The Exxaro annual estimation and reporting process is managed through the Exxaro geosciences policy and associated mineral resource and reserve reporting and estimation procedures. Both policy and procedures are aligned with the guidelines of JSE section 12, SAMREC Code 2016 and, for South African coal reporting, SANS 10320:2004.
The policy and procedures dictate technical requirements for estimation and reporting, and include guidelines on methodologies, processes and deliverables. Procedures are also implemented for the geophysical, rock engineering, geotechnical, structural geology, tenure management, hydro-geological, exploration and mine-planning disciplines that prescribe methodologies and minimum standards for compliance.
To align with the SAMREC 2016 code, Exxaro has updated its internal competent persons’ reports (CPRs) for applicable operations. No material changes as defined in the code have occurred, but we considered the introduction of the ‘if not, why not’ principle as significant enough to warrant the updates. The reports followed guidelines under appendix 1 of SAMREC 2016.
Table 1: Exxaro reporting structure
|EXXARO REPORTING GOVERNANCE FRAMEWORK|
|JSE Listings Requirements (section 12)||Geosciences policy||Annual resource and reserve estimation schedule||Annual review and update of procedures|
|2016 amendments to “minimum contents of annual report, point 12.13” were considered||2017 update to align with our functional model strategy was considered||2017 estimation schedule for operations under Exxaro control was followed||2017 update was considered|
|SAMREC Code (2016) table 1||Exxaro mineral resource and reserve reporting procedure||Mineral reserve fact packs||Competent person’s register update and review|
|2016 updated “table 1” was considered||2016 update was considered||Grootegeluk and Matla packs were updated||Updated for 2017|
|SANS (SANS 10320:2004)||Exxaro mineral resource estimation procedure||Annual operation/project mineral resource and reserve report||Annual individual mineral resource and reserve report review and lead competent person sign-off|
|2016 update was considered||Concluded in February 2017|
|JORC Code (2012)||Exxaro mineral reserve estimation procedure||Consolidated mineral resource and reserve report (CMRR)||Applicable competent person and technical team sign-off|
|2016 LoMP update was considered||Included in individual CPR reports, available on request|
|When required: Mineral resource and reserve competent person report/s||Internal review and external audit process|
|Given the new SAMREC code, we have updated individual CPRs for applicable operations||Resource audits were conducted on Grootegeluk and Forzando. Reviews were conducted at Grootegeluk, Matla and Dorstfontein|
Comments on 2017 estimation shown in blue italics