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ANGLO PLATINUM LIMITED
2010 Annual Results
07 February 2011
DISCLAIMER: CERTAIN FORWARD-LOOKING STATEMENTS
Certain statements made in this presentation constitute forward-looking statements. Forward-looking
statements are typically identified by the use of forward-looking terminology such as 'believes', 'expects',
'may', 'will', 'could', 'should', 'intends', 'estimates', 'plans', 'assumes' or 'anticipates' or the negative thereof or
other variations thereon or comparable terminology, or by discussions of, e.g. future plans, present or future
events, or strategy that involve risks and uncertainties. Such forward-looking statements are subject to a
number of risks and uncertainties, many of which are beyond the Company's control and all of which are
based on the Company's current beliefs and expectations about future events. Such statements are based on
current expectations and, by their nature, are subject to a number of risks and uncertainties that could cause
actual results and performance to differ materially from any expected future results or performance, expressed
or implied, by the forward-looking statement. No assurance can be given that such future results will be
achieved; actual events or results may differ materially as a result of risks and uncertainties facing the
Company and its subsidiaries. The forward-looking statements contained in this presentation speak only as of
the date of this presentation and the Company undertakes no duty to, and will not necessarily, update any of
them in light of new information or future events, except to the extent required by applicable law or regulation.
PLATINUM
AGENDA
• Welcome
– Cynthia Carroll, Chairman
• Overview of FY10, markets, operational review
– Neville Nicolau, CEO
• Review of mining and processing
– Pieter Louw, Executive Head: Mines
• Review of financial performance
– Bongani Nqwababa, Finance Director
• Review of projects and capital management
– Ben Magara, Executive Head: Engineering and Projects
• Outlook
• Question and answer session
PLATINUM
OVERVIEW OF FY10• Neville Nicolau, CEO
5
HIGHLIGHTS OF FY10 Strong rebound in performance leads to resumption of dividend payments
•Continued improvement in safety performance: LTIFR down 15% year on yearfrom 1.37 to 1.17
•Resuming dividend payout: declaring final dividend of R6.83 per share (R1.8 billion)
•Excellent rebound in profitability: headline earnings up 595% to R4.93 billion
•Refined platinum production of 2.57 million ounces, up 5% year on year
•Cash operating costs of R11,730 per equivalent refined platinum, up 4% year on year
•Net debt of R4.1 billion, down from R19.3 billion
•Received new order mineral right grant letters
•Major broad-based empowerment deal with communities announced
PLATINUM
SAFETY
7
•LTIFR down 15% year on year from
1.37 to 1.17
•Regrettably, 8 fatalities during the year
2.03
1.74
1.37
1.16
0.00
0.50
1.00
1.50
2.00
2.50
2007 2008 2009 2010
SAFETYSignificant decline in fatalities and LTIFR
Lost-time injury frequency rate: down 42% since 2007
1.17
25
18
14
8
-
5
10
15
20
25
30
2007 2008 2009 2010
Number of fatalities: down 68% since 2007
•Significant safety achievements during 2010
– Dishaba mine: > 4 million fatality free shifts
– Tumela mine: > 4 million fatality free shifts
– Khomanani Mine: 3.6 million fatality free shifts
– Khuseleka Mine: 2.9 million fatality free shifts
– Mogalakwena: 1 million fatality free shifts
– PMR: 2 million LTI free hours
PLATINUM
REVIEW OF MARKETS
9
•Platinum price achieved averaged US$1611/oz, up 34% year on year
•Realised average rand platinum basket price increased of R18,159, +29% year
on year
700
900
1100
1300
1500
1700
1900
Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10
US
$/o
z
Platinum spot FY09 average platinum spot FY10 average platinum spot
700
900
1100
1300
1500
1700
1900
Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10
US
$/o
z
Platinum spot FY09 average platinum spot FY10 average platinum spot
REVIEW OF MARKETSSubstantial improvement in realised basket price
Source: Johnson Matthey and Anglo Platinum
Spot platinum price
and annual averagesAnglo Platinum’s realised
basket price
10000
12000
14000
16000
18000
20000
22000
Feb-09 May-09 Aug-09 Nov-09 Feb-10 May-10 Aug-10 Nov-10
Rand b
asket
price
ZAR basket price FY09 average basket price FY10 average basket price
10000
12000
14000
16000
18000
20000
22000
Feb-09 May-09 Aug-09 Nov-09 Feb-10 May-10 Aug-10 Nov-10
Rand b
asket
price
ZAR basket price FY09 average basket price FY10 average basket price
10
REVIEW OF MARKETSAutocatalyst demand recovering: Gross demand for platinum up 45%
•Global light duty vehicle sales > 70 million units, c.14% higher year on year
•Light duty vehicle production > 74 million units
•In Europe, diesel proportion of sales increased to 50%, driven by increased
fleet purchases
•US vehicle inventories returned to historic averages of 67 days
Global light duty vehicle production forecast Regional diesel share of light duty vehicle production
10
20
30
40
50
60
Europe Japan China North
America
Rest of World
Die
sel m
ark
et share
(%
)
2010 2013
-
20
40
60
80
100
120
2005 2007 2009 2011 2013 2015 2017 2019
Tota
l vehic
le p
roduction (
m)
-
5
10
15
20
25
Die
sel vehic
le p
roduction (
m)
Total Light Duty Vehicle Production
Total Light Duty Diesel Vehicle Production
11
•Jewellery market remained resilient: 1.5m ounces of demand in 2010
•China: 66% of platinum jewellery demand, despite c.40% decline due to higher
price environment
•UK: Hallmarking figures showed solid growth, 9M10 sales up on 9M09
•RoW: Steady demand growth supported by improved world economic conditions
•India: Jewellery development program starting to yield results
REVIEW OF MARKETSPlatinum jewellery demand remained resilient
Source: Johnson Matthey
Shanghai Pt Retail Price and Margins (monthly average)
50
100
150
200
250
300
350
400
450
500
550
600
Jan
-99
Jan
-00
Jan
-01
Jan
-02
Jan
-03
Jan
-04
Jan
-05
Jan
-06
Jan
-07
Jan
-08
Jan
-09
Jan
-10
RM
B p
er
gra
m
Average Shanghai Price RMB/gram Average JM Base Price RMB/gram
500
1000
1500
2000
2500
3000
2008 2009 2010
koz
Europe Japan North America China ROW
Total
2.1moz
Total
1.5moz
Total
2.5moz
1.6moz
51%
1.0moz
66%
1.8moz
72%
Split of platinum jewellery demand by region
12
•Strong investor inflows into ETFs
•Total ETF holdings at end 2010: record 1.23 million ounces of platinum; record
2.21 million ounces of palladium
•Net physical platinum investment decreased to 620,000 ounces
•Net physical palladium investment increased to 1.06 million ounces
Palladium ETF positionsPlatinum ETF positions
REVIEW OF MARKETSStronger investment demand reflects positively on the outlook
Source: ZBK, ETF Securities, Julius Baer and Renaissance BJM
300,000
600,000
900,000
1,200,000
1,500,000
Jan
-08
May
-08
Sep
-08
Jan
-09
May
-09
Sep
-09
Jan
-10
May
-10
Sep
-10
Ounces
10,000
20,000
30,000
40,000
50,000
Avera
ge O
unces
ZKB ETFS Lon US ETF
Ave MOM Change
500,000
1,000,000
1,500,000
2,000,000
2,500,000
Jan
-08
May
-08
Sep
-08
Jan
-09
May
-09
Sep
-09
Jan
-10
May
-10
Sep
-10
20,000
40,000
60,000
80,000
100,000
ZKB ETFS Lon US ETF
Ave MOM Change
Ounces
Avera
ge O
unces
PLATINUM
OPERATIONAL REVIEW
14
OPERATIONAL REVIEWProduction and sales volumes exceed targets
•Refined platinum production of 2.570 million ounces, up 118,300 ounces year on
year
•Equivalent refined platinum production of 2.484 million ounces, up 19,700 ounces
year on year
•Refined platinum ounces sold of 2.524 million ounces, down 49,100 year on year
2,200
2,250
2,300
2,350
2,400
2,450
2,500
2,464 2 9 9 2,484
0.1% 0.4% 0.4% 0.8%
2009 Own mines JVs Purchases 2010
Equiv
ale
nt re
fined p
latinum
ounces (
'000)
15
CONTINUED PROGRESS ON COST MANAGEMENTUnit costs kept flat in real terms
•Cash operating costs per equivalent
refined platinum ounce of R11,730
–Flat in real terms
–Up 4.4% year on year in nominal terms
Impact of inflation: 1.5%
Impact of volume: 2.9%
Cash operating cost per equivalent refined Pt oz
•Cash on-mine cost per tonne of R472
– Up 4% year on year
– CAGR of -0.3%, kept flat since 2008
Cash on-mine cost per tonne milled
475453
472
100
200
300
400
500
2008 2009 2010
R/t
475453
472
100
200
300
400
500
2008 2009 2010
R/t
11,096 11,23611,730
4,000
6,000
8,000
10,000
12,000
2008 2009 2010
R/o
z
11,096 11,23611,730
4,000
6,000
8,000
10,000
12,000
2008 2009 2010
R/o
z
16
OPERATIONAL REVIEWProductivity to improve further
•Labour productivity improved by 12% from 6.33m2 per total operating employee
per month
in 2009 to 7.06m2 in 2010
•Strong correlation between improved safety and improved productivity
Productivity vs. safety performanceLabour productivity up 23% since 2008
5.0
5.5
6.0
6.5
7.0
7.5
1H08 2H08 1H09 2H09 FY10
Square
metr
es
1.0
1.1
1.2
1.3
1.4
1.5
1.6
1.7
1.8
1.9
2.0
LT
IFR
M2 per total operating employee per month
LTIFR
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
2008 2009 2010
5.73
6.33
7.06
Square
metr
es
17
OPERATIONAL REVIEWGrades set to improve in 2011
Underground Mines
• Total built-up head grade declined
by 5% due to:
– Decline of 2% in Merensky and UG2 reef grades
due to in-stope roof bolting
– Processing of lower grade surface stockpiles at Tumela
and Union
• Built-up head grade expected to improve
in 2011
Mogalakwena open pit mine
• Built-up head grade declined by 4% due to
planned move from Zwartfontein pit to the
North pit
Surface Mine Built-up (4E)
head grade (Mogalakwena)Own mines’ underground Built-up
head grade vs. UG2%
4.1
3.94.0
4.1
6766
69
66
3.0
3.3
3.5
3.8
4.0
4.3
4.5
2008 2009 2010 2011f
g/t
55
57
59
61
63
65
67
69
71
%
U/G + Surface (4E BUHG) %UG2 Mining
2.82.7
2.6 2.6
1.8
2.0
2.2
2.4
2.6
2.8
3.0
2008 2009 2010 2011f
g/t
18
OPERATIONAL REVIEWContinued improvement in operational performance
FY 2010 FY 2009 Change
Significant improvement in safety performance
LTIFR (LTI/200,000 hours) 1.17 1.37 15% p
Better-than-expected production volume
Refined platinum production (Moz) 2,570 2,452 5% p
Continues aggressive cost management
Cash costs/equivalent refined Pt oz (rand) 11,730 11,236 4% q
Solid progress on improving productivity
M2 per total operating employee pcm 7.06 6.33 12% p
PLATINUM
OPERATIONAL UPDATE
AND PROCESS• Pieter Louw, Executive Head: Mines
20
OPERATIONAL UPDATEOperational challenges worked through by end 1H11
•Khomanani Mine: Simultaneous intersection of five major potholes at 1 shaft
Development to re-establish mining panels on track to be completed by 1Q11
•Tumela Mine: 15E shaft barrel and haulage failures
Shaft barrel rehabilitation completed
5 level production re-established
7 level on schedule to be completed by the end of 1H11
•Union Mine: Challenging geological conditions at Richard shaft
On schedule to establish required ore reserve position by end of 1Q11
•Union Mine: Implementation of new shift cycle, cleaning method and
changeover to owner maintenance of equipment at Decline section
Revised mining method, shift cycle and owner maintenance completed
21
PROCESSING REVIEWImproved processing reliability
Concentrators: Improved
Performance
•Produced 2.48 million ounces of equivalent
refined platinum, up 19,700 ounces
year on year
•Mogalakwena North concentrator
optimisation progressing well
• ISA Mills™ optimised
Smelters and Refineries:
Improved Reliability
•Tonnes smelted down 3% year on year
•Refined 2.57 million ounces platinum, up
5% on FY09
•BMR expansion project restarted and
commissioning planned for mid-2011
•Decrease of 119,000 platinum ounces in
equivalent refined in process inventory:
PLATINUM
REVIEW OF FINANCIAL
PERFORMANCE• Bongani Nqwababa, Finance Director
23
REVIEW OF FINANCIAL PERFORMANCEResumption of dividend testimony to improved financial performance
R million FY 2010 FY 2009 Change
Basket price per Pt oz ($) 2,491 1,715 45% p
Basket price per Pt oz (R) 18,159 14,115 29% p
Net sales revenue 46,025 36,687 25% p
EBITDA 11,271 4,936 128% p
Operating profit 7,253 921 688% p
Headline earnings 4,931 710 595% p
Headline earnings per share (cents) 1,935 289 570% p
Ordinary dividends 1,787 – p
Ordinary dividends per share (cents) 6.83 – p
Operating free cash flow 7,783 1,778 338% p
Capital expenditure (excl. interest capitalised) 7,244 9,732 26% q
Net debt 4,111 19,261 79% q
24
REVIEW OF FINANCIAL PERFORMANCEHeadline earnings up strongly due to strong metal price recovery
2,000
4,000
6,000
8,000
10,000
12,000
14,000
710 11,859 -5,481 -739 -417 -630 -166 358 -164 -399 4,931FY 2009 Price Exchange Inflation Sales
volume
Costs Depreciation Net
interest
Associates Other FY 2010
R m
illio
n
25
REVIEW OF FINANCIAL PERFORMANCECash operating costs well contained and operating margins improved
1 Cash operating costs comprise on-mine, smelting and refining costs2 2010 includes R163m in respect of the mineral resource royalty
R million FY 2010 FY 2009 Change
Cash operating costs1 23,232 22,884 2% p
Other costs2 2,185 2,060 6% p
Purchase of concentrate / metals 9,215 6,689 38% p
Depreciation and waste stripping 4,354 4,177 4% p
Cost of sales 37,991 34,715 9% p
Operating margin – mined (%) 19.7 5.8 240% p
Operating margin - purchase of metals (%) 9.1 3.4 168% p
Operating margin – total (%) 17.5 5.4 224% p
26
REVIEW OF FINANCIAL PERFORMANCEUnit cost management initiatives proving effective
10,000
10,500
11,000
11,500
12,000
12,500
11,236 479 337 -598 275 11,730
4.3% 3.0% -5.3% 2.4% 4.4%
2009 Actual Inflation Production Labour cost Operating cost (excl. labour)
2010 Actual
Rand p
er
equ
ivale
nt
refined p
latinum
ounce
27
REVIEW OF FINANCIAL PERFORMANCESignificant reduction in net debt following rights issue and strong cash generation
-20,000
-18,000
-16,000
-14,000
-12,000
-10,000
-8,000
-6,000
-4,000
-2,000
0
2,000
4,000
6,000
(19,261) 11,356 12,404 -1,125 -7,989 2,089 -780 -384 -252 -169 (4,111)
59% 64% -6% -41% 11% -4% -2% -1% -1% 79%
2009 Dec Cash from operations
Proceeds from rights
offer
Tax & interest
Capex Disposal of assets &
investments
New investments & growth in investments
Funding for associates
Net movement in share capital
Other 2010 Dec
R m
illio
n
28
Asset Optimisation:
● Asset optimisation operating profit benefit
US$583 million, vs. target of US$577 million
● Targeting asset optimisation savings of US$645
million in 2011
Asset Optimisation:
Main contributing projects
● Smelter capacity improvements
● Slag Milling and flotation project
● Labour productivity improvements and cost savings
● Siphumelele 3 care and maintenance
● Steel ball reduction in milling circuits
Supply Chain:
● Total Supply chain savings of US$240 million*,
vs. target of US$195 million
● Targeting sustainable supply chain savings of
US$280 million in 2011
Supply Chain:
Main contributing projects
● Explosives – AEL shocktubes
● Steel balls and grinding media contracts
● Resource allocation tool (labour initiative)
● Tyres, mobile cranes, caustic soda contracts
● Reduction in tyre inventory at Mogalakwena
● Min/max inventory initiative
REVIEW OF FINANCIAL PERFORMANCEUS$583 million savings from Asset Optimisation
*Including joint ventures, intercompany transactions and working capital
PLATINUM
REVIEW OF PROJECTS
AND CAPITAL MANAGEMENT• Ben Magara, Executive Head: Engineering and Projects
30
0
2
4
6
8
REVIEW OF PROJECTS AND CAPITAL SPENDING
In 2010, c.50% of Capex spent on projects, of which 35% on expansion
1.0
Business
Risk
Waste
Stripping
Business
Improvement
0.614%
8%
Ore
Replacement
1.2
17%
Expansionary
2.5
35%
Total
capital
expenditure
7.2
100%
Rand
Billion
0.3
4%
22%
Capital
Replacement
1.6
SIB & Waste stripping
% Total capital
expenditure (2010)51%
Projects
41% 8%
31
REVIEW OF PROJECTS AND CAPITAL SPENDING
A shift towards smarter spending
Total Capex spend reduced in recent years...
20092006 2007 2008
9.7
13.1
10.4
6.4
2010
7.2
Waste stripping
Projects
Stay in business
...due to:
• Market conditions and affordability
• Higher level of cost consciousness
• Increased focus on capital efficiency
• Value engineering as part of Asset
Optimisation
• Improved capital scheduling, especially on
non-critical path items
…with no compromise on near term
projects
• ISA Mills™rollout, Twickenham,
Mogalakwena, Thembelani 2 shaft
• Unki, Dishaba, Khuseleka, BMR
expansion
• Recently deferred projects now
incorporated into ounce profile
Rbn
32
REVIEW OF PROJECTS AND CAPITAL SPENDING
What are we doing to spend our capital more effectively?
Initiatives Spending profile focused on top assets
Organisation
Project
mgmt skills
Scale and
expertise
Contracting
models
Asset
optimisation
Industry
leadership
Key objectives
Enabling the organisation to align all
activities with value creation targets
Leveraging the benefits the Anglo
American Group can provide
Deepening project management skills /
strengthen the role of owners teams
Ensuring contracting models
complimenting internal skills
Value creation process from concept
to closure / rigorous project reviews
Continuously driving the industry
and developing the infrastructure
Our ounce profile dictates our capital plan, our initiatives bring the plan to life
33
REVIEW OF PROJECTS AND CAPITAL SPENDING
A premium project pipeline supports our operational strategy
CONCEPT PRE-FEASIBILITY FEASIBILITY IMPLEMENTATION STEADY STATE
● Union Declines
● PMR Effluent Treatment
Plant
● BRPM North & South
Shafts Phase 2*
● Bathopele Phase 4
● Waterval Chrome Plant
● Dishaba East Upper
● Mortimer 38MW Furnace
Upgrade
● Unki Mine
● BMR Expansion
● Bokoni Brakfontein
Merensky Shaft*
● Khuseleka Ore
Replacement
● BRPM - Phase 3*
● Styldrift Merensky Phase
1*
● Kroondal K6*
● Thembelani No.2 Shaft
● Twickenham Platinum
Mine
● 2011
● 2011
● 2011
● 2012
● 2012
● 2013
● 2013
● 2014
● 2015
● 2017
● 2017
● 2018
● 2019
*Joint venture
● Waterval Smelter Slag
Mill Floatation Upgrade
● BMR Expansion
Phase2
● MC Plant Capacity
Expansion Phase 2
● Mogalakwena LG
Concentrator
● Khomanani Merensky
Decline 37L+
● Thembelani 1 UG2
20-24 Level
● Khuseleka 1 Merensky
Ext 28-30 Level
● Siphumelele UG2
● Der Brochen
● Unki 2
● Amandelbult Merensky
To UG2 Conversion
● Tumela 10 West
● BRPM UG2*
● Pandora 240 ktpm*
● Styldrift UG2 Phase 1*
● Bokoni Middelpunt UG2
Phase 3*
● Siphumelele Merensky
Decline Ext 34L+
● Union Deep Shaft
● Marikana M6 Project*
● Modikwa JV Phase 2*
● Bathopele Phase 5
● Mortimer Concentrator
● Tumela No 4 Shaft
● Slag Cleaning Furnace 2
● Thembelani 2 Phase 2
● 2017
● 2012
● 2012
34
REVIEW OF PROJECTS AND CAPITAL SPENDING
In conclusion
•Our capital plan is directly linked to our view of the market
•We have a premium project pipeline
•We are embedding a culture focused on delivering safe, value-adding projects
which meet quality and risk requirements, on time and budget, to scope
PLATINUM
OUTLOOK
• Neville Nicolau
36
OUTLOOK2011 outlook is positive
•Platinum market to remain in balance
•Platinum price to average at least US$1,800 per ounce
•Production: 2.6 million refined and equivalent refined Pt ounces
•Cash costs per equivalent refined platinum ounce in line with 2010 levels
•Productivity: 7.3m2 per total operating employee per month
•CAPEX:
–Projects: R4.0 billion; SIB: R3.5 billion, Waste-stripping R0.5 billion
•Committed to achieving zero harm
37
OUR STRATEGY
Our strategy is to maximise value by understanding and developing the
market for platinum group metals, to expand our production into that
opportunity and to conduct our business safely,
cost-effectively and competitively
Safe, Profitable Platinum
PLATINUM
THANK
YOU
