REUTERS/Shannon Stapleton

GFMS PGM Mine econoMicS Production costs, Margins & cash Flows to 2030 This service provides miners, financial institutions, governments and other industry investors with detailed forward-looking insight into the underlying drivers of PGM mine economics.

High quality independent support to investment/lending decisions, risk/reward analysis, peer group comparisons and asset benchmarking.

GFMS

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gfms Pgm mine economics

A focus on costs... Times are testing for the PGM mining industry, with many feeling pressure from low margins. Producers are facing an environment of rising input costs and volatile currency movements. As producers with marginal operations continue to ‘feel the squeeze’ and look to rationalise, a credible, independent analysis of industry operating costs is a key component of the strategic decision making process.

... And oPPortunities Meanwhile, industry players and potential new entrants into the market may be attracted by the long-term fundamentals for PGMs and seek to position themselves for growth. The PGM market remains unique in the metals and mining sector with a concentrated supply-side structure, high barriers to entry but attractive margins throughout the cycle for those mines at the low end of the cost curve.

Based on a stringent methodology, this service is based on “bottom-up” analysis of mine productivity, energy use, mining and processing costs, making it ideal for asset benchmarking purposes.

the Pgm mine economics service identifies:• Which mines are profitable under different

market outcomes• The impact of different price outcomes and input

cost scenarios on the future production profile • Breakeven commodity prices needed for projects

to generate acceptable financial returns• Which mines and projects present the best

growth and profit opportunities

Analysis is based on highly detailed, rigorous mine-by-mine analysis of production costs, broken down to $/tonne mining, ore processing and on-site administration costs, smelting and refining costs, plus benchmarking of fuel, power, labour productivity and other key inputs. The study includes forecasts of PGM mine production, operating costs and cash flows to 2030.

• Mine-by-Mine Profiles• Highly detailed analysis• Forecasts to 2030• All analysis delivered via website

• Cost curves and cost leagues• Benchmarking analysis• Flexing models• Global trend analysis and commentary• Analysis updated quarterly, or when significant events occur

• Interactive web-based analytical and reporting functionality

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gfms Pgm mine economics

gfms supplements research with mine visits in order to gather technical and operating data.

• Besides an in-depth production cost breakdown, revenues, margins and forward-looking cash flows are presented for each operation

• Global coverage: Analysis of over forty operating PGM mines in South Africa, Zimbabwe, Russia and North America plus around twelve projects at prefeasibility stage or later

• Mine-by-mine analysis to 2030: Detailed reserves/resources, production, operating cost, capital cost and cash flow analysis

• Global analysis: Distilling the mine-by-mine data into analysis of global trends; production and industry cost structure, cost and margin curves, competitive analysis

• Web-based product: Mine and project profiles and notes available to download. Flexing model allowing clients to assess the impact of different exchange rate, input cost and metal price scenarios on mine economics

mines & Projects included

MineS Location oPerator

Amandelbult Dishaba South Africa Anglo Platinum

Amandelbult Tumela South Africa Anglo Platinum

Blue Ridge South Africa Aquarius/Imbani

Bokoni South Africa Anooraq Resources/Anglo Platinum

BRPM South Africa Royal Bafokeng Resources/Anglo Platinum

CTRP South Africa Aquarius Platinum

Crocodile River South Africa Eastern Platinum

East Boulder USA Stillwater Mining

Eland South Africa Xstrata

Everest South South Africa Aquarius Platinum

Impala Lease South Africa Impala Platinum

Kroondal PSA South Africa Anglo Platinum/Aquarius

Lac des Iles Canada North American Palladium

Marathon Canada Marathon PGM

Marikana (Lonmin) South Africa Lonmin

Marikana PSA South Africa Anglo Platinum/Aquarius

Marula South Africa Impala Platinum

Mimosa Zimbabwe Impala Platinum/Aquarius

Modikwa South Africa Anglo Platinum

Mogalakwena South Africa Anglo Platinum

Mototolo South Africa Anglo Platinum/Xstrata

Ngezi Zimbabwe Impala Platinum

Norilsk Polar & Kola Russia Norilsk Nickel

Platinum Mile South Africa Aquarius Platinum

Rustenburg Bathopele South Africa Anglo Platinum

Rustenburg Khomanani South Africa Anglo Platinum

Rustenburg Khuseleka South Africa Anglo Platinum

Rustenburg Siphumelele South Africa Anglo Platinum

Rustenburg Thembelani South Africa Anglo Platinum

Stillwater USA Stillwater Mining

Two Rivers South Africa ARM/Impala

Union Section South Africa Anglo Platinum

Western Limb Tailings Retreatment South Africa Anglo Platinum

Zondereinde South Africa Northam Platinum

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GFMS

gfms Pgm mine economics

About gfms• The Thomson Reuters GFMS Mine Economics service aims to deliver high

quality insight into the economics of mine production, with detailed asset-by-asset analysis

• Thomson Reuters GFMS is recognised as one of the world’s leading economics consultancies in precious metals, specialising in research into the global gold, silver, platinum and palladium markets

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