Wrap Text
Reviewed preliminary results
for the year ended 30 June 2012
NORTHAM PLATINUM LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1977/003282/06)
Share code: NHM ISIN: ZAE 000030912
("Northam" or "the company" or "the group")
Reviewed preliminary results
for the year ended 30 June 2012
Key features
Solid operating performance at Zondereinde
Increase in concentrate production
Unit cost increases well contained
Satisfactory progress at Booysendal
Credit facilities of R1.65 billion secured
Change *Year ended **Year ended
% 30 June 2012 30 June 2011+
R000 R000
Consolidated statement of comprehensive income
Sales revenue 3.2 3 684 000 3 571 048
Cost of sales 5.0 3 345 311 3 185 754
Operating costs 16.6 2 632 926 2 258 548
Concentrates purchased 624 774 787 316
Refining and other costs 100 612 68 804
Depreciation and impairments 190 287 147 838
Change in metal inventories (203 288) (76 752)
Operating profit (12.1) 338 689 385 294
Share of earnings from associate 16 602 7 248
Investment revenue 53 951 85 520
Net sundry income 43 343 53 148
Profit before tax (14.8) 452 585 531 210
Tax 142 073 182 001
Profit after tax (11.1) 310 512 349 209
Other comprehensive income
Share of other comprehensive income from associate (9 868)
Profit and total comprehensive income for the year (13.9) 300 644 349 209
Reconciliation of headline earnings and per share information
Profit for the year 310 512 349 209
Loss on sale of property, plant and equipment 317 2 572
Insurance claim (2 072) (36 267)
Tax effect 491 9 435
(4.8) 309 248 324 949
Earnings per share cents (15.6) 81.2 96.2
Fully diluted earnings per share cents (15.6) 81.2 96.2
Headline earnings per share cents (9.6) 80.9 89.5
Fully diluted headline earnings per share cents (9.6) 80.9 89.5
Dividends per share cents 5.0 15.0
Weighted average number of shares in issue 382 426 483 363 087 830
Fully diluted number of shares in issue 382 426 483 363 150 282
Number of shares in issue at year end 382 496 990 382 416 190
* Reviewed
** Audited
+ Restated
*Year ended **Year ended
30 June 2012 30 June 2011+
R000 R000
Consolidated statement of cash flows
Cash flows from operations 437 662 769 422
Profit before tax 452 585 531 210
Depreciation 190 287 147 838
Change in working capital (90 367) 182 380
Change in short-term provisions 12 460 6 073
Tax paid (131 072) (228 021)
Decrease in investment in escrow 91 458
Other 3 769 38 484
Cash flows utilised in investing activities (2 010 021) (197 171)
Property, plant and equipment
Additions to maintain operations (331 070) (268 932)
Additions to expand operations (1 684 331) (688 394)
Disposals proceeds 6 488 6 678
Cash distribution received from associate 816 792
Township land and development
Additions (12 942) (234)
Disposal 25 011 8 121
Increase in investments held by Northam Platinum Restoration Trust Fund (4 098) (4 332)
Increase in investments held by Environmental Contingency Fund (6 249) (8 708)
Movement in Buttonshope Conservancy Trust (9 775)
Dividends received 6 129
Cash and cash equivalents acquired at date of acquisition of Mvelaphanda
Resources Limited 757 838
Cash flows utilised in financing activities (20 514) (61 107)
Proceeds from issue of shares 1 566 29 095
Dividends paid (57 364) (90 202)
Increase in long-term loans 35 284
Net increase/(decrease) in cash and cash equivalents (1 592 873) 511 144
Cash and cash equivalents at beginning of period 1 697 853 1 186 709
Cash and cash equivalents at end of period 104 980 1 697 853
* Reviewed
** Audited
+ Restated
Other
Equity comprehen-
Share compen- sive income
capital and sation Retained from
premium reserve earnings associate Total
R000 R000 R000 R000 R000
Consolidated statement of changes in equity
Balance at 1 July 2010 7 638 486 112 806 1 081 862 8 833 154
Share based payments expense 65 595 65 595
Profit and total comprehensive income 349 209 349 209
Dividends distributed (90 202) (90 202)
Transfer of equity compensation reserve
to retained earnings (22 325) 22 325
Issue of new shares 957 596 957 596
Balance at 30 June 2011 8 596 082 156 076 1 363 194 10 115 352
Share based payments expense 53 049 53 049
Profit and total comprehensive income 310 512 (9 868) 300 644
Transfer of equity compensation reserve
to retained earnings (6 491) 6 491
Dividends distributed (57 364) (57 364)
Issue of new shares 1 566 1 566
Balance at 30 June 2012 8 597 648 202 634 1 622 833 (9 868) 10 413 247
*Year ended **Year ended
30 June 2012 30 June 2011+
R000 R000
Consolidated statement of financial position
Non-current assets 9 831 213 9 148 540
Property, plant and equipment 4 598 689 2 779 519
Mining properties and mineral resources 4 537 133 5 719 416
Interest in associates 505 415 505 327
Unlisted investment 6 6
Township land and development 43 849 55 918
Long-tem receivables 64 937 27 292
Investments held by Northam Platinum Restoration Trust Fund 35 689 31 591
Environmental Guarantee Investment 35 720 29 471
Buttonshope Conservancy Trust 9 775
Current assets 1 232 339 2 725 916
Inventories 811 183 604 647
Trade and other receivables 303 268 410 621
Cash and cash equivalents 104 980 1 697 853
Receiver of Revenue 12 908 12 795
Mineral resources classified as held for sale 1 180 300
Total assets 12 243 852 11 874 456
Equity and liabilities
Share capital and share premium 8 597 648 8 596 082
Retained earnings 1 622 833 1 363 194
Equity compensation reserve 202 634 156 076
Share of other comprehensive income from associate (9 868)
Shareholders' equity 10 413 247 10 115 352
Non-current liabilities 648 600 584 480
Deferred tax liability 504 628 477 145
Long-term provisions 111 118 107 335
Long-term loans 32 854
Current liabilities 1 182 005 1 174 624
Receiver of Revenue 101 900 118 268
Trade and other payables 981 209 972 350
Short-term provisions 96 466 84 006
Current portion of long-term loans 2 430
Total equity and liabilities 12 243 852 11 874 456
* Reviewed
** Audited
+ Restated
*Year ended **Year ended
30 June 2012 30 June 2011
R000 R000
Capital commitments
Booysendal mine
Authorised but not contracted 888 484 3 111 449
Contracted 916 113 762 336
1 804 597 3 873 785
Zondereinde mine
Authorised but not contracted 494 138 325 127
Contracted 152 232 59 125
646 370 384 252
Note: The commitments in respect of the Zondereinde mine and the other commitments will be financed out of operating cash
flows. The Booysendal commitment will be funded from a combination of internal retentions and debt as more fully
described in the commentary.
Other commitments
Information Technology Outsource Service Provider
Due in one year 9 777 13 432
Due in two to five years 41 309 31 026
Operating lease rentals office equipment
Due in one year 1 981 1 182
Due in two to five years 2 829 575
Operating lease rentals premises
Due in one year 3 463 3 872
Due in two to five years 11 215 11 504
More than five years 13 976 14 855
Employee housing development
Contracted 30 483
Bank guarantees issued 66 340 49 250
* Reviewed
** Audited
Change Year ended Year ended
% 30 June 2012 30 June 2011
R000 R000
Operating statistics***
Merensky
Development metres 1.5 5 988 5 899
Square metres mined 19.2 167 475 140 501
Tonnes milled 11.5 884 660 793 490
Head grade (g/tonne 3 PGEs + Au) 5.4 5.9 5.6
Available ore reserves in months 18 18
UG2
Development metres 62.3 2 792 1 720
Square metres mined 36.7 171 894 125 726
Tonnes milled 31.6 1 049 017 797 355
Head grade (g/tonne 3 PGEs + Au) 1.6 4.4 4.3
Available ore reserves in months 24 24
Combined
Development metres 15.2 8 780 7 619
Square metres mined 27.5 339 369 266 227
Tonnes milled 21.6 1 933 677 1 590 845
Head grade (g/tonne 3 PGEs + Au) 2.6 5.1 4.9
Financial statistics***
Precious metals in concentrates produced kg 15.4 8 979 7 779
Precious metals in concentrates purchased kg (16.4) 1 877 2 244
Precious metals sold kg 1.1 9 980 9 872
Average price realised R/kg 3.5 335 325 323 899
Operating costs R/kg 1.4 311 645 307 203
Cash costs R/kg 1.7 283 934 279 118
Precious metals in concentrates produced oz 15.4 288 675 250 110
Precious metals in concentrates purchased oz (16.4) 60 347 72 146
Precious metals sold oz 1.1 320 861 317 392
Average price realised US$/oz (6.5) 1 345 1 439
Operating costs US$/oz (8.5) 1 247 1 363
Cash operating costs US$/oz (8.2) 1 136 1 238
Average exchange rate realised US$1.00 = R 10.7 7.76 7.01
Operating cost per tonne milled R/tonne (3.7) 1 447 1 502
Cash cost per tonne milled R/tonne (3.4) 1 318 1 365
*** Not reviewed or audited
(3PGE+Au)
Financial performance
The financial year ended 30 June 2012 (F2012)
has proved to be a challenging year, and Northam
has not escaped the effects of the protracted
global economic downturn. Ongoing economic
uncertainty and contractions in industrial
manufacturing, most particularly in Europe, has
broadly subdued demand for platinum group metals
(PGMs). To date, the ready supply of mine metal to
the PGM market has continued largely undiminished
which, combined with increased volumes of recycled
metal, has resulted in a protracted period of market
surplus. Metal prices have reacted accordingly and
weakened notably in recent months; platinum and
rhodium in particular, continue to trade at range-
bound and lacklustre levels.
The average PGM basket price in dollar terms
was 6.5% lower year on year, at US$1 345/oz
(F2011: US$1 439/oz). In spite of a weakening
of the rand, averaging 10.7% over the year,
the rand basket price received increased only
marginally to R335 325/kg (2011: R323 899/kg).
Sales volumes were virtually flat year-on-year at
9 980 kg (320 861 oz) as a consequence of the
smelter shut down in May 2012 resulting in sales
revenue being largely unchanged at R3.7 billion
(F2011: R3.6 billion). Production of metal in
concentrates was 15.4% higher at 8 979 kg
(288 675 oz) compared to 7 779 kg in F2011,
which year was adversely affected by a six-week
strike.
Cost of sales however rose 5.0% in F2012, reflecting
a 16.6% increase in total operating costs, a 20.6%
fall in the value of concentrates purchased as well as
higher refining and realisation costs. The increase in
operating costs is due to a combination of the 15.4%
higher production volumes and increases in input
costs, primarily those of power and labour. Mining
inflation continues to be well over the official CPI in
South Africa owing mainly to these costs.
The combination of a marginal increase in revenue
and a substantial rise in costs has resulted in the
operating margin dropping to 9.2% in F2012 and
a lower operating profit of R338.7 million. Profit
before tax declined by 14.8% to R452.6 million
owing to lower investment revenues and net
sundry income compared to the previous period.
Consequently profit after tax was 11.1% lower at
R310.5 million (2011: R349.2 million) resulting in
headline earnings per share declining by 9.6% to
80.9 cents per share.
Expenditure on the development of the Booysendal
mine has reduced cash balances, thereby
contributing to the fall in investment revenues,
which consist mainly of interest income.
Cash flows from operations were 43.1% lower
at R437.7 million largely as a consequence of
lower profitability and an increase in working
capital resulting from an increase in inventory
following the smelter shutdown. Cash flows
utilised in investing activities were significantly
higher at R2.0 billion mainly as a result of capital
expenditure on the Booysendal mine during the
year, amounting to R1.7 billion. Cash utilised
in financing activities was lower owing to the
reduced dividends paid, but was partially offset by
a loan of R35.3 million raised to fund the group's
affordable home ownership initiative. The net
movement in cash flows is an outflow of R1.6 billion
in F2012 compared to an inflow of R511.1 million
for F2011, resulting in a cash balance at year end
of only R105.0 million compared to last year's
R1.7 billion. An interim dividend of 5 cents was
declared based on the results of the company for
the half year ended 31 December 2011.
Zondereinde mine
SAFETY
Tragically, two employees lost their lives in
mining-related accidents during the financial
year. The thoughts of the board and management
are with the families of 32-year old Mr Sydney
Tlou Komape, who died in an underground
locomotive related accident on 20 July 2011 and
Mr Alfred Nkosivumile Hanisi, who died in a fall
of ground accident on 22 May 2012. Mr Hanisi
was 28-years old.
Safety indicators, such as lost-time and reportable
injury rates trended higher than in the comparable
year reflecting an increasing severity of injuries.
A total of 28 days (H1: 17; H2: 11) were lost owing
to the imposition of section 54 stoppages by the
Department of Mineral Resources (DMR). Safety
remains a key focus area and management works
closely with employees, unions and the DMR in an
effort to reduce mine-related accidents and injuries.
The board congratulates mine management and
employees on the achievement of one million fatality
free shifts at Zondereinde on 12 December 2011.
OPERATING PERFORMANCE
Tonnages milled at the Zondereinde mine
improved by 21.6%, from 1 590 845 tonnes in
F2011 to 1 933 677 tonnes in the current year.
The Merensky head grade improved from
5.6 g/t to 5.9 g/t whilst UG2 head grade improved
from 4.3 g/t to 4.4 g/t resulting in the combined
head grade increasing to 5.1 g/t. The increase in
milled tonnage combined with the higher average
grade resulted in PGMs in concentrate produced
increasing by 15.4% to 8 979 kg (288 675 oz).
Metal in concentrates purchased decreased
by 16.4% from 2 244 kg to 1 877 kg in F2012
primarily owing to a shutdown of the smelter.
The higher volumes milled contributed to a 16.6%
increase in total operating costs; conversely
however it helped to contain the increase in unit
costs to 1.4%, or R311 645/kg. Cash operating
costs increased by 1.7% to R283 934/kg compared
to the previous year.
Mining on the Merensky reef horizon continues to be
challenging particularly in the north west quadrant
of the mine. Advancing 6 and 7 levels has recently
enabled connectivity to be established between 5
and 8 levels on the western side of the mine which
will help alleviate congestion on the upper levels once
equipping, which is in progress, has been completed.
Ore reserve development on 15 level is in progress,
with increased volumes expected in H1 2013.
As advised to shareholders on 11 May 2012, a
run-out at the Zondereinde smelter prompted a
rebuild of the furnace. The first batch of custom
manufactured refractory bricks has arrived on site
and the rebuild is expected to be completed by the
middle of September 2012 and the furnace should
be operational by the end of September 2012.
LABOUR RELATIONS
In November 2011 a two-year wage agreement
was reached with the workers at Zondereinde
mine. Thus there have been no negotiations for
the current financial year. The company keeps a
watching brief on the recent deeply concerning
developments on the platinum belt.
CAPITAL EXPENDITURE
Capital expenditure amounted to R328.3 (2011:
R268.9 million). Capital expenditure in F2013 is
forecast at R646.4 million, and includes routine
capital, the deepening project and feasibility
studies associated with alternative smelter
technologies and the reduction of SO2 emissions.
The total cost of the smelter rebuild is estimated at
R41.5 million.
TOWNSHIP AND LAND DEVELOPMENT
Management is pleased to advise that a further
140 housing units were sold to employees during
the year under review, bringing the total to 240
since inception of the housing scheme. The housing
scheme was established to facilitate affordable
home ownership for employees.
Booysendal mine
Steady progress continues to be made at
Booysendal. Over 4 000 metres of underground
development has been completed and the reverse
decline system has been connected with the on-reef
declines, a significant milestone in the development
programme. Equipping the reverse decline with
a conveyor has started. Preparation for the
installation of the chairlift, underground pumps and
ventilation fans is also in progress.
On surface, construction of the concentrator plant
and other mine infrastructure is well advanced.
Completion of the plant is expected by the end of
H1 F2013 but hot commissioning will depend on the
availability of Eskom power which has been delayed
as a consequence of an invasion of land over which
an Eskom servitude has been registered. The company
and Eskom are working to resolve the situation.
Subject to the resolution of this situation,
Booysendal remains on track to start production in
H2 of F2013. A total of R1.7 billion has been spent
in the current year on the development of this mine,
with the estimated capital expenditure for F2013
being R1.3 billion.
Financing arrangements
On 14 November 2011 Northam entered into a
five-year revolving credit facility agreement with
Nedbank Limited for an amount of R1 billion.
Draw-downs under this facility started in July 2012,
and as at the date of this report, the full amount
has been drawn.
On 3 August 2012 the company announced its
intention to initiate a R2 billion domestic medium
term note programme (DMTN programme), the
purpose of which will be to raise additional third
party debt funding. Northam has to date funded
R2.5 billion of the Booysendal mine's development
from internally generated cash resources.
In addition to the above, the company has
negotiated a stand-by bridging loan facility of
R650.0 million.
These facilities will be used for the completion of
phase 1 of the Booysendal mine, the deepening
project at the Zondereinde mine as well as other
operational and working capital requirements of
the group.
OTHER ASSETS
The company continues to investigate the best way
to realise value from the assets that were acquired
as part of the acquisition of Mvelaphanda Resources
Limited in June 2011.
The conditions precedent for the sale of Booysendal
South to Aquarius Platinum South Africa Proprietary
Limited have not yet been met. This asset has
been classified as held-for-sale in the consolidated
statement of financial position.
Corporate actions
Shareholders are referred to the announcement that
was released on Friday, 3 August 2012, advising
of a restructuring of the group's black economic
empowerment (BEE) shareholding, arising from
disposals of Northam shares pledged as security for
loans by Northam's two major BEE shareholders,
viz Afripalm Resources Proprietary Limited
(Afripalm) and Mvelaphanda Holdings Proprietary
Limited (Mvela Holdings), thereby requiring the
disposal of a significant portion of their Northam
shareholdings. Although the quantum of the
resultant decrease in Northam's BEE shareholding
is still uncertain, there are indications that it
could drop to 12%. In anticipation of this potential
decrease, and in order to proactively seek solutions
to address it, Northam has consulted with the
two BEE shareholders and the DMR. The DMR has
urged Northam to restore its BEE shareholding to a
minimum of 26% as soon as possible, and
Northam is proactively working towards this goal.
It is anticipated that the company will be in a
position to make a further detailed announcement
in due course.
Auditor's review
The 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 financial statement has been prepared on
the historical cost basis, except for financial
instruments that are stated at fair value. The
Group Financial Statements for the year ended
30 June 2012 have been prepared in accordance
with IAS 34 Interim Financial Reporting as well
as AC 500 Standards, as issued by the Accounting
Practices Board or its successor, and the
requirements of the Companies Act No 71 of South
Africa 2008 (as amended) and the Companies Act
Regulations 2011 and incorporate the accounting
policies which are consistent with those adopted
in the year ended 30 June 2011, with the exception
of the adoption of the following amendments,
standards or interpretations with effect from
1 July 2011:
Standard Subject
IFRS 1 First time adoption of International Financial Reporting Standards Accounting policy
changes in the year of adoption (Annual improvements project 2010)
IFRS 1 First time adoption of International Financial Reporting Standards Severe Hyperinflation
(amendments)
IFRS 1 First time adoption of International Financial Reporting Standards Revaluation basis as
deemed cost (Annual improvements project 2010)
IFRS 1 First time adoption of International Financial Reporting Standards Replacement of fixed
dates for certain exceptions with the date of transition to IFRS's (amendment)
IFRS 1 First time adoption of International Financial Reporting Standards Use of deemed cost
for operations subject to rate regulation (Annual improvements project 2010)
IFRS 7 Financial Instruments: Disclosures Clarification of disclosures (Annual improvements
project 2010)
IFRS 7 Financial Instruments: Disclosures Transfers of financial assets (amendment)
IAS 1 Presentation of Financial Statements Clarification of statement of changes in equity
(Annual improvements project 2010)
IAS 24 Related Party Disclosure (revised)
IAS 34 Interim Financial Reporting Significant events and transactions (Annual improvements
project 2010)
IFRIC 13 Customer Loyalty Programmes Fair value of award credit (Annual improvements
project 2010)
IFRIC 14 IAS 19 The limit on a Defined Benefit Asset, Minimum Funding Requirements and their
interaction Prepayment of a minimum funding requirement (Amendment)
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 only in the way in which the
interim and preliminary financial results statements
are presented as well as additional disclosures in the
annual financial statements. They did not impact any
amounts disclosed in the Preliminary Consolidated
Statement of Comprehensive Income or Preliminary
Consolidated Statement of Financial Position.
RESTATEMENT OF COMPARATIVES
The group has reclassified its comparatives with
regard to the Toro Employee Empowerment Trust.
The underlying plan assets and plan liabilities
which were previously shown on a gross basis
are now recognised on a net basis the values
previously disclosed were equal and opposite. This
reclassification had no impact on net assets, net
cash flows or performance of the group.
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 transaction covered in this set of
results are concluded on an arm's length basis.
SEGMENTAL REPORT
Zondereinde mine and Booysendal mine are the two
major segments within the group. Since inception
of the Booysendal project, R2.5 billion has been
incurred on the development of Booysendal
mine with R1.7 billion being incurred during the
current year (F2011: R688.4 million). Profit (from
interest earned) for the year amounted to
R0.2 million (F2011: R8.3 million) for Booysendal
mine. All other profit in the year was earned by the
Zondereinde mine.
Total assets in respect of the Booysendal mine amount
to R8.3 billion (2011: R6.6 billion). These have been
allocated to property, plant and equipment, mining
properties, mineral reserves and receivables of
Booysendal. Assets to the value of R3.9 billion
(2011: R5.4 billion) relate to Zondereinde mine.
GOING CONCERN
The very nature of all mining operations is such that
they have a limited life, and their operations are
dependent on, inter alia, geological and technical
factors, as well as other economic factors, such
as commodity prices and exchanges rates. The
outlook for the global economy remains uncertain,
as Europe tries to extricate itself from the Eurozone
debt crisis. Although this situation has adversely
affected PGM prices, the directors believe that the
company remains a going concern based on its
anticipated cash flows and borrowing facilities.
PREPARATION
These preliminary reviewed results have been
prepared under the supervision of the financial
director, Mr A Z Khumalo. The results are an extract
of the annual financial statements of the group
which will be published on the company's website
early in October 2012.
EVENTS AFTER THE REPORTING DATE
Apart from the financing arrangements and
corporate actions which are referred to earlier, there
have been no other significant events subsequent
to 30 June 2012 which required adjustment or
additional disclosure to these preliminary annual
financial results.
PROSPECTS
The Booysendal mine is expected to start
production in H2 of F2013, subject to the
availability of power from Eskom. The continued
recovery at Zondereinde will be largely determined
by geological and mining conditions, while cost
increases are likely to remain higher than the official
inflation rate. Economic and social uncertainties in
global markets are expected to continue to weigh
on PGM prices for the foreseeable future and whilst
the company will endeavour to improve output from
its operations, which may also be affected by recent
events in the industry, the outlook for earnings
growth is subdued.
The information contained in this paragraph has
not been reviewed by the group's auditors.
DIVIDEND
Owing to the cash requirements of the Booysendal
mine development, as well as the uncertain
economic environment which continues to depress
metal prices, no final dividend has been declared.
(F2011: 10 cents per share).
Directors
Mr J A K Cochrane was appointed as a non-
executive director of Northam at the annual general
meeting on 10 November 2011, whilst Mr Bernard
van Rooyen retired as a director with effect from
12 March 2012.
The board extends its sincere thanks to Mr van
Rooyen for the many years of service to the
company and wishes him well.
ON BEHALF OF THE BOARD
PL Zim GT Lewis
Chairman Chief executive officer
Johannesburg
21 August 2012
Directors: Registered Office
P L Zim (Non-executive chairman), Block 1A,
G T Lewis (Chief executive officer) (British), Albury Park,
A Z Khumalo (Financial director), Magalieszicht Avenue,
M E Beckett (British), Dunkeld West,
C K Chabedi, Johannesburg
J A K Cochrane (British), PO Box 412694, Craighall
Ms N J Dlamini (Dr), 2024, Republic of South Africa
R Havenstein,
Ms E T Kgosi,
A R Martin,
M S M M Xayiya (Alternate: M J Willcox).
Company secretary:
Ms PB Beale
These results are available on the Northam website at wwww.northam.co.za
(Incorporated in the Republic of South Africa) (Registration number 1977/003282/06)
Share code: NHM ISIN: ZAE 000030912 ("Northam" or "the company" or "the group")
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