Name of the Project
Two Rivers Merensky project.

Location
On the eastern limb of the Bushveld Complex, about 35 km south-west of Burgersfort, in Mpumalanga, South Africa.

Project Owner/s
Two Rivers is a joint venture between diversified miner African Rainbow Minerals (54%) and platinum group metals producer Impala Platinum (46%). African Rainbow Minerals manages the operation.

Project Description
The project involves the mining of the Merensky reef at Two Rivers mine and is expected to position the mine in the bottom half of the industry cash cost curve.

Studies indicate that over the life-of-mine, 52-million tonnes, at an average milled feed grade of 2.9 g/t on a platinum, palladium, ruthenium, rhodium, iridium and gold (6E) ounce basis, will be mined and processed.

Steady-state production of 182 000 oz/y 6E platinum group metals ounces, 1 600 t/y of nickel and 1 300 t/y of copper are expected once the project is fully ramped up.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
Not stated.

Capital Expenditure
R5.7-billion to be spent over three years.

Planned Start/End Date
The project was approved in 2021, with first ore production scheduled for the 2024 financial year and full production planned for the 2025 financial year.

Latest Developments
Concentrator design work for execution is well advanced, and procurement of long-lead items is under way.

Initial mining activities to support the creation of a run-of-mine stockpile started in February 2022.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
African Rainbow Minerals, tel +27 11 779 1300 or email ir.admin@arm.co.za.