Mineral Resource and Mineral
Reserve Statements
As at September 30, 2011
1
Summary and High Level Reconciliation
Notable Revisions in 2011

Mineral Resource definition work in South Africa during the year was confined to the
Marikana and Pandora properties. The Limpopo, Akanani and Loskop Mineral Resources
were unchanged during 2011.
o
The Mineral Resources at Marikana reduced by 5.7 Moz (3%) of 3PGE+Au in 2011.
Exploration drilling at Marikana in FY11 was focussed on infill drilling rather than Mineral
Resource extension and additional data collected during the year resulted in a 2%
increase in resource thickness and a 3% decrease in the resource grade. Depletion
through mining and higher geological losses assigned to the deeper and Inferred
Resource areas accounted for the remainder of the decrease in the 3PGE+Au Mineral
Resource.

The West Kenya Earn-in and Joint Venture Agreement between Aviva and AfriOre
International (Barbados) Limited, a wholly owned subsidiary of Lonmin Plc, declared a
maiden Inferred Mineral Resource on the Bumbo deposit.
The portion attributable to
Lonmin (49%) is 0.82 Mt at a copper equivalent grade of 4%. Details of this copper-zincgold-silver resource can be found under the Non-Platinum Group Elements section of this
report.

Revisions to the Mineral Reserve at Marikana in 2011:
o
The Marikana Mineral Reserve grade decreased by 3% (0.13 g/t). This was largely due
to the lower resource grade.
o
The 3PGE+Au content of the Marikana Mineral Reserve was 6% lower (2.5 Moz) as a
result of the lower resource grade, depletion by mining and changes to the mine design
in certain areas resulting in higher pillar and mining loss.

Other areas of Lonmin’s Mineral Reserve were largely unchanged.
A summary of the changes in the Lonmin Mineral Resources and Mineral Reserves are shown
in the following tables and should be read in conjunction with the Key Assumptions section of
this report. Detailed breakdowns of these Mineral Resources and Mineral Reserves into their
respective confidence categories can be found in the sections specific to the individual areas.
2
PGE Mineral Resources (Total Measured, Indicated & Inferred)1,4
30-Sep-2011
Area
Mt5
3PGE+Au
30-Sep-2010
Pt
g/t
Moz
Moz
Mt5
3PGE+Au
Pt
g/t
Moz
Moz
Marikana
730.7
4.87
114.4
68.4
740.1
5.05
120.1
71.7
Limpopo2
144.7
4.23
19.7
10.0
144.7
4.23
19.7
10.0
Limpopo Baobab shaft
46.1
3.91
5.8
3.0
46.1
3.91
5.8
3.0
Akanani
216.0
3.84
26.7
10.9
216.0
3.84
26.7
10.9
Pandora JV
54.8
4.29
7.6
4.6
54.8
4.30
7.6
4.5
Loskop JV3
10.1
4.04
1.3
0.8
10.1
4.04
1.3
0.8
Sudbury PGM JV1,3
0.35
6.30
0.07
0.04
0.35
6.30
0.07
0.04
1,202.6
4.54
175.4
97.6
1,212.0
4.65
181.1
100.9
Total Resource
Notes
1) All figures are reported on a Lonmin Plc attributable basis, the relative proportions of ownership
per project being shown in the Key Assumptions section of this report.
2) Limpopo2 excludes Baobab shaft.
3) Loskop and Denison JV3 exclude Rh, due to insufficient assays, and therefore 2PGE+Au is
reported.
4) Resources are reported Inclusive of Reserves.
5) Quantities and grades have been rounded to one or two decimal places, therefore minor
computational errors may occur.
PGE Mineral Reserves (Total Proved & Probable)1
30-Sep-2011
Area
Mt3
3PGE+Au
30-Sep-2010
Pt
g/t
Moz
Moz
Mt3
3PGE+Au
Pt
g/t
Moz
Moz
Marikana
284.8
4.09
37.4
22.6
293.9
4.22
39.9
24.1
Limpopo2
42.4
3.20
4.4
2.2
42.4
3.20
4.4
2.2
Limpopo Baobab shaft
9.4
3.16
1.0
0.5
9.4
3.16
1.0
0.5
Pandora JV
5.1
4.14
0.67
0.40
5.2
3.98
0.66
0.39
341.6
3.95
43.4
25.7
350.8
4.07
45.9
27.1
Total Reserve
Notes
1) All figures are reported on a Lonmin Plc attributable basis, the relative proportions of ownership
per project being shown in the Key Assumptions section of this report.
2) Limpopo2 excludes Baobab shaft.
3) Quantities have been rounded to one decimal place and grades have been rounded to two
decimal places, therefore minor computational errors may occur.
3
Key assumptions pertaining to the 2011 Lonmin Mineral
Resource and Reserve Statement

Mineral Resources are reported inclusive of Mineral Reserves. Resources that are
converted to Reserves are also included in the Mineral Resource statement.

All quoted Resources and Reserves includes Lonmin's attributable portion only. There have
been no changes in the percentage attributable to Lonmin during the year. The following
percentages were applied to the total Mineral Resource and Reserve for each property:
Limpopo –
Baobab,
Limpopo –
Marikana
Dwaalkop JV Doornvlei,
Zebediela
Lonmin
Attributable

82%
41%
Akanani
Pandora
Loskop
Sudbury
PGM
74%
34.85%
41%
50%
82%
o
Incwala Resources, Lonmin’s BEE partner, owns 18% of both Western Platinum Limited
and Eastern Platinum Limited, and 26% of Akanani.
o
Limpopo includes Dwaalkop JV which is a Lonmin managed JV between Mvelaphanda
Resources (50%) and Western Platinum (50%).
o
Pandora JV: Eastern Platinum Limited has an attributable interest of 42.5% in the
Pandora Joint Venture together with Anglo Platinum (42.5%), Mvelaphanda Resources
(7.5%) and the Bapo Ba Mogale Mining Company (7.5%).
o
Loskop JV: Western Platinum Limited has an attributable interest of 50% in the Loskop
Joint Venture with Boynton Investments.
o
Sudbury PGM JV - PGE grades are stated as Pt+Pd+Au (3E). Through the JV, Lonmin
acquires its pro rata share, currently a nominal 50%, of the product from any PGE
deposit developed on the participating properties. The agreement is that Lonmin will be
allocated its pro-rata share in PGE’s and Vale will be allocated its pro-rata share in
Nickel, Copper, Cobalt, Gold and Silver. The exchange of metals will be governed by
prevailing metal prices at the time of the refined metal production.
o
Lonmin has a 49% attributable portion of the Bumbo mineral resource in terms of The
West Kenya Earn-in and Joint Venture Agreement between Aviva Corporation Limited
and AfriOre International (Barbados) Limited a wholly owned subsidiary of Lonmin Plc.
Where grades are reported as 3PGE+Au these are a summation of the Platinum, Palladium,
Rhodium and Gold grades. Modelling of available assay information, obtained from drillhole
core, indicates that the proportion of 3PGE+Au contained in 5PGE+Au, which includes
Ruthenium and Iridium, is approximately as follows:
UG2
Merensky
Platreef
Marikana
0.81
0.92
-
Limpopo
0.86
0.93
-
Akanani
-
-
0.95
Pandora
0.81
-
-
4

Where Nickel (Ni) and Copper (Cu) grade estimates are derived from sufficient reliable
information for the various Mineral Resources, they are reported as average grades in
percent. These grades represent acid soluble proportions. Acid soluble percentages of Ni
and Cu are closely correlated to the metals present as sulphide minerals.

Mineral Resources are reported as "in-situ" tonnes and grade and allow for geological
losses such as faults, dykes, potholes and Iron Rich Ultramafic Pegmatite (IRUP).

Mineral Resources are estimated using a minimum true width of at least 90 cm and
therefore may include some diluting material.

Proved and Probable Mineral Reserves are reported as tonnes and grade expected to be
delivered to the mill, are inclusive of diluting materials and allow for losses that may occur
when the material is mined.

Mine tailings dams are excluded from the above Mineral Resource summary.

For economic studies and the determination of pay limits, consideration was made of both
short and long term revenue drivers. The following long term global assumptions were used:
o
Precious Metals (per Troy Ounce): Pt USD1,900, Pd USD850, Rh USD2,500,
Ru USD200, Ir USD600, Au USD1,500.
o
Base Metals (per metric tonne): Ni USD20,000, Cu USD7,000.
o
Average exchange rate of US$1 to ZAR8.0.

Dilutions are quoted as waste tonnes / waste + ore tonnes in percent.

Bumbo Mineral Resources are reported using a cut off grade of 0.7% copper equivalent.

The copper equivalent formula for Bumbo was based upon commodity prices at the close of
the market on 25th July 2011, namely:
o
Copper: USD9633/tonne ($Cu)
o
Zinc: USD2441/tonne ($Zn)
o
Gold: USD1614/ounce ($Au)
o
Silver: USD40/ounce ($Ag)
o
The copper equivalent (CuEq) is as follows:
CuEq (%) = Cu% + (Zn%*($Zn/100)/($Cu/100)) + (Au g/t*($Au/31.1034768)/($Cu/100))
+(Ag g/t*($Ag/31.1034768)/($Cu/100))

Unless otherwise stated, the Lonmin Mineral Resources and Reserves estimates were
prepared or supervised by various persons employed by Lonmin.
5
Compliance and Audit
The 2011 Lonmin Mineral Resources and Mineral Reserves Report for the South African areas
was prepared in accordance with the guidelines as defined in the 2007 version of the South
African Code for Reporting of Mineral Resources and Mineral Reserves (the 'SAMREC Code').
The SAMREC Code sets out minimum standards, recommendations and guidelines for Public
Reporting of Exploration Results, Mineral Resources and Mineral Reserves in South Africa. It
has been drawn up by the Working Group of the SSC Committee under the joint auspices of the
Southern African Institute of Mining and Metallurgy (SAIMM) and the Geological Society of
South Africa (GSSA).
An updated SAMREC Code was promulgated by the SAIMM and the Geological Society of
South Africa (‘GSSA’) in June 2007. The updated code followed a review of the March 2000
Code that has been conducted since 2004, and supersedes the 2000 edition.
Concurrently with the evolution of the SAMREC Code, the Committee for Mineral Reserves
International Reporting Standards (CRIRSCO), initially a committee of the Council of Mining and
Metallurgical Institutions (CMMI), has, since 1994, been working to create a set of standard
international definitions for the reporting of Mineral Resources and Mineral Reserves. As a
result of the CRIRSCO/CMMI initiative, considerable progress has been made towards
widespread adoption of globally consistent reporting standards. These are embodied in similar
Codes, guidelines and standards published and adopted by the relevant professional bodies
around the world. The definitions in the 2007 edition of the SAMREC Code are either identical
to, or not materially different from, those existing international definitions.
Mineral Resources reported for the Canadian areas were reported using Canadian Institute of
Mining and Metallurgy and Petroleum (CIM) Definition Standards on Mineral Resources and
Reserves (CIM Definition Standards). These standards establish definitions and guidelines for
the reporting of exploration information, mineral resources and mineral reserves in Canada. The
Mineral Resource and Mineral Reserve Definitions were incorporated, by reference, in National
Instrument 43-101 – Standards of Disclosure for Mineral Projects (NI 43-101). Lonmin
considers that the CIM definitions of Mineral Resources and their categories are not materially
different for those defined by SAMREC.
Lonmin’s Mineral Resources in Kenya were reported in accordance with the 2004 edition of the
Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves
(the JORC Code). Lonmin considers that the JORC definitions of Mineral Resources and their
categories are not materially different for those defined by SAMREC.
The definitions of Mineral Resources and Mineral Reserves as contained in the 2007 edition of
the SAMREC Code are as follows:
A ‘Mineral Resource’ is a concentration or occurrence of material of economic interest in or on
the Earth’s crust in such form, quality and quantity that there are reasonable and realistic
prospects for eventual economic extraction. The location, quantity, grade, continuity and other
geological characteristics of a Mineral Resource are known, or estimated from specific
geological evidence, sampling and knowledge interpreted from an appropriately constrained
and portrayed geological model. Mineral Resources are subdivided, and must so be reported,
in order of increasing confidence in respect of geo-scientific evidence, into Inferred, Indicated or
Measured categories.
A ‘Mineral Reserve’ is the economically mineable material derived from a Measured or
Indicated Mineral Resource or both. It includes diluting and contaminating materials and allows
for losses that are expected to occur when the material is mined. Appropriate assessments to a
minimum of a Pre-Feasibility Study for a project and a Life of Mine Plan for an operation must
have been completed, including consideration of, and modification by, realistically assumed
mining, metallurgical, economic, marketing, legal, environmental, social and governmental
factors (the modifying factors). Such modifying factors must be disclosed.
6
The Relationship between Exploration Results, Mineral Resources and Mineral Reserves
(SAMREC)
An ‘Inferred Mineral Resource’ is that part of a Mineral Resource for which volume or tonnage,
grade and mineral content can be estimated with only a low level of confidence. It is inferred
from geological evidence and sampling and assumed but not verified geologically or through
analysis of grade continuity. It is based on information gathered through appropriate techniques
from locations such as outcrops, trenches, pits, workings and drill holes that may be limited in
scope or of uncertain quality and reliability.
An ‘Indicated Mineral Resource’ is that part of a Mineral Resource for which tonnage,
densities, shape, physical characteristics, grade and mineral content can be estimated with a
reasonable level of confidence. It is based on information from exploration, sampling and
testing of material gathered from locations such as outcrops, trenches, pits, workings and drill
holes. The locations are too widely or inappropriately spaced to confirm geological or grade
continuity but are spaced closely enough for continuity to be assumed.
A ‘Measured Mineral Resource’ is that part of a Mineral Resource for which tonnage, densities,
shape, physical characteristics, grade and mineral content can be estimated with a high level of
confidence. It is based on detailed and reliable information from exploration, sampling and
testing of material from locations such as outcrops, trenches, pits, workings and drill holes. The
locations are spaced closely enough to confirm geological and grade continuity.
A ‘Probable Mineral Reserve’ is the economically mineable material derived from a Measured
or Indicated Mineral Resource or both. It is estimated with a lower level of confidence than a
Proved Mineral Reserve. It includes diluting and contaminating materials and allows for losses
that are expected to occur when the material is mined. Appropriate assessments to a minimum
of a Pre-Feasibility Study for a project or a Life of Mine Plan for an operation must have been
7
carried out, including consideration of, and modification by, realistically assumed mining,
metallurgical, economic, marketing, legal, environmental, social and governmental factors.
Such modifying factors must be disclosed.
A ‘Proved Mineral Reserve’ is the economically mineable material derived from a Measured
Mineral Resource. It is estimated with a high level of confidence. It includes diluting and
contaminating materials and allows for losses that are expected to occur when the material is
mined. Appropriate assessments to a minimum of a Pre-Feasibility Study for a project or a Life
of Mine Plan for an operation must have been carried out, including consideration of, and
modification by, realistically assumed mining, metallurgical, economic, marketing, legal,
environmental, social and governmental factors. Such modifying factors must be disclosed.
Competent Persons
Various persons, as stated in the relevant sections of this report, assisted in the preparation of
the Mineral Resource and Mineral Reserve estimates. These estimates were reviewed and
signed off by the Lonmin Competent Persons; J.C. Witley (Mineral Resources) and J.H.K.
Hudson (Mineral Reserves). The Sudbury Resources were signed off by Vale’s Qualified
Person, A.D. Burton, as stated in the Sudbury section of this report. The Bumbo Resources
were signed off by Ian Glacken, an Independent Expert and employee of Optiro Pty Ltd. as
stated in the Bumbo section of this report.
J. C. Witley (BSc Hons, GDE) is a Competent Person as defined by the SAMREC Code, being
registered as a Professional Natural Scientist with the South African Council for Natural
Scientific Professions (SACNASP) and a member of the Geological Society of South Africa
(GSSA). Mr Witley has over 20 years experience in the base and precious metals mining
industry and with more than five years experience relevant to PGE Mineral Resource estimation.
J. H. K. Hudson (BSc Hons, MBA) is a Competent Person as defined by the SAMREC Code,
being registered as a professional mining engineer with the Engineering Council of South Africa
(ECSA) and a fellow of the Southern African Institute of Mining and Metallurgy (SAIMM). Mr
Hudson has over 20 years experience in the base and precious metals mining industry with
more than five years relevant experience in precious metal Mineral Reserve estimation.
………………………………………….
………………………………….......
Mr. J. C. Witley
Mr J. H. K. Hudson
04 November 2011
04 November 2011
8
Audit
External Audit
Lonmin’s audit policy is that external audits are carried out on active Resources and Reserves
at least every three years. Where material differences to the estimates occur within this
timeframe, either as a result of additional data or a change in assumptions, the areas subjected
to these changes are audited by an Independent Expert. Internal reviews by Lonmin’s
Competent Persons are completed prior to publication of the estimates. The most recent
external audits completed relevant to Lonmin’s Mineral Resources and Reserves are as follows:

Snowden Mining Industry Consultants performed an independent audit of Lonmin’s
Marikana Mineral Resource and Reserve estimates in 2011 and no material issues were
identified.

Snowden Mining Industry Consultants performed an independent audit of Lonmin’s
Pandora Mineral Resource and Reserves in 2008. The 2008 estimates were endorsed by
Snowden. Additional areas have since been included in the Mineral Reserve due to
approval of a further extension of the mining area from the E3 Incline.

Snowden Mining Industry Consultants performed an independent audit of Lonmin’s Akanani
Mineral Resource and Reserves in 2008. The 2011 Mineral Resource estimate has not
been audited externally as the changes to the previous Mineral Resource estimates are not
considered material to the project.

SRK completed an audit of the Lonmin Limpopo Mineral Resource and Reserve estimates
in 2008 for the Baobab Mine and Phase 2 Project. The 2008 estimates were endorsed by
SRK. These estimates remain largely unchanged since 2008.

No changes have been made to the Loskop 2007 Mineral Resource estimates. RSG
Global’s (now Coffey Mining) independent audit and endorsement of the Mineral Resource
estimate of the Rietfontein area of the Loskop JV in September 2007 remains applicable to
the estimates reported in 2011.
9
Location within the Bushveld Complex of South Africa
Currently, Lonmin’s entire South African Platinum Group Element (PGE) Mineral Resources and
Mineral Reserves are contained within the Bushveld Complex, located in the Republic of South
Africa. The Bushveld Complex hosts the World’s largest resources of PGE’s, chromium, and
vanadium. The PGE’s (Platinum, Palladium, Rhodium, Ruthenium, Osmium and Iridium) are
intimately associated with Gold, Nickel and Copper, which form important bi-products of PGE
mining in South Africa.
The Bushveld Complex intruded into the supercrustal sedimentary sequence of the Transvaal
Supergroup 2.06 billion years ago, and is the largest known layered intrusion on Earth,
underlying an area of approximately 66,000 km². PGE mining occurs in three major limbs of the
Bushveld Complex, Lonmin’s Mineral Resources being contained within all of the major limbs:

the Western Limb (Marikana Operations and Pandora);

the Eastern Limb (Limpopo Operations, Loskop Joint Venture); and

the Northern Limb (The Akanani Project).
Locations of Lonmin’s South African Mineral Resources
Akanani
Limpopo
Northern Limb
Eastern
Limb
Marikana
Loskop
Western Limb
Pandora
Approximate schematic locations of Lonmin Mineral Resources
N
0
100 km
Lonmin’s Mineral Resources in the Eastern and Western Limbs are, with the exception of
Loskop, hosted within the well known Merensky and UG2 Reefs. Both of these units occur in
the Upper Critical Zone of the Rustenburg Layered Suite, which is a series of mafic and
ultramafic cyclic units within which all of the known economic PGE mineralised layers in these
areas occur. The Merensky Reef is a layer of mineralisation that occurs within, or in close
association with, the Merensky Pyroxenite Unit. The UG2 Reef consists of the UG2 Chromitite
Layer, containing most of the PGE mineralisation, and may include less well mineralised units
or portions of these units either underlying or overlying the main UG2 Chromitite Layer.
10
At the Loskop Joint Venture, several mineralised units have been identified that are contained
within a sequence that Lonmin considers to be stratigraphically equivalent to the Upper Critical
Zone of other areas of the Bushveld Complex. Lonmin’s Mineral Resources at Loskop are
contained within the Upper Mineralised Pyroxenite (UMP).
Lonmin’s PGE Mineral Resources in the Northern Limb are contained within the Platreef
Pyroxenite unit that is considered to represent the Upper Critical Zone in this area. The Platreef
Pyroxenite can be in the order of 100’s of metres thick and contains zones of PGE
mineralisation that are associated with various lithological sub-divisions of the Platreef
Pyroxenite.
Bushveld PGE Mineral Resources are frequently disturbed by geological conditions which may
result in losses to the Mineral Resource area. The areas affected are classified as geological
losses, which are commonly caused by potholes, faults, intrusive dykes and Iron Rich
Ultramafic Pegmatite (IRUP). Iron rich fluids associated with the IRUP replace certain
formations and in some instances result in a geological loss. IRUP tends to affect the Merensky
Reef more severely than the UG2. Although prevalent throughout the Eastern and Western
Limb PGE deposits, neither potholes nor IRUP replacement have been recognised on the
Platreef at the Akanani Project.
11
Marikana Operations
Mineral Reserves and Resources
30 September 2011
The Marikana Operations (Western Platinum Limited and Eastern Platinum Limited) are located
in the Marikana district to the east of the town of Rustenburg in the North West Province of the
Republic of South Africa.
The Marikana mine leases are underlain by the Merensky Reef and the UG2 Chromitite Layer
over a strike length of approximately 27 km. Both the Merensky Reef and the UG2 Chromitite
Layer sub-outcrop below a thin layer of black cotton soil along the strike length of the lease area,
although most of the near outcrop ore has been removed by open pit mining. The layers strike
in an approximately east-west direction and generally dip between 8°N in the west, gradually
increasing to 13°N in the extreme east of the property. The UG2 Chromitite Layer underlies the
Merensky Reef by between 130 m and 210 m, the middling between the two reefs gradually
increasing across the lease area from west to east. The layered nature of the Bushveld
Complex makes it possible to identify different lithological and stratigraphic units, which
facilitates the interpretation of geological disturbances such as dykes, faults, potholes and IRUP.
At the Marikana Operations, the UG2 Reef normally comprises a massive chromitite layer,
which varies in thickness over the property but is generally between 1.0 m and 1.4 m thick.
Localised areas of internal waste can occur and the internal waste is necessarily included in the
Mineral Resource. In the west of the property the Leader Chromitite separates from the main
UG2 Chromitite creating a zone of “split reef”. This affects the far western areas of K3 and K4
shaft blocks.
The Merensky Reef varies across the Marikana property and this variability is used to define a
number of facies (or sub-types) based on the occurrence of distinct lithological units within the
reef. Two major types, pegmatoidal and non-pegmatoidal facies, occur. These have further
been separated into a total of seven different facies based on the occurrence of thin chromitite
layers in the order of several millimetres thick. It has long been recognised that grade and
thickness characteristics are controlled by the facies and it is important that this is recognised in
correctly modelling the Mineral Resource. All Merensky Mineral Resource cuts at Lonmin are
therefore referenced on distinct and continuous layers within the Merensky package. In general,
the facies change from east south-east to west north-west. Lower grade non-pegmatoidal types
occur in the east and the higher grade pegmatoidal types occur in the western and deeper
areas of the property, particularly in the deeper areas of K3 shaft, large areas of K4 shaft and
the future K5 shaft blocks, which comprise significant portions of Lonmin’s Indicated and
Inferred Resources.
The Merensky Reef and the UG2 Reef are mined simultaneously in the lease area at an
average depth of approximately 500 m. Mining is by underground and open cast mining
methods with shallow incline, deep vertical shaft or open pit access to the orebodies. The
underground mining methods at Marikana are conventional up-dip, down-dip and breast stoping
as well as mechanised XLP (extra low profile) and hybrid (a combination of mechanised and
conventional methods) stoping. Ore sourced from shafts using conventional stoping methods
accounted for approximately 84% of the Marikana ore production in the 2011 financial year,
10% was from mechanised methods and 6% from open pit mining of thick non-pegmatoidal
Merensky Reef in the eastern areas of the mine.
Mineral Reserve estimates are continuously reviewed, considering both best mining practice
and historical mining performance. These estimates are supported by the outputs of
sophisticated Mine Planning systems.
12
Exploration at Marikana
Extensive mining, surface diamond drilling and a number of seismic and magnetic surveys have
aided in establishing the geological characteristics of the Marikana UG2 and Merensky Reefs.
A total of over 700 surface diamond drillholes have been completed in prior years and drilling is
ongoing on a continuous basis in order to improve confidence and extend the area of the
Mineral Resource. At least four reef cuts are obtained from each surface drillhole, providing
material for assay as well as mineralogical, metallurgical and geotechnical test-work. Standard
procedures are used to gather the geological data, which are stored in a commercial database.
During the 2011 financial year, an additional 51,000 m were drilled from 40 surface diamond
drillholes in order to increase the confidence of the Mineral Resources estimated for the
Marikana area.
Following the completion of the airborne magnetic survey over the northern areas of the
property, the entire the mining rights and prospecting right areas have now been covered by
airborne or ground magnetic surveys. These surveys are useful for indicating the positions of
the larger faults and dykes and broad trends in lithological layering.
3D seismic surveys allow for significantly higher confidence in long term planning than what can
be achieved on the basis of drilling and aeromagnetic surveys alone. A third 3D seismic survey
was completed in 2010. Together a survey completed over the K4 area in 2000 and a survey
completed over the areas within and to the north of the Hossy and Saffy Shaft blocks in 2008,
much of the future mining area at Marikana has now been surveyed. This has allowed for a
significant increase in our understanding of the structural geology of the deeper portions of the
Mineral Resource.
3D Seismic Survey Coverage
Y-45000
Y-50000
Y-55000
Y-60000
Y-65000
Y-70000
LEGEND
EPL MINING RIGHT
WPL MINING RIGHT
WPL PROSPECTING RIGHT
1999 SEISMIC AREA
X+2835000
X+2835000
2002 SEISMIC AREA
2010 SEISMIC AREA
2010
FUTURE SHAFT
X+2840000
X+2840000
FUTURE SHAFT
K4 SHAFT
1999
ROWLAND
SUB INCLINE
K3 SUB INCLINE
FUTURE SHAFT
2008
ROWLAND SHAFT
E3 INCLINE
SAFFY SHAFT
HOSSY SHAFT
K3 SHAFT
E2 INCLINE
E1 INCLINE
1 LIFT SHAFT
LONMIN PLATINUM
4 BELT INCLINE
Marikana Operations
OUTCROP
OUTCROP
LONMIN
3D SEISMIC AREAS
OUTCROP
SURVEY COVERAGE
SCALE IN METRES
1000
500
0
1000
Gauss Conform Projection,
Central Meridian 27° East. Clarke 1880 Spheroid.
Y-45000
Y-50000
Y-55000
Y-60000
13
Y-65000
2000
3000
2010 PROJECT/ML/2011
3D SEISMIC COVERAGE
30 OCT 2011
Y-70000
X+2845000
1 SHAFT
X+2845000
OUTCROP
NEWMAN INCLINE
Revisions to the Mineral Resource and Reserve Completed During 2011
More notable changes to the Marikana Mineral Resource estimates were:

The grade of the Marikana UG2 Mineral Resource decreased slightly (3%) due to a number
of lower grade thicker UG2 borehole intersections in the deeper exploration areas and
localised low grade areas in the mining areas. The effect of the lower grade on the overall
Mineral Resource was partially offset by a 2% increase in orebody thickness.

The thickness of the Marikana Merensky Reef Mineral Resource increased slightly (2%)
however the grade decreased by 5%. This was a result in some modifications to the
resource cut in the eastern areas, thick low grade reef in the western areas of Karee and a
number of slightly lower grade new boreholes in the deeper western areas.

Changes were made to the expected geological losses for both the Merensky and UG2
Reef Mineral Resources. The geological losses were increased in some areas, mainly due
to areas of structural complexity identified by the recent 3D seismic survey in the deeper
areas of UG2 Inferred Resources. For the Merensky Reef, the average geological loss
decreased slightly and for the UG2 the average geological loss increased from 15% to 20%.
Geological losses are applied to resource block areas in addition to those areas removed as
a result of known and defined major geological structures in which no Mineral Resources
are believed to be developed.

The UG2 Proved Reserves at Marikana were similar in quantity to 2010 but of lower grade.
This is the result of accessing some lower grade reef, in particular the “Split Reef” zone in
the far western areas of K3. Thick low grade Merensky Reef in the shallower areas of
Karee mine contributed towards a larger but lower grade Merensky Proved Reserve.

The Probable Reserves were impacted by a change in structural interpretation.
Adjustments to some of the future shaft block areas resulted in additional Merensky Reef
and less UG2 Reef in the mine plan.
o
The Merensky Probable Reserve 3PGE+Au ounces were similar to 2010 after mining
depletion. Higher dilutions applied in some of the deeper areas, as well as additional
lower grade than average areas included in the reserves, resulted in a lower Mineral
Reserve grade overall.
o
The UG2 Probable Reserve 3PGE+Au ounces reduced due to mining depletion and an
increase in mining and pillar loss as a result of changes to the mine design in certain
areas.
Marikana Mineral Resource Reconciliation
2010 to 2011 4E Oz ‐ UG2 Reef Resources
Marikana Operations ‐ Lonmin Attributable 55.0
85.0
50.0
80.0
45.0
‐0.3
‐0.4
4E MOz
4E MOz
2010 to 2011 4E Oz ‐ Merensky Reef Resources
Marikana Operations ‐ Lonmin Attributable 1.8
‐
75.0
‐1.2
1.9
‐
70.0
40.0
45.1
‐1.0
74.9
43.5
35.0
70.8
65.0
30.0
60.0
30‐Sep‐10
Mining
Depletion
Losses and
Additions
Grade and
Width
Estimate
30‐Sep‐11
30‐Sep‐10
14
Mining
Depletion
Losses and
Additions
Grade and
Width
Estimate
30‐Sep‐11
Marikana Merensky Reef Resource and Reserve Plan
Y-45000
Y-50000
Y-55000
Y-60000
Y-65000
Y-70000
BOUNDARY LEGEND
LONMIN MINING RIGHT
LONMIN PROSPECTING RIGHT
SHAFT BLOCK BOUNDARIES
f
MINING LEGEND
f
X+2835000
FAULT
X+2835000
f
f
MINED OUT / DEPLETED
f
DYKE
ULTRAMAFIC PEGMATITE
f
BOREHOLES
f
CLASSES LEGEND
f
MEASURED RESOURCES
f
INDICATED RESOURCES
f
INFERRED RESOURCES
PROVED RESERVES
PROBABLE RESERVES
f
K4 SHAFT
X+2840000
X+2840000
f
f
f
f
f
ROWLAND
SUB INCLINE
K3 SUB INC
f
ROWLAND SHAFT
f
f
f
f
K3 SHAFT
NEWMAN SHAFT
M12
M11
f
M10B
1 SHAFT
X+2845000
M8
f
1B INCLINE
M9
LONMIN PLATINUM
M7
M6
M5
f
M3
Marikana Operations
f
M4
M1
f
LONMIN
MERENSKY REEF
X+2845000
f
M10A
MINERAL RESOURCES AND RESERVES
AS AT 30 SEP 2011
SCALE IN METRES
1000
500
0
1000
2000
Gauss Conform Projection,
Y-45000
Y-50000
Y-55000
3000
2010 PROJECT/OR/2011
2011 LPDOR11M LTM
4 NOV 2011
Central Meridian 27° East. Clarke 1880 Spheroid.
Y-60000
Y-65000
Y-70000
Y-60000
Y-65000
Y-70000
Marikana UG2 Reef Resource and Reserve Plan
Y-45000
Y-50000
Y-55000
BOUNDARY LEGEND
LONMIN MINING RIGHT
LONMIN PROSPECTING RIGHT
f
SHAFT BLOCK BOUNDARIES
MINING LEGEND
f
MINED OUT / DEPLETED
X+2835000
f
f
X+2835000
f
FAULT
DYKE
f
ULTRAMAFIC PEGMATITE
f
UG2 BOREHOLES
f
CLASSES LEGEND
MEASURED RESOURCES
f
INDICATED RESOURCES
f
INFERRED RESOURCES
PROVED RESERVES
f
PROBABLE RESERVES
f
f
X+2840000
X+2840000
f
K4 SHAFT
ROWLAND
SUB INCLINE
f
f
SAFFY SHAFT
K3 SUB INCLINE
E3 INCLINE
LATILLA
ROWLAND SHAFT
f
HOSSY SHAFT
f
f
U15
f
U14
E1 INCLINE
X+2845000
1 LIFT SHAFT
E2 INCLINE
f
U13a
OUTCROP
NEWMAN INCLINE
1 SHAFT
LONMIN PLATINUM
U12
U11
4 BELT INCLINE
f
f
U2
f
U7
U3
Marikana Operations
OUTCROP
f
U9a
OUTCROP
U8
U10
OUTCROP
LONMIN
UG2 REEF
U9
U7a
U4
f
U13c
U13b
MINERAL RESOURCES AND RESERVES
AS AT 30 SEP 2011
U6
U5
SCALE IN METRES
1000
500
0
1000
Gauss Conform Projection,
Central Meridian 27° East. Clarke 1880 Spheroid.
Y-45000
Y-50000
Y-55000
Y-60000
15
Y-65000
2000
3000
2010 PROJECT/OR/2011
2011 LPDOR11U LTP
4 NOV 2011
Y-70000
X+2845000
K3 SHAFT
Marikana Mineral Resources
Mineral Resources
30-Sep-2011
30-Sep-2010
3PGE+Au
Ore source
Merensky
West
Merensky
East
Merensky
Category
Pt
g/t
Moz
Moz
g/t
Moz
Moz
7.2
4.09
0.9
0.6
5.1
4.62
0.8
0.5
Indicated
73.5
5.48
13.0
8.4
77.4
5.63
14.0
9.0
Inferred
43.8
7.00
9.9
6.3
36.3
7.68
9.0
5.6
Sub Total
124.5
5.94
23.8
15.2
118.7
6.21
23.7
15.1
Indicated
109.5
3.74
13.2
7.8
95.6
3.94
12.1
7.2
Inferred
51.2
4.00
6.6
4.0
66.8
4.35
9.3
5.8
Sub Total
160.7
3.82
19.7
11.8
162.4
4.11
21.4
13.0
Measured
7.2
4.09
0.9
0.6
5.1
4.62
0.8
0.5
Indicated
183.0
4.44
26.1
16.1
173.0
4.69
26.1
16.2
Inferred
95.0
5.38
16.4
10.3
103.1
5.52
18.3
11.5
285.2
4.74
43.5
27.0
281.1
4.99
45.1
28.2
Measured
21.2
5.04
3.4
2.0
24.9
5.30
4.2
2.5
Indicated
260.9
4.93
41.4
24.2
263.2
5.03
42.6
24.8
Inferred
163.3
4.96
26.1
15.1
170.8
5.12
28.1
16.2
445.4
4.95
70.9
41.4
458.9
5.08
74.9
43.6
Measured
28.4
4.80
4.4
2.6
30.0
5.18
5.0
3.0
Indicated
443.9
4.73
67.5
40.4
436.1
4.90
68.7
41.1
Inferred
258.4
5.12
42.5
25.4
273.9
5.27
46.4
27.7
730.7
4.87
114.4
68.4
740.1
5.05
120.1
71.7
Total UG2
Total
3PGE+Au
Mt
Measured
Total Merensky
UG2
Pt
Mt
Total Resources
Indicative Prill Splits and Nickel and Copper grades in Resource – Marikana
Individual Precious Metal Splits in
3PGE+Au - Marikana UG2 Reef
Individual Precious Metal Splits in
3PGE+Au - Marikana Merensky Reef
Rh, 3.5%
Au, 6.8%
Rh, 11.4%
Au, 0.8%
Pd, 27.5%
Pd, 29.4%
Pt, 62.1%
16
Pt, 58.4%
Average Nickel and Copper Grade of Marikana Resources
0.25%
Grade %
0.20%
0.18%
0.15%
Nickel
0.10%
0.10%
Copper
0.05%
0.03%
0.01%
0.00%
Merensky Reef
UG2
Marikana Mineral Reserves
Mineral Reserves
30-Sep-2011
3PGE+Au
Ore source
Merensky
West
Merensky
East
Category
3PGE+Au
Pt
Mt
g/t
Moz
Moz
g/t
Moz
Moz
3.2
3.10
0.3
0.2
2.2
3.56
0.3
0.2
Probable
79.9
4.22
10.8
6.9
76.4
4.56
11.2
7.2
Sub Total
83.1
4.17
11.1
7.1
78.7
4.53
11.5
7.4
Probable
11.1
3.06
1.1
0.7
11.6
3.26
1.2
0.7
Sub Total
11.1
3.06
1.1
0.7
11.6
3.26
1.2
0.7
94.2
4.04
12.2
7.8
90.3
4.37
12.7
8.1
7.3
4.13
1.0
0.6
7.4
4.51
1.1
0.6
183.3
4.11
24.2
14.2
196.1
4.15
26.1
15.4
190.7
4.11
25.2
14.8
203.6
4.16
27.2
16.0
Proved
10.5
3.82
1.3
0.8
9.7
4.29
1.3
0.8
Probable
274.4
4.10
36.1
21.8
284.2
4.22
38.6
23.3
284.8
4.09
37.4
22.6
293.9
4.22
39.9
24.1
Proved
Probable
Total UG2
Total
Pt
Mt
Proved
Total Merensky
UG2
30-Sep-2010
Total Reserves
Notes on the Marikana Mineral Resources and Reserves
The Marikana Mineral Resources and Reserves information was prepared on the following basis:
1) The Marikana Mineral Resources and Reserves include only Lonmin's attributable portion.
2) The eastern Merensky area represents the area east of the Elandsdrift Fault that separates the
Newman and Hossy blocks from the Rowland Shaft block. The western area comprises the
various Karee and Rowland Shaft blocks and the areas down-dip from them.
3) Merensky Reef widths used for Mineral Resource estimates are based on a practical mining cut
of not less than 90 cm and therefore may include some diluting material.
17
4) The UG2 Reef width used for Mineral Resource estimates are based on a practical mining cut of
not less than 90 cm. This cut consists of the UG2 Chromitite Layer and internal waste partings
and may include some external dilution in order to honour the practical minimum mining cut width.
5) Measured Resources are typically declared in and immediately adjacent to areas where reef has
been exposed in underground development and sampling has taken place. Channel samples are
taken from underground reef intersections using a diamond saw and are assayed at Lonmin’s
Marikana laboratory. The channel samples are composited into individual reef intersections,
which are used to evaluate resource blocks by applying an Ordinary Kriging estimation method.
6) Indicated and Inferred Resources are estimated from the results of surface diamond drillhole reef
intersections and may incorporate underground channel sample data where these resources
occur close to mined areas. At least four reef intersections are drilled from each drillhole and
three of these intersections are sampled and assayed at a commercial laboratory. The samples
of each deflection are composited into individual reef intersections, which are used to evaluate
resource blocks by applying an Ordinary Kriging estimation method.
7) Confidence in the geological model, reef continuity, drilling density and geostatistical analysis is
used to define resource classes. Indicated Resources at Marikana are considered in areas
where drillhole spacing is less than 800 m. Inferred Mineral Resources are considered in areas
where reef intersections are spaced between 800 m and 1,600 m. The Inferred Resources at
Marikana are generally constrained by the sparse drillhole grid and are extrapolated by a
maximum distance of 800 m from the drillhole grid into the down dip areas.
8) The Mineral Resources at Marikana occur from near surface to less than 2,000 m below surface.
The average width of the UG2 is 1.21 m and the average width of the Merensky Reef is 1.05 m.
9) Remnant areas enclosed by stoped out areas (otherwise known as white areas) are not part of
the Measured Mineral Resource or Proved Reserve until it has been established that there is a
reasonable intention and prospect of extracting ore from these areas.
10) An average of 17% total geological loss has been applied for the Merensky Reef and 20% for the
UG2 Reef. Geological losses include those from dykes, fault loss, potholes and IRUP.
Geological losses are applied to resource block areas in addition to those areas removed as a
result of known major geological structures in which no Mineral Resources are believed to be
developed.
11) Merensky Mineral Resources are reported above a minimum grade of 2.5 g/t 3PGE+Au. Block
estimates below this grade are situated in portions of the eastern area of the Mine Lease, where
no underground mining of Merensky Reef has taken place, and are of thick pyroxenite Eastplats
Facies.
12) All UG2 block estimates are greater than 2.69 g/t 3PGE+Au. No UG2 estimates have been
excluded from the Mineral Resource solely on the basis of grade.
13) Modifying factors applied to convert Mineral Resources to Mineral Reserves are derived from the
Mineral Reserve Management system on Lonmin Platinum’s current operations. All survey,
sampling, stope-width control and geological data are stored in electronic databases and mine
plans are captured electronically in a three dimensional information system.
14) Proved Reserves are converted from fully developed Measured Resources allowing for an
accurate assessment of modifying factors for the individual mining block. Probable Reserves are
converted from Indicated and undeveloped Measured Resources using estimated dilution and
extraction factors for the individual area taking cognisance of the reef type and planned mining
method. It should be noted that Proved Reserves only include stoping areas, reef development
having already been removed to create the Proved Reserve.
15) Mineral Reserve estimates are supported by the output of sophisticated mine planning systems.
16) Average dilution applied to the Merensky Reef is 25% and to the UG2 is 18%.
17) Average losses applied as a result of both mining losses and pillar designs are approximately
17% for the Merensky Reef and approximately 17% for the UG2.
18) All Mineral Reserves are shallower than 1,400 metres below surface.
18
19) All projects that are classified as Mineral Reserves have passed the economic test as prescribed
by the SAMREC code. All economic evaluations were done on a consistent basis using the
Lonmin economic model.
20) Appropriate assessments to a level of at least Pre-Feasibility or Life of Mine Plan have been
carried out in order to declare Mineral Reserves. The following table highlights the status of the
project pipeline with particular relevance to the conversion of Mineral Reserves from Mineral
Resources.
Mineral Resource to Reserve Conversion Table
Marikana Project Pipeline
Resource
LOM / Feasibility Study
Reserve
Project Development
K5 UG2 & Merensky
Hossy UG2 Sub Incline
K4 UG2 & Merensky
K6 UG2 & Merensky
Saffy UG2 Sub-Incline
K3 UG2 & Merensky SubInclines
Middelkraal 3 UG2 & Merensky
E2 UG2 Incline Deepening
Hossy UG2
Hossy Merensky
Rowland Merensky Sub Incline
Saffy UG2
Hossy SI Merensky
Newman Merensky
Middelkraal 2 Merensky
Rowland Extn UG2
Saffy Merensky
Middelkraal 2 Sub Incline UG2
Saffy Merensky Sub-Incline
E1 Merensky
The following persons assisted in the preparation of the Marikana Mineral Resources and
Mineral Reserves:
Dennis Hoffmann (Lonmin) – Mineral Resources
Hennie Boshoff (Lonmin) – Mineral Reserves
Mineral Rights
Lonmin successfully converted its Marikana mining rights in 2007. These six mining rights entitle
Western Platinum Limited and Eastern Platinum Limited to the exclusive right to mine for Platinum Group
Metals within most of the designated Marikana property boundaries for the next 30 years (i.e. until 2037)
with a right to apply for renewal thereafter for up to a further 30 years. Lonmin is of the view that these
rights also granted it the exclusive right to mine associated minerals and metals on the designated
Marikana properties. Two of the six rights are valid for only five years and expire in September 2012 and
pertain to our shallow and open cast areas which have been mined out.
A dispute with a third party over WPL and EPL’s entitlement to mine associated minerals and metals led
to WPL and EPL specifically applying to incorporate associated minerals and metals into their mining
rights. These applications were successful in respect of the entire Marikana mining license area, save for
various portions of the farm Middelkraal. These portions are currently subject to a prospecting right held
by Keysha Investments and a protracted legal battle between Keysha and Lonmin in the future is a likely
prospect.
Separate applications for mining rights in respect of certain areas excluded from the Marikana mining
licence area have been granted and executed and are in the process of being registered.
A converted prospecting right in respect of the farms Schaapkraal and Zwartkoppies has been granted,
executed and registered. This prospecting right was valid until June 2011. An application to renew this
prospecting right for a further three year period has been submitted to the DMR and is currently being
assessed.
19
Limpopo Operations
Mineral Reserves and Resources
30 September 2011
Lonmin’s Limpopo Operations division is located on the Northern Sector of the Eastern Limb of
the Bushveld Complex in the Limpopo Province of South Africa.
The Mineral Resources occur over a strike length of approximately 20 km and are dislocated by
several faults, which form the lateral boundaries of the three delineated resource blocks namely:
 Baobab,
 Dwaalkop, Doornvlei and Baobab East, and
 Zebediela.
PHASE 1
CURRENT
MINE
AREA
2.7 km
Mphahlele
Location
DOORNVLEI
DWAALKOP
Turfpan
3.5 km
3.5 km
ZEBEDIELA
WINZE
2 km
BAOBAB
PHASE 3
N
PHASE 2
Rooibokbult
NO 1
SHAFT
WO
NDE
RKO
PF
AUL
Lonmin’s Limpopo Operations Mineral Properties
Doornkop
5.5 km
BAOBAB
EAST
Turflaagte
Vlieplaats
Vogelstruisvlakte
Zulping
Kalkbult
5 km
Pramkoppies
20 km
Veeplaats
Spitskop
Kameelbult
Poortjie
- Lonmin Lease Areas
- Lonmin/Mvelaphanda Area
- Other Party Area
The Dwaalkop resource block forms a Joint Venture in which both Western Platinum and
Mvelephanda Resources each have a 50% interest. The Dwaalkop JV area includes portions of
the farms Dwaalkop, Rooibokbult and Turfpan.
Both the Merensky and UG2 Reefs at Lonmin Limpopo are composite layer resources
consisting of several well and less well mineralised layers and are therefore generally
considerably thicker than at Marikana and elsewhere in the Eastern and Western Limbs of the
Bushveld Complex. The UG2 Mineral Resources in the Northern Sector of the Eastern Limb
differ from other areas in the Bushveld Complex in that the concentrations of both Copper and
Nickel are relatively high, visible sulphide mineralisation being a feature of this UG2 ore type.
These base metals form an important bi-product of PGE mining. The reef dip is relatively steep
in this area, with the dip in the Baobab and Dwaalkop-Doornvlei blocks being approximately 60°
to the south, and even up to vertical in the Zebediela Block. The reef strike is close to east-west.
The layered nature of the Bushveld Complex makes it possible to identify different lithological
20
units, which facilitates the interpretation of geological disturbances such as dykes, faults,
potholes and IRUP.
Mining is by underground mining methods and the reef is accessed by a vertical shaft and ramp
decline. The mining methods utilised at Baobab Mine are conventional down-dip stoping and
mechanised long-hole open stoping. The conventional down-dip stoping accounted for
approximately 80% of the Baobab Mine ore production before being placed on care and
maintenance late in 2008. Ore reserve development re-commenced at Baobab in 2011.
Approximately 9 km of reef strike exists to the east of the Baobab Mine block; 5.5 km on
Dwaalkop JV and 3.5 km on Doornvlei. These areas of Mineral Resource form part of the
Phase 2 expansion plan. A Pre-Feasibility study for the Phase 2 expansion was completed in
2007. Long-hole open stoping is the preferred method of ore extraction for the Phase 2 project
due to the thick steep dipping reef and potentially low operating cost and high volume compared
with conventional more labour intensive methods.
Exploration at Limpopo
The nature of both the Merensky and UG2 reefs in the area has been established by
underground mining, underground sampling, surface trenching, surface drilling and an airborne
magnetic survey. The drilling of multiple reef intersections in each drillhole is standard practice
and provides material for assay, geotechnical, mineralogical and metallurgical testing. Logging
and sampling of drillholes are conducted according to standard procedures and drillhole data
are electronically stored in a commercial database.
Between the 1960’s and 2009 numerous phases of drilling were conducted by various mining
companies (Anglo American Corporation, Messina Limited, Impala Platinum Limited, Southern
Platinum Corporation and Lonmin). The depths of the drillholes vary from a few metres to
1,550 m below surface.
No exploration work was conducted over the Lonmin Limpopo properties in the 2011 financial
year.
Revisions to the Mineral Resource and Reserve Completed During 2011
The Mineral Resources and Reserves at Limpopo are unchanged since 2010.
21
Limpopo Merensky Reef Resource Plan
Limpopo UG2 Reef Resource Plan
22
Limpopo Mineral Resources
30-Sep-2011
Mineral Resources
Reef
Category
Area
3PGE+Au
Pt
g/t
Moz
Moz
0.9
3.86
0.11
0.06
0.9
3.86
0.11
Baobab
4.4
3.88
Baobab E
0.5
Dwaalkop
Doornvlei
Mt
3PGE+Au
Pt
g/t
Moz
Moz
0.9
3.86
0.11
0.06
0.06
0.9
3.86
0.11
0.06
0.55
0.32
4.4
3.88
0.55
0.32
4.05
0.06
0.04
0.5
4.05
0.06
0.04
17.9
2.89
1.67
0.94
17.9
2.89
1.67
0.94
6.6
3.74
0.79
0.44
6.6
3.74
0.79
0.44
Total
29.4
3.25
3.07
1.75
29.4
3.25
3.07
1.75
Baobab
10.4
3.95
1.32
0.77
10.4
3.95
1.32
0.77
Baobab E
2.1
3.87
0.27
0.15
2.1
3.87
0.27
0.15
Zebediela
6.5
5.6
1.2
0.7
6.5
5.6
1.2
0.7
Dwaalkop
13.3
3.10
1.33
0.74
13.3
3.10
1.33
0.74
Doornvlei
9.3
3.94
1.18
0.67
9.3
3.94
1.18
0.67
Total
41.6
3.92
5.24
2.98
41.6
3.92
5.24
2.98
71.9
3.65
8.43
4.79
71.9
3.65
8.43
4.79
Baobab
0.9
4.45
0.13
0.06
0.9
4.45
0.13
0.06
Total
0.9
4.45
0.13
0.06
0.9
4.45
0.13
0.06
Baobab
11.4
4.04
1.48
0.70
11.4
4.04
1.48
0.70
Baobab E
0.9
4.10
0.12
0.05
0.9
4.10
0.12
0.05
Dwaalkop
17.1
4.35
2.40
1.13
17.1
4.35
2.40
1.13
Doornvlei
24.8
4.60
3.67
1.73
24.8
4.60
3.67
1.73
Total
54.2
4.40
7.66
3.60
54.2
4.40
7.66
3.60
Baobab
18.1
3.78
2.20
1.03
18.1
3.78
2.20
1.03
Baobab E
3.1
4.05
0.40
0.18
3.1
4.05
0.40
0.18
Zebediela
9.4
5.5
1.7
0.9
9.4
5.5
1.7
0.9
Dwaalkop
13.7
4.35
1.92
0.90
13.7
4.35
1.92
0.90
Doornvlei
19.4
4.89
3.05
1.44
19.4
4.89
3.05
1.44
Total
63.7
4.50
9.22
4.45
63.7
4.50
9.22
4.45
118.8
4.45
17.02
8.12
118.8
4.45
17.02
8.12
Measured
1.8
4.16
0.24
0.13
1.8
4.16
0.24
0.13
Indicated
83.7
3.99
10.74
5.35
83.7
3.99
10.74
5.35
Inferred
105.3
4.27
14.47
7.44
105.3
4.27
14.47
7.44
190.7
4.15
25.45
12.91
190.7
4.15
25.45
12.91
Baobab
Total
Measured
Indicated
MR
Inferred
Total Merensky
Measured
Indicated
UG2
Inferred
Total UG2
Total
Mt
30-Sep-2010
Total Resource
23
Indicative Prill Splits and Nickel and Copper grades in Resource – Limpopo
Individual Precious Metal Splits in
3PGE+Au - Limpopo UG2 Reef
Individual Precious Metal Splits in
3PGE+Au - Limpopo Merensky Reef
Rh, 4.2%
Au, 7.2%
Rh, 7.9%
Au, 2.2%
Pt, 47.1%
Pd, 31.9%
Pt, 56.7%
Pd, 42.8%
Average Nickel and Copper Grade of Limpopo Resources
0.25%
0.20%
Grade %
0.17%
0.14%
0.15%
Nickel
0.11%
0.09%
0.10%
0.05%
0.00%
Merensky Reef
UG2
24
Copper
Limpopo Mineral Reserves
Mineral Reserves
Ore source
Category
30-Sep-2011
Area
Pt
g/t
Moz
Moz
Mt
3PGE+Au
Pt
g/t
Moz
Moz
Baobab Shaft
0.2
3.02
0.02
0.01
0.2
3.02
0.02
0.01
Total Proved
0.2
3.02
0.02
0.01
0.2
3.02
0.02
0.01
Baobab Shaft
2.7
2.86
0.25
0.15
2.7
2.86
0.25
0.15
Dwaalkop JV
11.2
2.61
0.94
0.53
11.2
2.61
0.94
0.53
Doornvlei
4.6
2.71
0.40
0.23
4.6
2.71
0.40
0.23
Total Probable
18.5
2.67
1.59
0.90
18.5
2.67
1.59
0.90
18.7
2.67
1.60
0.91
18.7
2.67
1.60
0.91
Baobab Shaft
0.2
3.54
0.02
0.01
0.2
3.54
0.02
0.01
Total Proved
0.2
3.54
0.02
0.01
0.2
3.54
0.02
0.01
Baobab Shaft
6.3
3.28
0.66
0.31
6.3
3.28
0.66
0.31
Dwaalkop JV
13.2
3.30
1.40
0.66
13.2
3.30
1.40
0.66
Doornvlei
13.4
3.77
1.63
0.77
13.4
3.77
1.63
0.77
Total Probable
32.9
3.49
3.69
1.74
32.9
3.49
3.69
1.74
33.1
3.49
3.71
1.75
33.1
3.49
3.71
1.75
Proved
Merensky
Probable
Total Merensky
Proved
UG2
Probable
Total UG2
Proved
Baobab Shaft
0.4
3.30
0.04
0.02
0.4
3.30
0.04
0.02
Probable
Baobab Shaft
9.0
3.15
0.91
0.45
9.0
3.15
0.91
0.45
Probable
Dwaalkop JV
24.3
2.98
2.33
1.19
24.3
2.98
2.33
1.19
Probable
Doornvlei
18.1
3.50
2.03
1.00
18.1
3.50
2.03
1.00
51.7
3.20
5.32
2.66
51.7
3.20
5.32
2.66
Total
Total Reserve
3PGE+Au
Mt
30-Sep-2010
Notes on the Limpopo Mineral Resources and Reserves
The Limpopo Mineral Resources and Reserves information was prepared on the following basis:
1) Western Platinum Limited (82% owned by Lonmin) has an interest of 50% in the Dwaalkop JV
and 100% of the remainder. The Mineral Resources and Reserves quoted for Limpopo include
only Lonmin’s attributable portion.
2) The Dwaalkop JV area includes portions of the farms Dwaalkop, Rooibokbult and Turfpan.
3) Mineral Resources are estimated from the results of surface diamond drilling and from
underground channel samples. Channel samples are taken from underground reef intersections
using a diamond saw and are assayed at Lonmin’s Marikana laboratory. For the surface
drillholes, at least four reef intersections are drilled from each drillhole per reef and three of these
intersections are sampled and assayed at a commercial laboratory.
4) The grades and/or metal accumulations, density and thicknesses of the individual reef layers are
estimated into block models using Ordinary Kriging. The Mineral Resource cut is then selected
from the individual reef layers and therefore may include some diluting material.
5) Mineral Resource estimates are based on a practical mining cut of not less than 90 cm.
6) Confidence in the geological model, reef continuity, drilling density and geostatistical analysis is
used to classify the Mineral Resources. Typically, the Measured Resource estimates are
25
declared in, and immediately adjacent to, areas where the reef has been exposed by
underground development and has been sampled. Indicated and Inferred Resource estimates
are predominantly informed by surface diamond drillholes. Indicated Resources at Limpopo are
typically declared in areas where drill spacing is less than 600 metres.
7) The Mineral Resources at Dwaalkop and Doornvlei occur from surface to a maximum depth of
2,000 metres. The Baobab Mineral Resources occur to a depth of 1,500 m for Merensky Reef
and 1,650 m for the UG2. Isolated drillholes have confirmed the presence of the UG2 at greater
than 1,500 m below surface at Baobab, and in all areas the mineralisation remains open at depth.
8) At Zebediela, Inferred Resources are informed by a variable drill grid of approximately 500 m on
strike and less regular in the down dip direction. The Zebediela Resources occur at depths of
less than 850 m below surface for the Merensky Reef and 950 m in the case of the UG2,
although mineralisation remains open at depth.
9) The widths of the individual layers that comprise the reef vary across the property and the reef
widths also vary according to the layers incorporated into the reef cut. The average width of the
UG2 Reef for each property varies between approximately 1.90 m and 3.05 m and the average
width of the Merensky Reef for each property varies between approximately 0.90 m and 2.25 m.
10) An average of approximately 20% geological loss has been applied to the Merensky and UG2
Reef areas. Geological losses are applied to individual areas and vary according to known and
anticipated geological conditions. Geological losses include those from dykes, fault loss,
potholes and IRUP.
11) Remnant areas enclosed by stoped out areas (otherwise known as white areas) are not part of
the Measured Mineral Resource or Proved Reserve until it has been established that there is a
reasonable intention and prospect of extracting ore from these areas.
12) Proved Reserves are converted from fully developed Measured Resources. Probable Reserves
are converted from Indicated and undeveloped Measured Resources using estimated dilution
and extraction factors for the individual area taking cognisance of the reef type and planned
mining method.
13) All Mineral Reserves below 430 m level at Baobab Mine and contained within the Phase 2 area,
are fully diluted for mechanised mining methods and therefore individual lesser mineralised layers
may have been incorporated into the Resource estimate in expectation of their inclusion in the
mining cut. Additional dilution expected is estimated at approximately 13%.
14) Average losses as a result of mining losses and pillar design at Baobab are approximately 28%
in the mechanised areas and 13% in the remaining conventional areas.
15) All Mineral Reserves at Limpopo are shallower than 750 m below surface.
21) All projects that are classified as Mineral Reserves have passed the economic test as prescribed
by the SAMREC code. All economic evaluations were done on a consistent basis using the
Lonmin economic model.
22) Appropriate assessments to a level of at least Pre-Feasibility or Life of Mine Plan have been
carried out in order to declare Mineral Reserves. The following table highlights the status of the
project pipeline with particular relevance to the conversion of Mineral Reserves from Mineral
Resources.
Mineral Resource to Reserve Conversion Table
Limpopo Project Pipeline
Resource
Reserve
LOM / Feasibility Study
Zebediela UG2 and Merensky
Baobab UG2 & Merensky
Phase 2 UG2 & Merensky
26
Project Development
-
The following persons assisted in the preparation of the Limpopo Mineral Resources and
Mineral Reserves:
Jeremy Witley (Lonmin) – Mineral Resources, Baobab Shaft and Baobab East
Snowden Mining Industry Consultants - Mineral Resources, Dwaalkop, Doornvlei and
Zebediela’s Location
Hennie Boshoff and Thomas Cronje (Lonmin) – Mineral Reserves, Baobab
Frank Greblo (AMC Consultants Pty Ltd) – Mineral Reserves, Dwaalkop JV and Doornvlei
Mineral Rights
At Limpopo, the following Mineral Rights information has relevance:

a Lodgement for Conversion of Mining Right was submitted to the DME in respect of Voorspoed
(Baobab Shaft) in March 2007;

a Lodgement for Conversion of Mining Right was submitted to the DME in respect of Doornvlei in
April 2009;

an Application for Mining Right was lodged with the DME in respect of Dwaalkop in April 2009
(currently Dwaalkop has a converted prospecting right which is subject to a renewal application);

as regards that area previously subject to an old order prospecting right (i.e. primarily Zebediela’s
Location), a new order prospecting right has been granted, executed and registered. An application
for the renewal of the Zebediela’s Location prospecting right for a further period of 3 years was
submitted in September 2009.
All the above applications are currently being assessed by the DMR who have indicated that the
applications will be granted once the Concept Paper (dealing with Lonmin achieving 26% empowerment)
has been approved by the DMR.
27
The Akanani Project
Mineral Resources
30 September 2011
The Akanani Project is located on the Northern Limb of the Bushveld Complex in the Limpopo
Province of South Africa.
The mineralisation is hosted within the Platreef Pyroxenite. At Akanani, the lithological layering
in the Platreef appears to be less continuous than that of the Critical Zone in the Eastern and
Western Limbs. The higher grade mineralisation is generally well constrained within a
geological unit towards the top of the Platreef known by Lonmin as the P2 Unit that is an
average of approximately 20 metres thick. The hangingwall of this unit is generally readily
identifiable in core samples and the footwall merges into the immediately underlying P1 Unit
mineralisation. Mineralisation in the P1 Unit occurs over a wider interval but appears to be less
continuous than that of the P2 Unit and is generally of lower grade. Potholes, such as those
that occur on the Merensky Reef and UG2, and IRUP intrusions, have not been recognised on
the Platreef at the Akanani Project. Losses in the Mineral Resource area are anticipated to
occur as a result of dykes and veins, fault loss and localised alteration, particularly calc-silicate
alteration, which is rare in the P2 Unit and more common in the P1 Unit.
The considerable reef thickness makes the Mineral Resource amenable to fully mechanised
bulk mining methods. The nature of the P1 Mineral Resource grade profile may allow for
selective mining of higher grade zones. This will be considered should this mineralisation be
converted to a Reserve.
Exploration at Akanani
The locations of major discontinuities, such as faults and dykes, have been established by
interpretation of magnetic survey and diamond drilling information. Approximately one hundred
diamond drillholes have been completed between 2005 and 2009.
Infill and resource extension drilling in the southern area of the Zwartfontein farm at the Akanani
Project re-commenced during the latter part of the 2011 financial year.
Revisions to the Mineral Resource and Reserve Completed During 2011
The Mineral Resources at Akanani are unchanged since 2010.
28
Akanani Drillhole Intersection and Resource Plan - P2 (left) and P1 (right)
29
Akanani Mineral Resources
Mineral Resources
30-Sep-2011
3PGE+Au
Reef
Category
Pt
30-Sep-2010
Cu
Ni
3PGE+Au
Mt
Pt
Cu
Ni
Mt
g/t
Moz
Moz
%
%
g/t
Moz
Moz
%
%
Indicated
100.7
4.84
15.7
6.6
0.14
0.26
100.7
4.84
15.7
6.6
0.14
0.26
Inferred
19.0
4.08
2.5
1.0
0.11
0.21
19.0
4.08
2.5
1.0
0.11
0.21
119.7
4.72
18.2
7.6
0.13
0.25
119.7
4.72
18.2
7.6
0.13
0.25
96.3
2.75
8.5
3.3
0.10
0.18
96.3
2.75
8.5
3.3
0.10
0.18
96.3
2.75
8.5
3.3
0.10
0.18
96.3
2.75
8.5
3.3
0.10
0.18
Indicated
100.7
4.84
15.7
6.6
0.15
0.27
100.7
4.84
15.7
6.6
0.15
0.27
Inferred
115.3
2.97
11.0
4.3
0.12
0.21
115.3
2.97
11.0
4.3
0.12
0.21
216.0
3.84
26.7
10.9
0.14
0.25
216.0
3.84
26.7
10.9
0.14
0.25
P2
Total
P1
Inferred
Total
Total
Total Resource
Indicative Prill Splits and Nickel and Copper grades in Resource – Akanani
Individual Precious Metal Splits in
3PGE+Au - Akanani P2 Unit
Rh, 3.8%
Individual Precious Metal Splits in
3PGE+Au - Akanani P1 Unit
Au, 5.8%
Rh, 3.3%
Au, 5.5%
Pt, 39.2%
Pt, 41.7%
Pd, 48.8%
Pd, 52.0%
Average Nickel and Copper Grade of Akanani Resources
0.30%
0.25%
0.25%
Grade %
0.20%
0.18%
0.15%
Nickel%
0.13%
0.10%
0.10%
0.05%
0.00%
P2
P1
30
Copper%
Notes on the Akanani Project Mineral Resources and Reserves`
The Akanani Mineral Resources information was prepared on the following basis:
1) Lonmin has an interest of 74% in the Akanani Project.
Akanani include only Lonmin’s attributable portion.
The Mineral Resources quoted for
2) Over seventy diamond drillholes intersected P2 mineralisation within the declared Mineral
Resource.
3) PGE and base metal assays were completed by Set Point Technologies Limited and were
confirmed by SGS Lakefield Research Africa. Base metal grades represent acid soluble Ni and
Cu.
4) The Mineral Resource estimates were completed for both the P2 and P1 Units at Akanani using
3D modelling techniques and Ordinary Kriging.
5) A percentage of the area has been removed as an allowance to cater for anticipated geological
losses. Geological losses include those from dykes and veins, fault loss and localised alteration.
10% geological losses were applied to the P2 model. 20% geological losses were applied to the
P1 model, in order to account for the greater occurrences of calc-silicate in this unit.
6) Geostatistical estimation criteria were used to guide the definition of the P2 Indicated Mineral
Resource area. These were typically declared where drillhole spacing is less than 350 m,
depending on knowledge of the reef continuity in individual areas.
7) Inferred Mineral Resources were extrapolated a maximum of 450 metres in the reef plane outside
the drillhole grid to a maximum depth below surface of 2,000 metres, depending on knowledge of
the reef continuity in individual areas.
8) The Mineral Resources in the project occur from approximately 800 m below surface and are
shallower than 2,000 m below surface. The average thickness of the P2 Unit Mineral Resource is
approximately 20 m. The thickness of the P1 Unit mineralisation declared as Mineral Resource is
very variable due to its irregular shape, but is typically in the order of 30 m thick on average.
9) Mineral Resources were estimated within a mineralised envelope. The P2 Unit hangingwall was
defined by a lithological boundary and the footwall normally forms the P1 hangingwall. There
being no distinct change in lithologies, the footwall of the P1 mineralisation was defined by a 2 g/t
3PGE+Au assay cut off using Indicator Kriging.
10) There are currently no Mineral Reserves estimated for the Akanani Project.
The following persons assisted in the preparation of the Akanani Project Mineral Resources:
Jonathan Kleynhans (Deswik Mining Consultants)
Mineral Rights
A converted prospecting right was granted in respect of Akanani until June 2011. An application to renew
this prospecting right for a further period of three years has been submitted and is currently being
assessed.
31
Pandora Joint Venture
Mineral Resources and Reserves
30 September 2011
The Pandora Joint Venture is located in the Brits District of the North West Province of South
Africa. It is immediately east and down dip (north) of the eastern area of Lonmin’s Marikana
Operations.
The area is underlain by the Merensky Pyroxenite and the UG2 Chromitite Layer over a strike
length of approximately 12 km. These mineralised layers sub-outcrop below a thin layer of
black cotton soil along 5 km of the strike length of the lease area that is contiguous to the
Marikana Operations, although most of the near outcrop UG2 ore has been removed by open
pit mining. The layers strike in an approximately east-west direction and generally dip
approximately 13° to the north. The layered nature of the Bushveld Complex makes it possible
to identify different lithological and stratigraphic units, which facilitates the interpretation of
geological disturbances; dykes, faults, potholes and IRUP. The occurrence of IRUP at Pandora
is rare.
At the Pandora JV, the UG2 Reef normally comprises a massive chromitite layer, which varies
in thickness over the property but is generally between 1.0 m and 1.5 m thick. Localised areas
of internal waste can occur and the internal waste is necessarily included in the Mineral
Resource.
The Merensky Reef at Pandora is thick low grade non-pegmatoidal type and no Mineral
Resources have yet been defined for the Pandora JV as continuity of potentially economic
mineralisation in this variably mineralised unit at Pandora has not yet been established.
The UG2 Reef is mined from underground in the JV area via Lonmin’s Marikana Operations E3
Incline shaft access. Stoping is by conventional methods.
Exploration at Pandora
The continuity of the UG2 Reef has been established by underground and open pit mining,
underground sampling, surface trenching, surface drilling and magnetic surveys. The drilling of
multiple reef intersections in each drillhole is standard practice and provides material for assay,
geotechnical, mineralogical and metallurgical testing. Logging and sampling of drillholes are
conducted according to standard procedures and drillhole data are electronically stored in a
commercial database.
A total of over 180 surface diamond drill holes have been completed at Pandora. Thirty eight
diamond drill holes were completed at Pandora during the 2011 financial year, largely aimed at
improving confidence in the Inferred Mineral Resource areas. The complete property has been
covered by airborne or ground magnetic surveys.
Revisions to the Mineral Resource and Reserves Completed During 2011
No significant changes were made to the Mineral Resource. Minor changes were made as a
result of depletion due to mining and geological loss re-evaluation. Slight changes to the
proportion of Platinum in 3PGE+Au were made as a result of prill split re-evaluation, as well as
a re-assessment of nickel and copper grade. An update to the Mineral Resource estimate will
be completed in the 2012 financial year, which will incorporate the results of the recently
completed 2011 drilling programme.
The Pandora Reserve grade increased as a result of less planned dilution.
32
Pandora Resource and Reserve Plan
Y-75000
X+2835000
Y-70000
X+2835000
Y-65000
f
f
f
BOUNDARY LEGEND
f
LONMIN MINING RIGHT
f
JV AREA
PANDORA JV MINING LICENCE
SHAFT BLOCK BOUNDARIES
f
X+2840000
X+2840000
MINING LEGEND
MINED OUT
PROVED RESERVES
f
f
FAULT
DYKE
PANDORA DRILLED BOREHOLES
CLASSES LEGEND
MEASURED RESOURCES
INDICATED RESOURCES
INFERRED RESOURCES
PROBABLE RESERVES
E3 INCLINE
LONMIN PLATINUM
Marikana Operations LONMIN
JV AREA - UG2 REEF
MINERAL RESOURCES AND RESERVES
AS AT 30 SEP 2011
OUTCROP
500
0
1000
Gauss Conform Projection,
Central Meridian 27° East. Clarke 1880 Spheroid.
Y-65000
Y-70000
2000
2010 PROJECT/ML/2011
LPDOR10U LTP JV
25 OCT 2011
X+2845000
X+2845000
SCALE IN METRES
1000
Y-75000
Pandora Mineral Resources
Mineral Resources
30-Sep-2011
3PGE+Au
Ore source
UG2
Total Resource
Category
30-Sep-2010
Pt
Mt
3PGE+Au
Pt
Mt
g/t
Moz
Moz
g/t
Moz
Moz
Measured
4.3
4.84
0.7
0.4
4.4
4.86
0.7
0.4
Indicated
15.9
4.52
2.3
1.4
15.9
4.52
2.3
1.4
Inferred
34.5
4.12
4.6
2.8
34.4
4.12
4.6
2.7
54.8
4.29
7.6
4.6
54.8
4.30
7.6
4.5
33
Indicative Prill Splits and Nickel and Copper grades in Resource – Pandora
Individual Precious Metal Splits in
3PGE+Au - Pandora UG2 Reef
Rh, 11.6%
Au, 0.4%
Pd, 27.8%
Pt, 60.2%
Average Nickel and Copper Grade of Pandora UG2 Reef
0.04%
0.03%
Grade %
0.03%
Nickel
0.02%
Copper
0.01%
0.01%
0.00%
UG2
Pandora Mineral Reserves
Mineral Reserves
30-Sep-2011
3PGE+Au
Ore source
Category
30-Sep-2010
Pt
Mt
3PGE+Au
Pt
Mt
g/t
Moz
Moz
g/t
Moz
Moz
Proved
0.36
4.39
0.05
0.03
0.23
4.57
0.03
0.02
Probable
4.69
4.12
0.62
0.37
4.92
3.96
0.63
0.37
5.05
4.14
0.67
0.40
5.15
3.98
0.66
0.39
UG2
Total Reserve
34
Notes on the Pandora JV Project Mineral Resources and Reserves
The Pandora JV Mineral Resources information was prepared on the following basis:
1) Eastern Platinum Limited (82% owned by Lonmin) has an interest of 42.5% in the Pandora JV.
The Mineral Resources and Reserves quoted for Pandora include only Lonmin’s attributable
portion.
2) Mineral Resources are reported for the UG2 Reef, which consists of the UG2 Chromitite Layer
and minor internal waste partings.
3) Measured Resources are declared in, and immediately adjacent to, areas where reef has been
exposed in underground development or open pits, or where close spaced near surface diamond
drilling has been conducted. Channel samples are taken from underground reef intersections
using a diamond saw and are assayed at Lonmin Platinum’s laboratory. The results of this
sampling are combined with the results of the surface drilling and interpolated using Ordinary
Kriging into Measured Resource blocks immediately adjacent to the underground exposures.
4) Indicated and Inferred Resources are estimated from the results of surface diamond drilling.
Currently, at least four reef intersections are drilled from each drillhole and three of these
intersections are sampled and assayed at a commercial laboratory. The individual reef
composites are estimated into block models using Ordinary Kriging.
5) Confidence in the geological model, reef continuity, drilling density and geostatistical analysis is
used to define resource classes. Indicated Resources at Pandora are considered in areas where
drill spacing is less than 800 metres. Inferred Mineral Resources are declared in areas where
drilling is sparser than 800 metres and are extrapolated to the northern farm boundary
approximately 900 metres down dip from the deepest drillholes.
6) The Mineral Resources at Pandora occur from surface to approximately 1,200 m below surface.
The average width of the UG2 is approximately 1.23 m.
7) An average of 23% geological losses has been applied. Geological losses include those from
dykes, fault loss, potholes and IRUP.
8) All UG2 block estimates are greater than 3.37 g/t 3PGE+Au. No UG2 estimates have been
excluded from the Mineral Resource solely on the basis of grade.
9) Proved Reserves are converted from fully developed Measured Resources. Modifying factors
applied to convert Mineral Resources to Mineral Reserves are derived from the Mineral Resource
Management system on Lonmin’s current operations. All survey, sampling, stope-width control
and geological data are stored in electronic databases and mine plans are captured electronically
in a three dimensional information system. It should be noted that Proved Reserves only include
stoping areas, reef development having already been removed to create the Proved Reserve.
10) For Mineral Reserve estimation, the Pandora Mineral Resources have been diluted by an
average of approximately 13%. Average losses as a result of mining losses and underground
pillar design are approximately 18%.
11) All Mineral Reserves are shallower than 600 metres below surface.
12) Appropriate assessments to a level of at least Pre-Feasibility or Life of Mine Plan have been
carried out in order to declare Mineral Reserves. The following table highlights the status of the
project pipeline with particular relevance to the conversion of Mineral Reserves from Mineral
Resources.
35
Mineral Resource to Reserve Conversion Table
Pandora Project Pipeline
Resource
LOM / Feasibility Study
Pandora Shallows
E3 JV 60 ktpm Extension
Reserve
Project Development
E3 JV UG2-9 and 10 level
Pandora Deeps
The Pandora JV Mineral Resources were prepared by a team from both Anglo Platinum and
Lonmin and were signed off by the following Competent Persons:
Jeremy Witley (Lonmin)
Paul Stevenson (Anglo Platinum)
The Mineral Reserves were signed off by Jonathan Hudson (Lonmin).
Mineral Rights
A Lodgement for Conversion of Mining Right was submitted in respect of Pandora in mid-2006. Arising
from an amendment to the mining plan to be implemented at Pandora, the Mine Work Program and
consequently the Social and Labour Plan were significantly amended. These amended documents were
then lodged with the DME in mid-2007 as replacements for the original Mine Work Programme and Social
and Labour Plan submitted. The DMR is currently assessing the Application DMR and has indicated that
the application will be granted once the Concept Paper (dealing with Lonmin achieving 26%
empowerment) has been approved by the DMR.
A separate Application for Mining Right in respect of certain areas excluded from the Pandora mining
licence area was submitted in February 2009. Again, the DMR has indicated that the application will be
granted once the Concept Paper has been approved by them.
36
Loskop Joint Venture
Mineral Resources
30 September 2011
Western Platinum has an attributable interest of 50% in the Loskop Joint Venture with Boynton
Investments. The Mineral Resources are contained within a mineralised zone, the “Upper
Mineralised Pyroxenite” that is contained within a sequence that is considered to be
stratigraphically equivalent to the Upper Critical Zone of the Eastern and Western Limbs of the
Bushveld Complex. The results of a high resolution, low level aeromagnetic survey covering
210 km2 were used to assist in the structural interpretation of the area. Diamond drillholes were
used in order to assist in the evaluation of the mineralisation on the properties.
Revisions to the Mineral Resource Completed During 2011
No revisions were made in 2011 to the estimates first reported in 2007.
Loskop JV Drillhole Intersection and Resource Plan
37
Loskop Mineral Resources
Mineral Resources
30-Sep-2011
Ore Source
Category
Area
Mt
UMP
Inferred
Rietfontein
UMP
Inferred
De Wagendrift
Total Resource
2PGE+Au
30-Sep-2010
Pt
g/t
Moz
Moz
6.5
3.91
0.8
0.5
3.6
4.28
0.5
10.1
4.04
1.3
Mt
2PGE+Au
Pt
g/t
Moz
Moz
6.5
3.91
0.8
0.5
0.3
3.6
4.28
0.5
0.3
0.8
10.1
4.04
1.3
0.8
Notes on the Loskop Mineral Resources
1) The reported Loskop Mineral Resources precious metal grade is 2PGE+Au, which equals
Pt+Pd+Au. This differs from most of Lonmin’s other Mineral Resources where 3PGE+Au is
reported.
2) The Mineral Resources quoted for Loskop includes only Lonmin’s 41% attributable portion.
3) Half core samples were taken from diamond drillholes and assayed at commercial laboratories
for 2PGE+Au using lead fire assay techniques.
4) An optimum cut at a minimum true width of 100 cm was calculated for each drillhole and the
resulting composites were averaged to estimate the grade and width of the Mineral Resource.
5) A cut off grade of 2 g/t 2PGE+Au was used to define optimum cuts of greater than 100 cm.
6) The Inferred Mineral Resource was informed by the results of 61 drillholes that intersected the
UMP.
7) The Mineral Resources at Loskop occur from surface to approximately 865 m below surface. The
average width of the selected reef cut is approximately 1.35 m.
8) An average of 25% geological losses has been applied to the mineralised area. Geological
losses will include those from dykes, fault loss and other geological disturbances.
9) Inferred Mineral Resources are constrained by the current drill coverage and the deposit is open
down dip and to the west.
10) There are currently no Mineral Reserves estimated for the Loskop Project.
Mineral Rights
Boynton Investments has applied for renewal of its Prospecting Rights.
38
Location within the Sudbury Igneous Complex, Ontario,
Canada
Lonmin’s only Platinum Group Element (PGE) Mineral Resource outside of the Bushveld
Complex is located in the Sudbury Igneous Complex (SIC) near Sudbury, Ontario, Canada.
The SIC hosts world class resources of Nickel, Copper, Cobalt and PGE’s. The PGE’s (mostly
Platinum, Palladium, with minor amounts of Rhodium, Ruthenium, Osmium and Iridium) as well
as Gold, are intimately associated with Nickel and Copper massive sulphides, which historically
have been the main metals exploited in the SIC. Lonmin’s Sudbury Joint Venture partner
exploration teams (Vale and Wallbridge Mining) are however targeting lower sulphide, high PGE
mineralisation which is known to occur in offset dykes and certain footwall settings of the SIC.
Much of this style of mineralisation also contains low concentrations of Copper, Nickel, Cobalt
and Silver. The geological setting of PGE mineralisation in the SIC is unlike the majority of
Lonmin’s mineral deposits in that it is associated with veins and disseminations of base metal
sulphides rather than in layered reefs.
The SIC was formed as an astrobleme (a meteor impact site) 1.85 billion years ago, intruding
into older granites and metasediments and is the second largest known astrobleme on Earth,
underlying an area of approximately 1,540km². The SIC consists of two main areas, the North
and South Ranges. Lonmin’s JV exploration properties are situated around the SIC Basin, with
its first Mineral Resource located within the Denison property on the South Range.
Locations of Lonmin’s Mineral Resource – Sudbury Igneous Complex
39
Denison Joint Venture
Mineral Resources
30 September 2011
Lonmin’s Mineral Resources on the Denison property are hosted in the Huronian
metasediments and metavolcanic sequence to the south of the SIC contact. The contact is
near vertical in this area, but the PGE mineralisation is located along two intersecting structures.
The mineralisation dips at approximately 70 degrees to the east-northeast. The mineralisation
has been continually traced by drilling from its surface outcrop to a depth of 400 m below
surface. The current resource is restricted to a depth of 240 m from surface, the deeper
mineralisation not yet being included in the Mineral Resource due to the more widely spaced
nature of the drilling and the deeper drillhole core samples being subject to analytical
methodology dating back to the early 1900’s, which pre-dates precious metals assaying
procedures at Vale. Given the greater variability in the nature of the mineralisation, drilling on
which the resource has been based is necessarily much more closely spaced than those used
to determine reef mineralisation and the average drillhole spacing in the resource area is
between approximately 20 m and 35 m. The approximately ‘V-shaped’ body is comprised of
two linear zones of approximately 80 m and 150 m in length, which vary between approximately
3 m and 30 m in thickness. The Mineral Resource is at its widest point where the zones
intersect.
It is considered that the Mineral Resource is amenable to extraction by open-pit mining to a
depth of 140 m followed by cut-and fill mining of the deeper portion. These mining assumptions
formed the basis of the assessment for prospects of economic extraction. Mineralisation is
open at depth and remains a target for future exploration. Drilling is ongoing at Denison in order
to progress the mining study.
The Denison Mineral Resource was prepared and classified by Vale geologists using Vale
internal guidelines that exceed the minimum criteria defined by CIM. The Denison Mineral
Resources have been prepared under the guidance of A.D. Burton (BSc Hons, P.Geo.) of Vale,
who is a Qualified Person as defined by the National Instrument 43-101, being registered as a
Professional Geologist with the Association of Professional Geologists of Ontario. Mr Burton
has over 30 years experience in the base and precious metals mining and exploration industry
and Mineral Resource estimation.
Denison Mineral Resources
Mineral Resources
30-Sep-2011
2PGE+Au
Category
Inferred
Total Resource
30-Sep-2010
Pt
Mt
2PGE+Au
Pt
Mt
g/t
Moz
Moz
0.35
6.30
0.07
0.04
0.35
6.30
0.07
0.04
40
g/t
Moz
Moz
0.35
6.30
0.07
0.04
0.35
6.30
0.07
0.04
Nickel and Copper grades in Resource – Denison
Average Nickel and Copper Grade of Denison Resource
1.20%
0.96%
1.00%
Grade %
0.80%
0.60%
0.55%
Nickel
Copper
0.40%
0.20%
0.00%
FW 109
Notes on the Denison Mineral Resources
1) The reported Denison Mineral Resources precious metal grade is 2PGE+Au, which equals
Pt+Pd+Au. This differs from most of Lonmin’s other Mineral Resources where 3PGE+Au is
reported.
2) The Mineral Resources quoted for Denison includes only Lonmin’s 50% attributable portion of the
PGE’s.
3) 32 diamond drillholes were used for grade estimation within the modelled wireframe.
4) Half core samples were taken from diamond drillholes and assayed at ALS Chemex laboratories
Pt, Pd and Au using a fire assay fusion preparation followed by analysis by inductively coupled
plasma - atomic emission spectrometry.
5) Diamond drill core is logged and sampled in a secure Vale Technology Development (Canada)
Limited facility in Sudbury, Ontario. Diamond drill core samples are prepared at the ALS Chemex
preparation facility in Sudbury, Ontario. The resulting pulps are shipped to the ALS Chemex
laboratory in Vancouver, British Columbia for analysis. ALS Chemex’s Vancouver laboratory has
received ISO 17025:2005 accreditation from the Standards Council of Canada under CAN-P1579 “Guidelines for Accreditation of Mineral Analysis Testing Laboratories”. In addition to
standard QAQC procedures performed by ALS Chemex, Vale Technology Development
(Canada) Limited personnel conduct in-house QAQC procedures.
6) Mineral Resources were estimated by Ordinary Kriging within a mineralised envelope. The
mineralisation extents were defined by examination of mineralisation in the drillhole intersections
and interpreted using 3D modelling techniques utilising assumed geological continuity between
drillholes.
7) Mineral Resources that have reasonable prospects for economic extraction were extracted from
the grade model based on an economic test, on a Net Smelter Return basis, using Vale’s internal
financial models.
8)
A 30 m high crown pillar was assumed to be required between the perceived open pit limits and
the underground cut-and-fill mining. This mineralisation has not been reported as part of the
Mineral Resource.
9) Inferred Mineral Resources were reported from within the drillhole grid and there was no
extrapolation either down-dip or along strike from the drillhole grid.
10) The Mineral Resources in the project occur from surface and were restricted to 240 m below
surface. The thickness of the Mineral Resource varies from approximately 3 m to 30 m.
11) There are currently no Mineral Reserves estimated for the Denison Project.
41
Mineral Rights
The Vale Lonmin Joint Venture property in Denison Township consists of parts of Lots 2 to 6 Concession
4 and Lots 3 to 6 Concession 5. All the parcels are patented for surface and mining rights.
42
Non-Platinum Group Element Mineral Resources
Lonmin’s only non-Platinum Group Element Mineral Resource is a copper-gold-silver-zinc
Mineral Resource in Kenya. The West Kenya Earn-in and Joint Venture Agreement between
Aviva Corporation Limited and AfriOre International (Barbados) Limited a wholly owned
subsidiary of Lonmin Plc, was formally commenced in August 2010 upon the consent of the
Commissioner of Mines and Geology in Kenya. Aviva recently completed the 51% earn-in
milestone on the project and hence Lonmin’s attributable interest is 49% of the Mineral
Resources declared for the project. Aviva can earn up to 75% of the project by completing a
Pre-Feasibility Study (PFS) on any project on the licences demonstrating a pre-tax NPV of
$50M. Aviva and Lonmin are continuing with exploration and project assessment prior to
selecting a project for PFS evaluation.
Bumbo Mineral Resources
30 September 2011
The Bumbo Mineral Resource was publically reported by Aviva on 01 September 2011. Bumbo
is a polymetallic deposit with Cu, Zn, Au and Ag as the primary metals. The mineralisation is
characterised by a central layer of massive sulphides with adjacent more disseminated and
inter-layered sulphides.
The mineralisation is broadly conformable with the host
metamorphosed sedimentary lithologies and has been likened to a volcanogenic massive
sulphide (VMS) style of mineralisation with significant hydrothermal overprint. The deposit is
subdivided into two main lenses, each striking approximately east-west and dipping steeply to
the north.
Location of the Bumbo Mineral Resource
43
The information in this report which relates to Mineral Resources is based upon information
compiled by Ian Glacken, who is a Fellow of the Australasian Institute of Mining and Metallurgy.
Ian Glacken is an employee of Optiro Pty Ltd and has sufficient experience which is relevant to
the style of mineralisation and type of deposit under consideration and to the activity which he is
undertaking to qualify as a Competent Person as defined in the 2004 edition of the Australasian
Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Further
details on the project and the Mineral Resource estimate, including the Optiro letter detailing the
work completed in the calculation of the Mineral Resource estimate, are currently available on
the Aviva website www.avivacorp.com.au.
The resulting Mineral Resource estimates for the massive and disseminated sulphide domains
have been assigned an Inferred Mineral Resource category according to the guidelines of the
JORC Code (2004).
Bumbo Mineral Resources as at 31 August 2011
Mineral Resources
30-Sep-2011
Category
Volume
(Mm3)
Tonnes
(Mt)
Cu
Equivalent
(%)
Cu
(%)
Au
(ppm)
Ag
(ppm)
Zn
(%)
Inferred
0.26
0.82
4.0
1.8
0.7
36.8
5.4
0.26
0.82
4.0
1.8
0.7
36.8
5.4
Total Resource
Notes on the Bumbo Mineral Resources
1) The Mineral Resources quoted for Bumbo includes only Lonmin’s 49% attributable portion of the
mineral resource.
2) This is the first mineral resource for Bumbo under the agreement and thus no comparison with
2010 Mineral Resources can be made.
3) Bumbo has 44 diamond drill (DD) holes intersecting the zone of mineralisation.
4) The Bumbo Mineral Resource estimate was completed using ordinary kriging of one metre
downhole composite data. The mineralisation was subdivided into three domains, namely the
massive sulphide domain, the adjacent disseminated sulphide domain and the peripheral
discontinuous gold domains. Hard boundaries were used between all domains, but data from one
lens within a given domain was allowed to influence adjacent lenses in the same domain. A
weathered surface was included for the purposes of assigning representative density values. At
this stage, the available data does not suggest significant grade and continuity differences across
the implied weathered to fresh zones of mineralisation. The respective domains were modelled
through vertical sectional string envelopes which were then linked to each other to form a
wireframe volume. The wireframe volumes reflect the different domains of mineralisation and
were used for block modelling and estimation.
5) Mineral Resources are reported using a cut off grade of 0.7% copper equivalent.
6) The copper equivalent formula was based upon commodity prices at the close of the market on
25th July 2011, namely:
Copper: USD9633/tonne ($Cu)
Zinc: USD2441/tonne ($Zn)
Gold: USD1614/ounce ($Au)
Silver: USD40/ounce ($Ag)
The formula is as follows:
Copper equivalent (%) = Cu% + (Zn% * ($Zn/100) / ($Cu/100)) + (Au g/t * ($Au/31.1034768) /
($Cu/100)) + (Ag g/t * ($Ag/31.1034768) / ($Cu/100))
7) There are currently no Mineral Reserves estimated for Bumbo.
44
Mineral Rights
The West Kenya Earn-in and Joint Venture Agreement between Aviva and AfriOre International
(Barbados) Limited a wholly owned subsidiary of Lonmin Plc, was formally commenced in August 2010
upon the consent of the Commissioner of Mines and Geology in Kenya. Under the Agreement Aviva
could earn a 51% interest in Special Licenses No. 123 and No 213 by spending $US3 million over three
years.
Aviva can earn up to 75% of the project by completing a Pre-Feasibility Study (PFS) on any project on the
licences demonstrating a pre-tax NPV of $50M. Aviva and Lonmin are continuing with exploration and
project assessment prior to selecting a project for PFS evaluation.
45
List of Acronyms
2PGE+Au
Also known as 3E, comprises two platinum group elements plus gold and is a
summation of Pt, Pd and Au.
3PGE+Au
Also known as 4E, comprises three platinum group elements plus gold and is a
summation of Pt, Pd, Rh, and Au.
5PGE+Au
Also known as 6E, comprises five platinum group elements plus gold and is a
summation of Pt, Pd, Rh, Ru, Ir and Au.
BEE
Black Economic Empowerment
BBBE
Broad Based Black Economic Empowerment
CIM
Canadian Institute of Mining and Metallurgy and Petroleum
DME
Department of Minerals and Energy
DMR
Department of Mineral Resources (formerly the DME).
g/t
Grams per tonne. A unit of grade expressing concentration that is equal to
parts per million (ppm).
IRUP
Iron Rich Ultramafic Pegmatite.
JORC
Australasian Joint Ore Reserves Committee
JV
Joint Venture
Moz
Millions of troy ounces. One troy ounce is equal to 31.10348 metric grams.
MR
Merensky Reef; refers to the portion of the Merensky Pyroxenite Unit (and in
some areas immediately adjacent units) that contains significant PGE, nickel
and copper mineralisation.
Mt
Millions of metric tonnes; a metric tonne equals one thousand kilograms.
NI 43-101
National Instrument 43-101 is a national instrument for the Standards of
Disclosure for Mineral Projects within Canada.
PGE
Platinum Group Element. Elements belonging to this group consist of Platinum
(Pt), Palladium (Pd), Rhodium (Rh), Ruthenium (Ru), Iridium (Ir) and Osmium
(Os)
PGM
Platinum Group Mineral. Those minerals that contain PGE’s. May also refer to
Platinum Group Metal and is then synonymous with PGE.
SAMREC
The South African Mineral Resources Committee
SAMVAL
The South African Mineral Asset Valuation Committee
SSC
SAMREC/SAMVAL Committee
UG2
Upper Group 2. A unique stratigraphic unit comprised mostly of a massive
chromitite layer that normally contains significant PGE mineralisation, but little
nickel and copper.
UMP
Upper Mineralised Pyroxenite. The geological unit that contains PGE, nickel
and copper mineralisation at the Loskop Project.
46