SEC Info℠ | Home | Search | My Interests | Help | Sign In | Please Sign In | ||||||||||||||||||||
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 9/14/22 Sedibelo Resources Ltd. F-1/A 18:24M Toppan Merrill/FA |
Document/Exhibit Description Pages Size 1: F-1/A Pre-Effective Amendment to Registration Statement HTML 9.66M by a Foreign Issuer 2: EX-10.1 Material Contract HTML 141K 4: EX-10.11 Material Contract HTML 513K 5: EX-10.15 Material Contract HTML 364K 6: EX-10.18 Material Contract HTML 110K 7: EX-10.21 Material Contract HTML 876K 8: EX-10.22 Material Contract HTML 916K 9: EX-10.23 Material Contract HTML 926K 10: EX-10.24 Material Contract HTML 1.25M 11: EX-10.25 Material Contract HTML 44K 12: EX-10.26 Material Contract HTML 133K 13: EX-10.27 Material Contract HTML 1.27M 14: EX-10.28 Material Contract HTML 200K 15: EX-10.29 Material Contract HTML 224K 16: EX-10.30 Material Contract HTML 28K 3: EX-10.9 Material Contract HTML 638K 17: EX-23.1 Consent of Expert or Counsel HTML 7K 18: EX-FILING FEES Filing Fees HTML 15K
tm2127701-33_f1a - block - 128.4697159s |
|
Island of Guernsey
|
| |
1099
|
| |
Not Applicable
|
|
|
(State or other jurisdiction of
incorporation or organization) |
| |
(Primary Standard Industrial
Classification Code Number) |
| |
(I.R.S. Employer
Identification No.) |
|
|
Andrew Weisberg, Esq.
Oliver Wright, Esq. White & Case LLP 1221 Avenue of the Americas New York, New York 10020-1095 Tel: (212) 819 8200 Fax: (212) 354 8113 |
| |
Gary Felthun, Esq.
Craig Atkinson, Esq. White & Case LLP Katherine Towers, 1st Floor 1 Park Lane, Wierda Valley 2196 Sandton, Johannesburg Republic of South Africa Tel: + 27 11 341 4000 Fax: + 27 11 327 1900 |
| | | |
Reuven Young, Esq.
Davis Polk & Wardwell London LLP 5 Aldermanbury Square London United Kingdom EC2V 7HR Tel: +44 20 7418 1300 Fax: +44 20 7418 1400 |
| |
Ezra Davids, Esq.
Ryan Wessels, Esq. Bowman Gilfillan, Inc. 11 Alice Lane, Sandton Johannesburg Republic of South Africa, 2196 Tel: +27 11 669 9320 Fax: +27 11 669 9111 |
|
| | |
Per Ordinary
Share |
| |
Total
|
| ||||||
Initial public offering price
|
| | | US$ | | | | | US$ | | | ||
Underwriting discounts and commissions(1)
|
| | | US$ | | | | | US$ | | | ||
Proceeds, before expenses, to us(2)
|
| | | US$ | | | | | US$ | | | |
|
Evercore ISI
|
| |
J.P. Morgan
|
|
|
RBC Capital Markets
|
|
| | | | | iii | | | |
| | | | | xiv | | | |
| | | | | xvii | | | |
| | | | | xix | | | |
| | | | | 1 | | | |
| | | | | 27 | | | |
| | | | | 79 | | | |
| | | | | 80 | | | |
| | | | | 81 | | | |
| | | | | 83 | | | |
| | | | | 85 | | | |
| | | | | 86 | | | |
| | | | | 125 | | | |
| | | | | 147 | | | |
| | | | | 174 | | | |
| | | | | 216 | | | |
| | | | | 239 | | | |
| | | | | 253 | | | |
| | | | | 257 | | | |
| | | | | 267 | | | |
| | | | | 283 | | | |
| | | | | 284 | | | |
| | | | | 294 | | | |
| | | | | 302 | | | |
| | | | | 303 | | | |
| | | | | 303 | | | |
| | | | | 304 | | | |
| | | | | 306 | | | |
| | | | | F-1 | | |
| | |
2019
|
| |
2020
|
| |
2021
|
| |
YTD 2022(1)
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
High
|
| |
Low
|
| |
Average
|
| |
High
|
| |
Low
|
| |
Average
|
| |
High
|
| |
Low
|
| |
Average
|
| |
High
|
| |
Low
|
| |
Average
|
| ||||||||||||||||||||||||||||||||||||||
(US$/ounce) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||
Platinum
|
| | | | 977 | | | | | | 782 | | | | | | 863 | | | | | | 1,068 | | | | | | 593 | | | | | | 878 | | | | | | 1,294 | | | | | | 911 | | | | | | 1,090 | | | | | | 1,151 | | | | | | 907 | | | | | | 994 | | |
Palladium
|
| | | | 1,971 | | | | | | 1,267 | | | | | | 1,538 | | | | | | 2,781 | | | | | | 1,557 | | | | | | 2,194 | | | | | | 3,000 | | | | | | 1,576 | | | | | | 2,396 | | | | | | 3,015 | | | | | | 1,810 | | | | | | 2,210 | | |
Rhodium
|
| | | | 6,150 | | | | | | 2,460 | | | | | | 3,902 | | | | | | 17,050 | | | | | | 5,160 | | | | | | 11,216 | | | | | | 29,800 | | | | | | 11,250 | | | | | | 20,047 | | | | | | 22,200 | | | | | | 13,450 | | | | | | 17,182 | | |
| | |
For the Six
Months Ended June 30, |
| |
For the Year Ended December 31,
|
| ||||||||||||||||||||||||
| | |
2021
|
| |
2021
|
| |
2020
|
| |
2019
|
| ||||||||||||||||||
|
(in US$ thousands, except as
otherwise indicated) |
| |||||||||||||||||||||||||||||
Revenue
|
| | | | 89,255 | | | | | | 163,823 | | | | | | 265,520 | | | | | | 277,572 | | | | | | 181,339 | | |
Cost of operations
|
| | | | (65,959) | | | | | | (92,385) | | | | | | (184,252) | | | | | | (156,213) | | | | | | (186,671) | | |
Gross profit (loss)
|
| | |
|
23,296
|
| | | |
|
71,438
|
| | | |
|
81,268
|
| | | |
|
121,359
|
| | | |
|
(5,332)
|
| |
Administrative and general expenses
|
| | | | (17,440) | | | | | | (13,796) | | | | | | (32,511) | | | | | | (22,610) | | | | | | (19,610) | | |
Other income (expense)
|
| | | | 1,381 | | | | | | (2,728) | | | | | | 526 | | | | | | (233) | | | | | | 849 | | |
Loss on disposal of assets
|
| | | | — | | | | | | — | | | | | | (3,125) | | | | | | — | | | | | | — | | |
Foreign exchange gain (loss)
|
| | | | 2,062 | | | | | | 386 | | | | | | 5,015 | | | | | | 2,028 | | | | | | (1,377) | | |
Operating profit (loss)
|
| | |
|
9,299
|
| | | |
|
55,300
|
| | | |
|
51,173
|
| | | |
|
100,544
|
| | | |
|
(25,470)
|
| |
Finance income
|
| | | | 3,329 | | | | | | 2,453 | | | | | | 5,532 | | | | | | 3,992 | | | | | | 6,704 | | |
Finance costs
|
| | | | (1,813) | | | | | | (2,797) | | | | | | (4,146) | | | | | | (7,103) | | | | | | (9,126) | | |
Share of loss of investments accounted for using the equity method
|
| | | | (151) | | | | | | (59) | | | | | | (786) | | | | | | (1,130) | | | | | | (1,512) | | |
Profit (loss) before income tax
|
| | |
|
10,664
|
| | | |
|
54,897
|
| | | |
|
51,773
|
| | | |
|
96,303
|
| | | |
|
(29,404)
|
| |
Income tax (expense) credit
|
| | | | (9,786) | | | | | | (16,807) | | | | | | (18,601) | | | | | | 99,891 | | | | | | (20) | | |
Profit (loss) for the period
|
| | |
|
878
|
| | | |
|
38,090
|
| | | |
|
33,172
|
| | | |
|
196,194
|
| | | |
|
(29,424)
|
| |
Profit (loss) attributable to: | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Owners of the Company
|
| | | | 1,104 | | | | | | 38,366 | | | | | | 33,733 | | | | | | 196,712 | | | | | | (28,754) | | |
Non-controlling interest
|
| | | | (226) | | | | | | (276) | | | | | | (561) | | | | | | (518) | | | | | | (670) | | |
Profit (loss) for the period
|
| | |
|
878
|
| | | |
|
38,090
|
| | | |
|
33,172
|
| | | |
|
196,194
|
| | | |
|
(29,424)
|
| |
Other comprehensive (loss) income: | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Exchange differences on loan designated as net investment
|
| | | | (16,506) | | | | | | (16,885) | | | | | | 608 | | | | | | 38,311 | | | | | | (12,078) | | |
Exchange differences on translation from functional to presentation currency
|
| | | | (5,791) | | | | | | 43,190 | | | | | | (95,182) | | | | | | (63,617) | | | | | | 34,600 | | |
Movement in other reserves
|
| | | | 20 | | | | | | (21) | | | | | | 83 | | | | | | 2 | | | | | | (23) | | |
Other comprehensive share of investment accounted for
using the equity method |
| | | | 1,430 | | | | | | (393) | | | | | | (90) | | | | | | (466) | | | | | | (356) | | |
Total other comprehensive (loss) income
|
| | | | (20,847) | | | | | | 25,891 | | | | | | (94,581) | | | | | | (25,770) | | | | | | 22,143 | | |
Total comprehensive (loss) income for the period
|
| | | | (19,969) | | | | | | 63,981 | | | | | | (61,410) | | | | | | 170,424 | | | | | | (7,281) | | |
Total comprehensive (loss) income attributable to: | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Owners of the Company
|
| | | | (19,743) | | | | | | 64,257 | | | | | | (60,848) | | | | | | 170,942 | | | | | | (6,611) | | |
Non-controlling interest
|
| | | | (226) | | | | | | (276) | | | | | | (561) | | | | | | (518) | | | | | | (670) | | |
Total comprehensive (loss) income for the period
|
| | | | (19,969) | | | | | | 63,981 | | | | | | (61,409) | | | | | | 170,424 | | | | | | (7,281) | | |
Earnings per share: | | | | | | | | | | | | | | | | | |||||||||||||||
Weighted average number of shares (in millions of shares)
|
| | | | 3,095 | | | | | | 3,095 | | | | | | 3,095 | | | | | | 3,095 | | | | | | 3,095 | | |
Profit (loss) per ordinary share – basic and diluted (US$
cents)(1) |
| | | | 0.04 | | | | | | 1.24 | | | | | | 1.09 | | | | | | 6.35 | | | | | | (0.93) | | |
| | |
As of
June 30, |
| |
As of December 31,
|
| ||||||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||||||||
|
(in US$ thousands)
|
| |||||||||||||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Non-current assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Mining assets
|
| | | | 702,126 | | | | | | 708,902 | | | | | | 773,275 | | | | | | 798,395 | | |
Intangible assets
|
| | | | 30,287 | | | | | | 30,540 | | | | | | 33,564 | | | | | | 34,740 | | |
Property, plant and equipment
|
| | | | 108,235 | | | | | | 92,625 | | | | | | 92,498 | | | | | | 111,093 | | |
Loans receivable
|
| | | | 23,695 | | | | | | 19,063 | | | | | | 16,506 | | | | | | 16,916 | | |
Restricted cash investments and guarantees
|
| | | | 18,458 | | | | | | 18,432 | | | | | | 18,090 | | | | | | 15,885 | | |
Deferred tax asset
|
| | | | 65,186 | | | | | | 76,138 | | | | | | 101,949 | | | | | | — | | |
Total non-current assets
|
| | |
|
947,987
|
| | | |
|
945,700
|
| | | |
|
1,035,882
|
| | | |
|
977,029
|
| |
Current assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Inventories
|
| | | | 14,775 | | | | | | 10,208 | | | | | | 11,818 | | | | | | 9,718 | | |
Trade and other receivables
|
| | | | 51,071 | | | | | | 82,816 | | | | | | 133,893 | | | | | | 70,130 | | |
Loans receivable
|
| | | | 632 | | | | | | 637 | | | | | | — | | | | | | — | | |
Cash and cash equivalents
|
| | | | 116,214 | | | | | | 140,595 | | | | | | 62,986 | | | | | | 43,393 | | |
Total current assets
|
| | |
|
182,692
|
| | | |
|
234,256
|
| | | |
|
208,697
|
| | | |
|
123,241
|
| |
Total assets
|
| | |
|
1,130,679
|
| | | |
|
1,179,956
|
| | | |
|
1,244,579
|
| | | |
|
1,100,270
|
| |
Equity and liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Equity attributable to owners of the Company | | | | | | | | | | | | | | | | | | | | | | | | | |
Share capital
|
| | | | 2,549,583 | | | | | | 2,549,583 | | | | | | 2,549,583 | | | | | | 2,549,583 | | |
Other components of equity
|
| | | | (622,613) | | | | | | (616,842) | | | | | | (521,743) | | | | | | (458,128) | | |
Accumulated losses
|
| | | | (845,372) | | | | | | (831,400) | | | | | | (865,651) | | | | | | (1,100,208) | | |
Total equity attributable to owners of the Company
|
| | |
|
1,081,598
|
| | | |
|
1,101,341
|
| | | |
|
1,162,189
|
| | | |
|
991,247
|
| |
Non-controlling interests
|
| | |
|
(7,913)
|
| | | |
|
(7,687)
|
| | | |
|
(7,126)
|
| | | |
|
(6,608)
|
| |
Total equity
|
| | |
|
1,073,685
|
| | | |
|
1,093,654
|
| | | |
|
1,155,063
|
| | | |
|
984,639
|
| |
Non-current liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Long-term borrowings
|
| | | | 5,407 | | | | | | 5,289 | | | | | | 26,976 | | | | | | 36,643 | | |
Share-based payment obligations
|
| | | | 3,128 | | | | | | 445 | | | | | | — | | | | | | — | | |
Decommissioning and rehabilitation provision
|
| | | | 19,324 | | | | | | 18,782 | | | | | | 16,787 | | | | | | 22,163 | | |
Total non-current liabilities
|
| | |
|
27,859
|
| | | |
|
24,516
|
| | | |
|
43,763
|
| | | |
|
58,806
|
| |
Current liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Short-term borrowings
|
| | | | — | | | | | | — | | | | | | 14,408 | | | | | | 13,453 | | |
Share-based payment obligations
|
| | | | 1,024 | | | | | | 1,505 | | | | | | — | | | | | | — | | |
Trade payables and accrued liabilities
|
| | | | 23,510 | | | | | | 29,029 | | | | | | 26,134 | | | | | | 23,477 | | |
Revolving commodity facility
|
| | | | 4,601 | | | | | | 31,252 | | | | | | 5,211 | | | | | | 19,895 | | |
Total current liabilities
|
| | |
|
29,135
|
| | | |
|
61,786
|
| | | |
|
45,753
|
| | | |
|
56,825
|
| |
Total liabilities
|
| | |
|
56,994
|
| | | |
|
86,302
|
| | | |
|
89,516
|
| | | |
|
115,631
|
| |
Total equity and liabilities
|
| | | | 1,130,679 | | | | | | 1,179,956 | | | | | | 1,244,579 | | | | | | 1,100,270 | | |
| | |
For the Six
Months Ended June 30, |
| |
For the Year
Ended December 31, |
| ||||||||||||||||||||||||
| | |
2021
|
| |
2021
|
| |
2020
|
| |
2019
|
| ||||||||||||||||||
|
(in US$ thousands)
|
| |||||||||||||||||||||||||||||
Cash and cash equivalents at the beginning of the
period |
| | | | 140,595 | | | | | | 62,986 | | | | | | 62,986 | | | | | | 43,393 | | | | | | 38,093 | | |
Net cash generated from operating activities
|
| | | | 39,840 | | | | | | 102,313 | | | | | | 120,107 | | | | | | 52,798 | | | | | | 8,941 | | |
Net cash used in investing activities
|
| | | | (33,483) | | | | | | (3,197) | | | | | | (20,082) | | | | | | (10,995) | | | | | | (4,574) | | |
Net cash used in financing activities
|
| | | | (28,951) | | | | | | (20,775) | | | | | | (10,281) | | | | | | (23,933) | | | | | | (474) | | |
Net (decrease) increase in cash and cash equivalents
|
| | |
|
(22,594)
|
| | | |
|
78,341
|
| | | |
|
89,744
|
| | | |
|
17,870
|
| | | |
|
3,893
|
| |
Exchange (loss) gain on cash and cash equivalents
|
| | | | (1,787) | | | | | | 3,447 | | | | | | (12,135) | | | | | | 1,723 | | | | | | 1,408 | | |
Cash and cash equivalents at the end of the period
|
| | |
|
116,214
|
| | | |
|
144,774
|
| | | |
|
140,595
|
| | | |
|
62,986
|
| | | |
|
43,393
|
| |
| | |
For the Six
Months Ended June 30, |
| |
For the Year
Ended December 31, |
| ||||||||||||||||||||||||
| | |
2021
|
| |
2021
|
| |
2020
|
| |
2019
|
| ||||||||||||||||||
|
(in US$ thousands, except as
otherwise indicated) |
| |||||||||||||||||||||||||||||
EBITDA(1) | | | | | 12,029 | | | | | | 59,609 | | | | | | 59,243 | | | | | | 113,063 | | | | | | 11,755 | | |
HEPS – basic and diluted (US$ cents)(2)
|
| | | | 0.04 | | | | | | 1.31 | | | | | | 0.01 | | | | | | 0.06 | | | | | | (0.01) | | |
| | |
For the Six
Months Ended June 30, |
| |
For the Year Ended
December 31, |
| ||||||||||||||||||||||||
| | |
2021
|
| |
2021
|
| |
2020
|
| |
2019
|
| ||||||||||||||||||
|
(in US$ thousands)
|
| |||||||||||||||||||||||||||||
Profit (loss) for the period
|
| | |
|
878
|
| | | |
|
38,090
|
| | | |
|
33,172
|
| | | |
|
196,194
|
| | | |
|
(29,424)
|
| |
Income tax (credit) expense
|
| | | | 9,786 | | | | | | 16,807 | | | | | | 18,601 | | | | | | (99,891) | | | | | | 20 | | |
Depreciation and amortization
|
| | | | 2,881 | | | | | | 4,368 | | | | | | 8,856 | | | | | | 13,649 | | | | | | 38,737 | | |
Net finance (income) costs
|
| | | | (1,516) | | | | | | 344 | | | | | | (1,386) | | | | | | 3,111 | | | | | | 2,422 | | |
EBITDA
|
| | |
|
12,029
|
| | | |
|
59,609
|
| | | |
|
59,243
|
| | | |
|
113,063
|
| | | |
|
11,755
|
| |
| | |
For the Six
Months Ended June 30, |
| |
For the Year Ended
December 31, |
| ||||||||||||||||||||||||
| | |
2021
|
| |
2021
|
| |
2020
|
| |
2019
|
| ||||||||||||||||||
|
(in US$ thousands, except as
otherwise indicated) |
| |||||||||||||||||||||||||||||
Profit (loss) attributable to owners of the Company
|
| | | | 1,104 | | | | | | 38,366 | | | | | | 33,733 | | | | | | 196,712 | | | | | | (28,754) | | |
Effect of remeasurement items net of tax: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Profit on disposal of fixed assets
|
| | | | (16) | | | | | | — | | | | | | (17) | | | | | | (43) | | | | | | — | | |
Impairment of mining assets
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 278 | | |
Loss on mining assets sold
|
| | | | — | | | | | | 3,141 | | | | | | 3,141 | | | | | | — | | | | | | — | | |
Tax effect
|
| | | | 4 | | | | | | (879) | | | | | | (875) | | | | | | 13 | | | | | | — | | |
Headline earnings (loss)
|
| | |
|
1,092
|
| | | |
|
40,628
|
| | | |
|
35,982
|
| | | |
|
196,682
|
| | | |
|
(28,476)
|
| |
Weighted average number of shares (in millions of shares)
|
| | | | 3,095 | | | | | | 3,095 | | | | | | 3,095 | | | | | | 3,095 | | | | | | 3,095 | | |
HEPS – basic and diluted (US$ cents)(a)
|
| | |
|
0.04
|
| | | |
|
1.31
|
| | | |
|
1.16
|
| | | |
|
6.35
|
| | | |
|
(0.92)
|
| |
| | |
For the Six
Months Ended June 30, |
| |
For the Year Ended
December 31, |
| ||||||||||||||||||||||||
| | |
2021
|
| |
2021
|
| |
2020
|
| |
2019
|
| ||||||||||||||||||
|
(in US$ thousands)
|
| |||||||||||||||||||||||||||||
Profit (loss) for the period
|
| | |
|
878
|
| | | |
|
38,090
|
| | | |
|
33,172
|
| | | |
|
196,194
|
| | | |
|
(29,424)
|
| |
Income tax (credit) expense
|
| | | | 9,786 | | | | | | 16,807 | | | | | | 18,601 | | | | | | (99,891) | | | | | | 20 | | |
Depreciation and amortization
|
| | | | 2,881 | | | | | | 4,368 | | | | | | 8,856 | | | | | | 13,649 | | | | | | 38,737 | | |
Net finance (income) costs
|
| | | | (1,516) | | | | | | 344 | | | | | | (1,386) | | | | | | 3,111 | | | | | | 2,422 | | |
Foreign exchange (gain) loss
|
| | | | (2,062) | | | | | | (386) | | | | | | (5,015) | | | | | | (2,028) | | | | | | 1,377 | | |
Adjusted EBITDA
|
| | |
|
9,967
|
| | | |
|
59,223
|
| | | |
|
54,228
|
| | | |
|
111,035
|
| | | |
|
13,132
|
| |
| | |
As of
June 30, |
| |
As of December 31,
|
| ||||||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||||||||
|
(in US$ thousands)
|
| |||||||||||||||||||||||
Long-term borrowings
|
| | | | 5,407 | | | | | | 5,289 | | | | | | 26,976 | | | | | | 36,643 | | |
Short-term borrowings
|
| | | | — | | | | | | — | | | | | | 14,408 | | | | | | 13,453 | | |
Amount outstanding under the revolving commodity facility
|
| | | | 4,601 | | | | | | 31,252 | | | | | | 5,211 | | | | | | 19,895 | | |
Total borrowings
|
| | |
|
10,008
|
| | | |
|
36,541
|
| | | |
|
46,595
|
| | | |
|
69,991
|
| |
Cash and cash equivalents
|
| | | | (116,214) | | | | | | (140,595) | | | | | | (62,986) | | | | | | (43,393) | | |
(Negative net debt) / net debt
|
| | | | (106,206) | | | | | | (104,054) | | | | | | (16,391) | | | | | | 26,598 | | |
| | |
For the Six
Months Ended June 30, |
| |
For the Year Ended
December 31, |
| ||||||||||||||||||||||||
| | |
2021
|
| |
2021
|
| |
2020
|
| |
2019
|
| ||||||||||||||||||
|
(in US$ thousands, except as
otherwise indicated) |
| |||||||||||||||||||||||||||||
Cost of operations
|
| | | | (65,959) | | | | | | (92,385) | | | | | | (184,252) | | | | | | (156,213) | | | | | | (186,671) | | |
Depreciation and amortization of operating assets
|
| | | | 2,471 | | | | | | 4,006 | | | | | | 7,956 | | | | | | 13,383 | | | | | | 37,546 | | |
Inventory adjustments
|
| | | | (3,088) | | | | | | 2,914 | | | | | | 2,331 | | | | | | (2,175) | | | | | | (843) | | |
Cash cost of operations
|
| | |
|
(66,576)
|
| | | |
|
(85,465)
|
| | | |
|
(173,965)
|
| | | |
|
(145,005)
|
| | | |
|
(149,968)
|
| |
Cash cost of operations per ounce (in US$)(1)
|
| | |
|
(2,025)
|
| | | |
|
(1,648)
|
| | | |
|
(1,782)
|
| | | |
|
1,126
|
| | | |
|
1,178
|
| |
| | |
For the Six Months Ended June 30,
|
| |
For the Year Ended December 31,
|
| ||||||||||||||||||||||||
| | |
2021
|
| |
2021
|
| |
2020
|
| |
2019
|
| ||||||||||||||||||
Reef delivered to the ROM pad (tonnes)(1)
|
| | | | 912,286 | | | | | | 1,020,949 | | | | | | 2,255,720 | | | | | | 3,952,626 | | | | | | 4,121,807 | | |
Reef processed (tonnes)(2)
|
| | | | 1,102,543 | | | | | | 1,771,576 | | | | | | 3,114,647 | | | | | | 3,414,661 | | | | | | 3,870,515 | | |
Reef milled (tonnes)(3)
|
| | | | 1,082,750 | | | | | | 1,681,475 | | | | | | 2,978,319 | | | | | | 3,089,285 | | | | | | 3,517,579 | | |
Average milled head grade (g/t)
|
| | | | 1.49 | | | | | | 1.31 | | | | | | 1.42 | | | | | | 1.79 | | | | | | 1.57 | | |
Average recovery rate (%)
|
| | | | 62 | | | | | | 72 | | | | | | 72 | | | | | | 71 | | | | | | 70 | | |
Average recovered grade (g/t)
|
| | | | 0.90 | | | | | | 0.95 | | | | | | 1.01 | | | | | | 1.29 | | | | | | 1.11 | | |
4E dispatched and sold (ounces): | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Platinum
|
| | | | 19,619 | | | | | | 33,629 | | | | | | 62,534 | | | | | | 82,110 | | | | | | 81,825 | | |
Palladium
|
| | | | 10,055 | | | | | | 13,460 | | | | | | 26,042 | | | | | | 34,099 | | | | | | 33,217 | | |
Rhodium
|
| | | | 2,319 | | | | | | 3,236 | | | | | | 6,514 | | | | | | 9,798 | | | | | | 10,017 | | |
Gold
|
| | | | 887 | | | | | | 1,536 | | | | | | 2,551 | | | | | | 2,747 | | | | | | 2,257 | | |
Total 4E dispatched and sold
|
| | | | 32,880 | | | | | | 51,861 | | | | | | 97,641 | | | | | | 128,754 | | | | | | 127,316 | | |
Reserve Area
|
| |
Tonnage
(Mt) |
| |
PGM Grade (g/t)
|
| |
Contained PGM
|
| |
Base Metal
Grade (%) |
| |
Contained
Cu + Ni (kt) |
| |||||||||||||||||||||||||||||||||
|
4E
|
| |
6E
|
| |
(4E Moz)
|
| |
(6E Moz)
|
| |
Ni
|
| |
Cu
|
| ||||||||||||||||||||||||||||||||
West Pit
|
| | | | 13.1 | | | | | | 1.62 | | | | | | 1.88 | | | | | | 0.69 | | | | | | 0.79 | | | | | | 0.062 | | | | | | 0.019 | | | | | | 9.9 | | |
East Pit
|
| | | | 20.5 | | | | | | 1.56 | | | | | | 1.82 | | | | | | 1.0 | | | | | | 1.2 | | | | | | 0.060 | | | | | | 0.009 | | | | | | 14.0 | | |
Central Underground Block
|
| | | | 12.8 | | | | | | 4.76 | | | | | | 6.05 | | | | | | 2.0 | | | | | | 2.5 | | | | | | 0.020 | | | | | | 0.004 | | | | | | 2.7 | | |
East Underground Block
|
| | | | 31.4 | | | | | | 4.21 | | | | | | 5.06 | | | | | | 4.3 | | | | | | 5.1 | | | | | | 0.040 | | | | | | 0.020 | | | | | | 18.0 | | |
Total Probable Mineral Reserves
|
| | | | 77.8 | | | | | | 3.17 | | | | | | 3.83 | | | | | | 8.0 | | | | | | 9.6 | | | | | | 0.046 | | | | | | 0.014 | | | | | | 44.6 | | |
Resource Area
|
| |
Tonnage
(Mt) |
| |
PGM Grade (g/t)
|
| |
Contained PGM
|
| |
Base Metal
Grade (%) |
| |
Contained
Cu + Ni (kt) |
| |||||||||||||||||||||||||||||||||
|
4E
|
| |
6E
|
| |
(4E Moz)
|
| |
(6E Moz)
|
| |
Ni
|
| |
Cu
|
| ||||||||||||||||||||||||||||||||
Measured Mineral Resources | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
West Pit
|
| | | | 0.001 | | | | | | 3.89 | | | | | | 4.79 | | | | | | 0.0001 | | | | | | 0.0001 | | | | | | 0.002 | | | | | | 0.001 | | | | | | 0.00 | | |
East Underground Block
|
| | | | 0.3 | | | | | | 5.76 | | | | | | 7.06 | | | | | | 0.05 | | | | | | 0.07 | | | | | | 0.018 | | | | | | 0.004 | | | | | | 0.07 | | |
Total Measured Mineral Resources
|
| | | | 0.3 | | | | | | 5.76 | | | | | | 7.06 | | | | | | 0.05 | | | | | | 0.07 | | | | | | 0.018 | | | | | | 0.004 | | | | | | 0.07 | | |
Indicated Mineral Resources | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
West Pit
|
| | | | 11.1 | | | | | | 2.89 | | | | | | 3.29 | | | | | | 1.03 | | | | | | 1.18 | | | | | | 0.126 | | | | | | 0.025 | | | | | | 16.80 | | |
Central Underground Block
|
| | | | 4.2 | | | | | | 6.59 | | | | | | 8.58 | | | | | | 0.90 | | | | | | 1.13 | | | | | | 0.028 | | | | | | 0.010 | | | | | | 1.62 | | |
East Underground Block
|
| | | | 42.7 | | | | | | 3.70 | | | | | | 4.33 | | | | | | 5.07 | | | | | | 5.81 | | | | | | 0.089 | | | | | | 0.027 | | | | | | 49.45 | | |
Total Indicated Mineral Resources
|
| | | | 58.0 | | | | | | 3.75 | | | | | | 4.44 | | | | | | 7.00 | | | | | | 8.12 | | | | | | 0.092 | | | | | | 0.025 | | | | | | 67.87 | | |
Total Measured Indicated Mineral Resources
|
| | | | 58.3 | | | | | | 3.76 | | | | | | 4.46 | | | | | | 7.05 | | | | | | 8.19 | | | | | | 0.091 | | | | | | 0.025 | | | | | | 67.94 | | |
Inferred Mineral Resources | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Central Underground Block
|
| | | | 9.1 | | | | | | 6.54 | | | | | | 8.23 | | | | | | 1.90 | | | | | | 2.40 | | | | | | 0.035 | | | | | | 0.012 | | | | | | 4.31 | | |
East Underground Block
|
| | | | 96.9 | | | | | | 4.59 | | | | | | 5.41 | | | | | | 14.29 | | | | | | 16.85 | | | | | | 0.080 | | | | | | 0.025 | | | | | | 102.37 | | |
West Pit low grade stockpiles
|
| | | | 55.8 | | | | | | 0.70 | | | | | | 0.80 | | | | | | 1.26 | | | | | | 1.43 | | | | | | — | | | | | | — | | | | | | — | | |
Total Inferred Mineral
Resources |
| | | | 161.8 | | | | | | 3.36 | | | | | | 3.98 | | | | | | 17.46 | | | | | | 20.69 | | | | | | 0.050 | | | | | | 0.016 | | | | | | 106.68 | | |
Mineral Reserves
|
| |
Tonnage
(Mt) |
| |
Grade
(%) |
| |
Content
(kt) |
| ||||||
Probable Mineral Reserves | | | | | | | | | | | | | | | | |
West Pit
|
| | | | 4.8 | | | | | | 11.9 | | | |
574
|
|
East Underground Block
|
| | | | 24.3 | | | | | | 23.1 | | | |
5,613
|
|
Probable Mineral Reserves
|
| | | | 29.1 | | | | | | 21.3 | | | |
6,187
|
|
Mineral Resources
|
| |
Tonnage
(Mt) |
| |
Grade
(%) |
| |
Content
(kt) |
| ||||||
Indicated Mineral Resources | | | | | | | | | | | | | | | | |
West Pit
|
| | | | 3.4 | | | | | | 19.9 | | | |
684
|
|
East Underground Block
|
| | | | 23.6 | | | | | | 29.4 | | | |
6,944
|
|
Total Indicated Mineral Resources
|
| | | | 27.0 | | | | | | 28.2 | | | |
7,628
|
|
Inferred Mineral Resources | | | | | | | | | | | | | | | | |
Central Underground Block
|
| | | | 11.7 | | | | | | 26.5 | | | |
3,110
|
|
East Underground Block
|
| | | | 47.5 | | | | | | 29.4 | | | |
13,974
|
|
Total Inferred Mineral Resources
|
| | | | 59.2 | | | | | | 28.9 | | | |
17,084
|
|
Reserve Area
|
| |
Tonnage
(Mt) |
| |
PGM Grade (g/t)
|
| |
Contained PGM
|
| |
Base Metal
Grade (%) |
| |
Contained
Cu + Ni (kt) |
| |||||||||||||||||||||||||||||||||
|
4E
|
| |
6E
|
| |
(4E Moz)
|
| |
(6E Moz)
|
| |
Ni
|
| |
Cu
|
| ||||||||||||||||||||||||||||||||
Mphahlele (UG2)
|
| | | | 22.7 | | | | | | 3.63 | | | | | | 4.36 | | | | | | 2.66 | | | | | | 3.18 | | | | | | 0.088 | | | | | | 0.050 | | | | | | 31.4 | | |
Total Probable Mineral
Reserves |
| | | | 22.7 | | | | | | 3.63 | | | | | | 4.36 | | | | | | 2.66 | | | | | | 3.18 | | | | | | 0.088 | | | | | | 0.050 | | | | | | 31.4 | | |
Resource Area
|
| |
Tonnage
(Mt) |
| |
PGM Grade (g/t)
|
| |
Contained PGM
|
| |
Base Metal
Grade (%) |
| |
Contained
Cu + Ni (kt) |
| |||||||||||||||||||||||||||||||||
|
4E
|
| |
6E
|
| |
(4E Moz)
|
| |
(6E Moz)
|
| |
Ni
|
| |
Cu
|
| ||||||||||||||||||||||||||||||||
Measured Mineral Resources | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Merensky
|
| | | | 0.6 | | | | | | 3.00 | | | | | | 3.80 | | | | | | 0.06 | | | | | | 0.08 | | | | | | 0.21 | | | | | | 0.12 | | | | | | 2.0 | | |
UG2
|
| | | | 0.3 | | | | | | 5.12 | | | | | | 6.14 | | | | | | 0.04 | | | | | | 0.05 | | | | | | 0.12 | | | | | | 0.08 | | | | | | 0.5 | | |
Total Measured Mineral Resources
|
| | | | 0.9 | | | | | | 3.61 | | | | | | 4.47 | | | | | | 0.10 | | | | | | 0.13 | | | | | | 0.18 | | | | | | 0.11 | | | | | | 2.5 | | |
Indicated Mineral Resources | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Merensky
|
| | | | 12.1 | | | | | | 3.00 | | | | | | 3.75 | | | | | | 1.17 | | | | | | 1.46 | | | | | | 0.20 | | | | | | 0.12 | | | | | | 38.1 | | |
UG2
|
| | | | 3.2 | | | | | | 5.06 | | | | | | 6.06 | | | | | | 0.51 | | | | | | 0.62 | | | | | | 0.12 | | | | | | 0.07 | | | | | | 6.1 | | |
Total Indicated Mineral Resources
|
| | | | 15.3 | | | | | | 3.43 | | | | | | 4.23 | | | | | | 1.68 | | | | | | 2.08 | | | | | | 0.18 | | | | | | 0.11 | | | | | | 44.2 | | |
Total Measured and Indicated Mineral Resources
|
| | | | 16.2 | | | | | | 3.45 | | | | | | 4.25 | | | | | | 1.78 | | | | | | 2.21 | | | | | | 0.18 | | | | | | 0.11 | | | | | | 46.7 | | |
Inferred Mineral Resources | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Merensky
|
| | | | 23.3 | | | | | | 3.12 | | | | | | 3.91 | | | | | | 2.33 | | | | | | 2.92 | | | | | | 0.20 | | | | | | 0.12 | | | | | | 73.8 | | |
UG2
|
| | | | 25.6 | | | | | | 5.11 | | | | | | 6.12 | | | | | | 4.21 | | | | | | 5.04 | | | | | | 0.12 | | | | | | 0.07 | | | | | | 48.8 | | |
Total Inferred Mineral Resources
|
| | | | 48.9 | | | | | | 4.16 | | | | | | 5.06 | | | | | | 6.54 | | | | | | 7.96 | | | | | | 0.16 | | | | | | 0.10 | | | | | | 122.7 | | |
Resource Area
|
| |
Percent
Attributable to SRL |
| |
Tonnage
(Mt) |
| |
PGM Grade (g/t)
|
| |
Contained PGM
|
| |
Base Metal
Grade (%) |
| |
Contained
Cu + Ni (kt) |
| ||||||||||||||||||||||||||||||||||||
|
4E
|
| |
6E
|
| |
(4E Moz)
|
| |
(6E Moz)
|
| |
Ni
|
| |
Cu
|
| ||||||||||||||||||||||||||||||||||||||
Inferred Mineral Resources
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Merensky
|
| | | | 100% | | | | | | 58.4 | | | | | | 8.12 | | | | | | 8.91 | | | | | | 15.2 | | | | | | 16.7 | | | | | | 0.239 | | | | | | 0.078 | | | | | | 185.0 | | |
UG2
|
| | | | 100% | | | | | | 90.4 | | | | | | 5.52 | | | | | | 6.76 | | | | | | 16.0 | | | | | | 19.6 | | | | | | 0.064 | | | | | | 0.003 | | | | | | 60.2 | | |
Total Inferred Mineral Resources
|
| | | | | | | | | | 148.8 | | | | | | 6.54 | | | | | | 7.60 | | | | | | 31.2 | | | | | | 36.3 | | | | | | 0.132 | | | | | | 0.032 | | | | | | 245.2 | | |
| | |
As of June 30
|
| ||||||||||||
|
Actual
|
| |
As Adjusted(1)(2)
|
| | ||||||||||
|
(in US$ thousands)
|
| ||||||||||||||
Long-term borrowings | | | | | | | | | | | | | | | | |
Unsecured
|
| | | | 5,407 | | | |
|
| | |||||
Secured
|
| | | | — | | | | | | | | | |||
Total long-term borrowings
|
| | | | 5,407 | | | | | | | | | | ||
Short-term borrowings | | | | | | | | | | | | | | | ||
Unsecured
|
| | | | — | | | | | | | | | | ||
Secured
|
| | | | — | | | | | | | | | | ||
Total short-term borrowings
|
| | | | — | | | | | | | | | |||
Revolving commodity facility
|
| | | | 4,601 | | | | | | | | | | ||
Deferred revenue(1)
|
| | |
|
—
|
| | | | | | | | | ||
Total borrowings
|
| | | | 10,008 | | | | | | | | | | ||
Equity attributable to owners of the Company | | | | | | | | | | | | | | | ||
Share capital
|
| | | | 2,549,583 | | | | | | | | | | ||
Other components of equity
|
| | | | (622,613) | | | | | | | | | | ||
Accumulated losses
|
| | | | (845,372) | | | | | | | | | | ||
Total equity attributable to owners of the Company
|
| | | | 1,081,598 | | | | | | | | | | ||
Non-controlling interests
|
| | | | (7,913) | | | | | | | | | | ||
Total equity
|
| | |
|
1,073,685
|
| | | | | | | | | ||
Total capitalization(3)
|
| | |
|
1,083,693
|
| | | | | | | | |
|
Assumed initial public offering price per ordinary share
|
| | | US$ | | | |
|
Consolidated net tangible book value per ordinary share as of June 30, 2022, after giving effect to the Reverse Share Split
|
| | | US$ | | | |
|
Increase in consolidated net tangible book value per ordinary share attributable to existing shareholders
|
| | | US$ | | | |
|
Pro forma consolidated net tangible book value per share after this offering
|
| | | US$ | | | |
|
Dilution per ordinary share to new investors in this offering
|
| | | US$ | | | |
|
Percentage of dilution in consolidated net tangible book value per ordinary share to new investors
|
| | | | % | | |
| | |
Shares Purchased
|
| |
Total Consideration
|
| |
Average Price
Per Share |
| |||||||||||||||
|
Number
|
| |
Percent
|
| |
Amount
|
| |
Percentage
|
| ||||||||||||||
Existing shareholders
|
| | | | | | | | | | % | | | |
US$
|
| | | | % | | | |
US$
|
|
New investors
|
| | | | | | | | | % | | | |
US$
|
| | | | % | | | |
US$
|
| |
Total | | | |
|
|
| | | | | 100% | | | |
US$
|
| | | | 100% | | | |
US$
|
|
Year
|
| |
Period-end
|
| |
Average(1)
|
| |
Low
|
| |
High
|
| ||||||||||||
2017
|
| | | | 12.38 | | | | | | 13.32 | | | | | | 12.27 | | | | | | 14.49 | | |
2018
|
| | | | 14.43 | | | | | | 13.25 | | | | | | 11.52 | | | | | | 15.50 | | |
2019
|
| | | | 14.12 | | | | | | 14.45 | | | | | | 13.31 | | | | | | 15.43 | | |
2020
|
| | | | 14.62 | | | | | | 16.46 | | | | | | 14.02 | | | | | | 19.23 | | |
2021
|
| | | | 15.90 | | | | | | 14.78 | | | | | | 13.42 | | | | | | 16.19 | | |
Month
|
| |
Period-end
|
| |
Average(1)
|
| |
Low
|
| |
High
|
| ||||||||||||
March 2022
|
| | | | 14.52 | | | | | | 15.00 | | | | | | 14.51 | | | | | | 15.40 | | |
April 2022
|
| | | | 15.88 | | | | | | 15.02 | | | | | | 14.48 | | | | | | 15.96 | | |
May 2022
|
| | | | 15.49 | | | | | | 15.89 | | | | | | 15.49 | | | | | | 16.24 | | |
June 2022
|
| | | | 16.25 | | | | | | 15.79 | | | | | | 15.28 | | | | | | 16.25 | | |
July 2022
|
| | | | 16.49 | | | | | | 16.83 | | | | | | 16.32 | | | | | | 17.18 | | |
August 2022
|
| | | | 16.89 | | | | | | 16.69 | | | | | | 16.23 | | | | | | 17.03 | | |
| | |
US$/ounce
|
| |||||||||||||||
|
High
|
| |
Low
|
| |
Average
|
| |||||||||||
2019
|
| | | | 977 | | | | | | 782 | | | | | | 863 | | |
2020
|
| | | | 1,068 | | | | | | 593 | | | | | | 879 | | |
2021 | | | | | 1,294 | | | | | | 911 | | | | | | 1,090 | | |
Six months ended June 30, 2021
|
| | | | 1,294 | | | | | | 1,016 | | | | | | 1,170 | | |
Six months ended June 30, 2022
|
| | | | 1,151 | | | | | | 907 | | | | | | 994 | | |
| | |
US$/ounce
|
| |||||||||||||||
|
High
|
| |
Low
|
| |
Average
|
| |||||||||||
2019
|
| | | | 1,971 | | | | | | 1,267 | | | | | | 1,538 | | |
2020
|
| | | | 2,781 | | | | | | 1,557 | | | | | | 2,194 | | |
2021
|
| | | | 3,000 | | | | | | 1,576 | | | | | | 2,396 | | |
Six months ended June 30, 2021
|
| | | | 3,000 | | | | | | 2,258 | | | | | | 2,590 | | |
Six months ended June 30, 2022
|
| | | | 3,015 | | | | | | 1,810 | | | | | | 2,210 | | |
| | |
US$/ounce
|
| |||||||||||||||
|
High
|
| |
Low
|
| |
Average
|
| |||||||||||
2019
|
| | | | 6,150 | | | | | | 2,460 | | | | | | 3,902 | | |
2020
|
| | | | 17,050 | | | | | | 5,160 | | | | | | 11,216 | | |
2021
|
| | | | 29,800 | | | | | | 11,250 | | | | | | 20,047 | | |
Six months ended June 30, 2021
|
| | | | 29,800 | | | | | | 17,700 | | | | | | 24,560 | | |
Six months ended June 30, 2022
|
| | | | 22,200 | | | | | | 13,450 | | | | | | 17,182 | | |
| | |
US$/ounce
|
| |||||||||||||||
|
High
|
| |
Low
|
| |
Average
|
| |||||||||||
2019
|
| | | | 1,792 | | | | | | 1,270 | | | | | | 1,394 | | |
2020
|
| | | | 2,066 | | | | | | 1,477 | | | | | | 1,771 | | |
2021
|
| | | | 1,946 | | | | | | 1,682 | | | | | | 1,799 | | |
Six months ended June 30, 2021
|
| | | | 1,946 | | | | | | 1,682 | | | | | | 1,806 | | |
Six months ended June 30, 2022
|
| | | | 2,038 | | | | | | 1,786 | | | | | | 1,874 | | |
| | |
R/ounce
|
| |||||||||||||||
|
High
|
| |
Low
|
| |
Average
|
| |||||||||||
2019
|
| | | | 24,244 | | | | | | 14,915 | | | | | | 19,003 | | |
2020
|
| | | | 41,528 | | | | | | 22,855 | | | | | | 34,659 | | |
2021 | | | | | 59,160 | | | | | | 26,645 | | | | | | 40,316 | | |
Six months ended June 30, 2021
|
| | | | 59,160 | | | | | | 36,916 | | | | | | 47,199 | | |
Six months ended June 30, 2022
|
| | | | 48,068 | | | | | | 32,870 | | | | | | 37,883 | | |
| | |
For the Six Months
Ended June 30, |
| |
For the Year Ended December 31,
|
| | ||||||||||||||||||||||||||
| | |
2021
|
| |
2021
|
| |
2020
|
| |
2019
|
| | ||||||||||||||||||||
Reef delivered to the ROM pad (tonnes)(1)
|
| | | | 912,286 | | | | | | 1,020,949 | | | | | | 2,255,720 | | | | | | 3,952,626 | | | | | | 4,121,807 | | | | ||
Reef processed (tonnes)(2)
|
| | | | 1,102,543 | | | | | | 1,771,576 | | | | | | 3,114,647 | | | | | | 3,414,661 | | | | | | 3,870,515 | | | | ||
Reef milled (tonnes)(3)
|
| | | | 1,082,750 | | | | | | 1,681,475 | | | | | | 2,978,319 | | | | | | 3,089,285 | | | | | | 3,517,579 | | | | ||
Average milled head grade (g/t)
|
| | | | 1.49 | | | | | | 1.31 | | | | | | 1.42 | | | | | | 1.79 | | | | | | 1.57 | | | | ||
Average recovery rate (%)
|
| | | | 62 | | | | | | 72 | | | | | | 72 | | | | | | 71 | | | | | | 70 | | | | | |
Average recovered grade (g/t)
|
| | | | 0.90 | | | | | | 0.95 | | | | | | 1.01 | | | | | | 1.29 | | | | | | 1.11 | | | | ||
4E dispatched and sold (ounces): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Platinum
|
| | | | 19,619 | | | | | | 33,629 | | | | | | 62,534 | | | | | | 82,110 | | | | | | 81,825 | | | | ||
Palladium
|
| | | | 10,055 | | | | | | 13,460 | | | | | | 26,042 | | | | | | 34,099 | | | | | | 33,217 | | | | ||
Rhodium
|
| | | | 2,319 | | | | | | 3,236 | | | | | | 6,514 | | | | | | 9,798 | | | | | | 10,017 | | | | ||
Gold
|
| | | | 887 | | | | | | 1,536 | | | | | | 2,551 | | | | | | 2,747 | | | | | | 2,257 | | | | ||
Total 4E dispatched and sold
|
| | | | 32,880 | | | | | | 51,861 | | | | | | 97,641 | | | | | | 128,754 | | | | | | 127,316 | | | |
| | |
Payable Production
|
| |||
|
(ounces)
|
| |||||
Year | | | | | | | |
2009
|
| | | | 27,685 | | |
2010
|
| | | | 60,067 | | |
2011
|
| | | | 69,946 | | |
2012
|
| | | | 105,601 | | |
2013
|
| | | | 149,193 | | |
2014
|
| | | | 154,412 | | |
2015
|
| | | | 176,014 | | |
2016
|
| | | | 165,461 | | |
2017
|
| | | | 132,691 | | |
2018
|
| | | | 150,375 | | |
2019
|
| | | | 127,316 | | |
2020
|
| | | | 128,754 | | |
2021
|
| | | | 97,641 | | |
| | |
For the Six Months
Ended June 30, |
| | | | | | | |||||||||
| | | | |
2021
|
| |
Variation
|
| ||||||||||
| | |
(in US$ thousands)
|
| | | | | | | |||||||||
Revenue
|
| | | | 89,255 | | | | | | 163,823 | | | | | | (45.5)% | | |
Cost of operations
|
| | | | (65,959) | | | | | | (92,385) | | | | | | (28.6)% | | |
Gross profit
|
| | |
|
23,296
|
| | | |
|
71,438
|
| | | | | (67.4)% | | |
Administrative and general expenses
|
| | | | (17,440) | | | | | | (13,796) | | | | | | 26.4% | | |
Other income (expense)
|
| | | | 1,381 | | | | | | (2,728) | | | | | | n.m. | | |
Foreign exchange gain
|
| | | | 2,062 | | | | | | 386 | | | | | | 434.2% | | |
Operating profit
|
| | |
|
9,299
|
| | | |
|
55,300
|
| | | | | (83.2)% | | |
Finance income
|
| | | | 3,329 | | | | | | 2,453 | | | | | | 35.7% | | |
Finance costs
|
| | | | (1,813) | | | | | | (2,797) | | | | | | (35.2)% | | |
Share of loss of investments accounted for using the equity method
|
| | | | (151) | | | | | | (59) | | | | | | 155.9% | | |
Profit before income tax
|
| | |
|
10,664
|
| | | |
|
54,897
|
| | | | | (80.6)% | | |
Income tax expense
|
| | | | (9,786) | | | | | | (16,807) | | | | | | (41.8)% | | |
Profit for the period
|
| | |
|
878
|
| | | |
|
38,090
|
| | | | | (97.7)% | | |
| | |
For the Six Months
Ended June 30, |
| | | | | | | |||||||||
| | | | |
2021
|
| |
Variation
|
| ||||||||||
| | |
(in US$ thousands)
|
| | | | | | | |||||||||
Platinum
|
| | | | 19,742 | | | | | | 39,484 | | | | | | (50.0)% | | |
Palladium
|
| | | | 23,720 | | | | | | 32,902 | | | | | | (27.9)% | | |
Rhodium
|
| | | | 37,851 | | | | | | 77,010 | | | | | | (50.8)% | | |
Gold
|
| | | | 1,690 | | | | | | 2,376 | | | | | | (28.9)% | | |
4E
|
| | | | 83,003 | | | | | | 151,772 | | | | | | (45.3)% | | |
Other minerals
|
| | | | 15,380 | | | | | | 14,248 | | | | | | 7.9% | | |
Total revenue from contracts with customers
|
| | |
|
98,383
|
| | | |
|
166,020
|
| | | | | (40.7)% | | |
Commodity price adjustment
|
| | | | (9,128) | | | | | | (2,197) | | | | | | 315.5% | | |
Total revenue
|
| | |
|
89,255
|
| | | |
|
163,823
|
| | | | | (45.5)% | | |
| | |
For the Six Months
Ended June 30, |
| | | | | | | |||||||||
| | | | |
2021
|
| |
Variation
|
| ||||||||||
| | |
(in US$ thousands)
|
| | | | | | | |||||||||
On-mine operations | | | | | | | | | | | | | | | | | | | |
Materials and mining costs
|
| | | | (31,502) | | | | | | (44,661) | | | | | | (29.5)% | | |
Total on-mine operations costs
|
| | | | (31,502) | | | | | | (44,661) | | | | | | (29.5)% | | |
Concentrator plant operations | | | | | | | | | | | | | | | | | | | |
Materials and other costs
|
| | | | (13,548) | | | | | | (15,829) | | | | | | (14.4)% | | |
Utilities
|
| | | | (6,973) | | | | | | (8,729) | | | | | | (20.1)% | | |
Total concentrator plant operations
|
| | | | (20,521) | | | | | | (24,558) | | | | | | (16.4)% | | |
Beneficiation | | | | | | | | | | | | | | | | | | | |
Smelting and refining costs
|
| | | | (3,986) | | | | | | (6,604) | | | | | | (39.6)% | | |
Total beneficiation costs
|
| | | | (3,986) | | | | | | (6,604) | | | | | | (39.6)% | | |
Other costs | | | | | | | | | | | | | | | | | | | |
Transportation
|
| | | | (137) | | | | | | (260) | | | | | | (47.3)% | | |
Salaries
|
| | | | (10,430) | | | | | | (9,382) | | | | | | 11.2% | | |
Total other costs
|
| | | | (10,567) | | | | | | (9,642) | | | | | | 9.6% | | |
| | | | | (66,576) | | | | | | (85,465) | | | | | | (22.1)% | | |
Amortization and depreciation of operating assets
|
| | | | (2,471) | | | | | | (4,006) | | | | | | (38.3)% | | |
Inventory adjustments
|
| | | | 3,088 | | | | | | (2,914) | | | | | | (206.0)% | | |
Total cost of operations
|
| | | | (65,959) | | | | | | (92,385) | | | | |
|
(28.6)%
|
| |
| | |
For the Six Months
Ended June 30, |
| | | | | | | |||||||||
| | | | |
2021
|
| |
Variation
|
| ||||||||||
| | |
(in US$ thousands)
|
| | | | | | | |||||||||
Employee expenses
|
| | | | (6,991) | | | | | | (4,619) | | | | | | 51.4% | | |
Other administrative and general expenses
|
| | | | (2,303) | | | | | | (1,537) | | | | | | 49.8% | | |
Consulting and professional fees
|
| | | | (1,760) | | | | | | (1,547) | | | | | | 13.8% | | |
Community projects
|
| | | | (1,637) | | | | | | (1,736) | | | | | | (5.7)% | | |
Security | | | | | (1,556) | | | | | | (878) | | | | | | 77.2% | | |
Insurance fees
|
| | | | (907) | | | | | | (863) | | | | | | 5.1% | | |
Royalty expense
|
| | | | (643) | | | | | | (525) | | | | | | 22.5% | | |
Amortization and depreciation
|
| | | | (410) | | | | | | (362) | | | | | | 13.3% | | |
Audit fees
|
| | | | (409) | | | | | | (330) | | | | | | 23.9% | | |
IT related costs
|
| | | | (375) | | | | | | (383) | | | | | | (2.1)% | | |
Consumables
|
| | | | (303) | | | | | | (693) | | | | | | (56.3)% | | |
Learnerships and bursaries
|
| | | | (146) | | | | | | (323) | | | | | | (54.8)% | | |
Total administrative and general expenses
|
| | | | (17,440) | | | | | | (13,796) | | | | |
|
26.4%
|
| |
| | |
For the Year Ended
December 31, |
| | | | | | | |||||||||
| | | | |
2020
|
| |
Variation
|
| ||||||||||
| | |
(in US$ thousands)
|
| | | | | | | |||||||||
Revenue
|
| | | | 265,520 | | | | | | 277,572 | | | | | | (4.3)% | | |
Cost of operations
|
| | | | (184,252) | | | | | | (156,213) | | | | | | 17.9% | | |
Gross profit
|
| | |
|
81,268
|
| | | |
|
121,359
|
| | | | | (33.0)% | | |
Administrative and general expenses
|
| | | | (32,511) | | | | | | (22,610) | | | | | | 43.8% | | |
Other income (expense)
|
| | | | 526 | | | | | | (233) | | | | | | n.m. | | |
Loss on disposal of assets
|
| | | | (3,125) | | | | | | — | | | | | | n.m. | | |
Foreign exchange gain
|
| | | | 5,015 | | | | | | 2,028 | | | | | | 147.3% | | |
Operating profit
|
| | |
|
51,173
|
| | | |
|
100,544
|
| | | | | (49.1)% | | |
Finance income
|
| | | | 5,532 | | | | | | 3,992 | | | | | | 38.6% | | |
Finance costs
|
| | | | (4,146) | | | | | | (7,103) | | | | | | (41.6)% | | |
Share of loss of investments accounted for using the equity method
|
| | | | (786) | | | | | | (1,130) | | | | | | (30.4)% | | |
Profit before income tax
|
| | |
|
51,773
|
| | | |
|
96,303
|
| | | | | (46.2)% | | |
Income tax (expense) credit
|
| | | | (18,601) | | | | | | 99,891 | | | | | | n.m. | | |
Profit for the year
|
| | |
|
33,172
|
| | | |
|
196,194
|
| | | | | (83.1)% | | |
| | |
For the Year Ended
December 31, |
| | | | | | | |||||||||
| | | | |
2020
|
| |
Variation
|
| ||||||||||
| | |
(in US$ thousands)
|
| | | | | | | |||||||||
Platinum
|
| | | | 66,033 | | | | | | 66,571 | | | | | | (0.8)% | | |
Palladium
|
| | | | 56,236 | | | | | | 78,506 | | | | | | (28.4)% | | |
Rhodium
|
| | | | 106,720 | | | | | | 110,879 | | | | | | (3.8)% | | |
Gold
|
| | | | 4,159 | | | | | | 4,718 | | | | | | (11.8)% | | |
4E
|
| | | | 233,148 | | | | | | 260,674 | | | | | | (10.6)% | | |
Other minerals
|
| | | | 25,785 | | | | | | 18,216 | | | | | | 41.6% | | |
Total revenue from contracts with customers
|
| | |
|
258,933
|
| | | |
|
278,890
|
| | | | | (7.2)% | | |
Commodity price adjustment
|
| | | | 6,587 | | | | | | (1,318) | | | |
n.m.
|
| |||
Total revenue
|
| | |
|
265,520
|
| | | |
|
277,572
|
| | | | | (4.3)% | | |
| | |
For the Year Ended
December 31, |
| | | | | | | |||||||||
| | | | |
2020
|
| |
Variation
|
| ||||||||||
| | |
(in US$ thousands)
|
| | | | | | | |||||||||
On-mine operations | | | | | | | | | | | | | | | | | | | |
Materials and mining costs
|
| | | | (90,733) | | | | | | (70,821) | | | | | | 28.1% | | |
Total on-mine operations costs
|
| | | | (90,733) | | | | | | (70,821) | | | | | | 28.1% | | |
Concentrator plant operations | | | | | | | | | | | | | | | | | | | |
Materials and other costs
|
| | | | (31,878) | | | | | | (27,931) | | | | | | 14.1% | | |
Utilities
|
| | | | (16,912) | | | | | | (14,457) | | | | | | 17.0% | | |
Total concentrator plant operations
|
| | | | (48,790) | | | | | | (42,388) | | | | | | 15.1% | | |
Beneficiation | | | | | | | | | | | | | | | | | | | |
Smelting and refining costs
|
| | | | (12,835) | | | | | | (13,068) | | | | | | (1.8)% | | |
Total beneficiation costs
|
| | | | (12,835) | | | | | | (13,068) | | | | | | (1.8)% | | |
Other costs | | | | | | | | | | | | | | | | | | | |
Transportation
|
| | | | (435) | | | | | | (509) | | | | | | (14.5)% | | |
Salaries
|
| | | | (21,172) | | | | | | (18,219) | | | | | | 16.2% | | |
Total other costs
|
| | | | (21,607) | | | | | | (18,728) | | | | | | 15.4% | | |
| | | | | (173,965) | | | | | | (145,005) | | | | | | 20.0% | | |
Amortization and depreciation of operating assets
|
| | | | (7,956) | | | | | | (13,383) | | | | | | (40.6)% | | |
Inventory adjustments
|
| | | | (2,331) | | | | | | 2,175 | | | |
n.m.
|
| |||
Total cost of operations
|
| | |
|
(184,252)
|
| | | |
|
(156,213)
|
| | | | | 17.9% | | |
| | |
For the Year Ended
December 31, |
| | | | | | | |||||||||
| | | | |
2020
|
| |
Variation
|
| ||||||||||
| | |
(in US$ thousands)
|
| | | | | | | |||||||||
Employee expenses
|
| | | | (10,943) | | | | | | (8,832) | | | | | | 23.9% | | |
Other administrative and general expenses
|
| | | | (5,320) | | | | | | (2,316) | | | | | | 129.7% | | |
Consulting and professional fees
|
| | | | (3,805) | | | | | | (2,041) | | | | | | 86.4%. | | |
Community projects
|
| | | | (3,586) | | | | | | (2,274) | | | | | | 57.7% | | |
Security
|
| | | | (1,867) | | | | | | (1,786) | | | | | | 4.5% | | |
Insurance fees
|
| | | | (1,350) | | | | | | (691) | | | | | | 95.4% | | |
Royalty expense
|
| | | | (1,269) | | | | | | (1,363) | | | | | | (6.9)% | | |
Consumables
|
| | | | (1,268) | | | | | | (1,172) | | | | | | 8.2% | | |
Amortization and depreciation
|
| | | | (900) | | | | | | (266) | | | | | | 238.3% | | |
IT related costs
|
| | | | (857) | | | | | | (572) | | | | | | 49.8% | | |
Learnerships and bursaries
|
| | | | (500) | | | | | | (705) | | | | | | (29.1)% | | |
Audit fees
|
| | | | (483) | | | | | | (294) | | | | | | 64.3% | | |
Rehabilitation and management fees
|
| | | | (363) | | | | | | (298) | | | | | | 21.8% | | |
Total administrative and general expenses
|
| | |
|
(32,511)
|
| | | | | (22,610) | | | | | | 43.8% | | |
| | |
For the Year Ended December 31,
|
| |
Variation
|
| ||||||||||||
|
2020
|
| |
2019
|
| ||||||||||||||
|
(in US$ thousands)
|
| | | | | | | |||||||||||
Revenue
|
| | | | 277,572 | | | | | | 181,339 | | | | | | 53.1% | | |
Cost of operations
|
| | | | (156,213) | | | | | | (186,671) | | | | | | (16.3)% | | |
Gross profit (loss)
|
| | |
|
121,359
|
| | | |
|
(5,332)
|
| | | | | n.m. | | |
Administrative and general expenses
|
| | | | (22,610) | | | | | | (19,610) | | | | | | 15.3% | | |
Other income (expense)
|
| | | | (233) | | | | | | 849 | | | | | | (127.4)% | | |
Foreign exchange gain (loss)
|
| | | | 2,028 | | | | | | (1,377) | | | | | | n.m. | | |
Operating profit (loss)
|
| | |
|
100,544
|
| | | |
|
(25,470)
|
| | | | | n.m. | | |
Finance income
|
| | | | 3,992 | | | | | | 6,704 | | | | | | (40.5)% | | |
Finance costs
|
| | | | (7,103) | | | | | | (9,126) | | | | | | (22.2)% | | |
Share of loss of investments accounted for using the equity method
|
| | | | (1,130) | | | | | | (1,512) | | | | | | (25.3)% | | |
Profit (loss) before income tax
|
| | |
|
96,303
|
| | | |
|
(29,404)
|
| | | | | n.m. | | |
Income tax (expense) credit
|
| | | | 99,891 | | | | | | (20) | | | | | | n.m. | | |
Profit (loss) for the year
|
| | |
|
196,194
|
| | | |
|
(29,424)
|
| | | | | n.m. | | |
| | |
For the Year Ended December 31,
|
| |
Variation
|
| ||||||||||||
|
2020
|
| |
2019
|
| ||||||||||||||
|
(in US$ thousands)
|
| | | | | | | |||||||||||
Platinum
|
| | | | 66,571 | | | | | | 69,633 | | | | | | (4.4)% | | |
Palladium
|
| | | | 78,506 | | | | | | 53,572 | | | | | | 46.5% | | |
Rhodium
|
| | | | 110,879 | | | | | | 39,900 | | | | | | 177.9% | | |
Gold
|
| | | | 4,718 | | | | | | 2,958 | | | | | | 59.5% | | |
4E
|
| | | | 260,674 | | | | | | 166,063 | | | | | | 57.0% | | |
Other minerals
|
| | | | 18,216 | | | | | | 17,379 | | | | | | 4.8% | | |
Total revenue from contracts with customers
|
| | |
|
278,890
|
| | | |
|
183,442
|
| | | | | 52.0% | | |
Commodity price adjustment
|
| | | | (1,318) | | | | | | (2,103) | | | | | | (37.3)% | | |
Total revenue
|
| | |
|
277,572
|
| | | |
|
181,339
|
| | | | | 53.1% | | |
| | |
For the Year Ended December 31,
|
| |
Variation
|
| ||||||||||||
|
2020
|
| |
2019
|
| ||||||||||||||
|
(in US$ thousands)
|
| | | | | | | |||||||||||
On-mine operations | | | | | | | | | | | | | | | | | | | |
Materials and mining costs
|
| | | | (70,821) | | | | | | (68,132) | | | | | | 3.9% | | |
Total on-mine operations costs
|
| | | | (70,821) | | | | | | (68,132) | | | | | | 3.9% | | |
Concentrator plant operations | | | | | | | | | | | | | | | | | | | |
Materials and other costs
|
| | | | (27,931) | | | | | | (31,005) | | | | | | (9.9)% | | |
Utilities
|
| | | | (14,457) | | | | | | (15,884) | | | | | | (9.0)% | | |
Total concentrator plant operations
|
| | | | (42,388) | | | | | | (46,889) | | | | | | (9.6)% | | |
Beneficiation | | | | | | | | | | | | | | | | | | | |
Smelting and refining costs
|
| | | | (13,068) | | | | | | (14,333) | | | | | | (8.8)% | | |
Total beneficiation costs
|
| | | | (13,068) | | | | | | (14,333) | | | | | | (8.8)% | | |
Other costs | | | | | | | | | | | | | | | | | | | |
Transportation
|
| | | | (509) | | | | | | (563) | | | | | | (9.6)% | | |
Salaries
|
| | | | (18,219) | | | | | | (20,051) | | | | | | (9.1)% | | |
Total other costs
|
| | | | (18,728) | | | | | | (20,614) | | | | | | (9.1)% | | |
| | | | | (145,005) | | | | | | (149,968) | | | | | | (3.3)% | | |
Amortization and depreciation of operating assets
|
| | | | (13,383) | | | | | | (37,546) | | | | | | (64.4)% | | |
Inventory adjustments
|
| | | | 2,175 | | | | | | 843 | | | | | | 158.0% | | |
Total cost of operations
|
| | |
|
(156,213)
|
| | | |
|
(186,671)
|
| | | | | (16.3)% | | |
| | |
For the Year Ended December 31,
|
| |
Variation
|
| ||||||||||||
|
2020
|
| |
2019
|
| ||||||||||||||
|
(in US$ thousands)
|
| | | | | | | |||||||||||
Employee expenses
|
| | | | (8,832) | | | | | | (7,295) | | | | | | 21.1% | | |
Other administrative and general expenses
|
| | | | (2,316) | | | | | | (2,439) | | | | | | (5.0)% | | |
Community projects
|
| | | | (2,274) | | | | | | (3,970) | | | | | | (42.7)% | | |
Consulting and professional fees
|
| | | | (2,041) | | | | | | — | | | | | | n.m. | | |
Security
|
| | | | (1,786) | | | | | | (1,568) | | | | | | 13.9% | | |
Royalty expense
|
| | | | (1,363) | | | | | | (861) | | | | | | 58.3% | | |
Consumables
|
| | | | (1,172) | | | | | | (11) | | | | | | n.m. | | |
Learnerships and bursaries
|
| | | | (705) | | | | | | (623) | | | | | | 13.2% | | |
Insurance fees
|
| | | | (691) | | | | | | (613) | | | | | | 12.7% | | |
IT related costs
|
| | | | (572) | | | | | | (461) | | | | | | 24.1% | | |
Rehabilitation and management fees
|
| | | | (298) | | | | | | (317) | | | | | | (6.0)% | | |
Audit fees
|
| | | | (294) | | | | | | (262) | | | | | | 12.2% | | |
Amortization and depreciation
|
| | | | (266) | | | | | | (1,190) | | | | | | (77.6)% | | |
Total administrative and general expenses
|
| | | | (22,610) | | | | | | (19,610) | | | | | | 15.3% | | |
| | |
For the Six Months
Ended June 30, |
| |
For the Year
Ended December 31, |
| ||||||||||||||||||||||||
| | |
2021
|
| |
2021
|
| |
2020
|
| |
2019
|
| ||||||||||||||||||
|
(in US$ thousands)
|
| |||||||||||||||||||||||||||||
Cash and cash equivalents at the beginning of the period
|
| | | | 140,595 | | | | | | 62,986 | | | | | | 62,986 | | | | | | 43,393 | | | | | | 38,093 | | |
Net cash generated from operating activities
|
| | | | 39,840 | | | | | | 102,313 | | | | | | 120,107 | | | | | | 52,798 | | | | | | 8,941 | | |
Net cash used in investing activities
|
| | | | (33,483) | | | | | | (3,197) | | | | | | (20,082) | | | | | | (10,995) | | | | | | (4,574) | | |
Net cash used in financing activities
|
| | | | (28,951) | | | | | | (20,775) | | | | | | (10,281) | | | | | | (23,933) | | | | | | (474) | | |
Net (decrease) increase in cash and cash equivalents
|
| | | | (22,594) | | | | | | 78,341 | | | | | | 89,744 | | | | | | 17,870 | | | | | | 3,893 | | |
Exchange (loss) gain on cash and cash equivalents
|
| | | | (1,787) | | | | | | 3,447 | | | | | | (12,135) | | | | | | 1,723 | | | | | | 1,408 | | |
Cash and cash equivalents at the end of the period
|
| | | | 116,214 | | | | | | 144,774 | | | | | | 140,595 | | | | | | 62,986 | | | | | | 43,393 | | |
| | |
As of June 30,
|
| |
As of December 31,
|
| ||||||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||||||||
|
(in US$ thousands)
|
| |||||||||||||||||||||||
Short-term borrowings: | | | | | | | | | | | | | | | | ||||||||||
IDC Loan(1)
|
| | | | — | | | | | | — | | | | | | 14,408 | | | | | | 13,453 | | |
| | | | | — | | | | | | — | | | | | | 14,408 | | | | | | 13,453 | | |
Long-term borrowings: | | | | | | | | | | | | | | | | ||||||||||
Corridor Mining Loan(2)
|
| | | | 5,407 | | | | | | 5,289 | | | | | | 5,365 | | | | | | 5,135 | | |
IDC Loan(1)
|
| | | | — | | | | | | — | | | | | | 21,611 | | | | | | 31,508 | | |
| | | |
|
5,407
|
| | | |
|
5,289
|
| | | |
|
26,976
|
| | | |
|
36,643
|
| |
Total borrowings
|
| | | | 5,407 | | | | | | 5,289 | | | | | | 41,384 | | | | | | 50,096 | | |
| | |
As of June 30, 2022
|
| |||||||||||||||||||||
|
Between 1-12 months
|
| |
Between 12-24 months
|
| |
Greater than 24 months
|
| |
Total
|
| ||||||||||||||
|
(in US$ thousands)
|
| | | | | | | | | | | | | | | | | | | |||||
Long-term borrowings(1)
|
| | | | — | | | | | | — | | | | | | 5,407 | | | | | | 5,407 | | |
Short-term borrowings
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Trade payables and accrued liabilities
|
| | | | 23,510 | | | | | | — | | | | | | — | | | | | | 23,510 | | |
Investec Revolving Commodity Facility
|
| | | | 4,601 | | | | | | — | | | | | | — | | | | | | 4,601 | | |
Total financial liabilities
|
| | |
|
28,111
|
| | | |
|
—
|
| | | |
|
5,407
|
| | | |
|
33,518
|
| |
| | |
As of December 31, 2021
|
| |||||||||||||||||||||
|
Between 1-12 months
|
| |
Between 12-24 months
|
| |
Greater than 24 months
|
| |
Total
|
| ||||||||||||||
|
(in US$ thousands)
|
| | | | | | | | | | | | | | | | | | | |||||
Long-term borrowings(1)
|
| | | | — | | | | | | — | | | | | | 5,672 | | | | | | 5,672 | | |
Short-term borrowings
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Trade payables and accrued liabilities
|
| | | | 29,031 | | | | | | — | | | | | | — | | | | | | 29.031 | | |
Investec Revolving Commodity Facility
|
| | | | 31,252 | | | | | | — | | | | | | — | | | | | | 31,252 | | |
Total financial liabilities
|
| | | | 60,283 | | | | | | — | | | | | | 5,672 | | | | | | 65,955 | | |
| | |
Payments Due By Period
|
| |||||||||||||||||||||
|
Less than 1 year
|
| |
1-3 years
|
| |
More than 3 years
|
| |
Total
|
| ||||||||||||||
|
(in US$ thousands)
|
| |||||||||||||||||||||||
Mining costs(1)
|
| | | | 12,003 | | | | | | — | | | | | | — | | | | | | 12,003 | | |
Open purchase orders
|
| | | | 47,871 | | | | | | — | | | | | | — | | | | | | 47,871 | | |
Total
|
| | |
|
63,204
|
| | | | | — | | | | | | — | | | | |
|
63,204
|
| |
| | |
Payments Due By Period
|
| |||||||||||||||||||||
|
Less than 1 year
|
| |
1-3 years
|
| |
More than 3 years
|
| |
Total
|
| ||||||||||||||
|
(in US$ thousands)
|
| |||||||||||||||||||||||
Mining costs(1)
|
| | | | 30,352 | | | | | | — | | | | | | — | | | | | | 30,352 | | |
Open purchase orders
|
| | | | 10,398 | | | | | | — | | | | | | — | | | | | | 10,398 | | |
Total
|
| | |
|
40,750
|
| | | | | — | | | | | | — | | | | |
|
40,750
|
| |
| | |
As of June 30,
|
| |
As of December 31,
|
| ||||||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||||||||
|
(in US$ thousands)
|
| |||||||||||||||||||||||
AA+
|
| | | | 58,083 | | | | | | 74,859 | | | | | | 28,343 | | | | | | 18,916 | | |
AA
|
| | | | 36,291 | | | | | | 53,725 | | | | | | 51,157 | | | | | | 38,544 | | |
BBB+
|
| | | | 40,297 | | | | | | 30,443 | | | | | | 1,440 | | | | | | 1,799 | | |
Other
|
| | | | — | | | | | | — | | | | | | 136 | | | | | | 19 | | |
Total cash and cash equivalents and restricted cash investments and guarantees
|
| | | | 134,671 | | | | | | 159,027 | | | | | | 81,076 | | | | | | 59,278 | | |
| | |
Average Rate for the Six Months
Ended June 30, |
| |
Spot Rate as of
June 30, |
| ||||||||||||
| | | | |
2021
|
| |
2022
|
| ||||||||||
USD 1 = ZAR
|
| | | | 15.41 | | | | | | 15.57 | | | | | | 16.25 | | |
| | |
Average Rate for the Year Ended
December 31, |
| |
Spot Rate as of
December 31, |
| ||||||||||||||||||||||||||||||
| | | | |
2020
|
| |
2019
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||||||||||||
USD 1 = ZAR
|
| | | | 14.78 | | | | | | 16.47 | | | | | | 14.45 | | | | | | 15.90 | | | | | | 14.62 | | | | | | 14.12 | | |
| | |
As of June 30,
|
| |
As of December 31,
|
| ||||||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||||||||
|
(in US$ thousands)
|
| |||||||||||||||||||||||
Cash and cash equivalents
|
| | | | 40,198 | | | | | | 30,443 | | | | | | 3,334 | | | | | | 1,527 | | |
Loans receivable
|
| | | | 15,073 | | | | | | 14,863 | | | | | | 12,369 | | | | | | — | | |
Total
|
| | |
|
55,271
|
| | | |
|
45,306
|
| | | | | 15,703 | | | | | | 1,527 | | |
| | |
For the Six Months Ended
June 30, |
| | |||||||||||
| | |
2021
|
| | |||||||||||
|
(in US$ thousands)
|
| ||||||||||||||
Impact on statement of profit or loss (pre-tax) | | | | | | | | | | | | | | | ||
USD/ZAR increase by 20%
|
| | | | 11,054 | | | | | | 5,723 | | | | ||
USD/ZAR decrease by 30%
|
| | | | (16,581) | | | | | | (8,585) | | | |
| | |
For the Year Ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2019
|
| ||||||||||||
|
(in US$ thousands)
|
| |||||||||||||||||
Impact on statement of profit or loss (pre-tax) | | | | | | | | | | | | | | | |||||
USD/ZAR increase by 20% (2020: 20%; 2019: 30%)
|
| | | | 7,551 | | | | | | 2,617 | | | | | | 25 | | |
USD/ZAR decrease by 30% (2020: 30%; 2019: 20%)
|
| | | | (19,417) | | | | | | (6,730) | | | | | | (27) | | |
| | |
Average for the Six Months
Ended June 30, |
| |
Average for the Year Ended December 31,
|
| ||||||||||||||||||||||||
| | |
2021
|
| |
2021
|
| |
2020
|
| |
2019
|
| ||||||||||||||||||
|
(in US$ thousands)
|
| |||||||||||||||||||||||||||||
4E basket price USD
|
| | | | 2,297 | | | | | | 3,061 | | | | | | 2,679 | | | | | | 2,031 | | | | | | 1,300 | | |
USD 1 = ZAR
|
| | | | 16.25 | | | | | | 14.32 | | | | | | 14.78 | | | | | | 16.47 | | | | | | 14.45 | | |
4E basket price ZAR
|
| | | | 35,678 | | | | | | 43,276 | | | | | | 39,484 | | | | | | 33,143 | | | | | | 18,775 | | |
| | |
For the Six Months
Ended June 30, |
| |
For the Year Ended December 31,
|
| ||||||||||||||||||||||||
| | |
2021
|
| |
2021
|
| |
2020
|
| |
2019
|
| ||||||||||||||||||
|
(in US$ thousands)
|
| |||||||||||||||||||||||||||||
Impact on statement of profit or loss (pre-tax) | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
Increase by 10% in 4E basket price
|
| | | | 3,599 | | | | | | 3,599 | | | | | | 4,491 | | | | | | 12,846 | | | | | | 6,766 | | |
Decrease by 20% in 4E basket price
|
| | | | (7,198) | | | | | | (7,198) | | | | | | (16,509) | | | | | | (37,969) | | | | | | (13,531) | | |
| | |
For the Six Months
Ended June 30, |
| |
For the Year Ended December 31,
|
| ||||||||||||||||||||||||
| | |
2021
|
| |
2021
|
| |
2020
|
| |
2019
|
| ||||||||||||||||||
|
(in US$ thousands)
|
| |||||||||||||||||||||||||||||
Impact on statement of profit or loss (pre-tax)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |||||
Increase of 1% in prime overdraft rate
|
| | | | 1,260 | | | | | | 1,299 | | | | | | 815 | | | | | | (164) | | | | | | (266) | | |
Decrease of 0.5% in prime overdraft rate
|
| | | | (630) | | | | | | (649) | | | | | | (408) | | | | | | 82 | | | | | | 133 | | |
| | |
2019
|
| |
2020
|
| |
2021
|
| |
YTD 2022(1)
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
High
|
| |
Low
|
| |
Average
|
| |
High
|
| |
Low
|
| |
Average
|
| |
High
|
| |
Low
|
| |
Average
|
| |
High
|
| |
Low
|
| |
Average
|
| ||||||||||||||||||||||||||||||||||||||
(US$/ounce)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Platinum
|
| | | | 977 | | | | | | 782 | | | | | | 863 | | | | | | 1,068 | | | | | | 593 | | | | | | 878 | | | | | | 1,294 | | | | | | 911 | | | | | | 1,090 | | | | | | 1,151 | | | | | | 907 | | | | | | 994 | | |
Palladium
|
| | | | 1,971 | | | | | | 1,267 | | | | | | 1,538 | | | | | | 2,781 | | | | | | 1,557 | | | | | | 2,194 | | | | | | 3,000 | | | | | | 1,576 | | | | | | 2,396 | | | | | | 3,015 | | | | | | 1,810 | | | | | | 2,210 | | |
Rhodium
|
| | | | 6,150 | | | | | | 2,460 | | | | | | 3,902 | | | | | | 17,050 | | | | | | 5,160 | | | | | | 11,216 | | | | | | 29,800 | | | | | | 11,250 | | | | | | 20,047 | | | | | | 22,200 | | | | | | 13,450 | | | | | | 17,182 | | |
| | |
Platinum (Moz)
|
| |
Palladium (Moz)
|
| |
Rhodium (Moz)
|
| |||||||||||||||||||||||||||||||||||||||||||||
|
2020
|
| |
2025
|
| |
2030
|
| |
2020
|
| |
2025
|
| |
2030
|
| |
2020
|
| |
2025
|
| |
2030
|
| |||||||||||||||||||||||||||||
Autocatalyst demand
|
| | | | 2,224 | | | | | | 3,410 | | | | | | 4,655 | | | | | | 8,497 | | | | | | 10,800 | | | | | | 11,185 | | | | | | 925 | | | | | | 1,325 | | | | | | 1,580 | | |
Hydrogen demand
|
| | | | 64 | | | | | | 152 | | | | | | 636 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Jewelry demand
|
| | | | 1,137 | | | | | | 1,426 | | | | | | 1,497 | | | | | | 84 | | | | | | 85 | | | | | | 72 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Other demand
|
| | | | 5,497 | | | | | | 6,011 | | | | | | 6,404 | | | | | | 2,970 | | | | | | 3,175 | | | | | | 3,230 | | | | | | 80 | | | | | | 86 | | | | | | 62 | | |
Total demand
|
| | | | 8,922 | | | | | | 10,999 | | | | | | 13,193 | | | | | | 11,551 | | | | | | 14,060 | | | | | | 14,487 | | | | | | 1,005 | | | | | | 1,411 | | | | | | 1,642 | | |
Annual growth
|
| |
2020 – 2030 CAGR: 4.0%
|
| |
2020 – 2030 CAGR: 2.3%
|
| |
2020 – 2030 CAGR: 5.0%
|
|
| | |
Temperature
|
| |
Distance
|
| |
Time
|
| |
Speed
|
| |
Elevation
|
|
NEDC (EU)
|
| |
20-30°C
|
| |
11km
|
| |
20 mins
|
| |
Max 120 km/h
|
| |
0m
|
|
WLTP (global)
|
| |
20-30°C
|
| |
23km
|
| |
30 mins
|
| |
Max 131 km/h
|
| |
0m
|
|
RDE (EU/China)
|
| |
7°C-35°C
|
| |
90km
|
| |
90-120 mins
|
| |
Max 160 km/h
|
| |
0-1300m
|
|
| | |
Share of Automotive Sales
Requiring Autocatalysts |
| |
Automotive Sales (Millions)
|
| |
Market Share
|
| |
CAGR
|
| |||||||||||||||||||||
|
2020
|
| |
2030
|
| |
2020
|
| |
2030
|
| |
2020 – 2030
|
| ||||||||||||||||||||
ICE Petrol
|
| |
100%
|
| | | | 61 | | | | | | 53 | | | | | | 75% | | | | | | 50% | | | | | | -1.4% | | |
ICE Diesel
|
| |
100%
|
| | | | 14 | | | | | | 14 | | | | | | 17% | | | | | | 13% | | | | | | -0.1% | | |
HEV
|
| |
Approximately 95%
|
| | | | 3 | | | | | | 12 | | | | | | 4% | | | | | | 11% | | | | | | 13.8% | | |
PHEV
|
| |
Approximately 95%
|
| | | | 1 | | | | | | 6 | | | | | | 1% | | | | | | 5% | | | | | | 17.6% | | |
BEV
|
| |
0%
|
| | | | 2 | | | | | | 22 | | | | | | 3% | | | | | | 21% | | | | | | 24.9% | | |
FCEV
|
| |
0%
|
| | | | 0 | | | | | | 0 | | | | | | 0% | | | | | | 0% | | | | | | 15.8% | | |
PFCEV
|
| |
0%
|
| | | | 0 | | | | | | 0 | | | | | | 0% | | | | | | 0% | | | | | | 33.9% | | |
Autocatalyst Usage
|
| | | | | | | 97% | | | | | | 79% | | | | | | | | | | | | | | | | | | | | |
| | |
2019 demand
(koz) |
| |
2020 demand
(koz) |
| |
2030 demand
(koz) |
| |
CAGR 2019-2030
|
| |
CAGR 2020-2030
|
| |||||||||||||||
Platinum
|
| | | | 2,858 | | | | | | 2,224 | | | | | | 4,655 | | | | | | 4.5% | | | | | | 7.7% | | |
Palladium
|
| | | | 9,672 | | | | | | 8,497 | | | | | | 11,185 | | | | | | 1.3% | | | | | | 2.8% | | |
Rhodium
|
| | | | 1,023 | | | | | | 925 | | | | | | 1,580 | | | | | | 4.0% | | | | | | 5.5% | | |
Total | | | | | 13,553 | | | | | | 11,646 | | | | | | 17,420 | | | | | | 2.3% | | | | | | 4.1% | | |
Industrial Use
|
| |
Platinum Favorable Characteristic and Key Trends
|
|
Jewelry | | |
•
Strength and resistance to tarnish.
•
Largest market China is driven by fabrication industry.
•
Demand driven by economic spending and preference vs. gold.
|
|
Industrial Use
|
| |
Platinum Favorable Characteristic and Key Trends
|
|
Glass | | |
•
Widely used in the production of display glass with rhodium owing to its high temperature tolerance and inert nature.
•
Fiberglass is widely used in automotive, due to its light weight and high strength, insulation in the construction industry and as components for photovoltaic (solar) panels and wind turbines.
|
|
Chemical | | |
•
Steady source of demand from growth in production of paraxylene, nitric acid, ‘active pharmaceutical ingredients’ and silicones.
|
|
Petroleum Refining | | |
•
Utilized in ‘reforming’ and ‘isomerization’, which create the higher octane components for gasoline
|
|
Hard Discs | | |
•
Commonly used to provide thermal stability and to enhance data storage capability in hard disk drives.
•
Platinum and minor PGM ruthenium have enabled hard disk manufacturers to produce massive leaps forward in storage density.
•
Solid state drives use interconnected flash memory chips and therefore do not utilize platinum.
|
|
Other Industries | | |
•
Used in a wide array of other, niche applications.
•
Healthcare devices such as surgical instruments, hearing devices, cardiac rhythm management, knee and hip implants, spinal fixation instruments and stents are an emerging source of demand that may all use platinum metal or compounds.
|
|
Industrial Use
|
| |
Palladium Favorable Characteristic and Key Trends
|
|
Electronics | | |
•
Wide usage in multi-layer ceramic capacitors, widely utilized in consumer electronics including computers, digital televisions, automotive vehicles and smartphones.
•
5G enabled products use higher volumes of these capacitors, as do automotive electronics and electrification.
|
|
Chemical | | |
•
Used in the production of vinyl acetate monomer, purified terephthalic acid, hydrogen peroxide, catchment gauzes in nitric acid synthesis, and for removal of acetylene during the production of methyl ethylene glycol from coal.
•
Palladium salts are also used for electro plating purposes.
|
|
Dental | | |
•
Used to be particularly prominent in Japan, also stimulated with subsidies.
•
However, this has been in decline for years due to substitution from more esthetically pleasing ceramic materials.
|
|
| | |
Platinum (Moz)
|
| |
Palladium (Moz)
|
| |
Rhodium (Moz)
|
| |||||||||||||||||||||||||||||||||||||||||||||
|
2020
|
| |
2025
|
| |
2030
|
| |
2020
|
| |
2025
|
| |
2030
|
| |
2020
|
| |
2025
|
| |
2030
|
| |||||||||||||||||||||||||||||
Mined supply
|
| | | | 5,471 | | | | | | 6,949 | | | | | | 8,632 | | | | | | 6,705 | | | | | | 8,155 | | | | | | 9,507 | | | | | | 719 | | | | | | 832 | | | | | | 930 | | |
Recycled supply
|
| | | | 4,545 | | | | | | 5,240 | | | | | | 5,320 | | | | | | 4,592 | | | | | | 5,635 | | | | | | 6,305 | | | | | | 338 | | | | | | 500 | | | | | | 833 | | |
Total supply
|
| | | | 10,016 | | | | | | 12,189 | | | | | | 13,952 | | | | | | 11,297 | | | | | | 13,790 | | | | | | 15,812 | | | | | | 1,057 | | | | | | 1,332 | | | | | | 1,762 | | |
Annual growth
|
| |
2020 – 2030 CAGR: 3.4%
|
| |
2020 – 2030 CAGR: 3.4%
|
| |
2020 – 2030 CAGR: 5.2%
|
|
| | |
2015
|
| |
2016
|
| |
2017
|
| |
2018
|
| |
2019
|
| |
2020
|
| |
2021
|
| |
2022
|
| |
2023
|
| |
2024
|
| |
2025
|
| |
2026
|
| |
2027
|
| |
2028
|
| |
2029
|
| |
2030
|
| ||||||||||||||||||||||||||||||||||||||||||||||||
Total Fabrication Demand
|
| | | | 10,346 | | | | | | 10,007 | | | | | | 9,945 | | | | | | 10,333 | | | | | | 9,934 | | | | | | 8,922 | | | | | | 9,787 | | | | | | 10,097 | | | | | | 10,391 | | | | | | 10,557 | | | | | | 10,710 | | | | | | 11,490 | | | | | | 11,853 | | | | | | 12,289 | | | | | | 12,822 | | | | | | 13,195 | | |
Total Supply
|
| | | | 10,325 | | | | | | 10,298 | | | | | | 10,444 | | | | | | 10,814 | | | | | | 10,761 | | | | | | 9,334 | | | | | | 11,152 | | | | | | 11,635 | | | | | | 11,384 | | | | | | 11,780 | | | | | | 12,189 | | | | | | 12,563 | | | | | | 12,966 | | | | | | 13,338 | | | | | | 13,799 | | | | | | 13,952 | | |
Fabrication Balance
|
| | | | (21) | | | | | | 291 | | | | | | 499 | | | | | | 481 | | | | | | 827 | | | | | | 412 | | | | | | 1,365 | | | | | | 1,537 | | | | | | 993 | | | | | | 1,224 | | | | | | 1,479 | | | | | | 1,072 | | | | | | 1,113 | | | | | | 1,049 | | | | | | 977 | | | | | | 757 | | |
Stock Movements
|
| | | | 453 | | | | | | 582 | | | | | | 281 | | | | | | (35) | | | | | | 978 | | | | | | 1,248 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 285 | | | | | | 285 | | | | | | 285 | | | | | | 285 | | | | | | 285 | | |
Net Market Balance
|
| | | | (473) | | | | | | (291) | | | | | | 218 | | | | | | 516 | | | | | | (150) | | | | | | (836) | | | | | | 1,365 | | | | | | 1,537 | | | | | | 993 | | | | | | 1,224 | | | | | | 1,479 | | | | | | 787 | | | | | | 828 | | | | | | 764 | | | | | | 692 | | | | | | 472 | | |
| | |
2015
|
| |
2016
|
| |
2017
|
| |
2018
|
| |
2019
|
| |
2020
|
| |
2021
|
| |
2022
|
| |
2023
|
| |
2024
|
| |
2025
|
| |
2026
|
| |
2027
|
| |
2028
|
| |
2029
|
| |
2030
|
| ||||||||||||||||||||||||||||||||||||||||||||||||
Total Fabrication Demand
|
| | | | 11,128 | | | | | | 11,402 | | | | | | 11,758 | | | | | | 12,284 | | | | | | 12,917 | | | | | | 11,551 | | | | | | 13,012 | | | | | | 13,430 | | | | | | 14,136 | | | | | | 14,409 | | | | | | 14,525 | | | | | | 14,516 | | | | | | 14,425 | | | | | | 14,395 | | | | | | 14,501 | | | | | | 14,487 | | |
Total Supply
|
| | | | 10,605 | | | | | | 10,533 | | | | | | 11,181 | | | | | | 11,517 | | | | | | 12,011 | | | | | | 11,297 | | | | | | 11,608 | | | | | | 12,448 | | | | | | 12,717 | | | | | | 13,277 | | | | | | 13,790 | | | | | | 14,253 | | | | | | 14,862 | | | | | | 14,278 | | | | | | 15,586 | | | | | | 15,812 | | |
| | |
2015
|
| |
2016
|
| |
2017
|
| |
2018
|
| |
2019
|
| |
2020
|
| |
2021
|
| |
2022
|
| |
2023
|
| |
2024
|
| |
2025
|
| |
2026
|
| |
2027
|
| |
2028
|
| |
2029
|
| |
2030
|
| ||||||||||||||||||||||||||||||||||||||||||||||||
Fabrication Balance
|
| | | | (523) | | | | | | (869) | | | | | | (577) | | | | | | (767) | | | | | | (906) | | | | | | (254) | | | | | | (1,404) | | | | | | (982) | | | | | | (1,419) | | | | | | (1,132) | | | | | | (735) | | | | | | (263) | | | | | | 437 | | | | | | 883 | | | | | | 1,085 | | | | | | 1,325 | | |
Stock Movements
|
| | | | (789) | | | | | | (757) | | | | | | (627) | | | | | | (569) | | | | | | (132) | | | | | | (200) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 50 | | | | | | 50 | | | | | | 50 | | | | | | 100 | | | | | | 100 | | |
Net Market Balance
|
| | | | 265 | | | | | | (111) | | | | | | 51 | | | | | | (199) | | | | | | (775) | | | | | | (54) | | | | | | (1,404) | | | | | | (982) | | | | | | (1,419) | | | | | | (1,132) | | | | | | (735) | | | | | | (313) | | | | | | 387 | | | | | | 833 | | | | | | 985 | | | | | | 1,225 | | |
| | |
2015
|
| |
2016
|
| |
2017
|
| |
2018
|
| |
2019
|
| |
2020
|
| |
2021
|
| |
2022
|
| |
2023
|
| |
2024
|
| |
2025
|
| |
2026
|
| |
2027
|
| |
2028
|
| |
2029
|
| |
2030
|
| ||||||||||||||||||||||||||||||||||||||||||||||||
Total Fabrication Demand
|
| | | | 918 | | | | | | 1,000 | | | | | | 1,032 | | | | | | 1,043 | | | | | | 1,155 | | | | | | 1,005 | | | | | | 1,187 | | | | | | 1,236 | | | | | | 1,304 | | | | | | 1,377 | | | | | | 1,411 | | | | | | 1,446 | | | | | | 1,476 | | | | | | 1,521 | | | | | | 1,577 | | | | | | 1,642 | | |
Total Supply
|
| | | | 1,061 | | | | | | 1,051 | | | | | | 1,115 | | | | | | 1,135 | | | | | | 1,162 | | | | | | 1,057 | | | | | | 1,111 | | | | | | 1,184 | | | | | | 1,181 | | | | | | 1,262 | | | | | | 1,332 | | | | | | 1,411 | | | | | | 1,488 | | | | | | 1,536 | | | | | | 1,651 | | | | | | 1,762 | | |
Fabrication Balance
|
| | | | 143 | | | | | | 51 | | | | | | 83 | | | | | | 92 | | | | | | 7 | | | | | | 52 | | | | | | (77) | | | | | | (52) | | | | | | (123) | | | | | | (116) | | | | | | (79) | | | | | | (34) | | | | | | 12 | | | | | | 15 | | | | | | 74 | | | | | | 120 | | |
Stock Movements
|
| | | | (5) | | | | | | 5 | | | | | | (20) | | | | | | (50) | | | | | | 60 | | | | | | 110 | | | | | | (10) | | | | | | (10) | | | | | | (10) | | | | | | (5) | | | | | | (5) | | | | | | (5) | | | | | | 5 | | | | | | 10 | | | | | | 10 | | | | | | 20 | | |
Net Market Balance
|
| | | | 148 | | | | | | 46 | | | | | | 103 | | | | | | 142 | | | | | | (53) | | | | | | (58) | | | | | | (67) | | | | | | (42) | | | | | | (113) | | | | | | (111) | | | | | | (74) | | | | | | (29) | | | | | | 7 | | | | | | 5 | | | | | | 64 | | | | | | 100 | | |
Reserve Area
|
| |
Tonnage
(Mt) |
| |
PGM Grade (g/t)
|
| |
Contained PGM
|
| |
Base Metal Grade (%)
|
| |
Contained
Cu + Ni (kt) |
| |||||||||||||||||||||||||||||||||
|
4E
|
| |
6E
|
| |
(4E Moz)
|
| |
(6E Moz)
|
| |
Ni
|
| |
Cu
|
| ||||||||||||||||||||||||||||||||
West Pit
|
| | | | 13.1 | | | | | | 1.62 | | | | | | 1.88 | | | | | | 0.69 | | | | | | 0.79 | | | | | | 0.062 | | | | | | 0.019 | | | | | | 9.9 | | |
East Pit
|
| | | | 20.5 | | | | | | 1.56 | | | | | | 1.82 | | | | | | 1.0 | | | | | | 1.2 | | | | | | 0.060 | | | | | | 0.009 | | | | | | 14.0 | | |
Central Underground Block
|
| | | | 12.8 | | | | | | 4.76 | | | | | | 6.05 | | | | | | 2.0 | | | | | | 2.5 | | | | | | 0.020 | | | | | | 0.004 | | | | | | 2.7 | | |
East Underground Block
|
| | | | 31.4 | | | | | | 4.21 | | | | | | 5.06 | | | | | | 4.3 | | | | | | 5.1 | | | | | | 0.040 | | | | | | 0.020 | | | | | | 18.0 | | |
Total Probable Mineral Reserves
|
| | | | 77.8 | | | | | | 3.17 | | | | | | 3.83 | | | | | | 8.0 | | | | | | 9.6 | | | | | | 0.046 | | | | | | 0.014 | | | | | | 44.6 | | |
Resource Area
|
| |
Tonnage
(Mt) |
| |
PGM Grade (g/t)
|
| |
Contained PGM
|
| |
Base Metal Grade (%)
|
| |
Contained
Cu + Ni (kt) |
| |||||||||||||||||||||||||||||||||
|
4E
|
| |
6E
|
| |
(4E Moz)
|
| |
(6E Moz)
|
| |
Ni
|
| |
Cu
|
| ||||||||||||||||||||||||||||||||
Measured Mineral Resources | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
West Pit
|
| | | | 0.001 | | | | | | 3.89 | | | | | | 4.79 | | | | | | 0.0001 | | | | | | 0.0001 | | | | | | 0.002 | | | | | | 0.001 | | | | | | 0.00 | | |
East Underground Block
|
| | | | 0.3 | | | | | | 5.76 | | | | | | 7.06 | | | | | | 0.05 | | | | | | 0.07 | | | | | | 0.018 | | | | | | 0.004 | | | | | | 0.07 | | |
Total Measured Mineral Resources
|
| | | | 0.3 | | | | | | 5.76 | | | | | | 7.06 | | | | | | 0.05 | | | | | | 0.07 | | | | | | 0.018 | | | | | | 0.004 | | | | | | 0.07 | | |
Resource Area
|
| |
Tonnage
(Mt) |
| |
PGM Grade (g/t)
|
| |
Contained PGM
|
| |
Base Metal Grade (%)
|
| |
Contained
Cu + Ni (kt) |
| |||||||||||||||||||||||||||||||||
|
4E
|
| |
6E
|
| |
(4E Moz)
|
| |
(6E Moz)
|
| |
Ni
|
| |
Cu
|
| ||||||||||||||||||||||||||||||||
Indicated Mineral Resources | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
West Pit
|
| | | | 11.1 | | | | | | 2.89 | | | | | | 3.29 | | | | | | 1.03 | | | | | | 1.18 | | | | | | 0.126 | | | | | | 0.025 | | | | | | 16.80 | | |
Central Underground Block
|
| | | | 4.2 | | | | | | 6.59 | | | | | | 8.58 | | | | | | 0.90 | | | | | | 1.13 | | | | | | 0.028 | | | | | | 0.010 | | | | | | 1.62 | | |
East Underground Block
|
| | | | 42.7 | | | | | | 3.70 | | | | | | 4.33 | | | | | | 5.07 | | | | | | 5.81 | | | | | | 0.089 | | | | | | 0.027 | | | | | | 49.45 | | |
Total Indicated Mineral Resources
|
| | | | 58.0 | | | | | | 3.75 | | | | | | 4.44 | | | | | | 7.00 | | | | | | 8.12 | | | | | | 0.092 | | | | | | 0.025 | | | | | | 67.87 | | |
Total Measured Indicated Mineral Resources
|
| | | | 58.3 | | | | | | 3.76 | | | | | | 4.46 | | | | | | 7.05 | | | | | | 8.19 | | | | | | 0.091 | | | | | | 0.025 | | | | | | 67.94 | | |
Inferred Mineral Resources | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Central Underground Block
|
| | | | 9.1 | | | | | | 6.54 | | | | | | 8.23 | | | | | | 1.90 | | | | | | 2.40 | | | | | | 0.035 | | | | | | 0.012 | | | | | | 4.31 | | |
East Underground Block
|
| | | | 96.9 | | | | | | 4.59 | | | | | | 5.41 | | | | | | 14.29 | | | | | | 16.85 | | | | | | 0.080 | | | | | | 0.025 | | | | | | 102.37 | | |
West Pit low grade stockpiles
|
| | | | 55.8 | | | | | | 0.70 | | | | | | 0.80 | | | | | | 1.26 | | | | | | 1.43 | | | | | | — | | | | | | — | | | | | | — | | |
Total Inferred Mineral Resources
|
| | | | 161.8 | | | | | | 3.36 | | | | | | 3.98 | | | | | | 17.46 | | | | | | 20.69 | | | | | | 0.050 | | | | | | 0.016 | | | | | | 106.68 | | |
|
Mineral Reserves
|
| |
Tonnage
(Mt) |
| |
Grade
(%) |
| |
Content
(kt) |
| |||||||||
Probable Mineral Reserves | | | | | | | | | | | | | | | | | | | |
West Pit
|
| | | | 4.8 | | | | | | 11.9 | | | | | | 574 | | |
East Underground Block
|
| | | | 24.3 | | | | | | 23.1 | | | | | | 5,613 | | |
Probable Mineral Reserves
|
| | | | 29.1 | | | | | | 21.3 | | | | | | 6,187 | | |
Mineral Resources
|
| |
Tonnage
(Mt) |
| |
Grade
(%) |
| |
Content
(kt) |
| |||||||||
Indicated Mineral Resources | | | | | | | | | | | | | | | | | | | |
West Pit
|
| | | | 3.4 | | | | | | 19.9 | | | | | | 684 | | |
East Underground Block
|
| | | | 23.6 | | | | | | 29.4 | | | | | | 6,944 | | |
Total Indicated Mineral Resources
|
| | | | 27.0 | | | | | | 28.2 | | | | | | 7,628 | | |
Inferred Mineral Resources | | | | | | | | | | | | | | | | | | | |
Central Underground Block
|
| | | | 11.7 | | | | | | 26.5 | | | | | | 3,110 | | |
East Underground Block
|
| | | | 47.5 | | | | | | 29.4 | | | | | | 13,974 | | |
Total Inferred Mineral Resources
|
| | | | 59.2 | | | | | | 28.9 | | | | | | 17,084 | | |
Reserve Area
|
| |
Tonnage
(Mt) |
| |
PGM Grade (g/t)
|
| |
Contained PGM
|
| |
Base Metal Grade (%)
|
| |
Contained
Cu + Ni (kt) |
| |||||||||||||||||||||||||||||||||
|
4E
|
| |
6E
|
| |
(4E Moz)
|
| |
(6E Moz)
|
| |
Ni
|
| |
Cu
|
| ||||||||||||||||||||||||||||||||
Mphahlele (UG2)
|
| | | | 22.7 | | | | | | 3.63 | | | | | | 4.36 | | | | | | 2.66 | | | | | | 3.18 | | | | | | 0.088 | | | | | | 0.050 | | | | | | 31.4 | | |
Total Probable Mineral Reserves
|
| | | | 22.7 | | | | | | 3.63 | | | | | | 4.36 | | | | | | 2.66 | | | | | | 3.18 | | | | | | 0.088 | | | | | | 0.050 | | | | | | 31.4 | | |
Resource Area
|
| |
Tonnage
(Mt) |
| |
PGM Grade (g/t)
|
| |
Contained PGM
|
| |
Base Metal
Grade (%) |
| |
Contained
Cu + Ni (kt) |
| |||||||||||||||||||||||||||||||||
|
4E
|
| |
6E
|
| |
(4E Moz)
|
| |
(6E Moz)
|
| |
Ni
|
| |
Cu
|
| ||||||||||||||||||||||||||||||||
Measured Mineral Resources | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Merensky
|
| | | | 0.6 | | | | | | 3.00 | | | | | | 3.80 | | | | | | 0.06 | | | | | | 0.08 | | | | | | 0.21 | | | | | | 0.12 | | | | | | 2.0 | | |
UG2
|
| | | | 0.3 | | | | | | 5.12 | | | | | | 6.14 | | | | | | 0.04 | | | | | | 0.05 | | | | | | 0.12 | | | | | | 0.08 | | | | | | 0.5 | | |
Total Measured Mineral Resources
|
| | | | 0.9 | | | | | | 3.61 | | | | | | 4.47 | | | | | | 0.10 | | | | | | 0.13 | | | | | | 0.18 | | | | | | 0.11 | | | | | | 2.5 | | |
Indicated Mineral Resources | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Merensky
|
| | | | 12.1 | | | | | | 3.00 | | | | | | 3.75 | | | | | | 1.17 | | | | | | 1.46 | | | | | | 0.20 | | | | | | 0.12 | | | | | | 38.1 | | |
UG2
|
| | | | 3.2 | | | | | | 5.06 | | | | | | 6.06 | | | | | | 0.51 | | | | | | 0.62 | | | | | | 0.12 | | | | | | 0.07 | | | | | | 6.1 | | |
Total Indicated Mineral Resources
|
| | | | 15.3 | | | | | | 3.43 | | | | | | 4.23 | | | | | | 1.68 | | | | | | 2.08 | | | | | | 0.18 | | | | | | 0.11 | | | | | | 44.2 | | |
Total Measured and Indicated Mineral
Resources |
| | | | 16.2 | | | | | | 3.45 | | | | | | 4.25 | | | | | | 1.78 | | | | | | 2.21 | | | | | | 0.18 | | | | | | 0.11 | | | | | | 46.7 | | |
Inferred Mineral Resources | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Merensky
|
| | | | 23.3 | | | | | | 3.12 | | | | | | 3.91 | | | | | | 2.33 | | | | | | 2.92 | | | | | | 0.20 | | | | | | 0.12 | | | | | | 73.8 | | |
UG2
|
| | | | 25.6 | | | | | | 5.11 | | | | | | 6.12 | | | | | | 4.21 | | | | | | 5.04 | | | | | | 0.12 | | | | | | 0.07 | | | | | | 48.8 | | |
Total Inferred Mineral Resources
|
| | | | 48.9 | | | | | | 4.16 | | | | | | 5.06 | | | | | | 6.54 | | | | | | 7.96 | | | | | | 0.16 | | | | | | 0.10 | | | | | | 122.7 | | |
Resource Area
|
| |
Percent
Attributable to SRL |
| |
Tonnage
(Mt) |
| |
PGM Grade (g/t)
|
| |
Contained PGM
|
| |
Base Metal Grade (%)
|
| |
Contained
Cu + Ni (kt) |
| ||||||||||||||||||||||||||||||||||||
|
4E
|
| |
6E
|
| |
(4E Moz)
|
| |
(6E Moz)
|
| |
Ni
|
| |
Cu
|
| ||||||||||||||||||||||||||||||||||||||
Inferred Mineral Resources
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Merensky
|
| | | | 100% | | | | | | 58.4 | | | | | | 8.12 | | | | | | 8.91 | | | | | | 15.2 | | | | | | 16.7 | | | | | | 0.239 | | | | | | 0.078 | | | | | | 185.0 | | |
UG2
|
| | | | 100% | | | | | | 90.4 | | | | | | 5.52 | | | | | | 6.76 | | | | | | 16.0 | | | | | | 19.6 | | | | | | 0.064 | | | | | | 0.003 | | | | | | 60.2 | | |
Total Inferred Mineral
Resources |
| | | | | | | | | | 148.8 | | | | | | 6.54 | | | | | | 7.60 | | | | | | 31.2 | | | | | | 36.3 | | | | | | 0.132 | | | | | | 0.032 | | | | | | 245.2 | | |
| | |
As of June 30,
|
| |
As of December 31,
|
| ||||||||||||||||||||||||||||||
| | | | | | | | | | |
2021
|
| |
2020
|
| ||||||||||||||||||||||
| | |
Mineral
right |
| |
Associated
property, plant and equipment |
| |
Mineral
right |
| |
Associated
property, plant and equipment |
| |
Mineral right
|
| |
Associated
property, plant and equipment |
| ||||||||||||||||||
| | |
(in US$ thousands)
|
| |||||||||||||||||||||||||||||||||
PPM (West Pit)
|
| | | | 89,752 | | | | | | 108,235 | | | | | | 91,863 | | | | | | 92,625 | | | | | | 100,094 | | | | | | 92,498 | | |
Sedibelo (East Pit and Central Decline) (East Decline shared with Magazynskraal)
|
| | | | 10,112 | | | | | | — | | | | | | 325,033 | | | | | | — | | | | | | 353,106 | | | | | | — | | |
Magazynskraal (East Decline shared with Sedibelo)
|
| | | | 237,538 | | | | | | — | | | | | | 242,695 | | | | | | — | | | | | | 264,441 | | | | | | — | | |
Mphahlele
|
| | | | 318,271 | | | | | | — | | | | | | 10,331 | | | | | | — | | | | | | 11,257 | | | | | | — | | |
Kruidfontein
|
| | | | 20,936 | | | | | | — | | | | | | 21,390 | | | | | | — | | | | | | 23,307 | | | | | | — | | |
Total | | | | | 676,767 | | | | | | 108,235 | | | | | | 691,313 | | | | | | 92,625 | | | | | | 752,204 | | | | | | 92,498 | | |
| | |
For the Six Months
Ended June 30, |
| |
For the Year Ended December 31,
|
| ||||||||||||||||||||||||
| | | | |
2021
|
| |
2021
|
| |
2020
|
| |
2019
|
| ||||||||||||||||
Reef delivered to the ROM pad (tonnes)(1)
|
| | | | 912,286 | | | | | | 1,020,949 | | | | | | 2,255,720 | | | | | | 3,952,626 | | | | | | 4,121,807 | | |
Reef processed (tonnes)(2)
|
| | | | 1,102,543 | | | | | | 1,771,576 | | | | | | 3,114,647 | | | | | | 3,414,661 | | | | | | 3,870,515 | | |
Reef milled (tonnes)(3)
|
| | | | 1,082,750 | | | | | | 1,681,475 | | | | | | 2,978,319 | | | | | | 3,089,285 | | | | | | 3,517,579 | | |
Average milled head grade (g/t)
|
| | | | 1.49 | | | | | | 1.31 | | | | | | 1.42 | | | | | | 1.79 | | | | | | 1.57 | | |
Average recovery rate (%)
|
| | | | 62 | | | | | | 72 | | | | | | 72 | | | | | | 71 | | | | | | 70 | | |
Average recovered grade (g/t)
|
| | | | 0.90 | | | | | | 0.95 | | | | | | 1.01 | | | | | | 1.29 | | | | | | 1.11 | | |
4E dispatched and sold (ounces): | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Platinum
|
| | | | 19,619 | | | | | | 33,629 | | | | | | 62,534 | | | | | | 82,110 | | | | | | 81,825 | | |
Palladium
|
| | | | 10,055 | | | | | | 13,460 | | | | | | 26,042 | | | | | | 34,099 | | | | | | 33,217 | | |
Rhodium
|
| | | | 2,319 | | | | | | 3,236 | | | | | | 6,514 | | | | | | 9,798 | | | | | | 10,017 | | |
Gold
|
| | | | 887 | | | | | | 1,536 | | | | | | 2,551 | | | | | | 2,747 | | | | | | 2,257 | | |
Total 4E dispatched and sold
|
| | | | 32,880 | | | | | | 51,861 | | | | | | 97,641 | | | | | | 128,754 | | | | | | 127,316 | | |
| | |
As of June 30,
|
| |
As of December 31,
|
| ||||||||||||||||||||||||||||||||||||||||||
| | | | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||||||||||||||||||||||||||||||
Function
|
| |
Number of
Employees |
| |
% of Total
|
| |
Number of
Employees |
| |
% of Total
|
| |
Number of
Employees |
| |
% of Total
|
| |
Number of
Employees |
| |
% of Total
|
| ||||||||||||||||||||||||
Management
|
| | | | 12 | | | | | | 2% | | | | | | 11 | | | | | | 2% | | | | | | 9 | | | | | | 2% | | | | | | 9 | | | | | | 2% | | |
General and
Administrative |
| | | | 143 | | | | | | 24% | | | | | | 152 | | | | | | 23% | | | | | | 116 | | | | | | 20% | | | | | | 115 | | | | | | 20% | | |
Mining
|
| | | | 42 | | | | | | 6% | | | | | | 39 | | | | | | 6% | | | | | | 61 | | | | | | 11% | | | | | | 58 | | | | | | 10% | | |
Mining Technical
Services |
| | | | 58 | | | | | | 12% | | | | | | 73 | | | | | | 11% | | | | | | 31 | | | | | | 5% | | | | | | 29 | | | | | | 5% | | |
Plant
|
| | | | 316 | | | | | | 47% | | | | | | 327 | | | | | | 49% | | | | | | 298 | | | | | | 52% | | | | | | 303 | | | | | | 53% | | |
Laboratory
|
| | | | 54 | | | | | | 8% | | | | | | 53 | | | | | | 8% | | | | | | 49 | | | | | | 9% | | | | | | 48 | | | | | | 8% | | |
Exploration
|
| | | | 7 | | | | | | 1% | | | | | | 7 | | | | | | 1% | | | | | | 5 | | | | | | 1% | | | | | | 6 | | | | | | 1% | | |
Total
|
| | |
|
632
|
| | | |
|
100%
|
| | | |
|
662
|
| | | |
|
100%
|
| | | |
|
569
|
| | | |
|
100%
|
| | | |
|
568
|
| | | |
|
100%
|
| |
| |
Projection: TM (WGS System)
Ellipsoid: WGS 1984 LO 27 East |
| | ||||||||||||
| |
WGS27 Co-ordinates
|
| | |
Geographical Co-ordinates
|
| | ||||||||
| |
Y
|
| | |
X
|
| | |
Latitude
|
| | |
Longitude
|
| |
| |
-1 050.132
|
| | |
+2 777 366.661
|
| | |
25º06’07.64”S
|
| | |
27º00’37.48”E
|
| |
Asset
|
| |
Mineral Rights and
Properties |
| |
Minerals
Included in NOMR/ NOPR |
| |
Holder of
Mineral Rights |
| |
Interest
Held |
| |
Status
|
| |
License
Expiration Date |
| |
License
Area (ha) |
| |
Comments
|
|
PPM (West Pit)
|
| |
NOMR
NW30/5/1/2/2/32OMR:
Ptn 3 of the farm
Rooderand 46JQ |
| |
PGMs, Au, Cu, Ni, Co, Cr and
associated minerals |
| |
PPM
|
| |
100%
|
| |
Production
|
| |
02/2038
|
| |
5,453.7380
|
| |
NOMR executed on
February 14, 2008. Registered in the Mineral and Petroleum Titles Registration Office (MPTRO) Pretoria on 24 June 2008. Chrome rights on Tuschenkomst were included via a Section 102 approval in July 2015. |
|
|
RE of Ptn 1, Ptns 2,
3,4,6,9.13 and 15 of the farm Ruighoek 169JP (Ptns 10,11,12,14 excluded) |
| |
All minerals
excluding Cr |
| ||||||||||||||||||||
|
The farm
Tuschenkomst 135JP |
| |
PGMs, Au, Cu, Ni, Co, and associated
minerals, and Cr (Section 102) |
| |
SURFACE RIGHTS:
Farms are state-owned land
held in trust for the BBKT, except that the Tuschenkomst farm is state- owned, but not held in trust for the BBKT.
Ruighoek surface rights are
held by the Batlhako Ba-Leema Tribe and the State. |
| |||||||||||||||||
|
Ptn 1 and RE of the farm
Witkleifontein 136JP |
| |
All minerals
|
| ||||||||||||||||||||
|
Sedibelo West mining
area (Section 102): A portion of the farm Wilgespruit 2JQ Ptn 1 of the farm Rooderand 46JQ |
| |
PGMs, Au, Cu, Ni,
Co, Cr |
| |
PPM
|
| |
100%
|
| |
Production
|
| |
02/2038
|
| |
439.7830
|
| |
Section 102 amendment to
incorporate Sedibelo West properties.
SURFACE RIGHTS:
Farms are owned by the
BBKT. IBMR has a registered lease agreement to access the farms. |
| ||
Sedibelo (East Pit and Central Decline) (East Decline shared with Magazynskraal)
|
| |
NOMR
NW30/5/1/2/2/333MR:
The farm
Wilgespruit 2JQ
A portion of the farm
Legkraal 45JQ
A portion of the farm
Koedoesfontein 42JQ
Ptn 1 of the farm
Rooderand 46JQ |
| |
PGMs, Au, Cu, Ni,
Co, Cr |
| |
PPM
(IBMR) |
| |
100%
|
| |
Development
|
| |
06/2038
|
| |
4,366.1270 (after transfer of Sedibelo West)
|
| |
Section 11(2) transfer of
controlling interest in IBMR to PPM and transfer of rights to PPM received on February 13, 2014. Boxcut and initial clearing for East Pit started, but work stopped.
Section 102 application in
terms of MPRDA to incorporate the Magazynskraal prospecting rights (now mining right) into the IBMR (now PPM) NOMR NW30/5/ 1/2/2/333MR submitted in May 2017 and is still pending.
SURFACE RIGHTS:
Farms are owned by the
BBKT.
IBMR has a registered lease
agreement to access the farms. |
|
Asset
|
| |
Mineral Rights and
Properties |
| |
Minerals
Included in NOMR/ NOPR |
| |
Holder of
Mineral Rights |
| |
Interest
Held |
| |
Status
|
| |
License
Expiration Date |
| |
License
Area (ha) |
| |
Comments
|
|
Magazynskraal (East Decline shared with Sedibelo)
|
| |
NOMR
NW30/5/1/2/2/10029MR: The farm Magazynskraal 3JQ |
| |
PGMs, Au, Ag, Cu, Ni, Co, Cr
|
| |
Richtrau
|
| |
100%
|
| |
Development
|
| |
12/2045
|
| |
2,801.6647
|
| |
Two prospecting rights were
executed on June 28, 2016 and registered in MPTRO: Pretoria on August 26, 2016. The Magazynskraal mining right(NW30/5/1/2/2/10029) application wasexecuted on March 31, 2022 and is validfor a period of 30 years running fromDecember 3, 2015 (date of grant) untilDecember 2, 2045. As such, theprospecting rights have been converted intoa mining right.
Section 102 application in
terms of MPRDA to incorporate the Magazynskraal prospecting rights (now mining right) into the IBMR (now PPM) NOMR NW30/5/1/2/2/333MR submitted in May 2017 and is still pending.
SURFACE RIGHTS:
Farm is state-owned land
held in trust for the Bakgatla. Access agreement has been concluded. |
|
Property
|
| |
Total
|
| |
2022
|
| |
2023
|
| |
2024
|
| |
2025
|
| |
2026
|
| ||||||||||||||||||
East Pit
|
| | | | 4.6 | | | | | | 4.6 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
East Underground Block
|
| | | | 7.0 | | | | | | — | | | | | | 7.0 | | | | | | — | | | | | | — | | | | | | — | | |
Sedibelo/Wilgespruit
|
| | | | 15.0 | | | | | | 7.3 | | | | | | 7.3 | | | | | | 0.4 | | | | | | — | | | | | | — | | |
Central Underground Block
|
| | | | 91.8 | | | | | | 13.9 | | | | | | 22.3 | | | | | | 13.8 | | | | | | 22.6 | | | | | | 19.2 | | |
Total
|
| | |
|
118.3
|
| | | | | 25.7 | | | | | | 36.6 | | | | | | 14.2 | | | | | | 22.6 | | | | | | 19.2 | | |
| | |
For the Six Months
Ended June 30, |
| |
For the Year Ended December 31,
|
| ||||||||||||||||||||||||
| | | | |
2021
|
| |
2021
|
| |
2020
|
| |
2019
|
| ||||||||||||||||
Reef delivered to the ROM pad (tonnes)(1)
|
| | | | 912,286 | | | | | | 1,020,949 | | | | | | 2,255,720 | | | | | | 3,952,626 | | | | | | 4,121,807 | | |
Reef processed (tonnes)(2)
|
| | | | 1,102,543 | | | | | | 1,771,576 | | | | | | 3,114,647 | | | | | | 3,414,661 | | | | | | 3,870,515 | | |
Reef milled (tonnes)(3)
|
| | | | 1,082,750 | | | | | | 1,681,475 | | | | | | 2,978,319 | | | | | | 3,089,285 | | | | | | 3,517,579 | | |
Average milled head grade (g/t)
|
| | | | 1.49 | | | | | | 1.31 | | | | | | 1.42 | | | | | | 1.79 | | | | | | 1.57 | | |
Average recovery rate (%)
|
| | | | 62 | | | | | | 72 | | | | | | 72 | | | | | | 71 | | | | | | 70 | | |
Average recovered grade (g/t)
|
| | | | 0.90 | | | | | | 0.95 | | | | | | 1.01 | | | | | | 1.29 | | | | | | 1.11 | | |
4E dispatched and sold (ounces): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Platinum
|
| | | | 19,619 | | | | | | 33,629 | | | | | | 62,534 | | | | | | 82,110 | | | | | | 81,825 | | |
Palladium
|
| | | | 10,055 | | | | | | 13,460 | | | | | | 26,042 | | | | | | 34,099 | | | | | | 33,217 | | |
Rhodium
|
| | | | 2,319 | | | | | | 3,236 | | | | | | 6,514 | | | | | | 9,798 | | | | | | 10,017 | | |
Gold
|
| | | | 887 | | | | | | 1,536 | | | | | | 2,551 | | | | | | 2,747 | | | | | | 2,257 | | |
Total 4E dispatched and sold
|
| | | | 32,880 | | | | | | 51,861 | | | | | | 97,641 | | | | | | 128,754 | | | | | | 127,316 | | |
Area
|
| |
Reef
|
| |
Tonnage (Mt)
|
| |
PGM Grade (g/t)
|
| ||||||||||||||||||||||||||||||||||||||||||||||||
|
4E
|
| |
6E
|
| |
Pt
|
| |
Pd
|
| |
Rh
|
| |
Ru
|
| |
Ir
|
| |
Au
|
| |||||||||||||||||||||||||||||||||||
Probable Mineral Reserves | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
West Pit
|
| | Silicates | | | | | 8.3 | | | | | | 1.32 | | | | | | 1.44 | | | | | | 0.80 | | | | | | 0.40 | | | | | | 0.06 | | | | | | 0.10 | | | | | | 0.02 | | | | | | 0.06 | | |
| | | UG2 | | | | | 4.8 | | | | | | 2.15 | | | | | | 2.63 | | | | | | 1.27 | | | | | | 0.61 | | | | | | 0.26 | | | | | | 0.40 | | | | | | 0.09 | | | | | | 0.01 | | |
Total Probable Mineral Reserves West Pit
|
| | | | | | | 13.1 | | | | | | 1.62 | | | | | | 1.88 | | | | | | 0.97 | | | | | | 0.48 | | | | | | 0.13 | | | | | | 0.21 | | | | | | 0.05 | | | | | | 0.04 | | |
| | |
6E prill Silicates
|
| | | | | | | | | | | | | | | | | | | | | | 55.56% | | | | | | 27.78% | | | | | | 4.17% | | | | | | 6.94% | | | | | | 1.39% | | | | | | 4.17% | | |
| | | 6E prill UG2 | | | | | | | | | | | | | | | | | | | | | | | 48.29% | | | | | | 23.19% | | | | | | 9.89% | | | | | | 15.21% | | | | | | 3.42% | | | | | | 0.38% | | |
Area
|
| |
Reef
|
| |
Tonnage (Mt)
|
| |
Contained 4E
(Moz) |
| |
Contained 6E
(Moz) |
| |
Base Metal Grade
(%) |
| |
Contained Base Metal (kt)
|
| |||||||||||||||||||||||||||
|
Ni
|
| |
Cu
|
| |
Ni
|
| |
Cu
|
| |||||||||||||||||||||||||||||||||||
Probable Mineral Reserves | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
West Pit
|
| | Silicates | | | | | 8.3 | | | | | | 0.35 | | | | | | 0.38 | | | | | | 0.093% | | | | | | 0.019% | | | | | | 7.7 | | | | | | 1.6 | | |
| | | UG2 | | | | | 4.8 | | | | | | 0.33 | | | | | | 0.41 | | | | | | 0.009% | | | | | | 0.002% | | | | | | 0.5 | | | | | | 0.1 | | |
Total Probable Mineral Reserves West Pit
|
| | | | | | | 13.1 | | | | | | 0.69 | | | | | | 0.79 | | | | | | 0.062% | | | | | | 0.013% | | | | | | 8.2 | | | | | | 1.7 | | |
Mineral Reserves – Chromite
|
| |
Tonnage
(Mt) |
| |
Cr2O3 Grade
(%) |
| |
Cr2O3 Content
(kt) |
| |||||||||
Probable Mineral Reserves
|
| | | | | | | | | | | | | | | | | | |
West Pit
|
| | | | 4.8 | | | | | | 11.9 | | | | | | 574 | | |
Total Probable Mineral Reserves
|
| | | | 4.8 | | | | | | 11.9 | | | | | | 574 | | |
Area
|
| |
Reef
|
| |
Tonnage
(Mt) |
| |
PGM Grade (g/t)
|
| ||||||||||||||||||||||||||||||||||||||||||||||||
|
4E
|
| |
6E
|
| |
Pt
|
| |
Pd
|
| |
Rh
|
| |
Ru
|
| |
Ir
|
| |
Au
|
| |||||||||||||||||||||||||||||||||||
Probable Mineral Reserves | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
East Pit
|
| | Silicates | | | | | 12.9 | | | | | | 1.01 | | | | | | 1.11 | | | | | | 0.60 | | | | | | 0.31 | | | | | | 0.05 | | | | | | 0.08 | | | | | | 0.02 | | | | | | 0.05 | | |
| | | UG2 | | | | | 7.7 | | | | | | 2.47 | | | | | | 3.00 | | | | | | 1.49 | | | | | | 0.69 | | | | | | 0.28 | | | | | | 0.43 | | | | | | 0.10 | | | | | | 0.01 | | |
Total Probable Mineral Reserves East Pit
|
| | | | | | | 20.5 | | | | | | 1.56 | | | | | | 1.82 | | | | | | 0.93 | | | | | | 0.45 | | | | | | 0.14 | | | | | | 0.21 | | | | | | 0.05 | | | | | | 0.04 | | |
| | |
6E prill Silicates
|
| | | | | | | | | | | | | | | | | | | | | | 54.02% | | | | | | 27.78% | | | | | | 4.62% | | | | | | 7.19% | | | | | | 1.50% | | | | | | 4.87% | | |
| | | 6E prill UG2 | | | | | | | | | | | | | | | | | | | | | | | 49.50% | | | | | | 23.11% | | | | | | 9.31% | | | | | | 14.40% | | | | | | 3.37% | | | | | | 0.31% | | |
Area
|
| |
Reef
|
| |
Tonnage (Mt)
|
| |
Contained 4E
(Moz) |
| |
Contained 6E
(Moz) |
| |
Base Metal Grade
(%) |
| |
Contained Base Metal
(kt) |
| |||||||||||||||||||||||||||
|
Ni
|
| |
Cu
|
| |
Ni
|
| |
Cu
|
| |||||||||||||||||||||||||||||||||||
Probable Mineral
Reserves |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
East Pit
|
| | Silicates | | | | | 12.9 | | | | | | 0.42 | | | | | | 0.46 | | | | | | 0.09% | | | | | | 0.01% | | | | | | 11.1 | | | | | | 1.9 | | |
| | | UG2 | | | | | 7.7 | | | | | | 0.61 | | | | | | 0.74 | | | | | | 0.01% | | | | | | 0.00% | | | | | | 0.6 | | | | | | 0.4 | | |
Total Probable Mineral Reserves East Pit
|
| | | | | | | 20.5 | | | | | | 1.03 | | | | | | 1.20 | | | | | | 0.06% | | | | | | 0.01% | | | | | | 11.7 | | | | | | 2.3 | | |
Area
|
| |
Reef
|
| |
Tonnage (Mt)
|
| |
PGM Grade (g/t)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
|
4E
|
| |
6E
|
| |
Pt
|
| |
Pd
|
| |
Rh
|
| |
Ru
|
| |
Ir
|
| |
Au
|
| ||||||||||||||||||||||||||||||||||||||
Probable Mineral Reserves | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Central Underground Block
|
| | | | PUP | | | | | | 0.7 | | | | | | 4.59 | | | | | | 4.90 | | | | | | 2.93 | | | | | | 1.33 | | | | | | 0.16 | | | | | | 0.27 | | | | | | 0.04 | | | | | | 0.17 | | |
| | | | | UG2 | | | | | | 12.1 | | | | | | 4.77 | | | | | | 6.12 | | | | | | 2.82 | | | | | | 1.36 | | | | | | 0.56 | | | | | | 0.92 | | | | | | 0.43 | | | | | | 0.03 | | |
Total Central Block
|
| | | | | | | | | | 12.8 | | | | | | 4.76 | | | | | | 6.05 | | | | | | 2.83 | | | | | | 1.35 | | | | | | 0.54 | | | | | | 0.89 | | | | | | 0.41 | | | | | | 0.04 | | |
East Underground Block
|
| | | | PUP | | | | | | 7.1 | | | | | | 4.52 | | | | | | 4.99 | | | | | | 2.84 | | | | | | 1.27 | | | | | | 0.25 | | | | | | 0.40 | | | | | | 0.08 | | | | | | 0.16 | | |
| | | | | UG2 | | | | | | 24.3 | | | | | | 4.11 | | | | | | 5.08 | | | | | | 2.50 | | | | | | 1.11 | | | | | | 0.49 | | | | | | 0.77 | | | | | | 0.19 | | | | | | 0.01 | | |
Total East Block
|
| | | | | | | | | | 31.4 | | | | | | 4.21 | | | | | | 5.06 | | | | | | 2.58 | | | | | | 1.14 | | | | | | 0.44 | | | | | | 0.69 | | | | | | 0.17 | | | | | | 0.05 | | |
Total Underground
|
| | | | PUP | | | | | | 7.8 | | | | | | 4.52 | | | | | | 4.99 | | | | | | 2.85 | | | | | | 1.28 | | | | | | 0.24 | | | | | | 0.39 | | | | | | 0.07 | | | | | | 0.16 | | |
| | | | | UG2 | | | | | | 36.4 | | | | | | 4.33 | | | | | | 5.42 | | | | | | 2.61 | | | | | | 1.19 | | | | | | 0.52 | | | | | | 0.82 | | | | | | 0.27 | | | | | | 0.02 | | |
Total Probable Mineral Reserves
|
| | | | | | | | | | 44.2 | | | | | | 4.37 | | | | | | 5.35 | | | | | | 2.65 | | | | | | 1.20 | | | | | | 0.47 | | | | | | 0.74 | | | | | | 0.24 | | | | | | 0.04 | | |
Area
|
| |
Reef
|
| |
Tonnage (Mt)
|
| |
Contained PGMs
|
| |
Base Metal Grade
(%) |
| |
Contained Base Metal (kt)
|
| |||||||||||||||||||||||||||||||||
|
(4E Moz)
|
| |
(6E Moz)
|
| |
Ni
|
| |
Cu
|
| |
Ni
|
| |
Cu
|
| ||||||||||||||||||||||||||||||||
Probable Mineral Reserves
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Central Underground Block
|
| | | | PUP | | | | | | 0.7 | | | | | | 0.1 | | | | | | 0.1 | | | | | | 0.14% | | | | | | 0.06% | | | | | | 1.0 | | | | | | 0.4 | | |
| | | | | UG2 | | | | | | 12.1 | | | | | | 1.9 | | | | | | 2.4 | | | | | | 0.01% | | | | | | 0.00% | | | | | | 1.1 | | | | | | 0.2 | | |
Total Central Block
|
| | | | | | | | | | 12.8 | | | | | | 2.0 | | | | | | 2.5 | | | | | | 0.02% | | | | | | 0.00% | | | | | | 2.1 | | | | | | 0.6 | | |
East Underground Block
|
| | | | PUP | | | | | | 7.1 | | | | | | 1.0 | | | | | | 1.1 | | | | | | 0.15% | | | | | | 0.06% | | | | | | 10.4 | | | | | | 4.1 | | |
| | | | | UG2 | | | | | | 24.3 | | | | | | 3.2 | | | | | | 4.0 | | | | | | 0.01% | | | | | | 0.00% | | | | | | 2.9 | | | | | | 0.7 | | |
Total East Block
|
| | | | | | | | | | 31.4 | | | | | | 4.3 | | | | | | 5.1 | | | | | | 0.04% | | | | | | 0.02% | | | | | | 13.2 | | | | | | 4.8 | | |
Total Underground
|
| | | | PUP | | | | | | 7.8 | | | | | | 1.1 | | | | | | 1.2 | | | | | | 0.15% | | | | | | 0.06% | | | | | | 11.3 | | | | | | 4.5 | | |
| | | | | UG2 | | | | | | 36.4 | | | | | | 5.1 | | | | | | 6.3 | | | | | | 0.01% | | | | | | 0.00% | | | | | | 4.0 | | | | | | 0.9 | | |
Total Probable Mineral
Reserves |
| | | | | | | | | | 44.2 | | | | | | 6.2 | | | | | | 7.6 | | | | | | 0.03% | | | | | | 0.01% | | | | | | 15.3 | | | | | | 5.4 | | |
Mineral Reserves – Chromite
|
| |
Tonnage
(Mt) |
| |
Cr2O3 Grade
(%) |
| |
Cr2O3 Content
(kt) |
| |||||||||
Probable Mineral Reserves | | | | | | | | | | | | | | | | | | | |
Magazynskraal
|
| | | | 24.3 | | | | | | 23.1 | | | | | | 5,613 | | |
Total Probable Mineral Reserves
|
| | | | 24.3 | | | | | | 23.1 | | | | | | 5,613 | | |
Resource Area
|
| |
Reef
|
| |
Tonnage
(Mt) |
| |
Reef
Width (cm) |
| |
PGM Grade (g/t)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
|
4E
|
| |
6E
|
| |
Pt
|
| |
Pd
|
| |
Rh
|
| |
Au
|
| |
Ru
|
| |
Ir
|
| |||||||||||||||||||||||||||||||||||||||||
Measured Mineral Resource
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
West Pit
|
| |
Upper Pseudo Reef (S2)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Lower Pseudo (S2) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | U2D | | | | | 0.001 | | | | | | 177 | | | | | | 3.89 | | | | | | 4.79 | | | | | | 2.33 | | | | | | 1.06 | | | | | | 0.47 | | | | | | 0.03 | | | | | | 0.73 | | | | | | 0.17 | | |
Total Measured West Pit
|
| | | | | | | 0.001 | | | | | | 177 | | | | | | 3.89 | | | | | | 4.79 | | | | | | 2.33 | | | | | | 1.06 | | | | | | 0.47 | | | | | | 0.03 | | | | | | 0.73 | | | | | | 0.17 | | |
| | | 6E prill | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 48.6% | | | | | | 22.1% | | | | | | 9.9% | | | | | | 0.7% | | | | | | 15.2% | | | | | | 3.6% | | |
Indicated Mineral Resource
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
West Pit
|
| |
Upper Pseudo Reef (S2)
|
| | | | 0.75 | | | | | | 57 | | | | | | 8.00 | | | | | | 8.81 | | | | | | 5.03 | | | | | | 2.32 | | | | | | 0.40 | | | | | | 0.25 | | | | | | 0.68 | | | | | | 0.13 | | |
| | |
Pseudo Reef HZB (S2)
|
| | | | 5.49 | | | | | | 362 | | | | | | 1.68 | | | | | | 1.82 | | | | | | 0.98 | | | | | | 0.53 | | | | | | 0.08 | | | | | | 0.08 | | | | | | 0.12 | | | | | | 0.03 | | |
| | | Lower Pseudo (S2) | | | | | 1.47 | | | | | | 97 | | | | | | 2.95 | | | | | | 3.13 | | | | | | 1.79 | | | | | | 0.88 | | | | | | 0.12 | | | | | | 0.17 | | | | | | 0.14 | | | | | | 0.04 | | |
| | | U2D | | | | | 3.43 | | | | | | 226 | | | | | | 3.68 | | | | | | 4.49 | | | | | | 2.23 | | | | | | 1.00 | | | | | | 0.43 | | | | | | 0.02 | | | | | | 0.66 | | | | | | 0.16 | | |
Total Indicated West Pit
|
| | | | | | | 11.14 | | | | | | 264 | | | | | | 2.89 | | | | | | 3.29 | | | | | | 1.75 | | | | | | 0.84 | | | | | | 0.21 | | | | | | 0.09 | | | | | | 0.33 | | | | | | 0.07 | | |
| | | 6E prill | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 53.1% | | | | | | 25.6% | | | | | | 6.5% | | | | | | 2.6% | | | | | | 10.0% | | | | | | 2.2% | | |
Resource Area
|
| |
Reef
|
| |
Tonnage
(Mt) |
| |
Reef
Width (cm) |
| |
Contained
4E |
| |
Contained
6E |
| |
Base Metal Grade
(%) |
| |
Contained Base Metal
(t) |
| ||||||||||||||||||||||||||||||
|
(Moz)
|
| |
(Moz)
|
| |
Ni
|
| |
Cu
|
| |
Ni
|
| |
Cu
|
| |||||||||||||||||||||||||||||||||||
Measured Mineral Resource
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
West Pit
|
| |
Upper Pseudo Reef (S2)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Lower Pseudo (S2) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | U2D | | | | | 0.001 | | | | | | 177 | | | | | | 0.0001 | | | | | | 0.0001 | | | | | | 0.002 | | | | | | 0.001 | | | | | | 0.016 | | | | | | 0.004 | | |
Total Measured West Pit
|
| | | | | | | 0.001 | | | | | | 177 | | | | | | 0.0001 | | | | | | 0.0001 | | | | | | 0.002 | | | | | | 0.001 | | | | | | 0.016 | | | | | | 0.004 | | |
| | | 6E prill | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Indicated Mineral Resource
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
West Pit
|
| |
Upper Pseudo Reef (S2)
|
| | | | 0.75 | | | | | | 57 | | | | | | 0.19 | | | | | | 0.21 | | | | | | 0.200 | | | | | | 0.089 | | | | | | 1,504 | | | | | | 669 | | |
| | |
Pseudo Reef HZB (S2)
|
| | | | 5.49 | | | | | | 362 | | | | | | 0.30 | | | | | | 0.32 | | | | | | 0.182 | | | | | | 0.025 | | | | | | 10,012 | | | | | | 1,374 | | |
| | | Lower Pseudo (S2) | | | | | 1.47 | | | | | | 97 | | | | | | 0.14 | | | | | | 0.15 | | | | | | 0.133 | | | | | | 0.039 | | | | | | 1,963 | | | | | | 573 | | |
| | | U2D | | | | | 3.43 | | | | | | 226 | | | | | | 0.41 | | | | | | 0.50 | | | | | | 0.016 | | | | | | 0.004 | | | | | | 562 | | | | | | 140 | | |
Total Indicated West
Pit |
| | | | | | | 11.14 | | | | | | 264 | | | | | | 1.03 | | | | | | 1.18 | | | | | | 0.126 | | | | | | 0.025 | | | | | | 14,041 | | | | | | 2,756 | | |
Mineral Resources – Chromite
|
| |
Reef
|
| |
Reef Width
(cm) |
| |
Tonnage
(Mt) |
| |
Cr2O3 Grade
(%) |
| |
Cr2O3 Content
(kt) |
| |||||||||||||||
Indicated Mineral Resources | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
West Pit
|
| | | | U2D | | | | | | 226 | | | | | | 3.43 | | | | | | 19.9 | | | | | | 684 | | |
Total Indicated Mineral Resources
|
| | | | | | | | | | 226 | | | | | | 3.43 | | | | | | 19.9 | | | | | | 684 | | |
Mineral Resources – Low grade stockpiles
|
| |
Volume
(Mm3) |
| |
Bulk Density
|
| |
Tonnage
(Mt) |
| |
4E Grade
(g/t) |
| |
4E Content
(Moz) |
| |||||||||||||||
Inferred Mineral Resources | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
TSF tailings for retreatment
|
| | | | 28.2 | | | | | | 2.0 | | | | | | 55.24 | | | | | | 0.70 | | | | | | 1.25 | | |
Low-grade stockpile (scats and DMS discards)
|
| | | | | | | | | | 1.8 | | | | | | 0.53 | | | | | | 0.54 | | | | | | 0.009 | | |
Total low-grade stockpiles
|
| | | | | | | | | | | | | | | | 55.76 | | | | | | 0.70 | | | | | | 1.26 | | |
Resource Area
|
| |
Reef
|
| |
Tonnage
(Mt) |
| |
Reef
Width (m) |
| |
PGM Grade (g/t)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
|
4E
|
| |
6E
|
| |
Pt
|
| |
Pd
|
| |
Rh
|
| |
Au
|
| |
Ru
|
| |
Ir
|
| |||||||||||||||||||||||||||||||||||||||||
Indicated Mineral Resource
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sedibelo Central UG
|
| | PUP | | | | | 0.43 | | | | | | 1.22 | | | | | | 5.90 | | | | | | 6.45 | | | | | | 3.68 | | | | | | 1.71 | | | | | | 0.29 | | | | | | 0.22 | | | | | | 0.47 | | | | | | 0.08 | | |
| | | UG2 | | | | | 3.81 | | | | | | 1.12 | | | | | | 6.67 | | | | | | 8.51 | | | | | | 3.98 | | | | | | 1.89 | | | | | | 0.77 | | | | | | 0.03 | | | | | | 1.26 | | | | | | 0.59 | | |
Total Indicated Sedibelo
Central UG |
| | | | | | | 4.24 | | | | | | | | | | | | 6.59 | | | | | | 8.58 | | | | | | 3.95 | | | | | | 1.87 | | | | | | 0.72 | | | | | | 0.05 | | | | | | 1.26 | | | | | | 0.58 | | |
| | |
6E prill
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 46% | | | | | | 22% | | | | | | 8% | | | | | | 1% | | | | | | 15% | | | | | | 7% | | |
Inferred Mineral Resource
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sedibelo Central UG
|
| | PUP | | | | | 1.14 | | | | | | 1.20 | | | | | | 7.03 | | | | | | 7.78 | | | | | | 4.52 | | | | | | 1.90 | | | | | | 0.40 | | | | | | 0.22 | | | | | | 0.64 | | | | | | 0.11 | | |
| | | UG2 | | | | | 7.92 | | | | | | 1.12 | | | | | | 6.47 | | | | | | 8.30 | | | | | | 3.97 | | | | | | 1.70 | | | | | | 0.76 | | | | | | 0.03 | | | | | | 1.25 | | | | | | 0.58 | | |
Total Inferred Sedibelo Central Crown
Pillar |
| | | | | | | 9.06 | | | | | | | | | | | | 6.54 | | | | | | 8.23 | | | | | | 4.04 | | | | | | 1.73 | | | | | | 0.72 | | | | | | 0.06 | | | | | | 1.17 | | | | | | 0.52 | | |
| | |
E prill
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 49% | | | | | | 21% | | | | | | 9% | | | | | | 1% | | | | | | 14% | | | | | | 6% | | |
Resource Area
|
| |
Reef
|
| |
Tonnage
(Mt) |
| |
Reef
Width (m) |
| |
Contained
4E (Moz) |
| |
Contained
6E (Moz) |
| |
Base Metal
Grade (%) Ni |
| |
Contained Base Metal
(t) |
| ||||||||||||||||||||||||||||||
|
Cu
|
| |
Ni
|
| |
Cu
|
| ||||||||||||||||||||||||||||||||||||||||||||
Indicated Mineral Resource | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sedibelo Central UG
|
| | PUP | | | | | 0.43 | | | | | | 1.22 | | | | | | 0.08 | | | | | | 0.09 | | | | | | 0.19 | | | | | | 0.08 | | | | | | 808 | | | | | | 343 | | |
| | | UG2 | | | | | 3.81 | | | | | | 1.12 | | | | | | 0.82 | | | | | | 1.04 | | | | | | 0.01 | | | | | | 0.00 | | | | | | 377 | | | | | | 92 | | |
Total Indicated Sedibelo Central UG
|
| | | | | | | 4.24 | | | | | | | | | | | | 0.90 | | | | | | 1.13 | | | | | | 0.03 | | | | | | 0.01 | | | | | | 1,185 | | | | | | 435 | | |
| | |
6E prill
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Inferred Mineral Resource | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sedibelo Central UG
|
| | PUP | | | | | 1.14 | | | | | | 1.20 | | | | | | 0.26 | | | | | | 0.29 | | | | | | 0.21 | | | | | | 0.08 | | | | | | 2,399 | | | | | | 939 | | |
| | | UG2 | | | | | 7.92 | | | | | | 1.12 | | | | | | 1.65 | | | | | | 2.11 | | | | | | 0.01 | | | | | | 0.00 | | | | | | 812 | | | | | | 161 | | |
Total Inferred Sedibelo Central Crown Pillar
|
| | | | | | | 9.06 | | | | | | | | | | | | 1.90 | | | | | | 2.40 | | | | | | 0.04 | | | | | | 0.01 | | | | | | 3,211 | | | | | | 1,100 | | |
Mineral Resources – Chromite
|
| |
Reef
|
| |
Reef Width
(m) |
| |
Tonnage
(Mt) |
| |
Cr2O3 Grade
(%) |
| |
Cr2O3 Content
(kt) |
| |||||||||||||||
Inferred Mineral Resources | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Central Underground
|
| | | | UG2 | | | | | | 1.14 | | | | | | 11.7 | | | | | | 26.5 | | | | | | 3,110 | | |
Total Inferred Mineral Resources
|
| | | | | | | | | | 1.14 | | | | | | 11.7 | | | | | | 26.5 | | | | | | 3,110 | | |
Resource Area
|
| |
Reef
|
| |
Tonnage
(Mt) |
| |
Reef
Width (m) |
| |
PGM Grade (g/t)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
|
4E
|
| |
6E
|
| |
Pt
|
| |
Pd
|
| |
Rh
|
| |
Au
|
| |
Ru
|
| |
Ir
|
| |||||||||||||||||||||||||||||||||||||||||
Measured Mineral Resources | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sedibelo East
|
| | UG2 | | | | | 0.29 | | | | | | 1.23 | | | | | | 5.76 | | | | | | 7.06 | | | | | | 3.45 | | | | | | 1.57 | | | | | | 0.69 | | | | | | 0.02 | | | | | | 1.06 | | | | | | 0.27 | | |
Magazynskraal
|
| | UG2 | | | | | 0.00 | | | | | | 1.38 | | | | | | 5.31 | | | | | | 6.55 | | | | | | 3.18 | | | | | | 1.47 | | | | | | 0.64 | | | | | | 0.02 | | | | | | 1.00 | | | | | | 0.24 | | |
Total Measured Mineral Resources
|
| | | | | | | 0.29 | | | | | | 1.23 | | | | | | 5.76 | | | | | | 7.06 | | | | | | 3.45 | | | | | | 1.57 | | | | | | 0.69 | | | | | | 0.02 | | | | | | 1.06 | | | | | | 0.27 | | |
| | | 6E prill | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 48.9% | | | | | | 22.3% | | | | | | 9.8% | | | | | | 0.3% | | | | | | 14.9% | | | | | | 3.8% | | |
Indicated Mineral Resources | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sedibelo East
|
| | MR PUP | | | | | 2.25 | | | | | | 1.17 | | | | | | 5.35 | | | | | | 5.85 | | | | | | 3.25 | | | | | | 1.62 | | | | | | 0.25 | | | | | | 0.23 | | | | | | 0.41 | | | | | | 0.09 | | |
| | |
MR Contact
|
| | | | 6.46 | | | | | | 1.18 | | | | | | 2.33 | | | | | | 2.67 | | | | | | 1.47 | | | | | | 0.61 | | | | | | 0.13 | | | | | | 0.11 | | | | | | 0.23 | | | | | | 0.11 | | |
| | | UPR | | | | | 8.54 | | | | | | 1.16 | | | | | | 2.25 | | | | | | 2.55 | | | | | | 1.38 | | | | | | 0.73 | | | | | | 0.11 | | | | | | 0.09 | | | | | | 0.18 | | | | | | 0.05 | | |
| | | UG2 | | | | | 6.47 | | | | | | 1.39 | | | | | | 5.48 | | | | | | 6.70 | | | | | | 3.27 | | | | | | 1.52 | | | | | | 0.64 | | | | | | 0.02 | | | | | | 0.99 | | | | | | 0.25 | | |
Magazynskraal
|
| | MR PUP | | | | | 1.41 | | | | | | 1.18 | | | | | | 5.94 | | | | | | 6.56 | | | | | | 3.78 | | | | | | 1.65 | | | | | | 0.32 | | | | | | 0.19 | | | | | | 0.52 | | | | | | 0.10 | | |
| | |
MR Contact
|
| | | | 3.08 | | | | | | 1.17 | | | | | | 4.71 | | | | | | 5.22 | | | | | | 3.23 | | | | | | 1.10 | | | | | | 0.23 | | | | | | 0.15 | | | | | | 0.39 | | | | | | 0.13 | | |
| | | UPR | | | | | 5.55 | | | | | | 1.18 | | | | | | 2.18 | | | | | | 2.40 | | | | | | 1.29 | | | | | | 0.68 | | | | | | 0.12 | | | | | | 0.08 | | | | | | 0.18 | | | | | | 0.04 | | |
| | | UG2 | | | | | 8.90 | | | | | | 1.51 | | | | | | 4.61 | | | | | | 5.70 | | | | | | 2.80 | | | | | | 1.25 | | | | | | 0.54 | | | | | | 0.02 | | | | | | 0.87 | | | | | | 0.21 | | |
Total Indicated Mineral Resources
|
| | | | | | | 42.66 | | | | | | 1.28 | | | | | | 3.70 | | | | | | 4.33 | | | | | | 2.28 | | | | | | 1.04 | | | | | | 0.31 | | | | | | 0.08 | | | | | | 0.49 | | | | | | 0.13 | | |
| | | 6E prill | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 52.6% | | | | | | 24.0% | | | | | | 7.1% | | | | | | 1.9% | | | | | | 11.4% | | | | | | 3.0% | | |
Inferred Mineral Resources | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sedibelo East
|
| | MR PUP | | | | | 0.87 | | | | | | 1.24 | | | | | | 4.60 | | | | | | 5.06 | | | | | | 2.78 | | | | | | 1.39 | | | | | | 0.24 | | | | | | 0.19 | | | | | | 0.39 | | | | | | 0.08 | | |
| | |
MR Contact
|
| | | | 3.64 | | | | | | 1.12 | | | | | | 2.41 | | | | | | 2.81 | | | | | | 1.59 | | | | | | 0.58 | | | | | | 0.14 | | | | | | 0.09 | | | | | | 0.24 | | | | | | 0.17 | | |
| | | UPR | | | | | 3.93 | | | | | | 1.15 | | | | | | 2.26 | | | | | | 2.55 | | | | | | 1.35 | | | | | | 0.71 | | | | | | 0.12 | | | | | | 0.09 | | | | | | 0.18 | | | | | | 0.10 | | |
| | | UG2 | | | | | 9.36 | | | | | | 1.37 | | | | | | 5.23 | | | | | | 6.37 | | | | | | 3.15 | | | | | | 1.44 | | | | | | 0.60 | | | | | | 0.02 | | | | | | 0.93 | | | | | | 0.23 | | |
Magazynskraal)
|
| | MR PUP | | | | | 18.44 | | | | | | 1.16 | | | | | | 6.69 | | | | | | 7.35 | | | | | | 4.30 | | | | | | 1.82 | | | | | | 0.34 | | | | | | 0.23 | | | | | | 0.56 | | | | | | 0.10 | | |
| | |
MR Contact
|
| | | | 7.77 | | | | | | 1.18 | | | | | | 2.99 | | | | | | 3.35 | | | | | | 2.02 | | | | | | 0.71 | | | | | | 0.15 | | | | | | 0.09 | | | | | | 0.26 | | | | | | 0.10 | | |
Resource Area
|
| |
Reef
|
| |
Tonnage
(Mt) |
| |
Reef
Width (m) |
| |
PGM Grade (g/t)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
|
4E
|
| |
6E
|
| |
Pt
|
| |
Pd
|
| |
Rh
|
| |
Au
|
| |
Ru
|
| |
Ir
|
| |||||||||||||||||||||||||||||||||||||||||
| | | UPR | | | | | 6.83 | | | | | | 1.18 | | | | | | 1.65 | | | | | | 1.86 | | | | | | 0.97 | | | | | | 0.54 | | | | | | 0.09 | | | | | | 0.06 | | | | | | 0.13 | | | | | | 0.07 | | |
| | | UG2 | | | | | 46.08 | | | | | | 1.42 | | | | | | 4.69 | | | | | | 5.76 | | | | | | 2.84 | | | | | | 1.30 | | | | | | 0.53 | | | | | | 0.02 | | | | | | 0.86 | | | | | | 0.21 | | |
Total Inferred Mineral Resources
|
| | | | | | | 96.94 | | | | | | 1.31 | | | | | | 4.59 | | | | | | 5.41 | | | | | | 2.84 | | | | | | 1.26 | | | | | | 0.41 | | | | | | 0.08 | | | | | | 0.66 | | | | | | 0.17 | | |
| | | 6E prill | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 52.5% | | | | | | 23.3% | | | | | | 7.5% | | | | | | 1.4% | | | | | | 12.2% | | | | | | 3.1% | | |
|
Resource Area
|
| |
Reef
|
| |
Tonnage
(Mt) |
| |
Reef
Width (m) |
| |
Contained
4E (Moz) |
| |
Contained 6E
(Moz) |
| |
Base Metal Grade
(%) |
| |
Contained Base
Metal (t) |
| ||||||||||||||||||||||||||||||
|
Ni
|
| |
Cu
|
| |
Ni
|
| |
Cu
|
| |||||||||||||||||||||||||||||||||||||||||
Measured Mineral Resources | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sedibelo East
|
| | UG2 | | | | | 0.29 | | | | | | 1.23 | | | | | | 0.05 | | | | | | 0.07 | | | | | | 0.02 | | | | | | 0.00 | | | | | | 53 | | | | | | 13 | | |
Magazynskraal
|
| | UG2 | | | | | 0.00 | | | | | | 1.38 | | | | | | 0.00 | | | | | | 0.00 | | | | | | 0.02 | | | | | | 0.00 | | | | | | 0 | | | | | | 0 | | |
Total Measured Mineral
Resources |
| | | | | | | 0.29 | | | | | | 1.23 | | | | | | 0.05 | | | | | | 0.07 | | | | | | 0.02 | | | | | | 0.00 | | | | | | 53 | | | | | | 13 | | |
Indicated Mineral Resources | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sedibelo East
|
| | MR PUP | | | | | 2.25 | | | | | | 1.17 | | | | | | 0.39 | | | | | | 0.42 | | | | | | 0.19 | | | | | | 0.07 | | | | | | 4249 | | | | | | 1,679 | | |
| | |
MR Contact
|
| | | | 6.46 | | | | | | 1.18 | | | | | | 0.48 | | | | | | 0.42 | | | | | | 0.07 | | | | | | 0.04 | | | | | | 4744 | | | | | | 2,657 | | |
| | | UPR | | | | | 8.54 | | | | | | 1.16 | | | | | | 0.62 | | | | | | 0.70 | | | | | | 0.14 | | | | | | 0.03 | | | | | | 12,046 | | | | | | 2,287 | | |
| | | UG2 | | | | | 6.47 | | | | | | 1.39 | | | | | | 1.14 | | | | | | 1.39 | | | | | | 0.02 | | | | | | 0.00 | | | | | | 1013 | | | | | | 220 | | |
Magazynskraal
|
| | MR PUP | | | | | 1.41 | | | | | | 1.18 | | | | | | 0.27 | | | | | | 0.30 | | | | | | 0.21 | | | | | | 0.08 | | | | | | 3,021 | | | | | | 1,130 | | |
| | |
MR Contact
|
| | | | 3.08 | | | | | | 1.17 | | | | | | 0.47 | | | | | | 0.52 | | | | | | 0.10 | | | | | | 0.05 | | | | | | 2,969 | | | | | | 1,653 | | |
| | | UPR | | | | | 5.55 | | | | | | 1.18 | | | | | | 0.39 | | | | | | 0.43 | | | | | | 0.16 | | | | | | 0.03 | | | | | | 8,768 | | | | | | 1,503 | | |
| | | UG2 | | | | | 8.90 | | | | | | 1.51 | | | | | | 1.32 | | | | | | 1.63 | | | | | | 0.01 | | | | | | 0.00 | | | | | | 1,208 | | | | | | 307 | | |
Total Indicated Mineral
Resources |
| | | | | | | 42.66 | | | | | | 1.28 | | | | | | 5.07 | | | | | | 5.81 | | | | | | 0.09 | | | | | | 0.03 | | | | | | 38,018 | | | | |
|
11,436
|
| |
Inferred Mineral Resources | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sedibelo East
|
| | MR PUP | | | | | 0.87 | | | | | | 1.24 | | | | | | 0.13 | | | | | | 0.14 | | | | | | 0.18 | | | | | | 0.07 | | | | | | 1,560 | | | | | | 596 | | |
| | |
MR Contact
|
| | | | 3.64 | | | | | | 1.12 | | | | | | 0.28 | | | | | | 0.33 | | | | | | 0.07 | | | | | | 0.04 | | | | | | 2,669 | | | | | | 1,465 | | |
| | | UPR | | | | | 3.93 | | | | | | 1.15 | | | | | | 0.29 | | | | | | 0.32 | | | | | | 0.15 | | | | | | 0.03 | | | | | | 5,785 | | | | | | 1,051 | | |
| | | UG2 | | | | | 9.36 | | | | | | 1.37 | | | | | | 1.57 | | | | | | 1.92 | | | | | | 0.02 | | | | | | 0.00 | | | | | | 1,482 | | | | | | 351 | | |
Magazynskraal)
|
| | MR PUP | | | | | 18.44 | | | | | | 1.16 | | | | | | 3.96 | | | | | | 4.36 | | | | | | 0.23 | | | | | | 0.08 | | | | | | 41,754 | | | | | | 14,233 | | |
| | |
MR Contact
|
| | | | 7.77 | | | | | | 1.18 | | | | | | 0.75 | | | | | | 0.84 | | | | | | 0.10 | | | | | | 0.05 | | | | | | 7,411 | | | | | | 3,633 | | |
| | | UPR | | | | | 6.83 | | | | | | 1.18 | | | | | | 0.36 | | | | | | 0.41 | | | | | | 0.15 | | | | | | 0.02 | | | | | | 10,303 | | | | | | 1,350 | | |
| | | UG2 | | | | | 46.08 | | | | | | 1.42 | | | | | | 6.95 | | | | | | 8.54 | | | | | | 0.02 | | | | | | 0.00 | | | | | | 7,012 | | | | | | 1,715 | | |
Total Inferred Mineral
Resources |
| | | | | |
|
96.94
|
| | | |
|
1.31
|
| | | |
|
14.29
|
| | | |
|
16.85
|
| | | | | 0.08 | | | | |
|
0.03
|
| | | |
|
77,976
|
| | | | | 24,392 | | |
Mineral Resources – Chromite
|
| |
Reef
|
| |
Reef Width
(cm) |
| |
Tonnage
(Mt) |
| |
Cr3O8 grade
(%) |
| |
Contained Cr2O3
(kt) |
| |||||||||||||||
Indicated Mineral Resources | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Magazynskraal
|
| | | | UG2 | | | | | | 150 | | | | | | 23.6 | | | | | | 29.4 | | | | | | 6,944 | | |
Total Indicated Mineral Resources
|
| | | | | | | | | | | | | | | | 23.6 | | | | | | 29.4 | | | | | | 6,944 | | |
Inferred Mineral Resources
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Magazynskraal
|
| | | | UG2 | | | | | | | | | | | | 31.4 | | | | | | 29.4 | | | | | | 9,231 | | |
Sedibelo East
|
| | | | UG2 | | | | | | | | | | | | 16.1 | | | | | | 29.4 | | | | | | 4,744 | | |
Total Inferred Mineral Resources
|
| | | | | | | | | | | | | | | | 47.5 | | | | | | 29.4 | | | | | | 13,974 | | |
Item
|
| |
Units
|
| |
Project
capital |
| |
Capitalized
Opex |
| |
Total
Capex |
| |||||||||
Exploration
|
| |
(ZARm)
|
| | | | 118 | | | | | | — | | | | | | 118 | | |
Pre-implementation
|
| |
(ZARm)
|
| | | | 295 | | | | | | — | | | | | | 295 | | |
Mining
|
| |
(ZARm)
|
| | | | 1,555 | | | | | | 9,239 | | | | | | 10,795 | | |
Surface Infrastructure
|
| |
(ZARm)
|
| | | | 1,955 | | | | | | — | | | | | | 1,955 | | |
Surface services, water, power, access
|
| |
(ZARm)
|
| | | | 640 | | | | | | — | | | | | | 640 | | |
Metallurgical processing
|
| |
(ZARm)
|
| | | | 1,467 | | | | | | 527 | | | | | | 1,993 | | |
Contingency
|
| |
(ZARm)
|
| | | | 604 | | | | | | 488 | | | | | | 1,093 | | |
Total Capital including Contingency
|
| |
(ZARm)
|
| | | | 6,635 | | | | | | 10,254 | | | | | | 16,889 | | |
West Pit Capital Requirements
|
| |
Units
|
| |
Total
|
| |
2022
|
| ||||||
Exploration
|
| |
(ZARm)
|
| | | | 2.3 | | | | | | 2.3 | | |
Pre-Implementation
|
| |
(ZARm)
|
| | | | — | | | | | | — | | |
Mining
|
| |
(ZARm)
|
| | | | 46.2 | | | | | | 46.2 | | |
Surface Infrastructure
|
| |
(ZARm)
|
| | | | 8.0 | | | | | | 8.0 | | |
Services (Surface Infrastructure)
|
| |
(ZARm)
|
| | | | 5.0 | | | | | | 5.0 | | |
Metallurgical Processing
|
| |
(ZARm)
|
| | | | — | | | | | | — | | |
Contingency
|
| |
(ZARm)
|
| | | | 6.1 | | | | | | 6.1 | | |
Total West Pit
|
| |
(ZARm)
|
| | | | 67.6 | | | | | | 67.6 | | |
East Pit Capital Requirements
|
| |
Units
|
| |
Total
|
| |
2022
|
| |
2023
|
| |
2024
|
| |
2025
|
| |
2026
|
| |
2027
|
| |
2028
|
| |
2029
|
| |||||||||||||||||||||||||||
Exploration
|
| |
(ZARm)
|
| | | | 2.3 | | | | | | 2.3 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Pre-Implementation
|
| |
(ZARm)
|
| | | | 29.9 | | | | | | 24.9 | | | | | | 0.7 | | | | | | 0.7 | | | | | | 0.7 | | | | | | 0.7 | | | | | | 0,7 | | | | | | 0.7 | | | | | | 0.7 | | |
Mining
|
| |
(ZARm)
|
| | | | 97.4 | | | | | | 97.4 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Surface Infrastructure
|
| |
(ZARm)
|
| | | | 46.2 | | | | | | 46.2 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Services (Surface Infrastructure)
|
| |
(ZARm)
|
| | | | 71.8 | | | | | | 71.8 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Metallurgical Processing
|
| |
(ZARm)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Contingency
|
| |
(ZARm)
|
| | | | 24.8 | | | | | | 24.2 | | | | | | 0.1 | | | | | | 0.1 | | | | | | 0.1 | | | | | | 0.1 | | | | | | 0.1 | | | | | | 0.1 | | | | | | 0.1 | | |
Total East Pit
|
| |
(ZARm)
|
| | | | 272.3 | | | | | | 266.7 | | | | | | 0.8 | | | | | | 0.8 | | | | | | 0.8 | | | | | | 0.8 | | | | | | 0.8 | | | | | | 0.8 | | | | | | 0.8 | | |
Underground Operations
(including Kell Processing Plant) |
| |
Units
|
| |
Total
|
| |
2022
|
| |
2023
|
| |
2024
|
| |
2025
|
| |
2026
|
| |
2027
|
| |
2028
|
| |
2029
|
| |
2030
|
| ||||||||||||||||||||||||||||||
Exploration
|
| |
(ZARm)
|
| | | | 113.7 | | | | | | 21.1 | | | | | | 36.6 | | | | | | 14.2 | | | | | | 22.6 | | | | | | 19.2 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Pre-Implementation
|
| |
(ZARm)
|
| | | | 265.0 | | | | | | 82.9 | | | | | | 31.2 | | | | | | 25.4 | | | | | | 25.1 | | | | | | 25.1 | | | | | | 25.1 | | | | | | 25.1 | | | | | | 25.1 | | | | | | 0.0 | | |
Mining
|
| |
(ZARm)
|
| | | | 10,651.0 | | | | | | 441.1 | | | | | | 324.0 | | | | | | 979.0 | | | | | | 1,083.0 | | | | | | 1,347.8 | | | | | | 2,017.5 | | | | | | 1,860.9 | | | | | | 2,165.6 | | | | | | 432.1 | | |
Surface Infrastructure
|
| |
(ZARm)
|
| | | | 1,901.0 | | | | | | 291.7 | | | | | | 154.8 | | | | | | 98.4 | | | | | | 98.1 | | | | | | 167.9 | | | | | | 169.0 | | | | | | 297.6 | | | | | | 569.1 | | | | | | 54.4 | | |
Services (Surface
Infrastructure) |
| |
(ZARm)
|
| | | | 563.5 | | | | | | 114.8 | | | | | | 228.0 | | | | | | 23.7 | | | | | | 19.1 | | | | | | 99.2 | | | | | | 71.7 | | | | | | 3.4 | | | | | | 3.1 | | | | | | 0.5 | | |
Metallurgical Processing
|
| |
(ZARm)
|
| | | | 1,993.4 | | | | | | 603.0 | | | | | | 89.5 | | | | | | 0.1 | | | | | | 2.0 | | | | | | 15.7 | | | | | | 242.6 | | | | | | 686.6 | | | | | | 283.2 | | | | | | 70.7 | | |
Contingency
|
| |
(ZARm)
|
| | | | 1,061.7 | | | | | | 123.7 | | | | | | 63.1 | | | | | | 65.8 | | | | | | 76.5 | | | | | | 101.2 | | | | | | 174.5 | | | | | | 251.4 | | | | | | 175.8 | | | | | | 29.7 | | |
Total Underground Operations
|
| |
(ZARm)
|
| | | | 16,549.3 | | | | | | 1,678.2 | | | | | | 927.2 | | | | | | 1,206.5 | | | | | | 1,326.5 | | | | | | 1,776.0 | | | | | | 2,700.5 | | | | | | 3,125.0 | | | | | | 3,222.0 | | | | | | 587.4 | | |
Item
|
| |
Units
|
| |
Open Pits
(Year 2025) |
| |
Underground
(Year 2031) |
| ||||||
RoM ore mined
|
| | (Mt) | | | | | 5.59 | | | | | | 1.99 | | |
Mining Opex
|
| |
(ZAR/t RoM)
|
| | | | 370 | | | | | | 950 | | |
Processing Opex
|
| |
(ZAR/t RoM)
|
| | | | 182 | | | | | | 397 | | |
G&A Opex
|
| |
(ZAR/t RoM)
|
| | | | 114 | | | | | | 377 | | |
SIB Opex
|
| |
(ZAR/t RoM)
|
| | | | 21 | | | | | | 99 | | |
Smelting and Refining Opex
|
| |
(ZAR/t RoM)
|
| | | | 3 | | | | | | 19 | | |
Kell Opex (including net royalties)
|
| |
(ZAR/t RoM)
|
| | | | 29 | | | | | | 95 | | |
Total | | |
(ZAR/t RoM)
|
| | | | 720 | | | | | | 1,936 | | |
Item
|
| |
Units
|
| |
CRU (2021)
|
| |
Alternative Price Decks
|
| ||||||||||||
|
Three-year
trailing average |
| |
Spot
(December 31, 2021) |
| |||||||||||||||||
NPV | | | | | | | | | | | | | | | | | | | | | | |
8%
|
| | (ZARm) | | | | | 30,945 | | | | | | 18,481 | | | | | | 27,610 | | |
8.4% (WACC lower limit)
|
| | (ZARm) | | | | | 29,830 | | | | | | 17,348 | | | | | | 26,142 | | |
9.0% (WACC)
|
| | (ZARm) | | | | | 28,276 | | | | | | 15,778 | | | | | | 24,109 | | |
10.7% (WACC upper limit)
|
| | (ZARm) | | | | | 24,540 | | | | | | 12,048 | | | | | | 19,268 | | |
11%
|
| | (ZARm) | | | | | 23,968 | | | | | | 11,483 | | | | | | 18,534 | | |
12%
|
| | (ZARm) | | | | | 22,220 | | | | | | 9,772 | | | | | | 16,305 | | |
Item
|
| |
Units
|
| |
CRU (2021)
|
| |
Alternative Price Decks
|
| ||||||||||||
|
Three-year
trailing average |
| |
Spot
(December 31, 2021) |
| |||||||||||||||||
Other Financial Indicators | | | | | | | | | | | | | | | | | | | | | | |
Operating margin
|
| | (%) | | | | | 57% | | | | | | 54% | | | | | | 60% | | |
IRR
|
| | (%) | | | | | N/A | | | | | | 25% | | | | | | 39% | | |
Total capex
|
| |
(ZARm)
|
| | | | 16,889 | | | | | | 16,791 | | | | | | 16,889 | | |
SIB capex (in opex)
|
| |
(ZARm)
|
| | | | 4,978 | | | | | | 4,978 | | | | | | 4,978 | | |
Peak funding
|
| |
(ZARm)
|
| | | | N/A | | | | | | (6,685) | | | | | | (3,343) | | |
Payback period
|
| | (years) | | | | | — | | | | | | 8 | | | | | | 7 | | |
Av. unit cost (incl Royalty)
|
| |
(ZAR/t RoM)
|
| | | | 436 | | | | | | 436 | | | | | | 436 | | |
(Open Pit – average 2022-2025)
|
| |
(ZAR/4E oz)
|
| | | | 29,046 | | | | | | 29,046 | | | | | | 29,046 | | |
Av. unit cost (incl Royalty)
|
| |
(ZAR/t RoM)
|
| | | | 840 | | | | | | 840 | | | | | | 840 | | |
(U/G – average 2032-2040)
|
| |
(ZAR/4E oz)
|
| | | | 12,495 | | | | | | 12,534 | | | | | | 12,694 | | |
|
| |
Projection: TM (WGS System)
Ellipsoid: WGS 1984 LO 29 East |
| | ||||||||||||
| |
WGS29 Co-ordinates
|
| | |
Geographical Co-ordinates
|
| | ||||||||
| |
Y
|
| | |
X
|
| | |
Latitude
|
| | |
Longitude
|
| |
| |
-59 768.0320
|
| | |
+2 693 880.1968
|
| | |
24º20’50.21”S
|
| | |
29º35’20.31”E
|
| |
Mineral Rights and Properties
|
| |
Minerals
Included in NOMR/NOPR |
| |
Holder of
Mineral Rights |
| |
Interest
Held |
| |
Status
|
| |
License
Expiration Date |
| |
License
Area (ha) |
| |
Comments
|
|
NOMR
LP30/5/1/2/2/87MR awarded: The farm Locatie van M’Phatlele 457KS |
| |
PGMs, Au. Ag, Cu, Ni Cr excluded
|
| |
Tameng
|
| |
75%
|
| |
Development
|
| |
02/2038
|
| |
11,725.0951
|
| |
NOMR not yet executed. Plan to execute during Q2 or Q3-2022
SURFACE RIGHTS:
Surface is state-owned land. |
|
Property
|
| |
Total
|
| |
2023
|
| |
2024
|
| |||||||||
Portals A and B Decline Project
|
| | | | 66.5 | | | | | | 27.8 | | | | | | 38.7 | | |
Property
|
| |
Total
|
| |
2025
|
| |
2026
|
| |
2027
|
| |
2028
|
| |
2029
|
| |
2031
|
| |
2034
|
| |
2035
|
| |
2036
|
| |
2037
|
| |
2038
|
| |
2039
|
| |||||||||||||||||||||||||||||||||||||||
Mphahlele Deeps
|
| | | | 247.8 | | | | | | 39.2 | | | | | | 39.2 | | | | | | 39.2 | | | | | | 58.6 | | | | | | 44.5 | | | | | | 27.1 | | | | | | 3.8 | | | | | | 23.3 | | | | | | 26.0 | | | | | | 25.5 | | | | | | 22.8 | | | | | | 19.0 | | |
Area
|
| |
Reef
|
| |
Tonnage
(Mt) |
| |
PGM Grade (g/t)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
|
4E
|
| |
6E
|
| |
Pt
|
| |
Pd
|
| |
Rh
|
| |
Ru
|
| |
Ir
|
| |
Au
|
| ||||||||||||||||||||||||||||||||||||||
Probable Mineral Reserves | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mphahlele
|
| | | | UG2 | | | | | | 22.7 | | | | | | 3.63 | | | | | | 4.36 | | | | | | 1.85 | | | | | | 1.39 | | | | | | 0.32 | | | | | | 0.59 | | | | | | 0.13 | | | | | | 0.07 | | |
Total Mphahlele
|
| | | | | | | | | | 22.7 | | | | | | 3.63 | | | | | | 4.36 | | | | | | 1.85 | | | | | | 1.39 | | | | | | 0.32 | | | | | | 0.59 | | | | | | 0.13 | | | | | | 0.07 | | |
Area
|
| |
Reef
|
| |
Tonnage
(Mt) |
| |
Contained PGM
|
| |
Base Metal Grade (%)
|
| |
Contained
Base Metal (kt) |
| |||||||||||||||||||||||||||||||||
|
(4E Moz)
|
| |
(6E Moz)
|
| |
Ni
|
| |
Cu
|
| |
Ni
|
| |
Cu
|
| ||||||||||||||||||||||||||||||||
Probable Mineral Reserves | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mphahlele
|
| | | | UG2 | | | | | | 22.7 | | | | | | 2.66 | | | | | | 3.18 | | | | | | 0.088% | | | | | | 0.050% | | | | | | 20.0 | | | | | | 11.4 | | |
Total Mphahlele
|
| | | | | | | | | | 22.7 | | | | | | 2.66 | | | | | | 3.18 | | | | | | 0.088% | | | | | | 0.050% | | | | | | 20.0 | | | | | | 11.4 | | |
| | |
Reef
|
| |
Tonnage
(Mt) |
| |
Reef
Width (m) |
| |
PGM Grade (g/t)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
|
4E
|
| |
6E
|
| |
Pt
|
| |
Pd
|
| |
Rh
|
| |
Au
|
| |
Ir
|
| |
Ru
|
| |||||||||||||||||||||||||||||||||||||||||
Measured Mineral Resources | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
| | | Merensky | | | | | 0.6 | | | | | | 1.20 | | | | | | 3.00 | | | | | | 3.80 | | | | | | 1.65 | | | | | | 0.99 | | | | | | 0.08 | | | | | | 0.30 | | | | | | 0.12 | | | | | | 0.68 | | |
| | | UG2 | | | | | 0.3 | | | | | | 1.12 | | | | | | 5.12 | | | | | | 6.14 | | | | | | 2.62 | | | | | | 1.96 | | | | | | 0.43 | | | | | | 0.10 | | | | | | 0.18 | | | | | | 0.84 | | |
Total Measured Mineral Resources
|
| | | | | | | 0.9 | | | | | | | | | | | | 3.61 | | | | | | 4.47 | | | | | | 1.92 | | | | | | 1.27 | | | | | | 0.18 | | | | | | 0.24 | | | | | | 0.14 | | | | | | 0.73 | | |
| | | 6E prill | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 43.01% | | | | | | 28.31% | | | | | | 4.00% | | | | | | 5.38% | | | | | | 3.06% | | | | | | 16.25% | | |
Indicated Mineral Resources | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
| | | Merensky | | | | | 12.1 | | | | | | 1.36 | | | | | | 3.00 | | | | | | 3.75 | | | | | | 1.65 | | | | | | 0.99 | | | | | | 0.08 | | | | | | 0.28 | | | | | | 0.11 | | | | | | 0.64 | | |
| | | UG2 | | | | | 3.2 | | | | | | 1.37 | | | | | | 5.06 | | | | | | 6.06 | | | | | | 2.57 | | | | | | 1.95 | | | | | | 0.44 | | | | | | 0.10 | | | | | | 0.18 | | | | | | 0.82 | | |
Total Indicated Mineral Resources
|
| | | | | | | 15.3 | | | | | | | | | | | | 3.43 | | | | | | 4.23 | | | | | | 1.84 | | | | | | 1.19 | | | | | | 0.15 | | | | | | 0.24 | | | | | | 0.13 | | | | | | 0.68 | | |
| | | 6E prill | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 43.53% | | | | | | 28.13% | | | | | | 3.60% | | | | | | 5.70% | | | | | | 2.96% | | | | | | 16.06% | | |
Inferred Mineral Resources | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
| | | Merensky | | | | | 23.3 | | | | | | 1.46 | | | | | | 3.12 | | | | | | 3.91 | | | | | | 1.71 | | | | | | 1.04 | | | | | | 0.08 | | | | | | 0.29 | | | | | | 0.12 | | | | | | 0.67 | | |
| | | UG2 | | | | | 25.6 | | | | | | 1.28 | | | | | | 5.11 | | | | | | 6.12 | | | | | | 2.59 | | | | | | 1.98 | | | | | | 0.44 | | | | | | 0.10 | | | | | | 0.18 | | | | | | 0.83 | | |
Total Inferred Mineral Resources
|
| | | | | | | 48.9 | | | | | | | | | | | | 4.16 | | | | | | 5.06 | | | | | | 2.17 | | | | | | 1.53 | | | | | | 0.27 | | | | | | 0.19 | | | | | | 0.15 | | | | | | 0.75 | | |
| | | 6E prill | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 42.82% | | | | | | 30.28% | | | | | | 5.31% | | | | | | 3.76% | | | | | | 2.97% | | | | | | 14.87% | | |
Total Resources
|
| | | | | | | 65.0 | | | | | | 1.36 | | | | | | 3.98 | | | | | | 4.86 | | | | | | 2.09 | | | | | | 1.45 | | | | | | 0.24 | | | | | | 0.20 | | | | | | 0.14 | | | | | | 0.74 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 42.94% | | | | | | 29.83% | | | | | | 4.96% | | | | | | 4.17% | | | | | | 2.97% | | | | | | 15.14% | | |
| | |
Reef
|
| |
Tonnage
(Mt) |
| |
Reef
Width (m) |
| |
Contained PGM
(Moz) |
| |
Base Metal Grade
(%) |
| |
Contained Base Metal
(t) |
| |||||||||||||||||||||||||||||||||
|
4E
|
| |
6E
|
| |
Ni
|
| |
Cu
|
| |
Ni
|
| |
Cu
|
| |||||||||||||||||||||||||||||||||||
Measured Mineral Resources | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
| | | Merensky | | | | | 0.6 | | | | | | 1.20 | | | | | | 0.06 | | | | | | 0.08 | | | | | | 0.21 | | | | | | 0.12 | | | | | | 1,280 | | | | | | 763 | | |
| | | UG2 | | | | | 0.3 | | | | | | 1.12 | | | | | | 0.04 | | | | | | 0.05 | | | | | | 0.12 | | | | | | 0.08 | | | | | | 298 | | | | | | 198 | | |
Total Measured Mineral Resources
|
| | | | | | | 0.9 | | | | | | | | | | | | 0.10 | | | | | | 0.13 | | | | | | 0.18 | | | | | | 0.11 | | | | | | 1,579 | | | | | | 961 | | |
| | | 6E prill | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Indicated Mineral Resources | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
| | | Merensky | | | | | 12.1 | | | | | | 1.36 | | | | | | 1.17 | | | | | | 1.46 | | | | | | 0.20 | | | | | | 0.12 | | | | | | 23,851 | | | | | | 14,218 | | |
| | | UG2 | | | | | 3.2 | | | | | | 1.37 | | | | | | 0.51 | | | | | | 0.62 | | | | | | 0.12 | | | | | | 0.07 | | | | | | 3,829 | | | | | | 2,270 | | |
Total Indicated Mineral Resources
|
| | | | | | | 15.3 | | | | | | | | | | | | 1.68 | | | | | | 2.08 | | | | | | 0.18 | | | | | | 0.11 | | | | | | 27,680 | | | | | | 16,488 | | |
| | | 6E prill | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Inferred Mineral Resources | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
| | | Merensky | | | | | 23.3 | | | | | | 1.46 | | | | | | 2.33 | | | | | | 2.92 | | | | | | 0.20 | | | | | | 0.12 | | | | | | 46,164 | | | | | | 27,681 | | |
| | | UG2 | | | | | 25.6 | | | | | | 1.28 | | | | | | 4.20 | | | | | | 5.04 | | | | | | 0.12 | | | | | | 0.07 | | | | | | 29,926 | | | | | | 18,883 | | |
Total Inferred Mineral Resources
|
| | | | | | | 48.9 | | | | | | | | | | | | 6.54 | | | | | | 7.96 | | | | | | 0.16 | | | | | | 0.10 | | | | | | 76,090 | | | | | | 46,564 | | |
| | | 6E prill | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Resources
|
| | | | | | | 65.0 | | | | | | 1.36 | | | | | | 8.32 | | | | | | 10.16 | | | | | | 0.16 | | | | | | 0.10 | | | | | | 105,349 | | | | | | 64,012 | | |
Item
|
| |
Units
|
| |
Total
|
| ||||||
Exploration
|
| | | | (ZARm) | | | | | | 66 | | |
Pre-implementation
|
| | | | (ZARm) | | | | | | 265 | | |
Mining
|
| | | | (ZARm) | | | | | | 5,448 | | |
Surface infrastructure
|
| | | | (ZARm) | | | | | | 759 | | |
Services (surface infrastructure)
|
| | | | (ZARm) | | | | | | 545 | | |
Metallurgical processing
|
| | | | (ZARm) | | | | | | 2,872 | | |
Contingency
|
| | | | (ZARm) | | | | | | 968 | | |
Mphahlele Total Capital
|
| | | | (ZARm) | | | | | | 10,923 | | |
Item
|
| |
Units
|
| |
Total
|
| |
2022
|
| |
2023
|
| |
2024
|
| |
2025
|
| |
2026
|
| |
2027
|
| |
2028
|
| ||||||||||||||||||||||||
Exploration
|
| |
(ZARm)
|
| | | | 66 | | | | | | — | | | | | | 28 | | | | | | 39 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Pre Implementation
|
| |
(ZARm)
|
| | | | 265 | | | | | | 9 | | | | | | 47 | | | | | | 83 | | | | | | 40 | | | | | | 41 | | | | | | 40 | | | | | | 7 | | |
Mining
|
| |
(ZARm)
|
| | | | 5,448 | | | | | | — | | | | | | — | | | | | | 541 | | | | | | 753 | | | | | | 1,255 | | | | | | 1,614 | | | | | | 1,284 | | |
Surface Infrastructure
|
| |
(ZARm)
|
| | | | 759 | | | | | | — | | | | | | 5 | | | | | | 153 | | | | | | 415 | | | | | | 117 | | | | | | 48 | | | | | | 21 | | |
Surface services, water, power etc.
|
| |
(ZARm)
|
| | | | 545 | | | | | | — | | | | | | 29 | | | | | | 213 | | | | | | 151 | | | | | | 43 | | | | | | 67 | | | | | | 41 | | |
Metallurgical Processing
|
| |
(ZARm)
|
| | | | 2,872 | | | | | | — | | | | | | — | | | | | | 666 | | | | | | 1,421 | | | | | | 232 | | | | | | 282 | | | | | | 271 | | |
Contingency
|
| |
(ZARm)
|
| | | | 968 | | | | | | 1 | | | | | | 11 | | | | | | 233 | | | | | | 418 | | | | | | 103 | | | | | | 114 | | | | | | 89 | | |
Total Capital
|
| |
(ZARm)
|
| | | | 10,923 | | | | | | 9 | | | | | | 120 | | | | | | 1,928 | | | | | | 3,198 | | | | | | 1,791 | | | | | | 2,165 | | | | | | 1,713 | | |
Item
|
| |
Units
|
| |
Underground
(Year 2031) |
| |||
RoM ore mined
|
| | (Mt) | | | | | 1.59 | | |
Mining Opex
|
| |
(ZAR/t RoM)
|
| | | | 798 | | |
Processing Opex
|
| |
(ZAR/t RoM)
|
| | | | 235 | | |
G&A Opex
|
| |
(ZAR/t RoM)
|
| | | | 236 | | |
SIB Opex
|
| |
(ZAR/t RoM)
|
| | | | 54 | | |
Smelting and Refining Opex
|
| |
(ZAR/t RoM)
|
| | | | 89 | | |
Total | | |
(ZAR/t RoM)
|
| | | | 1,412 | | |
Item
|
| |
Units
|
| |
CRU (2021)
|
| |
Alternative Price Decks
|
| ||||||||||||
|
Three-year
trailing average |
| |
Spot
(December 31, 2021) |
| |||||||||||||||||
NPV | | | | | | | | | | | | | | | | | | | | | | |
8%
|
| | (ZARm) | | | | | 7,539 | | | | | | 7,660 | | | | | | 10,951 | | |
8.4% (WACC lower limit)
|
| | (ZARm) | | | | | 7,019 | | | | | | 7,095 | | | | | | 10,234 | | |
9.0% (WACC)
|
| | (ZARm) | | | | | 6,297 | | | | | | 6,312 | | | | | | 9,241 | | |
10.7% (WACC upper limit)
|
| | (ZARm) | | | | | 4,584 | | | | | | 4,461 | | | | | | 6,885 | | |
11%
|
| | (ZARm) | | | | | 4,325 | | | | | | 4,182 | | | | | | 6,529 | | |
12%
|
| | (ZARm) | | | | | 3,541 | | | | | | 3,341 | | | | | | 5,454 | | |
Other Financial Indicators | | | | | | | | | | | | | | | | | | | | | | |
Operating margin
|
| | (%) | | | | | 45% | | | | | | 47% | | | | | | 51% | | |
IRR
|
| | (%) | | | | | 20% | | | | | | 19% | | | | | | 23% | | |
Peak funding
|
| | (ZARm) | | | | | 5,921 | | | | | | 6,814 | | | | | | 6,475 | | |
Payback period
|
| | (years) | | | | | 8 | | | | | | 9 | | | | | | 8 | | |
Av. unit cost (incl. Royalty)
|
| |
(ZAR/t milled)
|
| | | | 1,736 | | | | | | 1,749 | | | | | | 1,777 | | |
(U/G – average 2032-2040)
|
| | (ZAR/4E oz) | | | | | 14,267 | | | | | | 14,373 | | | | | | 14,606 | | |
| |
Projection: TM (WGS System)
Ellipsoid: WGS 1984 LO 27 East |
| | ||||||||||||
| |
WGS27 Co-ordinates
|
| | |
Geographical Co-ordinates
|
| | ||||||||
| |
Y
|
| | |
X
|
| | |
Latitude
|
| | |
Longitude
|
| |
| |
14 126.729
|
| | |
-2 778 612.377
|
| | |
25º06’47.89”S
|
| | |
27º08’24.24”E
|
| |
Asset
|
| |
Mineral Rights
and Properties |
| |
Minerals
Included in NOMR/ NOPR |
| |
Holder of
Mineral Rights |
| |
Status
|
| |
License
Expiration Date |
| |
License
Area (ha) |
| |
Comments
|
|
Kruidfontein
|
| |
NOPR NW30/5/1/1/3/2/1/998PR (renewed as NW30/5/1/2/10259PR):
The farm Kruidfontein 40JQ Rem and Ptns 1, 2 of the farm Middelkuil 8JQ
Rem and Ptns 1, 2 of the farm Modderkuil 39JQ
|
| |
All precious and base metals, PGMs, Au, Cu, Ni, Co, Cr
|
| |
PPM
(C&L Mining) (100% interest) |
| |
Exploration
|
| |
08/2017
|
| |
10,007.2343
|
| |
Section 11(2) transfer of controlling interest in C&L Mining to PPM received during December 2014. Section 102 application in terms of MPRDA to incorporate the NOPR into the Sedibelo NOMR NW30/5/1/2/2/333MR submitted in May 2017 Grant still pending
|
|
|
MRA NW30/5/1/2/2/10120MR: accepted by DMRE on 13 July 2017; A new application (MRANW30/5/1/2/2/10196MR) for the right was accepted by the DMRE on 28 March 2022.
|
| |
Pending EMP submission
|
| |
Application for mining right still pending submission of EMP.
Work for a consolidated EMP for Sedibelo, Magazynskraal and Kruidfontein has commenced |
| ||||||||||||||
| | | | | | | | | | | | | | | | | | |
SURFACE RIGHTS:
Surface is state owned land |
|
Property
|
| |
Total
|
| |
2028
|
| |
2031
|
| |
2032
|
| |
2033
|
| |
2045
|
| |
2046
|
| |
2047
|
| |
2048
|
| |
2049
|
| |
2050
|
| |||||||||||||||||||||||||||||||||
Kruidfontein (total)
|
| | | | 453.1 | | | | | | 31.3 | | | | | | 104.2 | | | | | | 128.1 | | | | | | 27.3 | | | | | | 27.4 | | | | | | 31.3 | | | | | | 23.4 | | | | | | 25.0 | | | | | | 25.0 | | | | | | 30.0 | | |
Resource Area
|
| |
Reef
|
| |
Tonnage
(Mt) |
| |
Reef
Width (cm) |
| |
PGE Grade (g/t)
|
| |||||||||||||||||||||||||||||||||||||||||||||
|
4E
|
| |
Pt
|
| |
Pd
|
| |
Rh
|
| |
Au
|
| |
Ru
|
| |
Ir
|
| ||||||||||||||||||||||||||||||||||||||
Inferred Mineral Resources
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | PUP | | | | | 58.4 | | | | | | 1.14 | | | | | | 8.12 | | | | | | 5.22 | | | | | | 2.21 | | | | | | 0.43 | | | | | | 0.25 | | | | | | 0.68 | | | | | | 0.12 | | |
| | |
6E prill
|
| | | | | | | | | | | | | | | | | | | | | | 58% | | | | | | 25% | | | | | | 5% | | | | | | 3% | | | | | | 8% | | | | | | 1% | | |
Inferred Mineral Resources
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | UG2 | | | | | 90.4 | | | | | | 1.41 | | | | | | 5.52 | | | | | | 3.40 | | | | | | 1.41 | | | | | | 0.64 | | | | | | 0.07 | | | | | | 1.01 | | | | | | 0.23 | | |
| | |
6E prill
|
| | | | | | | | | | | | | | | | | | | | | | 50% | | | | | | 21% | | | | | | 10% | | | | | | 1% | | | | | | 15% | | | | | | 3% | | |
Total Inferred Mineral Resources
|
| | | | | | | 148.8 | | | | | | | | | | | | 6.54 | | | | | | 4.11 | | | | | | 1.72 | | | | | | 0.56 | | | | | | 0.14 | | | | | | 0.88 | | | | | | 0.19 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | 54% | | | | | | 23% | | | | | | 7% | | | | | | 2% | | | | | | 12% | | | | | | 2% | | |
Resource Area
|
| |
Reef
|
| |
Tonnage
(Mt) |
| |
Reef
Width (cm) |
| |
Contained PGMs
|
| |
Base Metal Grade
(%) |
| |
Contained Base Metal
(kt) |
| |||||||||||||||||||||||||||||||||
|
(4E Moz)
|
| |
(6E Moz)
|
| |
Ni
|
| |
Cu
|
| |
Ni
|
| |
Cu
|
| |||||||||||||||||||||||||||||||||||
Inferred Mineral Resource | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | PUP | | | | | 58.4 | | | | | | 1.14 | | | | | | 15.22 | | | | | | 16.70 | | | | | | 0.239 | | | | | | 0.0779 | | | | | | 139.53 | | | | | | 45.47 | | |
| | |
6E prill
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Inferred Mineral Resource | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | UG2 | | | | | 90.4 | | | | | | 1.41 | | | | | | 16.03 | | | | | | 19.63 | | | | | | 0.0637 | | | | | | 0.0029 | | | | | | 57.6 | | | | | | 2.64 | | |
| | |
6E prill
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Inferred Mineral Resources
|
| | | | | | | 148.8 | | | | | | | | | | | | 31.25 | | | | | | 36.33 | | | | | | 0.132 | | | | | | 0.032 | | | | | | 197.13 | | | | | | 48.11 | | |
Description
|
| |
Units
|
| |
Concept Study
Dec’10 |
| |
Escalated
Dec’21 |
| |||||||||
Phase 1: | | | | | | | | | | | | | | | | | | | |
Surface
|
| | | | (ZARm) | | | | | | 1,030 | | | | | | 1,635 | | |
Main Shaft
|
| | | | (ZARm) | | | | | | 1,853 | | | | | | 2,942 | | |
Vent Shaft
|
| | | | (ZARm) | | | | | | 786 | | | | | | 1,248 | | |
Develop inc Raises
|
| | | | (ZARm) | | | | | | 406 | | | | | | 645 | | |
Concentrator & TSF
|
| | | | (ZARm) | | | | | | 883 | | | | | | 1,402 | | |
Indirects & Contingency
|
| | | | (ZARm) | | | | | | 2,373 | | | | | | 3,767 | | |
Phase 1 Project Capital
|
| | | | (ZARm) | | | | | | 7,331 | | | | | | 11,638 | | |
Phase 2: | | | | | | | | | | | | | | | | | | | |
Surface
|
| | | | (ZARm) | | | | | | 592 | | | | | | 940 | | |
Main Shaft
|
| | | | (ZARm) | | | | | | 1,780 | | | | | | 2,826 | | |
Vent Shaft
|
| | | | (ZARm) | | | | | | 836 | | | | | | 1,327 | | |
Develop inc Raises
|
| | | | (ZARm) | | | | | | 536 | | | | | | 851 | | |
Concentrator & TSF
|
| | | | (ZARm) | | | | | | — | | | | | | — | | |
Indirects & Contingency
|
| | | | (ZARm) | | | | | | 834 | | | | | | 1,324 | | |
Phase 2 UG2 Project Capital
|
| | | | (ZARm) | | | | | | 4,578 | | | | | | 7,268 | | |
Total UG2 Project Capital
|
| | | | (ZARm) | | | | | | 11,909 | | | | | | 18,906 | | |
Description
|
| |
Units
|
| |
Concept Study Dec’10
|
| |
Escalated Dec’21
|
| |||||||||||||||||||||
|
UG2
|
| |
Merensky
|
| |
UG2
|
| |
Merensky
|
| ||||||||||||||||||||
Labor
|
| | | | (R/tRoM) | | | | | | 429 | | | | | | 545 | | | | | | 858 | | | | | | 1,090 | | |
Fuel/Maintenance TMM
|
| | | | (R/tRoM) | | | | | | 34 | | | | | | 43 | | | | | | 54 | | | | | | 69 | | |
Power
|
| | | | (R/tRoM) | | | | | | 81 | | | | | | 102 | | | | | | 282 | | | | | | 358 | | |
Water
|
| | | | (R/tRoM) | | | | | | 15 | | | | | | 19 | | | | | | 24 | | | | | | 30 | | |
Explosives
|
| | | | (R/tRoM) | | | | | | 41 | | | | | | 52 | | | | | | 65 | | | | | | 83 | | |
Drill Steel
|
| | | | (R/tRoM) | | | | | | 33 | | | | | | 42 | | | | | | 52 | | | | | | 67 | | |
Support
|
| | | | (R/tRoM) | | | | | | 24 | | | | | | 31 | | | | | | 38 | | | | | | 48 | | |
Stores
|
| | | | (R/tRoM) | | | | | | 68 | | | | | | 87 | | | | | | 109 | | | | | | 138 | | |
Maintenance
|
| | | | (R/tRoM) | | | | | | 88 | | | | | | 111 | | | | | | 139 | | | | | | 177 | | |
Backfill
|
| | | | (R/tRoM) | | | | | | 100 | | | | | | 127 | | | | | | — | | | | | | — | | |
Fridge Plant power
|
| | | | (R/tRoM) | | | | | | 8 | | | | | | 10 | | | | | | 27 | | | | | | 34 | | |
Fridge plant maintenance
|
| | | | (R/tRoM) | | | | | | 5 | | | | | | 6 | | | | | | 8 | | | | | | 10 | | |
Vertical shaft operating
|
| | | | (R/tRoM) | | | | | | 15 | | | | | | 19 | | | | | | 24 | | | | | | 30 | | |
Plant & tailings
|
| | | | (R/tRoM) | | | | | | 120 | | | | | | 153 | | | | | | 191 | | | | | | 242 | | |
Total Working Cost
|
| | | | (R/tRoM) | | | | | | 1,060 | | | | | | 1,347 | | | | | | 1,869 | | | | | | 2,376 | | |
Contingency (20%)
|
| | |
|
(R/tRoM)
|
| | | | | | | | | | | | | | | | | 374 | | | | | | 475 | | |
Total Opex including contingency
|
| | |
|
(R/tRoM)
|
| | | | | 1,060 | | | | | | 1,347 | | | | | | 2,243 | | | | | | 2,851 | | |
Item
|
| |
Units
|
| |
Three-year
trailing average |
| |
Alternative Price Decks
|
| ||||||||||||
|
Spot
(December 31, 2021) |
| |
CRU (2021)
|
| |||||||||||||||||
NPV | | | | | | | | | | | | | | | | | | | | | | |
8%
|
| | (ZARm) | | | | | 4,142 | | | | | | 9,898 | | | | | | 3,668 | | |
8.4% (WACC lower limit)
|
| | (ZARm) | | | | | 3,480 | | | | | | 8,844 | | | | | | 3,043 | | |
9.0% (WACC)
|
| | (ZARm) | | | | | 2,605 | | | | | | 7,446 | | | | | | 2,219 | | |
10.7% (WACC upper limit)
|
| | (ZARm) | | | | | 735 | | | | | | 4,411 | | | | | | 457 | | |
11%
|
| | (ZARm) | | | | | 478 | | | | | | 3,988 | | | | | | 216 | | |
12%
|
| | (ZARm) | | | | | (257) | | | | | | 2,766 | | | | | | (474) | | |
Other Financial Indicators | | | | | | | | | | | | | | | | | | | | | | |
Operating margin
|
| | (%) | | | | | 42.4% | | | | | | 51.3% | | | | | | 41.4% | | |
IRR
|
| | (%) | | | | | 11.6% | | | | | | 15.6% | | | | | | 11.3% | | |
Project Capex
|
| | (ZARm) | | | | | 19,607 | | | | | | 19,607 | | | | | | 19,607 | | |
SIB Capex
|
| | (ZARm) | | | | | 13,808 | | | | | | 13,808 | | | | | | 13,808 | | |
Peak funding
|
| | (ZARm) | | | | | (10,923) | | | | | | (10,474) | | | | | | (10,656) | | |
Payback period
|
| | (years) | | | | | 13 | | | | | | 12 | | | | | | 13 | | |
Av. LoM unit cost (incl Royalty)
|
| |
(ZAR/t milled)
|
| | | | 2,412 | | | | | | 2,494 | | | | | | 2,403 | | |
| | | (ZAR/6E oz) | | | | | 17,431 | | | | | | 18,029 | | | | | | 17,372 | | |
Item
|
| |
Units
|
| |
Three-year
trailing average |
| |
Alternative Price Decks
|
| ||||||||||||
|
Spot
(December 31, 2021) |
| |
CRU (2021)
|
| |||||||||||||||||
NPV | | | | | | | | | | | | | | | | | | | | | | |
8%
|
| | (ZARm) | | | | | 3,043 | | | | | | 8,239 | | | | | | (325) | | |
8.4% (WACC lower limit)
|
| | (ZARm) | | | | | 2,473 | | | | | | 7,357 | | | | | | (695) | | |
9.0% (WACC)
|
| | (ZARm) | | | | | 1,709 | | | | | | 6,169 | | | | | | (1,185) | | |
10.7% (WACC upper limit)
|
| | (ZARm) | | | | | 35 | | | | | | 3,518 | | | | | | (2,229) | | |
11%
|
| | (ZARm) | | | | | (199) | | | | | | 3,140 | | | | | | (2,370) | | |
12%
|
| | (ZARm) | | | | | (874) | | | | | | 2,037 | | | | | | (2,768) | | |
Other Financial Indicators | | | | | | | | | | | | | | | | | | | | | | |
Operating margin
|
| | (%) | | | | | 39.4% | | | | | | 47.2% | | | | | | 33.0% | | |
IRR
|
| | (%) | | | | | 10.7% | | | | | | 14.7% | | | | | | 7.7% | | |
Project Capex
|
| | (ZARm) | | | | | 19,607 | | | | | | 19 607 | | | | | | 19 607 | | |
SIB Capex
|
| | (ZARm) | | | | | 11,066 | | | | | | 11 066 | | | | | | 11 066 | | |
Peak funding
|
| | (ZARm) | | | | | 11,713 | | | | | | 11 270 | | | | | | 11 969 | | |
Payback period
|
| | (years) | | | | | 15 | | | | | | 13 | | | | | | 17 | | |
Av. LoM unit cost (incl Royalty)
|
| |
(ZAR/t milled)
|
| | | | 3,032 | | | | | | 3 114 | | | | | | 2 980 | | |
| | | (ZAR/6E oz) | | | | | 15,747 | | | | | | 16 171 | | | | | | 15 474 | | |
| | | |
US Listing Rules
|
| |
JSE Listings Requirements
|
|
|
Pre-emptive rights, ranking of securities in the same class and expropriation rights in respect of securities
|
| |
Pre-emptive rights, ranking of securities and expropriation of rights in respect of securities are not principally governed by the US Listing Rules.
These matters are regulated in the Company’s Governing Documents. For additional information, please see “Description of Share Capital — Shares — General; Preemptive or similar rights; and Variation of rights.” The US Listing Rules require the disclosure of these matters on an ongoing basis in the Company’s annual report.
|
| |
Ranking of securities: Securities in each class for which a listing is applied on the JSE must rank pari passu in respect of all rights. The JSE Listings Requirements describe pari passu to mean that the shares are identical in all respects, including that the shares are of the same nominal value, they carry the same rights as to unrestricted transfer, attendance and voting at general/annual meeting and they are entitled to dividends at the same rate and for the same period.
Expropriation of rights in respect of securities: An issuer is required to inform the JSE of any expropriation rights.
Pre-emptive rights: An issuer proposing to issue equity securities for cash must first offer those securities effected by way of rights offer, to existing holders of equity securities in proportion to their existing holdings unless (i) the issue is an acquisition issue; or (ii) the requisite prior shareholder approval is obtained. Only to the extent that such securities are not taken up by holders of equity securities under the offer may they then be issued for cash to other persons, provided that the requisite shareholder approval is obtained.
|
|
| | | |
US Listing Rules
|
| |
JSE Listings Requirements
|
|
|
Transferability and transfer of securities
|
| |
Section 5 of the Securities Act regulates the offer and sale of securities.
All offers and sales of securities must be registered under Section 5 or conducted pursuant to an exemption from such registration.
In addition, the Company’s Governing Documents regulate transferability and transfer of securities. For additional information, please see “Description of Share Capital — Shares — Share transfers.”
|
| | The securities for which a listing is sought must be fully paid up and, unless otherwise required by statute or at the discretion of the JSE, must be freely transferable. | |
|
Preferences, rights, limitations and other share items
|
| |
Preferences, rights, limitations and other share items are not principally governed by the US Listing Rules. These matters are regulated in the Company’s Governing Documents.
For additional information, please see “Description of Share Capital — Shares — General; Dividends; Preemptive or similar rights; Voting Rights; and Variation of rights.”
The US Listing Rules require the disclosure of these matters on an ongoing basis in the Company’s annual report.
|
| |
Securities in each class for which a listing is applied on the JSE must rank pari passu in all respects.
Every holder of an ordinary share must have one vote in respect of each share and shareholder votes may not carry any special rights or privileges.
Preferences, rights, limitations or other terms of any class of shares of the issuer must not be varied unless approval is obtained by the holders of securities holding no less than 75% of the voting rights.
|
|
|
Special voting rights in respect of securities
|
| |
Special voting rights in respect of securities are not principally governed by the US Listing Rules. These matters are regulated in the Company’s Governing Documents. For additional information, please see “Description of Share Capital — Shares — General; Preemptive or similar rights; Voting Rights; and Variation of rights.”
The US Listing Rules require the disclosure of these matters on an ongoing basis in the Company’s annual report.
|
| | The JSE prescribes that an issuer shall not issue any securities with voting rights differing from other securities of the same class. | |
|
Process dealing with amendments to the constitutional document of the issuer
|
| | The process dealing with amendments to the constitutional document of an issuer is not principally governed by the US Listing Rules. These matters are regulated in the Company’s Governing Documents. | | | Any amendment to the constitutional document of the issuer must be approved by a special resolution (75%) of shareholders. | |
| | | |
US Listing Rules
|
| |
JSE Listings Requirements
|
|
| | | |
For additional information, please see “Description of Share Capital — Shares — General; Dividends; Preemptive or similar rights; Voting Rights; and Variation of rights.”
In particular, the Company’s Governing Document requires approval by the holders holding not less than 75% of the voting rights for any amendments to the Company’s Governing Documents.
|
| | | |
|
Appointment and removal of directors
|
| |
Appointment and removal of directors is not principally governed by the US Listing Rules. These matters are regulated in the Company’s Governing Documents. For additional information, please see “Description of Share Capital — Directors — Number, appointment and removal”.
The US Listing Rules require the disclosure of these matters on an ongoing basis in the Company’s annual report.
|
| | The appointment of directors shall be subject to shareholder approval at any general/ annual general meeting. Pursuant to the Company’s Governing Documents, the appointment of directors is subject to the approval of the holders not holding less than 50% of the voting rights (ordinary resolution). | |
|
Authority to issue shares or other securities (general and specific)
|
| |
Authority to issue shares or other securities (general and specific) is not principally governed by the US Listing Rules. These matters are regulated in the Company’s Governing Documents.
For additional information, please see “Description of Share Capital — Shares — General; Dividends; Preemptive or similar rights; Voting Rights; and Variation of rights.”
|
| |
In addition to certain specific requirements of JSE Listing Requirements applicable to specific issues of securities for cash and general issues of securities for cash respectively, the issuer shall not have the power to issue unissued shares, options or securities which are listed on the JSE, or securities convertible into a class already in issue, without the approval of a special resolution (approval by the holders of 75%) and prior approval of the JSE, save for those shares, options or securities issued to existing holders pro rata to their shareholding.
Subject to, and in compliance with, the JSE Listing Requirements, shareholders in any general meeting may authorise the directors to issue unissued securities, and/or grant options to subscribe for unissued securities, as the directors in their discretion deem fit.
|
|
| | | |
US Listing Rules
|
| |
JSE Listings Requirements
|
|
|
Disclosure of changes in beneficial ownership of securities
|
| |
The US Listing Rules require the disclosure of certain levels of ownership an ongoing basis in the Company’s annual report.
Under the US Listing Rules, it is generally the responsibility of a shareholder holding in excess of 5% of the Company’s shares to disclose such beneficial ownership and certain changes in its holding.
In addition, the Company’s Governing Documents regulate disclosure of changes in beneficial ownership of securities. For additional information, please see “Description of Share Capital — Other Guernsey law considerations — Beneficial ownership reporting.”
|
| | Any information relating to changes in the beneficial ownership in the issuer must be announced on the JSE’s Stock Exchange News Service (SENS) within 48 hours after receipt of notice of such change in beneficial ownership/dealings in securities. | |
|
Regulation in respect of director’s interests in transactions
|
| | The US Listing Rules require the disclosure of certain such matters on an ongoing basis in the Company’s annual report. | | |
An issuer is to publish the beneficial interests of directors and major shareholders in its annual financial statements.
Any material beneficial interests of the directors present in transactions effected by the Company must be disclosed.
|
|
|
Regulation in respect of transactions (acquisitions and disposals) and related party transactions
|
| |
The US Listing Rules require disclosure of related person transactions (as defined in the US Listing Rules) and approval of related person transactions by an independent committee of the Board.
In addition, material agreements entered into with certain related parties must be publicly filed with the Company’s annual report.
|
| |
Where any transaction is proposed between the issuer, or any of its subsidiaries, and a related party, a circular to shareholders and the approval of shareholders of the issuer in a general meeting will normally be required.
In the case of a transaction, where consideration percentage ratio (measured against the company’s market capitalization) is 5% or more but less than 30% (0.25% and 5% in the case of a related party transaction), an announcement containing the full details of the transaction must be published. Where consideration percentage ratio (measured against the company’s market capitalization) is 30% or more (5% or more in the case of a related party transaction), a circular to shareholders must be prepared and an announcement published.
Furthermore, related party transactions also require a fairness
|
|
| | | |
US Listing Rules
|
| |
JSE Listings Requirements
|
|
| | | | | | |
opinion to be prepared by an independent experts approved by the JSE and made available for public scrutiny.
|
|
|
Mandatory corporate governance provisions and the corporate governance code applied
|
| | The Company will follow the corporate governance rules and provisions of the US Listing Rules as applicable to foreign private issuers, including the requirement that a foreign private issuer have an audit committee, and that each member of the audit committee be independent (as determined in accordance with the US Listing Rules independence requirements). | | | Issuers with primary listings on the JSE must follow the corporate governance rules and provisions of the King Report on Corporate Governance for South Africa (“King IV”). Given that the Company will be primary listed on the NYSE, it will not be required to follow the rules and provisions of King IV. | |
|
Pro-active monitoring process (if any) dealing with the review of financial statements of the issuer by the listing authority or any other relevant regulatory body
|
| |
Initial review: The SEC reviews an issuer’s registration statement on Form F-1, which is its initial listing document. The Form F-1 must include annual and, if relevant, interim financial statements.
Ongoing compliance: The SEC has discretion to review the Company’s filings with the SEC, including its financial statements included in financial statements included in interim reports and annual reports.
|
| | The JSE conducts a periodic proactive monitoring process centered around financial disclosures on interim reports and year-end financial statements from an IFRS disclosure perspective. | |
|
Takeover laws applicable to the issuer
|
| |
The US Listing Rules defer to the foreign private issuer’s country of incorporation with respect to applicable takeover corporate laws and codes, although the U.S. federal securities law do regulate tender offers.
Given that the Company is incorporated in Guernsey, it may be subject to the UK City Takeover Code from time to time. Whether or not the provisions of the UK City Takeover Code apply to the Company is dependent on a number of factors which include, amongst others, the place of central management and the principal residence of directors. The UK City Takeover Code is a set of general principles and rules governing the conduct of takeovers and mergers of companies who have registered offices in the UK, Channel Islands and the Isle of Man. For more
|
| | A company incorporated in South Africa and listed on the JSE is subject to the Takeover Regulations established in terms of Section 120 of the Companies Act (“South African Takeover Regulations”). Given that the Company is incorporated under the laws of Guernsey, it is not regulated by the South African Takeover Regulations. | |
| | | |
US Listing Rules
|
| |
JSE Listings Requirements
|
|
| | | | information about the UK City Takeover Code, see “— Competition law — UK City Takeover Code.” | | | | |
|
Special disclosure requirements dealing with mining companies
|
| |
Issuers must provide the disclosure specified in Subpart 1300 of the SEC’s Regulation S-K if its mining operations are material to its business or financial condition. This disclosure includes exploration results, mineral resources, or mineral reserves and life of mine and valuation, if applicable, based on a technical report summary prepared by a mining expert (i.e. “qualified person”).
Disclosures must align with the standards as embodied in the Committee for Reserves International Reporting Standards (CRIRSCO).
|
| |
In a case of a new listing of a company with mining assets or a transaction where mining assets are the subject of a transaction, the JSE requires a competent persons report be prepared with respect to the mining company’s mineral reserves and resources, life of mine and the valuation thereof.
The expert report must be prepared in accordance with the South African Code for the Reporting of Mineral Asset Valuation (SAMVAL) and the South African Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves (SAMREC).
The JSE further requires the disclosure of a Mineral Resource and Mineral Reserve Statement in the company’s annual report, prepared by a competent person in accordance with SAMREC.
|
|
Name
|
| |
Age
|
| |
Position
|
|
Arne Frandsen
|
| |
55
|
| | Non-Executive Director (Chairman)(1) | |
| |
57
|
| | Executive Director (Chief Executive Officer) | | |
Keith Liddell
|
| |
63
|
| | Non-Executive Director | |
Raphael Vermeir
|
| |
67
|
| | Non-Executive Director(1) | |
Lumkile Mondi
|
| |
59
|
| | Non-Executive Director(1) | |
Janet Blas
|
| |
40
|
| | Non-Executive Director(1) | |
Stephanie Anderson
|
| |
61
|
| | Non-Executive Director(1) | |
Tshokolo Petrus Nchocho
|
| |
55
|
| | Non-Executive Director(1) | |
Michael Solomon
|
| |
69
|
| | Non-Executive Director(1) | |
|
Class I(1)
|
| |
Class II(2)
|
| |
Class III(3)
|
|
|
Raphael Vermeir
Michael Solomon Janet Blas |
| |
Lumkile Mondi
Tshokolo Petrus Nchocho Stephanie Anderson |
| | |
Name
|
| |
Age
|
| |
Position
|
|
| |
57
|
| | Chief Executive Officer | | |
| |
48
|
| | Chief Financial Officer | | |
Casper Badenhorst
|
| |
54
|
| | Chief Operating Officer | |
Lael Bethlehem
|
| |
54
|
| | Chief ESG Officer | |
Christian Phephenyane
|
| |
47
|
| | Executive Corporate Affairs & Human Capital | |
Julien Naginski
|
| |
57
|
| | Chief Legal Officer | |
Name
|
| |
Age
|
| |
Position
|
|
Dean Riley
|
| |
60
|
| | Project Manager | |
Aart Broekhuizen
|
| |
53
|
| | General Manager – Mining Technical Services | |
Barry Davis
|
| |
60
|
| | General Manager – Surface Operations | |
Victor Ndlovu
|
| |
51
|
| | General Manager – Underground Operations | |
Mpho Ramonotsi
|
| |
49
|
| | Kell Project Manager | |
Name
|
| |
Salary
|
| |
Bonus
|
| |
Total
|
| |||||||||
| | |
(in US$ thousands)
|
| |||||||||||||||
Directors | | | | | | | | | | | | | | | | | | | |
Non-executive directors: | | | | | | | | | | | | | | | | | | | |
Arne Frandsen
|
| | | | 89 | | | | | | — | | | | | | 89 | | |
Keith Liddell
|
| | | | 56 | | | | | | — | | | | | | 56 | | |
Kutlwano Motlhabane(1)
|
| | | | 48 | | | | | | — | | | | | | 48 | | |
Lumkile Mondi(2)
|
| | | | 34 | | | | | | — | | | | | | 34 | | |
Lael Bethlehem(3)
|
| | | | 59 | | | | | | — | | | | | | 59 | | |
Molefe John Pilane(4)
|
| | | | 48 | | | | | | — | | | | | | 48 | | |
Raphael Vermeir
|
| | | | 62 | | | | | | — | | | | | | 62 | | |
Andrew Willis(5)
|
| | | | 29 | | | | | | — | | | | | | 29 | | |
| | | | | 425 | | | | | | — | | | | | | 425 | | |
Executive director: | | | | | | | | | | | | | | | | | | | |
| | | | 442 | | | | | | 142 | | | | | | 584 | | | |
Total director compensation
|
| | | | 867 | | | | | | 142 | | | | | | 1,009 | | |
Senior management | | | | | | | | | | | | | | | | | | | |
Casper Badenhorst
|
| | | | 368 | | | | | | 118 | | | | | | 486 | | |
| | | | 248 | | | | | | 70 | | | | | | 318 | | |
Name
|
| |
Salary
|
| |
Bonus
|
| |
Total
|
| |||||||||
| | |
(in US$ thousands)
|
| |||||||||||||||
Lael Bethlehem(3)
|
| | | | 19 | | | | | | 101 | | | | | | 120 | | |
Christian Phephenyane
|
| | | | 245 | | | | | | 62 | | | | | | 307 | | |
Total senior management compensation
|
| | | | 880 | | | | | | 351 | | | | | | 1,231 | | |
Total director and senior management compensation
|
| | | | 1,747 | | | | | | 493 | | | | | | 2,240 | | |
|
Name
|
| |
Salary
|
| |
Bonus
|
| |
Total
|
| |||||||||
| | |
(in US$ thousands)
|
| |||||||||||||||
Directors | | | | | | | | | | | | | | | | | | | |
Non-executive directors: | | | | | | | | | | | | | | | | | | | |
Arne Frandsen
|
| | | | 83 | | | | | | — | | | | | | 83 | | |
Lael Bethlehem
|
| | | | 55 | | | | | | — | | | | | | 55 | | |
Keith Liddell
|
| | | | 53 | | | | | | — | | | | | | 53 | | |
Kutlwano Motlhabane
|
| | | | 53 | | | | | | — | | | | | | 53 | | |
Molefe John Pilane
|
| | | | 55 | | | | | | — | | | | | | 55 | | |
Raphael Vermeir
|
| | | | 31 | | | | | | — | | | | | | 31 | | |
Andrew Willis
|
| | | | 51 | | | | | | — | | | | | | 51 | | |
Chris Von Christierson(1)
|
| | | | 20 | | | | | | — | | | | | | 20 | | |
| | | | | 401 | | | | | | — | | | | | | 401 | | |
| | | | | | | | | | | | | | | | | | | |
Executive director: | | | | | | | | | | | | | | | | | | | |
| | | | 381 | | | | | | 330 | | | | | | 711 | | | |
Total director compensation
|
| | | | 782 | | | | | | 330 | | | | | | 1,112 | | |
Senior management | | | | | | | | | | | | | | | | | | | |
Casper Badenhorst
|
| | | | 315 | | | | | | 272 | | | | | | 587 | | |
| | | | 202 | | | | | | 140 | | | | | | 342 | | | |
Christian Phephenyane
|
| | | | 205 | | | | | | 135 | | | | | | 340 | | |
Total senior management compensation
|
| | | | 722 | | | | | | 547 | | | | | | 1,269 | | |
Total director and senior management compensation
|
| | | | 1,504 | | | | | | 877 | | | | | | 2,381 | | |
Name
|
| |
Milestone Units
|
| |
Bonus Units
|
| |
Performance Units
|
| |
Total
|
| ||||||||||||
| | | | 3,591,371 | | | | | | 300,946 | | | | | | 395,051 | | | | | | 4,287,368 | | | |
Casper Badenhorst
|
| | | | 2,382,116 | | | | | | 249,281 | | | | | | 238,212 | | | | | | 2,869,608 | | |
Lael Bethlehem
|
| | | | 1,626,636 | | | | | | 381,745 | | | | | | — | | | | | | 2,008,381 | | |
| | | | 1,626,636 | | | | | | 129,208 | | | | | | 162,664 | | | | | | 1,918,508 | | | |
Christian Phephenyane
|
| | | | 1,209,941 | | | | | | 120,033 | | | | | | 161,325 | | | | | | 1,491,299 | | |
Total | | | | | 10,436,700 | | | | | | 1,181,213 | | | | | | 975,252 | | | | | | 12,575,164 | | |
Name
|
| |
Milestone Units
|
| |
Bonus Units
|
| |
Performance Units
|
| |
Total
|
| ||||||||||||
| | | | — | | | | | | 118,876 | | | | | | 418,754 | | | | | | 537,630 | | | |
Casper Badenhorst
|
| | | | — | | | | | | 98,469 | | | | | | 252,269 | | | | | | 350,738 | | |
| | | | — | | | | | | 59,226 | | | | | | 195,853 | | | | | | 225,079 | | | |
Christian Phephenyane.
|
| | | | — | | | | | | 52,546 | | | | | | 171,005 | | | | | | 223,551 | | |
Total | | | |
|
—
|
| | | | | 329,117 | | | | | | 1,037,881 | | | | | | 1,366,998 | | |
Name
|
| |
Milestone Units
|
| |
Bonus Units
|
| |
Performance Units
|
| |
Total
|
| ||||||||||||
Executive officers: | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | 1,592,961 | | | | | | — | | | | | | — | | | | | | 1,592,961 | | | |
| | | | 792,719 | | | | | | — | | | | | | — | | | | | | 792,719 | | | |
Casper Badenhorst.
|
| | | | 728,483 | | | | | | — | | | | | | — | | | | | | 728,483 | | |
Non-executive directors: | | | | | | | | | | | | | | | | | | | | | | | | | |
Arne Frandsen
|
| | | | 3,456,221 | | | | | | 345,622 | | | | | | — | | | | | | 3,801,843 | | |
Keith Liddell
|
| | | | 1,728,111 | | | | | | 172,811 | | | | | | — | | | | | | 1,900,922 | | |
Lumkile Mondi
|
| | | | 345,622 | | | | | | 172,811 | | | | | | — | | | | | | 518,433 | | |
Raphael Vermeir
|
| | | | 518,433 | | | | | | 172,811 | | | | | | — | | | | | | 691,244 | | |
Janet Blas
|
| | | | — | | | | | | 172,811 | | | | | | — | | | | | | 172,811 | | |
Stephanie Anderson
|
| | | | — | | | | | | 172,811 | | | | | | — | | | | | | 172,811 | | |
Tshokolo Petrus Nchocho
|
| | | | — | | | | | | 172,811 | | | | | | — | | | | | | 172,811 | | |
Michael Solomon
|
| | | | — | | | | | | 172,811 | | | | | | — | | | | | | 172,811 | | |
Total | | | | | 9,162,550 | | | | | | 1,555,299 | | | | |
|
—
|
| | | | | 10,717,849 | | |
Condition
|
| |
% Weighting
|
| |||
Relative total shareholder return
|
| | | | 30% | | |
Absolute total shareholder return
|
| | | | 30% | | |
Operating cash flow/equity
|
| | | | 30% | | |
Improvement in B-BBEE
|
| | | | 5% | | |
CO2, water usage and tailings dams
|
| | | | 5% | | |
Shareholder
|
| |
Ordinary Shares Outstanding as of
June 30, 2022 |
| |
Ordinary Shares Outstanding
Immediately Prior to this Offering (after giving effect to the Reverse Share Split) |
| ||||||||||||||||||
|
Ordinary Shares
|
| |
%
|
| |
Ordinary Shares
|
| |
%
|
| ||||||||||||||
5% Shareholders | | | | | | | | | | | | | | | | | | | | | | | | | |
Bakgatla(1) | | | | | 796,641,096 | | | | | | 25.7% | | | | | | | | | | | | | | |
IDC(2) | | | | | 487,397,167 | | | | | | 15.7% | | | | | | | | | | | | | | |
NGPMR (Cayman) LP(3)
|
| | | | 213,710,370 | | | | | | 6.9% | | | | | | | | | | | | | | |
Gemfields Resources Fund LP(4)
|
| | | | 202,364,933 | | | | | | 6.5% | | | | | | | | | | | | | | |
Pallinghurst EMG African Queen LP(5)
|
| | | | 206,034,803 | | | | | | 6.7% | | | | | | | | | | | | | | |
AMCI ConsMin (Cayman) LP(6)
|
| | | | 170,362,478 | | | | | | 5.5% | | | | | | — | | | | | | — | | |
Smedvig G.P. Limited(7)
|
| | | | 170,208,555 | | | | | | 5.5% | | | | | | | | | | | | | | |
RPM(8) | | | | | 165,716,314 | | | | | | 5.4% | | | | | | | | | | | | | | |
Telok Ayer Street VI Limited(9)
|
| | | | 160,199,883 | | | | | | 5.2% | | | | | | | | | | | | | | |
Directors and Executive Officers | | | | | | | | | | | | | | | | | | | | | | | | | |
Arne Frandsen
|
| | | | — | | | | | | — | | | | | | | | | | | | | | |
| | | | — | | | | | | — | | | | | | | | | | | | | | | |
Keith Liddell
|
| | | | * | | | | | | * | | | | | | | | | | | | | | |
Raphael Vermeir
|
| | | | — | | | | | | — | | | | | | | | | | | | | | |
Lumkile Mondi
|
| | | | — | | | | | | — | | | | | | | | | | | | | | |
Janet Blas
|
| | | | — | | | | | | — | | | | | | | | | | | | | | |
Stephanie Anderson
|
| | | | — | | | | | | — | | | | | | | | | | | | | | |
Tshokolo Petrus Nchocho
|
| | | | — | | | | | | — | | | | | | | | | | | | | | |
Michael Solomon
|
| | | | — | | | | | | — | | | | | | | | | | | | | | |
| | | | — | | | | | | — | | | | | | | | | | | | | | | |
Casper Badenhorst
|
| | | | — | | | | | | — | | | | | | | | | | | | | | |
Lael Bethlehem
|
| | | | — | | | | | | — | | | | | | | | | | | | | | |
Christian Phephenyane
|
| | | | — | | | | | | — | | | | | | | | | | | | | | |
Julien Naginski
|
| | | | — | | | | | | — | | | | | | | | | | | | | | |
All directors and executive officers as a group (14 persons)
|
| | | | * | | | | | | * | | | | | | | | | | | | | | |
Shareholder
|
| |
Assuming no exercise of the over-
allotment option |
| |
Assuming the over-allotment option
is exercised in full |
| ||||||
|
Ordinary Shares
|
| |
%
|
| |
Ordinary Shares
|
| |
%
|
| ||
5% Shareholders | | | | | | | | | | | | | |
Bakgatla | | | | | | | | | | | | | |
IDC | | | | | | | | | | | | | |
NGPMR (Cayman) LP
|
| | | | | | | | | | | | |
Gemfields Resources Fund LP
|
| | | | | | | | | | | | |
Pallinghurst EMG African Queen LP
|
| | | | | | | | | | | | |
AMCI ConsMin (Cayman) LP
|
| | | | | | | | | | | | |
Smedvig G.P. Limited
|
| | | | | | | | | | | | |
RPM | | | | | | | | | | | | | |
Telok Ayer Street VI Limited
|
| | | | | | | | | | | | |
Directors and Executive Officers | | | | | | | | | | | | | |
Arne Frandsen
|
| | | | | | | | | | | | |
| | | | | | | | | | | | | |
Keith Liddell
|
| | | | | | | | | | | | |
Raphael Vermeir
|
| | | | | | | | | | | | |
Lumkile Mondi
|
| | | | | | | | | | | | |
Janet Blas
|
| | | | | | | | | | | | |
Stephanie Anderson
|
| | | | | | | | | | | | |
Tshokolo Petrus Nchocho
|
| | | | | | | | | | | | |
Michael Solomon
|
| | | | | | | | | | | | |
| | | | | | | | | | | | | |
Casper Badenhorst
|
| | | | | | | | | | | ||
Lael Bethlehem
|
| | | | | | | | | | | | |
Christian Phephenyane
|
| | | | | | | | | | | | |
Julien Naginski
|
| | | | | | | | | | | | |
All directors and executive officers as a group (14 persons)
|
| | | | | | | | | | | | |
| | |
Delaware law
|
| |
Guernsey law
|
|
Shareholder meetings
|
| |
Shareholders generally do not have the right to call meetings of shareholders unless that right is granted in the certificate of incorporation or by-laws.
May be held at such time or place as designated in the certificate of incorporation or the bylaws, or if not so designated, as determined by the board of directors.
However, if a corporation fails to hold its annual meeting within a period of 30 days after the date designated for the annual meeting, or if no date has been designated for a period of 13 months after its last annual meeting, the Delaware Court of Chancery may order a meeting to be held upon the application of a shareholder.
May be held inside or outside
Delaware.
|
| |
Unless a company’s memorandum or articles of incorporation state otherwise, the directors are required to call a general meeting once the company receives requests to do so from shareholders who hold more than 10% of the capital of the company that carries the right of voting at general meetings (excluding any capital held as treasury shares).
Unless the shareholders pass a resolution exempting the company from holding an annual general meeting, a company must hold a general meeting of its members within a period of 18 months beginning on the date on which it was incorporated and thereafter at least once every calendar year (with no more than 15 months elapsing between one annual general meeting and
|
|
| | |
Delaware law
|
| |
Guernsey law
|
|
| | |
Notice:
•
Whenever shareholders are required to take any action at a meeting, a written notice of the meeting shall be given, which shall state the place, if any, date and hour of the meeting, and the means of remote communication, if any.
•
Written notice shall be given not less than ten nor more than 60 days before the meeting.
The board of directors may fix a record date, which shall not be less than ten nor more than 60 days before the meeting.
|
| |
the next).
Subject to the articles of incorporation, a meeting may be held at any place in Guernsey or elsewhere.
Notice:
•
A meeting must be called by at least ten days’ notice or such longer period as provided by the articles of incorporation.
•
A meeting may be called by shorter notice if all shareholders entitled to attend and vote so agree.
•
The notice shall specify the date, time and place of the meeting, the information of any resolutions to be passed at the meeting and such other information as is required by the articles of incorporation.
|
|
Shareholders’ voting rights
|
| |
With limited exceptions, and unless the certificate of incorporation provides otherwise, shareholders may act by written consent to elect directors.
Each stockholder entitled to vote may authorize another person or persons to act for such shareholder by proxy.
The certificate of incorporation or bylaws may specify the number to constitute a quorum, but in no event shall a quorum consist of less than one-third of shares entitled to vote at a meeting. In the absence of such specifications, a majority of shares entitled to vote, present in person or represented by proxy, shall constitute a quorum.
The certificate of incorporation may provide for cumulative voting.
|
| |
Unless the memorandum or articles of incorporation provide otherwise, directors are appointed by ordinary resolution of the shareholders.
Any shareholder may appoint another person or persons to be their proxy to exercise all or any of their rights to attend, speak and vote at a meeting.
Subject to the articles of incorporation, the quorum shall be two shareholders holding 5% of the total voting rights of the company between them.
Subject to certain limited exceptions, a provision of the articles of incorporation is void to the extent that it would have the effect of excluding or making ineffective a demand for a poll at a general meeting.
|
|
Directors
|
| |
The board of directors must consist of at least one director and is not subject to a maximum number of directors.
The number of directors shall be
fixed by the bylaws, unless the certificate of incorporation fixes
|
| |
Subject to the articles of incorporation, the board of directors must consist of at least one director and is not subject to a maximum number of directors.
Subject to the articles of incorporation, the board of
|
|
| | |
Delaware law
|
| |
Guernsey law
|
|
| | |
such number, in which case a change in the number shall be made only by amendment of the certificate of incorporation.
A classified board is permitted.
The board of directors has the authority to fix the compensation of directors, unless otherwise restricted by the certificate of incorporation or bylaws.
Removal:
•
Any or all of the directors may be removed, with or without cause, by the holders of a majority of the shares entitled to vote unless the certificate of incorporation provides otherwise.
•
In the case of a classified board, shareholders may effect removal only for cause.
|
| |
directors must consist of at least one director and is not subject to a maximum number of directors.
A person will cease to be a director if such person:
•
provides written notice of his or her resignation to the company;
•
is removed in accordance with the memorandum and articles of incorporation;
•
becomes ineligible to be a director under the laws of Guernsey;
•
dies; or otherwise vacates office in accordance with the memorandum and articles of incorporation.
|
|
Interested shareholders’ transactions
|
| | The DGCL contains a business combination statute applicable to corporations whereby, unless the corporation has specifically elected not to be governed by such statute, it is prohibited from engaging in certain business combinations with an “interested shareholder” for three years following the date that such shareholder becomes an interested shareholder. An interested shareholder generally is a person or a group that owns at least 15% of the corporation’s outstanding voting stock. | | | The Companies Law does not contain any specific prohibition on interested shareholder transactions. | |
Interested director transactions
|
| |
Interested director transactions are permissible and may not be legally voided if:
•
the material facts of the director’s interest are disclosed and a majority of the disinterested directors approve the transaction;
•
the material facts of the director’s interest are disclosed and a majority of the shareholders entitled to vote approve the transaction; or
•
the transaction is determined to have been fair to the corporation at the time it is authorized, approved or ratified by the board
|
| |
A director must, immediately after becoming aware of the fact that such director is interested in a transaction or proposed transaction with the company, disclose to the board the nature and extent of such director’s interest.
Subject to the memorandum and articles of incorporation, a director who is interested in a transaction may vote, attend board meetings, sign documents and do any other thing in such director’s capacity as a director in relation to a transaction in which such director is interested as if
|
|
| | |
Delaware law
|
| |
Guernsey law
|
|
| | |
of directors, a committee thereof or the shareholders.
|
| |
such director was not interested in the transaction provided that such director has made the necessary declarations.
A transaction in which a director is interested is voidable by the company at any time within three months of the date after which the transaction is disclosed to the board unless:
•
the director’s interest was disclosed at the time the transaction was entered into or a disclosure was not required (for example, if the transaction is entered into in the ordinary course of business and on usual terms and conditions);
•
the transaction is ratified by the shareholders; or
•
the company received fair value for the transaction.
|
|
Dividends
|
| | The board of directors may declare and pay dividends, subject to any restrictions contained in the certificate of incorporation, upon the shares of the corporation’s capital stock either: out of its surplus or, in case there is no surplus, out of its net profits for the fiscal year in which the dividend is declared or the preceding fiscal year. | | |
A company may pay a dividend if the board of directors is satisfied on reasonable grounds that the company will, immediately after payment of the dividend, satisfy the statutory solvency test contained in the Companies Law as well as any other requirement of the memorandum or articles of incorporation.
A dividend may be of such amount, be paid at such time and be paid to such members as the board of directors thinks fit; provided that the directors must not authorize a dividend in respect of some but not all of the shares in a class or that is of a greater value per share in respect of some shares of a class than in respect of other shares of that class.
Subject to the articles of incorporation, there is no requirement for dividends to be paid out of a particular account or source.
|
|
Variation of rights of class of shares
|
| | A corporation may vary the rights of a class of shares with the approval of a majority of the outstanding shares | | | A company may only vary the rights of a class of shareholders in accordance with the provisions | |
| | |
Delaware law
|
| |
Guernsey law
|
|
| | | of such class, unless the certificate of incorporation provides otherwise. | | | of the articles of incorporation or, in the absence of such provisions, with the consent in writing from the holders of at least 75% in value of the issued shares of that class or by means of a special resolution passed by at least 75% in value of the issued shares of that class at a separate meeting of shareholders of that class. | |
Mergers and similar arrangements
|
| |
Under the DGCL, with certain exceptions, a merger, consolidation, sale, lease or transfer of all or substantially all of the assets of a corporation must be approved by the board of directors and a majority of the outstanding shares entitled to vote thereon.
The DGCL also provides that a parent corporation may, by resolution of its board of directors, merge with any subsidiary of which it owns at least 90% of each class of capital stock without a vote by the shareholders of such subsidiary.
|
| |
Subject to the articles of incorporation, a merger, consolidation, sale, lease or transfer of all or substantially all of the assets of a company may be negotiated and approved by the board of directors. Depending on the structure of such a transaction, a separate shareholder approval may be required.
If within a period of four months after the date of an offer being made in respect of a transfer of shares, the offer is approved or accepted by the shareholders comprising not less than 90% in value of the shares affected, the offeree may give notice to any dissenting shareholders of its desire to acquire the remaining shares. On the expiration of one month from the date of the notice to acquire, the offeror will be entitled to acquire the shares of the dissenting shareholder(s) by sending them a copy of the notice to acquire and by paying or transferring to them the consideration that such shareholder(s) are entitled to in respect of those shares, at which point the offeror shall be registered as the holder of those shares.
|
|
Appraisal rights
|
| | A shareholder of a corporation participating in certain major transactions may, under certain circumstances, be entitled to appraisal rights under which the shareholder may receive cash in the amount of the fair value of the shares held by such shareholder in | | | The Companies Law does not specifically provide for any appraisal rights of shareholders. The Companies Law does, however, give the Royal Court of Guernsey broad authority in respect of orders made pursuant to successful unfair prejudice | |
| | |
Delaware law
|
| |
Guernsey law
|
|
| | | lieu of the transaction consideration. | | |
claims under the Companies Law.
|
|
Shareholder suits
|
| | Class actions and derivative actions generally are available to shareholders for, among other things, breach of fiduciary duty, corporate waste, and actions not taken in accordance with applicable law. In such actions, the court has discretion to permit the winning party to recover attorneys’ fees incurred in connection with such action. | | |
A shareholder may commence or continue a claim as a representative of those with the same interests in the claim. Unless the court directs otherwise, any judgment in which a party is acting as a representative will be binding on all persons represented.
Derivative actions are also available to shareholders in respect of a cause of action arising from an actual or proposed act or omission involving: negligence, default, breach of duty and/or breach of trust by a director of the company.
Costs are awarded by the court at its discretion. The normal order is for the winning party to recover its costs incurred in connection to the action.
|
|
Limitations on directors’ liability and indemnification of directors and officers
|
| |
A corporation may include in its certificate of incorporation provisions limiting the personal liability of its directors to the corporation or its shareholders for monetary damages for certain breaches of fiduciary duty. However, such provisions may not limit liability for any breach of the duty of loyalty, acts or omissions not in good faith or that involve intentional misconduct or a knowing violation of law, the authorization of unlawful dividends, stock purchases, or redemptions, or any transaction from which a director derived an improper personal benefit. Moreover, these provisions would not be likely to bar claims arising under U.S. federal securities laws.
A corporation may indemnify a director or officer of the corporation against expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred in defense of any action, suit or proceeding by reason of such person’s position if
|
| |
A company may include in its articles of incorporation provisions limiting the liability of its directors (and officers or other persons); however, any provision that purports to exempt a director from any liability in connection with any negligence, default, breach of duty or breach of trust in relation to the company is void.
Any provision by which a company directly or indirectly provides an indemnity for a director of the company, or any associated company, against any liability in connection with any negligence, default, breach of duty or breach of trust is void, except that:
•
a company is not prevented from purchasing and maintaining for a director of the company, or any associated company, insurance against any such liability; and
•
such restriction does not apply
|
|
| | |
Delaware law
|
| |
Guernsey law
|
|
| | | (i) the person acted in good faith and in a manner the person reasonably believed to be in or not opposed to the best interests of the corporation and (ii) with respect to any criminal action or proceeding, the person had no reasonable cause to believe the conduct was unlawful. | | |
to a qualifying third-party indemnity provision, which is a provision for indemnity against liability incurred by a director to a person other than the company or an associated company that does not provide any indemnity against a prescribed list of liabilities, including certain fines and penalties and liabilities incurred in defending certain proceedings.
|
|
Directors’ fiduciary duties
|
| |
Directors of a Delaware corporation have a fiduciary duty to the corporation and its shareholders. This duty has two components: the duty of care and the duty of loyalty.
•
The duty of care requires that a director acts in good faith, with the care that an ordinarily prudent person would exercise under similar circumstances. Under this duty, a director must inform himself or herself of, and disclose to shareholders, all material information reasonably available regarding a significant transaction.
•
The duty of loyalty requires that a director act in a manner he or she reasonably believes to be in the best interests of the corporation. He or she must not use his or her corporate position for personal gain or advantage. This duty prohibits self-dealing by a director and mandates that the best interest of the corporation and its shareholders take precedence over any interest possessed by a director, officer, or controlling shareholder and not shared by the shareholders generally.
In general, actions of a director are presumed to have been made on an informed basis, in good faith and in the honest belief that the action taken was in the best interests of the corporation. However, this presumption may be rebutted by evidence of a breach of one of the fiduciary duties. Should such evidence be presented concerning a
|
| |
The duties of directors in Guernsey are generally owed to the company and its shareholders as a whole rather than to any other person or particular shareholders (subject to certain exceptions) and arise from customary laws, statutory laws and contractual obligations.
Customary law duties of directors include:
•
a duty to act in good faith, in the best interests of the company, and not for any collateral purpose;
•
a duty to exercise powers for a proper purpose. Even if a director is acting in good faith and in the best interests of the company, such director must nevertheless use his or her powers for the proper purpose for which they were conferred;
•
a duty to avoid and mitigate conflicts of interest; and
•
a duty to account for profits. As a fiduciary, a director may not take a personal profit from opportunities arising from such director’s office, even if the director is acting honestly and in the best interests of the company. Any such profit must be paid to the company. A director’s entitlement to remuneration and payment of expenses will be governed by the company’s articles of incorporation.
|
|
| | |
Delaware law
|
| |
Guernsey law
|
|
| | | transaction by a director, such director must prove the procedural fairness of the transaction, and that the transaction was of fair value to the corporation. | | |
Statutory duties of directors include:
•
a general duty to manage the business and affairs of the company; and
•
the directors are responsible for considering a solvency test in various circumstances, including in authorizing distributions by the company to its shareholders.
|
|
Inspection of books and records
|
| | All shareholders have the right, upon written demand, to inspect or obtain copies of the corporation’s shares ledger and its other books and records for any purpose reasonably related to such person’s interest as a shareholder. | | |
The register and index of members, register of directors, register of secretaries and copies of all resolutions of shareholders passed other than at general meetings and minutes of the proceedings of general meetings, in each case, in the last six years, must be open for the inspection by any shareholder of the company without charge during ordinary business hours. They must also be open to inspection by any other person upon payment of such fee as may be prescribed by the Guernsey Committee for Economic Development or such lesser fee as the company may request.
When a company receives a request to inspect its records, the company must comply with that request or apply to the Guernsey courts for a direction not to comply.
|
|
Amendments of governing documents
|
| | Amendments to the certificate of incorporation require the affirmative vote of the holders of a majority of the outstanding shares entitled to vote thereon, unless the certificate of incorporation provides otherwise. Bylaws may be amended with approval of a majority of the outstanding shares entitled to vote and may, if provided in the certificate of incorporation, also be amended by the board of directors. | | |
Subject to certain exceptions, such as the alteration of the statement of the company’s name, a company may only make or alter a provision of its memorandum of incorporation in accordance with the terms of the memorandum of incorporation or by unanimous resolution of all of its shareholders.
A company may alter its articles of incorporation by means of a special resolution passed by at least 75% of the shareholders.
|
|
| | |
Delaware law
|
| |
Guernsey law
|
|
Dissolution and winding up
|
| | Unless the board of directors approves the proposal to dissolve, dissolution must be approved by all of the shareholders. Only if the dissolution is initiated by the board of directors may it be approved by a simple majority of the corporation’s outstanding shares. | | |
A company may be dissolved by means of a compulsory or voluntary winding up or a compulsory or voluntary striking off.
An application for voluntary winding up requires a special resolution of the members passed by a majority of at least 75%.
An application for the voluntary striking off of a company must be made by the board of directors and be accompanied by a declaration of compliance confirming that all requirements of Guernsey law with respect to the striking off have been complied with.
|
|
Underwriter
|
| |
Number of
Ordinary Shares |
| |||
Evercore Group L.L.C.
|
| | | | • | | |
J.P. Morgan Securities LLC
|
| | | | • | | |
RBC Capital Markets, LLC
|
| | | | • | | |
Total
|
| | | | • | | |
| | |
Assuming no exercise of
the over-allotment option |
| |
Assuming the over-allotment
option is exercised in full |
| ||||||||||||||||||
|
Per Ordinary
Share |
| |
Total
|
| |
Per Ordinary
Share |
| |
Total
|
| ||||||||||||||
Initial public offering price
|
| | | US$ | | | | | | US$ | | | | | | US$ | | | | | | US$ | | | |
Underwriting discounts and commissions
|
| | | US$ | | | | | | US$ | | | | | | US$ | | | | | | US$ | | | |
Proceeds, before expenses, to us
|
| | | US$ | | | | | | US$ | | | | | | US$ | | | | | | US$ | | | |
Expenses
|
| |
Amount
|
|
SEC registration fee
|
| |
US$
|
|
Nasdaq listing fee
|
| | | |
FINRA filing fee
|
| | | |
JSE listing fee
|
| | | |
Printing and engraving expenses
|
| | | |
Legal fees and expenses
|
| | | |
Transfer agent and registrar fees
|
| | | |
Accounting fees and expenses
|
| | | |
Miscellaneous costs
|
| |
|
|
Total
|
| |
US$
|
|
| | |
Page
|
| |||
Sedibelo Resources Limited | | | | | | | |
Unaudited Condensed Consolidated Interim Financial Statements | | | | | | | |
| | | | F-2 | | | |
| | | | F-3 | | | |
| | | | F-4 | | | |
| | | | F-5 | | | |
| | | | F-6 | | | |
Audited Annual Consolidated Financial Statements | | | | | | | |
| | | | F-24 | | | |
| | | | F-25 | | | |
| | | | F-26 | | | |
| | | | F-27 | | | |
| | | | F-28 | | | |
| | | | F-29 | | |
| | |
Notes
|
| |
Jun 30,
2022 USD’000 |
| |
Dec 31,
2021 USD’000 |
| ||||||
ASSETS
|
| | | | | | | | | | | | | | | |
Non-current assets
|
| | | | | | | | | | | | | | | |
Mining assets
|
| |
5
|
| | | | 702,126 | | | | | | 708,902 | | |
Intangible assets
|
| |
6
|
| | | | 30,287 | | | | | | 30,540 | | |
Property, plant and equipment
|
| |
7
|
| | | | 108,235 | | | | | | 92,625 | | |
Loans receivable
|
| |
8
|
| | | | 23,695 | | | | | | 19,063 | | |
Restricted cash investments and guarantees
|
| |
9.2
|
| | | | 18,458 | | | | | | 18,432 | | |
Deferred tax asset
|
| | | | | | | 65,186 | | | | | | 76,138 | | |
Investment in joint venture
|
| |
11
|
| | | | — | | | | | | — | | |
Total non-current assets
|
| | | | | | | 947,987 | | | | | | 945,700 | | |
Current assets
|
| | | | | | | | | | | | | | | |
Inventories
|
| |
10
|
| | | | 14,775 | | | | | | 10,208 | | |
Trade and other receivables
|
| | | | | | | 51,071 | | | | | | 82,816 | | |
Loans receivable
|
| |
8
|
| | | | 632 | | | | | | 637 | | |
Cash and cash equivalents
|
| |
9.1
|
| | | | 116,214 | | | | | | 140,595 | | |
Total current assets
|
| | | | | | | 182,692 | | | | | | 234,256 | | |
TOTAL ASSETS
|
| | | | | | | 1,130,679 | | | | | | 1,179,956 | | |
EQUITY AND LIABILITIES
|
| | | | | | | | | | | | | | | |
Equity attributable to owners of the parent
|
| | | | | | | | | | | | | | | |
Share capital
|
| |
12
|
| | | | 2,549,583 | | | | | | 2,549,583 | | |
Other components of equity
|
| | | | | | | (622,613) | | | | | | (616,842) | | |
Accumulated loss
|
| | | | | | | (845,372) | | | | | | (831,400) | | |
| | | | | | | | 1,081,598 | | | | | | 1,101,341 | | |
Non-controlling interest
|
| | | | | | | (7,913) | | | | | | (7,687) | | |
Total equity
|
| | | | | | | 1,073,685 | | | | | | 1,093,654 | | |
Non-current liabilities
|
| | | | | | | | | | | | | | | |
Long-term borrowings
|
| |
13
|
| | | | 5,407 | | | | | | 5,289 | | |
Decommissioning and rehabilitation provision
|
| |
14
|
| | | | 19,324 | | | | | | 18,782 | | |
Share-based payment obligation
|
| |
15
|
| | | | 3,128 | | | | | | 445 | | |
Total non-current liabilities
|
| | | | | | | 27,859 | | | | | | 24,516 | | |
Current liabilities
|
| | | | | | | | | | | | | | | |
Share-based payment obligations
|
| |
15
|
| | | | 1,024 | | | | | | 1,505 | | |
Trade payables and accrued liabilities
|
| | | | | | | 23,510 | | | | | | 29,029 | | |
Revolving commodity facility
|
| |
16
|
| | | | 4,601 | | | | | | 31,252 | | |
Total current liabilities
|
| | | | | | | 29,135 | | | | | | 61,786 | | |
Total liabilities
|
| | | | | | | 56,994 | | | | | | 86,302 | | |
TOTAL EQUITY AND LIABILITIES
|
| | | | | | | 1,130,679 | | | | | | 1,179,956 | | |
| /s/ Erich Clarke | | | | |
|
Erich Clarke
Director |
| | | |
| | | | | |
For the three months ended
|
| |
For the six months ended
|
| ||||||||||||||||||
| | |
Notes
|
| |
Jun 30,
2022 USD’000 |
| |
Jun 30,
2021 USD’000 |
| |
Jun 30,
2022 USD’000 |
| |
Jun 30,
2021 USD’000 |
| ||||||||||||
Revenue
|
| |
17
|
| | | | 36,192 | | | | | | 68,023 | | | | | | 89,255 | | | | | | 163,823 | | |
Cost of operations
|
| |
18
|
| | | | (29,364) | | | | | | (48,484) | | | | | | (65,959) | | | | | | (92,385) | | |
Gross profit
|
| | | | | | | 6,828 | | | | | | 19,539 | | | | | | 23,296 | | | | | | 71,438 | | |
Administrative and general expenses
|
| | | | | | | (9,250) | | | | | | (7,003) | | | | | | (17,440) | | | | | | (13,796) | | |
Other income/(loss)
|
| | | | | | | 311 | | | | | | (2,785) | | | | | | 1,381 | | | | | | (2,728) | | |
Foreign exchange gain/(loss)
|
| | | | | | | 5,838 | | | | | | (58) | | | | | | 2,062 | | | | | | 386 | | |
Operating profit
|
| |
19
|
| | |
|
3,727
|
| | | |
|
9,693
|
| | | |
|
9,299
|
| | | |
|
55,300
|
| |
Finance income
|
| | | | | | | 1,712 | | | | | | 1,473 | | | | | | 3,329 | | | | | | 2,453 | | |
Finance costs
|
| | | | | | | (829) | | | | | | (1,234) | | | | | | (1,813) | | | | | | (2,797) | | |
Share of (loss)/profit of investments accounted for using the equity method
|
| |
11
|
| | | | (376) | | | | | | 135 | | | | | | (151) | | | | | | (59) | | |
Profit before income tax
|
| | | | | | | 4,234 | | | | | | 10,067 | | | | | | 10,664 | | | | | | 54,897 | | |
Income tax
|
| | | | | | | (6,551) | | | | | | (3,542) | | | | | | (9,786) | | | | | | (16,807) | | |
(Loss)/profit for the period
|
| | | | | | | (2,317) | | | | | | 6,525 | | | | | | 878 | | | | | | 38,090 | | |
Attributable to: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owners of the parent
|
| | | | | | | (2,242) | | | | | | 6,669 | | | | | | 1,104 | | | | | | 38,366 | | |
Non-controlling interest
|
| | | | | | | (75) | | | | | | (144) | | | | | | (226) | | | | | | (276) | | |
(Loss)/profit for the period
|
| | | | | | | (2,317) | | | | | | 6,525 | | | | | | 878 | | | | | | 38,090 | | |
Other Comprehensive income/(loss): | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Items that may be reclassified subsequently to profit or
loss |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Exchange differences on loan designated as net investment
|
| | | | | | | 15,855 | | | | | | (8,601) | | | | | | (16,506) | | | | | | (16,885) | | |
Exchange differences on translation from functional to presentation currency
|
| | | | | | | (143,037) | | | | | | 59,557 | | | | | | (5,791) | | | | | | 43,190 | | |
Other comprehensive share of investment accounted for using the equity method
|
| | | | | | | 1,831 | | | | | | 45 | | | | | | 1,430 | | | | | | (393) | | |
Movement in other reserves
|
| | | | | | | 109 | | | | | | (43) | | | | | | 20 | | | | | | (21) | | |
Other comprehensive (loss)/income – net of tax
|
| | | | | | | (125,242) | | | | | | 50,958 | | | | | | (20,847) | | | | | | 25,891 | | |
Total comprehensive (loss)/income for the period
|
| | | | | | | (127,559) | | | | | | 57,483 | | | | | | (19,969) | | | | | | 63,981 | | |
Attributable to: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owners of the parent
|
| | | | | | | (127,484) | | | | | | 57,627 | | | | | | (19,743) | | | | | | 64,257 | | |
Non-controlling interest
|
| | | | | | | (75) | | | | | | (144) | | | | | | (226) | | | | | | (276) | | |
Total comprehensive (loss)/income for the period
|
| | | | | | | (127,559) | | | | | | 57,483 | | | | | | (19,969) | | | | | | 63,981 | | |
Earnings per share (cents) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic (loss)/earnings per share
|
| |
20
|
| | | | (0.07) | | | | | | 0.22 | | | | | | 0.04 | | | | | | 1.24 | | |
Diluted (loss)/earnings per share
|
| |
20
|
| | | | (0.07) | | | | | | 0.22 | | | | | | 0.04 | | | | | | 1.24 | | |
| | |
Share
capital(a) USD’000 |
| |
Accumulated
loss USD’000 |
| |
Other
reserves USD’000 |
| |
Foreign
currency translation reserve USD’000 |
| |
Subtotal
USD’000 |
| |
Non-controlling
interest USD’000 |
| |
Total
equity USD’000 |
| |||||||||||||||||||||
Balance at December 31, 2020
|
| | | | 2,549,583 | | | | | | (865,651) | | | | | | (1,019) | | | | | | (520,724) | | | | | | 1,162,189 | | | | | | (7,126) | | | | | | 1,155,063 | | |
Profit/(loss) for the period
|
| | | | — | | | | | | 38,366 | | | | | | — | | | | | | — | | | | |
|
38,366
|
| | | | | (276) | | | | |
|
38,090
|
| |
Other comprehensive income/(loss) for the period
|
| | | | — | | | | | | (17,278) | | | | | | (21) | | | | | | 43,190 | | | | |
|
25,891
|
| | | | | — | | | | |
|
25,891
|
| |
Total comprehensive income/(loss)
|
| | | | — | | | | | | 21,088 | | | | | | (21) | | | | | | 43,190 | | | | | | 64,257 | | | | | | (276) | | | | | | 63,981 | | |
Balance at June 30, 2021
|
| | | | 2,549,583 | | | | | | (844,563) | | | | | | (1,040) | | | | | | (477,534) | | | | | | 1,226,446 | | | | | | (7,402) | | | | | | 1,219,044 | | |
(Loss)/profit for the period
|
| | | | — | | | | | | (4,633) | | | | | | — | | | | | | — | | | | |
|
(4,633)
|
| | | | | (285) | | | | |
|
(4,918)
|
| |
Other comprehensive (loss)/income for the period
|
| | |
|
—
|
| | | | | 17,796 | | | | | | 104 | | | | | | (138,372) | | | | |
|
(120,472)
|
| | | | | — | | | | |
|
(120,472)
|
| |
Total comprehensive income/(loss)
|
| | | | — | | | | | | 13,163 | | | | | | 104 | | | | | | (138,372) | | | | | | (125,105) | | | | | | (285) | | | | | | (125,390) | | |
Balance at December 31, 2021
|
| | | | 2,549,583 | | | | | | (831,400) | | | | | | (936) | | | | | | (615,906) | | | | | | 1,101,341 | | | | | | (7,687) | | | | | | 1,093,654 | | |
Profit/(loss) for the period
|
| | | | — | | | | | | 1,104 | | | | | | — | | | | | | — | | | | |
|
1,104
|
| | | | | (226) | | | | |
|
878
|
| |
Other comprehensive (loss)/income for the period
|
| | | | — | | | | | | (15,076) | | | | | | 20 | | | | | | (5,791) | | | | |
|
(20,847)
|
| | | | | — | | | | |
|
(20,847)
|
| |
Total comprehensive (loss)/income
|
| | | | — | | | | | | (13,972) | | | | | | 20 | | | | | | (5,791) | | | | | | (19,743) | | | | | | (226) | | | | | | (19,969) | | |
Balance as June 30, 2022
|
| | | | 2,549,583 | | | | | | (845,372) | | | | | | (916) | | | | | | (621,697) | | | | | | 1,081,598 | | | | | | (7,913) | | | | | | 1,073,685 | | |
| | | | | |
For the six months ended
|
| |||||||||
| | |
Notes
|
| |
Jun 30,
2022 USD’000 |
| |
Jun 30,
2021 USD’000 |
| ||||||
Cash flows from operating activities | | | | | | | | | | | | | | | | |
Profit before income tax
|
| | | | | | | 10,664 | | | | | | 54,897 | | |
Depreciation of property, plant and equipment
|
| |
7
|
| | | | 2,913 | | | | | | 4,091 | | |
Amortization of intangible assets
|
| |
6
|
| | | | (32) | | | | | | 277 | | |
Revolving commodity facility fair value adjustment
|
| |
16
|
| | | | (919) | | | | | | (421) | | |
Share of loss of investments accounted for using the equity method
|
| |
11
|
| | | | 151 | | | | | | 59 | | |
Share-based payments
|
| |
15
|
| | | | 2,367 | | | | | | — | | |
Loss on disposal of mining assets
|
| | | | | | | — | | | | | | 3,141 | | |
Profit on disposal of fixed assets
|
| | | | | | | (16) | | | | | | — | | |
Unrealized foreign exchange gain
|
| | | | | | | (1,244) | | | | | | (362) | | |
Finance income
|
| | | | | | | (3,329) | | | | | | (2,453) | | |
Finance cost
|
| | | | | | | 1,813 | | | | | | 2,797 | | |
Operating profit before working capital changes
|
| | | | | | | 12,368 | | | | | | 62,026 | | |
Decrease in trade and other receivables
|
| | | | | | | 35,342 | | | | | | 39,711 | | |
Decrease in trade and other payables
|
| | | | | | | (5,216) | | | | | | (2,852) | | |
(Increase)/Decrease in inventories
|
| | | | | | | (5,043) | | | | | | 1,909 | | |
Cash generated from operations
|
| | | | | | | 37,451 | | | | | | 100,794 | | |
Interest paid
|
| | | | | | | (245) | | | | | | (391) | | |
Interest received
|
| | | | | | | 2,634 | | | | | | 1,910 | | |
Net cash generated from operating activities
|
| | | | | |
|
39,840
|
| | | |
|
102,313
|
| |
Cash flows from investing activities | | | | | | | | | | | | | | | | |
Purchase of property, plant and equipment
|
| |
7
|
| | | | (21,520) | | | | | | (1,764) | | |
Disposal of property, plant and equipment
|
| | | | | | | 49 | | | | | | — | | |
Additions to mining assets
|
| |
5
|
| | | | (8,528) | | | | | | (396) | | |
Disposal of mining assets
|
| | | | | | | — | | | | | | 7 | | |
Additions to intangible assets
|
| |
6
|
| | | | (398) | | | | | | (158) | | |
Funds invested in restricted cash
|
| | | | | | | — | | | | | | (808) | | |
Loans granted to related party
|
| | | | | | | (3,818) | | | | | | (554) | | |
Loans repaid by external parties
|
| | | | | | | 732 | | | | | | 476 | | |
Net cash utilized in investing activities
|
| | | | | |
|
(33,483)
|
| | | |
|
(3,197)
|
| |
Cash flows from financing activities | | | | | | | | | | | | | | | | |
Interest paid on The Industrial Development Corporation (“IDC”) of South Africa loan(a)
|
| | | | | | | — | | | | | | (1,944) | | |
Capital repayment on the IDC loan(a)
|
| | | | | | | — | | | | | | (37,158) | | |
Proceeds from revolving commodity facility
|
| |
16
|
| | | | 64,955 | | | | | | 37,142 | | |
Repayment of revolving commodity facility
|
| |
16
|
| | | | (93,906) | | | | | | (18,815) | | |
Net cash utilized in financing activities
|
| | | | | |
|
(28,951)
|
| | | |
|
(20,775)
|
| |
Net (decrease)/increase in cash and cash equivalents
|
| | | | | | | (22,594) | | | | | | 78,341 | | |
Cash and cash equivalents at beginning of the year
|
| | | | | | | 140,595 | | | | | | 62,986 | | |
Exchange (loss)/gain on cash and cash equivalents
|
| | | | | | | (1,787) | | | | | | 3,447 | | |
Cash and cash equivalents at end of the period
|
| |
9.1
|
| | | | 116,214 | | | | | | 144,774 | | |
| | |
At Jun 30,
2022 |
| |
Average
six months ended Jun 30, 2022 |
| |
Average
three months ended Jun 30, 2022 |
| |
At Dec 31,
2021 |
| |
Average
six months ended Jun 30, 2021 |
| |
Average
three months ended Jun 30, 2021 |
| ||||||||||||||||||
South African Rand (USD:ZAR)
|
| | | | 16.25 | | | | | | 15.41 | | | | | | 15.57 | | | | | | 15.90 | | | | | | 14.55 | | | | | | 14.13 | | |
Asset category
|
| |
Useful life
|
|
Producing mines
|
| |
Units of production (ore tonnes mined)
|
|
Pre-stripping costs
|
| |
Units of production (ore tonnes mined)
|
|
Plant construction and mine development
|
| |
Units of production (ore tonnes mined)
|
|
Deferred stripping costs
|
| |
Units of production (ore tonnes mined)
|
|
Decommissioning assets
|
| |
Units of production (ore tonnes mined)
|
|
Leased assets
|
| |
10 years
|
|
Plant and equipment
|
| |
Units of production (ore tonnes processed)
|
|
Buildings
|
| |
20 years
|
|
Land
|
| |
Indefinite
|
|
Other | | | | |
• Vehicles
|
| |
5 years
|
|
• Computer equipment
|
| |
3 years
|
|
• Office equipment
|
| |
6 years
|
|
• Furniture and fittings
|
| |
6 years
|
|
• Other equipment
|
| |
5 years
|
|
| | |
Jun 30,
2022 USD’000 |
| |
Dec 31,
2021 USD’000 |
| ||||||
Exploration and evaluation assets
|
| | | | 25,359 | | | | | | 17,589 | | |
Mineral properties and rights
|
| | | | 676,767 | | | | | | 691,313 | | |
Balance as at the end of the period
|
| | | | 702,126 | | | | | | 708,902 | | |
| | |
Exploration &
evaluation assets USD’000 |
| |
Mineral properties &
rights USD’000 |
| |
TOTAL
USD’000 |
| |||||||||
Balance as at January 1, 2021
|
| | | | 21,071 | | | | | | 752,204 | | | | | | 773,275 | | |
Additions
|
| | | | 874 | | | | | | — | | | | | | 874 | | |
Disposals(a) | | | | | (2,786) | | | | | | — | | | | | | (2,786) | | |
Foreign exchange variance
|
| | | | (1,570) | | | | | | (60,891) | | | | | | (62,461) | | |
Balance as at December 31, 2021
|
| | | | 17,589 | | | | | | 691,313 | | | | | | 708,902 | | |
Additions
|
| | | | 8,528 | | | | | | — | | | | | | 8,528 | | |
Foreign exchange variance
|
| | | | (759) | | | | | | (14,545) | | | | | | (15,304) | | |
Balance as at June 30, 2022
|
| | | | 25,358 | | | | | | 676,768 | | | | | | 702,126 | | |
| | |
Jun 30,
2022 USD’000 |
| |
Dec 31,
2021 USD’000 |
| ||||||
CARRYING VALUE | | | | | | | | | | | | | |
Water pipeline
|
| | | | 20,801 | | | | | | 21,180 | | |
ERP software
|
| | | | 382 | | | | | | 8 | | |
Computer software
|
| | | | 609 | | | | | | 677 | | |
Research and development
|
| | | | 8,495 | | | | | | 8,675 | | |
Balance at the end of the period
|
| | | | 30,287 | | | | | | 30,540 | | |
| | |
Water
pipeline USD’000 |
| |
ERP
software USD’000 |
| |
Computer
software USD’000 |
| |
Research and
development USD’000 |
| |
Power and
water rights USD’000 |
| |
TOTAL
USD’000 |
| | ||||||||||||||||||||
COST | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Balance as at January 1, 2021
|
| | | | 27,899 | | | | | | 120 | | | | | | 2,103 | | | | | | 9,440 | | | | | | 18,560 | | | | | | 58,122 | | | | ||
Additions
|
| | | | 15 | | | | | | 2 | | | | | | 168 | | | | | | — | | | | | | — | | | | | | 185 | | | | ||
Foreign exchange variance
|
| | | | (2,260) | | | | | | (12) | | | | | | (191) | | | | | | (765) | | | | | | — | | | | | | (3,228) | | | | ||
Balance as at December 31, 2021
|
| | | | 25,654 | | | | | | 110 | | | | | | 2,080 | | | | | | 8,675 | | | | | | 18,560 | | | | | | 55,079 | | | | ||
Additions
|
| | | | — | | | | | | 398 | | | | | | — | | | | | | — | | | | | | — | | | | | | 398 | | | | ||
Foreign exchange variance
|
| | | | (548) | | | | | | (24) | | | | | | (55) | | | | | | (180) | | | | | | — | | | | | | (807) | | | | | |
Balance as at June 30, 2022
|
| | | | 25,106 | | | | | | 484 | | | | | | 2,025 | | | | | | 8,495 | | | | | | 18,560 | | | | | | 54,670 | | | | ||
ACCUMULATED AMORTIZATION | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Balance as at January 1, 2021
|
| | | | 4,464 | | | | | | 114 | | | | | | 1,420 | | | | | | — | | | | | | 18,560 | | | | | | 24,558 | | | | ||
Amortization
|
| | | | 370 | | | | | | — | | | | | | 100 | | | | | | — | | | | | | — | | | | | | 470 | | | | ||
Foreign exchange variance
|
| | | | (360) | | | | | | (12) | | | | | | (117) | | | | | | — | | | | | | — | | | | | | (489) | | | | ||
Balance as at December 31, 2021
|
| | | | 4,474 | | | | | | 102 | | | | | | 1,403 | | | | | | — | | | | | | 18,560 | | | | | | 24,539 | | | | ||
Amortization
|
| | | | (75)(a) | | | | | | —(b) | | | | | | 43 | | | | | | — | | | | | | — | | | | | | (32) | | | | ||
Foreign exchange variance
|
| | | | (94) | | | | | | 1 | | | | | | (30) | | | | | | — | | | | | | — | | | | | | (123) | | | | ||
Balance as at June 30, 2022
|
| | | | 4,305 | | | | | | 103 | | | | | | 1,416 | | | | | | — | | | | | | 18,560 | | | | | | 24,384 | | | | ||
CARRYING AMOUNTS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Balance as at January 1, 2021
|
| | | | 23,435 | | | | | | 6 | | | | | | 683 | | | | | | 9,440 | | | | | | — | | | | | | 33,564 | | | | ||
Balance as at December 31, 2021
|
| | | | 21,180 | | | | | | 8 | | | | | | 677 | | | | | | 8,675 | | | | | | — | | | | | | 30,540 | | | | ||
Balance as at June 30, 2022
|
| | | | 20,801 | | | | | | 382 | | | | | | 609 | | | | | | 8,495 | | | | | | — | | | | | | 30,287 | | | |
| | |
Producing
Mines USD’000 |
| |
Plant
construction & mine development USD’000 |
| |
Pre-
stripping cost USD’000 |
| |
Deferred
stripping cost USD’000 |
| |
Decom-
missioning asset USD’000 |
| |
Leased
assets USD’000 |
| |
Plant and
equipment(a) USD’000 |
| |
Land and
buildings USD’000 |
| |
Other
USD’000 |
| |
Total
USD’000 |
| ||||||||||||||||||||||||||||||
COST | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance as at January 1, 2021
|
| | | | 6,182 | | | | | | 12,943 | | | | | | 116,676 | | | | | | 50,413 | | | | | | 7,802 | | | | | | 4,793 | | | | | | 165,660 | | | | | | 3,426 | | | | | | 6,926 | | | | | | 374,821 | | |
Additions
|
| | | | — | | | | | | 6,797 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,737 | | | | | | 645 | | | | | | 876 | | | | | | 14,055 | | |
Change in estimate
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,868 | | | | | | — | | | | | | — | | | | | | — | | | | | | 40 | | | | | | 1,908 | | |
Reclassification
|
| | | | — | | | | | | 2,007 | | | | | | — | | | | | | — | | | | | | — | | | | | | (148) | | | | | | (2,007) | | | | | | — | | | | | | 148 | | | | | | — | | |
Disposals/write offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (188) | | | | | | (188) | | |
Foreign exchange variance
|
| | | | (500) | | | | | | (1,573) | | | | | | (9,445) | | | | | | (4,081) | | | | | | (630) | | | | | | (361) | | | | | | (13,402) | | | | | | (309) | | | | | | (697) | | | | | | (12,666) | | |
Balance as at December 31, 2021
|
| | | | 5,682 | | | | | | 20,174 | | | | | | 107,231 | | | | | | 46,332 | | | | | | 9,040 | | | | | | 4,284 | | | | | | 155,988 | | | | | | 3,762 | | | | | | 7,105 | | | | | | 359,598 | | |
Additions
|
| | | | — | | | | | | 18,858 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,473 | | | | | | — | | | | | | 1,189 | | | | | | 21,520 | | |
Disposals
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (40) | | | | | | (40) | | |
Foreign exchange variance
|
| | | | (119) | | | | | | (1,404) | | | | | | (2,247) | | | | | | (971) | | | | | | (190) | | | | | | (183) | | | | | | (3,346) | | | | | | (77) | | | | | | (120) | | | | | | (8,657) | | |
Balance as at June 30, 2022
|
| | | | 5,563 | | | | | | 37,628 | | | | | | 104,984 | | | | | | 45,361 | | | | | | 8,850 | | | | | | 4,101 | | | | | | 154,115 | | | | | | 3,685 | | | | | | 8,134 | | | | | | 372,421 | | |
ACCUMULATED DEPRECIATION
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance as at January 1, 2021
|
| | | | 5,540 | | | | | | — | | | | | | 97,423 | | | | | | 41,784 | | | | | | 7,802 | | | | | | 3,237 | | | | | | 120,164 | | | | | | 875 | | | | | | 5,498 | | | | | | 282,323 | | |
Depreciation
|
| | | | 133 | | | | | | — | | | | | | 1,593 | | | | | | 701 | | | | | | 132 | | | | | | 134 | | | | | | 4,977 | | | | | | 136 | | | | | | 586 | | | | | | 8,392 | | |
Change in estimate
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (6) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (6) | | |
Reclassification
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (12) | | | | | | — | | | | | | — | | | | | | 12 | | | | | | — | | |
Disposals
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (173) | | | | | | (173) | | |
Foreign exchange variance
|
| | | | (459) | | | | | | — | | | | | | (8,003) | | | | | | (3,434) | | | | | | (635) | | | | | | (264) | | | | | | (10,182) | | | | | | (82) | | | | | | (504) | | | | | | (23,563) | | |
Balance as at December 31, 2021
|
| | | | 5,214 | | | | | | — | | | | | | 91,013 | | | | | | 39,051 | | | | | | 7,293 | | | | | | 3,095 | | | | | | 114,959 | | | | | | 929 | | | | | | 5,419 | | | | | | 266,973 | | |
Depreciation
|
| | | | 48 | | | | | | — | | | | | | 575 | | | | | | 258 | | | | | | 48 | | | | | | 67 | | | | | | 1,517 | | | | | | 63 | | | | | | 337 | | | | | | 2,913 | | |
Disposals
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (7) | | | | | | (7) | | |
Foreign exchange variance
|
| | | | (110) | | | | | | — | | | | | | (1,939) | | | | | | (832) | | | | | | (155) | | | | | | (134) | | | | | | (2,435) | | | | | | (20) | | | | | | (68) | | | | | | (5,693) | | |
Balance as at June 30, 2022
|
| | | | 5,152 | | | | | | — | | | | | | 89,649 | | | | | | 38,477 | | | | | | 7,186 | | | | | | 3,028 | | | | | | 114,041 | | | | | | 972 | | | | | | 5,681 | | | | | | 264,186 | | |
CARRYING AMOUNTS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance as at January 1, 2021
|
| | | | 642 | | | | | | 12,943 | | | | | | 19,253 | | | | | | 8,629 | | | | | | — | | | | | | 1,556 | | | | | | 45,496 | | | | | | 2,551 | | | | | | 1,428 | | | | | | 92,498 | | |
Balance as at December 31, 2021
|
| | | | 468 | | | | | | 20,174 | | | | | | 16,218 | | | | | | 7,218 | | | | | | 1,747 | | | | | | 1,189 | | | | | | 41,029 | | | | | | 2,833 | | | | | | 1,686 | | | | | | 92,625 | | |
Balance as at June 30, 2022
|
| | | | 411 | | | | | | 37,628 | | | | | | 15,335 | | | | | | 6,884 | | | | | | 1,664 | | | | | | 1,073 | | | | | | 40,074 | | | | | | 2,713 | | | | | | 2,453 | | | | | | 108,235 | | |
| | |
Jun 30,
2022 USD’000 |
| |
Dec 31,
2021 USD’000 |
| ||||||
Non-current assets | | | | | | | | | | | | | |
Kelltech Limited(a)
|
| | | | 15,073 | | | | | | 11,793 | | |
Kellplant Proprietary Limited(b)
|
| | | | 4,765 | | | | | | 2,621 | | |
Magalies Water(c)
|
| | | | 3,857 | | | | | | 4,649 | | |
| | | | | 23,695 | | | | | | 19,063 | | |
Current assets | | | | | | | | | | | | | |
Phakamani Impact Capital (Pty) Ltd (“Phakamani”)(d)
|
| | | | 632 | | | | | | 637 | | |
| | | | | 632 | | | | | | 637 | | |
Balance at the end of the period
|
| | | | 24,327 | | | | | | 19,700 | | |
| | |
Jun 30,
2022 USD’000 |
| |
Dec 31,
2021 USD’000 |
| ||||||
Cash at bank
|
| | | | 116,214 | | | | | | 140,595 | | |
Balance at the end of the period
|
| | | | 116,214 | | | | | | 140,595 | | |
| | |
Jun,
2022 USD’000 |
| |
Dec 31,
2021 USD’000 |
| ||||||
Balance at the end of the period
|
| | | | 18,458 | | | | | | 18,432 | | |
| | |
Jun 30,
2022 USD’000 |
| |
Dec 31,
2021 USD’000 |
| ||||||
Ore stockpiled
|
| | | | 3,890 | | | | | | 209 | | |
Work in progress
|
| | | | 71 | | | | | | 643 | | |
Chrome stockpile
|
| | | | 275 | | | | | | 313 | | |
Consumables
|
| | | | 10,539 | | | | | | 9,043 | | |
Balance at the end of the period
|
| | | | 14,775 | | | | | | 10,208 | | |
Name of entity
|
| |
Country of
incorporation |
| |
% of
ownership interest |
| |
Nature of
relationship |
| |
Measurement
method |
|
Kelltech Limited | | | Mauritius | | |
50
|
| | Provides access to new technology to the SPM Group | | |
Equity
|
|
| | |
Jun 30,
2022 USD’000 |
| |
Dec 31,
2021 USD’000 |
| ||||||
Balance at the beginning of the period
|
| | | | — | | | | | | — | | |
Share of loss from joint venture
|
| | | | (151) | | | | | | (786) | | |
Share of other comprehensive profit/(loss)
|
| | | | 1,430 | | | | | | (90) | | |
Foreign exchange gain on investment in joint venture
|
| | | | 114 | | | | | | 250 | | |
Application of equity accounting on loan receivable
|
| | | | (1,393) | | | | | | 626 | | |
Balance at the end of the period
|
| | | | — | | | | | | — | | |
Summarized balance sheet
|
| |
Jun 30,
2022 USD’000 |
| |
Dec 31,
2021 USD’000 |
| ||||||
Non-current assets
|
| | | | 13,847 | | | | | | 10,096 | | |
Current assets
|
| | | | 5,841 | | | | | | 1,839 | | |
Non-current liabilities
|
| | | | (15,152) | | | | | | (14,927) | | |
Current Liabilities
|
| | | | (6,759) | | | | | | (2,471) | | |
Net liability value
|
| | | | (2,223) | | | | | | (5,463) | | |
SRL ownership interest
|
| | | | 50% | | | | | | 50% | | |
The above assets and liabilities include the following: | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | | 5,597 | | | | | | 1,982 | | |
Summarized statement of comprehensive expense
|
| |
Jun 30,
2022 USD’000 |
| |
Dec 31,
2021 USD’000 |
| ||||||
Loss for the period
|
| | | | (301) | | | | | | (1,572) | | |
Other comprehensive income/(expense)
|
| | | | 2,860 | | | | | | (180) | | |
Total comprehensive income/(expense)
|
| | | | 2,559 | | | | | | (1,752) | | |
The above loss for the period includes the following: | | | | | | | | | | | | | |
Finance income
|
| | | | 38 | | | | | | 21 | | |
Finance expense*
|
| | | | (227) | | | | | | (390) | | |
| | |
Number of shares
|
| |
Amount USD’000
|
| ||||||
Balance as at December 31, 2021
|
| | | | 3,095,401,663 | | | | | | 2,549,583 | | |
Balance as at June 30, 2022
|
| | | | 3,095,401,663 | | | | | | 2,549,583 | | |
| | |
Jun 30,
2022 USD’000 |
| |
Dec 31,
2021 USD’000 |
| ||||||
Loan from Corridor Mining Resources Proprietary Limited
|
| | | | 5,407 | | | | | | 5,289 | | |
Balance at the end of the period
|
| | | | 5,407 | | | | | | 5,289 | | |
| | |
Jun 30,
2022 USD’000 |
| |
Dec 31,
2021 USD’000 |
| ||||||
DISCOUNTED | | | | | | | | | | | | | |
Balance at the beginning of the period
|
| | | | 18,782 | | | | | | 16,787 | | |
Unwinding of discount (accretion)
|
| | | | 986 | | | | | | 1,597 | | |
Change in estimate
|
| | | | — | | | | | | 1,868 | | |
Subtotal | | | | | 19,768 | | | | | | 20,252 | | |
Foreign exchange variance
|
| | | | (444) | | | | | | (1,470) | | |
Balance at the end of the period
|
| | | | 19,324 | | | | | | 18,782 | | |
| | |
Jun 30,
2022 |
| |
Dec 31,
2021 |
|
ZAR discount rate (%)
|
| |
7.4
|
| |
7.4
|
|
Inflation rate (%)
|
| |
4.4
|
| |
4.4
|
|
Life of Mine – West Pit (current operating open pit)
|
| |
6 years
|
| |
6 years and 6 months
|
|
Life of Mine – East Pit (a developing open pit)
|
| |
7 years and 6 months
|
| |
7 years and 6 months
|
|
| | |
Jun 30,
2022 USD’000 |
| |
Dec 31,
2021 USD’000 |
| ||||||
Balance at the beginning of the period
|
| | | | 1,950 | | | | | | — | | |
Cash-settled share-based payment recognized in the current period
|
| | | | 2,367 | | | | | | 1,954 | | |
Foreign exchange variance
|
| | | | (165) | | | | | | (4) | | |
Balance at the end of the period
|
| | | | 4,152 | | | | | | 1,950 | | |
Less: Current portion of share-based payment liability
|
| | | | (1,024) | | | | | | (1,505) | | |
Non-current portion of share-based payment liability
|
| | | | 3,128 | | | | | | 445 | | |
| | |
Jun 30,
2022 USD’000 |
| |
Dec 31,
2021 USD’000 |
| ||||||
Balance at the beginning of the period
|
| | | | 31,252 | | | | | | 5,211 | | |
Repayment of drawdown
|
| | | | (93,906) | | | | | | (85,523) | | |
Drawdown from the facility during the period
|
| | | | 64,955 | | | | | | 114,344 | | |
Fair value adjustments to the balances
|
| | | | (188) | | | | | | (956) | | |
IFRS 9 Fair value adjustment
|
| | | | 1,107 | | | | | | 1,029 | | |
Interest accrued
|
| | | | 576 | | | | | | 619 | | |
Subtotal | | | | | 3,796 | | | | | | 34,724 | | |
Exchange rate variance
|
| | | | 805 | | | | | | (3,472) | | |
Balance at the end of the period
|
| | | | 4,601 | | | | | | 31,252 | | |
| | |
For the three months ended
|
| |
For the six months ended
|
| ||||||||||||||||||
| | |
Jun 30,
2022 USD’000 |
| |
Jun 30,
2021 USD’000 |
| |
Jun 30,
2022 USD’000 |
| |
Jun 30,
2021 USD’000 |
| ||||||||||||
Platinum
|
| | | | 9,094 | | | | | | 23,183 | | | | | | 19,742 | | | | | | 39,484 | | |
Palladium
|
| | | | 12,178 | | | | | | 17,688 | | | | | | 23,720 | | | | | | 32,902 | | |
Rhodium
|
| | | | 16,454 | | | | | | 30,107 | | | | | | 37,851 | | | | | | 77,010 | | |
Gold
|
| | | | 897 | | | | | | 1,471 | | | | | | 1,690 | | | | | | 2,376 | | |
Revenue from 4E minerals
|
| | | | 38,621 | | | | | | 72,449 | | | | | | 83,003 | | | | | | 151,772 | | |
Other minerals
|
| | | | 6,772 | | | | | | 7,682 | | | | | | 15,380 | | | | | | 14,248 | | |
Total revenue from contracts with customers
|
| | | | 45,394 | | | | | | 80,132 | | | | | | 98,383 | | | | | | 166,020 | | |
Commodity price adjustment
|
| | | | (9,201) | | | | | | (12,109) | | | | | | (9,128) | | | | | | (2,197) | | |
Total revenue as per statement of profit or loss
|
| | | | 36,192 | | | | | | 68,023 | | | | | | 89,255 | | | | | | 163,823 | | |
| | |
For the three months ended
|
| |
For the six months ended
|
| ||||||||||||||||||
| | |
Jun 30,
2022 USD’000 |
| |
Jun 30,
2021 USD’000 |
| |
Jun 30,
2022 USD’000 |
| |
Jun 30,
2021 USD’000 |
| ||||||||||||
On-mine operations | | | | | | | | | | | | | | | | | | | | | | | | | |
Total materials and mining costs(a)
|
| | | | (14,287) | | | | | | (24,659) | | | | | | (31,502) | | | | | | (44,661) | | |
Concentrator plant operations | | | | | | | | | | | | | | | | | | | | | | | | | |
Materials and other costs
|
| | | | (6,800) | | | | | | (8,302) | | | | | | (13,548) | | | | | | (15,829) | | |
Utilities
|
| | | | (3,468) | | | | | | (5,141) | | | | | | (6,973) | | | | | | (8,729) | | |
Beneficiation | | | | | | | | | | | | | | | | | | | | | | | | | |
Smelting and refining costs
|
| | | | (1,843) | | | | | | (3,474) | | | | | | (3,986) | | | | | | (6,604) | | |
Transport
|
| | | | (60) | | | | | | (132) | | | | | | (137) | | | | | | (260) | | |
| | |
For the three months ended
|
| |
For the six months ended
|
| ||||||||||||||||||
| | |
Jun 30,
2022 USD’000 |
| |
Jun 30,
2021 USD’000 |
| |
Jun 30,
2022 USD’000 |
| |
Jun 30,
2021 USD’000 |
| ||||||||||||
Salaries
|
| | | | (5,143) | | | | | | (4,652) | | | | | | (10,430) | | | | | | (9,382) | | |
Sub-total | | | | | (31,601) | | | | | | (46,360) | | | | | | (66,576) | | | | | | (85,465) | | |
Amortization and depreciation of operating assets
|
| | | | (1,313) | | | | | | (2,321) | | | | | | (2,471) | | | | | | (4,006) | | |
Inventory adjustments
|
| | | | 3,550 | | | | | | 197 | | | | | | 3,088 | | | | | | (2,914) | | |
Total cost of operations
|
| | | | (29,364) | | | | | | (48,484) | | | | | | (65,959) | | | | | | (92,385) | | |
|
| | |
For the three months ended
|
| |
For the six months ended
|
| ||||||||||||||||||
| | |
Jun 30,
2022 USD’000 |
| |
Jun 30,
2021 USD’000 |
| |
Jun 30,
2022 USD’000 |
| |
Jun 30,
2021 USD’000 |
| ||||||||||||
Operating profit/(loss) includes: | | | | | | | | | | | | | | | | | | | | | | | | | |
Admin and general expenses
|
| | | | (9,250) | | | | | | (7,003) | | | | | | (17,440) | | | | | | (13,796) | | |
Amortisation and depreciation
|
| | | | (221) | | | | | | (226) | | | | | | (410) | | | | | | (362) | | |
Audit fees
|
| | | | (181) | | | | | | (222) | | | | | | (409) | | | | | | (330) | | |
Community projects
|
| | | | (978) | | | | | | (796) | | | | | | (1,637) | | | | | | (1,736) | | |
Consulting and professional fees
|
| | | | (552) | | | | | | (772) | | | | | | (1,760) | | | | | | (1,547) | | |
Consumables
|
| | | | (143) | | | | | | (283) | | | | | | (303) | | | | | | (693) | | |
Employee expenses
|
| | | | (3,896) | | | | | | (2,197) | | | | | | (6,991) | | | | | | (4,619) | | |
Insurance fees
|
| | | | (589) | | | | | | (450) | | | | | | (907) | | | | | | (863) | | |
IT related costs
|
| | | | (212) | | | | | | (223) | | | | | | (375) | | | | | | (383) | | |
Learnerships & bursaries
|
| | | | (95) | | | | | | (143) | | | | | | (146) | | | | | | (323) | | |
Other admin and general expenses
|
| | | | (1,229) | | | | | | (873) | | | | | | (2,303) | | | | | | (1,537) | | |
Royalty expense
|
| | | | (298) | | | | | | (364) | | | | | | (643) | | | | | | (525) | | |
Security
|
| | | | (856) | | | | | | (454) | | | | | | (1,556) | | | | | | (878) | | |
Foreign exchange gain/(loss)
|
| | | | 5,838 | | | | | | (58) | | | | | | 2,062 | | | | | | 386 | | |
Other income/(expenses)(a)
|
| | | | 311 | | | | | | (2,785) | | | | | | 1,381 | | | | | | (2,728) | | |
| | |
For the three months ended
|
| |
For the six months ended
|
| ||||||||||||||||||
| | |
Jun 30,
2022 |
| |
Jun 30,
2021 |
| |
Jun 30,
2022 |
| |
Jun 30,
2021 |
| ||||||||||||
Number of ordinary shares in issue outside the Group (note 12)
|
| | | | 3,095,401,663 | | | | | | 3,095,401,663 | | | | | | 3,095,401,663 | | | | | | 3,095,401,663 | | |
Weighted average number of ordinary shares in issue for basic earnings
|
| | | | 3,095,401,663 | | | | | | 3,095,401,663 | | | | | | 3,095,401,663 | | | | | | 3,095,401,663 | | |
Weighted average number of ordinary shares in issue for diluted earnings
|
| | | | 3,095,401,663 | | | | | | 3,095,401,663 | | | | | | 3,095,401,663 | | | | | | 3,095,401,663 | | |
| | |
USD’000
|
| |
USD’000
|
| |
USD’000
|
| |
USD’000
|
| ||||||||||||
(Loss)/profit attributable to the owners of the Company
|
| | | | (2,242) | | | | | | 6,669 | | | | | | 1,104 | | | | | | 38,366 | | |
Basic (loss)/earnings per share (cents)
|
| | |
|
(0.07)
|
| | | |
|
0.22
|
| | | |
|
0.04
|
| | | |
|
1.24
|
| |
Diluted (loss)/earnings per share (cents)
|
| | |
|
(0.07)
|
| | | |
|
0.22
|
| | | |
|
0.04
|
| | | |
|
1.24
|
| |
| | |
For the three months ended
|
| |
For the six months ended
|
| ||||||||||||||||||
| | |
Jun 30,
2022 USD’000 |
| |
Jun 30,
2021 USD’000 |
| |
Jun 30,
2022 USD’000 |
| |
Jun 30,
2021 USD’000 |
| ||||||||||||
(Loss)/Profit attributable to the owners of the Company
|
| | | | (2,242) | | | | | | 6,669 | | | | | | 1,104 | | | | | | 38,366 | | |
Effect of remeasurement items net of tax | | | | | | | | | | | | | | | | | | | | | | | | | |
Profit on disposal of fixed assets
|
| | | | (16) | | | | | | — | | | | | | (16) | | | | | | — | | |
Loss on mining assets sold
|
| | | | — | | | | | | 3,141 | | | | | | — | | | | | | 3,141 | | |
Tax effect
|
| | | | 4 | | | | | | (879) | | | | | | 4 | | | | | | (879) | | |
Headline (loss)/earnings
|
| | |
|
(2,251)
|
| | | |
|
8,931
|
| | | |
|
1,092
|
| | | |
|
40,628
|
| |
Headline (loss)/earnings per share (cents)
|
| | |
|
(0.07)
|
| | | |
|
0.29
|
| | | |
|
0.04
|
| | | |
|
1.31
|
| |
Diluted Headline (loss)/earnings per share (cents)
|
| | |
|
(0.07)
|
| | | |
|
0.29
|
| | | |
|
0.04
|
| | | |
|
1.31
|
| |
Balances as at June 30, 2022
|
| |
Presented
USD’000 |
| |
Less than
6 months USD’000 |
| |
Between
6 – 12 months USD’000 |
| |
Greater than
12 months USD’000 |
| ||||||||||||
Long-term borrowings
|
| | | | 5,853 | | | | | | — | | | | | | — | | | | | | 5,853 | | |
Trade payables and accrued liabilities
|
| | | | 23,228 | | | | | | 23,228 | | | | | | — | | | | | | — | | |
Revolving commodity facility
|
| | | | 4,601 | | | | | | 4,601 | | | | | | — | | | | | | — | | |
Total financial liabilities
|
| | | | 33,682 | | | | | | 27,829 | | | | | | — | | | | | | 5,853 | | |
Balances as at December 31, 2021 | | | | | | | | | | | | | | | | | | | | | | | | | |
Long-term borrowings
|
| | | | 5,672 | | | | | | — | | | | | | — | | | | | | 5,672 | | |
Trade payables and accrued liabilities
|
| | | | 29,031 | | | | | | 29,031 | | | | | | — | | | | | | — | | |
Revolving commodity facility
|
| | | | 31,252 | | | | | | 31,252 | | | | | | — | | | | | | — | | |
Total financial liabilities
|
| | | | 65,955 | | | | | | 60,283 | | | | | | — | | | | | | 5,672 | | |
| | |
Jun 30, 2022
|
| |
Dec 31, 2021
|
| ||||||||||||||||||||||||||||||
| | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| ||||||||||||||||||
| | |
USD’000
|
| |
USD’000
|
| ||||||||||||||||||||||||||||||
Financial liabilities measured at fair value | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Revolving commodity facility
|
| | | | — | | | | | | 4,601 | | | | | | — | | | | | | — | | | | | | 31,252 | | | | | | — | | |
Financial assets measured at fair value | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Trade receivables – Metal sales
|
| | | | — | | | | | | 39,724 | | | | | | — | | | | | | — | | | | | | 77,783 | | | | | | — | | |
| | |
Jun 30,
2022 USD ‘000 |
| |
Dec 31,
2021 USD ‘000 |
| ||||||
Restricted cash investments and guarantees
|
| | | | 18,458 | | | | | | 18,432 | | |
Loans receivable
|
| | | | 24,327 | | | | | | 19,700 | | |
Trade receivables
|
| | | | 4,190 | | | | | | 540 | | |
Cash and cash equivalents
|
| | | | 116,214 | | | | | | 140,595 | | |
Total financial assets
|
| | | | 163,189 | | | | | | 179,267 | | |
Long-term borrowings
|
| | | | 5,407 | | | | | | 5,289 | | |
Trade payables and accrued liabilities
|
| | | | 23,228 | | | | | | 29,029 | | |
Total financial liabilities
|
| | | | 28,635 | | | | | | 34,318 | | |
| | |
For the three months ended
|
| |
For the six months ended
|
| ||||||||||||||||||
Mining
|
| |
Jun 30,
2022 USD’000 |
| |
Jun 30,
2021 USD’000 |
| |
Jun 30,
2022 USD’000 |
| |
Jun 30,
2021 USD’000 |
| ||||||||||||
External revenues
|
| | | | 36,192 | | | | | | 68,023 | | | | | | 89,255 | | | | | | 163,823 | | |
Depreciation and amortization
|
| | | | 1,534 | | | | | | 2,547 | | | | | | 2,881 | | | | | | 4,368 | | |
Income tax expense
|
| | | | 6,551 | | | | | | 3,542 | | | | | | (9,786) | | | | | | (16,807) | | |
EBITDA
|
| | | | 4,885 | | | | | | 12,375 | | | | | | 12,029 | | | | | | 59,609 | | |
| | |
For the three months ended
|
| |
For the six months ended
|
| ||||||||||||||||||
Mining
|
| |
Jun 30,
2022 USD’000 |
| |
Jun 30,
2021 USD’000 |
| |
Jun 30,
2022 USD’000 |
| |
Jun 30,
2021 USD’000 |
| ||||||||||||
(Loss)/profit for the year
|
| | | | (2,317) | | | | | | 6,525 | | | | | | 878 | | | | | | 38,090 | | |
Income tax
|
| | | | 6,551 | | | | | | 3,542 | | | | | | 9,786 | | | | | | 16,807 | | |
Depreciation and amortization
|
| | | | 1,534 | | | | | | 2,547 | | | | | | 2,881 | | | | | | 4,368 | | |
Net finance (income)/costs
|
| | | | (883) | | | | | | (239) | | | | | | (1,516) | | | | | | 344 | | |
Total EBITDA for reportable segment
|
| | | | 4,885 | | | | | | 12,375 | | | | | | 12,029 | | | | | | 59,609 | | |
Mining
|
| |
As at Jun 30,
2022 USD’000 |
| |
As at Jun 30,
2021 USD’000 |
| ||||||
Total assets
|
| | | | 1,130,679 | | | | | | 1,179,956 | | |
Total liabilities
|
| | | | 56,994 | | | | | | 86,302 | | |
| | |
As at Jun 30,
2022 USD ‘000 |
| |
As at Dec 31,
2021 USD ‘000 |
| ||||||
Loan to Kelltech Limited(a)
|
| | | | 15,073 | | | | | | 11,793 | | |
Loan to Kellplant Proprietary Limited(a)
|
| | | | 4,765 | | | | | | 2,621 | | |
Loan from Corridor Mining Resources Proprietary Limited(b)
|
| | | | (5,407) | | | | | | (5,289) | | |
Contractual obligations
USD’000 |
| |
Note
|
| |
Total
|
| |
< 1 year
|
| |
1 – 3 years
|
| |
After 3 years
|
| |||||||||||||||
Mining costs
|
| | | | (1) | | | | | | 12,003 | | | | | | 12,003 | | | | | | — | | | | | | — | | |
Open Purchase orders
|
| | | | | | | | | | 47,871 | | | | | | 47,871 | | | | | | — | | | | | | — | | |
Total Contractual Obligations
|
| | | | | | | | |
|
63,204
|
| | | |
|
63,204
|
| | | |
|
—
|
| | | |
|
—
|
| |
Contractual obligations
USD’000 |
| |
Note
|
| |
Total
|
| |
< 1 year
|
| |
1 – 3 years
|
| |
After 3 years
|
| |||||||||||||||
Mining costs
|
| | | | (1) | | | | | | 30,352 | | | | | | 30,352 | | | | | | — | | | | | | — | | |
Open Purchase orders
|
| | | | | | | | | | 10,398 | | | | | | 10,398 | | | | | | — | | | | | | — | | |
Total Contractual Obligations
|
| | | | | | | | | | 40,750 | | | | | | 40,750 | | | | | | — | | | | | | — | | |
| | | | | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
| | |
Note(s)
|
| |
USD’000
|
| |
USD’000
|
| |
USD’000
|
| |||||||||
ASSETS | | | | | | | | | | | | | | | | | | | | | | |
Non-current assets | | | | | | | | | | | | | | | | | | | | | | |
Mining assets
|
| |
4
|
| | | | 708,902 | | | | | | 773,275 | | | | | | 798,395 | | |
Intangible assets
|
| |
5
|
| | | | 30,540 | | | | | | 33,564 | | | | | | 34,740 | | |
Property, plant and equipment
|
| |
6
|
| | | | 92,625 | | | | | | 92,498 | | | | | | 111,093 | | |
Loans receivable
|
| |
7
|
| | | | 19,063 | | | | | | 16,506 | | | | | | 16,916 | | |
Restricted cash investments and guarantees
|
| |
8.1
|
| | | | 18,432 | | | | | | 18,090 | | | | | | 15,885 | | |
Deferred tax asset
|
| |
18
|
| | | | 76,138 | | | | | | 101,949 | | | | | | — | | |
Investment in joint venture
|
| |
24.3
|
| | | | — | | | | | | — | | | | | | — | | |
Total non-current assets
|
| | | | | | | 945,700 | | | | | | 1,035,882 | | | | | | 977,029 | | |
Current assets | | | | | | | | | | | | | | | | | | | | | | |
Inventories
|
| |
9
|
| | | | 10,208 | | | | | | 11,818 | | | | | | 9,718 | | |
Trade and other receivables
|
| |
10
|
| | | | 82,816 | | | | | | 133,893 | | | | | | 70,130 | | |
Loans receivable
|
| |
7
|
| | | | 637 | | | | | | — | | | | | | — | | |
Cash and cash equivalents
|
| |
8.2
|
| | | | 140,595 | | | | | | 62,986 | | | | | | 43,393 | | |
Total current assets
|
| | | | | | | 234,256 | | | | | | 208,697 | | | | | | 123,241 | | |
TOTAL ASSETS
|
| | | | | | | 1,179,956 | | | | | | 1,244,579 | | | | | | 1,100,270 | | |
EQUITY AND LIABILITIES | | | | | | | | | | | | | | | | | | | | | | |
Equity attributable to owners of the Company | | | | | | | | | | | | | | | | | | | | | | |
Share capital
|
| |
11
|
| | | | 2,549,583 | | | | | | 2,549,583 | | | | | | 2,549,583 | | |
Other components of equity
|
| | | | | | | (616,842) | | | | | | (521,743) | | | | | | (458,128) | | |
Accumulated losses
|
| | | | | | | (831,400) | | | | | | (865,651) | | | | | | (1,100,208) | | |
| | | | | | | | 1,101,341 | | | | | | 1,162,189 | | | | | | 991,247 | | |
Non-controlling interests
|
| |
13
|
| | |
|
(7,687)
|
| | | |
|
(7,126)
|
| | | |
|
(6,608)
|
| |
Total equity
|
| | | | | | | 1,093,654 | | | | | | 1,155,063 | | | | | | 984,639 | | |
Non-current liabilities | | | | | | | | | | | | | | | | | | | | | | |
Long-term borrowings
|
| |
14.1, 14.3, 24.5
|
| | | | 5,289 | | | | | | 26,976 | | | | | | 36,643 | | |
Share-based payment obligations
|
| |
12
|
| | | | 445 | | | | | | — | | | | | | — | | |
Decommissioning and rehabilitation provision
|
| |
17
|
| | | | 18,782 | | | | | | 16,787 | | | | | | 22,163 | | |
Total non-current liabilities
|
| | | | | | | 24,516 | | | | | | 43,763 | | | | | | 58,806 | | |
Current liabilities | | | | | | | | | | | | | | | | | | | | | | |
Short-term borrowings
|
| |
14.2, 14.3, 24.6
|
| | | | — | | | | | | 14,408 | | | | | | 13,453 | | |
Share-based payment obligations
|
| |
12
|
| | | | 1,505 | | | | | | — | | | | | | — | | |
Trade payables and accrued liabilities
|
| |
15
|
| | | | 29,029 | | | | | | 26,134 | | | | | | 23,477 | | |
Revolving commodity facility
|
| |
16
|
| | | | 31,252 | | | | | | 5,211 | | | | | | 19,895 | | |
Total current liabilities
|
| | | | | | | 61,786 | | | | | | 45,753 | | | | | | 56,825 | | |
Total liabilities
|
| | | | | | | 86,302 | | | | | | 89,516 | | | | | | 115,631 | | |
TOTAL EQUITY AND LIABILITIES
|
| | | | | | | 1,179,956 | | | | | | 1,244,579 | | | | | | 1,100,270 | | |
| /s/ Erich Clarke | | | | |
|
Erich Clarke
(Director) |
| | | |
| | |
Note(s)
|
| |
2021
USD’000 |
| |
2020
USD’000 |
| |
2019
USD’000 |
| |||||||||
Revenue
|
| |
21
|
| | | | 265,520 | | | | | | 277,572 | | | | | | 181,339 | | |
Cost of operations
|
| |
22
|
| | | | (184,252) | | | | | | (156,213) | | | | | | (186,671) | | |
Gross profit/(loss)
|
| | | | | | | 81,268 | | | | | | 121,359 | | | | | | (5,332) | | |
Administrative and general expenses
|
| |
23
|
| | | | (32,511) | | | | | | (22,610) | | | | | | (19,610) | | |
Other (expense)/income
|
| |
23
|
| | | | (2,599) | | | | | | (233) | | | | | | 849 | | |
Foreign exchange gain/(loss)
|
| | | | | | | 5,015 | | | | | | 2,028 | | | | | | (1,377) | | |
Operating profit/(loss)
|
| |
23
|
| | |
|
51,173
|
| | | |
|
100,544
|
| | | |
|
(25,470)
|
| |
Finance income
|
| | | | | | | 5,532 | | | | | | 3,992 | | | | | | 6,704 | | |
Finance costs
|
| | | | | | | (4,146) | | | | | | (7,103) | | | | | | (9,126) | | |
Share of loss of investments accounted for using the equity method
|
| |
24.3
|
| | | | (786) | | | | | | (1,130) | | | | | | (1,512) | | |
Profit/(loss) before income tax
|
| | | | | | | 51,773 | | | | | | 96,303 | | | | | | (29,404) | | |
Income tax (expense) / credit
|
| |
18
|
| | | | (18,601) | | | | | | 99,891 | | | | | | (20) | | |
PROFIT/(LOSS) FOR THE YEAR
|
| | | | | | | 33,172 | | | | | | 196,194 | | | | | | (29,424) | | |
Profit / (Loss) attributable to: | | | | | | | | | | | | | | | | | | | | | | |
Owners of the Company
|
| | | | | | | 33,733 | | | | | | 196,712 | | | | | | (28,754) | | |
Non-controlling interest
|
| | | | | | | (561) | | | | | | (518) | | | | | | (670) | | |
| | | | | | | | 33,172 | | | | | | 196,194 | | | | | | (29,424) | | |
Other comprehensive (expense) / income: | | | | | | | | | | | | | | | | | | | | | | |
Items that may be reclassified subsequently to profit or loss | | | | | | | | | | | | | | | | | | | | | | |
Exchange differences on loan designated as net
investment |
| | | | | | | 608 | | | | | | 38,311 | | | | | | (12,078) | | |
Exchange differences on translation from functional to presentation currency
|
| | | | | | | (95,182) | | | | | | (63,617) | | | | | | 34,600 | | |
Movement in other reserves
|
| | | | | | | 83 | | | | | | 2 | | | | | | (23) | | |
Other comprehensive share of investment accounted for using the equity method
|
| |
24.3
|
| | | | (90) | | | | | | (466) | | | | | | (356) | | |
Total other comprehensive (expense)/income
|
| | | | | | | (94,581) | | | | | | (25,770) | | | | | | 22,143 | | |
TOTAL COMPREHENSIVE (EXPENSE)/INCOME FOR THE YEAR
|
| | | | | | | (61,409) | | | | | | 170,424 | | | | | | (7,281) | | |
Total comprehensive (expense) / income attributable to: | | | | | | | | | | | | | | | | | | | | | | |
Owners of the Company
|
| | | | | | | (60,848) | | | | | | 170,942 | | | | | | (6,611) | | |
Non-controlling interest
|
| | | | | | | (561) | | | | | | (518) | | | | | | (670) | | |
| | | | | | | | (61,409) | | | | | | 170,424 | | | | | | (7,281) | | |
Earnings per share (cents) | | | | | | | | | | | | | | | | | | | | | | |
Basic earnings/(loss) per share
|
| |
19.1
|
| | | | 1.09 | | | | | | 6.35 | | | | | | (0.93) | | |
Diluted earnings/(loss) per share
|
| |
19.1
|
| | | | 1.09 | | | | | | 6.35 | | | | | | (0.93) | | |
Note(s)
|
| |
Share
capital USD’000 11 |
| |
Accumulated
losses USD’000 |
| |
Other
reserves USD’000 |
| |
Foreign
currency translation reserve USD’000 |
| |
Subtotal
USD’000 |
| |
Non- controlling
interest USD’000 12 |
| |
Total
equity USD’000 |
| |||||||||||||||||||||
Balance at January 1, 2019
|
| | | | 2,549,583 | | | | | | (1,059,022) | | | | | | (998) | | | | | | (491,705) | | | | | | 997,858 | | | | | | (5,939) | | | | | | 991,919 | | |
Loss for the year
|
| | | | — | | | | | | (28,754) | | | | | | — | | | | | | — | | | | | | (28,754) | | | | | | (670) | | | | | | (29,424) | | |
Other comprehensive (expense) / income
|
| | |
|
—
|
| | | | | (12,432) | | | | | | (23) | | | | | | 34,598 | | | | | | 22,143 | | | | |
|
—
|
| | | | | 22,143 | | |
Total comprehensive (expense) / income for the year
|
| | | | — | | | | | | (41,186) | | | | | | (23) | | | | | | 34,598 | | | | | | (6,611) | | | | | | (670) | | | | | | (7,281) | | |
Balance at January 1, 2020
|
| | | | 2,549,583 | | | | | | (1,100,208) | | | | | | (1,021) | | | | | | (457,107) | | | | | | 991,247 | | | | | | (6,608) | | | | | | 984,639 | | |
Profit for the year
|
| | | | — | | | | | | 196,712 | | | | | | — | | | | | | — | | | | | | 196,712 | | | | | | (518) | | | | | | 196,194 | | |
Other comprehensive
income/(expense) |
| | |
|
—
|
| | | | | 37,845 | | | | | | 2 | | | | | | (63,617) | | | | | | (25,770) | | | | |
|
—
|
| | | | | (25,770) | | |
Total comprehensive income/(expense) for the year
|
| | | | — | | | | | | 234,557 | | | | | | 2 | | | | | | (63,617) | | | | | | 170,942 | | | | | | (518) | | | | | | 170,424 | | |
Balance at December 31, 2020
|
| | | | 2,549,583 | | | | | | (865,651) | | | | | | (1,019) | | | | | | (520,724) | | | | | | 1,162,189 | | | | | | (7,126) | | | | | | 1,155,063 | | |
Profit for the year
|
| | | | — | | | | | | 33,733 | | | | | | — | | | | | | — | | | | | | 33,733 | | | | | | (561) | | | | | | 33,172 | | |
Other comprehensive income / (expense)
|
| | |
|
—
|
| | | | | 518 | | | | | | 83 | | | | | | (95,182) | | | | | | (94,581) | | | | | | — | | | | | | (94,581) | | |
Total comprehensive income / (expense) for the year
|
| | | | — | | | | | | 34,251 | | | | | | 83 | | | | | | (95,182) | | | | | | (60,848) | | | | | | (561) | | | | | | (61,409) | | |
Balance at December 31, 2021
|
| | | | 2,549,583 | | | | | | (831,400) | | | | | | (936) | | | | | | (615,906) | | | | | | 1,101,341 | | | | | | (7,687) | | | | | | 1,093,654 | | |
| | |
Note(s)
|
| |
2021
USD’000 |
| |
2020
USD’000 |
| |
2019
USD’000 |
| ||||||||||||
Cash flows from operating activities | | | | | | | | | | | | | | | | | | | | | | | | | |
Profit before income tax
|
| | | | | | | | | | 51,773 | | | | | | 96,303 | | | | | | (29,404) | | |
Adjusted for: | | | | | | | | | | | | | | | | | | | | | | | | | |
Depreciation of property, plant and equipment
|
| | | | 6 | | | | | | 8,386 | | | | | | 13,188 | | | | | | 38,003 | | |
Amortisation of intangible assets
|
| | | | 5 | | | | | | 470 | | | | | | 461 | | | | | | 733 | | |
Revolving commodity facility fair value adjustment
|
| | | | 16 | | | | | | (73) | | | | | | 211 | | | | | | 3,394 | | |
Profit on disposal of asset
|
| | | | | | | | | | (16) | | | | | | (45) | | | | | | — | | |
Share of loss of investments accounted for using the equity method
|
| | | | 24.3 | | | | | | 786 | | | | | | 1,130 | | | | | | 1,512 | | |
Profit on assets scrapped
|
| | | | | | | | | | (1) | | | | | | 2 | | | | | | — | | |
Share-based payments
|
| | | | 12 | | | | | | 1,877 | | | | | | — | | | | | | — | | |
Loan payable forgiven
|
| | | | | | | | | | — | | | | | | — | | | | | | (100) | | |
Loss on disposal of mining assets
|
| | | | 4 | | | | | | 3,141 | | | | | | — | | | | | | — | | |
Mining costs write off
|
| | | | | | | | | | — | | | | | | — | | | | | | 278 | | |
Unrealised foreign exchange gain
|
| | | | | | | | | | (4,640) | | | | | | (1,995) | | | | | | — | | |
Finance income
|
| | | | | | | | | | (5,532) | | | | | | (3,992) | | | | | | (6,704) | | |
Finance cost
|
| | | | | | | | | | 4,146 | | | | | | 7,103 | | | | | | 9,126 | | |
Cash flow from operations before working capital changes
|
| | | | | | | | | | 60,317 | | | | | | 112,366 | | | | | | 16,838 | | |
Decrease/(Increase) in trade and other receivables
|
| | | | | | | | | | 49,540 | | | | | | (61,350) | | | | | | (13,780) | | |
Increase in trade and other payables
|
| | | | | | | | | | 5,660 | | | | | | 1,593 | | | | | | 6,283 | | |
Decrease/(Increase) in inventories
|
| | | | | | | | | | 663 | | | | | | (2,173) | | | | | | (1,677) | | |
Cash generated from operations
|
| | | | | | | | | | 116,180 | | | | | | 50,436 | | | | | | 7,664 | | |
Interest paid
|
| | | | | | | | | | (604) | | | | | | (363) | | | | | | (1,904) | | |
Interest received
|
| | | | | | | | | | 4,531 | | | | | | 2,725 | | | | | | 3,181 | | |
Net cash generated in operating activities
|
| | | | | | | | |
|
120,107
|
| | | |
|
52,798
|
| | | |
|
8,941
|
| |
Cash flows from investing activities | | | | | | | | | | | | | | | | | | | | | | | | | |
Purchase of property, plant and equipment
|
| | | | 6 | | | | | | (14,055) | | | | | | (5,916) | | | | | | (5,418) | | |
Disposal of property, plant and equipment
|
| | | | 6 | | | | | | 30 | | | | | | 39 | | | | | | — | | |
Purchases of mining assets
|
| | | | 4 | | | | | | (874) | | | | | | (1,708) | | | | | | (3,509) | | |
Disposal of mining assets
|
| | | | 4 | | | | | | 7 | | | | | | — | | | | | | — | | |
Additions to intangible assets
|
| | | | 5 | | | | | | (185) | | | | | | (479) | | | | | | (403) | | |
Funds (invested in) / released from restricted cash
|
| | | | | | | | | | (1,212) | | | | | | (1,461) | | | | | | 4,415 | | |
Loans granted to related party
|
| | | | 24.4 | | | | | | (4,556) | | | | | | (2,710) | | | | | | (498) | | |
Loans granted to external parties
|
| | | | | | | | | | (645) | | | | | | — | | | | | | — | | |
Loans repaid by external parties
|
| | | | | | | | | | 1,408 | | | | | | 1,240 | | | | | | 839 | | |
Net cash utilised in investing activities
|
| | | | | | | | |
|
(20,082)
|
| | | |
|
(10,995)
|
| | | |
|
(4,574)
|
| |
Cash flows from financing activities | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest paid on the IDC loan
|
| | | | 14.3 | | | | | | (1,944) | | | | | | (5,975) | | | | | | — | | |
Capital repayment on the IDC loan
|
| | | | 14.3 | | | | | | (37,158) | | | | | | (5,296) | | | | | | — | | |
Proceeds from revolving commodity facility
|
| | | | 16 | | | | | | 114,344 | | | | | | 69,228 | | | | | | 101,007 | | |
Repayment of revolving commodity facility
|
| | | | 16 | | | | | | (85,523) | | | | | | (81,890) | | | | | | (101,481) | | |
Net cash utilised in financing activities
|
| | | | | | | | |
|
(10,281)
|
| | | |
|
(23,933)
|
| | | |
|
(474)
|
| |
Net increase in cash and cash equivalents
|
| | | | | | | | | | 89,744 | | | | | | 17,870 | | | | | | 3,893 | | |
Cash and cash equivalents at beginning of the year
|
| | | | 8.2 | | | | | | 62,986 | | | | | | 43,393 | | | | | | 38,093 | | |
Exchange gain on cash and cash equivalents
|
| | | | | | | | | | (12,135) | | | | | | 1,723 | | | | | | 1,408 | | |
Cash and cash equivalents at end of the year
|
| | |
|
8.2
|
| | | | | 140,595 | | | | | | 62,986 | | | | | | 43,393 | | |
| | |
2021
USD’000 |
| |
2020
USD’000 |
| |
2019
USD’000 |
| |||||||||
Exploration and evaluation assets
|
| | | | 17,589 | | | | | | 21,071 | | | | | | 19,781 | | |
Mineral properties and rights(a)
|
| | | | 691,313 | | | | | | 752,204 | | | | | | 778,614 | | |
Balance at the end of the year
|
| | | | 708,902 | | | | | | 773,275 | | | | | | 798,395 | | |
| | |
Exploration &
evaluation assets USD’000 |
| |
Mineral properties
& rights(a) USD’000 |
| |
TOTAL
USD’000 |
| |||||||||
Balance at January 1, 2019
|
| | | | 16,136 | | | | | | 761,946 | | | | | | 778,082 | | |
Write offs
|
| | | | (278) | | | | | | — | | | | | | (278) | | |
Additions
|
| | | | 3,509 | | | | | | — | | | | | | 3,509 | | |
Foreign exchange variance
|
| | | | 414 | | | | | | 16,668 | | | | | | 17,082 | | |
Balance at December 31, 2019
|
| | | | 19,781 | | | | | | 778,614 | | | | | | 798,395 | | |
Additions
|
| | | | 1,708 | | | | | | — | | | | | | 1,708 | | |
Foreign exchange variance
|
| | | | (418) | | | | | | (26,410) | | | | | | (26,828) | | |
Balance at December 31, 2020
|
| | | | 21,071 | | | | | | 752,204 | | | | | | 773,275 | | |
Additions
|
| | | | 874 | | | | | | — | | | | | | 874 | | |
Disposals(b) | | | | | (2,786) | | | | | | — | | | | | | (2,786) | | |
Foreign exchange variance
|
| | | | (1,570) | | | | | | (60,891) | | | | | | (62,461) | | |
Balance at December 31, 2021(c)
|
| | | | 17,589 | | | | | | 691,313 | | | | | | 708,902 | | |
Assumption
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
LOM (years)
|
| | | | 7.5 | | | | | | 10 | | | | | | 10 | | |
4E basket price in USD
|
| | | | 2,393 | | | | | | 2,031 | | | | | | 1,300 | | |
WACC %
|
| | | | 8.30% | | | | | | 9.13% | | | | | | 9.72% | | |
Asset category
|
| |
Useful life
(years) |
|
Computer software
|
| |
5
|
|
ERP Software
|
| |
5
|
|
Research and development
|
| |
Indefinite
|
|
Water pipeline
|
| |
Life of mine
|
|
| | |
2021
USD’000 |
| |
2020
USD’000 |
| |
2019
USD’000 |
| |||||||||
CARRYING VALUE | | | | | | | | | | | | | | | | | | | |
Water pipeline
|
| | | | 21,180 | | | | | | 23,435 | | | | | | 24,593 | | |
ERP software
|
| | | | 8 | | | | | | 6 | | | | | | 11 | | |
Computer software
|
| | | | 677 | | | | | | 683 | | | | | | 369 | | |
Research and development
|
| | | | 8,675 | | | | | | 9,440 | | | | | | 9,767 | | |
Balance at the end of the year
|
| | | | 30,540 | | | | | | 33,564 | | | | | | 34,740 | | |
| | |
Water
pipeline USD’000 |
| |
ERP
Software USD’000 |
| |
Computer
software USD’000 |
| |
Research and
development USD’000 |
| |
Power and
water rights USD’000 |
| |
TOTAL
USD’000 |
| ||||||||||||||||||
COST | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance at January 1, 2019
|
| | | | 28,059 | | | | | | 121 | | | | | | 1,487 | | | | | | 9,565 | | | | | | 18,560 | | | | | | 57,792 | | |
Additions during the year
|
| | | | 126 | | | | | | — | | | | | | 277 | | | | | | — | | | | | | — | | | | | | 403 | | |
Foreign exchange variance
|
| | | | 616 | | | | | | 3 | | | | | | 38 | | | | | | 202 | | | | | | — | | | | | | 859 | | |
Balance at December 31, 2019
|
| | | | 28,801 | | | | | | 124 | | | | | | 1,802 | | | | | | 9,767 | | | | | | 18,560 | | | | | | 59,054 | | |
Additions during the year
|
| | | | 67 | | | | | | — | | | | | | 408 | | | | | | 4 | | | | | | — | | | | | | 479 | | |
Assets scrapped
|
| | | | — | | | | | | — | | | | | | (98) | | | | | | — | | | | | | — | | | | | | (98) | | |
Foreign exchange variance
|
| | | | (969) | | | | | | (4) | | | | | | (9) | | | | | | (331) | | | | | | — | | | | | | (1,313) | | |
Balance at December 31, 2020
|
| | | | 27,899 | | | | | | 120 | | | | | | 2,103 | | | | | | 9,440 | | | | | | 18,560 | | | | | | 58,122 | | |
Additions during the year
|
| | | | 15 | | | | | | 2 | | | | | | 168 | | | | | | — | | | | | | — | | | | | | 185 | | |
Foreign exchange variance
|
| | | | (2,260) | | | | | | (12) | | | | | | (191) | | | | | | (765) | | | | | | — | | | | | | (3,228) | | |
Balance at December 31, 2021
|
| | | | 25,654 | | | | | | 110 | | | | | | 2,080 | | | | | | 8,675 | | | | | | 18,560 | | | | | | 55,079 | | |
ACCUMULATED AMORTISATION | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance at January 1, 2019
|
| | | | 3,712 | | | | | | 90 | | | | | | 1,096 | | | | | | — | | | | | | 18,560 | | | | | | 23,458 | | |
Amortisation for the year
|
| | | | 405 | | | | | | 21 | | | | | | 307 | | | | | | — | | | | | | — | | | | | | 733 | | |
Foreign exchange variance
|
| | | | 91 | | | | | | 2 | | | | | | 30 | | | | | | — | | | | | | — | | | | | | 123 | | |
Balance at December 31, 2019
|
| | | | 4,208 | | | | | | 113 | | | | | | 1,433 | | | | | | — | | | | | | 18,560 | | | | | | 24,314 | | |
Amortisation for the year
|
| | | | 341 | | | | | | 4 | | | | | | 116 | | | | | | — | | | | | | — | | | | | | 461 | | |
Assets scrapped
|
| | | | — | | | | | | — | | | | | | (98) | | | | | | — | | | | | | — | | | | | | (98) | | |
Foreign exchange variance
|
| | | | (85) | | | | | | (3) | | | | | | (31) | | | | | | — | | | | | | — | | | | | | (119) | | |
Balance at December 31, 2020
|
| | | | 4,464 | | | | | | 114 | | | | | | 1,420 | | | | | | — | | | | | | 18,560 | | | | | | 24,558 | | |
Amortisation for the year
|
| | | | 370 | | | | | | — | | | | | | 100 | | | | | | — | | | | | | — | | | | | | 470 | | |
Foreign exchange variance
|
| | | | (360) | | | | | | (12) | | | | | | (117) | | | | | | — | | | | | | — | | | | | | (489) | | |
Balance at December 31, 2021
|
| | | | 4,474 | | | | | | 102 | | | | | | 1,403 | | | | | | — | | | | | | 18,560 | | | | | | 24,539 | | |
CARRYING AMOUNTS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance at January 1, 2019
|
| | | | 24,347 | | | | | | 31 | | | | | | 391 | | | | | | 9,565 | | | | | | — | | | | | | 34,334 | | |
Balance at December 31, 2019
|
| | | | 24,593 | | | | | | 11 | | | | | | 369 | | | | | | 9,767 | | | | | | — | | | | | | 34,740 | | |
Balance at December 31, 2020
|
| | | | 23,435 | | | | | | 6 | | | | | | 683 | | | | | | 9,440 | | | | | | — | | | | | | 33,564 | | |
Balance at December 31, 2021
|
| | | | 21,180 | | | | | | 8 | | | | | | 677 | | | | | | 8,675 | | | | | | — | | | | | | 30,540 | | |
Asset category
|
| |
Useful life
|
|
Producing mines
|
| |
Units of production (ore tonnes mined)
|
|
Pre-stripping costs
|
| |
Units of production (ore tonnes mined)
|
|
Plant construction and mine development
|
| |
Units of production (ore tonnes mined)
|
|
Deferred stripping costs
|
| |
Units of production (ore tonnes mined)
|
|
Decommissioning assets
|
| |
Units of production (ore tonnes mined)
|
|
Right-of-use assets
|
| |
2 – 5 years
|
|
Plant and equipment
|
| |
Units of production (ore tonnes processed)
|
|
Buildings
|
| |
20 years
|
|
Land
|
| |
Indefinite
|
|
Other | | | | |
• Computer equipment
|
| |
3 years
|
|
• Office equipment
|
| |
6 years
|
|
• Furniture and fittings
|
| |
6 years
|
|
• Motor vehicles
|
| |
5 years
|
|
• Other equipment
|
| |
5 years
|
|
| | |
Producing
Mines USD’000 |
| |
Plant
construction and mine development USD’000 |
| |
Pre-
stripping assets USD’000 |
| |
Deferred
stripping assets USD’000 |
| |
Decom-
missioning assets USD’000 |
| |
Leased
assets(a) USD’000 |
| |
Plant and
equipment(b) USD’000 |
| |
Land and
buildings USD’000 |
| |
Other
USD’000 |
| |
TOTAL
USD’000 |
| ||||||||||||||||||||||||||||||
COST | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance at January 1, 2019
|
| | | | 6,262 | | | | | | 10,141 | | | | | | 118,187 | | | | | | 51,066 | | | | | | 14,468 | | | | | | 4,616 | | | | | | 160,504 | | | | | | 3,281 | | | | | | 6,185 | | | | | | 374,710 | | |
Additions
|
| | | | — | | | | | | 1,391 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,315 | | | | | | 5 | | | | | | 707 | | | | | | 5,418 | | |
Right-of-use asset recognised on adoption of IFRS 16(a)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 293 | | | | | | — | | | | | | — | | | | | | — | | | | | | 293 | | |
Disposals
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Foreign exchange variance
|
| | | | 137 | | | | | | 256 | | | | | | 2,586 | | | | | | 1,117 | | | | | | 317 | | | | | | 108 | | | | | | 3,580 | | | | | | 71 | | | | | | 156 | | | | | | 8,328 | | |
Balance at December 31, 2019
|
| | | | 6,399 | | | | | | 11,788 | | | | | | 120,773 | | | | | | 52,183 | | | | | | 14,785 | | | | | | 5,017 | | | | | | 167,399 | | | | | | 3,357 | | | | | | 7,048 | | | | | | 388,749 | | |
Additions
|
| | | | — | | | | | | 1,390 | | | | | | — | | | | | | — | | | | | | 61 | | | | | | 227 | | | | | | 3,575 | | | | | | 163 | | | | | | 500 | | | | | | 5,916 | | |
Disposals
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (289) | | | | | | — | | | | | | — | | | | | | (471) | | | | | | (760) | | |
Change in estimate
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (6,418) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (6,418) | | |
Foreign exchange variance
|
| | | | (217) | | | | | | (235) | | | | | | (4,097) | | | | | | (1,770) | | | | | | (626) | | | | | | (162) | | | | | | (5,314) | | | | | | (94) | | | | | | (151) | | | | | | (12,666) | | |
Balance at December 31, 2020
|
| | | | 6,182 | | | | | | 12,943 | | | | | | 116,676 | | | | | | 50,413 | | | | | | 7,802 | | | | | | 4,793 | | | | | | 165,660 | | | | | | 3,426 | | | | | | 6,926 | | | | | | 374,821 | | |
Additions
|
| | | | — | | | | | | 6,797 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,737 | | | | | | 645 | | | | | | 876 | | | | | | 14,055 | | |
Change in estimate
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,868 | | | | | | — | | | | | | — | | | | | | — | | | | | | 40 | | | | | | 1,908 | | |
Reclassifications
|
| | | | — | | | | | | 2,007 | | | | | | — | | | | | | — | | | | | | — | | | | | | (148) | | | | | | (2,007) | | | | | | — | | | | | | 148 | | | | | | — | | |
Disposals/write offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (188) | | | | | | (188) | | |
Foreign exchange variance
|
| | | | (500) | | | | | | (1,573) | | | | | | (9,445) | | | | | | (4,081) | | | | | | (630) | | | | | | (361) | | | | | | (13,402) | | | | | | (309) | | | | | | (697) | | | | | | (30,998) | | |
Balance at December 31, 2021
|
| | | | 5,682 | | | | | | 20,174 | | | | | | 107,231 | | | | | | 46,332 | | | | | | 9,040 | | | | | | 4,284 | | | | | | 155,988 | | | | | | 3,762 | | | | | | 7,105 | | | | | | 359,598 | | |
ACCUMULATED DEPRECIATION | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance at January 1, 2019
|
| | | | 4,195 | | | | | | — | | | | | | 81,656 | | | | | | 34,681 | | | | | | 7,581 | | | | | | 3,180 | | | | | | 96,742 | | | | | | 628 | | | | | | 4,847 | | | | | | 233,510 | | |
Depreciation for the year
|
| | | | 1,016 | | | | | | — | | | | | | 12,202 | | | | | | 5,454 | | | | | | 648 | | | | | | 171 | | | | | | 17,746 | | | | | | 120 | | | | | | 646 | | | | | | 38,003 | | |
Disposals
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Foreign exchange variance
|
| | | | 119 | | | | | | — | | | | | | 2,110 | | | | | | 903 | | | | | | 183 | | | | | | 73 | | | | | | 2,619 | | | | | | 15 | | | | | | 121 | | | | | | 6,143 | | |
Balance at December 31, 2019
|
| | | | 5,330 | | | | | | — | | | | | | 95,968 | | | | | | 41,038 | | | | | | 8,412 | | | | | | 3,424 | | | | | | 117,107 | | | | | | 763 | | | | | | 5,614 | | | | | | 277,656 | | |
Depreciation for the year
|
| | | | 351 | | | | | | — | | | | | | 4,173 | | | | | | 1,912 | | | | | | 224 | | | | | | 163 | | | | | | 6,317 | | | | | | 125 | | | | | | 485 | | | | | | 13,750 | | |
Change in estimate
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (562) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (562) | | |
Disposals
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (247) | | | | | | — | | | | | | — | | | | | | (464) | | | | | | (711) | | |
Foreign exchange variance
|
| | | | (141) | | | | | | — | | | | | | (2,718) | | | | | | (1,166) | | | | | | (272) | | | | | | (103) | | | | | | (3,260) | | | | | | (13) | | | | | | (137) | | | | | | (7,810) | | |
Balance at December 31, 2020
|
| | | | 5,540 | | | | | | — | | | | | | 97,423 | | | | | | 41,784 | | | | | | 7,802 | | | | | | 3,237 | | | | | | 120,164 | | | | | | 875 | | | | | | 5,498 | | | | | | 282,323 | | |
Depreciation for the year
|
| | | | 133 | | | | | | — | | | | | | 1,593 | | | | | | 701 | | | | | | 132 | | | | | | 134 | | | | | | 4,977 | | | | | | 136 | | | | | | 586 | | | | | | 8,392 | | |
Change in estimate
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (6) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (6) | | |
Reclassifications
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (12) | | | | | | — | | | | | | — | | | | | | 12 | | | | | | — | | |
Disposals/write offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (173) | | | | | | (173) | | |
Foreign exchange variance
|
| | | | (459) | | | | | | — | | | | | | (8,003) | | | | | | (3,434) | | | | | | (635) | | | | | | (264) | | | | | | (10,182) | | | | | | (82) | | | | | | (504) | | | | | | (23,563) | | |
Balance at December 31, 2021
|
| | | | 5,214 | | | | | | — | | | | | | 91,013 | | | | | | 39,051 | | | | | | 7,293 | | | | | | 3,095 | | | | | | 114,959 | | | | | | 929 | | | | | | 5,419 | | | | | | 266,973 | | |
CARRYING AMOUNTS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance at January 1, 2019
|
| | | | 2,067 | | | | | | 10,141 | | | | | | 36,531 | | | | | | 16,385 | | | | | | 6,887 | | | | | | 1,436 | | | | | | 63,762 | | | | | | 2,653 | | | | | | 1,338 | | | | | | 141,200 | | |
Balance at December 31, 2019
|
| | | | 1,069 | | | | | | 11,788 | | | | | | 24,805 | | | | | | 11,145 | | | | | | 6,373 | | | | | | 1,593 | | | | | | 50,292 | | | | | | 2,594 | | | | | | 1,434 | | | | | | 111,093 | | |
Balance at December 31, 2020
|
| | | | 642 | | | | | | 12,943 | | | | | | 19,253 | | | | | | 8,629 | | | | | | — | | | | | | 1,556 | | | | | | 45,496 | | | | | | 2,551 | | | | | | 1,428 | | | | | | 92,498 | | |
Balance at December 31, 2021
|
| | | | 468 | | | | | | 20,174 | | | | | | 16,218 | | | | | | 7,281 | | | | | | 1,747 | | | | | | 1,189 | | | | | | 41,029 | | | | | | 2,833 | | | | | | 1,686 | | | | | | 92,625 | | |
| | |
2021
USD’000 |
| |
2020
USD’000 |
| |
2019
USD’000 |
| |||||||||
Non-current assets | | | | | | | | | | | | | | | | | | | |
Kelltech Limited(a)
|
| | | | 11,793 | | | | | | 9,926 | | | | | | 9,031 | | |
Kellplant Proprietary Limited(b)
|
| | | | 2,621 | | | | | | — | | | | | | — | | |
Magalies Water(c)
|
| | | | 4,649 | | | | | | 6,580 | | | | | | 7,885 | | |
Current assets | | | | | | | | | | | | | | | | | | | |
Phakamani Impact Capital (Pty) Ltd (“Phakamani”)(d)
|
| | | | 637 | | | | | | — | | | | | | — | | |
Balance at the end of the year
|
| | | | 19,700 | | | | | | 16,506 | | | | | | 16,916 | | |
| | |
2021
USD’000 |
| |
2020
USD’000 |
| |
2019
USD’000 |
| |||||||||
Balance at the end of the year
|
| | | | 18,432 | | | | | | 18,090 | | | | | | 15,885 | | |
| | |
2021
USD’000 |
| |
2020
USD’000 |
| |
2019
USD’00 |
| |||||||||
Balance at the end of the year
|
| | | | 140,595 | | | | | | 62,986 | | | | | | 43,393 | | |
| | |
2021
USD’000 |
| |
2020
USD’000 |
| |
2019
USD’000 |
| |||||||||
Ore stockpiles
|
| | | | 209 | | | | | | 2,862 | | | | | | 960 | | |
Work in progress
|
| | | | 643 | | | | | | 472 | | | | | | 370 | | |
Chrome stockpiles
|
| | | | 313 | | | | | | 333 | | | | | | — | | |
Consumables
|
| | | | 9,043 | | | | | | 8,151 | | | | | | 8,388 | | |
Balance at the end of the year
|
| | | | 10,208 | | | | | | 11,818 | | | | | | 9,718 | | |
| | |
2021
USD’000 |
| |
2020
USD’000 |
| |
2019
USD’000 |
| |||||||||
Trade receivables measured at fair value(a)
|
| | | | 77,783 | | | | | | 132,222 | | | | | | 63,121 | | |
Trade receivables measured at amortised cost(a)
|
| | | | 540 | | | | | | 934 | | | | | | 4,536 | | |
Other receivables(b)
|
| | | | 4,493 | | | | | | 737 | | | | | | 2,473 | | |
Balance at the end of the year
|
| | | | 82,816 | | | | | | 133,893 | | | | | | 70,130 | | |
| | |
Number of shares
|
| |
Amount
USD’000 |
| ||||||
Balance at December 31, 2019
|
| | | | 3,095,401,663 | | | | | | 2,549,583 | | |
Balance at December 31, 2020
|
| | | | 3,095,401,663 | | | | | | 2,549,583 | | |
Balance at December 31, 2021
|
| | | | 3,095,401,663 | | | | | | 2,549,583 | | |
| | |
2021
USD’000 |
| |
2020
USD’000 |
| |
2019
USD’000 |
| |||||||||
Total equity
|
| | | | 1,093,654 | | | | | | 1,155,063 | | | | | | 984,639 | | |
Net tangible asset value
|
| | | | 354,212 | | | | | | 348,225 | | | | | | 151,504 | | |
Common shares issued
|
| | | | 3,095,401,663 | | | | | | 3,095,401,663 | | | | | | 3,095,401,663 | | |
Net asset value per share (cents)
|
| | | | 35.33 | | | | | | 37.32 | | | | | | 31.81 | | |
Tangible asset value per share (cents)
|
| | | | 11.44 | | | | | | 11.25 | | | | | | 4.89 | | |
| | |
2021
USD’000 |
| |
2020
USD’000 |
| |
2019
USD’000 |
| |||||||||
‘
|
| | | | — | | | | | | — | | | | | | — | | |
Cash-settled share-based payment recognised in the current period
|
| | | | 1,954 | | | | | | — | | | | | | | | |
Grant date fair value
|
| | | | 1,954 | | | | | | — | | | | | | — | | |
Fair value movement after grant date(a)
|
| | | | — | | | | | | — | | | | | | — | | |
Subtotal
|
| | | | 1,954 | | | | | | — | | | | | | — | | |
Foreign exchange variance
|
| | | | (4) | | | | | | — | | | | | | — | | |
Balance at the end of the period
|
| | | | 1,950 | | | | | | — | | | | | | — | | |
| | |
2021
USD’000 |
| |
2020
USD’000 |
| |
2019
USD’000 |
| |||||||||
Compensation of Directors: | | | | | | | | | | | | | | | | | | | |
Executive director
|
| | | | | | | | | | | | | | | | | | |
Chief Executive Officer – E Clarke
|
| | | | 707 | | | | | | — | | | | | | — | | |
Compensation of key Management personnel: | | | | | | | | | | | | | | | | | | | |
Chief Operating Officer – C Badenhorst
|
| | | | 483 | | | | | | — | | | | | | — | | |
Chief Financial Officer – E Maritz
|
| | | | 307 | | | | | | — | | | | | | — | | |
Chief ESG Officer – L Bethlehem (Appointed Dec 1, 2021)
|
| | | | 233 | | | | | | — | | | | | | — | | |
Executive Corporate Affairs and Human Capital – C Phephenyane
|
| | |
|
264
|
| | | |
|
—
|
| | | |
|
—
|
| |
Condition
|
| |
% Weighting
|
| |||
Relative total shareholder return
|
| | | | 30% | | |
Absolute total shareholder return
|
| | | | 30% | | |
Operating cash flow/Equity
|
| | | | 30% | | |
Improvement in B-BBEE
|
| | | | 5% | | |
CO2, water usage and tailings dams
|
| | | | 5% | | |
| | |
2021
USD’000 |
| |
2020
USD’000 |
| |
2019
USD’000 |
| |||||||||
Defacto Investments 275 Proprietary Limited
|
| | | | 210 | | | | | | 204 | | | | | | 200 | | |
Dream World Investments 226 Proprietary Limited
|
| | | | 70 | | | | | | 72 | | | | | | 74 | | |
Mahube Mining Proprietary Limited
|
| | | | 2,281 | | | | | | 1,972 | | | | | | 1,691 | | |
Tameng Mining and Exploration Proprietary Limited
|
| | | | 4,301 | | | | | | 4,100 | | | | | | 3,905 | | |
Taung Platinum Exploration Proprietary Limited
|
| | | | 825 | | | | | | 778 | | | | | | 738 | | |
Balance at the end of the year
|
| | | | 7,687 | | | | | | 7,126 | | | | | | 6,608 | | |
| | |
2021
USD’000 |
| |
2020
USD’000 |
| |
2019
USD’000 |
| |||||||||
Loan from Corridor Mining Resources Proprietary Limited(a)
|
| | | | 5,289 | | | | | | 5,365 | | | | | | 5,135 | | |
Loan from the IDC(b)
|
| | | | — | | | | | | 21,611 | | | | | | 31,508 | | |
Balance at the end of the year
|
| | | | 5,289 | | | | | | 26,976 | | | | | | 36,643 | | |
| | |
2021
USD’000 |
| |
2020
USD’000 |
| |
2019
USD’000 |
| |||||||||
Loan from the IDC
|
| | | | — | | | | | | 14,408 | | | | | | 13,453 | | |
Balance at the end of the year
|
| | | | — | | | | | | 14,408 | | | | | | 13,453 | | |
| | |
2021
USD’000 |
| |
2020
USD’000 |
| |
2019
USD’000 |
| |||||||||
Opening balance January 1
|
| | | | 36,019 | | | | | | 44,961 | | | | | | 34,821 | | |
Capital repayments
|
| | | | (37,158) | | | | | | (5,296) | | | | | | — | | |
Capitalised interest repayment
|
| | | | (1,944) | | | | | | (5,975) | | | | | | — | | |
Interest accrued
|
| | | | 1,506 | | | | | | 4,324 | | | | | | 9,136 | | |
Foreign exchange (gain) / loss
|
| | | | 1,577 | | | | | | (1,995) | | | | | | 1,004 | | |
Balance at the end of the year
|
| | | | — | | | | | | 36,019 | | | | | | 44,961 | | |
| | |
2021
USD’000 |
| |
2020
USD’000 |
| |
2019
USD’000 |
| |||||||||
Trade payables
|
| | | | 8,444 | | | | | | 9,607 | | | | | | 11,426 | | |
Accrued expenses
|
| | | | 20,585 | | | | | | 16,527 | | | | | | 12,051 | | |
Balance at the end of the year
|
| | | | 29,029 | | | | | | 26,134 | | | | | | 23,477 | | |
| | |
2021
USD’000 |
| |
2020
USD’000 |
| |
2019
USD’00 |
| |||||||||
Balance at the beginning of the year
|
| | | | 5,211 | | | | | | 19,895 | | | | | | 18,751 | | |
Repayment of drawdown
|
| | | | (85,523) | | | | | | (81,890) | | | | | | (101,481) | | |
Drawdown from the facility during the year
|
| | | | 114,344 | | | | | | 69,228 | | | | | | 101,007 | | |
Fair value adjustments to the balances
|
| | | | (956) | | | | | | 80 | | | | | | 147 | | |
IFRS 9 Fair value adjustment
|
| | | | 1,029 | | | | | | 131 | | | | | | 3,247 | | |
Interest accrued
|
| | | | 619 | | | | | | 1,042 | | | | | | (2,537) | | |
Subtotal
|
| | | | 34,724 | | | | | | 8,486 | | | | | | 19,134 | | |
Exchange rate variance
|
| | | | (3,472) | | | | | | (3,275) | | | | | | 761 | | |
Balance at the end of the year
|
| | | | 31,252 | | | | | | 5,211 | | | | | | 19,895 | | |
| | |
2021
USD’000 |
| |
2020
USD’000 |
| |
2019
USD’000 |
| |||||||||
DISCOUNTED | | | | | | | | | | | | | | | | | | | |
Balance at the beginning of the year
|
| | | | 16,787 | | | | | | 22,163 | | | | | | 20,098 | | |
Unwinding of discount (accretion)
|
| | | | 1,597 | | | | | | 1,724 | | | | | | 1,575 | | |
Change in estimate
|
| | | | 1,868 | | | | | | (6,418) | | | | | | — | | |
Subtotal
|
| | | | 20,252 | | | | | | 17,469 | | | | | | 21,673 | | |
Foreign exchange variance
|
| | | | (1,470) | | | | | | (682) | | | | | | 490 | | |
Balance at the end of the year
|
| | | | 18,782 | | | | | | 16,787 | | | | | | 22,163 | | |
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
ZAR discount rate
|
| | | | 7.4% | | | | | | 9.1% | | | | | | 8.6% | | |
Inflation rate
|
| | | | 4.4% | | | | | | 3.3% | | | | | | 4.8% | | |
LoM years – West Pit (current operating open pit)
|
| | | | 6.5 | | | | | | 8 | | | | | | 4 | | |
LoM years – East Pit (a developing open pit)
|
| | | | 7.5 | | | | | | 10 | | | | | | 10 | | |
| | |
Note(s)
|
| |
2021
USD’000 |
| |
2020
USD’000 |
| |
2019
USD’000 |
| |
2021
% |
| |
2020
% |
| |
2019
% |
| |||||||||||||||||||||
Current Tax (expense) / credit at corporate tax rate
|
| | | | | | | | | | (14,496) | | | | | | (26,965) | | | | | | 8,239 | | | | | | | | | | | | | | | | | | | | |
Corporate tax rate
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 28.00 | | | | | | 28.00 | | | | | | 28.00 | | |
Tax effects of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Permanent differences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses of a capital nature / subject to capital gains tax
|
| | | | | | | | | | (810) | | | | | | (158) | | | | | | 6 | | | | | | 1.56 | | | | | | 0.16 | | | | | | 0.02 | | |
Expenses not in production of income / not deductible for income tax
|
| | | | | | | | | | (2,739) | | | | | | (713) | | | | | | (1,627) | | | | | | 5.29 | | | | | | 0.74 | | | | | | (5.53) | | |
Income not taxable
|
| | | | | | | | | | 7 | | | | | | 731 | | | | | | 33 | | | | | | (0.01) | | | | | | (0.76) | | | | | | 0.11 | | |
Special deductions for income tax
|
| | | | | | | | | | 19 | | | | | | 20 | | | | | | 4 | | | | | | (0.04) | | | | | | (0.02) | | | | | | 0.01 | | |
Utilisation of tax losses previously unrecognised
|
| | | | | | | | | | 708 | | | | | | 27,902 | | | | | | — | | | | | | (1.37) | | | | | | (28.97) | | | | | | — | | |
Finalization of prior period’s assessed loss
|
| | | | | | | | | | (821) | | | | | | — | | | | | | — | | | | | | 1.59 | | | | | | — | | | | | | — | | |
Prior year tax paid received
|
| | | | | | | | | | — | | | | | | 2 | | | | | | 1 | | | | | | — | | | | | | — | | | | | | — | | |
Tax losses for which no deferred income
tax asset was recognised |
| | | | | | | | | | 1,774 | | | | | | 255 | | | | | | (4,157) | | | | | | (3.43) | | | | | | (0.26) | | | | | | (14.13) | | |
Deferred tax asset recognised
|
| | | | 27 | | | | |
|
—
|
| | | | | 99,895 | | | | | | — | | | | |
|
—
|
| | | | | (103.73) | | | | | | — | | |
Foreign income tax allowances and rate differentials
|
| | | | | | | | | | (2,243) | | | | | | (1,078) | | | | | | (2,519) | | | | | | 4.34 | | | | | | 1.12 | | | | | | (8.56) | | |
Effective total tax credit / (expense)
|
| | | | | | | | | | (18,601) | | | | | | 99,891 | | | | | | (20) | | | | | | | | | | | | | | | | | | | | |
Effective tax rate credit / (expense)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 35.93 | | | | | | 103.72 | | | | | | (0.07) | | |
| | |
2021
USD’000 |
| |
2020
USD’000 |
| |
2019
USD’000 |
| |||||||||
Unredeemed capital expenditure available for utilisation against future mining taxable income
|
| | | | 23,140 | | | | | | — | | | | | | 257,661 | | |
Temporary differences
|
| | | | 727 | | | | | | 1,379 | | | | | | (99,314) | | |
Tax losses carried forward utilisable against taxable income
|
| | | | 537,520 | | | | | | 539,551 | | | | | | 873,874 | | |
Balance total
|
| | | | 561,387 | | | | | | 540,930 | | | | | | 1,032,221 | | |
The unrecognised deferred tax asset @ 28% at the end of the year
|
| | | | 157,188 | | | | | | 151,460 | | | | | | 289,022 | | |
| | |
2021
USD’000 |
| |
2020
USD’000 |
| |
2019
USD’000 |
| |||||||||
Unredeemed capital expenditure available for utilisation against future mining taxable income
|
| | | | 248,336 | | | | | | 255,682 | | | | | | — | | |
Temporary differences | | | | | | | | | | | | | | | | | | | |
Property, plant and equipment
|
| | | | (61,714) | | | | | | (71,364) | | | | | | — | | |
Mining Assets
|
| | | | (24,153) | | | | | | (16,623) | | | | | | — | | |
Other
|
| | | | (532) | | | | | | 1,628 | | | | | | — | | |
Tax losses carried forward utilisable against taxable income
|
| | | | 109,985 | | | | | | 194,778 | | | | | | — | | |
Total | | | | | 271,922 | | | | | | 364,101 | | | | | | — | | |
Deferred tax asset recognised @ 28% at the end of the year
|
| | | | 76,138 | | | | | | 101,949 | | | | | | — | | |
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Number of ordinary shares in issue outside the Group (note 11)
|
| | | | 3,095,401,663 | | | | | | 3,095,401,663 | | | | | | 3,095,401,663 | | |
Weighted average number of ordinary shares in issue for basic earnings
|
| | | | 3,095,401,663 | | | | | | 3,095,401,663 | | | | | | 3,095,401,663 | | |
Weighted average number of ordinary shares in issue for diluted earnings(a)
|
| | | | 3,095,401,663 | | | | | | 3,095,401,663 | | | | | | 3,095,401,663 | | |
| | |
USD’000
|
| |
USD’000
|
| |
USD’000
|
| |||||||||
Profit attributable to the owners of the Company
|
| | | | 33,733 | | | | | | 196,712 | | | | | | (28,754) | | |
Basic earnings (loss) per share (cents)
|
| | |
|
1.09
|
| | | |
|
6.35
|
| | | |
|
(0.93)
|
| |
Diluted earnings / (loss) per share (cents)
|
| | |
|
1.09
|
| | | |
|
6.35
|
| | | |
|
(0.93)
|
| |
| | |
2021
USD’000 |
| |
2020
USD’000 |
| |
2019
USD’000 |
| |||||||||
Profit attributable to the owners of the Company
|
| | | | 33,733 | | | | | | 196,712 | | | | | | (28,754) | | |
Effect of remeasurement items net of tax | | | | | | | | | | | | | | | | | | | |
Profit on disposal of fixed assets
|
| | | | (16) | | | | | | (45) | | | | | | — | | |
(Profit) / Loss on assets scrapped
|
| | | | (1) | | | | | | 2 | | | | | | — | | |
Impairment of mining assets
|
| | | | — | | | | | | — | | | | | | 278 | | |
Loss on mining assets sold
|
| | | | 3,141 | | | | | | — | | | | | | — | | |
Tax effect
|
| | | | (875) | | | | | | 13 | | | | | | — | | |
Headline earnings
|
| | |
|
35,982
|
| | | |
|
196,682
|
| | | |
|
(28,476)
|
| |
Headline earnings per share (cents)
|
| | |
|
1.16
|
| | | |
|
6.35
|
| | | |
|
(0.92)
|
| |
Amounts in USD’000
|
| |
Mining
2021 |
| |
Mining
2020 |
| |
Mining
2019 |
| |||||||||
External revenues
|
| | | | 265,520 | | | | | | 277,572 | | | | | | 181,339 | | |
Depreciation and amortisation
|
| | | | (8,856) | | | | | | (13,649) | | | | | | (38,737) | | |
Income tax (expense)/credit
|
| | | | (18,601) | | | | | | 99,891 | | | | | | (20) | | |
EBITDA
|
| | | | 59,243 | | | | | | 113,063 | | | | | | 11,755 | | |
| | |
2021
USD’000 |
| |
2020
USD’000 |
| |
2019
USD’000 |
| |||||||||
Profit/(loss) for the year
|
| | |
|
33,172
|
| | | |
|
196,194
|
| | | |
|
(29,424)
|
| |
Income tax expense/(credit)
|
| | | | 18,601 | | | | | | (99,891) | | | | | | 20 | | |
Depreciation and amortisation
|
| | | | 8,856 | | | | | | 13,649 | | | | | | 38,737 | | |
Net finance (income)/costs
|
| | | | (1,386) | | | | | | 3,111 | | | | | | 2,422 | | |
Total EBITDA for reportable segment
|
| | | | 59,243 | | | | | | 113,063 | | | | | | 11,755 | | |
Amounts in USD’000
|
| |
Mining
2021 |
| |
Mining
2020 |
| |
Mining
2019 |
| |||||||||
Total assets
|
| | | | 1,179,956 | | | | | | 1,244,579 | | | | | | 1,100,270 | | |
Total liabilities
|
| | | | 86,302 | | | | | | 89,516 | | | | | | 115,631 | | |
Revenue
|
| |
2021
USD’000 |
| |
2020
USD’000 |
| |
2019
USD’000 |
| |||||||||
Platinum
|
| | | | 66,033 | | | | | | 66,571 | | | | | | 69,633 | | |
Palladium
|
| | | | 56,236 | | | | | | 78,506 | | | | | | 53,572 | | |
Rhodium
|
| | | | 106,720 | | | | | | 110,879 | | | | | | 39,900 | | |
Gold
|
| | | | 4,159 | | | | | | 4,718 | | | | | | 2,958 | | |
Revenue from 4E Minerals
|
| | | | 233,148 | | | | | | 260,674 | | | | | | 166,063 | | |
Other minerals
|
| | | | 25,785 | | | | | | 18,216 | | | | | | 17,379 | | |
Total revenue from contracts with customers
|
| | | | 258,933 | | | | | | 278,890 | | | | | | 183,442 | | |
Commodity price adjustment
|
| | | | 6,587 | | | | | | (1,318) | | | | | | (2,103) | | |
Total revenue as per statement of profit or loss
|
| | | | 265,520 | | | | | | 277,572 | | | | | | 181,339 | | |
| | |
2021
USD’000 |
| |
2020
USD’000 |
| |
2019
USD’000 |
| |||||||||
On-mine operations | | | | | | | | | | | | | | | | | | | |
Total Materials and mining costs
|
| | | | (90,733) | | | | | | (70,821) | | | | | | (68,132) | | |
Concentrator plant operations | | | | | | | | | | | | | | | | | | | |
Materials and other costs
|
| | | | (31,878) | | | | | | (27,931) | | | | | | (31,005) | | |
Utilities
|
| | | | (16,912) | | | | | | (14,457) | | | | | | (15,884) | | |
Beneficiation | | | | | | | | | | | | | | | | | | | |
Smelting and refining costs
|
| | | | (12,835) | | | | | | (13,068) | | | | | | (14,333) | | |
Other | | | | | | | | | | | | | | | | | | | |
Transport
|
| | | | (435) | | | | | | (509) | | | | | | (563) | | |
Salaries
|
| | | | (21,172) | | | | | | (18,219) | | | | | | (20,051) | | |
Sub-total
|
| | |
|
(173,965)
|
| | | |
|
(145,005)
|
| | | |
|
(149,968)
|
| |
Amortisation and depreciation of operating assets
(Note 5 and 6) |
| | | | (7,956) | | | | | | (13,383) | | | | | | (37,546) | | |
Inventory adjustments
|
| | | | (2,331) | | | | | | 2,175 | | | | | | 843 | | |
Total cost of operations
|
| | | | (184,252) | | | | | | (156,213) | | | | | | (186,671) | | |
| | |
2021
USD’000 |
| |
2020
USD’000 |
| |
2019
USD’00 |
| |||||||||
Operating profit includes: | | | | | | | | | | | | | | | | | | | |
Administrative and general expenses
|
| | | | (32,511) | | | | | | (22,610) | | | | | | (19,610) | | |
Amortisation and depreciation (Note 5 and 6)
|
| | |
|
(900)
|
| | | |
|
(266)
|
| | | |
|
(1,190)
|
| |
Audit fees (Note 26)
|
| | |
|
(483)
|
| | | |
|
(294)
|
| | | |
|
(262)
|
| |
Community projects
|
| | |
|
(3,586)
|
| | | |
|
(2,274)
|
| | | |
|
(3,970)
|
| |
Consulting and professional fees
|
| | |
|
(3,805)
|
| | | |
|
(2,041)
|
| | | |
|
—
|
| |
Consumables
|
| | |
|
(1,268)
|
| | | |
|
(1,172)
|
| | | |
|
(11)
|
| |
Employee expenses
|
| | |
|
(10,943)
|
| | | |
|
(8,832)
|
| | | |
|
(7,295)
|
| |
IT related costs
|
| | |
|
(857)
|
| | | |
|
(572)
|
| | | |
|
(461)
|
| |
Insurance fees
|
| | |
|
(1,350)
|
| | | |
|
(691)
|
| | | |
|
(613)
|
| |
Learnerships & bursaries
|
| | |
|
(500)
|
| | | |
|
(705)
|
| | | |
|
(623)
|
| |
Other administrative and general expenses
|
| | |
|
(5,320)
|
| | | |
|
(2,316)
|
| | | |
|
(2,439)
|
| |
Rehabilitation management fees
|
| | |
|
(363)
|
| | | |
|
(298)
|
| | | |
|
(317)
|
| |
Royalty expense
|
| | |
|
(1,269)
|
| | | |
|
(1,363)
|
| | | |
|
(861)
|
| |
Security
|
| | |
|
(1,867)
|
| | | |
|
(1,786)
|
| | | |
|
(1,568)
|
| |
Other (expenses)/income
|
| | |
|
(2,599)
|
| | | |
|
(233)
|
| | | |
|
849
|
| |
Foreign exchange gain/(loss)
|
| | |
|
5,015
|
| | | |
|
2,028
|
| | | |
|
(1,377)
|
| |
Other (expenses) / income include: | | | | | | | | | | | | | | | | | | | |
Eskom project recovery
|
| | | | — | | | | | | — | | | | | | 774 | | |
Other
|
| | | | (2,599) | | | | | | (233) | | | | | | 75 | | |
Details of controlled entities are as follows:
|
| |
2021
% |
| |
2020
% |
| |
2019
% |
| |||||||||
Bakgatla Pallinghurst JV Proprietary Limited (Deregistered in 2020)
|
| | | | 100.00 | | | | | | 100.00 | | | | | | 100.00 | | |
Born Free Investments 144 Proprietary Limited
|
| | | | 100.00 | | | | | | 100.00 | | | | | | 100.00 | | |
Clidet no. 832 Proprietary Limited
|
| | | | 100.00 | | | | | | 100.00 | | | | | | 100.00 | | |
C&L Mining and Resources Proprietary Limited
|
| | | | 100.00 | | | | | | 100.00 | | | | | | 100.00 | | |
Defacto Investments 275 Proprietary Limited(a)
|
| | | | 22.19 | | | | | | 22.19 | | | | | | 22.19 | | |
Dream World Investments 226 Proprietary Limited(a)
|
| | | | 49.00 | | | | | | 49.00 | | | | | | 49.00 | | |
Hodos Holdings Limited
|
| | | | 100.00 | | | | | | 100.00 | | | | | | 100.00 | | |
Intrax Investments 255 Proprietary Limited
|
| | | | 100.00 | | | | | | 100.00 | | | | | | 100.00 | | |
Itereleng Bakgatla Minerals Resources Proprietary Limited
|
| | | | 100.00 | | | | | | 100.00 | | | | | | 100.00 | | |
Mahube Mining Proprietary Limited
|
| | | | 78.90 | | | | | | 78.90 | | | | | | 78.90 | | |
Newshelf 1101 Proprietary Limited
|
| | | | 100.00 | | | | | | 100.00 | | | | | | 100.00 | | |
ORKID S.a r.l.
|
| | | | 100.00 | | | | | | 100.00 | | | | | | 100.00 | | |
Details of controlled entities are as follows:
|
| |
2021
% |
| |
2020
% |
| |
2019
% |
| |||||||||
Osier Corporation Limited
|
| | | | 100.00 | | | | | | 100.00 | | | | | | 100.00 | | |
Platinum Investor Consortium Proprietary Limited
|
| | | | 100.00 | | | | | | 100.00 | | | | | | 100.00 | | |
Pilanesberg Platinum Mines Proprietary Limited
|
| | | | 100.00 | | | | | | 100.00 | | | | | | 100.00 | | |
Platmin Resources S.a.r.l. (Deregistered in 2020)
|
| | | | 100.00 | | | | | | 100.00 | | | | | | 100.00 | | |
Platmin South Africa Proprietary Limited
|
| | | | 100.00 | | | | | | 100.00 | | | | | | 100.00 | | |
Private Preview Investments 39 Proprietary Limited
|
| | | | 100.00 | | | | | | 100.00 | | | | | | 100.00 | | |
Richtrau 123 Proprietary Limited
|
| | | | 100.00 | | | | | | 100.00 | | | | | | 100.00 | | |
Sedibelo Group Services Proprietary Limited (Registered in 2021)
|
| | | | 100.00 | | | | | | — | | | | | | — | | |
Tameng Mining and Exploration Proprietary Limited
|
| | | | 75.00 | | | | | | 75.00 | | | | | | 75.00 | | |
Taung Platinum Exploration Proprietary Limited
|
| | | | 60.00 | | | | | | 60.00 | | | | | | 60.00 | | |
Versatex Trading 346 Proprietary Limited (Deregistered in 2020)
|
| | | | 100.00 | | | | | | 100.00 | | | | | | 100.00 | | |
Company
|
| |
Country of registration
|
| |
Type of shareholding
|
|
Hodos Holdings Limited
|
| | Guernsey | | | Ordinary | |
Kelltech Limited
|
| | Mauritius | | | Ordinary | |
Platmin Resources S.a.r.l. (Deregistered)
|
| | Luxembourg | | | Ordinary | |
ORKID S.a.r.l.
|
| | Luxembourg | | | Ordinary | |
Osier Corporation Limited
|
| | Cyprus | | | Ordinary | |
2021
|
| |
Total
USD’000 |
| |
Short-term benefits
(salary) USD’000 |
| |
Bonuses
USD’000 |
| |||||||||
Compensation of Directors: | | | | | | | | | | | | | | | | | | | |
Non-executive directors
|
| | | | 425 | | | | | | 425 | | | | | | — | | |
Executive director
|
| | | | | | | | | | | | | | | | | | |
Chief Executive Officer – E Clarke
|
| | | | 584 | | | | | | 442 | | | | | | 142 | | |
Subtotal
|
| | | | 1,009 | | | | | | 867 | | | | | | 142 | | |
Compensation of key Management personnel: | | | | | | | | | | | | | | | | | | | |
Chief Operating Officer – C Badenhorst
|
| | | | 486 | | | | | | 368 | | | | | | 118 | | |
Chief Financial Officer – E Maritz
|
| | | | 318 | | | | | | 248 | | | | | | 70 | | |
2021
|
| |
Total
USD’000 |
| |
Short-term benefits
(salary) USD’000 |
| |
Bonuses
USD’000 |
| |||||||||
Chief ESG Officer – L Bethlehem (Appointed Dec 1, 2021)
|
| | | | 120 | | | | | | 19 | | | | | | 101 | | |
Executive Corporate Affairs and Human Capital – C Phephenyane
|
| | | | 307 | | | | | | 245 | | | | | | 62 | | |
Subtotal
|
| | | | 1,231 | | | | | | 880 | | | | | | 351 | | |
Total remuneration of Directors and key Management personnel
|
| | | | 2,240 | | | | | | 1,747 | | | | | | 493 | | |
|
2020
|
| |
Total
USD’000 |
| |
Short-term benefits
(salary) USD’000 |
| |
Bonuses
USD’000 |
| |||||||||
Compensation of Directors: | | | | | | | | | | | | | | | | | | | |
Non-executive directors
|
| | | | 401 | | | | | | 401 | | | | | | — | | |
Executive director
|
| | | | | | | | | | | | | | | | | | |
Chief Executive Officer – E Clarke
|
| | | | 711 | | | | | | 381 | | | | | | 330 | | |
Subtotal | | | | | 1,112 | | | | | | 782 | | | | | | 330 | | |
Compensation of key Management personnel: | | | | | | | | | | | | | | | | | | | |
Chief Operating Officer – C Badenhorst
|
| | | | 587 | | | | | | 315 | | | | | | 272 | | |
Chief Financial Officer – E Maritz
|
| | | | 342 | | | | | | 202 | | | | | | 140 | | |
Executive Corporate Affairs and Human Capital – C Phephenyane
|
| | | | 340 | | | | | | 205 | | | | | | 135 | | |
Subtotal | | | | | 1,269 | | | | | | 722 | | | | | | 547 | | |
Total remuneration of Directors and key Management personnel
|
| | | | 2,381 | | | | | | 1,504 | | | | | | 877 | | |
2019
|
| |
Total
USD’000 |
| |
Short-term benefits
(salary) USD’000 |
| |
Bonuses
USD’000 |
| |||||||||
Compensation of Directors: | | | | | | | | | | | | | | | | | | | |
Non-executive directors
|
| | | | 402 | | | | | | 402 | | | | | | — | | |
Executive director
|
| | | | | | | | | | | | | | | | | | |
Chief Executive Officer – E Clarke
|
| | | | 597 | | | | | | 399 | | | | | | 198 | | |
Subtotal
|
| | | | 999 | | | | | | 801 | | | | | | 198 | | |
Compensation of key Management personnel: | | | | | | | | | | | | | | | | | | | |
Chief Operating Officer – C Badenhorst
|
| | | | 503 | | | | | | 336 | | | | | | 167 | | |
Chief Financial Officer – E Maritz
|
| | | | 321 | | | | | | 215 | | | | | | 106 | | |
Executive Corporate Affairs and Human Capital – C Phephenyane
|
| | | | 313 | | | | | | 219 | | | | | | 93 | | |
Subtotal
|
| | | | 1,137 | | | | | | 770 | | | | | | 367 | | |
Total remuneration of Directors and key Management personnel
|
| | | | 2,136 | | | | | | 1,571 | | | | | | 565 | | |
Name of entity
|
| |
Country of
incorporation |
| |
% of ownership
interest |
| |
Nature of relationship
|
| |
Measurement method
|
|
Kelltech Limited | | | Mauritius | | |
50
|
| | Provides access to new technology to the SPM Group | | |
Equity
|
|
| | |
Dec 31, 2021
USD’000 |
| |
Dec 31, 2020
USD’000 |
| |
Dec 31, 2019
USD’000 |
| |||||||||
January 1
|
| | | | — | | | | | | — | | | | | | 1,220 | | |
Share of loss from joint venture
|
| | | | (786) | | | | | | (1,130) | | | | | | (1,512) | | |
Foreign exchange loss on investment in joint venture
|
| | | | 250 | | | | | | (214) | | | | | | 14 | | |
Share of other comprehensive income
|
| | | | (90) | | | | | | (466) | | | | | | (356) | | |
Application of Equity Accounting on loan receivable
|
| | | | 626 | | | | | | 1,810 | | | | | | 634 | | |
Investment in joint venture value
|
| | |
|
—
|
| | | |
|
—
|
| | | | | — | | |
Summarised balance sheet
|
| |
Dec 31, 2021
USD’000 |
| |
Dec 31, 2020
USD’000 |
| |
Dec 31, 2019
USD’000 |
| |||||||||
Non-current assets
|
| | | | 10,096 | | | | | | 8,116 | | | | | | 8,312 | | |
Current assets
|
| | | | 1,839 | | | | | | 736 | | | | | | 274 | | |
Non-current liabilities
|
| | | | (14,927) | | | | | | (12,420) | | | | | | (9,707) | | |
Current Liabilities
|
| | | | (2,471) | | | | | | (504) | | | | | | (360) | | |
The above assets and liabilities include the following: | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | | 1,982 | | | | | | 736 | | | | | | 274 | | |
Net liabilities value
|
| | | | (5,463) | | | | | | (4,072) | | | | | | (1,481) | | |
SMP ownership interest
|
| | | | 50% | | | | | | 50% | | | | | | 50% | | |
Summarised statement of comprehensive expense
|
| |
Dec 31, 2021
USD’000 |
| |
Dec 31, 2020
USD’000 |
| |
Dec 31, 2019
USD’000 |
| |||||||||
Loss for the year
|
| | | | (1,572) | | | | | | (2,260) | | | | | | (2,950) | | |
Other comprehensive expense
|
| | | | (180) | | | | | | (932) | | | | | | (711) | | |
Total comprehensive expense
|
| | | | (1,752) | | | | | | (3,192) | | | | | | (3,661) | | |
The above loss for the year includes the following: | | | | | | | | | | | | | | | | | | | |
Finance income
|
| | | | 21 | | | | | | 7 | | | | | | 22 | | |
Finance expense*
|
| | | | (390) | | | | | | (346) | | | | | | (432) | | |
| | |
2021
USD’000 |
| |
2020
USD’000 |
| |
2019
USD’000 |
| |||||||||
Loan to Kelltech Limited | | | | | | | | | | | | | | | | | | | |
Opening balance
|
| | | | 9,926 | | | | | | 9,031 | | | | | | 8,825 | | |
Interest received
|
| | | | 369 | | | | | | 369 | | | | | | 311 | | |
Loans advanced
|
| | | | 1,953 | | | | | | 2,710 | | | | | | 498 | | |
Foreign exchange gain / (loss)
|
| | | | 171 | | | | | | (374) | | | | | | 31 | | |
Application of Equity Accounting on loan receivable
|
| | | | (626) | | | | | | (1,810) | | | | | | (634) | | |
Balance at the end of the year
|
| | | | 11,793 | | | | | | 9,926 | | | | | | 9,031 | | |
| | |
2021
USD’000 |
| |
2020
USD’000 |
| |
2019
USD’000 |
| |||||||||
Loan to Kellplant Proprietary Limited | | | | | | | | | | | | | | | | | | | |
Opening balance
|
| | | | — | | | | | | — | | | | | | — | | |
Interest received
|
| | | | 24 | | | | | | — | | | | | | — | | |
Loans advanced
|
| | | | 2,603 | | | | | | — | | | | | | — | | |
Foreign exchange loss
|
| | | | (6) | | | | | | — | | | | | | — | | |
Balance at the end of the year
|
| | | | 2,621 | | | | | | — | | | | | | | | |
| | |
2021
USD’000 |
| |
2020
USD’000 |
| |
2019
USD’000 |
| |||||||||
Loan from Corridor Mining Resources Proprietary Limited
|
| | | | 5,289 | | | | | | 5,365 | | | | | | 5,135 | | |
Loan from the IDC
|
| | | | — | | | | | | 21,611 | | | | | | 31,508 | | |
Balance at the end of the year
|
| | | | 5,289 | | | | | | 26,976 | | | | | | 36,643 | | |
| | |
2021
USD’000 |
| |
2020
USD’000 |
| |
2019
USD’000 |
| |||||||||
Loan from the IDC
|
| | | | — | | | | | | 14,408 | | | | | | 13,453 | | |
Balance at the end of the year
|
| | | | — | | | | | | 14,408 | | | | | | 13,453 | | |
| | |
2021
USD’000 |
| |
2020
USD’000 |
| |
2019
USD’000 |
| |||||||||
Related party transactions with: | | | | | | | | | | | | | | | | | | | |
Kelltech Limited Group(a)
|
| | | | 609 | | | | | | 50 | | | | | | 74 | | |
Kelltech Limited
|
| | | | 390 | | | | | | — | | | | | | 74 | | |
Kelltechnology SA RF (Pty) Ltd
|
| | | | 193 | | | | | | — | | | | | | — | | |
Kellplant (Pty) Ltd
|
| | | | 26 | | | | | | — | | | | | | — | | |
Lifezone Limited(b)
|
| | | | (2,503) | | | | | | (718) | | | | | | (855) | | |
The IDC(c)
|
| | | | (36,693) | | | | | | (11,271) | | | | | | — | | |
| | |
2021
USD’000 |
| |
2020
USD’000 |
| |
2019
USD’000 |
| |||||||||
Related party transactions with: | | | | | | | | | | | | | | | | | | | |
Pallinghurst Advisors LLP(d)
|
| | | | (85) | | | | | | (9) | | | | | | (27) | | |
Keshel Consult Limited(e)
|
| | | | — | | | | | | (38) | | | | | | — | | |
| | |
2021
|
| |
2020
|
| |
2019
|
| ||||||||||||||||||||||||||||||||||||||||||
USD’000
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| ||||||||||||||||||||||||
Revolving commodity facility
|
| | | | — | | | | | | 31,252 | | | | | | — | | | | | | | | | 5,211 | | | | | | — | | | | | | — | | | | | | 19,895 | | | | | | — | | |
Financial assets measured at fair value | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Trade Receivables – Metal sales
|
| | | | — | | | | | | 77,783 | | | | | | — | | | | | | | | | 132,222 | | | | | | — | | | | | | — | | | | | | 63,121 | | | | | | — | | |
Balance at the end of the year
|
| | | | — | | | | | | 109,035 | | | | | | — | | | | | | | | | 137,433 | | | | | | — | | | | | | — | | | | | | 83,016 | | | | | | — | | |
| | |
2021
USD’000 |
| |
2020
USD’000 |
| |
2019
USD’000 |
| |||||||||
Restricted cash investments and guarantees
|
| | | | 18,432 | | | | | | 18,090 | | | | | | 15,885 | | |
Loans receivable
|
| | | | 19,700 | | | | | | 16,506 | | | | | | 16,916 | | |
Trade receivables
|
| | | | 540 | | | | | | 933 | | | | | | 4,536 | | |
Cash and cash equivalents
|
| | | | 140,595 | | | | | | 62,986 | | | | | | 43,393 | | |
Total financial assets
|
| | | | 179,267 | | | | | | 98,515 | | | | | | 80,730 | | |
Long-term borrowings
|
| | | | 5,289 | | | | | | 26,976 | | | | | | 36,643 | | |
Short-term borrowings
|
| | | | — | | | | | | 14,408 | | | | | | 13,453 | | |
Trade payables and accrued liabilities
|
| | | | 29,029 | | | | | | 26,134 | | | | | | 23,477 | | |
Total financial liabilities
|
| | | | 34,318 | | | | | | 67,518 | | | | | | 73,573 | | |
GROUP
|
| |
2021
USD’000 |
| |
2020
USD’000 |
| |
2019
USD’000 |
| |||||||||
Restricted cash investments and guarantees
|
| | | | 18,432 | | | | | | 18,090 | | | | | | 15,885 | | |
Loans receivable
|
| | | | 19,700 | | | | | | 16,506 | | | | | | 16,916 | | |
Trade receivables
|
| | | | 78,323 | | | | | | 133,156 | | | | | | 67,657 | | |
Cash and cash equivalents
|
| | | | 140,595 | | | | | | 62,986 | | | | | | 43,393 | | |
Total financial assets
|
| | | | 257,050 | | | | | | 230,738 | | | | | | 143,851 | | |
GROUP
|
| |
2021
USD’000 |
| |
2020
USD’000 |
| |
2019
USD’000 |
| |||||||||
Less than 1 month
|
| | | | 33,829 | | | | | | 38,720 | | | | | | 20,426 | | |
Between 1 – 3 months
|
| | | | 42,473 | | | | | | 93,746 | | | | | | 42,036 | | |
Between 3 – 6 months
|
| | | | 2,021 | | | | | | 690 | | | | | | 5,195 | | |
Total trade receivables
|
| | | | 78,323 | | | | | | 133,156 | | | | | | 67,657 | | |
| | |
2021
USD’000 |
| |
2020
USD’000 |
| |
2019
USD’000 |
| |||||||||
AA+
|
| | | | 74,859 | | | | | | 28,343 | | | | | | 18,916 | | |
AA
|
| | | | 53,725 | | | | | | 51,157 | | | | | | 38,544 | | |
BBB+
|
| | | | 30,443 | | | | | | 1,440 | | | | | | 1,799 | | |
Other
|
| | | | — | | | | | | 136 | | | | | | 19 | | |
Total cash and cash equivalents and restricted cash investments and guarantees
|
| | | | 159,027 | | | | | | 81,076 | | | | | | 59,278 | | |
| | |
Average rate
|
| |
Reporting date spot rate
|
| ||||||||||||||||||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| |
2021
|
| |
2020
|
| |
2019
|
| ||||||||||||||||||
USD 1 = ZAR
|
| | | | 14.78 | | | | | | 16.47 | | | | | | 14.45 | | | | | | 15.90 | | | | | | 14.62 | | | | | | 14.12 | | |
| | |
2021
USD’000 |
| |
2020
USD’000 |
| |
2019
USD’000 |
| |||||||||
Cash and cash equivalents
|
| | | | 30,443 | | | | | | 3,334 | | | | | | 1,527 | | |
Loans receivables
|
| | | | 14,863 | | | | | | 12,369 | | | | | | — | | |
Balance at the end of the year
|
| | | | 45,306 | | | | | | 15,703 | | | | | | 1,527 | | |
Impact on statement of income (pre-tax)
|
| |
2021
USD’000 |
| |
2020
USD’000 |
| |
2019
USD’000 |
| |||||||||
USD/ZAR increase by 20% (2020: 20% and 2019: 30%)
|
| | | | 7,551 | | | | | | 2,617 | | | | | | 25 | | |
USD/ZAR decrease by 30% (2020: 30% and 2019: 20%)
|
| | | | (19,417) | | | | | | (6,730) | | | | | | (27) | | |
| | |
Average for the
year ended Dec 31, 2021 |
| |
Average for the
year ended Dec 31, 2020 |
| |
Average for the
year ended Dec 31, 2019 |
| |||||||||
4E basket price in USD
|
| | | | 2,679 | | | | | | 2,031 | | | | | | 1,300 | | |
USD 1 = ZAR
|
| | | | 14.78 | | | | | | 16.47 | | | | | | 14.45 | | |
4E basket price in ZAR
|
| | | | 39,484 | | | | | | 33,143 | | | | | | 18,775 | | |
Impact on profit or loss (pre-tax)
|
| |
2021
USD’000 |
| |
2020
USD’000 |
| |
2019
USD’000 |
| |||||||||
Increase by 10% in 4E basket price
|
| | | | 4,491 | | | | | | 12,846 | | | | | | 6,766 | | |
Decrease by 20% in 4E basket price
|
| | | | (16,509) | | | | | | (37,969) | | | | | | (13,531) | | |
Impact on profit or loss (pre-tax)
|
| |
2021
USD’000 |
| |
2020
USD’000 |
| |
2019
USD’000 |
| |||||||||
Increase of 1% in prime overdraft rate
|
| | | | 815 | | | | | | (164) | | | | | | (266) | | |
Decrease of 0.5% in prime overdraft rate
|
| | | | (408) | | | | | | 82 | | | | | | 133 | | |
| | |
Presented
USD’000 |
| |
Between
1 – 12 months USD’000 |
| |
Between
13 – 24 months USD’000 |
| |
Greater than
24 months USD’000 |
| ||||||||||||
Balances at December 31, 2021 | | | | | | | | | | | | | | | | | | | | | | | | | |
Long-term borrowings
|
| | | | 5,672 | | | | | | — | | | | | | — | | | | | | 5,672 | | |
Short-term borrowings
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Trade payables and accrued liabilities
|
| | | | 29,031 | | | | | | 29,031 | | | | | | — | | | | | | — | | |
Revolving commodity facility
|
| | | | 31,252 | | | | | | 31,252 | | | | | | — | | | | | | — | | |
Total financial liabilities
|
| | | | 65,955 | | | | | | 60,283 | | | | | | — | | | | | | 5,672 | | |
Balances at December 31, 2020 | | | | | | | | | | | | | | | | | | | | | | | | | |
Long-term borrowings
|
| | | | 30,758 | | | | | | — | | | | | | 16,929 | | | | | | 13,829 | | |
Short-term borrowings
|
| | | | 14,408 | | | | | | 14,408 | | | | | | — | | | | | | — | | |
Trade payables and accrued liabilities
|
| | | | 26,134 | | | | | | 26,134 | | | | | | — | | | | | | — | | |
Revolving commodity facility
|
| | | | 5,211 | | | | | | 5,211 | | | | | | — | | | | | | — | | |
Total financial liabilities
|
| | | | 76,511 | | | | | | 45,753 | | | | | | 16,929 | | | | | | 13,829 | | |
| | |
Presented
USD’000 |
| |
Between
1 – 12 months USD’000 |
| |
Between
13 – 24 months USD’000 |
| |
Greater than
24 months USD’000 |
| ||||||||||||
Balances at December 31, 2019 | | | | | | | | | | | | | | | | | | | | | | | | | |
Long-term borrowings
|
| | | | 42,711 | | | | | | — | | | | | | 15,030 | | | | | | 27,681 | | |
Short-term borrowings
|
| | | | 13,453 | | | | | | 13,453 | | | | | | — | | | | | | — | | |
Trade payables and accrued liabilities
|
| | | | 23,477 | | | | | | 23,477 | | | | | | — | | | | | | — | | |
Revolving commodity facility
|
| | | | 19,895 | | | | | | 19,895 | | | | | | — | | | | | | — | | |
Total financial liabilities
|
| | | | 99,536 | | | | | | 56,825 | | | | | | 15,030 | | | | | | 27,681 | | |
|
| | |
2021
USD’000 |
| |
2020
USD’000 |
| |
2019
USD’000 |
| |||||||||
Long-term borrowings
|
| | | | 5,289 | | | | | | 26,976 | | | | | | 36,643 | | |
Short-term borrowings
|
| | | | — | | | | | | 14,408 | | | | | | 13,453 | | |
Revolving commodity facility
|
| | | | 31,252 | | | | | | 5,211 | | | | | | 19,895 | | |
Cash and cash equivalents
|
| | | | (140,595) | | | | | | (62,986) | | | | | | (43,393) | | |
Net (cash) / debt
|
| | | | (104,054) | | | | | | (16,391) | | | | | | 26,598 | | |
Total equity
|
| | | | 1,093,654 | | | | | | 1,155,063 | | | | | | 984,639 | | |
Total capital
|
| | | | 989,600 | | | | | | 1,138,672 | | | | | | 1,011,237 | | |
Gearing ratio
|
| | | | 0.095 | | | | | | 0.014 | | | | | | 0.027 | | |
| | |
2021
USD’000 |
| |
2020
USD’000 |
| |
2019
USD’000 |
| |||||||||
Fee payable to Group’s auditors and its associates for the audit of the parent company and consolidated financial statements
|
| | | | 340 | | | | | | 133 | | | | | | 96 | | |
Fees payable to Group’s auditors and its associated for other services: | | | | | | | | | | | | | | | | | | | |
The audit of the Group’s subsidiaries
|
| | | | 143 | | | | | | 161 | | | | | | 166 | | |
| | | | | 483 | | | | | | 294 | | | | | | 262 | | |
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
WACC
|
| | | | 8.30% | | | | | | 9.13% | | | | | | 9.72% | | |
Inflation rate
|
| | | | 4.4% | | | | | | 3.3% | | | | | | 4.8% | | |
LoM years – West Pit (current operating open pit)
|
| | | | 6.5 | | | | | | 8 | | | | | | 4 | | |
LoM years – East Pit (a developing open pit)
|
| | | | 7.5 | | | | | | 10 | | | | | | 10 | | |
Contractual obligations
USD’000 |
| |
Total
|
| |
< 1 year
|
| |
1-3 years
|
| |
After 3 years
|
| ||||||||||||
Mining costs(1)
|
| | | | 30,352 | | | | | | 30,352 | | | | | | — | | | | | | — | | |
Open Purchase orders
|
| | | | 10,398 | | | | | | 10,398 | | | | | | — | | | | | | — | | |
Total Contractual Obligations
|
| | | | 40,750 | | | | | | 40,750 | | | | | | — | | | | | | — | | |
Contractual obligations
USD’000 |
| |
Total
|
| |
< 1 year
|
| |
1-3 years
|
| |
After 3 years
|
| ||||||||||||
Mining costs(1)
|
| | | | 15,464 | | | | | | 15,464 | | | | | | — | | | | | | — | | |
Open Purchase orders
|
| | | | 6,210 | | | | | | 6,210 | | | | | | — | | | | | | — | | |
Total Contractual Obligations
|
| | | | 21,674 | | | | | | 21,674 | | | | | | — | | | | | | — | | |
Contractual obligations
USD’000 |
| |
Total
|
| |
< 1 year
|
| |
1-3 years
|
| |
After 3 years
|
| ||||||||||||
Mining costs(1)
|
| | | | 10,498 | | | | | | 10,498 | | | | | | — | | | | | | — | | |
Open Purchase orders
|
| | | | 4,407 | | | | | | 4,407 | | | | | | — | | | | | | — | | |
Total Contractual Obligations
|
| | | | 14,905 | | | | | | 14,905 | | | | | | — | | | | | | — | | |
|
Evercore ISI
|
| |
J.P. Morgan
|
|
|
RBC Capital Markets
|
|
|
Exhibit
No. |
| |
Exhibit
|
|
| 10.13#† | | | | |
| 10.14#++† | | | | |
| 10.15#++ | | | | |
| 10.16#++† | | | | |
| 10.17#++† | | | | |
| 10.18# | | | | |
| 10.19† | | | | |
| 10.20† | | | | |
| 10.21#++ | | | | |
| 10.22#++ | | | | |
| 10.23#++ | | | | |
| 10.24 | | | Intercreditor Agreement, dated July 15, 2022, between Sedibelo Resources Limited, Pilanesberg Platinum Mines (Pty) Ltd, OMF Fund III (In) LLC, OMF Fund III (Kr) LLC and OMRF (Ni) LLC and certain financial institution parties thereto from time to time, among other parties. | |
| 10.25 | | | | |
| 10.26 | | | | |
| 10.27++ | | | Common Terms Agreement, dated July 15, 2022, between Sedibelo Resources Limited, Pilanesberg Platinum Mines (Pty) Ltd, the original guarantors identified therein, Nedbank Limited and Bowwood and Main No 335 Proprietary Limited. | |
| 10.28+ | | | | |
| 10.29+ | | | | |
| 10.30+ | | | | |
| 10.31+* | | | Employment Contracts of Erich Clarke. | |
| 10.32+* | | | Employment Contracts of Elmarie Maritz. | |
| 10.33+* | | | Employment Contracts of Casper Hendrik Badenhorst. | |
|
Exhibit
No. |
| |
Exhibit
|
|
| 10.34+* | | | Employment Contract of Christian Phephenyane. | |
| 10.35+* | | | Employment Contract of Lael Bethlehem. | |
| 10.36+* | | | Employment Contract of Julien Naginski. | |
| 10.37+* | | | Form of Indemnity Agreements for Directors and Officers of Sedibelo Resources Limited. | |
| 21.1 | | | | |
| 23.1 | | | | |
| 23.2† | | | | |
| 23.3† | | | | |
| 23.4† | | | | |
| 23.5† | | | | |
| 24.1† | | | | |
| 96.1† | | | | |
| 96.2† | | | | |
| 96.3† | | | Technical Report Summary, The Kruidfontein PGM Project, North West Province, South Africa — Initial Assessment, effective at December 31, 2021, prepared by SRK Consulting (South Africa) (Pty) Ltd. | |
| 107 | | | |
|
Name
|
| |
Title
|
|
|
/s/ Erich Clarke
|
| |
Chief Executive Officer
(principal executive officer) |
|
|
/s/ Elmarie Maritz
|
| |
Chief Financial Officer
(principal financial officer and principal accounting officer) |
|
|
*
Arne Frandsen
|
| |
Director
|
|
|
/s/ Erich Clarke
|
| |
Director
|
|
|
*
Keith Liddell
|
| |
Director
|
|
|
*
Raphael Vermeir
|
| |
Director
|
|
|
Name
|
| |
Title
|
|
|
*
Lumkile Mondi
|
| |
Director
|
|
|
*
Janet Blas
|
| |
Director
|
|
|
*
Stephanie Anderson
|
| |
Director
|
|
|
*
Tshokolo Petrus Nchocho
|
| |
Director
|
|
|
*
Michael Solomon
|
| |
Director
|
|
This ‘F-1/A’ Filing | Date | Other Filings | ||
---|---|---|---|---|
12/31/30 | ||||
1/1/26 | ||||
12/31/25 | ||||
9/19/23 | ||||
3/31/23 | ||||
1/1/23 | ||||
12/31/22 | ||||
9/30/22 | ||||
Filed on: | 9/14/22 | |||
8/31/22 | ||||
7/29/22 | F-1 | |||
7/18/22 | ||||
7/15/22 | ||||
7/13/22 | ||||
7/6/22 | ||||
6/30/22 | ||||
6/23/22 | ||||
6/20/22 | ||||
6/19/22 | ||||
6/9/22 | ||||
6/8/22 | ||||
6/1/22 | ||||
5/21/22 | ||||
5/20/22 | ||||
4/1/22 | ||||
3/31/22 | ||||
3/29/22 | ||||
2/23/22 | ||||
2/21/22 | ||||
1/20/22 | ||||
1/19/22 | ||||
1/1/22 | ||||
12/31/21 | ||||
12/7/21 | ||||
12/1/21 | ||||
11/30/21 | ||||
11/11/21 | ||||
11/9/21 | ||||
11/4/21 | ||||
10/24/21 | ||||
10/19/21 | ||||
9/30/21 | ||||
9/23/21 | ||||
9/21/21 | ||||
9/8/21 | ||||
9/1/21 | ||||
8/27/21 | ||||
8/13/21 | ||||
7/31/21 | ||||
7/20/21 | ||||
7/9/21 | ||||
7/5/21 | ||||
7/1/21 | ||||
6/30/21 | ||||
6/29/21 | ||||
6/25/21 | ||||
6/15/21 | ||||
6/11/21 | ||||
6/9/21 | ||||
6/1/21 | ||||
5/31/21 | ||||
5/24/21 | ||||
5/21/21 | ||||
4/1/21 | ||||
3/24/21 | ||||
3/1/21 | ||||
1/19/21 | ||||
1/1/21 | ||||
12/31/20 | ||||
12/18/20 | ||||
11/21/20 | ||||
10/1/20 | ||||
9/10/20 | ||||
9/1/20 | ||||
7/7/20 | ||||
7/1/20 | ||||
6/30/20 | ||||
6/19/20 | ||||
6/10/20 | ||||
6/8/20 | ||||
5/20/20 | ||||
5/10/20 | ||||
5/6/20 | ||||
5/5/20 | ||||
4/29/20 | ||||
4/27/20 | ||||
4/24/20 | ||||
4/22/20 | ||||
4/21/20 | ||||
4/16/20 | ||||
4/1/20 | ||||
3/27/20 | ||||
3/26/20 | ||||
3/23/20 | ||||
3/15/20 | ||||
3/11/20 | ||||
3/5/20 | ||||
2/19/20 | ||||
1/1/20 | ||||
12/31/19 | ||||
12/21/19 | ||||
12/20/19 | ||||
12/11/19 | ||||
12/4/19 | ||||
11/30/19 | ||||
8/1/19 | ||||
7/29/19 | ||||
6/5/19 | ||||
6/1/19 | ||||
5/31/19 | ||||
5/22/19 | ||||
3/12/19 | ||||
3/1/19 | ||||
2/19/19 | ||||
1/1/19 | ||||
12/31/18 | ||||
12/28/18 | ||||
12/19/18 | ||||
11/27/18 | ||||
10/25/18 | ||||
9/27/18 | ||||
8/23/18 | ||||
4/4/18 | ||||
2/13/18 | ||||
12/5/17 | ||||
11/13/17 | ||||
3/31/17 | ||||
8/26/16 | ||||
6/28/16 | ||||
2/12/16 | ||||
1/1/16 | ||||
12/31/15 | ||||
12/3/15 | ||||
10/12/15 | ||||
8/13/15 | ||||
12/8/14 | ||||
10/29/14 | ||||
9/2/14 | ||||
7/1/14 | ||||
4/16/14 | ||||
2/13/14 | ||||
12/31/13 | ||||
12/6/13 | ||||
11/29/12 | ||||
11/28/12 | ||||
10/30/12 | ||||
10/3/12 | ||||
4/17/12 | ||||
4/5/12 | ||||
3/7/12 | ||||
1/16/12 | ||||
12/9/11 | ||||
9/20/10 | ||||
4/3/09 | ||||
2/14/08 | ||||
2/28/07 | ||||
2/23/07 | ||||
11/25/06 | ||||
8/13/04 | ||||
12/31/98 | ||||
List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 7/29/22 Sedibelo Resources Ltd. F-1 31:76M Toppan Merrill/FA |