On 13 August 2002, Anglo Platinum advised shareholders that it was re-examining the optimum mix of projects required to raise the annual production rate to 3,5 million ounces of refined platinum by the end of 2006.
Anglo Platinum is pleased to announce that in pursuit of the target of 3,5 million ounces of refined platinum it is implementing a suite of projects capable of meeting this target by the end of 2006. In line with previous practice, full details of each project in this suite will be announced upon Board approval. The suite includes joint ventures with empowerment groupings, which will satisfy the requirements of the Mineral and Petroleum Resources Development Act ("the Act"). Anglo Platinum is pleased with the progress it has made in including empowerment groupings in its expansion plans and expects to comply with the requisite ownership percentages as envisaged by the Act.
To produce at a rate of 3,5 million platinum ounces by the end of 2006 and to allow for expansion beyond this should market conditions warrant, the capital amount yet to be spent is R15,3 billion, of which R12,9 billion is Anglo Platinum’s portion with the balance contributed by joint venture partners. In 2006 over 250 000 ounces of refined platinum produced will be attributable to concentrate purchased from empowerment groupings. Capital expenditure to maintain the annual base production level will grow in line with higher output. Capital expenditure for 2003 will total some R7,7 billion, comprising R3,6 billion to maintain and R4,1 billion to expand operations. All these capital expenditures are in 2003 money terms. The production forecast for 2002 remains at 2,25 million platinum ounces, rising to 2,4 million ounces in 2003.
Anglo Platinum is pleased to announce that it will be proceeding with the development of a tailings retreatment project at its Rustenburg Platinum Mines complex near Rustenburg in the North West province.
The tailings plant will be situated near the Brakspruit shaft and will draw feedstock from a number of tailings dams in the Klipfontein and Waterval areas. Capital expenditure is estimated at R1,6 billion in 2003 money terms. The plant is expected to commence operations in 2004, reaching full production in 2006 at an average rate of 120 000 ounces of refined platinum and 38 000 ounces of palladium per annum. At the planned production rate, the project’s resource base is sufficient to sustain production for some 15 years.
For further information please contact
Mike Mtakati
011 373 6865
083 455 7887
28 November 2002
Anglo Platinum