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A P R E C I O U S M E Ta L F O R a P R E C I O U S P L a N A PRECIOUS METAL FOR A PRECIOUS PLANET 2009 Annual Report Financial, social and environmental performance Performance highlights 2009 ■ Significant improvement in safety performance ■ Mines productivity up 13% year-on-year ■ Unit costs per equivalent refined platinum ounce essentially flat ■ Refined platinum ounces up 3% to 2.45 million ■ Refined platinum sales up 16% to 2.57 million ounces ■ Headline earnings of R710 million due to reduced metal prices ■ Net debt of R19.3 billion and rights offer of R12.5 billion announced Operational indicators 2009 2008 % change Tonnes milled 000 tonnes 43,114 42,611 1.2 4E built-up head grade g/t 3.31 3.36 (1.5) Equivalent refined Pt ounces1 000 Pt oz 2,464.3 2,465.3 — Cash on-mine costs R/tonne milled 453 475 (4.6) Cash operating costs R/oz equivalent refined Pt 11,236 11,096 1.3 Cost of sales R/oz Pt sold 13,359 14,922 (10.5) Refined production Platinum (Pt) 000 oz 2,451.6 2,386.6 2.7 Palladium (Pd) 000 oz 1,360.5 1,318.8 3.2 Rhodium (Rh) 000 oz 349.9 299.3 16.9 Gold (Au) 000 oz 90.9 78.5 15.8 PGMs 000 oz 4,751.2 4,530.8 4.9 Financial performance (R million) Net sales revenue 36,687 50,765 (27.7) Gross profit on metal sales 1,972 17,083 (88.5) Headline earnings 710 13,292 (94.7) Net debt 19,261 13,459 (43.1) Debt:equity ratio 1:1.4 1:1.8 Capital expenditure (including capitalised interest) 11,301 14,388 (21.5) Gross profit margin (%) 5.4 33.7 (84.0) Net sales revenue per platinum ounce sold (R) 14,115 22,348 (36.8) Non-financial performance Employees2 Number (as at 31 December) 64,695 80,446 (19.6) HDSAs in management % 48 44 9.1 Fatalities3 Number 13 18 Lost-time injury frequency rate Rate 1.37 1.74 (21.3) Sulfur dioxide emissions 1,000 tonnes 15.3 15.5 (1.3) GHG emissions, CO2 equivalents 1,000 tonnes 5,580 5,581 5.3 Water used for primary activities Megalitres 34,151 28,362 20.2 Energy use Terajoules 23,701 25,398 (2.0) Number of Level 2 and 3 environmental incidents Number 3 1 1. Mines’productionandpurchasesofmetalinconcentrate,secondarymetalsandothermetalsconvertedtoequivalentrefined productionusingAngloPlatinum’sstandardsmeltingandrefiningrecoveries. 2. Managedoperationsasatendofperiod. 3. 2008restatedowingtoasecurity-relatedfatalitybeingclassifiedasaminefatalityafteryearend. Overview 94 Ore Reserves and Performance highlights 2009 Mineral Resources 2 About Anglo Platinum and reporting 4 Chairman’s statement 126 8 Board of directors Company statistics 12 Executive Committee and non-financial 14 Interview with the CEO statements 20 Location of mines 128 Five-year financial review 130 Group operational statistics 22 Business 153 Non-financial statistics environment 22 Market conditions 158 Annual financial 36 Managing risks statements 39 Black economic empowerment 266 Shareholder 42 Business results information 42 Financial review 266 Glossary 47 Human resources 267 Management 48 Safety and health 268 Shareholders’ diary 52 Environment 268 Administration 53 Community 269 Notice of annual general meeting 54 Process flow chart 273 Form of proxy 56 Mining operations 58 Mines — Anglo Platinum managed 72 Mines — Joint-venture operations 80 Mines — Greenfield Projects 84 Process 92 Outlook For a full appreciation of the Group’s activities and performance, read this report in conjunction with our Sustainable Development Report, both available on the Company’s website: http://www.angloplatinum.com ANGLO PLATINUM LIMITED 2009 1 Overview Business environment Business results Reserves and resources About Anglo Platinum and reporting PROFILE In addition, the Group has a number of joint ventures. Anglo Platinum Limited is the world’s leading primary On 30 June 2009 Anglo Platinum sold and transferred producer of platinum group metals (PGMs) and control to Anooraq Resources (Anooraq) of an effective accounts for about 40% of the world’s newly mined 51% of the formerly wholly owned Lebowa Platinum platinum. The Company is listed on the JSE Limited. Mine (Lebowa) and an additional 1% of the Ga-Phasha, It delisted its secondary listing from the London Stock Boikgantsho and Kwanda joint-venture projects. Exchange during 2009. The Group is also in joint venture with: ARM Mining Consortium Limited, a historically disadvantaged South The Group’s mining operations were restructured in African (HDSA) consortium, to operate the Modikwa 2009. The former Rustenburg Section was split into Platinum Mine; Royal Bafokeng Resources, an HDSA the Bathopele, Khomanani, Thembelani, Khuseleka, partner, over the combined Bafokeng-Rasimone and Siphumelele mines, while the former Amandelbult Platinum Mine (BRPM) and Styldrift properties; the Section was split into the Tumela and Dishaba mines. Bakgatla-Ba-Kgafela traditional community, who hold a Union Mine, Mogalakwena Mine and Twickenham 15% share in Union Mine; Eastern Platinum Limited Mine remained managed operations of the Group. (subsidiary of Lonmin Plc) and its HDSA partner, the 2 ANGLO PLATINUM LIMITED 2009 Company statistics and non-financial statements Financial statements Shareholder information Bapo-Ba-Mogale traditional community and Mvelaphanda INTEGRATED ANNUAL REPORTING Resources to operate the Pandora Joint Venture; and The Company has, since 2002, produced its annual Xstrata Kagiso Platinum Partnership, to operate the report in two volumes. Volume 1 has been the business Mototolo Mine. Anglo Platinum also has pooling-and report, while Volume 2 has been the sustainability sharing-arrangements with Aquarius Platinum (South report, which has been compiled in accordance with the Africa), covering the shallow reserves of the Aquarius guidelines of the Global Reporting Initiative (GRI). In Kroondal and Marikana mines that are contiguous with order to give a complete overview of the business in one Anglo Platinum’s Rustenburg mines. report, it was decided that the 2009 annual report would be a fully integrated, single-volume report. The Group’s smelting and refining operations are wholly owned through Rustenburg Platinum Mines Anglo Platinum’s 2009 Annual Report, therefore, is Limited and are situated in South Africa. These the Company’s first fully integrated annual report to operations treat concentrates not only from the Group’s shareholders. As such, it offers a complete overview wholly owned operations, but also from its joint of the Company’s financial, social and environmental ventures and third parties. performance in a single, consolidated report. Much of the information and data on the Group’s performance Elsewhere in the world, the Group is developing the in terms of sustainability has now been integrated into Unki Platinum Mine in Zimbabwe and is actively the relevant sections of the annual report, including exploring in Brazil. It has exploration partners in the CEO’s review and the sections on performance Canada, Russia and China. highlights, the business environment and business results. A complete set of data for the non-financial statements STRATEGY, OBJECTIVE AND VALUES has also been included in the Company statistics section Our strategy is to create maximum value through of this report for ease of reference, and is to be found on understanding and developing the market for PGMs, pages 153 to 157. grow the Company to expand into those opportunities The Company has also produced a more detailed and to conduct our business safely, cost effectively and sustainable development report that contains competitively. additional detail and case studies. This is available in Adobe pdf format on the Company’s website, at Our objective is to be the number one company in www. angloplatinum.com. This sustainable development finding, mining, processing and marketing PGMs for report has been compiled in accordance with the the maximum benefit of all our stakeholders. GRI’s G3 guidelines. It is independently assured by Our values are that we put safety first; we deliver on our PricewaterhouseCoopers, to an application level of A+. promises; we value and care about each other; we act with honesty and integrity; we are one team; and we are passionate about, and take pride in, everything we do. ANGLO PLATINUM LIMITED 2009 3 Overview Business environment Business results Reserves and resources CHAIRMAN’S STATEMENT WHAT WE did iN THE dOWNTURN WiLL dETERMiNE OUR FUTURE SUCCESS Although 2009 was a challenging year for Anglo Platinum, we made significant progress toward our goal of producing safe, profitable platinum. Highlights for the Company during this testing time included greatly improved employee safety, the meeting of our platinum production targets, significant progress in cost management, and the successful completion of three black economic empowerment (BEE) transactions. nglo Platinum’s financial cost-reduction initiatives, by ensuring performance for the year was that we have the correct number of A disappointing compared with employees to match our production base, Anglo Platinum total that in 2008. This was the result increasing our productivity levels, refined platinum production primarily of significantly lower prices for reducing our overhead costs and 000 oz 3,000 platinum group metals (PGMs) ‘de-layering’ Anglo Platinum’s corporate throughout most of the year, until the 2,500 and regional offices. recovery in USD-quoted prices took 2,000 hold toward the end of 2009. It is particularly pleasing that we could 1,500 make major progress in our initiatives Anglo Platinum produced 2.45 million while also concluding wage-settlement 1,000 ounces of refined platinum in 2009, in negotiations. 500 line with the target set at the beginning of the year. Sales of platinum were higher, Relating to Anglo Platinum’s balance 0 0908070605 at 2.57 million ounces, as demand for the sheet, the Board believes that raising metal recovered. Anglo Platinum was additional equity through a rights offer able to meet market needs at the time, will provide the Company with a more thanks to the higher refined production balanced capital structure.
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