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Bafokeng Rasimone P Bafokeng Rasimone Plat latinum Mine inum Mine

11 March 2005

Agenda Agenda

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

Salient Features: 2004 Salient Features: 2004

Good safety performance Increase in immediately available ore reserves Increased understanding of orebody Tons from underground up 4% Conversion to breast mining accelerated (increased from 30% in

2003 to the current 80%)

Concentrator recoveries significantly increased (Ounces from

underground up 7%)

Wet screening plant commissioned Cost per ounce increased by 7.6% notwithstanding the wage

strike

JV fully operational from March 2004

Location Location

Styldrift Frisch-gewaagd Boschkoppie

BRPM JV lease area BRPM JV lease area

Mine infrastructure layout Mine infrastructure layout

SOUTH SHAFT

to BOSHOEK STATION 1km to GA- LUKA Existing Reservoir

ROBEGA RASIMONE

IMPALA PLATINUM LTD.

to RUSTENBURG U G 2 S U B

• O

U T C R O P to RUSTENBURG t

• D

E R D E P O O R T FARM SUB- DIVISION

W a s t e D u m p Waste Dump

BOSCHKOPPIE 104 JQ

NORTH SHAFT

RW DAM TAILINGS DAM M E R E N S K Y S U B O U T C R O P

TRUE NORTH

Servitude EASTERN EXTREMITY OF PROPOSED TOWNSHIP DEVELOPMENT ( V.K.E.) SEWAGE CONCENTRATOR OFFICES SOUTH D E x i s t i n g R a i l w a y L i n e to THABAZIMBI 74 Ktpm 98 Ktpm 44Ktpm

Safety Milestones Safety Milestones

One Million Fatality Free Shifts

= 4 Times

– Dates: • 23 September 2001

• 13 January 2003
• 8 December 2003
• 18 January 2005

North Shaft 2 Million Fatality free April 2004 South Shaft 1 Million Fatality free shifts April 2004 OHSAS 18001 Certification November 2004 Process plant 5 years without a lost time Injury Logistic`s 4 Years without a lost time Injury Opencast 3½ year project completed without a lost time injury Process awarded with MMMA for 4 years (last one October 2004) Cementation mining = 5 Star NOSA awards at both shafts ISO 14001 Certification Apr 2002 Won EMEM award in 2000 and again 2002

Safety

Lost Time Injury Frequency Rate

• 0.50

1.00 1.50 2.00 LTIFR 1.70 0.64 0.62 2002 2003 2004

Safety

Fatal Injury Frequency Rate

• 0.01

0.01 0.02 0.02 0.03 0.03 0.04 FIFR 0.03 0.01 0.01 2002 2003 2004

EMS Status

– Continued ISO14001 Certification confirmed in third CAV audit in 2004

Waste management

– Effective system with permitted landfill site on mine

Dust

– Dust fall out low except within plant area near ROM stockpile and crusher.

Public Participation

– Bi-annual environmental committee meeting held

Social Issues

– Transformation forum – Addicted to business program – Environmental awarness interventions at local schools – Aligned with minerals act and charter

Environment Environment

Resources and Reserves Resources and Reserves

Reserves and Resources (50%)*

Reserves Merensky Reef Mt 4E grade Proved 10,1 @ 4.90 g/t Probable 7.5 @ 4.84 g/t Total 17,6 @ 4.87 g/t Resources Merensky Reef UG2 Reef Mt 4E grade Mt 4E Grade Measured 1.7 @ 5.20 g/t Indicated 22.5 @ 5.69 g/t 7.9 @ 5.19 g/t Inferred 63.9 @ 6.39 g/t 95.1 @ 5.09 g/t Total 86.4 @ 6.20 g/t 104.7 @ 5.10 g/t The above reserves and resources are the 50% attributable to Anglo Platinum following finalisation

• f the JV

* At 31 December 2004, reserves are in addition to resources

Proved Reserve Probable Reserve Indicated Resource Inferred Resource

Boschkoppie

Schematic

Merensky reef: Merensky reef: resources and reserves resources and reserves

Boschkoppie Boschkoppie: : Merensky reef Strategy Merensky reef Strategy

North shaft 19 years South shaft 11 years South D 2 years Merensky Depletion

Immediately Available Ore Reserves

2 4 6 8 10 12 14 Months 3 7.3 6.7 10.3 11.7 2000 2001 2002 2003 2004

• Planned increase to 18 months in 2006

Stratigraphic Stratigraphic Section Section

75m – 90m

BASTARD REEF MERENSKY REEF UG2 CHROMITITE LAYER

18m – 25m 9m

UG1 CHROMITITE LAYER

BRPM BRPM – – Schematic section showing reef Schematic section showing reef variations variations

Contact reef Pegmatoidal reef

FW 2

FW 1 An FW 5

FW 4

FW 3

MID 2 Merensky pyroxenite POTHOLE REEF

FW 6

1 2 3 4

0.4m 5 m 1.6m 0.4m 0.2m 1.5m 1 m FW 1 FW 1 POTHOLE FAC POTHOLE FACIES ES FW 3 FW 3 POTHOLE FAC POTHOLE FACIES ES FW 6 FW 6 POTHOLE FAC POTHOLE FACIES ES

Mining Method Mining Method

Original Design 200 ktpm Merensky Operation 2 Twin Decline Shaft Clusters

– North and South Shafts

Dip Mining Conveyor Manriding Flatter Structures English Literate Employees Team Concept Multiskilling Total Package Remuneration

Original Design Original Design

Opencast Merensky - Complete Opencast UG2 - Complete South D Mechanised Section Commenced 2001

– Initially XLP bord and pillar section – Converting to hybrid mechanised mining – Depletion early 2007

Additional Projects Additional Projects

Planned Steady State Production Increased To 220 ktpm

– Mitigate Lower Grade

Converting To Breast Mining From Dip Mining

– Currently 80% breast mining from 30% in 2003 – Results in reduced development requirements

Chairlifts Planned For Phase 2 Deepening Reverting To Single Skilled Operators

Changes to Original Design Changes to Original Design

BREAST LAYOUT

Down dip cross-cuts No boxes in haulage No SPD’s

Up Up-

• Dip To Breast Conversion

Dip To Breast Conversion Schematic Schematic

Boxfront Haulage Double SPD

UP-DIP LAYOUT

Down dip cross-cuts No boxes in haulage Travelling Way

Not Pre-Raised

Cross Cut

Direction OF Mining

Boxfront Haulage Travelling Way Raise Cross Cut

Open Up X-Cut Spacing

Direction OF Mining Direction OF Mining

Production Production

Stoping – Centare Profile

BRPM Total Square Metres

10 20 30 40 50 60 Square Metres (000's)

Actual/Fcast 1 1 3 8 10 11 12 11 14 14 12 11 18 18 16 23 23 24 23 15 24 27 29 33 36 31 32 36 36 42 44 29 45 38 39 41 44 42 55 50 48 51 46 37 48 45 48 45 51 53 54 51 45 36 50 41 2000 Avg 5 5 5 5 5 5 5 5 5 5 5 5 2001 Avg 18 18 18 18 18 18 18 18 18 18 18 18 2002 Avg 33 33 33 33 33 33 33 33 33 33 33 33 2003 Avg 45 45 45 45 45 45 45 45 45 45 45 45 2004 Avg 47 47 47 47 47 47 47 47 47 47 47 47 2005 Avg YTD Plan J-00 F- 00 M- 00 A- 00 M- 00 J-00 J-00 A- 00 S- 00 O- 00 N- 00 D- 00 J-01 F- 01 M- 01 A- 01 M- 01 J-01 J-01 A- 01 S- 01 O- 01 N- 01 D- 01 J-02 F- 02 M- 02 A- 02 M- 02 J-02 J-02 A- 02 S- 02 O- 02 N- 02 D- 02 J-03 F- 03 M- 03 A- 03 M- 03 J-03 J-03 A- 03 S- 03 O- 03 N- 03 D- 03 J-04 F- 04 M- 04 A- 04 M- 04 J-04 J-04 A- 04 S- 04 O- 04 N- 04 D- 04

Strike

BRPM Development Metres (Excluding Sinking)

• 500

1,000 1,500 2,000 2,500 3,000 3,500 Metres

Actual 849 946 1,5 42 1,3 04 1,7 83 1,8 29 1,6 64 1,4 76 1,6 09 1,3 89 840 939 1,5 01 1,3 68 1,9 68 1,4 13 2,2 23 2,0 66 1,9 89 2,0 22 2,0 80 2,3 88 2,1 85 1,4 86 1,9 02 2,1 20 2,8 25 2,4 79 2,8 34 2,1 27 2,8 25 2,8 65 2,6 12 2,9 31 2,9 33 2,1 64 2,8 62 2,4 28 2,5 42 2,0 42 2,5 36 2,7 57 3,0 91 2,6 00 2,6 44 2,9 02 2,6 51 2,0 32 2,4 79 2,0 44 2,7 62 2,0 24 2,6 83 2,9 61 2,8 67 3,0 23 2,6 23 1,9 16 2,9 87 2,5 76 2000 Avg 1,3 47 1,3 47 1,3 47 1,3 47 1,3 47 1,3 47 1,3 47 1,3 47 1,3 47 1,3 47 1,3 47 1,3 47 2001 Avg 1,8 91 1,8 91 1,8 91 1,8 91 1,8 91 1,8 91 1,8 91 1,8 91 1,8 91 1,8 91 1,8 91 1,8 91 2002 Avg 2,5 51 2,5 51 2,5 51 2,5 51 2,5 51 2,5 51 2,5 51 2,5 51 2,5 51 2,5 51 2,5 51 2,5 51 2003 Avg 2,5 91 2,5 91 2,5 91 2,5 91 2,5 91 2,5 91 2,5 91 2,5 91 2,5 91 2,5 91 2,5 91 2,5 91 2004 Avg YTD 2,5 79 2,5 79 2,5 79 2,5 79 2,5 79 2,5 79 2,5 79 2,5 79 2,5 79 2,5 79 2,5 79 2,5 79 Plan J- 00 F- 00 M- 00 A- 00 M- 00 J- 00 J- 00 A- 00 S- 00 O- 00 N- 00 D- 00 J- 01 F- 01 M- 01 A- 01 M- 01 J- 01 J- 01 A- 01 S- 01 O- 01 N- 01 D- 01 J- 02 F- 02 M- 02 A- 02 M- 02 J- 02 J- 02 A- 02 S- 02 O- 02 N- 02 D- 02 J- 03 F- 03 M- 03 A- 03 M- 03 J- 03 J- 03 A- 03 S- 03 O- 03 N- 03 D- 03 J- 04 F- 04 M- 04 A- 04 M- 04 J- 04 J- 04 A- 04 S- 04 O- 04 N- 04 D- 04

Development (excl sinking)

Strike

Tons Milled Tons Milled

• 500

1,000 1,500 2,000 2,500 3,000 Tons Milled (000's)

Tons Milled Surface 101 1,191 970 633 198 4 Tons Milled U/G 342 921 1,858 2,283 2,377 Total Tons Milled 101 1,533 1,892 2,491 2,481 2,381 1999 2000 2001 2002 2003 2004

• Build up to 220ktpm in H2 2005

Grade Grade

• 1.00

2.00 3.00 4.00 5.00 g/t 4E Built Up Grade 4.61 4.42 4.22 4.50 4.47 2000 2001 2002 2003 2004

• Expect grade improvement to 4.7 g/t by 2006

Plant 4E Recovery Plant 4E Recovery

0.00% 20.00% 40.00% 60.00% 80.00% 100.00% % Recovery 4E 4E Recovery 65.86% 71.97% 77.82% 80.71% 85.83% 2000 2001 2002 2003 2004

• No further significant short-term increase expected

Process Process

Wet screening modification completed to achieve 220ktpm Planned recovery increases have been realised

• No UG2 from February 2004
• Expert systems in place
• Process optimisation

Equivalent Refined Pt Ounces* Equivalent Refined Pt Ounces*

*Mines Production of metal in concentrate converted to refined production

• 20.0

40.0 60.0 80.0 100.0 120.0 140.0 160.0 180.0 200.0 Pt Oz's (000's)

Pt Oz U/G Pt Oz Surface Pt Oz Surface 3.4 87.3 51.3 29.4 10.7 Pt Oz U/G 24.9 75.1 132.1 172.8 185 Total Pt Oz 3.4 112.2 126.4 161.5 183.5 185 1999 2000 2001 2002 2003 2004

6 000 Ounces lost due to strike

• 200 000 refined platinum ounces planned for 2005
• Volume of 220 000 refined platinum ounces pa from 2006

Operating Costs Operating Costs

Costs Costs

Cash on mine cost per equivalent refined Pt Oz

• 1,000

2,000 3,000 4,000 5,000 6,000

R /Eqv ref Oz

R/Pt Oz 4,266 4,382 4,456 4,795 % Increase 2.7% 1.7% 7.6% 2001 2002 2003 2004

• 2004 increase without strike: 4.2%
• Underground unit costs likely to remain constant in real terms

Costs Costs

Cash on mine cost per ton milled

• 100

200 300 400 Rand/Ton R/Ton 285 284 329 372 2001 2002 2003 2004

• Increase due to reduction in low cost surface tons

Capital Capital Programmes Programmes

Capital Progammes

Average capital expenditure R200m pa over life of mine Phase 2 Extensions

– Ongoing capital for the replacement of current production. – Additional R100m p.a. for next 4 years

Wet Screening

– Plant was commissioned in 2004 to ensure sustainable throughput of 220 ktpm.

Human Resources Human Resources

Human Resource Development

BRPM has both underground and surface training centres. The training department is IS09001 compliant. FOG competent A and B.

– On schedule to meet exemption requirements

Full accreditation as national training provider

– Twice audited by MQA, Anglo platinum full accreditation ratified by committee

Mining Charter Compliance

– Social plan approved – Talent management strategy in place

Key Business Issues Key Business Issues

Key Business Issues

Create Flexibility Achieve planned grade Improve underground crew efficiencies Reduce costs Achieve charter compliance

Cost Cost Optimisation Optimisation

Restructuring commenced during 2004

– Cost effective and efficient management structure in place – Changing to single skilled operators

Supply chain initiative

– Wider implementation

Efficiency and grade improvements

– Reduced dilution – Improved in-stope team efficiency

Styldrift

Styldrift Styldrift

Geological resource modeling

initially (pre 2002) targeted the thick merensky value zone in the South west of the farm Styldrift.

3D seismic completed 2002 on this

portion of the property.

Further drilling to commence in 2005

to increase resource confidence of both Merensky and UG2.

Pre-feasibility commenced with

further investigation of several mine designs identified from the OME in

• rder to confirm mine design for full

feasibility in 2006.

The life of mine exploitation strategy

• f Merensky and UG2 reefs is being

reviewed in line with the pre- feasibility study

Questions