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Potgietersrust Platinums Limited

Investment Analysts / Fund Managers

Visit toPotgietersrustPotgietersrust Platinums LimitedPlatinums Limited

24 August 200424 August 2004


� Location & Infrastructure Layout� Safety & Environment� Geology� Resources and Reserves� Mining and development� Production � Working Cost� Capex� HR

AgendaAgenda


Location & InfrastructureLocation & InfrastructureLayoutLayout


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AMANDELBULT

UNION

BAFOKENG/RASIMONESTYLDRIFT JV

RUSTENBURG

POTGIETERSRUSTPLATINUMS LIMITED

TWICKENHAM

DER BROCHEN

LEBOWA PLATINUM MINES

ð

LIMPOPO

MPUMALANGA

GAUTENG

NORTH-WEST

RUSTENBURGPRETORIA

WITBANK

MOKOPANE (POTGIETERSRUS)

POLOKWANE (PIETERSBURG)

BELA BELA (WARMBATHS)

JOHANNESBURG

NORTHAM

PANDORA JV

BOOYSENDAL JV

MODIKWA

BURGERSFORT

LYDENBURG

PASCHASKRAAL JV

LegendBushveld Complex

Anglo Platinum

Anglo Platinum - Joint Venture

Impala Platinum Mines

Lonmin PLC

Northam Platinum Limited

Southern Era

Merensky

UG2

Platreef

UNKI PROJECT

Botswana

Zimbabwe

MozambiqueNamibia

±

Republicof

South AfricaPolokwane Smelter

0 2010

Kilometres

PPRust North

Zwartfontein South

Sandsloot

Tweefontein North

Tweefontein Hill

Protection Services

Mining

Main Stores

Main Offices

Concentrator

Crushed ore stockpile

Explosive Magazine

Main Water Reservoir

Main Crusher

PPRust - Infrastructure

SandslootConcentrator

PPRust North Pit

Zwartfontein South Pit

Sandsloot Pit

Tweefontein North Pit

Tweefontein Hill Pit

Ore Flow Diagram


Safety & EnvironmentSafety & Environment


PPRust�sPPRust�s -- Lost Time Injuries Lost Time Injuries

21

149 8

0

5

10

15

20

25

2000 2001 2002 2003

number of injuries


PPRust�sPPRust�s �� fatal accident fatal accident

0

1

2000 2001 2002 2003

number of fatals


2004 Safety Challenges2004 Safety Challenges

� Integration ofIntegration of Behavior Based Safety into lineBehavior Based Safety into line--function;function;

�� Continue with �Continue with �UnembezaUnembeza and OTTO� campaign;and OTTO� campaign;�� Adherence to Platinum Rules;Adherence to Platinum Rules;�� Electronic Business Management System;Electronic Business Management System;�� EdutouchEdutouch training;training;�� OSHAS 18000 Accreditation;OSHAS 18000 Accreditation;�� Occupational Hygiene.Occupational Hygiene.


Environmental Challenges for 2004Environmental Challenges for 2004

�� Employee training on environmental issues;Employee training on environmental issues;�� Maintain ISO 14001 certification;Maintain ISO 14001 certification;�� Improve on waste management (general, Improve on waste management (general, oil oil

spillages, contaminated soil);spillages, contaminated soil);�� First phase of waste rock dump First phase of waste rock dump

rehabilitation; rehabilitation;


GeologyGeology


OVERYSEL 815 LR

ZWARTFONTEIN 818 LR

VAALKOP 819 LR

SANDSLOOT 236 KR

KNAPDAAR 234 KR

RIETFONTEIN 240 KR

TWEEFONTEIN 238 KR

Sandsloot Pit

0 2.5Kilometers

´


Sandsloot


Main Faults at SandslootSandsloot CUT 6CUT 6

N


Structure of Sandsloot Pit


Example Section through SandSloot-pit


Zwartfontein South


Zwartfontein South - Fault Blocks at Final Design

Potgietersrust Platinums LimitedLOOKING NORTH

LOOKING SOUTH

Exploration Drilling Grid for Zwartfontein South50m x 50m


Example section through Zwartfontein South pit

�Gvp**grade

mod.gvp


CoreCore DrillingDrilling StatisticsStatistics: 2003/4: 2003/4

Drill statusNo. of assays

Meters drilled

No. of holes drilled

Area

47,443

40,332

5,926

completed77,861232PPRust North

Completed (Apr 04)78,697172Zwartfontein

South

completed16,03618Sandsloot


Exploration status atExploration status at PPRustPPRust


Resources and ReservesResources and Reserves


Resource / Reserve StatementResource / Reserve StatementSandslootSandsloot (31/12/2003)(31/12/2003)

489.13.1913,570.0Total Reserve

3,113.02.65103,710.0Total Resource

353.63.259,610.0Probable Reserve135.53.033,950.0Proven Reserve

2,150.92.9664,210.0Inferred Resource727.82.3327,600.0Indicated Resource

234.31.7411,900.0Measured Resource

Pt Oz(X 1000)

4E (g/t)

Tonnes(X 1000)

Category

Note: Reserve quoted in addition to Resource statement


Resource / Reserve StatementResource / Reserve StatementZwartfonteinZwartfontein South South (31/12/2003)(31/12/2003)

1,250.73.3233,290.0Total Reserve

2,083.32.0689,360.0Total Resource

1,250.73.3233,290.0Probable Reserve0--Proven Reserve

2,083.32.0689,360.0Inferred Resource0--Indicated Resource

0--Measured Resource

Pt Oz(X 1000)

4E (g/t)

Tonnes(X 1000)

Category



Resource / Reserve StatementResource / Reserve StatementTotalTotal PPRustPPRust (31/12/2003)(31/12/2003)

9,484.62.66315,230.0Total Reserve

12,531.82.37504,360.0Total Resource

9,349.12.65311,270.0Probable Reserve135.53.033,950.0Proven Reserve

4,234.22.44153,570.0Inferred Resource9,063.22.36338,890.0Indicated Resource

234.31.7411,900.0Measured Resource

Pt Oz(X 1000)

4E (g/t)

Tonnes(X 1000)

Category



PPRust PrillPPRust Prill SplitSplit

0.0590.064Au factor

0.1710.193%Ni0.0830.098% Cu

0.0330.033Rh factor0.4690.459Pd factor0.4400.445Pt factor

Zwartfontein SouthSandsloot


Mining & DevelopmentMining & Development


PPRust�sPPRust�s SandslootSandsloot pitpit

��32 500 000 t in 200432 500 000 t in 2004��90 000 t per day90 000 t per day��bench height 15 mbench height 15 m��current depth 210, current depth 210, (320)m(320)m��current length 1700 mcurrent length 1700 m��current width 600 mcurrent width 600 m��ramp gradient 10 %ramp gradient 10 %��ramp width 35 mramp width 35 m��strip ratio 7.9 : 1strip ratio 7.9 : 1


PPRust�sPPRust�s ZwartfonteinZwartfontein South pitSouth pit

��25 000 000 t in 200425 000 000 t in 2004��68 500 t per day68 500 t per day��bench height 10 mbench height 10 m��current depth 60, (245)mcurrent depth 60, (245)m��current length 650, current length 650, (1630)m(1630)m��current width 300, (690)mcurrent width 300, (690)m��ramp gradient 10 %ramp gradient 10 %��ramp width 35 mramp width 35 m��strip ratio 11 : 1strip ratio 11 : 1


PPRust�sPPRust�s Truck and Shovel operationTruck and Shovel operation


PPRust�sPPRust�s Drill & Blast operationsDrill & Blast operations


MINE DESIGN MINE DESIGN �� SandslootSandsloot CUT 6CUT 6


MINE DESIGN MINE DESIGN �� ZwartfonteinZwartfontein South CUT 5South CUT 5


ProductionProduction


PPRust�sPPRust�s tons mined tons mined

30.18 29.6139.67

48.44

0

10

20

30

40

50

2000 2001 2002 2003

million tons mined (ex pits)

�� Steady state level around 50 million tons per annum Steady state level around 50 million tons per annum


PPRust�sPPRust�s milling performancemilling performance

4,177 4,270 4,375 4,465

0

1,000

2,000

3,000

4,000

5,000

2000 2001 2002 2003

k tons milled

�� Milling capacity limit of 385 000 tons per month Milling capacity limit of 385 000 tons per month


PPRust�sPPRust�s Concentrator RecoveriesConcentrator Recoveries

81.94 81.96

74.57

79.09

70

72

74

76

78

80

82

2000 2001 2002 2003

PGM Recoveries

�� Recovery in 2004 steady around 80% Recovery in 2004 steady around 80%


PPRust�sPPRust�s GradeGrade

4.3 4.43.5

4.0

0.00.51.01.52.02.53.03.54.04.5

2000 2001 2002 2003

built-up head grade (g/t PGM)

�� Grade steady around 4 grams per ton Grade steady around 4 grams per ton


PPRust�sPPRust�s PtPt--ProductionProduction

202,600 211,400

164,700191,800

0

50,000

100,000

150,000

200,000

250,000

2000 2001 2002 2003

equivalent refined Pt production


Operating CostsOperating Costs


Cash on-mine costs

126.0139.0

147.0

183.0

0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

180.0

200.0

2000 2001 2002 2003

R/to

n mi

lled

0.0

10,000.0

20,000.0

30,000.0

40,000.0

50,000.0

60,000.0

Tons

mine

d

R/ton milled tons mined


Cash on-mine costs

2,605 2,815

3,903 4,249

0.0500.0

1,000.01,500.02,000.02,500.03,000.03,500.04,000.04,500.0

2000 2001 2002 2003

R / Pt oz equiv. refined

�� Cost increase in 2004 expected at CPI target (5,5%) Cost increase in 2004 expected at CPI target (5,5%)


17%

42%6%

14%

6%

15%

LabourStoresUtilitiesSundriesContractorsAmort

On Mine cost split


Tons mined / Pt oz

30,183.0 29,631.0

39,672.0

48,444.0

0.0

10,000.0

20,000.0

30,000.0

40,000.0

50,000.0

60,000.0

2000 2001 2002 2003

tons

mine

d ('0

00)

0

50,000

100,000

150,000

200,000

250,000

Pt oz

refin

ed

tons mined Pt ounces


Capital Expenditure

109.4161.9

231.9

338.6

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

2000 2001 2002 2003

Capex (R mill)

�� Ongoing Ongoing capexcapex level of R250 level of R250 -- R300 m per annumR300 m per annum�� Planned spend of R400m (unapproved) in 2005 on relocation and wPlanned spend of R400m (unapproved) in 2005 on relocation and water ater


Human ResourcesHuman Resources


Human Resources

� Attraction and Retention� Desirability of Area� Schooling

� Employment Equity� HIV/AIDS

� Lower Prevalence rate� SED

� Mining Charter� BEE� Village Relocation


Key Business IssuesKey Business Issues� Safety, Health and Environment� Cost Optimisation

� Improving Unit Costs� Improving Concentrator Performance� Mining Flexibility

Contribution to the Group

Dr. Hans Dr. Hans MerenskyMerensky (1927):(1927):� it is evident that the Potgietersrus Platinums Limited are indeed in an excellent

position, in that a large tonnage can be developed in a short time and without much capital expenditure; and that the mining can be done for a long time cheaply in open

quarries; the milling and producing stages can be reached in a short time, and � I feel convinced that the Potgietersrus Platinums Limited will

develop into a highly payable concern.

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