1

20 Shaft Project

Investor VisitOctober 2005

2

1#9#

10#

2/2A# 5#

4#

11#

14#

12#8#6#

7A#

7#

14A# Dec..

14B# 11C#

12N

12S

20#Blocks

‘A’ ‘B’ ‘C’

19#

19# Dec.

18#17#

17# Dec.

17A#

21#

16# Dec.

Reinkoyalskraal 278 J.Q.Portion 3

Reinkoyalskraal 278 J.Q.Remaining Extent

(Prospecting Permit)

Welbekend 117 J.Q.(Prospecting Permit)

N

Kilometers

0 15

Paar

dekr

aal 2

79 J

.Q.

16#Project

Impala Lease Area: Location of 20 shaft

2

3

20 Shaft Resource/Reserve

*

Block A,B = 38 m tonnesBlock C = 20 m tonnesWedge, Block D = 15 m tonnesTotal = 73 m tonnes

N

4

Scissor Faults

Undulating Reef Plane

20 Shaft Geology - 3D Seismic model

*

3

5

20 Shaft Resource/Reserve – Block A and B

*

139.83.6738.130.3Total

53.03.5115.19.5UG2

86.73.7723.020.1Merensky

Metalcontent(000 kg)

Reservegrade(g/t)

Reservetonnes

(t)

Resource(million t)

Economichorizon

6

20 shaft – Mining parameters

• Mining of Merensky reef first followed by UG2

• 185 ktpm reef production at steady state

• Conventional breast stoping handheld pneumatic rockdrills

• Scraper winch cleaning

• Conventional footwall tracked 10-tonne locomotives and 6-tonne hoppers

• Monorail for material transport

• Chairlifts for men transport

*

4

7

20 shaft – Underground layout

8

20 shaft - Underground cross-section

Ventilation shaft Main shaft

1 x Merensky decline

Conveyor Decline

Shaft bottom106 Lvl

Main90 Lvl

97 Lvl

100 Lvl

Shaft pillar extraction87 Lvl

2 x Material decline

94 Lvl UG2 shaft pillar extraction UG2 reef horizon

*

5

9

20 shaft - Production profile

-

20

40

60

80

100

120

140

160

180

200

F2006 F2008 F2010 F2012 F2014 F2016 F2018 F2020 F2022 F2024 F2026 F2028 F2030 F2032 F2034

Thousands

Mon

thly

Ton

nage

MERENSKYMERENSKY UG2UG2

Financial year

10

Key dates

7915/05/11Full production

5115/01/09Start tonnage build up

3724/10/07Complete ventilation shaft

5114/01/09Complete main shaft

1401/12/05Shaft sinking commences

01/10/04Mobilisation

MonthsDateKey dates

**

6

11

20 Shaft – site layout

12

Financials (Base date – April 2004)

Capital cost• Base date budget − R 2.1bn

• Escalated budget − R 3.0bn

Working costs• Mining (Base date) − R178 per tonne

*

7

13

Time saving initiatives

• Fast track main shaft civils

• Concurrent construction work in the winder house

• Use of second hand rock winder

• Sink main shaft with permanent winder and headgear

14

Current project status

• Phase I infrastructure – complete (power, water and sewerage)

• Phase I civils – 95% complete

• Both shafts in full sink

• Main shaft sinking – 222m BC

• Ventilation shaft sinking – 373m BC

• Second outlet – 236m total advance

*

8

1520 Shaft – Month 1

1620 Shaft – Month 3

9

1720 Shaft – Month 6

1820 Shaft – Month 9

10

19

Overview of terrace and contractor laydown areaNo 20 Shaft : In full sink Date : September 2005

20 Shaft – Month 13

20 Shaft Project

Investor VisitOctober 2005