Name of the Project
Black Rock mine and Gloria modernisation projects.

Location
Black Rock, in the Northern Cape, South Africa.

Project Owner/s
Assmang, which is jointly controlled by Assore and African Rainbow Minerals.

Project Description
The projects will modernise and expand the mine by increasing volume and flexibility to produce the differentiated medium- to high-grade products, which the manganese market is increasingly demanding and for which it is paying a premium, while improving efficiencies.

The project will increase overall production to about five-million tons a year of manganese, subject to rail availability and market conditions.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
Not stated.

Capital Expenditure
R2.97-billion has been approved for the project, most of it sustaining capital expenditure. Eighty-seven per cent of the approved capital for the project was spent on the Gloria project as at December 31, 2021.

The Black Rock project is estimated at R7.3-billion.

Planned Start/End Date
The project was approved in 2018. The project is forecast to be completed by August 2022.

Latest Developments
The project is more than 90% complete, despite it being negatively impacted on by difficult ground conditions and complex geology during mining development.

The surface plant system has been successfully commissioned and was handed over to operations in September 2021.

The underground plant and crusher construction is on schedule, with handover to operations planned for May 2022.

The Black Rock project has also been negatively impacted on by difficult ground conditions, mainly at the Nchwaning III Tip 2 system.

The project is about 98% complete and is expected to be finalised in August 2022.

Key Contracts, Suppliers and Consultants
DRA Global (engineering, procurement and construction management).

Contact Details for Project Information
Assore, tel +27 11 770 6800.
African Rainbow Minerals investor relations and corporate affairs head Jongisa Magagula, tel +27 11 779 1300, fax +27 11 779 1312 or email jongisa.magagula@arm.co.za.