ANNUAL REPORT 2001 - Anglo Platinum

anglo AMERICAN platinum corporation limitedANNUAL REPORT 2001

THE ANGLO AMERICANPLATINUM CORPORATIONGROUP is the world’sleading primary producerof platinum and otherplatinum group metals.

CONTENTSNature ofGroup Business2Vision and Values2Financial Highlights3Chairman’s Statement4Code of Ethics14Executive Committee15Market Review16Finance ReviewSalient Statistics – 34Glossary of Terms: Finance – 37Ten Year Review – 38Review of OperationsLocation of Group Operations and Flow Chart – 40Chief Operating Officers’ Review – 42Mining OperationsRustenburg Section – 46Amandelbult Section – 48Union Section – 50Potgietersrust Platinums (PPRust) – 52Lebowa Platinum Mines (Leplats) – 54Bafokeng-Rasimone Platinum Mine (BRPM) – 56Process OperationsWaterval Smelter – 58Rustenburg Base Metals Refiners (RBMR) – 60Precious Metals Refiners (PMR) – 62Projects64Review of Mineral Reservesand Resources69Sustainable DevelopmentSafety and Health Review – 72Environmental Review – 74Corporate Social Investment – 78Human Resources Review82Breakthrough/ContinuousBusiness Improvement88Metallurgical Researchand Development90Group StatisticsSafety – 93Total Operations – 94Analysis of Operating Contribution by Mine – 94Analysis of Operating Margin by Mine – 94Steady-state Operations – 95Analysis of Group Capital Expenditure – 100Total Mineral Reserves and Resources – 101Mineral Reserves and Resources by Mine – 102Glossary of Terms: Operations103Financial Index*Directors’ Report – 108Statement of Corporate Governance – 111Report on Directors’ Emoluments – 114Consolidated Financial Statements – 123United States Dollar EquivalentFinancial Statements – 125Value Added Statement – 126Company Financial Statements – 140Directorate144Management andAdministration146Notice to Members149Shareholders’ Diary152Form of ProxyVoting Instruction Form*Detailed index on page 106

NATURE OF GROUP BUSINESSAnglo American Platinum Corporation Limited (the Group) mines, processes, refines and markets platinum and otherplatinum group metals (PGMs) and base metals.VISION AND VALUESOUR VISION● to increase our lead as theWorld’s Number One PlatinumOrganisation and build worldclass relationships with all ourstakeholdersOUR STRATEGY● to grow the market for platinumgroup metals● to expand into that growth● to optimise value in currentoperationsOUR VALUES● safety and health of all our peopleand safeguarding assets● trust and respect for all employees● care for our environment● responsibility towards thecommunity● wealth creation for all stakeholders● honesty in the conduct of ourbusiness● development of our peopleIN ORDER TO ACHIEVE OURGOALS, WE ARE GUIDED BY THEFOLLOWING PRINCIPLES:● to provide direction and leadership● to encourage employees toperform better at all times● to promote understandingthrough effective communication● to encourage personal growth● to empower all employees byproviding the appropriatetraining and equipmentThis Annual Report is available on the Company’s website: http://www.angloplatinum.com2

FINANCIAL HIGHLIGHTSFOR THE YEAR ENDED 31 DECEMBER 2001Headline earningsper share(cents)Dividends per share(cents)3 000Cash operating costs per refined Pt oz(Steady-state operations*)(Rand)4 0003 5003 5002 5003 0003 0002 0002 5002 5002 0001 5001 5001 0002 0001 5001 0005001 000500098 99 00 01Interim Final098 99 00 01Interim Final Special500098 99 00 01Interim FinalHeadline earnings per share increased despite lower US$ metal pricesup 17,6%Dividends per share (excluding special dividend)up 21,5%Special dividend500 centsSteady-state operations* rand cost per refined Pt ozup 4,4%Refined Pt oz productionup 12,7%Expansion to 3,5 million Pt oz by 2006on track*Includes all operations except Bafokeng-Rasimone Platinum Mine, which is in a production ramp-up phase.3

CHAIRMAN’S STATEMENTB E DavisonExecutive ChairmanDespite lower dollarprices in 2001, headlineearnings still rose torecord levels ofR8,0 billion.Dear shareholder,Looking back at the five years ended December2001, I am gratified to see that annualattributable profit grew at a compound annualgrowth rate of nearly 87%, representinga superior return to shareholders. Over thatsame five-year period, market capitalisationrose from a little over R8 billion to a little underR100 billion. It has since risen further to passthe R100 billion mark, a milestone that reflectsa massive increase in shareholder wealth.The future holds further promise: there remainanother four years of production growth beforewe reach our 2006 target of 3,5 million annualounces of platinum; markets continue to bebuoyant as demand for these remarkablemetals waxes ever stronger; and the competitiveedges that have been developed within yourCompany, and which continue to be reinforced,will help us widen our lead as the world’snumber one platinum organisation.FINANCIAL RESULTSEARNINGS PERFORMANCEIn last year’s statement, Mr Leslie Boyd, AngloPlatinum’s previous Chairman, stated thatshould platinum group metal (PGM) prices andthe exchange rate remain at the then currentlevels, earnings for 2001 would show a significantimprovement. Despite lower dollar prices in 2001,headline earnings still rose to record levels ofR8,0 billion, 18,0% up on the previous year.The average platinum price during 2001was US$526/oz, 3,3% lower than in 2000.It dropped steadily in the second half of the yearbut nevertheless exhibited stable behaviourwhen contrasted to the average palladium price,which although falling only 13,8% in 2001 toUS$582/oz, traded in a remarkably wide range,from US$1 094 (January 2001) to US$315/oz(October 2001). The average rhodium pricewas 12,8% lower in 2001 at US$1 610/oz.A marked weakening of the rand during thecourse of 2001, particularly towards the end ofthe year, more than compensated for loweraverage dollar metal prices. On average, therand was 24,6% weaker in 2001 at R8,62/US$and the year-end level was R11,96/US$.Overall, these factors led to a 4,4% year-on-yearincrease in the net sales revenue per ounce ofplatinum sold. This price performance thencombined with a substantial increase in PGMsales volumes to result in net sales revenuerising 15,1% to R17,9 billion.The cost of sales rose 23,8% to R8,3 billion.This rise was on the back of an expansion ofrefined and sales volumes of PGMs followingamuch-improved operational performance.PGMs refined rose almost 13% and steady-stateoperations limited the escalation in theircash costs per ounce of PGM to just over4%, well below the inflation rate. Giventhe pressures of above-inflation wageincreases, this is an impressiveaccomplishment and reflects theoperations’ successful tacklingof productivity and efficiency issues.Profit before taxation rose 25,2%, whiletaxation rose 46,9% to R4,3 billion.The increase in the average rate of taxation,from 29,8% to 34,9%, is almost entirely due tothe secondary taxation associated with thespecial dividend declared in 2001. Since aspecial dividend was also declared in 2002,shareholders should expect the taxation rate toremain high in the current financial year.CASH RESERVESNet cash flow from operating activities roseR2,0 billion to R10,0 billion, which was offsetby R3,1 billion of net investing activities (mostlycapital expenditure), dividend payments ofR6,1 billion and share repurchases of a furtherR1,2 billion, so that cash and cash equivalentsdeclined over the year by R336 million, toR5,8 billion.4

CAPITAL EXPENDITUREThe expansion programme continuedapace during the year: R2,5 billionof capital expenditure was incurredand R1,8 billion was contractuallycommitted by year-end in pursuitof the 2006 production targetof 3,5 million annual ouncesof platinum. These amountsare in line with the expansionprogramme. Capitalexpenditure to maintainoperations also rose steeplyto R1,1 billion, whichincluded expenditure to ensure that assets areable to meet the very significant productionchallenges that lie ahead.SHARE REPURCHASESDuring the second half of 2001, and in linewith the resolution passed by shareholders atlast year’s Annual General Meeting, 3 901 667shares were repurchased in open markettransactions at an average cost of R306 pershare, of which 2 228 267 shares werecancelled. The balance of 1 673 400 shares areheld in a wholly-owned subsidiary. Issuedshares were in this way reduced to 215 769 272at 31 December 2001. It is the Board’sintention to continue with the sharerepurchase programme if and when valueaddingopportunities are present.DIVIDENDSThe Group has accumulated large cash reservesdespite the expansion capital programme, highdividend payments and the share repurchasescheme. The potential for lower PGM prices islikely to be accompanied by further weakeningof the rand against the US dollar. Cash flowsare anticipated to remain substantial and, withthe possibility of a limited net debt position,adequate to fund the Group’s growth.The Board therefore declared a final cashdividend of 1 100 cents (2000: 1 100 cents)per ordinary share and, in addition, a 500 cent(2000: 600 cents) special dividend, bringingtotal dividends to 2 700 cents per share for theyear (2000: 2 410 cents), an increase of 12,0%.OPERATIONSSAFETYAnglo Platinum’s Zero Tolerance Initiative(now Zero Tolerance Target Zero: OTTO)launched in 1999 continued during the periodunder review, the focus being on hazardidentification, risk assessment, safe operating5

Chairman’s Statement (continued)procedures and training. Complementing OTTOcertification is targeted for end-2004. Of all thethe scale of this human tragedy and theis the roll-out across the Group of a behaviour-environmental interventions currently beingwork that remains to combat it, not just650600550500450400350300Average monthlymarket prices(Platinum US$/oz)9798990001based initiative, which focuses on unsafe acts,the primary cause of more than 90% ofincidents. It is pleasing to report that steadyimprovements were made: the fatal injuryfrequency rate dropped from 0,04 to 0,03 andthe lost-time injury frequency rate fell from 3,8to 2,5 per 200 000 man hours during 2001.Much work remains to achieve the target of afatality-free Anglo Platinum; it is with deep regretthat I report 22 fatalities at the operations during2001, compared with 23 in 2000 and my sympathiesare extended to the bereaved. Each fatalaccident is met with heartfelt sorrow at the deathof a fellow employee and management’s resolveto stamp out unsafe practices and conditionsand facilitate safe behaviour remains steadfast.SUSTAINABLE DEVELOPMENTThe definition of sustainable development isvariously interpreted. The ability of society tomeet its needs today without compromising theability of future generations to provide for theirown needs underpins Anglo Platinum’s effortsto create an enduring industry that adds moreto society’s wealth than it takes away.Anglo Platinum continued with its implementationof ISO14001 environmental standardsundertaken, the most significant is theconstruction of the Anglo Platinum ConvertingProcess (ACP) plant, the commissioning ofwhich will start in the second quarter of 2002.This plant will reduce sulphur dioxideemissions from 130 to less than 20 tons per dayat a capital cost of R1,6 billion.The Corporate Social Investment programmeaccelerated during 2001 and will do so again in2002. In particular, the new mining project areason the Eastern Limb of the Bushveld Complex, agenerally depressed region of South Africa withpoverty and high unemployment, will receive thebenefits of Anglo Platinum’s and its partners’expenditures on education, health, welfare,development and job creation. Special attentionwill be given to emergent local small and mediumenterprises, which will be assisted via focusedprocurement and outsourcing programmes.Increased expenditure is also earmarked for theGroup’s established operations in the North Westand Limpopo (formerly “Northern”) Provinces.Anglo Platinum’s HIV/AIDS programme is oneof energetic and constructive engagement withemployees and the communities within whichit operates. Prevalence rates vary widely acrossthe Group’s operations, but are estimated toby Anglo Platinum but by all affectedstakeholders in the region as a whole,there remains a 78% majority thathas not contracted HIV. To ensurethe long-term sustainability ofour business, the programmewill therefore focus on keepinguninfected employees wellthrough awareness campaignsand on voluntary counsellingand testing linked towellness programmes forthose infected with the virus.HUMAN RESOURCESThe Group has long recognised thatmastery of its future will rely uponattracting, recruiting, developing andretaining quality employees. In pursuit ofits strategic growth objectives, AngloPlatinum’s Human Resource Developmentprogramme, employment equity plans,AIDS/HIV endeavours and educationefforts continue to be closely reviewed andco-ordinated. In this way, the staffing ofcurrent and future operations will proceedrationally, optimally and smoothly, despitethe formidable recruitment and trainingand practices during 2001 and Group-wideaverage around 22%. Without detracting fromchallenges that remain.6

Employee relations were stable during 2001 andthe Group, along with unions and associations,worked hard and successfully to establishpartnership structures and a new employeerelations policy to help ensure that this willremain the case. Negotiations will commence inApril 2002 to replace the two-year substantiveagreement that expires on 30 June 2002.MINERAL RIGHTSAs reported last year, Anglo Platinum reachedan agreement with the Minister of Mineralsand Energy securing the mineral resources onthe Eastern Limb required for its productionand expansion programmes for the foreseeablefuture. The Minerals Development Billhad not, at the time of writing, yet beenintroduced to Parliament; it is hoped that thedelay reflects proper and due caution beingtaken by interested parties to ensure as broadan acceptance as possible. It is expected that lastyear’s agreement reached between the Chamberof Mines and the Department of Minerals andEnergy, which was subsequently endorsed byPresident Thabo Mbeki, will be reflected inwhatever final version the Bill will take.STEADY-STATE OPERATIONSAfter 2000, a year disrupted by floods andstrikes, it is satisfying to report a muchimprovedoperational performance. All measuresof employee productivity were up, as was PGMproduction. Despite rising UG2 percentages,head grades remained steady and are stillsignificantly higher than most of the rest ofSouth Africa’s PGM mines. Furthermore, theincrease in tons milled was outpaced by the risein refined PGM production, indicating not onlya reduction in refining pipelines but alsosuccess in tackling metallurgical recoveries,especially concentrating. Further improvementis expected as benefits from the maintenancecapital programme accrue.The mechanisation programme has begunto deliver promising results, even at thisearly stage of its implementation. Whilecosts per refined ounce already match thoseof conventional mining methods in someareas, further economies of scale areexpected as mechanisation is applied morewidely across the Group. Mechanisation isalso expected to enhance safetyperformance.Notwithstanding the 8% increase in tonsmilled from steady-state operations, labournumbers dropped 2%. Cash costs per ounceof platinum rose 4,4% and this subinflationperformance is expected tocontinue over the coming year.7

Chairman’s Statement (continued)1 2001 00080060040020002 5002 0001 5001 000500Average monthlymarket prices(Palladium US$/oz)9798990001Average monthlymarket prices(Rhodium US$/oz)PROJECTSDevelopment at Bafokeng-Rasimone mine wasfurther delayed in 2001 by adverse geologicalconditions. A revised programme is now inplace to reverse these setbacks, includingaccelerated development, extended opencastmining and a new Merensky decline. The plantis performing exceptionally well.All other projects announced prior to the periodunder review are progressing satisfactorily,including the Rustenburg/Waterval UG2expansion and the Maandagshoek mine,for which a joint venture agreement withan African Rainbow Minerals-led consortiumwas signed in 2001. The ACP project wastouched upon earlier in this report. Additionalprojects were announced during 2001,including the Polokwane (Pietersburg)smelter, the Pandora joint venture with Lonmin(yet to be approved), the Styldrift joint venturewith the Royal Bafokeng Nation and the newTwickenham mine.BLACK ECONOMIC EMPOWERMENTRasimone/Styldrift project with the RoyalBafokeng Nation, both of which remain subjectto the fulfilment of certain suspensive conditions.Mvelaphanda Platinum (Proprietary) Limited,whose acquisition of 22,5% of Northam Platinumwas facilitated by Anglo Platinum, continues tobenefit from its investment in that company.Negotiations with Northam in respect of aninterest in the Pandora joint venture are ongoing.PGM MARKETSPlatinum, which in 1990 accounted for some80% of Anglo Platinum’s revenue, contributed50% in 2001, while palladium’s contributionrose from 4% to 28%. Rhodium also made asignificant revenue contribution, at 14% in2001, and may consolidate its position as UG2becomes more dominant over the next fewyears. The palladium content of ores from theEastern Limb (where many of Anglo Platinum’snew mines will be sited) is higher than on theWestern Limb, suggesting that the Group’sincreased exposure to palladium will persist.The recycling of PGMs is an importantadditional component of the market and hasan influence on PGM pricing.In 2001, South Africa’s share of primaryPGM supply (ignoring Russian metal soldfrom stock and recycling) was 55%, withRussia at 33% and North America at 10%.Anglo Platinum had a 28% market share.For platinum supply alone, South Africaenjoyed a 73% market share in 2001, justover half of which was supplied from AngloPlatinum’s operations.PRICE ELASTICITYDemand for PGMs has becomemore elastic in recent years,demonstrated for example inJapanese and Chinese platinumjewellery demand. The industry’sjewellery promotion campaign hasfocused on increasing geographicaldiversity in an attempt to counter thissensitivity.09798990001Anglo Platinum remains committed to supportingand encouraging the economic empowerment ofthe previously disadvantaged, as evidenced by thestructure of the Maandagshoek joint venture withAfrican Rainbow Minerals and the Bafokeng-PGM MARKET SHARETotal world primary platinum, palladium andrhodium supplies in 2001 were 11,8 millionounces (not including an estimated 1,9 millionounces supplied from Russian stocks).The commonly held belief that autocatalystconsumption of PGMs is inelastic is valid onlyin the short term. There has been a swing fromplatinum to palladium in autocatalysts in recentyears. The reverse may happen as auto manu-8

facturers build enhanced flexibility into theirdesign philosophies; together, their share oftotal PGM off-take was 51,4% in 2001, dwarfingany other single consumer of primary PGMs.AUTOCATALYSTSIt is anticipated that the further geographicalspread and the intensifying stringency of emissionslegislation will drive growth in PGMdemand for autocatalysts over the next tenyears. The use of platinum in autocatalystsrecovered in 2000 and again in 2001 afterthree years of decline, thanks in part to higherplatinum loadings in diesel vehicles coupledwith a rise in diesel vehicle populations inEurope. Also, the shift to palladium technologywas reversed somewhat in reaction to tightRussian palladium sales policies andexceptionally high palladium prices.It is expected that these influences will persist,especially as new legislation is applied to trucksin the USA, but that auto manufacturers’ability to react more quickly by, inter alia, dualcertifyingboth platinum and palladium-richautocatalysts, may help to create moreflexibility in this application.Given the uncertainties surrounding Russianpalladium stocks and selling policies, it isdifficult to predict palladium price behaviour.However, with a rapidly rising palladium outputfrom South Africa and declining palladium usagein dental and electronic applications, auto manufacturersmay be well advised not to change thecocktail of PGMs in gasoline autocatalysts toodrastically in favour of platinum.JEWELLERYA strong upward price trend for platinum in2000 and 2001 led to a decline in jewelleryfabrication demand, although retail demandremained firm. Strong signs of price sensitivitywere evident in the low-value end of alljewellery markets.In Japan, jewellery fabrication demand fell asmanufacturers destocked and some recyclingtook place. High platinum prices, exacerbatedby weak economic conditions, led to some lossof platinum’s market share, mainly to whitegold at the lower end of the market, althoughthis has recently been ameliorated by lowerplatinum prices. Platinum is still used in closeto 100% of engagement rings and over 80% ofwedding rings in Japan.The Platinum Guild International’s (PGI)efforts, funded by Anglo Platinum and otherPGM producers, have led to platinum’s share ofthe US bridal market rising from less than 1% in1990 to around 40% in 2001.European jewellery demand is centred mainlyin Italy, Germany, the UK and Switzerland.9

Chairman’s Statement (continued)12 00011 00010 000Average monthlymarket prices(Basket price per Pt ounce-SAR/oz)9 0008 0007 0006 0005 0004 0003 0002 0009798990001Italian and German manufacturers producemost of their platinum jewellery for export.Platinum’s image is firmly established in China,now the world’s largest market for platinumjewellery.A marketing campaign was launched by the PGIin India in September 2000, involving jewellerymanufacturers and retailers in Delhi and Mumbai,and since extended to other cities in 2001.FUEL CELLSInterest in fuel cell technology has accelerateddramatically over the past decade, largely onthe back of rising concerns about environmentaldegradation. Fuel cells do not burn fuel, thuseliminating the air pollution associated with fossilfuels. Almost all prototype fuel cell vehicles arepowered by the proton exchange membrane fuelcell, which uses platinum as the primarycatalyst. All major automobile companies nowhave fuel cell programmes. At present, demandis small, but gradual medium- to long-termgrowth, first in stationary fuel cells and laterupon the commercialisation of fuel cell vehicles,is envisaged. By 2010, it is projected that totalfuel cell demand for platinum will have reached500 000 annual ounces, but massive growthBUSINESS STRATEGYSTRATEGY REVIEWPGM resources ‘in the ground’ far exceeddemand for these metals and additional PGMdemand must be created to give value to theseresources. In 2001, Anglo Platinum spentR251 million on jewellery promotion andR812 million in commissions and discountsto those users who fund research anddevelopment into new applications. In this way,it maintained the viability of the PGM orereserves to which it has access, as well as thoseof a rising number of new entrants.Anglo Platinum’s strategy is driven by marketconsiderations not by the size of its resource.As part of the Group’s ongoing review of itsstrategy, underlying market assumptions wereanalysed in the light of the looming recessionand, later in the year, of the September 11attacks in the USA and the ensuing US actionsin Afghanistan. Downside and upside scenarioswere examined in detail.It was concluded that, even in the worst case,demand available for Anglo Platinum productionby 2006 remains at 3,5 million ounces ofplatinum. Under this “downside scenario” furtherwould continue to be pursued. It is importantto note that, in all scenarios examined, it wasassumed that competitors would continue withtheir announced expansions.The Board is pleased to confirm that its growthstrategy, first announced in 2000, remains inplace. However, it is emphasised that AngloPlatinum is not a swing producer. The Group willdo all that it can to use its superior marketintelligence to anticipate and then meet futurePGM demand, without causing unnecessaryinstability or volatility by underestimatingcustomers’ requirements. Conversely, shouldmarkets reach an oversupply situation, AngloPlatinum will not throttle back its expansions foras long as there are more expensive producingrivals on the supply side. To do so would, firstly,be uncompetitive and detrimental to consumersand, secondly, provide a price umbrellato operations that are too costly to deserveto survive. While short-term volatility can resultin temporary surpluses and deficits of PGMproduction, Anglo Platinum is driven by thelong-term needs of PGM consumers. Its planninghorizon can be several business cycles hence as itdecides to build projects that will secure aproduction base well into the future.beyond this time may be possible, requiringexpansion post 2006 would be limited, althoughAnglo Platinum will expand its productionfurther expansion in mine production.under the “best estimate scenario”, expansionthrough the establishment of both brownfields10

and greenfields mining operations over unexploitedreserves along the Bushveld Complex.In addition, it willconstruct newsmelting andrefining capacityin South Africafor the increasedarisings of concentrates.Anglo Platinumwill also raise efficiencies at existingoperations by developing its humanresource and mechanising its miningmethods; these and other interventionswill help improve safety performance.The skills and technologies needed for expansionwill be acquired through a combination ofaggressive recruitment, intensive training anddevelopment programmes, employment equityand supplier partnerships. The strategy alsoincludes a plan to extend Anglo Platinum’sindustry leadership in respect of environmentalcare via the ACP and other projects.The implementation of this strategy has beensuccessful in terms of the timetable presentedto the Board. Base production from existingoperations is currently some 2 million annualounces of platinum and this will be maintainedvia green- and brownfield projects to beannounced from time to time. Anglo Platinumcontinues to enjoy remarkable flexibility in thechoices available to it for both maintenance andexpansion of production.EXPLORATION ACTIVITIESAnglo Platinum continued to fund explorationat the River Valley project in the Sudbury districtof Ontario, Canada in 2001. This is a jointventure with Pacific North West Capital (PFN)of Vancouver, who manage the project. Resultshave been encouraging and work will continuein 2002. To date, an Indicated Resource of some600 000 oz PGMs has been identified.An agreement with PFN and New MillenniumMetals Corporation to jointly explore tenementsat Agnew Lake, also in the Sudbury district, wasconcluded in 2001 and preliminary fieldworkhas been completed. The project will restart inMarch 2002 following the winter closure.The joint venture with Eurasia to evaluatecertain properties in the Vissim district of theUral Mountains, near Yekaterinberg in Russia,continued in 2001 with encouraging results andwill be pursued in 2002.Within the Bushveld Complex, Anglo Platinumaccelerated exploration to meet the demands ofits expansion strategy and completed more than200 km of core drilling.11

CANISIUS (12-17-3, 11-11-3 AHA) VS. RIT (9-18-5, 8-14-3 AHA)Individual Goaltending BreakdownOverall Home Road/NeutralGP Min. GA GAA Saves Sv% GP Min. GA GAA Saves Sv% GP Min. GA GAA Saves Sv%Keegan Asmundson 12 635:30 26 2.45 332 .927 4 196:53 9 2.74 97 .915 8 438:37 17 2.33 235 .933Tony Capobianco 22 1272:44 65 3.06 633 .907 10 585:57 23 2.36 300 .929 12 686:47 42 3.67 333 .888Adam Harris 1 12:54 1 4.65 15 .938 0 0:00 0 0.00 0 .000 1 12:54 1 4.65 15 .938First Period Second Period Third Period OvertimeMin. GA GAA Saves Sv% Min. GA GAA Saves Sv% Min. GA GAA Saves Sv% Min. GA GAA Saves Sv%Asmundson 199:50 9 2.70 110 .924 208:57 11 3.16 106 .906 221:57 6 1.62 114 .950 5:00 0 0.00 2 1.000Capobianco 440:00 22 3.00 225 .911 430:42 24 3.34 215 .900 392:02 19 2.91 188 .908 10:00 0 0.00 5 1.000Harris 0:00 0 0.00 0 .000 0:00 0 0.00 0 .000 12:54 1 4.65 15 .938 0:00 0 0.00 0 .000Month-by-Month StatisticsRecord AHA Home Away Neutral Goals G/Gm Assists Points GAA Sv Pct.October (3 GP) 1-2-0 0-2-0 0-0-0 1-2-0 0-0-0 10 3.33 17 27 3.33 .913November (9 GP) 3-5-1 3-1-1 3-0-1 0-5-0 0-0-0 18 2.00 32 50 3.08 .912December (4 GP) 1-3-0 1-1-0 0-0-0 1-2-0 0-1-0 12 3.00 21 33 3.75 .900January (9 GP) 5-3-1 5-3-1 1-3-1 4-0-0 0-0-0 29 3.22 48 77 2.53 .918February (7 GP) 2-4-1 2-4-1 2-2-0 0-2-1 0-0-0 22 3.14 41 63 3.39 .886MarchTotals 12-17-3 11-11-3 6-5-2 6-11-1 0-1-0 91 2.84 159 250 3.10 .907Power Play Penalty Kill Penalties FaceoffsPPG Att. Pct. Kills Att. Pct. Pen. Min. PIM/Gm Won Lost Pct.October (3 GP) 4 15 26.7 10 13 76.9 13 26 8.7 97 101 .490November (9 GP) 7 35 20.0 34 42 81.0 44 99 11.0 324 259 .556December (4 GP) 1 13 7.7 15 17 88.2 21 42 10.5 139 121 .535January (9 GP) 8 33 24.2 27 36 75.0 39 95 10.6 285 321 .470February (7 GP) 7 27 25.9 19 23 82.6 33 80 11.4 237 236 .501MarchTotals 27 123 22.0 105 131 80.2 150 342 10.7 1082 1038 .510October November December January February March TotalMathew Backhouse 1-0-1 (3 GP) 1-0-1 (7 GP) 0-0-0 (4 GP) 0-1-1 (8 GP) 0-1-1 (7 GP) 2-2-4 (29 GP)Doug Beck 1-0-1 (1 GP) 0-1-1 (5 GP) -- 0-0-0 (1 GP) 0-1-1 (1 GP) 1-2-3 (8 GP)Ryan Bohrer 0-0-0 (3 GP) 0-0-0 (9 GP) 0-1-1 (4 GP) 1-1-2 (9 GP) 0-1-1 (7 GP) 1-3-4 (32 GP)Shane Conacher 0-1-1 (1 GP) 0-1-1 (2 GP) 2-0-2 (4 GP) 0-6-6 (9 GP) 1-4-5 (7 GP) 3-12-15 (23 GP)Ralph Cuddemi 2-2-4 (3 GP) 0-2-2 (9 GP) 1-1-2 (4 GP) 5-5-10 (9 GP) 2-4-6 (7 GP) 10-14-24 (32 GP)Ben Danford 0-5-5 (3 GP) 2-3-5 (9 GP) 0-1-1 (4 GP) 1-5-6 (9 GP) 1-4-5 (7 GP) 4-18-22 (32 GP)Stephen Farrell 0-0-0 (2 GP) -- -- 0-0-0 (1 GP) 0-1-1 (1 GP) 0-0-0 (4 GP)Geoff Fortman 0-0-0 (1 GP) 0-1-1 (7 GP) 0-0-0 (4 GP) 1-0-1 (6 GP) 0-1-1 (6 GP) 1-2-3 (24 GP)Cody Freeman 1-0-1 (3 GP) 0-3-3 (7 GP) 1-3-4 (4 GP) 3-4-7 (9 GP) 2-2-5 (7 GP) 7-12-19 (30 GP)Kyle Gibbons 2-1-3 (3 GP) 4-3-7 (9 GP) 2-3-5 (4 GP) 3-6-9 (9 GP) 2-4-6 (7 GP) 13-17-30 (32 GP)Matthew Grazen 0-2-2 (3 GP) 0-4-4 (9 GP) 0-1-1 (2 GP) -- 2-0-2 (5 GP) 2-7-9 (19 GP)Jack Hidi 0-0-0 (2 GP) 1-0-1 (4 GP) 0-0-0 (3 GP) 0-1-1 (5 GP) 0-0-0 (6 GP) 1-1-2 (20 GP)Doug Jessey 0-1-1 (3 GP) 2-2-4 (9 GP) 0-0-0 (4 GP) 2-2-4 (8 GP) 3-3-6 (7 GP) 7-8-15 (31 GP)Josh Kielich 0-0-0 (1 GP) 0-0-0 (3 GP) -- 0-1-1 (3 GP) 0-1-1 (1 GP) 0-2-2 (8 GP)Carl Larsson 0-0-0 (3 GP) 0-2-2 (8 GP) 0-1-1 (2 GP) 0-2-2 (8 GP) 0-0-0 (1 GP) 0-5-5 (22 GP)Taylor Law 1-0-1 (3 GP) -- 1-0-1 (2 GP) 2-0-2 (9 GP) 2-1-3 (7 GP) 6-1-7 (21 GP)Mitch McCrank 0-3-3 (3 GP) 1-1-2 (9 GP) 0-2-2 (4 GP) 1-0-1 (6 GP) 2-5-7 (7 GP) 4-11-15 (29 GP)Duncan McKellar 0-1-1 (3 GP) 0-0-0 (6 GP) 1-1-2 (2 GP) 0-0-0 (5 GP) -- 1-2-3 (16 GP)Stephen Miller -- 1-2-3 (9 GP) 0-2-2 (4 GP) 1-3-4 (5 GP) -- 2-7-9 (18 GP)Braeden Rigney 0-0-0 (1 GP) 2-3-5 (7 GP) 1-1-2 (4 GP) 2-1-3 (9 GP) 3-0-3 (7 GP) 8-5-13 (28 GP)Logan Roe 0-0-0 (3 GP) 0-0-0 (9 GP) 0-0-0 (4 GP) 0-3-3 (8 GP) 0-1-1 (7 GP) 0-4-4 (31 GP)Chris Rumble -- 1-3-4 (8 GP) 1-1-2 (2 GP) 2-3-5 (9 GP) 0-4-4 (7 GP) 4-11-15 (26 GP)Patrick Sullivan 1-0-1 (3 GP) 3-1-4 (9 GP) 1-3-4 (4 GP) 3-2-5 (9 GP) 2-3-5 (7 GP) 10-9-19 (32 GP)Tyler Wiseman 1-1-2 (3 GP) 0-0-0 (8 GP) 1-0-1 (3 GP) 2-2-4 (8 GP) 0-1-1 (7 GP) 4-4-8 (29 GP)Keegan Asmundson 1.00, .973 3.00, .917 3.40, .920 1.83, .942 2.58, .886 2.45, .927Tony Capobianco 4.06, .896 2.97, .913 3.50, .879 2.61, .918 3.13, .902 3.06, .907Adam Harris -- -- 4.65, .938 -- -- 4.65, .938

DIRECTORS, MANAGEMENT AND STAFFAt last year’s Annual General Meeting,Leslie Boyd stood down as Chairman of AngloPlatinum, following his retirement as a Directorof Anglo American plc. His long involvementand broad experience in the mining industry, aswell as his wise counsel, will not be completelylost to us, as he retainshis seat on the AngloPlatinum Board asaNon-ExecutiveDirector. At the samemeeting, I wasappointed ExecutiveChairman in his place.I was very pleased thatTom Wixley, who retired as chairman of Ernst &Young SA in June 2001, agreed to join theBoard as Deputy Chairman. Tom’s appointmentalso addresses the King Committee’srecommendation that, where the Chairman andChief Executive’s roles are not split, a strong,independent, Non-Executive Director should bechosen as the Deputy Chairman.On 1 March 2001, I announced Dorian Emmett’sappointment as Chief Operating Officer (COO),whose principal focus is on operations and theextensive expansion programme upon which theGroup has embarked. The COO has reporting tohim: Operations; Human Resources; and Projects.In replacing Dorian in his previous position asExecutive Director: Commercial, we werefortunate to recruit Sandy Wood to the Board inMay 2001. Sandy acquired extensive commercialand business experience through various executivepositions at large corporations, including asGeneral Manager: Marketing of JCI’s PlatinumDivision. I wish him a long and happy associationwith us at Anglo Platinum.On 1 July 2001, Eric Ford, Executive Director:Operations, returned to Anglo AmericanCorporation, later to be appointed the chiefexecutive officer of Anglo Coal Australia.Following these changes, I now have reportingdirectly to me: Dorian Emmett; Sandy Wood; andRoeland van Kerckhoven, Executive Director:Finance and Corporate Development. The ExecutiveCommittee in addition consists of John Dreyer,Executive Director: Projects, and Eric Ngubane,Executive Director: Human Resources.In conclusion, I wish to extend my thanks to themembers of the Board, the Executive Committee,their teams and all employees for their significantcontribution to another year of exceptional resultsfor the Group. I have faith that they will continue todemonstrate their considerable talents in meetingthe challenges of the future.B E DavisonExecutive ChairmanJohannesburg25 March 200213

CODE OF ETHICSPOLICYThe Group is committed to a policy of fairdealing and integrity in the conduct of itsbusiness. This commitment, which isactively endorsed by the Board, is basedon the fundamental belief that businessshould be conducted honestly, fairly andlegally. The Group expects all employeesto share this commitment to high moral,ethical and legal standards and soundbusiness principles. A copy of this codeis available on request.SCOPEThe code applies equally to all employeesand other representatives of theGroup and compliance is mandatory.If employees become aware of or suspecta contravention of the code, a procedure forconfidential reporting thereof is provided.The Executive Director: Human Resources,on behalf of the Executive and subject toExecutive approval of any proposed changeto the code, reviews the policy on an annualbasis or at such other times deemed necessary.The General Manager: Human Resourcesensures the effective implementation andmaintenance of the policy for the Group.All employees are expected to acquaintthemselves with the content and implicationsof the Code of Ethics.CODE OF ETHICSThe following points are covered in theGroup’s Code of Ethics:● Compliance with laws and regulations.● Conflicts of interest, including thoserelated to:◆ Outside activities, employment anddirectorships;◆ Relationships with clients, customersand suppliers;◆ Personal investments; and◆ Remuneration.● Employment equity.● Environmental responsibility,specifically:◆ Health and safety;◆ Use of resources; and◆ Environmental management.● Political support.● Group funds and property.● Group records.● Dealing with outside persons andorganisations, especially in respect of:◆ Promptness of communications;and◆ Media relations.● Privacy and confidentiality, covering:◆ Obtaining and safeguardinginformation; and◆ Access to information.● Contravention of the Code.14

EXECUTIVE COMMITTEESTANDING (from left):R H H van Kerckhoven (49) (Belgian)• E X E C U T I V E D I R E C T O R: F I N A N C EA N D C O R P O R A T E D E V E L O P M E N TAppointed a Director: 1994A I Wood (50) (British)• E X E C U T I V E D I R E C T O R:C O M M E R C I A LAppointed a Director: 2001J A Dreyer (57)• E X E C U T I V E D I R E C T O R:P R O J E C T SAppointed a Director: 1998SEATED (from left):D T G Emmett (50)• C H I E F O P E R A T I N G O F F I C E RAppointed a Director: 1991B E Davison (56)• E X E C U T I V E C H A I R M A NAppointed a Director: 1988Appointed Chairman: 2001B E Ngubane (47)• E X E C U T I V E D I R E C T O R:H U M A N R E S O U R C E SAppointed a Director: 199815

Platinum Market ReviewANGLO PLATINUM OVERVIEWANGLO PLATINUM OVERVIEWAnglo Platinum is the world’s leading producerof platinum and accounts for more than half ofSouth Africa’s 73% contribution to worldprimary supplies. The Group is currentlyPLATINUM INDUSTRY ORGANISATIONSengaged in an expansion programme toPGIEstablished in 1975 in Japan.A structure with the specific role ofdeveloping the use of platinum injewellery and promoting and diversifyinggeographically by operating in all keymarkets.increase its annual production of platinumfrom the 2001 level of 2,1 million ounces to3,5 million ounces by 2006. Included in theGroup are: Rustenburg Platinum MinesLimited, Potgietersrust Platinums Limited,IPAFounded in December 1987. Provides acommunication forum for producers,precious metal fabricators and refiners.Focuses on market development activities,including jewellery, investment andcommunication.Lebowa Platinum Mines Limited, RustenburgBase Metals Refiners (Proprietary) Limited andPrecious Metals Refiners (Proprietary) Limited.The Group’s adherence to the ISO 9000100Platinum productionin perspective(%)GlobalSouth AfricaWFCCFormed in September 1991. Dedicated topromoting the benefits and encouragingthe commercialisation of fuel cells.Membership includes platinum producers,precious metal fabricators and powergeneration companies.standards promulgated by the InternationalStandards Organisation ensures that thepurity of refined metals output complieswith customers’ specifications and8060preferences. Anglo Platinum’s customers40include the world’s leading precious metal20fabricators – Johnson Matthey plc (JM),Engelhard Corporation (EC), TanakaKikinzoku Kogyo KK (TKK), OMG AG & Co. KG,Heraeus and two of the world’s leading001South AfricaRussiaOther01Anglo PlatinumOther16

Platinum supply and demand(000’s oz)6 0005 500automobile companies. The closecontinues to provide funding for the5 000connection forged with customersorganisation. In 2001, an agreementhas afforded the Group a morebetween South African platinum producers4 500intimate relationship with thewas reached committing them to increasemarkets. Furthermore, the agencyfunding of the PGI, confirming the South4 00095969798990001relationship with JM providesAfrican platinum industry’s dedication toSupplyDemandintelligence and market research thatgrowing and supporting the platinum market.are essential to the formulation ofFollowing the success of PGI’s Tokyo office,successful marketing andfurther operations were established in Italy andoperational strategies. AngloGermany, and subsequently in the UnitedPlatinum is firmly committedStates, China and India. The Chinese marketto the development of itshas registered spectacular gains since the mid-markets and, in joint1990s to become the largest market forventures with JM, researchesplatinum jewellery.and promotes new productsusing PGMs.Further to its endeavours to promote the usesand advantages of platinum, Anglo Platinum isWhile industrial markets for platinum areactively involved in other industry organisa-driven by technological developments,tions, including the International Platinumthe jewellery market requires constantAssociation (IPA), which provides a communi-promotion and development to enhancecation forum for platinum producers andconsumer awareness and thereby toprecious metal fabricators and facilitatesexpand existing markets and create newmarket development. Anglo Platinum is also aopportunities. To this end, Anglo Platinummember of the World Fuel Cell Council (WFCC),supported the formation of the Platinuma body dedicated to the commercialisation ofGuild International (PGI) in 1975 andfuel cell technology.17

Platinum Market Review (continued)MARKET SUPPLY/DEMANDNet demand for platinumis estimated to havegrown 5% in 2001 toa record 5,94 millionounces.MARKET SUPPLY AND DEMANDPlatinum’s eminence amongst preciousmetals can be attributed to its beauty, rarityand unique physical and chemicalproperties. Platinum’s aesthetics andstrength have underpinned the growth inconsumer demand for platinum jewellerywhilst its unsurpassed catalytic properties,resistance to corrosion and high meltingpoint secure its ongoing role in a myriad ofindustrial applications.The jewellery and investment markets arecreated markets. Industrial applications, onthe other hand are driven by technology andlegislation. Constant promotion anddevelopment is thus required to ensure thatplatinum maintains its position as the mostprecious and desired metal for jewellery.Technological development continues todrive industrial demand and ongoingresearch into new applications will fuel thegrowth of this sector in the future.Platinum supply2001South Africa 73%Russia 19%North America 6%Other 2%Demand for platinum has grown by anaverage annual rate of around 6% since 1950and the encouragement of a greater degree ofgeographic and application diversity hasresulted in more stable market conditions.In the 1950s most platinum was consumedby industrial applications, especiallypetroleum refining. A buoyant platinumjewellery market dissipated during WorldWar2 as governments requisitioned platinumPlatinum demand byapplication 2001Jewellery 42%Autocatalyst 31%Industrial 26%Investment 1%Platinum demand byregion 2001Japan 20%North America 20%Western Europe 24%Rest of western world 36%to secure its availability for the war effort.After the war, platinum jewellery demand waslargely dormant until the 1960s whendemand resurfaced in Japan. By 1975, Japanwas the largest market for platinum,accounting for over 50% of total offtake, withthe majority destined for jewellery. In the1970s the implementation of emissionslegislation for vehicles presented a newopportunity and by the end of the 1970s this18

Growth in PGM autocatalyst demand(’000 oz)8 0007 0006 0005 000sector had grown and accounted for 30%the platinum jewellery markets outside4 000of platinum demand. The strong growth ofof Japan and further geographical spread3 000around 10% per annum in this sector in theof emissions legislation has contributed2 0001980s slowed considerably in the 1990s asto greater market diversity. The regional1 000auto manufacturers turned increasingly todemand split is tending towards an0909192939495969798990001cheaper palladium to meet emissionsequitable distribution between the fourlegislation. However, strong growth in themajor regions of Europe, Japan, NorthChinese jewellery market and industrialAmerica and the Rest of the World.uses for platinum, such as in siliconeproduction and the manufacture of harddisks, contributed to steady expansion ofplatinum demand during the 1990s.Net demand for platinum is estimatedto have grown 5% in 2001 toa record 5,94 millionounces, with weaknessDuring 2001, resurgence in autocatalystin the jewellerydemand, steady growth from industrialsector more thanapplications and a softening in theoffset by a largejewellery market resulted in a moreincrease inequitable split between applications.purchases by theThe market’s reliance on the jewelleryautomobile industry.sector declined from 50% in 2000 to 42%Despite an estimated 5% increasein 2001, whilst the autocatalyst sectorin supplies – as South African expansionsregained its strength, accounting for closecame into production – the market was into a third of platinum demand. Growth indeficit for the third consecutive year.19

Platinum Market Review (continued)PLATINUM JEWELLERYJEWELLERYother items of platinumCHINAThe platinum jewellerymarket has diversified inrecent years, bothgeographically and interms of product.Higher platinum prices, exacerbated bythe differential between the platinum andthe gold price, together with weak economicconditions negatively impacted demandfor platinum jewellery fabrication in Japanand the USA. Further growth in demandfrom China was insufficient to counteractweakness in other markets and overall salesof platinum to jewellery fabricators isestimated to have declined 11% in 2001to 2,52 million ounces.The platinum jewellery market has diversifiedin recent years, both geographically and interms of product. Once dominated by Japan,the market has now grown in other regionsand China has overtaken Japan as the world’sleading platinum jewellery market. Duringthe 1990s, platinum was firmly established inthe Japanese bridal market, and now close to100% of all engagement rings are made inplatinum. In the 1980s and 1990s, the PGIjewellery. This includedplatinum at the lower endof the precious metaljewellery market. By the late1990s, the economicsituation had deteriorated;this was exacerbated by agrowing platinum/gold pricedifferential and platinum lostmarket share at the lower end ofthe market.Growth of platinum jewellery marketsoutside Japan(’000 oz)2 0001 7501 5001 2501 000750500During 2001, China’s voraciousappetite for platinum continuedunabated. Demand for platinumfrom jewellery fabricators isestimated to have exceeded1,3 million ounces in 2001,an increase of 18% over theprevious year. Demand wouldalmost certainly have beenhigher but for the increasein the platinum priceduring the first halfof 2001 andsomedisruption toproduction caused bygovernment fiscal audits.embarked on successful marketing strategies250Lower prices in the second half led to anto extend platinum jewellery demand toawider target group with the promotion of095 96 97 98 99 00 01China Europe North America Rest of worldincrease in the rate of offtake, which hascontinued into 2002.20

JAPANSales of platinum toJapanese jewellerymanufacturers fell in 2001.The larger differentialbetween the prices of goldand platinum ledmanufacturers and retailersselling into the lower pricesegment of the market toproduce less in platinum.Furthermore, the recycling ofold jewellery was boosted by therelatively high Yen price of platinum,further reducing manufacturers’purchases of new platinum. An increasein the fabrication of platinum jewellery anda reduction in the recycling of old jewellery inthe last quarter of the year, resulted in recoveryin demand towards the end of the year.Total demand for 2001 is expected to haveslightly exceeded the September estimate of700 000 ounces. Despite weak consumerdemand for luxury items, platinum continuesto hold its ground in the more expensivebridal and jewellery markets.EUROPEPlatinum demand for the fabrication of jewelleryin Europe is estimated to have declined 16% to160 000 ounces in 2001. Growth in the UK marketwas insufficient to make up for weak demand fromItaly and Germany.United KingdomThe level of interest in platinum continues to growin the United Kingdom, with platinum becomingthe premium choice for engagement and bridaljewellery. Data from UK assay offices show that theweight of platinum jewellery hallmarked in theUnited Kingdom increased in 2001 by 10,5%.ItalyItaly is a major fabricator of jewellery for exportmarkets and is thus affected by economic conditionsprevailing in those markets. Weakness inconsumer demand in the USA and Japan reducedsales of Italian platinum jewellery, especially chain,in 2001, and Italian fabricators’ requirements fellaccordingly over the previous year. As in the USmarket, the PGI’s promotional efforts have establisheda role for platinum in the bridal market,accounting for around 70% of Italy’s total platinumconsumption in the domestic jewellery sector.21

Platinum Market Review (continued)PLATINUM JEWELLERYGermanyWeaker consumer demand has affected salesof all jewellery, but platinum jewellery themost, due again to the high price differential,which led to a fall in the lower price categories.As in other markets, the bridal sector was lessaffected by economic conditions.USASales of platinum for jewellery fabricationin North America declined in 2001.The slowdown in the US economy hasreduced consumer demand for luxuryitems such as jewellery. Economicuncertainty, even before the September11 attacks, coupled with higherprices for platinum, dampened retaildemand especially for smaller, lessexpensive items. However, as a result ofPGI’s promotional and marketingcampaigns, platinum is firmlyentrenched in the upmarket bridal sector,where consumers are not willing tocompromise quality for price.INDIAThe PGI India compaign was successfullylaunched in September 2000; initiallyconfined to the two major cities – Delhi andMumbai. PGI’s efforts have now extended toother cities. Although small at present, Indiandemand is expected to contribute in time to theexpansion of the platinum jewellery market.22

AUTOCATALYSTPlatinum and palladium usage in autocatalysts1990 = 1003 0001402 5001302 000120AUTOCATALYSTEmissions standards governing vehicleexhaust gases were first introduced inCalifornia in 1966 and the rest of the USAfollowed thereafter. California continues tolead the world in both legislation andtechnological developments for cleaner air.Initially, limits on hydrocarbons and carbonmonoxide (HC and CO) were sufficientlylenient to enable auto manufacturers toachieve them with minor enginemodifications and better fuel consumption.In 1975, as part of the Motor VehicleEmission Control Programme of theCalifornia Air Resources Board (CARB), newvehicles were fitted with oxidation or two-wayNOx to combine with CO and HC to produceless harmful CO 2 and H 2 O.Japan was the first country to follow the USexample, implementing standards fortailpipe emissions in the late 1970s.Although initially in line with standardsimposed in the USA, Japan fell behinddevelopments in the USA and Europeduring the 1990s, resulting in a lowergrowth in its PGM requirements forautocatalysts in that period.In 1986, Australia adopted emissionslegislation equivalent to US 1975 standardsand some Southeast Asian andSouth American countries followed suitin the 1990s.Palladium index1 5001 000500090919293 94 95Palladium96 97 98 99Platinum00011101009080Platinum indexcatalysts. These catalysts contained platinumIn the 1980s, Austria, Switzerland, Norwayand/or palladium, aiding the oxidation of COand Sweden adopted regulations based onand HC into carbon dioxide (CO 2 ) and waterUS 1983 standards. It was only from 1993(H 2 O). In the 1980s, more exacting standardsthat compulsory limits were imposed in the– especially for nitrogen oxides (NOx) –European Community (EC). However, fiscalrequired three-way catalysts. With rhodiumincentives encouraged buyers to purchaseadded to the PGM mix and the air : fuel ratiocars meeting the standards ahead ofkept near to the stoichiometric point ofimplementation and demand for PGMs grew14,7 to 1, sufficient oxygen is freed from therapidly in this period.23

Platinum Market Review (continued)AUTOCATALYSTJAPAN2001 sales of new vehicles in Japan eased 1%from 2000, as softening demand for lighttrucks and mini-vehicles outweighed strongsales of compact cars. Sales for the year totalled5,91 million units. A decline in exports alsoweighed heavily on the industry, withproduction declining 3,6% to 9,78 million unitsin 2001 and lower shipments to most majormarkets. Exports to Europe alone fell 21% asJapan lost heavily to domestic manufacturers inthe diesel-hungry market.Despite the decline in vehicle output, Japan’sconsumption of platinum in the autocatalystsector is estimated to have risen 19% to345 000 ounces for the period. More stringentemissions legislation came into effect in October2000 for new models sold in Japan and higherPGM loadings were needed in order to meetthem. From September 2002, all new vehicleswill have to meet the new regulations andfurther increases in demand for PGMs from thissector are therefore expected.EUROPESales of light vehicles in Europe confoundedexpectations and edged up 0,6% in 2001 to14,8 million, the second highest level ever.Diesel vehicles continued to gain market share,accounting for 36% of all light vehicle sales, upfrom 30% in 2000. Diesel growth, combinedwith more stringent diesel legislation from thebeginning of the year, resulted in an almost30% rise in the use of platinum in this sectoralone. The diesel segment of the Europeanmarket used around 70% of the estimated24980 000 ounces of platinumrequired for autocatalyst applications.Platinum content in emission control systemsfitted on gasoline vehicles also rose in 2001, asthe industry switched away from palladium infavour of platinum-rich systems.USADespite expectations of a dismal year for US carsales in 2001, incentives offered by manufacturersboosted sales in the last quarter; 2001was the second best sales year ever at17,2 million units, 1,3% lower than in 2000.The proportion of light trucks has beengrowing in recent years and reached almost50% in 2001. The generous incentives offeredby domestic manufacturers also helped to stemmarket share losses to imported vehicles.‘Big Three’ sales for the model year-endSeptember were 10% lower than for theprevious year, but gains in the last threemonths of 2001 resulted in a 5% decline for thecalendar year. Imported vehicles accounted for17,8% of the market, up from 16% in 2000.

With the palladium price rising torecord levels, North American automanufacturers sought to reducethe palladium content in theiremission control systems. Consequently,their platinum requirements were 36% higherin 2001. With some of the metal sourced fromstocks built in the previous year, purchases ofplatinum rose 13% to 700 000 ounces.REST OF THE WORLDPlatinum demand from the rest of the world isestimated to have risen 12% to 335 000 ouncesin 2001, as stricter legislation was imposed insome Asian markets. The EURO II equivalentstandards (Bharat II), implemented in Indiain 2000, were extended to cover more cities in2001, raising demand for platinum. There wasan increase in demand for all PGMs in China, asall new vehicles had to comply with EURO Iequivalent standards, which had initially onlycovered new models. A significantly higherdemand occurred in Korea, as Korean LEVregulations were applied from the start of 2001.DIESEL VEHICLESOne of the significant growth areas forplatinum demand is for catalysts fitted to dieselvehicles. These are currently all platinumbased.The growth in this application isexpected to contribute some 25% of theexpected increase in platinum demand by2010. Legislation covering emissions fromlarge diesel vehicles has been promulgated inthe major regions of the world, whilst dieselpassenger vehicles continue to gain marketshare particularly in Europe.BACKGROUNDDiesel engines operate differently fromgasoline engines. Whereas a spark is used toignite the fuel and air mix in a gasolineengine, fuel injection and compression areused in a diesel engine. The mixture of air andfuel therefore adjusts to the power demand onthe engine with little waste. The diesel engineis more efficient in converting the fuel’schemical energy to automotive power andtherefore almost all large, commercial enginesare diesel.25One of the significantgrowth areas forplatinum demand is forcatalysts fitted to dieselvehicles.

Platinum Market Review (continued)AUTOCATALYSTEXHAUST EMISSIONShigh-pressure fuel pump that pressurises fuel inOn account of diesel engines’ greaterefficiency and associated fuel economy, theyproduce around 30% fewer carbon emissionsthan gasoline engines. Diesel vehicles alsoemit NOx, sulphur dioxide and particulatematter. The emission of particulate matter,or soot, characterised diesel engines of thepast and contributed to their negative imagewith consumers.a “rail” to which each injector is connected.The fuel is delivered at a constant high pressureirrespective of engine speed and againenhances the engine’s efficiency. The extremelyhigh pressure of fuel injection also results insmaller particles of fuel, which burn morereadily with the induction air and therebyimprove fuel efficiency and power output.The improved fuel efficiency also results ina reduction of exhaust emissions.operates at astoichiometric level where air/fuelratios are controlled. With thiscontrol, HC, CO and NOx, are emitted in aThere is growing supportin North America for themanufacture and sale ofmore diesel-powered lightvehicles.DEVELOPMENTS IN DIESEL ENGINETECHNOLOGYSince the late 1990s significant technicalinnovations have improved diesel enginetechnology. The first significant developmentwas direct injection of fuel into each cylinder.Direct injection increased the thermalefficiency which enhances its competitiveposition with respect to the typical internalcombustion engine. Calibration andEMISSIONS LEGISLATIONEmissions legislation covering diesel lightmotor vehicles is already in place in the majorregions. However the impact is felt mostly inWestern Europe where 36% of passengervehicles sold are diesel-powered. Legislationfor heavy-duty diesel vehicles will be phasedin from 2004 in North America, from 2005in Europe and from 2004 in Japan.ratio that, with the help of a catalyst, is easilytransformed into water, nitrogen and CO 2 .In a diesel engine, however, the surplus of airin the mix results in insufficient HC and COto react with the NOx and research anddevelopment has recently focused on thisissue. Diesel engines also produce particulatematter and increasingly more stringentemission controls reflect this. At present,technologies such as selective catalyticreduction systems, cooled exhaust gastechnological developments also improvednoise, vibration, harshness and emissions.EMISSION CONTROLrecirculation and NOx traps are used inconjunction with oxidation catalysts toMore recently, common-rail fuelling systemsThe use of the three-way catalyst in gasolinereduce emissions. A reduction in the sulphurhave been developed, which use a singleengines works very efficiently if the enginelevels of fuels has resulted in a marked26

improvement in theemissions of NOx andparticulate matter.Further improvementsare expectedas the major automobilemanufacturingregions implementadditional reductions from 2005.PROSPECTSLight diesel vehicles continue to gain marketshare in Europe, largely on account of theirbetter fuel efficiency, an important factor in aregion where fuel prices are relatively high.The reduction in the negative factorsassociated with diesel engines, such asdriveability, the emission of soot and noise hasalso contributed to their growing popularity.In North America, diesel vehicles have untilrecently been restricted to heavy-dutyapplications. Americans have enjoyedrelatively low-cost fuel and consumption hasbeen a relatively unimportant issue for theconsumer. However, attention to fueleconomy has increased as more severestandards have been imposed on vehicles.The industry now generally accepts thatzero-emission vehicles will be the reality ofthe future, but until then it must developtechnologies that meet interim requirements.There is growing support in North Americafor the manufacture and sale of more dieselpoweredlight vehicles that will enable theindustry to meet both Corporate Average FuelEconomy levels and federal emission limits.However, US and Californian emissionstandards are calling for drastic cuts in NOxand particulate matter emissions, a move thatsome industry watchers believe is specificallytargeted at eliminating the diesel engine.Concerns over the USA’s reliance on oilimports, which has intensified since theterrorist attacks of September 2001, mayresult in a rethink on diesel engines. TheEnvironmental Protection Agency (EPA)denies that the standards are prohibitive andan official representing the EPA predictsapotential 20% diesel light vehicle marketshare by the end of the decade, withouta relaxation of the Tier 2 pollution rules.27The three largest automanufacturers in theUSA have built workingfuel cell vehicles and plancommercialisation by themiddle of the currentdecade.

Platinum Market Review (continued)INDUSTRIALINDUSTRIALELECTRICALFuel cell stack – exploded viewInvestment in new Liquid Crystal Display (LCD)glass plants and construction of new petroleumrefining capacity lifted the use of platinum inindustrial applications by 3% to an estimated1,52 million ounces in 2001. However, the useof platinum in the enhancement of memoryon computer hard disks was adversely affectedby a decline in demand for personal computers.The growing use of platinumto enhance the memorycapacity on computerhard disks underpinnedsignificantincreases in platinumdemand in electricalapplications in 1999 and2000. The rapid increase wasPLATINUM’S MAJORAPPLICATIONS IN THECHEMICAL MARKET SECTORApplicationNitric acidproductionProcesscatalystsProductsNitrogenousfertilisersExplosivesBulk andspecialitychemicalsCHEMICALThe development of the chemical industryis cyclical in nature, with periods of newcapacity construction requiring largeamounts of platinum followed by periodsof excess capacity, when only replacementmetal is needed. With a slowdown in theconstruction of new paraxylene plants aftertwo years of growth, demand for platinum inthis application is estimated to have declineddue to a rising proportion of disksmanufactured containing platinum.With the proportion close to 100% in 2001and a decline in sales of computers inthe same period, platinum demand in theelectrical sector fell an estimated 16%in 2001, after seven years of growth.FUEL CELLSFuel cells use platinum to promote a chemicalin the 1960s, when NASA used fuel cells toprovide power for the Apollo and Geminispace missions.In 1990, California promulgated legislationthat included a requirement for Zero EmissionVehicles (ZEV), which triggered research anddevelopment efforts into fuel cell use forpowering vehicles. Ballard Power Systemswas founded in 1979 to conduct researchin 2001. However, higher demand forreaction between hydrogen and oxygen toand development of high lithium batteries.platinum in the manufacture of silicones andproduce electricity, with the only by-productsIn 1983, it began developing protonnitric acid offset the decline and overallbeing water and heat. The principle of the fuelexchange membrane (PEM) fuel cells.demand for chemical applications remainedcell has been understood since the nineteenthFrom 1992, prototype systems werestable compared to the previous year.century, but found practical application onlydeveloped to demonstrate the technology28

PLATINUM APPLICATIONS IN THEELECTRICAL/ELECTRONICS SECTORHard disk coatingsand, in 1993, it signed a four-yearagreement with DaimlerChrysler, thefirst major collaboration with a vehiclemanufacturer. Today, Ballard has expandedits alliances and a number of vehiclesdelivered for use in the California Fuel CellPartnership in 2000 were powered byBallard fuel cells.2001 was a significant year for fuel cells.The September 11 attacks in the USArefocused attention on the West’sdependence on the Middle East for fossilfuels. The US imports 65% of the oil itneeds for gasoline and diesel fuels, up from35% in 1973, the year of the OPEC oilembargo. Energy independence wouldhelp it avoid economic difficulties andinternational conflict. In January 2002,the Energy Secretary of the BushAdministration announced a partnershipbetween his department and US automobilemanufacturers to promote the developmentof hydrogen as a primary fuel for carsand trucks, in an effort to reduce USdependence on foreign oil. FreedomCAR’s(Co-operative Automotive Research) longtermgoal is to develop technologies forhydrogen-powered fuel cell vehicles that needno foreign oil and emit no harmful pollutantsor greenhouse gases. FreedomCAR will focuson the research needed to developtechnologies such as fuel cells, sourcinghydrogen both domestically and renewably.The transition of vehicles from gasoline tohydrogen is viewed as critical in reducing bothcarbon dioxide emissions and relianceon foreign oil.The government’s involvement in developinga hydrogen-supply network is imperative.The three largest auto manufacturers in theUSA have built working fuel cell vehicles andplan commercialisation by the middle of thecurrent decade. Each of them, however, usesadifferent hydrogen source and none can berefuelled at existing gasoline stations.The use of proton exchange membrane fuelcells (PEMFCs) as power generators to feedresidential electricity requirements carriesthe earliest commercial promise for thistechnology. As in the automotive29ThermocouplesFuel cellsBENEFITS OF STATIONARY FUEL CELLSQuiet. No moving partsSelf-contained. No transmission linesVirtually no pollutants – if fuelled by hydrogenCo-generation of heat and powerHigh quality powerHigh fuel-to-energy efficienciesCan use a variety of hydrocarbon-based fuels

Platinum Market Review (continued)INDUSTRIALsector, the call for improved energymobile phones will make a significantOTHER APPLICATIONSMAJOR APPLICATIONSOF PLATINUM IN THEGLASS MARKETSECTORTV sets and computermonitorsLiquid crystal displays(LCDs) for electronicequipmentsecurity following the 2001 terroristattacks has boosted the development offuel cells for residential use. The CaliforniaPower Administration will install severalMegaWatts of fuel cell power starting thisyear. Portable fuel cell applications forpowering laptop computers andWORLD DEMAND FOR PLATINUM IN“OTHER APPLICATIONS”%Oxygen sensors 18Spark plugs 20Anti-cancer drugs 4Catheters and pacemakers 15Dental 16Pollution control 7Turbine blades 11Other 9contribution to the growth in demandin the second half of this decade.GLASSDespite the fall in sales of personalcomputers in 2001, growth in othermarkets for LCD glass, such as digitalcameras and mobile phones, led to a risein production capacity of speciality glassand hence platinum consumption.This, together with higher requirementsfor fibreglass plants in the East, resulted ina 14% rise in platinum demand for glassmanufacture in 2001.PETROLEUMThe construction of new petroleumrefining capacity in the Middle EastIncreasingly severeemissions legislation in themajor markets boosted demandfor platinum in non-catalystautomotive applications in 2001.More stringent engine and emission controlrequirements have promoted the need foroxygen sensors containing platinum, whileimprovements in combustion and durabilityare aided by the use of platinum rather thancheaper alloys in sparkplugs. Dental demandfor platinum grew in 2001 with the switchfrom palladium to gold alloys, some ofwhich contained platinum. Other smallerapplications, such as biomedical andstationary pollution control,continue to grow inimportance.Glass fibre productionTotal 100resulted in an estimated 24% increase inplatinum for this application to 130 000ounces in 2001, despite stable demands inNorth America and Europe.30

INVESTMENTINVESTMENTAfter significant disinvestmentin 2000 and thefirst half of 2001,buyers returned tothe market in thesecond half ofthe year, whenplatinumpriceswereeasing.Lower prices from the end of Julyimpacted sales of both bullion coins andlarge bars. Furthermore, the high rate ofrecycling of old coins and bars thatoccurred in 2000 slowed in 2001,contributing to the increase in netinvestment demand. In Japan, withthe yen price of platinum trading at abovethe Y2 200/gram level until July, holdersof large bars were active sellers in the firsthalf of the year. Lower prices from Augustencouraged new investment, which isestimated to have balanced out the firsthalf, resulting in zero net demand forlarge bars. In North America, demand forPlatinum Eagles returned late in July andsales for the year are expected to exceedthe 2000 level. Demand for platinumcoins rose 25% to 50 000 ounces.31

Platinum Market Review (continued)OTHER METALSPortable fuel cellapplications for poweringlaptop computers andmobile phones will makea significant contributionto the growth in demandin the second half of thisdecade.OTHER METALSPlatinum is the largest single contributor toAnglo Platinum’s revenues. However, theGroup also produces significant amounts ofthe other PGMs (palladium, rhodium, iridiumand ruthenium), gold and base metals (nickel,copper and cobalt). The contribution of theseother metals to total revenue in 2001 was 50%.PALLADIUMPalladium demand fell an estimated 24% in2001, as higher prices at the beginning of theyear drove consumers to seek alternatives.Total supply of palladium declined in 2001to around 7,55 million ounces, despite anincrease in South African production asexpansions and new projects came on stream.A significant proportion of the estimated4,5 million ounces of Russian palladiumexported in the first three quarters of the yearis believed to have failed to find buyers and isprobably still held as stock in Switzerland.Russian shipments slowed from August, whenAutocatalystA concerted effort by auto manufacturers toreduce their reliance on palladium, and a drawdownof inventory, resulted in a 14% fall in grossdemand for palladium in this application in 2001.Palladium’s role in emission control systemscannot be eliminated, especially in the reductionof HC levels, but, where possible, manufacturersare reducing palladium consumption bysupplementing with platinum and/or rhodium.ElectronicsPalladium demand from the electronics sectorin 2001 is estimated to have halved comparedto the previous year. A decline in consumerdemand for electronic goods and high inventorylevels of electronic components at the end of2000 contributed to this fall. As in the autocatalystsector, high palladium prices haveencouraged the development of technologiesthat could reduce reliance on the metal; agrowing proportion of multi-layer ceramiccapacitors is being produced using base metaltechnology or pastes containing less palladiumsubstitutionis relatively easy.Erratic supplies and pricevolatility affected other areas ofelectronics demand for palladium in 2001,such as in lead frames and hybrid integrated circuits.DentalThe use of palladium in dental alloys declined byan estimated 16% to 690 000 ounces in 2001.In certain regions, governments subsidise particularalloys, but markets that lack these constraints canreadily switch to more price-competitive alloys atany time. Some markets switched to gold alloys.North American demand fell in 2001 in directresponse to higher prices. However, if the palladiumprice maintains its recently lower level, somereversal of this substitution may be possible.In Europe, demand fell 40% in 2001 and, in Japan,the 8,5% decline in demand was due to economicfactors affecting the number of dental treatments.JewelleryPalladium demand in jewellery fabrication wasthe price weakened in response to excessivethan previously. Despite the recent fall in thenegatively affected by the decline in platinum jewelleryliquidity and Russia curtailed spot sales ofpalladium price, its premium to gold hasmanufacture, especially in Japan. An increase inthe metal.resulted in a lower use in connectors, wheredemand for white gold boosted palladium – used as32

a whitening agent in thisalloy – but this effect wastempered as some markets movedtowards the more internationally acceptedhigher platinum content alloys.RHODIUMDemand for rhodium fell an estimated 31% in2001, largely since part of auto manufacturers’needs was met from inventory built up in 2000.Supplies of rhodium declined to 579 000ounces on the back of lower sales from Russia,which sold some 190 000 ounces of rhodiumfrom stock in the previous year.Rhodium requirements in autocatalysts rose in2001 as auto manufacturers sought to reducetheir use of palladium. However, some drewdown inventories and purchases of rhodiumfor this sector declined some 31% to 548 000ounces. In North America, sales to the industryfell despite slightly higher rhodium contents inautocatalysts. In Japan, purchases were loweras auto manufacturers used inventory materialto meet more exacting emissions standards.With the extension of EURO III legislation to allnew vehicles in Europe from the beginning of2001, rhodium requirements increased by anestimated 2%. Implementation of stricterlegislation in the East resulted in a higherrhodium demand from the rest of the world.Demand for rhodium for industrial uses wasboosted in 2001 by the construction of newoxo-alcohol capacity. Demand in otherindustrial sectors remained firm but littlechanged from the previous year.NICKELStainless steel production accounts for some twothirdsof the world’s primary nickel consumption.The stainless steel industry follows a notoriouslyvolatile cycle, characterised by periods of doubledigitgrowth and inventory building followed bysharp production cuts and destocking.The nickel market, as a consequence, followsthe stainless steel cycle very closely. 2001 sawthe stainless steel market in a severe downturn,causing nickel prices to fall from a high ofUS$7 535/ton (May) to a low of US$4 420/ton(November). Indeed, as the USA moved intorecession, nickel suffered too from weakdemand in its other end uses. Superalloys werehit by a downturn in the aerospace sector,33while the collapse of the IT sector adverselyaffected plating applications.On the supply side, the International NickelStudy Group (INSG) reported that total worldproduction of nickel grew approximately 3,3%over the year. In addition to this, Norilskannounced early in 2001 that the year’s exportswould be limited to 155 000 tons. However, it isnow estimated that Russian exports over 2001,apart from a rumoured 70 000 ton stockpileheld in warehouse, totalled 177 400 tons,worsening downward pressure on nickel prices.The outlook for nickel is more positive in 2002than in 2001. As an economic recovery gathersmomentum during the course of 2002,stainless steel production is expected to moveonce more into a strong growth phase. This,together with a tightening of the stainless steelscrap market, will provide the platform forrising nickel prices, although this may onlyoccur towards the end of the year.

FINANCE REVIEWProject management andbusiness intelligenceremain key objectives inbalancing the Group’sbusiness and technologyrequirements.FINANCIAL STRATEGYThe Group’s revenues are exposed to volatilityin US dollar commodity prices and therand/US dollar exchange rates. Accordingly,the Group’s strategy is to maintain a strongbalance sheet so that it can meet workingcapital requirements and provide internalfunding for ongoing and expansioncapital projects.Owing to its low gearing, the Group hassubstantial debt capacity, which it will utilisewhere circumstances are such thatthe obligations are matched to specificrequirements in an appropriate mannerwithout creating undue risk.It is the Group’s policy to declare dividendstwice a year. The dividend is determined afterdue consideration of current earnings,immediate and long-term prospects, capitalcommitments and cash flow requirementsassociated with opportunities for growth.Investments, which are evaluated by means oflong-term pricing models, are targeted to yieldat least a specified after-tax real return perannum (currently 12%) over the economiclife of the investment.Key indicators are:34Financial year2001 2000Cash and cash equivalents (Rm) 5 786,4 6 122,8Return on average shareholders’ equity(headline earnings) % 66,2 73,2Operating profit to average operating assets % 120,0 117,6Debt equity ratio — 1:346Dividend cover (headline earningsbefore special dividend) 1,7 1,7Compound annual growth rate % %From 1995:Headline earnings per share 51,0 58,8Dividends per share (excluding special dividend) 46,6 52,1Total assets 36,8 41,1Cash and cash equivalents 50,4 65,0Gross sales revenue 31,3 34,7Headline earningsA reconciliation of headline earnings is depictedin the adjacent table.Headline earnings rose by 18,0% orR1 224,5 million to a record R8 019,8 million.Gross sales revenue improved by R2 505,3 million.68,2% of the increase was as a result of generallylower US dollar metal prices offset by a weaker rand.31.8% of the increase was a result of an increase inproduction. Discounts and commissions rose byR163,4 million during the year.Inflationary pressures and the higher volumes ofproduction resulted in an increase in the cost of salesof R1 587,1 million.Other net income rose significantly due to higherincome from the weakening of the rand againstthe US dollar. The higher tax charge resulted fromincreased earnings and higher dividend payments.10 0007 5005 0002 50006 795,32000NetsalesrevenueHeadline earnings2001 vs 2000(Rm)1 859,2 1 376,42 341,9 1 587,1Cost ofsalesOthernetincomeTaxation13,1Other8 019,82001

TREASURYTreasury has the ongoing task of ensuringthat the Group focuses on timeousidentification, measurement and valuationof market and operational risks within itsarea of responsibility. The scope of thisfunction has been enhanced in line withthe methodologies currently being appliedin the industry. Market and credit risks,being the main risks managed withinTreasury, are the subject of a renewed focus.Treasury provides analyses of market trendsand makes strategic recommendations to theFinancial Risk Committee, which in turnsubmits recommendations to the ExecutiveCommittee.Treasury manages the Group’s bankingrelationships, which are developed andmaintained with highly rated financialinstitutions.INFORMATION TECHNOLOGYAnglo Platinum made a structural change inits IT operations to sharpen its corporateresponsibility and meet its expanding ITrequirements. The new organisationalarrangement was designed to enhance servicedelivery and alignment with business,facilitated by a renewed focus on Strategy,Business Systems Development and Operations.In terms of the new delivery structure,technology advancement, business solutions,architectural development, projectmanagement and business intelligenceremain key objectives in balancing the Group’sbusiness and technology requirements.The new structure has resulted in a servicedelivery that is more flexible in response tobusiness’ changing requirements, in a waythat is more efficient at reduced costs.Technology continues to grow in significancein the Group as computers become morepowerful and easy to carry, even underground.To achieve optimal performance ofboth commercial and mining systems, AngloPlatinum continues to partner with nationaland international companies to improveservice delivery.To ensure that Anglo Platinum is gettingvalue for money and that service providersare meeting contractual obligations, acontinuous comparative assessment isconducted to evaluate their performance inthe key outsourced IT areas and to identifythose functional areas that offer the greatestopportunities for improved performance.35

Finance Review (continued)The sourcing of the Group’s internal ITactivities from Comparex, EDS and GMSI isstrategic and delivering value. Together withthese partners, Anglo Platinum is generatingvalue from its knowledge assets. The rolloutof Intranet (IntraCS) across the Group hasbeen favourably accepted. The project isprogressing and the final outcome will be thecreation of portals for Corporate Office andoperational divisions, business units anddepartments.Use of SAP R/3 has continued to spreadthroughout the Group. The upgrading of allsites to version 4.5B was completed during2001, as was the conversion of all variouspayrolls to the one basic SAP payroll system.This has meant that, for the first time, alloperations and centres are now using thesame version of the integrated system andall employees are now paid using a commonpayroll system.A dual exploitation programme to furtherexplore the benefits of SAP R/3 wasintroduced during 2001 and is well underway. A continuous business improvementinitiative, driven by individual sites to exploitthe existing functionality of the system,covers the changing needs of users andmanagements at operational level. Processchanges across the broader Group areaddressed by focused projects driven fromcentral management structures. Two suchareas are Human Resource Managementand Plant Maintenance.The immediate future requires theimplementation of the SAP R/3 system tonew Group operations and the furtherexploitation of the SAP suite of applicationsto strengthen and rationalise the use oftechnology within management systems.The drive to improve information has led theGroup to embark on a strong systematictop-down monitoring and facilitation ofknowledge-related activities, which areultimately driven to improve executiveinformation systems.In leveraging available technologysuccessfully to create value-added productsand services, Anglo Platinum has embarkedon a programme of improving IT governance.The objective is to achieve a consistent36standard of information security for systemsand information which are critical, therebykeeping the associated business risks undercontrol.On 27 July 2001, the first SAP EnterpriseBuyer Professional (EBP) transaction wassuccessfully conducted at AmandelbultSection. EBP is an e-procurement applicationthat links buyers with suppliers via theInternet and that can be integrated with theexisting SAP Enterprise Resource Planning(ERP). The main benefits of EBP are enhancedcontract compliance, better visibility ofexpenditure, improved quality of reportingand reduced time spent on sourcing.During 2002, additional users will be trainedand further suppliers will be added toQuadrem to reach a significant transactionvolume. Suppliers with specialised catalogueswill be identified and made available to users,thereby capitalising on the electronicplatform.Other e-business projects, such as e-learningand e-sales, have also been launched andimplementation will commence during 2002.

GLOSSARY OF TERMS: FINANCEAVERAGE OPERATING ASSETS: Average of the aggregateof total assets less capital work-in-progress, cash andcash equivalents, Platinum Producers’ EnvironmentalTrust and investments at the beginning and end ofthe financial year.AVERAGE ORDINARY SHAREHOLDERS’ EQUITY: Averageof the aggregate of share capital, share premium, nondistributablereserves and accumulated profits at thebeginning and end of the financial year.CAPITAL EXPENDITURE: Total capital expenditure onmining and non-mining property, plant and equipmentand capital work-in-progress.CURRENT ASSETS: Inventories, accounts receivable andcash and cash equivalents.CURRENT LIABILITIES: Accounts payable and taxation.CURRENT RATIO: Current assets as a ratio of currentliabilities.DEBT EQUITY RATIO: Interest-bearing borrowings,including the short-term portion payable, as a ratio ofshareholders’ equity.EFFECTIVE TAX RATE: Current taxation, deferred taxand tax normalisation as a percentage of profit beforetaxation.GROSS PROFIT MARGIN: Gross profit on metal salesexpressed as a percentage of gross sales revenue.MARKET CAPITALISATION: Number of ordinaryshares in issue at 31 December multiplied by theclosing share price as quoted on the JSE SecuritiesExchange South Africa.NET ASSET VALUE: Total assets less all liabilities,including deferred taxation, which equates toshareholders’ equity.NET ASSET VALUE AS A PERCENTAGE OF MARKETCAPITALISATION: Shareholders’ equity expressed asa percentage of market capitalisation at close ofbusiness on 31 December.NET LIQUID ASSETS: Accounts receivable and cash andcash equivalents less current liabilities.OPERATING PROFIT AS A PERCENTAGE OF AVERAGEOPERATING ASSETS: Headline earnings excluding netinvestment income as a ratio of average operating assets.RAND REVENUE PER PLATINUM OUNCE SOLD: Net salesrevenue divided by platinum ounces sold.REFINED OUNCES: Refined metal available for sale.RETURN ON AVERAGE SHAREHOLDERS’ EQUITY: Netprofit attributable to average ordinary shareholdersexpressed as a percentage of the average ordinaryshareholders’ equity.TOTAL ASSETS: The sum of non-current andcurrent assets.37

Finance Review (continued)TEN YEAR REVIEWR million 2001 2000 1999 1998 1997 1996 1995 1994 1993 1992GROSS SALES REVENUE 18 690,9 16 185,6 8 794,9 6 855,2 5 313,0 3 899,7 3 654,1 3 352,3 3 001,2 2 823,5Commissions paid 812,0 648,6 276,9 232,3 154,8 198,5 185,7 172,7 152,5 162,7NET SALES REVENUE 17 878,9 15 537,0 8 518,0 6 622,9 5 158,2 3 701,2 3 468,4 3 179,6 2 848,7 2 660,8COST OF SALES 8 262,9 6 675,8 5 338,7 4 815,8 4 311,0 2 943,1 2 707,9 2 341,1 2 069,0 1 945,1Cash operating costs 7 044,5 5 871,4 5 056,3 4 538,1 4 032,3 2 849,4 2 630,5 2 235,3 2 088,6 1 981,1On-mine costs 5 948,6 4 934,6 4 187,5 3 787,0 3 267,1 2 385,7 2 179,2 1 936,4 1 883,0 1 746,4Smelting costs 441,9 336,9 330,7 264,7 269,6 163,2 168,9 101,6 * *Treatment and refining costs 654,0 599,9 538,1 486,4 495,6 300,5 282,4 197,3 205,6 234,7Amortisation of operating assets 498,8 395,8 304,5 256,5 208,5 — — — — —Decrease/(increase) in metal inventories 45,1 (100,0) (239,7) (236,3) 125,4 70,5 (6,6) 22,4 (54,8) (94,2 )Transfer (from)/to metal lease liability — — (64,4) 29,1 (226,8) — — — — —Other costs 674,5 508,6 282,0 228,4 171,6 23,2 84,0 83,4 35,2 58,2GROSS PROFIT ON METAL SALES 9 616,0 8 861,2 3 179,3 1 807,1 847,2 758,1 760,5 838,5 779,7 715,7Other net income 2 452,7 593,5 56,0 159,4 23,0 1,8 0,3 0,7 2,9 0,8Net profit on disposal of mineral rights and investments — 122,7 —Market development and promotional expenditure (251,0) (180,2) (139,1) (120,7) (118,6) (84,3) (75,8) (65,8) (58,3) (58,5)OPERATING PROFIT 11 817,70 9 397,20 3 096,2 1 845,8 751,6 675,6 685,0 773,4 724,3 658,0Net investment income 340,3 295,6 120,6 220,8 231,7 45,8 40,4 29,9 33,7 51,8Income from associate 170,6 157,6 —PROFIT BEFORE TAXATION 12 328,6 9 850,4 3 216,8 2 066,6 983,3 721,4 725,4 803,3 758,0 709,8Renewals and replacements 258,7 213,2 303,9 283,4 274,4Current taxation 3 800,8 2 319,3 566,8 470,0 158,9 87,8 63,0 110,8 90,9 93,4Deferred taxation/tax normalisation 508,0 613,1 45,5 176,6 108,5 21,7 50,3 82,7 74,9 44,7PROFIT ATTRIBUTABLE TO ORDINARY SHAREHOLDERS 8 019,8 6 918,0 2 604,5 1 420,0 715,9 353,2 398,9 305,9 308,8 297,3Dividends and capitalisation share awards 6 087,4 2 457,4 1 013,3 654,7 356,0 289,2 269,4 206,8 206,8 288,1Cash flows from operating activities 9 969,9 7 945,7 2 972,6 1438,6 849,0 580,1 557,2 671,8 471,9 467,6Cash flows from/(used in) investing activities (3 060,1) (1 623,6) (1 302,1) (1 186,1) 848,0 (317,3) (286,9) (464,9) (462,7) (324,8)Cash flows used in financing activities (7 246,2) (2 413,8) (985,5) (639,0) (940,2) (33,2) (100,5) (200,0) (206,7) (319,5)Cash and cash equivalents 5 786,4 6 122,8 2 214,5 1 529,5 1 916,0 730,4 500,8 341,5 341,5 539,0Capital expenditure 3 586,1 1 919,7 1 472,9 1 460,0 641,3 364,4 327,1 495,6 500,5 376,6Metal inventories 1 097,0 1 142,1 1 042,1 802,4 566,1 251,8 322,3 315,7 338,1 283,3Net liquid assets 2 992,6 4 774,8 1 668,9 1 283,8 1 691,7 728,6 446,1 252,5 262,4 360,8Shareholders’ equity 12 521,6 11 714,1 7 196,3 5 551,9 4 752,7 2 905,4 2 558,5 2 229,6 2 029,7 1 872,8*Smelting costs are included in on-mine costs38

Headline earnings and dividends per share(cents)4 0003 5003 0002 5002 0001 500RATIO ANALYSIS2001 2000 1999 1998 1997 1996 1995 1994 1993 1992Return on average shareholders’ equity %(headline earnings) 66,2 73,2 40,9 27,6 18,7 12,9 16,7 14,4 15,8 16,1Net asset value as a % of marketcapitalisation 13,1 15,3 17,8 32,0 34,1 34,5 33,4 15,9 19,8 21,4Gross profit margin % 51,4 54,7 36,1 26,4 15,9 19,4 20,8 25,0 26,0 25,3Operating profit as a percentageof average operating assets 120,0 117,6 49,1 35,4 21,0 27,2 29,2 36,2 39,9 42,5Effective tax rate % 34,9 29,8 19,0 31,3 27,2 15,2 15,6 24,1 21,9 19,5Debt equity ratio — 1:346 1:152 1:76 1:67 — — — — —Current ratio 1,9:1 3,0:1 3,2:1 3,9:1 3,9:1 2,6:1 2,5:1 1,9:1 2,2:1 2,3:1Rand revenue per platinum ounce 8 653,8 8 287,0 4 365,7 3 602,5 3 003,0 2 472,1 2 265,7 2 089,7 1 857,4 1 990,91 000500047 00043 00039 00035 00031 00027 00023 0009293 94 95 96 97 98 99 00 01Headline earnings per share Dividends per shareShare price(cents)SHARE PERFORMANCE19 000Number of ordinary shares inissue (millions) 214,1† 217,0 216,1 215,1 214,6 131,4 127,6 125,3 125,3 125,315 00011 000Weighted average number ofordinary shares in issue (millions) 217,0 216,3 215,5 214,5 214,1 130,2 126,4 125,3 125,3 125,3Headline earnings per share (cents) 3 695,8 3 141,6 1 208,6 662,0 334,1 270,3 311,6 239,4 242,8 233,67 0003 000929394 95 96High/Low97 98 99Average price0001Dividends per share (cents) 2 700,0 2 410,0 700,0 385,0 250,4 200,0 222,0 170,5 165,0 205,0Interim 1 100,0 710,0 275,0 190,0 135,4 150,0 147,0 102,5 102,5 142,5Final 1 100,0 1 100,0 425,0 195,0 115,0 50,0 75,0 68,0 62,5 62,5Special 500,0 600,0Market capitalisation (R millions) 95 659,9 76 384,0 40 410,7 17 358,6 13 949,0 8 409,6 7 656,0 14 033,6 10 274,6 8 739,7Number of ordinary shares traded(millions) 97,9 67,8 71,1 39,5 41,3 12,1 6,5 5,4 8,1 4,5Highest price traded (cents) 45 040,0 37 000,0 19 560,0 9 600,0 8 800,0 9 000,0 11 000,0 12 600,0 8 500,0 8 625,0Lowest price traded (cents) 25 500,0 17 400,0 7 650,0 4 950,0 5 600,0 6 000,0 6 000,0 7 200,0 5 775,0 5 825,0Closing price (cents) 44 680,0 35 200,0 18 700,0 8 070,0 6 500,0 6 400,0 6 000,0 11 200,0 8 200,0 6 975,0Number of deals 96 207 51 640 30 346 18 829 12 269 7 082 3 218 3 636 4 239 3 626Value of deals (R millions) 32 339,6 15 440,3 9 780,5 3046,5 3 059,7 880,9 516,9 527,2 574,4 320,6Where appropriate, comparative figures have been restated.Figures for the financial years 1997 – 2001 are based on the restructured Group, comprising the holding company Anglo American Platinum Corporation Limited and its wholly-ownedsubsidiaries. Financial years 1997 – 2001 are based on IAS. Financial information published for financial years 1992 – 1996 is based on South African GAAP and consists of thestatistics for Anglo American Platinum Corporation Limited (formerly Rustenburg Platinum Holdings Limited).†Net of 1 673 400 shares held by a wholly-owned subsidiary9 0007 5006 0004 5003 0001 5000Rand revenue per platinum ounce sold92 93 94 95 96 97 98 99 00 0139

R E V I E W O F O P E R A T I O N SLocation of Group Operations and Flow ChartRustenburg Section, the largest of the miningoperations, contributed 34,1% of the platinumounces produced, Amandelbult Section32,2%, Union Section 13,3%, PotgietersrustPlatinums (PPRust) 10,0% and LebowaPlatinum Mines (Leplats) 4,2%. Bafokeng-Rasimone Platinum Mine (BRPM), which isbuilding up to full production, contributed 6,2%.Maandagshoek, the mining project announcedin December 1999, is expected to reach theplanned production rate of 162 000 ouncesof platinum per annum during 2003.The Twickenham Platinum Mineannounced in September 2001, andscheduled to produce 160 000 ounces ofplatinum per annum, is planned to be insteady-state production by 2006.WESTERNBUSHVELDCOMPLEXRPM RUSTENBURGRPM AMANDELBULTRPM UNIONBRPMLEASE AREASZeerustRustenburgEASTERNBUSHVELDCOMPLEXPhokengTRANSVAAL SYSTEMNorth West Province●PandoraPretoriaUG2MERENSKYREEFGautengWitbankMokopane●WarmbathsMpumalangaLimpopo ProvincePPRUST● Polokwane smelterLydenburgLEPLATSTWICKENHAMMAANDAGSHOEKWasteMINING40

MINING, TREATMENT AND REFINING PROCESSES● The Process Division consists of the Waterval Smelter complex, the Rustenburg Base MetalsRefinery (RBMR) and the Precious Metals Refinery (PMR), all of which are located atRustenburg. The process plants produce the Group’s refined precious and base metals.MININGWasteSMELTERSSulphuric Acid Slag BASE METALS REFINERYSodium SulphateLow grade residueMedium grade residueConverter matteLO-RES Converting and Smelting PICLeaching, ProcessingElectro-winningLow grade residueReefMilling Filtration FlotationConcentrateDissolve, Processing, Values recoveryplant, Pure metal productsMedium grade residueMagnetic concentrate, LeachingNi/Cu/CoConcentrateMetalsand saltsCoPtCuPdRuNiIrOsAuRhCONCENTRATORSTailingsPRECIOUS METALS REFINERYM C PLANTFinal concentrateMetallics41

R E V I E W O F O P E R A T I O N S(continued)Chief Operating Officer’s ReviewIn my role as Chief Operating Officer, it is aCornerstone objectives of the operationalPGM PRODUCTION: By the end ofpleasure to report a year characterised bystrategy are:2006 it is planned that Anglo Platinumimproved performances on all fronts. Asidefrom record PGM outputs and operationalSUSTAINABLE DEVELOPMENT: Business willbe conducted in a way that manages thewill produce at a rate of 3,5 millionounces of platinum per annum.efficiencies, 2001 was also a year of lowerenvironmental, social and economic impactsTo achieve this, existing output willinjury rates, sub-inflation unit costof operating, that ensures the long-termbe optimised and, where appropriate,D T G EmmettChief Operating Officerincreases at steady-state operations,progress in employee relations and humanviability of the communities of which AngloPlatinum forms a part and that reduces work-expanded. New operations will bedeveloped and joint ventures willresource development, as well as of anrelated injuries and eliminates fatal accidents.be concluded. All projects will beaccelerated delivery of new projects.COMPETITIVE COST PERFORMANCE: Anglodelivered safely and within time,Anglo Platinum willcontinually strive todrive its steady-stateoperations down theindustry cost curve.OPERATIONAL STRATEGYThe Group’s strategy of growing themarket for PGMs, expanding into thatgrowth and optimising value in currentoperations is understood, accepted andcommunicated throughout theorganisation. The role of Anglo Platinum’sPlatinum will continually strive to drive itssteady-state operations down the industrycost curve and will add greenfields low-lostsites to its production portfolio, both toexpand output and to replenish productionat existing sites.HUMAN RESOURCE AND ORGANISATIONALDEVELOPMENT: A comprehensive humanresource and organisational developmentcost and quality constraints.RETURN ON EQUITY: The Group’sassets will be managed to achieveacceptable returns. To this end,performance management systemswill focus on both operational andcapital efficiencies, as well ascontinuous business improvement.operations in the delivery of these strategicprogramme, aimed at ensuring a high-Management of ore reserves,objectives has also been articulated,performance, stable, competent andinfrastructure, stores, inventories andsupporting management’s efforts to aligninnovotive team, able to meet the Group’sknow-how will continue to receiveall activities.significant challenges, is in place.focused attention.42

OPERATIONAL PERFORMANCEIt is tragic to report the occurrence of 22fatal accidents during 2001. I wish toexpress my heartfelt condolences to familyand friends of our deceased colleagues.Anglo Platinum is confident that itsinitiatives will lead to a ‘zero-fatality’operating climate, with lost-time injuryfrequency rates as good as world bestpractice for mining operations. Safetyperformance is improving and in manyrespects has already turned the corner.The fatal injury frequency rate droppedfrom 0,04 to 0,03 and the lost-time injuryfrequency rate fell from 3,8 to 2,5 per200 000 man hours during 2001.A behaviour-based safety campaign isbeing implemented, focusing on unsafeacts, safety standards, training andworkplace skills development.M E M B E R S O F O P E R A T I N G C O M M I T T E E:BACK (from left): J A Geldenhuys, Dr J R Johnston, C B Sheppard,Dr R C Baxter, E L Magnus, R Pilkington, W GrundlingCENTRE (from left): P Charlesworth, G F Linden,RWHieber, B E NgubaneFRONT (from left): P J V Kinver, J A Dreyer,D T G Emmett, J M Halhead43

R E V I E W O F O P E R A T I O N S(continued)Chief Operating Officer’s Review2001 was a year ofmuch-improvedGroup operationalperformance in allrespects.Given the commitment, focus and energybeing applied to the Anglo Platinum safetyeffort, it is anticipated that performance inthis area will improve in 2002.2001 was a year of much-improvedGroup operational performance in allrespects. Refined production of PGMs was up12,7%, despite a slightly lower head graderesulting from a higher proportion of UG2.Not only did milled tons rise during 2001, butconcentrator performances were better.Notwithstanding the increase in output atsteady-state mines, the average numberof mine employees dropped 2,2% in 2001.As a result, productivity increases wererecorded across the board. The Technologyand Breakthrough divisions continued toresearch and develop new mining methodsand systems during 2001. Much of thework has been encouraging and willlikewise contribute to improved productivityas it is applied.Cash operating costs per ounce of PGM at steady-state operations rose 4,3% in 2001,well below the inflation rate.There were some negatives in 2001. Union Section, in spite of higher tonnages using feweremployees, experienced a drop in grades and recoveries that affected its overall performance.The conditions leading to these problems are well on the way to resolution. Leplats’ unit cash costswere relatively high in 2001, but should decline as expansions continue being implemented and assome synergy with the broader Eastern Limb expansion programme is realised. BRPM resolvedmany of its operational issues during 2001 and should have a much more satisfactory 2002 as itbegins to realise its potential.SUMMARY2001 Rustenburg Amandelbult Union PPRust Leplats BRPMTons milled (thousands) 7 733 7 086 4 466 4 270 1 397 1 892Built-uphead grade (g/ton) 5,38 5,68 4,40 4,38 4,26 4,42UG2 (%) 16 36 60 38 24Platinumounces refined (thousands) 719,1 679,3 280,4 211,1 89,1 130,2Cash costs (R/oz PGMs) 2 233 1 340 2 102 1 682 2 498 3 087Operatingmargin (%) 51,8 68,4 51,2 65,7 48,9 30,344

OPERATIONS OUTLOOKThe commissioning of the ACP is eagerlyawaited during 2002, not only by AngloPlatinum but also, no doubt, by theresidents of the Rustenburg area, whocan look forward to a steadily improvingair quality in the vicinity of AngloPlatinum’s operations.In terms of breakeven cost, expressed asUS dollars per ounce of PGM, PPRust,Amandelbult Section and RustenburgSection have firmly entrenchedthemselves at the bottom of the industrycost curve. BRPM will follow suit asit reaches full production. Both Leplatsand Union Section have action plans inplace to improve significantly on their2001 performance. For the Groupsteady-state operations, rand costescalation per ounce of PGM is targetedto be below inflation in 2002.The improved rapport built up withunions and associations over the pasttwo years is expected to facilitate positivenegotiations to replace the two-yearsubstantive agreement that expires inJune 2002. Although no guarantees canbe given against the risk of industrialaction, Anglo Platinum is confident thatit is doing all that is possible to addressrelationship issues and to anticipate unionand association requirements.Given the above, Anglo Platinum targets toproduce 2,35 million ounces of platinumin 2002. Due to the nature of theexpansion, particularly the planned timingof the Rustenburg (Waterval) andMaandagshoek projects, the second half ofthe year will account for most of theadditional ounces produced during theyear. Further, some lock-up of materialwill occur during the commissioningphases of projects in the first half.D T G EmmettChief Operating OfficerJohannesburg25 March 2002 Process Division – new plant45

R E V I E W O F O P E R A T I O N S(continued)Mining OperationsRustenburg SectionFrom left:T S O’Connor • B U S I N E S S M A N A G E R: E A S T M I N EJ G Schoeman • B U S I N E S S A R E A M A N A G E R: P R O C E S SP J V Kinver • D I V I S I O N A L D I R E C T O R: W E S TL Zindi • E C O N O M I C R E S O U R C E M A N A G E RP R S van Dorssen • B U S I N E S S M A N A G E R: WAT E RVA LP M Coetzer • R E G I O N A L B U S I N E S S M A N A G E RF A Erasmus • M A N A G E R: F I N A N C E A N D I N F O R M A T I O N ( A C T I N G)R D Thompson • M A N A G E R: E N G I N E E R I N GL Heyneke • H U M A N R E S O U R C E S M A N A G E RA Rudolph • B U S I N E S S M A N A G E R: W E S TRPM-RUSTENBURG SECTION12345678910LEGENDMining AuthorisationAuthorisation PendingMerensky Reef WorkingsUG2 Reef WorkingsBoschfontein Incline ShaftTownlands ShaftPaardekraal ShaftFrank No.2 ShaftFrank ShaftWaterval ShaftCentral Deep ShaftTurffontein ShaftBleskop ShaftBrakspruit ShaftBOSCHFONTEIN1268 JQTOWN &TOWNLANDS2272 JQ0 5kmPAARDEKRAAL279 JQ3WATERVAL303 JQ654KLIPGAT281 JQ7KROONDAL304 JQTURFFONTEIN302 JQ8KLIPFONTEIN300 JQ9HOEDSPRUIT298 JQ10BRAKSPRUIT299 JQSAFETYThe safety performance during 2001was improved and both fatal and lost-timeinjury rates fell compared to 2000.The mine was able to achieve its34th million fatality-free shifts on18 August 2001, the highest numberachieved by any South African operation.Boschfontein Section 2.5.1 was awardedthe Anglo American CEO bronze safetyaward for 2001.Numerous initiatives were put in place toimprove safety performance during 2001.The application of best-practice standards46

and conditions was pleasing, while theDrastic Action Plan implemented inNovember 2001, in which individualsections were stopped for one full day forperson-to-person interactions with allemployees and one full day to ensure thatall standards were being fully compliedwith, has laid the foundation for 2002.The fully mechanised Waterval mine isplanned to reach full production in 2002and the new dedicated UG2 plant willstart commissioning during the firstquarter of 2002. There will be a gradualdecline in Merensky output over the nextfew years and the UG2 programme, whilstallowing Rustenburg Section to expand itsoverall production, will also replace theMININGProductivity rose in 2001 from 35,6 to41,5 refined ounces of platinum peremployee, or by 16,6%. UG2 tons milledconstituted 16% of the total, compared to15% in 2000. Phase 1 of the UG2expansion programme is in progress.slowly dwindling Merensky reserve.Rustenburg Section has implementedthe mineral resource managementprogramme to comply with the SouthAfrican Code for Reporting of MineralResources and Mineral Reserves(SAMREC) Code.Hydraulic drill rig preparing to drillblast holes at Waterval Section47

R E V I E W O F O P E R A T I O N S(continued)Mining OperationsAmandelbult SectionSTANDING (from left):T van der Nest • B U S I N E S S A R E A M A N A G E R: W E S TJ M van der Ryst • E C O N O M I C R E S O U R C E M A N A G E RD V Raper • M A N A G E R: F I N A N C E A N D I N F O R M A T I O NA D Muller • H U M A N R E S O U R C E S M A N A G E RM W Roebert • B U S I N E S S A R E A M A N A G E R: E A S TSEATED (from left):D J R Vermaak • B U S I N E S S A R E A M A N A G E R: P R O C E S SD J Nel • C E N T R A L L O G I S T I C S M A N A G E RT van den Berg • B U S I N E S S A R E A M A N A G E R: C E N T R A LF A Uys • B U S I N E S S M A N A G E RRPM-AMANDELBULT SECTIONZWARTKOP369 KQMODDERGAT389 KQ1ELANDSFONTEIN386 KQSCHILPADNEST385 KQAMANDELBULT383 KQMIDDELLAAGTE382 KQ2ELANDSKUIL378 KQHAAKDOORNDRIFT374 KQSAFETYfree shifts (surface and underground)GOEVERNEMENTS-PLAATS417 KQ0 5km12LEGENDMining AuthorisationAuthorisation PendingMerensky Reef OutcropUG2 Reef OutcropMerensky Reef WorkingsUG2 Reef WorkingsNo.1 ShaftNo.2 ShaftThe surface section achieved 5,34 millionfatality-free shifts on 31 December 2001.It also obtained a Level 3 grading duringthe annual audit done by InternationalRisk Control Africa (IRCA) in May 2001.The mine achieved one million fatality-on 3 August 2001 and one millionunderground fatality-free shifts on24 August 2001. The concentratorhad achieved 9 487 fatality-free days(25,9 years) by 31 December 2001.Despite these milestones and an improved48

lost-time injury rate, sadly six fatalitieswere recorded in 2001. The minehas every confidence that recentinterventions, including the “OTTO”programme and the behaviour-basedsafety initiative, will help lead to an evenbetter safety performance in 2002.platinum refined increased 19,0%.Concentrator recoveries also improvedduring the year. Combining theseadvances in output with a slight drop intotal mine employees, it is pleasing torecord a 19,3% year-on-year improvementin productivity, from 57,6 to 68,7 refinedplatinum ounces per employee.MININGCompared to 2000, total tons milled rose10,5%, head grade was up 2,2% andThe No. 1 Shaft Refrigeration Plant wascommissioned in October 2001 and is nowfully operational.Machine operators drilling blast holesin a development end – Amandelbult49

G LO Y05 5.3 1PIZO 5R E V I E W O F O P E R A T I O N S(continued)Mining OperationsUnion SectionFrom left:N E Williams • B U S I N E S S M A N A G E RR van Niekerk • B U S I N E S S A R E A M A N A G E R: S P U D A N D R I C H A R D S H A F T SB du Toit • H U M A N R E S O U R C E S M A N A G E RL Mthwa • B U S I N E S S A R E A M A N A G E R: P R O J E C T SJ Olwagen • B U S I N E S S A R E A M A N A G E R: D E C L I N E SK Steyn • M A N A G E R: F I N A N C E A N D I N F O R M A T I O NP Valicek • M A N A G E R: E N G I N E E R I N GP Donlon • M A N A G E R: P R O C E S SRPM-UNION SECTIONZWARTKLIP405 KQ1GROOTKUIL409 KQTURFBULT404 KQ342SPITSKOP410 KQSAFETYThe surface section excelled in safety duringlost-time injuries fell in spite of a rise incontract personnel numbers.LEGENDMining AuthorisationAuthorisation Pending2001, reaching a cumulative total of morethan 4,7 million fatality-free shifts.The external audit conducted by IRCA resultedin the mine being awarded a Level 3 grading.HAAKDOORN6 KQ SYFERKUIL9 KQ1Merensky Reef WorkingsUG2 Reef WorkingsIvan ShaftOn 8 September 2001, the mine achieved amillion fatality-free shifts overall and wasAttention is at present being given to improvingstandards, procedures and training for all0 5km234Richard Shaft22 Vertical ShaftSpud Shaftpresented with the prestigious millionaireaward by the Mine Health and Safety Council.employees, including contractors’ employees.This is being supplemented by a behaviour-Regrettably, fatal accidents rose from 3 to 4, butbased safety initiative with support from IRCA.50

The emphasis on safety was enhanced bythe introduction of hazard awarenesscampaigns and an increase in elected fulltimesafety representatives. A programmeof intensified coaching, focusing on bestpractice, has commenced and will continuethroughout 2002.All unions and associations continue tobe actively involved with employees andmanagement in developing and ensuring thecommitment of their members to safety andhealth improvement initiatives.MININGProduction during the first half of 2001 wasaffected by excessive scaling in the Spud Shaftrock-pass system. Arrangements to bypassthe problem area were implemented.Opencast mining compensated for an undergroundshortfall and total tons milled rose7,4%, but the mill head grade fell 10,0%.However, the total number of employees fell12,1 % and, along with process improvements,this helped productivity for the year torise 10,5% to 44,2 platinum ounces peremployee. Concentrator efficiencieswill be enhanced by the commissioningof a new section of the Mortimer UG2Concentrator during the third quarter of2002. The Mortimer Merensky Concentratorwill also benefit from the installation ofimproved flotation capability.A new decline system from surface has beenestablished on the UG2 reef horizon to increasethe amount of ore produced by mechanisedtrackless equipment. This system is an enhancementof the long-standing trackless miningmethod used at the Declines Section; low-profileequipment will be used to feed conveyor belts,bringing in the benefits of lower dilution andreduced costs. The existing mechanised sectionwill also be converted to low-profile equipmentand conveyors, enabling the life of this projectto be extended, while reaping the benefits ofa safer and more efficient mining method.An agreement was reached with unions andassociations to conduct a pilot study to determinethe viability of the introduction of a five dayweek. The exercise is in progress at Union Section.UG2 ore on new conveyor at Union Section51

R E V I E W O F O P E R A T I O N S(continued)Mining OperationsPotgietersrust Platinums (PPRust)STANDING (from left):C B Porteous • B U S I N E S S A R E A M A N A G E R: E N G I N E E R I N GJ C Whitmore • M A N A G E R: F I N A N C E A N D I N F O R M A T I O NSEATED (from left):B H Davis • B U S I N E S S A R E A M A N A G E R: P R O C E S SG J McCarthy • B U S I N E S S A R E A M A N A G E R: M I N I N GH J S Tharandt • E C O N O M I C R E S O U R C E S M A N A G E RD W Pelser • B U S I N E S S M A N A G E RK P J Venter • H U M A N R E S O U R C E S M A N A G E ROVERYSEL815 LRPOTGIETERSRUST PLATINUMS LIMITED1ZWARTFONTEIN818 LR23VAALKOP819 LRSAFETYThe annual “Blue Moon” industrial theatre123LEGENDMining AuthorisationOverysel Central*Zwartfontein North*Zwartfontein South*4SANDSLOOT236 KRKNAPDAAR234 KR5TWEEFONTEIN238 KRRIETFONTEIN240 KR6PPRust continues to set new benchmarksthrough its dynamic “Unembeza” drive,launched at the end of 1999 and fully integratedpresentation was superseded in 2001 bya production cast and staged by employees,who now own and accept safety, health andenvironmental issues. The final stage of the45Sandsloot PitTweefontein North*with the “OTTO” project. Safety performanceSafety, Health and Environment (SHE) strategy6Tweefontein Hill**Future Pits0 5kmover the past three years has improved drasticallywas launched in early December 2001 andand all 2001 safety objectives were achieved.will embed behaviour-based safety attitudes.52

MININGPPRust enjoyed a safe and productive yearunder challenging circumstances. Recordresults were achieved during 2001 anda new proven throughput of 400 000 tonsper month was secured. The number ofemployees fell 6,6% during 2001, whilstrefined platinum ounces rose 8,8%.Productivity in this way rose 16,4% to192,8 ounces of refined platinum peremployee, the highest in the Group.At opencast operations, head grades varymore dramatically over the short term thanmulti-panel underground operations, dueto the relative concentration of the miningactivity in specific areas of the pit.A planned decline in head grades during 2002and 2003 will lead to a decline in platinumproduction relative to 2001 in these years andwill revert to 2001 levels thereafter.The concentrator performed above expectationsin 2001 and will undergo majorrepairs and modification work early in 2002.This will enable PPRust to improve itsperformance in future years. Work iscurrently under way to increase thesustainable water supply and crushingcapacity to meet the plant’s full potential.Mining operations were somewhat affectedby the relocation of the Ga-Pila community.Major inroads were made on costs withexcellent results being achieved in blastingefficiencies, increased tyre life, drilling andexplosives costs.GA-PILA VILLAGEThe construction of the new village atSterkwater, comprising 770 houses withwater and electrical infrastructure, a roadnetwork, shops and schools was completedby the end of 2001. To date, more than 90%of the families previously resident at theGa-Pila village have moved to their newhomes at Sterkwater.Hydraulic drill rig and hydraulic shovel in operation in the pit53

R E V I E W O F O P E R A T I O N S(continued)Mining OperationsLebowa Platinum Mines (Leplats)From left:M E Nkosi • H U M A N R E S O U R C E S M A N A G E RA E de Lange • B U S I N E S S A R E A M A N A G E R: P R O C E S SD J D Stander • B U S I N E S SM A N A G E RJ W Steenkamp • M A N A G E R: F I N A N C E A N D I N F O R M A T I O NG J Burn • B U S I N E S S A R E A M A N A G E R: E N G I N E E R I N GH C van Vuuren • B U S I N E S S A R E A M A N A G E R: O P E R A T I O N SLEBOWA PLATINUM MINESDIAMAND422 KSLEGENDMining AuthorisationZEEKOEGAT 421 KSMiddelpunt HillMIDDELPUNT420 KS123UMKOANESSTAD419 KS4BRAKFONTEIN464 KSSAFETYDespite substantially improving itssafety record during 2001, LeplatsAchievements in 2001 included:● 1 million fatality-free shifts;● 2 million surface fatality-free shifts; and123Authorisation PendingMerensky Reef WorkingsUG2 Reef WorkingsVertical ShaftMiddelpunt AditsUM1 Incline0 5 kmexperienced one underground fatality.The “OTTO” campaign and other safetyinitiatives continued during the year.● 1 million fatality-free shifts at the UM2 section,a remarkable achievement and milestonethat took seven years and six months.4UM2 Incline54

MININGMining performance showed steadyimprovement during 2001. Additionaldevelopment was carried out to createflexibility.The mining method at Middelpunt Hill(UG2) was changed, bringing aboutimproved hanging-wall conditions,a reduction in development requirementsand lower dilution.The concentrators performed well aftersome material challenges were identifiedand successfully addressed.An improvement in productivity wasrecorded in 2001, with ounces of refinedplatinum per employee rising 0,9% to 32,7.View of Middelpunt Hill from silo55

R E V I E W O F O P E R A T I O N S(continued)Mining OperationsBafokeng-Rasimone Platinum Mine (BRPM)From left:C Kern • H U M A N R E S O U R C E S M A N A G E RK Joslin • E C O N O M I C R E S O U R C E M A N A G E RV G Harris • B U S I N E S S A R E A M A N A G E R: M I N I N GC I Griffith • B U S I N E S S M A N A G E RC J H van der Watt • B U S I N E S S A R E A M A N A G E R: L O G I S T I C S A N DS E R V I C E SW J Marais • B U S I N E S S A R E A M A N A G E R: P R O C E S SA M McCarthy • M A N A G E R F I N A N C EA N D I N F O R M A T I O NSTYLDRIFT 90 JQLEGENDMining AuthorisationAuthorisation Pending1BOSCHKOPPIE104 JQ2 23SWOPAREA13Merensky Reef OutcropUG2 Reef OutcropMerensky Reef PitUG2 Reef PitMerensky Reef WorkingsFaultNorth InclineSouth InclineD-Mine InclineSAFETYIt is pleasing to report a year of excellentsafety performance at BRPM. No fatalitiesoccurred and the mine achieved severalsignificant milestones, including one millionfree of LTIs. The process plant also receivedthe Mine Metallurgical Managers AssociationLowest Reportable Injury Rate award forcategory B plants. Two of the majorcontractors at the mine also achieved0 1 2kmfatality-free shifts. The process plant operatedsignificant milestones: Concor OpencastBAFOKENG-RASIMONEPLATINUM MINEfor two years without a lost-time injury (LTI)and the central business area passed one yearMining reached one million fatality-free manhours;and MCC Opencast has been LTI-free56

since site establishment in June 2000.In September 2001, IRCA conducted aCommon Audit Process (CAP) audit andthe mine achieved a Level 4 compliance.build its capacity to mill 200 000 tonsper month from underground production.A number of actions have beenimplemented to ensure that the optimumgrade is achieved and the targetedMININGMilled tons rose 23,4%, but continue to belower than desired. This can be ascribed tothe slow ore reserve build-up associatedwith the complex geological nature ofthe ore-body (intersections of ironreplacement and rolling reef), particularlyat North Shaft, and temporarily lowefficiencies as the novice workforce gainsexperience. With the creation ofadditional ore reserves following theestablishment of the lower levels at bothshafts in late 2001, the establishment of abord and pillar operation in the southsection and the proposed establishment of250 000 refined platinum ounces perannum are produced.Opencast mining of the Merenskyand UG2 reefs continued to augmentunderground production during 2001.Although concentrator recoverieswere lower than planned as a result ofthe high quantity of opencast oretreated during the year, recoveriesmet expectations given the ore mixtreated. Plant throughput wasadversely affected by further delays inthe production build-up and a majorbreakdown of the primary millrequired the replacement of its entirea decline section, the mine continues tofront end during December 2001.Flotation cells at BRPM57

R E V I E W O F O P E R A T I O N S(continued)Process OperationsWaterval SmelterFrom left:T N Holohan • B U S I N E S S M A N A G E RJ A Venter • E N G I N E E R I N G M A N A G E RJ Breytenbach • M A N A G E R: F I N A N C E A N D I N F O R M A T I O NK L Hines • A C P P L A N T M A N A G E RJ W Venter • O P E R A T I O N S M A N A G E RSAFETYDespite a significant improvement in the losttimeinjury rate, a tragic fatality occurred inOctober 2001. There was a substantialincrease in the number of contractors onvarious construction projects during 2001.Waterval Smelter achieved a Level 4grading for the first time in its historyfrom IRCA in November 2001.This improvement confirms thecommitment at Waterval Smelter to bean industry leader in safety and health.58

SMELTINGWaterval Smelter receives concentrate fromthe mining operations and furnace mattefrom the Union Section smelter. These feedproducts are treated to produce a convertermatte amenable to further processing atthe RBMR.During 2001, the furnace experiencedproblems related to the rising proportionof chrome in the feed, which has sincebeen resolved. A slag-cleaning furnace isto be commissioned during the fourthquarter of 2002. Along with a flowsheetchange, these modifications willenable the Waterval Smelter to treatmaterials with higher chrome levelswithout adversely affecting operatingefficiencies and fall in line with AngloPlatinum’s plans to increase itsexploitation of UG2 reserves.A record amount of concentrate wastreated during the year under review,a total of over 531 000 tons. In addition,precious metals recovery improved.These results were achieved despitesignificant changes to the process duringthe year and the expansion projectsin progress. Further improvements inoperating efficiencies are expected during2002 due to the optimisation of the slagcleaningoperations.Waterval Smelter also managed toreduce metal inventories by some 12,7%over the review period.Increases in operating expenditure asa result of process flow changes, whichwere necessitated by higher chromeloading in feed materials, led to a yearon-yearincrease in cost per ton smeltedof 18%.Cooling system at ACP plant – Waterval Smelter59

R E V I E W O F O P E R A T I O N S(continued)Process OperationsRustenburg Base Metals Refiners (RBMR)From left:J J Diedericks • R E S I D E N T E N G I N E E RH S Visser • F I N A N C I A L A R E A M A N A G E RA Lotz • M C P L A N T M A N A G E RA N Jones • B U S I N E S S M A N A G E RA B Nieuwoudt • H U M A N R E S O U R C E S M A N A G E RA W Laubscher • B U S I N E S S A R E A M A N A G E RSAFETYRBMR experienced seven lost-time injuries in2001, resulting in a lost-time injuryfrequency rate of 0,6. Various ongoingaccident prevention initiatives, including“OTTO” and the newly introduced behaviourbasedtechnologies, are being implemented.The MARSH audit, conducted inNovember 2001, was the first at RBMRto be carried out on an integrated safety,health and quality system (SHQ).The system and field verification achieved96%, an improvement of 7% over theprevious year.60

BASE METAL REFININGRBMR processes Waterval Converter Matte toproduce a precious metal concentrate andquality base metal products. The preciousmetal concentrate is further refined at thePrecious Metal Refiners (PMR).The two metallurgical plants at RBMR ranexceptionally well during 2001. Equipmentavailability and utilisation were of a highorder. Re-organisation and otherimprovements resulted in a complementreduction of 5,5% for the year.Two metallurgical pilot plants werecommissioned at the Magnetic Concentration(MC) Plant. These plants will investigatetechnical aspects of new beneficiationprocesses. This is in line with the anticipatedsubstantial increase in production over thenext few years. Similarly, RBMR has startedan up-rating programme in response to ananticipated increase in base metals arisings.Total base metals output from the RBMRincreased year-on-year by 3,4%. Unit costescalation was kept below the inflation rate.Dry crushing product air separatorunit at MC plant – RBMR61

R E V I E W O F O P E R A T I O N S(continued)Process OperationsPrecious Metals Refiners (PMR)STANDING (from left):R van Rooyen • B U S I N E S S A R E A F I N A N C E M A N A G E RP J Faber • M A N A G E R: P R O D U C T I O NL Stander • H U M A N R E S O U R C E S M A N A G E RSEATED (from left):D E Spann • B U S I N E S S M A N A G E RD du Plessis • M A N A G E R: E N G I N E E R I N GJ A Tustin • M A N A G E R: P R O D U C T I O NSAFETYPMR has continued to demonstrate itscommitment to enhanced safety managementby improving its performance and preservingits fatality-free record. PMR has maintainedits NOSA (National Occupational SafetyAssociation) 5-star rating for the 11thsuccessive year and was awarded theprestigious, internationally recognisedNOSCAR safety award for the 7th consecutiveyear. In addition, PMR was audited byMARSH and achieved a 91% compliance.62

The “OTTO” drive towards continuousimprovement of safety is supported bysuggestion schemes, monthly poster andphoto campaigns.PRECIOUS METALS REFININGPMR, located at Rustenburg, remains, in size,technology and efficiencies, the world leaderin the field of precious metals refining.Refining services are provided for all of theGroup’s mines and joint ventures.Final concentrate from the MagneticConcentration Plant at RBMR and metallicconcentrates from four of the mineconcentrators are refined to a high degree ofpurity into PGMs and gold.A second high-intensity dissolver wassuccessfully installed and commissionedduring 2001. Recoveries have beenincreased and work-in-progress reduced.Recoveries were the best recorded in PMR’soperating life and work-in-progress thelowest since start–up.Production of all metals during 2001 washigher than in 2000. The increase wasdue primarily to higher inputs fromupstream operations whilst improvedrecoveries and reduced work-in-progressalso contributed to the refinery’sperformance.A CBI (Continuous Business Improvement)culture has been institutionalised at PMR.Numerous additional business improvementprojects have been commissioned.The Platinum Refinery CapacityExpansion Project is well advanced andconstruction is expected to commence inthe second quarter of 2002.63Glove box filter at PMR

R E V I E W O F O P E R A T I O N S(continued)ProjectsOVERVIEWFollowing the appointment of the ChiefOperating Officer, a review of the scope ofactivities of the then Technology andBusiness Development Divisions wasundertaken. It was clear from this reviewthat the scale of the Group’s expansionprogramme demanded a more focusedstructure and the Projects Division wasformed for this purpose. The division isresponsible for the feasibility study,evaluation and execution of the majorexpansion projects required to meet the2006 target of 3,5 million annual ouncesof platinum. The division is managing inexcess of R12 billion of projects.Major new projects announced during theyear, in pursuit of expansion objectives, were:● Styldrift Joint Venture (JV) with the RoyalBafokeng Nation (subject to conditionsprecedent);● Polokwane (formerly Pietersburg) Smelter;and● Twickenham Platinum Mine.In addition, the intention of forming a JV withLonmin (the Pandora project) to exploit theUG2 reserves west of Brits was announced,although this project has not yet been approvedand costing is being updated. Feasibility studywork on this and a number of other miningoptions continued throughout the year.Further mining opportunities continue to beevaluated both for the purposes of Groupexpansion and replacement of depleted reservesat existing operations. Additional miningprojects will be announced during the comingyear. Also, expansion of processing capacitywill be necessary; option evaluation iswell advanced and processing projectannouncements will be made in 2002.SAFETYA strong emphasis has been placed on safetyin all project execution activities, traditionallya high-risk area. During 2001, in excess of2,2 million shifts were worked for a total of18 lost-time injuries; there were no fatalities.The lost-time injury frequency rate for theyear was 0,29, which was extremely pleasing.It is further encouraging that AngloPlatinum’s initiatives in this area havereceived very strong support from thecontracting companies.64

MINING PROJECTSMAANDAGSHOEK PLATINUM MINE (JV WITHAFRICAN RAINBOW MINERALS (ARM),SUBJECT TO CONDITIONS PRECEDENT)DATE APPROVED– February 2000SCHEDULED COMPLETION– Plant start up: 2nd quarter 2002– Completion of development:end-2003CAPITAL EXPENDITURE– R1,581 billion (escalated)EMPLOYEES– 2 100PRODUCTION– 200 000 milled tons per month– 162 000 ounces of platinum per annum– 146 000 ounces of palladium per annumThe project was on an accelerated programmethroughout 2001 in order to recoup the delaysassociated with regulatory approval.As part of the recovery programme, the miningof the Onverwacht Hill to provide additionalearly tons was approved. In addition, andfollowing a successful trial, the use ofmechanised low-profile mining techniquesfor raise development was approved.Shaft sinking has progressed well againstthe accelerated programme despite somepoor ground conditions and water problems.The emphasis at South Shaft has moved tolevel and raise development and the firststope production took place in March 2002.North Shaft will follow some 2 months later.Development of the Onverwacht Hill hasproved more difficult than anticipated as aresult of very poor ground conditions anddisturbed reef, but the area was handed over toproduction operations in February 2002.Plant construction is on schedule for orecommissioning in the 2nd quarter of 2002.It is expected that full mill throughput willbe attained in the second half of 2002,bringing the project close to the originalschedule.A comprehensive recruiting and trainingprogramme for operational staff has beeninstituted and is progressing well. Emphasishas been placed on local recruitment wherepossible without compromising the need forexperienced staff. Housing needs are beingaddressed by a development in Burgersfortin conjunction with other participants.DE KOM252 KTDRIEKOP253 KTMAANDAGSHOEK254 KTGARATOUW 282 KTGROOTVYGENBOOM284 KTGENOKAKOPZWEMKLOOF283 KTLEGENDMining AuthorisationAuthorisation PendingMerensky Reef OutcropUG2 Reef Outcrop1 2 New Incline Shafts0 5km285 KT1HENDRIKSPLAATS281 KTONVERWACHT 292 KTHOEPAKRANTZ 291 KTHOUTBOSCH323 KT2WINTERVELD 293 KTNOOITVERWACHT 324 KTEERSTEGELUK327 KTMAANDAGSHOEK PROJECT65

R E V I E W O F O P E R A T I O N S(continued)ProjectsRUSTENBURG SECTION/WATERVAL UG2 EXPANSIONDATE APPROVED– September 2000SCHEDULED COMPLETION– 1st quarter 2002 (plant start-up)– 4th quarter 2002 (full production)CAPITAL EXPENDITURE– R1,407 billion (escalated)EMPLOYEES– 500PRODUCTION– 400 000 milled tons per month– 395 000 ounces of platinum per annumin 2006The cancellation of the proposed KroondalJoint Venture resulted in a delayed start tothe mining programme, since certainportions of ground were no longeravailable. This necessitated the re-siting ofthe Central Portal of the Waterval Mine.Despite this delay, progress has beenbrought back on schedule for completion inthe 4th quarter of 2002. At the EasternPortal, equipping is in progress and asection of the mine has been handed overto production management; reefproduction in this area has commenced.Progress on vertical shaft developments(Paardekraal, Bleskop, and Brakspruit)continued to programme during 2001.Plant construction is substantiallycomplete and commissioning is in progress.UNION SECTION UG2 PROJECTDATE APPROVED– December 2000SCHEDULED COMPLETION– July 2002 (plant)– End-2003 (full production)CAPITAL EXPENDITURE– R446 million (escalated)PRODUCTION– 120 000 milled tons per month– 94 000 ounces of platinum per annumAn audit of Union Section’s reserves andinfrastructure resulted in its ranking inthe hierarchy of expansion projectsdeclining relative to other more attractiveoptions. However, the review recognisedthat, viewed as replacement tonnagefrom the new decline section, the projectremained viable. Work was subsequentlyre-started on the Mortimer plant as areplacement for the obsolete Ivanconcentrator and, on a limited basis, on4S Decline as replacement tonnagefor numbers 2 and 3 Declines. A fulllife-of-mine review is being carried out,upon completion of which furtherexpansion at Union, if any, can beconsidered.66

STYLDRIFT (BRPM EXPANSION) (JV WITHROYAL BAFOKENG NATION, SUBJECT TOCONDITIONS PRECEDENT)DATE APPROVED– January 2001SCHEDULED COMPLETION– 5 years after commencementNation, who are the mineral rights holders onStyldrift and the proposed joint venturepartners in the expanded operation.TWICKENHAM PLATINUM MINEDATE APPROVED– September 2001villagers continue, with no serious issuesforeseen at present.Design work has progressed well and thevalue engineering stage is close to completion.Trial mining operations are intended to startin the second quarter of 2002, followed byfull site establishment in the second quarter,authorisations permitting.CAPITAL EXPENDITURE– R2,662 billion (escalated)EMPLOYEES– 800SCHEDULED PROJECT COMPLETION– July 2004CAPITAL EXPENDITURE– R2,954 billion (escalated)KLIPFONTEIN465 KSTWICKENHAM PROJECTPRODUCTION– 230 000 milled tons per month– 250 000 ounces of platinum per annumPreliminary design and project engineeringwork has progressed well, including a 3Dseismic survey and scoping studies for theEnvironmental Management ProgrammeReport (EMPR) and mine access design. Siteaccess remains on hold pending the outcomeof negotiations with the Royal BafokengEMPLOYEES– 2 300PRODUCTION– 250 000 milled tons per month– 160 000 ounces of platinum per annum– 176 000 ounces of palladium per annumThe mining authorisation application and theEMPR have been lodged. Negotiations inrespect of surface rights and the relocation ofPASCHAS-KRAAL466 KSBALMORAL508 KSLEGENDAuthorisation PendingMerensky Reef OutcropUG2 Reef OutcropTWICKENHAM114 KTHACKNEY116 KTSURBITON115 KT0 5kmFOREST HILL117 KT67

R E V I E W O F O P E R A T I O N S(continued)ProjectsPROCESSING PROJECTSANGLO PLATINUM CONVERTING PROCESS(ACP)DATE APPROVED– July 2000SCHEDULED COMPLETION– 2nd quarter 2002 (Phase 1)– 4th quarter 2003 (Phase 2)CAPITAL EXPENDITURE– R1,661 billion (escalated)EMPLOYEES– 120PRODUCTION– 72 000 tons of converter matte per annum– 33 000 tons of contained nickel per annum– 3,5 million ounces of contained platinumper annumThe objective of the ACP project is to reducesulphur dioxide emissions from the WatervalSmelter to within internationally acceptednorms and to increase the available convertercapacity for the Group’s expansion. This willbe achieved by replacing the existing Pierce-Smith converters with a Sirosmelt processadapted to the requirements of nickel-coppermatte smelting. The technology has beendeveloped in conjunction with Ausmelt andothers over a number of years and represents asignificant advance in converting technology.The project progressed well against programme in2001 and the start-up of Phase 1 is forecast for thesecond quarter of 2002. Aside from the innovativetechnology, this is a truly international project,with design activities in progress simultaneouslyon four continents, managed on an electronicweb by a core team based in South Africa.POLOKWANE (FORMERLY PIETERSBURG)SMELTERDATE APPROVED– February 2001SCHEDULED COMPLETION– 1st quarter 2003CAPITAL EXPENDITURE– R1,444 billion (escalated)EMPLOYEES– 150CAPACITY– 650 000 tons of concentrate per annumThe EMPR for the selected site wasapproved and land restitution claimsassociated with the site settled withinthe project timeframe. However, otherregulatory and legal problems delayedsite access by 3 months. Site activitiescommenced in early November 2001 andearth and civil works are now well in hand.The design and procurement phases of theproject have progressed well and the projectteam is optimistic that construction will besubstantially complete by the end of 2002.Commissioning is scheduled for the firstquarter of 2003.SLAG-CLEANING FURNACE(WATERVAL SMELTER)DATE APPROVED– July 2001SCHEDULED COMPLETION– 4th quarter 2002CAPITAL EXPENDITURE– R228 million (escalated)EMPLOYEES– No increase68

Review of Mineral Reserves and ResourcesThe project scope is for the installation of ahigh-temperature electric furnace for thetreatment of converter slag. Under normalpractice, slag is returned to the primaryconcentrate-smelting electric furnaces torecover contained metal values. However,with increasing proportions of UG2concentrates being treated, the recycling ofchrome creates constraints in the furnacesdue to the elevated melting points of the slag.The project is designed to alleviate thiscondition, improve the recovery of metalvalues and create additional capacity in theprimary furnaces.Reconstruction of the existing slow-coolingfacility to provide a site for installation of theslag-cleaning furnace was completed in 2001.Design work is well advanced and all majororders have been placed. Civil and structuralwork is in progress and the project is onschedule.MINERAL RESERVESRUSTENBURG PLATINUM MINES (RPM) holdsmineral rights throughout the BushveldComplex under various titles. These arecurrently being exploited on a fullyoperational basis at the Rustenburg,Amandelbult and Union sections, covering atotal of 2 590 hectares. BRPM is continuingunder development on the farm Boschkoppie104 JQ and covers a total area of 3 362hectares. The Maandagshoek JV with ARM iswell advanced into the mining stage, althoughit is still under development. The mininglicence covers an area of 11 756 hectares onportions of the farms Maandagshoek 254 KT,Onverwacht 292 KT, Winterveld 293 KT,Driekop 253 KT, and Hendriksplaats 281 KT.The Company announced its intention tostart a second new mine in the Burgersfortdistrict of the Limpopo Province. The initialarea of the new mine includes the farmsTwickenham 114 KT, Hackney 116 KT andPaschaskraal 466 KS. The extent of the areais 18 992 hectares, over which RPM hasapplied for a mining licence from theDepartment of Minerals and Energy.The Bushveld Complex’s two most widelyoccurring and best known PGM ore bodies,the Merensky and UG2 reefs, occur on RPM’sproperties. These reefs have been widelyreported on in international literature andtheir ability to yield economically viableamounts of PGMs at prices well below thosecurrently encountered is firmly established.POTGIETERSRUST PLATINUMS (PPRust) isengaged in the mining of PGMs and basemetals, which are an integral part of thePlatreef ores. PPRust holds mineral rightsover an area of 7 009 hectares on the Platreefin the Mokopane (formerly Potgietersrus)and Mokerong districts and, has the rightto mine a further 6 888 hectares. A miningauthorisation has been issued for an area of313 hectares.The properties over which the Companyhas the rights to mine are situated on theNorthern (Polokwane – formerly Pietersburg)Limb of the Bushveld Complex. The orebodythat occurs on the mine properties is knownas the Platreef and is the local equivalent ofthe Merensky Reef that occurs in other areasof the Bushveld Complex.69

R E V I E W O F O P E R A T I O N S(continued)Review of Mineral Reserves and ResourcesLEBOWA PLATINUM MINES (Leplats)is engaged in the mining of the UG2 andMerensky reefs on the farms Middelpunt420 KS, Umkoanesstad 419 KS,Brakfontein 464 KS, Diamand 422 KSand Zeekoegat 421 KS. The mining licencescover an area of 6 921 hectares.COMBINED MINERAL RESERVES ANDMINERAL RESOURCESThe table on page 101 lists the combinedmineral reserves and resources statusof the Anglo Platinum operations andprojects. The table includes resourcesassociated with several projects that arenot detailed in the annual report and thatare therefore additional to the table ofreserves and resources pertaining toexisting operations and announcedprojects appearing on page 102.The SAMREC Code for the reporting ofreserves and resources has been applied, asdefined in the Glossary of Terms: Operationson page 103. This is consistent with thereporting basis used by Anglo American plc.The Resource and Reserve figures quoted inthis report have been prepared by variousCompetent Persons as defined by the SAMRECCode of Practice. They were reviewed andsigned off by the signatory below:K R Noble (Pr. Sci. Nat)General Manager: Mining and Geological ServicesA ‘Competent Person’ is a person who isa member of the South African Council forNatural Scientific Professions (SACNASP), and/or the Engineering Council of South Africa(ECSA), and/or the South African Council forProfessional Land Surveyors and TechnicalSurveyors (PLATO) or any other statutorySouth African or international body that isrecognised by SAMREC. A Competent Personshould have a minimum of five years’ experiencerelevant to the style of mineralisation and typeof deposit under consideration and to theactivity which that person is undertaking.If the Competent Person is estimating, orsupervising the estimation of MineralResources, the relevant experience must be inthe estimation, assessment and evaluation ofMineral Resources. If the Competent Person isestimating or supervising the estimation ofMineral Reserves, the relevant experience mustbe in the estimation, assessment, evaluationand economic extraction of Mineral Reserves.OVERVIEW OF CURRENT EXPLORATIONDriven by the substantial requirements ofa dynamic project development programmerelated to the expansion and resourcereplenishment requirements, 2001 has beena year of intensive geological exploration.In the process of evaluating the mineralresources required for the Group’s futureneeds, some 223 km of diamond drill coringwas completed in the Bushveld Complexduring 2001.The bulk of the exploration activity occurredin the Eastern Bushveld, where severalprojects progressed well into an advancedevaluation phase, thereby quite substantiallyincreasing the levels of confidence in theMineral Resources.One of the main projects, the recentlyannounced Twickenham Mine, was approvedin 2001 and exploration is now focused onassisting with detailed mine design. At theAnglo Platinum/ARM Maandagshoek JointVenture, evaluation of the extended resourceand hillside resource continues.70

An intensive programme of drilling wasalso established at Anglo Platinum’sproperties south of Steelpoort.In the Western Bushveld, a programmeof exploration for assessment of themerits of Phase II of Rustenburg’s UG2development was established. Work iscontinuing and completion of thedrilling programme is targeted for theend of the first quarter of 2002.0 50kmLEGENDBushveld ComplexMining AuthorisationAuthorisation PendingProcess ProjectRPM-AMANDELBULT SECTIONPOTGIETERSRUSTPLATINUMS LIMITEDMokopane(formerly Potgietersrus)LIM PO PONORTHERNLIMBPRO VINCE(formerly Northern Province)Polokwane(formerly Pietersburg)SMELTEREASTERN LIMBLEBOWA PLATINUM MINESTwickenhamMAANDAGSHOEKA three-dimensional seismic survey wasconducted over a portion of the Styldriftproject area and the data is currentlybeing processed. It is planned toundertake further drilling on theproperty.RPM-UNION SECTIONSun CityACPPilanesbergRustenburgRPM-RUSTENBURG SECTIONWESTERN LIMBNORTH WESTPRO VINCEBAFOKENG-RASIMONEPLATINUM MINEPandora JVWarmbathsGAUTENGPRO VINCEPretoriaMPUMALANGAPRO VINCEWitbankTHE BUSHVELD COMPLEXLOCATION OF EXISTING OPERATIONS AND PROJECTSSTEELPOORTLydenburg71

R E V I E W O F O P E R A T I O N S(continued)Sustainable DevelopmentSafety and Health ReviewDuring 2001 a series of initiatives was putin place to improve safety performance.All business units re-assessed their safetymanagement systems and effected changeswhere, with hindsight, weaknesses wereidentified. At the highest level, this reassessmentwas manifest in a “SafetyRejuvenation” workshop: all managersre-confirmed their commitment to safetyimprovement and action.To assist in these endeavours, the servicesof an ex-Principal Inspector of Mines fromthe UK were commissioned. Two weeks ofinspections and discussions with managers,employees, unions and associations resultedin a report highlighting both the good and thebad. Each business unit is now addressing allrecommendations. The entire process will berepeated in mid-2002.Despite these and other intensive efforts,22 tragic fatalities occurred in 2001. TheGroup is however determined that itsinitiatives must lead to business unitsbecoming zero-fatality operations, with losttimeinjury frequency rates in line with orbetter than world best practice for miningoperations.In May 2001, the Group Safety, Health andEnvironmental Policy was authorised, anall-embracing document in line with that ofAnglo American plc. With reference tothe provisions of the Mine Health and SafetyAct, a Group Safety and Health Strategy wasalso authorised and all business units(including the Process Division) will have theirinternal policies and programmes alignedwith these Corporate directives.The Anglo American plc Safety, Health andEnvironment database has become an integralpart of all programmes. As this database isnow the source of all data, this annual reviewnow quotes information in internationallyrecognised formats, but recognises that itwill take a few years before interested readerswill be able to comment meaningfullyon trends. In the interim, comment asappropriate will be made by Anglo Platinum.Data will continue to be sent to theDepartment of Minerals and Energy inline with legislative requirements, butpublic reporting will now be relative toadenominator of 200 000 hours(equivalent to the approximate annualnumber of hours worked by 100 persons).During the year under review, IRCA/BSiQuality Services conducted assessmentsat seven business units. Their purpose wasto review the safety and risk controlmanagement systems with referenceto the international CAP standards.Three business units achieved Level 4gradings, three achieved Level 3 gradingsand one a Level 2 grading – a Level 5 gradingbeing the highest grading possible. PMR wasaudited by NOSA and maintained a 5-stargrading and NOSCAR status.72

The Anglo Platinum Behaviour Based Safety Process was launched in December 2001, with aproject roll-out plan of 18 months. This is an intense mindset change process that is largelyemployee-driven and aimed at bringing about a significant change in safety performance.To meet emergency and appropriate medical surveillance requirements of all employees in theexpanding Group, occupational health services are being augmented. New regulations on noiseinducedhearing loss will be implemented during 2002.SAFETYPeriod Number of Fatality Lost-timefatalities rate* injury rate+*Year ended 31 December 2001 22 0,03 2,5†Year ended 31 December 2000 23 0,04 3,8* per 200 000 hours worked+≥ 1 day definition† Includes MaandagshoekSafety statistics include all contractors’ safety performance73

R E V I E W O F O P E R A T I O N S(continued)Sustainable DevelopmentEnvironmental ReviewPOLICYThe Group’s environmental policy wasincorporated into a single Safety, Healthand Environmental policy during 2001.Each business unit performed a self-assessmentof its environmental performance againstthe eight management principles containedin the SHE Policy. A similar assessment wasconducted in 2000. The results are illustratedin the chart below.Level of implementation4,03,53,02,52,01,51,00,50,0CommitmentGroup compliance with eachmanagement principleCompetenceRisk assessmentPreventionand controlPerformanceEvaluation2000 2001StakeholderengagementContinualimprovementApart from commitment, which remainedvirtually unchanged, compliance with theother principles increased during the year.COMMITMENTMost business units have allocated adequateresources to manage their environmentalimpacts, but three must still improve theirdedicated human resources. Environmentalofficers will be appointed at these businessunits early in 2002. A regional environmentaldepartment was established for the Rustenburgoperations during 2001. The Group’sEnvironmental Consultant ensuresthat environmental policy and objectives areimplemented across the Group, thatenvironmental aspects are properly addressedin new projects and acts in an advisory andcoordinating capacity. The Safety, Health andEnvironmental Committee of the Board –chaired by the Anglo American plc TechnicalDirector – was established during the year.COMPETENCEThere has been a significant improvement inenvironmental competence throughout theGroup, mostly because of the appointmentof highly competent environmental personnelduring the year. Environmental training andawareness at all levels must however stillimprove before compliance with this principle issatisfactory.RISK ASSESSMENTAll business units have EnvironmentalManagement Programme Reports (EMPRs), asrequired and approved by the Department ofMinerals and Energy (DME). They containcomprehensive environmental impact assessments,as well as environmental managementplans to mitigate negative impacts. There is astatutory obligation on all business units withapproved EMPRs to implement theseenvironmental management plans.All expansion projects under construction alsohave approved EMPRs.EMPRs are regularly amended and updated toensure that environmental risks are reassessedand that management plans remain relevant.PREVENTION AND CONTROLEnvironmental management plans, ascontained in the EMPRs, are beingimplemented at all business units.Anglo Platinum has also committed74

itself to ISO 14001 certification by end-2004, key elements of which are prevention of pollutionand control of impacts. BRPM is leading the way in this regard and will apply for certification earlyin 2002. All other business units have completed the initial review required by ISO 14001.PERFORMANCEEnvironmental parameters from the business units are consolidated and transformed into keyperformance indicators, listed in the table below. They will become more accurate over timeas the accuracy of the absolute figures improves and will be used to set Group-wide targets.It is recognised that the usage of “per ton milled” as the divisor has certain shortcomings,especially since downstream activities such as smelting and refining add to the environmentalburden but not to the divisor.Key environmental performance indicators2001 2000 1999 1998 1997Land utilisation (% land utilised/landunder company charge) 13 11 16 16 15Water supply (m 3 /ton milled) 1,17 1,08 1,32 1,14 1,11Effluent discharged (m 3 /ton milled) 0,09 0,09 * * *Energy efficiency (GJ/ton milled) 0,63 0,66 0,63 0,58 0,57Greenhouse emissions (kg CO 2 /ton milled) 11,21 12,29 9,19 6,27 5,11Greenhouse emissions (kg CO 2 /ton milled)from electricity purchased 106,43 n/m† n/m† n/m† n/m†Sulphur dioxide emissions (kg/ton milled) 2,26 2,03 3,38 2,54 2,73Particulate emissions-point sources(kg/ton milled) 0,20 0,20 0,07 0,42 0,41* reliable figures not available† not measured75

R E V I E W O F O P E R A T I O N S(continued)Sustainable DevelopmentEnvironmental ReviewEnvironmental incidentsThe following environmental incidents wererecorded during 2001.Environmental incidents2001Level 1 (minor impact) 337Level 2 (intermediate impact) 8Level 3 (major impact) 0Legal complianceEnvironmental registers, to enable compliancewith environmental laws and regulations, arein place at business units.Acid plant operational problems and ceramicfilter candle failures at the Waterval Smeltercaused it to transgress its Scheduled ProcessRegistration Certificate during the year. This ledto emissions of sulphur dioxide and particulatesin excess of permit conditions. The relevantauthorities, as well as local communities, werekept abreast of the problems and efforts toimprove the situation. The new state-of-the-artACP project, which is being constructed at theWaterval Smelter, will ensure that the Smelterwill remain within its permit conditions.Commissioning will commence in the secondquarter of 2002.Anglo Platinum is not aware of any pendingenvironmental litigation and no fines orpenalties have been imposed during 2001for non-compliance with environmentalregulations and permits. Any infringementsof permits are reported to the relevantregulators and corrective action is takenas soon as practicable in all circumstances.EVALUATIONAudits and assessmentsEnvironmental audits and performanceassessments are key elements of evaluatingenvironmental performance. Anglo Platinumuses a mix of in-house audits and externalauditors to assess its environmentalperformance. As the environmental audit andassessment programme stretches over twoyears, it is appropriate to give an overview forboth 2000 and 2001.Audits and assessmentsBusiness unit Internal Externalassessments assessments2001 2000 2001 2000RustenburgUnion √ √Amandelbult √ √BRPM √ √√PPRust √ √LeplatsWatervalRBMRPMR √ √The above assessments and audits includestatutory EMPR Performance Assessments interms of Regulation 108 of the Minerals Act,legal compliance audits as well as IRCA andMARSH audits where applicable and the initialreviews in terms of ISO 14001 implementation.Formal reports with findings and recommendationswere compiled for each assessment.ReportsEnvironmental reports are compiled on aquarterly basis. A consolidated environmentalreport is given to the Group SHE Manager forconsolidation into the quarterly SHE Report,which is distributed to the Anglo Platinum Boardand to the Anglo American plc SHE Policy Unit.√√√76

STAKEHOLDER ENGAGEMENTStakeholder engagement remains a key activityfor Anglo Platinum in its environmentalefforts. Stakeholders are engaged throughcomprehensive public participation processesduring the development stages of all majorcapital projects.Public consultation processes for thefollowing new projects were conducted orcommenced during 2001:● The new mine at Twickenham,Hackney and Paschaskraal in theLimpopo Province● The Union Section UG2 project● The planned Styldrift expansion of BRPM● The new smelter near Polokwane● The planned expansion of PMROngoing liaison with stakeholders inrespect of the construction of the ACPproject and the Rustenburg SectionWaterval UG2 project was also maintainedduring 2001 through EnvironmentalForum meetings and site visits.CONTINUAL IMPROVEMENTThe following is of note:● The construction of the ACP at theWaterval Smelter continued during 2001.The commissioning of the first phase of theproject will commence during the secondquarter of 2002. It will reduce the smelter’ssulphur dioxide emissions from around 130to less than 20 tons per day.● Continued phyto-remediation of nickelcontaminatedsoil at RBMR with the plantberkheya coddii.● Frequent failures of ceramic filter candles,which capture the particulate emissionsfrom the Waterval Smelter furnace off-gases,was a major cause of concern. The problemwas however rectified by retrofitting theceramic filter installation with redesignedcandle exhaust systems.● Emissions to air, land and water continued tobe monitored and the data generated areused to demonstrate legal compliance,determine impacts and plan appropriateremediation programmes.FINANCIAL PROVISION FORREHABILITATIONThe accumulated funds in thePlatinum Producers’ Trust Fund at31 December 2001 amounted toR69,5 million. These funds will be usedfor rehabilitation and associatedenvironmental costs at mine closure.The total estimated present value of theliability as at 31 December 2001 wasR174,3 million, consisting ofR113,4 million decommissioning costsand R60,9 million restoration costs.The shortfall is funded by ongoingannual contributions.AWARDSAnglo Platinum won two gold awards inthe KPMG Sustainability ReportingSurvey for the Best SustainabilityReporting in Annual Reports for boththe Mining Section and Overall.77

R E V I E W O F O P E R A T I O N S(continued)Sustainable DevelopmentCorporate Social InvestmentANGLO AMERICAN CORPORATIONCHAIRMAN’S FUNDIn 2001, R31,4 million was donatedto the Anglo American Corporation’sChairman’s Fund, a dedicated instrumentthrough which Anglo American plc (ultimatemajority shareholder of Anglo Platinum)distributes its social investment nationally.Its mandate is to support initiatives aimedat bringing new hope and opportunityto South Africa’s disadvantaged communitiesand provides funding support for varioussocially constructive programmes.The diversity of the sectors supported by thefund is in recognition of the diverse andvaried social and economic needs facingSouth Africa.The fund believes that people “acting witha social purpose” are the most effectivechange agents in society. Although theefforts are often small and isolated,viewed collectively they represent apowerful web of progress. The individualcharacter of the social spending of thefund is more dynamic than many largeramounts devoted to undifferentiatedprogrammes of mass delivery and is apractical illustration of how targetedassistance to people making a differencecan bring real and lasting change. A largeproportion of the Chairman’s Fund ischannelled towards the three key sectorsof education, health and welfare.BUSINESS TRUSTA further demonstration of Anglo Platinum’scommitment to assisting development inSouth Africa is its five-year commitment tothe Business Trust, to which it contributesR7 million annually. This concerted andcoordinated effort of South Africancorporations and other stakeholders focuseson the joint efforts of business, labourand Government to address povertyand crime through education andjob creation initiatives.Some of the Business Trust initiatives areevident in many sectors where humancapacity development, job creation,primary school repeater rate andsecondary school quality of results haveimproved. Other improvements broughtabout by the Business Trust are in theareas of tourism marketing, enterprisedevelopment and crime reduction.The Group’s contribution to suchprogrammes demonstrates its commitmentto sustainable development in tri-sectorpartnerships of Government, businessand society.PROGRAMMESEach Anglo Platinum operation is awareof its responsibility towards society andthe environment in which it operates.In the spirit of Ubuntu (African humanism),business units have developed plans with keystakeholders, including Government and local78

communities, to address development issuesin an integrated manner. Programmes andprojects focus strongly on education,infrastructure development, health, jobcreation and access to basic needs,empowering communities to manage theirown development and removing dependency.An annual total of R16 million is allocated tothese programmes.EDUCATIONThe Anglo Platinum Schools Project isnow in its eleventh year. The objectivesare to develop centres of excellence inschools around the operations, developlearners for recruitment purposes andbuild capacity at provincial, regional anddistrict office levels. The project hasachieved improvements in the quality ofmatriculation results, managerialcapacity at school level and access tocompetent youth for recruitmentpurposes, reaching 17 000 learners,600 teachers and four district offices.The results of the project are not onlynoticeable by an improvement in thepercentage pass rates and increase in numberof learners taking key subjects, but also in theoverall change in management style atschools. It is pleasing to see that a culture oflearning is (albeit slowly) returning to schoolsravaged by past policies.Closer understanding of Governmentplanning makes it easier for business to assisteffectively and leverage funding. AngloPlatinum therefore remains represented onthe North West and Limpopo ProvincialEducation Trusts.Expansions on the Eastern Limb have led tothe award of bursaries to select promisingyoungsters living in the vicinity of the newMaandagshoek operation. This programmeis funded jointly with ARM and willimmediately provide the opportunityfor quality education for these learners.It will also provide a recruitment base forfuture operations and improve the qualityof education in broader society for enhancedsocial and economic development.In addressing both skills developmentand training for out-of-school youthand poverty levels, the Group supportsa number of training initiatives aimedat developing marketable skills.The programmes are specifically gearedtowards each business unit and the strengthsand opportunities within it.On-site training of 30 youths at BRPM in an“addicted to business” programme is provinga worthwhile pilot project for providingquality education. The harsh realities of theeconomic world are brought to life in thisdynamic learning environment, presentingopportunities for self-discovery and a realisticunderstanding of the role of the youth inbroader society.A platinum non-fiction book was developed in2001 and will be released into schoolsas an additional learning resource, explainingthe processes and uses of platinum.79

R E V I E W O F O P E R A T I O N S(continued)Sustainable DevelopmentCorporate Social InvestmentThe Tsholofelo Community College andthe Leplats multi-purpose centre, funded bythe Group, continue to provide much neededskills training in line with realistic workopportunities.BASIC NEEDS AND INFRASTRUCTUREAnglo Platinum supports projects thataddress the most basic needs of water andsanitation access, particularly in the remoteareas in which it operates that are not yetserviced by government agencies.The Group assisted 15 schools withconstruction and extensive renovations.This, coupled with management intervention,ensured that the improved facilities candevelop into meaningful institutions. The aimis to provide learners with an opportunity fora better education and future.A pilot project of gravel road constructionand maintenance was started at Leplats in2001. The first group of unemployed peoplewas trained and is now working on a 5 kmsection of gravel road from the mine to thevillage. This initiative could prove a model forjob creation as a public works programme.HEALTHThe HIV/AIDS pandemic is dealt with morethoroughly under the HIV/AIDS section.Anglo Platinum also continues to ensure thatcommunities around each operation haveaccess to primary health care. In Rustenburg,two mobile clinics are now operational,serving informal settlements in particular.JOB CREATIONOne of South Africa’s greatest challengesis its high level of unemployment.The Group has become involved invarious programmes, with stakeholderparticipation, delivering skills developmentrelevant to work opportunities. The focus ison developing skills that often result in microenterprises, such as juice-making, and thosewith the potential to become small to mediumenterprises. The support of subsistencegrowers and farmers continues, with a viewto increasing self-reliance in communities.In order to enhance local platinumbeneficiation, Anglo Platinum supportsthe Technikon Pretoria platinummanufacturing and design workshop and theshowpiece annual PlatAfrika awards function.Although not its core function, the Group hasallocated R2 million to the establishment ofa platinum jewellery marketing company.The objective of this project is to providea coordinated approach to the opportunitiessurrounding the export of finished platinumjewellery products into key internationalmarkets. Although still at project set-upphase, this has the potential of adding furthervalue to South Africa’s raw materials.80

SMALL BUSINESS DEVELOPMENTThe identification of businessopportunities and the subsequentestablishment of businesses are well ontrack. Business unit management isactively assisting in identifying businessopportunities that are then madeavailable to individuals from previouslydisadvantaged communities. Zimele(a wholly-owned Anglo American plccompany) assists with funding andmanagement of these ventures.A number of these businesses, rangingfrom cleaning, salvage and scrapmanagement to a concrete batchingfacility, are successfully renderingvaluable services and products to businessunits as well as other businesses in theirareas. A number of joint venturesaccommodating black (not less than 40%equity) and white entrepreneurs have alsoseen the light of day. The activeinvolvement of entrepreneurs in thesebusinesses is key to their success.Maandagshoek, Twickenham and thePolokwane Smelter projects renderideal opportunities for local blackeconomic empowerment.PROCUREMENT AND OUTSOURCING INTHE PROMOTION OF BLACK BUSINESSAnglo Platinum’s objective is to enhanceits competitiveness and profitability, whilefacilitating the creation of new wealthwithin less privileged sectors of thecommunity in a self-financing andsustainable manner. All proposals arecarefully considered and analysedaccording to strict commercial viabilityand sustainability criteria.It is the Group’s intention to increasethe amount of trade conducted bybusiness units with small and mediumenterprises and business units will,with the assistance of the BusinessDevelopment Officer, set annual targetsin this regard. Progress is also beingmade at Maandagshoek and all possiblenew business opportunities are beingexplored. In excess of R150 million wasspent with suppliers from previouslydisadvantaged groupings in theprocurement and outsourcing of noncoreactivities in 2001.81

R E V I E W O F O P E R A T I O N S(continued)Human Resources ReviewSTRATEGY IMPLEMENTATIONA progressive human resource (HR) strategy,launched in 2001, is being implemented withsignificant success. Consistency and synergyin the application of HR systems and processesGroup-wide have led to pro-activity and bestpractice approaches, which in turn have resultedin stable employee relations and better humancapital performance. The major focus areashave been employee relations, performancemanagement, HR development, safety, skillsacquisition and retention as well as systemsand processes which enhance HR best practice.TRANSFORMATION TRAININGSenior and middle managers at most of thebusiness units underwent transformationtraining, with particular focus on managingdiversity, teamwork and performance optimisation.The success of these programmes hasencouraged the Group to cascade them tolower levels of the organisation in order toderive maximum benefit from these interventionsand create a formidable sustainableplatform for superior performance.EMPLOYEE RELATIONSA collective effort during 2001 helpedestablish a firm foundation for building longlastingand sustainable employee relations.In conjunction with recognised unions andassociations, a joint forum was established,resulting in a new unprecedented ER Policythat entrenches partnership structures and asingle collective bargaining forum acceptableto all parties. The essential features of the newER Policy are:● Inclusive partnership structures atbusiness unit, regional and central levels;● One collective bargaining forum in whichall qualifying unions and associationsparticipate;● A joint steering committee that addressesstrategic operational matters as well asbroader socio-economic issues facing theGroup and its stakeholders;● It replaces a number of incongruenthistorical recognition agreements andserves as the primary document regulatingcollective relationships; and● It significantly enhances proactive jointproblem-solving, prevention and resolutionand promotes constructive engagementinstead of the traditional reactive conflictproneapproach.The policy was finalised through negotiationand consultation between the Group, unionsand associations, who worked relentlessly tofind common ground regardless of their owninterests. This spirit permeated all dealingsbetween the parties and contributed to aremarkable reduction in industrial actionduring 2001.HUMAN RESOURCE DEVELOPMENTHuman resource development (HRD) is a corecomponent of Anglo Platinum’s HR andbusiness strategy. The HRD plans arecontinuously integrated with the businessplan, assessed, reviewed and revised, coveringshort-, medium- and long-term humancapital development commitments of theorganisation.The role of the Anglo Platinum DevelopmentCentre (ADC) and the HRD functions at allbusiness units is critical. The Groupcontinuously reviews its endeavours to keepabreast of developments; for example: twoindependent audits were conducted during2001 focusing on safety, training andunderground training; the positive outcomesof the audits are currently being integratedwith the HRD operational plans for 2002.The HRD strategy and practices are fullycompliant with current legislation and AngloPlatinum qualified for the full rebatepertaining to the approval of the WorkplaceSkills Plan and Annual Training Report for82

the period April 2000 to March 2001. TheWorkplace Skills Plan for the period April 2001to March 2002 was submitted on time andapproved by the authorities.Anglo Platinum purchased the RandfonteinbasedEngineering Skills Training Centre (ESTC)in 2000. Not only has this acquisition resultedin a reduced cost of engineering skills training(mainly as a result of the income generated byselling excess capacity), but it has begun toshow benefits in the development ofengineering skills for new operations. Thisfacility is also an important feeder for theGroup’s expansion labour requirements.The quality of service provided by the ESTCcontinues to be highly regarded in the industry;its performance in terms of pass rates exceedsthe industry average by a large margin. Inaddition, utilisation of the facility increasedmarkedly during 2001.The Anglo Platinum Bursary Scheme, which ismanaged by the ADC, serves to feed highcalibre,appropriately qualified and competentstaff into the lower professional levels in avariety of occupational disciplines. During2001, 66 university graduates and technikondiplomates obtained their academicqualifications under this scheme. The numberof bursars on the scheme has been increasedby 30% to over 350 to cater for brown- andgreenfields skills requirements.The ADC Education Centre has committed itselfto the development and upliftment of allemployees through the delivery of qualityABET programmes, providing learningopportunities that are easy to access, learnercentred,interactive, self-paced and meet thebusiness needs of the Group. Courses areoffered on a full-time and part-time basis andare provided throughout the year.A further highlight was the remarkableachievement of the N3 learners enrolledthrough the ADC Education Centre. They notonly made in-house headlines with their resultsbut obtained the highest marks in the country.The Schools Project also sponsored a coursepresented by the Catholic Institute of Educationand accredited by the University of theWitwatersrand, aimed at enhancing theleadership skills of principals, deputyprincipals, heads of departments through toofficials within the Rustenburg District of theDepartment of Education. The first 25 delegateswere certified in June 2001 in “AdvancedEducational Leadership”. A second group of33 delegates will be certified early in 2002.The success of the course will lead to it beingpiloted in the Leplats and PPRust areas in 2002.83

R E V I E W O F O P E R A T I O N S(continued)Human Resources ReviewEMPLOYMENT EQUITYAnglo Platinum’s first annualemployment equity progress report waspresented to the Department of Labourin 2001, in accordance with legalrequirements and subsequent toconsultation with recognised unions,associations and other employees.All business units have an employmentequity committee representing managementand employees, which are fullyrepresentative and chaired by thebusiness managers. A similar committeehas been established at Corporate Office.The employment equity committees playa significant role in ensuring the successof the Group’s workplace skills plans.Quarterly progress reports are presentedto the Executive Committee as partof the monitoring process of theGroup’s employment equity policyand procedures.In compliance with Section 22 of theEmployment Equity Act, the table belowsummarises the progress report assubmitted to the Department of Labour,setting out the occupational categoriesas at 31 May 2001 compared to the2005 target.ANGLO PLATINUM EMPLOYMENT EQUITY PLAN31 May 2001 Target 2005Occupational categories White Designated White Designatednumber number % number number %Legislators, senior officialsand managers 442 47 9,6 272 99 26,7Professionals 814 570 41,2 730 497 40,5Technicians and associateprofessionals 400 419 51,2 526 436 45,3Clerks 164 1 169 87,7 378 1 085 74,2Service and sales workers 124 814 86,8 331 390 54,1Skilled agricultural andfishery workers 78 73 48,4 9 89 90,8Craft and related trade workers 1 348 1 400 51,0 824 1 249 60,3Plant and machineoperators and assemblers 475 19 714 97,7 1 620 17 212 91,4Elementary occupations 101 13 762 99,3 1 245 12 506 91,0Total permanent employees 3 946 37 968 90,6 5 935 33 563 85,0Non-permanent employees 41 460 91,8 12 28 70,0Total Group 3 987 38 428 90,6 5 947 33 591 85,0The employment equity policy is a public commitment by Anglo Platinum to the followingequity principles:● To eliminate unfair discrimination in employment;● To implement affirmative action in the workplace;● To treat all persons equally, fairly and with dignity and respect;● To achieve a diverse, efficient workforce that is representative of the populations in itsoperational areas;● To create opportunities for and remove barriers to HR development;● To involve employees and their representatives in employment equity matters;84

● To comply with legislative requirements;and surrounding communities.competitions, with HIV/AIDS awareness as● To be an effective corporate partner ofcommunities, Government and other socialstakeholders; and● To support the process of employmentequity in its widest form.HIV/AIDSAnglo Platinum is keenly aware of theenormous human tragedy of the HIV/AIDSpandemic as well as the economic threat thatit poses. The Anglo Platinum HIV/AIDSProgramme was launched in 1998 to protectthe Group and its stakeholders throughthe prevention and management ofHIV/AIDS, both at its operations andtheir surrounding communities.The HIV/AIDS strategy is driven atboth the corporate and the operationallevel and the Group’s progress inimplementing its strategy andplans is the subject of a formalmonthly reporting system.The objectives of the programmeare to minimise the total impact ofthe HIV/AIDS epidemic on the Group andits stakeholders, ensuring the long-termsustainability of its business operations byreducing the infection rate among employeesThe theme for 2002, starting on World AIDSDay (1 December 2001), is “I Can . . . So CanYou!” a reminder that everyone can dosomething and challenging each person tocommit to action and personal responsibility.HIV/AIDS work is being actively extended intopartnerships with communities. Developmentprojects, which take into account the implicationsof HIV/AIDS, will reduce the spread ofthe disease and minimise its economic andsocial impact. Collaboration and partnershipsare central to a sustained response. To thisend, the HIV/AIDS programme is closelylinked with Corporate SocialInvestment and other communityprogrammes to provide a concertedand coordinated response to thepandemic.2001 saw the development of acomprehensive peer educatortraining and managementprogramme, which is beingimplemented throughout theGroup and via community projects. Thepeer educator programme is the foundation ofall education endeavours. Othercommunication efforts have included largeevents such as family days and footballthe central theme. These efforts will continue.Anglo Platinum engages with a number ofrole players, notably the Departments ofHealth of the Limpopo and the North Westprovinces. Collaborative interventions havealso been engaged in with other mininghouses and NGOs operating within thesame regions.HIV/AIDS: Overall Programme Objective:To minimise the total impact of the HIV/AIDS epidemic on the Group and its stakeholders, and to ensure thelong-term sustainability of its business operationsCo-operation withOther RoleplayersCommunity Projects:Support EpidemicImpact Containment● Condoms● Treating SexuallyTransmittedDiseases (STDs)● Communicationand educationSupport welfareof stakeholdersResearch andSharing Experience:Support Living withAIDS● TreatmentSupport ProgrammeDevelopment andRenewal● Best PracticeBusiness InterventionsPrevalenceTesting andModellingCost ofHIV/AIDSSocial andGeographicAssessmentProgrammeDevelopmentand RenewalEconomic ImpactContainmentEpidemic ImpactContainmentLiving with AIDSCommunicationand EducationImplement BestPractice● RestructuringBenefits● Reducingabsenteeism● Performancemonitoring● Recruitmentand Training● Mechanism● Condoms● Treating SexuallyTransmittedDiseases (STDs)● Voluntary Testingand Counselling● Treatment● Support● Awareness● Attitude change● BehaviourchangePlanReportEnsure ProfitabilitySave LivesExtend WellnessSupport AllInitiativesImplementMonitorSustainablebusinessoperationsMinimiseimpact onstakeholders85

R E V I E W O F O P E R A T I O N S(continued)Human Resources ReviewFINANCIAL MODELLINGand production efficiencies. Focusedearly identification and so the Group hasThe objectives of theHIV AIDSprogramme are tominimise the total impactof the epidemic on theGroup and itsstakeholders.Anglo Platinum manages a detailed impactassessment programme that seeks to quantifythe effects of the disease on its operations.Prevalence testing is the most reliable methodof establishing the spread of the disease withsome certainty. Early indications at theoperations where anonymous prevalencetesting has taken place show a weightedaverage 22% prevalence within the workforce.Test results are imported into a financial model,while continuous social and geographicalassessment studies are undertaken to facilitatethe decision-making process and to focus theinterventions. The model addresses the costsassociated with absenteeism, loss of production,shifts lost, medical treatment, death in serviceand other factors. At present, it indicates aprojected HIV/AIDS cost to the Group ofR75,7 million in 2002. The loss of staff dueto the disease is expected to be less than 4%per annum, peaking in 2006. The model alsoprovides a clear indication of the need forspecific interventions such as treatment,recruiting and training.Strategic interventionsEconomic impact containmentHIV/AIDS impacts absenteeism, recruitmentand training, medical costs, employee benefitseducation interventions are in place tocontrol these factors and medical costs will bereduced through the recent creation of aHealth Maintenance Organisation.Epidemic impact containmentOngoing interventions include education andthe promotion and provision of condoms.A major thrust for 2002 will be the initiationof regional campaigns to prevent or treatsexually transmitted diseases (STDs). Thesewill be conducted as regional joint ventures,incorporating the Anglo Platinum workforce,communities in the vicinity of operations andother regional stakeholders. They will beconducted according to the WHO and UNAIDSstandards, which have proved that reducingSTDs is instrumental in preventing HIVincidence; Anglo Platinum and otherstakeholders aim to capitalise on thisexperience. Projects will include education;treatment; social upliftment; voluntary testingand counselling; and wellness programmes.Living with HIVAnglo Platinum recognises that, withappropriate interventions, people with HIVcan significantly extend their wellness periodsand longevity, continuing to lead healthy andproductive lives. Early intervention requiresentered an arrangement with the counsellingNGO, Lifeline, to provide a service to allemployees and an opportunity to be tested forHIV. Another major thrust for 2002 will bethe provision of a comprehensive wellnessprogramme that will expand current healthservices by providing employees with theknowledge and skills they need to changetheir lifestyles.PROGRAMME DEVELOPMENT AND RENEWALThe HIV/AIDS team continues to researchand implement best practice to energise theHIV/AIDS programme, which has beenenriched through the recruitment of a fulltimeprofessional HIV/AIDS programmemanager. Anglo Platinum is confident that itsinterventions can effectively manage theimpact of HIV/AIDS on its people and thecommunities within which it operates.STAFFING FOR EXPANSIONSAnglo Platinum’s business strategy is toincrease Group production from a base of 2,0to 3,5 million annual ounces of platinum by2006. To produce the additional metal, anumber of new mines and concentrators arecurrently in the pipeline. The challenge to theHR function is to supply adequate competentlabour timeously for the planned expansions.86

Despite productivity improvement measures,including increased mechanisation of existingoperations, it has become clear that highturnover rates – exacerbated by the impactof HIV/AIDS – will limit the availability ofsurplus labour from current operations forexpansion projects.Expansion projects will create approximately13 000 new positions between 2002 and2006. This will create special challenges forrecruitment, training and development.For this purpose a Group HR plan has beendevised. A specialist recruitment functionhas been established to support the ProjectsDivision, allowing a sustainable, quality buildupof labour and an employment vehicle,Platinum Mines Expansion Services (Pty) Ltd,has been created. This will allow expansionstaff to be recruited and trained in advanceand for related costs to be capitalised. TheHR plan similarly addressses competencyrequirements for brownfields operations.The HRD function has an important role toplay in the development of skills at all levelsthrough special training interventions andthrough various trainee schemes. An HRDmanager has been appointed in the ProjectsDivision for this purpose.Local recruitment, high unemployment,community expectations and other sociopoliticalfactors lead to the need for innovativeapproaches to recruitment practices andHRD. Technologically advanced miningmethods and equipment require higher skillsand competency levels and the screening ofpotential staff has consequently become evermore stringent. A result of this process is thateducation levels at new operations are invariablymuch higher than at existing operations.An important aspect of HRD is the identificationof potential employees at schools,colleges and universities and the Group hasestablished relations with such institutions.Trainees from other Anglo American plcdivisions have assisted in increasing thegraduate feedstock to Anglo Platinum.The intake of trainees for expansions will bestaggered in line with project build-ups and thelength of required training periods. This processrequires careful planning and will addresstraining infrastructure and HRD capacity,both at business unit level and centrally.The need for a Development and EngineeringSkills Training Centre on the Eastern Limbhas been identified, as has the need forsmaller on-mine facilities and undergroundtraining sections. The former is still in itsconceptual phase, whilst the latter alreadyforms part of the planning of new businesses.REMUNERATION MANAGEMENTThe total package remuneration approachwas successfully introduced in 2001 for allfirst-line to senior executive managementlevels. This has simplified labour costing andlabour market benchmarking processes, thusproviding more reliable information.A new core conditions of employment templatewas developed and is now available on theGroup’s intranet, providing on-line and ontimeguidance for the equitable and consistentapplication of core conditions of employmentacross the Group. The design of a new jobgradingsystem, acceptable to all parties, hasbeen concluded jointly with unions andassociations. Implementation of this systemwill take place during 2002. An annual reviewof the Company’s incentive scheme wasconducted successfully with all unions andassociations. It was pleasing to see most businessunits qualify for incentive payments followinggood performances in 2001. In addition, aplatinum bonus was declared by the ExecutiveCommittee following financial performancethat exceeded the predetermined target.87

R E V I E W O F O P E R A T I O N S(continued)Breakthrough/Continuous Business ImprovementSince its initiation in1996, Breakthrough hashelped engineer numerouschanges to the structures,systems and businessprocesses of the Group.The Group-wide business improvementinitiative is known as Breakthrough, the roleof which is to provide a platform thatfacilitates and champions the developmentand implementation of business optimisationprogrammes across the Group that will assistthe operations to achieve and then exceedtheir business goals.Since its initiation in 1996, Breakthrough hashelped engineer numerous changes to thestructures, systems and business processesof the Group, including the establishmentof business units and business areas.During 2001, Breakthrough was enhanced toreflect prevailing business challenges and thefollowing four thrusts have been adopted:● Mechanised mining methods;● Mining optimisation;● Concentrator optimisation; and● People optimisation.MECHANISED MININGWhere appropriate, Anglo Platinum’s objectiveis to employ mining and logistical processes thatare continuous, fully mechanised and ideallynon-explosive, resulting in quantum improvementsin safety, productivity and profitability.Following a detailed review of the mechanisationeffort in mid-2001, the previous MiningTechnology Division was incorporated intoBreakthrough under a new organisationalstructure that is centred on a series oftechnology streams, each to be headed bya Programme Manager.The focus is on developing and implementinga suite of appropriate technologies at new andexisting sites, incorporating examples from thefollowing programme streams:● Stope drill-rigs, new explosives and cleaningsystems and long-hole stoping;● Bord and pillar and trackless mechanisedmining systems;The development and introduction of stopedrill-rigs and new blasting and cleaning systemscontinued to receive significant attentionthroughout the Group during 2001. Drill-rigsand bord and pillar mining methods are readyfor selective, appropriate implementation.All available technologies associated withrock-splitting (low-energy rock-breaking)are undergoing underground evaluation atAmandelbult.The development of new roof-support systemsfor both trackless and conventional miningreceives high priority and will help lead toimproved operator safety as one of the benefitsof mechanisation.In the UG2 rock-cutting programme, theoscillating-disc cutting equipment isundergoing field trials, while the activated-disccutting system is being evaluated in full-scaleunderground production trials at TownlandsShaft, Rustenburg Section.A permanent structure, under the DivisionalDirector: Breakthrough, is responsible formanaging these focus areas and reports to theChief Operating Officer and the ExecutiveCommittee.● Stope face rock-cutting;● Rapid development advance;● Logistics (ore transport); and● Communications and informationtechnology.In the field of rapid development advance,combined drilling/blasting/cleaning systemsare being developed. Other focus areas includetunnel-boring, mechanised box-hole developmentand multi-purpose development machines.88

Logistics (ore transport) and communicationsform an integral part of mining technologyand are being developed in parallel with theprogrammes above.The target is for 15% of mining production tobe mechanised by the end of 2002.MINING OPTIMISATION2001 saw the establishment of a dedicatedcentral team, whose role is to co-ordinate andmanage the reintroduction of best practiceacross the Group using dedicated on-sitemining optimisation teams.The process includes an in-depth assessmentof infrastructure, systems and skills, followedby an intensive period of re-equipping (wherenecessary) and training in the working place.The initial results have been encouraging andoutput and productivity increases have beenachieved by the pilot teams.CONCENTRATOR OPTIMISATIONThis initiative was launched in November2001 after an extensive ‘discovery’ phase ateach of the twelve concentrators withinthe Group.Many opportunities to improve the quality ofboth output and recoveries were highlighted.A project team leader was appointed anda Concentrator Technical Committee wasestablished; they will oversee the developmentand introduction of bestpractice in a manner similarto that of the miningoptimisation programme.PEOPLE OPTIMISATIONNew HR policies and systemshave been developed and arenow being implemented at theoperations. Breakthrough isalso engaged in thedevelopment andimplementation of an HRplan aimed at ensuringdelivery of the competentemployees required at existingand new operations. This is nomean challenge as the lowavailability of skills, especiallyprofessional skills, inSouth Africa presents aformidable hurdle given theCHIEF OPERATINGOFFICERD T G EmmettGroup’s expansion programmes andHIV/AIDS. The ability to develop internaltalent will be fundamental to the achievementof sustainable growth.ANGLO PLATINUM ORGANISATIONAL STRUCTURE: OPERATIONSEXECUTIVE DIRECTOR:PROJECTSJ A DreyerDIVISIONAL DIRECTOR:PROJECTSJ M HalheadEXECUTIVE DIRECTOR:HUMAN RESOURCESB E NgubaneDIVISIONAL DIRECTORS:MINESP J V Kinver and C B SheppardDIVISIONAL DIRECTOR:PROCESSR PilkingtonDIVISIONAL DIRECTOR:RESOURCE MANAGEMENTAND DEVELOPMENTR W HieberDIVISIONAL DIRECTOR:RESEARCH AND DEVELOPMENTP CharlesworthDIVISIONAL DIRECTOR:BREAKTHROUGH/CONTINUOUSBUSINESS IMPROVEMENTR C BaxterWESTERN LIMB● Rustenburg● Amandelbult● Union● BRPMEASTERN LIMB● PPRust● LeplatsPROCESS DIVISION● Waterval Smelter● RBMR● PMR89

R E V I E W O F O P E R A T I O N S(continued)Metallurgical Research and DevelopmentResearch and development efforts duringconcentrators. This is the largest platinumThe policy of collaborative international2001 focused on the twin needs ofpilot plant in South Africa.research continued in 2001, and leverageResearch anddevelopment effortsduring 2001 focused onthe twin needs ofoperational support andimprovement and theGroup’s expansionprogramme.operational support and improvementand the Group’s expansion programme.There was a further significant increasein the mineralogical and chemical analysisof borehole core samples. This informationis essential for ore reserve quantificationand mine design. Mineralogical instrumentand analytical capacity to undertake thiswork has been increased both at the AngloPlatinum Research Centre (ARC) and atthe Anglo American Research Laboratories(AARL).Extensive testwork has also been undertakento characterise the flowsheet performanceof these samples and a new pilot plant wascommissioned at the Divisional MetallurgicalLaboratory (DML). This facility, whichincorporates extensive control instrumentation,is specifically designed to simulate thedesign concepts for both current and futureThe advanced process control groupestablished in 1999 has expanded steadilyand has successfully tested a number ofmill control strategies, which on plantimplementation have resulted in enhancedthroughput. Current research in this area istargeted at the control of flotation operations.The new design of the Amandelbult UG2plant has shown significant benefit in PGMrecovery during operation. This demonstratesclearly the value derived from the researchand development and fundamental understandingof the surface chemistry phenomena,coupled with on-plant optimisation anddevelopment.Fundamental studies continue to gain a basicunderstanding of the process mechanismsand are focused on chromite control inflotation concentrates, which has beena constraint on smelter performance.on funds applied was achieved via activetechnical and management participation withthe Australian Minerals Industry ResearchAssociation (AMIRA) as well as withuniversities in the UK, North America,Australia and South Africa. This ensuresGroup access to international best practice.The converter pilot plant completed itstestwork and development phase during theyear, resulting in significant development ofnew control strategies and methods whichhave been incorporated into the design of theACP Plant in Rustenburg. This pilot plant willsupport the commissioning and optimisationof the ACP project.Pilot facilities were commissioned atRBMR based on improved milling andmagnetic separation processes for theMagnetic Concentration (MC) Plantdeveloped at ARC.90

Refining research and developmentcontinued both at ARC and at theJohnson Matthey Technology Centre(JMTC) in the UK. This work continued tofocus on long-term refining technologydevelopments, as well as the requirementsfor expansion. Alternative solventextraction circuit configurations weretested to allow enhanced throughput inthe plants at the PMR. Flowsheetimprovements to rhodium extraction tobe incorporated into the PMR expansionwere also tested. The combined effect ofthese will be to enhance further PMR’sefficiency and performance.Testwork to support the expansionrequirements of RBMR continued inconjunction with AARL.The development of robotics to automatethe labour-intensive analysis of concentratorprocess control samples continued and thistechnology is incorporated in the ACPflowsheet. These developments are essentialto support the advanced process controlsystems for concentrators and to unlock thepotential demonstrated by this work on aGroup-wide basis.Improved analytical techniques developed atARC were introduced aimed at enhancedaccuracy and turnaround times.ARC continues to be the source of Grouptechnical excellence and provides a pivotalrole in the technical training and developmentof metallurgical and chemical staff. ARCalso acts in a technical audit and qualitycontrol capacity across the Group.QEM * SEM IIJacques Roberts; Solomon Dlamini91

ANGLO AMERICAN PLATINUM CORPORATION LIMITEDR E V I E W O F O P E R A T I O N S(continued)GROUP STATISTICS

Group StatisticsSAFETYBusiness Unit Number of fatalities Fatality rate* Lost-time injury rate*+Year ended Year ended Year ended Year ended Year ended Year ended31 December 31 December 31 December 31 December 31 December 31 December2001 2000 2001 2000 2001 2000Rustenburg Section 10 11 0,04 0,05 1,3 3,0Amandelbult Section 6 5 0,05 0,03 6,7 7,5Union Section 4 3 0,04 0,03 3,2 3,7PPRust 0 0 0,00 0,00 1,1 1,6Leplats 1 2 0,03 0,06 1,1 2,8BRPM 0 2 0,00 0,05 0,6 0,8Waterval Smelter 1 0 0,04 0,00 0,2 0,6RBMR 0 0 0,00 0,00 0,6 0,6PMR 0 0 0,00 0,00 0,5 1,0Maandagshoek 0 0 0,00 0,00 0 0Total 22 23Aggregate for Group 0,03 0,04 2,5 3,8* per 200 000 hours worked+≥ 1 day definitionSafety statistics include all contractors’ safety performance93

Group StatisticsTOTAL OPERATIONSYear Yearended ended31 December 31 December2001 2000Marketing statisticsAverage market prices achieved (US$)Platinum (US$/oz) 526 544Palladium (US$/oz) 582 675Rhodium (US$/oz) 1 610 1 847Nickel (US$/lb) 2,65 3,86Net sales revenue per Pt ounce sold (US$) 1 004 1 198Average market prices achieved (R)Platinum (R/oz) 4 531 3 804Palladium (R/oz) 4 936 4 739Rhodium (R/oz) 13 410 12 864Nickel (R/lb) 23,14 26,63Net sales revenue per Pt ounce sold (R) 8 654 8 287Average Pt exchange rate achieved (R:US$) 8,6184 6,9977Exchange rate at end of year (R:US$) 11,9610 7,5750Profitability statisticsGross sales revenue per ton milled (R) 696 659Gross profit margin (%) 51,4 54,7Earnings before interest, taxation,depreciation and amortisation (EBITDA) (R millions) 10 148,8 9 298,0Operating profit to average operating assets (%) 120,0 117,6Return on average shareholders’ equity (%) 66,2 73,2Return on capital employed (%) 64,0 59,0Refined productionPlatinum (000’s) (oz) 2 109,2 1 871,7Palladium (000’s) (oz) 1 049,0 946,6Rhodium (000’s) (oz) 200,4 165,1Gold (000’s) (oz) 102,2 97,9Nickel (000’s) (t) 19,5 19,2Copper (000’s) (t) 10,8 10,8PGMs (000’s) (oz) 3 673,6 3 255,4Analysis of operatingcontribution by mine(R millions)Rustenburg Section 2 993,6 2 700,3Amandelbult Section 3 742,6 3 200,8Union Section 1 190,9 1 534,1PPRust 1 680,5 1 318,1Leplats 407,7 242,5Operating contribution – Steady-state 10 015,3 8 995,8BRPM – Project 275,2 374,0Consolidated operating contribution 10 290,5 9 369,8Other costs 674,5 508,6Gross profit on metal sales 9 616,0 8 861,2ANALYSIS OF OPERATING CONTRIBUTION BY MINE2001 2000% %Rustenburg Section 29,1 28,8Amandelbult Section 36,3 34,1Union Section 11,6 16,4PPRust 16,3 14,1Leplats 4,0 2,6Steady-state total 97,3 96,0BRPM 2,7 4,0Consolidated operating contribution 100,0 100,0ANALYSIS OF OPERATING MARGIN BY MINE2001 2000% %Rustenburg Section 51,8 53,4Amandelbult Section 68,4 69,5Union Section 51,2 61,6PPRust 65,7 63,2Leplats 48,9 44,2BRPM 30,3 50,016,3%11,6%20014,0% 2,7%OPERATING CONTRIBUTION BY MINE36,3%29,1%16,4%14,1%Rustenburg SectionAmandelbult SectionUnion SectionPPRustLeplatsBRPM20004,0%2,6%34,1%28,8%94

STEADY-STATE OPERATIONS – ANALYSIS BY MINETotal steady- Rustenburg Amandelbult UnionProduction statistics and efficiency measures state* Section Section Section PPRust Leplats2001 2000 2001 2000 2001 2000 2001 2000 2001 2000 2001 2000Tons mined – PPRust (opencast) (thousands) 29 631 30 183 — — — — — — 29 631 30 183 — —Tons broken – underground mines (thousands) 21 519 19 003 8 550 7 734 7 621 6 505 3 694 3 497 — — 1 654 1 267Tons milled (thousands) 24 952 23 042 7 733 7 215 7 086 6 412 4 466 4 159 4 270 4 177 1 397 1 079Built-up head grade (g/ton) 5,06 5,08 5,38 5,32 5,68 5,56 4,40 4,89 4,38 4,33 4,26 4,26Stripping ratio 10,9 8,7 — — — — — — 10,9 8,7 — —Immediately available ore reserves (months) 14,2 14,5 15,0 16,1 18,0 19,0 16,1 13,4 3,5 6,7 13,8 12,4Metres face advance (per month) 8,8 8,5 8,9 8,6 9,3 8,9 7,1 7,0 — — 9,4 9,0Square metres per employee (per month) 10,7 9,6 10,7 9,4 12,0 10,6 7,8 7,5 — — 13,0 13,7Square metres per stoping and cleaning employee (per month) 37,6 36,4 38,8 36,7 39,1 36,2 29,9 36,9 — — 39,7 35,0Tons broken per employee – underground mines 593 513 493 436 771 657 582 485 — — 607 569Tons mined per employee – PPRust (opencast) 27 060 25 753 — — — — — — 27 060 25 753 — —Average number of mine employees 37 396 38 238 17 346 17 719 9 890 9 908 6 342 7 212 1 095 1 172 2 723 2 227% UG2 mined to total output 28 27 16 15 36 32 60 69 — — 38 18Refined Pt ounces per employee 52,9 45,9 41,5 35,6 68,7 57,6 44,2 40,0 192,8 165,6 32,7 32,4Profitability and cost statisticsNet sales revenue per Pt ounce sold (R) 8 744 8 401 8 273 8 019 8 189 8 077 8 497 8 503 12 120 10 745 9 349 7 593Operating performanceCash operating costs per Pt ounce refined (R) 3 254 3 116 3 650 3 580 2 312 2 252 3 787 3 182 3 688 3 654 4 540 4 179Cash operating costs per Pt ounce refined (US$) 378 451 424 518 268 326 439 460 428 528 527 604Cash operating costs per PGM ounce refined (R) 1 852 1 776 2 233 2 196 1 340 1 309 2 102 1 739 1 682 1 673 2 498 2 520Cash operating costs per PGM ounce refined (US$) 215 257 259 318 155 189 244 252 195 242 290 364Operating income statement(R millions)Net sales revenue 16 971,8 14 789,0 5 780,6 5 060,6 5 473,0 4 603,0 2 326,6 2 491,5 2 558,6 2 085,7 833,0 548,2Operating cost of sales† (6 956,5) (5 793,2) (2 787,0) (2 360,3) (1 730,4) (1 402,2) (1 135,7) (957,4) (878,1) (767,6) (425,3) (305,7)Operating contribution 10 015,3 8 995,8 2 993,6 2 700,3 3 742,6 3 200,8 1 190,9 1 534,1 1 680,5 1 318,1 407,7 242,5Operating margin (%) 59,0 60,8 51,8 53,4 68,4 69,5 51,2 61,6 65,7 63,2 48,9 44,2Refined productionPlatinum (000’s) (oz) 1 979,0 1 756,7 719,1 630,8 679,3 570,8 280,4 288,8 211,1 194,1 89,1 72,2Palladium (000’s) (oz) 1 004,7 915,5 307,7 277,3 299,4 261,1 122,2 137,7 219,8 203,7 55,6 35,7Rhodium (000’s) (oz) 192,9 161,2 54,0 43,6 73,0 57,2 42,3 42,1 16,4 13,9 7,2 4,4Gold (000’s) (oz) 96,1 90,9 41,8 39,4 23,0 22,1 4,8 5,3 21,2 19,6 5,3 4,5Nickel (000’s) (t) 18,5 18,6 7,8 7,6 4,2 4,1 1,1 1,4 4,2 4,4 1,2 1,1Copper (000’s) (t) 10,2 10,3 4,5 4,4 2,3 2,3 0,5 0,7 2,2 2,3 0,7 0,6PGM (000’s) (oz) 3 478,0 3 082,6 1 175,6 1 028,5 1 172,4 981,9 505,2 528,5 462,9 424,0 161,9 119,7* Includes all operations except BRPM, which is in a production ramp-up phase†Cost of sales excluding other costs95

Group StatisticsSTEADY-STATE OPERATIONS – AGGREGATE FIVE-YEAR REVIEWRUSTENBURG SECTIONPRODUCTION STATISTICS ANDEFFICIENCY MEASURES 2001 2000 1999 1998 1997Tons mined – PPRust (opencast) (thousands) 29 631 30 183 34 730 30 903 32 983Tons broken – underground mines (thousands) 21 519 19 003 20 824 20 688 19 948Tons milled (thousands) 24 952 23 042 22 752 22 011 21 119Built-up head grade (g/ton) 5,06 5,08 5,40 5,52 5,53Immediately availableore reserves (months) 14,2 14,5 16,1 15,9 16,3Metres face advance (per month) 8,8 8,5 9,4 9,2 8,5Square metres per employee (per month) 10,7 9,6 11,8 11,6 11,2Square metres per stoping andcleaning employee (per month) 37,6 36,4 40,0 39,3 36,3Tons broken per employee– underground mines 593 513 634 620 587Tons mined per employee– PPRust 27 060 25 753 29 583 28 935 32 656Average number of mine employees– underground mines 36 301 37 066 32 692 33 363 34 007– opencast mine (PPRust) 1 095 1 172 1 174 1 068 1 010– total 37 396 38 238 33 866 34 431 35 017UG2 mined to total output (%) 28 27 23 19 17Refined Pt ounces per employee 52,9 45,9 59,6 54,1 53,4Refined productionPlatinum (000’s) (oz) 1 979,0 1 756,7 2 018,5 1 861,0 1 871,1Palladium (000’s) (oz) 1 004,7 915,5 1 015,6 930,9 893,3Rhodium (000’s) (oz) 192,9 161,2 171,5 176,7 158,9Gold (000’s) (oz) 96,1 90,9 106,7 94,0 89,2Nickel (000’s) (t) 18,5 18,6 19,6 20,6 20,8Copper (000’s) (t) 10,2 10,3 10,7 10,9 11,4PGM (000’s) (oz) 3 478,0 3 082,6 3 514,2 3 259,2 3 204,2PRODUCTION STATISTICSAND EFFICIENCY MEASURES 2001 2000 1999 1998 1997Tons broken (thousands) 8 550 7 734 8 837 8 820 8 605Tons milled (thousands) 7 733 7 215 7 701 8 003 7 774Built-up head grade (g/ton) 5,38 5,32 5,65 5,67 5,70Immediately availableore reserves (months) 15,0 16,1 15,9 15,6 14,4Metres face advance (per month) 8,9 8,6 9,2 9,0 8,6Square metresper employee (per month) 10,7 9,4 11,8 11,8 11,3Square metres per stopingand cleaning employee (per month) 38,8 36,7 41,0 40,4 37,2Tons broken per employee 493 436 536 522 495Average number ofmine employees 17 346 17 719 16 481 16 902 17 368UG2 mined tototal output (%) 16 15 9 7 6Refined Pt ouncesper employee 41,5 35,6 46,6 44,0 44,3Refined productionPlatinum (000’s) (oz) 719,1 630,8 767,8 743,1 768,8Palladium (000’s) (oz) 307,7 277,3 327,0 312,4 318,6Rhodium (000’s) (oz) 54,0 43,6 46,6 50,7 49,0Gold (000’s) (oz) 41,8 39,4 50,8 45,4 43,4Nickel (000’s) (t) 7,8 7,6 8,6 9,6 8,9Copper (000’s) (t) 4,5 4,4 5,0 5,3 5,1PGM (000’s) (oz) 1 175,6 1 028,5 1 224,6 1 206,3 1 239,096

AMANDELBULT SECTIONPRODUCTION STATISTICSAND EFFICIENCY MEASURES 2001 2000 1999 1998 1997Tons broken (thousands) 7 621 6 505 6 708 6 694 6 350Tons milled (thousands) 7 086 6 412 6 222 6 169 5 852Built-up head grade (g/ton) 5,68 5,56 5,86 5,79 5,67Immediately availableore reserves (months) 18,0 19,0 21,1 19,3 19,5Metres face advance (per month) 9,3 8,9 9,4 9,7 8,8Square metresper employee (per month) 12,0 10,6 13,2 13,4 12,9Square metres per stopingand cleaning employee (per month) 39,1 36,2 41,3 42,4 40,1Tons broken per employee 771 657 811 816 768Average number ofmine employees 9 890 9 908 8 267 8 200 8 264UG2 minedto total output (%) 36 32 29 24 22Refined Pt ouncesper employee 68,7 57,6 77,1 67,6 66,8Refined productionPlatinum (000’s) (oz) 679,3 570,8 637,7 554,6 552,4Palladium (000’s) (oz) 299,4 261,1 287,5 254,0 242,5Rhodium (000’s) (oz) 73,0 57,2 58,1 59,2 51,9Gold (000’s) (oz) 23,0 22,1 25,3 20,8 18,4Nickel (000’s) (t) 4,2 4,1 4,3 4,5 4,1Copper (000’s) (t) 2,3 2,3 2,5 2,3 2,1PGM (000’s) (oz) 1 172,4 981,9 1 119,9 965,4 933,7UNION SECTIONPRODUCTION STATISTICSAND EFFICIENCY MEASURES 2001 2000 1999 1998 1997Tons broken (thousands) 3 694 3 497 3 982 4 117 4 005Tons milled (thousands) 4 466 4 159 3 749 3 725 3 624Built-up head grade (g/ton) 4,40 4,89 5,38 5,65 5,66Immediately availableore reserves (months) 16,1 13,4 14,5 14,7 17,1Metres face advance (per month) 7,1 7,0 7,4 8,5 7,7Square metresper employee (per month) 7,8 7,5 8,9 8,7 8,5Square metres per stopingand cleaning employee (per month) 29,9 36,9 35,1 35,2 32,6Tons broken per employee 582 485 677 677 641Average number ofmine employees 6 342 7 212 5 878 6 078 6 244UG2 mined tototal output (%) 60 69 75 58 58Refined Pt ouncesper employee 44,2 40,0 56,7 50,9 51,5Refined productionPlatinum (000’s) (oz) 280,4 288,8 333,1 309,2 321,5Palladium (000’s) (oz) 122,2 137,7 155,7 144,7 137,8Rhodium (000’s) (oz) 42,3 42,1 47,4 49,1 42,8Gold (000’s) (oz) 4,8 5,3 5,8 5,5 5,7Nickel (000’s) (t) 1,1 1,4 1,5 1,7 1,4Copper (000’s) (t) 0,5 0,7 0,6 0,7 0,6PGM (000’s) (oz) 505,2 528,5 604,9 577,0 575,897

Group StatisticsPOTGIETERSRUST PLATINUMSLEBOWA PLATINUM MINESPRODUCTION STATISTICSAND EFFICIENCY MEASURES 2001 2000 1999 1998 1997Tons mined (thousands) 29 631 30 183 34 730 30 903 32 983Tons milled (thousands) 4 270 4 177 4 059 3 182 2 969Built-up head grade (g/ton) 4,38 4,33 4,59 4,80 4,40Stripping ratio 10,9 8,7 7,9 5,5 7,0Immediately availableore reserveswithin the pit* (months) 3,5 6,7 1,3 2,7 13,2Tons minedper employee 27 060 25 753 29 583 28 935 32 656Average numberof mine employees 1 095 1 172 1 174 1 068 1 010Refined Pt ouncesper employee 192,8 165,6 171,3 159,3 150,1*Method of reporting ore reserves changed in 1998Refined productionPlatinum (000’s) (oz) 211,1 194,1 201,1 170,1 151,6Palladium (000’s) (oz) 219,8 203,7 210,2 182,8 161,6Rhodium (000’s) (oz) 16,4 13,9 14,9 12,6 10,6Gold (000’s) (oz) 21,2 19,6 19,7 17,3 16,9Nickel (000’s) (t) 4,2 4,4 3,9 3,6 5,3Copper (000’s) (t) 2,2 2,3 1,9 1,9 3,0PGM (000’s) (oz) 462,9 424,0 438,4 376,3 333,6PRODUCTION STATISTICSAND EFFICIENCY MEASURES 2001 2000 1999 1998 1997Tons broken (thousands) 1 654 1 267 1 297 1 057 988Tons milled (thousands) 1 397 1 079 1 021 932 900Built-up head grade (g/ton) 4,26 4,26 4,56 4,71 4,78Immediately availableore reserves (months) 13,8 12,4 15,2 15,9 17,0Metres face advance (per month) 9,4 9,0 9,0 10,0 8,1Square metresper employee (per month) 13,0 13,7 15,0 12,3 12,0Square metresper stoping andcleaning employee (per month) 39,7 35,0 38,4 30,4 26,7Tons brokenper employee 607 569 628 484 464Average number ofmine employees 2 723 2 227 2 066 2 183 2 131UG2 mined to total output (%) 38 18 — — —Refined Pt ounces per employee 32,7 32,4 38,1 38,5 36,0Refined productionPlatinum (000’s) (oz) 89,1 72,2 78,8 84,0 76,8Palladium (000’s) (oz) 55,6 35,7 35,2 37,0 32,8Rhodium (000’s) (oz) 7,2 4,4 4,5 5,1 4,6Gold (000’s) (oz) 5,3 4,5 5,1 5,0 4,8Nickel (000’s) (t) 1,2 1,1 1,3 1,2 1,1Copper (000’s) (t) 0,7 0,6 0,7 0,7 0,6PGM (000’s) (oz) 161,9 119,7 126,4 134,2 122,198

Group StatisticsProjectBAFOKENG-RASIMONE PLATINUM MINEPRODUCTION STATISTICSAND EFFICIENCY MEASURES 2001 2000 1999Tons broken (thousands) 1 256 610Tons milled (thousands) 1 892 1 533 101Built-up head grade (g/ton) 4,42 4,61Immediately availableore reserves (months) 7,3 3,0Metres face advance (per month) 7,2 5,4Square metresper employee (per month) 7,0 3,4Square metresper stoping andcleaning employee (per month) 29,8 15,4Tons brokenper employee 492 426Average number ofmine employees 2 554 1 433 178UG2 mined tototal output (%) 24 9 —Refined Pt ouncesper employee 51,0 80,3 23,62001 2000Profitability and cost statisticsNet sales revenue per Pt ounce sold (R) 7 257 6 533Operating performanceCash operating costs per Pt ounce refined (R) 4 638 3 458Cash operating costs per Pt ounce refined (US$) 538 500Cash operating costs per PGM ounce refined (R) 3 087 2 302Cash operating costs per PGM ounce refined (US$) 358 333Operating income statement(R millions)Net sales revenue 907,1 748,0Operating cost of sales* (631,9) (374,0)Operating contribution 275,2 374,0Operating margin (%) 30,3 50,0*Cost of sales excluding other costsRefined production 2001 2000 1999Platinum (000’s) (oz) 130,2 115,0 4,2Palladium (000’s) (oz) 44,3 31,1 1,6Rhodium (000’s) (oz) 7,5 3,9 0,2Gold (000’s) (oz) 6,1 7,0 0,2Nickel (000’s) (t) 1,0 0,6 0,0Copper (000’s) (t) 0,6 0,5 0,0PGM (000’s) (oz) 195,6 172,8 7,299

Group StatisticsANALYSIS OF GROUP CAPITAL EXPENDITURE2001 2002 (projected)MaintenanceMaintenanceR millions of production Expansion Total of production Expansion TotalMiningRustenburg Section 301,2 594,6 895,8 399,6 451,0 850,6Amandelbult Section 161,7 11,9 173,6 264,0 1,0 265,0Union Section 69,3 141,3 210,6 247,6 207,6 455,2PPRust 230,4 5,9 236,3 197,4 13,2 210,6Leplats 39,7 16,3 56,0 95,2 1,0 96,2BRPM (including Styldrift)* 136,8 143,6 280,4 85,3 165,7 251,0Maandagshoek Project* 0,0 735,0 735,0 7,7 447,6 455,3Twickenham Project 0,0 12,0 12,0 0,0 350,0 350,0Pandora Joint Venture* 0,0 0,0 0,0 0,0 16,9 16,9Total Mining 939,1 1 660,6 2 599,7 1 296,8 1 654,0 2 950,8ProcessWaterval Smelter 62,2 560,8 623,0 59,7 685,4 745,1Polokwane Smelter Project 0,0 150,6 150,6 0,0 750,0 750,0RBMR 47,3 48,3 95,6 72,2 150,2 222,4PMR 13,0 22,2 35,2 79,9 150,7 230,6Total Process 122,5 781,9 904,4 211,8 1 736,3 1 948,1Total other capital expenditure+ 56,1 25,9 82,0 191,4 116,9 308,3Grand Total 1 117,7 2 468,4 3 586,1 1 700,0 3 507,2 5 207,2*2001 represents 100% of total expenditure whilst 2002 represents 50% of total expenditure as a result of joint venture arrangements+2002 expansion capex includes projected expenditure on anticipated projects that have not yet been announced100

TOTAL MINERAL RESERVES AND RESOURCES AS AT 31 DECEMBER 2001Mineral reservesTons 4E grade Contained metalClassification (millions) (g/t) Tons 4E oz 4E (millions)2001 2000 2001 2000 2001 2000 2001 2000Merensky Reef Proved 109,7 93,8 5,29 5,44 580,3 510,2 18,65 16,43Probable* 641,9 665,4 4,75 4,77 3 048,9 3 176,2 98,13 102,13751,6 759,2 4,83 4,86 3 629,2 3 686,4 116,78 118,56UG2 Reef Proved 67,6 51,8 4,46 4,69 301,4 242,8 9,69 7,87Probable* 743,2 767,8 4,62 4,83 3 433,5 3 708,5 110,47 119,20810,8 819,6 4,61 4,82 3 734,9 3 951,3 120,16 127,06Total mineral reserves Proved 177,3 145,5 4,97 5,17 881,7 753,0 28,34 24,30Probable 1 385,1 1 433,2 4,68 4,80 6 482,4 6 884,7 208,60 221,331 562,4 1 578,7 4,72 4,84 7 364,1 7 637,7 236,94 245,63Mineral resourcesMerensky Reef Measured — — — — — — — —Indicated 799,9 760,4 4,83 5,07 3 863,5 3 851,6 124,33 123,95799,9 760,4 4,83 5,07 3 863,5 3 851,6 124,33 123,95UG2 Reef Measured 63,1 — 4,91 — 309,8 — 9,96 —Indicated 1 217,6 863,5 5,18 5,59 6 306,9 4 827,6 202,73 155,111 280,7 863,5 5,17 5,59 6 616,7 4 827,6 212,69 155,11Total mineral resources Measured 63,1 — 4,91 — 309,8 — 9,96 —The Platreef (Potgietersrust) figures are included with the Merensky Reef.Increase in resources due to intensive exploration work done during the past year.Rounding of figures may cause computational discrepancies*2000 figure revised to include MaandagshoekIndicated 2 017,7 1 623,9 5,04 5,34 10 172,6 8 679,2 327,06 279,062 080,8 1 623,9 5,04 5,34 10 482,4 8 679,2 337,02 279,06101

Group StatisticsMINERAL RESERVES AND RESOURCES BY MINE AS AT 31 DECEMBER 2001Merensky UG2 UG2 Opencast PlatreefTons 4E grade Tons 4E grade Tons 4E grade Tons 4E gradeProved mineral reserves (millions) (g/t) (millions) (g/t) (millions) (g/t) (millions) (g/t)Rustenburg Section 20,86 5,87 29,09 4,40 — —Amandelbult Section 17,46 6,87 14,45 5,07 2,05 3,96Union Section 5,96 6,91 18,90 4,13 — —PPRust 45,97 4,45Leplats 4,80 4,50 3,00 4,50 — —BRPM 14,65 4,80 — — 0,10 4,10Maandagshoek — — — — — —Probable mineral reservesRustenburg Section 88,12 5,94 84,78 4,43 — —Amandelbult Section 85,04 7,02 263,20 4,89 — —Union Section 8,73 6,76 114,55 4,38 — —PPRust 296,46 3,79Leplats 131,39 4,50 258,86 4,50 — —BRPM 32,14 4,91 — — — —Maandagshoek — — 21,80 5,05 — —Measured mineral resourcesBRPM — — 63,10 4,91 — —Indicated mineral resourcesPPRust 173,14 4,01Twickenham 164,17 5,28 289,95 5,62 — —Maandagshoek 197,40 5,18 271,69 5,99 — —102

R E V I E W O F O P E R A T I O N S(continued)Glossary of Terms: OperationsARISINGS: The valuable product after a stagein processing.BENCH: The equivalent of a level in anunderground mine, most noticeable as thestep-like features in any open-pit wall.The open-pit bench height is calculated tomatch the rock strength, pit economics andcapabilities of the open-pit machinery.Typical bench heights in open-pit mines rangefrom 10 to 20 metres.BEST CUT: The optimum stoping width formining of the reef at prevailing metal pricesand costs.BUILT-UP HEAD GRADE: The total 4E gramsproduced from the concentrating processfrom concentrate, metallics (where applicable)and tailings divided by the total tons milled.See definition of 4E below.CONCENTRATING: This is the process ofseparating milled ore into a waste stream(tailings) and a valuable mineral stream(concentrate) by the flotation operation.The valuable minerals in the concentratecontain almost all the base metal and preciousmetal minerals; these minerals are treatedfurther by the smelting and refining processesto obtain the pure metals (PGMs, Ni and Cu).DECLINE: A generic term used to describe ashaft at an inclination below the horizontal andusually at the same angle as the dip of the reef.DEVELOPMENT: Any tunnelling operationthat has for its object either exploration orexploitation.FACE ADVANCE: The average distance thestope face advances per month. A measure ofresource utilisation.FLOTATION: In the flotation process, milledore mixed with water or pulp is passedthrough a series of agitated tanks. Variouschemicals are added to the pulp in sequenceto render the valuable minerals hydrophobic(water repellent) and the non-valuableminerals hydrophilic (water loving). Air isdispersed throughout the agitated tanks andrises to the surface. The hydrophobic particlesattach to the rising air bubbles and areremoved from the main volume of pulp as asoapy froth. In this manner, various combinationsof flotation cells in series are utilised toproduce a concentrated stream of valuablemineral particles called the ‘concentrate’ anda waste pulp stream called ‘tailings’.g/t: Grams per ton. The unit of measurementof grade. One gram per ton is one partper million.103IMMEDIATELY AVAILABLE ORE RESERVES:Ground available for mining without anyfurther development.IN SITU: The original, natural state of the orebodybefore mining or processing of the ore takes place.MERENSKY REEF: A band in the Bushveldsequence often containing economic gradesof PGMs. Merensky Reef is the principal reefmined at Rustenburg Platinum Mines.MILLING: Process to reduce broken ore to a sizewhere concentrating can be undertaken.MINING AREA: The area for which a miningauthorisation/permission to mine has beengranted.PGM: Platinum Group Metals. Six elementalmetals of the platinum group nearly alwaysfound in association with each other. Sometexts refer to PGE – Platinum Group Elements.These metals are: platinum, palladium,rhodium, ruthenium, iridium and osmium.PLATREEF: The name of the ore mined atPPRust.STOPING: Operations directly associated withthe extraction of reef.STRIPPING RATIO: The number of units ofunpayable material that must be mined toexpose one unit of ore.

R E V I E W O F O P E R A T I O N S(continued)Glossary of Terms: OperationsSAMREC: The South African MineralResources Committee.SWEEPINGS: The final process in stopingoperations in which the footwall is thoroughlycleaned to remove the last portion of brokenore and fines.TAILINGS: That portion of the ore from whichmost of the valuable material has beenremoved by concentrating and that istherefore low in value and is rejected.TAILINGS GRADE: The 4E content of thetailings produced by the milling andconcentrating processes. When compared tohead grade, it is a measure of the efficiency ofthe concentrating process.TRANSPORT: The moving of broken rock tothe shaft and the transport of men andmaterials to the working faces.UG2: A chromite reef in the Bushveldsequence often containing economic valuesof PGMs.UNOXIDISED ORE: Ore that has not undergonechanges/degradation due to theweathering process close to surface.OXIDISED ORE: Ore that has decomposed byexposure to surface and near-surfaceelements.4E: Four elements. The grade at AngloPlatinum mines is always measured as thecombined content of the four most valuableprecious metals: platinum, palladium,rhodium and gold.RESOURCE DEFINITIONSThe Mineral Resources and Mineral Reservesof the Group are classified, verified andreported in accordance with statutory, stockexchange and industry/professionalguidelines. The classifications are based onthe South African Code (SAMREC) .Reporting is by professionals with appropriateexperience in the estimation, economicevaluation, exploitation and reporting ofMineral Resources and Mineral Reservesrelevant to the various styles ofmineralisation under consideration.The Group’s experience with the various orebodies that it is engaged in evaluating andmining spans decades, resulting in athorough understanding of the factors thatare significant in assessing the economics.It should be noted that where MineralResources and Mineral Reserves are quotedfor the same property, the “Resources” are inaddition to the Mineral Reserves. The reader’s104attention is drawn to the fact that“Resources” are by definition, exclusiveof any diluting materials that might ariseas a consequence of the mining method andspecific geological circumstances applicableto the mining of that resource. “Reserves”,on the other hand, include all suchexpected dilution.A ‘MINERAL RESOURCE’ is a concentration oroccurrence of material of economic interestin or on the Earth’s crust in such formand quantity that there are reasonableand realistic prospects for eventual economicextraction. The location, quantity, grade,continuity and other geologicalcharacteristics of a Mineral Resource areknown, estimated from specific geologicalevidence and knowledge, or interpreted froma well-constrained and portrayed geologicalmodel. Mineral Resources are subdivided, inorder of increasing confidence in respect ofgeoscientific evidence, into Inferred, Indicatedand Measured categories.An ‘INFERRED MINERAL RESOURCE’ is thatpart of a Mineral Resource for which tonnage,grade and mineral content can be estimatedwith a low level of confidence. It is inferredfrom geological evidence and assumed but notverified geological and/or grade continuity.

It is based on information gathered throughappropriate techniques from locations such asoutcrops, trenches, pits, workings and drillholes that may be limited or of uncertainquality and reliability.An ‘INDICATED MINERAL RESOURCE’ is thatpart of a Mineral Resource for which tonnage,densities, shape, physical characteristics,grade and mineral content can be estimatedwith a reasonable level of confidence. It isbased on exploration, sampling and testinginformation gathered through appropriatetechniques from locations such as outcrops,trenches, pits, workings and drill holes. Thelocations are too widely or inappropriatelyspaced to confirm geological and/or gradecontinuity but are spaced closely enough forcontinuity to be assumed.A ‘MEASURED MINERAL RESOURCE’ is thatpart of a Mineral Resource for which tonnage,densities, shape, physical characteristics,grade and mineral content can be estimatedwith a high level of confidence. It is based ondetailed and reliable exploration, samplingand testing information gathered throughappropriate techniques from locations such asoutcrops, trenches, pits, workings and drillholes. The locations are spaced closely enoughto confirm geological and grade continuity.A ‘MINERAL RESERVE’ is the economicallymineable material derived from a Measuredand/or Indicated Mineral Resource. It isinclusive of diluting materials and allows forlosses that may occur when the material ismined. Appropriate assessments, which mayinclude feasibility studies, have been carriedout, including consideration of andmodification by realistically assumed mining,metallurgical, economic, marketing, legal,environmental, social and governmentalfactors. These assessments demonstrate at thetime of reporting that extraction is justifiable.Mineral Reserves are subdivided in order ofincreasing confidence into Probable MineralReserves and Proved Mineral Reserves.A ‘PROBABLE MINERAL RESERVE’ is theeconomically mineable material derived froma Measured and/or Indicated MineralResource. It is estimated with a lower level ofconfidence than a Proved Mineral Reserve.It is inclusive of diluting materials and allowsfor losses that may occur when the material ismined. Appropriate assessments, which mayinclude feasibility studies, have been carriedout, including consideration of andmodification by realistically assumed mining,metallurgical, economic, marketing, legal,environmental, social and governmental105factors. These assessments demonstrate at thetime of reporting that extraction is reasonablyjustified.A ‘PROVED MINERAL RESERVE’ is theeconomically mineable material derived froma Measured Mineral Resource. It is estimatedwith a high level of confidence. It is inclusiveof diluting materials and allows for losses thatmay occur when the material is mined.Appropriate assessments, which may includefeasibility studies, have been carried out,including consideration of and modificationby realistically assumed mining,metallurgical, economic, marketing, legal,environmental, social and governmentalfactors. These assessments demonstrate at thetime of reporting that extraction is reasonablyjustified. Anglo Platinum’s “Proved” reservesare contained within the limits of the fiveyearmining plans of its operations, this beingthe area of greatest understanding andcertainty pertaining to the orebody.OPERATIONSThe Group holds mineral rights throughoutthe Bushveld Complex under various titlesthrough its wholly-owned subsidiaries, whichare the operating companies.

ANGLO AMERICAN PLATINUM CORPORATION LIMITEDFINANCIAL INDEXApproval of Annual Financial Statements107Declaration by the Company Secretary107Report of the Independent Auditors107Directors’ Report108Statement of Corporate Governance111Report on Directors’ Emoluments114Principal Accounting Policies120Consolidated Income Statement123Consolidated Balance Sheet123Group Statement of Changes in Shareholders’ Equity124Consolidated Cash Flow Statement124United States Dollar EquivalentFinancial Statements125Value Added Statement126Notes to the Consolidated Financial Statements127Company Financial StatementsIncome Statement – 140Balance Sheet – 140Statement of Changes in Shareholders’ Equity – 141Cash Flow Statement – 141Notes to the Financial Statements – 141106

Approval of Annual Financial StatementsFOR THE YEAR ENDED 31 DECEMBER 2001The annual financial statements which appear on pages 108 to 143 were approved by the Board of Directors on 25 March 2002 and are signed on its behalf by:B E DavisonChairman and Managing DirectorT A WixleyDeputy ChairmanDECLARATION BY THE COMPANY SECRETARY IN TERMS OF SECTION 268(G) (d) OF THE COMPANIES ACT 1973 AS AMENDEDI declare that, to the best of my knowledge, the Company has lodged with the Registrar of Companies all such returns as are required of a public company in terms of the Companies Act and that all such returns are true, correct and up to datein respect of the financial year reported upon.D A FreemantleCompany SecretaryJohannesburg 25 March 2002Report of the Independent AuditorsTO THE MEMBERS OFANGLO AMERICAN PLATINUM CORPORATION LIMITEDWe have audited the Group annual financial statements and annual financial statements of Anglo American PlatinumCorporation Limited set out on pages 108 to 143 for the year ended 31 December 2001. These financial statements arethe responsibility of the Company’s Directors. Our responsibility is to express an opinion on the financial statementsbased on our audit.SCOPEWe conducted our audit in accordance with Statements of South African Auditing Standards. These standards requirethat we plan and perform the audit to obtain reasonable assurance that the financial statements are free of materialmisstatement. An audit includes:● examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements,● assessing the accounting principles used and significant estimates made by management, and● evaluating the overall financial statement presentation.We believe that our audit provides a reasonable basis for our opinion.AUDIT OPINIONIn our opinion these financial statements fairly present, in all material respects, the financial position of the Group and ofthe Company at 31 December 2001, and the results of their operations and cash flows for the year then ended, inaccordance with South African Statements of Generally Accepted Accounting Practice and International AccountingStandards, and in the manner required by the Companies Act in South Africa.Deloitte & ToucheChartered Accountants (S.A.)Johannesburg25 March 2002107

Directors’ ReportThe Directors have pleasure in submitting their reportand the annual financial statements of the Group andthe Company for the year ended 31 December 2001.In the context of the financial statements, the termGroup refers to the Company and its wholly-ownedsubsidiaries: Anglo Platinum Management Services(Proprietary) Limited, Rustenburg Platinum MinesLimited (RPM), Potgietersrust Platinums Limited(PPRust), Lebowa Platinum Mines Limited (Leplats)and all other subsidiaries.The Directors are of the opinion that stakeholderinterests are best served by separating the Groupannual financial statements from those of theCompany. The latter financial statements thereforeappear in Appendix 1.FINANCIAL RESULTS AND NATUREOF BUSINESSThe financial statements set out fully the financialresults of the Company and the Group. The Companyis the holding company of the Group. The nature ofthe Group’s business is described on page 2 of thisannual report.LISTINGSThe abbreviated name under which the Company islisted on the JSE Securities Exchange South Africa(JSE) is “AngloPlat” and the Company’s JSE ClearingHouse Code is “AMS”. The Company, which is the solelisted entity for the Group, is also listed on The StockExchange, London.With effect from 16 March 1998, InternationalDepositary Receipts in respect of the Company’sshares were listed on the Brussels Bourse. Thesedepositary receipts are issued by SOGÉS – DEWAAY, theissuing company of Bank Brussels Lambert SA.INTERNATIONAL ACCOUNTING STANDARDSThe Group’s and the Company’s annual financialstatements comply with International AccountingStandards and South African Statements of GenerallyAccepted Accounting Practice.REPORTING IN UNITED STATES DOLLARSFor the benefit of international investors, the incomestatement, balance sheet and cash flow statement ofthe Group have been stated in United States dollarsand are presented on pages 125 and 126.DIVIDEND POLICYThe Company’s dividend policy is to declare an interimand a final dividend in respect of each financial year.At its discretion the Board may declare a specialdividend where appropriate.DIVIDENDS FOR THE YEAR ENDED31 DECEMBER 2001Interim dividendOn Monday, 6 August 2001, the Board declared aninterim cash dividend (number 97) of 1 100 cents(2000: 710 cents) per ordinary share to shareholdersregistered on Friday, 24 August 2001. This dividendwas paid on Monday, 17 September 2001.Final dividendOn Monday, 18 February 2002 the Board declared afinal cash dividend (number 98) of 1 100 cents(2000: 1 100 cents) per ordinary share.Special dividendAs the Group has accumulated large cash reserves andas it is expected that these reserves will continue to growdespite the extensive capital expenditure programmereferred to under “expansion programme” below, aspecial cash dividend of 500 cents (2000: 600 cents)per ordinary share was declared by the Board on18 February 2002.Salient dates for the final and special dividends were:2002Last date to trade (cum dividend)Friday, 8 MarchFirst date of trading (ex dividend) Monday, 11 MarchCurrency conversion date(for sterling paymentsfrom London)Tuesday, 12 MarchRecord dateFriday, 15 MarchPayment dateWednesday, 20 MarchDIVIDENDS FOR THE YEARThe abovementioned special dividend, which is additionalto the interim and final dividends resulted in dividendsfor the year totalling 2 700 cents (2000: 2 410 cents)per ordinary share.The Board is satisfied that the capital remaining afterthe payment of both the final and special dividends issufficient to support the current operations and tofacilitate future development of the business.CORPORATE GOVERNANCEDIRECTORS’ RESPONSIBILITIES IN RELATIONTO ANNUAL FINANCIAL STATEMENTSThe Directors are required by the Companies Act tomaintain adequate accounting records and to prepareannual financial statements that fairly present thestate of affairs of the Group and the Company as atthe end of the financial year and of the profit or lossfor that year, in conformity with InternationalAccounting Standards and South African Statementsof Generally Accepted Accounting Practice.The financial statements are the responsibility of theDirectors and it is the responsibility of the independentauditors to report thereon.To enable the Directors to meet these responsibilities,the Board sets standards and implements systems ofinternal control aimed at reducing the risk of error orloss in a cost-effective manner. The controls includethe proper delegation of responsibilities within a clearlydefined framework, effective accounting procedures andadequate segregation of duties to ensure an acceptablelevel of risk. These controls are monitored throughoutthe Group and all employees are required to maintainthe highest ethical standards in ensuring that the Group’sbusiness is conducted in a manner that in allreasonable circumstances is above reproach.Particulars relating to the Group’s internal controls andaudit approach, embracing the role and function of theAudit Committee, are set out in the Statement ofCorporate Governance on page 112. The auditapproach entails a thorough comprehension of theGroup’s financial and business objectives and analysisof the underlying systems and procedures.The focus of risk management in the Group is onidentifying, assessing, managing and monitoring allknown forms of risk across the Group. Whileoperating risk cannot be fully eliminated, the Groupendeavours to minimise it by ensuring thatappropriate infrastructure, controls, systems andethics are applied throughout the Group andmanaged within predetermined procedures andconstraints.The Directors are of the opinion, based on theinformation and explanations given by managementand the internal auditors and on comment by theindependent auditors on the results of their audit,that the internal controls are adequate to ensure:● the reliability and integrity of financial andoperating information;● the compliance of established systems withpolicies, plans, procedures, laws and regulations;● the safeguarding of the Group’s assets againstunauthorised use or disposition;● the economic, effective and efficient utilisation ofresources; and● the accomplishment of established objectivesand goals for operations or programmes.Nothing has come to the attention of the Directorsto indicate that any material breakdown in thefunctioning of these controls, procedures andsystems has occurred during the year under review.Accordingly, the financial records may be reliedupon for preparing the financial statements andmaintaining accountability for assets and liabilities.In preparing the financial statements, the Grouphas complied with International AccountingStandards and with South African Statements ofGenerally Accepted Accounting Practice and hasused appropriate accounting policies, supported byreasonable and prudent judgements and estimates.The Directors are of the opinion that the financialstatements fairly present the financial position ofthe Company and of the Group at 31 December 2001,and the results of the operations and cash flowinformation for the year then ended. The Directorshave reviewed the Group’s budget and cash flowforecast for the year to 31 December 2002 and, inthe light of this review and the current financialposition, they are satisfied that the Group hasadequate resources to continue in operationalexistence for the foreseeable future. For this reason,the Group continues to adopt the going concernbasis in preparing the annual financial statements.The Directors believe that, through the comprehensivestructures and controls which are in place andthe ongoing monitoring of the activities ofexecutive and operational management, the Boardmaintains effective control over the Group’s affairs.The internal auditors and the independent externalauditors concur with the above statements by theDirectors.The Board considers that the Company and itssubsidiaries complied during the financial year inall material respects with the principles of the Codeof Corporate Practices and Conduct (the Code) asissued in 1994 by the King Committee onCorporate Governance.108

Directors’ Report (continued)Details of the Group’s compliance with the Codeand its corporate governance structures are set outin the Statement of Corporate Governance onpages 111 to 113. The independent externalauditors have considered the Statement ofCorporate Governance and have reported to theBoard that nothing has come to their attentionindicating that the Directors’ statement ofcompliance is not appropriate.BLACK EMPOWERMENT INITIATIVES –MAANDAGSHOEK PLATINUM MINEThe Company has previously announced thedevelopment of a platinum group metals mine onthe farms Maandagshoek, Driekop, Winterveld,Hendriksplaats and Onverwacht on the EasternLimb of the Bushveld Complex to exploit theMerensky and UG2 reefs. It was also stated thatthe mining of these properties would be undertakenin co-operation with an Economic Empowermentconsortium in accordance with the Company’spolicy of supporting and encouraging meaningfulEconomic Empowerment.On 21 August 2001, the Company announcedthat negotiations with African Rainbow Mineralsas leader for such consortium had been concludedand an agreement had been reached, in terms ofwhich the parties would participate equally in ajoint venture to turn the abovementionedproperties to account.In terms of that agreement, the parties will eachprovide half the estimated R1,35 billion capitalcost of the mine (2000 money terms), which willproduce 162 000 ounces of platinum per annum.The joint venture agreement is subject to thefulfilment of certain suspensive conditions.NORTHAM PLATINUM LIMITED (NORTHAM)As stated in the Directors’ Report for 2000, theGroup’s beneficial shareholding in Northamat 31 December 2000 was 22,5%(51 724 380 shares).In view of the issue of shares during the year byNortham pursuant to the exercise of share optionsby option holders on the Northam Share OptionScheme, the Group purchased 186 458 Northamshares in order to maintain its interest at 22,5%.At 31 December 2001, the Group’s beneficial shareholdingin that company was 51 910 838 shares.EXPANSION PROGRAMMEEXPANSION OF MINING CAPACITY AND PROCESSFACILITIES ANNOUNCED IN 2000Details were provided in the 2000 Annual Reportof the Board’s decision to increase Groupproduction from the 1999 calendar year base ofsome 2 million ounces to 3,5 million ounces ofrefined platinum by the end of calendar year 2006.The additional metal will be sourced from anumber of new mines as well as the expansion ofexisting mines in South Africa.The Directors’ Report for 2000 contained detailsof announcements made during that year of theRustenburg Section Waterval Project to achieveproduction of 395 000 ounces of platinum andthe Union Section UG2 project to produce94 000 ounces of platinum.In addition, details were provided of the expansion ofprocess facilities by the establishment of the AngloPlatinum Converting Process project to reducesulphur dioxide emissions from the Waterval Smelterat an estimated cost of R1,45 billion. This project isscheduled for completion in 2004.Details of the development of a smelter complex atPolokwane (formerly Pietersburg) with a capacityof 650 000 tons of concentrate per annum at a costof R1,31 billion (in July 2001 money terms) werealso provided.EXPANSION OF MINING CAPACITY ANNOUNCEDIN 2001Announcements during 2001 relating to theexpansion programme were as follows:5 February 2001A joint venture agreement concluded betweenAquarius Platinum Limited (Aquarius), KroondalPlatinum Mines Limited (Kroondal) and RustenburgPlatinum Mines Limited (RPM), a wholly-ownedsubsidiary of Anglo Platinum, which wasannounced on 17 August 2000 and was effectivefrom 1 July 2001, subject to certain suspensiveconditions. In terms of an announcement dated5February 2001, this joint venture was cancelledas the Boards of Kroondal and Aquarius did notapprove the development programme6 April 2001A joint venture, with Lonmin Platinum as equalparticipants, to exploit the UG2 reef in and uponportions of the farms Hartebeestpoort B 410 JQ,Roodekopjes 417 JQ and Uitvalgrond 416 JQ (theMineral Rights Area) near Brits in the North WestProvince to produce 230 000 ounces of refinedplatinum and 110 000 ounces of refinedpalladium per annum.The project, known as the Pandora Joint Venture,will utilise the existing infrastructure at EasternPlatinum Limited (EPM) to gain quick access to theMineral Rights Area adjacent to EPM.The Pandora Mine will have mineable UG2 reservesand resources in excess of 130 million tons and anexpected life of 30 years at the abovementionedproduction rate.The initial capital expenditure of the Joint Venturewill be funded by both parties from internal sources.31 July 2001A project, with the Royal Bafokeng Nation, toestablish a joint venture on an equal participationbasis to exploit the Merensky and UG2 reefs on thefarms Boschkoppie 104 JQ and Styldrift 90 JQ nearRustenburg in the North West Province.The Joint Venture will utilise the existinginfrastructure at BRPM to gain access to thefarm Styldrift 90 JQ adjacent to BRPM. Additionalinfrastructure will allow the Joint Venture to attainfull production of 5,6 million tons per annum some5 years after commencement. The capitalexpenditure for the development of Styldrift hasbeen estimated at R2,24 billion (in 2001 moneyterms).6 September 2001The development of a new platinum group metalsmine on the farms Twickenham, Paschaskraal andHackney on the Eastern Limb of the BushveldComplex in the Limpopo Province (formerlyNorthern Province), some 40 km from the town ofBurgersfort.Initial capital expenditure is estimated atR2,7 billion (in 2002 money terms). It is expectedthat the mine will be in steady-state production in2006 and will produce 160 000 ounces ofplatinum and 176 000 ounces of palladium perannum.REPORT ON DIRECTORS’ EMOLUMENTSA detailed report on Directors’ emoluments has beenprepared in accordance with JSE requirements andappears on pages 114 to 119.DIRECTORATEChanges in the Directorate which occurred during theyear are set out hereunder:2 May 2001Mr A I Wood was appointed Executive Director:Commercial with effect from Wednesday 2 May 2001.25 May 2001Mr L Boyd resigned as Chairman with effect fromthe conclusion of the Annual General Meeting heldon Friday 25 May 2001, but remains on the Boardas a Non-Executive Director.The Managing Director of the Company, Mr B E Davison,was appointed Chairman with effect from theconclusion of the Annual General Meeting held onFriday 25 May 2001 and is currently ExecutiveChairman and Managing Director.Mr P F Retief resigned as a Non-Executive Director atthe close of business on Friday 25 May 2001.1 June 2001Mr M Shaw was appointed a Director and Non-ExecutiveDeputy Chairman.30 June 2001Mr E Ford and Dr J W Campbell resigned as Directors.Mr P J V Kinver was appointed alternate to Mr J A Dreyer.Mr C B Sheppard was appointed alternate toMr R H H van Kerckhoven.3 July 2001Mr M Shaw resigned as a Director and as Non-ExecutiveDeputy Chairman.Mr T A Wixley was appointed a Director andNon-Executive Deputy Chairman.31 August 2001Mr G R Pardoe resigned as a Director.In terms of the Articles of Association, MessrsCBBrayshaw, B E Ngubane, A J Trahar andTAWixley retire as Directors at the forthcomingAnnual General Meeting and, being eligible, areavailable for re-election.109

Directors’ Report (continued)The Board as it is currently constituted is set out onpages 144 and 145.INTERESTS OF DIRECTORSThe shareholdings of the Directors and AlternateDirectors in the ordinary shares of the Company at31 December 2001, which did not individually exceed1% of the Company’s issued share capital, were:No. ofshares heldNon-Bene- bene-Directors’ name ficial ficial TotalC B Brayshaw 300 — 300B E Davison 20 067 — 20 067D T G Emmett 1 619 — 1 619W A Nairn 759 — 759R H H van Kerckhoven 4 — 4T A Wixley 300 — 30023 049 — 23 049In addition to the above, the Directors and theirAlternates who held office on 31 December 2001were interested in 432 322 options to acquireordinary shares in the Company at that date at anaverage price of 10 495 cents per share. This figureincludes options to 13 934 shares granted toAlternate Directors during the year.Subsequent to the year end certain Directors exercisedoptions to 63 334 shares.No other material change in the aforegoing interestshas taken place between 31 December 2001 and thedate of this report.Save for the share option scheme, no arrangements towhich the Company was a party existed at the end ofthe financial year, or at any time during the year,which would enable the Directors or their families toacquire benefits by means of the acquisition of sharesin the Company.There were no contracts of significance during, or atthe end of, the financial year in which any Directorsor Alternate Directors of the Company were materiallyinterested.SERVICE CONTRACTSNo service contracts exist between the Company andany of its Directors or Alternate Directors havingnotice periods exceeding one month or providing forcompensation and benefits in excess of onemonth’s salary.INCREASE IN DIRECTORS’ FEESThe fees payable to the Directors and Chairman wereincreased during the 2001 financial year by 10%from R27 500 per Director to R30 250 per Directorper annum and for the Chairman from an aggregateof R38 500 to R42 350 per annum.As indicated in the paragraphs relating to movementsin the Directorate during the year, a Non-ExecutiveDeputy Chairman was appointed in July 2001.As the appointment of the Deputy Chairman occurredafter the Annual General Meeting held on 25 May 2001,it is proposed that remuneration of R21 011 be paidto him for his services during the last six monthsof 2001.A resolution will be proposed at the Annual GeneralMeeting to be held on Friday 24 May 2002 that theChairman, Deputy Chairman and Directors’ fees for2002 be fixed as follows:2002 2001Chairman R100 000 R42 350Deputy Chairman R75 000 R21 011(half year)Director R50 000 R30 250SHARE OPTION SCHEMEA summary of shares subject to option in terms of theShare Option Scheme is provided below in accordancewith the provisions of the Company’s Share OptionScheme.Maximum number of shares that maybe allocated – 5% of issued ordinaryshare capital 10 788 464Number of options allocatedat 31 December 2000 4 162 899Add: Options allocated during the year 150 2244 313 123Less 1 027 096Number of options lapsedsince 1 January 2001 41 858Number of options exercisedand allotted during the year 985 238Number of options allocatedat 31 December 2001 3 286 027Number of options still reserved for theoption scheme at 31 December 2001 7 502 437In terms of the rules of the Share Option Scheme,the aggregate number of shares that may be subjectto options for the purposes of the scheme andthe maximum number of options that any oneparticipant may hold shall not exceed 5% and 0,125%respectively of the Company’s issued ordinary sharecapital from time to time.SHARES REPURCHASEDPursuant to a special resolution passed at the AnnualGeneral Meeting held on Friday 25 May 2001 andregistered on 4 June 2001, in terms of which a generalauthority was granted for the Company to repurchasea maximum of 20% of its own shares in any onefinancial year, 3 901 667 shares were purchased inopen market transactions, of which 2 228 267 havebeen cancelled. The balance of 1 673 400 shares areheld in a wholly-owned subsidiary.GENERAL AUTHORITY TO ACQUIRE SHARESIn terms of Sections 85 and 89 of the Companies Act,a general authority granted by shareholders, undera special resolution, to acquire shares issued by acompany and/or its subsidiaries, is only valid until thenext Annual General Meeting of a company and isrenewable. The Board proposes once again that, at theforthcoming Annual General Meeting to be held onFriday 24 May 2002, shareholders approve a specialresolution whereby a general authority is grantedpermitting the Company and/or any of its subsidiariesto acquire shares in the Company.Recent amendments to the JSE Listings Requirementsnow require that a repurchase of securities beimplemented on the Main Board of the JSE (previouslyrepurchases were required to be made in the openmarket) and permit a company to use derivativetransactions to repurchase securities. The specialresolution contains provision for the Company toconclude derivative transactions which may result inthe acquisition of its shares.As required by the JSE Listings Requirements, theNotice to Members convening the Annual GeneralMeeting contains the required statements by theBoard of its intentions regarding:● the utilisation of the desired general authority, and● the effect of a repurchase of shares up to amaximum of 10% of the Company’s issuedordinary share capital upon the Group’s solvencyand the adequacy of the working capital andordinary capital and reserves during the 12 monthsafter the date of the Notice convening the AnnualGeneral Meeting. The maximum general repurchasepermitted by the JSE Listings Requirements is 20%of the Company’s issued share capital in any onefinancial year.Assuming that the general authority to repurchaseshares is approved at the Annual General Meeting, theBoard believes that, as the Group has accumulated largecash resources, it might be opportune from time totime for the Company and/or any of its subsidiaries toacquire up to a maximum of 10% of the Company’sissued ordinary share capital in the abovementionedtwelve-month period. Accordingly, the proposedgeneral authority provides the Board with flexibilityto acquire shares should it deem such acquisition tobe in the best interests of the Company and the Group.SHARE CAPITALThe authorised and issued share capitals of theCompany at 31 December were as follows:AUTHORISED2000 and 2001400 000 000 ordinary sharesof 10 cents each R40 000 000ISSUED2000217 012 301 ordinary sharesof 10 cents each R21 701 2302001214 095 872 *ordinary sharesof 10 cents each R21 409 587*Net of repurchase of 2 228 267 shares repurchased in theopen market and cancelled prior to 31 December 2001 and1 673 400 shares held by a wholly-owned subsidiary.The unissued ordinary shares are the subject ofa general authority granted to the Directors interms of section 221(3) of the Companies Act.As this general authority remains valid only untilthe next Annual General Meeting, which is to beheld on 24 May 2002, members will be asked atthe meeting to consider an ordinary resolutionplacing the said ordinary shares under thecontrol of the Directors until the 2003 AnnualGeneral Meeting.110

Directors’ Report (continued)Statement of Corporate GovernanceSTRATEShareholders were briefed in the Interim Reportreleased on 6 August 2001 on the Company’s transferto the STRATE (Share Transactions Totally Electronic)system of electronic settlement on the JSE.In addition, the Company issued a letter toshareholders dated 6 August 2001 containing detailsof the dematerialisation process and the procedure forconverting certificated shares to uncertificated sharesin terms of STRATE.That document contained details of the Company’sIssuer-Sponsored Nominee programme, in terms ofwhich shareholders were offered the opportunity todematerialise their shares in the Company and toregister such shares in the name of ComputershareNominees (Pty) Ltd, a wholly-owned subsidiary of theCompany’s South African Registrars, ComputershareServices Ltd. Furthermore, the abovementioned letterto shareholders contained a briefing on the optionsavailable to shareholders, namely:● the Issuer Sponsored Nominee Programme;● registration in own name in ComputershareCustodial Services Electronic Sub Register; and● retention of paper share certificates.The Company’s transfer to the STRATE dematerialisationsystem occurred on Monday 8 October 2001and the electronic trading and settlement commencedon Monday 29 October 2001 and Monday5 November 2001, respectively.Shareholders are requested to note that, followingthe transfer to STRATE, the Company’s sharecertificates are no longer good for delivery anddematerialisation of the Company’s share certificatesis now a prerequisite to dealing in its shares.The letter to shareholders dated 6 August 2001concerning the dematerialisation process highlightedthe fact that insurance cover is currently availableunder the Dispossessed Members’ Fund created bySTRATE. That fund was established to protectqualifying shareholders, who are unable to vindicatetheir ownership rights in the event of tainted scripbeing inadvertently dematerialised. At this stage, theDispossessed Members’ Fund is not intended tocontinue in operation beyond September 2002.Accordingly, shareholders are encouraged, in theirown interests, to dematerialise their shares beforethat date.PROPERTYThe register of land and buildings is available forinspection at the registered office of the Companyduring normal business hours.AUDITORSDeloitte & Touche continue in office as auditorsof Anglo American Platinum CorporationLimited and Anglo Platinum ManagementServices (Proprietary) Limited, and Ernst &Young continue in office as auditors of RPM,PPRust and Leplats.ADMINISTRATIONMr D A Freemantle continues in office asCompany Secretary. Anglo PlatinumManagement Services (Proprietary) Limitedcontinues to act as administrative, financial andtechnical advisers to the Company.Anglo American Services (UK) Limitedcontinues in office as London Secretaries to theCompany.Computershare Services Limited and Capita IRG plcare, respectively, South African Registrars andUnited Kingdom Registrars of the Company.SUBSIDIARY COMPANIESDetails of major subsidiary companies in whichthe Company has a direct or indirect interest areset out on page 143.The aggregate after-tax earnings attributable tothe Company from its subsidiaries are:2001 2000RmRmEarnings 8 876,7 7 094,0HOLDING COMPANY AND ULTIMATEHOLDING COMPANYThe Company’s holding company is Anglo SouthAfrica Capital (Proprietary) Limited. The ultimateholding company is Anglo American plc, which isincorporated in the United Kingdom.GENERAL PRINCIPLESThe Board affirms its commitment to the principlesof openness, integrity and accountability and to theprovision of timeous, relevant and meaningfulreporting to all stakeholders. It ensures that theGroup’s business is conducted in accordance withhigh standards of corporate governance and withlocal and internationally accepted corporate practice.These standards are entrenched in the Group’sestablished system of internal control by itsprocedures and its policies governing corporateconduct, with particular emphasis on the importanceof the qualitative aspects of corporate governance.The Directors endorse the Code of Corporate Practicesand Conduct as issued by the King Committee oncorporate governance in 1994 and consider that theGroup complies in all material respects with theprovisions thereof.All the principles underlying the King recommendationsas contained in the Code are reflected in theGroup’s corporate governance structures, which arereviewed from time to time to take into accountorganisational changes and international developmentsin the field of corporate governance. The Companyhas taken cognisance of the recommendations of theKing II draft report on corporate governance and, inanticipation of the release of the final report, haswhere possible improved upon its internal governancestructures. It is the policy of the Board andmanagement to actively review and enhance theGroup’s systems of control and governance on acontinuous basis to ensure that the Group’s businessis managed ethically and within prudently determinedrisk parameters in conformity with internationallyaccepted standards of best practice.RISK MANAGEMENTIn pursuance of its policy of aligning Group corporategovernance with international best practice andthereby safeguarding the interests of stakeholders,the Executive Committee has been mandated by theBoard to supplement the Group-wide system ofinternal control to monitor, manage and controlsignificant Group risks. These objectives are enhancedthrough compliance with, and observance of, theUK Turnbull Guidelines on internal control.This risk management system is a principal factorfacilitating the discharge of the Board’s responsibilityfor ensuring that the extensive risks associated withthe Group’s operations are effectively managed andthe interests of stakeholders safeguarded.Group risk management is achieved through theidentification and control of all significant businessrisks, including operational risk, which couldadversely affect the achievement of the Group’sbusiness objectives.The Board has determined the level of acceptable riskand requires the operations to manage and report interms thereof. Material issues and circumstances whichcould adversely impact on the Group’s reputation areconsidered to constitute unacceptable risk.Fifteen significant risk areas have been identified,which form the basis for regular and exceptionreporting to the Executive Committee and theBoard and where appropriate are dealt with inthe relevant sections of this annual report.For each significant risk area, risk owners have beenappointed. Practical guidance for each risk area isdetailed in the operational risk managementhandbook. The risk assessment and reporting criteriaare designed to provide the Board with a consistentview of the key risks.The established system of internal control for themanagement of risk, which requires transparencyand clear accountability, has the commitment ofsenior management.The abovementioned system of internal control,which has been implemented at all key operationsand is tailored to suit the specific circumstances ofeach business unit, provides reasonable rather thanabsolute assurance that the Group’s businessobjectives will be achieved within the prescribed risktolerance levels. The significant risk areas and controlprocesses pertaining thereto are monitored across theGroup on a continuous basis.In conducting its annual review of the effectiveness ofrisk management, the Board considers the keyfindings from the ongoing monitoring and reportingprocesses and management and independentassurance reports. The Board also takes account ofmaterial changes and trends in the risk profile andconsiders whether the control system, includingreporting, adequately supports the Board’s riskmanagement objectives.The Board is satisfied that there is in place anadequate ongoing risk management process, whichidentifies, evaluates and manages the significantrisks faced by the Group.111

Statement of Corporate Governance (continued)The Directors specifically report as follows:RESPONSIBILITY FOR FINANCIALSTATEMENTSThe statement of responsibility for the financialstatements is set out in the Directors’ Report on page 108.THE BOARD OF DIRECTORSThe Company has a unitary Board that comprises sixExecutive and six Non-Executive Directors. Two ofthe Non-Executive Directors are independent in thesense contemplated by the King II Committee.Mr B E Davison is both Chairman of the Board andManaging Director. The Board considers that theinterests of the Company are, at present, best servedthrough the merging of these offices. In compliancewith the recommendations of the King II Committee, anindependent Non-Executive Deputy Chairman has beenappointed. In addition, the Executive Chairman issupported by the Chief Operating Officer who isresponsible for the operational performance of theGroup. All the Directors bring to the Board a widerange of expertise as well as significant financial,commercial and mining experience and, in the caseof Non-Executive and Independent Non-ExecutiveDirectors, independent perspectives and judgement.The Board is responsible to the shareholders for settingthe direction of the Group through the establishmentDIRECTORS’ ATTENDANCE AT BOARD MEETINGS – 2001of strategic objectives and key policies. It monitors theimplementation of the strategies and policies througha structured approach to reporting on the basis ofagreed performance criteria and defined, writtendelegations to management for the detailed planningand implementation of such objectives and policies.The Board meets quarterly, or more frequently ifcircumstances so require, to review matters specificallyreserved for its decision, including financial andoperational results, and to consider issues of strategicdirection, major acquisitions and disposals, approvalof major capital expenditure and any other mattershaving a material effect on the Group.Details of attendance by Directors at Board meetingsduring 2001 are set out below.All Directors are subject to retirement by rotationand re-election by shareholders at least once everythree years in accordance with the Company’sArticles of Association. The appointment of newDirectors is approved by the Board as a whole.All Directors have access to the advice and servicesof the Company Secretary and are entitled to seekindependent professional advice concerning theaffairs of the Company at its expense.The Board has established a number of standingcommittees, namely: the Executive Committee;the Administration Committee; the OperatingCommittee; the Audit Committee; the Remuneration12 February 23 May 6 August 5 NovemberL Boyd P P A AC B Brayshaw P P P PDr J W Campbell P P NAD NADB E Davison P P P PJ A Dreyer P P P PD T G Emmett P P P PE Ford P P NAD NADM W King P P P PW A Nairn P P P PB E Ngubane P P P AG R Pardoe P P A NADP F Retief P A NAD NADA J Trahar A P P PR H H van Kerckhoven P P P PT A Wixley NAD NAD P PA I Wood NAD P P PA = Absent P = Present NAD = Not a Director at that timeIn addition, the Executive Chairman is supported by the Chief Operating Officer who is responsible for the operationalperformance of the Group.Committee; the Financial Risk Committee; the Safety,Health and Environment (SHE) Committee and theCorporate Governance Committee. In addition, theGroup’s employment practices are monitored by theTransformation Committee. These committees operatewithin the defined terms of reference laid down inwriting by the Board. The Audit, Remuneration andCorporate Governance Committees are chaired by anIndependent Non-Executive Director and consistmainly of Non-Executive Directors, the majority ofwhom are Independent Non-Executive Directors.EXECUTIVE AND ADMINISTRATIONCOMMITTEESThe membership of the Company’s Executive andAdministration Committees consists of the Company’ssix Executive Directors namely:BE Davison (Chairman)J A DreyerD T G EmmettB E NgubaneR H H van KerckhovenA I WoodSecretary: D D van Schaik (Mrs)The Executive Committee is responsible to the Board forrecommending the Group’s policies and strategies andfor monitoring their implementation according to theBoard’s directives. It deals with all executive business,is responsible for all material matters not specificallyreserved for the Board, and co-ordinates and monitorsthe use of resources to achieve the aims of the Group.The Administration Committee is responsible for allmatters pertaining to staff and administration.OPERATING COMMITTEEThe Operating Committee, a sub-committee of theExecutive Committee, is responsible for directing,monitoring and controlling all technical aspects ofthe Group’s operations, including mining,metallurgical, refining and related operations.The members of the Company’s Operating Committeeare as follows:D T G Emmett (Chairman) R W HieberR C BaxterJ R Johnston (Dr)P CharlesworthP J V KinverJ A DreyerE L MagnusJ A GeldenhuysB E NgubaneW GrundlingR PilkingtonJ M HalheadC B SheppardSecretary: G F LindenAUDIT COMMITTEEThe Directors’ Report (page 108) contains astatement relating to the Directors’ responsibilities.For the purposes of enabling the Directors to fulfilthese responsibilities and maintaining systems ofinternal controls aimed at reducing the risk oferror or loss, the internal audit function, actingon behalf of the Board, independently appraisesthe Group’s internal systems of control andreports its findings to the Audit Committee.The audit approach entails a thoroughcomprehension of the Group’s financial andbusiness objectives, and of the underlyingsystems and procedures.The audit plan is determined annually, based onthe relative degree of the inherent risk of Groupoperations. The overall effectiveness of internalauditing in the Group is achieved through thedevelopment of audit standards, methodologiesand techniques, and by conducting ongoingtraining programmes to ensure that those taskedwith this responsibility remain abreast of currentdevelopments and practices.The Audit Committee comprises solelyNon-Executive Directors, the majority ofwhom, including its Chairman, are IndependentNon-Executive Directors. Responsible formonitoring the adequacy of the Group’s financialcontrols and reporting, it is charged with, interalia, reviewing the audit plans of the internal andexternal auditors, ascertaining the extent towhich the scope of the audit can be relied uponto detect weaknesses in internal controls, andensuring that interim and year-end financialreporting comply with accepted InternationalAccounting Standards, South African Statementsof Generally Accepted Accounting Practice andthe South African Companies Act.In addition to the executives and managersresponsible for finance, the head of internal auditand the external audit partners attend meetings ofthe Audit Committee. The committee meets atleast three times a year. The head of internal auditand the external audit partners have unrestrictedaccess to the Chairman of the committee.The members of the Audit Committee are:C B Brayshaw (Chairman)V P UrenT A WixleySecretary: D A FreemantleFor reasons of good corporate governance,Mr B E Davison relinquished his appointment as112

Statement of Corporate Governance (continued)a member of the Audit Committee on13 February 2002 but will continue to attendcommittee meetings by invitation.REMUNERATION COMMITTEEThe role of the Remuneration Committee is to establishthe overall principles which determine the remunerationof the Company’s Executive Directors and seniormanagement.The members of the Remuneration Committee whoare exclusively Non-Executive Directors, are:T A Wixley (Chairman)C B BrayshawA J TraharSecretary: D A FreemantleFor reasons of good corporate governance,Mr B E Davison relinquished his appointment asa member of the Remuneration Committee witheffect from 1 January 2002 and was replaced byMr C B Brayshaw. Mr Davison will continue toattend committee meetings by invitation.The Group’s remuneration philosophy is designed toensure that Anglo Platinum, by rewarding superiorperformance, is able to attract and retain the criticalskills necessary to promote the prosperity of theGroup. This philosophy is subject to ongoing reviewby means of internal and external benchmarking,with the objective of maintaining competitivenessin the labour market.Executive Directors and their Alternates participatein the Company’s Share Option Scheme, which isdesigned to recognise the contributions of senior staffto the growth in the value of the Company’s equity.Non-Executive Directors do not participate in theShare Option Scheme. Within the limits imposed bythe Company’s shareholders, options are allocated tothe Directors and senior staff in proportion to theircontributions to the business as reflected by theirseniority. The options, which are allocated at themiddle market price ruling on the trading day prior tothe date of allocation, vest after stipulated periods andare exercisable up to a maximum of 10 years from thedate of allocation.The Report on Directors’ Emoluments includesdetails of the responsibilities of the RemunerationCommittee and emoluments of Executive Directorsincluding their interests in the Company’s ShareOption Scheme.FINANCIAL RISK COMMITTEEThe Financial Risk Committee, which comprisesmarketing and treasury executives, is a subcommitteeof the Executive Committee. It isresponsible for risk management activities within theGroup, subject to the overall limits set by the Board.The members of the Risk Committee are:R H H van Kerckhoven (Chairman)T E AikenC G BuchananSAFETY, HEALTH AND ENVIRONMENT(SHE) COMMITTEEThe Group strives to conduct its business with dueregard for economic, social, cultural, safety, healthand environmental concerns. The safety and healthof the Group’s employees and the well-being of thecommunities surrounding its mines are the focus ofcomprehensive policies and programmes dedicatedto this end.The SHE Committee, which is a sub-committee of theBoard, is responsible for developing framework policiesand guidelines for safety, health and environmentalmanagement and ensuring their progressiveimplementation throughout the Group.The committee is also charged with responsibility formonitoring Group compliance with the varioussafety, health and environmental laws that affectGroup companies.The members of the SHE Committee are currently:W A Nairn (Chairman)B E DavisonJ R Johnston (Dr)J A DreyerB E NgubaneSecretary: G F LindenCORPORATE GOVERNANCE COMMITTEEThe Corporate Governance Committee, which is a subcommitteeof the Board, has been established in linewith the spirit of the recommendations of the King IICommittee on Corporate Governance.It is responsible inter alia, for reviewing the quality ofcorporate governance in the Group and for providingadvice to Directors and management on issues thatmay lead to conflicts of interest.The Committee comprises mainly Non-ExecutiveDirectors. The current members are:T A Wixley (Chairman)D D BarberL BoydC B BrayshawM W KingR H H van KerckhovenSecretary: D A FreemantleEMPLOYMENT EQUITYThe Group has adopted a formal employment equitypolicy, which is aligned with the requirements of theEmployment Equity Act.The Transformation Committee, which is a subcommitteeof the Executive Committee, isresponsible, inter alia, for the implementation ofand compliance with the requirements of theEmployment Equity Act.The Transformation Committee is made up ofrepresentatives from each business unit andfrom Corporate Office and is chaired by theExecutive Director: Human Resources.Its members are:B E Ngubane (Chairman)D FarmerL HeynekeJ LouwD MullerL StanderK VenterD MadibaE NkosiB du ToitJ A GeldenhuysC KernK MoabeloA NiewoudtK Seopela (Ms)H ZondiC PretoriusINVESTOR AND SHAREHOLDER RELATIONSRegular presentations, attended by ExecutiveDirectors, are made to institutional investors,analysts and the media in South Africa, Europeand the United Kingdom to communicate Groupstrategy and performance. Constant contact ismaintained with these groups by the Company’sCorporate Communications Department.A corporate website (http://www.angloplatinum.com)facilitates the dissemination of the latest Groupfinancial and operational data, as well as historicalinformation.EMPLOYEE PARTICIPATIONThe new Employee Relations Policy signedbetween the Company and recognised unions andassociations provides for the establishment ofpartnership structures at business unit, regionaland central levels. Such forums’ terms of referencerequire management and organised labour to dealwith broad business issues, as well as social andenvironmental matters that affect the Group andits employees. The Group’s communication policyand procedures ensure that vertical andhorizontal communication involves all employeesin a two-way process.Other examples of participative structures include:● Employment equity committees;● SHE committees;● Incentive Scheme monitoring committees; and● Various joint task teams that deal with anyad hoc matters requiring in-depth investigation.CORPORATE CODE OF CONDUCTThe Group is committed to promoting theobservance of the highest standards of ethicalbehaviour amongst its Directors, managementand employees. In accordance with this objective,a Code of Ethics has been circulated throughoutthe Group to provide a clear guide to thebehaviour expected of all employees in theirdealings with each other and with the Group’sstakeholders. All employees of the Group arerequired to maintain the highest ethicalstandards to ensure that the Group’s businesspractices are conducted in a manner which isabove reproach.Having regard to the provisions of the InsiderTrading Act, the Company operates “closedperiods” prior to the publication of its interimand year-end financial results, during whichDirectors, officers and other employees of theGroup likely to be in possession of price-sensitiveinformation may not deal in the shares or otherinstruments pertaining to the shares of theCompany or in any investment relating to theCompany’s shares. This principle is also appliedat other times whenever warranted bycircumstances.113

Report on Directors’ EmolumentsDISCLOSUREIn terms of the JSE regulations the Group is requiredto disclose individual Director’s emoluments for theyears commencing after 1 March 2001.The Group has however adopted the regulationsahead of this effective date.EMOLUMENTSThe Remuneration Committee consists solely ofNon-Executive Directors. It approves remuneration forthe Executive Directors and senior executives and isresponsible for the policy and operation of theCompany’s share option scheme. Independentexternal studies and comparisons are used to ensurethat rewards and incentives are linked to bothindividual and Group performance.The Executive Directors, who are full-time employees,are appointed to the Board to bring to the managementand direction of the Group the skills and experienceappropriate to its needs as a major internationalbusiness. They are, accordingly, remunerated onterms commensurate with market rates that reflectsuch responsibilities.Executive Directors receive salaries and benefits,performance-linked payments, allocations of optionsto shares, and certain benefits upon retirement.Each of the elements of remuneration is furtherdetailed below:● Executive Directors receive a salary and benefitsthat reflect their management responsibilities andappropriate experience and that reward individualperformance. Salaries are reviewed annually byreference to performance.● Executive Directors participate in an incentive planlinked to the performance of the Group. The plan isdesigned to reward executives for achievingsustained increases in earnings.● Executive Directors participate in a Group medicalaid scheme.● Executive Directors participate in contributoryretirement schemes established by the Group.DIRECTORS’ FEESEach of the Executive and Non-Executive Directors currently receives Directors’ fees at the rate of R30 250 per annum (2000: R27 500). The Chairman receives an additional sum ofR12 100 per annum (2000: R11 000).Non-Executive Directors who serve on the Anglo Platinum Group Audit and Remuneration Committees each receive fees at the rate of R10 000 per annum (2000: R10 000) andR5 000 (2000: R5 000) respectively. The Chairman of the Audit Committee receives an additional R10 000 per annum (2000: R10 000), while the Chairman of the RemunerationCommittee receives an additional R5 000 per annum (2000: R5 000).The table below provides an analysis of the emoluments paid to Executive and Non-Executive Directors of the Company. Emoluments paid by Anglo American plc to B E Davison areonly disclosed to the extent that these pertain to Anglo Platinum.EMOLUMENTS PAID FOR THE YEAR TO EXECUTIVE DIRECTORSGain onAudit andSalary share remunandRetirement options Directors’ Fees as eration TotalDirector’s name benefits benefits Bonuses exercised fees Chairman committee emolumentsR R R R R R R REXECUTIVE DIRECTORSB E Davison 2 512 475 356 277 8 560 868 30 250 7 246 11 467 116J A Dreyer 1 219 138 177 638 108 273 7 516 775 30 250 9 052 074D T G Emmett 1 503 586 215 690 142 115 2 477 691 30 250 4 369 332B E Ngubane 1 053 061 154 335 272 200 6 814 616 30 250 8 324 462R H H van Kerckhoven 1 228 611 178 548 142 423 3 945 874 30 250 5 525 706A I Wood – appointed 2 May 2001 846 500 126 100 20 167 992 767E Ford – resigned 30 June 2001 947 580 221 106 15 125 1 183 811ALTERNATE DIRECTORSJ M Halhead 1 015 049 121 879 153 866 5 139 079 6 429 873P J V Kinver 1 150 269 168 847 13 833 1 332 949R Pilkington 863 767 126 792 66 303 1 056 862C B Sheppard – appointed 30 June 2001 417 650 41 821 459 471NON-EXECUTIVE DIRECTORSL Boyd 30 250 4 881 4 167 39 298C B Brayshaw*† 30 250 15 833 46 083M W King 30 250 10 417 40 667W A Nairn 30 250 30 250A J Trahar* 30 250 2 917 33 167T A Wixley – appointed 3 July 2001*† 14 961 6 050 9 891 30 902P F Retief – resigned 25 May 2001 12 133 12 133J W Campbell – resigned 30 June 2001 15 125 15 125G R Pardoe – resigned 31 August 2001 20 221 20 221ALTERNATE DIRECTORV P Uren† 10 000 10 00012 757 686 1 889 033 899 013 34 454 903 400 232 18 177 53 225 50 472 269Salary and benefits include cash, medical, car scheme, personal computer scheme and entertainment allowances.Retirement benefits include provident fund, pension fund, flexi-pension and deferred compensation.*Remuneration Committee member†Audit Committee memberFor reasons of good corporate governance, B E Davison has, since 31 December 2001, resigned as a member of both the Remuneration and Audit Committees.114

Report on Directors’ Emoluments (continued)SHARE OPTIONSExecutive Directors also participate in the Company’s share option scheme, which is designed to recognise the contributions of senior staff to the growth in the value of the Company’sequity. Within the limits imposed by the Company’s shareholders, options are allocated to the Directors and senior staff in proportion to their contributions to the business as reflectedby their seniority. The options, which are allocated at the middle market price ruling on the trading day prior to the date of allocation, vest after stipulated periods and are exercisableup to a maximum of 10 years from the date of allocation.The equity compensation benefits for Executive Directors are set out below:ANGLO PLATINUM SHARE OPTION SCHEME FOR EXECUTIVE DIRECTORSBalance Number Number Balanceof share of share of share of shareoptions options options options Exercisableas at allocated exercised as at number Allocation1 January during Date of Re- during Date 31 December of share price ExercisableDirector’s name 2001 the year allocation allocation the year exercised 2001 options R dateEXECUTIVE DIRECTORSB E Davison 84 164 18 320 23 Feb 01 56 644 337 131,40 23 Jun 019 200 5 Dec 01 18 319 67,80 1 Feb 02337 131,40 23 Jun 0236 639 67,80 1 Feb 03338 131,40 23 Jun 03674 131,40 23 Jun 04J A Dreyer 96 444 23 320 13 Feb 01 73 124 633 131,40 23 Jun 0118 850 66,40 1 Jan 024 470 67,80 1 Feb 02633 131,40 23 Jun 0237 702 66,40 1 Jan 038 938 67,80 1 Feb 03632 131,40 23 Jun 031 266 131,40 23 Jun 04D T G Emmett 72 928 3 680 22 May 01 65 748 11 008 67,80 1 Feb 003 500 5 Dec 01 11 008 67,80 1 Feb 011 370 131,40 23 Jun 013 860 60,33 25 Nov 0111 008 67,80 1 Feb 021 369 131,40 23 Jun 0222 016 67,80 1 Feb 031 370 131,40 23 Jun 032 739 131,40 23 Jun 04B E Ngubane 72 619 3 000 10 Apr 01 50 556 37 702 64,02 1 Apr 0215 000 21 May 01 3 214 131,40 23 Jun 024 063 19 Nov 01 3 213 131,40 23 Jun 036 427 131,40 23 Jun 04R H H van Kerckhoven 44 396 9 941 13 Feb 01 31 505 9 022 67,80 1 Feb 021 110 27 Sept 01 1 110 131,40 23 Jun 021 840 27 Nov 01 18 043 67,80 1 Feb 031 110 131,40 23 Jun 032 220 131,40 23 Jun 04115

Report on Directors’ Emoluments (continued)ANGLO PLATINUM SHARE OPTION SCHEME FOR EXECUTIVE DIRECTORS (continued)Balance Number Number Balanceof share of share of share of shareoptions options options options Exercisableas at allocated exercised as at number Allocation1 January during Date of Re- during Date 31 December of share price ExercisableDirector’s name 2001 the year allocation allocation the year exercised 2001 options R dateALTERNATE DIRECTORSJ M Halhead 69 060 — 3 140 22 May 01 52 353 3 140 67,80 1 Feb 026 283 7 Jun 01 12 567 67,39 2 Jun 027 284 13 Dec 01 1 000 131,40 23 Jun 02246 204,70 14 Jul 026 283 138,40 1 Sept 026 280 67,80 1 Feb 031 000 131,40 23 Jun 03247 204,70 14 Jul 036 284 138,40 1 Sept 032 000 131,40 23 Jun 04246 204,70 14 Jul 0412 567 138,40 1 Sept 04493 204,70 14 Jul 05P J V Kinver 56 500 — — 56 500 11 300 163,00 2 May 0211 300 163,00 2 May 0311 300 163,00 2 May 0422 600 163,00 2 May 05R Pilkington 31 958 — — 31 958 6 140 193,00 1 Jun 02252 204,70 14 Jul 026 139 193,00 1 Jun 03252 204,70 14 Jul 036 140 193,00 1 Jun 04252 204,70 14 Jul 0412 279 193,00 1 Jun 05504 204,70 14 Jul 05C B Sheppard — 5 755 19 Mar 01 — 13 934 1 151 289,60 19 Mar 038 179 1 Aug 01 1 636 264,10 1 Aug 031 151 289,60 19 Mar 041 636 264,10 1 Aug 041 151 289,60 19 Mar 051 635 264,10 1 Aug 052 302 289,60 19 Mar 063 272 264,10 1 Aug 06Re-allocations relating toresignation of Directors 105 834 (105 834)Total 633 903 13 934 (105 834) 109 681 432 322 432 322116

Report on Directors’ Emoluments (continued)GAINS ON SHARE OPTIONS EXERCISED BY EXECUTIVE DIRECTORSNumber ofshare optionsGain onexercised Allocation Exercise shareDirector’s name during the year price price optionsR R REXECUTIVE DIRECTORSB E Davison 18 320 67,80 360,00 5 353 1049 200 60,33 409,00 3 207 764J A Dreyer 4 469 67,80 389,00 1 435 44318 851 66,40 389,00 6 081 332D T G Emmett 3 680 60,33 402,00 1 257 3463 500 60,33 409,00 1 220 345B E Ngubane 3 000 64,02 299,80 707 34015 000 64,02 405,00 5 114 700850 64,02 361,60 252 9433 213 131,40 361,60 739 633R H H van Kerckhoven 9 021 67,80 389,00 2 897 545920 60,33 389,00 302 3761 110 131,40 309,00 197 1361 840 60,33 358,60 548 817ALTERNATE DIRECTORJ M Halhead 3 140 67,80 402,00 1 049 3886 283 67,39 400,00 2 089 7896 284 138,40 412,00 1 719 3021 000 131,40 412,00 280 600109 681 34 454 903Range R60,33 R299,80– R138,40 – R412,00117

Report on Directors’ Emoluments (continued)ANGLO AMERICAN PLC SCHEMESIn addition to the Anglo Platinum share option scheme, the Executive Directors also participate in the following Anglo American plc schemes:– share option scheme;– long-term incentive plan; and– deferred share bonus scheme.Allocations to B E Davison by Anglo American plc in terms of the above schemes are excluded.The following details are applicable:SHARE OPTION SCHEMEBalance Number Number Balanceof share of share of share of shareoptions options options options Weightedas at allocated exercised as at average Earliest1 January during Date of during Date 31 December price exercisableDirector’s name 2001 the year allocation the year exercised 2001 £ dateEXECUTIVE DIRECTORS’SHARE OPTION SCHEMEJ A Dreyer 36 000 18 000 2 Apr 01 54 000 8,22 24 Jun 02D T G Emmett 36 000 25 000 2 Apr 01 61 000 8,43 24 Jun 02B E Ngubane 36 000 18 000 2 Apr 01 54 000 8,22 24 Jun 02R H H van Kerckhoven 36 000 25 000 2 Apr 01 61 000 8,43 24 Jun 02A I Wood — 18 000 13 Sept 01 18 000 8,00 13 Sept 04144 000 104 000 248 000Anglo American plc operates a share option scheme and Executive Directors of Anglo American Platinum Corporation Ltd are eligible to participate in it in accordance with the schemerules. Grants of options are made annually. Options are not granted at a discount and are not pensionable. The exercise of options is subject to Anglo American plc’s earnings per shareincreasing by at least 6% above the UK Retail Price Index over a three-year period. Options are normally exercisable, subject to satisfaction of the performance condition, betweenthree and ten years from the date of grant.118

Report on Directors’ Emoluments (continued)LONG-TERM INCENTIVE PLANNumberof sharesconditionallyDate ofDirector’s name awarded awardJ A Dreyer 10 350 26 Jun 01D T G Emmett 16 375 26 Jun 01R H H van Kerckhoven 10 350 26 Jun 01A I Wood 10 350 26 Jun 0147 425Executive Directors are entitled to receive shares in Anglo American plc subject to the satisfaction of certain performance criteria over a three-year period. Awards are conditional uponthe satisfaction of performance criteria that foster shareholder wealth creation and that are within the Executive Directors’ scope of influence. For the first award, two performancemeasures have been selected: the first based on the Company’s Total Shareholder Return relative to a weighted group of international natural resource companies; and the secondbased on an underlying operating measure that focuses on raising the Group’s Return on Capital Employed in the medium term.DEFERRED SHARE BONUS SCHEMENumberDate ofDirector’s name of shares awardJ A Dreyer 1 204 31 Jan 001 208 31 Jan 01D T G Emmett 1 340 31 Jan 001 592 31 Jan 01R H H van Kerckhoven 1 164 31 Jan 001 600 31 Jan 018 108All Executive Directors are eligible to participate in an annual bonus plan based on the achievement of short-term performance targets set for each Executive Director. Directors willbe eligible to receive shares in Anglo American plc for a minimum value of 50% of the bonus (after tax) or, at their election, 100%, which, if held for three years, will be matched bythe Company on a one-for-one basis conditional upon the Executive Director’s continued employment.119

Principal Accounting PoliciesThe financial statements are prepared on the historicalcost basis except for certain financial instruments,which are fair valued. Significant features of theGroup’s and the Company’s accounting policies areset out below, which are consistent with those appliedin the previous year. These policies comply with theaccounting standards issued by the InternationalAccounting Standards Board and the South AfricanStatements of Generally Accepted AccountingPractice and with the disclosure requirements ofthe South African Companies Act.1. CONSOLIDATIONThe Group financial statements include theresults and financial position of AngloAmerican Platinum Corporation Limitedand its subsidiaries. The results of anysubsidiaries acquired or disposed of duringthe year are included from the dates controlwas acquired and up to the date controlceased. Where an acquisition of a subsidiaryis made during the financial year, any excessor deficit of the purchase price compared tothe fair value of the attributable net assetsis recognised as goodwill and accounted foras described in the goodwill accountingpolicy note 3.All inter-Group transactions and balances areeliminated on consolidation. Unearned profitsthat arise between Group entities are alsoeliminated.2. INVESTMENT IN ASSOCIATEAn associate is an entity, other than asubsidiary, in which the Group has a materiallong-term interest and in respect of which theGroup exercises significant influence overoperational and financial policies. The resultsof such investments are accounted for usingthe equity method of accounting based on themost recent audited financial statements orunaudited interim financial statements ofsuch an associate. Unrealised profits andlosses arising from inter-companytransactions are eliminated. The carryingvalue of the investment in an associaterepresents the cost of the investmentincluding unamortised goodwill, the shareof post-acquisition earnings and othermovements in reserves. The carrying valueof an associate is reviewed on a regular basisand, if an impairment in the carrying valuehas occurred, it is written off in the periodin which such permanent impairment isidentified.Goodwill arising on the acquisition of anassociate is accounted for as described in thegoodwill accounting policy note 3.3. GOODWILLGoodwill, being the excess of the purchaseconsideration over the attributable fair valueof the net identifiable assets at date ofacquisition of a subsidiary or associate, iscapitalised and amortised on a straight-linebasis over the lesser of the goodwill’s usefullife or twenty years. An annual impairmentreview is undertaken of the carrying valueand useful economic life of such goodwilland any permanent impairment is chargedagainst income in the period in which theimpairment arose.Negative goodwill, being the excess of theattributable fair value of the net identifiableassets over the purchase consideration, is eitherrecognised as income immediately or as andwhen future anticipated expenditure or lossesare incurred. However, where negative goodwilldoes not relate to expected future expenditure orlosses, it is recognised as income on a systematicbasis over the lesser of the non-monetary assets’useful life or twenty years.4. PROPERTY, PLANT AND EQUIPMENTMININGMine development cost is capitalised tocapital work-in-progress and transferredto mining property, plant and equipmentwhen the mining venture reachescommercial production quantities.Capitalised mine development cost includesexpenditure incurred to develop new miningoperations, to define further mineralisation inexisting ore bodies, to expand the capacity ofthe mine and to maintain production. Costsinclude interest capitalised during theconstruction period where financed byborrowings and the present value of futuredecommissioning costs.Items of mining property, plant and equipmentare amortised on a straight-line basis, overthe lesser of thirty years or their expecteduseful lives, to estimated residual values infive year bands. Amortisation is first chargedon mining ventures from the date on whichthe mining ventures reach commercialproduction quantities.Assets defined under section 36(11)(d) of theIncome Tax Act No 58 of 1962 (as amended),include the following mining assets: housingfor residential occupation; hospitals; schoolsand similar amenities; recreational facilities;surface railway systems and motor vehicles.These assets are amortised on a straightlinebasis at 10% per annum except formotor vehicles, which are amortised at 20%per annum. These rates are in line withallowances granted under the Act andapproximately match the expected usefullives of these assets.NON-MININGNon-mining assets are stated at historical costless accumulated depreciation.Depreciation is provided on the straight-linebasis over the useful lives of these assets at thefollowing annual rates:Plant and equipment 10% to 25%Motor vehicles 25%Office furniture and equipment 10% to 50%Land is not depreciated.LEASESAssets subject to finance leases are capitalised asmining property, plant and equipment at costwith the related lease obligation recognised atthe same value. Capitalised leased assets aredepreciated over their estimated useful lives.Finance lease payments are allocated using theeffective interest rate method, between the leasefinance cost, which is included in interest paid,and the capital repayment, which reduces theliability to the lessor.Operating lease rentals are charged againstoperating profit as they become due.IMPAIRMENTAn annual impairment review of mining andnon-mining assets is carried out by comparingthe net book value of assets to their recoverableamounts. Recoverable amount is the higher ofvalue in use and net selling price.Value in use of mining assets isdetermined by applying a discount rate tothe anticipated pre-tax cash flow for theensuing five years. The discount rate usedis the Group’s weighted average cost ofcapital as determined by the capital assetpricing model.Value in use of non-mining assets is determinedwith reference to market values.Where the recoverable amount is less thanthe net book value, the permanent impairment,when identified, is charged against income toreduce the carrying amount of the affectedassets to their recoverable amounts.The revised carrying amounts are amortisedon a systematic basis over the remaining usefullives of such affected assets.5. INVESTMENTSInvestments in subsidiaries are reflected at costless provisions for any permanent impairmentin value.120

Principal Accounting Policies (continued)6. INVENTORIESREFINED METALSMetal inventories are measured at the lowerof cost on the weighted average basis or netrealisable value. The cost per ounce or ton isdetermined as follows:● Platinum, palladium, rhodium and nickelare measured by dividing the mine outputinto total mine production cost less netrevenue from sales of other metals in theratio of the contribution of these metalsto gross sales revenue.● Gold, copper and cobalt sulphate aremeasured at net realisable value.WORK-IN-PROCESSWork-in-process is valued at cost of productionless net revenue from sales of other metals.STORES AND MATERIALSStores and materials consist of consumablestores and are valued at average cost. Obsoleteand redundant items are written off tooperating costs.7. REVENUE RECOGNITIONRevenue from the sale of metals is recognisedwhen the risks and rewards of ownership aretransferred to the buyer. Gross sales revenuerepresents the invoiced amounts for all metalssupplied to customers. Gross sales revenueexcludes value-added taxes.Dividends are recognised when the rightto receive payment is established, with theexception of cumulative redeemablepreference shares, whose dividends areaccrued on a daily basis.Interest is recognised on a time proportion basis,which takes into account the effective yield onthe asset over the period it is expected to be held.Royalties are recognised when the right toreceive payment is established.8. DIVIDENDS DECLAREDThe liability for dividends proposed and relatedtaxation thereon is only raised when thedividend is declared.9. PROVISIONSA provision is recognised when there is a legalor constructive obligation as a result of a pastevent for which it is probable that a transfer ofeconomic benefits will be required to settle theobligation and a reliable estimate can be madeof the amount of the obligation.10. DEFERRED TAXATIONDeferred taxation is provided at current ratesusing the balance sheet liability method. Fullprovision is made for all temporary differencesbetween the tax base of an asset or liabilityand its balance sheet carrying amount.No deferred taxation is recognised in thosecircumstances where the initial recognitionof an asset or liability has no impact onaccounting profit or taxable income.Assets are not raised in respect of the deferredtaxation on assessed losses unless it is probablethat future taxable profits will be availableagainst which the deferred taxation asset canbe realised in the foreseeable future.11. EXPLORATION AND RESEARCHExploration and research expenditureis written off in the period in which it isincurred, unless it is deemed that suchexpenditure will lead to a capital project, inwhich case the expenditure is capitalised andwritten off over the lesser of the expecteduseful life of the asset or thirty years.12. LEASED METALWhen metal is leased to fulfil marketingcommitments, the equivalent cost ofproduction, at the date of the lease, is chargedto the income statement as an on-mine cost andreflected as a current liability in the balancesheet. On the maturity of the lease the liability iscredited to on-mine costs.The leasing costs associated with borrowedmetal are charged to other costs included in thecost of sales on a time-proportional basis.13. FINANCIAL INSTRUMENTSThe Group’s financial instruments consistprimarily of non-current receivables, cashand cash equivalents, accounts receivable,borrowings, accounts payable andderivative instruments.NON-CURRENT RECEIVABLESNon-current receivables are initially recordedat cost and subsequently valued at cost lesspayments received and any adjustments forpermanent impairment. Any subsequentchange in value is included in thedetermination of other net income.CASH AND CASH EQUIVALENTSCash and cash equivalents consist of cash,cash deposits with banks and money-marketinstruments. The book value of cash, cashdeposits with banks and money-marketinstruments approximates their fair value.Any gain or loss arising from marking tomarket or a change from book value to fairvalue at reporting intervals is included inthe determination of other net income.ACCOUNTS RECEIVABLEAccounts receivable are stated at the grossinvoice value adjusted for payments receivedand an allowance for doubtful debts, whereappropriate, to reflect the fair value of theanticipated economic benefit receivable.BORROWINGSLong-term borrowings are initially recorded atcost and subsequently valued at cost lesspayments made to reflect the value of theanticipated economic outflow of resources.Any subsequent change in value is includedin the determination of other net income.ACCOUNTS PAYABLEAccounts payable are stated at cost adjustedfor payments made to reflect the value of theanticipated economic outflow of resources.Any subsequent change in value is includedin the determination of other net income.DERIVATIVE INSTRUMENTSIn the ordinary course of its operations, theGroup is exposed to fluctuations in metal prices,volatility of exchange rates and changes ininterest rates. The Group engages in a numberof activities to manage these risks. Theseactivities include hedging a portion of theseexposures through the use of derivativefinancial instruments. Forward sales contractsand option contracts are utilised to managemetal and currency exposures. The Group doesnot speculate, acquire, hold or issue derivativeinstruments for trading purposes.Derivatives are initially measured at cost andassociated transaction costs are charged tothe income statement when incurred.Subsequently, these instruments aremeasured as set out below.All forward and option contracts are marked tomarket at financial reporting intervals and anychanges in their fair values are included in othernet income.Gains and losses arising on all other contractsnot spanning a reporting interval arerecognised and included in the determinationof other net income at the time that thecontract expires.14. FOREIGN CURRENCIESThe South African rand is the functionalcurrency of the Group.121

Principal Accounting Policies (continued)Foreign currency transactions are recorded atthe spot rate of exchange on the transactiondate. Monetary assets and liabilitiesdesignated in foreign currencies are translatedat rates of exchange ruling at the balancesheet date.Foreign exchange gains or losses arising fromforeign exchange transactions are included inthe determination of other net income.The balance sheets and income statementsof foreign subsidiaries are translated onthe following bases:FOREIGN OPERATIONSForeign operations forming an integral part of theoperations of the GroupMonetary items of these operations aretranslated using the closing rate of exchange.Non-monetary items are translated at the rate ofexchange at the historical transaction date.Income and expense items are translated at theannual weighted average rate of exchange.Translation gains or losses on monetaryitems are included in the determination ofother net income.FOREIGN ENTITIESForeign entities not forming an integral part of theoperations of the GroupAssets and liabilities for both monetary andnon-monetary items are translated at theclosing rate. Income and expense items aretranslated at the annual weighted average rateof exchange.All gains or losses on exchange are takendirectly to a non-distributable reserve until theforeign entity is sold or disposed of.15. ENVIRONMENTAL REHABILITATIONEstimated long-term environmental obligations,comprising pollution control, rehabilitationand mine closure, are based on the Group’senvironmental management plans incompliance with current technological,environmental and regulatory requirements.DECOMMISSIONING COSTSThe present value of estimated futuredecommissioning costs, which embody futureeconomic benefits, is capitalised as property,plant and equipment when commercialproduction is reached and concomitantprovisions are raised. These estimates arereviewed annually and discounted usinga pre-tax rate that reflects current marketassessments of the time value of money.The increase in decommissioning provisions,due to the passage of time, is charged to netinvestment income.Decommissioning assets are amortised ona straight-line basis over the lesser of thirtyyears or the expected benefit period.RESTORATION COSTSChanges in the present value of estimatedfuture restoration costs are charged toincome during the period in which suchchanges occur. Estimated restoration costsare reviewed annually and discounted usinga pre-tax rate that reflects current marketassessments of the time value of money.The increase in restoration provisions, dueto the passage of time, is charged to netinvestment income.ONGOING REHABILITATION COSTSExpenditure on ongoing rehabilitation costs isrecognised as an expense when incurred.PLATINUM PRODUCERS’ ENVIRONMENTALTRUSTThe Group makes annual contributions to thePlatinum Producers’ Environmental Trust,which was created to fund the estimated cost ofpollution control, rehabilitation and mineclosure at the end of the lives of the Group’smines. Contributions are determined on thebasis of the estimated environmental obligationover the life of a mine. Income earned onmonies paid to the Trust is accounted for as netinvestment income.16. BORROWING COSTSBorrowing costs relating to capital expenditureare capitalised in the period in which theyare incurred. Borrowing costs relating tooperating expenditure are charged to netinvestment income.17. EMPLOYEE BENEFITSSHORT-TERM EMPLOYEE BENEFITSRemuneration to employees in respectof services rendered during a reportingperiod is recognised as an expense in thatreporting period. Provision is made foraccumulated leave.EQUITY COMPENSATION PLANSWhere employees exercise options in termsof the rules and regulations of the AngloAmerican Platinum Corporation Limitedshare option scheme, shares are issued toparticipants as beneficial owners.The Directors procure a listing of theseshares on the primary stock exchange onwhich the Company’s shares are listed andquoted. In exchange, employees entitled tosuch share options pay in cash aconsideration equal to the option priceallocated to them. The nominal value ofshares issued is credited to share capitaland the difference between the nominalvalue and the option price is credited toshare premium.TERMINATION BENEFITSTermination benefits are charged againstincome when the Group is committed toterminating the employment of an employeeor group of employees before their normalretirement date.POST-EMPLOYMENT BENEFITSDefined contribution plansRetirement, provident and pension fundsContributions to defined contribution plansin respect of services rendered during areporting period are recognised as an expensein that period.Defined benefit plansPension fundThe current service cost in respect of thedefined benefit plan is recognised as an expenseor income systematically over the period inwhich they vest. The fund is actuarially valuedevery three years using the projected unitcredit method.Actuarial gains or losses as a result ofexperience adjustments and/or the effectsof changes in actuarial assumptions arerecognised as income or expenditure over theexpected average remaining working lives ofthe employees when the cumulativeunrecognised actuarial gains or losses exceed10% of the defined benefit obligation and fairvalue of the plan assets.Post-retirement medical aid costsThe post-retirement medical aid liability isrecognised as an expense systematically over theexpected remaining service period of employeesusing the projected unit credit method.Independent actuarial valuations are conductedevery three years.Actuarial gains or losses as a result of experienceadjustments and/or the effects of changes inactuarial assumptions are recognised asincome or expenditure systematically over theremaining service period of those employees.Adjustments pertaining to retired employeesare recognised immediately as an expense.Between actuarial valuations, the provision isadjusted in accordance with rates supplied bythe actuaries.122

Consolidated Income StatementFOR THE YEAR ENDED 31 DECEMBERConsolidated Balance SheetAS AT 31 DECEMBER2001 2000Notes Rm RmGROSS SALES REVENUE 1 18 690,9 16 185,6Commissions paid 812,0 648,6NET SALES REVENUE 17 878,9 15 537,0COST OF SALES 8 262,9 6 675,8Cash operating costs 7 044,5 5 871,4On-mine costs 2 5 948,6 4 934,6Smelting costs 3 441,9 336,9Treatment and refining costs 4 654,0 599,9Amortisation of operating assets 5 498,8 395,8Decrease/(increase) in metal inventories 45,1 (100,0)Other costs 6 674,5 508,6GROSS PROFIT ON METAL SALES 9 616,0 8 861,2Other net income 7 2 452,7 593,5Net profit on disposal of mineral rights and investments 8 — 122,7Market development and promotional expenditure (251,0) (180,2)OPERATING PROFIT 11 817,7 9 397,2Net investment income 9 340,3 295,6Income from associate 17 170,6 157,6PROFIT BEFORE TAXATION 10 12 328,6 9 850,4Taxation 11 4 308,8 2 932,4NET PROFIT ATTRIBUTABLE TO ORDINARY SHAREHOLDERS 8 019,8 6 918,0HEADLINE EARNINGS 8 019,8 6 795,3Number of ordinary shares in issue (millions) 214,1 217,0Weighted average number of ordinary shares in issue (millions) 217,0 216,3Earnings per share (cents) 12– Attributable 3 695,8 3 198,3– Headline 3 695,8 3 141,6– Diluted (attributable) 3 637,1 3 140,3– Diluted (headline) 3 637,1 3 084,6Dividends per share (cents) 2 200,0 1 810,0– Interim 1 100,0 710,0– Final 1 100,0* 1 100,0Dividend cover (headline earnings before special dividend) 1,7 1,7Special dividend (cents) 500,0* 600,0RECONCILIATION BETWEEN ATTRIBUTABLE AND HEADLINE EARNINGSNet profit attributable to ordinary shareholders 8 019,8 6 918,0Adjustment:Net profit on disposal of mineral rights and investments — (122,7)HEADLINE EARNINGS 8 019,8 6 795,3ASSETSNON-CURRENT ASSETS2001 2000Notes Rm RmProperty, plant and equipment 14 7 008,3 6 045,1Capital work-in-progress 15 3 912,9 1 845,0Platinum Producers’ Environmental Trust 16 69,5 53,3Investment in associate 17 265,7 277,1Non-current receivable 18 212,1 193,211 468,5 8 413,7CURRENT ASSETS 9 059,6 9 089,1Inventories 19 1 326,4 1 350,8Accounts receivable 20 1 946,8 1 615,5Cash and cash equivalents 21 5 786,4 6 122,8TOTAL ASSETS 20 528,1 17 502,8EQUITY AND LIABILITIESSHARE CAPITAL AND RESERVESShare capital 22 21,4 21,7Share premium 1 203,6 1 836,4Accumulated profits before proposed dividends 11 296,6 9 856,0Accumulated profits after proposed dividends and secondarytax on companies 7 449,0 5 721,8Proposed ordinary dividend payable 2 354,0 2 387,1Proposed special dividend payable 1 070,0 1 302,1Secondary tax on companies in respect of proposed dividends 423,6 445,0SHAREHOLDERS’ EQUITY 12 521,6 11 714,1NON-CURRENT LIABILITIES 3 266,3 2 825,2Borrowings 23 — 19,3Deferred taxation 24 2 562,3 2 097,0Environmental rehabilitation obligation 25 174,3 148,8Employees’ service benefits 26 529,7 560,1CURRENT LIABILITIES 4 740,2 2 963,5Accounts payable 27 1 731,6 1 146,9Taxation 3 008,6 1 816,6TOTAL EQUITY AND LIABILITIES 20 528,1 17 502,8*Proposed dividends123

Group Statement of Changes in Shareholders’ EquityConsolidated Cash Flow StatementFOR THE YEAR ENDED 31 DECEMBERBALANCE AS ATNon-Share Share distributable Accumulatedcapital premium reserve profits TotalRm Rm Rm Rm Rm31 DECEMBER 1999 21,6 1 779,3 8,9 5 386,5 7 196,3Net profit attributable to ordinaryshareholders 6 918,0 6 918,0Dividends paid in cash (Note 13) (2 457,4) (2 457,4)Share capital issued 0,1 57,1 57,2Transfer (8,9) 8,9 —BALANCE AS AT31 DECEMBER 2000 21,7 1 836,4 — 9 856,0 11 714,1Net profit attributable to ordinaryshareholders 8 019,8 8 019,8Dividends paid in cash (Note 13) (6 087,4) (6 087,4)Share capital issued 0,1 70,7 70,8Repurchase of ordinary shares (0,4) (703,5) (491,8) (1 195,7)Company 2 228 267 sharesat cost (cancelled) (0,2) (701,4) (701,6)Subsidiary 1 673 400 sharesat cost (0,2) (490,2) (490,4)Associated expenditure (2,1) (1,6) (3,7)BALANCE AS AT31 DECEMBER 2001 21,4 1 203,6 — 11 296,6 12 521,6CASH FLOWS FROM OPERATING ACTIVITIES2001 2000Notes Rm RmCash receipts from customers 17 700,8 14 787,4Cash paid to suppliers and employees (5 122,3) (5 872,2)Cash from operations 30 12 578,5 8 915,2Interest paid (19,9) (6,8)Taxation paid 31 (2 588,7) (962,7)Net cash from operating activities 9 969,9 7 945,7CASH FLOWS USED IN INVESTING ACTIVITIESPurchase of property, plant and equipment 32 (3 586,1) (1 919,7)To maintain operations (1 117,7) (569,3)To expand operations (2 468,4) (1 350,4)Proceeds from sale of plant and equipment 31,7 31,0Investment in associate (2,4) (107,0)Interest received 368,3 302,7Growth in Platinum Producers’ Environmental Trust 5,6 4,6Dividends received from associate 121,6 60,9Dividends received 1,2 3,9Net cash used in investing activities (3 060,1) (1 623,6)CASH FLOWS USED IN FINANCING ACTIVITIESProceeds from issuance of share capital 0,1 0,1Increase in share premium 70,7 57,1Own shares purchased (1 195,7)Payment of long-term borrowings (33,9) (13,6)Dividends paid 13 (6 087,4) (2 457,4)Net cash used in financing activities (7 246,2) (2 413,8)Net (decrease)/increase in cash and cash equivalents (336,4) 3 908,3Cash and cash equivalents at beginning of year 6 122,8 2 214,5Cash and cash equivalents at end of year 21 5 786,4 6 122,8124

United States Dollar EquivalentConsolidated Income StatementFOR THE YEAR ENDED 31 DECEMBER2001 2000US$mUS$mUnited States Dollar EquivalentConsolidated Balance SheetAS AT 31 DECEMBER2001 2000US$mUS$mGROSS SALES REVENUE 2 168,8 2 340,8Commissions paid 94,2 93,8NET SALES REVENUE 2 074,6 2 247,0COST OF SALES 958,8 965,5Cash operating costs 817,4 849,2On-mine costs 690,2 713,7Smelting costs 51,3 48,7Treatment and refining costs 75,9 86,8Amortisation of operating assets 57,9 57,2Decrease/(increase) in metal inventories 5,2 (14,5)Other costs 78,3 73,6GROSS PROFIT ON METAL SALES 1 115,8 1 281,5Other net income 284,6 85,8Net profit on disposal of mineral rights and investments — 17,7Market development and promotional expenditure (29,1) (26,1)OPERATING PROFIT 1 371,3 1 358,9Net investment income 39,5 42,8Income from associate 19,8 22,8PROFIT BEFORE TAXATION 1 430,6 1 424,5Taxation 499,9 424,1Current 441,0 335,4Deferred 58,9 88,7NET PROFIT ATTRIBUTABLE TO ORDINARY SHAREHOLDERS 930,7 1 000,4Dividends (706,3) (355,4)Exchange rate translation adjustment (581,0) (219,1)Accumulated profits at beginning of year 1 301,1 875,2ACCUMULATED PROFITS AT END OF YEAR 944,5 1 301,1Average rand/US$ exchange rate 8,6182 6,9145Weighted average number of ordinary shares in issue (millions) 217,0 216,3Earnings per share (cents)– Attributable 428,9 462,5– Headline 428,9 454,3– Diluted (attributable) 422,0 454,1– Diluted (headline) 422,0 446,1Income statement items were translated at the average exchange rate for the yearASSETSNON-CURRENT ASSETSProperty, plant and equipment 585,9 798,0Capital work-in-progress 327,1 243,6Platinum Producers’ Environmental Trust 5,8 7,0Investment in associate 22,2 36,6Non-current receivable 17,7 25,5958,7 1 110,7CURRENT ASSETS 757,5 1 199,8Inventories 110,9 178,3Accounts receivable 162,8 213,2Cash and cash equivalents 483,8 808,3TOTAL ASSETS 1 716,2 2 310,5EQUITY AND LIABILITIESSHARE CAPITAL AND RESERVESShare capital 1,8 2,9Share premium 100,6 242,4Accumulated profits before proposed dividends 944,5 1 301,1Accumulated profits after proposed dividendsand secondary tax on companies 622,8 629,4Proposed ordinary dividend payable 196,8 387,8Proposed special dividend payable 89,5 211,6Secondary tax on companies in respect of proposed dividends 35,4 72,3SHAREHOLDERS’ EQUITY 1 046,9 1 546,4NON-CURRENT LIABILITIES 273,1 372,8Borrowings — 2,5Deferred taxation 214,2 276,8Environmental rehabilitation obligation 14,6 19,6Employees’ service benefits 44,3 73,9CURRENT LIABILITIES 396,2 391,3Accounts payable 144,7 151,5Taxation 251,5 239,8TOTAL EQUITY AND LIABILITIES 1 716,2 2 310,5Closing rand/US$ exchange rate 11,9610 7,5750Balance sheet items have been translated at the closing rate125

United States Dollar EquivalentConsolidated Cash Flow StatementFOR THE YEAR ENDED 31 DECEMBER2001 2000US$mUS$mValue Added StatementFOR THE YEAR ENDED 31 DECEMBER2001 2000Notes % Rm % RmCASH FLOWS FROM OPERATING ACTIVITIESCash receipts from customers 2 053,9 2 138,6Cash paid to suppliers and employees (594,4) (849,3)Cash from operations 1 459,5 1 289,3Interest paid (2,3) (1,0)Taxation paid (300,3) (139,2)Net cash from operating activities 1 156,9 1 149,1CASH FLOWS USED IN INVESTING ACTIVITIESPurchase of property, plant and equipment (416,1) (277,6)To maintain operations (129,7) (82,3)To expand operations (286,4) (195,3)Proceeds from sale of plant and equipment 3,7 4,5Investment in associate (0,3) (15,5)Interest received 42,7 43,8Growth in Platinum Producers’ Environmental Trust 0,6 0,7Dividends received from associate 14,1 8,8Dividends received 0,1 0,6Net cash used in investing activities (355,2) (234,7)CASH FLOWS USED IN FINANCING ACTIVITIESProceeds from issuance of share capital —* —*Increase in share premium 8,2 8,3Own shares purchased (138,7)Payment of long-term borrowings (3,9) (2,0)Dividends paid (706,3) (355,4)Net cash used in financing activities (840,7) (349,1)Net (decrease)/increase in cash and cash equivalents (39,0) 565,3Exchange rate translation adjustment (285,5) (116,8)Cash and cash equivalents at beginning of year 808,3 359,8Cash and cash equivalents at end of year 483,8 808,3*Less than US$50 000Cash flow items were translated at the average exchange rate for the yearVALUE ADDEDNet sales revenue 17 878,9 15 537,0Less: Purchase of goods and services neededto operate the mines and producerefined metal, including market developmentand promotional expenditurenet of other income (1 979,2) (2 715,8)Value added by operations 97 15 899,7 96 12 821,2Income from investments and interest received 3 545,7 4 468,8100 16 445,4 100 13 290,0VALUE DISTRIBUTEDSALARIES, WAGES AND OTHER BENEFITSNET OF PAYE AND SITE 18 2 958,0 19 2 462,7Salaries, wages and other benefits 36 3 530,9 2 969,7PAYE and SITE (572,9) (507,0)GOVERNMENT 30 4 914,9 26 3 465,7South African normal taxation 11 4 195,3 2 587,4Foreign and withholding taxation 11 113,5 345,0South African indirect taxes 606,1 533,3PROVIDERS OF CAPITAL 37 6 107,3 19 2 464,2Financing costs 9 19,9 6,8Dividends 13 6 087,4 2 457,4TOTAL VALUE DISTRIBUTED 13 980,2 8 392,6REINVESTED IN THE GROUP 15 2 465,2 36 4 897,4Amortisation and depreciation 10 532,8 436,8Retained income 1 932,4 4 460,637%15%2001 200018%30%36%100 16 445,4 100 13 290,019%19%26%Salaries, wages andother benefits netof PAYE and SITEGovernmentProviders of capitalReinvested in theGroup126

Notes to the Consolidated Financial StatementsFOR THE YEAR ENDED 31 DECEMBER2001 2000RmRm1. GROSS SALES REVENUESales revenue emanating from the following regions:Precious metals 17 465,6 14 851,4North America 1 509,9 1 398,8Asia 5 838,2 5 170,1Europe 8 396,8 7 144,9Africa 1 720,7 1 137,6Base metals 1 163,6 1 290,9Asia 69,8 38,7Europe 81,4 116,2Africa 989,1 1 110,2Other 23,3 25,8Other 61,7 43,3Asia 17,6 —Africa 44,1 43,318 690,9 16 185,62. ON-MINE COSTSOn-mine costs comprise mining and concentrating costs excludingamortisation of property, plant and equipment and consist of thefollowing principal categories:Labour 2 903,9 2 387,8Stores 1 674,7 1 348,3Utilities 421,2 386,4Sundry on-mine costs 920,2 772,5Provision for restoration 8,7 3,7Provision for post-retirement medical aid 19,9 35,95 948,6 4 934,63. SMELTING COSTSSmelting costs excluding amortisation of property, plant and equipmentconsist of the following principal categories:Labour 89,8 80,2Stores 161,6 117,3Utilities 97,0 83,8Sundry smelting costs 89,8 51,9Provision for restoration 0,3 0,1Provision for post-retirement medical aid 3,4 3,6441,9 336,92001 2000RmRm4. TREATMENT AND REFINING COSTSTreatment and refining costs excluding amortisation of property,plant and equipment consist of the following principal categories:Labour 240,2 220,3Stores 213,9 191,5Utilities 40,0 38,9Sundry treatment and refining charges 72,6 71,3Toll refining 78,4 72,0Provision for restoration 1,6 2,0Provision for post-retirement medical aid 7,3 3,9654,0 599,95. AMORTISATION OF OPERATING ASSETSAmortisation of mining property, plant and equipment consistsof the following categories:Mining 409,4 323,9Smelting 38,9 31,9Treatment and refining 47,7 37,5Decommissioning asset 2,8 2,5Note 14 498,8 395,86. OTHER COSTSOther costs consist of the following principal categories:Corporate costs 110,6 111,5Operations research 126,7 102,7Transport of metals 40,5 40,3Royalties paid 139,5 131,1Exploration 123,5 64,7Donations to educational and community development 67,2 33,0Special corporate projects 17,7 1,3Other 48,8 24,0674,5 508,67. OTHER NET INCOMEOther net income consists of the following principal categories:Foreign exchange gains 2 439,5 557,4Royalties received 3,3 14,2Other 9,9 21,92 452,7 593,5127

Notes to the Consolidated Financial Statements (continued)FOR THE YEAR ENDED 31 DECEMBER2001 2000RmRm8. NET PROFIT ON DISPOSAL OF MINERAL RIGHTSAND INVESTMENTSDisposal of mineral rights — 120,1Disposal of investments — 2,69. NET INVESTMENT INCOMENet investment income consists of the following principal categories:— 122,7Interest received 368,3 302,7Dividends received 1,2 3,9Growth in Platinum Producers’ Environmental Trust (Note 16) 5,6 4,6Transfer of time value of money adjustment to environmentalrehabilitation obligation (Note 25) (14,9) (8,8)Decommissioning (14,1) (5,6)Restoration (0,8) (3,2)Interest paid (19,9) (6,8)10. PROFIT BEFORE TAXATIONProfit before taxation is arrived at after taking account of:340,3 295,6Auditors’ remunerationAudit fees 2,5 2,0Other services 0,7 0,7Amortisation (Note 14) 498,8 395,8Depreciation (Note 14) 34,0 41,0Operating lease charges 11,6 8,9Profit on sale of plant and equipment 9,5 4,1Mining 8,5 —Non-mining 1,0 4,1Professional services 187,6 95,5Paid for services 245,5 160,5Less: capitalised (57,9) (65,0)2001 2000RmRm11. TAXATIONCurrent taxation 3 800,8 2 319,3Deferred taxation 508,0 613,1Taxation for the year 4 308,8 2 932,4Comprising:South African normal taxation 3 448,5 2 359,1Mining 3 186,7 2 260,7Non-mining 261,8 98,4Secondary tax on companies 746,8 228,3Foreign and withholding taxation 113,5 345,04 308,8 2 932,4A reconciliation of the standard rate of South African normaltaxation compared with that charged in the income statementis set out in the following table: % %South African normal taxation 30,0 30,0Secondary tax on companies 6,1 2,336,1 32,3Dividends received — (0,2)Foreign income (2,7) (4,2)State’s share of profit 0,1 2,0Capital profit — (0,5)Disallowed expenditure 0,2 0,1Other 1,2 0,3Effective taxation rate 34,9 29,8Unredeemed capital expenditure which is available for Rm Rmset-off against future taxable income from mining operations,is as follows:Rustenburg Platinum Mines Limited 771,0 —Secondary tax on companies due on proposed dividend 423,6 445,0128

Notes to the Consolidated Financial Statements (continued)FOR THE YEAR ENDED 31 DECEMBER2001 2000RmRm2001 2000RmRm12. EARNINGS PER SHAREThe calculation of attributable and headline earnings per share is basedon earnings of R8 019,8 million (2000: R6 918,0 millionand R6 795,3 million respectively) and a weighted average of216 966 112 (2000: 216 290 800) ordinary sharesin issue during the year.The calculation of diluted earnings per share, attributable (basic) andheadline, is based on earnings of R8 019,8 million (2000: R6 918,0 millionand R6 795,3 million respectively) and a diluted weighted averageof 220 514 838 (2000: 220 322 913) ordinary shares in issueduring the year.The basis for calculating the diluted weighted average ordinary sharesin issue is as follows:● The weighted number of ordinary shares in issue to which is added● The average number of ordinary options allocated in terms of theshare option scheme multiplied by the weighted average option pricedivided by the average annual price of the ordinary shares on theJSE Securities Exchange South Africa.13. DIVIDENDSDividends paid in cash were as follows:Dividend No. 94 918,4Adjustments in respect of dividend No. 94 resulting from sharesissued in terms of the Company’s share option scheme between31 December 1999 and the last day to register for dividend No. 94 0,4Dividend No. 95 1 538,6Dividend No. 96 and special dividend 3 689,2Adjustments in respect of dividend No. 96 resulting from sharesissued in terms of the Company’s share option scheme between31 December 2000 and the last day to register for dividend No. 96 5,1Dividend No. 97 2 393,16 087,4 2 457,414. PROPERTY, PLANT AND EQUIPMENTMINING (ANNEXURE A)Mining property, plant and equipment comprise expenditure on mineralrights, properties, shaft sinking, development, equipment, plant, buildings,decommissioning and mining projects, less recoupments.COSTOpening balance 7 878,0 6 237,2Transfer from capital work-in-progress (Note 15) 1 460,4 1 645,4Transfers 30,1 —Disposals (15,0) (10,9)Present value of future decommissioning expansion projects (Note 25) — 6,3Closing balance 9 353,5 7 878,0ACCUMULATED AMORTISATIONOpening balance 1 938,3 1 542,5Charge for the year (Notes 5 and 10) 498,8 395,8Disposals (2,6) —Closing balance 2 434,5 1 938,3Carrying amount – Mining (Annexure A) 6 919,0 5 939,7NON-MINING (ANNEXURE B)Non-mining property, plant and equipment comprise freehold land,plant and equipment, motor vehicles and office equipment.COSTOpening balance 230,8 202,7Additions at cost (Note 32) 57,8 62,3Transfers (40,1) —Disposals (24,6) (34,2)Closing balance 223,9 230,8ACCUMULATED DEPRECIATIONOpening balance 125,4 102,6Charge for the year (Note 10) 34,0 41,0Transfers (10,0) —Disposals (14,8) (18,2)Closing balance 134,6 125,4Carrying amount – Non-mining (Annexure B) 89,3 105,4Total carrying amount 7 008,3 6 045,1129

Notes to the Consolidated Financial Statements (continued)FOR THE YEAR ENDED 31 DECEMBER2001 2000RmRm15. CAPITAL WORK-IN-PROGRESSOpening balance 1 845,0 1 633,0Additions at cost (Note 32) 3 528,3 1 857,4Transfer to mining property, plant and equipment (Note 14) (1 460,4) (1 645,4)Closing balance 3 912,9 1 845,016. PLATINUM PRODUCERS’ ENVIRONMENTAL TRUSTOpening balance 53,3 39,4Contributions 10,6 9,3Growth in Platinum Producers’ Environmental Trust (Note 9) 5,6 4,6Closing balance (Note 25) 69,5 53,317. INVESTMENT IN ASSOCIATELISTED INVESTMENTAt 31 December 2001 the Group held 51 910 838 (2000: 51 724 380)shares in Northam Platinum Limited representing a 22,5% interest.The carrying value net of goodwill amounted to R265,7 million(2000: R277,1 million) with a market value ofR869,5 million (2000: R812,1 million).Carrying value – opening balance 277,1 —Cost of acquiring additional investment 2,4 229,4Net profit after taxation 107,8 108,6Income from associate 170,6 157,6Net profit before taxation 159,0 146,0Negative goodwill amortised 11,6 11,6Taxation (62,8) (49,0)Current (20,1) (8,1)Deferred (42,7) (40,9)Dividends received (121,6) (60,9)Carrying value – closing balance 265,7 277,1Unamortised negative goodwill 207,9 219,517. INVESTMENT IN ASSOCIATE (continued)The summarised pro forma financial statements of Northam PlatinumLimited for the year ended 31 December are outlined below:2001 2000RmRmINCOME STATEMENTGross sales revenue 1 480,5 1 373,6Net profit before taxation 706,9 656,8Taxation (279,7) (226,5)Net profit after taxation 427,2 430,3BALANCE SHEETNon-current assets 1 269,7 1 294,2Current assets 789,9 723,2Non-current liabilities 136,6 7,1Current liabilities 115,4 111,218. NON-CURRENT RECEIVABLEThe loan to Mvelaphanda Platinum (Proprietary) Limited issecured and repayable over 10 years. The outstanding amountbears interest, compounded monthly in arrears. 212,1 193,219. INVENTORIESThe amounts attributable to the different categoriesare as follows:Refined metals 472,7 549,8At cost 414,9 510,0At net realisable values 57,8 39,8Work-in-process at cost 624,3 592,3Total metal inventories 1 097,0 1 142,1Stores and materials at cost 229,4 208,71 326,4 1 350,8130

Notes to the Consolidated Financial Statements (continued)FOR THE YEAR ENDED 31 DECEMBER2001 2000RmRm20. ACCOUNTS RECEIVABLETrade accounts receivable 1 443,7 1 265,6Related parties (Note 29) 143,8 0,1Other 1 299,9 1 265,5Other receivables and prepaid expenses 503,1 349,91 946,8 1 615,521. CASH AND CASH EQUIVALENTSCash and cash equivalents consist of cash on hand, balanceswith banks and money-market instruments. 5 786,4 6 122,82001 2000RmRm24. DEFERRED TAXATIONDeferred taxation liability is attributable to temporary differencesrelating to:Deferred taxation liabilities 2 911,4 2 307,5Mining property, plant and equipment 2 896,4 2 297,2Prepaid expenses 15,0 10,3Deferred taxation assets (349,1) (210,5)Intangible asset (142,3) —Provision for post-retirement medical aid benefits (65,6) (87,1)Provision for leave pay (93,4) (81,0)Other (47,8) (42,4)Note 28 2 562,3 2 097,022. SHARE CAPITALAuthorised400 000 000 Ordinary shares of 10 cents each 40,0 40,0Issued217 012 301 Ordinary shares of 10 cents each as at 1 January 21,7 21,6985 238 Issued in terms of the share option scheme 0,1 0,1(3 901 667) Own shares purchased (0,4)214 095 872 Balance as at 31 December 21,4 21,7The unissued ordinary shares are under the control of the Directorsuntil the forthcoming Annual General Meeting.23. BORROWINGSTen-year variable rate facility (unsecured) — 33,9Redeemed 31 December 2001Less : short-term portion transferred to current liabilities (Note 27) — (14,6)— 19,325. ENVIRONMENTAL REHABILITATION OBLIGATIONPROVISION FOR DECOMMISSIONING (Note 28) 113,4 99,3Opening balance 99,3 87,4Movement for the year 14,1 11,9Present value of decommissioning of expansion projects (Note 14) — 6,3Charged to net investment income (Note 9) 14,1 5,6PROVISION FOR RESTORATION (Note 28) 60,9 49,5Opening balance 49,5 40,5Movement for the year 11,4 9,0Present value of increase in restoration obligation chargedto income statement 10,6 5,8Charged to net investment income (Note 9) 0,8 3,2ENVIRONMENTAL REHABILITATION OBLIGATION BEFORE FUNDING 174,3 148,8Less: Platinum Producers’ Environmental Trust (Note 16) 69,5 53,3NET ENVIRONMENTAL REHABILITATION OBLIGATION 104,8 95,5Future value of decommissioning obligation 706,3 666,3Future value of restoration obligation 155,6 82,6131

Notes to the Consolidated Financial Statements (continued)FOR THE YEAR ENDED 31 DECEMBER2001 2000RmRm26. EMPLOYEES’ SERVICE BENEFITSProvision for post-retirement medical aid benefits (Note 28) 218,5 290,2Provision for leave pay (Note 28) 311,2 269,9529,7 560,127. ACCOUNTS PAYABLETrade accounts 498,3 362,7Related parties (Note 29) 5,9 —Other 492,4 362,7Short-term portion of borrowings (Note 23) — 14,6Other payables and accrued expenses 1 233,3 769,628. PROVISIONS1 731,6 1 146,9Environmentalrehabilitation – Environmental Postdecommis-rehabilitation – retirementDeferred sioning restoration medical aidtaxation obligation obligation benefits Leave payRm Rm Rm Rm RmNote 24 Note 25 Note 25 Note 26 Note 26Balance as at31 December 1999 1 524,8 87,4 40,5 254,0 227,8Utilised during the year — — — (31,0) (272,6)Provided during the year 572,2 11,9 9,0 67,2 314,7Balance as at31 December 2000 2 097,0 99,3 49,5 290,2 269,9Utilised during the year — — — (102,3) (246,8)Provided during the year 465,3 14,1 11,4 30,6 288,1Balance as at31 December 2001 2 562,3 113,4 60,9 218,5 311,229. RELATED PARTY TRANSACTIONSThe Company and its subsidiaries, in the ordinary course of business, enter into various sales, purchase and servicetransactions with its ultimate holding company, Anglo American plc, its subsidiaries, joint ventures andassociates. These transactions are concluded at arms length. Material related party transactions were as follows:Sale of goods Purchase of goods Amount owed Amount owedfor the year ended for the year ended by related parties to related parties31 December 31 December as at 31 December as at 31 December2001 2000 2001 2000 2001 2000 2001 2000Rm Rm Rm Rm Rm Rm Rm Rm578,8 581,4 161,7 208,4 143,8 0,1 5,9 —Note 20 Note 20 Note 27 Note 27Directors:Details relating to Directors’ emoluments and shareholdings in the Company are disclosed in the Report onDirectors’ Emoluments.Shareholders:The principal shareholders of the Company are detailed in note 39 “Analysis of shareholders”.2001 2000RmRm30. RECONCILIATION OF PROFIT BEFORE TAXATIONTO CASH FROM OPERATIONSProfit before taxation 12 328,6 9 850,4Adjustments for:Dividends received (1,2) (3,9)Interest received (368,3) (302,7)Growth in Platinum Producers’ Environmental Trust (5,6) (4,6)Interest paid 19,9 6,8Amortisation and depreciation of property, plant and equipment 532,8 436,8Profit on sale of plant and equipment (9,5) (4,1)Net profit on disposal of mineral rights and investments — (122,7)Income from associate (170,6) (157,6)12 326,1 9 698,4MOVEMENT IN NON-CURRENT ITEMS (40,0) (114,2)(Decrease)/increase in employees’ service benefits (30,4) 78,3Addition to decommissioning asset — (6,3)Increase in Platinum Producers’ Environmental Trust (16,2) (13,9)Increase in non-current receivable (18,9) (193,2)Increase in provision for environmental rehabilitation obligation 25,5 20,9WORKING CAPITAL CHANGES 292,4 (669,0)Decrease/(increase) in metal inventories 45,1 (100,0)Increase in stores and materials (20,7) (22,1)Increase in accounts receivable (331,3) (854,1)Increase in accounts payable 599,3 307,212 578,5 8 915,2132

Notes to the Consolidated Financial Statements (continued)FOR THE YEAR ENDED 31 DECEMBER2001 2000RmRm31. TAXATION PAIDAmount unpaid at beginning of year 1 816,6 468,1Current taxation provided 3 780,7 2 311,2Amount unpaid at end of year (3 008,6) (1 816,6)Payments made 2 588,7 962,732. PURCHASE OF PROPERTY, PLANT AND EQUIPMENTAdditions to mining capital work-in-progress (Note 15) 3 528,3 1 857,4Additions to non-mining property, plant and equipment (Note 14) 57,8 62,33 586,1 1 919,733. SEGMENTAL INFORMATIONThe Group is primarily a PGM producer operating geographicallyin South Africa. All other metals produced result from thesame indistinguishable process from which PGMsare produced.The segmental analysis of gross sales revenue is outlined below:Platinum 9 361,3 7 131,6Palladium 5 176,5 4 560,6Rhodium 2 546,5 2 645,4Nickel 990,5 1 105,4Other 616,1 742,6Gross sales revenue (Note 1) 18 690,9 16 185,614%28%5%20013%50%16%7%28%20005%44%PlatinumPalladiumRhodiumNickelOther2001 2000RmRm34. COMMITMENTSMining property, plant and equipmentContracted for 1 849,0 486,3Not yet contracted for 9 591,7 3 494,0Authorised by the Directors 11 440,7 3 980,3Allocated for:Expansion of capacity 9 345,0 3 040,4– within current financial year 2 987,9 1 623,1– thereafter 6 357,1 1 417,3Maintenance of capacity 2 095,7 939,9– within current financial year 1 073,6 421,0– thereafter 1 022,1 518,9OtherOperating lease rentals – premises 50,6 54,4– due within current financial year 13,4 10,3– due within two to five years 37,2 44,1Information Technology Outsource Service Providers 209,6 259,5– due within current financial year 56,0 58,6– due within two to five years 137,7 156,4– thereafter 15,9 44,5These commitments will be funded from existing cash resources,future cash flows and borrowings.35. CONTINGENT LIABILITIESGuarantees and suretyshipsLoans granted to employees in respect of housing loans 5,2 5,6Environmental obligations in respect of uncommissioned expansion projects 1,3 1,1Letters of comfort have been issued to financial institutions to cover certain banking facilities. There are noencumbrances of Group assets.Standard Corporate and Merchant Bank holds a put option against the Group in respect of and to the extent thatfinance was provided to Mvelaphanda Platinum (Proprietary) Limited (Mvela) for the acquisition of certain NorthamPlatinum Limited (Northam) shares. The Group holds a concomitant call option against Mvela. A potential liabilitymay arise in the event that the share price of the underlying Northam shares, held as security by the Group, reducesby more than 50%.BoE Merchant Bank, a division of BoE Limited, has granted ARM Mining Consortium Limited (ARM) an interimloan facility in respect of the anticipated Maandagshoek joint venture pending the joint venture parties meetingcertain suspensive conditions. The Group has supplied BoE Merchant Bank with a guarantee in respect of the interimloan facility amounting to R750 million. As at 31 December 2001 the Group’s exposure in respect of the facilitywas R327,7 million. On meeting the suspensive conditions, the interim loan facility and guarantee will be cancelledand replaced with project finance to ARM independently of the Group.133

Notes to the Consolidated Financial Statements (continued)FOR THE YEAR ENDED 31 DECEMBER2001 2000 36. EMPLOYEE BENEFITS (continued)36. EMPLOYEE BENEFITSNUMBER OF PERMANENT EMPLOYEESMining 39 274 39 539– At work 33 840 33 356– On leave, in training and on capital projects 5 434 6 183Process 1 617 1 691Shared services 112 99Central office 158 218– Operations office 76 119– Corporate office 82 99Total Group employees at 31 December 41 161 41 547AGGREGATE EARNINGSThe aggregate earnings of employees including Directors were:Salaries and wages and other benefits 3 235,0 2 684,4Retirement benefit costs 248,1 230,2Medical aid contributions 47,8 55,1DIRECTORS’ EMOLUMENTSRmRm3 530,9 2 969,7Remuneration as executives– Fees 0,2 0,2– Salaries, benefits, performance-related bonuses andother emoluments 15,6 15,4Remuneration as non-executives– Fees 0,2 0,2– Other emoluments 0,1 0,116,1 15,9Profit on share options exercised 34,5 39,0Directors’ remuneration is fully disclosed in the Report onDirectors’ Emoluments.TERMINATION BENEFITSRetrenchment benefits paid and expensed 5,5 24,6EQUITY COMPENSATION BENEFITSThe Directors’ Report sets out details of the Company’s Share Option Scheme and Annexure C provides details ofshare options issued and exercised during the year by participants. The details pertaining to share options issuedand exercised during the year by Directors are disclosed in the Report on Directors’ Emoluments.RETIREMENT FUNDSSeparate funds, independent of the Group, provide retirement and other benefits to all employees. These fundsconsist of defined contribution plans and a defined benefit plan. All funds are subject to the Pension Funds Act,1956. The Anglo Platinum Officials Pension Fund, the Anglo Platinum Employees Pension Fund and the MRRPension Fund are in the process of being wound up, whereupon the administration of pensioners will beoutsourced and active members will be transferred to an appropriate retirement fund.Defined contribution plansContributions are made to the following defined contribution plans:Number of Number of Employer Market valuemembers* pensioners contributions of fund assets2001 Rm RmAnglo Platinum Retirement Fund† 418 18,2 216,2Anglo Platinum MinesRetirement Fund† 4 581 82,2 933,7MRR Retirement Fund† 742 9,2 202,0Anglo Platinum GroupProvident Fund 35 454 76,5 635,5Anglo Platinum OfficialsPension Fund 23 1 376 0,1 587,6Anglo Platinum EmployeesPension Fund 11 15 0,6 253,041 229 1 391 186,8 2 828,02000Anglo Platinum Retirement Fund† 379 13,6 140,2Anglo Platinum Mines Retirement Fund† 4 116 60,8 559,7MRR Retirement Fund† 758 8,5 152,6Anglo Platinum Group Provident Fund 35 249 61,0 531,3Anglo Platinum Officials Pension Fund 30 1 396 0,6 597,4Anglo Platinum Employees Pension Fund 44 1 261 0,5 402,340 576 2 657 145,0 2 383,5*Certain members are not in the employ of the Group and some employees are members of funds not under the control ofthe Group. Certain members are members of more than one fund.†With effect from 1 July 1999, the above funds have provided their members with the choice of selecting an appropriateinvestment risk profile that best suits their individual needs. These funds currently offer the following categories ofinvestment portfolios:● aggressive growth;● balanced growth;● conservative growth; and● a specialist portfolio.The specialist portfolio consists of a fully vested guaranteed product, a money market fund and an offshore fund.Two multi-asset managers manage the investment portfolios.In addition to the multi-asset managers, six professional asset managers from the asset management industrymanage the benefit funds’ investments.134

Notes to the Consolidated Financial Statements (continued)FOR THE YEAR ENDED 31 DECEMBER36. EMPLOYEE BENEFITS (continued)Defined benefit planThe MRR Pension Fund requires actuarial valuation every three years by an independent firm of consultingactuaries. The fund was last valued as at 31 December 2000 and, where appropriate, comparative figures havebeen restated. In pursuance of winding up, the Fund assets have been liquidated and now reside in moneymarket portfolios in compliance with Regulation 28 of the Pension Funds Act, 1956. The valuation of the fundas at 31 December 2001, after taking into account the winding up, determined the actuarial liability for theremaining pensioners and members, and the fair value of the assets of the fund, using the projected unit creditmethod. The following principal actuarial assumptions were applied:31 December 31 December2001 2000ACTUARIAL ASSUMPTIONSAnnual discount rate 11,0% 11,8%Expected return on plan investments (per annum) 9,0% 13,0%Salary escalation rate (per annum) 8,5% 9,3%Annual pension increases 5,7% 7,5%MEMBERSHIPMembership of the MRR Pension Fund was as follows:Active members 36 41Deferred members 31 31Pensioners 15 205FUND STATUS Rm RmThe provisional funded status of the MRR Pension Fundwas as follows:Fair value of plan assets 37,7 153,0Domestic equities — 87,4Foreign equities — 31,1Domestic fixed interest — 16,3Foreign fixed interest — 7,6Property — 2,1Cash 37,7 8,5Present value of funded obligation 37,7 115,7Net asset — 37,3Cumulative unrecognised actuarial gains 17,5 4,0Cumulative pre-paid pension cost 17,5 41,3The impact of South African pension funds legislation recently promulgated in respect of pension fund surpluseshas as yet not fully been assessed and as a consequence the surplus in the fund has not been recognised as anasset.36. EMPLOYEE BENEFITS (continued)PENSION COST2001 2000RmRmCurrent service cost 1,8 1,3Interest cost 6,5 16,0Expected returns on plan assets (12,0) (23,1)Settlements 22,0 —Pension cost 18,3 (5,8)Employer contributions 0,8 0,8Post-retirement medical aid benefitsThe post-retirement medical aid obligation is actuarially valued every three years by an independent firm ofconsulting actuaries. The obligation was last valued as at 30 June 2000 and revised as at 31 December 2000and 31 December 2001 respectively using the projected unit credit method. The assumptions used in thevaluation included estimates of life expectancy and long-term estimates of the increase in medical costs,appropriate discount rates and the level of claims based on the Group’s experiences.Subsequent to the actuarial valuation as at 30 June 2000, the Group established its own Health MaintenanceOrganisation (HMO), which will provide post-retirement medical aid to its employees. The HMO will providehigh-quality health care services to retirees resulting in a reduction in cost. Being a closed operation, externalinflationary pressures are therefore expected to reduce. Certain groups of employees at various businessunits are participating in the HMO with effect from 1 January 2001, resulting in a decrease of R102,3 million(2000: R31,0 million) in the provision for post-retirement medical aid benefits.In the revised valuation of the independent actuaries as at 31 December 2001 and 31 December 2000 theeffect of the HMO was taken into account and the actuarial liability was determined at R218,5 million(Note 28) and R290,2 million respectively. The net decrease in the provision for the year amounted toR71,7 million (Note 28) (net increase for the year ended 31 December 2000 amounted to R36,2 million).2001 2000The principal actuarial assumptions used were as follows:Discount rate 15,0% 15,0%Health care cost trend 12,0% 12,0%Expected return on plan assets 15,0% 15,0%MembershipIn-service members 6 232 6 232Continuation members 1 182 1 182Fund statusFair value of plan assets (32,3) (19,1)Present value of obligations 250,8 309,3Unfunded liability (Note 28) 218,5 290,2RmRm135

Notes to the Consolidated Financial Statements (continued)FOR THE YEAR ENDED 31 DECEMBER37. RISK MANAGEMENTThe Group does not trade in financial instruments but, in the normal course of its operations, the Group is exposedto currency, metal price, investment, credit and liquidity risk. In order to manage these risks, the Group may enterinto transactions that make use of financial instruments. The Group has developed a comprehensive riskmanagement process to facilitate, control, and monitor these risks. This process includes formal documentationof policies, including limits, controls and reporting structures.CONTROLLING RISK IN THE GROUPThe Executive Committee and the risk sub-committee are responsible for risk management activities within theGroup. Overall limits have been set by the Board. The Executive Committee is responsible for setting individuallimits. In order to ensure adherence to these limits, activities are marked to market on a daily basis and reportedto the Group Treasurer. The risk sub-committee, composed of marketing and treasury executives, meets weeklyto review market trends and develop strategies that are submitted for Executive Committee approval. The treasuryis responsible for managing investment, currency and liquidity risk within the limits and constraints set by theBoard. The marketing department is responsible for managing metal price risk, again within the limits andconstraints set by the Board.CURRENCY RISKThe Group operates in the global business environment and many transactions are priced in a currency otherthan South African rand. Accordingly, the Group is exposed to the risk of fluctuating exchange rates and seeksto actively manage this exposure through the use of financial instruments. These instruments typically compriseforward exchange contracts and options. Forward contracts are the primary instruments used to managecurrency risk and require a future purchase or sale of foreign currency at a specified price.Current policy prevents the use of option contracts without Executive Committee approval. Options provide theGroup with the right but not the obligation to purchase (or sell) foreign currency at a pre-determined price, onor before a future date. Few contracts of this nature were entered into during the year, and none were inexistence at year end.FORWARD EXCHANGE CONTRACTS2001Principal of forward exchange contracts(i.e. nominal amount in ZAR)Maturing withinCurrency twelve months Average ratesRmPurchases Sales Purchases SalesUnited States dollar 67,2 187,6 9,9644 12,5081Japanese yen 0,3 0,0810Euro 152,7 8,3435British pound 0,9 11,8393Australian dollar 15,6 4,2224Canadian dollar 22,0 5,6799Total 258,7 187,637. RISK MANAGEMENT (continued)2000Principal of forward exchange contracts(i.e. nominal amount in ZAR)Maturing withinCurrency twelve months Average ratesRmPurchases Sales Purchases SalesUnited States dollar 18,9 76,1 6,2794 7,6122Italian lire 3,9 0,0038Japanese yen 104,4 0,0745Deutschmark 0,4 3,5251Euro 154,0 6,7463British pound 5,3 11,4277Australian dollar 25,7 4,1754Canadian dollar 0,2 5,0125Total 312,8 76,1METAL PRICE RISKMetal price risk arises from the risk of an adverse effect on current or future earnings resulting from fluctuationsin metal prices. The ability to place forward contracts is restricted owing to the limited size of the financial marketin platinum group metals. Nonetheless, the Group places contracts where opportunities present themselveswhereby management seeks to increase/reduce the exposure to metal price fluctuations. Historically, managementhas made use of forward contracts to manage this exposure. Forward contracts enable the Group to obtain apre-determined price for delivery at a future date.INVESTMENT AND LIQUIDITY RISKThere were no interest rate sensitive liabilities at year end. Fluctuations in interest rates impact on the value ofshort-term cash investments, giving rise to interest rate risk. Other than ensuring optimum money market ratesfor deposits, the Group does not make use of financial instruments to manage this risk. Formal policies,procedures and limits have been put in place for derivative instruments.Amount as at Rates as at Amount as at Rates as atPeriod (days) 31 December 31 December 31 December 31 Decemberless than 2001 2001 2000 2000Rm % Rm %30 5 786,4 9,33 4 094,1 10,3560 — — 1 139,6 10,4890 — — 889,1 10,48Total 5 786,4 6 122,8Liquidity risk is the risk that the Group will be unable to meet a financial commitment in any location or currency.This risk is minimised through the holdings of cash balances and banking facilities. In addition, detailed cash flowsare regularly prepared and reviewed by treasury. The cash needs of the Group are managed according to itsrequirements.136

Notes to the Consolidated Financial Statements (continued)FOR THE YEAR ENDED 31 DECEMBER37. RISK MANAGEMENT (continued)CREDIT RISKCredit risk arises from the possibility that a counterparty may default or not meet its obligations timeously.The Group minimises credit risk by ensuring that counterparties are banking institutions of the highest quality.Where possible, management ensures that netting agreements are in place. Counterparty limits are reviewedannually by the Executive Committee.Trade accounts receivable involve a small group of international companies. The financial condition of thesecompanies and the countries they operate in are regularly reviewed.FAIR VALUE OF FINANCIAL INSTRUMENTSCarrying amountFair valueas at 31 Decemberas at 31 DecemberType of instrument 2001 2000 2001 2000Rm Rm Rm RmNon-current receivables 212,1 193,2 212,1 193,2Cash and cash equivalents 5 786,4 6 122,8 5 786,4 6 122,8Accounts receivable 1 946,8 1 615,5 1 946,8 1 615,5Borrowings — 19,3 — 19,3Accounts payable 1 731,6 1 146,9 1 731,6 1 146,9Forward exchangecontracts:Purchases 339,2 305,1 339,2 305,1Sales 193,3 76,6 193,3 76,6Cash and cash equivalents, accounts receivable and accounts payable:The carrying amounts approximate fair value because of the short maturity of these instruments.Forward exchange contracts:Forward contracts are valued using a forward curve generated by market rates at year end.39. ANALYSIS OF SHAREHOLDERSAn analysis of the share register at year end showed the following:2001 2000Number of Percentage of Number of Percentage ofSIZE OF SHAREHOLDING shareholders issued capital shareholders issued capital1 – 1 000 9 380 0,66 6 491 0,421 001 – 10 000 1 181 1,69 563 0,7010 001 – 50 000 329 3,35 53 0,5250 001 – 100 000 71 2,32 4 0,11100 001 – 1 000 000 103 6,65 25 3,861 000 001 and over 18 85,33 12 94,39CATEGORY OF SHAREHOLDER11 082 100,00 7 148 100,00Companies 222 59,77 167 50,71Individuals 10 031 12,10 6 688 1,18Pension and provident funds 108 1,66 9 0,01Insurance companies 103 7,81 9 4,60Bank, nominee and finance companies 436 15,59 165 43,42Trust funds and investment companies 144 2,71 92 0,07Other corporate bodies 38 0,36 18 0,0111 082 100,00 7 148 100,002001 200038. EXCHANGE RATES TO SOUTH AFRICAN RANDYear-end rates:US dollar 11,9610 7,5750British pound 17,3978 11,3148Japanese yen 0,0908 0,0661Average rates for the year:US dollar 8,6182 6,9145British pound 12,4092 10,4677Japanese yen 0,0709 0,0641SHAREHOLDER SPREADPublic shareholders 11 075 41,63 7 133 49,81Non-public shareholders– Directors 6 0,00 14 0,01– Persons interested, directly or indirectly,in 10% or more 1 58,37 1 50,1811 082 100,00 7 148 100,00137

Notes to the Consolidated Financial Statements (continued)FOR THE YEAR ENDED 31 DECEMBER39. ANALYSIS OF SHAREHOLDERS (continued)MAJOR SHAREHOLDERSAccording to the Company’s share register at year end, the following shareholders held shares equal to or in excessof 5% of the issued ordinary share capital of the Company:2001 2000NumberNumberof shares Percentage of shares PercentageAnglo South Africa Capital(Proprietary) Limited 124 961 705 58,37 108 890 928 50,18First National Nominees(Proprietary) Limited 10 160 089 4,75 11 939 573 5,5Nedcor Bank Nominees(Proprietary) Limited 16 017 527 7,48 13 177 800 6,07Standard Bank Nominees (Transvaal)(Proprietary) Limited 36 553 105 17,07 47 670 845 21,97PRINCIPAL CORPORATE SHAREHOLDERAnglo South Africa Capital(Proprietary) Limited 124 961 705 58,37 108 890 928 50,18SECTION 140A (8) (a) DISCLOSUREAn analysis of shareholders (in terms of Section 140A(8)(a) of the Companies Act) revealed that, other thanAnglo South Africa Capital (Proprietary) Limited referred to above, no other individual shareholder beneficiallyheld 5% or more of the Company’s issued share capital. However, the following non-resident nominee companyheld 5% or more of the issued share capital:Old Mutual plc – 18 263 743 shares (8,53%).GEOGRAPHICAL ANALYSIS OF SHAREHOLDERSAs far as the Company is aware, resident shareholders held 149 683 728 shares (69,92%) (2000: 51,15%) andnon-resident shareholders held 64 412 144 shares (30,08%) (2000: 48,85%) of the Company’s issued sharecapital of 214 095 872 shares at 31 December 2001 (31 December 2000: 217 012 301).40. HYPERINFLATION REPORTINGThe financial statements have not been restated to a current cost basis as the Group does not operate in ahyperinflationary economy. Economic statistics relating to increases are as follows:2001 2000Headline consumer price inflation rate 5,73% 5,32%Core consumer price inflation rate 7,29% 8,31%Producer price inflation rate 8,54% 9,13%41. COMPARATIVE FIGURESWhere appropriate, comparative figures have been restated to facilitate improved disclosure.ANNEXURE AMINING PROPERTY, PLANT AND EQUIPMENT31 December 2001 31 December 2000Accumulated Carrying Accumulated CarryingCost amortisation amount Cost amortisation amountRm Rm Rm Rm Rm RmOwned assetsMining developmentand infrastructure 2 789,8 641,7 2 148,1 2 312,3 511,8 1 800,5Plant and equipment 5 840,1 1 605,4 4 234,7 4 967,6 1 272,4 3 695,2Motor vehicles 515,1 143,6 371,5 433,8 123,4 310,4Office furnitureand equipment 127,7 36,1 91,6 83,5 25,8 57,79 272,7 2 426,8 6 845,9 7 797,2 1 933,4 5 863,8Decommissioning asset 80,8 7,7 73,1 80,8 4,9 75,9Note 14 9 353,5 2 434,5 6 919,0 7 878,0 1 938,3 5 939,7The carrying amount of mining assets can be reconciled as follows:Carryingamount atCarryingbeginningamount atof year Additions Transfers Disposals Amortisation end of yearRm Rm Rm Rm Rm RmOwned assetsMining developmentand infrastructure 1 800,5 477,5 — — (129,9) 2 148,1Plant and equipment 3 695,2 872,5 — — (333,0) 4 234,7Motor vehicles 310,4 51,7 30,1 (0,5) (20,2) 371,5Office furnitureand equipment 57,7 58,7 — (11,9) (12,9) 91,65 863,8 1 460,4 30,1 (12,4) (496,0) 6 845,9Decommissioning asset 75,9 — — — (2,8) 73,1Note 14 5 939,7 1 460,4 30,1 (12,4) (498,8) 6 919,0138

Notes to the Consolidated Financial Statements (continued)FOR THE YEAR ENDED 31 DECEMBERANNEXURE BNON-MINING PROPERTY, PLANT AND EQUIPMENT31 December 2001 31 December 2000Accumulated Carrying Accumulated CarryingCost depreciation amount Cost depreciation amountRm Rm Rm Rm Rm RmOwned assetsFreehold land 5,5 — 5,5 5,5 — 5,5Plant and equipment 69,6 48,8 20,8 58,5 40,7 17,8Motor vehicles 33,8 12,3 21,5 72,4 22,2 50,2Office furnitureand equipment 115,0 73,5 41,5 94,4 62,5 31,9Note 14 223,9 134,6 89,3 230,8 125,4 105,4The carrying amount of non-mining assets can be reconciled as follows:Carryingamount atCarryingbeginningamount atof year Additions Transfers Disposals Depreciation end of yearRm Rm Rm Rm Rm RmOwned assetsFreehold land 5,5 — — — — 5,5Plant and equipment 17,8 11,3 — — (8,3) 20,8Motor vehicles 50,2 19,5 (30,1) (8,6) (9,5) 21,5Office furnitureand equipment 31,9 27,0 — (1,2) (16,2) 41,5Note 14 105,4 57,8 (30,1) (9,8) (34,0) 89,3ANNEXURE CEQUITY COMPENSATION BENEFITSAnglo Platinum Share Option Scheme2001 2000EmployeesEmployeesDirectors and others (1) Total Directors and others (1) TotalOUTSTANDINGSHARE OPTIONSAS AT 1 JANUARY 633 903 3 528 996 4 162 899 741 811 3 582 259 4 324 070Number of shareoptions allocated 13 934 136 290 150 224 94 690 704 459 799 149Number of shareoptions exercised (109 681) (875 557) (985 238) (132 080) (793 749) (925 829)Number of shareoptions lapsed — (41 858) (41 858) — (34 491) (34 491)Net re-allocationof share options (2) (105 834) 105 834 — (70 518) 70 518 —OUTSTANDINGSHARE OPTIONSAS AT 31 DECEMBER 432 322 2 853 705 3 286 027 633 903 3 528 996 4 162 899Number of shareoptions allocatedduring the year: 13 934 136 290 150 224 94 690 704 459 799 149Expiry date 2 011 2 011 2 011 2 010 2 010 2 010Allocation priceper share (R) 264,10– 264,10– 264,10– 163, 00– 163,00– 163,00–289,60 414,75 414,75 204,70 319,20 319,20Proceeds shouldshares be issued (Rm) 3,8 43,3 47,1 16,7 160,3 177,0Number of sharesexercised 109 681 875 557 985 238 132 080 793 749 925 829Allocation priceper share (R) 60,33– 29,93– 29,93– 29,93– 29,46– 29,46–138,40 184,00 184,00 70,20 204,70 204,70Exercise priceper share (R) 299,80– 268,00– 268,00– 187,00– 157,20– 157,20–412,00 450,00 450,00 329,00 370,00 370,00Aggregate issueproceeds (Rm) 8,0 62,8 70,8 8,5 48,7 57,2(1)Consists of employees of the Company, Western Areas Limited and Johnnic Holdings Limited.(2)Net re-allocations relate to the appointment and resignation during the year of Executive Directors and their Alternates.139

Notes to the Consolidated Financial Statements (continued)FOR THE YEAR ENDED 31 DECEMBERANNEXURE CEQUITY COMPENSATION BENEFITS (continued)Terms of the options outstanding as at 31 DecemberEXPIRY DATEAllocation31 DecemberPrice 2001 2000R Number Number31 December 2001 32,48 — 7 36031 December 2002 29,93 – 35,98 49 516 103 26231 December 2003 35,35 – 42,02 11 708 17 00831 December 2004 55,09 – 67,50 49 126 94 67031 December 2005 29,93 – 61,96 51 288 73 27131 December 2006 44,57 – 71,00 125 925 292 96331 December 2007 60,59 – 81,52 348 362 579 56531 December 2008 62,40 – 91,70 1 007 670 1 374 09331 December 2009 80,80 – 184,00 735 725 851 51431 December 2010 163,00 – 319,20 759 275 769 19331 December 2011 264,10 – 414,75 147 432 —Options are exercisable as follows:20% – 2 years after allocation40% – 3 years after allocation60% – 4 years after allocation100% – 5 years after allocation3 286 027 4 162 899Subject to certain circumstances, which include, inter alia, the retrenchment or death of a participant, each option grantedwill remain in force for a period of ten years from the date of the granting of such option. Where employees retire, optionsvest on date of retirement.APPENDIX 1Anglo American Platinum Corporation LimitedIncome StatementFOR THE YEAR ENDED 31 DECEMBER2001 2000Notes Rm RmLoss before other expenditure 1 (2,8) (0,4)Other (expenditure)/ income 2 (29,4) 4,0OPERATING (LOSS)/PROFIT (32,2) 3,6Net investment income 3 6 572,0 4 033,5PROFIT BEFORE TAXATION 6 539,8 4 037,1Taxation 4 827,0 193,9NET PROFIT ATTRIBUTABLE TO ORDINARY SHAREHOLDERS 5 712,8 3 843,2Anglo American Platinum Corporation LimitedBalance SheetAS AT 31 DECEMBERASSETS2001 2000Notes Rm RmNON-CURRENT ASSETSInvestments 6 4 290,3 4 290,3CURRENT ASSETS 18,2 362,3Accounts receivable 7 16,4 330,6Cash and cash equivalents 8 1,8 31,7TOTAL ASSETS 4 308,5 4 652,6EQUITY AND LIABILITIESSHARE CAPITAL AND RESERVESShare capital 9 21,6 21,7Share premium 1 203,6 1 836,4Non-distributable reserve 10 518,4 518,4Accumulated profits before proposed dividends 1 627,7 2 002,3Accumulated profits after proposed dividendsand secondary tax on companies 33,1 1 520,9Proposed dividends receivable from subsidiaries (2 253,0) (3 652,8)Proposed ordinary dividend payable 2 354,0 2 387,1Proposed special dividend payable 1 070,0 1 302,1Secondary tax on companies in respect of proposed dividends 423,6 445,0SHAREHOLDERS’ EQUITY 3 371,3 4 378,8CURRENT LIABILITIES 937,2 273,8Accounts payable 11 130,5 80,7Taxation 806,7 193,1TOTAL EQUITY AND LIABILITIES 4 308,5 4 652,6140

APPENDIX 1 (continued)Anglo American Platinum Corporation LimitedStatement of Changes in Shareholders’ EquityNon-Share Share distributable Accumulatedcapital premium reserve profits TotalRm Rm Rm Rm RmBALANCE AS AT31 DECEMBER 1999 21,6 1 779,3 518,4 616,5 2 935,8Net profit attributable toordinary shareholders 3 843,2 3 843,2Dividends paid in cash (Note 5) (2 457,4) (2 457,4)Share capital issued 0,1 57,1 57,2BALANCE AS AT31 DECEMBER 2000 21,7 1 836,4 518,4 2 002,3 4 378,8Net profit attributable toordinary shareholders 5 712,8 5 712,8Dividends paid in cash (Note 5) (6 087,4) (6 087,4)Share capital issued 0,1 70,7 70,8Repurchase of ordinary shares (0,2) (703,5) (703,7)Anglo American Platinum Corporation LimitedNotes to the Financial StatementsFOR THE YEAR ENDED 31 DECEMBER2001 2000RmRm1. LOSS BEFORE OTHER EXPENDITURELoss before other expenditure includes:Directors’ emoluments (0,4) (0,4)Remuneration as Executives (0,2) (0,2)Remuneration as Non-Executives (0,2) (0,2)2. OTHER (EXPENDITURE)/INCOMEOther (expenditure)/income consists of the following principal categories:(Loss)/gain on foreign exchange transactions (29,4) 4,6Other — (0,6)2 228 267 shares at cost (cancelled) (0,2) (701,4) (701,6)Associated expenditure (2,1) (2,1)BALANCE AS AT31 DECEMBER 2001 21,6 1 203,6 518,4 1 627,7 3 371,33. NET INVESTMENT INCOMENet investment income consists of the following principal categories:(29,4) 4,0Anglo American Platinum Corporation LimitedCash Flow StatementFOR THE YEAR ENDED 31 DECEMBER2001 2000Notes Rm RmCASH FLOWS FROM OPERATING ACTIVITIESCash from operations 12 331,8 294,7Taxation paid 13 (213,4) (0,1)Net cash from operating activities 118,4 294,6CASH FLOWS FROM INVESTING ACTIVITIESOther investments acquired — (3,9)Interest received 2,3 7,4Dividends received 6 569,7 2 128,0Net cash from investing activities 6 572,0 2 131,5CASH FLOWS USED IN FINANCING ACTIVITIESProceeds from issuance of share capital 0,1 0,1Increase in share premium 70,7 57,1Own shares purchased (703,7)Dividends paid 5 (6 087,4) (2 457,4)Net cash used in financing activities (6 720,3) (2 400,2)Net (decrease)/increase in cash and cash equivalents (29,9) 25,9Cash and cash equivalents at beginning of year 31,7 5,8Cash and cash equivalents at end of year 8 1,8 31,7Interest received 2,3 7,4Dividends received 6 569,7 4 026,14. TAXATION6 572,0 4 033,5Current taxation for the year 827,0 193,9Comprising:South African normal taxation 765,9 48,0Secondary tax on companies 61,1 —Foreign and withholding taxation — 145,9827,0 193,9A reconciliation of the standard rate of South African normaltaxation compared with that charged in the income statementis set out in the following table: % %South African normal taxation 30,0 30,0Secondary tax on companies 1,0 —31,0 30,0Dividends received (27,7) (25,2)Foreign income 9,3 —Effective taxation rate 12,6 4,8141

APPENDIX 1 (continued)Anglo American Platinum Corporation LimitedNotes to the Financial Statements (continued)FOR THE YEAR ENDED 31 DECEMBER2001 2000RmRm5. DIVIDENDSDividends paid in cash were as follows:Dividend No. 94 918,4Adjustments in respect of dividend No. 94 resulting from sharesissued in terms of the Company’s share option scheme between31 December 1999 and the last day to register for dividend No. 94 0,4Dividend No. 95 1 538,6Dividend No. 96 and special dividend 3 689,2Adjustments in respect of dividend No. 96 resulting from sharesissued in terms of the Company’s share option scheme between31 December 2000 and the last day to register for dividend No. 96 5,1Dividend No. 97 2 393,16. INVESTMENTS6 087,4 2 457,4Investment in wholly-owned subsidiaries at cost (Note 15) 4 290,3 4 290,37. ACCOUNTS RECEIVABLEOther receivable and prepaid expenses 16,4 13,9Subsidiary companies current accounts (Note 15) — 316,716,4 330,68. CASH AND CASH EQUIVALENTSCash and cash equivalents consist of cash on hand, balanceswith banks and money-market instruments. 1,8 31,79. SHARE CAPITALAuthorised400 000 000 Ordinary shares of 10 cents each 40,0 40,0Issued217 012 301 Ordinary shares of 10 cents each at 1 January 21,7 21,6985 238 Issued in terms of the share option scheme 0,1 0,1(2 228 267) Own shares purchased (0,2)10. NON-DISTRIBUTABLE RESERVE2001 2000RmRmGeneral capital reserve 518,4 518,411. ACCOUNTS PAYABLEOther payables and accrued expenses 16,6 80,7Subsidiary companies current accounts (Note 15) 113,9 —130,5 80,712. RECONCILIATION OF PROFIT BEFORE TAXATIONTO CASH FROM OPERATIONSProfit before taxation 6 539,8 4 037,1Adjustments for:Dividends received (6 569,7) (4 026,1)Interest received (2,3) (7,4)(32,2) 3,6Working capital changes 364,0 291,1Decrease in accounts receivable 314,2 287,7Increase in accounts payable 49,8 3,4331,8 294,713. TAXATION PAIDAmount unpaid/(overpaid) at beginning of year 193,1 (0,7)Current taxation provided 827,0 193,9Amount unpaid at end of year (806,7) (193,1)Payments made 213,4 0,114. COMPARATIVE FIGURESWhere appropriate, comparative figures have been restatedto facilitate improved disclosure.215 769 272 Balance as at 31 December 21,6 21,7The unissued ordinary shares are under the control of theDirectors until the forthcoming Annual General Meeting.142

APPENDIX 1 (continued)Anglo American Platinum Corporation LimitedNotes to the Financial Statements (continued)FOR THE YEAR ENDED 31 DECEMBER15. INVESTMENT IN WHOLLY-OWNED SUBSIDIARIESNumber ofHolding companyNature of shares held Book value current accountsbusiness 2001 2000 2001 2000 2001 2000Rm Rm Rm RmDIRECT INVESTMENTSAnglo Platinum Limited E 180 709 809 180 709 809 580,7 580,7 115,7 234,9Anglo Platinum Shared Services Unit (Proprietary) Limited E 1 1 — — — —Lebowa Platinum Mines Limited A 129 568 618 129 568 618 228,6 228,6 — —Penultimate Holdings (Proprietary) Limited E 500 500 0,1 0,1 — —Potgietersrust Platinums Limited A 129 762 372 129 762 372 739,0 739,0 — —Rustenburg Platinum Mines Limited A 426 288 426 288 842,3 842,3 37,0 202,1PMT Trading AG(i) D 100 100 1,5 1,5 — —Amplats (Isle of Man) Limited(ii) E 2 000 2 000 1 898,1 1 898,1 — (6,6)INDIRECT INVESTMENTAnglo Platinum Management Services (Proprietary) Limited E 23 250 23 250 — — (266,6) (113,7)Bafokeng-Rasimone Management Services (Proprietary) Limited E 1 000 1 000 — — — —Belvedere Limited(iii) E 500 500 — — — —Bleskop-Waterval Mining Management Services (Proprietary) Limited E 100 100Blinkwater Farms 244 KR (Proprietary) Limited I 100 100 — — — —Brakspruit Platinum (Proprietary) Limited C 250 000 250 000 — — — —Dithaba Platinum (Proprietary) Limited C 525 000 525 000 — — — —Een van Twee Nul Vier Brooklyn (Eiendoms) Beperk I 100 100 — — — —E. L. Ramsden Bleskop (Proprietary) Limited F 5 5 — — — —Eland Platinum Mining Company Limited C 100 100 — — — —Geluksanker Boerdery (Eiendoms) Beperk I 100 100 — — — —Jumeseco Properties (Proprietary) Limited C 100 100 — — — —La Chaine D’Assurance Limited(iv) J 120 000 120 000 — — — —Maandagshoek Platinum (Proprietary) Limited C 450 000 450 000 — — — —Matthey Rustenburg Refiners (Proprietary) Limited B 1 360 100 1 360 100 — — — —Messina Nickel Mining and Exploration Company of Africa (Proprietary) Limited C 1 000 1 000 — — — —Micawber 146 (Proprietary) Limited E 1 1 — — — —Micawber 207 (Proprietary) Limited E 100 — — — — —Middelpunt Hill Management Services (Proprietary) Limited A 1 000 1 000 — — — —Norbush Properties (Proprietary) Limited C 375 000 375 000 — — — —Norsand Holdings (Proprietary) Limited C 14 14 — — — —PGI SA(i) K 100 100 — — — —PGI (Italia) S.r.I.(v)* K R 12 451 R 12 451 — — — —PGI KK(vi) K 40 000 40 000 — — — —PGI (United Kingdom) Limited(vii) K 2 2 — — — —Platinum Gilde International Deutschland Gmbh(viii) K 50 000 50 000 — — — —PGM (Brakspruit) (Proprietary) Limited C 200 000 200 000 — — — —Platinum Air Services Limited G 100 100 — — — —Platinum Mines Expansion Services (Proprietary) Limited F 100 — — — — —Platinum Open Cast Services (Proprietary) Limited A 1 1 — — — —Platinum Prospecting Company (Proprietary) Limited C 508 000 508 000 — — — —Platmed (Proprietary) Limited H 100 100 — — — —Platmed Properties (Proprietary) Limited I 100 — — — — —Precious Metal Refiners (Proprietary) Limited B 1 000 1 000 — — — —Pyramid Platinum Limited C 1 000 1 000 — — — —Rustenburg Base Metals Refiners (Proprietary) Limited B 1 000 1 000 — — — —Transvaal Land and Development Company (Proprietary) Limited C 220 220 — — — —Whiskey Creek Management Services (Proprietary) Limited E 1 000 1 000 — — — —4 290,3 4 290,3 (113,9) 316,7All companies are incorporated in the Republic of South Africa except where otherwise indicated.i Incorporated in Switzerland v Incorporated in Italy Nature of businessii Incorporated in the Isle of Man vi Incorporated in Japan A – Mining D – Metals trading G – Air chartering J – Insuranceiii Incorporated in Liberia vii Incorporated in United Kingdom B – Treatment and refining E – Financial H – Medical facilities K – Marketingiv Incorporated in the British Virgin Isles viii Incorporated in Germany C – Minerals and surface rights holding F – Recruitment I – Property*Represents a 100% membership143

ANGLO AMERICAN PLATINUM CORPORATION LIMITED(Incorporated in the Republic of South Africa)(Date of incorporation: 13July 1946) Registration number: 1946/022452/06 JSE Code: AMS ISIN: ZAE000013181DIRECTORATEEXECUTIVE DIRECTORSBARRY ERSKINE DAVISON(56)BA WitsChairman and Managing DirectorJoined the Group in 1973Appointed a Director 1988During his period of servicewith Johannesburg Consolidated InvestmentCompany, Limited (Johnnies) from 1973 to 1994, wasan Executive Director of that company and heldvarious directorships of Johnnies Group companies.Currently a Director of Anglo Platinum Groupsubsidiaries, a Director of Anglo AmericanCorporation of South Africa (AACSA), NedcorInvestment Bank, Northam Platinum, Highveld Steeland Vanadium, Scaw Metals and Samancor. Appointeda member of the Executive Committee of AngloAmerican plc in December 2000 and an ExecutiveDirector of Anglo American plc on 15 May 2001.Appointed Executive Chairman of Anglo AmericanPlatinum Corporation Ltd on 25 May 2001. AppointedPresident of the Chamber of Mines of South Africa on15 November 2001.JOHN ARTHUR DREYER (57)Executive Director: ProjectsJoined the Group in 1998Appointed a Director 1998Practised as an attorney andwas Managing Director of ShellSA in charge of minerals.Joined Tavistock Collieries Limited in 1997 as CEO.Joined Anglo Platinum in 1998. Also a Director ofAnglo Platinum Group subsidiaries.DORIAN THEODORE GERALDEMMETT (50)BSc. (Elec Eng) Wits,MBL (cum laude) UnisaChief Operating OfficerJoined the Group in 1975Appointed a Director 1991Joined Johnnies in 1975 and held various engineeringpositions. Was later appointed Consulting Engineerand Technical Director of Anglo Platinum. In January1996, was appointed Anglo Platinum Executive Director:Commercial. Also a Director of Anglo Platinum Groupsubsidiaries and a Director of Northam Platinum.Appointed Chief Operating Officer (COO) ofAnglo Platinum in March 2001.BHEKI ERIC NGUBANE (47)MA (cum laude), Warwick, MSc,LondonExecutive Director: HumanResourcesJoined the Group in 1997Appointed a Director in 1998Has occupied various directorships and seniorhuman resources positions at Appletiser, Corobrik andSAB Beer Division. Also a Director of Anglo PlatinumGroup subsidiaries and an Alternate Director ofNortham Platinum.ROELAND HERMAN HENDRIKVAN KERCKHOVEN (49)(Belgian)B.Com, MBL, UnisaExecutive Director: Finance andCorporate DevelopmentJoined the Group in 1977Appointed a Director in 1994After joining Johnnies in 1977, occupied variousJohnnies Group financial positions. Became FinancialDirector of Johnnies-Platinum Division in 1994.Wasappointed Anglo Platinum Executive Director:Finance in 1994. Also a Director of Anglo PlatinumGroup subsidiaries and a Director of NorthamPlatinum.ALEXANDER IAN WOOD (50)(British)BSc. Chemical Engineering, MBAExecutive Director: CommercialJoined the Group in 2001.Appointed a Director in 2001.From 1975 – 1980 held variousmetallurgical responsibilities at AACSA gold, diamondand coal mines. During his service with Johnnies from1981 – 1997 was General Manager, Marketing andPlanning – Platinum Division, GM – Coal and BaseMetals Division and was CEO: ConsolidatedMetallurgical Industries. From 1997 – 1998 wasCOO: JCI Ltd (Non-Gold).144

NON-EXECUTIVE DIRECTORSALTERNATE DIRECTORSLESLIE BOYD (65)C.Eng, F.I.M (UK)Appointed a Director 1995Retired in 2001 as Chairmanof Anglo American PlatinumCorporation, Executive Vice-Chairman of Anglo American plc,Deputy Chairman of AngloAmerican Corporation of South Africa (AACSA),Chairman of Highveld Steel & Vanadium Corporationand Ford Motor Company of SA.Currently Chairman of Imperial Holdings and Datatec;Non-Executive Director of AACSA, ABSA Group,Altron Group, Highveld Steel, and Kersaf Investments.WILLIAM ALAN NAIRN (57)BSc. Mining Engineering, WitsAppointed a Director 2000Joined the Johnnies Group in1964 and became Chairmanof Gold Division companies in1994 and Managing Directorof JCI Limited. Was appointeda Director of AACSA in 1997. In December 2000 wasappointed a member of the Anglo American plcExecutive Committee and Executive Director ofAnglo American plc on 15 May 2001.ARTHUR HARRY CALVER (54)(British)BSc. (Hons) Mech. Eng (Newcastle, UK)Appointed an Alternate Director2000Deputy Technical Director(Engineering) AACSA.Previously Consulting Engineerand Technical Director of AAC Zimbabwe from 1991to 1993. Holds various other directorships/alternatedirectorships in companies in which Anglo Americanplc has interests.RICHARD PILKINGTON (41)NHD Ext. MetJoined the Group in 1990Appointed Alternate Directorand Divisional Director: ProcessOperations in 2000Occupied various positions atJohnnies and Lindum Reefsuntil 1990. In 1990 moved to Precious MetalsRefiners and occupied positions within the ProcessDivision until 2000.Past President of SEIFSA (1981); Past Chairman ofThe Corporate Forum (1989); last President of theSA Federated Chamber of Industries (1989); foundingPresident of SACOB (1990): Past Chairman of BusinessSouth Africa (1996) and Past President of theSouth Africa Foundation (1998 and 1999).COLIN BERTRAM BRAYSHAW(66)C.A.(S.A.), FCAAppointed a Director 1996Retired managing partner andChairman of Deloitte & Touche.Non-Executive Director ofvarious companies includingAngloGold, Coronation Holdings, Datatec andJohnnic Holdings.MICHAEL WALLIS KING (64)C.A.(S.A.), FCAAppointed a Director 1979Was an Executive Vice-Chairmanof Anglo American plc, and anExecutive Deputy Chairman ofAACSA until his retirement inMay 2001. Is now a Non-Executive Director of AACSA, First Rand and itsbanking subsidiaries and The Tongaat-Hulett Group.ANTHONY JOHN TRAHAR(52)B.Com, C.A.(S.A.)Appointed a Director 1999Chief Executive Officer ofAnglo American plc. Chairmanof Mondi Ltd and a Director ofAngloGold, Highveld Steel andVanadium, Scaw Metals and The Tongaat Hulett Group.THOMAS ALEXANDER WIXLEY(62)B.Com, C.A.(S.A.)Appointed a Director andNon-Executive DeputyChairman 2001Retired Chairman of Ernst &Young. Non-Executive Directorof African Life Assurance Company and CorpcapitalLtd. Divisional Director of Spoornet and member ofthe Department of Justice and ConstitutionalDevelopment Board.JOHN MICHAEL HALHEAD(52) (British)BSc. (Eng) (Hons) – Chem. Metallurgyand Process EngineeringJoined the Group in 1982Appointed Alternate Director1999During his period of service with Johnnies wasConsulting Metallurgist – Group Plant Projects.Currently Divisional Director: ProjectsPETER JAMES VIVIAN KINVER(46) (British)BSc. (Hons) Eng – Mining, Royal Schoolof MinesJoined the Group in 2000Appointed an Alternate Directorand Divisional Director: Mines(West) in 2000From 1976 to 1992 held various positions at minesin the Gold Fields of South Africa group. Was GeneralManager of Oman Mining Company from 1992 to1996 and became Managing Director of Obuasiand Ayanfuri Mine in Ghana until 1998.Was Managing Director of Syama Gold Mine in Malifrom 1998 to 2000.CHRISTOPHER BERNARDSHEPPARD (43)BSc Mining Engineering, WitsJoined the Group in 2001Appointed Alternate Directorand Divisional Director: Mines(East) in 2001From 1989 to 1997 held various managerialproduction positions at mines in the AACSA Group.From 1997 to early 2001 was General Manager ofAngloGold’s Tshepong and Bambanani mines.VINCENT PATRICK UREN (40)B.Com, C.A.(S.A.)Appointed an Alternate Directorin 2000Joined AACSA Finance Divisionin 1989 and was appointedSenior Vice-President –Corporate Finance in January2000. Holds various directorships and alternatedirectorships in companies in which AACSA hasinterests.145

CORPORATE AND DIVISIONAL OFFICE MANAGEMENTCORPORATE OFFICEEXECUTIVE CHAIRMANB E DavisonP L BroganSenior Manager: Corporate StrategyBREAKTHROUGHDr R C BaxterDivisional Director: BreakthroughA J FieldMining Optimisation Co-OrdinatorG A HarrisonMining Optimisation ManagerG HumphriesProject Co-Ordinator Concentrator OptimisationCORPORATE COMMUNICATIONSM N MtakatiGroup Manager: Corporate CommunicationsT R TryonSenior Manager: Corporate CommunicationsB SokutuSenior Manager: Corporate CommunicationsPROJECTSJ A DreyerExecutive Director: ProjectsJ M HalheadDivisional Director: ProjectsJ J A BothaManager: Group Engineering ServicesC RuleManager: Process TechnologyJ M MaddisonConsulting Electrical EngineerA J RaubenheimerGroup Mining EngineerL C PretoriusManager: Engineering TechnologyD G WanbladProgramme Director: ProcessL G D NapierProgramme Director: WestW J AbelProgramme Director: EastCOMMERCIALA I WoodExecutive Director: CommercialT E AikenGeneral Manager: Base MetalsJ CourageChief Executive: Platinum Guild InternationalP O von ZahnBusiness Manager: PMTFINANCER H H van KerckhovenExecutive Director: Finance and Corporate DevelopmentG A BotesGroup Tax ConsultantG W BroughSenior Manager: Corporate FinanceC G BuchananGroup TreasurerO P CresseyManager: Group Management InformationJ DeetlefsSenior Manager: Corporate FinanceP E du PreezSenior Manager: Corporate FinanceW GrundlingManager: Group Financial Advisoryand Operations SupportG R HiggoSenior Manager: Corporate FinanceJ B MartinGeneral Manager: Group Audit ServicesDr L McBeyGroup Medical ConsultantDr M A C La GrangeGroup Medical ConsultantC G RedmeadManager: Group Shared Admin ServicesM SnymanGeneral Manager: Corporate FinanceD R ThomasonSenior Manager: Corporate FinanceA van den BergGroup Financial Accounting ManagerJ A WoodBusiness Planning ConsultantD S L BostockGeneral CounselA J CollierSenior Manager: Legal and Resource ManagementS A FritzSenior Legal ConsultantGROUP INFORMATION SERVICESM T RamabulanaGeneral Manager: Information ServicesJ F v B SerfonteinSenior Manager: Financial Projects e-BusinessA FowlerSenior Manager: Financial ProjectsA G W KnockHead of Strategic Projects – ITS E RasmussenSenior Manager: Information ServicesJ H ThompsonSenior Manager: Information ServicesCompany SecretaryD A FreemantleSenior Manager: Group Secretarial ServicesHUMAN RESOURCESB E NgubaneExecutive Director: Human ResourcesJ A GeldenhuysGeneral Manager: Human ResourcesA BassonManager: Group PurchasingS J ScottBusiness Manager: ASSUT G RaymondSenior Manager: Investor RelationsS H ZondiEmployee Relations Consultant146

AND ADMINISTRATIONOPERATIONSD T G EmmettChief Operating OfficerCorporate OfficeDr J R JohnstonGroup Safety, Health and Environment ManagerE F HeymannEnvironmental ConsultantD J StantonVentilation ConsultantP CharlesworthDivisional Director: Research and DevelopmentA S LambertManager Minerals TechnologyR W HieberDivisional Director: Resource ManagementDr L A CramerChief Consulting Metallurgist: ConcentratorsK R NobleGeneral Manager: Mining and Geological ServicesDivisional OfficesMINES DIVISIONP J V KinverDivisional Director: WestP M CoetzerRegional Business Manager: RustenburgC J LabuschagneRegional Adviser: EngineeringJ SmitRegional Engineering Adviser: SouthC B SheppardDivisional Director: EastM van der SchyffRegional Adviser: EngineeringC I GriffithBusiness Manager: Bafokeng-Rasimone MineM JoosteBusiness Leader: MaandagshoekD W PelserBusiness Manager: Potgietersrust Platinums LtdA RudolphBusiness Manager: RPM Rustenburg Mines WestT S O’ConnorBusiness Manager: RPM Rustenburg East MineD J D StanderBusiness Manager: Lebowa Platinum Mines LimitedN E WilliamsBusiness Manager: RPM Union SectionP R S van DorssenBusiness Manager: RPM Rustenburg Waterval MineF A UysBusiness Manager: RPM Amandelbult SectionPROCESS DIVISIONR PilkingtonDivisional Director: Process OperationsD E SpannBusiness Manager: PMRT N HolohanBusiness Manager: Waterval SmelterA N JonesBusiness Manager: RBMRADMINISTRATIONCOMPANY SECRETARYD A FreemantleFINANCIAL, ADMINISTRATIVEAND TECHNICAL ADVISERSAnglo Platinum Management Services(Proprietary) LimitedCORPORATE AND DIVISIONAL OFFICE, REGISTEREDOFFICE, BUSINESS AND POSTAL ADDRESSES OF THESECRETARY AND ADMINISTRATIVE ADVISERS28 Harrison Street, Johannesburg, 2001PO Box 62179, Marshalltown, 2107Telephone (011) 373-6111Facsimile (011) 834-2379373-5111Internet address :http://www.angloplatinum.comSOUTH AFRICAN REGISTRARSComputershare Services LimitedSecond Floor, Edura41 Fox Street, Johannesburg, 2001PO Box 61051, Marshalltown, 2107Telephone (011) 370-7700Facsimile (011) 836-0792836-6145LONDON COMMITTEE MEMBERSA J GuthrieN JordanLONDON SECRETARIESAnglo American Services (UK) Limited20 Carlton House TerraceLondon SW1Y 5ANEnglandTelephone (0207) 698-8888Facsimile (0207) 698-8755UNITED KINGDOM REGISTRARSCapita IRG plcBalfour House390-398 High RoadIlford, Essex IG1 1NQEnglandTelephone (0181) 478-8241Facsimile (0181) 478-7717AUDITORS TO ANGLO PLATINUM ANDANGLO PLATINUM MANAGEMENT SERVICES(PROPRIETARY) LIMITEDDeloitte & ToucheDeloitte & Touche PlaceThe WoodlandsWoodmeadSandton, 2196AUDITORS TO RPM, PPRUST AND LEPLATSErnst & YoungWanderers Office Park52 Corlett DriveIllovo, 2196147

MINE AND REFINERY MANAGEMENTRUSTENBURG PLATINUMMINES LIMITEDRUSTENBURG SECTIONP M CoetzerRegional Business ManagerPO Box 8208, Rustenburg, 0300Telephone (014) 598-9111Facsimile (014) 567-1383RUSTENBURG WEST MINEA RudolphBusiness ManagerPO Box 8208, Rustenburg, 0300Telephone (014) 598-9111Facsimile (014) 567-1383RUSTENBURG WATERVAL MINEP R S van DorssenBusiness ManagerPO Box 8208, Rustenburg, 0300Telephone (014) 598-9111Facsimile (014) 567-1383RUSTENBURG EAST MINET S O’ConnorBusiness ManagerPO Box 8208, Rustenburg, 0300Telephone (014) 598-9111Facsimile (014) 567-1383AMANDELBULT SECTIONF A UysBusiness ManagerPO Box 2, Chromite, 0362Telephone (014) 784-1111Facsimile (014) 784-1230UNION SECTIONN E WilliamsBusiness ManagerPrivate Bag 351, Swartklip, 0370Telephone (014) 786-1000Facsimile (014) 786-0223BAFOKENG-RASIMONE MINEC I GriffithBusiness ManagerPO Box 4971, Rustenburg, 0300Telephone (014) 573-1300Facsimile (014) 573-1474MAANDAGSHOEK PLATINUM MINEM JoosteBusiness LeaderPO Box 1341, Steelpoort, 1133Telephone (013) 230-2000Facsimile (013) 230-2036WATERVAL SMELTERT N HolohanBusiness ManagerPO Box 331, Kroondal, 0350Telephone (014) 591-5000Facsimile (014) 591-5008POTGIETERSRUST PLATINUMS LIMITEDD W PelserBusiness ManagerPrivate Bag X2463, Potgietersrus, 0600Telephone (015) 418-2000Facsimile (015) 418-2018LEBOWA PLATINUM MINES LIMITEDD J D StanderBusiness ManagerPO Box 1, Atok, 0749Telephone (015) 619-0044Facsimile (015) 619-0010ANGLO PLATINUM RESEARCH CENTREP CharlesworthDivisional Director: Research and DevelopmentPO Box 6540, Homestead, 1412Telephone (011) 871-9800Facsimile (011) 828-8990REFINERIESPRECIOUS METALS REFINERS(PROPRIETARY)LIMITEDCorporate and Divisional Office28 Harrison StreetJohannesburg, 2001PO Box 62179Marshalltown, 2107Telephone (011) 373-6111Facsimile (011) 373-5111PlantD E SpannBusiness ManagerAdministrative BuildingPortion 4 of Klipfontein300 JQ, Bleskop, 0292Rustenburg DistrictPO Box 331, Kroondal, 0350Telephone (014) 567-9111Facsimile (014) 567-9261RUSTENBURG BASE METALS REFINERS(PROPRIETARY) LIMITEDCorporate and Divisional Office28 Harrison StreetJohannesburg, 2001PO Box 62179Marshalltown, 2107Telephone (011) 373-6111Facsimile (011) 373-5111PlantA N JonesBusiness ManagerAdministrative BuildingPortion 4 of Klipfontein300 JQ, Bleskop, 0292Rustenburg DistrictPO Box 483, Rustenburg, 0300Telephone (014) 591-4000Facsimile (014) 591-1102148

NOTICE TO MEMBERSANNUAL GENERAL MEETINGThe Annual General Meeting of members ofAnglo American Platinum CorporationLimited (the Company) will be held in theAuditorium, ground floor, 28 Harrison Street,Johannesburg, on Friday, 24 May 2002, at14:30 for the following purposes:ORDINARY BUSINESS1. To receive and consider the Group annualfinancial statements for the year ended31 December 2001.2. To elect Directors in place of those retiringin terms of the Articles of Association:(a) Mr C B Brayshaw(b) Mr B E Ngubane(c) Mr A J Trahar(d) Mr T A Wixley(Please see footnote on page 151)SPECIAL BUSINESS3. SPECIAL RESOLUTIONGeneral authority to permit theCompany and/or its subsidiaries toacquire shares in the Company“RESOLVE: That the Company and/or anyof its subsidiaries from time to time arehereby authorised, by way of a generalauthority, to:(a) – acquire ordinary shares of 10 (ten)cents each (“ordinary shares”) issuedby the Company in terms of sections85 and 89 of the Companies Act No.61 of 1973 as amended, and in termsof the Listings Requirements fromtime to time of the JSE SecuritiesExchange South Africa (“the ListingsRequirements”); and/or(b) – to conclude derivative transactionswhich may result in the purchase ofordinary shares in terms of the ListingsRequirements, it being recorded thatsuch Listings Requirements currentlyrequire, inter alia, that;(1) the Company may make a generalrepurchase of securities only ifany such repurchase of ordinaryshares shall be implemented onthe Main Board of the JSESecurities Exchange South Africa(JSE) or any other stock exchangeon which the shares are listed andon which the Company or any ofits subsidiaries may wish toimplement any purchases ofordinary shares with the approvalof the JSE and any other suchstock exchange, as necessary.(2) this general authority shall only bevalid until the Company’s nextAnnual General Meeting, providedthat it shall not extend beyondfifteen months from the date ofpassing of this special resolution;(3) the purchase of the ordinaryshares may not be made at a pricegreater than 10% (ten per cent)above the weighted average of themarket value of such ordinaryshares for the 5 (five) business daysimmediately preceding the date ofthe transaction;(4) any derivative transactions whichmay result in the repurchase ofordinary shares must be priced asfollows:(i) the strike price of any putoption written by the Companymay not be at a price greaterthan stipulated in paragraph(3) above at the time ofentering into the derivativeagreement;(ii) the strike price of any calloption may be greater thanstipulated in paragraph (3)above at the time of enteringinto the derivative agreement,but the Company may notexercise that call option if it is“out of the money”;(iii)the strike price of any forwardagreement may be greaterthan the price indicated inparagraph (3) above butlimited to the fair value of aforward agreement based on149

Notice to Members (continued)a spot price not greater thanstipulated in paragraph (3)above;(5) when the Company and/or anyof its subsidiaries hascumulatively purchased3% (three per cent) of thenumber of ordinary shares inissue on the date of passing ofthis special resolution (includingthe delta equivalent of any suchordinary shares underlyingderivative transactions whichmay result in the repurchase bythe Company of ordinaryshares), and for each 3% thereofin aggregate, acquired thereafter,an announcement must bepublished as soon as possible andnot later than 08:30 on thebusiness day following the dayon which the relevant thresholdis reached or exceeded, and theannouncement must complywith the Listings Requirements;(6) any general purchase by theCompany and/or any of itssubsidiaries of the Company’sordinary shares in issue shall notin aggregate, in any one financialyear, exceed 20% (twenty per cent)of the Company’s issued ordinaryshare capital.The reason for the special resolution is toobtain a general approval in terms of theCompanies Act No. 61 of 1973, asamended from time to time, and theListings Requirements of the JSE SecuritiesExchange South Africa to grant theCompany and/or any of its subsidiariesauthority to acquire ordinary shares in theCompany and/or conclude derivativetransactions which may result in therepurchase by the Company of ordinaryshares which general approval shall onlybe valid until the next Annual GeneralMeeting of the Company provided that thegeneral authority shall not extend beyond15 months from the date of passing of thespecial resolution. The effect of the specialresolution will be to allow the Companyand/or any of its subsidiaries to acquire theCompany’s ordinary shares and/orconclude derivative transactions whichmay result in the repurchase by theCompany of ordinary shares.The Company’s Board has considered theimpact which a purchase of up to amaximum of 10% of the Company’s issuedordinary share capital under a generalauthority would have on the Company andthe Group and is of the opinion that:● the Company and the Group will in theordinary course of business be able topay its debts;● the assets of the Company and theGroup will be in excess of the liabilitiesof the Company and the Groupcalculated in accordance with theaccounting policies used in the auditedfinancial statements for the year ended31 December 2001; and● the ordinary capital, working capitaland reserves of the Company and theGroup will be adequate;for a period of 12 months after the date ofthe notice of Annual General Meeting.4. ORDINARY RESOLUTION NO. 1Placing unissued capital under thecontrol of the DirectorsRESOLVE: That subject to the provisionsof the Companies Act, 1973, asamended, and the Listings Requirementsof the JSE Securities Exchange SouthAfrica, the authorised but unissued150

ordinary shares of 10 cents each in thecapital of the Company be placed underthe control of the Directors who arehereby authorised in their discretion toallot and issue all or any portion of suchshares upon such terms and conditions asthey may determine.5. ORDINARY RESOLUTION NO. 2Signature of documents, etc.RESOLVE: That any Director or AlternateDirector of the Company be and is herebyauthorised to sign all such documents andto do all such things as may be necessaryfor or incidental to the implementation ofthe abovementioned special and ordinaryresolutions to be proposed at the AnnualGeneral Meeting.6. ORDINARY RESOLUTION NO. 3Directors’ feesRESOLVE: That in terms of article 71(b) ofthe Company’s Articles of Association, theremuneration of the Directors of theCompany be and the same is hereby fixedas follows:(a) The sum of R21 011 for the DeputyChairman for services rendered in thatcapacity from 3 July (date ofappointment) to 31 December 2001.(b) For the financial year from 1 January to31 December 2002:Chairman – R100 000Deputy Chairman – R75 000Each other Director – R50 000A member entitled to attend and vote at theAnnual General Meeting may appoint one ormore proxies to attend, speak and vote in hisor her stead. A proxy need not be a member ofthe Company. A form of proxy as well asvoting instruction form accompany thisnotice. Duly completed proxy forms must bedeposited at the office of the South AfricanRegistrars or at the office of the UnitedKingdom Registrar not less than 48 hoursbefore the time appointed for the holding ofthe meeting.Members who have already dematerialisedtheir shares in the Company may use theenclosed voting instruction form for thepurpose of advising their CSDP or broker oftheir voting instructions. Members shouldcontact their CSDP or broker with regard tothe cut-off time for lodging of votinginstruction forms. If, however, such memberswish to attend the Annual General Meeting inperson, then they will need to request theirCSDP or broker to provide them with thenecessary authority in terms of the custodyagreement entered into between thedematerialised shareholder and the CSDP orbroker.By order of the BoardD A FreemantleCompany SecretaryJohannesburg28 March 2002FootnoteParticulars of the age, qualifications, Group serviceand/or business experience of Messrs C B Brayshaw,BENgubane, A J Trahar and T A Wixley who aresubject to retirement by rotation in terms of theArticles of Association and who are eligible andavailable for re-election to the Board of Directors,appear on pages 144 and 145 of this Annual Report.151

SHAREHOLDERS’ DIARYAnnual General Meeting (2001 year) Friday, 24 May 2002 at 14:30ACKNOWLEDGEMENTSREPORTSInterim report for half year to 30 June 2002 published August 2002Preliminary report for year to 31 December 2002 published February 2003Annual report for year to December 2002 released March 2003Annual General Meeting (2002 year) May 2003DIVIDENDSInterim – Declared August 2002– Payable September 2002Final – Declared February 2003– Payable March 2003Shareholders are reminded to notify the South African or the United Kingdom Registrars of any change of address.ACKNOWLEDGEMENTS FOR PHOTOGRAPHICMATERIALPlatinum Guild International; Johnson Matthey plc;Tanaka Kikinzoku Kogyo KK; Shimansky Collection(Cape Town); Toyota Motor Corporation; Cartier(Paris) and Engelhard Metals Limited.ACKNOWLEDGEMENTS FOR JEWELLERYSid Foreman (Pty) Ltd – Sandton City; SiderskyJewellers New Generation – Sandton City andFourways Mall.OTHER ACKNOWLEDGEMENTSREGISTERED OFFICELONDON SECRETARIES28 Harrison Street Anglo American Services (UK) LimitedJohannesburg, 200120 Carlton House Terrace(PO Box 62179, Marshalltown, 2107)London SW1Y 5ANEnglandSOUTH AFRICAN REGISTRARSComputershare Services LimitedSecond Floor, Edura41 Fox Street, Johannesburg, 2001(PO Box 61051, Marshalltown, 2107)International Platinum AssociationWhilst great care has been taken to ensure that allthe information and statistics herein are accurate,no responsibility can be accepted for any mistakes,errors or omissions or for any action taken inreliance thereon. Opinions expressed herein representthose of Anglo Platinum at the time of publication.This report is printed on environmentally friendlypaper and is totally chlorine-free.UNITED KINGDOM REGISTRARSCapita IRG plcBalfour House390-398 High Road, IlfordEssex IG1 1NQ, England152

Anglo American Platinum Corporation Limited(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA) • (REGISTRATION NUMBER 1946/022452/06)JSE CODE: AMS • ISIN: ZAE000013181“Anglo Platinum” or “the Company”Form of Proxy – only for use by registered membersTHIS PROXY FORM IS NOT FOR USE BY MEMBERS WHO HAVE ALREADY DEMATERIALISED THEIR ANGLO PLATINUM SHARES. SUCH MEMBERS MUST USE THE ATTACHED VOTING INSTRUCTION FORM.For completion by registered members of Anglo Platinum unable to attend the Annual General Meeting of the Company to be held at 14:30 on Friday, 24 May 2002 in the Auditorium, ground floor, 28 Harrison Street, Johannesburg, South Africa.I/We _________________________________________________________________________________________________ of ___________________________________________________________________________________________________(name in block letters please)Telephone: (work) ______________________________________________________________________________________ Telephone: (home) _____________________________________________________________________________________(area code and number)(area code and number)being a member of Anglo American Platinum Corporation Limited and entitled to _________________________________ voteshereby appoint ________________________________________________________________________________________ of ___________________________________________________________________________________________________or failing him/her ______________________________________________________________________________________ of ___________________________________________________________________________________________________or failing him/her the Chairman of the meeting as my/our proxy to attend and speak for me/us and on my/our behalf at the Annual General Meeting of the Company to be held in Johannesburg on Friday, 24 May 2002 at 14:30 and at anyadjournment thereof and to vote or abstain from voting as indicated on the resolutions to be considered at the said meeting:ORDINARY BUSINESS For Against Abstain1. To adopt the Group annual financial statements for the year ended 31 December 20012. (a) To re-elect Mr C B Brayshaw as a Director of the Company(b) To re-elect Mr B E Ngubane as a Director of the Company(c) To re-elect Mr A J Trahar as a Director of the Company(d) To re-elect Mr T A Wixley as a Director of the CompanySPECIAL BUSINESS3. Special resolution To approve a general authority for the Company and/or its subsidiaries to acquire shares in the Company4. Ordinary resolution no. 1 To authorise the Directors to allot and issue the unissued ordinary shares of 10 cents each5. Ordinary resolution no. 2 To authorise the signature of documents6. Ordinary resolution no. 3 To approve the remuneration of the Deputy Chairman for 2001 and the annual remunerationof the Chairman, Deputy Chairman and Directors for the 2002 financial yearPlease indicate with an “X” in the spaces above how you wish your votes to be cast. If no indication is given the proxy will vote or abstain at his discretion.Any member of the Company entitled to attend and vote at the meeting may appoint a proxy or proxies to attend, speak and vote in his stead. A proxy need not be a member of the Company.Every person present and entitled to vote at an annual general meeting shall, on a show of hands, have one vote only, but in the event of a poll, every share shall have one vote.Please read the notes appearing on the reverse hereofSigned at _____________________________________________________________________________________________ on _____________________________________________________________________________________________ 2002Name in block letters _______________________________________________________ Signature _____________________________________________________ Assisted by me ______________________________________________________Full name(s) of signatory/ies if signing in a representative capacity (see note 6.1) _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _(name in block letters please)

Notes to ProxyINSTRUCTIONS FOR SIGNING AND LODGING THIS FORM OF PROXY1. A shareholder may insert the name of a3. In order to be effective, completed proxy6.2 The Chairman shall be entitled to decline to11. On a poll, every shareholder present in person orproxy or the names of two alternative proxiesforms must reach the Company’s Southaccept the authority of a person signing therepresented by proxy shall have one vote forof the shareholder’s choice in the space(s)African Registrars, Johannesburg, not lessproxy form:every share held by such shareholder.provided, with or without deleting the words“the Chairman of the meeting”, but any suchdeletion must be signed in full by theshareholder. The person whose name appearsfirst on the form of proxy and has not beendeleted and who is present at the AnnualGeneral Meeting will be entitled to act asproxy to the exclusion of those whose namesfollow. In the event that no names areindicated, the proxy shall be exercised by theChairman of the Annual General Meeting.2. A shareholder’s instructions to the proxymust be indicated by the insertion of an “X”in the appropriate box provided. Failure tocomply with the above will be deemed toauthorise the proxy to vote or to abstain fromvoting at the Annual General Meeting ashe/she deems fit in respect of all theshareholder’s votes exercisable thereat.Where the proxy is the Chairman, suchfailure shall be deemed to authorise theChairman to vote in favour of the resolutionsto be considered at the Annual GeneralMeeting in respect of all the shareholder’sthan 48 hours before the time appointed forthe holding of the meeting, or the offices ofthe United Kingdom Registrars not less than48 hours before the time appointed for theholding of the meeting.4. The completion and lodging of this form ofproxy shall in no way preclude theshareholder from attending, speaking andvoting in person at the Annual GeneralMeeting to the exclusion of any proxyappointed in terms hereof.5. Should this form of proxy not be completedand/or received in accordance with thesenotes, the Chairman may accept or reject it,provided that in respect of its acceptance theChairman is satisfied as to the manner inwhich the shareholder wishes to vote.6.1 Documentary evidence establishing theauthority of a person signing this form ofproxy in a representative or other legalcapacity (such as a power of attorney orother written authority) must be attached tothis form of proxy unless previously recordedby the Company’s Registrars or waived by the(a) under a power of attorney(b) on behalf of a companyunless that person’s power of attorney orauthority is deposited at the offices of theCompany’s South African Registrars or theUnited Kingdom Registrars not less than48 hours before the meeting.7. Where shares are held jointly, all joint holdersare required to sign the form of proxy.8. A minor must be assisted by his/her parent orguardian unless the relevant documentsestablishing his/her legal capacity areproduced or have been registered by theCompany’s South African or United KingdomRegistrars.9. Any alteration or correction made to thisform of proxy must be signed in full and notinitialled by the signatory/ies.10. On a show of hands, every shareholderpresent in person or represented by proxyshall have only one vote, irrespective ofthe number of shares he/she holds or12. A resolution put to vote shall be decided bya show of hands, unless before or on thedeclaration of the results of the show of hands, apoll shall be demanded by any person entitled tovote at the Annual General Meeting.OFFICE OF THE SOUTH AFRICANREGISTRARSComputershare Services Limited2nd Floor, Edura41 Fox StreetJohannesburg, 2001(PO Box 61051, Marshalltown, 2107)OFFICE OF THE UNITED KINGDOMREGISTRARSCapita IRG plcBalfour House390 – 398 High RoadIlfordEssex IG1 1NQvotes exercisable thereat.Chairman of the Annual General Meeting.represents.England

Anglo American Platinum Corporation Limited(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA) • (REGISTRATION NUMBER 1946/022452/06)JSE SHARE CODE: AMS • ISIN: ZAE000013181“Anglo Platinum” or “the Company”Voting Instruction Form –only for use by members who have dematerialised theirAnglo Platinum shares throughFor use in respect of the Annual General Meeting of the Company to be held at 14:30 on Friday 24 May 2002 in the Auditorium, Ground Floor, 28 Harrison Street, JohannesburgMembers who have already dematerialised their Anglo Platinum shares may use this form to advise their CSDP or broker of their voting instructions on the proposed resolutions in the spaces provided below. However, should such members wish to attendthe Annual General Meeting in person, then they will need to request their CSDP or broker to provide them with the necessary authority in terms of the custody agreement entered into between the dematerialised shareholder and the CSDP or broker.I/We _________________________________________________________________________________________________ of ___________________________________________________________________________________________________being a member(s) of the Company who has/have dematerialised my/our shares in Anglo Platinum do hereby indicate in the spaces provided below to my/our CSDP/broker my/our voting instructions on the resolutions to be proposed at theAnnual General Meeting of the Company to be held at 14:30 on Friday 24 May 2002.VOTING INSTRUCTION:ORDINARY BUSINESS For Against Abstain1. To adopt the Group annual financial statements for the year ended 31 December 20012. (a) To re-elect Mr C B Brayshaw as a Director of the Company(b) To re-elect Mr B E Ngubane as a Director of the Company(c) To re-elect Mr A J Trahar as a Director of the Company(d) To re-elect Mr T A Wixley as a Director of the CompanySPECIAL BUSINESS3. Special resolution To approve a general authority for the Company and/or its subsidiaries to acquire shares in the Company4. Ordinary resolution no. 1 To authorise the Directors to allot and issue the unissued ordinary shares of 10 cents each5. Ordinary resolution no. 2 To authorise the signature of documents6. Ordinary resolution no. 3To approve the remuneration of the Deputy Chairman for 2001 and the annual remunerationof the Chairman, Deputy Chairman and Directors for the 2002 financial yearNOTES:1. Please indicate in the appropriate spaces above the number of votes to be cast. Each share carries the right to one vote.2. All the votes need not be exercised neither need all votes be cast in the same way, but the total of the votes cast and in respect of which abstention is directed may not exceed the total of the votes exercisable.3. Any alteration or correction made to this voting instruction form must be signed in full by the signatory/ies.4. When there are joint holders of shares, all joint holders must sign the voting instruction form.5. Completed voting instruction forms should be forwarded to the CSDP or broker through whom the Anglo Platinum shares have been dematerialised. Members should contact their CSDP or broker with regard to the cut-off time for lodging ofvoting instruction forms.6. This voting instruction form is only for use by members with dematerialised shareholdings via STRATE. Registered members and those with shares held in CREST should use the proxy form attached.Signed at _____________________________________________________________________________________________ on _____________________________________________________________________________________________ 2002Name in block letters _______________________________________________________ Signature _____________________________________________________ Assisted by me ______________________________________________________Full name(s) of signatory/ies if signing in a representative capacity _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _(name in block letters please)