical yield (%) |
Saleable product tonnage (Mt) |
Saleable product grade (% Fe) Average |
|
Kolomela1 |
Ore Reserves from pit | Steady-state |
Open pit |
Haematite |
20.37 |
Proved | 97.9 | 63.8 | 94.3 | 92.3 | 64.8 | ||
| Probable | 21.8 | 63.5 | 20.5 | 64.3 | |||||||||
| Sub-total | 119.6 | 63.7 | 112.9 | 64.7 | |||||||||
| Ore Reserves from RoM buffer stockpiles |
Proved | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||
| Probable | 21.4 | 61.1 | 50 | 12 | 20.2 | 62.1 | |||||||
| Sub-total | 21.4 | 61.1 | 20.2 | 62.1 | |||||||||
| Total Ore Reserves | Proved | 97.9 | 63.8 | 92.3 | 64.8 | ||||||||
| Probable | 43.2 | 62.3 | 40.7 | 63.2 | |||||||||
| Sub-total | 141.1 | 63.3 | 133.1 | 64.3 | |||||||||
Sishen2 |
Ore Reserves from pit | Steady-state |
Open pit |
Haematite |
20.37 |
Proved | 364.9 | 57.6 | 64.5 | 255.5 | 64.7 | ||
| Probable | 192.8 | 47.7 | 107.2 | 59.8 | |||||||||
| Sub-total | 557.7 | 54.2 | 362.8 | 63.3 | |||||||||
| Ore Reserves from RoM buffer stockpiles |
Proved | ||||||||||||
| Probable | 60.7 | 52.3 | 40 | 17 | 36.3 | 63.0 | |||||||
| Sub-total | 60.7 | 52.3 | 36.3 | 63.0 | |||||||||
| Total Ore Reserves | Proved | 364.9 | 57.6 | 255.5 | 64.7 | ||||||||
| Probable | 253.5 | 48.8 | 143.6 | 60.6 | |||||||||
| Sub-total | 618.4 | 54.0 | 399.1 | 63.2 | |||||||||
Company
Kumba Iron
Ore |
Grand total Ore Reserves | 20.37 |
70.1 |
||||||||||
| Proved | 462.8 | 58.9 | 347.9 | 64.7 | |||||||||
| Probable | 296.7 | 50.8 | 184.3 | 61.2 | |||||||||
| Sub-total | 759.4 | 55.7 | 532.2 | 63.5 | |||||||||
| For operations over which Exxaro has no management control, please refer to the relevant company’s website for supplementary information:: www.angloamericankumba.com/investors | |
| • | The tonnages are quoted in dry metric tonnes and million tonnes is abbreviated as Mt. |
| • | Rounding of figures may cause computational discrepancies. |
| • | Ore Reserve figures are reported at 100%, irrespective of percentage attributable to Exxaro ownership. |
| • | Saleable product figures are reported at 100%, irrespective of percentage attributable to Exxaro ownership. |
| • | Yield is calculated as: saleable product tonnes/Ore Reserves tonnes x 100. |
| • | The cut-off grade assigned to Ore Reserves is variable and is dependent on the beneficiability and/or blending capacity of the modified ore scheduled as RoM, which is iteratively determined during LoAP scheduling to achieve a scheduling grade target that is set to meet the client product specifications. The % Fe cut-off illustrated is therefore the lowest of a range of variable cut-offs for the various mining areas. |
| ** | Reserve life represents the period in years in the approved LoAP for scheduled extraction of Proved and Probable Reserves. The Reserve life is limited to the period during which the Ore Reserves can be economically exploited. Where the scheduled Ore Reserves fall below 25% of the average annual production rate, the period beyond this is excluded from the Reserve life. The Reserve life also does not exceed the security of tenure expiry date. |
| $ | Sishen has introduced a value-based approach to mining block modelling to allow pit optimisation to determine what portion of the Measured and Indicated Mineral Resources is economically mineable and can be converted to Ore Reserves and subsequent saleable product. This involves the replacement of the 40% Fe Ore Reserve cut-off grade with a value-based cut-off approach whereby the economic mineability of each selective mining unit (SMU) in the mining block model is determined by comparing the cost of mining and beneficiating the SMU ore and the selling of the SMU product against the income generated by the SMU product type, based on the long-term price (considering grade penalties) and exchange rate. The product estimated for each SMU ore block is derived from cut-offs applied to saleable product grade and yield parameters assigned to each block via beneficiation algorithms. |
| 1 | Kolomela mine: Ore Reserves are reported above a processing plant feed-derived cut-off of 50.0% Fe inclusive of dilution. Kolomela’s Ore Reserves decreased by 8.2Mt (-6%) from 2022 to 2023, primarily attributable to the 2023 forecasted depletion (-11.6Mt) of Ore Reserves (excluding modified Inferred Mineral Resource RoM), partially offset by other minor positive movements. The 2023 Kolomela Ore Reserve estimate was derived by depleting the 2022 LoAP of Kolomela, as the LoAP will only be updated in 2024. |
| 2 | Sishen mine:Ore Reserves decreased by 19.8Mt (-3%) from 2022 to 2023, primarily as a result of a change in criteria applied during pit optimisation whereby the revenue factor used to derive the pit layout was reduced from 1.0 (2022) to 0.8 (2023), resulting in a 54.9Mt Ore Reserve being reallocated to Mineral Resources, combined with a 30.9Mt decrease as a result of the forecasted depletion for 2023. The decrease was partially offset by a 50.2Mt increase in Ore Reserves based on a new value-based approach to mining block modelling. |
IR