Entire Annual Report - Anglo American Platinum

Notes to theFinancial Statements" for the year ended 31 December (continued)COMPANYGROUP1999 2000 2000 1999Rm Rm Rm Rm15. Capital work-in-progressOpening balance 1 633,0 1 180,2Additions at cost 1 857,4 1 420,0Transfer to mining property, plant and equipment(note 14) (1 645,4) (967,2)Closing balance 1 845,0 1 633,016. Platinum Producers’ Environmental TrustOpening balance 39,4 28,1Contributions 9,3 7,3Growth in Platinum Producers’ Environmental Trust 4,6 4,0Closing balance (note 27) 53,3 39,417. Investment in associateLISTED INVESTMENTThe Group obtained an initial 20% interest in NorthamPlatinum Limited (Northam) on 2 February 2000 inexchange for certain mineral rights on which a net profit ofR120,1 million (note 8) was made. A further acquisition of15,3 million shares in Northam representing 6,7% of theissued share capital of Northam was made on 13 March 2000.On 28 August 2000 Mvelaphanda Platinum (Proprietary)Limited (Mvela) acquired from the Group a 17,5% interestin Northam. In order to facilitate the empowermenttransaction, Anglo South Africa (Proprietary) Limitedonsold to Anglo Platinum the 13,3% interest in Northamwhich it had received as a consequence of the unbundlingof Gold Fields of South Africa Limited (note 19).As a result of the above transactions a profit of R2,3 millionwas realised on the sale of the Northam shares to Mvela.At 31 December 2000 the Group held 51 724 380 shares inNortham (22,5%). The carrying value net of goodwillamounted to R277,1 million (market value: R812,1 million).160