ANGLO PLATINUM LIMITED 2006 INTERIM RESULTS PRESENTATION 31 July 2006 Overview Record earnings Strong PGM demand - firm prices Production growth continues Operational initiatives good progress BEE process ongoing
Overview Highlights Headline earnings up 111% - R4,50bn Dividends up 192% - R14 per share Average rand basket price (R/Pt oz sold) up 49% Refined platinum production up 6% to 1,34m oz Increased sales volumes refined metal stock restored to normal levels Overview 14000 Higher metal prices 1400 12000 10000 8000 6000 4000 1200 1000 800 600 400 Rand basket price (R/Pt oz sold) US$ platinum price ($/Pt oz sold) 2000 2001 2002 2003 2004 2005 2006 H1 Average US$ metal prices achieved: Platinum $1 104 up 27% Rhodium $3 419 up 124% 200
Overview Strong PGM demand firm prices Demand for PGM s from autocatalyst sector very strong Jewellery demand pleasing at these price levels Increased demand from a variety of industrial end-uses continues particular strength in glass sector Speculative activity still evident and supporting firm prices Overview 4000 3000 Growth continues 2000-2005 global compound demand growth 3,4% pa 2000 * Forecast range 1000 0 Anglo Platinum refined Pt production oz (000's) 2000 2001 2002 2003 2004 2005 2006* 2007* Anglo Platinum refined output growth 2000-2005: 5,5% pa Anglo Platinum expected average growth 2006 onwards: 5% pa 2007 target 2,8m to 2,9m refined Pt oz
Overview Operational initiatives good progress Focus on long term safe and sustainable production Focussed turnaround expenditure establishing sound base at Rustenburg and Amandelbult Turnaround implementation well advanced Volume improvements as expected in the first half of 2006 Overview BEE progressing Conversion process continues Ongoing Government engagement intensified Discussions with existing and potential HDSA partners continue
Financial overview Financial overview Main features Headline earnings attributable to ordinary shareholders up 118% - R4,38bn Average rand basket price (R/Pt oz sold) up 49% Rand rhodium price achieved up 125% Strong operational cash flows - net cash position of R694m Interim dividend R14,00 per ordinary share Dividend cover 1,4
Financial overview Financial summary Six months to June 2006 2005 % Profit on metal sales Rbn 6,08 2,58 135,8 Total headline earnings Rbn 4,50 2,14 110,9 Net cash / (debt) Rbn 0,69 (3,00) 123,1 Headline earnings per share cps 2 002 924 116,7 Ordinary dividend cps 1 400 480 191,7 Refined Pt production 000 oz 1 345 1 269 6,0 Interest bearing debt to equity % 5,2 22,1 76,5 ROCE % 54,8 26,4 107,6 Financial overview Headline earnings (Rm) H1 2005 to H1 2006 3193 116 133 (229) (610) (154) 38 (118) 4504 2135 2005 Price Exch Vol Inflation Cash costs Amort Interest Other 2006
Financial overview 65% 60% Operating margin and volume per mine AS 59,0% 55% 50% 45% KPM PSA 42,1% RS 43,2% Operating margin 40% 35% 30% 25% 20% 15% Marikana PSA 27,8% Modikwa 20,9% BRPM 26,2% WLTR 35,5% PPL US 39,7% 38,7% LPM 30,7% Group average 42.2% Steady state operations Ramp up Operations 10% 5% 0% 0 100 200 300 400 500 600 700 800 900 1 000 1 100 1 200 1 300 1 400 Refined Pt oz (000's) Financial overview 2006 cash flows (Rm) 6 513 (1 657) (1 835) (246) 212 694 (2 293) Dec 2005 Net debt Cash from operations Dividends Capex Tax & Interest Other June 2006 Net cash
Operational overview Safety Mining performance Process performance Cost performance Capital expenditure and projects Operational overview Safety Reduction in total number of fatalities during the period Du Pont training of executive and senior management well advanced Significant resources being invested to achieve a step change in safety performance
Operational overview Mining performance Equivalent refined platinum production - up 5% Rustenburg and Amandelbult responding to initiatives Mining flexibility improving Immediately available & stopeable reserves up Increased breast mining development and production Abnormal rainfall reduced PPRust & tailings re-treatment output Poor ground conditions at Union UG2 declines - more extensive support intervention Cash operating cost per equivalent ref. Pt oz up 11% Operational overview 1500 Mining performance 55 1300 1100 900 45 35 Equivalent refined Pt oz (000's) % UG2 mined 700 H1 04 H2 04 H1 05 H2 05 H1 06 25 Turnaround programmes starting to deliver Focus on increasing operating efficiencies
Operational overview Rustenburg turnaround Immediately available reserves increasing strongly Tons milled up 2% Volume of UG2 ore up from 55% to 62% Equivalent refined platinum production up 1% More concentrated mining footprint - 22% reduction in the number of half levels Operational overview Amandelbult turnaround Immediately available reserves up 17% from Dec 05 Tons milled up 19% Volume of UG2 ore up from 45% to 51% Equivalent refined platinum production up 9% Steady progress in addressing transition zone
Operational overview Process performance Polokwane smelter: stock reduced to normal working levels furnace cooling: encouraging results with new materials Average Waterval SO 2 emissions below permit and target levels Smelting and refining unit cost increase of 1% Cost performance Change in cash unit cost per platinum ounce (H1 06 vs H1 05) (excluding purchased ounces and associated costs) 12% 1,4% 11,3% 1,2% 10% 4,5% 3,5% 1,4% 0,3% 9,9% 10,1% (% increase) 8% 6% 1,4% 1,7% 4% 4,1% 2% 0% CPI Wages above CPI Turnaround and inefficiency costs Increased tons Ground support at Union Mech. failure & rainfall Other Mining & treatment cost/ ton milled Grade & ore mix Operating cost/ equiv refined Pt oz Release of pipeline stocks Operating cost/ refined Pt oz
Operational overview Projects PPRust North project area Operational overview Growth projects Approved and under development: Kroondal PSA R375m 280 000 Pt oz pa * Marikana JV R115m 145 000 Pt oz pa * Mototolo JV R675m 132 000 Pt oz pa * PPRust North R3 847m 230 000 Pt oz pa Under evaluation: Booysendal, Der Brochen, Ga Phasha, Pandora, Styldrift, Twickenham * 50% of this production attributable at full margin
Operational overview Project progress All projects on schedule and within budget Amandelbult 75ktpm UG2 - plant fully utilised BRPM phase 2 project - at 600m (of 1 300m) Lebowa Merensky declines - at 1 100m (of 2 500m) Waterval concentrator retrofit - on track, Q2 07 PPRust North project commenced Mototolo JV - plant commissioning, Q4 06 Paardekraal 2 shaft - final approval expected shortly Operational overview Capital Expenditure R1,84bn capex spent for the period R635m on expansion R1,14bn to maintain operations R64m capitalised interest 2006 total capex of R5,5bn R6,0bn expected
Outlook PGM markets to remain buoyant and robust 2006 target remains 2,7m 2,8m refined Pt oz Operating efficiencies to increase Platinum production growth to continue 5% pa forecast average QUESTIONS