NHM
NHM
Northam Platinum Limited - Records Record Results
NORTHAM PLATINUM LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1977/003282/06)
JSE code: NHM & ISIN: ZAE000030912
NORTHAM PLATINUM RECORDS RECORD RESULTS
Underpinned by strong operating performance
Northam Platinum today released its results for the year ended 30 June 2006
HIGHLIGHTS
- Record production of 362 000 oz precious metals in concentrate
- Sales revenues 54% higher at R2.4 bn
- Unit cash costs 0.5% lower at R109 677/kg
- Profit attributable to shareholders higher by 183% to R703 million
- Total dividend payments for the year at 280 cps
Metal sales at 362 821 oz, 14% up on the comparable reporting period,
contributed to an excellent year for Northam. This, combined with the effect of
a 37% increase year on year in the average metal prices received, contributed to
sales revenue of R2.4 bn, some 54% higher than the previous reporting period.
At the operating level steady progress has continued, with a 25% increase in
development metres, the successful negotiation through the 20 line fissure on
four levels, capital development to access 1 level, and the deepening project to
14 level. Overall tonnages milled were 7% higher year on year reaching more
than 2.3 million tonnes. Good grade control was maintained, with an average
combined head grade of 5.5 g/t recorded over the year, resulting in Northam"s
best ever production levels of 361 399 oz.
Commenting on costs, chief executive Glyn Lewis said that the increased volumes
had had a beneficial impact on containing operating costs: "Unit cash costs
were 0.5% lower year on year; at the rand per tonne level good cost control is
also evidenced by an increase of only 3.3%."
Northam continues to be highly cash generative, with healthy cash reserves of
R831 million at the end of the reporting period.
Profit attributable to shareholders climbed sharply to R703 million, up 183%
year on year. In line with Northam"s track record of returning cash to
shareholders, a final dividend of 165 cps has been declared, bringing the total
dividend for the year to 280 cps.
Distributed by:
Russell & Associates
Tel : +27 11 880 3924
Fax : +27 11 880 3788
Johannesburg
3 August 2006
Date: 03/08/2006 09:12:20 AM Produced by the JSE SENS Department
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