Highlights

• Improved safety performance continues

• Metal sales up 7.7% to 287 546 oz (3PGE+Au)
• Revenue sustained despite 7.2% drop in basket price
• Cash on hand up 34 % to R731 million
• Final dividend of 175 cents per share
(Total dividend of 245 cps for the year)
• Available Merensky reserves 50% up at 17 months
Safety

39.3
40 0.5
0.41
35
0.4 0.36
30 26.3
23.2
25 0.3 0.26
20.1
20
15
0.2

10
0.1 0.05
5
0 0
F1999 F2000 F2001 F2002 F1999 F2000 F2001 F2002

LTIFR – per million man-hours FIFR – per million man-hours

Sep 2001 – 1 million fatality free shifts

Apr 2002 – 1 million fatality free shifts
Operational overview

Despite loss of 32 production days:

• Metal sales up 7.7%
• m2 mined virtually unchanged at 381 394 m2
• Tons milled exceed 1.9 Mt
• Head grade down from 5.4 g/t to 5.3g/t
• 3% drop in metals produced to 8 458 kg
Development metres vs mineable face
length
metres

5000

4500

4000

3500

3000

2500
2000

1500

1000

500

0
Jul-01 Aug Sep Oct Nov Dec Jan-02 Feb Mar Apr May Jun

Development metres Mineable Merensky face length

Planned face length Average development metres
Operating costs

2002 2001 % change

Operating cost ($/oz) 325 383 (15.4)

Operating cost (R/kg) 105 426 93 848 12.3
Operating cost (R/t mined) 396 340 16.5

Cash costs ($/oz) 292 342 (14.6)

Cash costs (R/kg) 94 861 83 750 13.3
Cash costs (R/t mined) 352 308 14.3
Capital expenditure F2002

R million
Accelerated development 31.6
Routine capex 55.0
Total 86.6
Refined metal sales (oz)

2002 2001
Platinum 177 580 168 294
Palladium 86 759 79 558
Rhodium 17 325 13 295
Gold 5 883 5 895
Total 287 547 267 042
Metal prices realised (R/kg)

2002 2001 % change

Platinum 159 696 144 492 10.5
Palladium 130 256 189 351 (31.2)
Rhodium 339 741 478 195 (28.9)
Gold 96 450 65 800 46.6
Basket 160 367 172 733 (7.2)
Sales revenue (R million)

2002 2001 % change

Platinum 882.1 756.4 16.6
Palladium 351.5 468.6 (25.0)
Rhodium 183.1 197.7 (7.4)
Gold 17.6 12.1 45.5
Other 126.4 133.1 (5.0)
Total 1560.7 1 567.9 (0.5)
Sales revenue
R(bn)

1.8

1.6

1.4

1.2

1.0

0.8

0.6

0.4

0.2

0.0
F1997 F1998 F1999 F2000 F2001 F2002
Operating cash flow
R000

900

800
700

600

500
400

300

200
100

0
-100
F1997 F1998 F1999 F2000 F2001 F2002
Cash on hand
R000

800

700

600

500

400

300

200

100

0
F1997 F1998 F1999 F2000 F2001 F2002
Dividends (cps)

250

200

150

100

50

-50
1998 1999 2000 2001 2002

DPS
Operational focus – F2003

• Maintain high development rates

• Create further Merensky ore reserves / face
availability
• Increase metals output
• Productivity improvements
• Growth - Pandora