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Annual Report 2012.Pdf Palabora Mining Company Limited Integrated annual report 2012 Palabora Mining Company Limited is a large copper mine, smelter and refinery complex in the Limpopo Province of South Africa, and is a member of the worldwide Rio Tinto Group. IFC – FLAP CONTENTS COMPANY OVERVIEW 3 Palabora at a glance 4 Group highlights 2 6 Board of directors 12 Executive management LEADERSHIP STATEMENTS 16 Report from the Chairman 20 Managing Director’s report 15 22 Chief financial officer’s report CORPORATE GOVERNANCE STATEMENTS 26 Introduction 26 Palabora board of directors 24 31 Board Audit and Risk Committee 34 Remuneration and Nomination Committee 36 Social, Ethics and Technical Committee 39 Palabora Risk Management OPERATIONAL PERFORMANCE 46 Safety 48 Copper 45 50 Growth 51 Sales, marketing and logistics 52 Ore reserves and mineral resources overview SUSTAINABILITY STATEMENTS 58 Environment 69 Local economic development projects 57 77 Enterprise development projects 79 Employees 81 Health and well-being 82 Employees, contractors and visitors safety 83 Transformation 86 Stakeholder engagement Cautionary statement about forward-looking statements This document contains certain forward-looking statements with respect to the financial condition, results of operations and business of the Palabora Group. Examples of forward-looking statements in this integrated annual report include those regarding estimated ore reserves, anticipated production data, costs, outputs and productive life of assets or similar factors. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors set forth in this document that are beyond the Group’s control. For example, future ore reserves will be based in part on market prices that may vary significantly from current levels. These may materially affect the timing and feasibility of particular developments. Other factors include the ability to produce and transport products profitably, demand for our products, the effect of foreign currency exchange rates on market prices and operating costs, and activities by governmental authorities, such as changes in taxation or regulations, and political uncertainty. In light of these risks, uncertainties and assumptions, actual results could be materially different from projected future results expressed or implied by these forward-looking statements which speak only as to the date of this document. Except as required by applicable regulations or by law, the Group does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information or future events. The Group cannot guarantee that its forward-looking statements will not differ materially from actual results. IFC ANNUAL FINANCIAL STATEMENTS 91 Statement by the Company Secretary Palabora91 MiningStatement by the Board Audit Company and Risk Committee 89 92 Statement of responsibility by the Board of directors 93 Directors’ report Limited 97isIndependent a large auditor’s report copper 98 Income statements 99 Statements of comprehensive income mine, smelter100 Statements of financial and position refinery 101 Statements of changes in equity complex103 inStatements the of cash flows Limpopo 104 Notes to the consolidated financial statements 144 Summary financial data Province146 ofSummary South production data Africa, and is a member150 Analysis of shareholdersof the worldwide Rio Tinto Group.ADDITIONAL INFORMATION 151 Shareholders’ diary 151 Useful information and contacts 151 152 Notice to shareholders Proxy form – Inserted IBC Abbreviations ABOUT THIS REPORT We are pleased to present to stakeholders our integrated annual report for the year ended 31 December 2012. Our integrated annual report is consistent with the recommendations in the King Code on Corporate Governance Principles for South Africa (King III). This report covers our financial and operational performance for the year under review, as well as other non-financial indicators and information which will give our stakeholders a more comprehensive picture of our business in one document. A list of abbreviations has been supplied on the inside back cover for ease of reference. This report is also available at www.palabora.com Design of the report standards and principles of corporate governance. The layout and design of this report, is inspired by our In addition, the Company also adheres to International main product we have mined in the Ba-Phalaborwa Financial Reporting Standards (IFRS) in compiling its area for decades and that’s copper, which has annual financial statements. sustained our business for years and contributed to socio-economic development of the area. Board assurance Palabora’s Board of directors acknowledges its Scope of the report responsibility to ensure the integrity of the integrated This integrated report covers the financial year annual report. The Board has accordingly applied 1 January 2012 to 31 December 2012 and is released its mind to the integrated annual report and, in its within three months of the end of the financial year. opinion, the report presents fairly the integrated performance of the Company and its impacts. Reporting principles Palabora Mining Company Limited (“Palabora”) is a Annual financial statements 2012 company incorporated in the Republic of South Africa The annual financial statements for the year ended in accordance with the provisions of the Companies 31 December 2012 were approved by the Board of Act and complies with the principles of King III, unless directors on 14 March 2013. PricewaterhouseCoopers otherwise stated, the Companies Act and the JSE Inc., independent auditors, have audited the annual Limited Listings Requirements and other legislative financial statements as disclosed in their unqualified requirements. Palabora subscribes to high ethical audit report on page 97. Vision – A leader in the mining industry through our performance Mission – To safely and profitably extract and convert minerals and metal from the Palabora ore body Key facts – Incorporated in the Republic of South Africa in 1956, located in the Limpopo Province and listed on the JSE Limited – The Company extracts and beneficiates copper, vermiculite and magnetite – South Africa’s major producer of refined copper – Produces refined copper mainly for the South African market – The refinery produces continuous cast rod for the domestic market and cathodes for export – Palabora has a 230 Mt magnetite stockpile which is a joint-product of the copper process – Palabora also owns a vermiculite deposit which is mined and processed for sale world-wide 1 COMPANY OVERVIEW We have identifiedfour strategic objectives as key drivers towards the achievements of our vision. Objectives CREATE A STRONG RESOURCE FOR OPTIMISE SUSTAINABLE ENTERPRISE SUCCESS OPERATIONS LONG LIFE n High performance culture n Develop future leaders n Be a production benchmark n Make the right n Profitable long-term plan n Attract and retain the best n Be a third quartile strategic choices talent at all levels cost producer n Drive life of mine extension n Ensure zero harm n Plan and execute the plan projects (Lift II, magnetite) n Improve continuously n Earn the support of the community n Preserve the environment Values INTEGRITY COURAGE AccOUNTABILITY CARING TEAMWORK n Be who you say n Choosing to n Assume responsibility n Treat others as n Working with you are confront fear, risk for actions, decisions you would like to others towards a n Be honest and uncertainty and outcomes be treated common goal 2 PALABORA AT A 3 GLANCE Palabora Mining Company Limited (“Palabora”) is a major producer of refined copper and operates an underground block cave mine, smelter and refinery complex. Palabora PRODUCT REVENUE is based in Phalaborwa in the Limpopo Province of South Africa and is a member of the CONTRIBUTION (%) world-wide Rio Tinto Group of companies. 5 Products 37 The primary product of the Group is copper with magnetite being classified as a joint- product due to its significant contribution to revenue and operating profit. By-products include nickel sulphate, anode slimes and sulphuric acid. The Industrial Minerals division produces and markets vermiculite. 56 Operations 2 The copper operation comprises an underground mine, a concentrator, a copper smelter with anode casting facilities and an associated acid plant, an electrolytic refinery tank PRODUCT OPERATING PROFIT house, a rod casting plant, a magnetite separation plant and by-product recovery plants. CONTRIBUTION (%) Magnetite consists of two ore streams, one being the magnetite mined as part of the -4 copper-bearing ore and the other a historic stockpile accumulated during the open cast copper period. Magnetite is mostly processed through the magnetite separation plant -145 to increase the grade to approximately 65 per cent Fe content. The vermiculite division comprises an open pit mining operation and a recovery plant. Foreign subsidiaries in the United States of America, the United Kingdom and Singapore are responsible for the sale and marketing of vermiculite. 244 5 COPPER PRODUCTION PERSPECTIVE Material mined (Mt) Copper 250 Copper mined (thousand tonnes) By-products Magnetite Vermiculite 200 150 100 50 0 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Palabora Mining Company Limited Integrated annual report 2012 3 GROUP 4 HIGHLIGHTS for the year ended 31 December 2012 Per cent 2012 2011 change Financial
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