Anglo American Platinum Limited Bank of America Merrill Lynchs 12 th - - PowerPoint PPT Presentation

Anglo American Platinum Limited

Bank of America Merrill Lynch’s 12th annual Sun city conference March 2011

DISCLAIMER: CERTAIN FORWARD-LOOKING STATEMENTS

Certain statements made in this presentation constitute forward-looking statements. Forward-looking statements are typically identified by the use of forward-looking terminology such as 'believes', 'expects', 'may', 'will', 'could', 'should', 'intends', 'estimates', 'plans', 'assumes' or 'anticipates' or the negative thereof or

• ther variations thereon or comparable terminology, or by discussions of, e.g. future plans, present or future

events, or strategy that involve risks and uncertainties. Such forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's control and all of which are based on the Company's current beliefs and expectations about future events. Such statements are based on current expectations and, by their nature, are subject to a number of risks and uncertainties that could cause actual results and performance to differ materially from any expected future results or performance, expressed

• r implied, by the forward-looking statement. No assurance can be given that such future results will be

achieved; actual events or results may differ materially as a result of risks and uncertainties facing the Company and its subsidiaries. The forward-looking statements contained in this presentation speak only as of the date of this presentation and the Company undertakes no duty to, and will not necessarily, update any of them in light of new information or future events, except to the extent required by applicable law or regulation.

PLATINUM

AGENDA

• Market overview

– Analysis of recent changes in realised basket price – Global platinum demand update - autocatalyst – Global platinum demand update – jewellery – Global platinum demand update - ETFs – Snapshot of platinum demand and supply – Snapshot of palladium demand and supply

• Company overview

– Strategy – Anglo Platinum at a glance – Safety performance profile – Cost management initiatives – Summary of FY10 performance – Capex analysis – 2011 outlook

• Conclusion

PLATINUM

MARKET OVERVIEW

5

• Platinum price achieved by Angloplat in FY10 averaged US$1611/oz, up 34% year on year
• Average spot platinum price increased from US$1,562/oz in FY10 YTD to US$1,797/oz in FY11 YTD*, +15% year on year
• Realised average rand platinum basket price increased to R18,159, +29% year on year

MARKET OVERVIEW

Realised basket price continuing to strengthen

Source: Johnson Matthey and Anglo Platinum * YTD prices refer to prices up to 23 March 2011

Spot platinum price Anglo Platinum’s realised basket price

700 900 1100 1300 1500 1700 1900 Jan-09 Jun-09 Nov-09 Apr-10 Sep-10 Feb-11 US$/oz Platinum spot FY09 average platinum spot FY10 average platinum spot FY10 YTD FY11 YTD

10000 12000 14000 16000 18000 20000 22000 Feb-09 May-09 Aug-09 Nov-09 Feb-10 May-10 Aug-10 Nov-10 Rand basket price ZAR basket price FY09 average basket price FY10 average basket price 10000 12000 14000 16000 18000 20000 22000 Feb-09 May-09 Aug-09 Nov-09 Feb-10 May-10 Aug-10 Nov-10 Rand basket price ZAR basket price FY09 average basket price FY10 average basket price

6

18% 18% 17% 15% 15% 500 1000 1500 2000 2500 3000 3500 4000 4500 2006 2007 2008 2009 2010 koz Europe Japan NA China ROW 18% 18% 17% 15% 15% 500 1000 1500 2000 2500 3000 3500 4000 4500 2006 2007 2008 2009 2010 koz Europe Japan NA China ROW

MARKET OVERVIEW

Autocatalyst demand recovering: Net demand for platinum up 39% in 2010

• Global light duty vehicle sales increased to c.70 million

units in 2010, c.14% higher year on year

• Global light duty vehicle production increased from 59

million in 2009 to c.73 million units in 2010

• In Europe, diesel proportion of sales increased to 50% in

2010, driven by increased fleet purchases

• US vehicle inventories returned to historic averages of 67

days in 2010

• Global Insight expects light duty vehicles production to

increase from 73 million units in 2010 to 96 million in 2015, CAGR of 6% between 2011 and 2015 Global light duty vehicle production forecast Regional diesel share of light duty vehicle production

10 20 30 40 50 60 Europe Japan China North America Rest of World Diesel market share (%) 2010 2013

• 20

40 60 80 100 120 2005 2007 2009 2011 2013 2015 2017 2019 Total vehicle production (m)

• 5

10 15 20 25 Diesel vehicle production (m) Total Light Duty Vehicle Production Total Light Duty Diesel Vehicle Production

Source: Global Insight and Johnson Matthey

Split of gross autocataytic platinum demand by region

7

14% 12% 26% 26% 27% 68% 74% 51% 51% 48% 500 1000 1500 2000 2500 3000 2006 2007 2008 2009 2010 koz Europe Japan NA China ROW 14% 12% 26% 26% 27% 68% 74% 51% 51% 48% 500 1000 1500 2000 2500 3000 2006 2007 2008 2009 2010 koz Europe Japan NA China ROW

• Jewellery market remained resilient: 1.68m ounces of

demand in 2010

• China: 68% of gross platinum jewellery demand,

despite c.21% decline in 2010 due to higher metal price

• Recent decline in platinum price provided buying
• pportunity for Chinese jewellery market
• Japan:14% of platinum jewellery demand, gross

demand remained largely flat in 2010

• RoW: Steady demand growth supported by improved

world economic conditions. Jewellery development program in India is starting to yield results

MARKET OVERVIEW

Platinum jewellery demand remain resilient

Source: SGE, Johnson Matthey

Shanghai Pt Retail Price and Margins (monthly average)

50 100 150 200 250 300 350 400 450 500 550 600 Jan

• 99

Jan

• 00

Jan

• 01

Jan

• 02

Jan

• 03

Jan

• 04

Jan

• 05

Jan

• 06

Jan

• 07

Jan

• 08

Jan

• 09

Jan

• 10

RMB per gram

Average Shanghai Price RMB/gram Average JM Base Price RMB/gram

Split of gross platinum jewellery demand by region

20 40 60 80 100 120 140 160 180 200 Jan-08 Jun-08 Nov-08 Apr-09 Sep-09 Feb-10 Jul-10 Dec-10 Kg Monthly average volume

SGE average daily trade

8

• Investor inflows into ETFs remain robust despite recent decline in platinum and palladium price
• Total ETF holdings of platinum and palladium at 1.4moz and 2.2moz, respectively, as at 21 March 2011
• Physical platinum held in custody for ETFs declined by a mere 3% following the Japanese earthquake

– Palladium holdings declined by 5% over the same period Palladium ETF positions Platinum ETF positions

MARKET OVERVIEW

Stronger investment demand reflects positively on the outlook

Source: ZBK, ETF Securities, Julius Baer and Renaissance BJM

250,000 500,000 750,000 1,000,000 1,250,000 1,500,000 1,750,000 Platinum ETF ounces 500 1,000 1,500 2,000 2,500 ETC ZKB US ETC JB US$/oz 500,000 1,000,000 1,500,000 2,000,000 2,500,000 Palladium ETF ounces 200 400 600 800 1,000 ETC ZKB US ETC JB US$/oz

9

33% 25% 41% 48% 47% 29% 42% 22% 22% 25%

• 1000

1000 2000 3000 4000 5000 6000 7000 8000 2006 2007 2008 2009 2010 koz Autocatalyst Jewellery Chemical Other industrial Investment 33% 25% 41% 48% 47% 29% 42% 22% 22% 25%

• 1000

1000 2000 3000 4000 5000 6000 7000 8000 2006 2007 2008 2009 2010 koz Autocatalyst Jewellery Chemical Other industrial Investment 15% 15% 22% 16% 17% 1000 2000 3000 4000 5000 6000 7000 8000 9000 10000 2006 2007 2008 2009 2010 koz Europe Japan NA China ROW 15% 15% 22% 16% 17% 1000 2000 3000 4000 5000 6000 7000 8000 9000 10000 2006 2007 2008 2009 2010 koz Europe Japan NA China ROW

78% 77% 76% 77% 76% 1000 2000 3000 4000 5000 6000 7000 8000 2006 2007 2008 2009 2010 koz South Africa Russia NA Zimbabwe Others 78% 77% 76% 77% 76% 1000 2000 3000 4000 5000 6000 7000 8000 2006 2007 2008 2009 2010 koz South Africa Russia NA Zimbabwe Others

• Expect platinum market to be in balance in 2011 due to

continued strength from autocatalyst and industrial demand, resilient jewellery markets and continued investor interest

• Anticipate growth from the autocatalyst sector due to

improved recovery in Western markets and continued strong growth from BRIC countries

• Jewellery demand to remain healthy due to continued

penetration in China and India (in the longer term)

• Other industrial demand should also see robust growth, with

strong increases in demand from the electronics and glass manufacturing sectors

• ETF demand will remain a key underpin

MARKET OVERVIEW

Snapshot of platinum demand and supply

Source: Johnson Matthey

Global platinum demand by region Global platinum supply by region Global platinum demand by application

10

16% 17% 20% 19% 20% 1000 2000 3000 4000 5000 6000 7000 8000 9000 10000 2006 2007 2008 2009 2010 koz Europe Japan NA China ROW 16% 17% 20% 19% 20% 1000 2000 3000 4000 5000 6000 7000 8000 9000 10000 2006 2007 2008 2009 2010 koz Europe Japan NA China ROW 54% 49% 50% 52% 49% 8% 11% 13% 10% 15% 1000 2000 3000 4000 5000 6000 7000 8000 2006 2007 2008 2009 2010 koz Autocatalyst Jewellery Electrical Other industrial Investment 54% 49% 50% 52% 49% 8% 11% 13% 10% 15% 1000 2000 3000 4000 5000 6000 7000 8000 2006 2007 2008 2009 2010 koz Autocatalyst Jewellery Electrical Other industrial Investment

• Expect palladium market to be in fundamental deficit in

2011 due to continued strength in autocatalyst and industrial demand and resilient investor interest

• Anticipate further growth in autocatalytic demand for

palladium due robust vehicle demand in gasoline dominated BRIC countries and a continued recovery in the US market

• Substitution of platinum by palladium in diesel vehicle

autocatalysts remains an underpin

• Palladium demand to benefit more from a recovery in PGM

demand from other industrial sectors due to its price advantage

• ETF demand remains robust

MARKET OVERVIEW

Snapshot of palladium demand and supply

Source: SGE, Johnson Matthey

Global palladium demand by region Global palladium supply by region Global palladium demand by application

52% 51% 50% 53% 49% 1000 2000 3000 4000 5000 6000 7000 8000 9000 10000 2006 2007 2008 2009 2010 koz South Africa Russia NA Zimbabwe Others 52% 51% 50% 53% 49% 1000 2000 3000 4000 5000 6000 7000 8000 9000 10000 2006 2007 2008 2009 2010 koz South Africa Russia NA Zimbabwe Others

PLATINUM

COMPANY OVERVIEW

12

OUR STRATEGY

Our strategy is to maximise value by understanding and developing the market for platinum group metals, to expand our production into that

• pportunity and to conduct our business safely,

cost-effectively and competitively Safe, Profitable Platinum

13

COMPANY OVERVIEW

Anglo platinum at a glance – Assets

14

COMPANY OVERVIEW

Anglo platinum at a glance – Unique competitive advantages

Unique competitive advantages

• Extensive high quality ore reserves
• Building flexibility into portfolio of long-life assets
• Superior market intelligence
• Extensive HDSA JV experience
• Conversion of all mining rights granted, including at

project level Extensive high quality ore reserves and resources

• Proved and probable reserves of 1,380 Mt @ 3.73 g/t:

171m oz (4E) – Implied life of mines: c.39 years

• Measured and Indicated resource: 4,883 Mt @ 3.95 g/t:

620m oz (4E) – Implied life of mines: c.142 years

• Total implied life of mines (reserves and resources):

+100 years

• c.60% of South Africa’s Pt and 4E reserves

Platinum miners' resources and reserves (Moz of 4E) Angloplat Impala* Northam Lonmin Resources 619.5 397 128.95 181.1 Attributable reserves (Moz of 4E) Merensky 22.5 17.6 3.5

13.4

UG2 87.6 25.3 4.7

32.5

Platreef 55.3

• Great dyke and/or tailings

5.9 20.6

• Total reserves

171.3 63.5 8.1 45.9

Source: Company reports and Anglo Platinum. *Impala reports 3E resource

15

COMPANY OVERVIEW

Anglo platinum at a glance – Key challenges and opportunities

• Safety – Focus on achieving zero harm
• Cost management – Targeting unit costs to remain flat at c.R11,700/ equiv ref Pt oz in 2011
• Improving labour productivity further
• Improving the efficiency of our infrastructure
• Achieving sustainable savings through asset optimisation and supply chain
• Delivering sustainable improvement in grade and recoveries
• Planning to grow production in line with global PGM demand growth

16

• LTIFR down 15% year on year from 1.37 in FY09

to 1.17 in FY10

• Regrettably, 8 fatalities during FY10

2.03 1.74 1.37 1.16 0.00 0.50 1.00 1.50 2.00 2.50 2007 2008 2009 2010

COMPANY OVERVIEW

Safety – Zero harm is achievable

Lost-time injury frequency rate: down 42% since 2007

1.17 25 18 14 8

• 5

10 15 20 25 30 2007 2008 2009 2010

Number of fatalities: down 68% since 2007

• Significant safety achievements during FY10

– Dishaba mine: > 4 million fatality free shifts – Tumela mine: > 4 million fatality free shifts – Khomanani Mine: 3.6 million fatality free shifts – Khuseleka Mine: 2.9 million fatality free shifts – Mogalakwena: 1 million fatality free shifts – PMR: 2 million LTI free hours

17

COMPANY OVERVIEW

Cost management – Unit cost inflation well contained

• Our cost management process

– Reduced our employee complement by 20% or 19,000 people since 2008 – Improving labour productivity from 7.06m2 in 2010 to 7.3m2 in 2011 – Reducing overhead and allocated costs – Improving efficiency of infrastructure

Cash operating cost per equivalent refined Pt oz

• Examples of productivity and infrastructure

efficiency improvements – Chairlifts: New installs and upgrades – Conveyor belt upgrades and automation – Horizontal people transportation: train carriages to transport people – Loco replacements: Replaced 5t locos with 10t locos; and reduced labour and the number of locos by 77

Cash on-mine cost per tonne milled

11,096 11,236 11,730 4,000 6,000 8,000 10,000 12,000 2008 2009 2010 R/oz 11,096 11,236 11,730 4,000 6,000 8,000 10,000 12,000 2008 2009 2010 R/oz 475 453 472 100 200 300 400 500 2008 2009 2010 R/t 475 453 472 100 200 300 400 500 2008 2009 2010 R/t

18

COMPANY OVERVIEW

Unit cost management initiatives proving effective

10,000 10,500 11,000 11,500 12,000 12,500 11,236 479 337

• 598

275 11,730 4.3% 3.0%

• 5.3%

2.4% 4.4% 2009 Actual Inflation Production Labour cost Operating cost (excl. labour) 2010 Actual Rand per equivalent refined platinum ounce

19

COMPANY OVERVIEW

Cost management – Improving the efficiency of our infrastructure

• Improving mine development layout

and design of new mining areas – Example: transition from manual to hybrid mining at Union

• Shaft optimisation to fully utilise

capacity and maximise low cost

• unces

– Example 2: Increase UG2 production close to existing shafts whilst reducing Merensky mining at a distance

• Infrastructure optimization

– Example: Closure of Thembelani 1 shaft to route all activity through Thembelani 2 shaft, once completed

• Implementing reclamation/

refurbishment strategies – Example 1: Salvage and reuse of mining equipment – Example 2: In-sourcing of equipment repair and maintenance

Surface outcrop decline shaft access First generation vertical shaft Second and third generation shafts Merensky reef 4-6 g/t, narrow width ‘Short’ distance between reefs 40 – 100m UG2 reef 3-5 g/t, wide, high Chrome Anglo Platinum ‘typical’ Impala Platinum ‘typical’ Brownfields project Co-extraction Average Depth 0 – 1200m mined out reef

Southern African Bushveld Platinum mining

At Rustenburg, c.70% of employees are more than 2.5 km away from infrastructure, vs. c.30% at Impala’s Lease Area

20

Asset Optimisation:

• Asset optimisation operating profit benefit

US$583 million in 2010, vs. target of US$577 million

• Targeting asset optimisation savings of US$645

million in 2011

Asset Optimisation: Main contributing projects

• Smelter capacity improvements
• Slag Milling and flotation project
• Labour productivity improvements and cost savings
• Siphumelele 3 care and maintenance
• Steel ball reduction in milling circuits

Supply Chain:

• Total Supply chain savings of US$240 million*

in 2010, vs. target of US$195 million

• Targeting sustainable supply chain savings of

US$280 million in 2011

Supply Chain: Main contributing projects

• Explosives – AEL shocktubes
• Steel balls and grinding media contracts
• Resource allocation tool (labour initiative)
• Tyres, mobile cranes, caustic soda contracts
• Reduction in tyre inventory at Mogalakwena
• Min/max inventory initiative

COMPANY OVERVIEW

Achieving sustainable cost savings through asset optimisation and supply chain

*Including joint ventures, intercompany transactions and working capital

21

4.3 4.4 4.4 3.5 4.0 3.9 3.5 2.8 2.7 2.64 2.62 2.6 4.0 4.1 4.3 4.6 4.8 0.0 1.0 2.0 3.0 4.0 5.0 6.0 1996 1998 2000 2002 2004 2006 2008 2010 2012F g/t Head grade (4E) Reserve grade 4.3 4.4 4.4 3.5 4.0 3.9 3.5 2.8 2.7 2.64 2.62 2.6 4.0 4.1 4.3 4.6 4.8 0.0 1.0 2.0 3.0 4.0 5.0 6.0 1996 1998 2000 2002 2004 2006 2008 2010 2012F g/t Head grade (4E) Reserve grade 5.1 5.0 4.6 4.5 4.2 3.8 3.8 3.6 3.4 3.3 3.2 0.0 1.0 2.0 3.0 4.0 5.0 6.0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 g/t 0% 10% 20% 30% 40% 50% 60% 70% 80% % of UG2 Head grade (4E) UG2 mined to total output 5.1 5.0 4.6 4.5 4.2 3.8 3.8 3.6 3.4 3.3 3.2 0.0 1.0 2.0 3.0 4.0 5.0 6.0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 g/t 0% 10% 20% 30% 40% 50% 60% 70% 80% % of UG2 Head grade (4E) UG2 mined to total output

COMPANY OVERVIEW

Cost management – Delivering sustainable improvement in grades and recoveries

• Built-up head grade decreased from 2004: 4.16 g/t to

2009: 3.23 g/t milled on higher UG2 mining and increased processing of surface stockpiles

• Increased UG2 square metres mined vs. total Merensky

and UG2 output: 2004: 48% to 2010: 71%

• UG2 has lower grade and recovery
• Ore mix management and process recovery optimisation
• Focus on improving flexibility by increasing ore reserve

development Group head grade vs UG2 mining profile

• Decline in built-up head grade in FY10 was

exacerbated by following

– Processing of lower grade surface stockpiles at Tumela (following shaft barrel and haulage failures) and Union (following geological issues at Richard shaft and new cluster mining at the Declines – Planned move from Zwartfontein to North pit at Mogalakwena resulted in the processing of low grade stockpiles – Head grade is expected to improve in 2011 due to an increase in the processing of underground ore Mogalakwena’s reserve grade vs head grade

22

COMPANY OVERVIEW

Summary of FY10 performance – Financials R million FY 2010 FY 2009 Change Basket price per Pt oz ($) 2,491 1,715 45% p Basket price per Pt oz (R) 18,159 14,115

29%

p Net sales revenue 46,025 36,687 25% p EBITDA

11,271 4,936 128%

p Operating profit 7,253 921 688% p Headline earnings 4,931 710

595%

p Headline earnings per share (cents) 1,935 289 570% p Ordinary dividends

1,787 –

p Ordinary dividends per share (cents) 6.83

–

p Operating free cash flow

7,783 1,778 338%

p Capital expenditure (excl. interest capitalised) 7,244 9,732

26%

q Net debt

4,111 19,261 79%

q

23

COMPANY OVERVIEW

Summary of FY10 performance – Update on operational challenges experienced during FY10

• Khomanani Mine: Simultaneous intersection of five major potholes at 1 shaft
• Development to re-establish mining panels on track to be completed by 1Q11
• Tumela Mine: 15E shaft barrel and haulage failures
• Shaft barrel rehabilitation completed
• 5 level production re-established
• 7 level on schedule to be completed by the end of 1H11
• Union Mine: Challenging geological conditions at Richard shaft
• On schedule to establish required ore reserve position by end of 1Q11
• Union Mine: Implementation of new shift cycle, cleaning method and

changeover to owner maintenance of equipment at Decline section

• Revised mining method, shift cycle and owner maintenance completed

24

COMPANY OVERVIEW

Capex analysis – A shift towards smarter spending Total Capex spend reduced in recent years...

2009 2006 2007 2008

9.7 13.1 10.4 6.4

2010

7.2 Waste stripping Projects Stay in business

...due to:

• Market conditions and affordability
• Higher level of cost consciousness
• Increased focus on capital efficiency
• Value engineering as part of Asset

Optimisation

• Improved capital scheduling, especially on

non-critical path items …with no compromise on near term projects

• ISA Mills™rollout, Twickenham,

Mogalakwena, Thembelani 2 shaft

• Unki, Dishaba, Khuseleka, BMR

expansion

• Recently deferred projects now

incorporated into ounce profile

Rbn

25

COMPANY OVERVIEW

Capex analysis – A premium project pipeline supports our operational strategy and flexibility

CONCEPT PRE-FEASIBILITY FEASIBILITY IMPLEMENTATION STEADY STATE

• Union Declines
• PMR Effluent Treatment

Plant

• BRPM North & South

Shafts Phase 2*

• Bathopele Phase 4
• Waterval Chrome Plant
• Dishaba East Upper
• Mortimer 38MW Furnace

Upgrade

• Unki Mine
• BMR Expansion
• Bokoni Brakfontein

Merensky Shaft*

• Khuseleka Ore

Replacement

• BRPM - Phase 3*
• Styldrift Merensky Phase

1*

• Kroondal K6*
• Thembelani No.2 Shaft
• Twickenham Platinum

Mine

• 2011
• 2011
• 2011
• 2012
• 2012
• 2013
• 2013
• 2014
• 2015
• 2017
• 2017
• 2018
• 2019

*Joint venture

• Waterval Smelter Slag

Mill Floatation Upgrade

• BMR Expansion

Phase2

• MC Plant Capacity

Expansion Phase 2

• Mogalakwena LG

Concentrator

• Khomanani Merensky

Decline 37L+

• Thembelani 1 UG2 20-

24 Level

• Khuseleka 1 Merensky

Ext 28-30 Level

• Siphumelele UG2
• Der Brochen
• Unki 2
• Amandelbult Merensky

To UG2 Conversion

• Tumela 10 West
• BRPM UG2*
• Pandora 240 ktpm*
• Styldrift UG2 Phase 1*
• Bokoni Middelpunt UG2

Phase 3*

• Siphumelele Merensky

Decline Ext 34L+

• Union Deep Shaft
• Marikana M6 Project*
• Modikwa JV Phase 2*
• Bathopele Phase 5
• Mortimer Concentrator
• Tumela No 4 Shaft
• Slag Cleaning Furnace 2
• Thembelani 2 Phase 2
• 2017
• 2012
• 2012

26

COMPANY OVERVIEW

2011 outlook is positive

• Platinum market to remain in balance
• Platinum price to average at least US$1,800 per ounce
• Production: 2.6 million refined and equivalent refined Pt ounces
• Cash costs per equivalent refined platinum ounce in line with 2010 levels
• Productivity: 7.3m2 per total operating employee per month
• CAPEX:

–Projects: R4.0 billion; SIB: R3.5 billion, Waste-stripping R0.5 billion

• Committed to achieving zero harm

27

COMPANY OVERVIEW

Zimbabwean indigenisation – our view

• Spent c.R3.0 billion on capex for the development of Unki mine in Zimbabwe
• We have a binding legal agreement with the Zimbabwean government

– Agreement was negotiated within the context of the indigenisation regulations as it was drafted at the time when the Zimbabwean government was drafting these regulations – The gist of our agreement is that we surrendered two properties (Kironde and Bugai) and were awarded 30% empowerment credit –And therefore, we only need to do an equity deal of 21% in order to comply with these regulations

• While there is no indication that Zimbabwean government will not honour this agreement,

we have a number of options which we can exploit in order to protect our rights as negotiated in the Special Mining Lease suite of agreements with the Zimbabwean government.

• Although it is premature to talk about further expansion of Unki mine, it is worth

highlighting that if the Zimbabwean government honour our agreement we will be prepared to invest more in capital in Zimbabwe

28

CONCLUSION

Our story

• Fundamentally attractive market:

– Strategic industrial metals – Strong demand recovery – restocking, industrial and autocat demand returning, Chinese jewellery to remain a healthy market – Geological concentration and scarcity of PGMs – Stable industry structure – well established fabricators and users – concentrated supply

• Performance improvement underway:

– Commitment to optimising value from diverse portfolio of assets – Additional output from lower cost operations can be flexed to meet production targets – Disciplined capital allocation – Rigorous cost management, including supply chain and asset optimisation initiatives, increased productivity and efficient use of infrastructure

• Anglo Platinum is the largest platinum producer globally:

– Largest suite of mining, smelting and refining assets in industry – c.40% of primary global platinum market; c.21% share of primary global palladium market

• Strong growth prospects:

– Largest resources and reserves of any PGM player – Unrivalled PGM optionality through portfolio of assets and presence on all four Southern African reefs

PLATINUM

THANK YOU