Financial Results for the year ended 30 June 2011 - Optimum Coal

Financial Results for the year ended 30 June 2011
25 August 2011

2
“Optimum Coal has had a good operational year. Our coal mines are maturing and our life of mine extension
projects have gained positive momentum during the year. Our overall safety performance has been
commendable and we remain focussed on achieving zero harm targets.
Although Optimum Collieries has had various production challenges during the year, we have restructured the
management team and have commenced various exposure, extraction and yield initiatives. Production at the
Boschmanspoort underground section has now stabilised and the critical Kwagga North life extension project
is progressing well.
Coal production at Koornfontein Mines has exceeded our expectations and we are delighted with its
operational performance during the year. Additionally, the acquisition of the TNC reserves will ensure that
Koornfontein Mines returns to being a long life, high quality export coal operation, thereby enabling us to
optimise our overall coal portfolio.
Export railing logistics remain challenging, however with TFR‟s expansion program approved and underway,
and with increased TFR rail rates now implemented, an improvement in TFR‟s railings performance is
reasonably expected in the coming year.
We remain well placed to benefit from strong international coal prices and from an increasing local demand for
thermal coal”
Mike Teke
Optimum Coal CEO

3
AGENDA
Overview – Mike Teke
FY2011 results – Doug Gain, Riaan du Plooy
– Financial review
– Operational review
Outlook for FY2012 – Mike Teke
– Market review
– Group outlook for FY2012
– Eskom
– Transnet Freight Rail
Delivering on our group strategy – Mike Teke
Discussion / Q&A – Mike Teke

Overview
Mike Teke

5
Our achievements during the year to June 2011
Improvement in safety statistics. No fatal accidents during the past 18 months
Revenue increased by 57% to R5 289 million
EBITDA generated of R1 200 million
Profit generated of R460 million
Group run-of-mine coal production up 21% to 17.1 million tons
Group saleable coal production up 26% to 13.6 million tons. Export coal production up 28% to 6.8
million tons
Optimum Collieries management team restructured. Kwagga North opencast extension project on track
Acquisitions agreed for the TNC and Remhoogte (1) prospecting rights
Cash on hand of R567 million and net debt of R77 million as at 30 June 2011
Special dividend of R75.5 million declared (30 cps)
(1) Remhoogte agreement signed in August 2011

6
HSEC performance
Safety
‒ No fatalities
‒ Reducing CIFR (1) (5%) and TRIFR (2) (11%)
Health
‒ Voluntary HIV testing ongoing
‒ Continuous monitoring of occupational and non-
occupational illnesses
‒ Continued compliance to Mine Health and Safety
Council Milestones
Environment
‒ Reduction in rehabilitation liability (additional ground
levelling and water management initiatives)
‒ Water supply from Water Reclamation Plant to
STLM (3) commenced at up to 5 Ml per day
(1) Classified injury frequency rate
(2) Total recordable injury frequency rate
(3) Steve Tshwete Local Municipality
CIFR
2.5
2.0
1.5
1.0
0.5
0.0
TRIFR
6.0
5.0
4.0
3.0
2.0
1.0
0.0
2.03
4.81
32%
5%
1.38 1.31
FY2009 FY2010 FY2011
25%
11%
3.60 3.19
FY2009 FY2010 FY2011

Financial Performance
Doug Gain

8
Group financial overview
(Rm, unless otherwise indicated)
Revenue
Mining and related cash costs
- Mining costs
- Logistics costs
- Other costs
EBIT
(1) Earnings before interest, taxation, depreciation, amortisation and environmental provision releases
(2) Calculated on 199 million shares in issue after consolidation of the 52 million shares owned by Trusts for IFRS purposes
(3) Calculated on a total of 251 million shares in issue ignoring any IFRS Trust consolidation effects
57%
28%
31%
26%
(69%)
Profit for the period 460 229 101%
Cash generated/(utilised) by operations
Capex
5 289 3 359
4 089 3 193
3 397
670
22
2 590
EBITDA (1) 1 200 166 623%
EBITDA margin (%) 22.7% 4.3%
EPS – IFRS (2) (cps)
HEPS – IFRS (2) (cps)
EPS – Normalised (3) (cps)
HEPS – Normalised (3) (cps)
FY 2011 FY 2010 % change
532
71
794 412
941 (7)
692 881
230 132
203 29
183 100
162 22
93%
(21%)
74%
605%
83%
636%

9
Group EBITDA
EBITDA variance
Rm
2 000
1 800
1 600
1 400
1 200
1 000
800
600
400
200
0
166
1 070
FY10 Volume
(tonnages)
(524)
Volume
(cash costs)
1 143
Coal price
(API#4)
(283)
Exchange rate
(R/$)
(147)
(86)
Inflation Additional cost
escalation (cash
costs)
(139)
Rail & export
costs
1 200
FY11

10
Group net debt
Net debt variance
Rm
1 050
900
750
600
450
300
150
0
(150)
(300)
(450)
(600)
(70)
Opening balance
FY10
941 (692)
Cash generated by
operations
(299) 44 (77)
Acquisition of PPE Interest and tax Other Closing balance
FY11
Currently in process of evaluating debt re-financing proposals from various lenders
The new corporate debt facility will materially increase the group‟s ability to utilise debt for
general corporate purposes including capital expenditure, working capital requirements and
acquisitions.

11
Group balance sheet
(Rm, unless otherwise indicated)
Non-current assets
- Property plant and equipment
- Restricted rehabilitation investment
- Other non-current assets
- Cash and cash equivalents
- Other assets
TOTAL ASSETS
9 989 9 819
6 356
1 276
2 357
6 375
1 184
2 260
Current Assets 1 473 1 405
5%
567
906
751
654
11 462 11 224
2%
(1%)
8%
4%
(25%)
Total Equity 6 892 6 268
10%
Non-current liabilities 3 722 3 525
8%
- Environmental liability provision
- Other liabilities
- Loans and borrowings
- Other liabilities
As at 30
June 2011
1 774
1 948
150
698
As at 30
June 2010
1 899
1 626
Current liabilities 848 1 431
(46%)
730
701
% change
38%
2%
(7%)
24%
(90%)
Total liabilities 4 570 4 956
(8%)
TOTAL EQUITY AND LIABILITIES 11 462 11 224
2%
4%

Operational performance
Riaan du Plooy

13
Optimum Coal (Group) statistics
ROM production (Mt)
- Optimum Collieries
- Koornfontein Mines (1)
Saleable product (Mt)
- Export and inland – Optimum Collieries
- Export – Koornfontein Mines (1)
- Eskom – Optimum Collieries
- Eskom and inland – Koornfontein Mines (1)
Railed to RBCT (Mt)
Realised export revenue per ton (R/t)
- Average API#4 price ($/ton)
- Average R/$
FY 2011 FY 2010
14.1
13.1
1.0
10.8
4.7
0.6
5.1
0.4
5.1
559.40
73.80
% change
21%
7%
210%
26%
4%
217%
8%
225%
Realised inland revenue per ton (R/t) 549.56 594.54
(8%)
Capex (Rm)
- Optimum Collieries
- Koornfontein Mines (1)
- Exploration projects
17.1
14.0
3.1
13.6
4.9
1.9
5.5
1.3
6.4
701.17
100.02
7.01
692
566
115
11
(1) 4 months‟ attributable results from Koornfontein Mines have been included with effect from 1 March 2010.
7.58
891
848
33
10
25%
25%
36%
(8%)
(22%)
(33%)
248%
10%

14
Managing our operations – Optimum Collieries
Operations mature and LOM extension projects gaining momentum
Opencast
Pullenshope O/C – YoY improvement in production,
scaling down in FY2012 with dragline moving to Kwagga
North
Eikeboom O/C – Reduced production in-line with LOM
plan, dragline activity reduced accordingly, long term life
ahead, albeit at lower production rate
Kwagga Central O/C – YoY improvement in production
despite increasing strip ratios
Optimum Collieries ROM production profile
20 000
15 000
10 000
5 000
0
2672
1808
4472 4306
7568 7517
2007
2008
439
1697
4127
6336
2009
2553
1672
4644
1354
5201
4208 4338
2010
3073
2011
3400
956
360
1058
4637
6441
2012F
3780
3600
7195
2013F
3780 3780 3780 3780
720
952
720
795
1522 1750
9814 9718
2014F
2015F
1470 1575
736 810
10695 10274
2016F
2017F
3780
3780
1575
835
3780
1575
837
2310
771
438
2310
715
2310
673
9326 9636 9905 9573 9868
2018F
2019F
Kwagga North O/C – Coaling ramping up, additional
dragline from Pullenshope will increase production,
infrastructure project progressing well, (commissioning
early calendar 2012)
Underground
Boschmanspoort U/G – increasing pit-room creating
additional flexibility, recent performance positive and
production ramping up well (see slide 15)
kt Boschmanspoort UG
2020F
2021F
2022F
2310
723
8477
2023F
2200
2281 800
795 785 749
6288 6700 7088
2024F
2025F
2026F
3500
753
3856
2027F
Pullenshope UG
Eikeboom OC
Pullenshope OC
Kwagga OC
3500
402
1500
2950
1000
0 1100
200 0
2028F
2029F
2030F

15
Managing our operations – Boschmanspoort
Boschmanspoort production ramp-up is gaining good momentum
Performance
Production ramp-up achieved during June 2011, on
track to achieve 3.4 million tons for FY2012
Coalcor (underground contractor) in wage negotiations
Improved production resulted from a number of
initiatives:
‒ Section 2 moved from eastern to western mining
area where geological conditions are less
challenging
‒ Engineering availability on continuous haulage
improved significantly due to changes done on chain
system
‒ Cutting time improved with increased overtime
production
ktpa
320
270
220
170
120
Boschmanspoort monthly production
(annualised production in brackets)
(2 796)
(2 976)
(2 880)
233 248 240
(3 528)
294
Mar-10 Apr-10 May-10 Jun-10
Boschmanspoort infrastructure and high wall

16
Managing our operations – Kwagga North
Kwagga North project development tracking on time and within budget
Development progress
Design work for 20 000 tonne bunker in final stage
Conveyor construction progressing well
Bosmanspruit bridge 80% complete
Electrical orders already placed
Good progress on civil work on the ROM tip
Community re-location progressing and issues being
addressed
Immediate focus areas
Earth works for civil work to be completed
Bridge work to be completed
ROM Tip to be completed
Installation of overland conveyors to continue
Conveyor belt construction
Bosmanspruit bridge

17
Managing our operations – Koornfontein Mines
Koornfontein Mines
Koornfontein Mines‟ operations mature and in steady
state
Koornfontein discard reclamation to continue for
another 3 years
Upside to railing export capacity due to strategic
positioning of Koornfontein rapid load-out infrastructure
Various Eskom supply opportunities currently being
negotiated
TNC reserves will extend life of high value product by
12 years
Expected Koornfontein Mines ROM production profile
kt
5 000
4 000
3 000
2 000
1 000
0
1391
2791 2849
2007
2008
3217
2009
2936 3129 2872 2676 2760
2010
2011
2012F
2013F
2014F
1600
1389
2015F
2800
2016F
Gloria 2-seam TNC Other reserves
Koornfontein Mines and TNC
3500 3500 3500 3500 3500 3500 3500 3500 3400 3300
2017F
2018F
2019F
2020F
2021F
2022F
2023F
2024F
2025F
2026F

Outlook for FY2012
Mike Teke

19
Market Review
Export coal demand Export growth driven by Asian markets
RBCT export destinations
‒ Indian demand further increasing as a result of
west-coast coal-fired power generation growth
‒ Further growth in China (9% in GDP) boosted
by economic growth and restricted local
production supportive of increased South
African demand
‒ Growth in other Asian countries supportive of
South African export coal demand
API#4 coal price history
Peak coal price in 2008 was over $150/ton
Steady recovery in API#4 price since 2009
continued to current trading levels of
approximately $118/ton
Coal dynamics remain favourable for price
support
Mt
100%
80%
60%
40%
20%
0%
RBCT Export Destinations (calendar years)
0.8
3.6
10.3
53.4
0.5
2.3
10.5
51.7
43.1
1.0 1.5 1.0
3.5 4.3 6.1
8.7 6.9 1.4
9.8 9.8
17.6
8.2
10.0 5.5
7.3
20.4
4.5
11.0
38.1
26.8
8.2
3.2
2.6 1.1
14.9
2.6
6.0
1.2
2005 2006 2007 2008 2009 2010 2011
YTD
Americas Europe Africa & Middle East India China Rest of Asia
Source: RBCT
API#4 coal price and ZAR/USD rate
200
160
120
80
40
0
API#4 (USD / mt) USD / ZAR - rhs
Source : Rand Merchant Bank, FICC
2000 2002 2004 2006 2008 2010
14
12
10
8
6
4
2
0

20
Group Outlook for FY2012
Group Outlook – FY2012
Optimum Coal is on track to produce 7 - 7.2 million tons of saleable export coal in FY2012 as well
as fulfill its supply commitments to Eskom. 350ktpa of exportable coal committed under inland
contractual arrangements
Opencast and underground operating diversification has reduced operating risk across the group
Export coal stock of 503kt tons on hand at group operations as at 30 June 2011 (20 day TFR
maintenance shutdown in June 2011) – stocks now reducing and rail tempo normalising
Optimum Collieries Outlook
Kwagga North ramp up on target and project
scheduled for completion during FY2012
Boschmanspoort ROM initiatives implemented and
delivering results
Targeting 5.3 – 5.5mt export production and 5.5mt
Eskom production in FY2012
Completion of fixed price contract with BECSA by
December 2011. 510kt exports at $87/ton to be
delivered between July and December 2011
Koornfontein Mines Outlook
Continued mining of Gloria 2 seam at current run
rates and reclamation of discard to produce additional
middlings product
Targeting 1.7mt export production and 1.0mt Eskom/
middlings production in FY2012
Continued work on 4 seam development feasibility
Advance project development work on the TNC
reserve.

21
Eskom
Eskom arbitration
Eskom arbitration in respect of Hendrina Power
Station supply dispute now resolved
Optimum Collieries will continue to supply 5.5mtpa to
the adjacent Hendrina Power Station until December
2018 under new pricing and penalty arrangements
Opportunities
Discussions with Eskom have commenced on the
following supply opportunities
Koornfontien middlings
Koornfontein 4 seam
Schoonoord
Other green-fields resources
“New” Eskom contracts will require profitable pricing to
justify investment decisions
Eskom looking to double generation capacity to
80 000MW by 2026. Much of this growth will be coalfired
generation.
Mines Located Close to Power Stations
Hendrina
Power Station
Komati
Koornfontein
Power Station
Koornfontein
Optimum
Optimum
Schoonoord
Overvaal
Optimum Coal Assets Power Stations
Mpumalanga
Vlakfontein
Mpumalanga
Arnot
Power Station
Vlakfontei
Camden
Power Station
Overva

22
Transnet Freight Rail (“TFR”) Challenges
TFR performance
General TFR coal industry performance has been
disappointing during the year under review
Optimum Collieries and Koornfontein Mines enjoy
the benefit of rapid loading and have collectively
railed 6.44mt to RBCT during the year
26% rail price increase implemented from April
2011. Long term contract negotiations yet to be
concluded
20 day rail maintenance shutdown in May and
June 2011 has resulted in 503kt of export coal on-
mine at year end available for railing to RBCT.
Post year – end, railings have normalised and on
mine stocks are reducing
TFR is committed to upgrading RBCT coal line to
transport 81mtpa by 2015 through rolling stock
and locomotive upgrades as well as efficiency
improvements. RBCT railings therefore expected
to improve into FY2012
TFR railings performance to RBCT
An 8000 ton TFR train being loaded at Optimum Collieries
before routing to RBCT

Delivering on our group strategy
Mike Teke

24
Delivering on our group strategy
Operations maturing and life of mine projects on track
Optimum Collieries
Boschmanspoort & water treatment projects completed
on time and within budget
Completion of Kwagga North opencast project scheduled
for June 2012 – on time and on budget - already coaling.
Key driver of unit cost efficiencies going forward
New organisational structure in place to ensure delivery of
targets
Schoonoord brownfield reserve to be developed pending
agreed off-take with Eskom
Boschmanspoort underground mine high wall,
conveyor and stock pile infrastructure
Koornfontein Mines
Gloria 2 seam currently being mined at commendable run
rates – expected to be mined until ~ FY15
TNC acquisition sets foundation for Koornfontein to return to a
long life, high export quality mine. Acquisition expected to
close H1, FY12.
Development of 4 - seam project likely to depend on
agreement on a definitive off-take with Eskom
Water Reclamation Plant with lined discharge dams
in the background
Kwagga North tip construction progressing well

25
Delivering on our strategy (continued)
Looking Consolidate forward our BEE - Optimising coal platform our portfolio and achieving capital and cost efficiencies
Project capability increased and all projects accordingly being
advanced
No 1. priority is to develop TNC resource to extend Koornfontein‟s
high value export product life by 12 years
Both Optimum Collieries and Koornfontein Mines now expected to
use their full RBCT entitlement over the next 10 years (≤ 8mtpa)
Capital discipline within the group requires all projects to be
ranked amidst the 2 key constraints of
‒ RBCT entitlement and
‒ Eskom contracts
Disposal of platinum prospecting rights for R121m gross. R75.5m
to be returned to shareholders through special dividend.
Consolidating our BEE coal platform
Currently considering other acquisitions, specifically
operations and resources being disposed by other coal
majors
Remhoogte prospecting right acquisition signed in August
2011, improving quality of export coal growth portfolio
Ongoing review of export coal resource and RBCT
opportunities
South African BEE coal champion – deliver tonnage safely
at competitive cost to ensure sustainable growth
Sale of 26%
in Afarak
Platinum
Recapitalise
Optimum
Collieries
IPO
Acquisition of
Koornfontein Mines
Acquisition of
Remhoogte
prospecting
rights
Acquisition of
TNC to extend
Koornfontein
LOM

26
Growth Projects
Growth pipeline intact
Robust pipeline of brown and greenfields
projects
Timing of development project pipeline being
evaluated
― Capital optimisation
― Product mix and production optimisation
― Market requirements
Brownfield projects
― Kwagga North
― TNC
― Schoonoord
― Koornfontein 4-seam
Greenfield projects
― Overvaal (mining right to be submitted Q2, FY12)
― Vlakfontein (awaiting award of mining right)
― Remhoogte (pre-feasibility work commenced)
― Mpefu (to be divested)
High quality growth projects
Evaluation of timing of project development on-going
Capital efficient projects enjoy higher ranking
Project considerations to include Eskom off-take
agreements, RBCT entitlement and TFR railing efficiencies
Indicative project pipeline
Exploration
Mpefu
Concept
Eikeboom
Pillars
Remhoogte
Brownfield coal projects
Prefeasibility
TNC
Greenfield coal projects
(1) Acquisitions remain subject to conditions precedent
(1)
(1)
Feasibility
Pullenshope
Underground
Eikeboom Coal Fines
Koornfontein Coal
Fines
Koornfontein
2,4-seam
Schoonoord
Vlakfontein
Overvaal
Implementation
Kwagga
North
Optimum Coal LOM projects

27
Remhoogte acquisition
High export quality green-fields project
Acquisition agreements signed with BHP Billiton
in August 2011. Consideration of R235 million
will be settled in cash from own available cash
resources and/ or re-financed debt facilities post
completion of transaction conditions
Inferred resource of 302mt based on C upper
and C lower seams
Mine design
Underground bord and pillar
4mt ROM per year over 16 year LOM life
2.5mt exports (6000kcal) and 0.4mtpa
middlings
Timing of development will depend on portfolio
ranking. Conceptually, an ideal replacement for
Optimum Colliery‟s export saleable production
in the medium to long term, although market
conditions and an improvement in export
logistics could result in the development of the
project being expedited
Situated close to RBCT railway line

QUESTIONS

Appendices

30
Optimum Collieries – Statistics
ROM production (Mt)
- Kwagga O/C
- Kwagga North O/C
- Pullenshope O/C
- Eikeboom O/C
- Boschmanspoort U/G
Saleable product (Mt)
- Export and inland
- Eskom
Railed to RBCT (Mt)
Realised export revenue per ton (R/t)
- Average API#4 price ($/ton)
- Average R/$
Capex (Rm)
- Development (Rm)
- Sustaining (Rm)
FY 2011 FY 2010
14.0 13.1
6.9%
(9.1%)
9.5%
13.0%
(17.6%)
19.2%
3.1%
4.3%
2.0%
2.2%
26.9%
37.4%
(7.6%)
Realised inland revenue per ton (R/t) 568.02 598.01 (5.0%)
2.0
2.3
5.2
1.4
3.1
4.9
5.2
2.2
2.1
4.6
1.7
2.6
10.1 9.8
699.14
99.73
4.7
5.1
4.7 4.6
7.01
566
273
293
550.73
72.56
7.59
848
711
137
% change
(33%)
(62%)
114%

31
Optimum Collieries – Cash Cost Structure
Optimum Collieries costs Cash cost reconciliation
On-mine cash cost per saleable ton (ZAR/ton)
300.00
250.00
200.00
150.00
100.00
50.00
0.00
Contractor fees
38%
259.88 259.68
FY2011 FY2010
Optimum on-mine cash cost structure
Utilities
4%
Other
(4)%
Labour
23%
Consumables
39%
ZAR MM, t’000 FY2011 FY2010
On-mine cash costs 2 703 2 539
Rail and port costs 494 480
Total cash costs 3 197 3 019
ROM tons 13 966 13 627
On-mine cash cost per ROM ton 193.53 186.29
Saleable tons 10 400 9 775
Sales tons 10 288 9 667
On-mine cash cost per saleable ton 259.88 259.68
Total cash costs 3 197 3 019
Eskom sales revenue (532) (397)
Total cash costs net of Eskom revenue 2 665 2 622
Export saleable tons 4 904 4 721
Export Sales tons 4 798 4 610
All-in cash cost per export saleable ton 543.55 555.51
All-in cash cost per export sales ton 555.55 568.69

32
Koornfontein Mines – Statistics (1)
ROM production (Mt)
- Gloria U/G
- Blinkpan U/G
Saleable product (Mt)
- Export
- Eskom and inland
Railed to RBCT (Mt)
Realised export revenue per ton (R/t)
- Average API#4 price ($/ton)
- Average R/$
Capex (Rm)
- Development (Rm)
- Sustaining (Rm)
FY 2011 FY 2010
2.9
2.9
-
3.0
1.8
1.2
1.7
545.26
71.90
7.58
6.9%
6.9%
Discard reclaimed 2.9 2.7 7.4%
120
22
98
-
6.6%
5.5%
8.3%
0%
30.1%
40.7%
(7.9%)
Realised inland revenue per ton (R/t) 138.67 133.78 3.7%
3.1
3.1
-
3.2
1.9
1.3
1.7
709.21
101.17
7.01
115
22
93
% change
(4.2%)
0%
(5.1%)
(1) The above analysis shows the operating data for Koornfontein mines for the relevant financial years. Koornfontein Mines was however only
consolidated into the Group operations with effect from 1 March 2010 and provided 4 months attributable production in the year to June „10

33
Koornfontein Mines – Cash Cost Structure
Koornfontein Mines costs Cash cost reconciliation
On-mine cash cost per saleable ton (ZAR/ton)
250
200
150
100
50
0
211.50
Koornfontein on-mine cash cost structure
Contractor fees
19%
Utilities
6%
Other
8%
Consumables
22%
192.10
FY2011 FY2010
Labour
45%
ZAR MM, t’000 FY2011 FY2010
On-mine cash costs 672 584
Rail and port costs 176 187
Total cash costs 848 771
ROM tons 3 129 2 936
On-mine cash cost per ROM ton 214.61 198.88
Discard reclaimed 2 930 2 679
Saleable tons 3 175 3 040
Sales tons 3 163 2 923
On-mine cash cost per saleable ton 211.50 192.10
Total cash costs 848 771
Eskom sales revenue (184) (132)
Total cash costs net of Eskom revenue 664 639
Export saleable tons 1 872 1 806
Export sales tons 1 719 1 664
All-in cash cost per export saleable ton 354.53 353.82
All-in cash cost per export sales ton 386.09 384.31

34
Optimum Coal – Group Cash Cost Structure
Group costs Cash cost reconciliation
Koornfontein Mines was acquired on 1 March
2010 and the has been fully consolidated into the
group with effect from this date
The table on the right shows the actual group
cash cost structure for the year ending 30 June
2011 and the theoretical cost structure had
Koornfontein Mines been wholly-owned for the full
FY2010 period
Group costs
On-mine cash cost per saleable ton (ZAR/ton)
300
250
200
150
100
50
0
251.81 245.42
FY2011 FY2010
ZAR MM, t’000 FY2011 FY2010
On-mine cash costs 3 418 3 145
Rail and port costs 670 667
Total cash costs 4 089 3 812
ROM tons 17 095 16 563
On-mine cash cost per ROM ton 199.96 189.88
Discard reclaimed 2 930 2 679
Saleable tons 13 575 12 815
On-mine cash cost per saleable ton 251.81 245.42
Total cash costs 4 089 3 812
Eskom sales revenue (716) (529)
Total cash costs net of Eskom revenue 3 373 3 283
Export saleable tons 6 776 6 527
Export sales tons 6 517 6 274
All-in cash cost per export saleable ton 497.83 502.99
All-in cash cost per export sales ton 517.61 523.27

35
Reconciliation of Headline Earnings
(Amounts Rm, unless otherwise indicated)
Adjusted for
- Loss on sale of plant and equipment
- Gain from business combination (1)
- Fair value gain on available for sale financial assets
transferred to profit or loss on disposal
- Profit on sale of platinum investments
- Tax effects of above adjustments (2)
- Bargain purchase gain
FY2011 FY2010
Profit attributable to equity holders 459 215
IFRS
(52) (168)
16
-
-
(74)
6
-
Headline earnings 407 47
Total share in issue („000 shares)
Effect of own shares held (3) („000 shares)
Share issued during the year
Weighted no. of share o/s at year end (4) („000 shares)
EPS (IFRS) (cps)
HEPS (IFRS) (cps)
Normalised
Total share in issue („000 shares)
Share issued during the year
Weighted no. of share o/s at year end (4) („000 shares)
Normalised EPS (cps)
Normalised HEPS (cps)
251 786
(52 000)
-
199 786
230
203
251 786
-
251 786
183
162
25
(95)
(88)
-
5
(15)
200 000
(52 000)
15 566
163 566
132
29
200 000
15 566
215 566
100
22
Notes
(1) Achieved in stages
(2) Gain from business combination and
bargain purchase gain are deemed to be
permanent differences for taxation
purposes and therefore do not have tax
adjustment effects
(3) 52 000 000 shares collectively owned by
the Employee, Community and Executive
Share Incentive Trusts are deemed to be
under the control of the Company and are
therefore excluded from the calculation of
shares outstanding for IFRS purposes.
(4) Weighted average number of shares
outstanding during the year

36
Disclaimer
This document including, without limitation, those statements concerning the outlook, Optimum
Coal's expansion projects and its capital resources and expenditure, contain certain forwardlooking
views. By their nature, forward-looking statements involve risk and uncertainty and
although Optimum Coal believes that the expectations reflected in such forward-looking statements
are reasonable, no assurance can be given that such expectations will prove to have been correct.
Accordingly, results could differ materially from those set out in the forward-looking statements as a
result of, among other factors, changes in economic and market conditions, success of business
and operating initiatives, changes in the regulatory environment and other government action and
business and operational risk management.
While Optimum Coal takes reasonable care to ensure the accuracy of the information presented,
Optimum Coal accepts no responsibility for any direct, indirect, consequential, special and/or
incidental damages, whether foreseeable or unforeseeable, based on claims arising out of
misrepresentation or negligence arising in connection with a forward-looking statement. This
document is not intended to contain any profit forecasts or profit estimates, and the information
published in this document is unaudited.