Glossary
In this Annual Report, unless otherwise indicated, the words in the first column have the meanings stated opposite them in the second column, words in the singular include the plural and vice versa, words denoting one gender include the other, and words denoting natural persons include juristic persons and associations of persons and vice versa.
| 4PGE or 3PGE + Au | Platinum Group Metals comprising platinum, palladium, rhodium and gold |
| 5PGE + Au | Platinum Group Metals comprising platinum, palladium, rhodium, ruthenium, iridium and gold |
| 6PGE + Au | 5PGE plus osmium |
| AET | adult education and training |
| AGM | the Annual General Meeting of the Company |
| AMCU | the Association of Mineworkers and Construction Union of South Africa |
| Appreciation right | the award which takes the form of a right to call for shares of an aggregate market value or receive a cash amount equal to the increase (if any) between the date an award is granted and the exercise date of the market value of such number of shares as is specified in the notice of award and has vested |
| ART | antiretroviral treatment |
| Arxo Logistics | Arxo Logistics Proprietary Limited (Registration number 2009/006720/07), a private company duly registered and incorporated in South Africa, a wholly owned subsidiary of the Company |
| Arxo Metals | Arxo Metals Proprietary Limited (Registration number 2011/143342/07), a private company duly registered and incorporated in South Africa, an indirect wholly owned subsidiary of the Company |
| Arxo Resources | Arxo Resources Limited (Registration number HE221459), a public company duly registered and incorporated in Cyprus, a wholly owned subsidiary of the Company |
| Award | the award granted under the Share Award Plan in the form of a conditional award or an appreciation right |
| Au | gold |
| BAPS | biodiversity action plans |
| BEE | black economic empowerment, as defined in the MPRDA and "broad-based socioeconomic empowerment" as defined in the Mining Charter |
| BMI | BMI Drilling Proprietary Limited (Registration number 2010/001913/07) |
| Board | the Board of Directors of the Company |
| Bushveld Complex | a major intrusive igneous body in the northern part of South Africa, that has undergone remarkable magmatic differentiation, and the leading source of PGMs and chromium |
| Calibre | Calibre Clinical Consultants Proprietary Limited (Registration number 2005/005494/07), a private company duly registered and incorporated in South Africa |
| CBT | computer-based training |
| certificated shares | Shares which are held and represented by a share certificate or other tangible document of title, which shares have not been dematerialised in terms of the requirements of Strate |
| Challenger or Challenger Plant | the integrated beneficiation plant adjacent to the Genesis Plant for the production of chemical and foundry grade concentrate owned by Arxo Metals |
| Charter Scorecard | the Scorecard for the Mining Charter published pursuant to section 100(2)(a) of the MPRDA under Government Gazette No. 26661 of 13 August 2004, as amended by General Notice 1002 of 27 September 2018 |
| chemical grade concentrate | the main ingredient in the production of chrome chemicals. The critical specifications are a minimum of 45% Cr2O3, and a maximum of 1.28% SiO2 |
| chrome | used to reference any form of chromium, Cr or chrome concentrate |
| chrome concentrate | any combination of chemical, foundry and/or metallurgical grade concentrate with a predominance of metallurgical grade concentrate |
| chrome alloys | a chrome alloy produced directly through smelting using carbon as a reducing agent in the presence of fluxes, which alloy is used as primary raw material in the production of stainless steel |
| chromite | a hard, black, refractory chromium-spinel mineral consisting of varying proportions of the oxides of iron chromium, aluminium and magnesium |
| chromitite | a rock composed essentially of chromite, that typically occurs as layers or irregular masses exclusively associated with magmatic complexes. The bulk of the world's exploitable chromitite occurs almost exclusively in layered complexes |
| chromitite layers | thick accumulations of chromite grains to form monomineralic bands or layers, which chromitite layers are typically greater than 30 cm thick |
| chromium or Cr | the element chromium (Cr) is classified as a metal and is situated between other metals such as vanadium (V), manganese (Mn) and molybdenum (Mo) in the periodic table of elements |
| CIF | cost, insurance and freight as defined in Incoterms 2010 |
| cm | centimetres |
| Coffey | Coffey Mining (South Africa) Proprietary Limited (Registration number 2006/030152/07), a private company duly registered and incorporated in South Africa |
| Company, Tharisa | Tharisa plc, a company incorporated under the laws of Cyprus with registration number HE223412 |
| Competent Person's Report or CPR | a report compiled by an independent Competent Person relating to the technical aspects of a mine that may include a techno-financial model |
| Conditional award | an award which takes the form of a contingent right to receive, at no or nominal cost, such number of ordinary shares or receive a cash amount as is specified in the notice of award and has vested |
| CSE | the Cyprus Stock Exchange |
| CSI | corporate social investment |
| Cr2O3 | chromium (III) oxide |
| CREST | the relevant system (as defined in the Uncertificated Securities Regulations) in respect of which Euroclear UK & Ireland is the operator |
| CSDP Markets Act | a Central Securities Depository Participant as defined in section 1 of the Financial Markets Act |
| Cyprus | the Republic of Cyprus |
| Cyprus Companies Law | Companies Law, Chapter 113 of the laws of Cyprus, as amended, supplemented or otherwise modified from time to time |
| dematerialise, dematerialised or dematerialisation | the process by which physical share certificates are replaced with electronic records of ownership in accordance with the rules of Strate |
| dematerialised shares | shares which are held in electronic form as uncertificated securities in accordance with the requirements of Strate |
| Depositary | Computershare Investor Services PLC |
| Depositary interests or DI | the dematerialised depositary interests issued by the Depositary in respect of the underlying ordinary shares |
| Disclosure and Transparency Rules or DTR | the Disclosure and Transparency Rules made by the FCA under Part VI of the Financial Markets Act, 2000 |
| DMR | the South African Department of Mineral Resources |
| DWS | Department of Water and Sanitation, South Africa |
| EIA | environmental impact assessment |
| EMP | the environmental management plan in terms of the MPRDA |
| EMPR | environmental management programme report |
| Eskom | Eskom Holdings SOC Limited |
| Equator Principles | the set of voluntary guidelines adopted and interpreted in accordance with International Finance Corporate Performance Standards and the World Bank's EHS guidelines, adopted by Equator Principle Financial Institutions, as updated from time to time |
| Euroclear UK & Ireland | Euroclear UK & Ireland Limited, the operator of CREST |
| the FCA | the Financial Conduct Authority of the United Kingdom |
| FCA | Free carrier – a trade term requiring the seller to deliver goods to the carrier or another person nominated by the buyer at the seller's premises or another named place. Costs for transportation and risk of loss transfer to the buyer after delivery to the carrier |
| FEED | front-end engineering and design |
| FIFR | fatality injury frequency rate |
| foundry grade | concentrate saleable chromium-rich product typically more than 45% Cr2O3 less than 1% SiO2 and a specific particle size distribution |
| g/t | grammes per tonne |
| GBP | British pound, the lawful currency of the United Kingdom |
| Genesis or Genesis Plant | the 100 000 tpm nameplate capacity processing plant for the production of PGM and chrome concentrate, owned by Tharisa Minerals |
| GHG | greenhouse gas |
| Group | the Company including all its subsidiaries |
| HDSA | historically disadvantaged South Africans as defined in the MPRDA and the Mining Charter |
| HRD | human resources development |
| ICDA | the International Chromium Development Association |
| IDP | Individual development plans |
| IFRS | International Financial Reporting Standards |
| illuvial chrome | at surface chrome fines generated from seams as a result of weathering |
| Impala Platinum | Impala Platinum Limited, a subsidiary of Impala Platinum Holdings Limited (Registration number 1957/001979/06), a public company duly registered and incorporated in South Africa |
| Incoterms 2010 | the Incoterms rules are a series of predefined commercial terms published by the International Chamber of Commerce that are widely used in international commercial transaction or procurement processes |
| Indicated Mineral Resource | an Indicated Mineral Resource is that part of a Mineral Resource for which tonnage, densities, shape, physical characteristics and mineral content can be estimated with a reasonable level of confidence. Designating a resource as "Indicated" 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 close enough for continuity to be assumed |
| Inferred Mineral Resource | 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 sample and assumed but not verified geologically or through analysis of grade continuity. Designating a Mineral Resource "Inferred" 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 |
| Investec Bank | Investec Bank Limited (Registration number 1969/004763/06), a public company duly registered and incorporated in South Africa |
| Investment agreement | the Investment Project Framework Agreement entered into between Karo Holdings and the Republic of Zimbabwe on 22 March 2018 |
| Ir | Iridium |
| IWUL | integrated water use licence |
| JSE or Johannesburg Stock Exchange | JSE Limited (Registration number 2005/022939/06), a public company duly registered and incorporated in South Africa and licensed in terms of the Financial Markets Act, No. 19 of 2012 |
| JSE Listings Requirements | the Listings Requirements of the JSE, as amended from time to time |
| K3 UG2 chrome plant | the chrome concentrate recovery plant associated with WPL's K3 plant |
| Karo Holdings | Karo Mining Holdings Limited (Registration number HE380340), a public company duly registered and incorporated in Cyprus |
| Karo Platinum | Karo Platinum Mines (Private) Limited (Registration number 7178/2013), a private company duly registered and incorporated in Zimbabwe |
| King IV | the King IV Code on Corporate Governance 2016 (South Africa) |
| km | thousand metres |
| koz | thousand ounces |
| kt | thousand tonnes |
| ktpm | thousand tonnes per month |
| Leto Settlement | a discretionary trust established in accordance with the trusts (Guernsey) Law 1989 by Artemis Trustees Limited, in its capacity as trustee of the Zeus Settlement, out of a portion of the trust assets of the Zeus Settlement, for the benefit of Adonis Pouroulis, his wife and children |
| Listing | the primary listing of Tharisa, a foreign registered company, in the "General Mining" sector of the Main Board of the JSE under the abbreviated name "Tharisa", JSE code "THA" and ISIN CY0103562118 |
| Listing Rules | the Listing Rules made by the FCA under Part VI of the Financial Markets Act, 2000 |
| LOM | life of mine, being the expected remaining years of production based on production rates and ore Mineral Reserves |
| London Stock Exchange or LSE | the London Stock Exchange plc |
| Lonmin | Lonmin plc (Registration number 103002), a public company duly incorporated and registered in England and Wales |
| LTI | lost-time injury resulting in the injured being unable to attend/return to work to perform the full duties of his/her regular work, as per advice of a suitably qualified medical professional, on the next calendar day after the injury |
| LTIFR | lost-time injury frequency rate, the number of lost-time injuries per 200 000 hours worked |
| MCC | MCC Contracts Proprietary Limited (Registration number 1983/008084), a subsidiary of Eqstra Holdings Limited, a company duly registered and incorporated in South Africa |
| Main Market | the Main Market of the LSE |
| Measured Mineral Resource | a Measured Mineral Resource is that part of a Mineral Resource for which the tonnage, densities, physical characteristics, grade and mineral content can be estimated with a high level of confidence. Describing a resource as "Measured" 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 |
| metallurgical grade concentrate | saleable chromium-rich product typically of 42% Cr2O3 |
| MG0 | chromitite layer that consists of chromitite dissemination with more chromitite layers and stringers, that are developed in the footwall pyroxenite of the MG1 chromitite layer |
| MG1 | chromitite layer that typically has a massive chromitite content with minor feldspathic pyroxenite partings or layering. In some areas the MG1 chromitite layer has developed into two chromitite layers separated by a feldspathic pyroxenite |
| MG2 | chromitite layer that consists of three groupings of chromitite layers which from the base are the MG2A chromitite layer, MG2B chromitite layer and the MG2C chromitite layer. The partings are typically feldspathic pyroxenite. The parting between the MG2B chromitite layer and MG2C chromitite layer includes a platiniferous chromitite stringer |
| MG3 | chromitite layer that is occasionally a massive chromitite layer but more often a very irregular assemblage of chromitite layers and stringers within a norite and/or anorthosite. The top of the package typically consists of thin chromitite stringers and dissemination of chromite in norite which develops into a massive layer at the base |
| MG4 | the MG4 chromitite layer consists of a lower chromitite (MG4(0) chromitite layer) (approximately 0.6 m thick) immediately overlain by a norite (approximately 0.85 m thick) followed by the chromitite layer of the MG4 chromitite layer (approximately 1.8 m thick), overlain by another parting, of feldspathic pyroxenite composition, some 3.2 m thick and finally overlain by the chromitite of the MG4A chromitite layer (approximately 1.5 m thick) |
| MG4A | the MG4A chromitite layer consists of a number of chromitite layers within a pyroxenite host rock |
| MG Chromitite Layers | group of five chromite layers that are known in the lower and upper critical zone of the Bushveld Complex |
| MHSA | the Mine Health and Safety Act, 1996 of South Africa |
| MHSC | the Mine Health and Safety Council of South Africa |
| Mineral Reserve | the economically mineable material derived from a measured or indicated Mineral Resource or both, which 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 prefeasibility study for a project and a LOM 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) |
| Mineral Resource | 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 be so reported, in order of increasing confidence in respect of geoscientific evidence, into Inferred, Indicated or Measured categories |
| Mines and Minerals Act | the Mines and Minerals Act of Zimbabwe [Chapter 21:05] |
| Mining Charter | the Broad-based Socio-economic Empowerment Charter for the South African Mining Industry (together with the Charter Scorecard), published pursuant to section 100(2)(a) of the MPRDA under Government Gazette No. 26661 of 13 August 2004 and thereafter amended by General Notice 1002 of 27 September 2018 |
| Mining Right | a new order Mining Right, granted by the DMR in terms of the MPRDA, which provides the holder thereof the required legal title to mine |
| MPRDA | the South African Mineral and Petroleum Resources Development Act, No. 28 of 2002, as amended |
| MQA | Mining Qualifications Authority of South Africa |
| Mt | million tonnes |
| MTC | medical treatment case |
| Mtpa | million tonnes per annum |
| MW | megawatt |
| MWh | megawatt hour |
| NEMA | National Environmental Management Act of 2008 of South Africa |
| NEMWA | National Environmental Management Waste Act of 2008 of South Africa |
| Noble | Noble Resources International PTE Limited, (Registration number 201115304N), a company duly registered and incorporated in Singapore |
| NQF | National Qualifications Framework of South Africa |
| NUM | the National Union of Mineworkers of South Africa |
| NWA | National Water Act of 1998 of South Africa |
| OEM | original equipment manufacturer |
| Official List | the official list of the FCA |
| oz | a troy ounce which is exactly 31.1034768 grams |
| ozpa | oz per annum |
| pa | per annum |
| Pd | Palladium |
| Pivot | Pivot Mining Consultants Proprietary Limited (Registration number 2006/030152/07), a private company duly registered and incorporated in South Africa |
| PGE | Platinum group elements |
| PGMs | platinum group metals being platinum, palladium, rhodium, ruthenium, iridium, and osmium |
| PGM concentrate | the commercially acceptable flotation concentrate containing PGMs |
| PRC or China | the Peoples Republic of China |
| prill split | a breakdown by mass of the various PGM metals contained in PGM containing materials |
| Prospecting Right | a prospecting right granted by the DMR in terms of the MPRDA |
| Pt | Platinum |
| reef | in the context of this Annual Report, reef refers to any or all of the MG and UG chromitite layers |
| Rh | Rhodium |
| RNS | the Regulatory News Service of the LSE |
| ROM | run of mine, being the ore tonnage extracted to be processed |
| Ru | Ruthenium |
| Salene Chrome | Salene Chrome Zimbabwe (Private) Limited (Registration number 920/2015), formerly Maroon Blue Consultants (Private) Limited, a private company duly incorporated and registered in Zimbabwe |
| SAMREC Code | the South African Code for Reporting of Exploration Results, Mineral Resources and Reserves (prepared by the South African Mineral Resource Committee ('SAMREC') Working Group) (2016) |
| SAMVAL Code | the South African Code for the Reporting of Mineral Asset Valuation (2016) prepared by the South African Mineral Asset Valuation Committee ('SAMVAL') Working Group |
| SENS | the Stock Exchange News Service of the JSE |
| SETA | Sector Education Training Authority, South Africa |
| Share Award Plan | the Tharisa Share Award Plan approved by the shareholders |
| Shares | all the issued ordinary shares of the Company of nominal value of US$0.001 each |
| SHE | safety, health and environment |
| SIB | stay in business capital expenditure |
| SiO2 | silicon dioxide |
| SLP | Social and Labour Plan aimed at promoting employment and advancement of the social and economic welfare of all South Africans while ensuring economic growth and socioeconomic development as stipulated in the MPRDA |
| SOP | standard operating procedures |
| South Africa or SA | the Republic of South Africa |
| Standard listing | a listing on the standard segment of the official list |
| Strate | Strate Limited (Registration number 1998/022242/06), a limited liability public company duly registered and incorporated in South Africa, which is a registered central securities depositary and which is responsible for the electronic settlement system used by the JSE |
| stripping ratio | the ratio, measured in m3 to m3 at which waste and inter-burden are removed, relative to ore mined |
| STS | standard threshold shift |
| t | tonne |
| tCO2e | tonnes of carbon dioxide equivalent |
| TB | tuberculosis |
| Tharisa | Tharisa plc (Registration number HE223412), a public company duly registered and incorporated in Cyprus |
| Tharisa Mine | Tharisa Minerals' wholly owned PGM and chrome mining and processing operations located in the magisterial district of Rustenburg (North West region), South Africa, situated in the Bushveld Complex |
| Tharisa Minerals | Tharisa Minerals Proprietary Limited (Registration number 2006/009544/07), a company duly registered and incorporated in South Africa, held 74% by Tharisa |
| The Disclosure and Transparency Law | Law 190(I)/2007, as amended (law providing for transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market), governed by the Cyprus Securities and Exchange Commission |
| Tisco | Taiyuan Iron and Steel's Joint Venture Company Shanxi Taigang Wanbang Furnace Charge Co. Limited |
| tpa | tonnes per annum |
| tpm | tonnes per month |
| Transnet | Transnet SOC Limited |
| UG1 | the Upper Group 1 chromitite layer that is a well developed and consistent marker in the critical zone of the Bushveld Complex that consists of a massive chromitite, chromitiferous pyroxenite, bands of anorthosite, chromitite and norites and stringers of chromitites |
| UG2 | the Upper Group 2 chromitite layer of the Bushveld Complex that is well known and typically contains PGMs in a concentration that is sufficient for economic extraction |
| UG Chromitite Layers | the Upper Group chromitite layers of the Bushveld Complex |
| UK or United Kingdom | the United Kingdom of Great Britain and Northern Ireland |
| UK Listing Authority or UKLA | the Financial Conduct Authority acting in its capacity as the competent authority for the purposes of Part VI of the FSMA and in the exercise of its functions in respect of admission to the official list |
| US | the United State of America |
| US$ | United States dollar, the lawful currency of the US |
| VCT | voluntary counselling and testing |
| Voyager or Voyager Plant | a 300 000 tpm nameplate capacity processing plant for the production of PGM and chrome concentrate, owned by Tharisa Minerals |
| Western Platinum or WPL | Western Platinum Limited (Registration number 1963/003589/06), a company duly registered and incorporated in South Africa and a subsidiary of Lonmin |
| WPIC | World Platinum Investment Council |
| ZAR or R or rand | South African rand, the lawful currency of South Africa |
| Zimbabwe | the Republic of Zimbabwe |