| Mon 30 Oct 2006, 17:53 | | WAR |
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WAR
WARA
Western Areas Limited - Unaudited Quaterly Results ended 30 September 2006
WESTERN AREAS LIMITEDIncorporated in the Republic of South Africa(Registration
number: 1959/003209/06)("Western Areas" or "the Company")Share code: WAR
ISIN No: ZAE000016549ADR Ticker symbol: WARUYCUSIPNo: 957654304
UNAUDITED QUARTERLY RESULTS ENDED 30 SEPTEMBER 2006PRODUCTION AND UNIT RESULTS
Year Year
ended to date Quarters ended
31.12.05 30.09.06 31.03.06 30.06.06 30.09.06
Lost Time
Injury per 200
000 hours
Reef mined tons 947 555 254 164 137
(`000)
Reef ore milled tons 962 542 242 151 149
(`000)
Waste dump tons 212 200 29 64 107
milled (`000)
Total milled tons 1 174 742 271 215 256
(`000)
Yield oz/ton 0.239 0.214 0.221 0.224 0.196
(underground)
Yield (incl. oz/ton 0.200 0.164 0.200 0.164 0.127
surface)
Gold produced oz 234 584 121 737 53 973 35 232 32 532
Gold sold oz 231 094 125 208 55 460 36 578 33 170
Cash costs US$/oz 367 527 422 602 624
Total US$/oz 448 644 525 750 735
production
costs
Gold price US$/oz 338 397 403 394 408
achieved
Average gold US$/oz 448 587 561 605 632
spot price
Average
exchange rate
achieved
Period end
exchange rate
Capital US$m 18 17 5 6 6
expenditure
Capital US$m 7 16 9 19 16
commitment at
end of period
PRODUCTION AND UNIT RESULTS (CONTD)
Year Year
ended to date Quarters ended
31.12.05 30.09.06 31.03.06 30.06.06 30.09.06
Lost Time 0.56 0.94 0.88 1.04 0.90
Injury per 200
000 hours
Reef mined tonnes 859 504 231 149 124
(`000)
Reef ore tonnes 879 492 220 137 135
milled (`000)
Waste dump tonnes 179 181 26 58 97
milled (`000)
Total milled tonnes 1 058 673 246 195 232
(`000)
Yield g/tonne 8.15 7.36 7.53 7.69 6.73
(underground)
Yield (incl. g/tonne 6.90 5.63 6.83 5.61 4.36
surface)
Gold produced kg 7 296 3 787 1 679 1 096 1 012
Gold sold kg 7 188 3 895 1 725 1 138 1 032
Cash costs R/kg 75 365 111 733 83 777 124 965 143 784
Total R/kg 91 822 136 490 104 161 155 676 169 349
production
costs
Gold price R/kg 69 371 84 199 79 862 81 846 94 046
achieved
Average gold R/kg 91 944 124 539 111 196 125 670 145 602
spot price
Average R/$ 6.3837 6.5972 6.1637 6.4612 7.1695
exchange rate
achieved
Period end R/$ 6.3275 7.7643 6.1890 7.1420 7.7643
exchange rate
Capital Rm 113 122 30 44 48
expenditure
Capital Rm 46 122 53 136 122
commitment at
end of period
ABRIDGED CONSOLIDATED INCOME STATEMENT
Quarters ended Year to Year
date ended
30.09.06 30.06.06 31.03.06 30.09.06 31.12.05
SA Rand Notes Unaudited Restated Un- Un- Audited
million audited audited
Gold revenue 71.4 65.7 107.4 244.5 420.6
Gold sales 150.1 143.0 191.9 485.0 660.9
at spot
Realisation 1,2 (78.7) (77.3) (84.5) (240.5) (240.3)
of matured
options
Total (171.3) (170.6) (174.9) (516.8) (668.2)
production
costs
Production (145.5) (137.0) (140.6) (423.1) (549.9)
costs - cash
Production 3 (25.8) (33.6) (34.3) (93.7) (118.3)
costs - non
cash
Operating (99.9) (104.9) (67.5) (272.3) (247.6)
loss from
gold
operations
Property, 4 - (28.0) - (28.0) -
plant and
equipment
write-off
Net other 5 252.2 2.8 33.6 288.6 (20.6)
income
Administra- (26.4) (5.1) (10.2) (41.7) (23.8)
tion and
other
expenditure
Present value (48.4) (8.6) (3.7) (60.7) (55.6)
adjustment
for option
premium
payable
Fair value 1,6 (272.6) (369.6) 52.9 (589.3) (128.9)
adjustment
Realised 1 (37.7) (36.7) - (74.4) -
ineffective
fair value
adjustment
Exchange 7 (81.4) (124.5) 21.0 (184.9) (107.7)
(losses)/
gains
Reversal of 8 15.3 - - 15.3 (90.2)
impairments/
(impairments)
(Loss)/Profit (298.9) (674.6) 26.1 (947.4) (674.4)
before
taxation
Taxation - 11 128.9 313.8 (13.9) 428.8 267.0
deferred
(Loss)/Profit (170.0) (360.8) 12.2 (518.6) (407.4)
for the
period
(Loss)/
Earnings per
ordinary
share (cents)
- Basic (108.8) (234.3) 7.9 (335.0) (339.3)
- Headline (118.9) (216.6) (13.4) (338.8) (273.9)
Number of 161.7 154.0 154.0 161.7 154.0
ordinary
shares issued
(million)
Weighted 9 156.3 154.0 154.0 154.8 120.1
average
number of
ordinary
shares
(million)
Determination
of headline
loss:
(Loss)/Profit (170.0) (360.8) 12.2 (518.6) (407.4)
for the
period
(Loss)/Profit 0.6 27.3 (32.2) (4.3) (6.1)
on disposal/
impairment of
property,
plant and
equipment
Profit on - - - - (1.0)
disposal of
unlisted
investments
Profit on - - - - (4.3)
disposal of
treasury
shares
Fair Value (1.1) - (0.6) (1.7) (0.3)
adjustment of
other
investments
(Reversal of (15.3) - - - 84.9
impairments)/
impairments
Share of loss - - - - 5.3
in associated
company
relating to
impairments
Headline loss (185.8) (333.5) (20.6) (524.6) (328.9)
ABRIDGED CONSOLIDATED BALANCE SHEET
Period ended Year
ended
30.09.06 30.06.06 31.03.06 31.12.05
SA Rand million Notes Unaudited Unaudited Unaudited Audited
ASSETS
Property, plant and 10 3 320.2 3 279.1 3 290.1 3 299.6
equipment
Derivative asset 6 1 581.8 1 554.1 1 288.1 996.4
Investments 20.2 19.8 19.8 19.2
Deferred taxation 11 1 388.4 1 367.5 1 050.8 847.7
Cash and cash 154.3 20.7 133.6 207.9
equivalents
Other assets 5 297.8 51.9 94.9 68.0
Total assets 6 762.7 6 293.1 5 877.3 5 438.8
EQUITY AND
LIABILITIES
Shareholders" equity 1 147.0 887.3 1 254.8 1 509.3
Option premium 1 084.1 992.9 887.7 939.4
payable
Derivative liability 6 4 380.7 4 284.0 3 598.1 2 843.9
Other liabilities 150.9 128.9 136.7 146.2
Total equity and 6 762.7 6 293.1 5 877.3 5 438.8
liabilities
STATEMENT OF CHANGES IN SHAREHOLDERS" EQUITY
Cash flow
Hedge Retained
Share Share reserve (loss)/
SA Rand million capital premium earnings Total
Balance as at 31 154.0 2 842.2 (1 572.7) 85.8 1 509.3
December 2005
Ordinary shares 7.7 290.1 - - 297.8
issued
Fair value adjustment - - (302.1) - (302.1)
Recycling of fair - - 160.6 - 160.6
value on maturing of
derivatives
Attributable loss for - - - (518.6) (518.6)
the period
Balance as at 30 161.7 3 132.3 (1 714.2) (432.8) 1 147.0
September 2006
CONSOLIDATED CASH FLOW STATEMENT
Quarters ended Year Year
to date ended
30.09.06 30.06.06 31.03.06 30.09.06 31.12.05
SA Rand million Unaudited Restated Unaudited Unaudited Audited
Cash flow (92.8) (33.8) (9.5) (136.1) (112.5)
utilised by
operating
activities
Cash flow (48.2) (41.7) (30.0) (119.9) (103.0)
utilised in
investing
activities
Cash flow 274.6 (37.4) (34.8) 202.4 410.2
from/(utilised
in) finance
activities
Net increase/ 133.6 (112.9) (74.3) (53.6) 194.7
(decrease) in
cash and cash
equivalents
Cash and cash
equivalents:
- at beginning 20.7 133.6 207.9 207.9 13.2
of period
At end of period 154.3 20.7 133.6 154.3 207.9
OPEN HEDGE POSITION
As at 30 September 2006 2007 2008 2009 2010
2006
Derivative asset
Put options bought
Quantity ozs 51 129 205 572 214 224 209 436 213 960
Average price $/oz 288.20 288.20 288.20 293.20 303.20
Fair value Rm"s - - 0.2 1.0 2.7
Call options bought
Quantity ozs 21 237 85 392 88 980 87 000 88 872
Average price $/oz 308.70 323.70 333.70 348.70 358.70
Fair value Rm"s 48.2 191.3 204.0 201.4 210.5
Total derivative
asset fair value
Derivative
liability
Call options sold
Quantity ozs 39 330 158 136 164 784 161 100 164 580
Average price $/oz 288.70 288.70 288.70 293.70 303.70
Fair value Rm"s (95.4) (395.5) (429.9) (430.7) (444.2)
Call options sold
Quantity ozs 15 732 63 252 65 916 64 440 65 832
Average price $/oz 333.70 348.70 363.70 378.70 393.70
Fair value Rm"s (32.7) (130.0) (137.4) (137.0) (142.7)
Total derivative
liability fair
value
OPEN HEDGE POSITION (Contd)
As at 30 2011 2012 2013 2014 Total
September 2006
Derivative asset
Put options
bought
Quantity ozs 200 436 205 920 205 056 98 166 1 603 899
Average price $/oz 313.20 313.20 323.20 333.20
Fair value Rm"s 4.6 5.7 7.7 4.6 26.5
Call options
bought
Quantity ozs 83 256 85 536 85 188 40 776 666 237
Average price $/oz 373.70 398.70 413.70 428.70
Fair value Rm"s 198.6 201.4 202.7 97.2 1 555.3
Total derivative 1 581.8
asset fair value
Derivative
liability
Call options sold
Quantity ozs 154 176 158 400 157 740 75 516 1 233 762
Average price $/oz 313.70 313.70 323.70 333.70
Fair value Rm"s (419.0) (442.1) (442.6) (212.0) (3 311.4)
Call options sold
Quantity ozs 61 668 63 360 63 096 30 204 493 500
Average price $/oz 408.70 423.70 438.70 453.70
Fair value Rm"s (135.8) (141.6) (143.2) (68.9) (1 069.3)
Total derivative (4 380.7)
liability fair
value
Basis of Accounting
The accounting policies used to prepare the quarterly results are consistent
with that applied in the previous period and are in accordance with
International Financial Reporting Standards (IFRS).
Notes to the Abridged financial statements
1. The Company is required by IFRS to assess the effectiveness of the derivative
structure on an ongoing basis to ensure it may account for the fair value
changes stemming from the gold price fluctuations in the hedge reserve. The
combination of the Shaft Incident (May 2006) and the underground fire (which
started on 31 August 2006), resulted in the derivative structure being
ineffective for June 2006 and September 2006 respectively, as more ounces were
committed under the derivative structure than were actually produced. Current
production forecasts indicate that this will persist into the fourth quarter.
Hence, due to the ineffective nature of the derivative structure for these
periods, the accounting treatment for the derivative structure changed in the
following manner:
- The matured options for June 2006 and September 2006, valued at R36.7 million
and R37.7 million respectively, are recognised as a fair value adjustment in the
income statement and are no longer accounted for as an adjustment to gold
revenue. The June 2006 quarterly results have been restated to this effect;
- A fair value adjustment of R47.5 million as it relates to the anticipated
ineffective portion of the derivative structure in the fourth quarter, which
normally would have been accounted for in the hedge reserve, is now recognised
in the income statement.
2. Realisation of matured options includes actual cash flow of R53.2 million as
it relates to the effective hedges for the third quarter (Q2: R49.9 million)
3. Non-cash costs include the depreciation of property, plant and equipment and
the change in inventory for the period.
4. The net book value of the infrastructure damaged by the falling conveyance
and rope on 4 May 2006 (Shaft Incident) representing R28 million, has been
written-off in Q2.
5. The insurance claim arising from the Shaft Incident has been accepted by the
insurers. Western Area anticipate settlement of its 50% of the net settlement,
the maximum of which is US$32.5 million (R252.3 million) towards the end of the
year.
6. The fair value adjustments relate to the re-valuation of the derivative
structure as at quarter-end. The re-valuation stemming from exchange rate
fluctuations are accounted for in the income statement, whilst the revaluation
stemming from the gold price fluctuations are accounted for through the hedge
reserve on the balance sheet as long as the derivative structure or portion
thereof is deemed to be effective (refer to Note 1 above). The US$ gold price
decreased from US$600/oz as of 30 June 2006 to US$599/oz as of 30 September
2006.
7. Exchange losses are mainly attributable to the re-valuation of the option
premium payable due to the Rand having depreciated from R7.1420/$ (30 June 2006)
to R7.7643/$ (30 September 2006).
8. The reversal of the prior impairment relates to the fact that the BEE
agreement pertaining to the issuance of those Prospecting Rights adjacent to
South Deep has become unconditional.
9. The weighted average number of ordinary shares is arrived at after making
adjustments for the ordinary share issue in September 2006 and the rights issue
during 2005.
10. Property, plant and equipment are stated at cost less accumulated
depreciation.
11. The deferred taxation movement resulted from both operating losses and the
re-valuation of the fair value of the derivative structure through the income
statement and equity. Based on the best estimate at the period-end, management
believes it is probable that taxable income will be available in future to
utilise the deductible temporary differences and therefore supports the
recognition of the deferred tax asset.
Dear Shareholders
The third quarter 2006 (Q3) has indeed been an eventful one for Western Areas
Limited and South Deep.
Gold Production, Costs and the Impact of the Derivative Structure
The results for the third quarter are broadly in keeping with the revised
production plan (the "Revised Plan") following the Shaft Incident of 4 May 2006,
compounded by the recent underground fire in the 95 3W project area that started
on 31 August 2006.
The total plant feed for South Deep for Q3 was 18% higher than that of Q2, with
265 833 tonnes of underground ore (Revised Plan: 269 000 tonnes) and 190 373
tonnes of low grade waste dump material (Revised Plan: 90 000 tonnes) having
been processed, resulting in the production of 1 989kg, of gold (by comparison
gold sold of 2 028kg). The head grade of the underground ore decreased from
7.69g/t (Q2) to 6.73g/t (Q3), whereas the overall head grade inclusive of low
grade waste dump material decreased to 4.36g/t over the same period (Q2:
5.61g/t), due to the high volume of low grade waste dump material processed.
The redirection of the underground ore flow through the South Shaft Complex has
resulted in increased transportation distances to the metallurgical plant, which
in addition to the increased amount of low grade waste dump material processed,
has resulted in increased operating costs by way of double-handling and
additional transportation costs.
The Company"s attributable share of gold production for the year-to-date is
121 737 ounces compared to the Revised Plan of 120 412 ounces, whereas for Q3
its share totalled 32 532 ounces (Q2: 35 232 ounces),
Given the high fixed costs, all unit production costs have increased largely due
to the lower production levels. By way of example, cash operating costs
increased from R124 965/kg (Q2) to R143 784/kg (Q3). Operating costs were not
reduced as was initially envisaged, this being a function of the higher
transport and logistical costs arising from the use of the South Shaft Complex.
Moreover the use of proto teams (other than those based at South Deep) to fight
the underground fire, has resulted in once-off increased costs for personnel and
consumables alike.
However, permanent savings have been made through the elimination of a number of
contractor obligations, which will become evident once operations have been
resumed at the Twin Shaft Complex.
The operating loss from gold operations for Q3 decreased marginally to
R100.0 million (Q2 Restated: R104.9 million), as the depreciation of the Rand
from R7.1420/$ (Q2) to R7.7643/$ (Q3) had a positive impact on the Rand gold
price. Gold revenues increased by R5.7 million from quarter to quarter. With
the reduced production the Company was unable to fully benefit from this, as the
net commitment under the derivative structure was greater than the ounces sold
for the quarter. In accordance with defined accounting policies, which are
further elaborated in the notes provided in the financial section, the
derivative structure was deemed to be ineffective for September 2006 and June
2006. Accordingly, the losses relating to the ineffective portions of the
derivative structure, cumulatively R74.4 million for the year-to-date, are now
recognised as a fair value adjustment in the income statement, and are no longer
accounted for as an adjustment to gold revenue. As a result of this change, the
revised gold price achieved for Q2 and Q3 is R81 846/kg and R94 046/kg
respectively, which compares with R67 456/kg and R59 183/kg (respectively) had
hedge accounting rules been applied. It is anticipated that this shortfall in
production ounces, by comparison committed ounces under the derivative
structure, will persist into the fourth quarter.
Given that the derivative structure is a US Dollar obligation, the impact of the
weaker Rand relative to the US Dollar resulted in a negative fair value
adjustment of R225 million for the derivative structure and R81 million for the
deferred premium respectively. This compares with R370 million and R124 million
respectively for Q2. Due to lower production forecast for Q4, the fair value
adjustment for Q3 also includes a R47.5 million adjustment for Q4 that relates
to the anticipated ineffective portion of the derivative structure, normally
accounted for in the hedge reserve.
The Joint Venture board has agreed to the insurance claim as being of an
underground nature. The underwriters have accepted liability for the claim
subject to an underground sub-limit of US$65 million and the submission of a
"Proof of Loss" document. On this basis, and given that the calculated loss
incurred up to 30 September 2006 approximates the underground sub-limit, an
amount of R252 million has been recognised, representing the Company"s 50% share
of the claim. This reduces the net loss for Q3 after taxation to R170 million,
which compares with R361 million for Q2.
Capital Raising
On 4 September 2006, and in keeping with the authority granted to directors at
the Annual General Meeting of 10 May 2006, the Company issued 7.7 million
ordinary shares at a price of R41 per share, realising R315.7 million. These
funds were utilised to repay the R113 million used as part of the R200 million
Standard Bank facility, as well as to meet the Company"s ongoing hedge
commitments.
The payment of the insurance claim for the Shaft Incident is expected before the
year-end, which in conjunction with the existing loan facilities of
R240 million, would delay any capital raising through to Q2 of 2007.
Recommissioning of the Twin Shaft Complex
Rehabilitation work at the Twin Shaft Complex has progressed well, with the re-
commissioning of the Main Shaft being expected in January 2007, and the
attainment of a hoisting rate of 200 000 tonnes per month of underground ore
being planned for June 2007. Work has commenced on the deepening of the
Ventilation Shaft, Twin Shaft Complex, which will enhance both the ventilation
and hoisting capacity.
Safety
Tragically, a fatality occurred on 25 September 2006 as a result of a seismic
event in the vicinity of the apex of the 90 9W VCR Raise. The seismic event,
which had a magnitude of 1.0 on the Richter Scale, resulted in severe footwall
movement, failure of the hanging wall and extensive damage to the working place.
The failure of the stoping horizon resulted in two mine employees being trapped,
one of whom, Mr Baptisto Ngovene, died in the process of being rescued.
The Lost Time Injury Rate regressed from 0.56 in 2005 to 0.94 for the year to
date.
Fire
On 31 August 2006 a fire broke out on the 95 3 West level at South Deep. The
fire is presently contained to the 83 and 85 Levels. Safety considerations
resulted in the loss of a number of shifts, and production was affected
accordingly. This will continue to be the case until the fire is fully
extinguished. An insurance claim has been lodged for both business interruption
and rehabilitation. In those areas where the fire has been extinguished,
rehabilitation and assessment of damage has commenced. In addition, new areas
have been opened up for mining which will contribute to attaining the targeted
levels of production.
Western Areas Prospecting (Pty) Limited ("WAP")
The BEE agreement entered into between the Company and its BEE partner, Peotona
Gold (Pty) Limited ("Peotona"), has become unconditional and is thus of full
force and effect. Accordingly, WAP has become a subsidiary of Western Areas,
with Peotona holding an interest of 26%. In terms of the agreement with
Peotona, the latter will only have to fund their acquisition of the 26%
shareholding in WAP (the "Consideration"), which holds certain Prospecting
Rights adjacent to South Deep, once value is realised therefrom. The Company is
still in the process of determining the extent of the Consideration payable by
Peotona. In the event that the Consideration payable is lower than what is
deemed to be fair value, the Company will be obliged to recognise 20% of such a
differential as a cash settled share-based payment, whereas the balance will
constitute an equity settled share-based payment.
Furthermore, in recognition of the historical interest held by Free State
Development and Investment Corporation Limited ("FSD") in the prospecting rights
that are now held by WAP, and by way of prior arrangement, some 50% to 60% of
the Company"s 74% shareholding in WAP will be issued to FSD. Once a formal
agreement has been concluded, which is expected before the year-end, the Company
will recognise the disposal of its investment in WAP to FSD.
Feasibility Study
A feasibility study has recently been completed by the Joint Venture. Developed
over the past 18 months, the objective has been to establish optimal production
levels given the defined mineral resources. Two production scenarios were
evaluated, namely a 220 000 tonnes per month (tpm) scenario and a 330 000tpm
scenario. As part of the process, each of the 13 modules developed by mine
personnel was critically reviewed by appropriate peer groups represented by
internationally recognised consultancy groups and/or companies. The latter
scenario yielded the best financial returns, and forms the basis of the mine
plan going forward.
The production profile for the entire mining authorisation builds up from the
current plan for 2007 of 2 127 983 tonnes (177 324tpm) to a maximum of 4 082 156
tonnes in 2021 (340 180tpm), with 1,012,254 tonnes being mined in the final year
of the Life of Mine (2049). The planned capacity of 330 000tpm is attained in
2012, and is largely maintained thereafter. Capital expenditure to the end of
the 2012 financial year is estimated to be R3.5 billion, the majority of which
will be funded by cash flow generated by the mine.
A summary of the feasibility study will be available in the technical report
issued as part of the Circular to Shareholders in response to the Gold Fields
Limited Offer.
Gold Fields Offer to all Western Areas Shareholders
On 11 September 2006 Gold Fields Limited ("Gold Fields") made an unsolicited
offer (the "Offer") to all Western Areas shareholders to acquire their shares in
the Company. Gold Fields have recently increased their shareholding in Western
Areas from 18% to 34,7% through the acquisition of a block of shares from JCI.
In addition, they also have put and call options in place which, if exercised,
will take the Gold Fields shareholding to 41%. In the event that Gold Fields
acquires additional Western Areas shares (other than in terms of the Offer)
within three months of implementation of the aforementioned put and/or call
options, Gold Fields has undertaken to increase the consideration payable to
Western Areas shareholders in terms of the Offer to match the increase in the
consideration so paid by Gold Fields.. Gold Fields distributed their circular
to all shareholders of Western Areas on 30 October 2006, in which they outline
their Offer to acquire the entire issued share capital of Western Areas for a
consideration of 35 ordinary shares in Gold Fields for every 100 ordinary shares
held in Western Areas. Filings have been made by both companies with the
Competition Commission, and the relevant approvals for the Offer still need to
be obtained from the Securities Regulation Panel in terms of the Western Areas
response letter. Royal Bank Of Canada Europe Limited ("RBC") has been engaged,
in keeping with the requirements of the Securities Regulation Panel, to provide
an independent "Fair and Reasonable" opinion. This opinion will be mailed to
all shareholders together with the Board of Directors" response to the Offer
document. Thereafter it will be available on the Western Areas website.
The Board of Directors urges all shareholders to carefully consider the Offer
document distributed by Gold Fields to all shareholders, as well as the response
to the Offer, once finalised.
Cautionary and further announcements
Shareholders are referred to the cautionary announcement published on 11
September 2006 and are reminded to exercise caution when trading in Western
Areas" shares until such time as a further announcement is made.
By order of the Board:
Johannesburg
30 October 2006
28 Harrison Street Johannesburg 2001PO Box 61719 Marshalltown 2107Telephone: +27
(11) 688-5000Fax: +27 (11) 834-9195
DIRECTORATEG Marcus (Executive Chairperson)S A Levitt (Chief Financial Officer)S
Tainton (Executive)D M Nurek (Non-Executive)N D B Orleyn (Non-Executive)J R
Dixon (Independent Non-Executive)I S Sehoole (Independent Non-Executive)H J
Smith (Independent Non-Executive)
COMMUNICATIONSE-mail: info@wal.co.zaFax: +27 (11) 834-9195Website:
www.westernareas.co.za
TRANSFER SECRETARIES - SOUTH AFRICAComputershare Investor Services 2004 (Pty)
Ltd70 Marshall Street Johannesburg 2001PO Box 61051 Marshalltown 2107Telephone:
+27 (11) 370-5000Fax: +27 (11) 688-7721/2
OFFICE OF UNITED KINGDOM REGISTRARSCapita RegistrarsThe Registry34 Beckenham
Road BeckenhamKent BR3 4TUTel: +44 (870) 162 3100Fax: +44 (20) 8639 2142
UNITED STATES DEPOSITORYAmerican Depository ReceiptsThe Bank of New
YorkShareholder Relations DepartmentTel: +1 (212) 815 3326Fax: +1 (212) 571
3050www: adrbny.comShareholder RelationsToll free no: (US or Canada
only)1-888-269-2377(1-888-BNY-ADRs)International callers:Tel: +1 (212) 815 3700
SPONSOR
Sasfin Capital
A Division of Sasfin Bank Limited
Date: 30/10/2006 05:20:09 PM Produced by the JSE SENS Department
