Reserves & Resources

Mineral Resources and Reserves for Petmin’s operations are reported in accordance with the requirements of the South African Code for the Reporting of Mineral Resources and Mineral Reserves (SAMREC).

SamQuarz

The Mineral Resources and Reserves reported for SamQuarz are based on information compiled by SRK Consulting (South Africa) (Pty) Ltd, which was published in the Competent Person’s Report on 1 October 2008.

SamQuarz Revised Mineral Resources Statement – as updated by SRK in October 2008

Resource classification	Quartzite* (Mt)	Chert** (Mt)
Measured	60.63	7.94
Indicated	19.97	3.54
Total Measured and Indicated	80.60	11.48
Inferred	—	48.31
Total Resources	80.60	59.79

* The estimated quartzite Mineral Resource was divided as follows:
Measured: total Resource within the base case pit outline
Indicated: balance of the Resource outside the base case pit outline
Inferred: there are no Inferred Resources.

** The estimated Mineral Resource for chert and chert products was divided as follows:
Measured: estimated Resource of chert and chert products within years one to 20 in base case pit outline
Indicated: balance of the estimated Resource from year 21 onward
Inferred: balance of the estimated Resource lying outside the base case pit limits.

SamQuarz Revised Mineral Reserves Statement – as updated by SRK in October 2008

Reserve classification	Quartzite (Mt)	Chert–grade product (Mt)
Proved	19.16	7.94
Probable	41.48	3.54
Total	60.64	11.48

SamQuarz mine depletion to June 2010

Reserves	Mineral	Reserve	Mining method	ROM (Mt)
30 June 2009	Quartzite/chert	Proved and Provable	Open-cast	69.39
Mined this year				(1.28)
30 June 2010				68.11

Note – The estimated depletion of Reserves due to mining operations from the dates of the previous CPRs has not been independently verified.

Somkhele

Anthracite Resources for Somkhele Area 1, 2 and 3 (based on selective mining – excluding seam partings)

Resource classification	Gross in-situ tonnes (Mt)	Geological loss (%)	Mineable in-situ tonnes (Mt)
Area 1 – Measured	10.911	10	9.820
Area 1 – Indicated	16.568	20	13.254
Area 1 – Inferred	8.596	50	4.298
Total – Area 1	36.075	24	27.372
Area 2 – Measured	2.667	10	2.400
Area 2 – Indicated	—	—	—
Area 2 – Inferred	—	—	—
Total – Area 2	2.667	10	2.400
Area 3 – Measured	—	—	—
Area 3 – Indicated	—	—	—
Area 3 – Inferred	42.847	50	21.424
Total – Area 3	42.847	50	21.424
Total – Areas 1, 2 and 3	81.589	37	51.196

Anthracite Resources for Somkhele's Luhlanga, KwaQubuka and Emalehlene Areas (based on bulk mining – including seam partings)

Resource classification	Mineable in-situ tonnes (Mt)
Luhlanga – Measured	11.900
Luhlanga – Indicated	3.370
Luhlanga – Inferred	0.200
Total – Luhlanga	15.470
KwaQubuka – Measured	—
KwaQubuka – Indicated	—
KwaQubuka – Inferred	2.500
Total – KwaQubuka	2.500
Emalehlene – Measured	—
Emalehlene – Indicated	—
Emalehlene – Inferred	6.000
Total – Emalehlene	6.000
Total – Luhlanga, KwaQubuka and Emalehlene	23.970

Anthracite Reserves for Somkhele Area 1 and 2 (based on selective mining – excluding seam partings)

Reserve classification	Mining Method	Mineable in Situ (Mt)	Extraction (%)	ROM (Mt)	Practical yield (%)	Sales tonnes (Mt)
Area 1 – Proved	Open-cast	9.820	95	9.329	68.6	6.400
Area 1 – Probable	Open-cast	13.254	95	12.591	68.6	8.638
Total – Area 1	Open-cast	23.074	95	21.920	68.6	15.038
Area 2 – Proved	Open-cast	2.400	95	2.280	68.6	1.564
Area 2 – Probable	Open-cast	-	—	—	—	—
Total – Area 2	Open-cast	2.400	95	2.280	68.6	1.564
Total – Areas 1 and 2		25.474		24.200		16.602

Somkhele mine depletion to June 2010 (based on selective mining – excluding seam partings)

Reserves	Mineral	Reserve classification	Mining method	ROM (Mt)
At start of mining	Anthracite	Proved and Probable	Open-cast	24.200
Mined in 2007				(0.090)*
30 June 2007				21.110
Mined in 2008				(0.800)*
30 June 2008				23.310
Mined in 2009				(0.810)*
30 June 2009				22.500
Mined in 2010				(0.764)*
30 June 2010				21.737

* Based on selective mining – excluding seam parting, and is equivalent to the 1.1 million ROM tonnes (bulk mining basis) reported in the 2010 directors’ review of Somkhele.
Note – the mine depletion table has not been reviewed by an independent competent person and is provided by management for guidance only.

Veremo

The SAMREC-compliant Resources outlined below were calculated by MSA GeoServices (Pty) Ltd for the weathered portion of the Resource and were published in March 2010.

Veremo’s combined Weathered Resources for Blocks 1 to 5

	Tonnes '000	Bulk Density	Al2O3 %	CaO %	Fe %	Fe2O3 %	MgO %	P2O5 %	SiO2 %	TiO2 %	V2O5 %
Measured	44,252	3.51	5.01	0.71	43.39	61.99	1.83	0.07	12.86	14.69	0.15
Indicated	29,099	3.54	5.19	0.96	42.99	61.41	1.80	0.07	12.54	15.08	0.15
Measured and Indicated	73,351	3.52	5.08	0.81	43.23	61.76	1.82	0.07	12.73	14.84	0.15
Inferred	12,825	3.63	4.48	0.78	45.70	65.29	1.79	0.08	10.22	15.96	0.15