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Anglo American Platinum Corporation Limited - Results Announcement
Release Date: 11/02/2003 10:40:35 Code(s): AMS
Anglo American Platinum Corporation Limited - Results Announcement
ANGLO AMERICAN PLATINUM CORPORATION LIMITED
("Anglo Platinum")
(Incorporated in the Republic of South Africa)
(Registration number 1946/022452/06)
JSE Code: AMS
ISIN: ZAE000013181
Highlights for the year ended 31 December 2002
* Earnings per share (cents) 2 676,0
* Final dividend per share (cents) 900,0
* Refined Pt oz production + 6,7%
* Expansion to 3,5 m Pt oz by end 2006
* Rustenburg UG2 Phase 1 and Modikwa Platinum Mine projects commissioned
* Rustenburg Tailings Re-treatment and Rustenburg UG2 Phase 2 projects announced
Consolidated income statement
Audited Audited
Year ended Year ended
31 December 31 December %
R millions Notes 2002 2001 Change
Gross sales revenue 20 285,7 18 690,9
Commissions paid 733,0 812,0
Net sales revenue 19 552,7 17 878,9 9,4
Cost of sales 10 129,9 8 262,9 22,6
Cash operating costs 8 883,9 7 044,5
On-mine 7 369,4 5 948,6
Purchase of metals in 121,9 -
concentrate
Smelting 640,6 441,9
Treatment and refining 752,0 654,0
Amortisation of operating 9 763,8 498,8
assets
(Increase)/decrease in (109,1) 45,1
metal inventories
Other costs 591,3 674,5
Gross profit on metal 5 9 422,8 9 616,0 (2,0)
sales
Other net (754,7) 2 452,7
(expenditure)/income #
Market development and (266,5) (251,0)
promotional expenditure
Operating profit 8 401,6 11 817,7 (28,9)
Net investment income 155,7 340,3
Income from associates 181,6 170,6
Profit before taxation 8 738,9 12 328,6 (29,1)
Taxation 2 998,9 4 308,8 (30,4)
Normal 2 319,7 3 562,0
Current 1 084,8 3 054,0
Deferred 1 234,9 508,0
Secondary tax on 679,2 746,8
companies (STC)
Net profit 5 740,0 8 019,8 (28,4)
Headline earnings 2 5 630,4 8 008,2 (29,7)
Number of ordinary shares 214,9 214,1
in issue (millions)
Weighted average number
of ordinary shares in
issue (millions) 214,5 217,0
Earnings per share
(cents)
- Basic 2 676,0 3 695,8 (27,6)
- Headline 2 624,9 3 690,4 (28,9)
- Diluted (basic) 2 671,0 3 692,4 (27,7)
- Diluted (headline) 2 620,0 3 687,0 (28,9)
Dividends per share 1 800,0 2 200,0 (18,2)
(cents)
- Interim 900,0 1 100,0
- Final 900,0* 1 100,0
- Special dividend - 500,0
(cents)
Dividend cover (headline 1,5 1,7 (11,8)
earnings before special
dividend)
# Mainly relates to foreign exchange gains and losses
* Proposed dividend
Consolidated balance sheet
Audited Audited
as at as at
31 December 31 December
R millions Note 2002 2001
ASSETS
Non-current assets 16 192,3 11 468,5
Property, plant and equipment 10 503,1 7 008,3
Capital work-in-progress 4 941,5 3 912,9
Platinum Producers` Environmental 89,3 69,5
Trust
Investment in associates 6 557,6 265,7
Non-current accounts receivable 100,8 212,1
Current assets 4 695,5 9 059,6
Inventories 1 497,8 1 326,4
Accounts receivable 1 617,7 1 946,8
Cash and cash equivalents 1 580,0 5 786,4
Total assets 20 887,8 20 528,1
EQUITY AND LIABILITIES
Share capital and reserves
Share capital 21,5 21,4
Share premium 754,0 1 203,6
Accumulated profits before 12 193,2 11 296,6
proposed dividends and related
secondary tax on companies (STC)
Accumulated profits after proposed 10 017,3 7 449,0
dividends and related STC
Proposed ordinary dividends 1 934,1 2 354,0
Proposed special dividend - 1 070,0
STC in respect of proposed 241,8 423,6
dividends
Shareholders` equity 12 968,7 12 521,6
Non-current liabilities 4 580,8 3 266,3
Deferred taxation 3 763,3 2 562,3
Environmental obligations 192,8 174,3
Employees` service benefit 488,3 529,7
obligations
Obligations due under finance 136,4 -
leases
Current liabilities 3 338,3 4 740,2
Accounts payable 1 893,7 1 731,6
Taxation 1 444,6 3 008,6
Total equity and liabilities 20 887,8 20 528,1
Group statement of changes in equity (audited)
Share Share Accumulated
R millions capital premium profits Total
Balance as at 31 21,7 1 836,4 9 856,0 11 714,1
December 2000
Net profit 8 019,8 8 019,8
Dividends paid in cash (6 087,4) (6 087,4)
Share capital issued 0,1 70,7 70,8
Repurchase of ordinary (0,4) (703,5) (491,8) (1 195,7)
shares
Company 2 228 267 shares (0,2) (701,4) (701,6)
at cost (cancelled)
Subsidiary 1 673 400 (0,2) (490,2) (490,4)
shares at cost
Associated expenditure (2,1) (1,6) (3,7)
Balance as at 31 21,4 1 203,6 11 296,6 12 521,6
December 2001
Net profit 5 740,0 5 740,0
Dividends paid in cash (5 362,9) (5 362,9)
Share capital issued 0,1 74,8 74,9
Repurchase of ordinary - (524,4) 519,5 (4,9)
shares
Cost of shares sold by 0,2 491,8 492,0
wholly-owned subsidiary
to parent company
Unrealised after tax 27,7 27,7
Group profit on disposal
of holding company
shares to parent company
Shares repurchased by (0,2) (524,4) (524,6)
parent company from
wholly-owned subsidiary
(cancelled)
Balance as at 31 21,5 754,0 12 193,2 12 968,7
December 2002
Consolidated cash flow statement
Audited Audited
Year ended Year ended
31 December 31 December
R millions 2002 2001
CASH FLOWS FROM OPERATING ACTIVITIES
Cash receipts from customers 20 004,9 17 700,8
Cash paid to suppliers and employees # (10 399,6) (5 122,3)
Cash from operations 9 605,3 12 578,5
Interest paid (35,4) (19,9)
Taxation paid (3 304,1) (2 588,7)
Net cash from operating activities 6 265,8 9 969,9
CASH FLOWS USED IN INVESTING ACTIVITIES
Purchase of property, plant and equipment (5 994,1) (3 586,1)
To maintain operations (2 140,9) (1 117,7)
To expand operations (3 853,2) (2 468,4)
Proceeds from sale of property, plant, 778,4 31,7
equipment and mineral rights
Associates acquired (300,3) (2,4)
Interest received 203,1 373,9
Capital reduction by Northam Platinum 39,0 -
Limited
Dividends received 89,7 122,8
Net cash used in investing activities (5 184,2) (3 060,1)
CASH FLOWS USED IN FINANCING ACTIVITIES
Proceeds from the issue of share capital 0,1 0,1
Increase in share premium 74,8 70,7
Own shares purchased - (1 195,7)
Payment of long-term borrowings - (33,9)
Dividends paid (5 362,9) (6 087,4)
Net cash used in financing activities (5 288,0) (7 246,2)
Net decrease in cash and cash equivalents (4 206,4) (336,4)
Cash and cash equivalents at beginning of 5 786,4 6 122,8
year
Cash and cash equivalents at end of year 1 580,0 5 786,4
Includes foreign exchange gains and losses
Notes to the preliminary report
1. Accounting policies
The preliminary report is prepared on the historical cost basis, except for the
revaluation of certain financial instruments that are fairly valued, using
accounting policies that comply with International Financial Reporting Standards
of the International Accounting Standards Board, as well as South African
Statements of Generally Accepted Accounting Practice and the requirements of the
South African Companies Act. These accounting policies are consistent with those
applied in the previous year. An accounting policy has been added for the
accounting treatment of joint ventures as the group entered into a joint venture
for the first time during this year. The policy is as follows:
Joint ventures
The Group`s interest in jointly controlled entities is accounted for through
proportionate consolidation. Under this method the Group includes its share of
the joint ventures` individual income and expenses, assets and liabilities in
the relevant components of its financial statements on a line-by-line basis.
In respect of its interests in jointly controlled operations, the Group
recognises the assets that it controls and the liabilities that it incurs, as
well as its share of the income that it earns and the expenses that it incurs
from the jointly controlled operation.
2002 2001
Rm Rm
2. Reconciliation between net profit and headline
earnings
Net profit 5 740,0 8 019,8
Adjustments:
Profit on disposal of mineral rights (98,0) -
Negative goodwill amortisation (11,6) (11,6)
Headline earnings 5 630,4 8 008,2
3. Contingent liabilities
Guarantees and suretyships
Loans granted to employees in respect of housing 3,9 5,2
loans
Environmental obligations in respect of 9,1 1,3
uncommissioned expansion projects
Letters of comfort have been issued to financial institutions to cover certain
banking facilities. There are no encumbrances of Group assets, other than the
houses held under finance leases by the Group.
The Group provided guarantees in favour of Changing Tides 166 (Proprietary)
Limited, a wholly-owned subsidiary of Group 5 Construction Limited ("Group 5").
The guarantee provides security for lease payments to Group 5 by the Anglo
Platinum Housing Trust ("APHT"). The probability of any obligation arising under
this guarantee is considered remote.
The Group provided a guarantee in favour of BoE Merchant Bank Limited ("BoE")
for financing provided by BoE to Salene Mining (Proprietary) Limited ("Salene").
The Group provided the guarantee to enable Salene to put mining infrastructure
in place. The guarantee is valid until 1 July 2006 or if earlier, on repayment
by Salene of the loan. Salene will sell all ore production from the mine to the
Group. The facility granted by BoE to Salene is for a maximum amount of R120
million. In the event that BoE calls up the guarantee, the Group holds bonds
over sufficient assets of Salene to make good any obligations that may be
incurred. It is unlikely that the Group will incur obligations under this
guarantee.
4. Capital commitments
Commitments will be funded from existing cash resources, future cash flows and
borrowings.
Purchase of
metals in
R millions Mined concentrate Total
2002 (audited)
5. Gross profit on metal sales -
Segmental information
Gross sales revenue 20 194,4 91,3 20 285,7
Commissions paid 723,3 9,7 733,0
Net sales revenue 19 471,1 81,6 19 552,7
Cost of sales 10 049,2 80,7 10 129,9
Cash operating costs 8 753,2 130,7 8 883,9
On-mine 7 369,4 - 7 369,4
Purchase of metals in concentrate - 121,9 121,9
Smelting 633,6 7,0 640,6
Treatment and refining 750,2 1,8 752,0
Amortisation of operating assets 762,8 1,0 763,8
Increase in metal inventories (55,4) (53,7) (109,1)
Other costs 588,6 2,7 591,3
9 421,9 0,9 9 422,8
2001 (audited)
Gross sales revenue 18 690,9 - 18 690,9
Commissions paid 812,0 - 812,0
Net sales revenue 17 878,9 - 17 878,9
Cost of sales 8 262,9 - 8 262,9
Cash operating costs 7 044,5 - 7 044,5
On-mine 5 948,6 - 5 948,6
Smelting 441,9 - 441,9
Treatment and refining 654,0 - 654,0
Amortisation of operating assets 498,8 - 498,8
Decrease in metal inventories 45,1 - 45,1
Other costs 674,5 - 674,5
9 616,0 - 9 616,0
6. Investments in associates
Unlisted investment in associate
- Carrying amount 298,3 -
- Directors` valuation: R298,3
million (2001: R nil)
Listed investment in associate
- Carrying amount 259,3 265,7
- Market value: R972,8 million
(2001: R869,5 million)
557,6 265,7
7. Capital expenditure for the 5 994,1 3 586,1
year
8. Commitments
Mining property, plant and
equipment
Contracted for 2 094,3 1 849,0
Not yet contracted for 14 850,6 9 591,7
Authorised by the directors 16 944,9 11 440,7
Allocated for:
Expansion of capacity 13 913,9 9 345,0
- within one year 5 013,9 2 987,9
- within two to five years 8 900,0 6 357,1
Maintenance of capacity 3 031,0 2 095,7
- within one year 1 570,1 1 073,6
- within two to five years 1 460,9 1 022,1
Other
Operating lease rentals - 38,1 50,6
premises
- within one year 15,2 13,4
- within two to five years 22,9 37,2
Information Technology Service 139,4 209,6
Providers
- within one year 42,9 56,0
- within two to five years 96,5 137,7
- thereafter - 15,9
9. Amortisation and depreciation 797,2 532,8
of property, plant and equipment
Amortisation of operating assets 763,8 498,8
Mining 646,1 409,4
Smelting 57,0 38,9
Treatment and refining 57,9 47,7
Decommissioning asset 2,8 2,8
Depreciation - non-mining assets 33,4 34,0
10. Profit on sale of plant, 102,4 9,5
equipment and mineral rights
11. Comparative figures
Where appropriate, comparative figures have been reformatted to facilitate
comparability.
Supplementary information for convenience of users
Consolidated income statement
UNITED STATES DOLLAR EQUIVALENT
Audited Audited
Year ended Year ended
31 December 31 December %
US$ millions 2002 2001 Change
Gross sales revenue 1 936,1 2 168,8
Commissions paid 70,0 94,2
Net sales revenue 1 866,1 2 074,6 (10,1)
Cost of sales 966,7 958,8 0,8
Cash operating costs 847,8 817,4
On-mine 703,3 690,2
Purchase of metals in 11,6 -
concentrate
Smelting 61,1 51,3
Treatment and refining 71,8 75,9
Amortisation of operating 72,9 57,9
assets
(Increase)/decrease in metal (10,4) 5,2
inventories
Other costs 56,4 78,3
Gross profit on metal sales 899,4 1 115,8 (19,4)
Other net (expenditure)/income# (72,0) 284,6
Market development and (25,4) (29,1)
promotional expenditure
Operating profit 802,0 1 371,3 (41,5)
Net investment income 14,9 39,5
Income from associates 17,3 19,8
Profit before taxation 834,2 1 430,6 (41,7)
Taxation 286,1 499,9
Normal 221,3 413,2
Current 103,5 354,3
Deferred 117,8 58,9
Secondary tax on companies 64,8 86,7
(STC)
Net profit 548,1 930,7 (41,1)
Dividends paid in cash (511,8) (706,3) (27,5)
Exchange rate translation 391,1 (523,9) (174,7)
adjustment
Repurchase of shares by holding 49,6 (57,1)
company from wholly-owned
subsidiary/(Own shares
repurchased)
Accumulated profits at 944,5 1 301,1 (27,4)
beginning of year
Accumulated profits at end of 1 421,5 944,5 50,5
year
Average Rand/US$ exchange rate 10,4778 8,6182
Weighted average number of 214,5 217,0 (1,2)
ordinary shares in issue
(millions)
Earnings per share (cents)
- Basic 255,5 428,9 (40,4)
- Headline 250,5 428,2 (41,5)
- Diluted (basic) 254,9 428,4 (40,5)
- Diluted (headline) 250,1 427,8 (41,5)
Dividends per share (cents) 171,8 255,2
- Interim 85,9 127,6
- Final 85,9* 127,6
Special dividend (cents) - 58,0
Income statement items were translated at the average exchange rate for the
year.
Mainly relates to foreign exchange gains and losses.
* Proposed dividend
Supplementary information for convenience of users
Consolidated balance sheet
UNITED STATES DOLLAR EQUIVALENT
Audited Audited
as at as at
31 December 31 December
US$ millions 2002 2001
ASSETS
Non-current assets 1 887,8 958,7
Property, plant and equipment 1 224,5 585,9
Capital work-in-progress 576,1 327,1
Platinum Producers` Environmental Trust 10,4 5,8
Investment in associates 65,0 22,2
Non-current accounts receivable 11,8 17,7
Current assets 547,4 757,5
Inventories 174,6 110,9
Accounts receivable 188,6 162,8
Cash and cash equivalents 184,2 483,8
Total assets 2 435,2 1 716,2
EQUITY AND LIABILITIES
Share capital and reserves
Share capital 2,5 1,8
Share premium 87,9 100,6
Accumulated profits before proposed 1 421,5 944,5
dividends and related secondary tax on
companies (STC)
Accumulated profits after proposed 1 167,8 622,8
dividends and related STC
Proposed ordinary dividends 225,5 196,8
Proposed special dividend - 89,5
STC in respect of proposed dividends 28,2 35,4
Shareholders` equity 1 511,9 1 046,9
Non-current liabilities 534,0 273,1
Deferred taxation 438,7 214,2
Environmental obligations 22,5 14,6
Employees` service benefit obligations 56,9 44,3
Obligations due under finance leases 15,9 -
Current liabilities 389,3 396,2
Accounts payable 220,9 144,7
Taxation 168,4 251,5
Total equity and liabilities 2 435,2 1 716,2
Closing Rand/US$ exchange rate 8,5775 11,9610
Balance sheet items have been translated at the closing rate.
Supplementary information for convenience of users
Consolidated cash flow statement
UNITED STATES DOLLAR EQUIVALENT
Audited Audited
year ended year ended
31 December 31 December
US$ millions 2002 2001
CASH FLOWS FROM OPERATING ACTIVITIES
Cash receipts from customers 1 909,3 2 053,9
Cash paid to suppliers and employees # (992,6) (594,4)
Cash from operations 916,7 1 459,5
Interest paid (3,4) (2,3)
Taxation paid (315,2) (300,3)
Net cash from operating activities 598,1 1 156,9
CASH FLOWS USED IN INVESTING ACTIVITIES
Purchase of property, plant and equipment (572,0) (416,1)
To maintain operations (204,3) (129,7)
To expand operations (367,7) (286,4)
Proceeds from sale of property, plant, 74,3 3,7
equipment and mineral rights
Associates acquired (28,7) (0,3)
Interest received 19,4 43,4
Capital reduction by Northam Platinum 3,7 -
Limited
Dividends received 8,6 14,2
Net cash used in investing activities (494,7) (355,1)
CASH FLOWS USED IN FINANCING ACTIVITIES
Proceeds from the issue of share capital -* -*
Increase in share premium 7,1 8,2
Own shares purchased - (138,7)
Payment of long-term borrowings - (3,9)
Dividends paid (511,8) (706,3)
Net cash used in financing activities (504,7) (840,7)
Net decrease in cash and cash equivalents (401,3) (38,9)
Exchange rate translation adjustment 101,7 (285,6)
Cash and cash equivalents at beginning of 483,8 808,3
year
Cash and cash equivalents at end of year 184,2 483,8
Average Rand/US$ exchange rate 10,4778 8,6182
Cash flow items were translated at the average exchange rate for the year.
Includes foreign exchange gains and losses.
* Less than US$50 000
Supplementary information
Consolidated statistics (Unaudited)
31 31 %
December December
Total operations 2002 2001 Change
Marketing
statistics
Average market
prices achieved
Platinum (US$/oz) 544 526 3,4
Palladium (US$/oz) 329 582 (43,5)
Rhodium (US$/oz) 831 1 610 (48,4)
Nickel (US$/lb) 3,03 2,65 14,3
Net sales revenue (US$) 829 1 004 (17,4)
per Pt ounce sold
Platinum (R/oz) 5 567 4 531 22,9
Palladium (R/oz) 3 403 4 936 (31,1)
Rhodium (R/oz) 8 683 13 410 (35,2)
Nickel (R/lb) 31,92 23,14 37,9
Net sales revenue (R) 8 690 8 654 0,4
per Pt ounce sold
Average Pt (R : $) 10,2422 8,6184 18,8
exchange rates
achieved
Exchange rates at (R : $) 8,5775 11,9610 (28,3)
end of period
Profitability
statistics
Gross sales (R) 703 696 1,0
revenue per ton
milled
Gross profit (%) 46,5 51,4 (9,5)
margin
Earnings before (R millions) 9 368,4 12 507,4 (25,1)
interest,
taxation,
depreciation and
amortisation
(EBITDA)
Operating profit (%) 66,3 120,0 (44,7)
to average
operating assets
Return on average (%) 45,0 66,2 (32,0)
shareholders`
equity
Return on capital (%) 43,4 64,0 (32,2)
employed
Refined production
for mining
operations
Platinum (thousands) (oz) 2 238,5 2 109,2 6,1
Palladium (thousands) (oz) 1 103,1 1 049,0 5,2
Rhodium (thousands) (oz) 210,0 200,4 4,8
Gold (thousands) (oz) 106,7 102,2 4,4
Nickel (thousands) (tons) 19,4 19,5 (0,5)
Copper (thousands) (tons) 10,5 10,8 (2,8)
PGM`s (thousands) (oz) 3 920,6 3 673,6 6,7
Refined production
from purchased
metals in
concentrate
Platinum (thousands) (oz) 12,6
Palladium (thousands) (oz) 12,2
Rhodium (thousands) (oz) 1,7
Gold (thousands) (oz) 0,4
PGM`s (thousands) (oz) 27,0
Total refined
production
Platinum (thousands) (oz) 2 251,1 2 109,2 6,7
Palladium (thousands) (oz) 1 115,3 1 049,0 6,3
Rhodium (thousands) (oz) 211,7 200,4 5,6
Gold (thousands) (oz) 107,1 102,2 4,8
Nickel (thousands) (tons) 19,4 19,5 (0,5)
Copper (thousands) (tons) 10,5 10,8 (2,8)
PGM`s (thousands) (oz) 3 947,6 3 673,6 7,5
Analysis of (R millions)
operating
contribution by
mine
Rustenburg Section 2 794,2 2 993,6 (6,7)
Union Section 1 059,3 1 190,9 (11,1)
Amandelbult 3 886,2 3 742,6 3,8
Section
Potgietersrust 926,1 1 680,5 (44,9)
Platinums
Lebowa Platinum 450,1 407,7 10,4
Mines
Steady state 9 115,9 10 015,3 (9,0)
operating
contribution
Bafokeng-Rasimone 433,9 275,2 57,7
Platinum Mine
Rustenburg UG2 451,4
Phase I Project
Modikwa Platinum 12,9
Mine
Consolidated 10 014,1 10 290,5 (2,7)
operating
contribution - all
operations
Other costs 591,3 674,5 (12,3)
Gross profit on 9 422,8 9 616,0 (2,0)
metal sales
Production
statistics and
efficiency
measures
Tons mined - (thousands) 39 672 29 631 33,9
PPRust (opencast)
Tons broken - (thousands) 20 179 21 519 (6,2)
underground mines
Tons milled (thousands) 24 587 24 952 (1,5)
Built-up head (g/ton) 4,91 5,06 (3,0)
grade
Immediately (months) 15,4 14,2 8,5
available ore
reserves
Metres face (per month) 11,0 8,8 25,0
advance
Square metres per (per month) 11,0 10,7 2,8
employee
Square metres per (per month) 37,2 37,6 (1,1)
stoping and
cleaning employee
Tons broken per 604 593 1,9
employee -
underground mines
Tons mined per 35 676 27 060 31,8
employee - PPRust
Total average 34 527 37 396 (7,7)
number of mine
employees
Average number of 33 415 36 301 (8,0)
mine employees -
underground mines
- opencast mine 1 112 1 095 1,6
(PPRust)
UG2 mined to total (%) 28 28 -
output
Platinum ounces (thousands) 1 918,5 1 979,0 (3,1)
refined
Refined Pt ounces 55,6 52,9 5,1
per employee
Profitability and
cost statistics
Net sales revenue (R) 8 697 8 744 (0,5)
per Pt ounce sold
Operating
performance
Cash-on-mine cost (R) 2 988 2 733 9,3
per Pt ounce
refined
Cash-on-mine cost (US$) 285 317 (10,1)
per Pt ounce
refined
Cash operating (R) 3 599 3 254 10,6
costs per Pt ounce
refined
Cash operating (US$) 343 378 (9,3)
costs per Pt ounce
refined
Cash operating (R) 2 053 1 852 10,9
costs per PGM
ounce refined
Cash operating (US$) 196 215 (8,8)
costs per PGM
ounce refined
Operating income (R millions)
statement
Net sales revenue 16 724,4 16 971,8 (1,5)
Operating cost of (7 608,5) (6 956,5) 9,4
sales #
Operating 9 115,9 10 015,3 (9,0)
contribution
Operating margin (%) 54,5 59,0 (7,6)
* Includes all operations except Bafokeng-Rasimone Platinum Mine, Rustenburg UG2
Phase I Project and Modikwa Platinum Mine all of which are in a production ramp-
up phase.
Cost of sales excluding other costs
RUSTENBURG SECTION
2002 excludes portions of the Brakspruit, Bleskop and Paardekraal shafts that
are being expanded as part of the Rustenburg UG2 Phase I Project. These shafts,
at a lower level of output, are included in the steady state information for
2001.
Production statistics and efficiency measures
Tons broken (thousands) 7 014 8 550 (18,0)
Tons milled (thousands) 7 031 7 733 (9,1)
Built-up head grade (g/ton) 5,31 5,38 (1,3)
Immediately available (months) 17,0 15,0 13,3
ore reserves
Metres face advance (per month) 10,7 8,9 20,2
Square metres per (per month) 10,2 10,7 (4,7)
employee
Square metres per (per month) 39,9 38,8 2,8
stoping and cleaning
employee
Tons broken per 475 493 (3,7)
employee
Average number of mine 14 780 17 346 (14,8)
employees
UG2 mined to total (%) 2 16 (87,5)
output
Platinum ounces (thousands) 655,5 719,1 (8,8)
refined
Refined Pt ounces per 44,4 41,5 7,0
employee
Profitability and cost
statistics
Net sales revenue per (R) 8 438 8 273 2,0
Pt ounce sold
Operating performance
Cash-on-mine cost per (R) 3 172 3 076 3,1
Pt ounce refined
Cash-on-mine cost per (US$) 303 357 (15,1)
Pt ounce refined
Cash operating costs (R) 3 822 3 650 4,7
per Pt ounce refined
Cash operating costs (US$) 365 424 (13,9)
per Pt ounce refined
Cash operating costs (R) 2 325 2 233 4,1
per PGM ounce refined
Cash operating costs (US$) 222 259 (14,3)
per PGM ounce refined
Operating income (R millions)
statement
Net sales revenue 5 504,2 5 780,6 (4,8)
Operating cost of (2 710,0) (2 787,0) (2,8)
sales #
Operating contribution 2 794,2 2 993,6 (6,7)
Operating margin % 50,8 51,8 (1,9)
# Cost of sales
excluding other costs
UNION SECTION
Production statistics
and efficiency
measures
Tons broken (thousands) 3 707 3 694 0,4
Tons milled (thousands) 4 562 4 466 2,1
Built-up head grade (g/ton) 4,34 4,40 (1,4)
Immediately available (months) 20,0 16,1 24,2
ore reserves
Metres face advance (per month) 8,5 7,1 19,7
Square metres per (per month) 7,7 7,8 (1,3)
employee
Square metres per (per month) 29,1 29,9 (2,7)
stoping and cleaning
employee
Tons broken per 594 582 2,1
employee
Average number of mine 6 240 6 342 (1,6)
employees
UG2 mined to total (%) 64 60 6,7
output
Platinum ounces (thousands) 284,7 280,4 1,5
refined
Refined Pt ounces per 45,6 44,2 3,2
employee
Profitability and cost
statistics
Net sales revenue per (R) 8 327 8 497 (2,0)
Pt ounce sold
Operating performance
Cash-on-mine cost per (R) 3 767 3 353 12,3
Pt ounce refined
Cash-on-mine cost per (US$) 360 389 (7,5)
Pt ounce refined
Cash operating costs (R) 4 246 3 787 12,1
per Pt ounce refined
Cash operating costs (US$) 405 439 (7,7)
per Pt ounce refined
Cash operating costs (R) 2 349 2 102 11,8
per PGM ounce refined
Cash operating costs (US$) 224 244 (8,2)
per PGM ounce refined
Operating income (R millions)
statement
Net sales revenue 2 385,7 2 326,6 2,5
Operating cost of (1 326,4) (1 135,7) 16,8
sales #
Operating contribution 1,059,3 1 190,9 (11,1)
Operating margin (%) 44,4 51,2 (13,3)
# Cost of sales
excluding other costs
AMANDELBULT SECTION
Production statistics
and efficiency
measures
Tons broken (thousands) 7 539 7 621 (1,1)
Tons milled (thousands) 7 072 7 086 (0,2)
Built-up head grade (g/ton) 5,86 5,68 3,2
Immediately available (months) 18,0 18,0 -
ore reserves
Metres face advance (per month) 10,7 9,3 15,1
Square metres per (per month) 12,7 12,0 5,8
employee
Square metres per (per month) 37,5 39,1 (4,1)
stoping and cleaning
employee
Tons broken per 785 771 1,8
employee
Average number of mine 9 607 9 890 (2,9)
employees
UG2 mined to total (%) 44 36 22,2
output
Platinum ounces (thousands) 711,0 679,3 4,7
refined
Refined Pt ounces per 74,0 68,7 7,7
employee
Profitability and cost
statistics
Net sales revenue per (R) 8 305 8 189 1,4
Pt ounce sold
Operating performance
Cash-on-mine cost per (R) 2 106 1 920 9,7
Pt ounce refined
Cash-on-mine cost per (US$) 201 223 (9,9)
Pt ounce refined
Cash operating costs (R) 2 533 2 312 9,6
per Pt ounce refined
Cash operating costs (US$) 242 268 (9,7)
per Pt ounce refined
Cash operating costs (R) 1 466 1 340 9,4
per PGM ounce refined
Cash operating costs (US$) 140 155 (9,7)
per PGM ounce refined
Operating income (R millions)
statement
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