Wrap Text
Reviewed preliminary results for the year ended 30 June 2013
NORTHAM PLATINUM LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1977/003282/06)
Share code: NHM ISIN: ZAE 000030912
Issuer Code: NHMI ("Northam Platinum" or "the company")
REVIEWED PRELIMINARY RESULTS
for the year ended 30 June 2013
KEY FEATURES
- Sustained operational recovery at Zondereinde
- Sales revenues 20% higher year on year at R4.4 billion
- Increases in operating and cash unit costs contained
- Operating margin improves to 13.7%
- 62.6% increase in earnings per share
- Successful commissioning of Booysendal mine
- Booysendal South sale agreement lapses
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Reviewed Audited
Year Year
ended ended
30 June 30 June
Change 2013 2012
% R000 R000
Sales revenue 20.0 4 420 977 3 684 000
Cost of sales 14.0 3 813 301 3 345 311
Operating costs 7.3 2 826 094 2 632 926
Concentrates purchased 5.2 657 540 624 774
Refining and other costs 60.6 161 591 100 612
Depreciation and write offs 23.3 234 690 190 287
Change in metal inventories 67.2 (66 614) (203 288)
Operating profit 79.4 607 676 338 689
Share of earnings from associate (17.0) 13 783 16 602
Investment revenue (38.0) 33 434 53 951
Finance charges (17 946)
Sundry expenditure 55.0 (28 254) (18 227)
Sundry income 43.5 88 362 61 570
Profit before tax 54.0 697 055 452 585
Taxation 169 054 142 073
Profit for the year 70.0 528 001 310 512
Other comprehensive income
Items that will be reclassified subsequently to profit and loss (4 145) (9 868)
Share of associate's exchange differences on translating foreign
operations (4 105) (9 582)
Share of associate's fair value adjustment on available-for-sale financial
assets (40) (286)
Total comprehensive income for the year 523 856 300 644
Profit attributable to:
Owners of the parent 504 907 310 512
Non-controlling interests 23 094
Profit for the year 528 001 310 512
Total comprehensive income attributable to:
Owners of the parent 500 762 300 644
Non-controlling interests 23 094
Total comprehensive income for the year 523 856 300 644
Reconciliation of headline earnings and per share information
Profit attributable to shareholders 504 907 310 512
(Profit)/loss on sale of property, plant and equipment (1 769) 317
Write-off of smelter 33 000
Insurance claim (4 318) (2 072)
Profit on sale of associate's property, plant and equipment (2 118)
Tax effect on above (7 520) 491
Headline earnings 68.9 522 182 309 248
Earnings per share cents 62.6 132.0 81.2
Fully diluted earnings per share cents 62.6 132.0 81.2
Headlines earnings per share cents 68.7 136.5 80.9
Fully diluted headline earnings per share cents 68.7 136.5 80.9
Dividends per share cents 5.0
Weighted average number of shares in issue 382 560 902 382 426 483
Fully diluted number of shares in issue 382 560 902 382 426 483
Number of shares in issue 382 586 090 382 496 990
CONSOLIDATED STATEMENT OF CASH FLOWS
Reviewed Audited
Year Year
ended ended
30 June 30 June
2013 2012
R000 R000
Cash flows from operating activities 622 463 437 662
Profit before taxation 697 055 452 585
Depreciation and write offs 234 690 190 287
Change in working capital (281 104) (90 367)
Change in short-term provisions 8 204 12 460
Taxation paid (139 303) (131 072)
Interest paid 123 703
Other (20 782) 3 769
Cash flows utilised in investing activities (1 801 501) (2 010 021)
Property, plant, equipment and mining properties and mineral reserves
additions to maintain operations (349 675) (331 070)
additions to expand operations (1 495 702) (1 684 331)
disposal proceeds 4 497 6 488
Investment in associate cash distributed 16 740 816
Township land and development
Additions (17 683) (12 942)
Disposals proceeds 45 979 25 011
Increase in investments held by Northam Platinum Restoration Trust Fund (5 259) (4 098)
Increase in investments held by Environmental Contingency Fund (6 687) (6 249)
Acquisition of subsidiary net of cash acquired 6 416
Movement in Buttonshope Conservancy Trust (351) (9 775)
Dividends received 224 6 129
Cash flows generated/(utilised) in financing activities 1 372 638 (20 514)
Proceeds from issue of shares 2 007 1 566
Finance charges (123 703)
Dividends paid (21 747) (57 364)
Increase in long-term loans 16 081 35 284
Revolving credit facilities utilised 250 000
Domestic medium term notes issued 1 250 000
Increase/(decrease) in cash and cash equivalents 193 600 (1 592 873)
Cash and cash equivalents at beginning of the year 104 980 1 697 853
Cash and cash equivalents at end of the year 298 580 104 980
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Reviewed Audited
Year Year
ended ended
30 June 30 June
2013 2012
R000 R000
ASSETS
Non-current assets
Property, plant and equipment 6 222 226 4 598 689
Mining properties and mineral resources 5 708 825 4 537 133
Interest in associate and joint ventures 495 498 505 415
Unlisted investment 6 6
Township land and development 15 553 43 849
Long-term receivables 87 400 64 937
Investments held by Northam Platinum Restoration Trust Fund 40 948 35 689
Environmental Guarantee Investment 42 407 35 720
Buttonshope Conservancy Trust 10 126 9 775
Current assets 1 734 675 1 232 339
Inventories 878 530 811 183
Trade and other receivables 547 920 303 268
Cash and cash equivalents 298 580 104 980
Receiver of revenue 9 645 12 908
Mineral resources classified as held for sale 1 180 300
TOTAL ASSETS 14 357 664 12 243 852
EQUITY AND LIABILITIES
Equity
Share capital and share premium 8 599 655 8 597 648
Retained earnings 2 220 477 1 622 833
Equity compensation reserve 202 634
Share of other comprehensive income from associate (14 013) (9 868)
Equity attributable to owners of the parent 10 806 119 10 413 247
Non-controlling interests 9 516
Total equity 10 815 635 10 413 247
Non-current liabilities 1 997 826 648 600
Deferred tax liability 476 053 504 628
Long-term provisions 133 267 111 118
Share based payment liability 90 942
Domestic medium term notes 1 250 000
Long-term loans 47 564 32 854
Current liabilities 1 544 203 1 182 005
Trade and other payables 1 012 104 981 209
Receiver of revenue 156 963 101 900
Short-term provisions 104 670 96 466
Share based payment liability 16 665
Revolving credit facilities 250 000
Current portion of long-term loans 3 801 2 430
TOTAL EQUITY AND LIABILITIES 14 357 664 12 243 852
Net asset value cents per share 2 824 2 722
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Other
comprehensive
Equity income Non-
Share Share compensation Retained from controlling
capital premium reserve earnings associate interest Total
R000 R000 R000 R000 R000 R000 R000
Balance at 1 July 2011 3 824 8 592 258 156 076 1 363 194 10 115 352
Share based payment
expense 53 049 53 049
Total comprehensive
income for the period 310 512 (9 868) 300 644
Profit for the period 310 512 310 512
Other comprehensive
income for the period (9 868) (9 868)
Transfer of equity
compensation reserve
to retained earnings (6 491) 6 491
Dividends declared (57 364) (57 364)
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 13 807 13 807
Transfer of equity
compensation reserve
to share based payment
liability (123 704) (123 704)
Transfer of equity
compensation reserve
to retained earnings (92 737) 92 737
Non-controlling interest
arising on a business
combination 8 169 8 169
Total comprehensive
income for the period 504 907 (4 145) 23 094 523 856
Profit for the period 504 907 23 094 528 001
Other comprehensive
income for the period (4 145) (4 145)
Dividends declared * (21 747) (21 747)
Issue of new shares 1 2 006 2 007
Balance at 30 June
2013 3 826 8 595 829 2 220 477 (14 013) 9 516 10 815 635
* Non-controlling interest's portion of dividends declared by entities within the Northam group.
Reviewed Audited
Year Year
ended ended
30 June 30 June
2013 2012
R000 R000
CAPITAL COMMITMENTS*
Booysendal mine
Authorised but not contracted 54 801 888 484
Contracted 477 281 916 113
532 082 1 804 597
Zondereinde mine
Authorised but not contracted 223 071 494 138
Contracted 127 085 152 232
350 156 646 370
* These commitments will be funded from a combination of internal retentions and debt.
OTHER COMMITMENTS
Information technology outsource service provider charges
Due within one year 9 710 9 777
Due within two to five years 31 753 41 309
Operating lease rentals office equipment
Due within one year 1 117 1 981
Due within two to five years 915 2 829
Operating lease rentals premises
Due within one year 4 009 3 463
Due within two to five years 13 324 11 215
More than five years 6 930 13 976
Employee housing development
Authorised 4 000 30 483
Bank guarantees issued 73 210 66 340
Reviewed Audited
Year Year
ended ended
30 June 30 June
Change 2013 2012
% R000 R000
OPERATING STATISTICS - ZONDEREINDE MINE*
Merensky
Development metres 10.3 6 604 5 988
Square metres mined 4.1 174 349 167 475
Tonnes milled 8.3 958 211 884 660
Head grade (g/tonne 3PGEs + Au) (1.7) 5.8 5.9
Available ore reserves months 11.1 20 18
UG2
Development metres (42.8) 1 596 2 792
Square metres mined 1.0 173 635 171 894
Tonnes milled 10.3 1 157 501 1 049 017
Head grade (g/tonne 3PGEs + Au) (4.5) 4.2 4.4
Available ore reserves months 24 24
Combined
Development metres (6.6) 8 200 8 780
Square metres mined 2.5 347 984 339 369
Tonnes milled 9.4 2 115 712 1 933 677
Head grade (g/tonne 3PGEs + Au) (3.9) 4.9 5.1
FINANCIAL STATISTICS *
Precious metals in concentrates produced kg 0.7 9 041 8 979
Precious metals in concentrates purchased kg (13.0) 1 633 1 877
Precious metals sold kg 7.3 10 704 9 980
Average price realised R/kg 8.9 365 217 335 325
Operating costs R/kg 7.5 334 899 311 645
Cash costs R/kg 9.0 309 421 283 934
Precious metals in concentrates produced oz 0.7 290 675 288 675
Precious metals in concentrates purchased oz (13.0) 52 502 60 347
Precious metals sold oz 7.3 344 128 320 861
Average price realised US$/oz (5.1) 1 276 1 345
Operating costs US$/oz (5.3) 1 181 1 247
Cash costs US$/oz (4.0) 1 091 1 136
Average exchange rate realised US$1.00 = R 13.5 8.82 7.77
Operating costs per tonne milled R/tonne 1 447 1 447
Cash costs per tonne milled R/tonne 0.3 1 322 1 318
* Not audited or reviewed
(3PGE+Au)
COMMENTARY ON RESULTS
FINANCIAL PERFORMANCE
Despite the challenging conditions of mining in South Africa, which included labour disruptions at the Zondereinde mine
in April 2013 and the continued low levels of demand for platinum group metals (PGMs) globally, mainly due to the
debt-ridden Eurozone, Northam has posted improved results year on year. This is on the back of higher sales volumes
from Zondereinde combined with the weakness of the rand which contributed to a 20.0% increase in sales revenues to
R4.4 billion (F2012: R3.7 billion).
The higher sales revenues reflect the increased metal sales which were up by 7.3% to 10 704kg (3PGE+Au)
(F2012: 9 980kg), boosted by a 13.5% weakening of the rand against the US dollar over the period, from
R7.77/US$ in F2012 to R8.82/US$. The average US dollar price realised during the current period declined by
5.1% from US$1 345 per ounce to US$1 276 per ounce (3PGE+Au).
Cost of sales increased by 14.0% to R3.8 billion (F2012: R3.3 billion) reflecting the higher volumes sold and higher
operating costs. Operating costs increased by 7.3% owing to higher labour and power costs which are the most
significant components contributing to mining inflation in South Africa. Cost of sales was also adversely impacted by
a 60.6% increase in refining costs owing to a weaker exchange rate and the outsourcing of smelter services.
Included in cost of sales in the current year is a write-down of R33 million in respect of the smelter. Despite these
increases in the cost of sales, the groups operating profit margin improved to 13.7% in F2013, compared to 9.2% for
the previous period, as a result of the substantial increase in sales revenues.
Investment revenues were 38.0% lower at R33.4 million (F2012: R54.0 million) owing to the depletion of cash reserves
which were used for the construction of the Booysendal mine. Finance charges of R123.7 million were incurred during
the year, with R17.9 million being expensed and the balance of R105.8 million being capitalised, as a consequence
of the groups borrowings from the debt capital markets and the use of the revolving credit facility to finance the
construction of Booysendal mine. Sundry income increased to R88.4 million (F2012: R61.6 million) mainly due to
foreign exchange rate gains in F2013, compared to foreign exchange losses in F2012. Operating profit increased to
R607.7 million (F2012: R338.7 million). Profit before tax rose to R697.1 million compared to R452.6 million in F2012,
a 54.0% increase.
The 19.0% increase in the tax charge is mainly as a result of the higher operating profit earned in F2013, whilst profit
after tax rose to R528.0 million, a 70.0% increase compared to the previous year. The net margin has improved from
8.4% in F2012 to 11.9% in F2013.
The increase in operating cash flows is driven by an increase in profit before tax of 54.0% less an increase in working
capital of R281.1 million. This compares with R90.4 million in F2012 and is attributable to the higher levels of trade
and other receivables and inventory at the end of F2013. Cash flows utilised in investing activities decreased to
R1.8 billion due to the near completion of the surface construction of Booysendal mine. Cash from financing activities
rose to R1.4 billion following the raising of R1.25 billion from the debt capital markets and a drawdown on the
revolving credit facility to finance the construction of Booysendal mine.
ZONDEREINDE MINE
Safety
The board and management express their sincere condolences to the family and colleagues of Mr Amose Dlamini who
was fatally injured in a fall of ground incident on 27 May 2013.
Zondereinde mine achieved one million fatality free shifts on 25 October 2012 and two million fatality free shifts on
24 April 2013. The board congratulates mine management and employees on the achievement of these milestones.
There were improvements in the lost time and reportable injury incidents rates which trended lower. The LTIIR achieved
in F2013 was 1.50 (F2012: 1.91) and the RIIR was 0.83 compared to 0.88 in F2012.
Operating performance
The combined tonnes milled at Zondereinde mine were 9.4% up at 2 115 712 tonnes from 1 933 677 in F2012
comprising 958 211 Merensky tonnes milled (F2012: 884 660 million tonnes) and 1 157 501 UG2 tonnes milled
(F2012: 1 049 017 million tonnes). The 3PGE+Au combined head grade dropped by 3.9% to 4.9 g/t compared to
5.1 g/t in F2012. This drop reflects the lower average UG2 grade of 4.2 g/t over the period owing to poor grade
control. This will be a key focus area for management in the year ahead. Available ore reserves are currently at
20 months for Merensky reef and 24 months for UG2.
In spite of the lower head grade, the increase in tonnes milled resulted in a 5.4% increase in metals produced from
underground operations. Metals from secondary material declined significantly resulting in total mine production
increasing marginally to 9 041kg (F2012: 8 979kg). Volumes of concentrates purchased declined by 13.0% from
1 877kg in F2012 to 1 633kg in the current year. This is mainly due to the interruption of smelting activities both in
July to September 2012 and again in May 2013.
The mining strategy at Zondereinde continues to be to open up ore reserves in the north west quadrant and also on the
lower levels of the mine to access normal Merensky reef. Shareholders were advised on 23 May 2013 that the smelter
at Zondereinde would be shut down and rebuilt following the unexpected erosion of the refractory bricks comprising the
walls of the smelter in proximity to the slag level interface. The rebuild, using a different brick specification, is expected
to be completed by the end of September 2013. The smelter was previously rebuilt in F2012 after a run-out.
Labour relations
Production was badly impacted by a three-week strike by rock drill operators (RDOs) as advised to shareholders on
5 April 2013. Their dispute was centred on the payment methodology of production related bonuses. These differences
have since been resolved by management and the RDOs. Wage negotiations for F2014 have begun with the majority
union at Zondereinde.
Capital expenditure
Capital expenditure amounted to R349.7 million (F2012: R331.1 million). Forecast expenditure for F2014 is estimated
at R350.2 million. This includes an initial estimate of R55.0 million for the smelter rebuild.
Township land and development
To date, 337 houses have been sold to employees in Mojuteng Township in the town of Northam.
BOOYSENDAL MINE
Safety
The total number of lost time injuries recorded in the F2013 year was 13, of which 8 were reportable. The LTIIR
for F2013 is 0.53 with an RIIR of 0.33. The total labour force at 30 June 2013 numbered 1 915 people, including
contractors.
Booysendal mine achieved one million fatality free shifts on 9 March 2013. The board congratulates mine management
and employees on the achievement of this milestone.
Capital expenditure
Capital expenditure in F2013 was R1.5 billion (F2012: R1.7 billion). Capital expenditure is expected to be R532.1 million in
F2014; this includes R75.6 million for on-going capital. Since inception the total project expenditure, including finance costs
and other directly attributable costs, is R4.0 billion against projected total expenditure of R4.5 billion. The original capital
budget for Booysendal was R3.9 billion in June 2010 terms.
Development
A total of 242 602 tonnes were milled in F2013, to produce 473kg of metal in concentrate which has been processed.
Metal sales from Booysendal were restricted to 109kg owing to the shutdown of the smelter at Zondereinde in May.
Revenue earned from metal sales to 30 June 2013 was credited to capital, in line with International Financial Reporting
Standards. For accounting purposes, the mine came into production on 1 July 2013. To counter certain delays in the
construction of conveyors and other services underground, management has taken on additional contractors in a
temporary capacity to mitigate delays to the production ramp-up.
Concentrator
Following the commissioning of the permanent power supply on 10 March 2013, cold and hot commissioning of the
concentrator continued to year end with a number of issues having been identified which have been or are in the
process of being rectified. This process will continue until all outstanding issues have been remedied.
Financing arrangements
Shareholders were advised on 3 September 2012 that the company had successfully raised term debt through an
issue of R1.25 billion three-year senior unsecured floating rate notes under its R2 billion Domestic Medium Term Note
Programme dated 3 August 2012.
No additional funding was raised in F2013. After the year end, an additional R120 million was raised in the domestic
capital market.
CORPORATE ACTIVITY
Shareholders are referred to the announcement dated Friday, 3 August 2012 wherein they were advised of a restructure of
the groups BEE shareholding. Since then, the group has made certain proposals to the Department of Mineral Resources
(DMR), and have yet to receive a formal response from the DMR in this regard.
OTHER ASSETS
On 2 May 2013 Northam shareholders were advised that certain conditions precedent to the implementation of
the proposed sale of the southern portion of the Booysendal mining right to Aquarius Platinum Limited, and its
subsidiary Aquarius Platinum (South Africa) Proprietary Limited, had not been met, and that the sale agreement had
consequently lapsed.
Northam is still considering optimal ways of realising value from assets that were acquired through the acquisition of
Mvelaphanda Resources Proprietary Limited (formerly Mvelaphanda Resources Limited) in June 2011. These assets
are 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 Johannesburg Stock Exchange and a 51% initial
participatory interest in the Kokerboom Joint Venture which is a greenfields iron oxide/gold/copper and massive sulphide
exploration project.
Following the acquisition of a 70% shareholding in Northam Chrome Producers Proprietary Limited (NCP) for
R10.0 million effective 1 July 2012, the group has acquired a further 10% of NCP for R10 million effective 1 July 2013,
bringing its total holding to 80%. NCP produces chrome from Zondereindes UG2 tailings, and has contributed an
amount of R52.2 million after tax in F2013.
PROSPECTS*
The platinum industry in South Africa remains dominated by social and economic uncertainty, which is manifested in
certain uncontrollable factors such as US dollar metal prices and the exchange rate between the US dollar and the
South African rand, as well as the strong possibility of labour disruptions during F2014.
Assuming no disruptions to the companys operations in the F2014 year, the company expects to maintain its
operational performance at the Zondereinde mine and ramp up production at its Booysendal mine in F2014.
The financial performance of Northam will depend largely on a combination of market circumstances and international
metal prices, a peaceful and productive labour force, and regular underground mining conditions.
*Information in this paragraph has not been reviewed by the groups auditors.
AUDITORS REVIEW
The financial results of the group have been reviewed under the supervision of Mr. M Herbst CA (SA), registered auditor
of Ernst & Young Inc., the groups auditors. A copy of their unmodified review report is available for inspection at the
companys 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 2013 have been prepared in accordance with
IAS 34 Interim Financial Reporting, as well as the SAICA Financial Reporting Guide as issued by the Accounting
Practices Committee and Financial Pronouncements as issued by the Financial Reporting Standards Council, 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 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.
SEGMENTAL REPORT
The groups segments are the Booysendal mine and the Zondereinde mine. In the current year, expenditure of R1.4
billion was incurred on the development of Booysendal mine (F2012: R1.7 billion). The profit for the current period
earned by Booysendal mine, mainly from investment revenue, amounts to R1.7 million (F2012: R0.2 million) and the
remaining profits were earned by Zondereinde mine. Revenue relates to external customers from Zondereinde mine.
Total assets in respect of the Booysendal mine amount to R9.9 billion (F2012: R8.3 billion). These are allocated to
property, plant and equipment, mining properties, mineral reserves and receivables of Booysendal. The total assets of
the Zondereinde mine amount to R4.5 billion (F2012: R3.9 billion).
GOING CONCERN
All mining operations are finite in their 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 local as well
as the global economy remains uncertain. Although there are signs that the United States is emerging from recession,
and the Chinese economy seems to be recovering, Europe still remains in a debt induced recession. Labour disruptions
in South Africa loom large as wage negotiations begin for F2014. The US dollar prices of PGMs have stabilised after a
volatile F2013, with the exchange rate weakening significantly.
Management is therefore of the belief that, assuming uninterrupted production, the company remains a going concern
based on available borrowing facilities and anticipated operational cash flows.
PREPARATION
These preliminary reviewed 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 companys website on Thursday, 15 August 2013.
EVENTS AFTER THE REPORTING PERIOD
Apart from the additional R120 million raised in the domestic capital market and the acquisition of an additional
10% interest in NCP, both of which have been referred to earlier, there have been no significant events subsequent
to 30 June 2013 which require adjustment or additional disclosure to these preliminary financial annual 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
Owing to the continued uncertainty prevailing in the mining industry and the cash requirements for the completion of
the Booysendal mine, the board has not declared a final dividend for F2013 (F2012: nil cents per share).
ON BEHALF OF THE BOARD
PL Zim GT Lewis
Chairman Chief executive officer
Johannesburg
13 August 2013
Registered office:
Block 1A,
Albury Park,
Magalieszicht Avenue,
Dunkeld West
Johannesburg, 2196
P O Box 412694, Craighall 2024
Republic of South Africa
DIRECTORS:
PL Zim (Non-executive chairman), GT Lewis (Chief executive officer) (British), AZ Khumalo (Financial director),
ME Beckett (British), CK Chabedi, JAK Cochrane (British), NJ Dlamini (Dr), R Havenstein, ET Kgosi, AR Martin.
Company secretary:
Ms PB Beale
These results are available at Northam's website at wwww.northam.co.za and at Northam's registered office.
(Incorporated in the Republic of South Africa) (Registration number 1977/003282/06)
Share code: NHM ISIN: ZAE 000030912 and Issuer Code: NHMI ("Northam Platinum" or "the company")
Johannesburg
15 August 2013
Sponsor and Debt Sponsor
One Capital
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