ARM Platinum

ARM Platinum’s interests comprise:

• A 50 % joint venture (held through an 83 percent stake in ARM Mining Consortium) with Anglo Platinum in the Modikwa Platinum Mine;
• A 55 % interest in the Two Rivers Platinum Mine, a subsidiary in which Impala Platnium owns 45 percent;
• The Nkomati Mine, a 50 percent joint venture with Norilsk Nickel; and
• A 90 % interest in the Kalplats PGM Exploration Project, where exploration is undertaken in conjunction with Platinum Australia.

Divisional structure

*	Platinum Australia will earn in up to 49% of ARM Platinum’s shareholding on completion of a bankable feasibility study, and owns 50% of the Kalplats Extended Area. In the event that the JV acquires Anglo American’s 10%, Platinum Australia has the right to acquire 49% of the acquired 10%.
**	Assets held through the ARM Mining Consortium, effective interest at 41.5%, the balance held by Modikwa local communities.

ARM Platinum manages and operates the Two Rivers Platinum Mine and participates in the joint management of the Modikwa Platinum Mine and the Nkomati Mine through their joint management committees.

Operational overview – attributable to ARM

		F2009	F2008	F09/08 % change	Operational target F2010
Modikwa - PGM production *	Ounces 6E	174 433	171 531	2
Two Rivers - PGM production	Ounces 6E	135 462	113 570	19
Nkomati Nickel Mine
Nickel	Tonnes	2 247	2 568	(12)
PGMs	Ounces	13 374	20 406	(35)
Copper	Ounces	1 134	1 303	(13)
Chrome tonnes sold	000t	331	573	(42)
ARM Platinum PGM production (incl. Nkomati)	Ounces	323 259	205 508	6
ARM Platinum cash operating margin	%	(5)	61
Headline (loss)/earnings contribution to ARM	R million	(319)	1 347	-

* Modikwa production figures have been converted to 6E due to the new off-take agreement in place since 1 December 2008.