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Cash cost / ton milledCash cost / Ton milledR / Ton Milled4003503002502001501005002002 2003 2004 H1 05Cash cost / ton milled 185 303 363 355
Cash cost / equivalent refined Pt ozCash cost / Equivalent Pt oz refinedR / Pt oz9,0008,0007,0006,0005,0004,0003,0002,0001,00002002 2003 2004 H1 05Cash cost / Pt oz 6,598 8,057 7,515 7,283• Lower platinum content of Modikwa ore results in higher unitcost per Pt oz, comparable cost per PGM oz
Page 2 and 3: Agenda●●●●●●●●Safet
Page 4: LocationJV area
Page 7 and 8: Fatalities3.503.002.502.001.501.000
Page 9 and 10: Modikwa Platinum Mine - lease areaN
Page 11 and 12: Stratigraphic column in proximity o
Page 13 and 14: Vertical grade distribution in UG2N
Page 15 and 16: 2004 Merenskyresource categories(Da
Page 17 and 18: Exploration status• Phase 1 footp
Page 19 and 20: On-mine - Exploration drillingSurfa
Page 21 and 22: Original design• Twin decline sha
Page 23 and 24: Reef DriveDiagonalMuck BayDip Pilla
Page 25 and 26: Footwall DriveMiningDirectionMining
Page 27 and 28: Current mine design
Page 29 and 30: Production sources(000’s tons per
Page 31 and 32: Conversion to footwall strikedevelo
Page 33 and 34: Immediately Available Reserves (Rai
Page 35 and 36: Monthly area mined (m 2 )40,00035,0
Page 37 and 38: Average Tons Milled per month250,00
Page 39 and 40: Plant 4E Recovery90.00%% Recovery 4
Page 41: Operating costs
Page 45 and 46: Capital expenditure
Page 47 and 48: Capital expenditureMain Items for 2
Page 49 and 50: Employee relations● Community and
Page 51 and 52: Key business issues• Improved saf

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