Wrap Text
NHM - Northam Platinum Limited - Reviewed interim results and dividend
declaration for the six months ended 31 December 2010
NORTHAM PLATINUM LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1977/003282/06)
Share code: NHM
ISIN: ZAE000030912
("Northam Platinum" or "the company")
Reviewed interim results and dividend declaration for the six months ended 31
December 2010
- Zondereinde strike hits production
- Increase in concentrates purchased
- Sales revenue decline held to 7.1%
- Cash position remains healthy at R968 million
Change *Six months ended
% 31 Dec 2010
R000
Interim consolidated statement of comprehensive
income
Sales revenue (7.1) 1 614 063
Cost of sales 3.0 1 546 932
operating costs (3.3) 1 058 466
concentrates purchased 19.8 365 148
refining and other costs (37.7) 31 176
depreciation and impairments (7.3) 77 407
change in metal inventories 14 735
Operating profit (71.3) 67 131
Share of earnings and distributions from associate(72.7) 1 415
Investment revenue (53.4) 50 397
Sundry income/(expenditure) 11 891
Profit before tax (62.1) 130 834
Taxation 54 977
Profit and comprehensive income for the period (64.8) 75 857
attributable to shareholders
Reconciliation of headline earnings and per share
information
Profit and comprehensive income for the year
attributable to shareholders 75 857
(Profit)/loss on sale of property, plant and
equipment (84)
Tax effect 24
Headline earnings (64.9) 75 797
Earnings per share - cents (64.9) 21.0
Fully diluted earnings per share - cents (65.0) 20.9
Headline earnings per share - cents (64.9) 21.0
Fully diluted headline earnings per share - cents (65.1) 20.9
Dividends declared per share - cents 5.0
Weighted average number of shares in issue 360 747 809
Fully diluted number of shares in issue 362 498 431
Number of shares in issue at year end 361 258 500
*Six months ended **Year ended
31 Dec 2009 30 Jun 2010
R000 R000
Interim consolidated statement of
comprehensive income
Sales revenue 1 736 599 3 945 083
Cost of sales 1 502 517 3 160 108
operating costs 1 094 088 2 230 369
concentrates purchased 304 772 735 090
refining and other costs 50 045 92 972
depreciation and impairments 83 482 167 346
change in metal inventories (29 870) (65 669)
Operating profit 234 082 784 975
Share of earnings and distributions from associate 5 174 12 440
Investment revenue 108 034 167 655
Sundry income/(expenditure) (1 831) 9 557
Profit before tax 345 459 974 627
Taxation 129 877 333 601
Profit and comprehensive income for the period 215 582 641 026
attributable to shareholders
Reconciliation of headline earnings and per
share information
Profit and comprehensive income for the
year attributable to shareholders 215 582 641 026
(Profit)/loss on sale of property, plant and equipment 105 (822)
Tax effect (29) 230
Headline earnings 215 658 640 434
Earnings per share - cents 59.9 177.9
Fully diluted earnings per share - cents 59.7 177.8
Headline earnings per share - cents 59.9 177.8
Fully diluted headline earnings per share - cents 59.8 177.7
Dividends declared per share - cents 20.0 40.0
Weighted average number of shares in issue 360 130 630 360 291 885
Fully diluted number of shares in issue 360 880 248 360 464 496
Number of shares in issue at year end 360 394 000 360 642 000
*Six months ended *Six months ended **Year ended
31 Dec 2010 31 Dec 2009 30 Jun 2010
R000 R000 R000
Interim consolidated
statement of cash flows
Cash flows from
operating activities 181 530 344 492 862 411
Profit before taxation 130 834 345 459 974 627
Depreciation and impairment 77 407 83 482 167 346
Change in working capital (68 391) (28 538) (90 675)
Change in short-term provisions 3 555 6 169 9 111
Taxation paid (99 839) (95 613) (281 756)
Decrease in investment
in escrow 91 458 - -
Other 45 506 33 533 83 758
Cash flow utilised in
investing activities (349 062) (154 195) (395 965)
Property, plant and
equipment
additions to maintain
operations (125 465) (98 722) (231 481)
additions to expand
operations (214 544) (43 256) (145 510)
disposal proceeds 2 742 2 318 5 243
Increase in investment
in associate 792 8 572 10 205
Additions to land and
township development (2 868) (10 760) (4 460)
Increase in investments
held by Northam Platinum
Restoration Trust
Fund (1 039) (1 063) (2 366)
Increase in investments
held by Environmental (3 340) (4 004) (4 868)
Contingency Fund
Increase in
investments held by
Toro Employee
Empowerment Trust (5 340) (7 280) (22 728)
Cash flows utilised
in financing activities (51 293) (136 321) (200 640)
Proceeds from issue
of shares 20 835 7 754 15 518
Dividends paid (72 128) (144 075) (216 158)
Net increase / (decrease)
in cash and cash equivalents (218 825) 53 976 265 806
Cash and cash
equivalents at
beginning of period 1 186 709 920 903 920 903
Cash and cash equivalents
at end of period 967 884 974 879 1 186 709
*Six months ended *Six months ended **Year ended
31 Dec 2010 31 Dec 2009 30 Jun 2010
R000 R000 R000
Interim consolidated
statement of financial
position
Non-current assets 8 244 778 7 808 125 7 971 624
Property, plant and
equipment 2 255 554 1 793 369 1 938 061
Mining properties and
mineral resources 5 665 110 5 718 200 5 722 659
Interest in associate 130 365 126 708 129 741
Unlisted investments 6 6 6
Township land and development 66 672 70 105 63 805
Investments held by
Northam Platinum
Restoration Trust
Fund 28 298 25 956 27 259
Environmental
Guarantee Investment 24 103 19 899 20 763
Toro Employee
Empowerment Trust 74 670 53 882 69 330
Current assets 1 856 146 1 745 780 2 117 683
Inventories 504 657 490 841 521 462
Trade and other receivables 365 787 207 817 318 054
Investment in escrow - 72 243 91 458
Receiver of revenue 17 818 - -
Cash and cash
equivalents 967 884 974 879 1 186 709
Total assets 10 100 924 9 553 905 10 089 307
Share capital and
share premium 7 659 321 7 630 722 7 638 486
Retained earnings 1 085 591 725 548 1 081 862
Equity compensation reserve 146 116 82 899 112 806
Shareholders` equity 8 891 028 8 439 169 8 833 154
Non-current liabilities 603 027 549 471 581 490
Deferred tax liability 454 054 438 151 447 212
Long term provisions 148 973 111 320 134 278
Current liabilities 606 869 565 265 674 663
Trade and other payables 525 381 464 908 562 844
Receiver of revenue - 25 366 33 886
Short term provisions 81 488 74 991 77 933
Total equity and liabilities 10 100 924 9 553 905 10 089 307
Net asset value - cents
per share 2 461 2 342 2 449
Equity
Share Share compensa-
Capital premium tion reserve
R000 R000 R000
Interim consolidated statement of
changes in equity
Balance at 1 July 2009 3 599 7 619 369 55 177
Share based payment expense 27 722
Profit and comprehensive income for the
period attributable to shareholders
Dividends distributed
Issue of new shares 5 7 749
Balance at 31 December 2009 3 604 7 627 118 82 899
Share based payment expense 32 860
Profit and comprehensive income for the
period attributable to shareholders
Transfer of equity compensation reserve
to retained earnings (2 953)
Dividends distributed
Issue of new shares 2 7 762
Balance at 30 June 2010 3 606 7 634 880 112 806
Share based payment expense 33 310
Profit and comprehensive income for the
period attributable to shareholders
Dividends
Issue of new shares 6 20 829
Balance at 31 December 2010 3 612 7 655 709 146 116
Retained
earnings Total
R000 R000
Interim consolidated statement of changes in equity
Balance at 1 July 2009 654 041 8 332 186
Share based payment expense 27 722
Profit and comprehensive income for the period 215 582 215 582
attributable to shareholders
Dividends distributed (144 075) (144 075)
Issue of new shares 7 754
Balance at 31 December 2009 725 548 8 439 169
Share based payment expense 32 860
Profit and comprehensive income for the period 425 444 425 444
attributable to shareholders
Transfer of equity compensation reserve to retained
earnings 2 953 -
Dividends distributed (72 083) (72 083)
Issue of new shares 7 764
Balance at 30 June 2010 1 081 862 8 833 154
Share based payment expense 33 310
Profit and comprehensive income for the period 75 857 75 857
attributable to shareholders
Dividends (72 128) (72 128)
Issue of new shares 20 835
Balance at 31 December 2010 1 085 591 8 891 028
*Six months ended *Six months ended **Year ended
31 Dec 2010 31 Dec 2009 30 Jun 2010
R000 R000 R000
Capital commitments
Booysendal mine
Authorised but not contracted 2 911 587 - 3 597 045
Contracted 732 413 - 46 955
3 644 000 - 3 644 000
Zondereinde mine
Authorised but not contracted 312 843 128 028 330 499
Contracted 33 974 29 422 16 318
346 817 157 450 346 817
Other commitments
Information
Technology Outsource
Service Provider
Due in one year 11 186 10 422 11 241
Due in two to five years 20 921 22 421 21 418
Operating lease
rentals - office equipment
Due in one year 1 016 244 214
Due in two to five years 8 62 8
Operating lease
rentals - premises
Due in one year 459 680 459
Due in two to five years - 114 -
Employee housing development
Contracted - - 2 395
Bank guarantees issued 115 239 51 523 60 547
Note: These commitments in respect of Zondereinde mine will be financed out of
operating cash flows. The Booysendal commitments will be funded from a
combination of internal retentions and debt.
Change *Six months ended
% 31 Dec 2010
R000
Operating statistics ***
Merensky
Development metres (44.7) 2 673
Square metres mined (30.6) 68 211
Tonnes milled (26.4) 368 660
Head grade (g/ton - 3 PGEs + Au) (3.4) 5.7
Available ore reserves - months
UG2 20
Development metres (59.6) 693
Square metres mined (41.0) 52 220
Tonnes milled (43.5) 324 800
Head grade (g/ton - 3 PGEs + Au) (4.3) 4.4
Available ore reserves - months 24
Combined
Development metres (48.6) 3 366
Square metres mined (35.5) 120 431
Tonnes milled (35.6) 693 460
Head grade (g/ton - 3 PGEs + Au) (1.9) 5.1
Financial statistics ***
Precious metals in concentrates
produced kg (33.0) 3 629
Precious metals in concentrates
purchased kg 6.8 1 082
Precious metals sold kg (23.7) 4 682
Average price realised R/kg 21.2 308 886
Operating costs R/kg 43.9 313 026
Cash costs R/kg 42.6 279 936
Precious metals in concentrates
produced oz (33.0) 116 665
Precious metals in concentrates
purchased oz 6.8 34 797
Precious metals sold oz (23.7) 150 527
Average price realised US$/oz 30.3 1 349
Operating costs US$/oz 54.5 1 367
Cash costs US$/oz 54.5 1 233
Average exchange rate realised US$1.00 = R (7.0) 7.12
Operating cost per tonne milled R/tonne 49.7 1 638
Cash cost per tonne milled R/tonne 48.2 1 464
*Six months ended **Year ended
31 Dec 2009 30 Jun 2010
R000 R000
Operating statistics ***
Merensky
Development metres 4 829 8 864
Square metres mined 98 348 201 659
Tonnes milled 500 957 1 002 208
Head grade (g/ton - 3 PGEs + Au) 5.9 5.9
Available ore reserves - months
UG2 18 20
Development metres 1 717 2 694
Square metres mined 88 434 166 129
Tonnes milled 575 244 1 036 017
Head grade (g/ton - 3 PGEs + Au) 4.6 4.5
Available ore reserves - months 24 24
Combined
Development metres 6 546 11 558
Square metres mined 186 782 367 698
Tonnes milled 1 076 201 2 038 225
Head grade (g/ton - 3 PGEs + Au) 5.2 5.2
Financial statistics ***
Precious metals in
concentrates produced kg 5 415 9 999
Precious metals in
concentrates purchased kg 1 013 2 106
Precious metals sold kg 6 134 12 313
Average price realised R/kg 254 913 288 255
Operating costs R/kg 217 475 239 769
Cash costs R/kg 196 273 215 900
Precious metals in
concentrates produced oz 174 096 321 475
Precious metals in
concentrates purchased oz 32 569 67 709
Precious metals sold oz 197 206 395 879
Average price realised US$/oz 1 035 1185
Operating costs US$/oz 885 983
Cash costs US$/oz 798 885
Average exchange rate
realised US$1.00 = R 7.66 7.59
Operating cost per tonne
milled R/tonne 1 094 1 176
Cash cost per tonne milled R/tonne 988 1 059
* Reviewed ** Audited ***Not reviewed or audited (3PGE+Au)
Financial results
Results for the first half of F2011 were overwhelmingly impacted by the effects
of a protracted six-week strike, the associated slow production build-up post
the strike and work stoppages on account of safety-related incidents at the
company`s Zondereinde mine. In total 31% of available production days were lost.
The overall effect on production was a drop of 33% to 116 665oz (3 629kg)
(3PGE+Au). A total of 34 797oz (1 082kg) of concentrate purchases helped to
mitigate the decline in sales ounces from 197 206oz in H1 2010 to 150 527oz for
the current period. With the lower output Northam was unable to take advantage
of the effects of the higher average basket price. The average exchange rate in
the reporting period was R7.12/US dollar (H1 F2010: R7.66/US dollar). The net
effect was a 7.1% decline in sales revenues to R1 614 million.
Although the cost performance at Zondereinde was disappointing, the effect was
also skewed by the significantly lower output. This was reflected in both
operating and cash costs, in rand terms rising by 43.9% and 42.6% respectively
to 313 026/kg and R279 936/kg. In spite of the lower production volumes, the
cost of sales was 3% higher, due mainly to the 19.8% increase in the cost of
concentrates purchased. Given the significant drop in production volumes, the
mere 3.3% decline in total operating costs reflects the relatively high
contribution of fixed costs to total mining operating costs that continue to be
affected by inflationary pressures.
The share of profits from Northam`s 7.5% interest in the Pandora joint venture
amounted to R1.4 million, while investment income declined by 53.4% to R50.4
million, owing primarily to the redemption and payment of the investment held in
escrow to Anglo Platinum, as well as to lower interest rates. The increase in
sundry revenue reflects the increase in treatment charges credited to sundry
revenue in respect of higher concentrate purchases compared to the previous
period. The taxation charge was lower in line with the decrease in profit before
tax. The profit and comprehensive income attributable to shareholders of R75.9
million for the reporting period is down 64.8% relative to the comparative
reporting period.
Cash flow from operations was 47.3% lower compared to the previous period, in
line with the decline in Northam`s profitability, the lower interest earned and
the increase in working capital, mainly attributable to trade and other
receivables.
Investing cash outflows are higher at R349.1 million in the reporting period
owing primarily to capital expenditure of R214.5 million associated with the
construction of the Booysendal mine, whilst financing cash outflows are much
lower, in line with the reduction in the dividend paid in the previous period.
The net result of these cash flows is a cash balance of R967.9 million at 31
December 2010, some R218.8 million lower than the balance at the beginning of
the period.
Reflecting the company`s need to conserve cash, the board has declared a reduced
dividend of 5 cents per share (H1 F2010: 20 cps) for the period under review.
Zondereinde mine
Safety and health
The aforementioned disruptions to operations impacted the Zondereinde mine`s
safety performance, where a higher injury rate was recorded during the period
under review. It is hoped that a more acute focus on safety-related issues by
all role players, along with the resumption of a more disciplined approach to
all aspects of the working environment, will help to arrest this trend.
The thoughts of the board and management go to the loved ones of Mr Antonio Bila
who died in a tramming accident on 9 January 2011. Mr Bila, a Mozambican
national, was 56 years old.
Operating performance
The aforementioned strike and the slow build-up to normal production levels,
along with safety stoppages, severely impacted the Zondereinde mine`s operating
performance during the period under review.
Metals in concentrate produced, which included 13 535oz (421kg) from secondary
material, was 33% lower at 116 665oz (3 629kg), whilst metal in concentrate
purchased was up 6.8% to 34 797oz (1 082kg). Sales volumes decreased by a
smaller margin of 23.7% to 150 527oz (4 682kg) as a result of a drawdown in
inventory.
The combined tonnage milled from both the Merensky and UG2 reefs was 35.6% lower
at 693 460 tonnes and the combined average head grade also declined marginally
to 5.1g/t, reflecting the difficult production period. Consequently, the poor
production performance resulted in the unit cash costs increasing by 42.6% to
R279 936/kg compared to R196 273/kg in the previous reporting period.
The development on level 14 and 15 continues as planned and the deepening
project is on track and within budget.
A total of R125.5 million was spent on capital expenditure during the period.
This is lower than anticipated, owing once again to the work stoppages.
Capital expenditure is expected to amount to R238.0 million for the 2011
financial year.
Metallurgical operations
The permanent repairs carried out to the electrostatic precipitator which was
damaged in May 2010 were satisfactorily completed in October 2010.
All the metallurgical processing facilities operated satisfactorily during the
period under review.
Township land and development
Subsequent to the year end, and after delays owing to infrastructural
shortcomings, management is pleased to announce that 32 housing units in the
company`s housing development were sold to employees in terms of the group`s
strategy of assisting its employees to acquire affordable housing.
Booysendal project
Activities planned for the early works programme, namely detailed engineering,
procurement of long lead items, construction of the on-reef boxcut, off-site
establishment of employee recruitment and training facilities, safe access roads
and temporary power and water supplies have been largely completed as planned.
Capital expenditure incurred on the project to date is R378.0 million, including
R214.5 million spent in the current year. Anticipated capital expenditure for
the 2011 financial year is expected to be R747.0 million which will be funded
from internal resources.
The main mining contractor has been appointed and bulk earthworks for surface
infrastructure have commenced. All mining licences and environmental permits,
with the exception of the water use licence, have been received.
Acquisition of Mvelaphanda Resources
Limited (Mvela Resources)
In an announcement dated 8 February 2011, shareholders were advised of the
proposed unbundling by Mvela Resources of its current shareholding in Northam,
and the subsequent proposed acquisition by Northam of the entire issued share
capital of Mvela Resources by means of a scheme of arrangement in terms of
section 311 of the Companies Act. In terms of the proposed transaction, Northam
will issue approximately 20.9 million shares to acquire Mvela Resources. Upon
implementation of the scheme of arrangement, the principal assets of Mvela
Resources will comprise cash of R650 million, together with a 50% interest in
the Dwaalkop PGM joint venture, a 51% initial participatory interest in a joint
venture exploration project known as Kokerboom and a 20.3% interest in listed
diamond miner, Trans Hex Limited.
Funding options
Peak funding for the Booysendal project is anticipated in 2012. Management is in
the process of finalising funding for the project. The aforementioned amount of
R650 million will be used as part of the cash component of the funding mix.
Shareholders will be informed of further developments in this regard in due
course.
ADR programme
The company is in the process of launching a sponsored level 1 American
Depositary Receipt (ADR) facility. This is expected to be declared effective by
the final quarter of the 2011 financial year. The shares will trade on the over
the counter (OTC) market in the United States.
Auditors` review report
The interim financial results of the group have been reviewed by Ernst & Young
Inc., the group`s auditors. A copy of their unmodified review report is
available for inspection at the company`s registered office.
Accounting policies - basis of preparation
The interim financial statements have been prepared on the historical cost
basis, except for financial instruments that are stated at fair value, in
accordance with IAS 34 Interim Financial Reporting. The consolidated Group
Financial Statements for the half year ended 31 December 2010 have been prepared
in accordance with the International Financial Reporting Standards of the
International Accounting Standards Board as well as AC 500 Standards, as issued
by the Accounting Practices Board or its successor, and incorporate the
accounting policies which are consistent with those adopted in the financial
year ended 30 June 2010, with the exception of the adoption of the following
amendments, standards or interpretations with effect from 1 July 2010:
Standard Subject
IFRS 1 First-time adoption of International Financial reporting Standards
- Additional exceptions for first time adoption (Amendment)
IFRS 2 Share-based payments - Group Cash Settled Share-based Payment
Arrangements (Amendment)
IFRS 3 Transition Requirements for Contingent Consideration from a
Business Combination that Occurred before the Effective Date of the
Revised IFRS (Amendment)
IFRS 3 Measurement of Non-controlling Interests (Amendment)
IFRS 3 Un-replaced and Voluntarily Replaced Share-based Payment Awards
(Amendment)
IFRS 5 Disclosures of Non-current Assets (or Disposal Groups) Held for
Sale and Discontinued Operations (Amendment)
IFRS 8 Disclosure of Information about Segment Assets (Amendment)
IAS 1 Current/non-current classification of convertible instruments
(Amendment)
IAS 7 Classification of Expenditures on Unrecognised Assets (Amendment)
IAS 17 Classification of Leases of Land and Buildings (Amendment)
IAS 27 Transition Requirements for Amendments made as a Result of IAS 27
Consolidated and Separate Financial Statements (Amendment)
IAS 32 Financial Instruments Presentation - Classification of rights
issues (Amendment)
IAS 36 Unit of Accounting for Goodwill Impairment Test (Amendment)
IAS 39 Assessment of loan repayment penalties as embedded derivatives
(Amendment)
IAS 39 Scope Exemption for Business Combination Contract (Amendment)
IAS 39 Cash Flow Hedge Accounting (Amendment)
IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments
Through the annual improvements project, changes have been made to various
standards, without the standards being issued as `Revised`.
The adoption of these amendments, standards and interpretations resulted in
changes in the way in which the interim financial results statements are
presented, as well as additional disclosures in the annual financial statements.
Related parties
The group, in the ordinary course of business, enters into various sale,
purchase and lease transactions with a large number of entities, some of whom
are related parties. All transactions are concluded on an arm`s length basis.
Segmental reporting
The group distinguishes between two segments, the Zondereinde mine and the
Booysendal mine. Capital expenditure to the value of R214.5 million has been
incurred for the Booysendal project in this period. Interest to the value of
R12.5 million has been earned in respect of the investment in escrow. The
remainder of the transactions are for the Zondereinde mine.
Total assets in respect of the Booysendal mine amount to R6 954 million, which
have been allocated to property, plant and equipment, mining properties and
mineral reserves of Booysendal. All other assets relate to the Zondereinde mine.
Going concern
All mining entities have a finite life that depends on geological and technical
factors as well as other economic factors such as commodity prices, exchange
rates etc. Taking into account the outlook for these factors, as well as the
group`s present financial resources, the directors believe that the group is a
going concern. The group`s interim results have accordingly been prepared on
this basis.
Subsequent events
No material changes have taken place in the affairs of the group between the end
of the half-year and the date of this report, except for Northam`s proposed
acquisition of the entire issued share capital of Mvela Resources by way of a
scheme of arrangement following the unbundling of Mvela Resources.
Prospects ***
Maintaining the 1:1 ratio of Merensky reef to UG2 reef is expected to continue
to be a challenge at the Zondereinde mine. Given the stoppages and the
restrictions associated with ore reserve availability, production for the full
year is anticipated to be significantly lower than what was achieved in F2010.
Associated with the anticipated lower volumes, production costs will be
difficult to contain. Even at normalized levels, operating costs are expected to
increase at a higher rate than inflation, given the restrictions associated with
accessing available resources and the effects of higher wage demands and other
input costs generally in the mining industry, such as power, chemicals and
steel. These costs and the expected lower production in F2011 will negatively
impact unit costs in the second half of the financial year.
Group earnings will be largely determined by these costs and by the average rand
basket price received in F2011. This is currently at a higher level than the
average price realised of R308 886/kg during this reporting period.
Directorate and company secretary
Shareholders were advised of the appointment of Mr DL Swanepoel as company
secretary with effect from 22 November 2010.
Dividend
Dividend number 24 of 5 cents per share has been declared in South African
currency, in respect of the half year ended 31 December 2010. In compliance with
the requirements of Strate the following dates are applicable:
Last day to trade ("cum div") Thursday, 17 March 2011
Last day to trade ("ex div") Friday, 18 March 2011
Record date Friday, 25 March 2011
Payment date Monday, 28 March 2011
No share certificates may be de-materialised or re-materialised between Friday,
18 March 2011 and Friday, 25 March 2011, both days inclusive.
On behalf of the board
P L Zim G T Lewis
Chairman Chief executive officer
Johannesburg
28 February 2011
Directors
P L Zim (Chairman), (Alternate: A K Gupta),
G T Lewis (Chief executive officer) (British),
A Z Khumalo (Financial director), M E Beckett (British),
C K Chabedi, Ms N J Dlamini (Dr), R Havenstein,
Ms E T Kgosi, A R Martin, B R van Rooyen,
M S M M Xayiya, (Alternate: M J Willcox)
Company secretary:
D L Swanepoel
Registered Office
1st Floor, Block 1A
Albury Park,
Magalieszicht Avenue
Dunkeld West,
Johannesburg
PO Box 412694, Craighall
2024, Republic of South Africa
Sponsor:
One Capital (Barnard Jacobs Mellet Corporate Finance (Proprietary) Limited, a
wholly owned subsidiary of One Capital)
These results are available on the Northam website at www.northam.co.za
Date: 28/02/2011 08:00:11 Supplied by www.sharenet.co.za
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