Wrap Text
Reviewed Interim Results Report for the six months ended 31 December 2012
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" or "the group")
REVIEWED INTERIM RESULTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2012
KEY FEATURES
- 21% increase in operating profit
- Earnings impacted by tax and finance charges
- Sustained operational recovery at Zondereinde
- Power supply being installed at Booysendal
- R1.25 billion successfully raised in domestic capital markets
Reviewed Reviewed Audited
Six months Six months Year
ended ended ended
31 December 31 December 30 June
2012 2011 2012
% Change R000 R000 R000
Interim consolidated statement of comprehensive income
Sales revenue 11.6 2 209 058 1 979 855 3 684 000
Cost of sales 10.4 1 943 035 1 759 343 3 345 311
Operating costs 10.3 1 449 829 1 314 358 2 632 926
Concentrates purchased (23.2) 264 034 343 643 624 774
Refining and other costs 145.6 101 318 41 258 100 612
Depreciation and impairments 88 337 88 357 190 287
Change in metal inventories (239.8) 39 517 (28 273) (203 288)
Operating profit 20.6 266 023 220 512 338 689
Share of earnings from associate (30.8) 2 357 3 405 16 602
Investment revenue (47.3) 17 420 33 060 53 951
Finance charges 100.0 (32 382)
Sundry expenditure 125.7 (10 886) (4 824) (18 227)
Sundry income (50.0) 18 421 36 874 61 570
Profit before tax (9.7) 260 953 289 027 452 585
Taxation 114 184 90 871 142 073
Profit for the period (25.9) 146 769 198 156 310 512
Other comprehensive loss
Items that will be reclassified
subsequently to profit and loss (1 558) (9 868)
Share of associate's exchange differences
on translating foreign operations (1 519) (9 582)
Share of associate's fair value adjustment
on available-for-sale financial assets (39) (286)
Total comprehensive income
for the period 145 211 198 156 300 644
Profit attributable to:
Owners of the parent 136 236 198 156 310 512
Non-controlling interests 10 533
Profit for the period 146 769 198 156 310 512
Total comprehensive income attributable to:
Owners of the parent 134 678 198 156 300 644
Non-controlling interests 10 533
Total comprehensive income
for the period 145 211 198 156 300 644
Reconciliation of headline earnings and
per share information
Profit attributable to shareholders 136 236 198 156 310 512
Loss on sale of property, plant and
equipment 109 213 317
Tax effect on loss on sale of property,
plant and equipment (31) (60) (89)
Profit on sale of associate's property, plant
and equipment (2 077)
Tax effect on profit on sale of associate's
property, plant and equipment 138
Profit on sale of associate's listed investment (16)
Tax effect on profit on sale of associate's
listed investment
Impairment of investment in associate 6 053
Insurance claim (2 229) (2 072)
Tax effect on insurance claim 624 580
Headline earnings (30.0) 138 807 198 309 309 248
Earnings per share cents (31.3) 35.6 51.8 81.2
Fully diluted earnings per share cents (31.3) 35.6 51.8 81.2
Headlines earnings per share cents (30.1) 36.3 51.9 80.9
Fully diluted headline earnings per share
cents (29.9) 36.3 51.8 80.9
Dividends per share cents 5.0 5.0
Weighted average number of shares
in issue 382 536 125 382 416 190 382 426 483
Fully diluted number of shares in issue 382 536 125 382 470 380 382 426 483
Number of shares in issue 382 586 090 382 416 190 382 496 990
Reviewed Reviewed Audited
Six months Six months Year
ended ended ended
31 December 31 December 30 June
2012 2011 2012
R000 R000 R000
Interim consolidated statement of cash flows
Cash flows from operating activities 249 414 211 735 437 662
Profit before taxation 260 953 289 027 452 585
Depreciation and impairment 88 337 88 357 190 287
Change in working capital (89 078) (107 014) (90 367)
Change in short-term provisions 5 848 5 508 12 460
Taxation paid (70 292) (84 674) (131 072)
Interest paid 32 382
Other 21 264 20 531 3 769
Cash flows utilised in investing activities (959 097) (899 252) (2 010 021)
Property, plant, equipment, and mining
properties and mineral reserves
additions to maintain operations (220 944) (124 060) (331 070)
additions to expand operations (761 848) (785 190) (1 684 331)
disposal proceeds 2 884 2 479 6 488
Investment in associate cash distributed 16 696 581 816
Township land and development
additions (10 405) (6 572) (12 942)
disposals proceeds 10 281 15 260 25 011
Increase in investments held by Northam
Platinum Restoration Trust Fund (1 101) (923) (4 098)
Increase in investments held by
Environmental Contingency Fund (1 023) (827) (6 249)
Acquisition of subsidiary net of cash
acquired 6 416
Movement in Buttonshope Conservancy
Trust (176) (9 775)
Dividends received 123 6 129
Cash flows generated/(utilised) in financing
activities 1 223 626 (38 242) (20 514)
Proceeds from issue of shares 2 007 1 566
Finance charges (32 382)
Dividends paid (13 979) (38 242) (57 364)
Increase in long-term loans 17 980 35 284
Domestic medium term notes issued 1 250 000
Increase/(decrease) in cash and cash
equivalents 513 943 (725 759) (1 592 873)
Cash and cash equivalents at beginning
of period 104 980 1 697 853 1 697 853
Cash and cash equivalents at end of period 618 923 972 094 104 980
Reviewed Reviewed Audited
31 December 31 December 30 June
2012 2011 2012
R000 R000 R000
Interim consolidated statement of financial position
ASSETS
Non-current assets
Property, plant and equipment 5 511 311 3 632 874 4 598 689
Mining properties and mineral resources 4 833 541 4 526 178 4 537 133
Interest in associate and other 187 540 506 852 505 415
Unlisted investment 6 6 6
Township land and development 17 441 47 230 43 849
Long-term receivables 78 486 50 079 64 937
Investments held by Northam Platinum
Restoration Trust Fund 36 790 32 514 35 689
Environmental Guarantee Investment 36 743 30 298 35 720
Buttonshope Conservancy Trust 9 951 9 775
10 711 809 8 826 031 9 831 213
Current assets 1 758 285 2 045 396 1 232 339
Inventories 778 196 634 619 811 183
Trade and other receivables 351 758 425 834 303 268
Cash and cash equivalents 618 923 972 094 104 980
Receiver of revenue 9 408 12 849 12 908
Mineral resources classified as held for sale 1 180 300 1 180 300 1 180 300
Township land and development classified
as held for sale 26 532
Total assets 13 676 926 12 051 727 12 243 852
EQUITY AND LIABILITIES
Equity
Share capital and share premium 8 599 655 8 596 082 8 597 648
Retained earnings 1 759 069 1 523 108 1 622 833
Equity compensation reserve 225 098 183 921 202 634
Share of other comprehensive loss
from associate (11 426) (9 868)
Equity attributable to owners of
the parent 10 572 396 10 303 111 10 413 247
Non-controlling interest 4 723
Total equity 10 577 119 10 303 111 10 413 247
Non-current liabilities 1 963 675 635 465 648 600
Deferred tax liability 534 363 488 548 504 628
Long-term provisions 129 848 146 917 111 118
Domestic medium term notes 1 250 000
Long-term loans 49 464 32 854
Current liabilities 1 136 132 1 113 151 1 182 005
Trade and other payables 913 374 910 521 981 209
Receiver of revenue 116 626 113 116 101 900
Short-term provisions 102 331 89 514 96 466
Current portion of long-term loans 3 801 2 430
Total equity and liabilities 13 676 926 12 051 727 12 243 852
Net asset value cents per share 2 763 2 694 2 722
Other
Equity comprehen-
compen- sive loss Non-
Share Share sation Retained from controlling
capital premium reserve earnings associate interest Total
R000 R000 R000 R000 R000 R000 R000
Interim consolidated statement of changes in equity
Balance at 1 July 2011 3 824 8 592 258 156 076 1 363 194 10 115 352
Share-based payment expense 27 845 27 845
Profit and total comprehensive
income for the period 198 156 198 156
Dividends declared (38 242) (38 242)
Issue of new shares
Balance at 31 December 2011 3 824 8 592 258 183 921 1 523 108 10 303 111
Share-based payment expense 25 204 25 204
Total comprehensive income
for the period 112 356 (9 868) 102 488
Profit for the period 112 356 112 356
Other comprehensive income
for the period (9 868) (9 868)
Transfer of equity compensation
reserve to retained earnings (6 491) 6 491
Dividends declared (19 122) (19 122)
Issue of new shares 1 1 565 1 566
Balance at 30 June 2012 3 825 8 593 823 202 634 1 622 833 (9 868) 10 413 247
Share-based payment expense 22 464 22 464
Non-controlling interest arising
on a business combination 8 169 8 169
Total comprehensive income
for the period 136 236 (1 558) 10 533 145 211
Profit for the period 136 236 10 533 146 769
Other comprehensive income
for the period (1 558) (1 558)
Dividends declared # (13 979) (13 979)
Issue of new shares 1 2 006 2 007
Balance at 31 December 2012 3 826 8 595 829 225 098 1 759 069 (11 426) 4 723 10 577 119
# Non-controlling interest's portion of dividends declared by entities in the Northam group.
Reviewed Reviewed Audited
31 December 31 December 30 June
2012 2011 2012
R000 R000 R000
Capital commitments*
Authorised but not contracted 576 605 1 436 264 888 484
Contracted 361 240 1 323 710 916 113
Booysendal mine 937 845 2 759 974 1 804 597
Authorised but not contracted 178 517 152 627 494 138
Contracted 76 476 107 565 152 232
Zondereinde mine 254 993 260 192 646 370
Other commitments
Information Technology Outsource Service Provider
Due within one year 9 434 13 502 9 777
Due within two to five years 36 632 24 263 41 309
Operating lease rentals office equipment
Due within one year 1 489 221 1 981
Due within two to five years 1 575 588 2 829
Operating lease rentals premises
Due within one year 2 862 3 749 3 463
Due within two to five years 12 990 11 434 11 215
More than five years 8 472 14 399 13 976
Employee housing development
Contracted 30 483
Bank guarantees issued 133 685 72 049 66 340
* These commitments will be funded from a combination of internal retentions and debt.
Six months Six months
ended ended Year ended
31 December 31 December 30 June
% Change 2012 2011 2012
R000 R000 R000
Operating statistics *
Merensky
Development metres 11.0 3 510 3 163 5 988
Square metres mined 16.4 99 859 85 771 167 475
Tonnes milled 19.0 534 316 449 117 884 660
Head grade (g/ton 3PGEs + Au) (1.7) 5.8 5.9 5.9
Available ore reserves months 20 18 18
UG2
Development metres (47.1) 1 009 1 907 2 792
Square metres mined 10.6 97 302 87 992 171 894
Tonnes milled 11.9 614 742 549 481 1 049 017
Head grade (g/ton 3PGEs + Au) 4.3 4.3 4.4
Available ore reserves months 24 24 24
Combined
Development metres (10.9) 4 519 5 070 8 780
Square metres mined 13.5 197 161 173 763 339 369
Tonnes milled 15.1 1 149 058 998 598 1 933 677
Head grade (g/ton 3PGEs + Au) 5.0 5.0 5.1
Financial statistics *
Precious metals in concentrates produced kg 6.5 4 889 4 592 8 979
Precious metals in concentrates purchased kg (29.4) 713 1 010 1 877
Precious metals sold kg 4.4 5 526 5 295 9 980
Average price realised R/kg 3.7 354 385 341 725 335 325
Operating costs R/kg 4.0 314 622 302 636 311 645
Cash costs R/kg 5.7 289 516 273 812 283 934
Precious metals in concentrates produced oz 6.5 157 183 147 636 288 675
Precious metals in concentrates purchased oz (29.4) 22 923 32 472 60 347
Precious metals sold oz 4.4 177 655 170 238 320 861
Average price realised US$/oz (7.7) 1 281 1 388 1 345
Operating costs US$/oz (6.0) 1 157 1 231 1 247
Cash costs US$/oz (4.5) 1 064 1 114 1 136
Average exchange rate realised US$1.00 = R 10.4 8.46 7.66 7.77
Operating costs per tonne milled R/tonne (3.8) 1 339 1 392 1 447
Cash costs per tonne milled R/tonne (2.1) 1 232 1 259 1 318
* Not audited or reviewed.
COMMENTARY ON RESULTS
Financial results
Against the background of a volatile labour relations climate in the South African mining sector,
Northam's results reflect a sustained operational recovery at the company's Zondereinde mine.
Threats of a worldwide shortage of platinum group metal (PGM) supplies from South Africa helped
to stem the decline in the dollar prices of PGMs. The weakening of the South African rand against the
US dollar, particularly at the end of the second quarter of the year, helped improve the rand basket price,
which was favourable for the group.
In the period under review the rand averaged R8.46/US$ (H1 F2012: R7.66/US$) increasing the rand basket
price by 3.7% to R354 385/kg (H1 F2012: R341 725/kg). The firmer prices, combined with the recovery in
the production of metals in concentrate, which was 6.5% higher at 4 889kg (3PGE+Au) (H1 F2012: 4 592kg)
contributed to the revenue of R2.2 billion (H1 F2012: R2.0 billion) for the half-year.
The cost of sales increased by 10.4% to R1.9 billion driven by higher operating and refining costs. Total
operating costs rose by 10.3% to R1.4 billion (H1 F2012: R1.3 billion), reflecting the higher volumes and
the effects of mining inflation, particularly impacted by labour and power costs. The operating and cash
cost per tonne milled decreased by 3.8% to R1 339 per tonne and 2.1% to R1 232 per tonne respectively,
reflecting the higher production volumes. The substantial increase in refining and related costs is a result of
the temporary outsourcing of smelting and refining services to a third party during the smelter rebuild from
May to September 2012. A total of 3 245kgs (3PGE+Au) was treated by the third party during the period.
The shutdown also affected purchased concentrates, the cost of which fell by 23.2% to R264.0 million
owing to a 297kg drop in volumes purchased from 1 010kg in H1 of F2012, to 713 kg in the current period.
The smelter was recommissioned in September and is fully operational.
The operating margin of the group improved marginally from 11.1% in the previous period to 12.0%
in the current period. This was a result of a combination of higher rand basket prices achieved and
higher metal concentrate production levels. With the intensive capital expenditure programme ahead of
the commissioning of the Booysendal mine and the drawdown of cash, investment revenue declined by
47.3% to R17.4 million. Finance charges relate to interest arising during the current six month period on
borrowings from the domestic capital market and the Nedbank Limited revolving credit facility. The decrease
in net sundry income is largely the result of a combination of lower toll treatment charges received, given
the lower purchases, and commitment fees which were payable in respect of the Nedbank Limited revolving
credit facility.
The higher tax charge reflects the inter-company interest charged on debt financing for Booysendal which
was capitalised and as yet not claimable, since the Booysendal mine is not yet in production.
Cash flows from operating activities improved by 17.8% during the current period to R249.4 million
(H1 F2012: R211.7 million) mainly as a result of a higher operating profit. Cash flows utilised in investing
activities increased by 6.7% to R959.1 million (H1 F2012: R899.3 million) owing to an increase in capital
expenditure at Zondereinde mine, which included the smelter rebuild and ongoing capital expenditure
on 15 Level to improve accessibility to Merensky ore reserves. Cash flows utilised in financing activities
increased substantially as the company raised funds in the domestic capital market of R1.25 billion in this
period. The net result of these cash flow activities is a cash and cash equivalents balance of R618.9 million
(H1 F2012: R972.1 million) at 31 December 2012.
Operations review
Zondereinde mine
Safety
The board congratulates the management and employees of Zondereinde on achieving one million fatality
free shifts on 25 October 2012. Considerable effort continues to be put into reducing the number and
severity of injuries on the mine. This effort has translated into an improvement in the lost time injury
incidence rate (LTIIR) and in the reportable injury incidence rate (RIIR) to 1.58 and 0.85 respectively, over the
previous comparable period.
Operating performance
The smelter rebuild, prompted by a runout at the furnace in May 2012, was completed and the furnace
recommissioned as expected by the end of September 2012.
Fewer disruptions from safety related stoppages during the period under review resulted in an improved
operating performance. Total tonnes milled increased by 15.1% to 1 149 058 (H1 F2012: 998 598 tonnes).
Merensky reef contributed 534 316 (H1 F2012: 449 117) tonnes at 5.8 g/t and the UG2 reef 614 742
(H1 F2012: 549 481) tonnes at 4.3 g/t. The combined headgrade remained constant at 5.0g/t.
Production of metals in concentrate increased by 6.5% to 4 889kg (H1 F2012: 4 592kg). Volumes of
concentrates purchased declined 29.4% from 1 010kg to 713kg in the current period owing to the
interruption in smelting activities.
Mining conditions at Zondereinde continue to be impacted by poor ground conditions particularly on
the Merensky reef in the north west quadrant of the mine. Steady progress in the decline infrastructure
continues, with stoping from 15 level expected to start in the second half of F2013.
Labour relations
There were no disruptions to production during the period. In terms of the two-year wage agreement
signed in June 2011, wage increases were implemented in June 2012. New wage negotiations for F2014
are expected to begin in April 2013.
Capital expenditure
A total of R221.0 million (H1 F2012: R124.1 million) was spent on capital to maintain operations during the
current period. The higher expenditure is associated with the deepening project including development and
equipping of 15 level along with the rebuild of the smelter and routine maintenance capital. Forecast capital
expenditure for the remainder of F2013 is expected to be R255.0 million.
Township and land development
A further 54 housing units were sold during the period, bringing the total number of houses sold since the
inception of the housing scheme, which facilitates home ownership for employees, to 294.
Booysendal mine
Safety
At 31 December 2012, the total labour force at the site stood at 2 433. Since the inception of the project
in April 2010 the total number of lost time injuries recorded stands at 16. The progressive LTIIR at the
Booysendal mine is 0.37 and the RIIR is 0.14.
Capital expenditure
A total of R761.8 million was spent in the current period on the continued development of the Booysendal
mine. A further R937.8 million is yet to be spent in the six months to 30 June 2013, including pre-production
expenditure. Total project expenditure since inception is R2.8 billion.
Development
To date 6 455 metres of underground development has been completed. Development of the on-reef
declines and footwall conveyor decline continues as mining sections are established on the upper levels of
the mine. Some 14 000m2 of stoping has been completed and the surface stockpile contains approximately
320 000 tonnes of ore. Equipping of the decline system and underground sections is progressing satisfactorily.
Surface infrastructure
Construction of the concentrator plant is largely complete with the focus currently on cold commissioning.
The electrical sub-station has been completed, and construction of the permanent power line resumed in
October 2012 but progress has been slower than expected. It is anticipated that the permanent power line
should be completed during March 2013, whereafter cold commissioning of the concentrator plant will be
completed before hot commissioning can commence.
The construction of mine complex buildings continues and offices for management, a medical emergency
building, a canteen and the gatehouse have been completed and handed over. The construction of
production and services offices, the training centre, control room and the human resources buildings are
nearing completion.
Financing arrangements
The group successfully raised R1.25 billion in the domestic debt capital market in August 2012, obviating
the need to draw down the interim stand-by facility of R650 million. This funding of R1.25 billion, secured
by way of a domestic medium term note programme, is in addition to the R1 billion revolving credit
facility from Nedbank which was concluded in November 2011. Unless there are unexpected operational
disruptions, management believes that the company is fully funded to complete the construction of the
Booysendal mine. First production is still expected during H2 of F2013 subject to power availability. The debt
position of the group at 30 June 2012 was R nil. At 31 December 2012 debt stood at R1.25 billion, bringing
the net debt position at the year end to R631.1 million.
Corporate activity
Shareholders are referred to the announcement dated Friday, 3 August 2012 advising shareholders of a
restructure of the group's black economic empowerment (BEE) shareholding. Northam has proposed an
A' class share to be held by BEE trusts, as outlined in that announcement, in order to rectify its BEE position.
This proposal was submitted to the Department of Mineral Resources in November 2012. The proposal aims
to restore Northam's BEE shareholding to at least 26%. Shareholders will be informed of progress on this
matter in due course.
Other assets
Aquarius Platinum Limited and Aquarius Platinum (South Africa) Proprietary Limited have indicated their
continued intention to honour the agreement to acquire mineral rights attached to the southern portion
of Booysendal for an amount of R1.2 billion. The agreement remains subject to conditions precedent which
includes approval by the Department of Mineral Resources. However, the agreement expires on 30 April 2013.
Broad Brush Investments 2 Proprietary Limited, a subsidiary company, has entered into an agreement of sale
with Rustenburg Platinum Mines Limited (an Anglo American Platinum Limited group company) for the sale
of certain township land. A reclassification of R26.5 million has therefore been made as township land and
development held for sale in the current reporting period.
The group will continue to investigate optimal ways of realising value from the assets that were acquired
through the acquisition of Mvelaphanda Resources Proprietary Limited (formerly Mvelaphanda Resources
Limited) in June 2011. These include a 50% interest in the Dwaalkop platinum project, a 20.3% interest
in the issued share capital of Trans Hex Group Limited, a diamond producing and marketing company
listed on the JSE Limited and a 51% initial participatory interest in the Kokerboom Joint Venture, a
greenfields iron oxide/gold/copper and massive sulphide exploration project.
The group acquired 70% of Northam Chrome Producers Proprietary Limited (NCP) for R10 million effective
1 July 2012. This company produces chrome from Zondereinde's UG2 tailings. NCP's contribution to profit
for the period amounted to R34.6 million.
Prospects +
Social and economic uncertainty is expected to dominate the platinum industry for the foreseeable future.
Barring any disruptions to Northam's operations in the second half of the year, the company is expected to
deliver an improved operational performance compared to F2012. The financial performance will depend
largely on the availability of mineable Merensky reef, international metal prices and local cost inflation.
+ the information contained in this paragraph has not been reviewed by the group's auditors.
Auditor's review
The financial results of the group have been reviewed by Mr C Maongera CA (SA), Registered auditor of
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 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 half year ended 31 December 2012
have been prepared in accordance with IAS 34 Interim Financial Reporting as well as AC500 Standards,
and incorporate the accounting policies which are consistent with those adopted in the financial year
ended 30 June 2012, with the exception of the adoption of the following amendments, standards or
interpretations with effect from 1 July 2012:
Standard Subject
IAS 1 Presentation of Financial Statements Presentation of Items of Other Comprehensive
Income (Amendment)
IAS 12 Income Taxes Deferred Taxes Recovery of underlying assets (Amendment)
The adoption of these amendments resulted in changes only in the way in which the interim financial results
statements are presented as well as additional disclosures in the annual financial statements. They did not
impact any amounts disclosed in the Interim Consolidated Statement of Comprehensive Income or Interim
Consolidated Statement of Financial Position.
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 covered in this set of results
are concluded on an arm's length basis, except for the UG2 tailings from which chrome is extracted by the
subsidiary Northam Chrome Producers (NCP). The tailings are disposed of by Northam at no cost to NCP.
Segmental report
The group's most significant segments are Booysendal mine and Zondereinde mine. In the current six
month period, R761.8 million has been incurred for the development of Booysendal mine (H1 F2012:
R785.2 million). The profit for the current period earned by Booysendal mine, mainly from investment
revenue, amounts to R1.6 million (H1 F2012: R nil) and the remaining profits were earned by Zondereinde
mine. Revenue relates to external customers of Zondereinde mine.
Total assets in respect of the Booysendal mine amount to R9 093.4 million (H1 F2012: R7 448.6 million).
These are allocated to property, plant and equipment, mining properties, mineral reserves and receivables of
Booysendal. All other assets (H1 F2012: R4 603.1) relate to Zondereinde mine.
Going concern
Mining activity is finite in its nature and the operations of mines are dependent on, inter alia, geological,
technical as well as economic factors such as commodity prices and exchange rates. The outlook for the
South African as well as the global economy remains uncertain, although there are signs that the United
States is emerging out of recession and Chinese demand for a range of commodities is rising. Europe,
however, still remains in a debt crisis. The US dollar prices of PGMs, improved in the last few months and
the exchange rate of the rand to the US dollar weakened. The directors therefore believe that, assuming
uninterrupted production, the company remains a going concern based on available borrowing facilities
and anticipated operational cash flows.
Preparation
These interim results have been prepared under the supervision of the financial director, Mr AZ Khumalo
CA (SA). The results of the group will be published on the company's website on Friday, 22 February 2013.
Events after the reporting period
There have been no significant events subsequent to 31 December 2012 which require adjustment or
additional disclosure to these interim results.
Directors
Mr MJ Willcox resigned as alternate director to Mr MSMM Xayiya on 5 November 2012, and
Mr MSMM Xayiya resigned as a non-executive director on 7 December 2012.
Dividend
Taking into account the cash requirements of the Booysendal mine development, coupled with the
uncertainty currently prevailing in the mining industry, the board has passed the interim dividend (H1 F2012:
5 cents per share).
On behalf of the board
PL Zim GT Lewis
Chairman Chief executive officer
Johannesburg
20 February 2013
Directors
PL Zim (Non-executive chairman), GT Lewis (Chief executive officer) (British), AZ Khumalo (Financial
director), ME Beckett (British), CK Chabedi, JAK Cochrane (British), Ms NJ Dlamini (Dr), R Havenstein,
Ms ET Kgosi, AR Martin.
Registered office
Block 1A, Albury Park, Magalieszicht Avenue, Dunkeld West, Johannesburg, 2196.
PO Box 412694, Craighall, 2024, Republic of South Africa.
Company secretary
Ms PB Beale
These results are available on the Northam website at www.northam.co.za
Sponsor
One Capital
22 February 2013
Date: 22/02/2013 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 
