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Amandelbult

Investment Analysts and Fund Investment Analysts and Fund Managers Visit Managers Visit

Amandelbult P Amandelbult Plat latinum Mine inum Mine “We at Amandelbult will consistently “We at Amandelbult will consistently improve on our superior performance and improve on our superior performance and enhance our value driven business culture”. enhance our value driven business culture”.

26 MAY 2004

Amandelbult’s Values Amandelbult’s Values

• Safety
• Our people
• The environment
• Stakeholder relationships
• Innovation
• Business success

Agenda Agenda

• Location & Mine infrastructure layout
• Safety and Environment
• Resources and Reserves
• Mining Method
• Production
• Operating Cost
• Capital Programme
• Human Resources
• Key Business Issues

Location & Mine Infrastructure Location & Mine Infrastructure Layout Layout

Location Location

% U % U % U % U % U % U % U % U % U

AMANDELBULT UNION BAFOKENG/RASIMONE STYLDRIFT JV RUSTENBURG POTGIETERSRUST PLATINUMS LIMITED TWICKENHAM DER BROCHEN LEBOWA PLATINUM MINES

ð

LIMPOPO MPUMALANGA GAUTENG NORTH-WEST

RUSTENBURG

PRETORIA

WITBANK MOKOPANE (POTGIETERSRUS) POLOKWANE (PIETERSBURG) BELA BELA (WARMBATHS)

JOHANNESBURG

NORTHAM PANDORA JV BOOYSENDAL JV MODIKWA

BURGERSFORT LYDENBURG

PASCHASKRAAL JV

Legend

Bushveld Complex Anglo Platinum Anglo Platinum - Joint Venture Impala Platinum Mines Lonmin PLC Northam Platinum Limited Southern Era Merensky UG2 Platreef

UNKI PROJECT

Botswana Zimbabwe Mozambique Namibia

±

Republic

• f

South Africa Polokwane Smelter

20 10 Kilometres

Amandelbult Amandelbult Surface Plan Surface Plan

Mining operations Mining operations

SHE Strategy SHE Strategy

Continuous reduction of at risk behavior, sub Continuous reduction of at risk behavior, sub standard conditions, health hazards and standard conditions, health hazards and environmental incidents. environmental incidents.

Safety and Environment Safety and Environment

Amandelbult 4 LIFE

• 4 Pillars of Safety system
• Planned inspections
• PTO’s
• Accident/Incident investigation
• Group Meetings
• Lead by example
• Implement OTTO
• Friendly and Practicable standards
• Eliminate at risk behavior

Total Injuries

50 100 150 200 250

Feb'01 Apr Jun'01 Aug Oct Dec Feb'02 Apr June'02 Aug Oct Dec Feb'03 Apr June'03 Aug Oct Dec

Lost Time Injury Frequency Rate Lost Time Injury Frequency Rate Lost Time Injury Frequency Rate

0.00 2.00 4.00 6.00 8.00 10.00 12.00

Feb'01 Apr Jun Aug'01 Oct Dec Feb'02 Apr June Aug'02 Oct Dec Feb'03 Apr June Aug'03 Oct Dec

Total Number of Fatalities Total Number of Fatalities Total Number of Fatalities

2 4 6 8 10 12 14 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003

Years

Number

• EMS Status
• ISO14001 Certification achieved in February 2004
• Water Consumption and Discharge
• Closed circuit water reticulation
• Water balance implemented
• Waste management
• Effective system with permitted landfill site on mine
• Dust
• Dust fall out low
• Public Participation
• Bi-annual environmental committee meeting held
• Social Issues
• Transformation forum
• Addicted to business program
• Environmental awareness interventions at local schools

Environment Environment

Opencast Mining Operations Opencast Mining Operations

Opencast Rehabilitation Opencast Rehabilitation

Mineral Reserves and Resources

Mineral Reserves Merensky UG2 UG2 Opencast Reserves Grade Reserves Grade Reserve Grade Mt g/t 4E Mt g/t 4E Mt g/t 4E Proved 22.9 6.42 82.1 4.61 1.4 6 Probable 90 6.59 249.5 4.65 Total 112.9 6.56 331.5 4.64 1.4 6 Mineral Resources Merensky UG2 Resources Grade Resources Grade Mt g/t 4E Mt g/t 4E Measured Indicated 20.8 7.81 26.4 5.03 Inferred 92.3 7.84 233.5 4.75 Total 113 7.83 259.9 4.78

Merensky Resources

Resource Classification Measured Indicated Indicated (As per GC overwrite) Inferred

UG2 Resources UG2 Resources

Resource Classification Measured Indicated Inferred

Merensky reef Merensky reef facies facies

Merensky Reef Merensky Reef Characterisitics Characterisitics

UG2 Reef Characteristics UG2 Reef Characteristics

Immediately Available Ore Reserves

16 17 18 19 20 21 22 Months 21.1 19 18 18 19.9 1999 2000 2001 2002 2003

3 Shaft Seismic Survey 3 Shaft Seismic Survey

Very clean and stable block Stable block Stable block Complex zone Still some noise

• n surface

Clean and stable block

Pothole Reef Characteristics Pothole Reef Characteristics

Mining Method Mining Method

Mining Method Mining Method

• West
• Designed as conventional breast mining
• Central
• Section 2 conventional breast mining
• Section 7 fully mechanized room and pillar
• East
• Designed as conventional breast mining

• Merensky
• Original design 100ktpm, upgraded over time to current capacity of

320ktpm

• UG2
• Original design 100ktpm; 1st upgrade to 210ktpm and future

proposed upgrade to 285ktpm

• Opencast (UG2)
• Original Merensky plant converted to 25ktpm UG2 unit
• New 30ktpm plant erected
• Total O/C capacity 55ktpm

Concentrator Capacities Concentrator Capacities

Mine Infrastructure Layout Mine Infrastructure Layout

Mine Infrastructure Layout Mine Infrastructure Layout

28 West Twin Raise Bore

Surface F/W Winze 5 Level 6 Level S u b I n c l i n e Raise Boreholes Reef

Breast Layout Breast Layout -

• Schematic

Schematic

Boxfront Haulage BREAST LAYOUT

• X/Cuts 200m apart
• Raise on reef to upper level

(200m)

• Orepasses to X/Cut and Hlge

Travelling Way Raise Cross Cut

Fully Mechanized Layout Fully Mechanized Layout

Fully Mechanized Layout Fully Mechanized Layout

1.5m

1.2m Roof bolts

Reef

ledge road Throw blast zone Throw blast zone Throw blast zone

Production Production

Development Development

Development Meters

5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 50,000 Metres CAPITAL M 4470 2269 1493 1607 1430 Total W/C M 36955 37268 44816 44055 47460 TOTAL M 41425 39537 46309 45662 48890 1999 2000 2001 2002 2003

%UG2 Production %UG2 Production

UG2 mined as %

• f total output

10 20 30 40 50 60 70 80 90 100

%

UG2 mined as % of total output 29 32 36 44 46 1999 2000 2001 2002 2003

Tons Milled

4,000 4,500 5,000 5,500 6,000 6,500 7,000 7,500 1999 2000 2001 2002 2003

Years Tons milled 000

Grade 4E Grade 4E g/t g/t

2 4 6 8 10 g/t 4E Built Up Grade 5.86 5.56 5.68 5.86 5.76 1999 2000 2001 2002 2003

Equivalent refined Pt oz Equivalent refined Pt oz

200 250 300 350 400 450 500 550 600 650 700 1999 2000 2001 2002 2003

Years 000 oz

4E 4E Prill Prill Splits Splits

Current Concentrator 4E Prill Splits Merensky UG2 Platinum

62.09 58.44

Palladium

29.66 29.06

Rhodium

4.96 11.76

Gold

3.27 0.74

Recovery (Concentrator) Recovery (Concentrator)

0.00% 20.00% 40.00% 60.00% 80.00% 100.00% % Recovery 4E 4E Recovery 82.88% 82.83% 85.01% 86.25% 83.72% 1999 2000 2001 2002 2003

Operating Costs Operating Costs

Cash on Cash on-

• mine costs

mine costs

Rand/ ton milled

50 100 150 200 250 300 350 400 450 500 Rands R/ton milled 152 167 184 212 242 1999 2000 2001 2002 2003

Cash on Cash on-

• mine costs

mine costs

R/oz equiv. refined Pt

1,000 2,000 3,000 4,000 5,000 6,000 Rand's R/oz equiv.refined Pt 1,618 1,886 1,995 2,210 2,607 1999 2000 2001 2002 2003

Profitability and Volume per Mine 2003 Profitability and Volume per Mine 2003

Group average 28,0% Modikwa 0,5% RS UG2 Project 4,0% BRPM 10,1% US 20,4% LPM 20,5% PPL 28,6% RS 29,4% AS 50,4% 0,0% 5,0% 10,0% 15,0% 20,0% 25,0% 30,0% 35,0% 40,0% 45,0% 50,0% 55,0%

300 600 900 1 200 1 500 1 800 2 100 2 400 Equivalent Pt oz (000's)

Operating Margin %

Unit Costs Unit Costs Unit Costs

Cash on-mine cost per equiv. Pt oz refined

• Planned increase 12% above 2003
• Cost Optimization Target 9% above 2003

Production Initiatives Production Initiatives Production Initiatives

• Grade Improvement
• Recovery Improvement
• Opencast Mining

Cost Initiatives Cost Initiatives Cost Initiatives

• Labour – Numbers, efficiencies, overtime etc.
• Stores – Steel balls and chemicals
• Utilities – Electricity management.
• Contractors – Rate increases.
• Sundries – Telephones, printing etc.

Capital Capital

Capital Expenditure Capital Expenditure Capital Expenditure

100 200 300 400 500 600 700 800 900 1000 1999 2000 2001 2002 2003 Years R's 000 000

Key current capital projects Key current capital projects

• 2# Capital development
• Tailings dam extension

Key future capital projects Key future capital projects Key future capital projects

• Possible plant expansion to process incremental UG2

production

• Additional ore pass system at 1 Shaft

Ongoing Capex level +/- R400m pa

• No3 Vertical Shaft

Human Resources Human Resources

In Service Employees In Service Employees In Service Employees

UMO Operators Contractors Total 1002 8745 2663 9747 Grand Total 12410

Territorial Analysis of Employees Territorial Analysis of Employees Territorial Analysis of Employees

4% 11.2% 6% 23.4% 26% 0.05% 0.56% 0.36% 0.05% 1.6% 0.11% 0.4%

70 Km Raduis 26.27% Eastern Cape 23.40% Lesotho 6.00% Limpopo 11.20% Swaziland 1.60% Free State 0.56% Mpumalangga 0.40% Gauteng 0.36% Kwa Zulu Natal 0.11% Botswana 0.05% N/Cape 0.05% Mozambique 4.00%

Accommodation Accommodation Accommodation

Housing Bonds subsidy 5204 4433 197 Hostel Residents Rent Subsidy Dedensification of Hostels Displacements over 5 Years = ± 1500 Tumela 1 989 1782 3250 Dishaba Mlanje Hostels De-densifying 1352 1440 2380 Capacity

• Health
• Education Infrastructure
• Education Capacity Building
• Basic Services
• Job Creation

Focus of SED Spending

Employee Relations Employee Relations Employee Relations

Operators bargaining Unit

Representatives Full Time Regional

NUM 54.1% 51 2 1 BEMWU 15.1% 30 Supervisory Bargaining Unit UASA 67.9% 23 2 1 NUM 12.7%

Key Business Issues Key Business Issues

Key Business Issues Key Business Issues Key Business Issues

• Maintain Merensky volumes during move from

1Shaft to 2 Shaft

• Mining efficiencies
• Cost optimisation
• Charter compliance