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8.8.2 ProcessingThe process division consists of the Waterval Smelter, Polokwane Smelter, Mortimer Smelter,Rustenburg Base Metal Refinery and the Precious Metals Refinery.The key feature of the performance of the process operations in 2003 was the significantincrease in smelting capacity with the commissioning of the Polokwane Smelter, theACP Plant, and the Waterval Slag-cleaning Furnace. With this capacity now in operation,unit costs per ton smelted should decrease in line with production of increased volumesfrom the expansion programme.8.8.2.1 Polokwane SmelterThe Polokwane Smelter was successfully commissioned in March 2003, ahead ofschedule and within budget. At full capacity of 650 000 tons per year, the modernPolokwane Smelter will process concentrate from existing and new mines on theeastern limb, as well as provide some backup capacity for the Waterval andMortimer smelting facilities.8.8.2.2 ACP PlantThe objectives of the ACP Plant are to set a new global benchmark for the controlof sulphur dioxide emissions (20 tons per day by the end of 2004), while increasingthe available converter capacity for the Group’s expansion programme.8.8.2.3 Waterval Slag-cleaning FurnaceWith increasing UG2 concentrates being treated, the recycling of chrome createsconstraints in the furnaces because of the elevated melting points of the slag. Thisproject was designed to alleviate this condition, raise the recovery of the containedmetal values, and create additional capacity in the primary furnaces.8.8.2.4 PMRPMR continues to be involved in a number of de-bottlenecking and optimisationprojects, executed sequentially, that will enable the Group’s annual PGM productionvolumes to be refined.The following table provides details of the ownership by the Company of theprocess plants, the year that production commenced and the capital expenditure ateach of the process plants.AngloYear Platinum Production CapitalProcess announced ownership commenced expenditure(%) (Rm)Polokwane Smelter 2001 100 2002 1 450ACP Plant 2000 100 2003 2 000Waterval Slag-cleaning Furnace 2001 100 2002 280Precious Metals Refinery 2000 100 2002 1 2508.8.3 Ramp-up operations and mining projectsRamp-up operations and mining projects consist of BRPM, Modikwa Platinum Mine,Rustenburg UG2 project, Styldrift Project, Twickenham Platinum Mine, Western Limb TailingsTreatment Project, Unki Joint Venture, Pandora Joint Venture, Kroondal pooling and sharingagreement with Aquarius (SA), Der Brochen Project, Booysendal Joint Venture andGa-Phasha PGM Joint Venture. Some details in relation to these projects are set out below.8.8.3.1 BRPMThis mining operation mines PGMs on the farm Boschkoppie, south of thePilanesberg. As from 1 January 2004, BRPM will be reported as a steady-stateoperation.28
8.8.3.2 Modikwa Platinum MineThis mining operation is a 50:50 joint venture with a consortium led by AfricanRainbow Minerals to mine PGMs on the eastern limb of the Bushveld sequence,north of Steelpoort. The Modikwa Platinum Mine will reach its full production level in2004 and will be reported as a steady-state operation in 2005.8.8.3.3 Rustenburg UG2 ProjectThis project will mine UG2 ore in the Rustenburg Section lease area. The recentstrategic review, and additional studies that are currently being undertaken, mayresult in both a change in the capital expenditure and production profile announcedfor this project. Anticipated adjustments have been taken into account in theCompany’s current production target for 2006.8.8.3.4 Styldrift ProjectThe Styldrift Project will form part of a joint venture with Royal Bafokeng Resourcesto mine PGMs on the farm Styldrift, located just north of BRPM. Work to completegeological evaluation of the property continues. Finalisation of the joint venture isexpected shortly. The anticipated development plan associated with the StyldriftProperty has been taken into account in the Company’s production target for 2006.8.8.3.5 Twickenham Platinum MineThis project will mine PGMs on the farms Twickenham and Hackney in the northernpart of the eastern limb of the Bushveld sequence. The recent strategic reviewhighlighted that, under the prevailing economic climate, project developmentshould be slowed down. This has been taken into account in the Company’sproduction target for 2006.8.8.3.6 Western Limb Tailings Treatment ProjectThis project seeks to process PGM tailings located on Anglo Platinum properties atRustenburg Section. The recent strategic review process highlighted that, under theprevailing economic climate, development of Phase 2 of this project should beslowed down. This has been taken into account in the Company’s production targetfor 2006.8.8.3.7 Unki Joint VentureThis project, which is a joint venture between Anglo Platinum and Anglo AmericanCorporation Zimbabwe Limited, seeks to mine PGMs located on the Great Dykedeposit in Zimbabwe. The project is currently on schedule. Concentrate producedby the mine will be smelted and refined by Anglo Platinum in South Africa.8.8.3.8 Pandora Joint VentureThis project is a joint venture between Anglo Platinum, Lonmin Platinum, Northam/Mvelaphanda and the Bapo Ba Mogale Tribe. The project seeks to mine UG2 orewest of Brits on the western limb of the Bushveld sequence. Statutory consent forthis project is awaited from the Department of Minerals and Energy. A stagedimplementation schedule is possible thereafter.8.8.3.9 Kroondal pooling and sharing agreement with Aquarius (SA)This agreement provides for Anglo Platinum and Aquarius to pool their assets, whileretaining ownership thereof, and to share the proceeds equally. The project seeksto mine contiguous PGM reserves, owned by both parties, near Rustenburg on thewestern limb of the Bushveld sequence. Anglo Platinum will process all productionfrom 2009, or earlier if the concentrate off-take agreement with Impala Platinum isconcluded.8.8.3.10 Der Brochen ProjectThis is an early stage project and feasibility studies continue. The project seeks tomine PGMs on the farms Der Brochen, Richmond and Helena on the southernportion of the eastern limb of the Bushveld sequence.29
Page 3 and 4: - will receive their preference sha
Page 5 and 6: DEFINITIONSIn this circular, unless
Page 7 and 8: “preference shares”“prime rat
Page 9 and 10: SALIENT FEATURESThis summary contai
Page 11 and 12: Conversion Date:Preference sharehol
Page 13 and 14: SALIENT DATES AND TIMESLast day to
Page 15 and 16: 2. STRATEGY AND PURPOSE OF THE RIGH
Page 17 and 18: 4. PARTICULARS OF THE RIGHTS OFFER4
Page 19 and 20: 4.9 Sale or renunciationHolders of
Page 21 and 22: 4.12.1 In terms of the Exchange Con
Page 23 and 24: Persons located in the United Kingd
Page 25 and 26: Audited Pro formaBefore the After t
Page 27: 8.5 Variation of rightsIn accordanc
Page 31 and 32: 9. DIRECTORS9.1 Personal particular
Page 33 and 34: 9.2 Directors’ remuneration and s
Page 35 and 36: - copies of the underwriting agreem
Page 37 and 38: 144.1.18 “Ordinary Share(s)” me
Page 39 and 40: 144.15 The Company shall be obliged
Page 41 and 42: 5 (five)-day period the Ordinary Sh
Page 43 and 44: 2.5.1.3 specifying the Conversion D
Page 45 and 46: 2.6.5 Rights Issues of other securi
Page 47 and 48: BCis the number of Ordinary Shares
Page 49 and 50: 2.6.12 General:Independently Determ
Page 51 and 52: to the surrender of the relevant sh
Page 53 and 54: TABLE BThe table below provides an
Page 55 and 56: UNDERWRITERNameThe Standard Bank of
Page 57 and 58: CONSOLIDATED PRO FORMA BALANCE SHEE
Page 59 and 60: OPINIONBased on our review, nothing
Page 61 and 62: SEGMENTAL INFORMATION for the year
Page 63 and 64: SEGMENTAL INFORMATION (continued)Pu
Page 65 and 66: GROUP STATEMENT OF CHANGES IN EQUIT
Page 67 and 68: NOTES TO THE CONSOLIDATED FINANCIAL
Page 69 and 70: 2003 2002RmRm7. PROFIT BEFORE TAXAT
Page 71 and 72: 2003 2002RmRm11. PROPERTY, PLANT AN
Page 73 and 74: Listed investment: Northam Platinum
Page 75 and 76: 20. SHARE CAPITAL2002 2003 2003 200
Page 77 and 78: 2003 2002RmRm23. EMPLOYEE BENEFITSE
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Post-retirement medical aid benefit
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2003 2002RmRm26. ACCOUNTS PAYABLETr
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2003 2002RmRm32. COMMITMENTSMining
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2002Nominal amount of forward excha
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Major shareholdersAccording to the
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ANNEXURE B - Non-mining property, p
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ANNEXURE D - Investments in subsidi
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APPENDIX 8CORPORATE GOVERNANCE AND
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The Board is responsible for settin
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APPENDIX 9PRICE HISTORY OF THE COMP
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100 PRINTED BY INCE (PTY) LTD
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