ARM Platinum

ARM Platinum’s interests comprise:

A 50 % joint venture (held through an 83 percent stake in ARM Mining Consortium) with Anglo American 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 earned in 12% ownership on completion and approval of the prefeasibility study. The transfer of this ownership is awaiting approval from the Department of Mineral Resources. Platinum Australia will earn up to 49% on completion of a bankable feasibility study.
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 ARM Mining Consortium, ARM’s effective interest at 41.5% and the balance held by Modikwa local communities.
***ARM shareholding in Two Rivers will reduce to 51% once the transfer of the Kalkfontein portions 4, 5 and 6 and Tweefontein prospecting rights has been effected.

Executive: Platinum Operations

		F2011	F2010	% change	Operational target F2012
Modikwa – PGM production	Ounces 6E	159 668	169 812	(6)	↑
Two Rivers – PGM production	Ounces 6E	168 939	163 218	4	↑
Nkomati Nickel Mine
Nickel	Tonnes	5 050	4 833	4	↑
PGMs	Ounces	26 805	26 286	2	↑
Copper	Tonnes	2 605	2 605	–	↑
Chrome ore sold	000t	167	251	(33)	↓
Chrome concentrate sold	000t	191	157	22	↑
ARM Platinum PGM production (including Nkomati)	Ounces 6E	355 412	359 316	(1)	↑
ARM Platinum cash operating margin	%	31	36
Headline earnings contribution to ARM	R million	460	521	(12)