Final Results

African Rainbow Minerals - Provisional Results for the year ended 30 June 2005 African Rainbow Minerals Limited (Incorporated in the Republic of South Africa) (Registration number 1933/004580/06) JSE Share code: ARI & LSE Share code: AGM ISIN: ZAE000054045 ('ARM' or the 'Company') Provisional Results for the year ended 30 June 2005 www.arm.co.za SHAREHOLDER INFORMATION Number of shares in issue 204 436 557 Market capitalisation R6,95 billion Share price R34,00 as at 9 September 2005 Primary listing JSE - 'ARI' Number of employees 6 041 Number of shareholders 3 276 *Local 88% * International 12% HIGHLIGHTS * Record revenues increasing by 41% to R5,5 billion * Operating profit up from R528 million to R1,6 billion * Headline earnings of R350 million, up from R47 million * Excellent progress on existing projects * Significant growth opportunities ahead ARM is a niche diversified mining company with excellent long life, low operating cost assets in key commodities. We own and operate our assets, supported by an entrepreneurial and experienced management team. COMMENTARY The past year's performance has benefited from the buoyant markets as is reflected in the excellent results for the financial year ended 30 June 2005. ARM has increased its revenue by 41% to R5,5 billion and operating profit from operations by more than 200% to R1,6 billion. This resulted in a significant increase in headline earnings from R47 million in the previous year to R350 million for the year under review. ARM significantly increased cash flows generated from operating activities to R1,6 billion. The company's highly satisfactory results were built mainly on increased sales volumes, good cost control and higher metal prices, especially for manganese, iron ore and nickel. These results are especially pleasing while Rand strength continues. During the past six months we also announced the introduction of a new partner at Nkomati Nickel, the commissioning of the Two Rivers Platinum Project, and succeeded in further reducing our existing cost base, all aligned with the company's growth strategy. Furthermore, we have been able to simplify the group structure, and are in the process of further broadening ARM's shareholder base. Our strategy of doubling production in key commodities by 2010 is on track and we are building six new mines and upgrading two existing operations in order to achieve our aggressive organic growth targets, whilst retaining operating efficiencies and global competitiveness. In April of this year, Harmony announced that it had disposed of 14% of its investment in ARM to the ARM Broad-Based Economic Empowerment Trust ('the Trust'). The Trust has been established for the purpose of warehousing the shares to further facilitate broad-based empowerment in ARM's shareholder base. ARM's empowerment shareholding is now at 57%. We are in the process of populating the Trust, a process that we expect to have substantially completed by calendar year-end. ARM's investment in Harmony reduced from 20% to 16% during November 2004 when Harmony increased its issued share capital. ARM equity accounted its Harmony investment up to that date, whereafter Harmony is treated as an investment and not as an associated company. For the year under review, on an equity accounted basis, Harmony made a loss of R150 million. We are excited about the growth and value opportunities that lie ahead for Harmony post the completion of its restructuring process at its South African mines. Operations Review ARM Ferrous The ARM Ferrous operations, which are held through its 50,4% investment in Assmang Limited (`Assmang'), consist of three divisions, iron ore, manganese and chrome. Assmang reported an increase of 33% in its turnover for the year ended 30 June 2005 to R4,4 billion. Earnings increased by 335% to R949 million resulting in increased headline earnings of R959 million, up 348% from the R214 million reported for the comparative year. The significant improvement in ARM Ferrous' results can mainly be attributed to increases in US Dollar commodity prices across all of Assmang's products, particularly manganese alloys which peaked during the year. Increase in sales volumes for manganese (from 1,4 to 1,8 million tons) and iron ore (from 5,5 to 5,8 million tons), together with the weakening of the Rand against the US Dollar towards the latter part of the financial year, also impacted positively on the years' results. In addition, cost of sales was contained through operational efficiencies and effective unit cost control programmes. As a result of Assmang's improved results, a final dividend of R34,00 per share (2004: R7,50 per share) has been declared by Assmang after year end, bringing the total dividend received from Assmang for the 2005 calendar year to R93 million. Earnings for Assmang Continued strong world demand for iron ore resulted in a US Dollar price increase of 71,5% for the period April 2005 to March 2006. Sales volumes of iron ore for the year increased by 2,8% to 5 776 000 tons. Global demand and improved availability of logistical capacity through the port of Port Elizabeth resulted in manganese ore sales volumes increasing by 26%. Strong demand, principally in China resulted in the benchmark price in Japan increasing by 63%. However, Assmang anticipates that the manganese ore market could come under pressure in the coming year due to potential oversupply. ARM is continually working with Spoornet and The South African Port Operations to increase both iron and manganese ore logistical capacity on railway lines and at the harbours. 2005 2004 '000 '000 Assmang product sales volumes metric tons metric tons Iron ore 5 776 5 460 Manganese ore (excluding deliveries 1 811 1 438 to the Cato Ridge alloy operation) Manganese alloys 197 218 Charge chrome 262 295 Assmang continued with its capital expenditure programme and spent R699 million (2004: R494 million) during the year. Of this, R203 million was spent on completing the new shaft complex at the Nchwaning manganese mine, which has commenced production and is fully operational, and thereby increasing total capacity to 3,5 million tons per annum. A further R82 million was spent on the construction of the Dwarsrivier underground mine, which is expected to be completed by the end of calendar 2005 at a total capital cost of R222 million. Assmang is completing a feasibility study for the establishment of a new iron ore mine, adjacent to Sishen, on the Bruce, King and Mokaning properties. Construction is expected to commence during the first half of calendar 2006, pending Board consideration in November 2005. ARM Platinum ARM Platinum consists of 41,5% of Modikwa Platinum Mine, 50% of the Nkomati Mine, 55% of the Two Rivers Platinum Project, and 100% of Kalplats Exploration. Significant progress has been made at Modikwa, which remains in a build-up phase to full production, targeted for the end of calendar year 2005. Modikwa has reported cash operating profits of R21 million for the last four months of the financial year. As the mine is in a commissioning phase, figures are compared to the immediately preceding six months as opposed to the comparative period in the previous year. Modikwa - 100% basis Six months ended 30 June 31 December % 2005 2004 Increase/ (tons) (tons) (decrease) Tons milled million tons 1,32 1,14 16 Head grade (4E) g/t 4,13 4,35 (5) Platinum in concentrate oz 66 112 60 000 10 Cash cost R/ton 346 373 (7) Capex R million 50 54 (8) After careful technical and financial evaluation the decision was made to change the mining method from down dip mining with reef drives to breast mining with footwall drives. The change will be effected over the next 18 months. Nkomati Nkomati treated a total of 346 000 tons (2004: 344 000 tons) of ore, producing 59 140 tons (2004: 56 800 tons) of concentrate at an average nickel grade in concentrate of 9,36% (2004: 9,82%). The Nkomati Nickel mine has been consistently operating above its maximum design capacity at an average 28 830 tons of run-of-mine ore per month and the objective is to maintain the overall nickel grade while minimising costs. Nkomati continues to optimise the exploitation of the various ore bodies and 21% of the total run-of-mine ore comprised of ore mined from the Nkomati Expansion Project property ('MMZ'). Excluding nickel, other metals contributed 25% (2004: 29%) of the mine's total revenue making Nkomati one of the lowest cost nickel producers in its sector. However, cash cost after by-products increased by 31% to 149 c/lb, mainly as a result of the increased MMZ component and the production of concentrate for the Activox test work at Tati. Nkomati's revenue for the year increased by 5,1% to R642 million (2004: R611 million), despite the strengthening of the Rand, as a result of the stronger US Dollar nickel price and record levels of nickel production during the year. Year on-year unit cash operating costs increased from R260 million to R271 million or 4,2%, which is in line with inflation. Cost of sales increased by 4,2% to R299 million (2004: R287 million) as a result of increased production. The focus on cost minimisation and efficiency during the year resulted in productivity improvements - operating profit increased by 0,6% to R321 million (2004: R319 million). Profit before tax increased by 10,2% to R335 million (2004: R304 million). The current mine is expected to continue at present production levels until the third quarter of 2007. Life of mine could be extended by an Interim Phase, mining higher tons from the MMZ ore body, although at lower metal production levels. On 2 February 2005, ARM announced the formation of a 50:50 unincorporated joint venture with LionOre Mining International Limited at its Nkomati nickel mine. This transaction closed at the beginning of June 2005. Results reported therefore comprise 100% of Nkomati for 11 months of the year and 50% of Nkomati for June 2005. The partners are currently reviewing the feasibility study of 2002 further, confirming the viability of the Nkomati Expansion Project and assessing pit optimisation, Activox plant design, PGM recovery processes and financial reviews. The expansion project would increase production significantly to about 16 500 tonnes of nickel per annum for an additional 16 years. Expansion capital expenditure was estimated at US$310 million (using exchange rates at the time of the 2002 feasibility study). The expansion study is currently being re- scoped with the input of both partners and will be presented to the respective boards during the next financial year. Nkomati - 100% basis 2005 2004 Cash operating profit R million 349 346 Tons treated ('000) 346 344 Grade (% nickel) 2,01 2,02 On-mine cash cost tons treated (R/ton) 369 361 Market sales Nickel tons 5 291 4 920 Copper tons 3 260 3 300 Cobalt tons 97 62 PGMs oz 39 370 39 000 Two Rivers The 220 000 oz PGMs per year Two Rivers Platinum Project was officially released for construction on 1 June 2005. Two Rivers is held 55% by ARM and 45% by Implats. The company has contracted ARM to manage the project, while Implats will undertake the processing and refining. Two Rivers' capital expenditure is estimated to be R1,3 billion to commissioning. Project finance of R700 million has been secured with the balance of the funding being contributed by the two partners in their respective shareholding ratios. The decision to proceed follows a successful trial mining phase to test all critical project assumptions. The mining and stockpiling of nearly 300 000 tons at 4,4 g/t, 6E of UG2 ore by year-end, as well as extensive access development has substantively validated geological and mining feasibility parameters. A platinum to palladium ratio of 5:3 significantly adds to the attractiveness of this project. The conveyor decline below the reef horizon has advanced 700 metres with the access declines on reef having advanced 380 metres. All major contractors are on the construction site and are committed to achieve full milling capacity by December 2006, as planned. Kalplats PGM Exploration Project ARM and Platinum Australia Limited have signed an agreement as joint venture partners to determine through further exploration and feasibility studies whether the construction of a new PGM mine can be justified. Part of the feasibility work will be the application of the Panton Process, a patented PGM recovery process, to enhance the recovery of PGMs. Pre-feasibility level results will be available during the next financial year. ARM Exploration ARM's portfolio of quality exploration development assets in southern Africa comprises mainly gold, copper/cobalt, zinc and nickel. The project maturity scale ranges from early phase to advanced exploration stage properties. The four projects that we regard as particularly promising and close to production are the Otjikoto gold project in Namibia and the Konkola North copper project in Zambia, both wholly owned by ARM; the Mwambishi Copper project, also in Zambia and 70% owned by ARM; and the Kalumines copper/ cobalt project in the DRC, 60% owned by ARM. Our aim is to generate increased value from these assets, raise funds for further exploration and ultimately move qualifying projects into the mine development phase. Safety and health The Lost Day Injury Frequency Rate (LDIFR) for the year was 6,1 cases per million man hours worked. Although this figure is marginally higher than the 2004 LDIFR of 4,2 cases per million man hours worked, this year's rate includes our joint venture operations - Modikwa and Two Rivers Platinum Mines - which did not previously form part of our reporting. We are particularly pleased to report that Black Rock achieved a million fatality free shifts during the year. Regrettably, five people lost their lives at our operations this year. Four of the fatalities occurred at Modikwa and one fatality occurred at Nkomati. The board, management and employees of ARM extend their condolences to the bereaved families and friends. Outlook International demand for our products remains fairly buoyant and volumes are expected to approximate those of the year under review. However, demand and prices for Assmang's ferromanganese and ferrochrome products could come under pressure due to an oversupply in the international market. We expect the majority of commodity prices to remain at similar or slightly stronger levels in US Dollar terms for the remainder of calendar 2005, while the US Dollar/Rand exchange rate is not expected to be materially different. ARM will focus on organic growth through its new projects whilst continually improving on efficiencies and costs at our existing operations. We will continue to pursue attractive assets through mergers or acquisitions in South Africa and expect exciting growth, mainly through ARM Exploration, in Africa. Dividends The company currently is involved in a high expansion phase with a significant and exciting project pipeline as well as a number of other growth opportunities. As a result the Board of Directors has decided to conserve resources and not to declare a dividend for the year ended 30 June 2005. Review by independent auditors The financial information has been reviewed by Ernst & Young whose unqualified review opinion is available for inspection at the company's registered office. The annual report containing a detailed review of the operations of the company together with the audited financial statements will be posted to shareholders by mid-October 2005. Signed on behalf of the board PT Motsepe AJ Wilkens Executive Chairman Chief Executive Officer Johannesburg 8 September 2005 BALANCE SHEETS at 30 June 2005 Reviewed Audited 2005 2004 Rm Rm ASSETS Non-current assets Tangible assets 5 025 4 674 Intangible assets 5 5 Deferred tax assets 68 7 Environmental rehabilitation trust 29 29 funds Investment in associates - 4 338 Other investments 3 708 3 8 835 9 056 Current assets Inventories 1 144 914 Trade and other receivables 1 528 1 162 Cash and cash equivalents 259 328 2 931 2 404 Total assets 11 766 11 460 EQUITY AND LIABILITIES Capital and reserves Ordinary share capital 10 10 Share premium 3 497 3 495 Other reserves (783) (193) Retained earnings 3 787 3 316 Shareholders' interest in capital and 6 511 6 628 reserves Minority interest 1 461 1 326 Total shareholders' interest 7 972 7 954 Non-current liabilities Long-term borrowings 962 857 Deferred tax liabilities 814 853 Long-term provisions 190 151 1 966 1 861 Current liabilities Trade and other payables 861 567 Provisions 51 41 Taxation 304 63 Overdrafts and short-term borrowings 612 974 1 828 1 645 Total equity and liabilities 11 766 11 460 INCOME STATEMENTS for the year ended 30 June 2005 Reviewed Audited 2005 2004 Rm Rm Revenue 5 485 3 885 Cost of sales (3 743) (3 064) Gross profit 1 742 821 Other operating income 273 73 Other operating expenses (408) (343) Retrenchment costs (8) (23) Profit from operations 1 599 528 Income from investments 22 26 Finance costs (172) (80) Loss from associate (150) (120) Profit before taxation and exceptional 1 299 354 items Exceptional items 155 1 148 - Profit on disposal of discontinued - 1 057 operations - Other exceptional items 155 91 Profit before taxation 1 454 1 502 Taxation (530) (291) Profit after taxation 924 1 211 Minority interest (451) (103) Basic earnings 473 1 108 Additional information Headline earnings 350 47 Headline earnings per share (cents) 171 37 Basic earnings per share (cents) 231 865 Fully diluted earnings per share 231 860 (cents) Fully diluted headline earnings per 171 36 share (cents) Number of shares in issue at end of 204 437 204 208 year (thousands) Weighted average number of shares in 204 370 128 115 issue (thousands) Weighted average number of shares used 204 794 128 876 in calculating fully diluted earnings per share (thousands) Net asset value per share (cents) 3 185 3 246 STATEMENT OF CHANGES IN EQUITY for the year ended 30 June 2005 Share Revaluation capital and of land and premium buildings Group Rm Rm Balance at 30 June 2003 85 6 Basic earnings - - Investment sold - - Revaluation of listed investments - - Share options exercised 54 - Shares issued for acquisitions 3 366 - Share of associate's other reserves - - Other - - Balance at 30 June 2004 3 505 6 Basic earnings - - Revaluation of listed investments - - Share options exercised 2 - Deferred tax on revaluation of listed - - investment Reversal of associate's other reserves - - Other - (6) Balance at 30 June 2005 3 507 - Retained Other earnings Total Group Rm Rm Rm Balance at 30 June 2003 212 2 208 2 511 Basic earnings - 1 108 1 108 Investment sold (133) - (133) Revaluation of listed (45) - (45) investments Share options exercised - - 54 Shares issued for acquisitions - - 3 366 Share of associate's other (235) - (235) reserves Other 2 - 2 Balance at 30 June 2004 (199) 3 316 6 628 Basic earnings - 473 473 Revaluation of listed (961) - (961) investments Share options exercised - - 2 Deferred tax on revaluation of 140 - 140 listed investment Reversal of associate's other 235 - 235 reserves Other 2 (2) (6) Balance at 30 June 2005 (783) 3 787 6 511 Basis of preparation and accounting policies The financial information for the year ended 30 June 2005 has been prepared adopting the same accounting policies used in the most recent annual financial statements which are in accordance with South African Statements of Generally Accepted Accounting Practice and International Financial Reporting Standards. The accounting policies are consistent with the year ended 30 June 2004. These condensed financial statements are prepared on the historical cost basis except as otherwise indicated in the accounting policies. CASH FLOW STATEMENTS for the year ended 30 June 2005 Reviewed Audited 2005 2004 Rm Rm CASH FLOW FROM OPERATING ACTIVITIES Cash receipts from customers 5 297 3 838 Cash paid to suppliers and employees (3 667) (3 235) Cash generated from operations 1 630 603 Interest received 22 24 Interest paid (183) (70) Dividends received 19 1 Dividends paid to minorities (45) (13) Taxation paid (168) (70) Net cash inflow from operating activities 1 275 475 CASH FLOW FROM INVESTING ACTIVITIES Additions to fixed assets to maintain (705) (472) operations Additions to fixed assets to expand (297) (101) operations Net cash effects of acquisitions - (32) Proceeds on disposal of fixed assets 39 7 Proceeds on disposal of investments 24 167 Net cash effects of disposal of 50 per 136 - cent of Nkomati Investments acquired 8 - Purchase of remaining portion in Nkomati - (260) Net cash outflow from investing (795) (691) activities CASH FLOW FROM FINANCING ACTIVITIES Proceeds on exercise of share options 2 54 Funding received from minority - 42 shareholders Long-term borrowings raised 110 280 Long-term borrowings repaid (215) (127) Increase/(decrease) in short-term (446) 31 borrowings Net cash inflow/(outflow) from financing (549) 280 activities Net increase/(decrease) in cash and cash (69) 64 equivalents Cash and cash equivalents at beginning of 328 264 year Cash and cash equivalents at end of year 259 328 Cash generated from operations per share 798 471 (cents) NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2005 Reviewed Audited 2005 2004 Rm Rm EXCEPTIONAL ITEMS Profit on disposal of Avgold 265 1 075 Loss on disposal of Chambishi - (18) Impairment on immovable property (35) (44) Surplus on disposal of Assore shares - 135 Loss on disposal of 50% in Nkomati (82) - Other 7 - Exceptional items per income statement 155 1 148 Taxation (41) (106) Minority interest 5 (3) Profit on sale of fixed assets - 5 Profit on sale of fixed assets in 4 9 associate Profit on dilution in associate - 8 Net exceptional items 123 1 061 HEADLINE EARNINGS Earnings per income statement 473 1 108 - Loss on sale of Chambishi - 18 - Profit on sale of Avgold (265) (1 075) - Surplus on disposal of investments and (4) (135) mineral rights - Impairment of mineral rights and land 35 44 and buildings - Loss/(profit) on dilution of associate 2 (8) - Loss/(profit) on sale of fixed assets 10 (5) - Loss on disposal of 50% in Nkomati 82 - - Other (19) (9) 314 (62) - Taxation 41 106 - Minority interest (5) 3 Headline earnings 350 47 SEGMENTAL INFORMATION for the year ended 30 June 2005 Gold Platinum Nickel Rm Rm Rm Year to 30 June 2005 Revenue External revenue - 456 623 Cost of sales - (532) (295) Other operating income per - - 46 income statement Insurance premiums written non - - - Group companies Other operating income - - 46 Other operating expenses per - (7) (63) income statement Re-insurance premiums non-Group - - - companies Exploration - - - Other operating expenses - (7) (63) Segment result - (83) 311 Income from investments - 2 2 Finance cost - (104) - Loss from associate (150) - - Exceptional items (2) - - Taxation - 66 (94) Minority interest - 20 - Contribution to basic earnings (152) (99) 219 Contribution to headline (155) (99) 219 earnings Other information Segment 3 706 2 295 269 assets Taxation - - - Consolidated total assets 3 706 2 295 269 Segment liabilities - 1 138 17 Unallocated liabilities Consolidated total liabilities Capital expenditure - 280 20 Amortisation and depreciation - 85 54 Corporate and Ferrous other metals companies Total Rm Rm Rm Year to 30 June 2005 Revenue External revenue 4 406 - 5 485 Cost of sales (2 916) - (3 743) Other operating income per 166 61 273 income statement Insurance premiums written non - 55 55 Group companies Other operating income 166 6 218 Other operating expenses per (193) (153) (416) income statement Re-insurance premiums non-Group - (59) (59) companies Exploration - (25) (25) Other operating expenses (193) (69) (332) Segment result 1 463 (92) 1 599 Income from investments 2 16 22 Finance cost (41) (27) (172) Loss from associate - - (150) Exceptional items (10) 167 155 Taxation (465) (37) (530) Minority interest (471) - (451) Contribution to basic earnings 478 27 473 Contribution to headline 480 (95) 350 earnings Other information Segment assets 5 069 359 11 698 Taxation - 68 68 Consolidated total assets 5 069 427 11 766 Segment liabilities 790 731 2 676 Unallocated liabilities 1 118 Consolidated total liabilities 3 794 Capital expenditure 699 38 1 037 Amortisation and depreciation 285 2 426 Gold Platinum Nickel Rm Rm Rm Primary segmental information Year to 30 June 2004 Revenue External revenue - 57 524 Cost of sales - (71) (252) Other operating income - - 42 Other operating expenses per - (1) (78) income statement Exploration - - - Other operating expenses - (1) (73) Reallocated corporate - - (5) expenditure Segment result - (15) 236 Income from investments - - 2 Finance cost - (16) - Loss from associate (120) - - Exceptional items - (35) - Taxation - (1) (77) Minority interest - 6 - Contribution to basic earnings (120) (61) 161 Contribution to headline (137) (26) 161 earnings Other information Consolidated total assets 4 338 2 024 452 Consolidated total liabilities - 935 206 Capital expenditure - 92 9 Amortisation and depreciation - 9 38 Corporate and Ferrous other metals companies Total Rm Rm Rm Primary segmental information Year to 30 June 2004 Revenue External revenue 3 304 - 3 885 Cost of sales (2 741) - (3 064) Other operating income 22 9 73 Other operating expenses per (123) (164) (366) income statement Exploration - (32) (32) Other operating expenses (194) (66) (334) Reallocated corporate 71 (66) - expenditure Segment result 462 (155) 528 Income from investments 2 22 26 Finance cost (52) (12) (80) Loss from associate - - (120) Exceptional items - 1 183 1 148 Taxation (124) (89) (291) Minority interest (109) - (103) Contribution to basic earnings 179 949 1 108 Contribution to headline 177 (128) 47 earnings Other information Consolidated total assets 4 227 419 11 460 Consolidated total liabilities 1 746 619 3 506 Capital expenditure 493 15 609 Amortisation and depreciation 168 2 217 COMMITMENTS AND CONTINGENT LIABILITIES Commitments in respect of future capital expenditure, which will be funded from cash generated and available borrowing resources are summarised below: Year ended Year ended June 2005 June 2004 Rm Rm Capital commitments - contracted for 251 115 - not contracted for 272 330 Total commitments 523 445 Contingent liabilities Shareholders are advised that there have been no significant changes to the contingent liabilities of the Group as disclosed in the June 2004 annual report. ADMINISTRATION African Rainbow Minerals Limited Incorporated in the Republic of South Africa Registration number 1933/004580/06 ISIN: ZAE000054045 Registered and Corporate Office ARM House, 29 Impala Road, Chislehurston, Sandton 2146 PO Box 786136, Sandton, 2146 Telephone:+27 11 779 1300 Telefax: +27 11 779 1312 E-mail: ir.admin@arm.co.za Website: http://www.arm.co.za United Kingdom Secretaries St James's Corporate Services Limited, 6 St James's Place, London, SW1A 1NP Share Registrars South Africa Computershare Investor Services 2004 (Pty) Limited, Ground Floor, 70 Marshall Street, Johannesburg 2001 PO Box 61051, Marshalltown, 2107 United Kingdom Capita Registrars, The Registry 34 Beckenham Road, Beckenham Kent BR34TU Directors: PT Motsepe (Executive Chairman), RP Menell (Deputy Chairman)*, AJ Wilkens (Chief Executive Officer), F Abbott, Dr MMM Bakane-Tuoane**, JA Chissano (Mozambican)**, WM Gule, MW King**, AK Maditsi**, PJ Manda**, JR McAlpine**, Dr PS Sibisi**, Dr RV Simelane**, MV Sisulu**, JC Steenkamp, ZB Swanepoel* (*Non- executive **Independent non-executive) Disclaimer Forward looking statements Certain statements in this presentation constitute 'forward looking statements' within the meaning of section 27A of the US Securities Act of 1933 and section 21E of the US Securities Exchange Act of 1934. Such forward looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of the company to be materially different from the future results, performance or achievements expressed or implied by such forward looking statements. Such risks, uncertainties and other important factors include among others: economic, business and political conditions in South Africa; decreases in the market price of commodities; hazards associated with underground and surface mining; labour disruptions; changes in government regulations, particularly environmental regulations; changes in exchange rates; currency devaluations; inflation and other macro-economic factors; and the impact of the Aids crisis in South Africa. These forward looking statements speak only as of the date of publication of these pages. The company undertakes no obligation to update publicly or release any revisions to these forward looking statements to reflect events or circumstances after the date of publication of these pages or to reflect the occurrence of unanticipated events.

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