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Amandelbult 1 Analyst and Fund Managers Visit Analyst and Fund - PDF document

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Amandelbult 1 Analyst and Fund Managers Visit Analyst and Fund Managers Visit Amandelbult Plat latinum Mine inum Mine Amandelbult P 6 DECEMBER 2006 2 Agenda Agenda Location & Mine Layout Safety Resources and Reserves

  1. Amandelbult 1 Analyst and Fund Managers Visit Analyst and Fund Managers Visit Amandelbult Plat latinum Mine inum Mine Amandelbult P 6 DECEMBER 2006 2

  2. Agenda Agenda • Location & Mine Layout • Safety • Resources and Reserves • Mining Methods • Production • Operating Costs • Capital Programme and Projects • Human Resources • Key Business Issues 3 Location & Mine Layout Location & Mine Layout 4

  3. Location Location Legend UNKI PROJECT Zimbabwe Bushveld Complex Botswana Mozambique Namibia Anglo Platinum POLOKWANE (PIETERSBURG) % U Republic POTGIETERSRUST of Anglo Platinum - Joint Venture South Africa PLATINUMS LIMITED Polokwane Smelter ð Impala Platinum Mines Lonmin PLC U % LEBOWA PLATINUM MINES MOKOPANE (POTGIETERSRUS) Northam Platinum Limited Southern Era Merensky PASCHASKRAAL JV LIMPOPO MODIKWA UG2 TWICKENHAM Platreef U % BURGERSFORT NORTHAM AMANDELBULT BELA BELA (WARMBATHS) % U UNION DER BROCHEN LYDENBURG U % BAFOKENG/RASIMONE STYLDRIFT JV BOOYSENDAL JV NORTH-WEST RUSTENBURG GAUTENG % U MPUMALANGA PRETORIA % U PANDORA JV RUSTENBURG WITBANK % U 0 10 20 U % JOHANNESBURG Kilometres 5 Mining Operations Mining Operations HAAKDOORNDRIFT 374 KQ GROOTKUIL ZWARTKOP 376 KQ ELANDSKUIL 369 KQ 378 KQ MIDDELLAAGTE 382 KQ SCHILDPADNEST 385 KQ VLAKPOORT 388 KQ AMANDELBULT 383 KQ Mining Licence ELANDSFONTEIN MODDERGAT 386 KQ 389 KQ No.1 Shaft No.2 Shaft GOEVERNEMENTS Merensky Reef Outcrop PLAATS 417 KQ UG2 Chromitite Outcrop 0 1 2 Merensky Reef Workings UG2 Chromitite Workings Kilometre 6

  4. Safety Safety 7 Fatalities Fatalities 12 10 8 Number of 6 Fatalities 4 2 0 1990 1992 1994 1996 1998 2000 2002 2004 2006 YTD 8

  5. Safety Performance Safety Performance 2500 2000 1500 Number of Injuries 1000 500 0 2000 2001 2002 2003 2004 2005 2006 YTD 9 Resources and Reserves Resources and Reserves 10

  6. Merensky Reserves/Resources Merensky Reserves/Resources Amandelbult Merensky Reef Reserves 2005 2005 AM-MR Mt 4E g/t Proved 17.9 6.06 Probable 71.3 5.89 Total 89.2 5.92 Amandelbult Merensky Reef Resources 2005 2005 AM-MR Mt 4E g/t Measured - - Indicated 9.7 7.03 Inferred 158.7 6.96 Total 168.4 6.96 11 Note: As per Annual Report 2005 UG2 Reserves/Resources UG2 Reserves/Resources Amandelbult UG2 Reef Reserves 2005 2005 AM-UG2 Mt 4E g/t Proved 83.6 4.45 Probable 219.3 4.44 Total 302.9 4.44 Amandelbult UG2 Reef Resources 2005 2005 AM-UG2 Mt 4E g/t Measured - - Indicated 31.0 5.03 Inferred 198.1 5.29 Total 229.1 5.26 12 Note: As per Annual Report 2005

  7. 4E Prill Splits 4E Prill Splits (%) Merensky Pothole UG2 Pt 62 61 58 Pd 30 27 29 Rh 5 9 12 Au 3 3 1 13 Merensky Reef Merensky Reef UPPER CHROMITITE STRINGER PEGMATOID LOWER CHROMITITE STRINGER 14

  8. Merensky Reef – – grade profile grade profile Merensky Reef and cut and cut Merensky Pyroxenite Merensky +/- 125 cm Reef Footwall Anorthosite 15 Merenksy Regional Pothole Reef Regional Pothole Reef Merenksy UPPER CHROMITITE STRINGER PEGMATOID LOWER CHROMITITE STRINGER P2 16

  9. Pothole Reef – – grade profile and grade profile and Pothole Reef cut cut Merensky Pyroxenite Merensky +/- 125 cm Reef Footwall Harzburgite 17 UG2 Reef UG2 Reef On occasion 1 st leader coalesces with Main Chromitite Band 3 RD LEADER 2 ND LEADER 1 ST LEADER MAIN CHROMITITE 18

  10. UG2 Reef – – grade profile and cut grade profile and cut UG2 Reef Leader Chromitite layers +/- 139 cm Main Chromitite layer Pegmatiodal pyroxenite footwall 19 Merensky Resources Mined out 20

  11. Transition Zone Detail Transition Zone Detail 5 5 12L L L 13L 9L 10L 11L 14L 12L 15L 13L 14L 16L 15L 16L 21 UG2 Resources UG2 Resources Mined out 22

  12. U/G Drilling To Reduce Risk U/G Drilling To Reduce Risk 35 30 25 20 Metres Drilled ('000's) 15 10 5 0 2001 2002 2003 2004 2005 2006 13.1 H2 2006F ('000's) U/G Drilling ('000's) 12.0 11.9 12.3 12.5 26.6 18.2 • Additional drilling to reduce risk in more complex reef 23 • For 2007 ~32 000 metres and reverts to 15 000 metres in 2009 Surface Drilling Surface Drilling 90 80 70 60 Metres Drilled 50 ('000's) 40 30 20 10 0 2001 2002 2003 2004 2005 2006 H2 2006F ('000's) 43.0 24.2 26.1 25.1 26.7 78.7 47.0 Surface Drilling ('000's) • Additional drilling for 4# shaft exploration and pothole reef, East Upper UG2 and transition zone • Supplemented by 3D seismic 24 • 2007 approximately 80 000 metres

  13. Mining Methods Mining Methods 25 Mining Methods Mining Methods • West Upper and Lower • Conventional breast mining • Central • Conventional breast mining at 15E • Mechanized room and pillar, now converting to breast at 16W and 43E declines (due to increased dip and rolling reef) • East • Conventional breast mining • Mechanization and modernization future 26

  14. Production Production 27 Tons Milled 8,000 7,000 6,000 5,000 Tons Milled 4,000 ('000's) 3,000 2,000 1,000 0 2001 2002 2003 2004 2005 2006 H2 2006F ('000's) 3629 7086 7072 6956 6458 6000 3414 Tons Milled ('000's) • 2004 volume decrease due to transition zone and move to 2# shaft 28

  15. Grade 4E g/ton milled Grade 4E g/ton milled 6 5 4 Built Up Head 3 Grade (g/ton milled, 4E) 2 1 0 2001 2002 2003 2004 2005 H1 2006 5.68 5.86 5.76 5.69 5.58 5.28 Built Up Head Grade (g/ton milled, 4E) • Decreases slightly with increasing proportion of UG2 29 • At 60% UG2 forecast grade will be 5,11g/ton milled, 4E Equivalent Refined Pt oz Equivalent Refined Pt oz 700 600 500 400 Equivalent Refined Pt oz ('000's) 300 200 100 0 2001 2002 2003 2004 2005 2006 H2 2006F ('000's) 300 Equivalent Refined 654 678 645 592 556 293 Pt oz ('000's) 30 • Planned profile increases to 700k oz by 2010

  16. UG2 Production (% Tons Milled) UG2 Production (% Tons Milled) % 60 50 40 UG2 Percent of 30 Total Output 20 10 0 H1 2001 2002 2003 2004 2005 2006 UG2 % 36 44 46 47 45 51 • UG2 increases to 60% in 2010 with ramp up of East Upper Expansion 31 Primary Development Primary Development 50 45 40 35 30 Primary Development 25 Metres ('000's) 20 15 10 5 0 2001 2002 2003 2004 2005 2006 H2 2006F ('000's) 25.1 Development 36.9 36.8 40.0 40.3 36.6 22.2 Metres ('000's) 32

  17. Immediately Available Reserves Immediately Available Reserves 30 25 20 Months 15 10 5 0 2001 2002 2003 2004 2005 H1 2006 Immediately Available Ore Reserves Immediately Available Ore Reserves (More stringent definition) • Panels equipped rose from 202 to 298 from Dec 2005 to June 2006 33 Processing Processing • Separate Process Directorate • Concentrator Recovery Improvement Programme • Group 3-Day concentrator stock-pile philosophy • Current Amandelbult stock-pile of 10 days, 200kt 34

  18. Operating Costs Operating Costs 35 Cash On- -Mine Costs per Ton Milled Mine Costs per Ton Milled Cash On 350 300 250 Total Cost per 200 Ton Milled (R/ton milled) 150 100 50 0 2001 2002 2003 2004 2005 H1 2006 Total Cost per Ton 184 212 242 292 335 330 Milled (R/ ton milled) • H1 2006 benefit of increased volume 36

  19. Cash On- -Mine Cost / Equiv. Ref. Pt oz Mine Cost / Equiv. Ref. Pt oz Cash On 4,000 3,500 3,000 Total Cost per Equivalent 2,500 Refined Pt oz (R / oz 2,000 Equivalent Refined Pt) 1,500 1,000 500 0 2001 2002 2003 2004 2005 H1 2006 1995 2210 2607 3183 3613 3843 R / oz Equivalent Refined Pt • An additional R100 million per year in additional development and equipping costs in 2006 and 2007 37 Capital Programme and Projects Capital Programme and Projects 38

  20. Capital Expenditure Capital Expenditure Capital Expenditure 600 500 400 Capital Expenditure (R 300 millions) 200 100 0 2001 2002 2003 2004 2005 15 Expansion (R millions) 162 290 435 314 566 Ongoing (R millions) • Average ongoing capital expenditure R600 million per annum 39 New Projects Area: UG2 New Projects Area: UG2 AS UG2 AS UG2 50E F 62E F AS UG2 44E SI AS UG2 2# 4# P2 UG2 Chromitite UG2 Chromitite Workings 40

  21. UG2 Expansion UG2 Expansion • UG2 East Upper Project • Approximately R1.5bn capex • Additional 100 000 Pt oz per annum • UG2 concentrator upgrade to 210kt per month • Commences 2007, first production 2008, full production 2012 41 New Projects Area: Merensky New Projects Area: Merensky AS MER 4# P1 AS MER 3# UG2 Chromitite UG2 Chromitite Workings 42

  22. Deeper Merensky Production Deeper Merensky Production • 4# shaft into full feasibility • Approximate depth 1100m • 250kt per month • UG2 and Merensky extraction • 3# shaft exploration and feasibility ongoing 43 Human Resources Human Resources 44

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