Operations

Bengwenyama

Overview

The Bengwenyama PGM project is a premier development located on the Eastern Limb of South Africa’s Bushveld Complex, neighbouring Anglo Platinum’s Modikwa Mine.

Hosting both the Merensky and UG2 reefs, Bengwenyama contains a JORC-compliant resource base of more than 40Moz 3PGE+Au, positioning it among the most significant undeveloped PGM projects globally. With shallow, high-grade ore and strong geological continuity, the project offers long-life, low-cost production potential.

Supported by conventional mining and processing methods and excellent access to infrastructure, Bengwenyama is well positioned for a shorter lead-time to production.

Figure 14: Bengwenyama Platinum Project Location on the Eastern Limb of Bushveld Complex

Location and infrastructure

The project is located near Steelpoort in the Limpopo Province, approximately 20 km from Burgersfort and 250 km from Pretoria, covering 5,280 hectares in one of South Africa’s premier PGM belts.

Bengwenyama benefits from tarred road access, reliable water and power, and proximity to established mining operations and skilled labour — key enablers for efficient development.

“World class mineralisation with a reserve of 6Moz and a total indicated, inferred and measured resource of 40Moz”

Figure 15: Regional locality map, with the extent of the Bushveld Complex indicated

Community participation

Community participation and benefit are foundation blocks of our approach to the development of the Bengwenyama project.

A Mining Right application was accepted in October 2023, with a final decision anticipated in 2025/26.

Environmental authorisation

In May 2025, Bengwenyama was granted Environmental Authorisation under NEMA. Importantly, no objections were lodged during the consultation period, clearing a major milestone towards full Mining Right approval.

Technical progress

Bengwenyama has advanced rapidly through technical studies, confirming its global Tier-1 potential:

  • Scoping Study (2024): 36-year mine life from UG2, ~330koz per year production at low costs.
  • Pre-Feasibility Study (2024): 29-year mine life, ~400koz annual production, firmly in the lowest quartile of global costs.
  • Optimised PFS (2025): Introduced staged development, reducing upfront funding by 38% and enhancing project financing flexibility.

Key highlights of the Optimised PFS:

  • Stage 1: >200koz PGMs per year at ~US$875/oz cash costs.
  • Stage 2: >400koz PGMs per year from year 4, with cash costs ~US$750/oz.
  • NPV8 (after tax): ~US$857m, IRR 26.4%.
  • Peak funding requirement reduced by 38%, enabling cash-generative early operations.

This phased approach de-risks technical assumptions and aligns growth with infrastructure roll-out and community readiness.

Figure 17: Generalised map of the Eastern Limb. Source: Modified from Scoon and Viljoen (2019)
Figure 16: Northwest-facing view across Eerste Geluk (foreground) and Nooitverwacht (vertical exaggerationis 2x)
Northwest-facing view across Eerste Geluk (foreground) and Nooitverwacht (vertical exaggerations 2x)

Geology and resources

Bengwenyama hosts both the UG2 and Merensky reefs, which form the backbone of South Africa’s platinum industry.

  • UG2 Resource: 24.81Moz (Measured, Indicated & Inferred).
  • Merensky Resource: 15.44Moz.
  • Total Resource: 40.25Moz 3PGE+Au.

With average reef widths of 70cm (UG2) and 2m (Merensky) and grades near 10g/t, Bengwenyama compares favourably to leading global PGM operations.

Exploration and growth potential

Current drilling programmes are focused on upgrading shallow UG2 resources to higher confidence categories and converting exploration targets into defined resources.

This work underpins the Definitive Feasibility Study (DFS), which is already underway and scheduled for completion in 2026, ahead of a Final Investment Decision.

Investment case

Bengwenyama stands out as one of the most attractive undeveloped PGM projects globally, thanks to its:

  • Tier-1 scale – >40Moz 3PGE+Au resource base.
  • Lowest quartile costs – strong resilience through commodity cycles.
  • Staged development plan – reduced upfront capital, early cash flow, improved financing flexibility.
  • Regulatory progress – Environmental Authorisation granted, Mining Right application in process.
  • Community ownership – secured under Section 104 rights, ensuring sustainable and inclusive growth.

Next steps

  • Definitive Feasibility Study (DFS):
    Completion targeted for 2026.
  • Mining Right approval:
    Decision expected in 2025/26.
  • Final Investment Decision:
    Post-DFS, paving the way for construction and development.
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