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Review of minerals & resources & reserves
     
     
 

The mineral resources and ore reserves attributed to Exxaro’s current operations and growth projects are summarised in the tables on below. In 2006 immediately after the split into Exxaro Resources and Kumba Iron Ore, Exxaro published only a statutory report and mineral resources and ore reserves were not reported. Note that mineral resources are reported inclusive of ore reserves and at 100% irrespective of the percentage attributable to Exxaro. Mineral resources and ore reserves were estimated by competent persons on an operational basis and in accordance with the Samrec Code (2007) for South African properties and the Jorc Code (2004) for Australian properties. Ore reserves in the context of this report have the same meaning as mineral reserves, as defined by the Samrec Code of 2007. All associated people have sufficient relevant experience in the style of mineralisation, type of deposit, mining method and activity for which they have taken responsibility to qualify as a “competent person” as defined in these codes. These competent persons have signed off their respective estimates in the original mineral resources and ore reserve statements for the various operations and consent to the inclusion of the information in this report in the form and context in which it appears. A list of Exxaro’s competent persons is available from the company secretary upon written request.

The processes and calculations associated with the estimates have been audited by internal competent persons and, on a three- to four-year cycle basis, by external consultants. In the case of the former Eyesizwe mines, this process was started in 2007 and will be completed during 2008. Therefore the figures on Matla and North Block Complex in the tables represent the tonnages quoted in the pre-listing independent competent person’s report, depleted by the tonnages mined post the pre-listing statement. The person within Exxaro designated to take corporate responsibility for mineral resources and ore reserves, HJ van der Berg, the undersigned, has reviewed and endorsed the reported estimates.
Signature Here.

HJ VAN DER BERG

MSc (Geology), BSc (Hons)
Pr Sci Nat (400099/01)
Manager: Mineral Asset Management
 

Comment

Exxaro’s tenure over its mineral assets as listed in the tables was audited and is confirmed with the following considerations. The appeal against the refusal of a prospecting right over several farms included in the Leeuwpan and Strehla mineral resource figures is still pending. This issue is being addressed at senior level and progress has been made. Exxaro has also submitted a new mining right application over the Leeuwpan properties.

Exxaro has applied for the conversion of all former Kumba Resources old-order mining licences to new-order mining rights. Additional information requested by the DME has been provided. It is anticipated that the conversion process will result in Exxaro being granted new-order mining rights in due course. The compilation of conversion applications for former Eyesizwe mine licences (excluding New Clydesdale, which was granted a neworder mining right in the second half of 2007) is under way and submission of these documents is planned for April 2008, well ahead of the 2009 cut-off date. The mining right for Inyanda was granted and the new mine came into production during 2007.

Exxaro’s mineral assets in the Waterberg coalfield and Eskom’s expansion of electricity generation in this area have created an excellent growth opportunity for the company. As a result, the status of the Grootegeluk mineral resources and ore reserves has been reviewed and adjusted as explained in the accompanying tables. The Grootegeluk mineral assets, combined with the expected additional resources associated with prospecting right assets in the area, put Exxaro in a strong position to support Eskom’s future growth commitments in electricity supply.

One of the strategic drivers in Exxaro is management of its mineral assets. The strategy has three goals: firstly to sustain existing operations through the optimal use of on-mine ore reserves and the addition of near-mine mineral resources. Secondly, replacing depleted ore reserves to maintain present production levels over the longer term. Thirdly, to grow the mineral asset base of the company both in tonnage and commodity portfolio to ensure that Exxaro’s growth aspirations are based on a sound mineral resource foundation. The first objective is pursued by focusing on on-mine and near-mine exploration. At Rosh Pinah, for example, the life of the mine was extended from four to 11 years. This excludes the large low-grade orebody, which may become economically mineable in future. To support objectives two and three, Exxaro holds 27 prospecting rights (21 coal and six mineral sands) in South Africa. Exploration activities will continue in 2008 to evaluate these opportunities and, if viable, progress them to feasibility study. These objectives are also promoted internationally. Exxaro is evaluating its Moranbah South coking coal asset in Australia.
 
TABLE 1: EXXARO’S MINERAL RESOURCE ESTIMATES FOR 2005 AND 2007
(Mineral resource estimates reported here are inclusive of ore reserve estimates reported in table 2; resources have been estimated in accordance with the Samrec and Jorc codes with respect to South African and Australian operations/projects respectively)
                       
              2007   2005    
COMMODITY  Operation   % attrib. to
Exxaro		   Resource
category		 Tonnes
(million)		 Grade  Tonnes
(million)		 Grade    % change 
              Raw coal    Raw coal     
coal   Arnot mine   100,0     Measured  171,7  Raw coal  102,6  Raw coal     
   (captive market)       Indicated   74,0  Raw coal  113,5  Raw coal     
          Inferred  17,1 Raw coal  48,0 Raw coal     
          TOTAL  262,8 Raw coal  264,1 Raw coal    (0,5)
   Matla mine(1)   100,0    Measured  302,3 Raw coal  329,0 Raw coal     
   (captive market)       Indicated  112,8 Raw coal  112,8 Raw coal     
          Inferred  –  –  –  –     
          TOTAL  415,1 Raw coal  441,8 Raw coal    (6,0)
   Tshikondeni mine   100,0    Measured  25,3 Raw coal  25,7 Raw coal     
   (captive market)       Indicated  10,1 Raw coal  10,1 Raw coal     
          Inferred  –  –  –  –     
          TOTAL  35,4 Raw coal  35,8 Raw coal    (1,1)
   Grootegeluk mine(2)   100,0    Measured  774 Raw coal  1 428 Raw coal     
          Indicated  3 534 Raw coal  2 075 Raw coal     
          Inferred  1 107 Raw coal  2 513 Raw coal     
          TOTAL  5 415 Raw coal  6 016 Raw coal    (10,0)
   Grootegeluk West Project   100,0    Measured  –  –    Not reported    
          Indicated  –  –         
          Inferred  5 290 Raw coal         
          TOTAL  5 290 Raw coal  –  –    – 
  Inyanda mine(3)   100,0    Measured  18,1 Raw coal  15,3 Raw coal     
          Indicated  –  –  –  –     
          Inferred  –  –  –  –     
          TOTAL  18,1 Raw coal  15,3 Raw coal    18,9 
   Leeuwpan mine   100,0    Measured  163,1 Raw coal  169,1 Raw coal     
          Indicated  6,5 Raw coal  9,8 Raw coal     
          Inferred  –  –  –  –     
          TOTAL  169,6 Raw coal  178,9 Raw coal    (5,2)
   Mafube mine   50,0   Measured  58,2 Raw coal  25,3 Raw coal     
          Indicated  41,9 Raw coal  79,2 Raw coal     
          Inferred  81,8 Raw coal  81,8 Raw coal     
          TOTAL  182,0 Raw coal  186,3 Raw coal    (2,4)
   NBC(1) (4)   100,0    Measured  7,1 Raw coal  1,6 Raw coal     
  (North Block Complex)       Indicated  8,3 Raw coal  8,3 Raw coal     
          Inferred  –  –  –  –     
          TOTAL  15,4 Raw coal  9,9 Raw coal    55,8 
   New Clydesdale mine (NCC)(5)   100,0    Measured  12,1 Raw coal  21,7 Raw coal     
          Indicated  0,6 Raw coal  1,7 Raw coal     
          Inferred  –  –  –  –     
          TOTAL  12,7 Raw coal  23,4 Raw coal    (45,5)
   New Clydesdale mine (NCC)   100,0    Measured  1,6 Raw coal  1,88 Raw coal     
   (additional resources)(5a)       Indicated  26,8 Raw coal  15,4 Raw coal     
          Inferred  –  –  –  –     
          TOTAL  28,4 Raw coal  17,3 Raw coal    64,6 
   NCC (all included)         41,1 Raw coal  40,7 Raw coal    1,3 
   Belfast   100,0    Measured  23,9 Raw coal  23,9 Raw coal     
          Indicated  24,0 Raw coal  24,0 Raw coal     
          Inferred  4,8 Raw coal  4,8 Raw coal     
          TOTAL  52,7 Raw coal  52,7 Raw coal    0,0 
   Moranbah South,   100,0    Measured  –  –  –  –     
   Australia       Indicated  586 Raw coal  586 Raw coal     
          Inferred  124 Raw coal  124 Raw coal     
          TOTAL  710 Raw coal  710 Raw coal    0,0 
   Strehla(6)   100,0    Measured  –  –  –  –     
          Indicated   22,5 Raw coal  22,5 Raw coal     
          Inferred  –  –  –  –     
          TOTAL  22,5 Raw coal  22,5 Raw coal    0,0 
 
              2007   2005    
COMMODITY  Operation   % attrib. to 
Exxaro 		   Resource 
category 		 Tonnes 
(million) 		 Grade  Tonnes 
(million) 		 Grade    % change 
Mineral
Sands		  Hillendale Mine + Braeburn + Braeburn           % ilmenite    % ilmenite     
   Extension(7)   100,0    Measured  62,6  3,5 3  48,7  3,8     
          Indicated  –  –  –  –     
          Inferred  –  –  –  –     
          TOTAL  62,6  3,5 3  48,7  3,8    28,5 
   Fairbreeze A+B+C+C ext   100,0    Measured  202  3,7  202  3,7     
          Indicated  27  2,5  27  2,5     
          Inferred  –  –  –  –     
          TOTAL  229 3,6  229 3,6    0,0 
   Gravelotte Sand   100,0    Measured  75,1  9,1  75,1  9,1     
          Indicated  –  –  –  –     
          Inferred  –  –  –  –     
          TOTAL  75,1  9,1  75,1  9,1    0,0 
   KwaZulu-Natal   100,0    Measured  –  –  –  –     
   –  Block P       Indicated  40,6  3,1 40,6  3,1     
   –  Block P extension       Inferred  42  2,7    Not reported     
          TOTAL  82,6  2,9  40,6  3,1    103,4 
              % ilmenite    % ilmenite     
   KwaZulu– Natal   51,0   Measured  –  –    Not reported     
                       
   Port Dunford       Indicated  1 004,6  2,8         
          Inferred  117,3  2,9         
          TOTAL  1 121,9  2,9  –  –    – 
   –  Fairbreeze D   100,0    Measured  –  –  –  –     
          Indicated  9,2  2,5  9,2  2,5     
          Inferred  –  –  –  –     
          TOTAL  9,2  2,5  9,2  2,5    0,0 
   Eastern Cape   100,0    Measured  232,9  4,5  232,9  4,5     
   (Nombanjana, Ngcizele, Sandy       Indicated  –  –  –  –     
   Point old and recent)       Inferred  –  –  –  –     
          TOTAL  232,9  4,5  232,9  4,5    0,0 
   Limpopo Sand   100,0    Measured  12,5  10,5  12,5  10,5     
   (Gravelotte pebbles and Letsitele sand)       Indicated  –  –  –  –     
          Inferred  31,3  4,0 31,3  4,0    
          TOTAL  43,8  5,9  43,8  5,9    0,0 
   Limpopo Rock   100,0    Measured  –  –  –  –     
   (Gravelotte rock and Letsitele       Indicated  53,6  25,9  53,6  25,9     
   rock)       Inferred  112,3  20,7  112,3  20,7     
          TOTAL  165,9  22,4  165,9  22,4    0,0 
   Ranobé, Madagascar (8)   100,0    Measured  208,8  4,8  –  –     
   –  Upper sand unit       Indicated  320,4  4,0 553 4,6     
          Inferred  181,3  3,5  –  –     
          TOTAL  710,5  4,1 553 4,6    28,5 
              % THM        
   Tiwest, Australia   50,0    Measured  117 2,7  157 2,7     
   –  Cooljarloo       Indicated  297 2,4  302 2,4     
          Inferred  25 1,8  25 1,8     
          TOTAL  439 2,4  484 2,5    (9,3 )
   Tiwest, Australia   50,0    Measured  –    –  –     
  –  Jurien       Indicated  25,6  6,0 25,6  6,0    
          Inferred  –    –  –     
          TOTAL  25,6  6,0 25,6  6,0   0,0 
   Tiwest, Australia   50,0    Measured  1,3  6,9  1,3  6,9     
   –  Dongara       Indicated  75,4  6,6  75,4  6,6     
          Inferred  –  –  –  –     
          TOTAL  76,7  6,6  76,7  6,6    0,0 
 
 
              2007       2005      
      % attrib. to   Resource Tonnes     Tonnes          
COMMODITY   Operation   Exxaro    category  (million)    Grade  (million)     Grade   % change
              %Zn %Pb     %Zn %Pb    
Base metals   Rosh Pinah mine(9)   93,9    Measured  5,0  8,6  1,9  3,5    10,1  2,3     
   (zinc and lead)                          
          Indicated  6,4  6,4  1,8  2,3    8,1  2,6     
          Inferred  1,7  4,9  0,9  1,1    8,8  2,4     
          TOTAL  13,1  7,0  1,8  6,9    9,2  2,4    90,4 
   Rosh Pinah mine low grade   93,9    Measured  —  —  —             
   (Additional resource excluded from LOM)       Indicated  —  —  —             
          Inferred  19,2  2,5  0,6        Not reported    
          TOTAL  19,2  2,5  0,6  —      —    — 
                % SiO2       % SiO2    
Industrial minerals   Glen Douglas mine
(metallurgical dolomite) 		  100,0    Measured  180,3    <2,5  142,3      <2,5     
          Indicated  —    —  —      —     
          Inferred  125,2    <2,5  163,9      <2,5     
          TOTAL  305,5    <2,5  306,2      <2,5    (0,2)
   Glen Douglas mine(10)   100,0    Measured  37,7    Raw material  40,1      Raw material     
   (aggregate dolomite)       Indicated  —    —  —      —     
          Inferred  193,7    Raw material  145,1      Raw material     
          TOTAL  231,4   Raw material  185,2      Raw material    25,0 
Note
The tonnages are quoted in metric tonnes, and million tonnes are abbreviated as Mt.
Rounding-off of figures may cause computational discrepancies.
Figures are reported at 100% irrespective of percentage attributable to Exxaro.
All changes more than 10% (significant) are explained.
  1. 1 Figures were calculated by depleting the SRK audited resource statement (Exxaro competent person’s
  2. 2 The decrease is the result of mining depletion and an update of the geological model in 2006 with all available information. Movements in categories are based on a re-classification of resources according to borehole density (SAMREC compliant).
  3. 3 Increase in resource is a result of less-than-predicted weathering determined by additional drilling.
  4. 4 Resources, reported in the SRK statement as reserves only, were added.
  5. 5 The decrease in the resources is the result of mine depletion and termination of pillar extraction for safety reasons.
  6. 5a The increase is the result of the Middeldrift resources transfer from the LOM based on current economic factors.
  7. 6 The mineral resource occurs in an area for which the prospecting right is under appeal.
  8. 7 The increase in mineral resources is mainly the result of the addition of Braeburn extension.
  9. 8 The significant increase in the mineral resource is the result of in-fill drilling and a model upgrade during the reporting period.
  10. 9 The increase in the mineral resources is the result of additional ore identified by drilling.
  11. 10 The increase in aggregate resource is the result of an upgrade of the geological model in 2007, incorporating all available information.
 
TABLE 2: EXXARO’S ORE RESERVES ESTIMATES FOR 2005 AND 2007
(Ore reserve estimates reported here are included in the mineral resource estimates of table 1. They have been estimated in accordance with the SAMREC and JORC codes with respect to South African and Australian operations/projects respectively)
            2007         2007      
COMMODITY   Operation  % attrib.
to Exxaro 		 Reserve
category 		 ROM (Mt)  Grade    Saleable  
product 
 (Mt) 		   ROM (Mt)  Grade    Saleable 
product 
(Mt) 		   %change 
            Coking
coal 		 Power  station
coal 		 Steam coal      Coking
coal 		  Power 
station 
coal 		 Steam
coal 		  
coal   Arnot mine(11) 100,0  Proved  97,3  –  N/A  94,3  N/A  70,3  –  N/A  67,1  N/A   
   (captive market)   Probable  –  –  N/A  –  N/A  0,0  –  N/A  –  N/A   
      TOTAL  97,3  –  N/A  94,3  N/A  70,3  –  N/A  67,1  N/A  38,4  
  Matla mine (12) 100,0  Proved  203,3  –  N/A  201,3  N/A  230,0    N/A  223,6  N/A   
   (captive market)   Probable  67,3  –  N/A  66,6  N/A  67,3    N/A  66,6  N/A   
      TOTAL  270,6  –  N/A  267,9  N/A  297,3  –  N/A  290,2  N/A  (9,0 )
   Tshikondeni mine(13) 100,0  Proved  4,3  –  2,4  N/A    6,9  –  3,6  N/A     
   (captive market)   Probable  –  –  –  N/A    –  –  –  N/A     
      TOTAL  4,3  –  2,4  N/A    6,9  –  3,6  N/A    (38,5 )
   Grootegeluk mine(14) 100,0  Proved  739 –  37,9  348 35,7  673 –  41,9  245 38,4   
      Probable  2 041 –  111,9  954 59,9  67 –  6,3  25,3  0,7   
      TOTAL  2 780 –  149,8  1302 95,6  740 –  48,2  270 39,2  275,9  
              A– grade 
Export 
steam
coal 		         A– grade 
Export 
steam coal 		    
   Inyanda mine(15) 100,0  Proved  16,3  –    10,2    14,6  –    10,1     
      Probable  –  –    –    –  –    –     
      TOTAL  16,3  –    10,2    14,6  –    10,1    11,7  
   Leeuwpan mine 100,0  Proved  95,2  –  N/A  53,0    95,1  –  N/A  45,8     
      Probable  42,4  –  N/A  23,9    47,6  –  N/A  27,1     
      TOTAL  137,6  –  N/A  76,9    142,7  –  N/A  72,9    (3,6 )
            Export  Power  station       Export   Power station     
   Mafube mine (16) 50,0  Proved  44,3  –  23,92 12,08 N/A  2,0  –  –  2 N/A   
      Probable  –  –  –  –  N/A  9,1  –  –  9,1  N/A   
      TOTAL  44,3    23,92 12,08 N/A  11,1    –  11,1  N/A  297,6  
   NBC (12)(17) 100,0  Proved  4,9  –  N/A  4,8  N/A  7,9  –  N/A  7,6  N/A   
   (North Block Complex)   Probable  –  –  N/A  –  N/A  –  –  N/A    N/A   
      TOTAL  4,9  –  N/A  4,8  N/A  7,9  –  N/A  7,6  N/A  (37,3 )
   NCC(18) 100,0  Proved  10,5  –  N/A  7,7  N/A  13,0  –  N/A  9,1  N/A   
   (New Clydesdale mine)   Probable  0,6 1  –  N/A  0,4  N/A  1,4  –  N/A  1,1  N/A   
      TOTAL  11,1  –  N/A  8,1  N/A  14,4  –  N/A  10,2  N/A  (22,7 )
            Export  Power  station       Export   Power station     
   Belfast 100,0  Proved  22,0  –  14,6  7,4  N/A  22,0  –  14,6  7,4  N/A   
      Probable  21,1  –  10,3  9,0  N/A  21,1  –  10,3  9,0  N/A   
      TOTAL  43,1  –  24,9  16,4  N/A  43,1  –  24,9  16,4  N/A  0,0  
 
              2007         2005        
COMMODITY   Operation  % attrib. to Exxaro  Reserve category  ROM (Mt)   Grade      TOTAL  heavy mineral (THM) composition    ROM (Mt ) Grade    TOTAL  heavy mineral (THM) composition      %
change 
          % THM  % Ilmenite  % Rutile  % Zircon  % Leuco- xene    % THM  % Ilmenite  % Rutile  % Zircon  % Leuco- xene   
Mineral Sands   Hillendale Mine(19) 100,0  Proved  19,1  8,2  53,0  4,0  6,0  2,0  30,0  6,9  60  3,5  8  1,6   
   (including. Braeburn)   Probable  2,7  5,0  63,0  4,0  8,0  2,0  0,0  —  —  —  —  —   
      TOTAL  21,8  7,8  54,0  4,0  6,0  2,0  30,0  6,9  60  3,5  8 1,6  (27,3 )
   Fairbreeze                              
   A+B+C+C ext(20) 100,0  Proved  137,4  6,1  60  3,1  8 1,4  137,4  6,1  60  3,1  8 1,4   
      Probable  44,1  7,2  61 3,4  8 1,8  44,1  7,2  61 3,4  8 1,8   
      TOTAL  181,5  6,4  60  3,3  8 1,7  181,5  6,4  60  3,3  8 1,7  0,0  
   Gravelotte Sand 100,0  Proved  52,4  13,0  85  N/A  N/A  N/A  52,4  13,0  85  N/A  N/A  N/A   
      Probable  —  —  —  —  —  —  —  —  —  —  —  —   
      TOTAL  52,4  13,0  85  N/A  N/A  N/A  52,4  13,0  85  N/A  N/A  N/A  0,0  
   Tiwest, Australia 50,0  Proved  41 2,7  59 4,7  10 2,8  25 3,7  60  4,8  10 2,7   
   – Cooljarloo(21)   Probable  95 2,9  61 4,4  9 3,1  149 2,7  61 4,5  10 3,1   
                                 
      TOTAL  136,0  2,8  61 4,5  10 3,0  174 2,8  61 4,6  10 3,0  (22,0)
   Tiwest, Australia 50,0  Proved  —  —  —  —  —  —  —  —  —  —  —  —   
   – Jurien   Probable  15,7  7,9  54 6,8  10 2,3  15,7  7,9  54 6,8  10 2,3   
      TOTAL  15,7  7,9  54 6,8  10 2,3  15,7  7,9  54 6,8  10 2,3  0,0  
   Tiwest, Australia 50,0  Proved  —  —  —  —  —  —  —  —  —  —  —  —   
   – Dongara   Probable  20,2  10,2  50 6,7  8 1,3  20,2  10,2  50 6,7  9 1,3   
      TOTAL  20,2  10,2  50 6,7  9 1,3  20,2  10,2  50 6,7  9 1,3  0,0  
            2007           2005    
COMMODITY &nbsp;Operation % attrib. to Exxaro Reserve category ROM (Mt)  Grade   Saleable 
 product 		   ROM (Mt)  Grade   Saleable 
product 		   % 
change 
          % Zn  % Pb  Zinc metal  (x1,0 00t)  lead 
 metal  (x1,0 00t) 		   % 
Zn 		 % 
Pb 		 zinc metal 
 (x1,0 00t) 		 lead metal  (x1,0 00t)   
Base metals (zinc and lead)  Rosh Pinah mine(22) 93,9  Proved  3,3  9,4  2,0  310 64 2,7  11,1  2,4  300 65  
      Probable  5,0  6,2  1,9  312 96 1,9  7,7  2,3  148 44  
      TOTAL  8,3  7,5  1,9  622 160  4,6  9,7  2,4  448 110 80,3 
              Metallurgical
 dolomite 
(Mt) 		           Metallurgical dolomite  (Mt)   
          % SiO2          %SiO2        
Industrial Glen Douglas 100,0  Proved  43,4  <2,5    40,8    40,3  <2,5    38,3     
minerals  dolomite  mine   Probable  —  —    —    —  —    —     
      TOTAL  43,4  <2,5    40,8    40,3  <2,5    38,3    7,7 
                Aggregate
(Mt)  		        Aggregate (Mt)   
   Glen Douglas (23) 100,0  Proved  11,3   Raw  dolomite    10,6    13,0  Raw  dolomite    12,3     
   dolomite mine   Probable  —  —    —    —  —    —     
                    Raw         
      TOTAL  11,3  Raw  dolomite    10,6    13,0  dolomite    12,3    (13,0)
Note
The tonnages are quoted in metric tonnes, and million tonnes are abbreviated as Mt.
Rounding-off of figures may cause computational discrepancies.
Figures are reported at 100% irrespective of percentage attributable to Exxaro.
All changes more than 10% (significant) are explained.
  1. 11 ~35Mt has been added to the reserve through the upgrade of the resource. Mining depletion is 8Mt.
  2. 12 Matla and NBC figures were calculated by depleting the SRK audited reserve statement (CPR, January 2006).
  3. 13 The change is the result of 1.4Mt mining depletion and the exclusion of ~2.3Mt from the LOM as a result of structural complexity.
  4. 14 The increase in the reserves reported is the result of the expansion of the pit layout after the reclassification of the resources.
  5. 15 Change reported is the result of the increase in the resource base.
  6. 16 Only the measured resource within the LOM is converted to reserves. The significant increase in reserves is the result of an upgrade of indicated resources to measured resources in the LOM.
  7. 17 The significant decrease is the result of mining depletion.
  8. 18 The decrease in the reserve (3.3Mt) is the result of mine depletion and termination of pillar extraction for safety reasons.
  9. 19 Braeburn is included for the first time as a reserve (~2.7Mt). A gain of ~2Mt is due to the review of the model and mining outside the current reserve boundary. The overall decrease in reserve is mainly the result of mining depletion (~13Mt).
  10. 20 Fairbreeze C is included pending the approval of the mining right application.
  11. 21 The decrease is primarily the result of mining depletion (42.7Mt) and a 1.6Mt loss after reoptimisation. ~8.5Mt was added through reviewed mine design.
  12. 22 The increase in reserves is the result of an increase in indicated and measured resources.
  13. 23 The decrease is the result of mining depletion and an upgrade of the geological model.
 
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