Mining of Precious Metals and Minerals - August 2018

MINING OF PRECIOUS METALS AND
MINERALS: GOLD AND URANIUM,

PLATINUM AND DIAMONDS
Siccodes 23000, 24240 & 25200
August 2018
Compiled by:
ALEX CONRADIE
research@whoownswhom.co.za
JOHANNESBURG OFFICE
BLOCK 4, BRYANSTON GATE OFFICE PARK,
CNR HOMESTEAD AND MAIN ROADS BRYANSTON 2191
P O BOX 3044, RANDBURG, 2125
TEL: +27 10 300-7442/3
PORT ELIZABETH OFFICE

1ST FLOOR, BLOCK F, SOUTHERN LIFE GARDENS,
70 2ND AVE NEWTON PARK 6045
TEL: +27 41 394-0600
WEBSITE: WWW.WHOOWNSWHOM.CO.ZA
REG NO: 1986/003014/07
DIRECTORS: MAUREEN MPHATSOE (CHAIRPERSON), BEN RICHARDSON (NON-EXECUTIVE), MARK WELLS (NON-EXECUTIVE) ANDREW MCGREGOR (MANAGING)
© COPYRIGHT WHO OWNS WHOM (PTY) LTD
Mining of Precious Metals and Minerals: Gold and Uranium, Platinum and Diamonds Contents
Siccodes 23000, 24240 & 25200
CONTENTS
1. INTRODUCTION .......................................................................................................................1
2. DESCRIPTION OF THE INDUSTRY ..............................................................................................1

2.1. Industry Value Chain .................................................................................................................2
2.2. Geographic Position ..................................................................................................................6
3. SIZE OF THE INDUSTRY ............................................................................................................9
4. STATE OF THE INDUSTRY .......................................................................................................21

4.1. Local ........................................................................................................................................21
4.1.1. Gold...............................................................................................................................21
4.1.2. Uranium ........................................................................................................................24
4.1.3. Platinum........................................................................................................................26
4.1.4. Diamonds ......................................................................................................................28
4.1.5. Corporate Actions .........................................................................................................31
4.1.6. Regulations ...................................................................................................................36
4.1.7. Enterprise Development and Social Economic Development ......................................41
4.2. Continental .............................................................................................................................42
4.2.1. Gold...............................................................................................................................42
4.2.2. Uranium ........................................................................................................................42
4.2.3. Platinum........................................................................................................................43
4.2.4. Diamonds ......................................................................................................................43
4.3. International ...........................................................................................................................44
4.3.1. Gold...............................................................................................................................44
4.3.2. Uranium ........................................................................................................................47
4.3.3. Platinum........................................................................................................................49
4.3.4. Diamonds ......................................................................................................................52
5. INFLUENCING FACTORS .........................................................................................................54

5.1. Economic Environment ...........................................................................................................54
5.2. Labour .....................................................................................................................................55
5.3. Mine Safety .............................................................................................................................59
5.4. Illegal Mining ...........................................................................................................................59
5.5. Technology, Research and Development (R&D) and Innovation ...........................................61
5.6. Environmental Concerns .........................................................................................................63
© Copyright Who Owns Whom (Pty) Ltd

Siccodes 23000, 24240 & 25200
5.7. Platinum Recycling ..................................................................................................................63

5.8. Community Protests ...............................................................................................................64
5.9. Synthetic Diamonds ................................................................................................................65
6. COMPETITION .......................................................................................................................66
6.1. Barriers to Entry ......................................................................................................................67
7. SWOT ANALYSIS ....................................................................................................................68
8. OUTLOOK..............................................................................................................................69
9. INDUSTRY ASSOCIATIONS ......................................................................................................70
10. REFERENCES ..........................................................................................................................70

10.1.Publications ............................................................................................................................70
10.2.Websites .................................................................................................................................71
COMPANY PROFILES – MINING OF GOLD .....................................................................................73

ANGLOGOLD ASHANTI LTD .............................................................................................................73
CENTRAL RAND GOLD LTD ..............................................................................................................79
DRDGOLD LTD .................................................................................................................................82
GOLD FIELDS LTD ............................................................................................................................86
HARMONY GOLD MINING COMPANY LTD......................................................................................91
LONMIN PLC ...................................................................................................................................97
OAKBAY RESOURCES AND ENERGY LTD .......................................................................................102
ORION MINERALS LTD ..................................................................................................................105
PAN AFRICAN RESOURCES PLC .....................................................................................................109
PENINSULA ENERGY LTD...............................................................................................................112
SIBANYE GOLD LTD .......................................................................................................................115
STIBIUM MINING SOUTH AFRICA (PTY) LTD .................................................................................121
STONEWALL RESOURCES LTD .......................................................................................................123
VILLAGE MAIN REEF (PTY) LTD......................................................................................................126
WHITE RIVERS EXPLORATION (PTY) LTD .......................................................................................129
COMPANY PROFILES – MINING OF PLATINUM............................................................................ 132

AFRICAN RAINBOW MINERALS LTD ..............................................................................................132
ANGLO AMERICAN PLATINUM LTD ..............................................................................................137
ATLATSA RESOURCES CORPORATION...........................................................................................141
GLENCORE OPERATIONS SOUTH AFRICA (PTY) LTD .....................................................................144
IMPALA PLATINUM HOLDINGS LTD ..............................................................................................148

Siccodes 23000, 24240 & 25200
IVANHOE MINES LTD ....................................................................................................................152

LONMIN PLC .................................................................................................................................155
MMAKAU MINING (PTY) LTD ........................................................................................................160
NORTHAM PLATINUM LTD ...........................................................................................................162
ORION MINERALS LTD ..................................................................................................................166
PLATINUM GROUP METALS (RSA) (PTY) LTD ................................................................................170
PLATMIN SOUTH AFRICA (PTY) LTD ..............................................................................................172
ROYAL BAFOKENG PLATINUM LTD ...............................................................................................174
SIBANYE GOLD LTD .......................................................................................................................177
SIYANDA RESOURCES (PTY) LTD ...................................................................................................183
SYLVANIA PLATINUM LTD .............................................................................................................186
WESIZWE PLATINUM LTD .............................................................................................................189
WINDSOR PLATINUM INVESTMENTS (PTY) LTD ...........................................................................192
COMPANY PROFILES – MINING OF DIAMONDS .......................................................................... 194

ALEXKOR SOC LTD .........................................................................................................................194
DE BEERS CONSOLIDATED MINES (PTY) LTD ................................................................................197
DMI MINERALS SOUTH AFRICA (PTY) LTD ....................................................................................200
FRONTIER DIAMONDS LTD ...........................................................................................................202
KAREEVLEI MINING (PTY) LTD.......................................................................................................204
PETRA DIAMONDS LTD .................................................................................................................205
ROCKWELL DIAMONDS INC ..........................................................................................................208
TANGO MINING LTD .....................................................................................................................211
TRANS HEX GROEP LTD .................................................................................................................214

Mining of Precious Metals and Minerals: Gold and Uranium, Platinum and Diamonds Page 1 of 220
Siccodes 23000, 24240 & 25200
1. INTRODUCTION
This report deals with the mining of precious metals and minerals in South Africa, and since uranium
is produced as a by-product of gold mining, the mining of uranium is included. According to the Mine
SA 2017 report of the Minerals Council South Africa (MCSA) (formerly the Chamber of Mines) local and
export sales of gold, platinum-group metals (PGMs) and diamonds amounted to R178.1bn during 2017,
while 306,197 people were employed by these sectors. The most important issues facing producers of
gold, uranium, platinum and diamonds are policy and regulatory uncertainty, low commodity prices,
operational challenges, such as ageing infrastructure, and rapidly escalating production costs.
2. DESCRIPTION OF THE INDUSTRY

Gold
South Africa’s gold mining sector is dominated by a few large companies, such as AngloGold Ashanti,
Sibanye-Stillwater, Harmony Gold Mining Company and Gold Fields that produce gold from several
large mines situated in the Witwatersrand Basin. A small percentage of the country’s gold is produced
by gold mines outside the Witwatersrand Basin, as a by-product of PGM mines and base metal mines,
and by retreatment plants that recover gold from surface tailings.
Uranium
South Africa’s only uranium mine is operated by Shiva Uranium, a subsidiary of Oakbay Resources and
Energy, but it is currently producing only gold. Uranium is produced only by Harmony Gold at its Moab
Khotsong mine, as a by-product of gold mining. The ore is milled at the Noligwa Gold Plant and further
processing is done at the South Uranium Plant by the reverse leach process. Yellowcake, the final
product of the South Uranium Plant, is transported to the Nuclear Fuels Corporation of South Africa
(NUFCOR), a subsidiary of Harmony, where triuranium octoxide is produced and packed for shipment
to conversion plants for enrichment.
Platinum
In South Africa, the PGMs platinum, palladium, rhodium, iridium, ruthenium and osmium, together
with the by-products gold, silver, nickel, copper and cobalt, occur in economic concentrations in three
separate, extensive layered reefs of the Bushveld Complex. They are the Merensky Reef, the UG2
Chromitite Layer, and the Platreef, while the three areas where these reefs occur close enough to the
surface to be mined are called the western limb, eastern limb and northern limb. The Bushveld
© Copyright Who Owns Whom (Pty) Ltd Back to Table of Contents

Siccodes 23000, 24240 & 25200
Complex, where there are more than 20 platinum mines, contains the world’s largest reserves of
PGMs. South Africa’s platinum mines are operated by several major players, including the three largest
platinum producers in the world, Anglo American Platinum (Amplats), Impala Platinum (Implats) and
Lonmin. Northam and Sibanye-Stillwater are also large producers of platinum. A number of smaller
companies focus on exploration and also operate joint ventures with the larger companies in the
sector.
Diamonds
South Africa’s diamond mining sector is dominated by De Beers, whose South African subsidiary is
called De Beers Consolidated Mines (DBCM). DBCM produces diamonds from two kimberlite mines.
De Beers Sightholder Sales South Africa (DBSSSA) sorts and values DBCM’s rough diamond production
and sells more than 40% of it during ten diamond sales a year to local diamond cutting factories and
the State Diamond Trader (SDT). Petra Diamonds produces diamonds from four kimberlite mines and
tailings retreatment operations in South Africa, while Trans Hex’s diamond output are sourced from
alluvial and marine deposits. According to the South African Diamond Producers Organisation (SADPO)
150 small-scale diamond miners or diggers produce about 350,000 carats (cts) per year from alluvial
mining operations.
2.1. Industry Value Chain
Suppliers to producers of gold, uranium, platinum and diamonds include:

♦ Companies supplying transport services;
♦ Water and electricity suppliers; and
♦ Suppliers of equipment, vehicles, and consumables.
Gold
The gold mining sector can be divided into four broad sections: exploration, mining, concentrating, and
smelting. Doré, or rough gold, bars produced at the different mines are transported to the Rand
Refinery where the gold is refined to either 99.5% or 99.9% purity, before cast bars, minted bars,
minted coins, coin blanks, medallions, and jewellery feedstock are produced from it. Most of these
products are then sold on international markets. Global demand for gold broken down by application
is illustrated in the following graph.

Siccodes 23000, 24240 & 25200
GLOBAL GOLD DEMAND BY APPLICATION, 2017
Jewellery
9%
Technology
31% 52%
Investment
8%
Central banks and other

institutions
[Source: www.gold.org]
♦ The three largest markets for gold jewellery are China, India and the United States (US).
Worldwide, acquiring jewellery is connected to celebrations such as festivals and weddings.
♦ Investment demand for gold can be divided into demand for gold bars, official gold coins,
medals and imitation coins, and gold-backed exchange traded funds (ETFs).
♦ Demand for gold in technology includes its use in electronics, dentistry and other industrial
applications.
♦ Countries’ official gold reserves are held by their central banks, while some commercial banks
also store gold.
Uranium
After uranium-bearing ore has been extracted from surface or underground operations it undergoes a
number of processes to produce enriched uranium. Uranium is mainly used as nuclear fuel to generate
electricity in nuclear power stations. According to the Resources and Energy Quarterly report, uranium
is used for 11% of global electricity generation. It is also used by the military to power nuclear
submarines and in nuclear weapons.
Platinum
The platinum mining sector can be divided into four broad sections: exploration, mining,
concentrating, and smelting. Processing of the ore through milling, concentration and smelting, to
form a matte containing the PGMs, gold, silver and the base metals nickel, copper and cobalt, is
undertaken at various concentrators and smelters. Further refining of the matte, including extraction
of the base metals and recovery of the constituent precious metals takes place at Amplats’ refineries

Siccodes 23000, 24240 & 25200
near Rustenburg, Lonmin’s refineries on the mine property as well as near Brakpan, and Implats'
refineries in Springs. Sibanye-Stillwater’s concentrate is purchased by Amplats for further processing.
Northam Platinum’s base metal refining occurs on the mine property, while the precious metal refining
is undertaken at the Heraeus refinery in Germany. Refined platinum is supplied to customers in the
form of sponge, bars or grain. Global demand for platinum broken down by application is illustrated in
the following graph.
GLOBAL PLATINUM DEMAND BY APPLICATION, 2017
8.1t, 3%
51.3t, 21%
Automotive
105.6t, 44%
Jewellery
76.5t, 32% Industrial

Investment
[Source: Platinum Quarterly Q4 2017]
Automotive demand comprises auto-catalyst demand and non-road engine catalyst demand. The
auto-catalyst is installed in a vehicle's exhaust line where it converts pollutants from the combustion
of fuel into harmless gases. Auto-catalysts used with diesel engines contain higher amounts of
platinum than those used with petrol engines.
Due to its rarity, purity and natural white colour, associated with its enduring quality and resistance to
tarnishing, platinum is a very popular metal for bridal jewellery in many countries and for fashion
jewellery in Asia in particular. With the rise of consumer wealth, China has become the largest market,
accounting for 54% of global platinum jewellery demand.
Industrial demand comprises chemical, petroleum, electrical, glass, medical and biomedical, and other
applications.
♦ The use of platinum in chemical applications include catalysts used in the manufacture of
certain silicones, catalysts used in the synthesis of raw materials for the production of

Siccodes 23000, 24240 & 25200
polyethylene terephthalate for the production of polyester textile and plastic containers, and
catalysts for the conversion of ammonia to nitric acid used in fertilisers and explosives.
♦ Platinum is used in catalysts for the refining of petroleum in a process called catalytic
reforming.
♦ In the electrical industry hard disk drives use platinum-containing disks to store data in
personal computers, DVD players and other devices. Platinum is also used to coat some
electrodes and multi-layer ceramic capacitors.
♦ Platinum is used in the fabrication of vessels that hold, channel and form the high-quality
molten glass that is used, for example, to produce LCD and plasma screens.
♦ Platinum’s usages in medical and biomedical applications include implants and tools such as
aural and retinal implants, pacemakers, defibrillators, catheters and stents, as well as being
the active ingredient in chemotherapy drugs and in radio-active implants for radiation therapy.
♦ Platinum is also used in fuel cells where it is the catalyst that converts hydrogen and oxygen
to heat, water and electricity.
Investment demand includes coins, bars and ETFs. A number of different retail investment products
have been introduced to meet demand for platinum, which can be bought and kept as a repository of
value, often for long periods.
Diamonds
The diamond mining sector can be divided into four broad sections: exploration, mining, sorting of
rough diamonds, and sales to cutters and polishers. Sorting experts categorise and assign a value to
rough diamonds before they are sorted into parcels according to their shape, size, clarity and colour.
It is at this point that gem-quality diamonds are separated from small, lower-quality stones known as
industrial diamonds. Typically about 40% of natural diamonds are of gem quality, 20% near-gem quality
and 40% industrial grade. Gem diamonds are used in jewellery, industrial diamonds in industrial
applications, and near-gem diamonds in jewellery and more specialised industrial applications.
The diamond industry has developed a highly specialised and regulated supply chain to ensure the
authenticity and status of the end product sold to the consumer. Gem diamonds are sold through four
sales channels: long-term contracts, auctions, tenders, and short-term contracts. Long-term sales
contracts are most commonly used as they provide price certainty and allow producers to establish
volume requirements. Auctions and tenders are preferred by smaller producers, while short-term
contracts are used by some producers such as Russian company ALROSA. In South Africa, diamonds

Siccodes 23000, 24240 & 25200
are first offered to the SDT in order to promote local beneficiation. De Beers uses multi-year contracts
with more than 80 clients, or sight-holders, to sell most of its products. The company is also using
online auctions to sell some of its output.
Traditionally, industrial diamonds have been used in cutting and grinding tools, such as diamond-
tipped drill bits and saws, and as an abrasive, as diamonds have the following qualities:
♦ Hardest natural substance known to man;
♦ Unrivalled thermal and electrical conductivity;
♦ Robust inertness; and
♦ Effective lubricant.
Ever more sophisticated uses for diamonds are being found in high-tech applications, such as super
lasers, surgical tools, cancer treatment and next-generation computing.
2.2. Geographic Position
Gold
By far the most important gold deposits in South Africa are found in the Witwatersrand Basin, which
is situated in the Free State, North West, Gauteng and Mpumalanga provinces. Relatively smaller gold
deposits occur within greenstones in the Mpumalanga, Limpopo and North West provinces. The
locations of the different gold fields in the Witwatersrand Basin are shown on the following map.

Siccodes 23000, 24240 & 25200
[Source: South African Gold, Today and Tomorrow: Fact Sheet 2015]
Uranium
Harmony Gold’s Moab Khotsong mine is situated in the North West province. The locations of the
different current and possible future uranium production sites are shown on the following map.
[Source: Uranium 2016: Resources, Production and Demand]

Siccodes 23000, 24240 & 25200
Platinum
While the western limb of the Bushveld Complex is situated in the North-West and Limpopo provinces,
and the eastern limb in Mpumalanga and Limpopo, the northern limb is entirely in the Limpopo
province. Since 2011 Canadian company Platinum Group Metals has discovered deposits located at its
Waterberg Project in a completely new section of the Bushveld Complex. These deposits are a
northerly extension of the northern limb that nobody knew was present. The locations of the different
platinum mines are shown on the following map.
[Source: www.sfa-oxford.com]
Diamonds
In South Africa, primary diamond deposits called kimberlites occur in the Limpopo, Northern Cape,
Gauteng, Free State and North West Provinces. Alluvial deposits are found in the Northern Cape,
Western Cape, North West, Limpopo and Free State Provinces, as shown on the map below. Marine
deposits occur on the continental shelf off the west coast in the Northern Cape and Western Cape
Provinces.

Siccodes 23000, 24240 & 25200
[Source: www.geoscience.org.za]
3. SIZE OF THE INDUSTRY

Gold
According to the United States Geological Survey (USGS), South Africa has gold reserves of 6,000
tonnes (t), which is more than 10% of the world total. South Africa’s Witwatersrand Basin is the gold
deposit with the largest reserves in the world, and has to date produced more than 62,000t of gold,
which is about 33% of all the gold ever mined globally, according to the MCSA and the World Gold
Council. It is estimated that almost the same amount of gold remains underground, albeit at greater
depths.
The local gold mining sector produced 145t during 2017, which was 4.6% of the global total, according
to the USGS. Figures released by the Department of Mineral Resources (DMR) show that South Africa
exported 119.6t of gold worth R65.1bn during 2017, while local sales amounted to 33.9t worth
R17.7bn. According to the Mine SA 2017 publication of the MCSA, 112,200 people earning R29.9bn per
year were employed by the gold mining sector during 2017.

Siccodes 23000, 24240 & 25200
According to Mining.com, AngloGold Ashanti was the world’s third-largest gold mining company in
2017, with output of 116.9t, while Gold Fields was ranked eighth, with gold production of 67.2t. South
Africa’s largest gold mining companies released the following gold output figures for their South
African operations during their 2017 financial years.
♦ Sibanye-Stillwater – 43.6t.
♦ Harmony Gold Mining Company - 30.8t.
♦ AngloGold Ashanti – 28.1t.
♦ Gold Fields - 8.7t.
Uranium
According to the Uranium 2016: Resources, Production and Demand report, South Africa contains
reasonably assured uranium resources of 237,600t, which is 6.9% of the world total. South Africa
produced 303.7t of triuranium octoxide during 2017, according to DMR figures, while AngloGold
Ashanti produced 362.9t of uranium during its 2017 financial year, according to the latest annual
report.
Summary of Major Players – Gold & Uranium

Uranium
Employees Gold
Company Revenue Ore Mines, Projects & Facilities owned in SA
(Est.) Production
Production
Gauteng
51,480 R57,822.12m ♦ Mponeng

(Group) (2017) ♦ TauTona (including Savuka section) -
X
(Permanent (Continuing & closed
3.755
AngloGold Ashanti Ltd & contract) discontinuing ♦ Surface Operations (including First
million
(26,245 - operations: Uranium SA and the Mine Waste
ounces
South R13,645.4m - Solutions tailings retreatment
Africa) South Africa) production operations)
R70.96m
X ♦ Consolidated Main Reef (CMR)
(2016)
111 3,134 operations, which have been split
Central Rand Gold Ltd (R46.06m - Gold
(Permanent) ounces into CMR West and CMR East, and
sales)
sold the Crown Mines development.
Latest financials

Siccodes 23000, 24240 & 25200
Uranium
Employees Gold
(Est.) Production
Production
2,215
♦ ERPM Ext 1 & 2 - Up for sale
(850 -
X ♦ Crown
Permanent; R2,339.9m
DRDGold Ltd 137,114 ♦ Ergo
1,365 - (2017)
ounces ♦ Brakpan tailings facility
Deployed
♦ West Rand Tailings Retreatment
on-site)
18,594
(Group)
(8,856 -
R37,439.86m X
Permanent;
(2017) 2.16
Gold Fields Ltd 9,738 - ♦ South Deep
(R4,388.6m - million
Contractors)
South Africa) ounces
(6,432 -
South
Africa)
♦ Bambanani
♦ Doornkop South Reef
♦ Joel
♦ Masimong
33,201
♦ Phakisa
(Group)
♦ Target 1
(South R19,264.0m X
♦ Target 3
Harmony Gold Mining Africa: (2017) 1.09
♦ Tshepong
Company Ltd 30,990 - (R17,764.0m - million
♦ Unisel
permanent South Africa) ounces
♦ Kusasalethu
and
♦ St Helena
contract)
♦ Kalgold (open pit)
♦ Phoenix (surface)
♦ Vaal River: Kopanang, Moab
Khotsong, Great Noligwa

Siccodes 23000, 24240 & 25200
Uranium
Employees Gold
(Est.) Production
Production
Oakbay Resources and ♦ Dominion
Energy Ltd 963 - R462.0m ♦ Rietkuil
Operates through Shiva Shiva (Shiva Uranium X X
Uranium (Pty) Ltd which Uranium (Pty) Ltd)
is in Business Rescue
♦ Barberton Mines
♦ Barberton Tailings Retreatment
Plant
X
3,932 ♦ Evander Mines – ceased
Pan African Resources R3,423.07m 173,285
(Group) underground operations
Plc (2017) ounces
(Permanent) ♦ Evander Tailings Retreatment Plant
sold
♦ Elikhulu tailings retreatment
Project - entering the
commissioning phase
♦ Kloof
R45,911.6m ♦ Driefontein
66,472 (2017) ♦ Beatrix
(Group) (R8,076.9m - X ♦ Cooke 1, 2, 3 - on care and
Sibanye Gold Ltd (53,139 - Driefontein; 1.403 maintenance
t/a Sibanye-Stillwater Permanent; R8,845.0m - million ♦ Burnstone
13,278 - Kloof; ounces ♦ Southern Free State
Contractors) R4,875.8m - ♦ Beisa North
Beatrix) ♦ Kloof Decline
♦ Driefontein Decline
X
Village Main Reef 3,232 R1,724.65m Tau Lekoa
♦ Tau Lekoa
(Pty) Ltd (Group) (2017) Gold Mine:
3,436kg

Siccodes 23000, 24240 & 25200
Uranium
Employees Gold
(Est.) Production
Production
♦ Exploration Joint Venture
Agreement signed with Harmony
Gold (WRE: 65% / Harmony: 35%)
♦ Beisa
♦ Bothaville
White Rivers ♦ Hennenman
5 X X
Exploration (Pty) Ltd ♦ Klerksdorp South
♦ Kroonstad
♦ Oribi
♦ Ventersburg
♦ Vredefort NE
♦ Vredefort West
Limpopo
Stibium Mining South
Africa 398 X ♦ Cons Murch Mine
(Pty) Ltd
International
35,360
(24,713 - R15,531.12m
X
Permanent; (2017) ♦ Marikana Mine
Lonmin Plc 18,052
7,497 - (R284.9m –
ounces
Contractors) Gold)
Orion Minerals Ltd X ♦ Marydale (Areachap Project)

Peninsula Energy Ltd
R239.2m
Plans to divest in South 25 X ♦ Karoo Projects
(2017)
Africa
Stonewall Resources Ltd X ♦ TGME Project
Platinum
♦ According to the USGS, South Africa has PGM reserves of 63,000t, which is more than 90% of
the world total.

Siccodes 23000, 24240 & 25200
♦ The South African platinum mining sector is the world’s largest producer and, according to the
World Platinum Investment Council’s Platinum Quarterly Q4 2017, during 2017, 135.9t of
refined platinum was produced locally, which was 71.5% of the global production of refined
platinum.
♦ Figures released by the DMR show that South Africa exported 129.4t of platinum worth
R51.4bn during 2017, while local sales amounted to 11.5t worth R4.6bn.
♦ According to the Mine SA 2017 publication of the MCSA, 175,770 people earning R48.0bn per
year were employed by the platinum mining sector during 2017.
The three producers of refined platinum released the following figures for their latest financial years.
• Amplats - 75.4t of refined platinum production from South African operations.
• Implats - 15.3t of refined platinum production from South African operations.
• Lonmin - 21.4t of refined platinum production.
Summary of Major Players – Platinum

Employees Production Capacity
Company Mines & Exploration Projects in SA Revenue
(Est.) p.a.
Gauteng
R8,158.0m
(2017)
(R7,247.0m –
♦ Modikwa Platinum Mine (41.5%)
Platinum)
African Rainbow ♦ Nkomati Mine (50%) 24,106 815,187 ounces
(Platinum: R1,995.0m
Minerals Ltd ♦ Two Rivers Platinum Mine (51%) (Group) (PGMs)
- Nkomati;
♦ Kalplats Project (46%)
R3,996.0m - Two
Rivers; R1,256.0m -
Modikwa)
5.12 million ounces
♦ Bushveld Complex comprising: (Total PGMs)
o Mogalakwena 28,692 2.51 million ounces
Anglo American o Amandelbult R65,688.0m (Group) (Platinum)
Platinum Ltd ♦ Bokoni Platinum Mine (49%) - on (2017) (27,559 - South 1.67 million ounces
care and maintenance Africa) (Palladium)
♦ Modikwa Platinum Mine (50%) 323,000 ounces
(Rhodium)

Siccodes 23000, 24240 & 25200

(Est.) p.a.
♦ Bafokeng-Rasimone Platinum Mine
(BRPM JV) (33%) and the Styldrift
Project
♦ Mototolo Platinum Mine (50%)
♦ A pooling-and-sharing agreement
with Sibanye-Stillwater, covering the
shallow reserves of the Kroondal and
Marikana mines that are contiguous
with its own Rustenburg mines
(50:50)
♦ Twickenham Platinum Mine Project -
on care and maintenance
♦ Der Brochen Project
♦ Sheba’s Ridge Project
(Glencore Plc's
AR2017)
♦ Mototolo Joint Venture (50%) (with (Thermal South
Glencore Operations 7,000
Anglo American Platinum holding Africa: R18,590.4m -
South Africa (Pty) Ltd (South Africa)
50%) Net Revenue)
PGM operations were
temporarily suspended
♦ Impala Mine (96%) including Impala

RBR JV
♦ Marula Mine (73%) 52,012
♦ Two Rivers (49%) (Group)
Impala Platinum ♦ Afplats Exploration (74%) - on care R36,841.0m (46,070 - South 1.52 million ounces
Holdings Ltd and maintenance (2017) Africa: (refined Platinum)
♦ Imbasa (60%) 42,253 - Impala;
♦ Inkosi (49%) 3,817 - Marula)
♦ Tamboti Project (100%)

♦ Waterberg PGM Project (15%)
Mmakau Mining ♦ Marula Platinum Mine (9%) (with
7
(Pty) Ltd Impala Platinum holding 73%)

Siccodes 23000, 24240 & 25200

(Est.) p.a.
R6,865.19m
(2017)
(Operations:
♦ Zondereinde Mine (100%) R6,395.03m -
♦ Booysendal Mine (100%) (includes Zondereinde;
280,000 ounces
the Everest platinum mine R2,574.44m -
(Zondereinde
Northam Platinum incorporated into Booysendal South) Booysendal)
8,799 refined PGMs)
Ltd ♦ Eland Platinum Mine (Commodities:
199,000 ounces
♦ Dwaalkop JV (50%) R3,692.94m -
(Booysendal)
♦ Kokerboom JV Exploration Project Platinum;
(51%) R1,316.37m -
Palladium; R453.08m
- Rhodium; R99.32m
– Gold)
Platinum Group
Metals (RSA) ♦ Waterberg PGM Project (37.5%) 140
(Pty) Ltd
♦ Pilanesberg Platinum Mine
comprising:
o Tuschenkomst Pit
♦ Pilanesberg Exploration Project
Platmin South Africa
(including Sedibelo and 103
(Pty) Ltd
Magazynskraal) (100%)
♦ Mphahlele Project (100%)
♦ Grootboom Project (100%)
♦ Loskop Project (100%)
♦ Bafokeng Rasimone Platinum Mine
(67% Joint Venture between Royal
Bafokeng and Anglo American 212,000 ounces
Royal Bafokeng R3,498.5m 8,372
Platinum Ltd) (Platinum metal in
Platinum Ltd (2017) (Group)
♦ Styldrift 1 Project concentrate)
♦ Styldrift II exploration - Feasibility
study to be completed

Siccodes 23000, 24240 & 25200

(Est.) p.a.
♦ Kroondal mine incorporating
Marikana operations (Managed in a
50:50 pool-and-share agreement
with Anglo American Platinum Ltd)
♦ Mimosa mine (50%) (with Impala
Platinum Holdings Ltd holding 50%)
♦ Rustenburg operations:
Bathopele, Siphumelele (including R45,911.6m 66,472
Khomanani) and Thembelani (2017) (Group)
Sibanye Gold Ltd
(including Khuseleka) (R8,076.9m - (53,139 - 1.571 million
t/a Sibanye-
♦ Blue Ridge Mine - Operations Driefontein; Permanent; ounces (PGM)
Stillwater
Suspended R8,845.0m - Kloof; 13,278 -
♦ Platinum Mile Tailings Retreatment R4,875.8m - Beatrix) Contractors)
Facility (91.7%)
♦ The Chromite Tailings Retreatment
Plant (100%) - on care and
maintenance
♦ Hoedspruit Project
♦ Vygenhoek Prospect
♦ Zondernaam Project
♦ Union Mine (85%) (with the Bakgatla
Siyanda Resources
Ba Kgafela traditional community
(Pty) Ltd
holding 15%)
♦ Bakubung Platinum Mine (100%)
Wesizwe Platinum 199
♦ Maseve (WBJV) Projects 1 & 3
Ltd (Group)
(17.1%)
Windsor Platinum
Investments (Pty) Ltd
♦ Tjate Platinum Project
(Still in exploration
phase)
International
♦ Bokoni Mine - on care and R1,194.76m
Atlatsa Resources
maintenance (2017)
Corporation
♦ Kwanda Project (Bokoni Mine)

Siccodes 23000, 24240 & 25200

(Est.) p.a.
745
Ivanhoe Mines Ltd ♦ The Platreef Project
(Group)
687,529 ounces
R15,531.12
(Platinum)
(2017)
35,360 317,306 ounces
♦ Marikana Mine (R9,130.3m -
(Group) (Palladium)
♦ Pandora Operations (100%) Platinum; R3,554.4m
(24,713 - 100,987 ounces
Lonmin Plc ♦ Limpopo Project - on care and - Palladium;
Permanent; (Rhodium)
maintenance R1,343.1m -
7,497 - 163,067 ounces
♦ Akanani Project Rhodium; R122.1m -
Contractors) (Ruthenium)
Ruthenium; R379.9m
33,861 ounces
– Iridium)
(Iridium)
♦ Masiqhame Tenure (Kantienpan
deposit)
Orion Minerals Ltd
♦ Jacomynspan (Namaqua-Disawell
Project)
♦ Sylvania Dump Operations
♦ Volspruit R6,613.13m 438
Sylvania Platinum Ltd
♦ Northern Limb Projects (2017) (Group)
♦ Everest North
Diamonds
The local diamond mining sector was the world’s sixth largest producer in terms of volume during
2017, producing 9.7 million carats (Mcts) worth US$3.1bn, and exporting 9.9Mcts worth US$1.3bn,
according to the latest Kimberley Process Certification Scheme (KPCS) statistics. Larger producers were
Russia, Canada, Botswana, Democratic Republic of the Congo (DRC) and Australia. According to the
Mine SA 2017 publication of the MCSA, 18,227 people earning R5.2bn per year were employed by the
diamond mining sector during 2017.
The three major players in this sector released the following figures for their latest financial years:
♦ DBCM: 5.2Mcts of rough diamond production;
♦ Petra Diamonds: 3.8Mcts of rough diamond output from its South African operations; and
♦ Trans Hex: 117.0kcts of rough diamond production from its South African operations.

Siccodes 23000, 24240 & 25200
Summary of Major Players - Diamonds

Employees Production
Company Revenue Mines and Projects Owned in SA
(Est.) Capacity p.a.
Gauteng
♦ Richtersveld area comprising low-
162,172 carats
45 scale land operations and shallow
R386.33m
Alexkor SOC Ltd (8 - Head Office; and deep water marine mining
(2017) 151,812 carats
37 - Mine) currently undertaken by mining
(Diamond sales)
contractors.
De Beers
R8,146.0m ♦ Venetia
Consolidated Mines 2,047 5.21 million carats
(2017) ♦ Voorspoed
(Pty) Ltd
♦ Saxendrift Mine (including
Saxendrift River Complex) - In

production
♦ Kwartelspan Complex -
Prospecting right
♦ Niewejaarskraal Complex -
Production suspended
R523.8m 18,984 (carats) ♦ Brakfontein Hill Complex (Jasper)
Rockwell Diamonds 480 (2016) - is actively being mined at the

Inc (Group) Latest 18,976 carats Saxendrift operations
financials (Diamond sales) ♦ Wouterspan Complex (including
Okapi and Kanonloop) - Updating

preliminary economic assessment
♦ Remhoogte Holsloot Complex -
Three processing plants in

production
♦ Lanyonvale Project - Geological
mapping in progress
Northern Cape
DMI Minerals South
37 1.3 million carats ♦ Krone-Endora at Venetia Project
Africa (Pty) Ltd

Siccodes 23000, 24240 & 25200
Employees Production
Company Revenue Mines and Projects Owned in SA
(Est.) Capacity p.a.
Kareevlei Mining
(Pty) Ltd ♦ Kareevlei (five known
(Part of BlueRock diamondiferous kimberlite pipes)
Diamonds Plc)
Western Cape
R398.42m
♦ Baken mine (100%) – on care and
(2018)
811 maintenance
(Continuing
(Group) 78,185 carats ♦ Bloeddrift mine (100%) – on care
Trans Hex Groep Ltd operations:
(176 - South (Diamonds sold) and maintenance
R192.542m -
Africa) ♦ Shallow water operation at De
South
Punt and Port Nolloth
Africa)
International
♦ Sedibeng Diamond Mine
Frontier Diamonds
♦ Star Diamond Mine
Ltd
♦ Bellsbank Development Project
♦ Finsch
♦ Cullinan
5,607 R6,246.8m
Petra Diamonds Ltd 4 million carats ♦ Koffiefontein
(Group) (2017)
♦ Kimberley Underground
♦ Reivilo prospecting
254
(231 -
R137.56m 120 tons per hour
Tango Mining Ltd Permanent; 23 - ♦ Oena Mine
(2017) (Diamonds)
Contract)
(South Africa)

Siccodes 23000, 24240 & 25200
4. STATE OF THE INDUSTRY
4.1. Local
4.1.1. Gold
Gold Price and Output

The gold price averaged US$1,257 per ounce (oz) in 2017, after averaging US$1,251/oz during 2016. In
the March quarter of 2018 the price increased to average US$1,330/oz, partly as a result of substantial
selling of equities in the US during February 2018. As a result of the appreciation of the rand against
the US$, the average rand gold price has however decreased from R18,065/oz in November 2017 to
R15,695/oz in March 2018, as can be seen in the graph below. Since then the price has increased as a
result of the weakening of the rand against the US$.
AVERAGE MONTHLY GOLD PRICE

1 350 20 000
1 300 19 000
1 250 18 000
US$/oz
1 200 17 000 R/oz
1 150 16 000
1 100 15 000
Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18
US$/oz R/oz
[Source: www.resbank.co.za; Quarterly Bulletin March 2018]
For many decades South Africa was the world’s largest gold producer, but output is on a declining
trend. Factors contributing to the continued fall in production include the increasing depth of
operations, continued declines in productivity, ageing infrastructure and falling gold grades. With
increased travelling times for workers to reach work areas, the actual amount of time spent on
production has diminished. The MCSA revealed in July 2018 that 75% of South Africa’s gold mines are

Siccodes 23000, 24240 & 25200
unprofitable or making a small profit. Research conducted by the MCSA showed that if there is no
substantial change in the mining methods used, local gold mining would become fairly insignificant
from 2025. It would, however, be possible to extend the lifespan of gold mines to 2045 by modernising
them through the introduction of continuous and mechanised mining methods.
According to the MCSA, the plan is for modernisation to occur in three stages, with all three getting
under way simultaneously.
♦ The first stage, over the short-term, will focus on improving the current mining method of
drilling, blasting and cleaning.
♦ Spanning three to five years, the second stage will involve searching for ways to improve the
current mining method by removing workers from the mine face to areas of safety from where
they can operate customised equipment remotely.
♦ The third stage, over ten years, will be used for research into developing continuous mining
systems, which will reduce dilution in order to achieve a higher mining grade, and will operate
24 hours a day and seven days a week. It is envisaged that the introduction of a successful
continuous mining system will make it feasible to return to unmined resources that could
previously not be extracted economically using conventional mining methods.
The current decrease in production has reduced gold’s contribution to the country’s economy.
According to Statistics South Africa (Stats SA), gold contributed 3.8% to gross domestic product (GDP)
in 1993, dropping to 1.3% in 2016, while the metal made up 67.0% of all mineral sales in 1980, falling
to 16.3% in 2017. Gold’s contribution to South Africa’s GDP reached a peak of 16.7% in 1980 according
to the publication Gold in South Africa.
Developments in the Sector

♦ In February 2018 the former Minister of Mineral Resources, Mosebenzi Zwane, announced
that the inquiry into the Lily mine accident had been completed and that the report would be
submitted to the DMR.
♦ In a Cabinet reshuffle in February 2018, Gwede Mantashe replaced Mosebenzi Zwane as South
Africa’s Minister of Mineral Resources. Mantashe is a former general-secretary of the National
Union of Mineworkers (NUM).
♦ During February 2018 nearly 1,000 mineworkers were trapped underground at Sibanye-
Stillwater’s Beatrix mine, after a storm had caused a power failure. All the workers were
rescued after being underground for more than 24 hours.

Siccodes 23000, 24240 & 25200
♦ About 12kg of gold was stolen from Harmony Gold’s Kalgold mine in April 2018. The incident
took place during the night in an area where the gold was being processed under heavy
surveillance.
♦ During May 2018 a class action settlement was reached between mineworkers and the
Occupational Lung Disease (OLD) Working Group, which represents African Rainbow Minerals,
Anglo American South Africa, AngloGold Ashanti, Gold Fields, Harmony Gold and Sibanye-
Stillwater. Under the settlement, the first of its kind in the country, mineworkers suffering
from silicosis and/or tuberculosis who were employed in these companies’ mines from the
12th March 1965 to date will be compensated. The settlement agreement was reached after
three years of negotiations between attorneys representing the mineworkers and the OLD
Working Group. It is, however, still subject to a number of conditions, such as approval by the
Johannesburg High Court, which is expected to occur by the last quarter of 2018. This
settlement is seen as fair towards the 100,000 claimants and a sustainable outcome for the
companies involved. The Tshiamiso Trust that will be set up following court approval will
distribute the compensation to claimants. These gold mining companies will pay about R5.2bn
as compensation to the mineworkers, while another R845m will be contributed to cover the
expenses of the trust over its expected lifetime of 12 years.
♦ In May 2018 the Chamber of Mines rebranded and is now called the Minerals Council South
Africa in an effort to build a new legacy.
♦ The Minister of Mineral Resources revealed in June 2018 that there is a backlog of up to eight
years in the issuing of mining and prospecting rights due to a lack of proper processing of
applications.
♦ During June 2018 the Deputy Minister of Mineral Resources, Godfrey Oliphant, announced
that the government is establishing a junior miners’ fund in partnership with the Industrial
Development Corporation (IDC) and the Public Investment Corporation (PIC). Mining
companies were requested to contribute a portion of their turnover to the fund. The fund will
provide exploration capital to black-owned emerging companies, with the IDC and the PIC
contributing R100m each. Furthermore, an amount of R20bn will be allocated by the
government to the Council for Geoscience in order to increase exploration.
Depressed gold prices forced several companies to shelve their expansion plans and exploration
projects, or even close down mines or shafts.
♦ During November 2017 Sibanye-Stillwater announced that the underground mining
operations at the Cooke 1, 2 and 3 shafts have been placed on care and maintenance.

Siccodes 23000, 24240 & 25200
♦ Pan African Resources in May 2018 announced the planned closure of its Evander 8 shaft as a
result of continued operational losses, which have been aggravated by the current low rand
gold price.
Investment in the Sector

♦ During April 2018 SSC Flaming Silver secured an R190m loan from the IDC. This will assist the
company in resuming operations at the Lily and Barbrook mines. The SSC Group has provided
additional funds to take both mines out of business rescue and to develop a new shaft.
♦ During June 2018 Galane Gold announced plans to re-open the Galaxy gold mine in the
Mpumalanga province during the first quarter of 2019. Production will initially be at a level of
15,000oz per annum, which is the capacity of the existing processing plant.
Exports
According to DMR data South Africa exported 119.6t of gold worth R65.1bn during 2017.
4.1.2. Uranium
Uranium Price and Output

South Africa’s uranium production has been declining for at least the last decade because of decreasing
gold production. Sibanye-Stillwater’s recovery of uranium remains on hold until further notice, as it is
not economically viable at current prices, according to the company. No uranium production is taking
place at the Shiva uranium mine, as it is still in the development stage. Moab Khotsong is currently
South Africa’s only uranium producing mine.
Uranium is not traded on an open market like most other commodities, since buyers and sellers
negotiate contracts privately. Uranium spot prices averaged US$21.66 per pound (lb) in 2017
compared to US$25.64/lb in 2016. After reaching US$20.08/lb in October 2017 the price rose to
US$23.13/lb in November 2017 before dropping to US$21.00/lb in April 2018. Spot prices are
historically low due to substantial inventories being held by the nuclear power industry. The graph
below shows the movement of the uranium spot price since September 2017.

Siccodes 23000, 24240 & 25200
URANIUM SPOT PRICES

26
25
24
23
US$/lb
22
21
20
19
18
Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18
[Source: www.cameco.com]

♦ In February 2018 the Finance Minister, Nhlanhla Nene, said that plans to expand South Africa’s
nuclear power capacity will only be implemented at a tempo the country can afford, since the
estimated cost is around R1 trillion.
♦ According to its latest annual report AngloGold Ashanti ceased producing uranium from the
1st March 2018, following the sale of its Vaal River operations, which included the uranium
plant.
♦ In April 2018 Peninsula Energy announced its decision to suspend further development of its
Karoo project, which consists of 40 prospecting rights. This is a result of, amongst others, the
current conditions in the uranium market. Peninsula has been unsuccessful in selling its 74%
interest in the project since October 2017.
Exports
According to the ITC’s Trade Map, 333t of uranium to the value of US$14.6m was exported by South
Africa during 2017, mostly to the US.

Siccodes 23000, 24240 & 25200
4.1.3. Platinum
Price and Output

Two-thirds of South Africa's platinum mines are unprofitable, according to the MCSA, as a stronger
rand, rising production costs, social violence and low platinum prices are shrinking profit margins.
According to Stephen Forrest, chairman of consulting company SFA Oxford, South African platinum
producers had removed about 47t of annual platinum production capacity since 2008. A platinum price
of about US$1,500/oz at an exchange rate of R12/US$ would be needed before some of the closed
mines could be re-opened. A greenfields project to mine at a depth of 1,000m to 1,500m would require
a platinum price of around US$2,700/oz at the same exchange rate. Patrick Mann, an analyst at
Deutsche Bank, said that most of the platinum mines near Rustenburg were not receiving life extension
capital, which meant that about a third of annual platinum production capacity was being harvested.
When a shaft is harvested development is halted and the remaining reserves are extracted. Mann said
a 30% to 40% increase in the rand basket price of PGMs is needed before the whole South African
platinum mining sector would be profitable.
Other factors negatively affecting platinum mining are the increasing depth of operations, continued
declines in productivity, and ageing infrastructure. Research conducted by the MCSA showed that, if
there is no substantial change in the mining methods used, platinum mining will decrease drastically
from 2023. It would, however, be possible to extend the lifespan of platinum mines to 2045 by
modernising them through the introduction of continuous and mechanised mining methods as
discussed under section 4.1.1 of this report.
The average platinum price dropped by 3.9% in 2017, from US$989/oz in 2016 to US$950/oz in 2017,
as the platinum market had a surplus during most of 2017, and there was an abundance of platinum
supply from above ground stocks. However, the monthly average platinum price increased from
US$906/oz in December 2017 to US$989/oz in February 2018, before decreasing to US$885/oz in June
2018. The rand platinum price has decreased from R13,142/oz in November 2017 to R11,767/oz in
June 2018, as can be seen in the graph below.

Siccodes 23000, 24240 & 25200
AVERAGE MONTHLY PLATINUM PRICE

1 000 15 000
950
14 000
900
US$/oz
R/oz
850 13 000
800
12 000
750
700 11 000
US$/oz R/oz
[Source: www.resbank.co.za; Quarterly Bulletin March 2018; www.worldbank.org]

♦ During March 2017 Jubilee Metals Plc entered into an agreement with PlatCro whereby Jubilee
will acquire, for £3.13/t, the surface material remaining after PlatCro’s recovery of chromite.
Jubilee Metals will recover the PGMs contained in the existing and future surface material at
PlatCro’s operations.
♦ Atlatsa Resources and Amplats entered into a restructuring agreement during July 2017. Under
the first phase of the agreement operations at the Bokoni mine were halted during October
2017, with Amplats funding the care and maintenance costs until the end of 2019 through a
loan account to Bokoni. During the second phase Amplats will acquire the resources in
Atlatsa’s Kwanda North and Central Block projects for R350m, and waive the debt of about
R3.7bn owed to it by Atlatsa. Atlatsa and Amplats will retain their 51% and 49% respective
shareholdings in the Bokoni mine.
♦ During April 2018 Jubilee Metals entered into an agreement with Northam Platinum for the
processing of surface material from the PlatCro operations through the Eland platinum mine’s
plant. Jubilee will deliver 60,000t per month of the material to the Eland processing plant,
which will start processing it during February 2019. All revenue generated from the recovered
PGMs will be shared by the two companies.

Siccodes 23000, 24240 & 25200
Depressed platinum prices during 2017 forced several companies to shelve their expansion plans and
exploration projects, or even close down mines or shafts.
♦ During August 2017 Royal Bafokeng Platinum announced that it planned to cease production
from the Bafokeng Rasimone Platinum Mine (BRPM)’s South shaft UG2 sections.
♦ Implats embarked on a strategic review process in September 2017. As part of the review it
was decided that 1 Shaft, 9 Shaft and 12 Shaft at the Impala Rustenburg mine will be harvested.
Nine Shaft will be closed in 18 months’ time, while 1 Shaft will be harvested over the next two
years. The review will also aim to improve profitability at the Marula mine.
♦ Atlatsa Resources announced in October 2017 that its Bokoni platinum mine has been placed
on care and maintenance, after several failed attempts to return the mine to profitability.
♦ Implats placed 4 Shaft at its Rustenburg operations on care and maintenance at the end of
2017 as the remaining reserves could not be extracted profitably.
♦ Implats announced in August 2018 that five shafts at the Impala Rustenburg mine will be
closed over the next two years, leading to a labour force reduction of 13,000.

♦ During August 2017 Northam Platinum commenced with an R100m tailings retreatment
project at its Booysendal South mine. The project aims to recover platinum through the
reprocessing of the Booysendal South tailings storage facility.
♦ Northam Platinum officially opened a second furnace at its smelter at the Zondereinde mine
in February 2018. The R900m expansion increased the smelting capacity from 15MW to
35MW. Refining company Heraeus contributed €20m towards the project cost, in exchange
for the renewal of the toll refining agreement with Northam for a period of 20 years.
Exports
According to DMR data South Africa exported 129.4t of platinum worth R51.4bn during 2017.
4.1.4. Diamonds
Price and Output

The Zimnisky Global Rough Diamond Price Index reached a 52-week high of 160.29 on 6th July 2018. It
has increased by 7.6% since the 52-week low of 148.92 reached during October 2017, as can be seen
in the graph below. This can be attributed to higher demand for diamond jewellery as a result of recent
global economic growth.

Siccodes 23000, 24240 & 25200
[Source: www.paulzimnisky.com]
DBCM’s output increased by 23.8% year-on-year in 2017 to 5.2Mcts, largely due to higher grades and
an increase in the amount of ore treated at the Venetia mine, while Petra Diamonds’ South African
production rose by 8.6% to 3.8Mcts during its 2017 financial year. Trans Hex’s South African output
increased by 59.5% year-on-year to 117.0kcts during its 2017 financial year.

♦ Operations at DiamondCorp’s Lace diamond mine in the Free State province were halted in
November 2016 after heavy rainfall flooded the mine and damaged equipment. The company
had brought the mine into production at the beginning of 2016.
♦ De Beers started using fixed-price forward contracts in its auction sales during February 2017.
This affords customers the opportunity to secure future supply while having certainty over the
price that will be paid when the contract reaches maturity. The previously-used forward
contracts offered guaranteed future supply, but the price was based on the spot price at the
time when the contract matured. Fixed-price forward contracts should be popular with
SMMEs, since they want access to rough diamonds at a predictable price.

Siccodes 23000, 24240 & 25200
♦ During February 2017 BlueRock Diamonds restarted operations at its Kareevlei mine after they
had been halted at the end of 2016 to carry out upgrades to the processing plant. This followed
a suspension of mining ordered by the DMR after an inspection had identified required
changes that needed to be made to the processing plant.
♦ Botswana Diamonds completed the first phase of drilling at Vutomi Mining’s Frischgewaagt
project in the Limpopo province during April 2017. During February 2017 Botswana Diamonds
had entered into an agreement with Vutomi whereby Botswana Diamonds would fund an
exploration project in return for a 72% interest in Vutomi. Botswana Diamonds will also pay
US$1.2m to Vutomi in cash, of which US$724,269 will be used for exploration, and issue 100
million ordinary shares worth US$311,648 to Vutomi shareholders.
♦ During November 2017 De Beers placed its Voorspoed mine on the market, which gives a
lower-cost operator the opportunity to potentially extend the mine’s life. The Voorspoed mine
is scheduled to close by the end of 2018.
♦ During January 2018 Botswana Diamonds announced that further work will be carried out at
the Thorny River project, in the Limpopo province, to improve grade, revenue and volume
estimates. The project is a consolidation of the company’s Frischgewaagt, Hartbeesfontein and
Doornrivier properties.
♦ De Beers announced during February 2018 that it will resume exploration in South Africa after
securing 16 prospecting rights. At one point the company had as many as 54 prospecting rights
applications with the DMR, some of them for two years. De Beers believes new diamond
deposits can still be found in the country.
♦ During March 2018 Frontier Diamonds recovered the first diamonds from the Bellsbank
kimberlite pipe project in the Northern Cape province as part of an economic assessment of
the project.
♦ Botswana Diamonds announced in June 2018 that the company was awarded a prospecting
right for the Mooikloof kimberlite pipe in the Limpopo province.
♦ During June 2018 mining permits were issued to two co-operatives formed by about 830
former illegal diamond miners. These miners had been operating on the Kimberley Ekapa
Mining Joint Venture’s (KEM JV) lease area. See the Illegal Mining section of this report for
more details.
The slowdown in diamond prices during 2017 forced several companies to shelve their expansion plans
and exploration projects, or even close down mines.

Siccodes 23000, 24240 & 25200
♦ During May 2017 Trans Hex Group confirmed that it placed the Bloeddrif mine on care and
maintenance, because it had been a marginal operation approaching the end of its life. The
mine incurred financial losses due to declining diamond grade and stone size, and increasing
production costs.
♦ Tranx Hex Group placed its Baken mine on care and maintenance from the beginning of
November 2017 due to low production.

♦ During March 2017 BlueRock Diamonds commissioned a primary crushing and screening
circuit at its Kareevlei mine that increased the capacity and efficiency of the processing plant.
The company announced in March 2018 that it is expanding its production at the mine from
mining only Pipe 2 to also mining Pipe 1 from the third quarter of 2018.
Exports
According to KPCS statistics South Africa exported 9.9Mcts worth US$1.3bn during 2017.
4.1.5. Corporate Actions
♦ During July 2016 Petra Diamonds formed an unincorporated joint venture, the KEM JV, with
Ekapa Mining. Petra and its BEE partners hold a 75.9% interest in the joint venture, and Ekapa
Mining holds the balance. The KEM JV consists of Petra's Kimberley Underground mines, Ekapa
Mining's tailings operations, and the Kimberley Mines tailings operations.
♦ DiamondCorp’s listing on the AltX of the JSE was terminated in July 2017 after administrators
had been appointed in May 2017, following the board’s decision that the company was unable
to continue trading as a going concern. The company’s Lace Diamond Mines subsidiary entered
business rescue during November 2016 after a flood at the Lace mine stopped production.
♦ Rockwell Diamonds’ South African subsidiaries Rockwell Resources RSA, HC van Wyk Diamonds
and Saxendrift Mine, were placed in provisional liquidation in September 2017, after the
business rescue practitioners’ applications were added to the original applications by former
mining contractor C-Rock Mining that had been filed in November 2016. The three subsidiaries
were placed under business rescue during May 2017. Trading in Rockwell Diamonds’ shares
was suspended in March 2017 after an interim liquidation order was issued against the three
subsidiaries. It was reported that Ascot Diamonds was interested in acquiring the three
subsidiaries.

Siccodes 23000, 24240 & 25200
♦ Eastern Platinum (Eastplats) and Hebei Zhonghen Tianda Platinum (HZT) reached a settlement
agreement in November 2017 in relation to the disputed sale of Eastplats’ Crocodile River
Mine. This settlement terminated the purchase agreement and dismissed the litigation
initiated by HZT in an effort to enforce the purchase agreement. Eastplats’ new board of
directors, which had been elected in July 2016, reviewed the proposed sale of the mine and
other agreements entered into by the former board. The proposed sale was also rejected by
shareholders in February 2017.
♦ The IDC in November 2017 initiated court action against four companies because they did not
repay a loan that the IDC had cancelled as a result of suspected fraud. Oakbay Resources and
Energy, Oakbay Investments, Action Investments and Shiva Uranium owe the IDC R287.5m in
principal and interest. Shiva Uranium was placed under business rescue during February 2018.
♦ During December 2017 the name of Jubilee Platinum Plc was changed to Jubilee Metals Group
Plc.
♦ Central Rand Gold’s listing on the AltX was terminated during May 2018 after the company’s
board made an application for a voluntary delisting during December 2017. The application
was made in light of the fact that the company was not complying with several JSE listings
requirements and would have remained unable to comply to the extent that the suspension
of its shares could be lifted.
Other corporate actions in South Africa’s gold, uranium, platinum and diamond mining sector since
January 2016 are listed in the table below.
Acquirer/
Date Target Amount Transaction Summary
Partner
May 2016 Business Venture 20.3% interest in R81.8m Business Venture
Investments No Trans Hex Group Investments acquired the
1952 (Pty) Ltd Ltd shares from Northam
Platinum Ltd.
December Nelesco 318 Saxendrift mine R45m Nelesco is acquiring the
2016 (Pty) Ltd mine from Rockwell
Diamonds Inc.
May 2017 Sibanye Gold Ltd Stillwater Mining US$2.2bn Sibanye acquired the only
Company platinum producer in the
US.

Siccodes 23000, 24240 & 25200
Acquirer/
Partner
September Sail Group of Smokey Hills US$24m in Sail Group is acquiring the
2017 Companies platinum mine Sail Group mine from African Thunder
shares. Platinum Ltd.
November SSC Flaming Silver 74% interest in Undisclosed SSC Flaming Silver is
2017 (Pty) Ltd Vantage acquiring the shares from
Goldfields (Pty) Vantage Goldfields SA
Ltd, owner of the (Pty) Ltd.
Lily and Barbrook
mines
Sylvania Platinum Phoenix Platinum R89m Sylvania Platinum acquired
Ltd Mining (Pty) Ltd the asset from Pan African
Resources plc.
Impala Platinum 15% interest in US$30m Implats acquired an 8.6%
Holdings Ltd the Waterberg stake for US$17.2m from
project Platinum Group Metals
Ltd., and a 6.4% stake for
US$12.8m from JOGMEC.
December Lonmin plc 42.5% interest in 20% of Lonmin acquired the stake
2017 the Pandora joint Pandora’s from Amplats.
venture free cash
flow over six
years, and
the use of
the Baobab
concentrator
for three
years
Lonmin plc 7.5% interest in R45.6m Lonmin acquired the stake
the Pandora joint from Northam Platinum
venture Ltd.

Siccodes 23000, 24240 & 25200
Acquirer/
Partner
Northam A portion of the R1bn Northam acquired the
Platinum Ltd Amandelbult right from Amplats.
mining right
Sibanye Gold Ltd Lonmin plc £285m Sibanye is acquiring
Lonmin in an all-share
offer.
January Northam Eland Platinum R175m Northam acquired the
2018 Platinum Ltd mine mine from Glencore plc.
February Trans Hex Group 27.2% interest in R39.1m Trans Hex acquired the
2018 Ltd West Coast shares from RECM and
Resources Calibre Ltd.
(Pty) Ltd
DRDGold Ltd Selected West 38% interest DRDGold acquired the
Rand Tailings in DRDGold assets from Sibanye Gold
Retreatment Ltd. Ltd.
Project surface
processing assets
and tailings
storage facilities
Siyanda 85% interest in R400m plus Siyanda acquired the stake
Resources the Union mine 35% of free from Amplats.
(Pty) Ltd cash flow for
10 years.
Heaven-Sent SA Kopanang mine R100m Heaven-Sent SA Sunshine
Sunshine and the West Investment Company
Investment gold plant acquired the mine and
Company Ltd plant from AngloGold
Ashanti.

Siccodes 23000, 24240 & 25200
Acquirer/
Partner
Harmony Gold Moab Khotsong R3.5bn Harmony Gold Mining
Mining Company mine, Great Company acquired the
Ltd Noligwa mine, assets from AngloGold
and Nuclear Fuels Ashanti.
Corporation of
South Africa
(Pty) Ltd.
March 2018 Hanwa Co. Ltd 9.755% interest Undisclosed Hanwa is acquiring the
in the Waterberg stake from JOGMEC.
project
April 2018 Lower Orange Baken and R72m Lower Orange River
River Diamonds Bloeddrif mines Diamonds is acquiring the
(Pty) Ltd mines from Trans Hex
Group Ltd.
Royal Bafokeng Maseve mine US$74m Royal Bafokeng Platinum
Platinum Ltd. acquired the mine from
Platinum Group Metals
Ltd.
July 2018 Ekapa Mining 75.9% interest in R300m Ekapa Mining is acquiring
(Pty) Ltd the Kimberley the stake from Petra
Epaka Mining Diamonds Ltd.
joint venture
Anglo American 39% interest in R1.5bn Amplats is acquiring the
Platinum Ltd the Mototolo stake from Glencore plc.
joint venture
Royal Bafokeng 33% interest in R1.8bn Royal Bafokeng is
Platinum Ltd the Bafokeng acquiring the stake from
Rasimone Amplats.
Platinum Mine
joint venture
[Source: Company reports and websites]

Siccodes 23000, 24240 & 25200
4.1.6. Regulations
The government has intervened to bring about the transformation of the mining industry through the
introduction of various pieces of legislation and guidelines, for example the Mineral and Petroleum
Resources Development Act, the Mining Charter, the Codes of Good Practice for the Minerals Industry,
and the Housing and Living Conditions Standard for the Minerals Industry.
Mineral and Petroleum Resources Development Act (MPRDA), No. 28 of 2002

South Africa’s minerals market is regulated by the DMR and has been the focus of much debate since
1994. The MPRDA, which was promulgated in May 2004, is a regulatory tool to regulate South Africa’s
mining industry and correct imbalances in the sector caused by apartheid. This act brings South Africa
in line with other countries such as Canada, Australia and the US, where the state acts as the custodian
of the mineral rights on behalf of its people, and these rights are “rented” out to companies.
The act requires that all companies had to re-apply for mining rights for which a host of criteria had to
be met.
Mineral and Petroleum Resources Development Amendment Bill, 2013

This bill seeks to remove ambiguities in the MPRDA, provide for the regulation of associated minerals,
partitioning of rights, and enhance provisions relating to beneficiation of minerals, promote national
energy security and streamline administrative processes. The bill was first published in December 2012
and redrafted in 2013. During March 2014, the most contentious sections were changed after a
compromise was reached with the MCSA regarding key provisions. During January 2015, the bill was
referred back to the National Assembly by the former President because:
♦ The Codes of Good Practice for the South African Minerals Industry, the Housing and Living
Condition Standards for the Minerals Industry and the Amended Broad-Based Socio-Economic
Empowerment Charter for the South African Mining and Minerals Industry were elevated to
the status of national legislation. In addition, the Minister of Mineral Resources was given the
power to amend or repeal these instruments as and when the need arises, effectively
bypassing the constitutionally mandated procedures for the amendment of legislation.
♦ Certain sections appeared to be inconsistent with South Africa’s obligations under the General
Agreement on Trade and Tariffs (GATT) and the Trade, Development and Cooperation
Agreement (TDCA) insofar as they appeared to impose quantitative restrictions on exports in
contravention of GATT and TDCA.

Siccodes 23000, 24240 & 25200
However, in August 2016 the Portfolio Committee for Mineral Resources decided that the former
President’s concerns were unfounded, and the National Assembly passed the bill and referred it to the
National Council of Provinces for concurrence during November 2016. It was reported in November
2017 that the bill was being considered by the National Council of Provinces after a series of public
hearings had been held in an attempt to address a concern of insufficient public consultation.
Broad-based Socio-economic Empowerment Charter for the South African Mining and Minerals
Industry (Mining Charter)
In April 2015 a former Minister of Mineral Resources announced the results of the review that had
been conducted to measure the mining industry’s compliance with the Mining Charter since it was first
implemented in 2004. There is, however, disagreement between the DMR and the mining industry
around the application of the ownership rule of the Mining Charter. The DMR’s understanding of the
ownership element is that empowerment transactions where the BEE ownership level has since fallen
due to disposal of assets or for other reasons should not be included in the calculation of progress
made. The industry, however, believes the Mining Charter does not require of mining companies to
maintain a 26% BEE ownership level once it has been achieved, a principle which is referred to as the
‘once empowered, always empowered’ principle. The MCSA decided to seek clarity through the High
Court on the interpretation of BEE ownership transactions carried out between 2004 and 2014. In
April 2018 the High Court ruled that the first two versions of the Mining Charter did not require
companies to maintain a 26% BEE ownership level if they previously met the requirement. The Minister
of Mineral Resources and the DMR then sought leave to appeal the judgment.
Mosebenzi Zwane, the former Minister of Mineral Resources, published the third iteration of the
Mining Charter, or Mining Charter Three, in June 2017, with the MCSA subsequently lodging an urgent
interdict to prevent its implementation, as well as review proceedings to have it set aside, since it
believed the Mining Charter is unconstitutional, and violates the Companies Act and the World Trade
Organisation’s GATT. In September 2017 the MCSA withdrew the application for an urgent interdict
against the implementation of the Charter due to the fact that the former Minister gave a written
undertaking that the Charter will not be implemented before the High Court has made a decision on
the MCSA’s review application. In February 2018 the MCSA postponed the review proceedings because
the Minister initiated negotiations with the mining industry, labour unions and mining communities in
order to formulate a new Mining Charter. It was reported that the new Mining Charter will be finalised
in September or October 2018, since the Minister extended the public consultation period to the end
of August 2018.

Siccodes 23000, 24240 & 25200
Mine Health and Safety Act, No. 29 of 1996

The act protects the constitutional right of a person to an environment that is not harmful to a worker’s
health or well-being, a right that is entrenched in the South African Constitution. It further ensures
mine owner responsibility for health codes, safety training, identifying and investigating hazards,
employing hygienists on site, and setting up methods of medical attention and recording for a site. The
act also safeguards the rights of employees who refuse to work in unsafe environments, establishes
the Mine Health and Safety Inspectorate, and creates the Mine Health and Safety Council.
Mineral and Petroleum Resources Royalty Act, No. 28 of 2008

Under this Act, which came into effect on 1 March 2010, mining companies are subject to a royalty tax
on their gross sales. In terms of the Act the minimum royalty is set at 0.5% of a company’s revenue,
while the maximum royalty for refined minerals is 5% and for unrefined minerals it is 7%.
National Environmental Management Act

The provisions that govern the mining sector’s environmental rehabilitation provision obligations at
mine closure have been removed from the MPRDA and transferred to the National Environmental
Management Act (NEMA). During November 2015 regulations were published under NEMA that detail
the requirements for the financial provision to be made by mining companies. The Department of
Environmental Affairs therefore became the body that oversees the legislative framework for the
environmental aspects of mining, while the DMR retains the competencies in terms of implementing
the legislation. This is in line with the government’s move towards one environmental system that
includes the transfer of all environmental governance law out of the MPRDA. The regulations now
provide more certainty on how to calculate the financial provisions required of all mining and
prospecting rights holders.
Precious Metals Act, No. 37 of 2005

The objectives of the act are to ensure precious metal resources are developed in the best interest of
the people of South Africa, to promote equal access to, and the beneficiation of these resources, to
promote the development of precious metal enterprises, and to promote broad-based socio-economic
empowerment.

Siccodes 23000, 24240 & 25200
National Nuclear Regulator Act, No. 47 of 1999

The National Nuclear Regulator, which regulates nuclear activities through the provision of safety
standards for the protection of persons, property and the environment against nuclear damage, was
established through this act.
Nuclear Energy Act, No. 46 of 1999

NECSA, which regulates the acquisition and possession of nuclear fuel, and the importation and
exportation of nuclear fuel, material and equipment, and prescribes measures regarding the discarding
of radioactive waste and the storage of irradiated nuclear fuel, was established through this act.
Diamonds Amendment Act, No. 29 of 2005 and the Diamonds Second Amendment Act, No. 30 of
2005
The Diamonds Act of 1986 was amended by these Acts, under which the South African Diamond and
Precious Metals Regulator (SADPMR) and the SDT were also established.
Diamond Export Levy Act, No. 15 of 2007

This Act provides for the imposition of an export levy on unpolished diamonds and allows for offsets
with respect to that levy. The levy was introduced on 1 November 2008, and currently the export rate
of duty is 5% of the total value of the diamonds. The aim of the levy is to encourage the South African
diamond industry to cut and polish diamonds locally in order to develop skills and create employment.
Some of the obligations of mining rights holders in South Africa are shown in the table below.
[Source: www.mineweb.com]

Siccodes 23000, 24240 & 25200
During December 2017 the National Treasury published the Second Draft Carbon Tax Bill for public
comment. Written submissions were accepted from interested parties until 9 March 2018, while public
hearings were held in parliament on 14 March 2018. It was announced in March 2018 that the date
for the implementation of the carbon tax will now be 1 January 2019.
The Conflict-Free Gold Standard was developed by the WGC in 2012. This is designed to help mining
companies operating in conflict regions to be sure that proceeds from the sales of gold are not being
used to fuel conflict, fund armed groups or contribute to human rights abuses.
The Initiative for Responsible Mining Assurance (IRMA) plans to release its Standard for Responsible
Mining in late 2017. This is the first-ever global certification programme for industrial-scale mines, and
offers mines an opportunity to be recognised for their achievements in environmental and social
responsibility. The new certification scheme that was developed after ten years of collaboration
between the mining industry, organised labour, non-governmental organisations, affected
communities and manufacturers, will also give gold purchasers the opportunity to procure from
responsible mines. Employees, local communities and non-governmental organisations will also have
increased access to information about these mines. Growing awareness and demand for ecologically
and socially-responsible products are forcing manufacturers of jewellery, electronics and various other
products to obtain assurances that the minerals they purchase were mined responsibly.
The Kimberley Process began when diamond-producing countries met in Kimberley, South Africa, in
May 2000, to prevent the trade of ‘conflict diamonds’, and to ensure diamond sales were not funding
rebel movements. It was estimated that conflict diamonds represented about 4% of the world's
diamond production at the time. A resolution by the United Nations General Assembly in December
2000 created the KPCS, which sets out the requirements for controlling the rough diamond trade and
mining. The Kimberley Process is open to all countries willing to participate and having the capacity to
implement it. Under the KPCS rough diamonds are sealed in tamper resistant containers and certified
conflict-free by a strict system of forgery-resistant documents and serial numbers. This documentation
is re-certified every time rough diamonds cross an international border. To further safeguard the
legitimate supply of diamonds, companies selling diamonds have to provide a written statement to
retailers declaring that their diamonds are from conflict-free sources. Retailers are required to source
their diamonds only from suppliers who have provided this assurance, as ethics considerations have
become more important due to increased awareness among consumers of the issues surrounding

Siccodes 23000, 24240 & 25200
conflict diamonds. There are currently 54 participants representing 81 countries worldwide. Members
of the Kimberley Process account for 99.8% of global rough diamond production.
4.1.7. Enterprise Development and Social Economic Development
Opportunities for SMMEs

As set out in the Mining Charter, mining companies are expected to procure certain percentages of
their goods and services from BEE entities. Alluvial diamond mining offers a low-cost entry point into
the mining industry for junior companies. Gold, platinum and diamond mining companies are
therefore engaged in the development of their existing and potential SMME suppliers in order to
increase procurement from these SMME enterprises.
♦ Petra Diamonds launched an enterprise development centre in Kimberley during March 2017
to provide mentoring, procurement opportunities and financing to local SMMEs.
♦ AngloGold Ashanti launched an enterprise development centre in Matlosana in March 2017,
and in Merafong during June 2017 to incubate existing and new SMMEs.
♦ In June 2017 De Beers’ Voorspoed mine launced its Incubation Support Programme for SMMEs
at its Zimele business hub in Kroonstad, in the Free State province. Thirty-five entrepreneurs
from the host and labour-sending areas of Voorspoed mine were selected to take part in the
programme.
♦ In October 2017 De Beers unveiled the business incubator for its Venetia mine in Limpopo
province. A specialist mentoring and training company is managing the programme and
providing support to 52 enterprises and entrepreneurs.

Siccodes 23000, 24240 & 25200
♦ Lonmin supports the Shanduka Black Umbrellas’ Mooinooi SMME incubator that was
established to train and mentor SMMEs and assist them with support services.
4.2. Continental
4.2.1. Gold
Apart from South Africa, the largest gold producers in Africa are Ghana, DRC, Mali, Tanzania and
Burkina Faso. According to the Resources and Energy Quarterly report Africa produced about 600t of
gold during 2017, which was around 19% of the global total.
Gold Fields owns 90% of the Tarkwa and Damang mines in Ghana, and is investing US$1.4bn to extend
the life of the Damang mine from 2017 to 2025.
AngloGold Ashanti is involved in the following operations in Africa outside South Africa. It:
♦ Has a 45% stake in the Kibali mine in the DRC;
♦ Owns the Iduapriem mine in Ghana;
♦ Owns 85% of the Siguiri mine in Guinea;
♦ Has a 40% interest in the Morila mine in Mali;
♦ Owns 41% of the Sadiola mine in Mali; and
♦ Owns the Geita mine in Tanzania.
4.2.2. Uranium
Apart from South Africa, other African uranium producers are Namibia and Niger. According to the
Resources and Energy Quarterly report, African countries produced 7,717t of uranium during 2017,
which was 13.2% of the global total.
The following are some of the recent developments in Africa.

♦ During October 2017 Orano, formerly called Areva, announced that annual production of
uranium concentrate from the Somair mine in Niger will be reduced from 2,100t in 2017 to
1,700t in 2018 in response to low uranium prices.
♦ Paladin Energy in May 2018 placed its Langer Heinrich mine, in Namibia, in care and
maintenance, as a result of low uranium prices. The company said that the operation would
have a relatively short lead time to resume production once the uranium market improved.

Siccodes 23000, 24240 & 25200
4.2.3. Platinum
Zimbabwe, the only other African country that produces platinum, has three operating mines: the Unki
mine owned by Amplats; the Ngezi mine owned by Zimplats, a company in which Implats has an 87%
stake; and the Mimosa mine, in which Implats and Sibanye-Stillwater each have a 50% interest.
According to the Platinum Quarterly Q4 2017 report, Zimbabwe’s platinum production for 2017 was
13.8t, which was 9.2% lower than the previous year.
The following are some of the recent developments in Zimbabwe.

♦ During December 2017 the Zimbabwean government deferred the imposition of a 15% export
tax on un-beneficiated and semi-beneficiated platinum until 1 January 2019, after mining
companies had committed to establishing smelters and refineries in the country.
♦ Zimbabwe’s new cabinet retained the requirement that at least 51% of the shares of foreign
diamond and platinum mining companies should be owned by black citizens of the country.
♦ Amplats expects to complete the construction of its Unki smelter during the second half of
2018 at a cost of R650m.
♦ In March 2018 Karo Mining Holdings reached an agreement with the Zimbabwean government
to construct a PGM mine, concentrators, smelters, a base metals and precious metals refinery
and a power generation plant. An estimated US$4.2bn will be invested in the mine and refinery
to produce 43.5t of platinum per year at full output by 2023. Karo Mining and the government
will each own 50% of Karo Platinum, the owner of the project. During June 2018 Tharisa Plc
acquired a 26.8% stake in Karo Mining for US$4.5m. Zimplats agreed in June 2018 to release
23,903 ha of its mining lease to the government, which will be used for the development of
Karo Platinum’s project, according to the Mines Minister, Winston Chitando.
4.2.4. Diamonds
Apart from South Africa, diamonds are also produced by Angola, Botswana, Cameroon, Central African
Republic, Cote d’Ivoire, the DRC, Ghana, Guinea, Lesotho, Mali, Namibia, the Republic of Congo, Sierra
Leone, Tanzania, Togo and Zimbabwe. Nearly 60% of the world’s diamonds by value are produced in
Africa. According to KPCS statistics, Botswana was the world’s second largest diamond producer in
2017 in terms of value, and the third largest in terms of volume. The country produced 23.0Mcts worth
US$3.3bn at an average price of US$145.00/ct. Mozambique applied to join the KPCS, but will only be
accepted after the country has met the minimum requirements. The Mozambican government needs

Siccodes 23000, 24240 & 25200
clearance from the KPCS to export diamonds recovered since the discovery of large diamond deposits
in the Gaza province during 2016.
The South African company Trans Hex holds a 33% stake in the Somiluana mine in Angola. Angola’s
president, João Lourenço, said in June 2018 that the country will soon make changes to its diamond
industry policies to attract more investment, raise output, and obtain higher government revenue.
Currently mining companies’ profits are reduced by the fact that they are forced to sell their diamonds
below international prices to ‘politically-connected middlemen’. Large areas of Angola are under-
explored, therefore the government hopes that these changes will persuade more diamond mining
companies to invest in the country.
4.3. International
4.3.1. Gold
During 2017, the Canadian company Barrick Gold was the world’s largest gold mining company,
followed by Newmont Mining of the US, and South African company AngloGold Ashanti. Barrick
produced 165.5t, Newmont Mining 163.9t, and AngloGold Ashanti 116.9t.
AngloGold Ashanti is the owner of the following operations outside Africa.

♦ Sunrise Dam mine in Western Australia.
♦ Tropicana mine, also in Western Australia, is a joint venture between the company and
Independence Group, which owns 30%.
♦ AngloGold Ashanti has a 92.5% stake in the Cerro Vanguardia mine in Argentina, while
Fomicruz, a state company, owns the balance.
♦ The Cuiabá complex, the Córrego do Sítio mine, and the Serra Grande mine in Brazil.
♦ The Gramalote and Nuevo Chaquiro exploration projects in Colombia.
Gold Fields owns the following operations outside Africa.

♦ St Ives, Agnew and Granny Smith mines and 50% of the Gruyere project in Australia.
♦ Cerro Corona mine in Peru.
♦ The Salares Norte project in Chile.
♦ The Far Southeast project in the Philippines.

Siccodes 23000, 24240 & 25200
Harmony Gold is involved in the following operations in Papua New Guinea. It:
♦ Owns the Hidden Valley mine;
♦ Has Newcrest Mining as its equal partner in the Wafi-Golpu project; and
♦ Owns the Kili Teke project.
Sibanye-Stillwater owns the Altar project in Argentina.
Global Statistics
♦ South Africa has the second-largest gold reserves, with Australia placed first, according to the
USGS’ Mineral Commodity Summaries report.
♦ The South African gold mining sector was the world’s seventh-largest producer during 2017
with output of 145t, which was 4.6% of the global total, according to the USGS.
♦ Global gold mine production during 2017 amounted to 3,150t, an increase of 1.3% year-on-
year, as shown in the table below.
Global Gold Mine Production and Reserves (t)

Production
Rank Country Reserves
2016 2017 % change
1. China 453 440 -2.9 2,000
2. Australia 290 300 3.4 9,800
3. Russia 253 255 0.8 5,500
4. US 222 245 10.4 3,000
5. Canada 165 180 9.1 2,200
6. Peru 153 155 1.3 2,300
7. South Africa 145 145 0.0 6,000
8. Mexico 111 110 -0.9 1,400
9. Uzbekistan 102 100 -2.0 1,800
10. Brazil 85 85 0.0 2,400
Rest of World 1,130 1,135 0.4 17,800
Global Total 3,109 3,150 1.3 54,200
[Source: Mineral Commodity Summaries]

Siccodes 23000, 24240 & 25200
Global Gold Supply

Gold supply can be divided into mine production, producer hedging, and recycled gold. Total global
gold supply amounted to 4,398.3t during 2017, a year-on-year decrease of 4.2%, as can be seen in the
table below.
Global Gold Supply

Gold Supply (t)
% change
2016 2017
Mine production 3,263.0 3,268.7 0.2
Net producer hedging 32.8 -30.4 -
Total mine supply 3,295.8 3,238.3 -1.7
Recycled gold 1,295.1 1,160.0 -10.4
Total supply 4,590.9 4,398.3 -4.2
Global Gold Demand

Global gold demand decreased by 5.7% in 2017, to 4,058.1t, mainly due to reduced demand for ETFs,
which was partly offset by higher demand for jewellery. During 2017 demand for jewellery accounted
for 52.3% of total gold demand, with jewellery demand from India and China representing 59.0% of
global jewellery demand. Demand from the different segments is shown in the following table.
Global Gold Demand

Gold Demand (t)
% change
2016 2017
Jewellery 1,995.1 2,122.0 6.4
Electronics 255.6 265.3 3.8
Other industrial 49.8 50.6 1.6
Dentistry 18.0 16.8 -6.7
Technology 323.4 332.7 2.9
Bar and coins 1,048.7 1,029.2 -1.9
ETFs and similar products 546.8 202.8 -62.9
Investment 1,595.5 1,232.0 -22.8

Siccodes 23000, 24240 & 25200
Gold Demand (t)

% change
2016 2017
Central banks and other institutions 389.8 371.4 -4.7
Total demand 4,303.8 4,058.1 -5.7
Global consumer demand for gold rose by 2.0% during 2017, largely as a result of the fact that
consumer demand in China and India, the two largest gold-consuming countries, increased by 4.2%
and 9.1% respectively. The only major markets that recorded decreases were the US and Western
Europe, as can be seen in the table below.
Regional Gold Consumer Demand 1

Consumer Demand (t)
% change
2016 2017
Greater China 970.3 1,011.3 4.2
India 666.1 726.9 9.1
Middle East 212.3 231.2 8.9
US 211.8 161.5 -23.7
Western Europe 277.5 262.2 -5.5
Other 764.2 771.6 1.0
Total 3,102.2 3,164.7 2.0
4.3.2. Uranium
According to Bannerman Resources’ CEO, Brandon Munro, more than half of global uranium
production is uneconomic at current spot prices, while Philippe Knoche, CEO of Orano, said that
current prices are too low to invest in new uranium mines. The largest uranium mining companies are
Cameco and Orano.
Global Statistics
♦ According to the Uranium 2016: Resources, Production and Demand report, South Africa
contains reasonably assured uranium resources of 237,600t, which is 6.9% of the world total.
1 The sum of jewellery consumption and total bar and coin investment, i.e. the amount of gold purchased directly by
individuals.

Siccodes 23000, 24240 & 25200
♦ The latest Resources and Energy Quarterly report states that there are 245 civil nuclear
research reactors in 55 countries, and 447 nuclear power reactors operating in 31 countries,
while another 60 are being constructed.
Global Uranium Supply

♦ According to the Resources and Energy Quarterly report world uranium mine production
dropped by 6.1% to 58,512t during 2017.
♦ Global uranium mine production for 2017 and resources during 2016 are shown in the table
below.
Global Uranium Mine Production and Resources (t U)
Reasonably Assured
Production Resources (Cost Range
Rank Country/Continent
<US$130/kg U)
2017 2016
1. Kazakhstan 22,642 275,800
2. Canada 13,229 374,200
3. Africa 7,717 776,900
4. Australia 6,186 1,135,200
5. Russia 3,053 228,400
Rest of World 5,685 667,900
Global Total 58,512 3,458,400
[Source: Resources and Energy Quarterly; Uranium 2016: Resources, Production and Demand]
The world’s three largest uranium producers announced production cuts in 2017 in an effort to cause
prices to rise.
♦ In November, Cameco announced plans to suspend output at the McArthur River mine for ten
months, starting in January 2018. This was expected to remove about 10% of global uranium
supply from the market.
♦ During December 2017 Kazatomprom announced plans to reduce uranium production by 20%,
or 11,000t, over the next three years, starting in January 2018.
♦ Orano has also reduced output from its mines in Niger.

Siccodes 23000, 24240 & 25200
Global Uranium Demand

According to the Resources and Energy Quarterly report world uranium consumption rose by 8.0% to
68,604t during 2017. Global uranium consumption by country or region is shown in the table below.
Global Uranium Consumption (t U)

Consumption
Rank Country
2017
1. European Union 19,419
2. US 18,486
3. China 8,819
4. Russia 6,699
5. Japan 1,102
Rest of World 14,079
Global Total 68,604
[Source: Resources and Energy Quarterly]
4.3.3. Platinum
South African companies are involved in the following countries outside Africa.
♦ Sibanye-Stillwater owns the Stillwater and East Boulder mines in the US, and the Marathon
project in Canada.
♦ Lonmin has joint ventures with Vale and Wallbridge to explore PGM mineralisation in the
Sudbury Basin in Canada.
Recent developments outside Africa involving South African platinum mining companies are listed
below.
♦ During June 2017 Amplats sold the Pedra Branca platinum project in Brazil to Jangada Mines
Plc.
♦ North American Palladium Ltd (NAP) in June 2017 entered into an option agreement with
Implats and its joint venture partner Transition Metals Corp. over the Sunday Lake project in
Canada. The agreement gives NAP the right to acquire a 75% share in the project by completing
work commitments of US$3.3m and making cash payments of US$2.6m within a five-year
period.

Siccodes 23000, 24240 & 25200
♦ During October 2017 Sibanye-Stillwater’s Blitz project in the US commenced production. The
project, a brownfield extension of the Stillwater mine, is expected to reach full production of
9.3t of palladium and platinum per year by the end of 2021.
♦ Walkabout Resources acquired Lonmin’s Northern Ireland exploration portfolio during
November 2017. The purchase price was US$100,000, while Walkabout would also pay a 2%
net smelter return to Lonmin on metals produced from these assets.
♦ During January 2018 Gold Fields sold its Arctic Platinum Project in Finland to the private equity
fund CD Capital Natural Resources Fund III. The purchase price was US$40m in cash and a 2%
net smelter return royalty on all metals.
Global Statistics
♦ According to the Platinum Quarterly Q4 2017 report, the platinum market had a surplus of 7.8t
at the end of 2017, while above ground stocks totalled 67.0t.
♦ During 2017, China, the US, Germany, the United Kingdom and Japan were the main importers
of platinum from South Africa, according to Trade Map.
Global Platinum Supply

Apart from South Africa and Zimbabwe, there are only three other noteworthy platinum producing
countries, Russia, Canada and the US. According to the Platinum Quarterly Q4 2017 report, global
platinum supply during 2017 amounted to 249.3t, up by 1.2% year-on-year, as shown in the table
below.
Global Platinum Supply (t)

2016 2017 % change
South Africa 132.3 135.9 2.7
Zimbabwe 15.2 13.8 -9.2
North America 12.3 11.4 -7.6
Russia 22.2 22.2 0.0
Other countries 5.6 5.6 0.0
Total refined production 187.7 188.9 0.6
Change in producer inventory 0.9 1.1 16.7
Total mining supply 188.6 190.0 0.7

Siccodes 23000, 24240 & 25200
2016 2017 % change

Recycling 57.7 59.3 2.7
Total Supply 246.3 249.3 1.2
Global refined platinum production in 2017 increased by 0.6% to 188.9t year-on-year, while total
mining supply was 0.7% higher at 190.0t. Global recycling volumes rose by 2.7% to 59.3t, taking global
supply to 249.3t. Refined production from North America and Zimbabwe decreased by 7.6% and 9.2%
respectively, while Russian output remained unchanged. The South African platinum mining sector was
the world’s largest producer during 2017 with output of 135.9t, which was 71.5% of global mining
supply.
Global Platinum Demand

According to the Platinum Quarterly Q4 2017 report, global platinum demand decreased by 6.6%
during 2017, mainly due to a 51.4% drop in investment demand, largely as a result of lower purchases
of bars by Japanese investors. Automotive sector demand dropped by 2.6% year-on-year, driven by
lower diesel vehicle sales in Western Europe. Jewellery demand decreased by 1.8%, mainly as a result
of lower sales in China, while industrial demand dropped by 7.8%. Demand from the different
segments is shown in the table below.
Global Platinum Demand (t)

2016 2017 % change
Automotive 108.4 105.6 -2.6
Jewellery 77.9 76.5 -1.8
Industrial 55.7 51.3 -7.8
Investment 16.6 8.1 -51.4
Total Demand 258.6 241.5 -6.6
Platinum demand from most regions decreased during 2017, but lower demand from Western Europe
and China had the largest impact on total global demand. Demand from the major markets is shown
in the following table.

Siccodes 23000, 24240 & 25200
Regional Platinum Demand (t)

2016 2017 % change
Western Europe 67.3 63.1 -6.2
China 65.9 61.4 -6.8
North America 29.7 28.9 -2.6
Japan 26.9 25.5 -5.2
India 9.6 10.6 9.7
Rest of the World 30.8 31.7 3.0
4.3.4. Diamonds
According to the USGS the largest gem diamond reserves are in southern Africa, Australia, Canada, and
Russia, although diamond deposits have been discovered in more than 35 countries. Botswana
Diamonds’ MD, James Campbell, believes global rough diamond production is plateauing, as very few
new diamond deposits are being discovered, while existing mines are becoming deeper and therefore
more expensive to operate.
ALROSA, De Beers and Rio Tinto are the world’s largest diamond mining companies, accounting for
about 70% of global supply by volume. Russia, Botswana, the DRC, Australia, Canada, Angola and South
Africa collectively account for 95.5% of rough diamond production. The major diamond mining
countries in terms of production volume are Russia, Canada, Botswana, the DRC, and Australia, with
South Africa being the sixth largest producer in 2017, according to KPCS statistics. During 2017, South
Africa produced 9.7Mcts, accounting for 6.4% of global production. Global rough diamond output
during 2017 amounted to 150.8Mcts, a year- on-year increase of 19.3%, as shown in the table below.
Global Rough Diamond Production (Mcts)

Production
% change
2016 2017
Russia 40.3 42.6 5.7
Canada 13.0 23.2 78.5
Botswana 20.5 23.0 12.2
Democratic Republic of Congo 15.6 18.9 21.2
Australia 14.0 17.1 22.1

Siccodes 23000, 24240 & 25200
Production
% change
2016 2017
South Africa 8.3 9.7 16.9
Angola 9.0 9.4 4.4
World Total 126.4 150.8 19.3
[Source: www.kimberleyprocessstatistics.org]
According to KPCS statistics, South Africa was the third largest producer in terms of value in 2017,
producing diamonds worth US$3.1bn. The value of global rough diamond output during 2017
amounted to US$15.9bn, a year- on-year increase of 29.3%, as shown in the table below.
Global Rough Diamond Production (US$bn)

Production % change
2016 2017
Russia 3.6 4.1 13.9
Botswana 2.8 3.3 17.9
South Africa 1.3 3.1 138.5
Canada 1.4 2.1 50.0
Angola 1.1 1.1 0.0
World Total 12.3 15.9 29.3
[Source: www.kimberleyprocessstatistics.org]
Global Diamond Demand

Consumer demand for diamond jewellery rose to a new record of US$81.6bn in 2017, a 2.2% increase
over the previous year. According to diamond industry analyst Paul Zimnisky global economic growth
during the last quarter of 2017 and the first quarter of 2018 has led to strong retail diamond jewellery
sales, especially in the most important markets. During the first quarter of 2018, jewellery store sales
in the US increased by 11.9% year-on-year, and in Mainland China gold, silver and jewellery retail sales
rose by 7.9%. The US accounts for almost 50% of diamond jewellery demand, while Greater China,
which includes Mainland China, Hong Kong, Macau and Taiwan, has a share of nearly 20%.

Siccodes 23000, 24240 & 25200
Developments
At the plenary session of the Kimberley Process held in December 2017 participants discussed and
agreed on the way forward for the following key areas in need of reform to ensure the scheme’s
continued success.
♦ Broadening the scope of the Kimberley Process to accommodate the suggested expansion of
the definition of conflict diamonds.
♦ The establishment of a permanent secretariat based in a neutral country.
♦ Strengthening of the KPCS minimum standards by making the peer review mechanism
stronger.
5. INFLUENCING FACTORS
5.1. Economic Environment
According to the International Monetary Fund (IMF)’s World Economic Outlook report, global
economic growth is expected to increase from 3.8% in 2017 to 3.9% during 2018 and 2019. The IMF
expects China’s economic growth to slow from 6.9% during 2017 to 6.6% in 2018, while India’s
economy is forecast to grow by 7.4% in 2018, up from 6.7% in 2017. China and India are the largest
markets for gold jewellery, while the countries are also important markets for uranium, platinum and
diamonds. The IMF expects Western Europe’s economy to grow by 2.4% in 2018, up from 2.3% in 2017,
while the US economy is forecast to grow by 2.3% in 2017 and by 2.9% in 2018. These two regions are
the largest markets for platinum and diamond jewellery, respectively.
According to Stats SA’s latest Gross Domestic Product report, South Africa’s economy shrank by 2.2%
during the first quarter of 2018, after real GDP increased by 3.1% in the fourth quarter of 2017
compared to the previous quarter. Cost pressures in South Africa’s mining sector are largely driven by
above-inflation electricity, water and labour cost increases. The fact that input costs in the sector are
rising is illustrated by the following producer price index (PPI) annual inflation rates for May 2018:
electricity 3.6%; and water 9.3%. According to Stats SA’s latest Quarterly Employment Statistics report,
the average monthly earnings including bonuses and overtime at current prices in the mining industry
increased by 3.4% between February 2017 and February 2018. Wages account for about 50% of the
costs in the gold mining sector, therefore the cycle of double-digit, above-inflation salary increases of
the past cannot be sustained, unless the gold price increases substantially. As price takers, gold and

Siccodes 23000, 24240 & 25200
platinum mining companies are compelled to accept the prices set by the market. With the price out
of their hands, they have to manage costs, since they cannot pass rising costs on to end users.
The rand strengthened against the US dollar between November 2017 and February 2018, and has
fluctuated between R11.56/US$ and R13.88/US$ since the beginning of 2018. Since mining companies
receive their revenue in dollars but pay the majority of their expenses in rand, a stronger rand reduces
their profit margins and may lead to some mines becoming unprofitable. The recent decline in the rand
gold and platinum prices has aggravated the effect of high production costs. Although the gold price
in dollar terms has risen in recent months, South African producers are not reaping the benefits due
to the strengthening of the rand over the same period. According to Rene Hochreiter, an analyst at
Noah Capital Markets, it is possible that more than 50% of shafts in the gold mining sector are
operating at a loss, therefore a stronger rand increases the risk of shaft closures.
5.2. Labour
Employment Figures
♦ According to the Mine SA 2017 publication of the MCSA, 112,200 people were employed by
the gold mining sector, 175,770 by the platinum mining sector, and 18,227 by the diamond
mining sector during 2017.
♦ During February 2016 DBCM reduced its workforce by 189 positions through the retrenchment
of 121 employees at its corporate offices in Kimberley and Johannesburg, and the Venetia
mine. The balance of the positions were reduced by natural attrition.
♦ DiamondCorp retrenched all 300 employees at the Lace diamond mine during April 2017.
Operations at the mine had been halted in November 2016 after heavy rainfall flooded the
mine and damaged equipment.
♦ Royal Bafokeng Platinum retrenched 520 employees during August 2017 when the BRPM’s
South shaft UG2 production sections were closed.
♦ During October 2017, 2,651 employees were retrenched at the Bokoni mine when it was
placed on care and maintenance.
♦ The underground mining operations at Sibanye-Stillwater’s Cooke 1, 2 and 3 shafts were
placed on care and maintenance in November 2017, resulting in the retrenchment of 2,025
employees. A further 1,350 workers took voluntary separation packages.

Siccodes 23000, 24240 & 25200
♦ During November 2017 Trans Hex retrenched the Baken mine’s 332 employees when the mine
was placed on care and maintenance. When the Baken and Bloeddrif mines were restructured
during February 2016, 125 employees accepted voluntary retrenchment packages.
♦ Forty-four employees were retrenched from the Shiva uranium mine in December 2017.
♦ Northam Platinum announced during February 2018 that 357 jobs have been created as the
Zondereinde mine prepares to access the newly acquired Tumela Block. A total of 3,000
permanent and project jobs are being created at the company’s Booysendal South mine, while
another 3,000 people will be employed if the company decides to re-open the Eland mine.
♦ Two hundred employees were retrenched at Implats’ Rustenburg mine when production from
4 Shaft ceased at the end of 2017, because the remaining reserves could not be extracted
profitably.
♦ During May 2018 Pan African Resources closed the Evander 8 shaft, resulting in the
retrenchment of 1,700 employees.
♦ AngloGold Ashanti announced during May 2018 that it plans to reduce employee numbers by
2,000 at its South African operations in order to cut costs.
♦ Implats announced in August 2018 that five shafts at the Impala Rustenburg mine will be
closed over the next two years, leading to a labour force reduction of 13,000.
Unions
Association of Mineworkers Solidariteit / Solidarity

and Construction Union National Union of Mineworkers Registered on 17/6/2004
(AMCU) (NUM) Tel: +27 12 644 4300 / 94
Registered on 04/07/2001 Registered on 16/1/2002 Fax: +27 12 664 1302 / +27 12
Tel No: +27 13 590 1440 / +27 Tel No: +27 11 377 2000/1 664 1198
13 656 5111/5 Fax No: +27 86 560 0329 / +27 86 Email: nica@solidariteit.co.za
Fax No: +27 13 656 0015 / 732 4517 paulize@solidariteit.co.za
+27 86 652 8004 Email: nrakau@num.org.za danet@solidariteit.co.za
Email: headoffice@amcu.co.za fmadihlaba@num.org.za Website: www.solidarity.co.za
mabenaem@amcu.co.za Website: www.num.org.za
Website: www.amcu.co.za

Siccodes 23000, 24240 & 25200
UASA The Union

Togetherness Amalgamated Workers' Union of
Registered on 23/6/1998
S.A. (TAWUSA)
Tel No: +27 11 472 3600 X 106
Tel No: +27 14 592 6413
Fax No: +27 11 674 4057 /
Fax No: +27 14 594 2551
+27 86 504 0968
Email: emelda@tawusa.org.za
Email: jplbez@uasa.org.za
Registration cancelled on 10/07/2008.
admin@uasa.org.za
Court order to continue to operate until appeal
pa.ceo@uasa.org.za
case is finalised
Website: www.uasa.org.za
Union Action
♦ During October 2017 Petra Diamonds reached a wage agreement with the NUM at the
company's Finsch, Koffiefontein and KEM JV operations that ended a strike at these mines. The
three-year agreement entails an annual increase of between 9% and 10% in the first year, and
8.5% for the subsequent two years. Employees returned to work after being on strike for five
days at the Koffiefontein mine, and for ten days at the other mines.
♦ Employees at Harmony Gold's Kusasalethu mine returned to work after striking for two days
during November 2017. The unprotected strike started because six workers were dismissed
after a disciplinary hearing.
♦ During November 2017 Sibanye-Stillwater concluded a three-year wage agreement with all
three trade unions at the Kroondal platinum mine. The agreement, which is effective from the
beginning of July 2017, gave category B employees a R1,000 per month increase for the
following three years, while category A workers received increases based on the consumer
price index each year.
♦ About 1,800 employees at Pan African Resource's Barberton gold mine were involved in an
unprotected strike for five days in December 2017 over allowances and the dismissal of two
union leaders.
♦ During April 2018, 750 employees of Murray & Roberts Cementation (MRC) returned to work
after striking for nine days at Northam Platinum’s Booysendal North mine. The strike ended
after an agreement was reached concerning end-of- contract termination packages from MRC.
As a result of the fact that the mine was moving to an owner-operated model, Northam had
offered these workers permanent employment.
♦ Wage negotiations between labour unions and gold producers AngloGold Ashanti, Harmony
Gold, Sibanye-Stillwater and Village Main Reef commenced in June 2018. The unions are

Siccodes 23000, 24240 & 25200
demanding salaries of R9,500 for above-ground employees, and R10,500 for entry-level
underground workers. A three-year wage offer ranging from 5.5% to 6.5% increases for
underground employees, and between 3% and 4.5% increases for miners, artisans and
officials, which was tabled by the gold producers, was rejected by the unions in July 2018.
♦ During July 2018 Petra Diamonds reached a one-year wage agreement with the NUM at the
Cullinan mine. Employees in the category A and B levels will receive a wage increase of 8.5%,
while a 7% increase will apply to employees in the category C level.
Skills and Training

♦ The Sector Education and Training Authority (SETA) for the mining sector is the Mining
Qualifications Authority (MQA).
♦ In the mining industry, skills development is regulated by the Skills Development Act of 1998,
and the Mine Health and Safety Act. The Mining Charter stipulates that all mining companies
must spend 5% of their annual payroll on skills development. Mining companies invest in
employees’ skills development in a number of ways, including learnerships, bursaries,
internships, adult education, and portable skills, such as mechanical, electrical and
construction trades.
♦ The traditional career path for mining graduates is in production and mine management, but
there is a far more pressing need for specialised skills in fields like ventilation, rock engineering,
mine planning, mineral resource evaluation and mineral asset valuation. Chronic shortages of
skilled employees in these essential areas continue to hamper mining industry development.
♦ Since skilled employees are essential to the sustainability of the mining sector, training of
employees focuses on developing the scarce skills needed. Providing skills to employees
improves safety and productivity, and assists in the transformation of the sector.
♦ The Sibanye-Stillwater Academy, located in Westonaria, has satellite campuses at each of the
company’s operations, where employees’ skills and knowledge are developed through training
and experiential learning.
♦ AngloGold Ashanti has eight training centres, of which two are underground, that provide
technical, leadership and behavioural training and development to employees.
♦ Amplats’ Engineering Skills Training Centre in Randfontein provides employees with
engineering skills training that includes learnerships, apprenticeships and artisan short
courses, in addition to foremen development, planned maintenance and other specialised
short courses.

Siccodes 23000, 24240 & 25200
♦ During November 2017 Gold Fields announced an R6m, three year partnership with the
University of the Witwatersrand to expand academic knowledge of mechanised mining and
rock engineering. The funding seeks to address the lack of mechanised mining skills in South
Africa.
♦ Sibanye-Stillwater announced in November 2017 that the company has given financial support
to 53 students, and provided vacation work opportunities to 248 students over the past three
years.
5.3. Mine Safety
The mining industry has prioritised the health and safety of workers as an integral part of being in
business, and the sector’s moral obligation to do everything possible to achieve zero harm. All
employees of mining companies undergo safety training during induction, as well as refresher training
on at least an annual basis. Safety is also a primary motivator in respect of earnings, as production
bonuses at every level in the company are strongly influenced by safety performance. The company’s
safety performance is also a critical key performance indicator for supervisors, managers and
executives.
While some progress has been made by the mining sector in reducing fatalities and improving safety,
86 fatalities were recorded in 2017, compared with 73 in 2016, the lowest in the industry’s history.
That is the first increase in ten years, and is being attributed to an increase in the number of fall of
ground incidents caused by seismic activity. To ensure compliance with the Mine Health and Safety
Act, the DMR’s mine health and safety inspectors may issue stoppage notices, also known as section
54s, forcing companies to temporarily cease operations in the event of a safety breach, such as a
fatality.
5.4. Illegal Mining
In a document presented to parliament in March 2017, the MCSA estimated that illegal gold mining is
costing the government and companies more than R20bn per year in lost revenue, taxes and royalties.
The MCSA estimated that 14,000 people are involved in illegal mining, while the commercial value of
illegal mining is believed to be more than R7bn per annum. The MCSA’ Illegal Mining Fact Sheet 2017
states that 70% of all arrested illegal miners are illegal foreign nationals. According to the association,
illegal mining is on the rise in South Africa and takes place at abandoned mines and even at operating
mines.

Siccodes 23000, 24240 & 25200
The illegal miners usually enter abandoned shafts, travelling as far as 4km underground, where they
live for several days at a time. Where they trespass on operating mines, it results in loss of revenue for
the mining company. In some instances, central blasts are tampered with, causing lost blasts and
therefore lost production. When winches and other equipment are used by illegal miners, this
equipment is often damaged, which incurs repair costs. The health and safety of employees may be
compromised by illegal miners using mercury, lighting fires, smoking, undermining underground
support and spiking water-supply systems. A major consequence of the activities of illegal miners is
statutory safety stoppages, which result in substantial production and financial losses. Illegal miners
are often heavily armed and where working in operating mines, set ambushes and booby traps for
employees, security personnel, and rival groups of illegal miners, leading to injuries or even deaths.
In April 2017 Sibanye-Stillwater set itself the goal of removing all illegal miners from its mines by the
end of January 2018, and has an annual budget of R300m to achieve it. Sibanye-Stillwater's plan for
stamping out illegal mining consists of:
♦ A tip-off and reward system that encourages workers to report suspicious activity and fellow
workers who are assisting illegal miners;
♦ Security units that go underground to arrest illegal miners; and
♦ Access checks that include biometrics systems to ensure only employees gain entry to the
shafts.
During February 2018 Sibanye-Stillwater said it has mostly ended illegal mining at its mines after the
company had arrested 1,383 illegal miners during 2017.
In January 2018 the KEM JV entered into an agreement with the Deputy Minister of Mineral Resources
under which illegal miners would be allowed to operate on about 600 hectares on the joint venture’s
properties. Illegal mining affected the joint venture’s output during the first quarter of 2018 because
access to high-grade dumps at the surface retreatment operation was restricted. This led the joint
venture to file an eviction order against the illegal miners. The joint venture’s operations had been
affected by illegal mining for almost two years despite repeated attempts to get the South African
Police Service and the DMR to take action against the illegal miners.

Siccodes 23000, 24240 & 25200
5.5. Technology, Research and Development (R&D) and Innovation
Research and development is carried out at several universities, such as the School of Mining
Engineering at the University of the Witwatersrand where the Centre for Sustainability in Mining and
Industry, and the Centre for Mechanised Mining Systems are situated as part of the Wits Mining
Institute, and the Department of Mining Engineering at the University of Pretoria where the Kumba
Virtual and Augmented Reality Centre for Mine Design is housed. It was revealed during October 2017
that R100m has been allocated for mining R&D for 2018, which is significantly higher than the figure
of R5m in 2014. Other developing mining countries are however spending between R4bn and R5bn
per year on mining R&D.
According to Declan Vogt, a lecturer in mining automation at the University of Exeter, more South
African mining companies are mechanising their deep-level mines, as they are exposed to increased
seismic activity, higher temperatures and humidity levels, and time-consuming travelling to the rock
face. Thus it becomes more difficult and more expensive to use large workforces in deep-level mining,
as safety risks are greater and productivity is lowered. The use of machinery makes it possible to mine
in places that workers are unable to access, while saving costs on worker-specific expenses. However,
the development and use of mechanised mining solutions in deep-level mines are expensive. Many
platinum producers are implementing mechanisation, with approximately 30% of South Africa’s
underground platinum production currently coming from mechanised mines. Johan Theron, Implats’
head of corporate relations, said, "It is a complicated process to switch to mechanisation. You need to
cut jobs, bring in new skilled workers, set up workshops, and make other adjustments." At many older
mines it would not be economical to mechanise.
The University of Johannesburg’s School of Mechanical and Industrial Engineering has developed the
MinPET three-dimensional diamond-in-rock detection system that detects diamonds enclosed in
kimberlite ore. Diamonds are liberated from the kimberlite by crushing the rock, but about 30% of the
enclosed diamonds are not liberated and therefore not recovered. To reduce this loss, many mines use
X-ray-based systems to detect diamonds, but they are not completely successful. MinPET uses positron
emission tomography (PET) technology to identify the pieces of kimberlite that contain diamonds.
It was reported in June 2017 that Amplats is considering using drones to detect and deter criminal
activity at its Amandelbult mine, where, on average, theft amounted to about R17m per month.

Siccodes 23000, 24240 & 25200
During November 2017 explosives manufacturer AEL Mining Services launched the AEL Mining Services
Chair in Innovative Rock Breaking Technology at the University of Pretoria’s Department of Mining
Engineering. Research will focus on three-dimensional blast simulation and the development of new
blasting engineering practices.
During March 2018 the Sibanye-Stillwater Digital Mining Laboratory (DigiMine) was launched. It hosts
the Wits Mining Institute’s chair in digital mining and mine automation, and was established through
an R15m investment by the company. DigiMine is a simulated mining environment, with research
focused on reliable multipurpose underground communication, underground mapping and navigation,
seismicity and mine design, real-time integration of technologies, and skills-based research.
The Mandela Mining Precinct was officially opened in May 2018. It is a public–private partnership that
aims to improve and modernise the mining industry through co-operation between stakeholders, such
as MCSA members, government departments, manufacturers and researchers. Mining Equipment
Manufacturers of South Africa, the Department of Science and Technology, and the MCSA have
developed the R&D programmes that are carried out by the Council for Scientific and Industrial
Research, and the Universities of Johannesburg, Pretoria and Witwatersrand. This is South Africa’s first
coherent, collaborative programme in which the government, mining companies, local equipment
manufacturers and the research community are working towards extending the life of the mining
industry. The government and companies are providing funding averaging R100m per year over four
years.
De Beers announced in May 2018 that it has successfully tracked 100 high-value diamonds along the
value chain by using its new blockchain platform. The rough diamonds were tracked through an
immutable and secure digital trail created by the platform called Tracr. Tracr, which is expected to be
launched later in 2018, will give all stakeholders confidence that registered diamonds are natural and
conflict-free. This platform automatically generates a unique identity for each diamond, by storing
information like its carat, colour and clarity through integration with the participants’ systems.
Participants in the value chain would therefore be able to replace a paper certification process with a
blockchain ledger.
During May and June 2018 the London Bullion Market Association invited the submission of ideas for
tracking gold along its entire value chain. The majority of the 25 respondents included blockchain
technology in their proposals. Gold supply will be tracked to ensure gold that funds armed conflict do

Siccodes 23000, 24240 & 25200
not enter world markets, and to identify owners. The identity of the winning proposal will be
announced during the first half of 2019.
5.6. Environmental Concerns
Mining companies need to comply with a range of environmental legislation, including water
permitting and air quality control. Mining operations need to be carried out according to an
environmental management programme that is approved by the DMR before a mining right is granted,
as any waste and emissions need to be minimised and managed in an environmentally responsible
manner. The impact mining has on the environment extends beyond the immediate mining footprint,
as the mining activities have an impact on employees and the communities around the operations.
Climate change remains a key longer-term risk for mining companies, and includes operational risks
such as business continuity, health and safety, environmental aspects and regulatory aspects. Risks are
both physical and financial. For example should a company’s operations be damaged by flooding or
storms this could cause business interruptions, while the reduced availability of water could also
interrupt its business and could have health impacts.
Harmony Gold has enhanced its environmental management by implementing a system that
centralises its environmental data. The system, which is called the Management Toolbox, enables the
capturing of environmental data, the storing of related source documentation, and the automatic
validation of data. All the company’s environmental data is now stored in a central electronic
repository, which facilitates more effective environmental management.
De Beers is investigating the potential to store large amounts of carbon at its diamond mines through
the carbonation of kimberlite tailings. According to estimations the kimberlite tailings produced by a
diamond mine per year could store up to ten times the emissions of a typical mine.
5.7. Platinum Recycling
♦ Increasing recycling could force platinum mining companies to cut production levels in order
to avoid oversupplying the market. Lower production levels could then lead to a decrease in
the profitability of the platinum mining sector.
♦ Global recycling of platinum amounted to 59.3t in 2017, 2.7% higher than in 2016, due to an
increase in auto-catalyst recycling, especially in North America and Europe.

Siccodes 23000, 24240 & 25200
♦ Global auto-catalyst recycling rose by 9.4% to 41.7t in 2017, while jewellery recycling volumes
dropped by 10.4% to 17.4t, and volumes from the recycling of industrial catalysts remained
unchanged at 200kg.
Recycling volumes are shown in the table below.
Recycling (t)
2016 2017 % change
Auto-catalyst 38.1 41.7 9.4
Jewellery 19.4 17.4 -10.4
Industrial 0.2 0.2 0.0
Total 57.7 59.3 2.7
5.8. Community Protests
As a result of lower platinum prices and rising costs over the last few years, dividends paid by producers
to community trusts were much smaller than previously and in many cases, living conditions in these
communities did not improve. Many of these communities are making their voice heard through
protests, which are inflating costs for producers that could lead to cuts in production and employee
numbers.
Two of Lonmin’s shafts were closed for 17 days during May 2017 as a result of community protests.
These two shafts contribute 3% to 4% of Lonmin’s total production. The Bapo ba Mogale community
demanded the creation of 1,000 permanent jobs for community members and 500 cadet positions for
unemployed youth at Lonmin. When its property was damaged and employees were intimidated the
company obtained a court interdict against the protesters.
During its 2017 financial year, Implats’ Marula mine lost more than 300kg of production due to
community protests that included road blocks, the stoning of vehicles, and attacks on employees
reporting for work. The mine made a headline loss of R737m during the financial year. These protests
were due to some community members not being satisfied with the way in which the community’s
representatives are spending the proceeds from the community’s 50% stake in the Makgomo Chrome
project. Implats does not want to change the structure of the project, but wants the two sides to rather
resolve their differences.

Siccodes 23000, 24240 & 25200
During January 2018 Amplats restructured the R175m Mapela Community Trust fund after protests by
the community. The trust had been established to fund development projects in communities around
the Mogalakwena mine, but according to the community funds were not spent in a transparent way,
and too much power was given to the chief to determine where the funds were spent. Under the new
structure the chief’s power was diluted by the fact that four of the nine trustees are elected directly
by local communities.
In April 2018 Lonmin established a community grievance mechanism aimed at improving

communication between communities and Lonmin. This system has the ability to track the progress of
a grievance until it is resolved. The community has the opportunity to submit a grievance at scheduled
meetings with Lonmin employees, via a hotline staffed by consultants, by using suggestion boxes in
the community, and through letters delivered by hand or emailed to the company’s community office.
5.9. Synthetic Diamonds
According to the USGS, synthetic diamonds account for about 99% of all industrial diamonds used, but
their share of the production of gem-quality diamonds is less than 10%. Paul Zimnisky has determined
that prices for synthetic diamonds are dropping at an accelerating rate, for example during 2017
synthetic diamonds’ discount to natural diamonds improved by 71%. Synthetic diamonds are currently
about 30% to 40% cheaper than natural diamonds. This is made possible by improved production
economics due to advances in synthetic diamond production technology.
Since synthetic diamonds are almost indistinguishable from natural diamonds, some sellers are trying
to pass them off as natural ones. For players in the natural diamond industry, cheaters pose a risk to
consumer confidence in their product, as synthetic diamonds do not have any investment value. The
World Federation of Diamond Bourses is in support of trade in synthetic gem-quality diamonds and
accepts that there is a market for it. It does insist, however, that such diamonds are fully disclosed so
that the trade and consumers know exactly what they are being offered as this is critical in ensuring
consumer confidence. Producers of natural diamonds have been forced to develop screening
technology that can distinguish between natural diamonds and synthetic ones of all quality and sizes.

Siccodes 23000, 24240 & 25200
6. COMPETITION
Ownership Analysis of the Industry
Gold
♦ Demand for newly-mined gold is being reduced by supply from secondary sources such as
recycled gold and above ground stocks like central bank reserves.
♦ In jewellery, palladium, platinum and silver are used as substitutes for gold.
♦ Base metals clad with gold alloys are used in electrical and electronic products to reduce the
gold content.
Uranium
♦ Mining companies face competition from secondary sources of uranium such as nuclear
weapons arsenals that are being shrunk as a result of disarmament treaties, recycled uranium
and re-enriched depleted uranium.
♦ Uranium faces competition from other sources for electricity generation, such as coal, gas, oil
and renewable energy.
Platinum
♦ As mentioned, South Africa is the world’s largest producer of platinum, accounting for 71.5%
of global production in 2017. South Africa does not face competition from other producing
countries such as the US, Canada, Russia and Zimbabwe, since the platinum production
volumes from these countries are too low to satisfy global demand.
♦ Demand for newly-mined platinum is being reduced by supply from secondary sources such as
recycled platinum and above ground stocks.

Siccodes 23000, 24240 & 25200
♦ In certain applications other metals are used as substitutes for platinum. In petrol engine auto-
catalysts palladium is being substituted for platinum because the price of palladium has
historically been lower than that of platinum. Around 25% of palladium can be substituted for
platinum in diesel engine auto-catalysts.
Diamonds
♦ Natural gem-quality diamonds are facing increased competition from synthetic diamonds,
while diamond jewellery has to compete with other luxury goods like consumer electronics,
timepieces and fashion items.
♦ Manufactured abrasives, such as cubic boron nitride, fused aluminium oxide, and silicon
carbide can compete with industrial diamonds in some applications.
6.1. Barriers to Entry
There are significant barriers to entry into the diamond, platinum, gold and uranium mining sectors.
The following must be obtained before a company may start mining:
♦ An ore body that can be extracted profitably;
♦ Mineral rights to mine the ore body;
♦ Capital to develop a mine and construct processing facilities;
♦ Power supply; and
♦ Employees with the required skills.
The diamond mining sector is dominated by a small group of large companies owning the most
profitable deposits, so there are significant barriers to entry into this sector. An orebody that can be
extracted profitably is very hard to find. Not all kimberlites contain diamonds, while very few contain
enough diamonds to support a viable mine. De Beers estimates that while more than 8,000 kimberlites
have been found, only 67 of those kimberlites contain enough diamonds to justify the cost of
establishing a mine. An easier entry point in this sector is the mining of alluvial diamonds, due to lower
capital outlay and operating costs.

Siccodes 23000, 24240 & 25200
7. SWOT ANALYSIS
Strengths Weaknesses
♦ The Witwatersrand Basin is the gold deposit ♦ The increasing depth of gold and platinum
with the largest reserves in the world. mines, making extraction more dangerous
♦ South Africa was the world’s seventh largest and expensive.
gold producer during 2017. ♦ High fatality rate due to dangerous working
♦ Some of the largest gold producing conditions in gold mines.
companies are well established in South ♦ Continued declines in productivity due to
Africa. increased travelling times for workers to
♦ The country has a long history of gold reach work areas, and high temperatures
mining. and humidity levels in gold and platinum
♦ The local gold mining sector is a global leader mines.
in deep-level gold mining. ♦ Ageing infrastructure of gold and platinum
♦ Gold producers are investing a great deal in mines.
innovation and skills training in order to ♦ Declining gold grades.
better understand the ore bodies and how ♦ Shortage of skills in certain disciplines.
to mine them. ♦ Inadequate protection for mineworkers in
♦ South Africa holds more than 90% of the the past has led to a class action lawsuit by
world’s PGM reserves. employees suffering from silicosis.
♦ South Africa is the world’s largest producer ♦ Demand for platinum is heavily reliant on
of platinum. the automotive sector, which is largely
♦ The world’s largest platinum producing determined by economic conditions.
companies are well established in South ♦ The diamond mining industry derives
Africa. practically all its revenue from consumers’
♦ South Africa was the world’s fourth largest demand for diamond jewellery, which is
producer of diamonds in terms of value in heavily reliant on global economic growth.
2016.
♦ De Beers, one of the dominant global
diamond producers, is well-established in
South Africa.

Siccodes 23000, 24240 & 25200
Opportunities Threats
♦ The gold and platinum mining sectors are ♦ Continuing uncertainty regarding South
making steady progress in developing Africa’s mining regulatory framework.
technology to mine safer and deeper, ♦ Increasing costs, of electricity, water and
thereby extending the lives of the sectors. labour in particular, pose a threat to the
♦ De Beers believes new diamond deposits can profitability and sustainability of the gold,
still be found in South Africa. platinum and diamond mining sectors.
♦ Decreasing rand commodity prices are a
threat, especially to marginal mines.
♦ The increasing contribution of recycling to
platinum supply, thus decreasing demand
for the extracted metal.
♦ The increased use of palladium as a
substitute for platinum in different
applications.
♦ High levels of secondary sources of uranium.
♦ High levels of above ground stocks of
platinum.
♦ Impact of illegal mining.
♦ Increasing incidence of community protests.
♦ Implementation of a carbon tax, which will
add to costs.
♦ Drop in consumer confidence in diamond
jewellery due to conflict diamonds and the
fact that synthetic diamonds are being
passed off as natural diamonds.
8. OUTLOOK
Gold, uranium, platinum and diamond prices are expected to increase over the short to medium term
due to lower supply and higher demand. The price of gold is forecast to increase from an average of
US$1,350/oz in 2018 to US$1,430/oz in 2023, while uranium spot prices are expected to increase from
US$25/lb in the middle of 2018 to US$38/lb by 2023. Platinum prices are forecast to rise above

Siccodes 23000, 24240 & 25200
US$1,000/oz in the second half of 2018, while a 17% cumulative increase in rough diamond prices from
2018 to 2021 is expected.
9. INDUSTRY ASSOCIATIONS
♦ Diamond Producers Association (DPA) Email: info@sadpo.co.za
Email: info@diamondproducers.com Website: www.sadpo.co.za
Website:
www.diamondproducers.com ♦ World Gold Council (WGC)
Tel. No.: +44 20 7826 4700
♦ Minerals Council South Africa (MCSA) Email: marketintelligence@gold.org
Tel. No.: +27 11 498 7100 Website: www.gold.org
Email: info@mincosa.org.za
Website: www.mineralscouncil.org.za ♦ World Nuclear Association (WNA)
Tel. No.: + 44 20 7451 1520
♦ South African Diamond Producers Email: info@world-nuclear.org
Organisation (SADPO) Website: www.world-nuclear.org
10. REFERENCES
10.1. Publications
♦ Annual Integrated Report 2017. 2017. Impala Platinum Holdings Limited.

♦ Annual Report 2017. 2018. Anglo American Plc.
♦ Annual Report and Accounts 2017. 2017. Lonmin Plc.
♦ Annual Report and Accounts 2017. 2017. Petra Diamonds Limited.
♦ Gold in South Africa. 2008. AngloGold Ashanti Limited and Gold Fields Limited.
♦ Gross Domestic Product, First Quarter 2018. 2018. Statistics South Africa.
♦ Illegal Mining: Fact Sheet 2017. 2017. Minerals Council South Africa.
♦ Integrated Annual Report 2017. 2017. Harmony Gold Mining Company Limited.
♦ Integrated Annual Report 2017. 2018. Gold Fields Limited.
♦ Integrated Annual Report 2017. 2017. Trans Hex Group Limited.
♦ Integrated Annual Report 2017. 2018. Sibanye Gold Limited.
♦ Integrated Report 2017. 2018. Anglo American Platinum Limited.

Siccodes 23000, 24240 & 25200
♦ Integrated Report 2017. 2018. AngloGold Ashanti Limited.

♦ Mineral Commodity Summaries, 2018. 2018. United States Geological Survey.
♦ Mine SA 2017. 2018. Minerals Council South Africa.
♦ Modernisation: Towards the Mine of Tomorrow. Fact Sheet 2017. 2017. Minerals Council
South Africa.
♦ Operating Mines and Quarries and Mineral Processing Plants in the Republic of South Africa,
2017. 2017. Department of Mineral Resources.
♦ Platinum Quarterly Q4 2017. 2018. SFA (Oxford) Ltd and World Platinum Investment Council
Ltd.
♦ Producer Price Index, May 2018. 2018. Statistics South Africa.
♦ Quarterly Bulletin June 2018. 2018. South African Reserve Bank.
♦ Quarterly Employment Statistics, March 2018. 2018. Statistics South Africa.
♦ Resources and Energy Quarterly, March Quarter 2018. 2018. Department of Industry and
Science, Commonwealth of Australia.
♦ Skills Development: Fact Sheet 2017. 2017. Minerals Council South Africa.
♦ South African Gold, Today and Tomorrow: Fact Sheet 2015. 2015. Minerals Council South
Africa.
♦ Uranium 2016: Resources, Production and Demand. 2016. Organisation for Economic Co-
operation and Development.
♦ World Economic Outlook, April 2018. 2018. International Monetary Fund.
10.2. Websites
♦ www.amcu.co.za ♦ www.kimberleyprocess.com
♦ www.businesslive.co.za ♦ www.lawsofsouthafrica.up.ac.za
♦ www.cameco.com ♦ www.mineralscouncil.org.za
♦ www.chamberofmines.org.za ♦ www.mineweb.com
♦ www.debeersgroup.com ♦ www.mining.com
♦ www.diamonds.net ♦ www.miningmx.com
♦ www.ewn.co.za ♦ www.miningweekly.com
♦ www.ft.com ♦ www.num.org.za
♦ www.geoscience.org.za ♦ www.paulzimnisky.com
♦ www.gold.org ♦ www.resbank.co.za
♦ www.iol.co.za ♦ www.responsiblemining.net

Siccodes 23000, 24240 & 25200
♦ www.reuters.com ♦ www.trademap.org
♦ www.sabinetlaw.co.za ♦ www.uasa.co.za
♦ www.sadpo.co.za ♦ www.worldbank.org
♦ www.sfa-oxford.com ♦ www.worlddiamondcouncil.org
♦ www.solidariteit.co.za ♦ www.world-nuclear.org
♦ www.statssa.gov.za

Siccodes 23000, 24240 & 25200
COMPANY PROFILES – MINING OF GOLD
ANGLOGOLD ASHANTI LTD

Reg. Number: 1944/017354/06
JSE Code: ANG
VAT Number: 4010182451
BEE Rating: Level 7 Empowerdex (Pty) Ltd Updated: 2018-08-06
Postal Address: Physical Address: Registered Address:
PO Box 62117, Marshalltown, 76 Rahima Moosa Street, 76 Rahima Moosa Street,

Johannesburg, 2107, South Newtown, Johannesburg, 2001, Newtown, Johannesburg, 2001,
Africa South Africa South Africa
Tel: +27 11 637-6000 Fax.: +27 11 637-6624
Email: companysecretary@anglogoldashanti.com Website: www.anglogoldashanti.com
Shareholders
Shareholder Percentage
Bank of New York Mellon (The) 39.00
BlackRock Inc 9.49
Public Investment Corporation SOC Ltd 6.29
VanEck Inc 4.60
Investec Group (UK) Ltd 4.34
Old Mutual Group Holdings (SA) (Pty) Ltd 3.79
Vanguard Group Inc (The) 3.71
Dimensional Fund Advisors Inc 3.96
Paulson & Co Inc 3.12
Franklin Resources Inc 1.90
State Street Corporation 2.45
Mr Venkatakrishnan, Srinivasan (Venkat) 0.0617
Mr Pityana, Sipho Mila 0.0007
Mr Hodgson, David Lancaster 0.0004
Ms Sanz Perez, Maria De La Esperanza (Ria) 0.0064

Siccodes 23000, 24240 & 25200
Mr Kirkwood, Michael James 0.0037
Mr Noko, David Collen 0.0147
Dr Carter, Charles Edward 0.0126
Mr Ehm, Graham 0.0104
Mr Garner, Albert Headden 0.0018
Ms Richter, Maria Del Carmen 0.0018
Ms Ramon, Kandimathie Christine 0.0124
Mr Sheppard, Christopher Bernard 0.0044
Ms Sibisi, Tirelo 0.0031
Directors
Appointment
Name Designation
Date
Mr Albert Headden Garner 2015-01-01 Independent Non-Executive Director
Mr Rhidwaan Gasant 2010-08-12 Independent Non-Executive Director
Mr David Lancaster Hodgson 2014-04-25 Independent Non-Executive Director
Ms Nozipho Patricia January-Bardill 2011-10-01 Independent Non-Executive Director
Mr Michael James Kirkwood 2012-06-01 Independent Non-Executive Director
Mr Sipho Mila Pityana 2007-02-13 Independent Non-Executive Chairman
Ms Kandimathie Christine Ramon 2014-10-01 Chief Financial Officer
Ms Maria Del Carmen Richter 2015-01-01 Independent Non-Executive Director
Mr Rodney John Ruston 2012-01-01 Independent Non-Executive Director
Mr Srinivasan (Venkat)
2013-06-01 Chief Executive Officer
Venkatakrishnan
Managers
Appointment
Name Designation
Date
Mr Stewart Bailey Manager - Vice-President: Investor Relations
Manager - Executive Vice President: Business

Dr Charles Edward Carter
Strategy
Manager - Executive Vice-President: Group

Mr Graham Ehm
Planning & Technical

Siccodes 23000, 24240 & 25200
Mr Ludwig Eybers 2017-02-22 Chief Operating Officer - International
Manager - Executive Vice President:

Mr David Collen Noko 2012-06-15
Sustainable Development
Mr Christopher Bernard Sheppard 2015-06-01 Chief Operating Officer - South Africa
Manager - Executive Vice President: Group

Ms Tirelo Sibisi
Human Resources
History of Business
Vaal Reefs Exploration and Mining Company Ltd was established in 1944. The gold interests of Anglo
American Corporation and associated companies merged to form AngloGold Ltd, becoming a global
gold operating company. In December 1998, AngloGold Ltd acquired all the gold interests of
Minorco Societe Anonyme Ltd. In April 2004, AngloGold Ltd acquired Ashanti Goldfields Company
Ltd in its entirety and the name was changed from AngloGold Ltd to AngloGold Ashanti Ltd. The new
company is listed on the New York, JSE, Ghanaian, London and Australian stock exchanges, as well as
the Paris and Brussels bourses. In March 2009, Anglo American Plc disposed of its shares in
AngloGold Ashanti Ltd. In June 2012, AngloGold Ashanti Ltd acquired the remainining 50% interest in
the Serra Grande (Crixas) mine in Brazil from Kinross Gold Corporation for a cash consideration of
US$220m.
On 3 August 2015, AngloGold Ashanti concluded the sale of Cripple Creek & Victor (CC&V), its sole
mine in the United States, to Newmont Mining Corporation, for US$819m in cash plus a net smelter
return royalty. On 28 February 2018, AngloGold Ashanti completed the sale of its Vaal River assets
(Kopanang, Moab Khotsong, Great Noligwa) to Harmony Gold Mining Company Ltd. The sale
included AngloGold Ashanti’s entire interest in Nuclear Fuels Corporation of South Africa (Pty) Ltd
and in the Margaret Water Company.
Nature of Business
AngloGold Ashanti Ltd is the holding company for a gold mining group operating mines and
exploring projects across ten countries (as at 1 March 2018). AngloGold Ashanti conducts
exploration and mining operations in Africa, South America, and Australia, and produces uranium,
silver and sulphuric acid as byproducts in the course of producing gold.
The group’s operations and interests are divided into the following regions:
South Africa:
• Mponeng mine

Siccodes 23000, 24240 & 25200
• TauTona (including Savuka section) - closed

• Surface Operations (including First Uranium SA and the Mine Waste Solutions tailings retreatment
production operations)
Rest of Africa:
• Siguiri (85%) (Guinea)
• Geita (Tanzania)
• Iduapriem (Ghana)
• Obuasi (Ghana) - currently on care and maintenance
• Morila (40%) (Mali) - managed and operated by Randgold Resources Ltd
• Sadiola (41%) (Mali)
• Yatela (Mali) - closure underway
• Kibali (45%) (DRC) - managed and operated by Randgold Resources Ltd
Australia:
• Sunrise Dam,
• Tropicana (70%)
South America:
• Cerro Vanguardia (92.5%) (Argentina)
• Serra Grande (including Mina III and Mina Nova) (Brazil)
• Cuiaba complex (including the Cuiaba and Lamego mines and the Cuiaba and Queiroz plants)
(Brazil)
• Corrego do Sitio (Brazil)
Projects include:
• Gramalote project (51%) (Colombia) - economic evaluation underway
• La Colosa project (Colombia) - economic evaluation underway
• Quebradona (Nuevo Chaquiro) (93.5%) (Colombia) - pre-feasibility phase
Company Secretary Ms MDLE Sanz Perez
Nr. of Employees 51480 (Group) (Permanent and contract) (26,245 - South Africa)
Banks First National Bank (a division of FirstRand Bank Ltd)

Siccodes 23000, 24240 & 25200
Auditors Ernst and Young Inc
Attorneys Edward Nathan Sonnenbergs Inc
Stockbrokers Deutsche Securities (Pty) Ltd; Barclays Bank Plc
Turnover [2017] R 57,822.12m ($ 4,341.00m) As Per IRESS Financials
Investment, Income
and Finance -R 2,051.28m (-$ 154.00m)
Charges [2017]
Profit -R2277.72m (-$171m) As Per IRESS Financials
Company Year End December
Transfer Secretaries
Name Physical Address Postal Address Tel
Computershare Investor The Pavilions, Bridgewater Road, +44 207

Services Plc Bristol BS99 6ZZ, England 597-4000
Computershare Investor Level 11, 172 St Georges GPO Box D182, Perth, +61 1300
Services Pty Ltd (Australia) Terrace, Perth, WA 6000 WA 6840 787-272
Martco House, Off Kwame PO Box K1A 9563, +233 302

NTHC Ltd
Nkrumah Avenue, Accra, Ghana Airport Accra, Ghana 229-664
Computershare Investor 15 Biermann Avenue, PO Box 61051, +27 11

Services (Pty) Ltd Johannesburg, 2196 Marshalltown, 2107 370-5000
Units Manufactured
Production for 2017: 3.755 million ounces (gold)
Direct Subsidiaries, Associates & Investments

Company Name Country Percentage
Advanced Mining Software Ltd South Africa 100.00
AGA Security Services (Pty) Ltd South Africa 100.00
AGRe Insurance Company Ltd South Africa 100.00
Algold Resources Ltd Canada 10.30
AngloGold Ashanti Health (Pty) Ltd South Africa 100.00
Anglogold Ashanti Holdings Finance Plc Isle of Man 100.00
AngloGold Ashanti Holdings Plc Isle of Man 100.00
AngloGold Ashanti USA Inc United States 100.00

Siccodes 23000, 24240 & 25200
AngloGold Environmental Rehabilitation Trust South Africa Undisclosed

AngloGold Exploration (Tanzania) Ltd British Virgin Islands 100.00
AngloGold Limited Employees' Share and
South Africa Undisclosed
Debenture Trust
Anglogold Namibia (Pty) Ltd Namibia 100.00
AngloGold Prospects (East Africa) Ltd Isle of Man 100.00
Beisa Oryx (Pty) Ltd South Africa 5.00
Boskop Areas (West Wits) Ltd South Africa 12.00
Bushbuck Ventures (Pty) Ltd South Africa 5.00
Cape Verde (Pty) Ltd South Africa 50.00
Chamber of Mines Building Company Ltd (The) South Africa 30.72
Covalent Water Company (Pty) Ltd South Africa 100.00
Eastvaal Gold Holdings Ltd South Africa 100.00
Ellaton Gold Mining Company Ltd South Africa 20.00
First Uranium (Pty) Ltd South Africa 100.00
Free State Consolidated Gold Mines (Operations)
South Africa 100.00
(Pty) Ltd
Gold of Africa Collection South Africa 100.00
Igolide (Pty) Ltd South Africa 100.00
Lucas Block Minerals Ltd South Africa 25.00
Margaret Water Company South Africa 33.30
Masakhisane Investment (Pty) Ltd South Africa 100.00
ORYX Ventures (Pty) Ltd South Africa 5.00
Rand Mutual Assurance Company Ltd (The) South Africa 5.13
Rand Refinery (Pty) Ltd South Africa 42.41
Vyfhoek Exploration and Mining Company Ltd South Africa 50.00

Siccodes 23000, 24240 & 25200
CENTRAL RAND GOLD LTD

Reg. Number: 2007/019223/10
BEE Rating: Not Disclosed Updated: 2017-10-25
Trafalgar Court, 2nd Floor, East CRG Slot 8, Cnr Spencer & Trafalgar Court, 2nd Floor, East
Wing, Admiral Park, Robert Roads, Robertville, Wing, Admiral Park, St Peter
St Peter Port, GY1 3HU, Roodepoort, 1709, South Africa Port, GY1 3HU, Guernsey
Guernsey
Tel: +27 87 310-4400 Fax.: +27 87 310-4449
Email: info@centralrandgold.com Website: www.centralrandgold.com
Shareholders
TD Direct Investing Nominees Ltd 8.20
Barclays Stockbrokers Ltd 7.94
Halifax Share Dealing Ltd 8.04
Mr Wang, Jiabang 6.57
Hargreaves Lansdown (Nominees) Ltd 5.72
Mr Gu Esq, Yizhou 4.66
Standard Bank of South Africa Ltd (The) 3.67
Sasfin Securities (Pty) Ltd 3.58
Redstone Capital Ltd 4.27
Interactive Investor Trading Ltd 3.61
Winterflood Securities Ltd 3.57
Mr Fitzgerald, Cantor 3.73
Peel Hunt LLP 3.34
Directors
Appointment
Name Designation
Date
Mr Li Pin Wang 2018-01-26 Non-Executive Chairman
Mr Jia Bang Wang 2018-04-23 Executive Director

Siccodes 23000, 24240 & 25200
Mr Weifan (William) Zhuang 2018-01-16 Executive Director
History of Business
Central Rand Gold Ltd was incorporated in Guernsey on 10 July 2007 and listed on the main boards
of both the LSE and the JSE in November 2007. On 18 September 2013, Central Rand Gold opted to
transfer its listing to the alternative exchanges of AIM in London and to the AltX in Johannesburg.
The company's shares were suspended from trade on the JSE on 11 May 2017, pending clarification
of the company's financial position.
The company was delisted from the AIM on 13 November 2017 and from the AltX on 14 May 2018.
Nature of Business
Central Rand Gold Ltd is an unhedged gold exploration and mining group with multiple assets within
the historically rich Central Rand Goldfield in South Africa.
The key assets within Central Rand Gold’s current portfolio are the Consolidated Main Reef (CMR)
operations, which have been split into CMR West and CMR East, and the Crown Mines development.
Company Secretary Ms S Sfetsios
Nr. of Employees 111 (Permanent)
Auditors Moore Stephens LLP
Attorneys K&L Gates LLP; Carey Olsen; Vasco de Oliveira
Stockbrokers Merchantec Capital; Peterhouse Corporate Finance Ltd
Turnover [2016] R 70.96m ($ 4.83m) As Per IRESS Financials
Investment, Income
and Finance -R 6.54m (-$ 0.45m)
Charges [2016]
Profit -R65.83m (-$4.48m) As Per IRESS Financials
Terbium Financial Business Partners Tower Hive, 5th Floor, 3 PO Box 61272,
Services (Pty) Ltd Caxton Road, Industria, 2093 Marshalltown

Siccodes 23000, 24240 & 25200
Influencing Factors
• It is not always possible or economical to obtain insurance against all risks facing the group.
• Currency fluctuations may affect the group’s financial results.
• The threat of rising costs could undermine the competitiveness of mining and metal companies.
• Prospecting and Mining Rights legislations.
Activities
Activity Percentage
Gold mining and exploration 100.00
Units Manufactured
Sales for 2016:

3,134 ounces (Gold)

Central Rand Gold (Netherlands Antilles) NV Netherlands Antilles 100.00
Ferreira Estate and Investment Company Ltd South Africa 100.00

Siccodes 23000, 24240 & 25200
DRDGOLD LTD
Reg. Number: 1895/000926/06
JSE Code: DRD
BEE Rating: Not Rated Updated: 2017-10-31
PO Box 390, Maraisburg, 1 Sixty Jan Smuts Building, 2nd 1 Sixty Jan Smuts Building, 2nd
Johannesburg, 1700, South Floor, North Tower, 160 Jan Floor, North Tower, 160 Jan
Africa Smuts Avenue, Rosebank, Smuts Avenue, Rosebank,
Johannesburg, 2196, South Johannesburg, 2196, South
Africa Africa
Tel: +27 11 470-2600 Fax.: +27 11 470-2618
Email: james@rair.co.za Website: www.drd.co.za; www.drdgold.com
Shareholders
Sibanye Gold Ltd 38.05
Bank of New York Mellon (The) 30.28
BNY Mellon Fund Managers Ltd 3.50
Khumo Gold SPV (Pty) Ltd 2.44
DRDSA Empowerment Trust 1.51
Clearstream Banking SA 2.06
Citiclient Nominees No 8 NY GW 1.87
Ergo Mining Operations (Pty) Ltd 1.34
KBC Securities NV 1.12
Mr Campbell, Geoffrey Charles 0.0464
Mr Pretorius, Daniel Johannes (Niel) 0.0012
Directors
Appointment
Name Designation
Date
Mr Geoffrey Charles Campbell 2002-03-20 Independent Non-Executive Chairman

Siccodes 23000, 24240 & 25200
Mr Adriaan Jacobus (Riaan) Davel 2015-01-01 Chief Financial Officer
Mr Johan Andries Holtzhausen 2014-04-25 Independent Non-Executive Director
Mr Edmund Abel Jeneker 2007-11-01 Independent Non-Executive Director
Ms Thoko Victoria Buyiswa

2016-12-01 Independent Non-Executive Director
Nomalanga Mnyango
Mr Daniel Johannes (Niel) Pretorius 2006-07-01 Chief Executive Officer
Mr James Turk 2004-10-01 Independent Non-Executive Director
History of Business
Durban Roodepoort Deep Ltd was established and listed on the JSE on 16 February 1895 and a
secondary listing on the New York Stock Exchange Ltd (NYSE). In December 2004, the name was
changed to DRDGold Ltd. The company’s shares are also traded on the Marché Libre in Paris, the
Regulated Unofficial Market of the Frankfurt Stock Exchange, the Berlin and Stuttgart OTC markets,
as well as on Euronext Brussels in the form of International Depositary Receipts.
On 31 July 2018, DRDGold Ltd acquired the West Rand Tailings Retreatment Project from Sibanye
Gold Ltd in exchange for a 38.05% interest in DRDGold.
Nature of Business
DRDGold Ltd is a mid-tier, unhedged gold producer and is involved in the recovery of gold through
the retreatment of surface tailings. Its strategy is to deploy its resources to extract as much gold as
possible from its 11.8 million ounces surface resource. DRDGold conducts business through the
subsidiary structure of Ergo Mining Operations (Pty) Ltd.
Operations in South Africa include:

• ERPM Ext 1 & 2 (Up for sale)
• Crown
• Ergo
• Brakpan tailings facility
• West Rand Tailings Retreatment Project
Company Secretary Ms R Masemene
Nr. of Employees 2215 (850 - Permanent; 1,365 - Deployed on-site)
Banks Absa Bank Ltd; Standard Bank of South Africa Ltd

Siccodes 23000, 24240 & 25200
Auditors KPMG Inc
Skadden, Arps, Slate, Meagher and Flom (UK) LLP; Edward Nathan
Attorneys
Sonnenbergs Inc; Malan Scholes Attorneys; Mendelow Jacobs
Turnover [2017] R 2,339.90m ($ 175.73m) As Per IRESS Financials
Investment, Income
Charges [2017]
Profit R13.70m ($1.03m) As Per IRESS Financials
Company Year End June
13th Floor, Rennie House, 19 +27 11

Link Market Services
Ameshoff Street, Braamfontein, PO Box 4844, Johannesburg 713
South Africa (Pty) Ltd
Johannesburg, 2001 0800
The Registry, Bourne House, 34 The Registry, 34 +44 20

Capita Registrars Ltd Beckenham Road, Beckenham, Beckenham Road, 8639
Kent BR3 4TU, England Beckenham, Kent, England 3399
Computershare Investor +61

Level 11, 172 St Georges Terrace, GPO Box D182, Perth, WA
Services Pty Ltd 1300
Perth, WA 6000 6840
(Australia) 787-272
Corporate Governance in Relation to SED & ED
As at 2017, the group's total socio-economic development expenditure was R25.0m, which
incorporates CSI, LED and HR development.
Focus areas include:

• Employees: skills development, information – including retirement, Vuselela and Best Life
• Youth: maths, science, accounting classes, Enterprise Clubs
• Communities: skills development, sustainable job creation, health and housing
• Overall improvement of the environment surrounding the operations

Siccodes 23000, 24240 & 25200
Units Manufactured
• 137,114 ounces (Gold) • 50.7 million ounces (Attributable Mineral Resources) • 3 million ounces
(Attributable Ore Reserves)

Argonaut Financial Services (Pty) Ltd South Africa 100.00
Chamber of Mines Building Company Ltd (The) South Africa 3.00
Crown Consolidated Gold Recoveries Ltd South Africa 100.00
Dome Resources NL Australia 100.00
DRD (Offshore) Ltd Isle of Man 100.00
DRD Australasia Pty Ltd Australia 100.00
DRD Australia APS Australia 100.00
DRD International APS Australia 100.00
East Champ d'Or Gold Mine Ltd South Africa 100.00
Ergo Mining Operations (Pty) Ltd South Africa 100.00
Hartebeestfontein Gold Mining Company Ltd South Africa 100.00
Rand Leases (Vogelstruisfontein) Gold Mining
South Africa 100.00
Company Ltd
Roodepoort Gold Mine (Pty) Ltd South Africa 100.00
West Witwatersrand Gold Holdings Ltd South Africa 100.00

Siccodes 23000, 24240 & 25200
GOLD FIELDS LTD

Reg. Number: 1968/004880/06
JSE Code: GFI
Postnet Suite 252, Private Bag 150 Helen Road, Sandown, 150 Helen Road, Sandown,
X30500, Houghton, Sandton, Johannesburg, 2196, Sandton, Johannesburg, 2196,
Johannesburg, 2041, South South Africa South Africa
Africa
Tel: +27 11 562-9700 Fax.: +27 11 562-9829
Email: info@goldfields.co.za Website: www.goldfields.co.za
Shareholders
Government Employees Pension Fund 7.68
Market Vectors Gold Miners Fund EFT 5.95
VanEck Vectors Gold Miners ETF 4.53
Mr Holland, Nicholas John 0.0744
Mr Menell, Richard Peter (Rick) 0.0007
Ms Carolus, Cheryl Ann 0.0004
Mr Schmidt, Paul Andy 0.0149
Mr Chohan, Naseem Ahmed 0.0051
Ms Harmse, Taryn Leigh 0.0020
Mr Baku, Alfred 0.0049
Mr Mattison, Brett Jonathon 0.0052
Directors
Appointment
Name Designation
Date
Mr Alhassan Andani 2016-08-01 Independent Non-Executive Director
Mr Peter James Bacchus 2016-09-01 Independent Non-Executive Director
Ms Cheryl Ann Carolus 2013-02-13 Independent Non-Executive Chairman

Siccodes 23000, 24240 & 25200
Mr Terence Philip Goodlace 2016-07-01 Independent Non-Executive Director
Mr Nicholas John Holland 2008-05-01 Chief Executive Officer
Dr Carmen Eileen Letton 2017-05-01 Independent Non-Executive Director
Independent Non-Executive Deputy

Mr Richard Peter (Rick) Menell 2015-08-19
Chairman
Mr Steven Paul Reid 2016-02-01 Independent Non-Executive Director
Mr Paul Andy Schmidt 2009-11-06 Chief Financial Officer
Mr Yunus Goolam Hosen Suleman 2016-09-01 Independent Non-Executive Director
Managers
Appointment
Name Designation
Date
Manager - Executive Vice President: Head of

Mr Alfred Baku 2013-08-01
West Africa Region
Manager - Executive Vice-President:

Mr Richard Butcher 2016-02-01
Technical

Mr Naseem Ahmed Chohan
Sustainable Development
Manager - Executive Vice-President: General

Ms Taryn Leigh Harmse 2014-05-01
Counsel

Mr Stuart Matthews
Australasia Region

Mr Brett Jonathon Mattison
Strategy, Planning & Corporate Development
Manager - Executive Vice President: Investor

Mr Avishkar Nagaser
Relations & Corporate Affairs
Manager - Executive Vice President: South

Mr Martin Preece
Africa

Mr Luis Rivera
Americas Region

Siccodes 23000, 24240 & 25200
History of Business
Gold Fields operations were established in 1887, when Cecil John Rhodes and Charles Rudd formed
Gold Fields of South Africa. In 1932, the company began mining the mineral-rich West Rand, where
it discovered high-yielding gold deposits. A merger between Gold Fields of South Africa and Gencor
in 1998 led to the formation of a new company, Goldco, which was subsequently renamed Gold
Fields Ltd.
In November 2012, Gold Fields announced the creation of a separate South African gold mining
company, through the unbundling of its South African gold ming assets. The Beatrix, Driefontein and
Kloof operations, as well as various service companies, were transferred into the JSE-listed Sibanye
Gold Ltd, formerly known as GFI Mining South Africa (Pty) Ltd.
On 1 October 2013, Gold Fields announced that it had completed the acquisition of the Granny
Smith, Lawlers and Darlot gold mines (collectively known as the Yilgarn South Assets) in Western
Australia, from Barrick Gold Corporation.
Gold Fields completed the sale of Darlot to Australian junior miner Red 5 on 2 October 2017. On 31
July 2018: Gold Fields announced the completion of a Joint Venture transaction with Asanko Gold
Inc, with Gold Fields acquiring a 50% stake of Asanko’s 90% interest in the Asanko gold mine in
Ghana.
Gold Fields Ltd has a primary listing on the JSE, with secondary listings on the New York Stock
Exchange, and the SIX Swiss Exchange.
Nature of Business
Gold Fields Ltd operates as an international gold producer operating mines across Australia, Ghana,
Peru, and South Africa.
The following mines are in operation:

• South Deep (South Africa)
• Tarkwa (Ghana)
• Damang (Ghana)
• Asanko (Ghana)
• St Ives (Australia)

Siccodes 23000, 24240 & 25200
• Agnew/Lawlers (Australia)
• Granny Smith (Australia)
• Cerro Corona (Peru)
Current projects include:

• Gruyere (Australia) - In development
• Far Southeast (Philippines) - scoping studies underway
• Salares Norte (Chile) - feasibility study underway
GFL Mining Services Ltd has an agreement with Rand Refinery (Pty) Ltd, in which Gold Fields Ltd
holds an interest, providing for the refining of almost all of Gold Fields’ South African gold
production.
Company Secretary Ms MML Mokoka
18594 (Group) (8,856 - Permanent; 9,738 - Contractors) (6,432 - South

Nr. of Employees
Africa)
Banks Standard Bank of South Africa Ltd
Auditors KPMG Inc
Investment, Income
and Finance -R 1,008.32m (-$ 75.70m)
Charges [2017]
The Registry, Bourne House, 34 The Registry, 34 Beckenham +44 20

Capita Registrars Ltd Beckenham Road, Beckenham, Kent Road, Beckenham, Kent, 8639
BR3 4TU, England England 3399
Investor Services, PO Box +201

The Bank of New York
11258, Church Street Station, 680
Mellon
New York 6825

Siccodes 23000, 24240 & 25200
Computershare +27 11
15 Biermann Avenue, PO Box 61051, Marshalltown,
Investor Services (Pty) 370-
Johannesburg, 2196 2107
Ltd 5000
Units Manufactured
Production for 2017: 2.16 million oz (gold)

Beatrix Mines (Pty) Ltd South Africa 100.00
Beatrix Mining Ventures (Pty) Ltd South Africa 100.00
Bezant Resources Plc United Kingdom 2.90
Cardinal Resources Ltd Australia 11.00
Cariboo Rose Resources Inc Canada 1.40
Cascadero Copper Corporation Canada 1.10
Clancy Exploration Ltd Australia 0.60
Consolidated Woodjam Copper Corporation Canada 17.20
Damang Mine Ghana 71.00
Driefontein Consolidated (Pty) Ltd South Africa 100.00
Far Southeast Gold Resources Inc Philippines 40.00
Farworks/682 (Pty) Ltd South Africa 100.00
Fjordland Exploration Inc Canada 0.80
GFL Mining Services Ltd South Africa 100.00
Gold Fields Group Services (Pty) Ltd South Africa 100.00
Gold Road Resources Ltd Australia 9.90
GSM Mining Company Pty Ltd Australia 100.00
Hummingbird Resources Plc United Kingdom 6.20
Maverix Metals Inc Canada 32.30
Newshelf 899 (Pty) Ltd South Africa 90.00
Orsu Metals Corporation United Kingdom 7.30
Rackla Metals Inc (Canada) Canada 1.60
Radius Gold Inc United States 4.20
Rusoro Mining Ltd Canada 25.70

Siccodes 23000, 24240 & 25200
HARMONY GOLD MINING COMPANY LTD

Reg. Number: 1950/038232/06
JSE Code: HAR
PO Box 2, Randfontein, 1760, Randfontein Office Park, Cnr Randfontein Office Park, Cnr
South Africa Main Reef Road & Ward Avenue, Main Reef Road & Ward Avenue,
Randfontein, 1759, South Africa Randfontein, 1759, South Africa
Tel: +27 11 411-2000 Fax.: +27 11 692-3879
Email: corporate@harmony.co.za Website: www.harmony.co.za
Shareholders
African Rainbow Minerals Ltd 14.55
Van Eck Inc 8.96
Acadian Asset Management LLC 2.02
RMB Morgan Stanley (Pty) Ltd 2.02
Blackrock Investment Management Ltd 2.40
BlackRock Investment Management (UK) Ltd 1.55
Fairtree Capital (Pty) Ltd 1.49
Mr Abbott, Frank 0.1363
Mr Dicks, Kenneth Victor (Ken) 0.0079
Mr Wilkens, Andries Jacobus (Andre) 0.0228
Mr Mashego, Harry Ephraim (Mashego) 0.0001
Mr van Heerden, Johannes 0.0056
Mr Nel, Beyers 0.0039
Mr Tobias, Phillip 0.0026

Siccodes 23000, 24240 & 25200
Directors
Appointment
Name Designation
Date
Mr Frank Abbott 2011-11-08 Executive Financial Director
Mr Joaquim Alberto Chissano 2005-04-01 Independent Non-Executive Director
Ms Fikile Felicity Tebogo de Buck 2006-04-01 Lead Independent Non-executive Director
Mr Kenneth Victor (Ken) Dicks 2008-02-13 Independent Non-Executive Director
Dr Dugmore Simosezwe Simphiwe

(Simo) Lushaba
Mr Harry Ephraim (Mashego)

2010-02-24 Executive Director - Corporate Affairs
Mashego
Independent Non-Executive Deputy

Mr Modise John Motloba 2004-07-01
Chairman
Mr Patrice Tlhopane Motsepe 2003-00-00 Non-Executive Chairman
Mr Mavuso Msimang 2011-03-26 Independent Non-Executive Director
Ms Karabo Tshailane (Gwendoline)

Nondumo
Mr Vinogaren Parmanandhan
(Vishnu) Pillay
Mr Max Vuyisile Sisulu 2018-01-31 Independent Non-Executive Director
Mr Peter William Steenkamp 2016-01-01 Chief Executive Officer
Mr John Leslie Wetton 2011-07-01 Independent Non-Executive Director
Mr Andries Jacobus (Andre)

2007-08-01 Non-Executive Director
Wilkens
Managers
Appointment
Name Designation
Date
Manager - Executive: Ore Reserve

Mr Jaco Boshoff
Management
Mr Anton Buthelezi Human Resources Manager

Siccodes 23000, 24240 & 25200
Manager - Executive: Technical Services &

Mr Robert Hart
Engineering (Acting)
General Manager - Regional: Masimong, Joel,

Mr Francois Janse van Rensburg
Unisel & Bambanani
Dr Tumi Legobye Manager - Executive: Health
Ms Boipelo Pride Lekubo Chief Financial Officer
General Manager - Regional: Kalgold,

Mr Moses Motlhageng
Doornkop & Kusasalethu
Chief Financial Officer - South Africa

Mr Danie Muller
Operations (Acting)
Manager - Executive: Sustainable

Ms Melanie Naidoo-Vermaak
Development
Mr Beyers Nel 2016-03-01 Manager - COO: South African Operations
Mr Phillip Tobias 2016-03-01 Manager - Executive: New Business
Mr Tom van den Berg Manager - Executive: Safety & Technology
Manager - Executive: Corporate & Investor

Ms Marian van der Walt
Relations
Mr Johannes van Heerden Manager - CEO: South-East Asia
Mr Abré van Vuuren Manager - Executive: Special Projects
History of Business
Harmony Gold Mining Company Ltd was registered in 1950 and was listed on the JSE in 1951. The
company was previously managed by Randgold, however, became completely independent in 1995.
On 28 February 2018, AngloGold Ashanti completed the sale of its Vaal River assets (Kopanang,
Moab Khotsong, Great Noligwa) to Harmony Gold Mining Company Ltd. The sale included AngloGold
Ashanti’s entire interest in Nuclear Fuels Corporation of South Africa (Pty) Ltd and in the Margaret
Water Company.
Nature of Business
Harmony Gold Mining Company Ltd and its subsidiaries and associates undertake underground and
surface gold mining and related activities including exploration, processing, smelting and
benefication. Harmony's principal mining operations are located in South Africa with exploration and
evaluation programmes in Papua New Guinea.

Siccodes 23000, 24240 & 25200
South Africa operations include:

• Bambanani
• Joel
• Masimong
• Phakisa
• Target 1
• Target 3
• Tshepong
• Unisel
• Doornkop South Reef
• Kusasalethu
• St Helena
• Kalgold (open pit)
• Phoenix (surface)
• Vaal River assets (Kopanang, Moab Khotsong, Great Noligwa)
• Nuclear Fuels Corporation of South Africa (Pty) Ltd (Nufcor) - a uranium calcining facility
• Margaret Water Company - pumping of underground water
Papua New Guinea:

• Golpu
• Hidden Valley
• Hamata
Company Secretary Ms R Bisschoff
Nr. of Employees 33201 (Group) (South Africa: 30,990 - permanent and contract)
Banks Nedbank Ltd (a division of the Nedbank Group Ltd)
Auditors PricewaterhouseCoopers Inc
Attorneys Cliffe Dekker Hofmeyr Inc
Investment, Income
and Finance R 34.00m ($ 2.55m)
Charges [2017]

Siccodes 23000, 24240 & 25200
Link Market Services 13th Floor, Rennie House, 19 Ameshoff PO Box 4844, +27 11
South Africa (Pty) Ltd Street, Braamfontein, Johannesburg, 2001 Johannesburg 713 0800
During the 2017 financial year, Harmony spent R11.0m on corporate social responsibility projects.
Units Manufactured
Production for 2016:

1.09 million ounces (Gold)
1.05 million ounces (Silver)
Brandnames
Harmony
Trademarks
Harmony

African Rainbow Minerals Gold Ltd South Africa 100.00
Armgold Harmony Joint Investment Company
South Africa 100.00
(Pty) Ltd
Avgold Ltd South Africa 100.00
Coreland Property Development Company (Pty)
South Africa 100.00
Ltd
Coreland Property Investment Company (Pty) Ltd South Africa 100.00
Coreland Property Management Company (Pty)
South Africa 100.00
Ltd
Freegold (Harmony) (Pty) Ltd South Africa 100.00
Harmony Copper Ltd South Africa 100.00
Harmony Engineering (Pty) Ltd South Africa 100.00
Harmony Gold (Isle of Man) Ltd Isle of Man 100.00

Siccodes 23000, 24240 & 25200
Harmony Gold (Management Services) (Pty) Ltd South Africa 100.00

Harmony Gold International Holdings (Pty) Ltd Unknown 100.00
Harmony Gold Ltd Isle of Man 100.00
Harmony Pharmacies (Pty) Ltd South Africa 99.00
La Riviera (Pty) Ltd South Africa 100.00
Lydenburg Exploration Ltd South Africa 100.00
Musuku Beneficiation Systems (Pty) Ltd South Africa 100.00
Nuclear Fuels Corporation of South Africa (Pty)
South Africa 100.00
Ltd
Pamodzi Gold Ltd South Africa 32.00
Randfontein Estates Ltd South Africa 100.00
Tswelopele Beneficiation Operation (Pty) Ltd South Africa 100.00
Unisel Gold Mines Ltd South Africa 100.00
Virginia Salvage (Pty) Ltd South Africa 90.00
West Rand Consolidated Mines Ltd South Africa 100.00

Siccodes 23000, 24240 & 25200
LONMIN PLC
Reg. Number: 1969/000015/10
JSE Code: LON
VAT Number: 4540198092 Updated: 2018-08-03
5th Floor, Connaught House, 1-3 5th Floor, Connaught House, 1-3 5th Floor, Connaught House, 1-3
Mount Street, Mount Street, Mount Street,
London, W1K 3NB, United London, W1K 3NB, United London, W1K 3NB, United
Kingdom Kingdom Kingdom
Tel: +44 203 908-1070 Fax.: +44 203 281-6995
Email: contact@lonmin.com Website: www.lonmin.com
Branches
Branch Area Head Tel
Lonmin South African Operational Headquarters North West +27 14 571-2000
Shareholders
Directors
Appointment
Name Designation
Date
Mr Brian Richard Beamish 2013-11-01 Independent Non-Executive Chairman
Mr Kennedy Gcinumuzi Bungane 2016-03-01 Non-Executive Director
Ms Gillian Amanda Fairfield 2017-08-01 Independent Non-Executive Director
Mr Jonathan Charles Alexander

Leslie
Mr Bennetor (Ben) Magara 2013-07-01 Chief Executive Officer
Ms Varda Shine 2015-02-16 Independent Non-Executive Director
Mr Barend Johannes (Barrie) van

2016-05-17 Chief Financial Officer
der Merwe

Siccodes 23000, 24240 & 25200
Managers
Appointment
Name Designation
Date

Ms Tanya Chikanza Corporate Strategy, Investor Relations &
Corporate Communications

Mr Michael Gomes (Mike) da Costa 2015-07-01
Support Office

Ms Thandeka Tosana Ncube 2017-04-00 Stakeholder Engagement & Regulatory
Affairs
Manager - Executive Vice President: Human

Mr Khaya Ngcwembe 2017-05-00
Resources
History of Business
Lonrho Plc was incorporated in May 1909 and listed on the London Stock Exchange in 1961. Lonrho
Plc changed its name to Lonmin Plc on 18 March 1999. Lonmin Plc was registered as an external
company in South Africa in 1969 and operates through its branch office, under the trading name
Lonmin Management Services. Lonmin has a secondary listing on the JSE.
Lonmin announced on 13 December 2017, that it had acquired 100% of Pandora, having acquired
Anglo American Platinum’s 42.5% interest in the Pandora Joint Venture, as well as the 7.5% interest
held by Mvelaphanda Resources (Pty) Ltd, a subsidiary of Northam.
On 14 December 2017, an all-share offer for the entire issued share capital of Lonmin by Sibanye-
Stillwater was announced.
Nature of Business
Lonmin Plc, a primary producer of platinum, operates as a mine-to-market Platinum Group Metals
(PGMs) producer. Operations currently comprise:
• Marikana Mine – flagship operation and the major source of production
• Marikana Smelters, Base Metal Refinery and Brakpan Precious Metal Refinery
• Pandora operations (100%) - PGMs mined, processed and refined by Lonmin
• Limpopo project – formerly an operational mine placed on care and maintenance in early 2009

Siccodes 23000, 24240 & 25200
• Akanani project – an exploration and evaluation asset

• Sudbury PGM Exploration JV (Canada) - joint ventures with Vale and Wallbridge exploring PGM
mineralisation in the Sudbury Basin in Ontario with a pre-feasibility study on a modest open pit
completed and work is continuing to seek out additional resources.
• Northern Ireland project – an early stage exploration opportunity in an area which shares a
number of geological hallmarks with known economically exploited PGM deposits.
Lonmin also has the following investments:

• Incwala Resources (23.6% interest) - which owns a 26% equity stake in a Lonmin group company
which controls the Akanani project
• Furuya Metals (5.51% interest) - a Japanese specialist fabricator of PGMs.
• Sedibelo Platinum Mines (previously Platmin) (3.11% interest) - a Canadian-domiciled exploration
junior with PGM projects in South Africa. Sedibelo, through its 3.19% subsidiary Boynton, is Lonmin's
joint venture partner at Loskop.
Company Secretary Ms S Kamboj
Nr. of Employees 35360 (Group) (24,713 - Permanent; 7,497 - Contractors)
Banks HSBC Bank Plc; Standard Bank of South Africa Ltd
Auditors KPMG LLP
Stockbrokers HSBC Bank Plc; JP Morgan Equities SA (Pty) Ltd; JP Morgan Ltd
Investment, Income
and Finance -R 1,398.60m (-$ 105.00m)
Charges [2017]
Company Year End September
Link Market 13th Floor, Rennie House, 19

+27 11
Services South Ameshoff Street, Braamfontein, PO Box 4844, Johannesburg
713 0800
Africa (Pty) Ltd Johannesburg, 2001

Siccodes 23000, 24240 & 25200
Aspect House, Spencer Road, Aspect House, Spencer Road, +44 20

Equiniti Group Ltd Lancing, West Sussex, United Lancing, West Sussex, United 7269
Kingdom Kingdom 7103
Units Manufactured
Total refined production for the 2017:

• 687,529 oz - Platinum
• 317,306 oz - Palladium
• 18,052 oz - Gold
• 100,987 oz - Rhodium
• 163,067 oz - Ruthenium
• 33,861 oz - Iridium
• 3,502 mt - Nickel
• 2,126 mt - Copper
Total refined metal sales for the 2017:

• 16,675 oz - Gold
• 1,402,697 mt - Chrome

4321677 Canada Inc Canada 100.00
ACGE Investments Ltd United Kingdom 100.00
African Investment Trust Ltd (The) United Kingdom 100.00
AfriOre Ltd (BVI) British Virgin Islands 100.00
Akanani Mining (Pty) Ltd South Africa 80.10
Burchell Gold (Pty) Ltd South Africa 100.00

Siccodes 23000, 24240 & 25200
Gabon Mining Corporation Gabon 100.00

Greataward Ltd United Kingdom 100.00
Incwala Resources (Pty) Ltd South Africa 23.56
Kwagga Gold (Barbados) Ltd Barbados 100.00
Kwagga Gold (Pty) Ltd South Africa 100.00
Lokoz SPV Ltd Ireland 100.00
London City & Westcliff Properties Ltd United Kingdom 100.00
Lonmin Bahamas Hotels Ltd United Kingdom 100.00
Lonmin Canada Inc Canada 100.00
Lonmin Finance Ltd United Kingdom 100.00
Lonmin Insurance Ltd Guernsey 100.00
Lonmin Mining Supplies Ltd United Kingdom 100.00
Lonmin Mozambique Oil Holdings Ltd United Kingdom 100.00
LSA (UK) Ltd United Kingdom 100.00
Marikana Housing Development Company South Africa 100.00
MNG Investments Ltd United Kingdom 100.00
Pandora Joint Venture South Africa 100.00
Scottish and Universal Investments Ltd United Kingdom 100.00
Societe Gabonaise de Development Minier Gabon 100.00
Southern Platinum (Cayman Islands) Corporation Cayman Islands 100.00
Tobs Ltd United Kingdom 100.00
Western Metal Sales Ltd Bermuda 100.00

Siccodes 23000, 24240 & 25200
OAKBAY RESOURCES AND ENERGY LTD

Reg. Number: 2009/021537/06
Private Bag X180, Halfway Block A, Lower Ground Floor, Corporate Park South, 89 Gazelle
House, Midrand, Grayston Ridge Office Park, 144 Avenue,
Johannesburg, 1685, South Katherine Street, Midrand, Johannesburg, 1685,
Africa Sandown, Sandton, South Africa
Johannesburg, 2196, South
Africa
Tel: +27 11 524-2000 / +27 11 430-7640 Fax.: +27 11 262-4951 / +27 11 325-5942
Email: info@oakbay.co.za Website: www.oakbay.co.za
Shareholders
Oakbay Investments (Pty) Ltd 80.00
Action Investments CC 8.47
Saranya Investments Ltd 5.65
Industrial Development Corporation of South Africa Ltd 3.60
Directors
Appointment
Name Designation
Date
Ms Ronica Ragavan 2017-01-23 Non-Executive Director
Mr George Peter van der Merwe 2017-04-01 Chief Executive Officer - Acting
History of Business
Clidet 1018 (Pty) Ltd was registered on 10 November 2009 and the name was changed to Oakbay
Resources and Energy (Pty) Ltd on 25 February 2010. The company converted to a public company
on 24 October 2014 in anticipation of its listing on 28 November 2014.
On 11 February 2016, the Competition Commission approved of the merger between the Optimum
group of companies and Tegeta Exploration and Resources. On 29 February 2016, the acquisition of
the business of Tegeta Exploration and Resources (Pty) Ltd as a going concern by the Oakbay Group

Siccodes 23000, 24240 & 25200
became unconditional. At the time of the acquisition, the business of Tegeta Exploration and
Resources consisted solely of the Brakfontein coal project. The associated assets and liabilities of
TER were acquired by the group and settled through an issue of 100 million shares in Shiva Uranium
(Pty) Ltd; which is a subsidiary of Oakbay Resources. The coal operations were incorporated into
Shiva Uranium (Pty) Ltd.
The company's shares were suspended from trade on the JSE on 23 June 2017 and it was delisted on
24 July 2017 as it was no longer eligible for listing.
Nature of Business
Oakbay Resources and Energy Ltd is an investment holding company with a 59.47% interest in Shiva
Uranium (Pty) Ltd, a mining and exploration company focused on uranium, gold and coal mining.
Shiva is currently in business rescue.
Shiva's main base of gold and uranium mining and processing operations is conducted on the
Dominiom and Rietkuil Mines in the North West Province.
Shiva's coal mining operations were acquired from Tegeta Exploration and Resources (Pty) Ltd in
2016, and are located at the Brakfontein Colliery, near the town of Delmas in the Mpumalanga
province of South Africa. Prior to the acquisition of the Brakfontein Colliery on 29 February 2016, the
company performed contract mining operations for the Brakfontein Colliery.
Appointment
Company Secretary Representative Year Contact No Email
Date
iThemba Governance &

Statutory Solutions (Pty)
Ltd
Nr. of Employees (963 - Shiva Uranium)
Auditors SizweNtsalubaGobodo Inc
Investment, Income
Charges [2016]

Siccodes 23000, 24240 & 25200
Company Year End February

Shiva Uranium (Pty) Ltd South Africa 59.47

Siccodes 23000, 24240 & 25200
ORION MINERALS LTD

Reg. Number: 098939274
JSE Code: ORN
PO Box 260, Collins Street West, Suite 617, 530 Little Collins Suite 617, 530 Little Collins
Victoria, 8007, Australia Street, Street,
Melbourne, 3000, Australia Melbourne, 3000, Australia
Tel: +613 8080-7170 Fax.: +613 8080-7174
Email: info@orionminerals.com.au Website: www.orionminerals.com.au
Branches
Orion Minerals Kimberley Site Office Northern Cape
Shareholders
Ndovu Capital X BV 19.99
Mr Waddell, Denis 6.76
Silja Investment Ltd 5.72
Independence Group NL 5.47
Eastern Goldfields Exploration (Pty) Ltd 4.28
Power Matla Mining (Pty) Ltd 4.07
Tarney Holdings Pty Ltd 2.58
Delta Resources Management Pty Ltd 2.38
Botsis Holdings Pty Ltd 2.02
Perth Select Seafoods Pty Ltd 2.02
Kinsella Holdings Ltd 1.96
Mr Hamman, Johannes Nicolaas 2.30
Mr van Deventer, Brend 2.18
BNP Paribas Nominees Pty Ltd 1.10
Navigator Australia Ltd 1.47

Siccodes 23000, 24240 & 25200
Proton Minerals Pty Ltd 1.27
Patina Resources Pty Ltd 1.01
Mr Haller, Alexander Zachary 1.12
Dr Pretorius, Leon Eugene 1.41
Mr Barker, Stewart Maxwell 1.20
Mr Haller, Stefan 1.01
Mr Haller, Robin 1.01
Directors
Appointment
Name Designation
Date
Mr Alexander Zachary Haller Non-Executive Director
Mr Michael Hulmes 2018-04-18 Non-Executive Director
Mr Mark Wendall Palmer 2018-02-01 Non-Executive Director
Mr Errol Smart Chief Executive Officer & Managing Director
Mr Denis Waddell Non-Executive Chairman
Managers
Appointment
Name Designation
Date
Manager - Finance & Administration: South

Ms Michelle Jenkins
Africa
History of Business
Orion Gold NL was incorporated in Australia as a no liability company. Orion has a primary listing on
the Australian Securities Exchange and, on 18 September 2017, the company listed on the Gold
Mining sector of the Main Board of the JSE. The company name was changed to Orion Minerals Ltd
on 21 February 2018.
Nature of Business
Orion Minerals Ltd is a mining company primarily involved in zinc, copper nickel, gold, and platinum
group element exploration in Australia and South Africa.
Current exploration projects include:

South Africa:

Siccodes 23000, 24240 & 25200
• Prieska (Areachap project) - zinc and copper

• Marydale (Areachap project) - gold and copper
• Masiqhame Tenure (Kantienpan deposit) - zinc, nickel, copper, and platinum group elements
• Jacomynspan (Namaqua-Disawell project) - nickel, copper, cobalt, and platinum group elements
Australia:
• Connors Arc Project - gold and silver
• Fraser Range - Tropicana gold
• Fraser Range (Nove-Bolinger) - nickel, copper, and cobalt.
The company also retains its mineral rights across the Walhalla project area, which are prospective
for gold, copper, nickel, and platinum group elements.
Company Secretary Mr M Bouwmeester
Auditors RSM Australia Partners
Attorneys Steinepreis Paganin
Investment, Income
Charges [2017]

Agama Exploration and Mining (Pty) Ltd South Africa 100.00
Area Metals Holdings No 2 (Pty) Ltd South Africa 100.00
Areachap Holdings No 2 (Mauritius) Ltd Mauritius 100.00

Siccodes 23000, 24240 & 25200
Areachap Holdings No 2 Pty Ltd Australia 100.00

Areachap Holdings No1 (Mauritius) Ltd Mauritius 100.00
Areachap Holdings No1 Pty Ltd Australia 100.00
Bartotrax (Pty) Ltd South Africa 73.33
Goldstar Resources (WA) Pty Ltd Australia 100.00
Itakane Trading 217 (Pty) Ltd South Africa 100.00
Kamax Resources Ltd Australia 100.00
Nabustax (Pty) Ltd South Africa 100.00
Orion Group Services International Ltd Seychelles 100.00
Orion Services South Africa (Pty) Ltd South Africa 100.00
Rich Rewards Trading 437 (Pty) Ltd South Africa 73.33
RSA Services Ltd Australia 100.00
Vardocube (Pty) Ltd South Africa 70.00
General Comment
On 2 May 2018, the company announced the sale of its Connors Arc Project to Evolution Mining Ltd.
Completion of the sale is subject to certain conditions, including receipt of relevant government
approvals.

Siccodes 23000, 24240 & 25200
PAN AFRICAN RESOURCES PLC

JSE Code: PAN
Suite 31, 2nd Floor, 107 1st Floor, Office 101, The Firs Suite 31, 2nd Floor, 107
Cheapside, Office Building, Cnr Cradock & Cheapside,
London, EC2V 6DN, United Bermann Avenues, London, EC2V 6DN, United
Kingdom Rosebank, Johannesburg, 2196, Kingdom
South Africa
Tel: +27 11 243-2900 / +44 20 7796-8644 Fax.: +27 11 880-1240 / +44 20 7796-8645
Email: leandra@paf.co.za Website: www.panafricanresources.com
Shareholders
PAR Gold (Pty) Ltd 19.43
Allan Gray Equity Fund 3.93
Mr Loots, Cobus 0.0251
Mr Mosololi, Thabo Felix 0.0013
Mr Louw, Deon 0.0062
Directors
Appointment
Name Designation
Date
Ms Hester Helena Hickey 2012-04-12 Independent Non-Executive Director
Mr Cobus Loots 2015-03-01 Chief Executive Officer
Mr Deon Louw 2015-03-01 Executive Financial Director
Mr Thabo Felix Mosololi 2013-12-09 Independent Non-Executive Director
Mr Rowan Murray Smith 2014-09-08 Independent Non-Executive Director
Mr Keith Cousens Spencer 2011-12-14 Independent Non-Executive Chairman

Siccodes 23000, 24240 & 25200
Managers
Appointment
Name Designation
Date
Mr Neal Reynolds Manager - Group Financial Controller
Mr Casper Strydom General Manager - Barberton Mines
Manager - Executive: Operations & Human

Mr Andre van den Bergh
Resources
History of Business
Pan African Resources Plc (previously Viking Internet Plc) was incorporated in February 2000 and
acquired 74% of Barberton Mines from Metorex Ltd in 2007. The company was listed on the JSE on
31 July 2007. Pan African Resources acquired Evander Gold Mines Ltd from Harmony Gold Mining
Company Ltd on 28 February 2013. The Uitkomst Colliery, which was acquired on 31 March 2016,
was disposed of on 30 June 2017 to Coal of Africa Ltd. A conditional agreement to dispose of
Phoenix Platinum was concluded after June 2017.
On 31 July 2017 Pan African Resources entered into an agreement to dispose of Phoenix Platinum
Mining (Pty) Ltd, a chrome tailings retreatment plant, to Sylvania Platinum Ltd. Evander Mines
ceased its underground mining operations No 8 Shaft and concluded its retrenchment process at the
end of May 2018.
Nature of Business
Pan African Resources Plc is the holding company for a mining group focused on gold and platinum
in South Africa.
Operations include:
• Barberton Mines - three underground gold mines (Fairview, Sheba, and New Consort)
• Barberton Tailings Retreatment Plant (BTRP)
• Evander Mines - ceased underground mining operations. Evander exploration assets comprise
Evander South, Rolspruit and Poplar.
• Evander Tailings Retreatment Plant (ETRP)
• Elikhulu tailings retreatment project - entering the commissioning phase (first gold production
expected in August 2018)

Siccodes 23000, 24240 & 25200
Appointment
Date
St James's Corporate
Phil Dexter, P 2018
Services Ltd
Nr. of Employees 3932 (Group) (Permanent)
Banks Absa Bank Ltd; Nedbank Ltd (a division of the Nedbank Group Ltd)
Auditors Deloitte LLP
Attorneys Fasken Martineau LLP
Stockbrokers Peel Hunt LLP; Numis Securities Ltd
Investment, Income and

-R 42.67m (-$ 3.20m)
Finance Charges [2017]

Units Manufactured
173,285 ounces sold (Gold)

Barberton Mines (Pty) Ltd South Africa 95.00
Elikhulu Tailings Retreatment (Pty) Ltd South Africa 100.00
Emerald Panther Investments 91 (Pty) Ltd South Africa 100.00
MC Mining Ltd Australia 9.27
Pan African Resources Funding Company (Pty) Ltd South Africa 100.00
Pan African Resources Management Services
South Africa 100.00
Company (Pty) Ltd

Siccodes 23000, 24240 & 25200
PENINSULA ENERGY LTD

Reg. Number: ABN67062409303 Updated: 2018-06-29
PO Box 8129, Subiaco East, WA Units 32/33, Level 3, 22 Railway Units 32/33, Level 3, 22 Railway
6008, Australia Road, Road,
Subiaco, WA 6008, Australia Subiaco, WA 6008, Australia
Tel: +61 8 9380-9920 Fax.: +61 8 9381-5064
Email: info@pel.net.au Website: www.pel.net.au
Shareholders
HSBC Custody Nominees (Australia) Ltd 33.09
Merrill Lynch (Australia) Nominees Pty Ltd 21.52
Citicorp Nominees Pty Ltd 12.38
BNP Paribas Noms Pty Ltd 2.61
JP Morgan Nominees Australia Ltd 1.12
National Nominees Ltd 0.59
SGK Holdings (Aust) Pty Ltd 1.14
Rynobronbella Pty Ltd 1.09
Somtaj Pty Ltd 1.05
CCP Technical Ltd 0.67
Neoman Pty Ltd 0.51
Inkese Pty Ltd 0.43
Mr Colin Willian Loxton & Mr Murray John Loxton 0.32
Mr McPherson, Gavin 0.23
Mr Vind, Reza Rezazadeh 0.23
Mr Yuryevich, Wally Michael 0.26
Ms MacKow, Marisa 0.29
Mr Loxton, Colin William Undisclosed
Mr Loxton, Murray John Undisclosed

Siccodes 23000, 24240 & 25200
Directors
Appointment
Name Designation
Date
Mr Harrison Barker 2015-08-03 Independent Non-Executive Director
Mr David Coyne 2017-03-27 Chief Financial Officer
Mr John Harrison 2014-09-01 Independent Non-Executive Chairman
Mr Wayne Heili 2017-04-03 Chief Executive Officer
Mr Evgenij Iorich 2015-02-01 Non-Executive Director
Mr Mark Kenneth Wheatley 2016-04-26 Independent Non-Executive Director
Managers
Appointment
Name Designation
Date
Mr Willie Bezuidenhout Chief Executive Officer - South Africa
History of Business
Peninsula Energy Ltd is listed on the Australian stock exchange which commenced in-situ recovery
uranium operations in December 2015 at its Lance Projects in Wyoming, USA.
Nature of Business
Peninsula Energy Ltd operates as an uranium exploration and development company. The
company’s primary focus is the near term production at the Lance uranium projects in Wyoming,
United States of America (Lance Projects), as well as the Karoo uranium projects in South Africa
(Karoo Projects).
Projects include:
• Lance Projects, Wyoming USA
• Karoo Projects, South Africa - Peninsula has a 74% interest in a total of 40 prospecting rights
covering 7,800 square kilometres of the main uranium-molybdenum bearing sandstone channels in
the Karoo Basin (Karoo Projects).
• Raki Raki Gold Project, Fiji
Company Secretary Mr J Whyte
Nr. of Employees 25 (Est.)
Auditors BDO Audit (WA) Pty Ltd

Siccodes 23000, 24240 & 25200
Turnover [2017] R 239.20m ($ 18.26m) (AR2017)
Profit -R963.3m (-$73.5m) (Net Loss) (AR2017)
Link Market Services Ltd Ground Floor, 178 St Georges Terrace, Perth, WA6000

Beaufort West Minerals (Pty) Ltd South Africa 74.00
Imperial Mining (Fiji) NL Australia 100.00
Peninsula Energy LTIP Pty Ltd Australia 100.00
Peninsula Uranium Ltd United Kingdom 100.00
Peninsula USA Holdings Inc United States 100.00
PM Energy Pty Ltd Australia 100.00
PM Prospecting Pty Ltd Australia 100.00
Strata Energy Inc United States 100.00
Tasman Lukisa JV Company (Pty) Ltd South Africa 74.00
Tasman Mmakau JV Company (Pty) Ltd South Africa 74.00
Tasman Pacific Minerals Ltd Australia 100.00
Tasman RSA Holdings (Pty) Ltd South Africa 100.00
Trove Resources Pty Ltd Australia 100.00
General Comment
Peninsula Energy Ltd has advised that the company has decided to exit and sell its interests in the
Karoo Projects in South Africa. Peninsula intends to complete a divestment of its 74% interest in the
Karoo Projects through an active process over the remainder of the 2017 calendar year. Dependent
on the nature of any transaction, Peninsula may opt to retain some level of exposure to the Karoo
Projects, albeit at a significantly reduced level to that which it currently holds.

Siccodes 23000, 24240 & 25200
SIBANYE GOLD LTD

Trading As: Sibanye-Stillwater
Reg. Number: 2002/031431/06
JSE Code: SGL
BEE Rating: Not Finalised Updated: 2018-08-02
Private Bag X5, Westonaria, Libanon Business Park, 1 Libanon Business Park, 1
1780, South Africa Hospital Street, Off Cedar Hospital Street, Off Cedar
Avenue, Libanon, Westonaria, Avenue, Libanon, Westonaria,
1779, South Africa 1779, South Africa
Tel: +27 11 278-9600 Fax.: +27 11 278-9863
Email: media.enquiries@sibanyestillwater.com Website: www.sibanyestillwater.com
Shareholders
Gold One International (Pty) Ltd 19.73
Van Eck Associates Corporation 10.73
Investec Asset Management (Pty) Ltd 6.71
BlackRock Inc 4.25
Schroders Plc 2.17
Hosking Partners LLP 2.19
Gold Fields Thusano Share Trust 1.46
Directors
Appointment
Name Designation
Date
Mr Timothy John Cumming 2013-02-21 Independent Non-Executive Director
Ms Savannah Nonhlanhla Danson 2017-05-23 Lead Independent Non-executive Director

Siccodes 23000, 24240 & 25200
Mr Barry Erskine Davison 2013-02-21 Independent Non-Executive Director
Mr Neal John Froneman 2013-01-01 Chief Executive Officer
Mr Charl Keyter 2012-11-09 Chief Financial Officer
Mr Richard Peter (Rick) Menell 2013-01-01 Independent Non-Executive Director
Mr Matthews Sello Moloko 2013-01-01 Independent Non-Executive Chairman
Mr Nkosemntu Gladman Nika 2013-02-21 Independent Non-Executive Director
Mr Keith Alfred Rayner 2013-01-01 Independent Non-Executive Director
Ms Susan Comber van der Merwe 2013-02-21 Independent Non-Executive Director
Mr Jeremiah Skhulumi (Jerry) Vilakazi 2013-01-31 Independent Non-Executive Director
Managers
Appointment
Name Designation
Date
Manager - Executive Vice President: US

Mr Chris Bateman 2017-07-03
Region
Manager - Executive Vice President: Legal &

Mr Bunongoe Hartley Dikgale 2013-05-01
Regulatory Affairs (SA Region)
Mr Justin Nicholas Froneman Manager - Head of Finance (US Region)
Mr Pieter Hendrik Henning 2016-04-18 Manager - Head of Finance (SA Region)
Manager - Head of Organisational

Mr Bheki Khumalo 2016-04-18
Development & Communication (SA Region)
Mr Ken Kluksdahl 2017-07-24 Manager - Head of Operations (US Region)
Manager - Head of Human Resources &

Mr Kris Koss
Safety (US Region)
Manager - Head of Protection Services (SA

Mr Nash Lutchman
Region)
Manager - Head of Legal, Environmental &

Ms Heather McDowell
Government Affairs (US Region)

Mr Dawid Mostert
Organisational Effectiveness
Manager - Head of Human Resources (SA

Mr Themba Nkosi
Region)

Siccodes 23000, 24240 & 25200
Manager - Head of Stakeholder Relations (SA

Mr Thabisile Phumo
Region)
Manager - Head of Business Improvement

Mr Kevin Robertson
(SA Region)
Mr Wayne David Richard Robinson 2016-04-18 Manager - Head of Operations (SA Region)
Manager - Executive Vice-President: Business

Mr Richard Andrew Stewart
Development
Manager - Executive Vice President:- CEO: SA

Mr Robert van Niekerk 2017-07-13
Region
Manager - Senior Vice-President: Investor

Mr James Wellsted 2013-01-01
Relations
History of Business
GFI Mining South Africa (Pty) Ltd (GFIMSA) was incorporated on 12 December 2002 as part of the
Gold Fields group. Effective 23 February 2004, and as part of an internal reorganisation of the group,
Gold Fields transferred its South African gold mining assets, including the Beatrix, Driefontein, and
Kloof operations as going concerns to GFI Mining South Africa.
On 27 November 2012, GFIMSA’s name was changed to Sibanye Gold Ltd and converted from a
private company into a public company by adoption of its new memorandum of incorporation.
Sibanye acquired a 50% stake in Mimosa in April 2016 with its acquisition of Aquarius Platinum Ltd.
On 1 November 2016, the Sibanye's purchase of the Rustenberg operations of Anglo American
Platinum became effective. The Hoogland project was discontinued in 2016. The mineral title for
Millennium and Sheba’s Ridge expired during 2017.
In May 2017, Sibanye Gold Ltd acquired the Stillwater Mining Company (Stillwater) in the USA. The
company began trading as Sibanye-Stillwater from the end of August 2017. On 31 July 2018, Sibanye
Gold Ltd acquired a 38.05% interest in JSE-listed DRDGold Ltd in exchange for 100% shareholding in
the West Rand Tailings Retreatment Project.
Nature of Business
Sibanye Gold Ltd t/a Sibanye-Stillwater is a producer of gold and platinum group metals in Southern
Africa and America, with gold mining operations currently located solely in South Africa.

Siccodes 23000, 24240 & 25200
The group owns and operates four underground and surface gold operations:
West Witwatersrand region
• The Cooke Operations consisted of three producing shaft systems as well as three metallurgical
plants (subsidiary Rand Uranium (Pty) Ltd's operations). All shafts are on care and maintenance.
• The Driefontein Operation has six operating shafts and three processing plants
• The Kloof Operation has five operating shafts and two processing plants
Southern Free State region
• The Beatrix Operation has three operating shaft systems with two ventilation shafts to provide
additional upcast and downcast ventilation capacity, and is serviced by two metallurgical plants.
The group also has the following gold projects:

• Burnstone
• West Rand Tailings Retreatment Project (indriectly via 38.05% interest in DRDGold Ltd)
• Southern Free State Project
• Beisa North
• Kloof Decline
• Driefontein Decline
The group's Southern African PGM operations consist of:

• Kroondal consists of five operating shafts and one shaft under care and maintenance (the former
Marikana mine) (interest via Aquarius Platinum Ltd) - mechanised mine on the western limb of the
Bushveld Complex. Managed in a 50:50 pool-and-share agreement with Anglo American Platinum
Ltd.
• Mimosa (50% stake via Aquarius Platinum Ltd) - mechanised platinum mine in Zimbabwe. The
remaining 50% is held by Impala Platinum Holdings Ltd.
• Rustenburg Operations: includes the Bathopele, Siphumelele (including Khomanani) and
Thembelani (including Khuseleka) mining operations, two concentrating plants, an on-site chrome
recovery plant, the Western Limb Tailings Retreatment Plant and associated surface infrastructure.
• Platinum Mile (91.7%) - a tailings retreatment facility located adjacent to Kroondal.
• The Chromite Tailings Retreatment Plant (100%) has been on care and maintenance since August
2012.
• Blue Ridge Mine (Operations Suspended).

Siccodes 23000, 24240 & 25200
The group has the following PGM projects in South Africa:

• Hoedspruit Project
• Vygenhoek Prospect
• Zondernaam Project
The group has the following PGM operations in the United States:
• East Boulder mine - located in Sweet Grass County, Montana
• Stillwater mine - near Nye, Montana
• Columbus Metallurgical Complex - includes smelter facilities together with a base metal refinery
The group also has the following PGM projects in the Americas:
• Blitz (Stillwater)
• Altar project in Argentina
• Marathon PGM-copper project in Canada
Company Secretary Ms LD Matlosa
Auditors KPMG Inc
Investment, Income
and Finance -R 2,556.30m (-$ 191.98m)
Charges [2017]
The Registry, Bourne House, 34 The Registry, 34 Beckenham +44 20

Capita Registrars Ltd Beckenham Road, Beckenham, Kent Road, Beckenham, Kent, 8639
BR3 4TU, England England 3399

Siccodes 23000, 24240 & 25200
Computershare +27 11
15 Biermann Avenue, Johannesburg, PO Box 61051,
Investor Services (Pty) 370-
2196 Marshalltown, 2107
Ltd 5000
Units Manufactured

1.403 million ounces (Gold);
1.571 million ounces (PGM)

Agrihold (Pty) Ltd South Africa 100.00
DRDGold Ltd South Africa 38.05
Golden Hytec Farming (Pty) Ltd South Africa 100.00
Golden Oils (Pty) Ltd South Africa 100.00
Living Gold (Pty) Ltd South Africa 50.00
M Janse Van Rensburg (Pty) Ltd South Africa 100.00
Milen Mining (Pty) Ltd South Africa 100.00
Sibanye Gold Academy (Pty) Ltd South Africa 100.00
Sibanye Gold Protection Services Ltd South Africa 100.00
Sibanye Gold Shared Services (Pty) Ltd South Africa 100.00
Sibanye Platinum (Pty) Ltd South Africa 100.00
Sibanye Resources (Pty) Ltd South Africa 100.00
Sibanye Solar PV (Pty) Ltd South Africa 100.00
Sibanye Uranium (Pty) Ltd South Africa 100.00
St Helena Hospital (Pty) Ltd South Africa 100.00
West DrieFontein Gold Mining Company Ltd South Africa 100.00
Witwatersrand Consolidated Gold Resources (Pty) Ltd South Africa 100.00
Witwatersrand Deep Investments Ltd South Africa 100.00

Siccodes 23000, 24240 & 25200
STIBIUM MINING SOUTH AFRICA (PTY) LTD

Reg. Number: 2011/118202/07
Private Bag X401, Gravelotte, 777 LT Josephine Farm, 777 LT Josephine Farm,
Phalaborwa, 0895, South Africa Gravelotte, Phalaborwa, 0895, Gravelotte, Phalaborwa, 0895,
South Africa South Africa
Tel: +27 15 151-0888 Fax.:
Email: Website: www.smiibawresources.com
Shareholders
Stibium China Holdings Ltd 74.00
Directors
Appointment
Name Designation
Date
Mr Basil Mcilhagga 2015-06-18 Chief Executive Officer
Other Key Personnel
Appointment
Name Designation
Date
Mr David Mulaudzi Financial Controller
History of Business
Business Venture Investments No 1566 (Pty) Ltd was registered in September 2011 and underwent a
name change to Stibium Mining South Africa (Pty) Ltd in June 2015. The company acquired the
operations of the Cons Murch Mine from Village Main Reef.
Nature of Business
Stibium Mining South Africa (Pty) Ltd undertakes the mining of gold and antimony, operating from
Cons Murch Mine.
Nr. of Employees 398

Siccodes 23000, 24240 & 25200

Siccodes 23000, 24240 & 25200
STONEWALL RESOURCES LTD

Reg. Number: ACN131758177 Updated: 2018-07-02
Level 18, 111 Pacific Highway, Level 18, 111 Pacific Highway, Level 18, 111 Pacific Highway,
North Sydney, 2060 NSW, North Sydney, 2060 NSW, North Sydney, 2060 NSW,
Australia Australia Australia
Tel: +61 2 9460-2021 Fax.:
Email: info@stonewallresources.com Website: www.stonewallresources.com
Shareholders
Tasman Funds Management Pty Ltd 13.86
High Gift Investments Ltd 9.74
Strong Wealth Development Ltd 9.26
Best Wealth Winner Ltd 8.28
Khan International Ltd 6.59
Citicorp Nominees Pty Ltd 3.56
Blond Mile International Ltd 4.34
Smart Vision Investment Group Ltd 3.49
Golden Asian Investments Group Ltd 2.53
Goldenroc International (Hong Kong) Ltd 3.43
Murray SA Investment Pty Ltd 2.24
Hanhong New Energy Holdings Ltd 1.92
Kasel Nominees Pty Ltd 1.00
Wisdom Initiatives Pty Ltd 0.96
Mr Fourie, Trevor 0.99
Mr Birrell, Donald Anthony 0.99
Mr Zhe Kuk, Peter 0.85

Siccodes 23000, 24240 & 25200
Directors
Appointment
Name Designation
Date
Mr Trevor Fourie 2012-01-27 Independent Non-Executive Director
Mr Bill Guy Non-Executive Director
Mr George Jenkins Chief Executive Officer
Mr Simon Liu Non-Executive Director
Mr Rob Thomson Executive Managing Director
Mr Bill Richie Yang Non-Executive Director
Managers
Appointment
Name Designation
Date
Ms Elane Botha 2013-05-00 Manager - Group Legal Advisor
Mr Johan Fourie Manager - Group Compliance
Mr Chin Haw Lim Chief Financial Officer & Company Secretary
History of Business
Stonewall Resources Ltd is listed on the Australian stock exchange and began production in South
Africa from its tailings operation on the TGME Project in April 2011.
Nature of Business
Stonewall Resources Ltd is a gold explorer, developer and producer.
Main projects include:

• TGME Project, located around the towns of Pilgrims Rest and Sabie in the Mpumalanga province of
South Africa.
• Lucky Draw Project located in Australia, near the township of Burraga in New South Wales. The
company is renewing the exploration licence with the NSW Resources and Energy Department.
Company Secretary Mr CH Lim
Mills Oakley Lawyers; Norton Rose Fulbright South Africa; Norton Rose
Attorneys
Fulbright Australia

Siccodes 23000, 24240 & 25200
Boardroom (Pty) Ltd Level 7, 207 Kent Street, Sydney, 2000 61 292 909 600

Stonewall Mining (Pty) Ltd South Africa 100.00

Siccodes 23000, 24240 & 25200
VILLAGE MAIN REEF (PTY) LTD

Reg. Number: 1934/005703/07
Postnet Suite 362, Private Bag Block 2, Ground Floor, 13 Block 2, Ground Floor, 257
X21, Boundary Road, Oxford Street,
Bryanston, Johannesburg, 2021, Illovo, Johannesburg, 2196, Illovo, Johannesburg, 2196,
South Africa South Africa South Africa
Tel: +27 86 186-7333 Fax.: +27 11 484-7343
Shareholders
Village Main Reef Group (Pty) Ltd 74.00
Directors
Appointment
Name Designation
Date
Mr Xia Dong 2015-06-01 Non-Executive Director
Ms Xoliswa Nancy Nkala 2016-08-01 Non-Executive Director
Mr William Stanly Owen O'Brien 2018-01-01 Executive Director
Mr Lulamile Lincoln Xate 2016-08-01 Non-Executive Director
Mr Baohong Yu 2015-06-01 Non-Executive Director
Mr Sheng Zhang 2015-06-01 Non-Executive Director
Mr Quanyou Zhang 2015-10-29 Non-Executive Director
History of Business
Village Main Reef Gold Mining Company (1934) Ltd was incorporated in South Africa on 25 June
1934 and later listed on the JSE. In January 2011, the company was reactivated with the purchase of
the mining rights in the Lesego Platinum Project and the name was changed to Village Main Reef
Ltd.
The company was delisted from the JSE on 2 June 2015 and has subsequently converted to a private
company.

Siccodes 23000, 24240 & 25200
Nature of Business
Village Main Reef (Pty) Ltd operates within the mining industry involved in mining platinum group
metals as well as gold mining.
The company’s assets comprise Lesego Platinum, Buffelsfontein Gold Mines (which consists of Tau
Lekoa Mine, Buffels Gold Mine and the South Gold Plant).
• Lesego Platinum is located on the Eastern Limb of the Bushveld Igneous Complex, which contains
the greatest concentration of the earth’s known platinum group metal resources.
• Buffels Gold Mine (not operating) is located in the Klerksdorp goldfields of the Witwatersrand
Basin and exploits the Vaal Reef conglomerate for its gold and uranium oxide.
• Tau Lekoa Mine is also located in the Klerksdorp goldfields, close to the town of Orkney in the
North West Province.
• South Gold Plant (not operating), operated by Village’s wholly owned subsidiary, Nicolor,
processes all underground and surface gold material of the group.
Company Appointment
Representative Year Contact No Email
Secretary Date
Kilgetty
Statutory +27 11 658 tammy.pask@kilgetty.co.z
Services (Pty) 0027 a
Ltd
Nr. of Employees 3232 (Group) (Est.)
Banks Absa Bank Ltd
Auditors PricewaterhouseCoopers IncErnst and Young Inc
Attorneys Bowman Gilfillan Inc
Turnover [2014] R 1,724.65m ($ 159.19m) As Per INET Financials (2014)
Investment, Income
Charges [2014]
Profit R203.46m ($18.78m) As Per INET Financials (2014)

Siccodes 23000, 24240 & 25200
Units Manufactured
• Tau Lekoa Gold Mine: 3,436kg (Gold)

Blyvooruitzicht Gold Mining Company Ltd South Africa 100.00
Disadox (Pty) Ltd South Africa 100.00
First Uranium Corporation Canada 5.70
Jovizest (Pty) Ltd South Africa 100.00
Nebavest 49 (Pty) Ltd South Africa 100.00
Nebavest 69 (Pty) Ltd South Africa 100.00
Simidox (Pty) Ltd South Africa 100.00
Simmer and Jack Investments (Pty) Ltd South Africa 100.00
Umbono Platinum Mining (Pty) Ltd South Africa 27.00
Vaxomode (Pty) Ltd South Africa 100.00
Village Main Reef Gold Investments 01 (Pty) Ltd South Africa 100.00
Village Main Reef Nature Conservation Trust South Africa 100.00

Siccodes 23000, 24240 & 25200
WHITE RIVERS EXPLORATION (PTY) LTD

Reg. Number: 2007/009523/07
PO Box 12065, Clubview, HHK House, North Block D, Cnr HHK House, North Block D, Cnr
Centurion, 0014, South Africa Ruth Crescent & Ethel Avenue, Ruth Crescent & Ethel Avenue,
Northcliff, Ext 12, Johannesburg, Northcliff, Ext 12, Johannesburg,
Tel: +27 11 431-1191 / +27 79 881-9323/1 Fax.: +27 11 431-1193
Email: info@whiterivers.co.za Website: www.whiterivers.co.za
Shareholders
Creasy Group Pty Ltd 63.00
Native Exploration (Pty) Ltd 13.00
Insingizi Minerals (Pty) Ltd 13.00
Mr O'Shea, Stephen Timothy 2.00
Mr Pieters, Cornelius Theodorus (Theo) 2.00
Tahlia Family Trust 1.00
Warburton Family Trust 1.00
Directors
Appointment
Name Designation
Date
Mr Stephen John Lowe 2012-05-11 Non-Executive Director
Ms Simangele Esther Annmaria

2012-05-11 Executive Director
Mngomezulu
Mr Refilwe Tshepo Monageng 2012-05-11 Executive Director
Mr Stephen Timothy O'Shea 2007-08-07 Executive Director
Mr Cornelius Theodorus (Theo) Pieters 2007-05-11 Executive Director
Executive Chairman & Chief Executive

Mr Neil Frederick Warburton 2013-08-21
Officer

Siccodes 23000, 24240 & 25200
History of Business
Auburn Avenue Trading 18 (Pty) Ltd was registered in March 2007 and underwent a name change to
White Rivers Exploration (Pty) Ltd in May 2007.
Nature of Business
White Rivers Exploration (Pty) Ltd is a mineral exploration and development company.
The group's portfolio comprises 14 projects and 24 applications:
• Gold-focused portfolio of 10 projects, with prospective rights for a range of commodities, including
gold, uranium, coal, gas, diamonds and manganese.
- WRE-Harmony Gold Joint Venture (WRE: 65% / Harmony: 35%)
- Beisa (100%)
- Bothaville (100%)
- Hennenman (100%)
- Klerksdorp South (100%)
- Kroonstad (100%)
- Oribi (100%)
- Ventersburg (100%)
- Vredefort NE (100%)
- Vredefort West (100%)
• WRE Base Metals (Pty) Ltd

- Natal East - Phoenix Platinum Mine
• WRE Coal (Pty) Ltd

- Natal East Ext
- Vredefort East Ext
• WRE Manganese (Pty) Ltd

- Recent Placer
Banks First National Bank (a division of FirstRand Bank Ltd)

Siccodes 23000, 24240 & 25200
Auditors SAB and T Chartered Accountants Inc
Attorneys Letsema Consulting & Advisory
The company actively pursues community development such as local employment, training and skills
advancement. It supports the establishment of companies that preferentially employ rehabilitated
offenders, in an effort to combat crime, develop skills and expertise to benefit not only the
communities in which they operate in but also the mining industry.

WRE Base Metals (Pty) Ltd South Africa 100.00
WRE Coal (Pty) Ltd South Africa 100.00
WRE Manganese (Pty) Ltd South Africa 100.00

Siccodes 23000, 24240 & 25200
COMPANY PROFILES – MINING OF PLATINUM
AFRICAN RAINBOW MINERALS LTD

Reg. Number: 1933/004580/06
JSE Code: ARI
BEE Rating: Level 7 BEE Verification Agency CC Updated: 2018-08-06
PO Box 786136, Sandton, ARM House, 29 Impala Road, ARM House, 29 Impala Road,
Johannesburg, 2146, South Chislehurston, Chislehurston,
Africa Sandton, Johannesburg, 2196, Sandton, Johannesburg, 2196,
Tel: +27 11 779-1300 Fax.: +27 11 779-1312
Email: ir.admin@arm.co.za Website: www.arm.co.za
Shareholders
African Rainbow Minerals & Exploration Investments (Pty) Ltd 40.21
ARM Broad - Based Economic Empowerment Trust 7.27
Opilac (Pty) Ltd 5.81
Directors
Appointment
Name Designation
Date
Mr Frank Abbott 2004-04-30 Independent Non-Executive Director
Mr Michael (Mike) Arnold 2017-12-10 Non-Executive Director
Dr Mmapussiso Manana Maabiele

(Manana) Bakane-Tuoane
Mr Thomas Andrew (Tom)

Boardman
Mr Anton Dirk Botha 2009-08-01 Independent Non-Executive Director
Mr Joaquim Alberto Chissano 2005-04-21 Independent Non-Executive Director

Siccodes 23000, 24240 & 25200
Mr Wilson Mangisi Gule 2004-12-01 Independent Non-Executive Director
Mr Alexander Komape Arthur

2004-04-30 Lead Independent Non-executive Director
(Alex) Maditsi
Mr Hamilton Luthando (Thando)

2015-02-07 Executive Director - CE: ARM Platinum
Mkatshana
Mr Jacobus Petrus (Kobus) Moller 2017-01-01 Independent Non-Executive Director
Mr Patrice Tlhopane Motsepe 2003-05-05 Executive Chairman
Ms Abigail Muelelwa Mukhuba 2017-12-11 Executive Financial Director
Mr David Collen Noko 2017-10-10 Independent Non-Executive Director
Mr Michael Peter (Mike) Schmidt 2012-03-01 Chief Executive Officer
Dr Rejoice Vakashile Simelane 2004-04-30 Independent Non-Executive Director
Mr Jan Christiaan Steenkamp 2017-10-10 Non-Executive Director
Mr Zacharias Bernardus (Bernard)

Swanepoel
Mr Andries Jacobus (Andre) Executive Director - Growth and Strategic

2012-03-01
Wilkens Development
Managers
Appointment
Name Designation
Date
Ms Rilette Avenant-Buys Manager - Executive: Logistics
Manager - Executive: ARM Platinum

Mr Bennie Boshielo
Corporate Affairs
Ms Nerine Botes-Schoeman Manager - Sustainable Development
Mr Mark Brasler Manager - Operations Support
Mr André Joubert Manager - CE: ARM Ferrous
Manager - Corporate Development &

Mr Jongisa Magagula
Investor Relations
Ms Busi Mashiane Human Resources Manager
Mr Director Matlala Manager - Leader: Transformation
Manager - Executive: Corporate

Mr Imrhan Paruk
Development

Siccodes 23000, 24240 & 25200
Mr Johan Pistorius Manager - Chief Information Officer
Compliance Manager & Executive:

Ms Princess Thwala
Stakeholder Relations
History of Business
Anglovaal Mining Ltd was registered on 1 June 1933 and the company has since undergone
numerous restructures and mergers, the most recent being in April 2004, when the name was
changed to African Rainbow Minerals Ltd. The company was listed on the JSE on 1 January 1988.
ARM announced on 15 August 2017 that an agreement had been concluded for the disposal of its
40% effective interest in Lubambe Mine and Lubambe Extension Area and on 22 December 2017,
the company announced that all conditions precedent pertaining to the disposal had now been
fulfilled.
Nature of Business
African Rainbow Minerals Ltd (ARM) is the holding company for a diversified mining and minerals
holding group. The current operational focus is on precious metals, ferrous metals, and alloys,
including platinum group metals (PGMs), nickel, iron ore, manganese ore, chrome ore,
ferromanganese, ferrochrome alloys and thermal coal. ARM also has an investment in the gold
industry through its 14.5% shareholding in JSE-listed Harmony Gold.
The group operates principally in South Africa, with additional operations in Malaysia.
PGM interests include:

• Modikwa (41.5%) - Underground mine
• Two Rivers Platinum Mine (51%) - Underground mechanised mine
• Nkomati Mine (50%) - Open pit mine
• Kalplats Project (46%) - Prospecting and exploration
Ferrous operations include:

• Khumani (50%)
• Beeshoek (50%)
• Nchwaning (50%)
• Gloria (50%)
• Cato Ridge (50%)

Siccodes 23000, 24240 & 25200
• Machadorp (50%)
• Sakura (27%)
Coal mining operations:

• Goedgevonden coal mine operation (51%) - unincorporated joint venture with Glencore
Operations South Africa (Pty) Ltd
• Participating Coal Business (the Impunzi and Tweefontein operations) (20%) - managed by
Glencore.
Company Secretary Ms A D'Oyley
Nr. of Employees 24106 (Group)
Absa Bank Ltd; FirstRand Bank Ltd; Nedbank Ltd (a division of the
Banks
Nedbank Group Ltd); Standard Bank of South Africa Ltd
Investment, Income
and Finance -R 185.00m (-$ 13.89m)
Charges [2017]

The group corporate social investments amounted to R22.1m for 2017.
Units Manufactured

• 1.088Moz - gold (via Harmony)
• 3.069Mt - manganese ore

Siccodes 23000, 24240 & 25200
• 17.714Mt - iron ore

• 23.1Mt - thermal coal
• 15.9kt - nickel
• 815,187 ounces - PGMs
Brandnames
ARM

African Rainbow Minerals Platinum (Pty) Ltd South Africa 100.00
Anglovaal Air (Pty) Ltd South Africa 100.00
ARM Coal (Pty) Ltd South Africa 51.00
ARM Finance Company SA Switzerland 100.00
ARM Treasury Investments (Pty) Ltd South Africa 100.00
Assmang (Pty) Ltd South Africa 50.00
Atscot (Pty) Ltd South Africa 100.00
AVMIN Ltd South Africa 100.00
Bitcon's Investments (Pty) Ltd South Africa 100.00
Business Partners Ltd South Africa 0.20
Harmony Gold Mining Company Ltd South Africa 14.55
Jesdene Ltd South Africa 100.00
Letaba Copper & Zinc Corporation Ltd South Africa 94.00
Lubambe Copper Mine Plc Zambia 40.00
Lucas Block Minerals Ltd South Africa 30.00
Mannequin Insurance PCC Ltd (Cell AVL 18) Guernsey 100.00
Nkomati Joint Venture South Africa 50.00
Opilac (Pty) Ltd South Africa 100.00
Sheffield Minerals (Pty) Ltd South Africa 100.00
Tamboti Platinum (Pty) Ltd South Africa 100.00
TEAL Exploration and Mining Inc Canada 34.00
Two Rivers Platinum (Pty) Ltd South Africa 51.00
Vale/ARM Joint Venture South Africa 40.00
Venture Building Trust (Pty) Ltd South Africa 100.00

Siccodes 23000, 24240 & 25200
ANGLO AMERICAN PLATINUM LTD

Reg. Number: 1946/022452/06
JSE Code: AMS
BEE Rating: Level 6 HR Planning Inc. Updated: 2018-06-07
PO Box 62179, Marshalltown, 55 Marshall Street, 55 Marshall Street,

Johannesburg, 2107, South Marshalltown, Johannesburg, Marshalltown, Johannesburg,
Africa 2001, South Africa 2001, South Africa
Tel: +27 11 373-6111 Fax.: +27 11 373-5111 / +27 11 834-2379
Email: corporatecommunication@angloplat.com Website: www.angloplatinum.com
Shareholders
Anglo American South Africa Investments (Pty) Ltd 77.62
Directors
Appointment
Name Designation
Date
Mr Ian Botha 2015-05-01 Executive Financial Director
Mr Mark Cutifani 2013-04-26 Non-Executive Director
Mr Richard Matthew Wingfield

Dunne
Mr Christopher Ivan (Chris) Griffith 2012-09-01 Chief Executive Officer
Mr Nkateko Peter Mageza 2013-07-01 Independent Non-Executive Director
Ms Nombulelo Thokozile (Pinky)

Moholi
Mr Mohammed Valli Moosa 2013-04-01 Independent Non-Executive Chairman
Ms Dhanasagree (Daisy) Naidoo 2013-07-01 Independent Non-Executive Director
Mr Anthony Martin (Tony) O'Neill 2013-10-30 Non-Executive Director
Mr Stephen Thomas Pearce 2018-01-01 Non-Executive Director
Mr Andile Hesperus Sangqu 2015-07-16 Non-Executive Director
Mr John Meadway Vice 2012-11-30 Non-Executive Director

Siccodes 23000, 24240 & 25200
Mr Peter Graeme Whitcutt 2007-05-01 Non-Executive Alternate - To Mr ST Pearce
Managers
Appointment
Name Designation
Date
Mr Gary Allan Humphries 2017-01-01 Manager - Head: Process Control
History of Business
Rustenberg Platinum Holdings Ltd was registered in July 1946 and was listed on the JSE in 1948. In
September 1997, the name was changed to Anglo American Platinum Corporation Ltd. A
simultaneous name change occurred on 30 May 2005, when an existing company belonging to the
group, Anglo Platinum Ltd which was effectively dormant, changed its name to Anglo Platinum
Development Ltd and Anglo American Platinum Corporation Ltd changed its name to Anglo Platinum
Ltd. This was done to avoid confusion as the listed company has generally been known to people as
Anglo Platinum Ltd. The company delisted from Euronext on the Brussels Bourse during 2007 and
took the decision to terminate its secondary listing on the LSE in the latter part of 2009. On 6 May
2011, the company underwent a name change to Anglo American Platinum Ltd.
The Twickenham project was placed on care and maintenance in early 2016.
In December 2017, the group sold its 42.5% interest in the Pandora joint venture to Lonmin. In
February 2018, the sale of the Union Mine to Siyanda Resources was finalised.
Nature of Business
Anglo American Platinum Ltd (Amplats) is a primary producer of platinum group metals.
The group owns and operates two mining complexes in South Africa’s Bushveld complex
(Mogalakwena and Amandelbult) and operates the Unki Mine on the Great Dyke in Zimbabwe.
Strategic JVs in which the group has significant interests:

• Bokoni Platinum Mine (49%), with Atlatsa Resources (placed on care and maintenance in the last
quarter of 2017)
• Modikwa Platinum Mine (50%), with African Rainbow Minerals Mining Consortium Ltd.
• Bafokeng-Rasimone Platinum Mine (33%) and the Styldrift project, with Royal Bafokeng Platinum
(67%)
• Mototolo Platinum Mine (50%), in a partnership with the Glencore Kagiso Tiso Platinum

Siccodes 23000, 24240 & 25200
Partnership.
• A pooling-and-sharing agreement (50:50) with Sibanye-Stillwater, covering the shallow reserves of
the Kroondal and Marikana mines that are contiguous with its own Rustenburg mines.
Projects include:
• Der Brochen - greenfield project area
• Sheba's Ridge prospect
• Twickenham project was placed on care and maintenance in early 2016
Company Secretary Ms E Viljoen
Nr. of Employees 28692 (Group) (27,559 - South Africa; 1,133 - Zimbabwe)
Auditors Deloitte South Africa
Attorneys Deneys Reitz Inc
Investment, Income
and Finance -R 997.00m (-$ 74.87m)
Charges [2017]

Production Capacity
• 5.12 million oz p.a. - Total PGMs

• 2.51 million oz p.a. - Platinum
• 1.67 million oz p.a. - Palladium
• 323,000 oz p.a. - Rhodium

Siccodes 23000, 24240 & 25200

Anglo Platinum Development Ltd South Africa 100.00
Anglo Platinum Management Services (Pty) Ltd South Africa 100.00
Kaymin Resources Ltd Canada 100.00
Rustenburg Platinum Mines Ltd South Africa 100.00
General Comment
Anglo American Platinum confirmed on 5 July 2018, that its wholly-owned subsidiary, Rustenburg
Platinum Mines Ltd (RBPlat) had accepted an offer from Royal Bafokeng Platinum Ltd (RPM) to
purchase its 33% interest in the Bafokeng Rasimone Platinum Mine Joint Venture for a total
purchase consideration of R1.8bn. RPM entered into a sale and purchase agreement on 4 July 2018
with RBPlat's wholly-owned subsidiary, Royal Bafokeng Resources (Pty) Ltd. The transaction was still
subject to the fulfilment of conditions precedent by no later than 31 December 2018.

Siccodes 23000, 24240 & 25200
ATLATSA RESOURCES CORPORATION

Reg. Number: 2009/021822/10
JSE Code: ATL
Suite 1700, Park Place, 666 Suite 1700, Park Place, 666 Suite 1700, Park Place, 666
Burrand Street, Burrand Street, Burrand Street,
Vancouver, BC V6C 2X8, Canada Vancouver, BC V6C 2X8, Canada Vancouver, BC V6C 2X8, Canada
Tel: +16 04 631-1300/1306 Fax.: +16 04 681-1825
Email: info@atlatsa.com Website: www.atlatsaresources.co.za
Shareholders
Atlatsa Holdings (Pty) Ltd 61.85
Rustenburg Platinum Mines Ltd 22.55
Directors
Appointment
Name Designation
Date
Mr Colin Clarke 2014-05-06 Lead Independent Non-executive Director
Ms Fikile Felicity Tebogo de Buck 2008-11-01 Independent Non-Executive Director
Executive Director - Chief Commercial

Mr Joel Martin Kesler 2014-06-27
Officer
Mr Andile Mabizela 2014-05-06 Non-Executive Director
Mr Asna Happy Chris (Harold)

2011-04-01 Chief Executive Officer
Motaung
Mr Tumelo Moathlodi Motsisi 2004-09-01 Executive Chairman
Ms Bongiwe Ntuli 2014-05-06 Non-Executive Director
Managers
Appointment
Name Designation
Date
Ms Shireen Stow 2018-02-01 Chief Financial Officer - Interim

Siccodes 23000, 24240 & 25200
History of Business
Anooraq Resources Corporation was incorporated in Canada in 1983 and subsequently registered as
an external company in South Africa on 10 November 2009. The company underwent a name
change to Atlatsa Resources Corporation on 7 June 2012. Atlatsa Resources Corporation has a
primary listing on the Toronto Stock Exchange and a secondary listing on the JSE.
On 21 July 2017, the company announced that it had entered into an agreement with Rustenburg
Platinum Mines Ltd, a subsidiary of Anglo American Platinum Ltd, regarding a care and maintenance
strategy for the Bokoni Mine and a financial restructure plan for Atlatsa and its subsidiaries. The
Bokoni Mine operations were placed on care and maintenance with effect from 1 October 2017.
Nature of Business
Atlatsa Resources Corporation is a platinum group metals mining and exploration company.
The company has interests in the following operations:

• Bokoni mine - on care and maintenance
• Kwanda exploration project
First National Bank (a division of FirstRand Bank Ltd); Standard Chartered

Banks
Bank Ltd
Auditors KPMG Inc
Attorneys DLA Cliffe Dekker Hofmeyr
Investment, Income
and Finance -R 437.32m (-$ 32.83m)
Charges [2017]


Siccodes 23000, 24240 & 25200

N1C Resources Inc Cayman Islands 100.00
Plateau Resources (Pty) Ltd South Africa 52.97
General Comment
As at 31 December 2017, Atlatsa is in discussions with Anglo Platinum relating to the proposed sale
of the Central Block and Kwanda North prospecting rights for a cash purchase consideration.

Siccodes 23000, 24240 & 25200
GLENCORE OPERATIONS SOUTH AFRICA (PTY) LTD

Reg. Number: 1997/017998/07
BEE Rating: Level 8 Ardent Business Partners (Pty) Ltd Updated: 2018-06-14
Postnet 19, Private Bag X1, 1st Floor, 23 Melrose Boulevard, 3rd Floor, 39 Melrose Boulevard,
Melrose Arch, Johannesburg, Melrose Arch, Johannesburg, Melrose Arch, Johannesburg,
2076, South Africa 2076, South Africa 2196, South Africa
Tel: +27 14 590-2356 Fax.: +27 86 648-6958
Email: info@glencore.com Website: www.glencore.com
Shareholders
Glencore Holdings South Africa (Pty) Ltd 100.00
Directors
Appointment
Name Designation
Date
Mr Richard Cohen 2013-11-01 Non-Executive Director
Mr Edwin Sunnyboy Hlatshwayo 2016-08-01 Executive Director
Ms Patience Ntsoaki (Sisi) Mahobe 2012-05-01 Executive Human Resources Director
Ms Zukiswa Zandile Daphne Ntlangula 2013-08-26 Non-Executive Director
Mr Willem Abram Nel Potgieter 2013-11-01 Executive Director
History of Business
Sudelektra South African Holdings (Pty) Ltd was established in November 1997 when a shelf
company named Lexshell 94 Investments (Pty) Ltd was utilised for registration purposes. The
company underwent a name change to Xstrata South Africa (Pty) Ltd in April 1999 and on 11
September 2013, it underwent a further name change to Glencore Operations South Africa (Pty) Ltd.
In February 2017, the company sold the Eland Platinum Mine to Northam Platinum Ltd.
Nature of Business
Glencore Operations South Africa (Pty) Ltd is part of an international mining group which is involved
in five major international commodity markets, namely copper, coal, ferrochrome, vanadium and
zinc. The company undertakes mining and processing operations.

Siccodes 23000, 24240 & 25200
The South African operation is involved in the following areas:
Chrome:
• Kroondal Mine
• Waterval Mine
• Wonderkop Plant
• Tswelopele Pelletiser: Glencore-Merafe Chrome Venture
• Boshoek Mine and Plant
• Chrome Eden Mine
• Horizon Mine (under care & maintenance)
• Lion Plant
• Lydenburg Plant
• Helena Mine
• Thorncliffe Mine
Platinum Group Metals:

• Mototolo Joint Venture (50%) (Anglo American Platinum Ltd 50%)
Vanadium:
• Rhovan Opencast Mine
Char & Electrode Paste:

• Char Technologies
• African Fine Carbon
• African Carbon Producers
• African Carbon Manufacturers
Glencore Coal: Producer of thermal coal and coal exporter with coal operations comprising:
• iMpunzi Mine
• South Stock Mine (Not currently producing)
• Tweefontein Mine
• Goedgevonden Coal Mine

Siccodes 23000, 24240 & 25200
Glencore Operations South Africa (Pty) Ltd holds 5 licences for SANAS accredited proficiency testing
laboratories, undertaking chemical analysis in Rustenburg, Lydenburg, Brits and Steelport.
Company Secretary Ms M Retief
Banks Absa Bank Ltd; Standard Bank of South Africa Ltd
Attorneys Internal
Units Manufactured

• 28.7mt (South Africa's total coal production)
• 16.55mt (Total saleable production):
- Impunzi: 7.20mt (Coal)
- Tweefontein: 9.35mt (Coal)
Production Capacity
• Tswelopele pelletising & sintering plant: 600,000 tons p.a. (Pellets)

• Wonderkop: 553,000 tons p.a. (Ferrochrome)
• Boshoek: 240,000 tons p.a. (Ferrochrome)
• Lydenburg: 396,000 tons p.a. (Ferrochrome)
• Lion Phase I: 360,000 tons p.a. (Ferrochrome)
• Lion Phase II: 360,000 tons p.a. (Ferrochrome)

African Carbon Manufacturers (Pty) Ltd South Africa 100.00
African Carbon Producers (Pty) Ltd South Africa 100.00
African Carbon Union (Pty) Ltd South Africa 74.00
African Fine Carbon (Pty) Ltd South Africa 100.00
ARM Coal (Pty) Ltd South Africa 49.00
Char Technology (Pty) Ltd South Africa 100.00
Dialstat Trading 115 (Pty) Ltd South Africa 100.00

Siccodes 23000, 24240 & 25200
Firefly Investments 269 (Pty) Ltd South Africa 100.00

Glencore Property Management Company (Pty)
South Africa 100.00
Ltd
Glencore-Merafe Chrome Venture South Africa 79.50
Goedgevonden Coal (Pty) Ltd South Africa 49.00
Mbokodo Mining (Pty) Ltd South Africa 100.00
MIM Process Technologies South Africa (Pty) Ltd South Africa 100.00
Mototolo JV South Africa 38.00
Richards Bay Coal Terminal (Pty) Ltd South Africa 26.70
Tavistock Collieries (Pty) Ltd South Africa 100.00
Tweewaters Fuel (Pty) Ltd South Africa 100.00

Siccodes 23000, 24240 & 25200
IMPALA PLATINUM HOLDINGS LTD

Reg. Number: 1957/001979/06
JSE Code: IMP
BEE Rating: Level 6 Empowerdex (Pty) Ltd Updated: 2018-01-18
Private Bag X18, Northlands, 2 Fricker Road, Illovo, 2 Fricker Road, Illovo,
Johannesburg, 2116, South Johannesburg, 2196, South Johannesburg, 2196, South
Africa Africa Africa
Tel: +27 11 731-9000 Fax.: +27 11 731-9254
Email: investor@implats.co.za Website: www.implats.co.za
Shareholders
Mr Goodlace, Terence Philip 0.0015
Ms Ngonyama, Babalwa 0.0004
Mr Swanepoel, Zacharias Bernardus (Bernard) 0.0041
Directors
Appointment
Name Designation
Date
Mr Peter William Davey 2013-07-01 Independent Non-Executive Director
Ms Dawn Earp 2018-08-01 Independent Non-Executive Director
Dr Mandla Sizwe Vulindlela Gantsho 2015-10-21 Independent Non-Executive Chairman
Ms Meroonisha Kerber 2018-08-01 Chief Financial Officer
Mr Udo Hermann Lucht 2017-08-28 Non-Executive Director
Mr Alastair Stuart Macfarlane 2012-12-01 Independent Non-Executive Director
Dr Fholisani Sydney Mufamadi 2015-03-05 Independent Non-Executive Director
Mr Nicolaas Johannes (Nico) Muller 2017-04-03 Chief Executive Officer
Ms Babalwa Ngonyama 2010-11-01 Independent Non-Executive Director
Ms Mpho Elizabeth Kolekile Nkeli 2015-04-30 Independent Non-Executive Director

Siccodes 23000, 24240 & 25200
Executive Director & Group Executive:

Ms Lee-Ann Natasha Samuel 2017-11-27
People
Mr Preston Eugene Speckmann 2018-08-01 Independent Non-Executive Director
Mr Zacharias Bernardus (Bernard)

Swanepoel
Managers
Appointment
Name Designation
Date
Manager - Group Executive: Health and

Dr Jonathan Charles (Jon) Andrews
Safety
Manager - Group Executive: Refining and

Mr Paul David Finney
Marketing
Ms Alice Lourens Manager - Group Corporate Relations
Mr Alexander Mhembere Manager - CEO: Zimplats
Manager - Group Executive: Growth Projects

Mr Gerhardus Stephanus Potgieter
and Consulting Mining Engineer
Manager - Group Executive: Corporate

Mr Johan Theron
Relations
History of Business
Impala Platinum Holdings Ltd (Implats) was established on 2 July 1957. The company was listed on
the JSE in 1973. Settlement was reached in 1999 with the Royal Bafokeng Nation regarding mineral
rights and royalties over the major portion of the area over which Impala Platinum had mining
rights. In 2003, Implats was unbundled from its parent company, Gencor, which was wound-down.
Impala Platinum Holdings Ltd ceased trading on the London Stock Exchange on 14 January 2013.
Nature of Business
Impala Platinum Holdings Ltd is an investment holding company with interests in the mining,
refining, and marketing of platinum group metals (PGMs), nickel, copper, gold, silver, and cobalt.
Operations are situated in the Bushveld Complex near Rustenburg and in the Great Dyke in
Zimbabwe. Impala Refining Services (100%), situated in Springs, provides smelting and refining
services through off-take agreements with group companies.

Siccodes 23000, 24240 & 25200
Mining operations include:

South Africa:
• Impala (96%), includng Impala RBR JV - 13 shaft mining complex and concentrating and smelting
plants
• Marula (73%) - 2 decline shafts and a concentrator plant
• Two Rivers (49%) - 2 on-reef shafts and a concentrator plant
Zimbabwe:
• Mimosa (50%) - 1 shallow mechanised underground mine, accessed by a decline shaft, and a
concentrator plant
• Zimplats (87%) - 4 underground mines and a concentrator at Ngezi

• Afplats Leeuwkop (74%) - remains on care and maintenance
• Imbasa (60%)
• Inkosi (49%)
• Tamboti Project (100%)
• Waterberg PGM Project (15%) - a venture with Platinum Group Metals (RSA) (Pty) Ltd (37.05%),
Mnombo Wethu Consultants (Pty) Ltd (26%), and Japan Oil, Gas and Metals National Corporation
(Jogmec) (21.95%) - definitive study underway
Company Secretary Mr TT Llale
Nr. of Employees 52012 (Group) (46,070 - South Africa; 5,942 - Zimbabwe)
Nedbank Ltd (a division of the Nedbank Group Ltd); Standard Bank of

Banks
South Africa Ltd
Investment, Income
and Finance -R 400.00m (-$ 30.04m)
Charges [2017]
Profit -R8098m (-$608.16m) As Per IRESS Financials

Siccodes 23000, 24240 & 25200

Production Capacity
Production for 2017: 1,529,800 oz (refined platinum)
Brandnames
Distinctly Platinum, Implats
Trademarks
Distinctly Platinum

Afplats (Pty) Ltd South Africa 74.00
African Platinum Plc United Kingdom 100.00
Barplats Holdings (Pty) Ltd South Africa 100.00
Canal Square Investments 49 (Pty) Ltd South Africa 100.00
Gazelle Platinum Ltd South Africa 70.00
Imbasa Platinum (Pty) Ltd South Africa 60.00
Impala Chrome (Pty) Ltd South Africa 65.00
Impala Holdings Ltd South Africa 100.00
Impala Platinum (Zimbabwe) (Pty) Ltd South Africa 100.00
Impala Platinum BV Netherlands 100.00
Impala Platinum Japan Ltd Japan 100.00
Impala Refining Services Ltd South Africa 100.00
Inkosi Platinum (Pty) Ltd South Africa 49.00
Makgomo Chrome (Pty) Ltd South Africa 50.00
Marula Platinum (Pty) Ltd South Africa 73.00
Mimosa Investments Ltd Mauritius 50.00
Two Rivers Platinum (Pty) Ltd South Africa 49.00

Siccodes 23000, 24240 & 25200
IVANHOE MINES LTD

Reg. Number: C0949887
654-999 Canada Place, 654-999 Canada Place, 654-999 Canada Place,

Vancouver, V6C3E1, Canada Vancouver, V6C3E1, Canada Vancouver, V6C3E1, Canada
Tel: +1 604 688-6630 / +1 604 331-9882 Fax.: +1 604 682-2060
Email: info@ivanhoemines.com Website: www.ivanhoemines.com
Shareholders
Mr Friedland, Robert 21.36
CITIC Metal Company Ltd 19.90
Directors
Appointment
Name Designation
Date
Mr Egizio Bianchini 2018-03-00 Executive - Vice Chairman
Mr Ian David Cockerill 2012-05-00 Lead Independent Non-executive Director
Mr Guy De Selliers 2011-05-00 Executive Director
Mr Robert Friedland 2000-11-00 Executive Chairman
Mr William Hayden Executive Director
Mr Oyvind Hushovd 2007-09-00 Executive Director
Ms Livia Mahler 2015-03-00 Executive Director
Mr Peter Meredith 1998-05-00 Executive Director
Mr Kgalema Motlanthe 2018-04-00 Executive Director
Managers
Appointment
Name Designation
Date
Ms Marna Cloete 2009-12-00 Chief Financial Officer

Mr Mark Farren 2014-06-00
Operations

Siccodes 23000, 24240 & 25200
Mr Lars-Eric Johansson 2007-05-00 Chief Executive Officer & President
Dr Sethe Patricia Makhesha 2014-09-00 Manager - MD: Platreef Project
Mr Louis Watum 2014-12-00 Manager - MD: DRC Operations
Other Key Personnel
Appointment
Name Designation
Date
Dr David Broughton Senior Advisor: Exploration and Geology
Mr Michael Gray Senior Advisor
Mr Anthony Hannaford Senior Advisor: Metallurgy
History of Business
The company was incorporated on 29 April 1993. On 6 May 2011, the shareholders of the company
approved a reorganisation which was completed in September 2012 and the company changed its
name from Ivanhoe Nickel & Platinum Ltd to Ivanplats Ltd. On 28 August 2013, Ivanplats changed its
name to Ivanhoe Mines Ltd to reflect that the company had grown to become more than a
singularly focused platinum-group metals company, at which time the company began trading on
the Toronto Stock Exchange.
Nature of Business
Ivanhoe Mines Ltd is a mineral exploration and development company. The company has no
producing properties and does not have operating revenues.
The company’s material properties consist of:

• The Platreef Project. Construction of the planned Platreef mine is underway on the discovery of
platinum, palladium, nickel, copper, gold and rhodium on the Northern Limb of South Africa’s
Bushveld Complex.
• The Kipushi Project (Democratic Republic of Congo) (DRC) has been under care and maintenance
since 1993. Ivanhoe Mines Ltd is currently being upgraded for the re-commencing of zinc mining
operations.
• The Kamoa-Kakula Copper Project (DRC) is a JV between Ivanhoe Mines Ltd and Zijin Mining Group
Ltd with a portion of shares held by the DRC government. It undertakes the exploration and
development of the copper mine.
Company Secretary Ms M Vincelli

Siccodes 23000, 24240 & 25200
AST Trust Company

Africa Consolidated Mineral Exploration (Pty) Ltd South Africa 100.00
Gabon Holding Company Ltd Barbados 100.00
GB Mining and Exploration (SA) (Pty) Ltd South Africa 100.00
Ivanhoe (Namibia) (Pty) Ltd Namibia 100.00
Ivanhoe (Zambia) Ltd Zambia 100.00
Ivanhoe DRC Holding Ltd Barbados 100.00
Ivanhoe Mines (Barbados) Ltd Barbados 100.00
Ivanhoe Mines SA (Pty) Ltd South Africa 100.00
Ivanhoe Mines UK Ltd United Kingdom 100.00
Ivanhoe Mines US LLC United States 100.00
Ivanplats Holding Company (Pty) Ltd Australia 100.00
Ivanplats Holding Sarl Luxembourg 97.30
Rhenfield Ltd British Virgin Islands 50.00
RK Mining (SA) (Pty) Ltd South Africa 100.00

Siccodes 23000, 24240 & 25200
LONMIN PLC
Reg. Number: 1969/000015/10
JSE Code: LON
5th Floor, Connaught House, 1-3 5th Floor, Connaught House, 1-3 5th Floor, Connaught House, 1-3
Mount Street, Mount Street, Mount Street,
London, W1K 3NB, United London, W1K 3NB, United London, W1K 3NB, United
Tel: +44 203 908-1070 Fax.: +44 203 281-6995
Email: contact@lonmin.com Website: www.lonmin.com
Branches
Lonmin South African Operational Headquarters North West +27 14 571-2000
Shareholders
Directors
Appointment
Name Designation
Date
Mr Brian Richard Beamish 2013-11-01 Independent Non-Executive Chairman
Mr Kennedy Gcinumuzi Bungane 2016-03-01 Non-Executive Director
Ms Gillian Amanda Fairfield 2017-08-01 Independent Non-Executive Director
Mr Jonathan Charles Alexander

Leslie
Mr Bennetor (Ben) Magara 2013-07-01 Chief Executive Officer
Ms Varda Shine 2015-02-16 Independent Non-Executive Director
Mr Barend Johannes (Barrie) van der

Merwe

Siccodes 23000, 24240 & 25200
Managers
Appointment
Name Designation
Date

Ms Tanya Chikanza Corporate Strategy, Investor Relations &
Corporate Communications

Mr Michael Gomes (Mike) da Costa 2015-07-01
Support Office

Ms Thandeka Tosana Ncube 2017-04-00 Stakeholder Engagement & Regulatory
Affairs
Manager - Executive Vice President: Human

Mr Khaya Ngcwembe 2017-05-00
Resources
History of Business
Lonrho Plc was incorporated in May 1909 and listed on the London Stock Exchange in 1961. Lonrho
Plc changed its name to Lonmin Plc on 18 March 1999. Lonmin Plc was registered as an external
company in South Africa in 1969 and operates through its branch office, under the trading name
Lonmin Management Services. Lonmin has a secondary listing on the JSE.
Lonmin announced on 13 December 2017, that it had acquired 100% of Pandora, having acquired
Anglo American Platinum’s 42.5% interest in the Pandora Joint Venture, as well as the 7.5% interest
held by Mvelaphanda Resources (Pty) Ltd, a subsidiary of Northam.
On 14 December 2017, an all-share offer for the entire issued share capital of Lonmin by Sibanye-
Stillwater was announced.
Nature of Business
Lonmin Plc, a primary producer of platinum, operates as a mine-to-market Platinum Group Metals
(PGMs) producer. Operations currently comprise:
• Marikana Mine – flagship operation and the major source of production
• Marikana Smelters, Base Metal Refinery and Brakpan Precious Metal Refinery
• Pandora operations (100%) - PGMs mined, processed and refined by Lonmin
• Limpopo project – formerly an operational mine placed on care and maintenance in early 2009

Siccodes 23000, 24240 & 25200
• Akanani project – an exploration and evaluation asset

• Sudbury PGM Exploration JV (Canada) - joint ventures with Vale and Wallbridge exploring PGM
mineralisation in the Sudbury Basin in Ontario with a pre-feasibility study on a modest open pit
completed and work is continuing to seek out additional resources.
• Northern Ireland project – an early stage exploration opportunity in an area which shares a
number of geological hallmarks with known economically exploited PGM deposits.
Lonmin also has the following investments:

• Incwala Resources (23.6% interest) - which owns a 26% equity stake in a Lonmin group company
which controls the Akanani project
• Furuya Metals (5.51% interest) - a Japanese specialist fabricator of PGMs.
• Sedibelo Platinum Mines (previously Platmin) (3.11% interest) - a Canadian-domiciled exploration
junior with PGM projects in South Africa. Sedibelo, through its 3.19% subsidiary Boynton, is
Lonmin's joint venture partner at Loskop.
Company Secretary Ms S Kamboj
Banks HSBC Bank Plc; Standard Bank of South Africa Ltd
Auditors KPMG LLP
Stockbrokers HSBC Bank Plc; JP Morgan Equities SA (Pty) Ltd; JP Morgan Ltd
Investment, Income
and Finance -R 1,398.60m (-$ 105.00m)
Charges [2017]
Company Year End September
Link Market 13th Floor, Rennie House, 19

+27 11
Services South Ameshoff Street, Braamfontein, PO Box 4844, Johannesburg
713 0800
Africa (Pty) Ltd Johannesburg, 2001

Siccodes 23000, 24240 & 25200
Aspect House, Spencer Road, Aspect House, Spencer Road, +44 20

Equiniti Group Ltd Lancing, West Sussex, United Lancing, West Sussex, United 7269
Kingdom Kingdom 7103
Units Manufactured
Total refined production for the 2017:

• 18,052 oz - Gold
Total refined metal sales for the 2017:

• 16,675 oz - Gold
• 1,402,697 mt - Chrome

ACGE Investments Ltd United Kingdom 100.00
African Investment Trust Ltd (The) United Kingdom 100.00
AfriOre Ltd (BVI) British Virgin Islands 100.00
Akanani Mining (Pty) Ltd South Africa 80.10
Burchell Gold (Pty) Ltd South Africa 100.00

Siccodes 23000, 24240 & 25200
Gabon Mining Corporation Gabon 100.00

Greataward Ltd United Kingdom 100.00
Incwala Resources (Pty) Ltd South Africa 23.56
Kwagga Gold (Barbados) Ltd Barbados 100.00
Kwagga Gold (Pty) Ltd South Africa 100.00
Lokoz SPV Ltd Ireland 100.00
London City & Westcliff Properties Ltd United Kingdom 100.00
Lonmin Bahamas Hotels Ltd United Kingdom 100.00
Lonmin Canada Inc Canada 100.00
Lonmin Finance Ltd United Kingdom 100.00
Lonmin Insurance Ltd Guernsey 100.00
Lonmin Mining Supplies Ltd United Kingdom 100.00
Lonmin Mozambique Oil Holdings Ltd United Kingdom 100.00
LSA (UK) Ltd United Kingdom 100.00
Marikana Housing Development Company South Africa 100.00
MNG Investments Ltd United Kingdom 100.00
Pandora Joint Venture South Africa 100.00
Scottish and Universal Investments Ltd United Kingdom 100.00
Societe Gabonaise de Development Minier Gabon 100.00
Southern Platinum (Cayman Islands) Corporation Cayman Islands 100.00
Tobs Ltd United Kingdom 100.00
Western Metal Sales Ltd Bermuda 100.00

Siccodes 23000, 24240 & 25200
MMAKAU MINING (PTY) LTD

Reg. Number: 1995/000458/07
PO Box 158, Krugersdorp, 1739, 269 Oxford Road, Illovo, 6 Dwars Street, Krugersdorp,
South Africa Johannesburg, 2196, South 1739, South Africa
Africa
Tel: +27 11 268-6780 Fax.: +27 11 268-0186
Email: info@mmakau.co.za Website: www.mmakaumining.co.za
Shareholders
Ms Radebe, Dikeledi Dijeng Bridgette 100.00
Directors
Appointment
Name Designation
Date
Mr Rowan Aubrey Karstel 2015-11-01 Executive Director
Executive Chairman & Chief Executive

Ms Dikeledi Dijeng Bridgette Radebe 1995-01-19
Officer
History of Business
Mmakau Mining (Pty) Ltd was registered on 19 January 1995 and commenced trading in January
1996.
The company's interests in Eureka Gold Mine were sold to Australian investors in 2018.
Nature of Business
Mmakau Mining (Pty) Ltd is an African mining group with interests in coal, platinum and chrome
operations in South Africa.
The company's operations comprise:

• Dorstfontein West Mine - the coal plant will wash about 690,000 saleable tons of a 5,400
kilocalories product for the export market.
• Dorstfontein East - the coal wash plant feed will produce 1.3 million of tons per annum.

Siccodes 23000, 24240 & 25200
• Tumelo Coal Mines is in the process of re-opening the operation.

• Mmakau Coal was formed to serve as a vehicle for future expansion.
• Forzando Coal has a ROM production of 3.2 million tons per annum and about 1.8 million tons of
saleable export coal.
• Schurekop - busy with bankable feasibility study to supply coal to Eskom.
• Hernic Ferrochrome (Chrome mine with 10%) currently under business rescue.
• Marula Platinum mine (9%) (with Impala Platinum holding 73%).
• Richards Bay Coal Terminal Tumelo Coal has 600,000 tons per annum allocation in RBCT phase V.
Banks Absa Bank Ltd
Auditors De Wet Van Schalkwyk Inc
Mmakau Mining (Pty) Ltd plays a role in the development of communities through social and labour
plans with a view to job creation, provision of education and skills upliftment as well as the
development of healthcare facilities.

Brakfontein Coal Joint Venture South Africa 26.00
Dorstfontein Coal Mines (Pty) Ltd South Africa 26.00
Eureka Gold Mining Co (Pty) Ltd (The) South Africa 75.00
Hernic Ferrochrome (Pty) Ltd South Africa 10.00
Karoo Uranium JV South Africa 26.00
Madibeng Platinum (Pty) Ltd South Africa 15.00
Marula Platinum (Pty) Ltd South Africa 9.00
Mmakau Coal (Pty) Ltd South Africa 51.00
Sayora Minerals (Pty) Ltd South Africa 100.00
Tumelo Coal Mines (Pty) Ltd South Africa 51.00

Siccodes 23000, 24240 & 25200
NORTHAM PLATINUM LTD

Reg. Number: 1977/003282/06
JSE Code: NHM
BEE Rating: Non-Compliant EmpowerLogic (Pty) Ltd Updated: 2018-01-24
PO Box 412694, Craighall, 1st Floor, Building 4, Maxwell 1st Floor, Building 4, Maxwell
Johannesburg, 2024, South Office Park, Magwa Crescent Office Park, Magwa Crescent
Africa West, Waterfall City, Jukskei West, Waterfall City, Jukskei
View, Johannesburg, 2090, View, Johannesburg, 2090,
Tel: +27 11 759-6000 Fax.: +27 11 325-4795
trish.beale@norplats.co.za;
Email: Website: www.northam.co.za
Leon.VanSchalkwyk@norplats.co.za
Shareholders
Zambezi Platinum (RF) Ltd 31.37
Mr Khumalo, Ayanda Zimini 0.0025
Mr Dunne, Paul Anthony 0.0051
Directors
Appointment
Name Designation
Date
Mr David Hugh Brown 2017-11-07 Independent Non-Executive Director
Mr Carnegie Kalello Chabedi 2009-06-22 Independent Non-Executive Director
Mr Paul Anthony Dunne 2014-03-01 Chief Executive Officer
Mr Ralph Havenstein 2003-07-01 Lead Independent Non-executive Director
Ms Hester Helena Hickey 2016-01-01 Independent Non-Executive Director
Dr Yoza Jekwa 2017-11-08 Independent Non-Executive Director
Ms Emily Tebogo Kgosi 2004-11-01 Independent Non-Executive Director
Mr Ayanda Zimini Khumalo 2010-07-01 Executive Financial Director
Mr Kgomotso Brian Mosehla 2017-11-07 Non-Executive Chairman

Siccodes 23000, 24240 & 25200
Mr Temba Irvine Mvusi 2016-01-01 Independent Non-Executive Director
Mr John Gabriel Smithies 2017-01-01 Independent Non-Executive Director
Managers
Appointment
Name Designation
Date
Mr Leon van Schalkwyk Manager - Investor Relations
History of Business
Northam Platinum Ltd was registered on 7 October 1977, with mining activities subsequently
commencing in 1992. In January 1987, it was listed on the JSE. In 2011, the group acquired and
absorbed the assets and operations of Mvelaphanda Resources Ltd.
During the 2016 financial year, Northam acquired a 20% interest in SSG Holdings (Pty) Ltd, a
company providing security services to the mining industry and a further 10% interest was acquired
during the 2017 financial year.
In October 2016, the company acquired the Tumela block from Anglo American Platinum Ltd's
Amandelbult Mine, and in February 2017, it acquired Eland Platinum Mine from Glencore
Operations South Africa (Pty) Ltd.
Nature of Business
Northam Platinum Ltd is a platinum group metal producer with two primary operating assets, the
Zondereinde and Booysendal mines in the South African Bushveld Complex, and its own
metallurgical operations, including a base metals removal plant and smelter, in the Zondereinde
area.
The company’s mining assets are as follows:

• Zondereinde mine (100%) which has a Life of Mine (LoM) of more than 30 years. The Zondereinde
mine includes the results of the chrome operations, previously housed in Northam Chrome (Pty) Ltd.
• Booysendal mine (100%) - includes the Everest platinum mine incorporated into Booysendal
South, which has a LoM of approximately 25 years.
• Eland Platinum Mine

Siccodes 23000, 24240 & 25200
Northam also owns a 50% interest in the Dwaalkop platinum JV and a 51% initial participatory
interest in the Kokerboom JV exploration project in the Northern Cape.
Company Secretary Ms PB Beale
Auditors
Attorneys Werksmans Inc
Investment, Income
Charges [2017]

During 2017, a total of R3.9m was spent on CSI and LED projects at Zondereinde and R3.0m at
Booysendal.
Units Manufactured
Sales for 2017: 274,062 ounces (platinum); 131,962 ounces (palladium); 41,742 ounces (rhodium);
5,815 ounces (gold)
Production Capacity
280,000 ounces p.a. (Zondereinde refined PGMs); 199,000 ounces p.a. (Booysendal)

Booysendal Platinum (Pty) Ltd South Africa 100.00
Eland Platinum (Pty) Ltd South Africa 100.00
Eland Platinum Holdings Ltd South Africa 100.00

Siccodes 23000, 24240 & 25200
Khumama Platinum (Pty) Ltd South Africa 100.00

Micawber 325 (Pty) Ltd South Africa 100.00
Mining Technical Services (Pty) Ltd South Africa 100.00
Mvelaphanda Resources (Pty) Ltd South Africa 100.00
Norplats Properties (Pty) Ltd South Africa 100.00
Northam Chrome (Pty) Ltd South Africa 100.00
Northam Platinum Investments (US) Inc United States 100.00
Windfall 38 Properties (Pty) Ltd South Africa 100.00

Siccodes 23000, 24240 & 25200
ORION MINERALS LTD

JSE Code: ORN
PO Box 260, Collins Street West, Suite 617, 530 Little Collins Suite 617, 530 Little Collins
Victoria, 8007, Australia Street, Street,
Melbourne, 3000, Australia Melbourne, 3000, Australia
Tel: +613 8080-7170 Fax.: +613 8080-7174
Email: info@orionminerals.com.au Website: www.orionminerals.com.au
Branches
Orion Minerals Kimberley Site Office Northern Cape
Shareholders
Ndovu Capital X BV 19.99
Mr Waddell, Denis 6.76
Silja Investment Ltd 5.72
Independence Group NL 5.47
Eastern Goldfields Exploration (Pty) Ltd 4.28
Power Matla Mining (Pty) Ltd 4.07
Tarney Holdings Pty Ltd 2.58
Delta Resources Management Pty Ltd 2.38
Botsis Holdings Pty Ltd 2.02
Perth Select Seafoods Pty Ltd 2.02
Kinsella Holdings Ltd 1.96
Mr Hamman, Johannes Nicolaas 2.30
Mr van Deventer, Brend 2.18
Navigator Australia Ltd 1.47

Siccodes 23000, 24240 & 25200
Proton Minerals Pty Ltd 1.27
Patina Resources Pty Ltd 1.01
Mr Haller, Alexander Zachary 1.12
Dr Pretorius, Leon Eugene 1.41
Mr Barker, Stewart Maxwell 1.20
Mr Haller, Stefan 1.01
Mr Haller, Robin 1.01
Directors
Appointment
Name Designation
Date
Mr Alexander Zachary Haller Non-Executive Director
Mr Michael Hulmes 2018-04-18 Non-Executive Director
Mr Mark Wendall Palmer 2018-02-01 Non-Executive Director
Mr Errol Smart Chief Executive Officer & Managing Director
Mr Denis Waddell Non-Executive Chairman
Managers
Appointment
Name Designation
Date
Manager - Finance & Administration: South

Ms Michelle Jenkins
Africa
History of Business
Orion Gold NL was incorporated in Australia as a no liability company. Orion has a primary listing on
the Australian Securities Exchange and, on 18 September 2017, the company listed on the Gold
Mining sector of the Main Board of the JSE. The company name was changed to Orion Minerals Ltd
on 21 February 2018.
Nature of Business
Orion Minerals Ltd is a mining company primarily involved in zinc, copper nickel, gold, and platinum
group element exploration in Australia and South Africa.

South Africa:

Siccodes 23000, 24240 & 25200
• Prieska (Areachap project) - zinc and copper

• Marydale (Areachap project) - gold and copper
• Masiqhame Tenure (Kantienpan deposit) - zinc, nickel, copper, and platinum group elements
• Jacomynspan (Namaqua-Disawell project) - nickel, copper, cobalt, and platinum group elements
Australia:
• Connors Arc Project - gold and silver
• Fraser Range - Tropicana gold
• Fraser Range (Nove-Bolinger) - nickel, copper, and cobalt.
The company also retains its mineral rights across the Walhalla project area, which are prospective
for gold, copper, nickel, and platinum group elements.
Company Secretary Mr M Bouwmeester
Auditors RSM Australia Partners
Attorneys Steinepreis Paganin
Investment, Income
Charges [2017]

Agama Exploration and Mining (Pty) Ltd South Africa 100.00

Siccodes 23000, 24240 & 25200

Areachap Holdings No1 (Mauritius) Ltd Mauritius 100.00
Areachap Holdings No1 Pty Ltd Australia 100.00
Bartotrax (Pty) Ltd South Africa 73.33
Goldstar Resources (WA) Pty Ltd Australia 100.00
Itakane Trading 217 (Pty) Ltd South Africa 100.00
Kamax Resources Ltd Australia 100.00
Nabustax (Pty) Ltd South Africa 100.00
Orion Group Services International Ltd Seychelles 100.00
Orion Services South Africa (Pty) Ltd South Africa 100.00
Rich Rewards Trading 437 (Pty) Ltd South Africa 73.33
RSA Services Ltd Australia 100.00
Vardocube (Pty) Ltd South Africa 70.00
General Comment
On 2 May 2018, the company announced the sale of its Connors Arc Project to Evolution Mining Ltd.
Completion of the sale is subject to certain conditions, including receipt of relevant government
approvals.

Siccodes 23000, 24240 & 25200
PLATINUM GROUP METALS (RSA) (PTY) LTD

Reg. Number: 2000/025984/07
Postnet Suite 81, Private Bag 1st Floor, Platinum House, 24 1st Floor, Platinum House, 24
X12, Sturdee Avenue, Sturdee Avenue,
Rooseveldtpark, Johannesburg, Rosebank, Johannesburg, 2196, Rosebank, Johannesburg, 2196,
2129, South Africa South Africa South Africa
Tel: +27 11 782-2186 Fax.: +27 11 447-1000
Email: info@platinumgroupmetals.net Website: www.platinumgroupmetals.net
Shareholders
Platinum Group Metals Ltd 100.00
Directors
Appointment
Name Designation
Date
Mr Frank Russell Hallam 2002-08-07 Chief Financial Officer
Mr Richard Michael Jones 2002-08-07 Chief Executive Officer
Mr Iain David Colquhoum McLean 2002-08-07 Non-Executive Director
Managers
Appointment
Name Designation
Date
Mr Mathys Botha Technical Manager
Mr Schalk Engelbrecht Financial Manager
Mr Michael (Mike) Wasserfall Legal Manager & Public Officer
History of Business
Chesney Wold Investments (Pty) Ltd was registered on 12 October 2000, undergoing a name change
to Platinum Group Metals (RSA) (Pty) Ltd on 31 July 2002.

Siccodes 23000, 24240 & 25200
Nature of Business
Platinum Group Metals (RSA) (Pty) Ltd holds mineral rights and conducts the exploration and
development of platinum and platinum group element mines on the Northern and Western Limb of
the Bushveld Complex in South Africa.
Current project in South Africa:

• Waterberg PGM Project - a venture between Platinum Group Metals (37.05%), Mnombo Wethu
Consultants (Pty) Ltd (26%), Japan Oil, Gas and Metals National Corporation (21.95%) and Impala
Platinum Holdings Ltd (15%). The company has an effective interest in the Waterberg joint venture
of 50.02%.
Attorneys Cliffe Dekker Hofmeyr Inc
Company Year End August

Wesplats Holdings (Pty) Ltd South Africa 100.00

Siccodes 23000, 24240 & 25200
PLATMIN SOUTH AFRICA (PTY) LTD

Reg. Number: 2000/002572/07
Private Bag X11, Highveld, 6 EcoFusion Office Park, Block B, 6 EcoFusion Office Park, Block B,
Pretoria, 0067, South Africa 324 Witch-Hazel Avenue, 324 Witch-Hazel Avenue,
Highveld Park X59, Pretoria, Highveld Park X59, Pretoria,
Tel: +27 12 661-4280 Fax.: +27 12 661-4139
Email: info@platmin.com Website: www.sedibeloplatinum.com
Shareholders
Platmin Resources Ltd 72.39
Directors
Appointment
Name Designation
Date
Mr Casper Hendrik Badenhorst 2013-05-01 Chief Operating Officer
Mr Erich Clarke 2015-08-27 Chief Executive Officer
Mr Arne Hojriis Frandsen 2009-03-01 Executive Director
Executive Director - Human Capital &

Mr Lucky Christian Phephenyani 2012-02-01
Community Relations
Managers
Appointment
Name Designation
Date
Ms Elmarie Maritz Chief Financial Officer
Manager - Project: Pilanesberg Platinum

Mr Dean Riley
Mine
Mr Jan Van Der Merwe Exploration Manager

Siccodes 23000, 24240 & 25200
History of Business
Boyntan Investments (Pty) Ltd was registered on 10 February 2000. The name was changed to
Platmin South Africa (Pty) Ltd on 9 October 2001.
Nature of Business
Platmin South Africa (Pty) Ltd operates as a mineral exploration company focused on the
exploration and development of platinum group metal deposits located on the Bushveld Complex of
South Africa.
The key projects are:

• Pilanesberg Exploration Project (100%) (including Sedibelo and Magazynskraal)
• Mphahlele Project (100%)
• Grootboom Project (100%)
• Loskop Project (100%)
The mines owned include the Pilansberg platinum mine consisting of the Tuschenkomst Pit.
Company Secretary Ms T Glasl
Banks Absa Bank Ltd
Influencing Factors
Platinum miners and developers continue to struggle with a variety of operational issues including
electricity shortages, power cuts, worker safety, move toward greater mechanisation and a shortage
of skilled workers in South Africa.

Mahube Mining (Pty) Ltd South Africa 78.95
Pilanesberg Platinum Mines (Pty) Ltd South Africa 100.00

Siccodes 23000, 24240 & 25200
ROYAL BAFOKENG PLATINUM LTD

Reg. Number: 2008/015696/06
JSE Code: RBP
PO Box 2283, Fourways, 4th Floor, Block C, The Pivot, 1 4th Floor, Block C, The Pivot, 1
Johannesburg, 2055, South Monte Casino Boulevard, Monte Casino Boulevard,
Africa Fourways, Johannesburg, 2021, Fourways, Johannesburg, 2021,
Tel: +27 10 590-4510 Fax.: +27 10 590-1074 / +27 10 590-1075
Email: lester@bafokengplatinum.co.za Website: www.bafokengplatinum.co.za
Shareholders
Royal Bafokeng Holdings (Pty) Ltd 51.74
Allan Gray (Pty) Ltd 10.12
Mr Phiri, Ditshebo Stephen (Steve) 0.0672
Mr Prinsloo, Marthinus Johannes Lourens (Martin) 0.0518
Directors
Appointment
Name Designation
Date
Ms Linda De Beer 2010-06-01 Independent Non-Executive Director
Mr Peter John Ledger 2018-02-27 Non-Executive Director
Mr Mark James Moffett 2014-09-23 Independent Non-Executive Director
Ms Thoko Martha Mokgosi-

Mwantembe
Adv Kgomotso Ditsebe Moroka 2010-06-01 Independent Non-Executive Chairman
Mr Obakeng Phetwe 2018-02-27 Non-Executive Director
Mr Ditshebo Stephen (Steve) Phiri 2010-04-01 Chief Executive Officer

Siccodes 23000, 24240 & 25200
Mr Marthinus Johannes Lourens

(Martin) Prinsloo
Mr Michael Howard (Mike) Rogers 2009-12-07 Independent Non-Executive Director
Ms Louisa Stephens 2014-09-23 Independent Non-Executive Director
Mr David Ronald Wilson 2014-05-29 Non-Executive Director
Managers
Appointment
Name Designation
Date
Mr Neil Carr 2014-10-01 Manager - Executive: Operations
Manager - Executive: Risk, Assurance &

Mr Reginald Haman
Sustainability
General Manager - Head of Operations:

Mr Glenn Harris 2010-01-04
BRPM Joint Venture
Ms Lindiwe Montshiwagae 2010-06-01 Manager - Investor Relations
Mr Mpueleng Pooe 2013-10-01 Manager - Executive: Corporate Affairs
Ms Kenanao Vicky Tlhabanelo 2010-04-01 Manager - Executive: Human Resources
History of Business
Royal Bafokeng Platinum Ltd was registered on 1 July 2008, originating from a joint venture
between Anglo American Platinum and Royal Bafokeng Holdings. The company listed on the JSE on 8
November 2010.
Nature of Business
Royal Bafokeng Platinum Ltd (RBPlat) is the holding company for a platinum group metal mining and
exploration group.
The group's operations consist of the following:

• Bafokeng Rasimone Platinum Mine Joint Venture (67% stake) - one mine with two decline shafts.
Anglo American Platinum Ltd currently holds 33% share.
• Styldrift I project
• Styldrift II exploration: a pre-feasibility study of Styldrift II has been completed and once a
feasibility study is completed, it would then move into development phase and be reported as a
separate project.

Siccodes 23000, 24240 & 25200
Company Secretary Mr LC Jooste
Stockbrokers Macquarie First South Capital (Pty) Ltd
Investment, Income
Charges [2017]
Profit -R657m (-$49.34m) As Per IRESS Financials

Units Manufactured
Production for 2017: 212,000 ounces (platinum metal in concentrate)

Maseve Investments 11 (Pty) Ltd South Africa 100.00
Royal Bafokeng Platinum Management Services
South Africa 100.00
(Pty) Ltd
Royal Bafokeng Resources (Pty) Ltd South Africa 100.00
General Comment
Anglo American Platinum confirmed on 5 July 2018, that its wholly-owned subsidiary, Rustenburg
Platinum Mines Ltd had accepted an offer from Royal Bafokeng Platinum Ltd to purchase its 33%
interest in the Bafokeng Rasimone Platinum Mine Joint Venture . The transaction is subject to the
fulfilment of conditions precedent by no later than 31 December 2018.

Siccodes 23000, 24240 & 25200
SIBANYE GOLD LTD

Trading As: Sibanye-Stillwater
Reg. Number: 2002/031431/06
JSE Code: SGL
Private Bag X5, Westonaria, Libanon Business Park, 1 Libanon Business Park, 1
1780, South Africa Hospital Street, Off Cedar Hospital Street, Off Cedar
Avenue, Libanon, Westonaria, Avenue, Libanon, Westonaria,
Tel: +27 11 278-9600 Fax.: +27 11 278-9863
Email: media.enquiries@sibanyestillwater.com Website: www.sibanyestillwater.com
Shareholders
Gold One International (Pty) Ltd 19.73
Van Eck Associates Corporation 10.73
Investec Asset Management (Pty) Ltd 6.71
BlackRock Inc 4.25
Schroders Plc 2.17
Hosking Partners LLP 2.19
Gold Fields Thusano Share Trust 1.46
Directors
Appointment
Name Designation
Date
Mr Timothy John Cumming 2013-02-21 Independent Non-Executive Director
Ms Savannah Nonhlanhla Danson 2017-05-23 Lead Independent Non-executive Director

Siccodes 23000, 24240 & 25200
Mr Barry Erskine Davison 2013-02-21 Independent Non-Executive Director
Mr Neal John Froneman 2013-01-01 Chief Executive Officer
Mr Charl Keyter 2012-11-09 Chief Financial Officer
Mr Richard Peter (Rick) Menell 2013-01-01 Independent Non-Executive Director
Mr Matthews Sello Moloko 2013-01-01 Independent Non-Executive Chairman
Mr Nkosemntu Gladman Nika 2013-02-21 Independent Non-Executive Director
Mr Keith Alfred Rayner 2013-01-01 Independent Non-Executive Director
Ms Susan Comber van der Merwe 2013-02-21 Independent Non-Executive Director
Mr Jeremiah Skhulumi (Jerry) Vilakazi 2013-01-31 Independent Non-Executive Director
Managers
Appointment
Name Designation
Date
Manager - Executive Vice President: US

Mr Chris Bateman 2017-07-03
Region
Manager - Executive Vice President: Legal &

Mr Bunongoe Hartley Dikgale 2013-05-01
Regulatory Affairs (SA Region)
Mr Justin Nicholas Froneman Manager - Head of Finance (US Region)
Mr Pieter Hendrik Henning 2016-04-18 Manager - Head of Finance (SA Region)
Manager - Head of Organisational

Mr Bheki Khumalo 2016-04-18
Development & Communication (SA Region)
Mr Ken Kluksdahl 2017-07-24 Manager - Head of Operations (US Region)
Manager - Head of Human Resources &

Mr Kris Koss
Safety (US Region)
Manager - Head of Protection Services (SA

Mr Nash Lutchman
Region)
Manager - Head of Legal, Environmental &

Ms Heather McDowell
Government Affairs (US Region)

Mr Dawid Mostert
Organisational Effectiveness
Manager - Head of Human Resources (SA

Mr Themba Nkosi
Region)

Siccodes 23000, 24240 & 25200
Manager - Head of Stakeholder Relations (SA

Mr Thabisile Phumo
Region)
Manager - Head of Business Improvement

Mr Kevin Robertson
(SA Region)
Mr Wayne David Richard Robinson 2016-04-18 Manager - Head of Operations (SA Region)

Mr Richard Andrew Stewart
Business Development
Manager - Executive Vice President:- CEO: SA

Mr Robert van Niekerk 2017-07-13
Region
Manager - Senior Vice-President: Investor

Mr James Wellsted 2013-01-01
Relations
History of Business
GFI Mining South Africa (Pty) Ltd (GFIMSA) was incorporated on 12 December 2002 as part of the
Gold Fields group. Effective 23 February 2004, and as part of an internal reorganisation of the group,
Gold Fields transferred its South African gold mining assets, including the Beatrix, Driefontein, and
Kloof operations as going concerns to GFI Mining South Africa.
On 27 November 2012, GFIMSA’s name was changed to Sibanye Gold Ltd and converted from a
private company into a public company by adoption of its new memorandum of incorporation.
Sibanye acquired a 50% stake in Mimosa in April 2016 with its acquisition of Aquarius Platinum Ltd.
On 1 November 2016, the Sibanye's purchase of the Rustenberg operations of Anglo American
Platinum became effective. The Hoogland project was discontinued in 2016. The mineral title for
Millennium and Sheba’s Ridge expired during 2017.
In May 2017, Sibanye Gold Ltd acquired the Stillwater Mining Company (Stillwater) in the USA. The
company began trading as Sibanye-Stillwater from the end of August 2017. On 31 July 2018, Sibanye
Gold Ltd acquired a 38.05% interest in JSE-listed DRDGold Ltd in exchange for 100% shareholding in
the West Rand Tailings Retreatment Project.
Nature of Business
Sibanye Gold Ltd t/a Sibanye-Stillwater is a producer of gold and platinum group metals in Southern
Africa and America, with gold mining operations currently located solely in South Africa.

Siccodes 23000, 24240 & 25200
The group owns and operates four underground and surface gold operations:
West Witwatersrand region
• The Cooke Operations consisted of three producing shaft systems as well as three metallurgical
plants (subsidiary Rand Uranium (Pty) Ltd's operations). All shafts are on care and maintenance.
• The Driefontein Operation has six operating shafts and three processing plants
• The Kloof Operation has five operating shafts and two processing plants
Southern Free State region
• The Beatrix Operation has three operating shaft systems with two ventilation shafts to provide
additional upcast and downcast ventilation capacity, and is serviced by two metallurgical plants.
The group also has the following gold projects:

• Burnstone
• West Rand Tailings Retreatment Project (indriectly via 38.05% interest in DRDGold Ltd)
• Southern Free State Project
• Beisa North
• Kloof Decline
• Driefontein Decline
The group's Southern African PGM operations consist of:

• Kroondal consists of five operating shafts and one shaft under care and maintenance (the former
Marikana mine) (interest via Aquarius Platinum Ltd) - mechanised mine on the western limb of the
Bushveld Complex. Managed in a 50:50 pool-and-share agreement with Anglo American Platinum
Ltd.
• Mimosa (50% stake via Aquarius Platinum Ltd) - mechanised platinum mine in Zimbabwe. The
remaining 50% is held by Impala Platinum Holdings Ltd.
• Rustenburg Operations: includes the Bathopele, Siphumelele (including Khomanani) and
Thembelani (including Khuseleka) mining operations, two concentrating plants, an on-site chrome
recovery plant, the Western Limb Tailings Retreatment Plant and associated surface infrastructure.
• Platinum Mile (91.7%) - a tailings retreatment facility located adjacent to Kroondal.
• The Chromite Tailings Retreatment Plant (100%) has been on care and maintenance since August
2012.
• Blue Ridge Mine (Operations Suspended).

Siccodes 23000, 24240 & 25200
The group has the following PGM projects in South Africa:

• Hoedspruit Project
• Vygenhoek Prospect
• Zondernaam Project
The group has the following PGM operations in the United States:
• East Boulder mine - located in Sweet Grass County, Montana
• Stillwater mine - near Nye, Montana
• Columbus Metallurgical Complex - includes smelter facilities together with a base metal refinery
The group also has the following PGM projects in the Americas:
• Blitz (Stillwater)
• Altar project in Argentina
• Marathon PGM-copper project in Canada
Auditors KPMG Inc
Investment, Income
and Finance -R 2,556.30m (-$ 191.98m)
Charges [2017]
The Registry, Bourne House,

The Registry, 34 Beckenham
34 Beckenham Road, +44 20 8639
Capita Registrars Ltd Road, Beckenham, Kent,
Beckenham, Kent BR3 4TU, 3399
England
England

Siccodes 23000, 24240 & 25200
Computershare
15 Biermann Avenue, PO Box 61051, Marshalltown, +27 11 370-
Investor Services (Pty)
Johannesburg, 2196 2107 5000
Ltd
Units Manufactured

1.403 million ounces (Gold);
1.571 million ounces (PGM)

Agrihold (Pty) Ltd South Africa 100.00
DRDGold Ltd South Africa 38.05
Golden Hytec Farming (Pty) Ltd South Africa 100.00
Golden Oils (Pty) Ltd South Africa 100.00
Living Gold (Pty) Ltd South Africa 50.00
M Janse Van Rensburg (Pty) Ltd South Africa 100.00
Milen Mining (Pty) Ltd South Africa 100.00
Sibanye Gold Academy (Pty) Ltd South Africa 100.00
Sibanye Gold Protection Services Ltd South Africa 100.00
Sibanye Gold Shared Services (Pty) Ltd South Africa 100.00
Sibanye Platinum (Pty) Ltd South Africa 100.00
Sibanye Resources (Pty) Ltd South Africa 100.00
Sibanye Solar PV (Pty) Ltd South Africa 100.00
Sibanye Uranium (Pty) Ltd South Africa 100.00
St Helena Hospital (Pty) Ltd South Africa 100.00
West DrieFontein Gold Mining Company Ltd South Africa 100.00
Witwatersrand Consolidated Gold Resources (Pty) Ltd South Africa 100.00
Witwatersrand Deep Investments Ltd South Africa 100.00

Siccodes 23000, 24240 & 25200
SIYANDA RESOURCES (PTY) LTD

Reg. Number: 2015/055747/07
BEE Rating: Level 6 Premier Verification (Pty) Ltd Updated: 2018-07-24
PO Box 62203, Marshalltown, 12th Floor, Nedbank Building, 81 12th Floor, Nedbank Building, 81
Johannesburg, 2107, South Main Street, Main Street,
Africa Johannesburg, 2001, South Johannesburg, 2001, South
Africa Africa
Tel: +27 11 832-2543 Fax.: +27 11 832-2761
Email: info@siyandaresources.co.za Website: www.siyandaresources.co.za
Shareholders
Siyanda Investments (Pty) Ltd 70.00
Directors
Appointment
Name Designation
Date
Mr Piers Raymond Du Plessis 2016-03-09 Executive Director
Ms Boithumelo Mashilane 2016-03-09 Executive Alternate Director
Mr Xolile Loyiso Percival Mazabane 2015-04-15 Executive Director
Mr Mohau Ezekiel Molefi 2016-03-09 Executive Director
Mr Mzwandile Sthembiso Mpungose 2016-03-09 Non-Executive Director
Mr Lindani Bennet Mthwa 2015-04-15 Chief Executive Officer
Mr Mzwandile Rodney Nombewu 2015-05-08 Executive Director
Mr Imraan Idris Osman 2016-07-05 Executive Director
Mr Eduart Hein Teessen 2016-03-09 Executive Financial Director
History of Business
Main Street 1313 (Pty) Ltd was registered in February 2015 and the name was changed to Siyanda
Resources (Pty) Ltd in July 2015.

Siccodes 23000, 24240 & 25200
In February 2018, the sale of the Union Mine from Anglo American Platinum Ltd was finalised.
Nature of Business
Siyanda Resources (Pty) Ltd is an investment holding company which has interests in mining and
mining related companies .The main areas of interest at present lay within platinum metal groups
(PGMs), base metals (manganese), energy (coal, uranium, oil & gas) and industrial minerals.
Investments include:
• Siyanda Bakgatla Platinum Mine (Pty) Ltd t/a Union Mine is involved in the mining of platinum
(85%). The Bakgatla-Ba-Kgafela community owns 15% of Union Mine.
• Dense Media Separation Powders involved in the manufacture of ferro silicone powder
• MASA Chrome Company procures its raw material from the Union Mine
• Nylstene which is situated in Modimolle, Limpopo Province produces clay bricks
• Gauteng Refinery (Pty) Ltd specialises in the recovery and refining of precious metals
• Eloff Mining Company (Pty) Ltd, The project is at BFS (Bankable Feasibility Study) stage
• Kangwane Coal Project, currently busy with the bankable feasibility study of anthracite
• Kalagadi Manganese (Pty) Ltd is involved in the exploration of manganese in the Kalahari Basin
• Southway Refractories (Pty) Ltd is an agent and distributor for international refractory
manufacturers
Company Secretary Ms LNS Singata

Main Street 800 (Pty) Ltd South Africa 22.50
Nylstene (Pty) Ltd South Africa 30.00
Siyanda Bakgatla Holdings (Pty) Ltd South Africa 100.00
Siyanda Bakgatla Platinum Mine (Pty) Ltd South Africa 85.00
Siyanda Chrome Investments (Pty) Ltd South Africa Undisclosed
Siyanda Inkwali Resources RF (Pty) Ltd South Africa 100.00

Siccodes 23000, 24240 & 25200
Siyanda Mining Corporation (Pty) Ltd South Africa 10.00

Siyanda Refractory Products (Pty) Ltd South Africa 100.00

Siccodes 23000, 24240 & 25200
SYLVANIA PLATINUM LTD

Updated: 2018-07-05
Clarendon House, 2 Church Clarendon House, 2 Church Clarendon House, 2 Church

Street, Street, Street,
Hamilton, HM 11, Bermuda Hamilton, HM 11, Bermuda Hamilton, HM 11, Bermuda
Tel: +1 4 41 295-5950 Fax.:
Email: info@sylvaniaresources.com Website: www.sylvaniaplatinum.com
Shareholders
Africa Asia Capital Ltd 20.31
M&G Investment Management Ltd 9.74
Majedie Asset Management Ltd 9.80
Hargreaves Lansdown Asset Management 6.08
BlackRock Advisors (UK) Ltd 3.72
Miton Asset Management Ltd 4.49
Audley Capital Management Ltd 3.49
Directors
Appointment
Name Designation
Date
Ms Eileen Carr Independent Non-Executive Director
Mr Terry McConnachie Chief Executive Officer
Mr Stuart Angus Murray Independent Non-Executive Chairman
Mr Roger Williams Independent Non-Executive Director
Managers
Appointment
Name Designation
Date
Ms Lewanne Carminati Manager - Executive Officer: Finance
Mr Anton de Vos Manager - Legal & Commercial Adviser
Mr Albert Jordaan Manager - Executive Officer: New Business

Siccodes 23000, 24240 & 25200
Mr Jaco Prinsloo Manager - MD: Sylvania Metals (Pty) Ltd
History of Business
Sylvania Platinum Ltd was incorporated in 2010. The company is listed on the AIM market of the
London Stock Exchange.
On 31 July 2017, Pan African Resources entered into an agreement to dispose of Phoenix Platinum
Mining (Pty) Ltd, a chrome tailings retreatment plant, to Sylvania Platinum Ltd.
Nature of Business
Sylvania Platinum Ltd is a low-cost producer of platinum group metals (PGMs) including platinum,
palladium and rhodium. The company’s core business is the retreatment of PGM bearing chrome
tailings material. It also holds prospecting and mining rights for a number of PGM projects on the
Northern Limb of the Bushveld Igneous Complex.
Current assets include:

• Sylvania Dump Operations
• Volspruit
• Northern Limb Projects
• Everest North
• Chrome Tailings Re-Treatment Plant
Appointment
Date
Conyers Corporate
Services (Bermuda) Ltd
Auditors KPMG Inc
Turnover [2017] R 6,613.13m ($ 50.49m) (AR2017)
Profit R116.19m ($8.87m) (AR2017) (Net)

Siccodes 23000, 24240 & 25200

Aralon Holdings Ltd Mauritius 100.00
Phoenix Platinum Mining (Pty) Ltd South Africa 100.00
SA Metals Pty Ltd Australia 100.00
Sylvania (Mauritius) Ltd Mauritius 100.00
Sylvania Holdings Ltd Mauritius 100.00
Sylvania Resources Pty Ltd Australia 100.00

Siccodes 23000, 24240 & 25200
WESIZWE PLATINUM LTD

Reg. Number: 2003/020161/06
JSE Code: WEZ
Private Bag X16, Northlands, Wesizwe House, Devcon Wesizwe House, Devcon
Johannesburg, 2116, South Business Park, 9 Autumn Road, Business Park, 9 Autumn Road,
Africa Rivonia Ext 3, Johannesburg, Rivonia Ext 3, Johannesburg,
Tel: +27 11 994-4600 Fax.: +27 11 994-4601
Email: vasta.mhlongo@wesizwe.com Website: www.wesizwe.com
Shareholders
China - Africa Jinchuan Investment Ltd 45.00
Micawber 809 (Pty) Ltd 5.98
Africa Continental Resources Ventures (Pty) Ltd 4.52
Deutsche Bank AG 4.16
Mr Morule, Peter Motlapele Hamlet 0.0452
Mr Mothomogolo, Jacob Undisclosed
Ms Ramaboa, Basetsana 0.0113
Directors
Appointment
Name Designation
Date
Mr Zhimin Li 2017-02-15 Chief Executive Officer
Mr Pengfei Li 2017-02-20 Non-Executive Director
Mr Thembinkosi Victor Mabuza 2014-08-22 Independent Non-Executive Director
Ms Dawn Nonceba Merle Mokhobo 2009-12-17 Independent Non-Executive Chairman
Mr Lincoln Vumile (James) Ngculu 2011-05-04 Non-Executive Director
Mr Sun Pingan 2018-02-01 Non-Executive Director

Siccodes 23000, 24240 & 25200
Mr Fugui Qiao 2017-09-22 Non-Executive Director
Mr Feng Tao 2017-07-01 Executive Financial Director
Managers
Appointment
Name Designation
Date
Corporate Affairs Manager & Investor

Mr Peter Motlapele Hamlet Morule 2012-01-04
Relations Executive
Mr Jacob Mothomogolo 2011-05-03 Manager - Projects Executive
Ms Basetsana Ramaboa 2013-05-07 Human Resources Manager
Ms Kgomotso Sedielapa Tshaka 2008-01-01 Sustainability Manager
History of Business
Pacific Star Trading 3 Ltd was registered on 21 August 2003 and subsequently changed its name to
Exaco Holdings Ltd. On 27 February 2004, the company underwent a further change of name to
Wesizwe Platinum Ltd. The company listed on the JSE on 21 December 2005.
Nature of Business
Wesizwe Platinum Ltd, and its wholly-owned subsidiaries, operate as a platinum group metal (PGM)
exploration and mining company, with prospecting rights in the Western Bushveld of the Bakubung-
Ba-Ratheo Community.
Wesizwe’s flagship project is the development of a new underground mine, the Bakubung Platinum
Mine site located on the Western Limb of the Bushveld Complex. Main commissioning of the mine is
scheduled for the fourth quarter of 2018 with the mine expected to be fully operational by 2023.
Wesizwe also has a 17.1% interest in neighbouring Projects 1 and 3 of Maseve Investments 11 (Pty)
Ltd, held through a subsidiary company, Africa Wide Mineral Prospecting and Exploration (Pty) Ltd.
The Maseve projects (WBJV) are operated by Platinum Group Metals Ltd.
Company Secretary Adv V Mhlongo
Attorneys Norton Rose South Africa

Siccodes 23000, 24240 & 25200
Investment, Income
and Finance -R 200.27m (-$ 15.04m)
Charges [2017]
4 Africa Exchange Registry (Pty) Ltd

Africa Wide Mineral Prospecting and Exploration
South Africa 100.00
(Pty) Ltd
Bakubung Minerals (Pty) Ltd South Africa 100.00
Gabonewe Housing Estate (Pty) Ltd South Africa 100.00
Wesizwe Properties (Pty) Ltd South Africa 100.00

Siccodes 23000, 24240 & 25200
WINDSOR PLATINUM INVESTMENTS (PTY) LTD

Reg. Number: 2003/022909/07
Postnet Suite 1865, Private Bag Jigshaw Office Park, Ground Jigshaw Office Park, Ground
X1007, Floor, Support Service Place, 7 Floor, Support Services Place, 7
Lyttleton, Centurion, 0140, Einstein Street, Einstein Street,
South Africa Highveld Techno Park, Highveld Techno Park,
Centurion, 0157, South Africa Centurion, 0157, South Africa
Tel: +27 11 465-1913 Fax.: +27 11 465-1895
Email: info@jubileemetalsgroup.com Website: www.jubileemetalsgroup.com
Shareholders
Jubilee Metals Group Plc 100.00
Directors
Appointment
Name Designation
Date
Mr Colin Clive Bird 2004-09-14 Non-Executive Chairman
Mr Andrew Francis Sarosi 2008-09-10 Executive Technical Director
Managers
Appointment
Name Designation
Date
Mr Leon Coetzer Chief Executive Officer
Ms Carina de Beer Chief Financial Officer
Other Key Personnel
Appointment
Name Designation
Date
Ms Elaine Mtsweni Junior Accountant

Siccodes 23000, 24240 & 25200
History of Business
Windsor Platinum Investments (Pty) Ltd was established in September 2004 utilising a shelf
company named Clidet No 469 (Pty) Ltd.
Nature of Business
Windsor Platinum Investments (Pty) Ltd is a platinum-focused mining and exploration company. As
the company is still in exploration phase, there is no revenue or permanent employees.
Tjate Platinum Project:

• Targeted exploration of 70 million ounces platinum group metals (PGM) over three farms
• Mining target of 2,400,000 tons per annum
• PGM production target of 270,000 million ounces per annum
• Mining right was executed on 1 March 2017
Appointment
Date
Capita Company
Secretarial Services Ltd
Nr. of Employees 0 (Exploration only)
Auditors SAB and T Chartered Accountants Inc
Attorneys AJH Attorneys

Tjate Platinum Corporation (Pty) Ltd South Africa 35.00

Siccodes 23000, 24240 & 25200
COMPANY PROFILES – MINING OF DIAMONDS
ALEXKOR SOC LTD

Reg. Number: 1992/006368/30
2nd Floor, Office Block 15, The 2nd Floor, Office Block 15, The 2nd Floor, Office Block 15, The
Woodlands Office Park, 20 Woodlands Office Park, 20 Woodlands Office Park, 20
Woodlands Drive, Woodlands Drive, Woodlands Drive,
Woodmead, Johannesburg, Woodmead, Johannesburg, Woodmead, Johannesburg,
2191, South Africa 2191, South Africa 2191, South Africa
Tel: +27 11 253-9567 Fax.: +27 11 788-8869
Email: leratos@alexkor.co.za Website: www.alexkor.co.za
Shareholders
Department of Public Enterprises 100.00
Directors
Appointment
Name Designation
Date
Ms Adila Chowan 2018-01-08 Chief Financial Officer
Mr John Sembie Danana 2015-08-14 Independent Non-Executive Director
Mr Trevern Marais Haasbroek 2015-08-14 Independent Non-Executive Director
Mr Tshediso Matona 2015-08-14 Independent Non-Executive Director
Ms Hantsi Bhetilda Matseke 2015-08-14 Independent Non-Executive Chairman
Ms Zukiswa Zandile Daphne Ntlangula 2012-09-07 Independent Non-Executive Director
Lemogang Pitsoe 2017-12-01 Chief Executive Officer

Siccodes 23000, 24240 & 25200
Managers
Appointment
Name Designation
Date
Mr Humphrey Mokwena 2013-10-00 Chief Operating Officer
History of Business
Staats Alluviale Delwerye was established in 1928 and underwent a name change on 1 May 1989
when the mine was integrated into the operations of the Alexander Bay Development Corporation.
The company subsequently underwent a further name change to Alexkor Ltd. In terms of
amendments to the Companies Act No. 71 of 2008, the registration number of the company was
changed from 2002/015527/06 to 2002/015527/30 so as to reflect that it is a state owned company.
Nature of Business
Alexkor SOC Ltd's main business is the exploitation of land and alluvial diamonds in the Richtersveld
area of the Northern Cape, South Africa. The current mining operations comprise low-scale land
operations and shallow and deep water marine mining currently undertaken by mining contractors
appointed by the company. The company's marine-based concessions span from north of Alexander
Bay to south of Port Nolloth.
As at 31 March 2017, total assets amounted to R681.0m.
Company Secretary Ms JR Matisonn
Nr. of Employees 45 (8 - Head Office; 37 - Mine)
First National Bank (a division of FirstRand Bank Ltd); Investec Bank Ltd;
Banks
Nedbank Ltd (a division of the Nedbank Group Ltd)
Investment, Income
Charges [2017]
Company Year End March

Siccodes 23000, 24240 & 25200
During the 2017 financial year. Alexkor invested close to R4.9m in social projects aimed at improving
education and skills development.
Units Manufactured
Production for 2017: 162,172 carats (diamonds)

Sales for 2017: 151,812 carats (diamonds)

Alexkor RMC Joint Venture South Africa 51.00

Siccodes 23000, 24240 & 25200
DE BEERS CONSOLIDATED MINES (PTY) LTD

Reg. Number: 1888/000007/07
BEE Rating: Level 6 Honeycomb BEE Ratings (Pty) Ltd Updated: 2018-06-14
PO Box 616, Kimberley, 8300, Cnr Diamond Drive and 36 Stockdale Street, Kimberley,
South Africa Crownwood Road, Theta Ext 4, 8301, South Africa
Johannesburg, 2013, South
Africa
Tel: +27 11 374-7000 / +27 53 839-4111 Fax.: +27 11 374-7700 / +27 53 839-4210
Email: cosec.admin@debeersgroup.com Website: www.debeersgroup.com
Shareholders
DBCM Holdings (Pty) Ltd 100.00
Directors
Appointment
Name Designation
Date
Mr Andrew Phillip Barton 2009-10-23 Chief Executive Officer
Ms Alessandra Berry Ward Berridge 2017-07-13 Non-Executive Director
Ms Cheryl Ann Carolus 2006-04-20 Non-Executive Director
Mr Bruce Alan Cleaver 2011-11-09 Non-Executive Director
Mr Craig Winston Coltman 2017-01-01 Executive Director
Mr Emsley Manne Dipico 2006-04-20 Non-Executive Deputy Chairman
Mr Burger Greeff 2017-01-01 Non-Executive Director
Mr Nimesh Balvir Patel 2016-01-28 Non-Executive Director
Mr Barend Petersen 2002-08-06 Executive Chairman
Ms Nompumelelo Dessederia
(Mpumi) Zikalala

Siccodes 23000, 24240 & 25200
Other Key Personnel
Appointment
Name Designation
Date
Mr Chris Du Preez Principal Accountant
History of Business
De Beers Consolidated Mines Ltd (DBCM) was established on 12 March 1888. The company was
delisted on 1 June 2001 from the JSE and other stock exchanges subsequent to a restructuring of the
group. In 2006, DBCM entered into a partnership with broad based black economic empowerment
company, Ponahalo Holdings (Pty) Ltd. In November 2011, the Oppenheimer family sold their 40%
stake to Anglo American. It converted to a private company in November 2012.
Nature of Business
De Beers Consolidated Mines (Pty) Ltd is involved in diamond mining and conducts prospecting and
exploration activities in South Africa, both for its own account and through joint ventures, when
necessary.
The company sells up to 10 per cent of its production to the State Diamond Trader with the balance
being sold through De Beers Sightholder Sales South Africa (Pty) Ltd (DBSSSA), a wholly-owned
subsidiary of the company.
The company's mining operations in South Africa include:

• Venetia
• Voorspoed
Appointme
nt Date
De Beers Group michelle.bossenger@debe

Services (Pty) Ltd ersgroup.com
Turnover [2017] R 8,146.00m ($ 657.27m) (As per company)

Siccodes 23000, 24240 & 25200
Units Manufactured
Production for 2017: 5.21 million (carats)
Brandnames
De Beers

De Beers Matlafalang Business Development (Pty)
South Africa 100.00
Ltd
De Beers Sightholder Sales South Africa (Pty) Ltd South Africa 100.00
Main Street 1252 (RF) (Pty) Ltd South Africa 100.00
Village of Cullinan (Pty) Ltd (The) South Africa 100.00

Siccodes 23000, 24240 & 25200
DMI MINERALS SOUTH AFRICA (PTY) LTD

Reg. Number: 2007/004691/07
PO Box 11137, Hadison Park, 51 Plims Centre, Chapel Street, 25 Bodenstein Street,
Kimberley, 8306, South Africa Kimberley, 8301, South Africa Polokwane, 0699, South Africa
Tel: +250 862-3212 Fax.: +250 862-3214
Email: info@diamcormining.com Website: www.diamcormining.com
Shareholders
Diamcor Mining Inc 70.00
Nozala Investments (Pty) Ltd 30.00
Directors
Appointment
Name Designation
Date
Ms Salukazi (Salu) Dakile-Hlongwane 2016-03-14 Executive Director
Mr Dean Herbert Taylor 2007-07-06 Executive Director
Mr Darren Vucurevich 2017-03-30 Executive Director
History of Business
Platoon Trade And Invest 111 (Pty) Ltd was registered in February 2007. The company's name was
changed to DMI Minerals South Africa (Pty) Ltd in September 2007, however, it remained dormant
until Diamcor Mining Inc, the holding company, acquired the Krone-Endora at Venetia project from
De Beers Consolidated Mines Ltd on 28 February 2011.
Nature of Business
DMI Minerals South Africa (Pty) Ltd is involved in the mining of diamonds at a mine based in
Limpopo Province near Massina, adjacent to De Beers. The company was formed by Diamcor Mining
Inc, a Canadian-listed company, for the acquisition of projects which demonstrate the potential for
both near-term production capabilities, and suitable life of mine scenarios.
The company is in a long-term strategic alliance and financing agreement with subsidiaries of New

Siccodes 23000, 24240 & 25200
York based Tiffany & Co. Under the terms of the strategic agreement, Tiffany & Co, through its
diamond sourcing and polishing subsidiary, Laurelton Diamonds South Africa (Pty) Ltd, secured a
first right of refusal to purchase up to 100% of the future production of rough diamonds from Krone-
Endora at Venetia.
Company Secretary Ms T Van Zyl
Influencing Factors
Inadequate water recoveries at the Krone-Endora at Venetia project's settling dams continue to
hinder the project from reaching design capacity, resulting in lower output.
Production Capacity
1.3 million carats

Siccodes 23000, 24240 & 25200
FRONTIER DIAMONDS LTD

Reg. Number: ACN616232556
Level 1, 412 Queen Street, Level 1, 412 Queen Street, Level 1, 412 Queen Street,
Melbourne, VIC 3000, Australia Melbourne, VIC 3000, Australia Melbourne, VIC 3000, Australia
Tel: +61 3 9347-2409 Fax.: +61 3 9347-1186
Email: investorrelations@frontierdiamonds.com Website: www.frontierdiamonds.com
Shareholders
Lutzville Engineering (Pty) Ltd 36.63
Reddoor Resources (Pty) Ltd 16.34
Frontier Mining Projects (Pty) Ltd 11.77
P G Howarth Pty Ltd 2.66
Elba Investments Pty Ltd 2.14
Vaux Holdings Pty Ltd 1.88
Superb Merino Pty Ltd 0.50
Alimold Pty Ltd 0.86
FNL Investments Pty Ltd 0.95
Savannah Ventures Pty Ltd 0.85
Weach Pty Ltd 0.77
Carakho Holdings Pty Ltd 0.73
Directors
Appointment
Name Designation
Date
Mr Jan Louw Executive Managing Director
Mr Frank Petruzzelli Executive Director
Mr Christopher Warren (Chris)

Ritchie

Siccodes 23000, 24240 & 25200
Mr Johan Van Reenen Non-Executive Chairman
Managers
Appointment
Name Designation
Date
Mr Marco Moller Chief Financial Officer
History of Business
Frontier Diamonds Ltd was established in December 2016. The company listed on the Australian
Securities Exchange on 5 January 2018.
Nature of Business
Frontier Diamonds Ltd operates as an independent mining company. The company has interests in
two producing underground mines within South Africa, namely the Sedibeng Diamond Mine and
Star Diamond Mine. It is also involved in a development project, Bellsbank.
Company Secretary Mr M Licciardo
Auditors BDO Audit (WA) Pty Ltd
Computershare Investor Services Level 11, 172 St Georges GPO Box D182, +61 1300
Pty Ltd (Australia) Terrace, Perth, WA 6000 Perth, WA 6840 787-272

Sedi Star Diamonds Pty Ltd Australia 100.00

Siccodes 23000, 24240 & 25200
KAREEVLEI MINING (PTY) LTD

Reg. Number: 2013/077678/07
PO Box 1055, Kimberley, 8300, Wesselton Village, Off Old Wesselton Village, Off Old
South Africa Boshoff Road, Boshoff Road,
Kimberley, 8300, South Africa Kimberley, 8300, South Africa
Tel: +27 87 808-6116 Fax.:
Shareholders
BlueRock Diamonds Plc 74.00
Ghaap Mining (Pty) Ltd 26.00
Directors
Appointment
Name Designation
Date
Mr Timothy Grahame Leslie 2016-11-25 Executive Director
Mr William Alexander van Wyk 2016-11-25 Executive Director
Mr Adam Richard George Waugh 2016-11-25 Executive Director
History of Business
Kareevlei Mining (Pty) Ltd was registered in May 2013.
Nature of Business
Kareevlei Mining (Pty) Ltd holds the mining right over 3,000 hectares in the Northern Cape,
approximately 100 kilometres North West of Kimberley. There are five known diamondiferous
kimberlite pipes ranging from less than 0.5 hectares to 5.6 hectares. The inferred mineral resource is
based on three of the pipes (K1, K2 and K3). K4 and K5 are the smallest two pipes and have had very
limited work carried out.
Mining operations started in 2015 on K2, following an open pit mining plan to mine to a depth of 70
metres below surface. Mining at K1, which is 50 metres from K2, is expected to start in 2018 and will
be mined in conjunction with K2.

Siccodes 23000, 24240 & 25200
PETRA DIAMONDS LTD

Reg. Number: EC23123
1st Floor, 52-53 Conduit Street, 1st Floor, 52-53 Conduit Street, 1st Floor, 52-53 Conduit Street,
London, W1S 2YX, United London, W1S 2YX, United London, W1S 2YX, United
Tel: +44 20 7494-8203 Fax.:
Email: info@petradiamonds.com Website: www.petradiamonds.com
Shareholders
BlackRock Investment Management (UK) Ltd 15.30
T Rowe Price Associates Inc 9.80
Standard Life Aberdeen Plc 5.90
Prudential Plc 5.30
Directors of Petra Diamonds Ltd 3.80
Directors
Appointment
Name Designation
Date
Dr Patrick Bartlett Independent Non-Executive Director
Mr Jacques Breytenbach Executive Financial Director
Mr James Murray (Jim) Davidson Executive Technical Director
Mr Christoffel Johannes Dippenaar Chief Executive Officer
Mr Gordon Hamilton Independent Non-Executive Director
Mr Tony Lowrie Independent Non-Executive Director - Senior
Ms Octavia Matshidiso Matloa Independent Non-Executive Director
Mr Adonis Pouroulis Non-Executive Chairman

Siccodes 23000, 24240 & 25200
Managers
Appointment
Name Designation
Date
Ms Cathy Malins Manager - Corporate Communications
Mr Luctor Roode Chief Operating Officer
History of Business
Petra Diamonds Ltd (PDL) was established in September 1997 in Bermuda and is listed on the
London Stock Exchange.
Nature of Business
Petra Diamond Ltd is involved in diamond production and exploration.
The company's mining operations include:
South Africa:
• Finsch
• Cullinan
• Koffiefontein
• Kimberley Underground
• Reivilo prospecting
Tanzania:
• Williamson
Botswana:
• Exploration
Company Appointment
Secretary Date
JTC UK Ltd +44 203 846 9770
Banks Barclays Bank Plc
Auditors BDO LLP
Turnover [2017] R 6,246.80m ($ 477.00m) (AR2017)
Profit R271.08m ($20.70m) (AR2017) (Net)

Siccodes 23000, 24240 & 25200
The social spend for the 2017 year was R44.5m.
Production Capacity
4 million carats

Crown Diamonds (Pty) Ltd South Africa 100.00
Crown Resources (Pty) Ltd South Africa 74.00
Cullinan Investment Holdings Ltd British Virgin Islands 100.00
Ekapa Minerals (Pty) Ltd South Africa 49.90
Kalahari Diamonds Ltd (UK) United Kingdom 100.00
Luxanio Trading 105 (Pty) Ltd South Africa 100.00
Nelesco 651 (Pty) Ltd South Africa 49.24
Petra Diamonds Belgium BV Belgium 100.00
Petra Diamonds Jersey Treasury Ltd Jersey 100.00
Petra Diamonds Netherlands Treasury BV Netherlands 100.00
Petra Diamonds UK Services Ltd United Kingdom 100.00
Petra Diamonds UK Treasury Ltd United Kingdom 100.00
Petra Diamonds US$ Treasury Plc United Kingdom 100.00
Tarorite (Pty) Ltd South Africa 75.00
Wilcroft Company Ltd (Bermuda) Bermuda 100.00

Siccodes 23000, 24240 & 25200
ROCKWELL DIAMONDS INC

Reg. Number: 2007/031582/10
JSE Code: RDI
BEE Rating: Not Applicable Updated: 2018-01-23
PO Box 3011, Houghton, Level 1, Wilds View, Isle of 1020–800 West Pender Street,
Johannesburg, 2041, South Houghton, Cnr Carse O’Gowrie Vancouver, V6C 2V6, Canada
Africa and Boundary Roads,
Houghton Estate, Johannesburg,
2198, South Africa
Tel: +27 11 484-0830 / +27 53 531-1300 Fax.: +27 86 262-2838 / +27 86 206-2171
Email: info@rockwelldiamonds.com Website: www.rockwelldiamonds.com
Shareholders
Daboll Consultants Ltd 19.00
Zungu Investments Company (Pty) Ltd 7.00
Directors
Appointment
Name Designation
Date
Mr Dennis Mark Bristow 2011-09-09 Non-Executive Chairman
Mr James Andrew Hartley Campbell 2016-11-30 Executive Director
Mr Patrick Randal Cooke 2016-11-07 Chief Financial Officer
Dr Willem Jacobus Jacobs 2009-10-30 Non-Executive Director
Mr Richard John Linnell 2009-10-30 Non-Executive Director
Mr Richard Mhlontlo 2016-11-30 Non-Executive Director
Mr Johan Cornelius van'T Hof 2011-09-30 Independent Non-Executive Director
Mr Tjaart Willemse 2016-11-30 Chief Executive Officer
Managers
Appointment
Name Designation
Date
Mr Jeffrey Brenner 2007-11-21 Manager - Diamond Marketing & Sales

Siccodes 23000, 24240 & 25200
Mr Stephen Le Roux Operations Manager - MOR
History of Business
Rockwell Diamonds Inc was incorporated in Canada and registered in South Africa on 2 November
2007 as an external company and listed on the JSE in 2007 as well as on the Toronto Stock Exchange.
In August 2017, the company delisted from the TSX Venture Exchange Board and listed with the NEX
Board.
Nature of Business
Rockwell Diamonds Inc is focused on operating and developing alluvial diamond deposits in the
Middle Orange River region of South Africa.
Mines and projects are as follows:

• Saxendrift Mine (including Saxendrift River Complex) - In production
• Kwartelspan Complex - Prospecting right
• Niewejaarskraal Complex - Production suspended
• Brakfontein Hill Complex (Jasper) - is actively being mined at the Saxendrift operations
• Wouterspan Complex (including Okapi and Kanonloop) - Updating preliminary economic
assessment
• Remhoogte Holsloot Complex - Three processing plants in production
• Lanyonvale Project - Geological mapping in progress
Company Secretary Mr GJ Fretwell
Auditors KPMG International Cooperative
Attorneys Brink Falcon Hume Inc; Fasken Martineau DuMoulin LLP
Stockbrokers Northland Capital Partners Ltd
Investment, Income
Charges [2016]

Siccodes 23000, 24240 & 25200
Computershare Investor 3rd Floor, 510 Burrard Street, +604 661-

Services Inc Vancouver, Canada, V6C 3B9 9400

Units Manufactured
18,976 carats (diamond sales)
Production Capacity
18,984 p.a. (carats)

Flawless Diamond Trading House (Pty) Ltd South Africa 20.00
Rockwell Resources RSA (Pty) Ltd South Africa 100.00
General Comment
Messrs Peter van den Steen and Trevor Murgatroyd were jointly appointed as the interim business
rescue practitioners of Rockwell's subsidiary companies, Saxendrift Mine (Pty) Ltd, Rockwell
Resources RSA (Pty) Ltd, and HC van Wyk Diamonds Ltd on 18 May 2017.

Siccodes 23000, 24240 & 25200
TANGO MINING LTD

Updated: 2018-07-05
Suite 202, 5626 Larch Street, Suite 202, 5626 Larch Street, Suite 202, 5626 Larch Street,
Vancouver, V6M 4E1, Canada Vancouver, V6M 4E1, Canada Vancouver, V6M 4E1, Canada
Tel: +1 604 696-4236 Fax.: +1 604 608-9809
Email: info@tangomining.com Website: www.tangomining.com
Shareholders
Directors & Management of Tango Mining Ltd 25.00
Directors
Appointment
Name Designation
Date
Mr Kevin Comrack Gallagher 2014-10-17 Non-Executive Director
Mr Samer Khalaf 2017-04-03 Chief Executive Officer
Ms Donna Moroney 2017-05-29 Executive Director & Company Secretary
Mr Terry Lee Tucker 2013-03-01 Executive Chairman
History of Business
FDG Mining Inc was established in April 2007. The company underwent a name change on 8 May
2013 to Tango Gold Mines Inc and again on 24 November 2014 to Tango Mining Ltd. The company is
listed on the Toronto Stock Exchange Venture. During October 2014, the company purchased the
controlling shares in African Star Minerals (Pty) Ltd which has 100% shares in the Oena project.
During 2017, Tango Mining Ltd entered into a Service Agreement for Mining and Marketing of
Diamonds with Txapemba Canguba R.L in Angola.
Nature of Business
Tango Mining Ltd is a diversified junior mining company which operates through its South African
subsidiaries, holding three thermal coal mines, metallurgical and processing plants.
Mining operations run as follow:

• TML Equipment Solutions (Pty) Ltd owns and leases processing equipment that is used for alluvial
diamond recovery. This equipment is used at the Oena Diamond mine and operated under contract

Siccodes 23000, 24240 & 25200
by Consulmet (Pty) Ltd.

• Kwena Mining Projects (Pty) Ltd / Kwena Springlake Projects (Pty) Ltd / Kwena Mining and
Metallurgical Services (Pty) Ltd maintain and operate three coal beneficiation operations which
include:
- Dorstfontein East Coal Mine is a multi-seam mine where the raw coal is beneficiated. The wash
plant produces 300,000 tons per month of washed coal for the export market.
- Dorstfontein West Coal Mine is a multi-seam mine from which the raw coal is extracted for
beneficiation. The wash plant produces 150,000 tons per month of washed coal for the export and
inland markets.
- Forzando Coal Mine is a multi-seam mine from which the raw coal is extracted and beneficiated
through a 300,000 tons per month wash plant to produce washed coal for the export and inland
markets.
• African Star Minerals (Pty) Ltd undertakes diamond mining at the Oena Mine through a Contract
Mining and Diamond Recovery Agreement with Bluedust 7 (Pty) Ltd and processing of the diamonds
is done through a Tango Mining Ltd owned processing plant.
Company Secretary Ms DM Moroney
Nr. of Employees 254 (231 - Permanent; 23 - Contract) (South Africa)
Auditors Dale Matheson Carr-Hilton Labonte LLP
Turnover [2017] R 137.56m ($ 10.59m) (AR2017)
Company Year End August
Postal
Name Physical Address Tel
Address
TMX Equity Transfer 1185 West Georgia, Suite 1620, Vancouver, British
Services Colombia, Canada
Production Capacity
• 6.5 million tons p.a. (Thermal Coal)

• 120 tons per hour (Diamonds)

Siccodes 23000, 24240 & 25200

African Star Minerals (Pty) Ltd South Africa 51.00
Corlasur S.A. Nicaragua 100.00
F.D.G Mining S.A. Nicaragua 100.00
Incasur S.A. Nicaragua 100.00
Kwena Mining and Metallurgical Services (Pty) Ltd South Africa 74.00
Kwena Mining Projects (Pty) Ltd South Africa 74.00
Kwena Springlake Projects (Pty) Ltd South Africa 74.00
Tango Gold S.A. Nicaragua 100.00
Tango Mining Ltd United Kingdom Undisclosed
TGV Resources (Pty) Ltd South Africa 100.00
TML Equipment Solutions (Pty) Ltd South Africa 25.00

Siccodes 23000, 24240 & 25200
TRANS HEX GROEP LTD

Reg. Number: 1963/007579/06
JSE Code: TSX
PO Box 723, Parow, 405 Voortrekker Road, Parow, 405 Voortrekker Road, Parow,
Cape Town, 7499, South Africa Cape Town, 7500, South Africa Cape Town, 7500, South Africa
Tel: +27 21 937-2000 Fax.: +27 21 937-2100
Email: info@transhex.co.za Website: www.transhex.co.za
Shareholders
RAC Investment Holdings (Pty) Ltd 31.58
Cream Magenta 140 (Pty) Ltd 23.47
Metcap 14 (Pty) Ltd 23.47
Mr Delport, Llewellyn 0.1299
Directors
Appointment
Name Designation
Date
Mr Llewellyn Delport 2004-07-01 Chief Executive Officer
Mr James Leslie Gurney 2017-06-12 Non-Executive Alternate - To Mr M Wentzel
Mr Ian Peter Hestermann 2010-05-01 Executive Financial Director
Mr Albertus Johannes Marais 2018-03-27 Independent Non-Executive Director
Mr Athol Graham Rhoda 2017-05-08 Independent Non-Executive Director
Mr Pieter Gerhardt Viljoen 2017-01-17 Non-Executive Director
Mr Marco Van Zyl Wentzel 2017-03-31 Non-Executive Chairman
Managers
Appointment
Name Designation
Date
Mr Carl Niemann General Manager - Somiluana Mine

Siccodes 23000, 24240 & 25200
Mr Tiaan Priem General Manager - Namaqualand Operations
Mr Stanley (Stan) Turketti Manager - Group Risk
History of Business
Trans Hex Groep Ltd was registered on 30 December 1963 and listed on the JSE in 1981. On 1
February 2018, the group acquired a further 27.2% of the equity and voting interest in West Coast
Resources (Pty) Ltd, thereby increasing its interest to 67.2%.
The Nxodap plant was decommissioned in February 2014 after eight years of operation. All other
mining operations at the Reuning Mine (Richtersveld), including the Nxodap mining area, the
Suidhek plant and the Jakkalsberg mining area, were closed during the 2015 financial year as the
mine reached the end of its economic viability.
Nature of Business
Trans Hex Groep Ltd is involved directly, and through joint venture agreements, in the exploration,
mining and marketing of diamonds from land and marine alluvial deposits. Mining operations are
presently focused on South Africa and Angola.
The company’s operations are as follows:

• Lower Orange River (South Africa) - consists of the Baken and Bloeddrif Mines, both 100% owned
by Trans Hex. currently under care and maintenance.
• Shallow water operation based at De Punt and Port Nolloth off the west coast of South Africa.
• Namaqualand (South Africa) - Trans Hex has been contracted by West Coast Resources (Pty) Ltd to
manage the day-to-day operations of its Namaqualand project. Trans Hex holds a 67.2% stake in
West Coast Resources.
• Somiluana Mine (Angola) - Trans Hex holds a 33% stake.
• Trans Hex Diamond Cutting Works, (South Africa) - a small-scale cutting and polishing factory in
Gauteng in which Trans Hex has a 75% shareholding
Company Appointment
Secretary Date
Statucor (Pty) Ltd Alun Rich, A 2018-02-01 2018
Nr. of Employees 811 (Group) (176 - South Africa; 635 - Angola)
Banks Absa Bank Ltd

Siccodes 23000, 24240 & 25200
Investment, Income
Charges [2018]

Units Manufactured
Sales for the 2017 financial year: 78,185 carats sold (South Africa)

Buffelsbank Diamante Ltd South Africa 100.00
Gem Diamond Mining Corporation Ltd South Africa 100.00
Trans Hex Bemarking Ltd South Africa 100.00
Trans Hex Diamante Ltd South Africa 100.00
Trans Hex Finansiering Ltd South Africa 100.00
General Comment
In 2018, Trans Hex Operations (Pty) Ltd, a wholly owned subsidiary of Trans Hex, entered into an
agreement with Lower Orange River Diamonds (Pty) Ltd in terms of which Trans Hex had agreed to,
inter alia, dispose of its Lower Orange River operations. As at 2 August 2018, the transaction
remains subject to shareholder approval.

Mining of Precious Metals and Minerals - August 2018

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Mining of Precious Metals and Minerals - August 2018

Uploaded by

Copyright:

Available Formats

MINING OF PRECIOUS METALS AND

MINERALS: GOLD AND URANIUM,

Siccodes 23000, 24240 & 25200

PORT ELIZABETH OFFICE

2. DESCRIPTION OF THE INDUSTRY ..............................................................................................1

3. SIZE OF THE INDUSTRY ............................................................................................................9

4. STATE OF THE INDUSTRY .......................................................................................................21

5. INFLUENCING FACTORS .........................................................................................................54

© Copyright Who Owns Whom (Pty) Ltd

5.7. Platinum Recycling ..................................................................................................................63

7. SWOT ANALYSIS ....................................................................................................................68

9. INDUSTRY ASSOCIATIONS ......................................................................................................70

10. REFERENCES ..........................................................................................................................70

COMPANY PROFILES – MINING OF GOLD .....................................................................................73

COMPANY PROFILES – MINING OF PLATINUM............................................................................ 132

© Copyright Who Owns Whom (Pty) Ltd

IVANHOE MINES LTD ....................................................................................................................152

COMPANY PROFILES – MINING OF DIAMONDS .......................................................................... 194

© Copyright Who Owns Whom (Pty) Ltd

2. DESCRIPTION OF THE INDUSTRY

© Copyright Who Owns Whom (Pty) Ltd Back to Table of Contents

2.1. Industry Value Chain

Suppliers to producers of gold, uranium, platinum and diamonds include:

© Copyright Who Owns Whom (Pty) Ltd Back to Table of Contents

GLOBAL GOLD DEMAND BY APPLICATION, 2017

Central banks and other

© Copyright Who Owns Whom (Pty) Ltd Back to Table of Contents

GLOBAL PLATINUM DEMAND BY APPLICATION, 2017

76.5t, 32% Industrial

[Source: Platinum Quarterly Q4 2017]

© Copyright Who Owns Whom (Pty) Ltd Back to Table of Contents

© Copyright Who Owns Whom (Pty) Ltd Back to Table of Contents

2.2. Geographic Position

© Copyright Who Owns Whom (Pty) Ltd Back to Table of Contents

[Source: Uranium 2016: Resources, Production and Demand]

© Copyright Who Owns Whom (Pty) Ltd Back to Table of Contents

© Copyright Who Owns Whom (Pty) Ltd Back to Table of Contents

3. SIZE OF THE INDUSTRY

© Copyright Who Owns Whom (Pty) Ltd Back to Table of Contents

Summary of Major Players – Gold & Uranium

51,480 R57,822.12m ♦ Mponeng

© Copyright Who Owns Whom (Pty) Ltd Back to Table of Contents

© Copyright Who Owns Whom (Pty) Ltd Back to Table of Contents

© Copyright Who Owns Whom (Pty) Ltd Back to Table of Contents

Orion Minerals Ltd X ♦ Marydale (Areachap Project)

© Copyright Who Owns Whom (Pty) Ltd Back to Table of Contents

Summary of Major Players – Platinum

© Copyright Who Owns Whom (Pty) Ltd Back to Table of Contents

Employees Production Capacity

♦ Impala Mine (96%) including Impala

♦ Tamboti Project (100%)

© Copyright Who Owns Whom (Pty) Ltd Back to Table of Contents

Employees Production Capacity

© Copyright Who Owns Whom (Pty) Ltd Back to Table of Contents

Employees Production Capacity

© Copyright Who Owns Whom (Pty) Ltd Back to Table of Contents

Employees Production Capacity

© Copyright Who Owns Whom (Pty) Ltd Back to Table of Contents

Summary of Major Players - Diamonds

Saxendrift River Complex) - In

Rockwell Diamonds 480 (2016) - is actively being mined at the

Okapi and Kanonloop) - Updating

Three processing plants in