| Mon 25 Jul 2011, 8:00 | | AMS - Anglo American Platinum Limited - Abridged reviewed interim financial |
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AMS
ANANP
AMS - Anglo American Platinum Limited - Abridged reviewed interim financial
results for the six months ended 30 June 2011 and cash distribution
declaration
Anglo American Platinum Limited (formerly Anglo Platinum Limited) and its
Subsidiaries ("Amplats")
(Incorporated in the Republic of South Africa)
(Registration number 1946/022452/06)
JSE Codes: AMS
ISIN: ZAE000013181
ABRIDGED REVIEWED INTERIM FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 30 JUNE
2011 AND CASH DISTRIBUTION DECLARATION
KEY FEATURES
Sadly, eight employees lost their lives during the first half of 2011
Operating free cash flow increased by 159% to R4 745 million compared to the
first half of 2010
Headline earnings up 26% to R3 233 million on the back of strong operational
flexibility and solid PGM prices
Interim dividend of R1.3 billion, R5.00 per share
Refined platinum production up 17% year-on-year to 1.17 million ounces
Cash operating costs up 13% year-on-year to R12 991 per equivalent refined
platinum ounce
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Reviewed Reviewed Audited
Six Six Year
months months
ended ended ended
30 June 30 June % 31
December
R millions Notes 2011 2010 Change 2010
GROSS SALES REVENUE 24 972 20 929 46 352
Commissions paid (167) (146) (327)
NET SALES REVENUE 24 805 20 783 19 46 025
COST OF SALES (20 038) (16 817) (19) (37 991)
GROSS PROFIT ON METAL SALES 3 4 767 3 966 20 8 034
Other net income/(expenditure) 211 5 (405)
Market development and (226) (194) (376)
promotional expenditure
OPERATING PROFIT 4 752 3 777 26 7 253
Gain on revaluation of investment 33 - -
in Wesizwe Platinum Limited
Profit on disposal of 37% - 788 788
interest in Western Bushveld
Joint Venture
Gain on listing of Bafokeng - - 4 466
Rasimone Platinum Mine (BRPM)
Interest expensed (135) (242) (318)
Interest received 176 130 248
Remeasurements of loans and 165 163 302
receivables
Losses from associates (net of 8 (203) (135) (319)
taxation)
PROFIT BEFORE TAXATION 4 788 4 481 7 12 420
Taxation 8 (1 405) (1 119) (2 304)
PROFIT FOR THE PERIOD/YEAR 3 383 3 362 10 116
OTHER COMPREHENSIVE INCOME
Deferred foreign exchange 102 22 (240)
translation gains/(losses)
Share of other comprehensive (4) - 14
(losses)/income of associates
Net (losses)/gain on available (153) - 129
for sale investments
TOTAL COMPREHENSIVE INCOME FOR 3 328 3 384 10 019
THE PERIOD/YEAR
PROFIT ATTRIBUTABLE TO:
Owners of the Company 3 328 3 272 2 9 959
Non-controlling interests 55 90 157
3 383 3 362 10 116
TOTAL COMPREHENSIVE INCOME
ATTRIBUTABLE TO:
Owners of the Company 3 273 3 294 9 862
Non-controlling interests 55 90 157
3 328 3 384 10 019
RECONCILIATION BETWEEN PROFIT AND
HEADLINE EARNINGS
Profit attributable to 3 328 3 272 9 959
shareholders
Adjustments
Profit on disposal of 37% - (788) (788)
interest in Western Bushveld
Joint Venture
Tax effect thereon - 17 17
Gain on listing of BRPM - - (4 466)
Tax effect thereon - - 111
Gain on revaluation of investment (33) - -
in Wesizwe Platinum Limited
Tax effect thereon 3 - -
Profit on sale of other mineral (6) - (14)
rights and investments
Tax effect thereon 2 - 2
Net (profit)/loss on disposal and (85) 81 153
scrapping of property, plant and
equipment
Tax effect thereon 24 (23) (43)
HEADLINE EARNINGS 3 233 2 559 4 931
Number of ordinary shares in 261.2 261.4 261.6
issue (millions)
Weighted average number of 261.5 249.0 5 254.8
ordinary shares in issue
(millions)
Earnings per ordinary share
(cents)
- Basic 1 273 1 314 (3) 3 909
- Diluted (basic) 1 268 1 309 (3) 3 896
Headline earnings per ordinary
share (cents)
- Headline 1 236 1 028 20 1 935
- Diluted 1 232 1 024 20 1 929
CONSOLIDATED STATEMENT OF CASH FLOWS
Reviewed Reviewed Audited
Six Six Year
months months
ended ended ended
30 June 30 June 31
December
R millions 2011 2010 2010
CASH FLOWS FROM OPERATING ACTIVITIES
Cash receipts from customers 24 315 19 784 45 617
Cash paid to suppliers and employees (18 282) (16 561) (34 261)
Cash generated from operations 6 033 3 223 11 356
Interest paid (net of interest capitalised) (81) (285) (220)
Taxation paid (400) (345) (905)
Net cash from operating activities 5 552 2 593 10 231
CASH FLOWS USED IN INVESTING ACTIVITIES
Purchase of property, plant and equipment (3 013) (3 304) (7 989)
(includes interest capitalised)
Proceeds from sale of plant and equipment 125 4 29
Net proceeds on disposal of 13% of Royal - - 1 323
Bafokeng Platinum Limited
Distribution from associates 79 9 -
Proceeds on disposal of 37% interest in 126 186 186
Western Bushveld Joint Venture
Senior loan to Plateau Resources (Proprietary) (669) - -
Limited (Plateau)
Subscription of preference shares in Newshelf - (273) (273)
848 (Proprietary) Limited, a company owned by
Afripalm
Proceeds on disposal of interest in Sichuan - - 14
Anglo Platinum Exploration Company Limited
Loans to associates (126) (195) (260)
Advances made to Plateau for the operating (115) (77) (141)
cash shortfall facility
Repayment of loan by ARM Mining Consortium - 17 17
Limited
Other advances (15) (30) (32)
Receipt of funds in escrow regarding the - - 537
Booysendal deal
Increase in investments held by environmental (11) (1) (507)
trusts
Interest received 52 58 33
Growth in environmental trusts (2) 14 22
Net cash used in investing activities (3 569) (3 592) (7 041)
CASH FLOWS USED IN FINANCING ACTIVITIES
Proceeds from the issue of ordinary share - 12 18
capital
Proceeds from the rights offer (net of - 12 404 12 404
transaction costs)
Purchase of treasury shares for the Bonus (295) (270) (270)
Share Plan (BSP)
Repayment of interest-bearing borrowings (374) (12 127) (16 147)
Repayment of finance lease obligation - - (1)
Cash dividends paid (1 791) - -
Cash distributions to minorities (133) (129) (192)
Net cash used in financing activities (2 593) (110) (4 188)
Net decrease in cash and cash equivalents (610) (1 109) (998)
Cash and cash equivalents at beginning of 2 534 3 532 3 532
period/year
Cash and cash equivalents at end of 1 924 2 423 2 534
period/year
MOVEMENT IN NET DEBT
Net debt at beginning of period/year (4 111) (19 261) (19 261)
Net cash from operating activities 5 552 2 593 10 231
Net cash used in investing activities (3 569) (3 592) (7 041)
Other (2 222) 12 015 11 960
Net debt at end of period/year (4 350) (8 245) (4 111)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Reviewed Reviewed Audited
as at as at as at
30 June 30 June 31
December
R millions Notes 2011 2010 2010
ASSETS
Non-current assets 67 206 60 098 65 408
Property, plant and equipment 37 345 35 592 37 438
Capital work-in-progress 18 024 18 949 17 065
Investment in associates 6 917 3 947 7 339
Investments held by environmental 595 79 569
trusts
Other financial assets 4 251 1 414 2 904
Other non-current assets ` 74 117 93
Current assets 17 615 20 525 18 393
Inventories 12 022 13 438 12 558
Trade and other receivables 3 347 4 471 2 988
Other assets 301 193 305
Other current financial assets 21 - 8
Cash and cash equivalents 1 924 2 423 2 534
TOTAL ASSETS 84 821 80 623 83 801
EQUITY AND LIABILITIES
Share capital and reserves
Share capital 26 26 26
Share premium 21 098 21 293 21 381
Foreign currency translation reserve (397) (116) (499)
Available for sale reserve (24) - 129
Retained earnings 35 255 26 574 33 521
Non-controlling interests 382 456 460
Shareholders` equity 56 340 48 233 55 018
Non-current liabilities 14 439 23 630 19 774
Interest bearing borrowings 4 451 10 647 6 622
Obligations due under finance leases 1 2 1
Other financial liabilities 106 164 148
Environmental obligations 1 431 1 279 1 388
Employees` service benefit obligations 7 - - *
Deferred taxation 12 443 11 538 11 615
Current liabilities 14 042 8 760 9 009
Current interest bearing borrowings 4 5 822 19 22
Trade and other payables 5 939 5 709 6 190
Other liabilities 1 414 2 301 2 042
Other current financial liabilities 141 177 183
Share-based payment provision 91 129 108
Taxation 635 425 464
TOTAL EQUITY AND LIABILITIES 84 821 80 623 83 801
* Less than R500 000
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Foreign
currency Available
Share Share translation for sale
R millions capital premium reserve reserve
Balance as at 31 December 2009
(audited) 24 9 143 (138) -
Total comprehensive income for the 22
period
Deferred tax charged directly to
equity
Cash distribution to minorities
Ordinary share capital issued - * 12
Proceeds of rights offer (net of 2 12 402
transaction costs)
Shares acquired in terms of the BSP - (-)* (270)
treated as treasury shares
Shares vested in terms of the BSP - * 6
Equity-settled share-based
compensation
Shares purchased for employees
Balance as at 30 June 2010
(reviewed) 26 21 293 (116) -
Total comprehensive income for the (262) 129
period
Deferred tax charged directly to
equity
Transfer of prior year translation (121)
differences on net investment in
foreign subsidiary
Cash distributions to minorities
Rights offer shares subscribed for by (30)
Group ESOP
Issue of shares to certain former - * 88
preference shareholders
Ordinary share capital issued - * 6
Shares vested in terms of BSP - * 24
Equity-settled share-based
compensation
Shares purchased for employees
Balance as at 31 December 2010
(audited) 26 21 381 (499) 129
Total comprehensive income for the 102 (153)
period
Deferred tax charged directly to
equity
Cash distributions to minorities
Cash dividends paid
Shares acquired in terms of the BSP - (-)* (295)
treated as treasury shares
Shares vested in terms of the BSP - * 12
Equity-settled share-based
compensation
Shares purchased for employees
Balance as at 30 June 2011
(reviewed) 26 21 098 (397) (24)
* Less than R500 000
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (continued)
Non-
Retained controlling
R millions earnings interests Total
Balance as at 31 December 2009
(audited) 23 109 495 32 633
Total comprehensive income for the 3 272 90 3 384
period
Deferred tax charged directly to (18) (18)
equity
Cash distribution to minorities (129) (129)
Ordinary share capital issued 12
Proceeds of rights offer (net of 12 404
transaction costs)
Shares acquired in terms of the BSP - (270)
treated as treasury shares
Shares vested in terms of the BSP (6) -
Equity-settled share-based 223 223
compensation
Shares purchased for employees (6) (6)
Balance as at 30 June 2010
(reviewed) 26 574 456 48 233
Total comprehensive income for the 6 701 67 6 635
period
Deferred tax charged directly to (10) (10)
equity
Transfer of prior year translation 121 -
differences on net investment in
foreign subsidiary
Cash distributions to minorities (63) (63)
Rights offer shares subscribed for by 30 -
Group ESOP
Issue of shares to certain former (88) -
preference shareholders
Ordinary share capital issued 6
Shares vested in terms of BSP (24) -
Equity-settled share-based 252 252
compensation
Shares purchased for employees (35) (35)
Balance as at 31 December 2010
(audited) 33 521 460 55 018
Total comprehensive income for the 3 324 55 3 328
period
Deferred tax charged directly to (2) (2)
equity
Cash distributions to minorities (133) (133)
Cash dividends paid (1 791) (1
791)
Shares acquired in terms of the BSP - (295)
treated as treasury shares
Shares vested in terms of the BSP (12) -
Equity-settled share-based 226 226
compensation
Shares purchased for employees (11) (11)
Balance as at 30 June 2011
(reviewed) 35 255 382 56 340
* Less than R500 000
SEGMENTAL INFORMATION
Net sales revenue Operating
contribution
Reviewed Reviewed Audited Reviewed Reviewed Audited
Six Six Year Six Six Year
months months months months
ended ended ended ended ended ended
30 June 30 June 31 30 June 30 June 31
December December
R millions 2011 2010 2010 2011 2010 2010
Operations
Bathopele Mine 1 165 1 162 2 526 323 400 701
Khomanani Mine 900 743 1 709 96 70 129
Thembelani Mine 1 025 726 1 735 225 138 292
Khuseleka Mine 1 142 1 033 2 275 95 217 299
Siphumelele Mine 864 668 1 590 139 70 178
Tumela Mine 2 712 2 313 5 162 838 810 1 831
Dishaba Mine 1 361 1 214 2 634 276 280 609
Union Mine 2 613 2 301 5 099 694 765 1 331
Mogalakwena Mine 4 036 2 766 6 187 1 714 1 016 1 927
Twickenham 34 35 70 16 (62) (155)
Platinum Mine
Unki Platinum 270 - - 93 - -
Mine
Modikwa Platinum 675 567 1 304 127 126 270
Mine
Kroondal Platinum 1 110 991 2 202 361 374 730
Mine
Marikana Platinum 259 308 636 3 105 128
Mine
Mototolo Platinum 505 471 983 178 175 325
Mine
Bafokeng-Rasimone - 503 1 019 - 130 176
Platinum Mine*
18 671 15 801 35 131 5 178 4 614 8 771
Western Limb 351 306 672 129 71 179
Tailings
Retreatment
(WLTR)
Masa Chrome 212 163 376 202 154 356
Total - mined 19 234 16 270 36 179 5 509 4 839 9 306
Purchased metals 5 571 4 513 9 846 479 266 913
24 805 20 783 46 025 5 988 5 105 10 219
Other costs (1 221) (1 139) (2 185)
Gross profit on 4 767 3 966 8 034
metal sales
* Bafokeng-Rasimone Platinum Mine was equity accounted from 8 November 2010.
NOTES TO THE INTERIM RESULTS
1. This interim report complies with International Accounting Standard 34 -
Interim Financial Reporting and South African Statements of Generally
Accepted Accounting Practice, AC127, with the same title, the South African
Statements and Interpretations of Statements of Generally Accepted Accounting
Practice (AC 500 Series), the requirements of the Companies Act of South
Africa and the disclosure requirements of the JSE Limited`s Listings
Requirements. The preparation of the Group`s reviewed consolidated interim
results for the six months ended 30 June 2011 was supervised by the Finance
Director, Mr. B Nqwababa.
2. The interim report has been prepared using accounting policies that comply
with International Financial Reporting Standards and South African Statements
of Generally Accepted Accounting Practice. The accounting policies are
consistent with those applied in the financial statements for the year ended
31 December 2010, except for the adoption of the May 2010 annual improvements
to IFRS in the period under review. These changes did not have a material
impact on the financial results of the Group.
Reviewed Reviewed Audited
Six Six Year
months months
ended ended ended
30 June 30 June 31
December
R millions 2011 2010 2010
3. Gross profit on metal sales
Gross sales revenue 24 972 20 929 46 352
Commissions paid (167) (146) (327)
Net sales revenue 24 805 20 783 46 025
Cost of sales (20 038) (16 817) (37 991)
On-mine (11 660) (11 066) (23 227)
Cash operating costs (10 069) (9 393) (19 919)
Depreciation (1 548) (1 669) (3 275)
Deferred waste stripping (43) (4) (33)
Purchase of metals and leasing activities* (4 355) (4 846) (9 215)
Smelting (1 305) (1 108) (2 574)
Cash operating costs (932) (766) (1 846)
Depreciation (373) (342) (728)
Treatment and refining (1 021) (833) (1 785)
Cash operating costs (826) (696) (1 467)
Depreciation (195) (137) (318)
(Decrease)/increase in metal inventories (476) 2 175 995
Other costs (1 221) (1 139) (2 185)
Gross profit on metal sales 4 767 3 966 8 034
Gross profit margin (%) 19.2 19.1 17.5
* Consists of purchased metals in
concentrate, secondary metals and other
metals.
4. Interest-bearing borrowings
The Group has the following borrowing
facilities
Committed 21 479 21 499 21 491
Uncommitted 4 739 4 783 4 730
Total facilities 26 218 26 282 26 221
Less: facilities utilised (6 273) (10 666) (6 644)
Interest bearing borrowings (451) (10 647) (6 622)
Current interest bearing borrowing (5 822) (19) (22)
Available 19 945 15 616 19 577
Weighted average borrowing rate (%) 6.38 7.66 6.31
The Group has received notice from one of its lenders that it plans on
closing its South African branch in the near future. The R1.3 billion 364-day
committed facility from this lender remains unutilised and matures on 25
October 2011. In addition, the R10.6 billion committed facility with Anglo
American SA Finance Limited (AASAF) matures on 22 May 2012 and the borrowing
under the facility has been classified as a current liability. Management
will commence negotiations with AASAF prior to the expiry of the facility.
Reviewed Reviewed Audited
Six Six Year
months months
ended ended ended
30 June 30 June 31
December
R millions 2011 2010 2010
5. Commitments
Mining and process property, plant and
equipment
Contracted for 1 603 2 508 1 553
Not yet contracted for 25 553 34 333 27 028
Authorised by the directors 27 156 36 841 28 581
Project capital 22 805 32 428 24 380
- within one year 3 835 4 351 3 565
- thereafter 18 970 28 077 20 815
Stay-in-business capital 4 351 4 413 4 201
- within one year 3 528 3 622 2 998
- thereafter 823 791 1 203
Capital commitments relating to the Group`s
share in associates
Contracted for 352 109 362
Not yet contracted for 2 933 2 361 3 185
3 285 2 470 3 547
Other
Operating lease rentals - buildings and 461 513 500
equipment
- within one year 96 89 87
- within two to five years 261 257 267
- thereafter 104 167 146
Information Technology Service Providers 264 480 619
- within one year 86 106 228
- thereafter 178 374 391
These commitments will be funded from existing cash resources, future
operating cash flows, borrowings or any other funding strategies embarked on
by the Group.
The Group has provided Plateau, a company owned by Anooraq, with a facility
that covers its senior debt repayments should Plateau not be able to meet its
repayments. The facility is limited to 29% of 49% of Bokoni Platinum Mine`s
free cash flows up to a maximum of R500 million plus accrued interest.
The Group has provided Lexshell 36 General Trading (Proprietary) Limited
(Lexshell 36), a company owned by the Bakgatla-Ba-Kgafela traditional
community, with a facility that covers its outstanding hedge exposure. The
facility is limited to Union Mine`s cash flows, and call on this facility is
considered a remote possibility.
The Group has also provided Lexshell 36 with a project capital expenditure
facility to fund their proportionate share of any specific new project
capital incurred for the development of a new shaft, other than the 5 South
Decline Project at Union Mine. This facility expires on 31 March 2015 and is
limited to 15% of the capital spend on the shaft. At 30 June 2011, this
facility had not been drawn upon.
6. Contingent liabilities
Letters of comfort have been issued to financial institutions to cover
certain banking facilities. There are no encumbrances over Group assets,
other than the assets held under finance leases by the Group.
The Group is the subject of various claims, which are individually immaterial
and are not expected, in aggregate, to result in material losses.
The Group has, in the case of some of its mines, provided the Department of
Minerals Resources with guarantees that cover the difference between the
closure costs and amounts held in the environmental trusts. At 30 June 2011,
these guarantees amounted to R2 682 million (30 June 2010: R3 107 million, 31
December 2010: R2 493 million).
7. Changes in accounting estimates for inventory
During the current period, the Group changed its estimate of the quantities
of inventory based on the outcome of a physical count of in-process metals.
The Group runs a theoretical metal inventory system based on inputs, the
results of previous counts and outputs. Due to the nature of in-process
inventories being contained in weirs, pipes and other vessels, physical
counts only take place once per annum, except in the Precious Metal Refinery,
which takes place once every two years.
This change in estimate has had the effect of increasing the value of
inventory disclosed in the financial statements by R417 million (2010:
decrease of R520 million). This results in the recognition of an after-tax
gain of R300 million (2010: loss of R374 million).
8. Reclassification of comparative figures
During the current period, the Group changed its disclosure of taxation
arising on equity accounted earnings. Previously, the associates` share of
taxation was included in the Group`s taxation expense in the statement of
comprehensive income. Losses from associates are now reflected net of the
Group`s share of the associates` taxation. This resulted in the losses from
associates reducing by R107 million for the year ended 31 December 2010 (30
June 2010: R9 million) and the taxation expense increasing by the
corresponding amount.
9. Corporate governance
The Board reaffirms its commitment to sound governance. It considers that the
Company and its subsidiaries applied the King Code of Governance Principles
during the period under review, except with regard to the appointment of
Cynthia Carroll, who is not independent, as Chairman. The Code contemplates
the appointment of a non-independent Chairman requiring that in those
circumstances, a Lead Independent Non-Executive Director be appointed. Valli
Moosa has been appointed Deputy Chairman and he fulfils the role of Lead
Independent Non-Executive Director. There exists a balance of power and
authority on the Board so that no one individual has unfettered power of
decision making. In addition, the Board has adopted a Statement of Division
of Responsibilities amongst the Chairman, the Lead Independent Non-Executive
Director and the Chief Executive Officer, which clearly establishes the
responsibilities of each role.
In the light of the King III Code and the introduction of a new Companies
Act, the Corporate Governance Committee conducted a gap analysis and is in
the process of reconstituting, renaming and reviewing the functions of
several Board Committees.
10. Auditor`s review
The interim report from which the abridged interim results have been
extracted has been reviewed by the Company`s auditors, Deloitte & Touche. The
review was performed in accordance with ISRE 2410, Review of Interim
Financial Information Performed By The Independent Auditor Of The Entity.
Their unqualified report is available for inspection at the Company`s
registered office. Any reference to future financial performance, included in
this announcement, has not been reviewed or reported on by the Company`s
auditors.
COMMENTARY
SAFETY
We are sorry to report eight of our employees lost their lives during the
period. We extend our sincere condolences to their families, friends and
colleagues.
There was also an increase in the lost time frequency rate (LTIFR) to 1.33
during the first half of the year. While this is unfortunate, we are
encouraged that the severity of these injuries has decreased. Also
encouraging is that the actions taken to prevent the traditional causes of
injury and death, falls of ground, tramming and transport and inundations,
have shown remarkable results.
Clearly, it has been a very difficult start to the year. There have been more
safety stoppages in the first quarter than the whole of last year and we have
had many breaks due to public holidays and long weekends resulting in
disruption to the operating environment. We have worked relentlessly with our
partners in Government and Labour and we believe we have our journey to zero
harm back on track. In light of our performance we have reviewed our safety
strategy using internal and external experts. While the overall program is
still sound, we have adjusted our priorities within the program based on the
current risk.
Our Safety Strategy has four main components: Appropriate safety management
systems, Engineering out the Risk, Developing appropriate behavior, and
Wellness in the Workplace. Together these strategies have improved our safety
performance over the past three years. While the first half has been a step
backward, the overall trend remains positive as our safety performance during
the period is still the second best half year we have had.
MINERALS LEGISLATION, TRANSFORMATION AND COMMUNITIES
Anglo American Platinum has made significant progress towards achieving its
transformation objectives as envisaged by the Minerals and Petroleum
Resources Development (MPRD) Act and the Mining Charter. The key milestones
achieved in support of our Social and Labour Plan include:
12% women in mining, compared with the 10% requirement; (While it is
still a challenge to fill underground mining positions with women, in
management we have done better: Top management 13%, senior management 10%,
middle management 21% and junior management 20%);
52% historically disadvantaged South Africans (HDSA) in management
positions, compared to the 40% Charter requirement; (Top management 38%,
senior management 39%, middle management 54% and junior management 62%);
HDSA procurement of R9.8 billion, up from R8.9 billion reported for the
first half of 2010, equating to 42% spent with HDSA suppliers in the first
half of 2011; and
Plans in place to build 20 000 houses in the next 10 years with the
initial 1 000 already under construction.
We have a clear and transformational plan which has evolved beyond the
recording of numbers to focusing on creating a "great place to work", and
being the employer of choice. This includes creating the right culture within
the company and a focus on increasing women participation in mining.
Anglo American Platinum recognises the importance and impact of
sustainability on our core business and we track our sustainability targets.
Notable achievements include reductions in our water consumption and that we
did not have level two or three environmental incidents reported during the
first half of 2011.
Anglo American Platinum continues to engage host communities on their
community representative structure and the long term development plans,
following the announcement of a multi-billion rand community economic
empowerment transaction in February 2011. This is to ensure that the benefits
from the transaction will be directed to the right areas, as our ultimate
goal is to make a meaningful and sustainable contribution to the ability of
host communities to thrive well beyond the life of our operations.
FINANCIAL REVIEW
Anglo American Platinum delivered a strong financial performance during the
first half of 2011.
Operating free cash flow increased by 159% compared to the first half of
2010. The Company generated R2 914 million more than the first half of 2010.
This was achieved as a result of a 5% improvement in the Rand basket price,
an increase of 13% in Platinum sales volumes and a 35% reduction in net
working capital days. In addition capital discipline continues to improve. As
a result, an interim dividend of R5.00 per share, amounting to a total
dividend of R1.3 billion, was declared. This implies a dividend cover of 2.5
times. The dividend declared will be paid on 22 August 2011.
Headline earnings per ordinary share increased by 20% year-on-year to R12.36.
The headline earnings margin improved by 44% from 9% to 13% compared to the
second half of 2010. Headline earnings for 2011 excluded approximately R95
million of gains from the profit on disposal of assets and revaluation of the
company`s investment in Wesizwe Platinum Limited. Headline earnings for 2010
excluded R771 million profit on the disposal of our 37% interest in the
Western Bushveld Joint Venture.
Refined platinum sales for the six months ended 30 June 2011 increased by 13%
to 1.23 million ounces compared to the first half of 2010.
The average Rand/US dollar exchange rate achieved on sales was 9% stronger
than the previous half year. The exchange rate achieved over the last six
months was R6.90, compared to R7.54 in 2010, which reduced our earnings by R1
555 million.
The cash operating cost per equivalent refined platinum ounce was 13% higher
than the first half of 2010. Based on our estimate the average increase in
our costs, discounting the effect of consumption and volume, is approximately
10% compared to the first half of 2010. This is primarily due to increases in
the cost of electricity, diesel, explosives, steel and labour which
materially exceeded the escalation in the consumer price index. In spite of
the underlying cost pressure, higher number of safety stoppages and the 18%
deterioration in underground productivity we have managed to contain our unit
cost increase to 13%. This was achieved through continued focus on asset
optimisation and supply chain management and utilising the flexibility of
Mogalakwena mine.
Labour productivity of our underground mines was adversely affected by safety
stoppages and face availability. Measured as square meters per total
operating employee per month, the average for the period was 5.88m2 compared
to 7.15m2 in the first half of 2010, a decrease of 18%. As outlined in the
outlook section, we expect productivity of underground operations to return
to the levels originally planned for 2011 during the course of the second
half. Therefore, we expect the average labour productivity for 2011 to be 6.6
m2.
This temporary deterioration in productivity had an adverse effect on the
production of equivalent refined platinum ounces which was down 3% compared
to same period last year. The effect of productivity losses was partially
mitigated by increased production from Mogalakwena mine, new production from
Unki mine and higher milling of surface material.
Despite many challenges faced during this half year, the gross profit margin
improved by 19% from 16% to 19%, compared to the second half of 2010.
In line with the improvement in operating free cash flow, net debt decreased
by 47% to R4.35 billion from R8.25 billion at the end of June 2010. The
current level of debt is in line with the balance as at 31 December 2010
following a dividend payment of R1 791 million earlier this year.
MARKETS
Anglo American Platinum maintains its view that the platinum market will
remain in balance in 2011. The continued recovery in the autocatalyst and
industrial segments and the sustained strength of the jewellery segment,
particularly in China, is expected to be met by increases in production. The
average US dollar price achieved for platinum in the first six months is
robust given the unexpected negative effect the Japanese earthquake and
tsunami had on the market and the substantial reduction in the net long
positions of platinum. We continue to believe that there is strong demand and
investor interest to support the market. Beyond 2011 Anglo American Platinum
expects platinum demand to continue to improve from the low levels of 2010
and for primary supply growth to remain challenged by safety related
production stoppages and the strong Rand. The current Rand basket price is
inadequate to incentivise sustainable investment to secure future supply.
AUTOCATALYSTS
Global vehicle production in 2011 is anticipated to reach in excess of 75
million vehicles, implying a 3% growth from 2010 levels. The earthquake and
tsunami in Japan resulted in supply disruptions for the Japanese auto market
as well as knock-on supply chain delivery issues. It is estimated that the
disaster resulted in vehicle production losses of approximately 2.8 million
units worldwide. We anticipate that the majority of these losses will be
recovered by the second quarter of 2012. Sales volumes across all other major
markets, excluding Japan, have been higher in the period compared with 2010
levels. With the exception of Japan, all markets are expected to experience
growth with the highest growth expected from developing markets.
INDUSTRIAL
Following the recovery in 2010, the demand from the industrial sector is
expected to remain strong in the near to medium term. Demand for consumer
goods including electronics, packaging and other chemicals continues to show
strong growth particularly in Asian markets. The fuel cell industry continues
to benefit from acceptance as a proven technology and is moving towards more
widespread commercialisation. The largest fuel cell unit growth has been in
the stationary power sector which is being driven by demand for residential
units and off-grid mobile base stations.
JEWELLERY
The platinum jewellery market benefited from relative price stability and the
higher gold prices. The developed jewellery markets have remained healthy
despite some regional variation on performance. Jewellery purchases in China
have increased by approximately 20% in the first half of 2011 compared with
the same period in 2010. The Indian jewellery market development program
continues to show success.
INVESTMENT
Overall ETFs platinum holdings have increased by approximately 15% in the
first half of 2011. Net long speculative positions have declined by 36% over
the same period exhibiting a lack of general confidence in the world
commodity markets. Despite this reduction, the platinum price remains
resilient and has found a trading support level above $1 700 per ounce.
OPERATIONS
Refined platinum production increased by 17% to 1.17 million ounces in the
first half of 2011 compared to the same period in 2010.
Equivalent refined platinum production (equivalent ounces are mined ounces
expressed as refined ounces) from the mines managed by Anglo American
Platinum and its joint venture partners for the first half of 2011 was 1.16
million ounces, a slight decrease of 3% compared to the first half of 2010.
Wholly owned mines produced 763 100 equivalent refined platinum ounces, an
increase of 2% compared to the first half of 2010. The majority of this
increase was from Mogalakwena, Unki and Thembelani. The Unki project was
delivered successfully, on schedule and within budget in January 2011 and
contributed 22 400 additional equivalent refined platinum ounces. In
addition, Mogalakwena open-pit mine continued to perform strongly providing
Anglo American Platinum with a flexible production source. This was however
partly offset by lower volumes from Bathopele, Khuseleka and Union mines.
Joint ventures and associates achieved zero fatal accidents and showed an
improvement in the lost time injury frequency rate for the six month
reporting period. However, all operations were impacted by regulatory
stoppages and short term operational challenges resulting in lower production
volumes with equivalent refined platinum ounces down 11% from 396 800 ounces
to 353 700 ounces in the first half of 2011. Purchased equivalent refined
ounces from third parties decreased by 9% to 43 300 ounces in the first half
of 2011.
The overall 4E built-up head grade for the first half of 2011 was 3.16g/t
compared to 3.15g/t in the same period in 2010. Grade from all production
sources were higher compared to 2010, particularly at Mogalakwena which
increased by 15%. The 4E built-up head grade for Merensky and UG2 increased
by 2% and 1% respectively. The overall grade was impacted by the increased
milling of lower grade ore sources while fewer higher grade underground
tonnes were processed as a result of the operational challenges experienced.
Tonnes milled decreased by 1% to 20.5 million in the first half of 2011. This
decrease was a direct result of the safety stoppages and the successful
conclusion of the Royal Bafokeng Platinum Limited transaction in November
2010, with our 33% direct holding in Bafokeng Rasimone Mine (BRPM) now
reported as an associate. Attributable tonnes milled from BRPM included in
the comparative period for 2010 were 389 000 tonnes. The underground
production deficit was partly made up from new mining at Unki and other
sources such as Mogalakwena and surface materials.
Planned maintenance was carried out at Waterval and Polokwane furnaces to
inspect and replace end walls. The Mortimer furnace will be shutdown in the
second half of the year to carry out technical enhancements and upgrade power
to 38MW, providing the group with smelting flexibility.
WHOLLY OWNED MINES
Anglo American Platinum had a very challenging start to the 2011 financial
year, with a high number of safety stoppages, fatalities and multiple public
holidays which negatively affected the working month and therefore the level
of expected production from underground mines.
Production from wholly owned underground mines for the first half of 2011 was
primarily impacted by safety related stoppages, both regulatory and self
imposed. The number of regulatory imposed stoppages for the first six months
of 2011 was 33 compared to 17 in the same period of 2010. The Own Mines
Division suffered the loss of eight employees across its operations compared
to four in the same period in 2010. Individual operational performance is as
follows:
Bathopele
Production decreased by 20% to 54 600 platinum ounces in the first half of
2011 as a result of safety related stoppages and unprotected industrial
action. Two employees lost their lives at Bathopele mine during the first
half of 2011.
Khomanani
Production declined by 4% to 44 100 platinum ounces in the period compared to
the first half of 2010. One employee lost his life at Khomanani on 30 June
2011.
Thembelani
Production increased by 14% to 48 300 platinum ounces in the first half of
2011, up some 5 900 ounces from 2010. Two of our employees lost their lives
at Thembelani mine during the period.
Khuseleka
Production at 54 900 platinum ounces was down 12% in the first half of 2011
compared to the same period in 2010. Khuseleka 2 shaft was re-opened during
the first quarter of 2011 and delivered 7 200 equivalent refined new ounces.
Siphumelele
Production increased by 3% to 43 300 platinum ounces in the first half of
2011 compared to the same period in 2010. The mine milled some 250 000 tonnes
from low grade surface sources to mitigate losses from underground production
caused by safety related stoppages.
Tumela
Production at 133 800 platinum ounces was the same as that produced in the
first half of 2010. The mine continued to mill low grade surface ore during
the period under review albeit some 9% lower compared to the same period in
2010.
Dishaba
Production at 67 500 platinum ounces was down by 5%. One employee lost his
life at Dishaba during the first half of 2011.
Union
Production declined by 12% to 126 100 platinum ounces in the first half of
2011 due to a planned reduction in Merensky underground production, safety
stoppages, operational challenges at the declines mining area and unexpected
geological disturbances at the Richard shaft. The mine increased its
processing of low grade surface material ore by 13% to 904 000 tonnes during
the first half of 2011 in an attempt to mitigate the production losses from
underground. One employee lost his life at Union Mine during the first half
of 2011.
Mogalakwena
Production increased by 21% to 146 900 platinum ounces in the period compared
to the first half of 2010. This was due to a 10% increase in tonnes milled
and 15% improvement in 4E built-up head grade. The throughput constraints
previously experienced at the North plant have been resolved and the plant is
now running at steady state level.
Unki
Unki produced 22 400 ounces of platinum during the first half of 2011, some 7
900 ounces ahead of expectations. The mine is exceeding its planned ramp-up
profile and is expected to reach steady state of 120 000 tonnes milled per
month in the third quarter of 2011. One employee lost his life at Unki Mine
during the first half of 2011.
JOINT VENTURE MINES
The joint venture operations and associates had a challenging first half
production period due to regulatory safety stoppages despite having zero
fatalities and achieving a 2% improvement in the Lost Time Injury Frequency
Rate for the period. Individual operational performance reflects the
challenges experienced for the first half of 2011.
Modikwa
Production decreased by 7% to 55 800 platinum ounces compared to the first
half of 2010 due to lack of equipment availability in the South shaft.
Modikwa achieved eight million fatality free shifts on the 21 June 2011 and
set a new benchmark for mine safety in South Africa.
Kroondal
Production was down 14% to 109 600 platinum ounces compared to the first half
of 2010 due to regulator imposed safety stoppages, lack of stoping face
availability and crews getting accustomed to new work routines.
Marikana
Production decreased by 48% to 16 600 platinum ounces compared to the first
half of 2010 due to the intersection of a higher number of potholes at 4
shaft, ramping down of the opencast operations to final closure in March
2011, safety related stoppages and the implementation of more stringent
ground support standards.
Mototolo
Production was down by 5% to 54 400 platinum ounces compared to the first
half of 2010 due to reduced production at the higher grade Borwa Shaft as a
result of the shaft developing through a dyke and fault zone. The reduced
production at Borwa was however supplemented by increased production from the
lower grade Lebowa shaft.
ASSOCIATE MINES
BRPM
Production for the first half of 2011 was impacted by regulatory safety
stoppages and a conveyor belt failure at North Shaft.
Bokoni
Production for the six month period was 12% lower compared to the same period
in 2010. Remediation action will continue until a consistent level of
production is maintained. As per the cautionary note released on 13 May 2011,
Anglo American Platinum and Anooraq Resources Corporation are in discussions
surrounding a strategic review of the assets and financing structures of
Bokoni Platinum Holdings (Proprietary) Limited.
CAPITAL EXPENDITURE PROJECTS
Our capital projects division has achieved a record 691 fatality free days.
Major safety focus is in ensuring projects are set up in line with the
company safety management system and standards.
Capital expenditure for the first half of 2011, excluding capitalised
interest, amounted to R2 828 million. The capital spend on projects was R1
540 million; R950 million was on stay-in-business capital and R338 million on
waste stripping at Mogalakwena Mine.
Project capital expenditure for the first half of 2011 was mostly spent on
the Twickenham Platinum Mine project, the Base Metal Refinery 33 kt nickel
expansion project, the Unki Platinum Mine project, the Khuseleka ore
replacement project, the Thembelani 2 shaft replacement project and the
Mortimer Furnace Upgrade.
The Unki Platinum Mine Project was handed over to operations in January 2011
and is expected to reach steady state production of 120 000 tonnes milled per
month about a year ahead of schedule. Civil construction work on employee
housing has started in Shurungwi and the access road to the mine is currently
being surfaced for all-weather purposes.
The Base Metal Refinery 33 000 tonnes nickel expansion project has harvested
first metal in line with expectations. It is expected to reach steady state
by the end of the year, as planned.
The Twickenham Platinum Mine Project achieved 1.5 million fatality free
shifts. Current major work includes declines and primary developments.
Anglo American Platinum continues to prioritise capital projects and stay-in-
business expenditure to ensure that capital funding requirements are aligned
with our strategy.
MINERAL RESOURCES AND RESERVES
There have been no material changes to the ore reserves as disclosed in the
2010 Annual Report.
BOARD AND EXCO APPOINTMENTS
Albertinah Kekana was appointed independent non-executive director with
effect from 1 July 2011. Khanyisile Kweyama joined us as executive head of
Human Resources, also with effect from 1 July 2011.
CHANGE TO THE PERFORMANCE CONDITIONS OF THE LONG TERM INCENTIVE PLAN (LTIP)
The vesting of the 2011 awards under this plan will be subject to the
achievement of two performance conditions over a fixed three year period.
Half of each award will be subject to a Total Shareholder Return (TSR)
measure while the other half will be subject to an Asset Optimisation
efficiency measure. This is consistent with the performance conditions
applied to its own LTIP by the Company`s holding company, Anglo American plc.
OUTLOOK FOR 2011
Anglo American Platinum is expecting a stronger second half for the year. Our
sales forecast remains unchanged at 2.6 million ounces of platinum in 2011
despite the impact of the Japanese earthquake, concerns about European
sovereign risk and monetary policy to contain inflation in China.
Despite lower production in the first half of the year, we maintain our
refined production target of 2.6 million ounces of platinum for 2011. This
implies production volumes of 1.4 million ounces of platinum in the second
half of 2011 given that we produced 1.2 million ounces in the first half.
Our cash operating cost per equivalent refined platinum ounce increased by
13% to R12 991 per equivalent refined platinum ounce during the first half of
2011. The remedial actions effected to improve safety and productivity
include the implementation of safety strategy to improve workplace
conditions, increasing of development and equipping to provide sufficient
mineable panels for teams, focusing on people management and wellness to
ensure that teams are at full strength and at work and providing quality
technical assistance and support to operations. We believe the expected
increase in production volume and the remedial actions implemented to improve
our safety performance and labour productivity will drive our unit cost in
the second half of the year to around R12 000 per equivalent refined platinum
ounce. This will be largely in line with our original target for 2011. We
therefore revise our unit cost target for 2011 to between R12 400 and R12 600
per equivalent refined platinum ounce.
We expect labour productivity to improve from 5.9m2 in the first half of 2011
to our original annual target of 7.3m2 during the second half of the year.
This is due to the expected increase in production volume from higher grade
underground sources and the remedial actions as above. We therefore revise
our labour productivity target for 2011 to 6.6m2.
Our project ranking and prioritisation has identified less capital intensive
projects in the near term and is expected to improve the efficiency of
capital allocation and investment decisions. Consequently, we are revising
our capital expenditure for 2011 from R8 billion to R7.3 billion, excluding
capitalised interest.
BEYOND 2011
Three years ago we embarked on a journey to reposition Anglo American
Platinum. Our plans included actions to improve on safety, to make our
production more reliable and predictable and to move our operations down the
cost curve. We have made good progress towards zero harm despite the
challenges experienced during the first half of 2011. We have excellent
systems in place and are confident we will continue to improve safety in our
business. Our production has also proved to be more predictable and reliable
and where we are unlikely to achieve our targets we communicate this early to
avoid surprises. We have restructured our mining and process teams to
increase focus on safety, costs and productivity. Our restructuring continues
with the separation of Union mine into two separate mines to improve
management`s efficiency and focus on costs and productivity. Importantly, we
are currently restructuring our Projects Division to improve our capacity to
deliver the large number of capital project options we have.
Anglo American Platinum is not immune to industry-wide cost pressures.
Although we experienced higher than expected unit cost increases during the
first half of 2011, we remain committed to our strategy to move down the cost
curve and focus on asset optimisation and supply chain management. We will
continue to build on the foundation built over the past three years and costs
will continue to be managed as a priority. Importantly, we have integrated
safety, production and cost management at all levels in our business, so that
our success is not top down driven. In addition, we have restructured our
balance sheet, introduced a new operating model, improved business planning,
addressed project and capital management challenges and worked to improve
both the internal corporate culture and our relationships with all the
stakeholders.
While there is still a lot of work to be done to extract maximum value from
our assets, it is timely and opportune to develop our assets efficiently and
improve our market share. Building on the work we have done to understand and
develop the market, our market analysis suggests that demand will grow by
about 4% per year and supply will increase by slightly less than that. This
will result in an increasing market deficit, particularly in palladium and
platinum markets. With all the supply side challenges in the industry we
believe we are well positioned to take advantage of the expected robust
growth in demand given our asset and resource base. We believe we can
increase our production cost effectively into the expected deficit and this
will result in a steady increase in our market share. To do this effectively
we have studied and optimised our business plan to include different sources
of additional ounces.
UG2 in Rustenburg is our first opportunity. After years of extracting mainly
Merensky, we now have an opportunity to go back to the shallow UG2 orebody.
This requires much less capital compared to the very deep shafts required to
continue mining Merensky. Cost of mining will be lower and this will offset
the negative impact of a slightly lower grade. We continue to improve our
concentrating efficiencies of UG2. Overall this means that we will be able to
increase mining in the Rustenburg area in the short term and at relatively
low capital and operating cost.
Mogalakwena is the only true sustainable open pit platinum mine in the world
and also one of the most profitable platinum mines. We have made good
progress on the community issues we face and have improved our capacity to
process the very difficult Platreef. That means that we have the opportunity
to expand the production at this mine. This is a relatively low cost, low
risk project with a massive orebody that has a very long life. Accelerating
the mining will increase the already high value.
Unki is our mine in Zimbabwe that started production this year. We have the
opportunity to expand this mine and we plan steady organic growth as we ramp
up the first phase. We are working with Government to resolve the Mining
Rights issues and are confident of a positive outcome.
For the medium term, five to ten year, we have an extensive and undeveloped
footprint on the Eastern Limb. We plan to use our assets and our
relationships with our partners to develop this large resource. While the
Eastern Limb is often viewed as a low margin area, it is possible, with scale
to improve the value.
Finally, in the long term, ten to twenty years, we have multiple deep shaft
opportunities, mainly on the Western Limb. We still have deep Merensky Shafts
to develop, Tumela 3 and 4 shaft, and Union Deeps. While these will be
capital intensive shafts, we believe they will still be competitive at that
time because of our PGM market development initiatives.
This capital program allows us to develop the best business opportunities and
ensures that we remain in the upper half of the margin graph. We are aware of
both internal and external constraints and inhibitors of this program and
have incorporated appropriate remedial actions in our management agenda. Our
actions and plans are continually reviewed in light of the market situation
and we will adapt them as required.
C B Carroll N F Nicolau B Nqwababa
Chairman Chief Executive Officer Finance Director
25 July 2011
DECLARATION OF INTERIM ORDINARY DIVIDEND (NO. 113)
Notice is hereby given that an interim dividend of 500 cents per ordinary
share, in the currency of the Republic of South Africa, has been declared in
respect of the six months ended 30 June 2011. In accordance with the
provisions of Strate, the electronic settlement and custody system used by
the JSE Limited, the relevant dates of the dividend are as follows:
Salient dates 2011
Last day to trade (cum dividend) Friday, 12 August
First day of trading (ex dividend) Monday, 15 August
Currency conversion date (for Sterling payment Monday, 15 August
to UK resident shareholders)
Record date Friday, 19 August
Payment date Monday, 22 August
Share certificates may not be dematerialised or re-materialised between
Monday, 15 August 2011 and Friday, 19 August 2011, both days inclusive.
On Monday, 22 August 2011 the dividend will be electronically transferred to
the bank accounts of all certificated shareholders, where electronic dividend
mandates have been provided to the transfer secretaries. Where electronic
funds transfer is either not available or not elected by the shareholder,
cheques dated 22 August 2011 will be posted on that date at the risk of
shareholders. Holders of dematerialised shares will have their accounts
credited at their CSDP or broker on 22 August 2011.
Shareholders registered with addresses in the United Kingdom will be paid the
dividend in Pounds Sterling at the rate of exchange determined on Monday, 15
August 2011 by Computershare in the UK, who act as the Company`s UK paying
agents.
SUPPLEMENTARY INFORMATION
CONSOLIDATED STATISTICS*
Six Six Year
months months
ended ended ended
30 June 30 June 31
December
Total operations 2011 2010 2010
Marketing statistics
Average market prices
achieved
Platinum US$/oz 1 782 1 593 1 611
Palladium US$/oz 775 462 507
Rhodium US$/oz 2 266 2 600 2 424
Gold US$/oz 1 462 1 191 1 259
Nickel US$/lb 11.55 9.52 9.70
Copper US$/lb 4.20 3.03 3.23
US$ basket price (net sales US$/oz Pt 2 927 2 540 2 491
revenue per Pt ounce sold) sold
US$ basket price (net sales US$/oz 1 552 1 293 1 336
revenue per PGM ounce sold) PGM sold
Platinum R/oz 12 275 12 021 11 733
Palladium R/oz 5 345 3 483 3 690
Rhodium R/oz 15 806 19 593 17 731
Gold R/oz 10 006 9 057 9 106
Nickel R/lb 79.91 71.95 71.23
Copper R/lb 29.08 22.84 23.62
R basket price (net sales R/oz Pt 20 194 19 165 18 159
revenue per Pt ounce sold) sold
R basket price (net sales R/oz PGM 10 712 9 757 9 740
revenue per PGM ounce sold) sold
Average exchange rate R/US$ 6.8997 7.5439 7.2890
achieved on sales
Exchange rate at end of year R/US$ 6.7766 7.6543 6.6031
Financial statistics and
ratios
Gross profit margin % 19.2 19.1 17.5
Earnings before interest, R 6 700 5 834 11 271
taxation, depreciation and millions
amortisation (EBITDA)
Operating profit to average % 17.9 14.6 14.0
operating assets
Return on average % 12.2 16.6 23.1
shareholders` equity
Return on average capital % 15.0 13.4 12.3
employed
Interest cover - EBITDA % 25.1 8.9 11.7
Net debt to capital employed % 7.2 14.6 7.0
Interest-bearing debt to % 11.1 22.1 12.1
shareholders` equity
Net asset value per ordinary R 215.7 184.5 210.3
share
Cost of sales per total Pt R 16 284 15 516 14 986
ounce sold
Cash operating cost per R 12 991 11 493 11 730
equivalent refined Pt ounce
(excluding ounces from
purchased concentrate and
associated costs)
Cash operating cost per R 12 818 13 752 11 336
refined Pt ounce
Equivalent refined platinum 000 oz 1 160.1 1 195.7 2 484.0
production
Pipeline stock adjustment 000 oz 35.5 (34.0) (34.0)
Refined platinum production 000 oz (1 (1 (2
173.6) 000.5) 569.9)
Mining 000 oz (892.4) (768.3) (1
989.3)
Purchases of concentrate 000 oz (281.2) (232.2) (580.6)
Platinum pipeline movement 000 oz 22.0 161.2 (119.9)
* Not reviewed or audited
REGISTERED OFFICE
55 Marshall Street, Johannesburg, 2001
(P.O. Box 62179, Marshalltown, 2107)
Telephone +27 11 373-6111
Facsimile +27 11 373-5111
REGISTRARS
Computershare Investor Services (Proprietary) Limited
(Registration No. 2004/003647/07)
70 Marshall Street, Johannesburg, 2001
(P.O. Box 61051, Marshalltown, 2107)
Telephone +27 11 370-5000
Facsimile +27 11 688-5200
The 2011 interim report will be posted to shareholders on or about 29 July
2011.
Detailed results are available on the Internet at:
http://www.angloamericanplatinum.com
E-mail enquiries should be directed to: kgapu.mphahlele@angloamerican.com
DIRECTORS AND COMPANY SECRETARY
EXECUTIVE DIRECTORS: N F Nicolau (Chief Executive Officer), B Nqwababa
(Finance Director)
NON-EXECUTIVE DIRECTORS: C B Carroll (Chairman) (American), B R Beamish, G G
Gomwe (Zimbabwean), R Medori (French)
INDEPENDENT NON-EXECUTIVE DIRECTORS: M V Moosa (Deputy Chairman and Lead
Independent Non-Executive Director), R M W Dunne (British), A Kekana, Dr B A
Khumalo, W E Lucas-Bull, S E N Sebotsa, T A Wixley
ALTERNATE DIRECTOR: P G Whitcutt
COMPANY SECRETARY: D J Alison
Sponsor
Rand Merchant Bank (A division of FirstRand Bank Limited)
Date: 25/07/2011 08:00:05 Produced by the JSE SENS Department.
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