Facility visit11 October 2005

AgendaAgenda

●● SafetySafety●● OOre bodyre body●● Mining methodsMining methods●● ProductionProduction●● Operating costsOperating costs●● Capital expenditureCapital expenditure●● Human resourcesHuman resources●● Key business issues Key business issues

3 000m

FOREST HILL

BRAKFONTEIN

KLIPFONTEIN

HACKNEY

DOORNBOSCH

CLAPHAM

466 KS

ZWARTKOPPIES 413 KS

465 KS

464 KS

116 KT117 KT

118 KT

WATERKOP 113 KT

MECKLENBURG112 KT

CROYDON120 KT

SURBITON115 KT

THE SHELTER121 KT

AVOCA472 KS

507 KS

BALMORAL508 KS

542 KSHILL

GROOTHOEK256 KT

MOOIHOEK255 KT

TOUW282 KT

294 KT

NOOIT-324 KT

VERWACHT

MAGNETS -

541 KSVLAKTE

543 KSKOP

252 KT

GROOT -

284 KTVYGEBOOM

WIN

NAAR

SHOE

K

HOEPA -

291 KTKRANZ

GARA -

DE KAMP

PASCHASKRAAL

TWICKENHAM114 KT

QUARTZ

KLOOF539 KS

DE KOM

DSJATE249 KT

DINGAANS -

HOOGSTE -PUNT

290 KT

323 KT HOUTBOSCH

EERSTE GELUK322 KT 2 000m

1 000m

250 K

T

ZWEM -

283 KTKLOOF

TWYFE -

119 KT LAAR

Merensky Reef

UG 2

FERN

EASTERN BUSHVELD

GENOKAKOP285 KT

Maandagshoekfarm

Rustenburg

Potgietersrust

Witbank

Warmbaths

PRETORIA

Barplats

Kennedys Vale

RPM. RUSTENBURG

NORTHAM

RPM. UNION

PP RUST

LEBOWA

RPM. AMANDELBULT

IMPALA

WESTERN ANDEASTERN PLATS BARPLATS

CROCODILE RIVERBAFOKENG

Bushveld Complex

Amplats Mines

Impala Mines - Gencor

Lonrho Mines

Goldfields Mines - Northam

B U S H V E L D C O M P L E X

25 O

Republic of South Africa

25 O

Lydenburg

SOUTH AFRICA

AFRICA

254 KT

HENDRIKSPLAATS281 KT

292 KT

DRIEKOP253 KT

MAANDAGSHOEK

ONVERWACHT

WINTERVELD293 KT

Locality Locality –– Modikwa Platinum MineModikwa Platinum Mine

LocationJV area

Safety

Lost time injury frequency rate

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

4.00

4.50

5.00

Act/F_cast 1.51 3.39 4.56 2.79

2002 2003 2004 YTD

Fatalities

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

Act/F_cast 1 3 3 1

2002 2003 2004 YTD

GeologyResources/reserves

Modikwa Platinum Mine Modikwa Platinum Mine –– lease arealease area

24.8 km

Not to scale

Total lease area 14 278 haTotal lease area 14 278 ha

N

Mpumalanga Province

Modikwa Platinum Mine Modikwa Platinum Mine –– mining areamining area

Deepening of North shaft declines by 1 level commenced in 2005.

Base casePhase 1

North shaftextension

South shaftextensionPhase 2

Phase 3

Stoping

Profile

UG 3A

UG 3

UG 2

UG 1

91m

15m

10m

058cm

Triplet 3

Triplet 2

Triplet 15cm

12cm

12cm

15 to 70cm

FW

HW

UG2

Channel

BRC

TRC

17cm

NORITE

SPOTTED ANORTHOSITE

MOTTLED ANORTHOSITE

PYROXENITE

PORPHYRITIC PYROXENITE

PEGMATOIDAL PYROXENITE

HARZBURGITE

CHROMITITE STRINGER

CHROMITITE

- L E G E N D -

StratigraphicStratigraphic column in proximity of UG2column in proximity of UG2

● Outcropping Merensky & UG2 , Westerly Dip ~11°

● Merensky to UG2 separation approximately 260m

● Variable middling of triplets and Leuconorite Parting Plane (LPP) to Top Reef Contact (TRC) on UG2

● Norite-Fsp Pyroxenite contact 40-60 cm above MR

50

58 61

20 -45

30 25

821

17

371010

4885

56

4

21 21 21

NORTH SHAFT SOUTH SHAFT HILL ADITS

107 Planned101 Planned 97 Planned

TRC

BRC

UG2

Leuconorite Unit

1020 16

Optimal Optimal StopingStoping CutCut(per shaft area)(per shaft area)

Mine average planned at 102 cm – Currently 105cm

Vertical grade distribution in UG2

South ShaftNorth Shaft

Reef channel

Hanging wallFoot wall

Average g/t 4E: North 5.65 South 5.99 Total 5.81

Measured Resource

Indicated ResourceInferred Resource

2004 UG2 resource 2004 UG2 resource categoriescategories

(Data Mine model)(Data Mine model)

Indicated ResourceInferred Resource

117 boreholes

2004 2004 MerenskyMerenskyresource categoriesresource categories

(Data Mine model)(Data Mine model)

Resource & reserve statement - 2004

Exploration status

• Phase 1 footprint complete by end 2006• Phase 2 drilling commenced in line with current

exploration programme

• 3D seismic will be conducted in 2006 over a target area on North and South Shafts

• Merensky Exploration continuing – trial mining to commence in 2006

Drilling programme 2005-2008

20052006

20082007

2005 S# 2005 N#2006 Infill

Phase 1 Phase 2

Surface Drilling

05000

1000015000200002500030000350004000045000

2003 2004 2005 2006

met

res

On-mine - Exploration drilling

Mining methods

Original design• Twin decline shaft systems

– Vehicle access decline– Belt decline

• Main strike development on-reef• Conventional down-dip stoping• Twin raises separated by 5m pillar• 90 cm stoping width• Mechanised development and tramming• Flat management / supervisory structures• Self directed, multi-skilled work teams• No night shift, two panel cycle• Continuous operations (Conops)• Fully autogenous milling • 200 ktpm, 162 kozpa• Onverwacht Hill and Mid Shaft areas included

Changes to original design

• Chairlift decline access• Main strike development in the footwall• Stoping changed from down-dip to breast• 102 cm stoping width• Introduced night shift• Traditional management structure• Ball milling to increase capacity• 240 ktpm, 162 kozpa

200

m

Downdip Twin Raise Reef Drive layout

Reef Drive

Reef Drive

Twin Reef Raise

Dip Pillar

DiagonalMuck Bay

MiningDirection

Mined Out Area

Unmined Area

210m

70m

200

m

Downdip Single Raise Reef Drive layout

Reef Drive

Reef Drive

Single Reef RaiseDip PillarStrike Pillar

DiagonalMuck Bay

210 m

MiningDirection

30 m

80°6m 2m

3m

4m

Mined Out Area

Unmined Area

210m

70m

See Enlargement

Enlargement

ASG

PILLARS

Footwall Drive

Footwall Drive

200

m

4 m

Breast Footwall layout

210 m

105 m

8 m

10 m

4 m

Enlargement

MiningDirection

MiningDirection

Mined Out Area

Unmined AreaSee Enlargement

30 m

Cross Cut

Travelling Way & SO

Muck Bay

Breast Footwall layout

Current mine design

Current mine design – North shaft

29

Production sources(000’s tons per month)

--25Low grade dev.-1410Mid Shaft

1208160South Shaft

240

-

120

Steady state

233210TOTAL

3835Hill

10080North Shaft

20062005Production area

Production

31

Conversion to footwall strike development & breast stoping

Development required to generate ore reserves

Dip miningTwin raise & reef

drives

Breast miningFootwall drives

83

22

17

m²/metre

602472106m²/ Prim.- Large Ends

2 272463108m²/ Prim.- R/W, TW, BH & Diag

2 87493553m²/ Total Dev

Required to replace 50 000

m²

Required to replace 50 000

m²m²/metre

60% of stoping on breast by end 2006, 95% by end 2007100% reef drives in footwall by end 2008

0

500

1,000

1,500

2,000

2,500

3,000

3,500

Met

res

History 3,184 2,002 2,108

'03 '04 H1 05

Total primary development metres / month(Excludes # Sinking)

2003 to 2004 reduction due to single raise dip miningAt steady state breast requires less development than dip to generate the same ore reserves

Immediately Available Reserves (Raises Holed)

7.7

12.1

17.3 17.8 18

0

2

4

6

8

10

12

14

16

18

20

2004 2005 * 2006 2007 2008

mon

ths

Includes depletion of Hill and mid shaft areasTransition to 100% underground production

* Revised dip method increased rate of ore reserve build up

Face length build-up

01,0002,0003,0004,0005,0006,0007,0008,0009,000

10,000

Aug '05

'Mar '06

'Sep '06

'Jun '07

Met

res

Immediately available (Holed) Available for equipping (Holed + Ledged)

Immediately stopable (Holed + Led. + Equip.) Resourced ( Stoping)

Planned ratio – stopable: stoping 1,5:1 by end 2006

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

m²

History 22,195 34,842 37,486

'03 '04 H1 05

Monthly area mined (m2)

Planned steady state – 100% underground at 50 000m2 / month

80

85

90

95

100

105

110

115

cm

History 113 103 105

'03 '04 H1 05

Stoping width

Steady state mine average planned at 102 cm by end 2006

Average Tons Milled per month

-

50,000

100,000

150,000

200,000

250,000

Tons

mill

ed

Other Sources 75,545 44,323 22,886 38,124

HG UG2 119,455 157,427 174,114 181,543

2002 2003 2004 H1 05

Includes low grade ‘other’ sources – depleted by end 2005Current underground average grade 4,45 g/t

Grade

0.00

1.00

2.00

3.00

4.00

5.00

g/t 4

E

Built Up Grade 2.52 3.23 4.09 4.13

2002 2003 2004 H1 05

● Steady state planned recovery 86%● Achieved 240 ktpm in May 2005● Expert systems in place – circuit optimisation ongoing

Plant 4E Recovery

70.00%

75.00%

80.00%

85.00%

90.00%

% R

ecov

ery

4E

4E Recovery 80.50% 83.60% 84.00% 84.09%

2002 2003 2004 H1 05

Equivalent refined Pt Oz / month

6.00

6.50

7.00

7.50

8.00

8.50

9.00

9.50

10.00

10.50

11.00

Pt O

z's

(000

's)

History 7.67 9.52 10.69

'03 '04 H1 05

Operating costsOperating costs

Cash cost / ton milledCash cost / ton milled

Cash cost / Ton milled

0

50

100

150200

250

300

350

400

R /

Ton

Mille

d

Cash cost / ton milled 185 303 363 355

2002 2003 2004 H1 05

Lower platinum content of Modikwa ore results in higher unit cost per Pt oz, comparable cost per PGM oz

Cash cost / equivalent refined Pt ozCash cost / equivalent refined Pt ozCash cost / Equivalent Pt oz refined

01,0002,0003,0004,0005,0006,0007,0008,0009,000

R /

Pt o

z

Cash cost / Pt oz 6,598 8,057 7,515 7,283

2002 2003 2004 H1 05

Operating costsOperating costs● Current cash costs per ton milled and Pt oz high as build up continues.

● Drivers of cost reduction● Volume increase● 4 mining areas to 2● 1,5m of equipped face per m face blasted● Novice workforce moving up learning curve● Less development required● Cost reduction initiatives

Capital expenditureCapital expenditure

Capital expenditure (R000’s)

• Approximately R 160 m to be spent on average on LOM ongoing / replacement capital • Approximately R 100 m additional to be spent per year during decline deepening

Total Modikwa

-

200,000

400,000

600,000

800,000

1,000,000

1,200,000

Total Modikw a 1,077,952 438,241 147,212 111,628

2002 2003 2004 H1 05

Capital expenditure

Main Items for 2005●Burgersfort Housing Project R 125 million●Flag Boshielo Damwall R 19 million●Ore reserve development R60 million - and

commencement of North Shaft deepening by 1 level

●Off mine capex largely complete

Human resourcesHuman resources

Employee relationsEmployee relations

● Community and employee expectations high● Non-procedural workplace disruptions – higher than

normal

● Significant management effort and focus to educate and mentor workforce and improve relationships

● Mining Charter Compliance Strategy in place.

Human resources developmentHuman resources development

•• Underground and surface training Underground and surface training centrescentres..•• Increased training of supervisors.Increased training of supervisors.•• Fall Of Ground competency compliant by Dec Fall Of Ground competency compliant by Dec 2005. 2005.

Key business issues• Improved safety performance

• Achieve planned volume increase

• Smooth transition from down dip to breast stoping and moving drives into footwall

• Further improve efficiency of the mechanised development and tramming

• Improve efficiencies of stoping teams

• Major transition commenced, complete in 2006

Facility visit11 October 2005