ANNUAL REPORT 2006

P L AT I N U M A U S T R A L I A A N N U A L R E P O R T 2 0 0 6
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2006
NOTE 15: COMMITMENTS AND CONTINGENCIES (continued)
Contingencies
(a)
Native Title Claims
Legislative developments and judicial decisions (in particular the uncertainty created in the area of Native
Title rights by the High Court’s decisions in the “Mabo”, “Wik” and “Miriuwung-Gajerrong” cases and native
title legislation) may have an adverse impact on the Consolidated Entity’s exploration and production activities
and its ability to fund those activities. It is impossible at this stage to quantify the impact (if any) which these
developments may have on the Consolidated Entity’s operations.
The Company is aware of native title claims in respect of areas in which the Consolidated Entity currently has
an interest. It is possible that further claims could be made in the future. However, the Company cannot
determine whether any current or future claims, if made, will succeed and if so, what the implications would
be for the Consolidated Entity. In the case of the Panton project, however, as these leases were granted prior
to January 1994 there are no native title implications.
(b)
(c)
Performance Bonds
As disclosed in Note 6(b)(i), the Consolidated Entity has provided performance bonds amounting to $116,500
(2005: $106,500) to the Department of Industry and Resources in respect of compliance with environmental
conditions in relation to certain tenements.
South African Bank Guarantee
As disclosed in Note 6(b)(ii), the Consolidated Entity has provided a bank guarantee amounting to
ZAR12,047,500 to secure the acquisition of an interest in the Smokey Hills Project and is subject to the
Government approval of the transfer of a new order right. Refer to Note 20(c) for details of a subsequent
event in relation to this matter.
NOTE 16: JOINT VENTURES
At 30 June 2006 the Consolidated Entity has interests in unincorporated joint ventures as follows:
Joint Venture Percentage Interest Principal Activities
Melville 25% Mineral Exploration – Free Carried
Kalplats 0% Mineral Exploration – Earning in 12–49%
24 Rivers* 0% Mineral Exploration – Earning in 30-74%
There are no assets held in these joint ventures.
* Refer to Note 20(a).
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