Wrap Text
Reviewed condensed consolidated financial results for the 6 months ended 30 June 2014
ANGLO AMERICAN PLATINUM LIMITED
Incorporated in the Republic of South Africa
Registration number: 1946/022452/06
Share code: AMS
ISIN: ZAE000013181
(Amplats, the Company, the Group or Anglo American Platinum)
REVIEWED CONDENSED CONSOLIDATED FINANCIAL RESULTS
for the six months ended 30 June 2014
Anglo American Platinum Limited's consolidated reviewed interim financial results for the six months ended 30 June 2014 have
been independently reviewed by the Group's external auditors. The preparation of the Group's reviewed interim results for the
six months ended 30 June 2014 was supervised by the Finance Director, Mr B Nqwababa.
PERFORMANCE HIGHLIGHTS
Navigated through strikes for a sustainable future
- Improved safety performance despite challenging environment
- Unprecedented five month industrial strike action
- 40% of production impacted
- c. 440 koz platinum production lost
- Improved performance at unaffected mines
- Sales in line with 2013 maintaining supply to customers
- Financial results impacted by strike
- Decrease in headline earnings to R157 million
- Increase in Net debt to R12.4 billion
- Repositioning of portfolio underway
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Reviewed Audited
six months ended Year ended
30 June 30 June % 31 December
R millions Notes 2014 2013 change 2013
Gross sales revenue 27,855 24,323 52,822
Commissions paid (10) (181) (418)
Net sales revenue 27,845 24,142 15 52,404
Cost of sales (26,917) (21,262) (27) (46,208)
Gross profit on metal sales 3 928 2,880 (68) 6,196
Other net (expenditure)/income (230) 185 (964)
Loss on scrapping of property, plant and equipment (1) (142) (2,814)
Market development and promotional expenditure (344) (249) (450)
Operating profit 353 2,674 (87) 1,968
Loss on acquisition of properties from Atlatsa Resources
Corporation (Atlatsa) - - (833)
Net gain on the first phase of the Atlatsa refinancing transaction - - 454
Net gain on the final phase of the Atlatsa refinancing transaction 8 243 - -
Loss on revaluation of investment in Wesizwe Platinum Limited
(Wesizwe) - (40) (40)
Interest expensed (357) (367) (675)
Interest received 85 30 57
Remeasurement of loans and receivables 48 27 44
Losses from associates (net of taxation) (65) (122) (298)
Profit before taxation 307 2,202 (86) 677
Taxation 4 (5) (1,050) (2,191)
Profit/(loss) for the period/year 302 1,152 (74) (1,514)
Other comprehensive income, net of income tax
Items that will be reclassified subsequently to profit or loss 416 285 950
Deferred foreign exchange translation gains 6 557 833
Share of other comprehensive gains from associates 26 8 8
Reclassification of unrealised losses on available for sale
investment to loss for the period/year - - 40
Net gains/(losses) on available for sale investments 384 (280) 69
Total comprehensive profit/(loss) for the period/year 718 1,437 (564)
Profit/(loss) attributable to:
Non controlling interest (127) (70) (144)
Owners of the Company 429 1,222 (65) (1,370)
302 1,152 (1,514)
Total comprehensive income/(loss) attributable to:
Non controlling interest (127) (70) (144)
Owners of the Company 845 1,507 (420)
718 1,437 (564)
RECONCILIATION BETWEEN PROFIT/(LOSS)
AND HEADLINE EARNINGS
Profit/(loss) attributable to owners of the company 429 1,222 (1,370)
Adjustments
Loss on acquisition of properties from Atlatsa - - 833
Net gain on the final phase of the Atlatsa refinancing transaction (243) - -
Loss on revaluation of investment in Wesizwe - 40 40
Profit on sale of other mineral rights and investments (1) (14) (75)
Loss on scrapping of property, plant and equipment 1 142 2,814
Tax effect thereon - (40) (788)
Net profit on disposal of assets (40) (12) (4)
Tax effect thereon 11 3 1
Headline earnings 157 1,341 (88) 1,451
Number of ordinary shares in issue (millions)* 267.4 267.2 267.3
Weighted average number of ordinary shares in issue (millions) 261.0 261.0 261.0
Weighted average number of potential diluted ordinary shares in
issue (millions) 262.1 261.8 262.2
Earnings/(loss) per ordinary share (cents)
- Basic 164 468 (65) (525)
- Diluted (basic) 164 467 (65) (522)
Attributable headline earnings per ordinary share (cents)
- Headline 60 514 (88) 556
- Diluted 60 512 (88) 553
*Including the shares issued as part of the community empowerment transaction, but excludes the shares held by the Group ESOP
and the shares held in terms of the Group's various share schemes.
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Reviewed Audited
six months ended as at
30 June 30 June 31 December
R millions Notes 2014 2013 2013
ASSETS
Non-current assets 65,850 64,901 64,132
Property, plant and equipment 42,163 43,810 43,298
Capital work-in-progress 11,602 9,419 9,810
Investment in associates 7,657 6,768 6,816
Investments held by environmental trusts 817 706 732
Other financial assets 3,553 4,142 3,422
Other non-current assets 58 56 54
Current assets 22,215 26,566 24,895
Inventories 15,116 18,827 19,668
Trade and other receivables 4,028 4,748 3,624
Other assets 750 310 441
Other current financial assets - 6 -
Cash and cash equivalents 2,321 2,675 1,162
Total assets 88,065 91,467 89,027
EQUITY AND LIABILITIES
Share capital and reserves
Share capital 27 27 27
Share premium 21,813 21,360 21,439
Foreign currency translation reserve 1,013 731 1,007
Available-for-sale reserve 431 (342) 47
Retained earnings 27,309 29,543 27,362
Non-controlling interest (54) 193 126
Shareholders' equity 50,539 51,512 50,008
Non-current liabilities 12,792 25,158 21,968
Non-current interest-bearing borrowings 5 372 12,000 9,486
Environmental obligations 1,945 1,814 1,859
Employees' service benefit obligations 14 21 3
Deferred taxation 10,461 11,323 10,620
Current liabilities 24,734 14,797 17,051
Current interest-bearing borrowings 5 14,346 3,880 3,132
Trade and other payables 6,928 6,658 7,858
Other liabilities 2,088 1,752 2,157
Other current financial liabilities 43 96 43
Share based payment provision 26 28 40
Taxation 1,303 2,383 3,821
Total equity and liabilities 88,065 91,467 89,027
CONDENSED CONSOLIDATED STATEMENT OF CASH
FLOWS
Reviewed Audited
six months ended as at
30 June 30 June 31 December
R millions 2014 2013 2013
Cash flows from operating activities
Cash receipts from customers 26,369 22,117 51,838
Cash paid to suppliers and employees (20,834) (21,195) (44,559)
Cash from operations 5,535 922 7,279
Interest paid (net of interest capitalised) (262) (276) (522)
Taxation paid (2,675) (307) (679)
Net cash from operating activities 2,598 339 6,078
Cash flows used in investing activities
Purchase of property, plant and equipment (includes (2,846) (2,347) (6,346)
interest capitalised)
Proceeds from sale of plant and equipment 7 42 69
Distribution from associates 1 - -
Proceeds on sale of mineral rights and other investments - 4 43
Loans to associates (113) (221) (367)
Advances made to Plateau Resources Proprietary Limited (75) (253) (421)
(Plateau)
Increase in investments held by environmental trusts (34) (36) (36)
Interest received 28 22 42
Growth in environmental trusts - - 3
Subscription for Royal Bafokeng Platinum Limited (RB Plat) (93) - -
rights offer shares
Other advances (37) - -
Net cash used in investing activities (3,162) (2,789) (7,013)
Cash flows from/(used in) financing activities
Proceeds on partial disposal of interest in Masa Chrome - - 247
Company Proprietary Limited (Masa)
Purchase of treasury shares for the Bonus Share Plan (327) (240) (239)
(BSP)
Proceeds from/(repayment of) interest-bearing borrowings 2,103 3,208 (50)
Cash distributions to minorities (53) (17) (35)
Net cash from/(used in) financing activities 1,723 2,951 (77)
Net increase/(decrease) in cash and cash equivalents 1,159 501 (1,012)
Cash and cash equivalents at beginning of period/year 1,162 2,174 2,174
Cash and cash equivalents at end of period/year 2,321 2,675 1,162
Movement in net debt
Net debt at beginning of period/year (11,456) (10,491) (10,491)
Net cash from operating activities 2,598 339 6,078
Net cash used in investing activities (3,162) (2,789) (7,013)
Other (377) (264) (30)
Net debt at end of period/year (12,397) (13,205) (11,456)
Made up as follows:
Cash and cash equivalents 2,321 2,675 1,162
Current interest-bearing borrowings (14,346) (3,880) (3,132)
Non-current interest-bearing borrowings (372) (12,000) (9,486)
(12,397) (13,205) (11,456)
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Foreign
currency Available Non-
Share Share translation for sale Retained controlling
capital premium reserve reserve earnings interest Total
Rm Rm Rm Rm Rm Rm Rm
Balance as at 31 December 2012 27 20,956 174 (62) 28,725 280 50,100
(audited)
Total comprehensive income for the period 557 (280) 1,230 (70) 1,437
Deferred tax charged directly to equity (8) (8)
Cash distributions to minorities (17) (17)
Shares acquired in terms of BSP - treated (-)* (240) (240)
as treasury shares
Shares vested in terms of the BSP -* 234 (234) -
Shares vested in terms of the group -* 410 (410) -
Employee Share Option Scheme (Kotula)
Equity-settled share-based compensation 239 239
Shares purchased for employees 1 1
Balance as at 30 June 2013 (reviewed) 27 21,360 731 (342) 29,543 193 51,512
Total comprehensive loss for the period 276 389 (2,592) (74) (2,001)
Deferred tax charged directly to equity 2 2
Cash distributions to minorities (18) (18)
Gain on disposal of partial interest in a 222 25 247
subsidiary
Shares acquired in terms of BSP - treated -* 1 1
as treasury shares
Shares vested in terms of the BSP -* 37 (37) -
Shares vested in terms of Kotula -* 41 (41) -
Equity-settled share-based compensation 271 271
Shares purchased for employees (6) (6)
Balance as at 31 December 2013 27 21,439 1,007 47 27,362 126 50,008
(audited)
Total comprehensive income for the period 6 384 455 (127) 718
Deferred tax charged directly to equity 2 2
Share of associate movements directly to 21 21
equity
Cash distributions to minorities (53) (53)
Shares acquired in terms of BSP - treated (-)* (327) (327)
as treasury shares
Shares vested in terms of the BSP -* 250 (250) -
Shares vested in terms of Kotula -* 451 (451) -
Equity-settled share-based compensation 196 196
Shares purchased for employees (26) (26)
Balance as at 30 June 2014 (reviewed) 27 21,813 1,013 431 27,309 (54) 50,539
* Less than R500,000.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
for the six months ended 30 June 2014
1. The reviewed condensed financial information is in compliance with International Financial Reporting Standards (IFRS), the
SAICA Financial Reporting Guides as issued by the Accounting Practices Committee, Financial Reporting Pronouncements as
issued by the Financial Reporting Standards Council, the requirements of the Companies Act of South Africa and the JSE
Limited's Listing Requirements. It also contains the information required by International Accounting Standard 34 - Interim
Financial Reporting. The accounting policies are consistent with those applied in the financial statements for the year ended
31 December 2013, except for adoption of various amendments to accounting standards in the period under review. These
changes did not have a material impact on the financial results of the Group. The directors take full responsibility for the
preparation of the condensed report and that the financial information has been correctly extracted from the underlying
condensed consolidated financial statements.
2. SEGMENTAL INFORMATION
Net sales revenue Operating contribution
Reviewed Audited Reviewed Audited
Six months ended Year ended Six months ended Year ended
30 June 30 June 31 December 30 June 30 June 31 December
R millions 2014 2013 2013 2014 2013 2013
Operations
Bathopele Mine 2,162 942 2,279 (251) 439 339
Thembelani Mine1 1,119 1,831 4,791 (729) 393 175
Siphumelele Mine1 665 1,454 3,090 (300) 370 226
Tumela Mine 2,054 1,908 4,335 (518) 290 677
Dishaba Mine 1,346 1,304 2,855 (301) 193 466
Union Mine 1,554 1,554 3,442 (768) 137 49
Mogalakwena Mine 6,688 4,910 10,086 2,669 1,374 3,668
Twickenham Platinum Mine 192 7 148 (186) (196) (403)
Unki Platinum Mine 1,043 750 1,639 209 107 315
Modikwa Platinum Mine2 734 807 1,620 82 74 266
Mototolo Platinum Mine2 782 672 1,362 280 190 495
Kroondal Platinum Mine2 1,453 1,263 2,608 377 216 545
19,792 17,402 38,255 564 3,587 6,818
Western Limb Tailings Retreatment 797 568 1,163 381 263 597
Chrome refining 152 267 503 125 233 429
Total - mined 20,741 18,237 39,921 1,070 4,083 7,844
Purchased metals 7,104 5,905 12,483 954 243 1,596
27,845 24,142 52,404 2,024 4,326 9,440
Other costs (1,096) (1,446) (3,244)
Gross profit on metal sales 928 2,880 6,196
1 Prior year numbers have been restated to include Khuseleka and Khomanani mines respectively.
2 Anglo American Platinum Limited's share (excluding purchase of concentrate).
Reviewed Audited
six months ended as at
30 June 30 June 31 December
R millions 2014 2013 2013
3. GROSS PROFIT ON METAL SALES
Gross sales revenue 27,855 24,323 52,822
Commissions paid (10) (181) (418)
Net sales revenue 27,845 24,142 52,404
Cost of sales (26,917) (21,262) (46,208)
On-mine (12,336) (14,812) (30,201)
Cash operating costs (10,724) (13,020) (26,666)
Depreciation (1,612) (1,792) (3,535)
Purchase of metals (5,953) (5,159) (10,582)
Smelting (1,406) (1,443) (2,968)
Cash operating costs (1,155) (1,123) (2,385)
Depreciation (251) (320) (583)
Treatment and refining (1,413) (1,231) (2,578)
Cash operating costs (1,084) (904) (1,922)
Depreciation (329) (327) (656)
(Decrease)/increase in metal inventories (4,713) 2,829 3,365
Other costs (1,096) (1,446) (3,244)
Gross profit on metal sales 928 2,880 6,196
Gross profit margin (%) 3.3 11.9 11.8
% % %
4. TAXATION
A reconciliation of the standard rate of South African normal
taxation compared with that charged in the statement of
comprehensive income is set out in the following table:
South African normal tax rate 28.0 28.0 28.0
Disallowable items 18.9 3.4 10.0
Capital profits (22.1) - 35.0
Prior year underprovision 30.4 17.8 260.0
Effect of after-tax share of losses from associates 5.9 1.6 12.0
Effective tax rate adjustment (13.7) (1.1) -
Difference in tax rates of subsidiaries (64.2) (21.0)
Deferred taxation asset not raised 1.1 - -
Other 17.3 (2.0) (0.4)
Effective tax rate 1.6 47.7 323.6
Rm Rm Rm
5. INTEREST-BEARING BORROWINGS
The Group has the following borrowing facilities:
Committed facilities 22,356 22,436 22,384
Uncommitted facilities 9,570 6,497 9,555
Total facilities 31,926 28,933 31,939
Less: Facilities utilised (14,718) (15,880) (12,618)
Non-current interest bearing borrowings* (372) (12,000) (9,486)
Current interest bearing borrowings* (14,346) (3,880) (3,132)
Available 17,208 13,053 19,321
Weighted average borrowing rate (%) 7.01 6.13 6.27
* Includes R9,100 million and R5,218 million owing to Anglo American SA Finance Limited on the committed
and uncommitted facilities respectively as at 30 June 2014.
6. CONTINGENT LIABILITIES
Letters of comfort have been issued to financial institutions to cover certain banking facilities. There are no encumbrances over
Group assets.
The Group is the subject of various claims, which are individually immaterial and are not expected, in aggregate, to result in
material losses.
The Group has, in the case of some of its mines, provided the Department of Minerals Resources with guarantees that cover
the difference between the closure costs and amounts held in the environmental trusts. At 30 June 2014, these guarantees
amounted to R3,394 million (30 June 2013: R2,863 million; 31 December 2013: R3,195 million).
7. CHANGES IN ACCOUNTING ESTIMATE FOR INVENTORY
During the current period, the Group changed its estimate of the quantities of inventory based on the outcome of a physical
count of in-process metals. The Group runs a theoretical metal inventory system based on inputs, the results of previous
counts and outputs. Due to the nature of in-process inventories being contained in weirs, pipes and other vessels, physical
counts only take place once per annum, except in the Precious Metal Refinery, which takes place once every three years.
This change in estimate has had the effect of decreasing the value of inventory disclosed in the financial statements by
R55 million (2013: increase of R358 million). This results in the recognition of an after tax loss of R40 million (2012 after tax
gain: R257 million).
8. REFINANCING OF ATLATSA
The Group completed the second and final phase of the Atlatsa refinancing plan where through a series of transactions, the
Group converted its unlisted preference share instrument in an SPV for 115.8 million common shares in Atlatsa. These shares
were then sold to Atlatsa Holdings Proprietary Limited on loan account for R463.2 million. The loan is secured and interest
bearing.
In the final phase of the refinancing plan, the Group subscribed for 125 million new Atlatsa common shares for an aggregate
subscription price of R750 million. These proceeds were utilised by Atlatsa to reduce the senior loan provided by Rustenburg
Platinum Mines Limited to Plateau. These transactions were completed on 31 January 2014.
The accounting impact of the final phase of these transactions was a net gain of R243 million which was reflected in profit for
the period in 2014.
9. UNKI PLATINUM MINE INDIGENISATION PLAN
On 2 November 2012, the Group announced the approval of the proposed 51% indigenisation implementation plan at Unki
Mines (Private) Limited by the Zimbabwean Minister of Youth Development, Indigenisation and Empowerment. The Group
advises that the indigenisation plan has not yet been implemented and discussions around the indigenisation plan and its
implementation remain ongoing. Stakeholders will be kept informed of any material developments in this regard.
10. POST BALANCE SHEET EVENTS
There have been no material events subsequent to 30 June 2014.
11. AUDITOR'S REVIEW
The interim report from which the condensed financial information have been extracted has been reviewed by the Company's
auditors, Deloitte & Touche. The review of the condensed financial information was performed in accordance with ISRE 2410,
"Reviewed Interim Financial Information Performed by the Independent Auditor of the Entity". The auditors review report does
not necessarily report on all the information contained in this announcement. Shareholders are therefore advised that, in order
to obtain a full understanding of the nature of the auditors engagement, they should obtain a copy of the auditors review report
together with the accompanying condensed consolidated financial information from the Company's registered office. Their
unmodified review report is available for inspection at the Company's registered office. Any reference to future financial
performance, included in this announcement, has not been reviewed or reported on by the Company's auditors.
GROUP PERFORMANCE DATA
for the six months ended 30 June 2014
SALIENT FEATURES
Six months ended Year ended
30 June 30 June 31 December
2014 2013 % change 2013
Average market prices achieved
Platinum US$/oz 1,436 1,549 (7) 1,485
Palladium US$/oz 773 720 7 722
Rhodium US$/oz 1,069 1,144 (7) 1,053
Gold US$/oz 1,293 1,520 (15) 1,384
Nickel US$/lb 7.67 6.99 10 6.58
Copper US$/lb 3.05 3.35 (9) 3.22
US$ basket price - Pt
(net sales revenue per Pt oz sold) US$/oz Pt sold 2,474 2,416 2 2,326
US$ basket price - PGM
(net sales revenue per PGM oz sold) US$/oz PGM
sold 1,123 1,097 2 1,123
R basket price - Pt
(net sales revenue per Pt oz sold) R/oz Pt sold 26,493 22,473 18 22,586
R basket price - PGM
(net sales revenue per PGM oz sold) R/oz PGM sold 12,025 10,210 18 10,906
Exchange rates
Average exchange rate achieved on sales ZAR/US$ 10.71 9.31 15 9.71
Exchange rate at end of the period/year ZAR/US$ 10.64 9.97 7 10.51
Unit cost performance
Cash on-mine cost/tonne milled R/tonne 795 638 25 675
Cash operating cost per refined Pt ounce1 R 20,554 19,244 7 17,036
Cost of sales per total Pt ounce sold2 R 25,633 19,794 29 19,916
Productivity
m2 per total operating employee per month3 6.61 6.50 2 6.57
Refined platinum ounces per employee4 22.2 25.9 (14) 30.0
Financial statistics
Gross profit margin % 3.3 11.9 (72) 11.8
EBITDA R million 2,587 5,048 (49) 6,515
Return on average shareholders' equity % 1.2 4.5 (73) (3.0)
Return on average capital employed % 0.9 8.1 (89) 2.7
Return on average attributable capital employed % 1.0 9.0 (89) 6.3
Current ratio 0.9:1 1.8:1 (50) 1.5:1
Interest cover - EBITDA % 5.1 11.1 (54) 7.1
Interest-bearing debt to shareholders' equity % 29.1 30.8 (6) 25.2
NAV per share % 189.0 192.8 (2) 187.1
Effective tax rate % 1.6 47.7 (97) 323.6
Market information and share statistics
Total shares in issue millions 269.7 269.7 - 269.7
Weighted average number of shares in issue millions 261.0 261.0 - 261.0
Treasury shares held millions 2.3 2.5 (8) 2.4
Market capitalisation R billion 124.4 79.6 56 106.2
Closing share price cents 46,107 29,500 56 39,391
1 Cash operating cost per refined platinum ounce excludes ounces from purchased concentrate and associated costs.
2 Total platinum ounces sold: refined platinum ounces sold plus platinum ounces sold in concentrate.
3 Square metres mined per operating employee including processing but excluding projects, opencast and Western Limb
Tailings Retreatment employees.
4 Refined platinum ounces per operating employee; Mined refined production divided by the sum of all own and Amplats'
attributable joint-venture operational employees.
REFINED PRODUCTION
Six months ended Year ended
30 June 30 June 31 December
2014 2013 % change 2013
Total operations
Refined production from mining operations
Platinum 000 oz 607.3 763.6 (20) 1,772.7
Palladium 000 oz 423.5 447.8 (5) 1,055.9
Rhodium 000 oz 72.8 90.3 (19) 217.1
Gold 000 oz 39.3 32.7 20 81.1
PGMs 000 oz 1,205.4 1,473.0 (18) 3,413.2
Nickel 000 tonnes 12.5 10.1 24 18.8
Copper 000 tonnes 8.8 6.9 28 12.0
Chrome 000 tonnes 73.2 227.5 (68) 399.5
Refined production from purchases
inclusive of returns
Platinum 000 oz 248.5 257.4 (3) 606.8
Palladium 000 oz 127.8 135.5 (6) 324.9
Rhodium 000 oz 36.5 36.0 1 77.6
Gold 000 oz 12.8 6.9 86 18.9
PGMs 000 oz 499.8 501.7 - 1,151.7
Nickel 000 tonnes 2.0 2.0 - 3.8
Copper 000 tonnes 1.8 1.2 50 2.1
Chrome 000 tonnes - - - -
Total refined production
Platinum 000 oz 855.8 1,021.0 (16) 2,379.5
Palladium 000 oz 551.3 583.3 (5) 1,380.8
Rhodium 000 oz 109.3 126.3 (13) 294.7
Gold 000 oz 52.1 39.6 32 100.0
PGMs 000 oz 1,705.2 1,974.7 (14) 4,564.9
Nickel - Refined 000 tonnes 10.4 6.7 55 16.8
Nickel - Matte 000 tonnes 4.1 5.4 (24) 5.8
Copper - Refined 000 tonnes 7.0 4.0 75 8.3
Copper - Matte 000 tonnes 3.6 4.1 (12) 5.8
Chrome 000 tonnes 73.2 227.5 (68) 399.5
PIPELINE CALCULATION
Six months ended Year ended
30 June 30 June 31 December
Total operations 2014 2013 % change 2013
Equivalent refined platinum production1 000 oz 715.2 1,177.5 (39) 2,320.4
Bathopele Mine 19.5 64.5 (70) 111.3
Thembelani Mine 10.0 127.6 (92) 237.6
Siphumelele Mine 5.9 101.5 (94) 153.9
Tumela Mine 20.3 100.6 (80) 212.9
Dishaba Mine 13.6 70.3 (81) 142.4
Union Mine 10.8 96.4 (89) 178.4
Mogalakwena Mine 184.8 164.4 12 335.8
Mogalakwena Mine sale of concentrate (5.3) - - -
Twickenham Platinum Mine 5.9 1.5 293 9.4
Unki Platinum Mine 29.8 29.3 2 63.2
Western Limb Tailings Retreatment 23.8 31.2 (24) 58.8
319.1 787.3 (59) 1,503.7
Modikwa Platinum Mine 50.2 57.0 (12) 116.4
Mototolo Platinum Mine 60.6 57.6 5 123.0
Kroondal Platinum Mine 125.2 115.6 8 242.4
Bafokeng-Rasimone Platinum Mine2 85.1 83.4 2 178.6
Bokoni Platinum Mine3 49.6 42.4 17 92.7
370.7 356.0 4 753.1
Purchases from third parties 25.4 34.2 (26) 63.6
Pipeline stock adjustment 26.5 49.4 (46) 49.4
Refined platinum production (excl. toll refined metal) (855.7) (1,018.1) (16) (2,376.4)
Mining (607.3) (763.6) (20) (1,772.7)
Purchases of concentrate (248.4) (254.5) (2) (603.7)
Platinum pipeline movement (114.0) 208.8 (155) (6.6)
1 Mines' production and purchases of metal in concentrate, secondary metals and other metals converted to equivalent
refined production using Amplats' standard smelting and refining recoveries.
2 Associate with effect from 1 November 2010.
3 Associate with effect from 1 July 2009.
RESULTS COMMENTARY 2014
SAFETY
Tragically, we had a fatality at the processing division during the period. Mr Willie Smit a 36-year old acting electrical foreman, was
fatally injured when an electrical flash occurred from a panel in a compressor substation at Waterval Smelter on 9 April 2014. Our
sincere condolences go to the family, friends and colleagues of Mr Smit.
Despite this tragic loss, the Company continues to make progress in its safety initiatives as seen in the improvement in safety
performance, in spite of the challenging environment faced. At the operations unaffected by industrial action, or where there were
minimal disruptions (Mogalakwena, Twickenham, Unki and the processing operations), safety remained a key focus area and
improvements were registered in almost all of the operations.
On receipt of the notice of the industrial action, 48 hours ahead of employees legally being able to strike, all mining production at
affected shafts was halted and a full safe shutdown was implemented.
During the strike, affected operations were not entirely shut down enabling priority development and construction work to continue
underground, as well as continuing with all legally required inspections. Employees who did come to work were deployed to carry
out repair, maintenance, construction and other service related activities.
Upon resolution of the strike, the Company implemented a "Return to Work" programme which included a vigorous safe start-up
programme with a focus on medical surveillance, orientation, induction, ensuring safe workplaces and a relationship building
process ('Building bridges from Tshenyego to Tshiamo').
LABOUR RELATIONS AND INDUSTRIAL ACTION
The new wage agreement for own mine employees was due to commence on 1 July 2013. Discussions with Unions started in
advance of this date in order to try to facilitate a settlement ahead of the start date. In December 2013, the Company settled with
the National Union of Mineworkers (NUM) and the United Association of South Africa (UASA) for a deal ranging between 7.5% -
8.5% depending on grade, and an average cost to company of approximately 8%.
In February 2014, the Company had also reached agreement with the National Union of Metalworkers of South Africa (NUMSA) on
the same terms as the NUM and UASA agreement, with minimal disruption to the processing operations where NUMSA is the
dominant union. This allowed for production to continue as normal at Mogalakwena, our JV operations and the processing
operations. In Zimbabwe, Unki mine was also unaffected by the industrial action.
AMCU STRIKE
Having failed to reach agreement with the Association of Mineworkers and Construction Union ("AMCU") the Company received
notification 48 hours in advance of their intention to embark on a legal strike from 23 January 2014.
AMCU's initial demand would have resulted in a doubling of the Company's wage bill - an unaffordable and unsustainable demand.
The Company along with Lonmin plc and Impala Platinum Holdings Limited participated in a number of mediation based processes,
organised by the Commission for Conciliation, Mediation and Arbitration (CCMA), the Department of Labour, labour court Judge
Rabkin-Naiker, and the newly appointed minister at the Department of Mineral Resources, advocate Ngoako Ramatlhodi,
interspersed with a number of management and CEO meetings to try and reach an acceptable resolution.
Finally, on 24 June 2014, the Company signed a three year wage agreement with AMCU retrospectively to July 2013. The main
principles of the wage agreement include:
- An annual increase of R1,000 per month in basic pay for A and B-band employees in years one and two and R950 per month in
year three.
- Increases in basic pay of 8% per annum for C and D1-band employees for years one and two and 7.5% for year three.
- Living-out allowances and Housing rent subsidies for employees will increase in line with CPI in year one and remain flat in
years two and three.
- Housing allowance will increase by 8% in year one and remain flat in years two and three.
- Other allowances will increase in line with salary increases in year one and there will be no further increases in years two and
three. This is in order to fund the increase agreed to in basic pay.
The agreement reached achieves a sustainable future for the Company and provides employees with the most competitive increase
in the current financial circumstances. The agreement increases the total labour cost to company by 10.5% in year one; 7.7% in
year two and 7.1% in year three or 8.4% per annum on average over the three-year period.
A final assessment of the impact of the strike confirms that total lost platinum production has amounted to an estimated 424k
equivalent refined platinum ounces to 24 June 2014. Further losses of 16 koz have been incurred during the ramp-up phase of
production to 30 June 2014.
GOVERNMENT RELATIONS
South Africa's fourth democratic general election took place on 7 May 2014. The New Cabinet was announced on 27 May with the
appointment of Advocate Ngoako Ramatlhodi as the Minister of Mineral Resources. We welcomed the Minister's proactive stance in
the wage negotiations and look forward to continued engagements with Government, and to continue to play an active role in the
further development of South African mining.
OPERATIONS
Equivalent refined platinum production (equivalent ounces are mined ounces expressed as refined ounces) from the mines
managed by the Company and its joint venture partners for the first half of 2014 at 715 koz, was 39% lower compared to the first
half of 2013. This was mainly a result of the industrial action, but also from the consolidation of certain mines (at Union and
Rustenburg) in 2013.
Mogalakwena and Unki mines and the associates and joint ventures portfolio, which remained strike-free, all showed year-on-year
improvements in production. Rustenburg, Amandelbult and Union operations were affected, losing an estimated 440 koz (including
16 koz post the strike during ramp-up) of equivalent refined production. In addition, production was reduced by 87 koz following the
consolidation of Rustenburg from five to three mines and Union from two mines to one mine as part of the Company's restructuring.
In spite of the challenges of such a prolonged strike, Mogalakwena mine, Unki mine and Twickenham (a mine in development)
continued to operate throughout the period. Mogalakwena achieved a record performance, increasing production by 20.4 koz to
184.8 koz ounces as a result of higher achieved 4E built-up head grade, increased concentrator throughput, supported by improved
mining performance, a 12% increase year-on-year. Unki produced 30 koz in line with the prior year. New production from the
Twickenham project added 4.4 koz.
Underground mining performance at our own mines reflected the effect of the industrial action. At Amandelbult, output decreased by
137 koz, or 80% year-on-year; Rustenburg declined by 258 koz, or 88% year-on-year; and Union fell by 86 koz, or 89% year-on-
year. Production was also impacted by the shaft closures at Rustenburg and Union mines.
Equivalent refined platinum production from joint ventures and associates, inclusive of both mined and purchased production,
increased by 4% year-on-year to 370.7 koz. This was due to higher production volumes at Bokoni (+17%), Kroondal (+8%),
Mototolo (+5%) and BRPM (+2%). The JV operations continue to show steady growth and consistency due to productivity
improvement measures at the mines. These operations were not affected by the legal AMCU strike, though there was a one-week
disruption at Modikwa to solve the NUM-led wage dispute.
Equivalent refined platinum ounces purchased from third parties decreased by 26% year-on-year from 34.2 koz to 25.4 koz due to
decline in purchases from those third parties who process a portion of our tailings.
Refined platinum production of 855.8 koz in the first half of 2014 was 16% lower compared to the same period in 2013. This was a
result of production shortfalls at the strike affected operations, which was partially offset by a draw drawn of pipeline metal inventory
of 110 koz. Refined production of palladium and rhodium fell 5% and 13% respectively, when compared to 2013. Variances in
palladium and rhodium output were a reflection of the industrial action, a different ore source mix from operations, and different
pipeline processing times for each metal.
Base metal production of nickel increased by 20% to 14,551 tonnes while copper production increased by 31% to 10,590 tonnes.
The increase in production is attributable to greater stability in the base metal plant coupled with an increase in mining volumes
from base metal rich mines which were unaffected by the strike action, as well as an increase in the volume of stock treated.
Refined platinum sales volume remained in line year-on-year at 1.04 million ounces (2013 H1: 1.07 million ounces). Platinum sales
were higher than refined production of 189 koz, as a result of being able to draw down on refined inventory that was built up in
anticipation of possible lengthy strike action.
FINANCIAL REVIEW
The financial results for the six months were negatively impacted by the industrial action which endured for five months, which was
partially mitigated by the sale from inventory during this period. Headline earnings decreased to R157 million compared to R1.3
billion in 2013. The Group generated a profit of R429 million attributable to ordinary shareholders. Attributable profit for the period
was R1.64 per share and headline earnings was 60 cents per share.
Net sales revenue of R27.8 billion was 15% higher than the R24.1 billion in 2013, due primarily to the impact of the weakening of
the rand/US dollar exchange rate and a marginal improvement in the US dollar basket price. Refined platinum sales for the period
marginally declined to 1.04 Moz. This was achieved after 440 koz of equivalent refined production was lost, during the industrial
action and subsequent ramp up, as sales were supplemented with a draw down in stock. As part of the ongoing strategy to extract
value from our marketing business the commissions paid on sales has reduced to R10 million in 2014 from the R181 million paid
last year.
The average US dollar basket price per platinum ounce sold marginally increased in 2014 to US$2,474, from the US$2,416
achieved in 2013. The average US dollar sales price achieved on platinum declined by 7% to US$1,436 per ounce, despite the
extended industrial action as sales from mining companies and above ground stocks ensured that the market remained in supply.
Palladium saw an increase of 7% to US$773 as supply was tighter for this metal during the industrial action. The average rand/US
dollar exchange rate weakened to R10.71: US$1.00 from the R9.31 average during 2013. After taking into account the effect of the
weakening of the rand against the US dollar, the average rand basket price per platinum ounce was stronger (showing a 18%
increase) at R26,493.
Cost of sales increased by 27%, from R21.3 billion to R26.9 billion. Cash on-mine operating expenses decreased by R2.3 billion to
R10.7 billion as the "no-work no-pay" principle was enforced, variable costs savings were realised during the strike and strict cost
control was implemented to reduce the financial impact of the prolonged industrial action. The cash cost of processing (smelting,
treatment and refining), of R2.2 billion, increased by 10%, and was largely attributable to a 23% increase in the volume of base
metals refined, which was partially offset by the continued implementation of various cost savings initiatives. Included in cost of
sales is R4.7 billion of the cost of inventory sold from stock during the strike to meet customer commitments. The Company incurred
R6.0 billion on the purchase of metals, which was an increase of 15% due to an increase in production volumes and rand metal
prices.
As in the rest of the industry, we continue to experience mining inflation of approximately 9%, due to above headline inflation (CPI)
increases in the price of electricity, diesel and labour. The wage agreement reached with labour on 24 June 2014 to settle the five
month industrial action, which was back dated to 1 July 2013, increased the total cost of employment by 10.5% for the first year.
Cash operating costs per equivalent refined platinum ounce of R27,810 was severely impacted by the industrial action. After
adjusting for the strike, the cash operating cost of approximately R18,000 per ounce increased by 5%, from the cash costs of
R17,053 per ounce achieved for the full year in 2013. Cash operating costs remain within guidance after the implementation of the
reconfiguration of Rustenburg and Union mines in 2013, reduction in support service costs and the implementation of various cost
reduction initiatives, despite the head winds experienced with costs escalating in excess of inflation.
Gross profit on metal sales decreased by R2.0 billion to R928 million from R2.9 billion earned in 2013. With net sales revenue
growing by 15%, and cost of sales increasing by 27% (inclusive of some R4.1 billion incurred at the impacted mines during the
period of the strike), this resulted in our gross profit margin weakening to 3.3% in 2014. The Company generated revenue of R7.4
billion on the sale from stock, yielding a profit of R2.4 billion after accounting for R320 million of processing costs. The liquidation of
stock and costs incurred at the strike impacted mines resulted in a net cash inflow generated by operations of R3.7 billion. After
taking into account the cash costs incurred at the mines impacted by the strike the Company would have generated profit of R5.0
billion from operating mines and the sale from stock, at a margin of 18% (2013: 12%).
In summary, the largest contributors to the operating profit for the year were:
- A decline in the US dollar price of platinum and iridium was partially offset by an increase in palladium and nickel prices,
resulting in a net decline R940 million.
- Costs incurred at the mines impacted by the industrial action of approximately R4.1 billion for which no production was delivered
during the strike.
- A R1.0 billion increase in the cost of sales due to inflation partially offset by the positive contribution of various business
improvement initiatives.
- These factors were partially offset by:
- The average rand/US dollar exchange rate of R10.71: US$1.00 was weaker than the R9.31 during 2013, and resulted in a
positive contribution of some R2.6 billion.
- A 6% increase in palladium, 28% in nickel sales volumes and increases in the volumes of "minor metals" sold, offset by a
decrease in platinum and rhodium sales volume, which had a R1.1 billion positive impact on revenue.
Albeit that the ability to deliver on savings initiatives was negatively impacted by the industrial action, the Company achieved R1.4
billion in operating profit benefits during the first half of 2014. The reduction in the support services cost has delivered R472 million
of this reported savings. Substantial savings are being delivered through improved asset management at our underground mines,
the reclamation, salvage and reuse of equipment from shafts shut in 2013 and a reduction in process material, amongst other. We
remain committed and on track to achieve the target to create R3.8 billion of sustainable operating profit benefits by the end 2015.
Working capital has decreased by R4 billion to R10.3 billion as at 30 June 2014, with working capital days decreasing as a result to
66 days. The main contributor to the decrease in working capital was the reduction in precious metal stock holding which was sold
down after having been built up in prior years to manage business risks, largely labour related.
The Company generated R5.5 billion in cash from its operations, R4.6 billion more than the R922 million generated in 2013 as stock
was sold down, and partially offset by R3.4 billion cost incurred at the strike impacted mines. These cash flows were used to pay
taxation of R2.7 billion; fund our capital expenditure of R2.8 billion (including capitalised interest); contribute towards the funding of
our joint venture and associates operations of R281 million; and settle interest to our debt providers of R262 million. As a result net
debt increased by R941 million (inclusive of the cash outflow of R2.3 billion in respect of the tax settlement reached in 2013) to
R12.4 billion, from R11.5 billion as at 31 December 2013.
Owing to the net debt position of the Company and considering future funding requirements, the Board decided not to declare an
interim dividend in 2014. We will continue to monitor our capital requirements and ability to manage debt levels adequately, and will
consider future dividend payments as the situation allows.
CAPITAL EXPENDITURE
Capital expenditure, on the strategy aligned and prioritised programme, increased from R2.3 billion in 2013 to R2.8 billion in 2014
(including capitalised interest and waste stripping costs). As a result of the industrial action at certain of the mining operations R60m
of capital expenditure on various projects and SIB programmes could not be progressed.
Stay-in-business capital expenditure increased by R448 million to R1.5 billion in 2014, while project capital expenditure reduced by
12%, from R837 million in 2013 to R736 million in 2014. Expansion project capital was spent mostly on the Twickenham mine
project, Tumela 5 shaft early works, housing at the Unki mine, Bathopele mine phase 5 expansion and at the UG2 expansion of
Modikwa mine joint venture.
The Company capitalised R403 million (2013: R311 million) on waste stripping at Mogalakwena mine. In line with the life of mine
requirements waste tonnes mined increased from 26.9 million tonnes (Mt) to 38.9 Mt, of which the cost of mining 13.3 Mt was
capitalised in 2014 (2013: 9.2 Mt).
Interest capitalised during the period increased from R177 million in 2013 to R236 million in 2014. This was a direct consequence of
a smaller number of projects in execution, which was partially offset by higher interest paid on total borrowings during the year.
MARKETS
The increase in global demand for platinum in 2014 has been driven by growth in autocatalyst, industrial and jewellery demand
exceeding the decline in investment demand and growth in recycle supply. Indications in the first half of 2014 were that pent-up
demand for vehicles in Europe and global industrial plant capacity was translating into higher platinum consumption. Jewellery
demand remains strong at current depressed price levels and investment demand growth exceeded reduced expectations.
Despite the five month industrial action, coupled with early signs of increased vehicle sales in Europe, the platinum price was flat
during the first half of 2014. We believe that platinum supply was adequate to meet demand during the industrial action due
primarily to sales by South African producers from refined working inventories and a draw down from above ground stocks.
Contractual supply to customers was uninterrupted.
It is expected that in 2014 demand growth and significantly reduced South African mining supply due to the strike will result in a
platinum market deficit of more than 1 million ounces.
Palladium demand remained firm dominated by continued growth in demand for gasoline vehicles in developing markets and
supported by the launch of two South African Exchange Traded Funds ("ETF") in 2014. The rhodium market remains balanced.
There has been renewed interest in cost savings associated with the re-introduction of rhodium in gasoline autocatalysts.
Autocatalysts
Pent-up demand for diesel vehicles in Europe resulted in higher vehicle sales in each of the first five months of 2014 compared to
the corresponding months in 2013. Platinum loadings on Euro 6 (light duty vehicles) compliant cars are higher than loadings on
Euro 5 compliant cars. Introduction of Euro 6 limits in 2014 has increased vehicle loadings and higher production levels to match
increased sales in the first half of 2014. Despite some pre-purchasing of heavy duty vehicles in 2013, to avoid the higher cost
associated with tighter emissions limits, sales of Euro VI compliant heavy duty vehicles in 2014 were higher than expected.
Numerous Euro VI compliant heavy duty vehicles offer improved performance and greater fuel efficiency and may prompt some
early replacement of ageing vehicles.
Industrial
Gross platinum demand for industrial applications increased in the first half of 2014 with evidence of consumption to match new
capacity construction in glass and chemicals. Growth in industrial demand is typically a combination of metal to replace in-process
losses and metal for new plant capacity. The latter increased in 2014 as expected. One example of extensive new construction is
plant capacity for the 'on-purpose' production of propene using platinum catalysts. The global increase in production of shale gas
has reduced supply of typical oil refining by-products such as propene.
Jewellery
The platinum price continued to trade at a higher level than the gold price in the first half of 2014, however, the demand for platinum
jewellery increased particularly in China.
Confidence in platinum jewellery by Chinese and Hong Kong retail brands remains high with increased platinum stock levels in
existing and newly opened stores. Retail jewellers increasing the platinum portion of their product mix are able to increase margins
above those in the highly competitive gold segment. We believe that promoting demand for jewellery products for bridal and
anniversary occasions is likely to reduce price elasticity and is the current focus of platinum jewellery market development.
Investment
Growth in investment demand in 2013 and 2014 arose primarily as a result of the launch of the South African ETFs. Platinum
investment demand in the first half of 2014 increased by 350 koz despite the record levels of growth in ETF holdings in 2013.
STRATEGY OVERVIEW - REPOSITIONING OF THE PORTFOLIO
In January 2013 the Company announced the commencement of the Platinum review, to restructure the portfolio in order to
address the negative impact on the business caused by structural supply and demand changes.
A further announcement at the end of 2013 highlighted that we had achieved a number of objectives from the first phase of the
restructuring of the business. The Company:
- Reshaped Rustenburg from five to three mines, taking out 250-350 koz of unprofitable platinum ounces;
- Consolidated Union mine from two mines into one mine and announced the intention to exit from this operation; and
- Continue to reduce costs and overheads.
With the majority of the restructuring complete, the next stage of transition is the repositioning of the portfolio. The Company
has a number of quality assets however both management time and capital are finite. Therefore the decision has been made to possibly
exit certain assets that will be better placed in the hands of a new owner who would be able to provide the focus and capital for the
operations to have a successful and long future.
In our capital constrained environment, we have decided that we will exit from the Union and Rustenburg mines, and our Pandora JV operation.
We are assessing our Bokoni JV operation and will make a further announcement on this in due course. We will seek to exit Union and Rustenburg
in the most appropriate manner whether through sale or a public market exit.
Anglo American Platinum has already announced the intention to exit Union mine and concentrators. The two mines have been
consolidated and good progress made with the optimisation as part of the restructuring phase.
We envisage we will retain the remaining smelting and refining operations in both Union and Rustenburg in our portfolio.
In addition, we are looking to streamline the JV portfolio. Pandora and possibly Bokoni are JV assets that we believe most likely do not fit
the envisaged future portfolio and would provide attractive opportunities for other players within the PGM sector.
There are a number of potential investors seeking access to the platinum industry and these are good long life assets with potential
that will provide them with that access.
We will prioritise our capital spend and focus on Mogalakwena, Unki, Twickenham, Amandelbult and our JV assets - Mototolo,
Modikwa, Kroondal and BRPM. By following this strategy, we will create a company that:
- delivers the majority of its production from mechanised mines;
- operates in the lower half of the cost curve;
- achieves improved margins and ROCE; and
- offers a more rewarding and overall safer, more sustainable environment for our employees.
The delivery of strategy will allow us to focus capital efficiently on the remaining portfolio, achieving a more profitable, sustainable
and more socially acceptable company in the future. The Company will continue to work closely with all stakeholders to ensure
optimal outcomes for the assets, employees and the South African platinum industry as a whole.
MINERAL RESOURCE AND ORE RESERVE
There have been no material changes to the mineral resource and reserve estimates as disclosed in the 2013 Annual Report.
BOARD CHANGES
Wendy Lucas-Bull resigned on 1 January 2014.
OUTLOOK
Market outlook
We expect the global platinum market to remain in deficit in the short and medium term as steady demand growth exceeds growth
in primary and secondary supply. The impact on supply from the industrial action in 2012, the introduction of platinum ETF's in 2013
and the most recent industrial action in 2014 has resulted in a significant reduction of above-ground Platinum stocks. Capital
constrained supply growth and depressed margins are likely to continue at current price levels.
Our working inventory levels are currently lower than normal operating levels and will necessitate a re-stocking as production
resumes and returns to normal.
Palladium demand is expected to increase in 2014, supported by global vehicle production growth and tightening emissions
legislation, with growth in gasoline vehicle production in China remaining the dominant driver. Industrial demand, dominated by the
electronics sector, is expected to remain flat in 2014. The reduction in primary supply as a result of the strike and the low levels of
Russian stock sales should result in further deficits in the palladium market in 2014 and the near term.
The Rhodium market is expected to remain balanced in 2014 with the opportunity of increased demand, should automakers seek to
secure cost benefits associated with higher rhodium use in gasoline autocatalysts.
Operational outlook
Equivalent refined production in 2H 2014 will be impacted by the ramp-up process which is estimated to be back at steady state by
Q4 2014. As stated, full medical and safety checks will be completed before production can return to normal. As a result we are
reducing both our refined production and sales guidance to between 2.0 to 2.1 Moz, as pipeline stock needs to be replenished.
Financial outlook
Cost inflation will remain a challenge and management remain committed to deliver the cost savings targeted to contain unit cost
increases below mining inflation. Whilst some cost has been mitigated by the cost reductions as a result of the restructuring, real
inflationary pressures from wages, electricity and foreign currency denominated input costs remain. The wage agreement reached
will see a further 7.7% increase in the total cost of employment from July of this year. We estimate that cash unit costs will increase
to between R18,000-R19,000 per equivalent refined platinum ounce for 2014, after adjusting for the impact of the strikes in the first
six months and ramp up required during the third quarter.
The Company's project portfolio has been aligned with the proposals of the Portfolio Review, and capital expenditure guidance is
R5.5 billion - R6.5 billion for 2014, excluding pre-production cost, capitalised waste stripping and interest.
The rand remained weak against the US dollar during the first half of 2014, and our earnings remain highly geared to the rand/US
dollar exchange rate.
Johannesburg, South Africa
18 July 2014
ADMINISTRATION
Executive directors
CI Griffith (Chief executive officer)
B Nqwababa (Finance director)
Independent non-executive directors
MV Moosa (Independent non-executive chairman)
RMW Dunne (British)
WE Lucas-Bull (resigned 1 January 2014)
NP Mageza
NT Moholi
D Naidoo
JM Vice
Non-executive directors
M Cutifani (Australian)
KT Kweyama
R Médori (French)
AM O'Neill (Australian)
PG Whitcutt (Alternate director to R Médori)
COMPANY SECRETARY
Elizna Viljoen
elizna.viljoen@angloamerican.com
13th Floor, 55 Marshall Street
Johannesburg 2001
PO Box 62179, Marshalltown 2107
Telephone +27 (0) 11 638 3425
Facsimile +27 (0) 11 373 5111
REGISTERED OFFICE
55 Marshall Street, Johannesburg 2001
PO Box 62179, Marshalltown 2107
Telephone +27 (0) 11 373 6111
Facsimile +27 (0) 11 373 5111
+27 (0) 11 834 2379
SPONSOR
Rand Merchant Bank
a division of FirstRand Bank Limited
REGISTRARS
Computershare Investor Services Proprietary Limited
70 Marshall Street
Johannesburg 2001
PO Box 61051
Marshalltown 2107
Telephone +27 (0) 11 370 5000
Facsimile +27 (0) 11 688 5200
UK PAYING AGENTS
Computershare Investor Services PLC
Bridgwater Road, Bristol, B39979H
United Kingdom
PO Box 82
The Pavilions
Telephone +0870 702 0000
Facsimile +0870 703 6120
AUDITORS
Deloitte & Touche
Deloitte & Touche Place
The Woodlands
Woodmead
Sandton 2196
INVESTOR RELATIONS
Emma Chapman
emma.chapman@angloamerican.com
Telephone +27 (0) 11 373 6239
21 July 2014
Date: 21/07/2014 08:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
