Pandora joint venture

Following the implementation of various agreements relating to the acquisition of Booysendal, the group became recognised as a historically disadvantaged South African (HDSA) entity. Consequently Northam became entitled to acquire the 7.5% interest in Pandora, which had been warehoused by Mvela Resources.

Pandora is producing on a relatively small scale from Lonmin’s Eastern Platinum infrastructure, while a feasibility study for the future mining operation is concluded. Financing of the project is intended to be obtained by means of debt facility and a convertable bond.

Key facts and statistics

Ownership

Lonmin: 42.5%

Anglo Platinum: 42.5%

Northam: 7.5%

Bapo Ba Mogale Mining Company: 7.5%

Location

Western limb of the Bushveld Complex on certain portions of the farms Hartebeespoort, Roodekopjes and Uitvalgrond near Brits in the North West Province adjacent to Eastern Platinum Mine (EPM)

Access and infrastructure

Existing infrastructure at EPM has been utilised to gain quick access to the Pandora mine.

Reserves

Total: 1.3Moz (3PGE+Au); Attributable*: 0.1Moz (3PGE+Au)

Resources

Total: 21.3Moz (3PGE+Au); Attributable*: 1.6Moz (3PGE+Au)

Life of mine

30 years and beyond

Project status

Pre-feasibility completed; stand-alone mine of 240 000tpm being considered

* Attributable to Northam

Reserve and resource statement