Anglo Platinum Interim Results

27th Jul 2009 07:00



Anglo Platinum Limited

Anglo Platinum Limited and its Subsidiaries ("Anglo Platinum") (Incorporated in the Republic of South Africa) (Registration number 1946/022452/06) JSE Codes: AMS; AMSP ISIN: ZAE000013181; ZAE000054474

A member of the Anglo American plc group

ABRIDGED INTERIM FINANCIAL RESULTS for the six months ended 30 june 2009

key FEATURES

• MAJOR RESTRUCTURING OF RUSTENBURG AND AMANDELBULT COMPLETED

• Headline earnings of R405 million, down 95%

• Increase in net debt to R17.957 billion

• cash operating costs PER EQUIVALENT REFINED PLATINUM OZ down 6.4% on SECOND HALF OF 2008

• Sales of platinum ounces up 9% from 2008

  Consolidated Statement OF COMPREHENSIVE INCOME

		Reviewed	Reviewed		Audited
		Six months	Six months		Year
		ended	ended		ended
		30 June	30 June	%	31 December
R millions	Notes	2009	2008	Change	2008
Gross sales revenue		17 182	27 559		51 118
Mined		14 123	22 159		40 183
Purchased metals		3 059	5 400		10 935
Commissions paid		(116)	(189)		(353)
Net sales revenue		17 066	27 370	(38)	50 765
COST OF SALES		(16 389)	(16 081)	(2)	(33 682)
GROSS PROFIT ON METAL SALES		677	11 289	(94)	17 083
Mined		1 173	11 354		15 401
Purchased metals		(496)	(65)		1 682
Other net income	3	27	365		949
Market development and promotional expenditure		(179)	(195)		(378)
Operating profit		525	11 459	(95)	17 654
Profit on disposal of investment in Northam Platinum Limited		-	-		1 141
Profit on disposal of investment in Booysendal joint venture		1 982	-		-
Profit on disposal of 51% in Lebowa Platinum Mines		336	-		-
Interest expensed		(170)	(67)		(159)
Interest received		68	130		277
Dividends received		68	-		55
(Loss)/income from associates		(13)	77		161
Profit before taxation		2 796	11 599	(76)	19 129
Taxation		(5)	(2 749)	100	(4 470)
profit FOR THE period/year		2 791	8 850	(69)	14 659
OTHER COMPREHENSIVE INCOME
Deferred foreign exchange translation (losses)/gains		(71)	-		4
TOTAL COMPREHENSIVE INCOME FOR THE period/year		2 720	8 850	(69)	14 663

  

Profit attributable to:
Owners of the Company		2 726	8 400	(68)	14 243
Minority interests		65	450		416
		2 791	8 850		14 659
Total comprehensive income attributable to:
Owners of the Company		2 655	8 400	(68)	14 247
Minority interests		65	450		416
		2 720	8 850		14 663
Reconciliation between profit and headline earnings
Profit attributable to owners of the company		2 726	8 400		14 243
Less: Deemed dividend to preference shareholders		-	(5)		(5)
Less: Declared and undeclared cumulative preference share dividends and related STC		(3)	(4)		(7)
Basic earnings attributable to ordinary shareholders		2 723	8 391		14 231
Adjustments:
Profit on disposal of investment in Northam Platinum Limited		-	-		(1 141)
Profit on disposal of investment in Booysendal joint venture		(1 982)	-		-
Profit on disposal of 51% of Lebowa Platinum Mines		(336)	-		-
Net (profit)/loss on disposal and scrapping of property, plant and equipment		(2)	54		70
Profit on disposal of mineral rights		(2)	-		-
Tax effect of adjustments		1	(15)		120
Headline earnings attributable to ordinary shareholders		402	8 430		13 280
Add: Deemed dividend to preference shareholders		-	5		5
Add: Declared and undeclared cumulative preference share dividends and related STC		3	4		7
Headline earnings		405	8 439		13 292
Number of ordinary shares in issue (millions)		238.2	237.0		237.1
Weighted average number of ordinary shares in issue (millions)		238.1	236.6		236.8
Attributable earnings per ordinary share (cents)
- Basic		1 144	3 547	(68)	6 011
- Diluted (basic)		1 141	3 531	(68)	5 985
Attributable headline earnings per ordinary share (cents)
- Headline		169	3 563	(95)	5 609
- Diluted		169	3 548		5 586

  

segmental information

	Net sales revenue					Operating contribution
	Reviewed	Reviewed		Audited		Reviewed	Reviewed	Audited
	Six months	Six months		Year		Six months	Six months	Year
	ended	ended		ended		ended	ended	ended
	30 June		30 June		31 Dec	30 June	30 June		31 Dec
R millions	2009		2008		2008	2009	2008		2008
OPERATIONS
Khomanani Mine*	675		911		1 657	59	429		497
Bathopele Mine*	887		1 223		2 346	167	806		1 177
Siphumelele Mine*	827		1 154		2 337	(112)	357		452
Thembelani Mine*	492		838		1 476	(2)	420		460
Khuseleka Mine*	1 149		1 788		3 385	113	987		1 363
Tumela Mine†	1 898		3 443		6 212	591	2 135		3 557
Dishaba Mine†	920		1 601		2 772	202	935		1 427
Union Mine	1 925		3 512		6 171	495	2 084		3 063
Mogalakwena Mine	2 080		1 756		3 755	335	976		1 070
Lebowa	403		921		1 519	(124)	547		481
Bafokeng-Rasimone (BRPM joint venture)	541		994		1 587	88	535		728
Modikwa joint venture	444		869		1 530	(92)	358		451
Kroondal pooling-and-sharing agreement	753		1 266		2 191	193	900		1 277
Twickenham	59		114		220	(43)	(13)		(92)
Marikana pooling-and-sharing agreement	345		512		678	101	250		83
Mototolo joint venture	307		508		873	82	314		463
	13 705		21 410		38 709	2 053	12 020		16 457
Western Limb Tailings Retreatment (WLTR)	234		434		725	26	247		313
MASA Chrome	92		164		467	84	159		452
Total - mined	14 031		22 008		39 901	2 163	12 426		17 222
Purchased metals	3 035		5 362		10 864	(491)	(58)		1 695
	17 066		27 370		50 765	1 672	12 368		18 917
Other costs						(995)	(1 079)		(1 834)
Gross profit on metal sales						677	11 289		17 083

* Previously part of Rustenburg Section

† Previously part of Amandelbult Section

  consolidated statement of financial position

		Reviewed	Reviewed	Audited
		as at	as at	as at
		30 June	30 June	31 December
R millions	Notes	2009	2008	2008
ASSETS
Non-current assets		55 135	40 970	47 400
Property, plant and equipment		32 425	21 282	28 435
Capital work-in-progress		19 371	18 961	18 136
Investment in associates		2 368	463	530
Investments held by environmental trusts		73	67	66
Other financial assets		826	120	158
Other non-current assets		72	77	75
Current assets		16 619	19 283	18 715
Inventories		11 151	8 996	10 064
Trade and other receivables		3 772	5 653	3 941
Other assets		92	166	225
Other current financial assets		1	2	1 615
Cash and cash equivalents		1 603	4 466	2 870
Assets classified as held for sale		-	2 720	2 553
Total assets		71 754	62 973	68 668
EQUITY AND LIABILITIES
Share capital and reserves
Share capital - ordinary and preference		24	24	24
Share premium - ordinary and preference		9 200	9 368	9 373
Foreign currency translation reserve		(124)	(57)	(53)
Accumulated profits		22 630	21 996	19 691
Minority shareholders' interest		468	676	461
Shareholders' equity		32 198	32 007	29 496
Non-current liabilities		27 516	14 649	23 098
Interest-bearing borrowings	4	15 176	3 505	10 313
Obligations due under finance leases		4	498	509
Other financial liabilities		142	-	152
Deferred taxation		11 040	9 749	11 101
Environmental obligations		1 148	884	1 019
Employees' service benefit obligations		6	13	4
Current liabilities		12 040	15 560	15 328
Current interest-bearing borrowings	4	4 380	6 370	5 507
Trade and other payables		5 017	6 454	4 956
Other liabilities		2 011	1 556	1 807
Other current financial liabilities		355	-	2 388
Share based payment provision		105	429	97
Taxation		172	751	573
Liabilities directly associated with assets classified as held for sale		-	757	746
Total equity and liabilities		71 754	62 973	68 668

* Less than R500 000

  consolidated statement of changes in equity

				Foreign
				currency
	Share	Share	translation	Accumulated	Minority
R millions	capital	premium	reserve	profits	interests	Total
Balance as at 31 December 2007 (audited)	24	9 295	(57)	19 045	466	28 773
Total comprehensive income for the period				8 400	450	8 850
Cash distribution to minorities					(240)	(240)
Ordinary and preference dividends paid				(5 448)		(5 448)
Ordinary share capital issued	-*	166				166
Conversion of preference shares	-*	(93)				(93)
Equity-settled share based compensation				42		42
Shares purchased for employees				(43)		(43)
Balance as at 30 June 2008 (reviewed)	24	9 368	(57)	21 996	676	32 007
Total comprehensive income for the period			4	5 843	(34)	5 813
Cash distribution to minorities					(181)	(181)
Ordinary and preference dividends paid in cash				(8 368)		(8 368)
Ordinary share capital issued	-*	26				26
Conversion of preference shares	-*	(21)				(21)
Equity-settled share-based compensation				220		220
Issue of shares in respect of Employee Share Participation		1 954				1 954
Scheme shares reflected as treasury shares		(1 954)				(1 954)
Balance as at 31 December 2008 (audited)	24	9 373	(53)	19 691	461	29 496
Total comprehensive income for the period			(71)	2 726	65	2 720
Excess of net asset value over purchase price on transaction with fellow subsidiary				69		69
Cash distribution to minorities					(58)	(58)
Preference dividends paid in cash				(3)		(3)
Ordinary share capital issued	-*	18				18
Conversion of preference shares	-*	(6)				(6)
Shares acquired in terms of Bonus Share Plan - treated as treasury shares	-*	(185)				(185)
Equity-settled share-based compensation				157		157
Shares purchased for employees				(10)		(10)
Balance as at 30 June 2009 (reviewed)	24	9 200	(124)	22 630	468	32 198

* Less than R500 000

  Consolidated statement of Cash Flows

	Reviewed	Reviewed	Audited
	Six months	Six months	Year
	ended	ended	ended
	30 June	30 June	31 December
R millions	2009	2008	2008
CASH FLOWS FROM OPERATING ACTIVITIES
Cash receipts from customers	15 999	26 818	52 855
Cash paid to suppliers and employees	(14 832)	(15 559)	(33 612)
Cash from operations	1 167	11 259	19 243
Interest paid (net of interest capitalised)	(53)	(40)	(99)
Taxation paid	(472)	(1 244)	(1 799)
Net cash from operating activities	642	9 975	17 345
CASH FLOWS USED IN INVESTING ACTIVITIES
Purchase of property, plant and equipment	(6 267)	(5 810)	(14 388)
To maintain operations	(1 892)	(2 079)	(7 941)
To expand operations	(3 354)	(3 286)	(5 138)
Interest capitalised	(1 021)	(445)	(1 309)
Proceeds from sale of plant and equipment	16	3	26
Investment in associates	-	-	(22)
Disposal of subsidiary interest in Lebowa Platinum Mines (net of cash disposed)	23	-	(17)
Acquisition of interest in subsidiary - Unki Mines (net of cash acquired)	(174)	-	-
Proceeds on sale of investment in Northam Platinum Limited	-	-	1 572
Investment of funds in escrow on Booysendal transaction	-	-	(542)
Proceeds on/(investment in) rights in preference shares	1 610	-	(1 610)
(Increase)/decrease in investments held by environmental trusts	(6)	(2)	54
Interest received	45	113	233
Growth in environmental trusts	23	17	36
Dividends received	110	77	132
Advances made	-	-	(30)
Net cash used in investing activities	(4 620)	(5 602)	(14 556)
CASH FLOWS from/(used in) FINANCING ACTIVITIES
Proceeds from the issue of ordinary share capital	12	73	78
Purchase of treasury shares for Bonus Share Plan	(185)	-	-
Loan from Khumama Platinum (Proprietary) Limited	-	-	2 356
Proceeds on interest-bearing borrowings	2 945	2 201	8 145
Cash distributions to minorities	(58)	(240)	(421)
Ordinary and preference dividends paid	(3)	(5 448)	(13 816)
Net cash from/(used in) financing activities	2 711	(3 414)	(3 658)
Net (decrease)/ increase in cash and cash equivalents	(1 267)	959	(869)
Cash and cash equivalents at beginning of period/year	2 870	4 079	4 079
Transfer to assets held for sale	-	(572)	(340)
Cash and cash equivalents at end of period/year	1 603	4 466	2 870
MOVEMENT IN NET DEBT
Net debt at beginning of period/year	(13 459)	(4 086)	(4 086)
Net cash from operating activities	642	9 975	17 345
Net cash used in investing activities	(4 620)	(5 602)	(14 556)
Other	(520)	(6 194)	(12 162)
Net debt at end of period/year	(17 957)	(5 907)	(13 459)

  Notes to the interim results

1. This interim report complies with International Accounting Standard 34 - Interim Financial Reporting and South African Statement of Generally Accepted Accounting Practice, AC127, with the same title, as well as with Schedule 4 of the South African Companies Act and the disclosure requirements of the JSE Limited's listings requirements.

2. The interim report has been prepared using accounting policies that comply with International Financial Reporting Standards and South African Statements of Generally Accepted Accounting Practice. The accounting policies are consistent with those applied in the financial statements for the year ended 31 December 2008, except for the following changes:

• Adoption of IFRS 8 - Operating Segments

• Adoption of Annual Improvements to IFRS's.

For full impact of these changes please refer to the interim report.

	Reviewed	Reviewed	Audited
	Six months	Six months	Year
	ended	ended	ended
	30 June	30 June	31 December
	2009	2008	2008
	R millions	R millions	R millions
3. Other net income
Other net income/(expenditure) consists of the following principal categories:
Amandelbult insurance claim payout	488	-	-
Net realised and unrealised foreign exchange (losses)/gains	(449)	482	1 356
Losses on commodity sales contracts at fair value	(27)	-	(188)
Project maintenance costs	(29)	(5)	(223)
Restructuring costs	(3)	(110)	(104)
(Loss)/profit on disposal/scrapping of property, plant and equipment	-	(47)	4
Other - net	47	45	104
	27	365	949
4. Interest-bearing borrowings
The Group has the following borrowing facilities:
Committed facilities	26 417	16 407	18 907
Uncommitted facilities	4 587	2 092	2 165
Total facilities	31 004	18 499	21 072
Less: Facilities utilised	(19 556)	(9 875)	(15 820)
Interest bearing borrowings	(15 176)	(3 505)	(10 313)
Current interest bearing borrowings	(4 380)	(6 370)	(5 507)
Available	11 448	8 624	5 252
Weighted average borrowing rate (%)	9.2149	12.9595	12.4150

Subsequent to 30 June 2009, Anglo American plc has increased its committed facility to the Group by R7.1 billion to R20.6 billion. The Group's forecasts and projections, taking into account reasonable possible changes in the expected trading performance, indicate that the Group should be able to operate within the level of its facilities for the next twelve months. The Group is currently reviewing its funding needs and facilities with the aim of restructuring its existing borrowings. Anglo American plc has indicated its support for this process.

The Board is satisfied that the Group and Company will have adequate resources to continue in operational existence for the next financial year. For this reason, the Group continues to adopt the going concern basis in preparing its financial statements.

 

  5. Contingent liabilities

Letters of comfort have been issued to financial institutions to cover certain banking facilities. There are no encumbrances over Group assets, other than houses held under finance leases by the Group.

Aquarius Platinum (South Africa) (Proprietary) Limited holds an option to put its interest in the Kroondal pooling and sharing arrangement to the Group in the case of termination of that relationship. The probability of the option being exercised is considered remote. The amount of such an obligation is dependent on a discounted cash flow valuation of its interest at that point in time.

The Group has, in the case of some of its mines, provided the Department of Minerals and Energy with guarantees that cover the difference between the closure costs and amounts held in the environmental trusts. At 30 June 2009, these guarantees amounted to R2 360 million (30 June 2008: R1 990 million, 31 December 2008: R2 030 million).

The Group is the subject of various claims, the expected outcomes of which are varied, but on a probability weighting the amount is estimated at R81 million (30 June 2008: R76 million, 31 December 2008: R82 million).

6. Commitments

The Group has provided Plateau Resources (Proprietary) Limited ("Plateau"), a company owned by Anooraq Resources Corporation ("Anooraq"), with a facility that covers their senior debt repayments should Plateau not be able to meet its repayments. The facility is limited to 29% of 49% of Lebowa's free cash flows, and call on this facility is considered a remote possibility.

The Group has provided Plateau with a facility to enable it to meet its obligations in respect of operating and capital expenditure for Lebowa Platinum Mines. The facility is limited up to R778 million excluding interest and fees, and is available to Plateau for a period of three years from the closing date.

The Group has provided Lexshell 36 General Trading (Proprietary) Limited, a company owned by the Bakgatla-Ba-Kgafela traditional community, with a facility that covers their outstanding hedge exposures. The facility is limited to Union Section's cash flows, and call on this facility is considered a remote possibility.

Rustenburg Platinum Mines Limited ("RPM") has granted a R1.79 billion loan facility to Royal Bafokeng Resources (Proprietary) Limited ("RBR") for the purpose of funding its contributions to the BRPM joint venture. The loan is repayable in full on 11 August 2012. The RBR has ceded and pledged its interest in the BRPM joint venture to RPM as security for the loan. RPM also has the right to register a notarial bond and a mortgage bond over RBR's undivided share of the assets of the BRPM joint venture.

7. Assets held for sale (BEE transactions)

Disposal of investment in associate - Northam and disposal of 50% interest in Booysendal joint venture

In September 2007, the Board approved the disposal of Anglo Platinum's 22.4% interest in Northam and 50% of the Booysendal joint venture and a portion of the Der Brochen project in a BEE transaction with Mvelaphanda Resources Limited (Mvela) for a net consideration of R3.7 billion. The parties implemented the Northam part of the transaction on 20 August 2008 and the Booysendal part on 24 June 2009. Consequently, the R1.6 billion invested in the rights to the preference shares in relation to the Booysendal part was released on 30 June 2009 and the profit on the sale of Booysendal was recognised in profit for the period. Anglo Platinum has received R3.2 billion of a total of R3.7 billion in proceeds to date. R542 million remains in escrow until the registration and transfer of the rights on the portion of Der Brochen.

Disposal of 51% in Lebowa Platinum Mines ("LPM") and 1% interest in Ga - Phasha, Boikgantsho and Kwanda joint ventures

In September 2007, the Board approved the disposal of an effective 51% of LPM (Richtrau 177 (Proprietary) Limited), a wholly owned subsidiary of Anglo Platinum and an additional 1% of its interest in the Ga-Phasha, Boikgantsho and Kwanda joint venture (50:50) projects, to Anooraq for a cash purchase consideration of R3.6 billion. In April 2008, a suite of definitive legal agreements was entered into, which remained subject to various suspensive conditions, including the raising of debt and equity finance by Anooraq to fund the purchase consideration. During the third quarter of 2008, the significant deterioration in global market conditions, coupled with a material decline in platinum group metal prices and constrained debt and equity capital markets, limited the availability of funds. Due to this deterioration of market conditions, a complete review of the Lebowa long term plan and project pipeline, including the key commercial terms of the transaction, was initiated jointly by the parties in the fourth quarter of 2008.

  On 14 May 2009, the revised terms of the transaction were announced. To ensure the sustainability of the transaction, the renegotiated transaction consideration was reduced from R3.6 billion to R2.6 billion, with Anglo Platinum agreeing to re-invest a portion of the consideration (R1.1 billion), through the subscription for a convertible preference share instrument, which once converted, gives Anglo Platinum full equity upside on 115.8 million Anooraq shares. In addition, Anglo Platinum subscribed for R1.2 billion of preference shares in Plateau. The purchase consideration received of R2.6 billion was accounted for at the fair value of the consideration received which amounted to R1.7 billion. The fair value of the "A" preference shares was determined by discounting the anticipated cash flows using a market related rate of interest. Anglo Platinum also advanced funds of R149 million to assist the Anooraq Community Participation Trust and the Lebowa Employee Share Option Trust in acquiring Anooraq shares. The transaction agreements entered into in April 2008 were amended to incorporate the revised terms and the funding agreements were concluded in June 2009. All the significant conditions precedent were fulfilled on 30 June 2009. Consequently, the transaction was accounted for on this effective date.

8. Comparative figures

The interest bearing borrowings have been reclassified between current and non-current at 30 June 2008. As a result, the long term portion of R3 505 million has been reclassified to non-current liabilities. In addition, an amount of R271 million has been reclassified from liabilities directly related to assets held for sale to current interest bearing borrowings at 30 June 2008. As a result of both reclassifications, current interest bearing borrowings are reflected at R6 370 million.

R487 million of accruals has been reallocated from other liabilities to trade and other payables.

9. Corporate Governance

The Board considers that the Company and its subsidiaries complied during the period with the principles of the Code of Corporate Practices and Conduct contained in the 2002 King Committee Report on Corporate governance (King III), and that these have been applied appropriately and consistently, except with regard to the composition of the Remuneration and Nomination committees that comprise non-executive directors, not all of whom are independent non-executive directors. 

10. Auditors' review

The interim report from which the abridged interim results have been extracted has been reviewed by the Company's auditors, Deloitte & Touche. Their unqualified review report is available for inspection at the Company's registered office.

Commentary

1. OVERVIEW

Key features for the six months to 30 June 2009 include:

• Major restructuring of Rustenburg and Amandelbult completed - high cost shafts to be put on care & maintenance;

• Equivalent refined platinum production of 1.24 million ounces, up 10% and sales of 1.22 million platinum ounces, up 9% on 1H 2008; 

• Productivity measured as square metres mined per total operating employee per month up 12% to 6.04m² per employee in 1H 2009 compared to 5.38m² in 1H 2008;

• Cash operating costs per equivalent refined platinum ounce at R10 775, down 6.4% on the second half of 2008;

• Total labour complement reduced by 8 903 since the end of December 2008; 

• Tragically 10 fatalities occurred in the first half of 2009 (10 in 2H 2008);

• The lost-time injury frequency rate per 200 000 hours worked improved by 12% to 1.43 compared with 1.62 for 2H 2008; 

• Headline earnings of R405 million, down 95% on 1H 2008, in line with significantly lower metal prices;

• Increase in net debt to R17.957 billion; and 

• Successful conclusion of BEE transactions. 

  2. operations

In February 2009 we announced a major restructuring of our mining operations into more efficient stand-alone units. This involved splitting our largest mines into smaller new mine entities to ensure a sustainable reduction in the unit cost of production and to underpin our commitment to extracting maximum value from our assets. Rustenburg Section has been restructured into five new mines namely: Khomanani, Bathopele, Siphumelele, Thembelani and Khuseleka while Amandelbult Section was restructured into Tumela and Dishaba mines. As part of the restructuring process we have optimised the source of ounces to ensure optimal long term value. This included placing the high cost Bleskop shaft on care and maintenance and a process is currently underway that could lead to two further shafts in the Rustenburg complex also being put on care and maintenance, a process we intend to complete over the coming months. Clearly, an important part of this project is the adjustment and elimination of the overhead costs associated with these shafts. These efforts will improve the cost of our Rustenburg mines and effectively move them from Q4 to Q3 on the cost curve. The moves described above should result in a total of 140 000ozs of high cost production being removed. 

Equivalent refined platinum production (equivalent ounces are mined ounces expressed as refined ounces) from the mines managed by Anglo Platinum and its joint venture partners for the first half of 2009 was 1.244 million ounces, an increase of 10% when compared to the first half of 2008. 

While production in the first half of 2008 was impacted by numerous "abnormal" events such as flooding and electricity constraints, production in the first half of 2009 was managed, in line with our lower annual production target as planned. Anglo Platinum is pleased with the strong production performance, while implementing the restructuring, productivity and cost improvement plans. 

The overall 4E built-up head grade for the first half of 2009 was up 3% at 3.43g/t compared to the same period in 2008. Concentrator recoveries at managed concentrators were 1% lower at 78.4% principally due to the treatment of stockpile ore with lower recovery potential at Mogalakwena. 

In the six months to 30 June 2009 purchases of platinum in concentrate increased by 12 796 ounces or 6% to 222 327 equivalent refined ounces. Production of equivalent refined platinum ounces for each of the mining operating units was as follows: 

Operation	1H 2009	1H 2008	Variance	% Variance
Khomanani Mine¹	52 142	46 557	5 585	12.0%
Bathopele Mine¹	66 011	56 768	9 243	16.3%
Siphumelele Mine¹	63 004	55 192	7 812	14.2%
Thembelani Mine¹	36 264	38 343	(2 079)	(5.4%)
Khuseleka Mine¹	86 301	85 740	561	0.7%
Tumela Mine²	146 556	132 483	14 073	10.6%
Dishaba Mine²	71 350	62 702	8 648	13.8%
Union Mine	151 503	152 682	(1 179)	(0.8%)
Twickenham Mine	4 076	3 697	379	10.3%
Mogalakwena Mine	131 853	71 765	60 088	83.7%
Western Limb Tailings Retreatment	15 525	22 028	(6 503)	(29.5%)
Total own mines	824 585	727 957	96 628	13.3%

  

Bafokeng Rasimone Platinum Mine	85 256	85 456	(200)	0.2%
Modikwa Platinum Mine	64 539	65 840	(1 301)	(2.0%)
Mototolo Platinum Mine	51 281	42 762	8 519	19.9%
Kroondal Platinum Mine	121 986	92 550	29 436	31.8%
Marikana Platinum Mine	13 544	14 451	(907)	(6.3%)
Total JV mines	336 606	301 059	35 547	11.8%
Lebowa Platinum Mine	28 573	40 118	(11 545)	(28.8%)
Third parties	54 024	59 002	(4 979)	(8.4%)
Total Lebowa & Third parties	82 597	99 120	(16 523)	(16.7%)
Total Anglo Platinum	1 243 788	1 128 136	115 652	10.3%

¹ Previously part of Rustenburg Section

² Previously part of Amandelbult Section

Furnace maintenance at the Polokwane and Waterval smelters was carried out during the first quarter of 2009. The complete set of furnace lower copper coolers, in service since 2005, was replaced at the Polokwane smelter. Furnace number 2 at Waterval smelter was shut down for a complete re-build. Both smelters resumed normal operations during the second quarter of 2009 contributing to tonnes smelted being 22% higher in the first half of 2009 compared to the first half of 2008. Higher than normal refined metal stocks at the start of the period provided the flexibility to carry out furnace maintenance.

Refined platinum production at 1 056 400 ounces for the first half of 2009 represents an increase of 6% when compared to the same period in 2008. The target of 2.4 million ounces of refined platinum production for the full year remains in place.

3. SAFETY

Anglo Platinum remains committed to the principle of zero harm. The implementation of a 3-year Enhanced Safety Improvement Programme, developed during the 3rd quarter of 2007 to deliver an improved safety performance across Anglo Platinum, is continuing at all operations. The four components of this plan are: (i) a complete Safety Management System, (ii) a behaviour based safety program, (iii) a risk based program to engineer out risk and  (iv) a wellness in the workplace program. To develop proactive behaviour, an integrated risk management system is being developed to direct supervisor and management action to areas of increased or changing risk. 

Anglo Platinum believes the positive impact of the programme is evidenced with the significant improvement of the lost time injury frequency rate which reduced by 23%, from 1.86 per 200 000 hours worked in the first half of 2008 and 12% from 1.62 for 2H 2008, to 1.43 for the first half of 2009. 

Regrettably ten employees lost their lives in the first half of this year. Of particular concern is the fact that five employees died between the middle of May and the middle of June, and four of these where in Rustenburg. The safety initiatives where thoroughly review by management and labour leadership internally, and by external experts, resulting the development of a special action plan. 

  A number of operations achieved significant milestones during the first half of 2009, most notably:

• Tumela Mine (previously part of Amandelbult Section): 2.4 million fatality free shifts from 18 September 2008 to June 2009;

• Khomanani Mine (previously part of Rustenburg Section): 2.0 million fatality free shifts from 16 May 2007 to June 2009;

• RBMR: fatality free since 17 January 2002 with 2.1 million shifts;

• PMR: achieved 20 years fatality free shifts on 18 February 2009

• Union Mine: 7.0 million fatality free shifts from 24 January 2007, regrettably recording a fatality in June 2009; and 

• Bathopele Mine (previously part of Rustenburg Section): 2.0 million fatality free shifts from 10 March 2005, regrettably recording a fatality in June 2009.

4. FINANCIAL RESULTS 

Anglo Platinum's earnings were lower for the six months ended 30 June 2009 in line with significantly lower metal prices achieved on all products with the exception of gold. Headline earnings of R405 million were 95% lower than the same period in 2008. Factors contributing to the lower earnings were a 51% fall in the US dollar price realised on the basket of metals sold, offset by higher sales volumes, proceeds received from the Amandelbult business interruption insurance claim of R488 million and the Rand weakening by 18% against the US Dollar over the period. 

Headline earnings per ordinary share decreased 95% to 169 cents. Headline earnings exclude profits of R2.3 billion realised on the conclusion of Anglo Platinum's BEE transactions with Anooraq Resources Corporation and Mvelaphanda Resources Limited. Basic earnings per share, which include the profits on the transactions, amounted to 1 144 cents, down 68% on 1H 2008.

Gross sales revenue decreased by R10.4 billion to R17.2 billion. The decrease was the result of lower US dollar metal prices achieved on metals sold, which accounted for R17.4 billion: the weaker average rand / US dollar exchange rate achieved of R9.08, compared to R7.70 in 2008, offset the impact of the lower prices by R2.6 billion, while higher volumes of metals sold increased revenue by R4.4 billion. Refined platinum sales for the six months ended 30 June 2009 amounted to 1.22 million ounces compared to 1.11 million ounces in 1H 2008.

The average US dollar price achieved for platinum was US$1 085 per ounce for the period, 43% down compared to US$1 906 in 1H 2008. The average prices achieved for palladium and nickel sales for the half year were US$212 per ounce (1H 2008: US$436) and US$5.14 per pound (1H 2008: US$12.14) respectively. The average price achieved on rhodium sales in the first six months of 2009 was US$1 255 per ounce (1H 2008: US$5 833). The overall rand basket price achieved for 1H 2009 was 42% lower compared to the R23 989 achieved in 1H 2008 at R13 826 per platinum ounce sold.

Cost of sales rose 2% or R308 million to R16.4 billion compared to 1H 2008 due to an increase in cash mining, smelting and refining costs of 15% to R11.4 billion and an increase in depreciation by 30% to R1.9 billion. These increases were offset by a 50% or R3.1 billion decrease in cost of purchased metal, primarily due to lower rand prices paid for the metal purchased and a reduction in other costs by 8% to R995 million. The cash operating costs per equivalent refined platinum ounce increased marginally by 1.7% compared to 1H 2008. 

More significantly, cost of sales reduced by 6.9% or R1.2 billion compared to 2H 2008 with the cash mining, smelting and refining component reducing by 12% or R1.6 billion. The cash operating costs per equivalent refined platinum ounce reduced by 6.4% compared to the second half of 2008. 

  The cost reductions were achieved through improved productivity and numerous cost management initiatives including:

• Placing the high cost Bleskop shaft on "care and maintenance";

• Early re-negotiation with suppliers for reduced prices on key input commodities such as diesel, steel tyres and reagents; 

• Making full use of the centralised procurement facilities provided by the One-Anglo Supply Chain Project;

• Changing Mogalakwena mining production levels;

• Completing the restructuring processes at Rustenburg and Amandelbult;

• Significant productivity improvements; and

• Reducing overhead headcount at the Corporate and Regional Offices. 

During the period good progress was made on improving productivity by reducing the number of employees at Anglo Platinum's managed operations in line with lower production targets. The reduction in labour, mostly contract employees totalled 8 903 since December 2008 which measures favourably against the target of 8 000 set for June 2009 and 10 000 for the full year of 2009. 

The reduction in labour when compared to 30 September 2008, when Anglo Platinum initiated its labour reduction programme, totalled 11 931. Johannesburg based employees have been reduced from 701 to 583 since December 2008.

Net debt increased to R17.957 billion from R13.459 billion at the end of December 2008 and R5.907 billion at the end of June 2008. Whilst operating activities produced a positive cash flow of R642 million, this was down 94% compared to the first six months of 2008 and funding of some R6.3 billion of capital expenditure was largely through increased debt which was mitigated by the proceeds from the successful conclusion of the BEE transactions with Mvelaphanda Resources Limited and Anooraq Resources Corporation. An increase in process pipeline stocks to June 2009 (reasons explained under the Operations section below) partly offset by a reduction in refined stocks contributed to the increase in net debt. 

At the metal prices that Anglo Platinum anticipates will prevail, net debt is expected to continue to increase as margins remain depressed and funding of capital projects continues. Cost management initiatives and the suspension of production areas where a return to profitability is unlikely in the medium term will maximise margins. However, until cash flow improves, the Board considers it prudent to continue to suspend dividend payments. Anglo Platinum is confident that its current short-term debt facilities are adequate to meet its near-term funding requirements. 

5. CAPITAL EXPENDITURE AND PROJECTS

Capital expenditure for the first half of 2009, excluding capitalised interest, amounted to R5.3 billion of which  R3.4 billion was spend on projects and R1.9 billion on stay in business capital. Capital expenditure for the year, excluding capitalised interest, is expected to be R9.6 billion. This is R3.5 billion lower than the expenditure in 2008 due to the actions taken to reduce the rate of capital expenditure following the global economic downturn experienced since the last quarter of 2008. 

The following projects have been delayed as a result of the global economic downturn:

• Amandelbult Number 4 Shaft (R16.0 billion): Preparation for shaft sinking was started but the project has since been delayed by 4 years;

• Twickenham Platinum Mine (R7.1 billion): The project has been slowed down with completion delayed by  2 years. At steady state the Twickenham mine will contribute an additional 180,000 ounces of refined platinum from 2018;

• Styldrift Merensky Phase 1 Project (R6.1 billion attributable) has been delayed by 18 months;

• Base Metals Refinery project (R1.9 billion): The project has been delayed by one year. The project will expand the capacity of the existing plant to 33ktpa of contained nickel to deliver by the end of 2011; and

• Number 2 Slag Cleaning Furnace (R1.0 billion): The project construction has been delayed for a period of one year. As a result, the converter slag stockpile will continue to increase and depletion is expected from 2011 onward. The existing converter slag smelting capacity will be doubled by this project in line with Anglo Platinum's production strategy.

The following major projects are progressing without delay:

• The Rustenburg Paardekraal 2 shaft replacement project (R2.3 billion), which will produce 120 000 ounces of refined platinum per annum by 2015. Revised sinking cycles to improve safety of people in the shaft bottom, as well as increased incidence of methane gas intersections, resulted in slower sinking rates;

• The Amandelbult East Upper UG2 project (R1.5 billion), which will contribute 100 000 ounces of refined platinum per annum by 2012. The planned ore reserve development will be completed on schedule at the end of 2009;

• The Mainstream Inert Grind (MIG) projects (R1.4 billion) approved in November 2007 to improve mineral liberation and PGM recovery is on schedule. The Amandelbult Merensky and UG2 MIG projects were successfully handed over to operations in April 2009;

• The Rustenburg Townlands Ore Replacement project (R1.0 billion) will contribute 70 000 refined platinum ounces per annum from 2014 from the new Merensky and UG2 areas;

• The MC Plant capacity expansion (R0.7 billion): Phase 1 of the project will increase the current MC Plant capacity from 64ktpa Waterval Converter Matte to 75ktpa during 2009. Commissioning is on schedule for completion in the last quarter of 2009.

• Development of the Unki Mine (R2.9 billion) in Zimbabwe continues as planned.

6. MINERALS LEGISLATION, TRANSFORMATION AND COMMUNITIES

Anglo Platinum is fully committed to the Minerals and Petroleum Resources Development Act and the mining charter and to achieving the associated sustainable economic and social transformation.

During the first six months of the year, the previously announced Anglo Platinum, Anooraq Resources Corporation and Mvelaphanda Resources Limited transactions progressed towards completion, with both transactions being finalised during June 2009. 

Anglo Platinum has made significant progress towards achieving its transformation objectives as envisaged by the MPRD Act and the Mining Charter. Noteworthy milestones achieved in support of Anglo Platinum's social and labour plan include:

• 10% women in mining;

• 49% historically disadvantaged South Africans in management positions; and

• Continued investment in housing and community projects - all hostels have been converted into single accommodation villages catering for two employees per room. A low-cost housing strategy is being rolled out, with the project delivering the first 100 units at the Rustenburg mines currently in build phase.

A total of 889 families have been resettled at the Mogalakwena Mine. The remaining 67 families are not opposed to relocation but to the terms of relocation. This delay is currently not impacting on any of the Mogalakwena mining activities due to the actions taken in January 2009 to reduce mining activities at this mine. Anglo Platinum continues to engage with the community to seek an amicable solution. 

7. MARKETS

The platinum market remained in balance during the first six months of 2009 as jewellery and investment metal off take increased, as expected, at lower price levels and as investor sentiment improved. These increases in demand offset the depressed autocatalyst and other industrial demand.

Autocatalysts

The decline in global vehicle production appears to have reached a 'floor' with vehicle stocks approaching levels deemed appropriate by automakers for the reduced rate of sales. However rates of new vehicle sales, supported by a number of highly successful scrap and tax incentive schemes, appear higher than initial automaker forecasts. Vehicle inventories are expected to reduce below acceptable operating levels during the second half of 2009 resulting in a probable rebound in vehicle production. The increase in PGM demand from the automotive segment is likely to be higher than the increase in vehicle production as Anglo Platinum believes that automaker PGM pipeline stocks are at or below levels that match anticipated production volumes.

Many customers making use of the scrap incentive schemes typically had not intended purchasing a new vehicle and consequently are selecting small engine, entry level gasoline vehicles. This has created a new market segment rather than a switch from an existing segment or bringing forward sales from future years.

Demand for diesel light duty vehicles remains weak as purchases, largely postponed until economic circumstances and credit availability improve favour the lower purchase price of gasoline vehicles. Delayed purchasing of vehicles reduced PGM supply from recycled autocatalysts and contributed to maintaining market balance during the period.

Jewellery

Platinum jewellery sales to manufacturers in China increased by over 400 000 ounces when compared to the first half of 2008 largely in response to lower platinum prices but also given the reduced premium over gold. This response highlights the strength of platinum jewellery branding and the fundamentally different nature of Chinese platinum jewellery demand as global economic conditions continue to depress jewellery sales in most western markets. 

The Chinese platinum jewellery market is different to platinum jewellery markets in the West. The key differentiating features, responsible for the very positive response to lower prices include:

• A large percentage of platinum jewellery is bought as a self-purchase or a purchase by women in the  18 to 34 age bracket;

• Over 70% of platinum jewellery is plain metal and most is sold at a price related to the weight;

• The value of the average plain platinum metal purchase is below US$ 300; and

• The Chinese platinum jewellery market is unsaturated and the number of retail outlets continues to grow rapidly requiring basic stock establishment.

Sales of platinum jewellery into the bridal segment in all jewellery markets remain the benchmark and continue to provide important sales underpin.

Investment

Platinum investment demand increased steadily throughout the first half of 2009 as investor sentiment improved due to the favourable characteristics of the platinum business as jewellery demand responded to low prices and the potential for more stable vehicle production forecasts increased. Exchange Traded Fund (ETF) volumes increased by over 200 000 ounces and exceeded 500 000 ounces at the end of June, above the pre-economic crisis level.

Despite continued economic decline, Japan continued to account for most of the investment in bars, coins and investment chain with volumes in some months in the first half of 2009 over 200% up on the corresponding periods in 2008.

Industrial

Industrial demand for platinum decreased, as expected, in the first half of 2009. Production capacity utilisation in the chemical and petroleum industries is lower which is impacting demand for new metal and demand from the electronic industry is suffering due to weak consumer demand for electronic goods. 

Market outlook

Anglo Platinum expects the platinum price to move above current levels during the second half of the year due to continuing jewellery and investment interest and a probable positive volume adjustment in vehicle production. As an increase in price could temper the rate of increase in jewellery and investment demand we expect the market to remain balanced during the second half of 2009.

8.  OUTLOOK

This year

Given a continuation of robust platinum jewellery sales in China, firm platinum investment demand and a probable increase in demand for platinum from the autocatalyst sector, Anglo Platinum believes that the platinum price should find support above $1 200 per ounce during the remainder of the year, and although the current strength of the rand, which is depressing the rand revenue basket at present, is of concern, the expectation is that the rand should trade weaker towards year-end. Anglo Platinum continues to target refined platinum production of 2.4 million ounces but will utilise process pipeline inventory stocks as required to meet market demand. Based on Anglo Platinum's mining production forecast, process pipeline stocks and high smelter availability it is likely that Anglo Platinum could supply up to 2.6 million ounces should market demand increase during the second half of 2009.

Anglo Platinum will continue to manage costs as a priority by improving productivity, increasing efficiency and managing the supply chain and procurement costs. We expect cost improvements achieved so far to be sustained and we aim to keep the unit cash costs per equivalent refined platinum ounce for the year at the same level as in 2008, of R11 096 per platinum ounce. Productivity is expected to increase to 6.4m2 per month on average per total operating employee by the end of 2009.

  It is expected that funding requirements will continue to increase in the second half of the year largely due to lower cash from operations and capital expenditure. Subsequent to 30 June 2009, Anglo Platinum's largest shareholder, Anglo American has increased its committed facility to the Group by R7.1 billion to R20.6 billion. Anglo Platinum's forecasts and projections, taking into account reasonable possible changes in the expected trading performance, indicate that it should be able to operate within the level of its facilities for the next twelve months. Anglo Platinum is currently reviewing its funding needs and facilities with the aim of restructuring its existing borrowings.

Long term view

Anglo Platinum bases its longer term strategic plan on a thorough market analysis and its significant understanding of the platinum business and its unique drivers. The result of this understanding and Anglo Platinum's analysis indicates steady growth in demand for platinum, largely balanced with a slower increase in supply. Although the market is currently in balance a deficit is expected to arise in the next few years as global markets and economies recover. The platinum price is expected to trend to a long-term level of $1350 per ounce, supported by the global economy recovery. It is therefore our intention to set up operations to produce around 2.5 million platinum ounces per annum for the next three years, with a small but steady increase in production thereafter. Given that it is extremely difficult to forecast and plan for short term market changes, as we experienced over the past year, it is our intention to establish flexibility and increase our ability to react to these shifts more efficiently than was traditionally the case in underground hard rock environments. The main sources of this flexibility are: Mogalakwena, the large open pit mine that can practically and cost effectively be ramped up or down: a unique attribute of Anglo Platinum and the largest open pit platinum mine in the world, our high volume of production from Anglo Platinum's large suite of underground mines that could adjust volume by up to 10% on a short-term basis; and our large process pipeline. In total this flexibility could amount up to 500 000 platinum ounces, and allows us to adjust market requirements efficiently.

We have completed a detailed production plan in which we have optimised the source of ounces to ensure optimal long term value creation. This plan indicated that there are shafts in Anglo Platinum that cannot be mined efficiently in the current and forecast environment. As described in Operations above a process is underway that could lead to these shafts being put on care and maintenance, a process we intend to complete by the end of this year. Clearly, an important part of this project is the adjustment and elimination of the overhead costs associated with these shafts. These efforts will improve the cost of our Rustenburg mines and effectively move them from Q4 to Q3 on the cost curve. (It should be noted that although a total of 140 000oz of high cost production is under threat, and likely to be stopped, we still intend to make up this shortfall by increasing production from our more efficient mines).

Anglo Platinum's capital projects have been adjusted so that the long term production profile can be achieved. Stay in business capital is planned to ensure proper maintenance and, together, project and SIB capital should remain at the current level of just below R10 billion real per annum. Our capital management will achieve these objectives.

Cost management is an important component of Anglo Platinum's plan. We intend to maintain our unit cash costs (in nominal terms) per equivalent refined platinum ounce at, or below, the level of our 2008 costs of R11 096 per platinum ounce for the next three years. The cost management plan consists of three phases: Firstly, as has been demonstrated this year, productivity and the elimination of waste is being addressed. Secondly overhead and regional allocated costs must be addressed and adjusted to match forecast production. The third and longer term action is to improve the efficiency of the infrastructure that services the operations. We are in the process of implementing a cost culture in Anglo Platinum that is sustainable to ensure benefits are maintained in the improved business environment that we expect. 

  The cost improvement strategy has four components: 

• Cost Management: This is the inclusion of cost management in our daily management activities, alongside safety and production management. It requires the development of systems that provide front line management with regular cost information so that cost decisions are made proactively, rather than the current reactive system after the month or quarter end.

• Supply Chain and Procurement: We are managing cost escalation proactively, leveraging our size and the relationship with the One Anglo Supply Chain project to ensure attractive input prices, and together with our asset optimisation efforts, improve the efficiency of the use of purchased commodities.

• Overhead Management: We aim to properly align overhead and allocated costs directly with production units, ensure the overhead is optimal and efficient and eliminate costs that do not contribute directly to production.

• Productivity and Efficiency management: This forms the largest part of our Asset Optimisation projects, as labour is the major component of our costs. 

Finally, Anglo Platinum is reinforcing its marketing efforts. We continue to be involved with the Platinum Guild International in the marketing and promotion of platinum as a jewellery metal. In collaboration with our customers and others we continually look for ways to influence and secure continued use of and need for PGMs. Anglo Platinum has a major and almost unique advantage in that it can influence the demand for the metal. It is clear from our experience that the market has huge potential and, in the interests of sustainability, requires an adequate supply of metal, which is a significant opportunity for Anglo Platinum given its production strategy outlined above.

Our Strategic Plan, based on our current view, ensures that the market will be adequately supplied and should improve our cost position from the upper half to the lower half of the cost curve. We are in the process of improving the reliability of our production capacity and entrenching cost management as a long term and sustainable culture in Anglo Platinum. This will ensure that we are well positioned to extract full value from our assets as the market recovers. Our safety improvement plan will ensure that we continue to demonstrate improvements on our journey to zero harm.

T M F Phaswana  N F Nicolau Johannesburg

(Chairman) (Chief Executive Officer) 24 July 2009

  supplementary information

Consolidated Statistics *

		Six months	Six months		Year
		ended	ended		ended
		30 June	30 June	%	31 Dec
Total operations		2009	2008	Change	2008
Marketing statistics
Average market prices achieved
Platinum	US$/oz	1 085	1 906	(43)	1 570
Palladium	US$/oz	212	436	(51)	355
Rhodium	US$/oz	1 255	5 833	(78)	5 174
Gold	US$/oz	950	911	4	885
Copper	US$/lb	1.64	3.53	(54)	3.15
Nickel	US$/lb	5.14	12.14	(58)	9.79
US$ Basket price (Net sales revenue per refined Pt ounce sold)	US$/oz Pt sold	1 522	3 115	(51)	2 764
US$ Basket price (Net sales revenue per PGM oz sold)	US$/oz PGM sold	833	1 709	(51)	1 449
Platinum	R/oz	9 877	14 678	(33)	12 640
Palladium	R/oz	1 904	3 354	(43)	2 887
Rhodium	R/oz	11 399	45 005	(75)	42 145
Gold	R/oz	8 503	7 007	21	7 580
Copper	R/lb	14.84	27.30	(46)	25.85
Nickel	R/lb	45.89	92.78	(51)	77.30
R Basket price (Net sales revenue per refined Pt ounce sold)	R/oz Pt sold	13 826	23 989	(42)	22 348
R Basket price (Net sales revenue per PGM oz sold)	R/oz PGM sold	7 567	13 163	(43)	11 716
Average exchange rate achieved on sales	R/US$	9.0832	7.7004	18	8.0850
Exchange rate at end of period/year	R/US$	7.7400	7.8280	(1)	9.2999
Financial statistics and ratios
Gross profit margin	%	4.0	41.2	(90)	33.7
Earnings before interest, taxation, depreciation and amortisation (EBITDA)	R millions	2 457	13 044	(81)	21 206
Operating profit to average operating assets	%	2.3	65.9	(97)	46.5
Return on average shareholders' equity	%	18.1	58.2	(69)	50.3
Return on average capital employed	%	2.2	65.3	(97)	46.9
Interest cover - EBITDA		2.1	27.4	(92)	15.2
Net debt to total capital employed	%	35.8	14.8	142	31.2
Interest-bearing debt to shareholders' equity	%	13.6	32.4	(58)	55.4
Net asset value per ordinary share	R	136.0	135.1	1	124.4
Cost of sales per total Pt oz sold *	R	13 289	14 247	7	14 922
Cash operating cost per equivalent Pt oz (excluding ounces from purchased concentrate and associated costs)	R	10 775	10 594	(2)	11 096
Cash operating cost per refined Pt ounce	R	12 734	11 979	(6)	11 448
Equivalent refined platinum production	000 oz	1 243.9	1 128.2	10	2 465.3
Pipeline stock adjustment	000 oz	-	46.8	(100)	46.8
Refined platinum production		(1 056.4)	(1 001.1)	6	(2 386.6)
Mining		(865.8)	(810.5)	7	(1 946.8)
Purchase of concentrate		(190.6)	(190.6)	-	(439.8)
Platinum pipeline movement		187.5	173.9	8	125.5

* Not reviewed or audited

  Registered Office

55 Marshall Street, Johannesburg, 2001

(P.O. Box 62179, Marshalltown, 2107)

Facsimile +27 11 373-5111

Telephone +27 11 373-6111

south african registrars

Computershare Investor Services (Pty) Limited 

(Registration No. 2004/003647/07)

70 Marshall Street, Johannesburg, 2001

(P.O. Box 61051, Marshalltown, 2107)

Facsimile +27 11 688-5200

Telephone +27 11 370-5000

London Secretaries

Anglo American Services (UK) Ltd,

20 Carlton House Terrace, London, 

SW1Y 5AN, England

Facsimile +44 207 968-8755

Telephone +44 207 968-8888

united kingdom registrars

Capita Registrars Limited

The Registry, 34 Beckenham Road,

Beckenham, Kent, BR3 4TU, England

Facsimile +44 208 658-3430

Telephone +44 871 664-0300 (within UK)

+44 208 639-3399 (outside UK)

Detailed results are available on the Internet at: http://www.angloplatinum.com

E-mail enquiries should be directed to:

[email protected]

Directors and Company Secretary

executive directors: N F Nicolau (Chief Executive Officer), B Nqwababa (Chief Financial Officer).

NON-EXECUTIVE DIRECTORS: T M F Phaswana (Chairman), C B Carroll (American), K D Dlamini,  R J King (British), R Médori (French).

INDEPENDENT NON-EXECUTIVE DIRECTORS: T A Wixley (Deputy Chairman), R M W Dunne (British),  Dr B A Khumalo, W E Lucas-Bull, M V Moosa, S E N Sebotsa.

ALTERNATE DIRECTORS: P G Whitcutt.

Group Company Secretary: J D Meyer.

ENDIR ILFITDVISFIA

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